Document:

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                                                                   EXHIBIT 10.46

[RENAULT & HANDLEY LETTERHEAD]

THIS LEASE, executed in duplicate at Palo Alto, California, this 25th day of
September 1998,

PARTIES

by and between

Y.A. Tittle and Renault & Handley Employees Investment Co.

and

CIDCO Incorporated, a Delaware corporation

hereinafter called respectively Lessor and Lessee, without regard to number or
gender.

PREMISES

        1. WITNESSETH: That Lessor hereby leases to Lessee, and Lessee hires
from Lessor, those certain premises, hereinafter in this lease designated as
"the Premises", with the appurtenances, situated in the City of Morgan Hill,
County of Santa Clara, State of California, and more particularly described as
follows, to-wit:

An approximately 46,380 square foot building and approximate 3.11 acre lot
commonly known and numbered as 220 Cochrane Circle, APN 726-34-10.

USE

        2. The Premises shall be used and occupied by Lessee for office, R&D and
warehousing and for no other purpose without the prior written consent of
Lessor.

TERM

        3. The term shall be for seven (7) years, commencing upon the close of
escrow for the Premises under the Purchase and Sale Agreement dated September
25, 1998 between Lessor and Lessee as Buyer and Seller, respectively. Upon close
of escrow, Lessor and Lessee shall execute a Memorandum of Lease Commencement,
fixing the actual commencement and termination dates of this Lease.

RENTAL

        4. Rent shall be payable to the Lessor without deduction or offset at
such place or places as may be designated from time to time by the Lessor as
follows:

        A.      FORTY THOUSAND THREE HUNDRED FIFTY AND 60/100THS DOLLARS
                ($40,350.60) WILL BE DUE UPON EXECUTION OF THIS LEASE
                CONSTITUTING THE FIRST MONTHS'S RENT. SAID AMOUNT SHALL BE
                DEPOSITED INTO ESCROW AT FIRST AMERICAN TITLE COMPANY, 431
                FLORENCE STREET, SUITE 100, PALO ALTO, CALIFORNIA, ESCROW NO.
                113127 AND PAYABLE TO LESSOR UPON CLOSE OF SAID ESCROW.
                $40,350.60 WILL BE DUE AND PAYABLE DIRECTLY TO LESSOR ON THE 1ST
                DAY OF EACH SUCCEEDING MONTHS THROUGH THE INITIAL TERM, SUBJECT
                TO THE ADJUSTMENTS AS SET FORTH IN PARAGRAPH 4.B. BELOW. ANY
                RENT DUE FOR A PARTIAL MONTH SHALL BE PRORATED BASED ON A THIRTY
                DAY MONTH.

        B.      ADJUSTMENT OF RENT. THE MONTHLY RENT (PARAGRAPH 4.A. ABOVE)
                PAYABLE DURING THE SECOND AND EACH SUCCEEDING YEAR OF THE LEASE
                TERM (AS MAY BE EXTENDED BY OPTION OR OTHERWISE) SHALL BE
                SUBJECT TO INCREASES AS FOLLOWS: "THE REVISED SAN
                FRANCISCO-OAKLAND-SAN JOSE CONSUMER PRICE INDEX -- "ALL URBAN
                CONSUMERS", "ALL ITEMS" (1982-1984 = 100) PUBLISHED BY THE U.S.
                DEPARTMENT OF LABOR, BUREAU OF LABOR STATISTICS (THE "INDEX")
                FOR THE MONTH AVAILABLE MOST IMMEDIATELY PRECEDING THE
                COMMENCEMENT DATE OF THIS LEASE WILL BE THE "BEGINNING INDEX".
                ON EACH ANNIVERSARY OF THE COMMENCEMENT DATE, IF THE THEN
                PUBLISHED INDEX FOR THE SAME MONTH (THE EXTENSION INDEX) HAS
                INCREASED OVER THE BEGINNING INDEX, THE MONTHLY RENT FOR THE
                ENSUING YEAR OF THE LEASE SHALL BE ADJUSTED BY MULTIPLYING THE
                MONTHLY RENT IN PARAGRAPH 4.A. BY A FRACTION, THE NUMERATOR OF
                WHICH IS THE EXTENSION INDEX AND THE DENOMINATOR OF WHICH IS THE
                BEGINNING INDEX. IF DURING THE TERM OF THIS LEASE OR ANY
                EXTENSION THEREOF, THE BUREAU OF LABOR STATISTICS CHANGES OR
                MODIFIES THE INDEX, THE PARTIES HERETO AGREE THAT THE "NEW"
                INDEX SHALL BE IMMEDIATELY ADOPTED FOR PURPOSES OF CALCULATING
                FUTURE RENTAL ADJUSTMENTS.

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SECURITY DEPOSIT

        5. Lessee has deposited with Lessor $45,000.00* as security for the full
and maximum performance of each and every term, provision, covenant and
condition of this Lease. In the event Lessee defaults in respect of any of the
terms, provisions, covenants or conditions of this Lease, including but not
limited to the payment of rent, Lessor may use, apply or retain the whole or any
part of such security for the payment of any rent in default or for any other
sum which Lessor may spend or be required to spend by reason of Lessee's
default. Should Lessee faithfully and fully comply with all of the terms,
provisions, covenants and conditions of this Lease, the security of any balance
thereof shall be returned to Lessee or, at the option of Lessor, to the last
assignee of Lessee's interest in this Lease at the expiration of the term
hereof. Lessee shall not be entitled to any interest on said security deposit.

* INTO ESCROW AT FIRST AMERICAN TITLE COMPANY, 431 FLORENCE STREET, PALO ALTO,
  CALIFORNIA, ESCROW NO. 113127, PAYABLE TO LESSOR UPON CLOSE OF ESCROW.

POSSESSION

ACCEPTANCE OF PREMISES AND CONSENT TO SURRENDER

        7. By entry hereunder, the Lessee accepts the Premises as being in good
and satisfactory condition. The Lessee agrees on the last day of the term
hereof, or on sooner termination of this Lease, to surrender the premises,
together with all alterations, additions, and improvements which may have been
made in, to, or on the Premises by Lessor or Lessee, unto Lessor in the same
good condition as at Lessee's entry into the Premises excepting for such wear
and tear as would be normal for the period of the Lessee's occupancy. The
Lessee, on or before the end of the term or sooner termination of this Lease,
shall remove all Lessee's personal property and trade fixtures from the
premises and all property not so removed shall be deemed to be abandoned by the
Lessee. If the Premises be not surrendered at the end of the term or sooner
termination of this Lease, the Lessee shall indemnify the Lessor against loss
or liability resulting from delay by the Lessee in so surrendering the Premises
including, without limitation, any claims made by any succeeding tenant founded
on such delay.

USES PROHIBITED

        8. Lessee shall not commit, or suffer to be committed, any waste upon
the Premises, or any nuisance, or other act or thing which may disturb the
quiet enjoyment of any other tenant in or around the buildings in which the
Premises may be located, or allow any sale by auction upon the Premises, or
allow the Premises to be used for any improper, immoral, unlawful or
objectionable purpose, or place any loads upon the floor, walls, or roof which
endanger the structure, or place any harmful liquids in the drainage system of
the building. No waste materials or refuse shall be dumped upon or permitted to
remain upon any part of the Premises outside of the building proper. No
materials, supplies, equipment, finished products or semi-finished products,
raw materials or articles of any nature shall be stored upon or permitted to
remain on any portion of the Premises outside of the buildings proper.

ALTERATIONS AND ADDITIONS

        9. The lessee shall make no alterations, additions or improvements to
the Premises or any part thereof without first obtaining the prior written
consent of the Lessor. The Lessor may impose as a condition to the aforesaid
consent such requirements as Lessor may deem necessary in Lessor's sole
discretion, including without limitation thereto, the manner in which the work
is done, a right of approval of the contractor by whom the work is to be
performed, the times during which it is to be accomplished, and the requirement
that upon written request of Lessor prior to the expiration or earlier
termination of the Lease, Lessee will remove any or all improvements or
additions to the Premises installed at Lessee's expense. All such alterations,
additions or improvements not specified to be removed shall at the expiration
of earlier termination of the Lease become the property of the Lessor and
remain upon and be surrendered with the Premises. All movable furniture,
business and trade fixtures, and machinery and equipment shall remain the
property of the Lessee and may be removed by the Lessee at any time during the
Lease term when Lessee is not in default hereunder. Items which are not to be
deemed as movable furniture, business and trade fixtures, or machinery and
equipment shall include heating, lighting, electrical systems, air
conditioning, partitioning, carpeting, or any other installation which has
become an integral part of the Premises. The Lessee will at all times permit
notices of non-responsibility to be posted and to remain posted until the
completion of alterations or additions which have been approved by the Lessor.

MAINTENANCE OF PREMISES

        10. Lessee shall, at Lessee's sole cost, keep and maintain the Premises
and appurtenances and every part thereof, including but not limited to,
glazing, sidewalks, parking areas, plumbing, electrical systems, heating and
air conditioning installations, any store front, roof covering -- unless it is
not feasible to repair the existing roof covering and a new roof covering is
required, and the interior of the Premises in good order, condition, and
repair. Lessor at Lessor's sole cost and expense shall maintain the exterior of
the walls, and structural portions of the roof, foundations, walls, and floors
except for any repairs caused by the wrongful act of the Lessee and Lessee's
agents. The Lessor will replace the roof covering if repairs to said covering
are not longer economically feasible in the judgment of roofing experts, and
provided that said replacement is not made necessary by acts of the Lessee and
Lessee's agents. The Lessee shall water, maintain and replace, when necessary,
any shrubbery and landscaping provided by the Lessor on the Premises. The
Lessee expressly waives the benefits of any statute now or hereafter in effect
which would otherwise afford the Lessee the right to make repairs at Lessor's
expense or to terminate this lease because of Lessor's failure to keep the
Premises in good order, conditions or repair.

FIRE AND EXTENDED COVERAGE INSURANCE AND SUBROGATION

                     SEE REVISED INSURANCE CLAUSE ATTACHED

                                     2 OF ?

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                            REVISED INSURANCE CLAUSE

THIS LEASE CLAUSE REPLACES THE INSURANCE CLAUSE (11.) IN THE RENAULT & HANDLEY
NET LEASE FORM.

     11.  LESSEE SHALL NOT USE, OR PERMIT THE PREMISES, OR ANY PART THEREOF, TO
BE USED, FOR ANY PURPOSES OTHER THAN THAT FOR WHICH THE PREMISES ARE HEREBY
LEASED AND NO USE SHALL BE MADE OR PERMITTED TO BE MADE ON THE PREMISES, NOR
ACTS DONE, WHICH WILL CAUSE A CANCELLATION OF ANY INSURANCE POLICY COVERING
SAID BUILDING, OR ANY PART THEREOF, NOR SHALL LESSEE SELL OR PERMIT TO BE KEPT,
USED OR SOLD, IN OR ABOUT THE PREMISES, ANY ARTICLE WHICH MAY BE PROHIBITED BY
THE STANDARD FORM OF FIRE INSURANCE POLICIES. LESSEE SHALL, AT ITS SOLE COST AND
EXPENSE, COMPLY WITH ANY AND ALL REQUIREMENTS, PERTAINING TO THE PREMISES, OF
ANY INSURANCE ORGANIZATION OR COMPANY, NECESSARY FOR THE MAINTENANCE OF
REASONABLE FIRE AND PUBLIC LIABILITY INSURANCE, COVERING SAID BUILDING AND
APPURTENANCES.

     11.1 LESSEE SHALL, AT ITS EXPENSE, OBTAIN AND KEEP IN FORCE DURING THE
TERM OF THIS LEASE A POLICY OF COMMERCIAL GENERAL LIABILITY INSURANCE INSURING
LESSEE, LESSOR, AND ANY THIRD PARTIES NAMED BY LESSOR WHICH MAY INCLUDE
LESSOR'S LENDER, AGAINST ANY LIABILITY ARISING OUT OF THE CONDITION, USE,
OCCUPANCY OR MAINTENANCE OF THE PREMISES. SUCH INSURANCE POLICY SHALL HAVE A
COMBINED SINGLE LIMIT FOR BOTH BODILY INJURY AND PROPERTY DAMAGE IN AN AMOUNT
NOT LESS THAN TWO MILLION AND NO/100THS DOLLARS ($2,000,000.00), WHICH
AGGREGATE AMOUNT SHALL BE SPECIFIC TO THE PREMISES. THE LIMITS OF SAID
INSURANCE SHALL NOT LIMIT THE LIABILITY OF LESSEE HEREUNDER.

     11.2 LESSEE SHALL AT ITS EXPENSE, KEEP IN FORCE DURING THE TERM OF THIS
LEASE, A POLICY OF FIRE AND PROPERTY DAMAGE INSURANCE IN A "SPECIAL" FORM WITH
A SPRINKLER LEAKAGE ENDORSEMENT, INSURING LESSEE'S INVENTORY, FIXTURES,
EQUIPMENT AND PERSONAL PROPERTY WITHIN THE PREMISES FOR THE FULL REPLACEMENT
VALUE THEREOF. WITHIN TEN (10) DAYS OF THE LEASE COMMENCEMENT DATE AND ANNUALLY
THEREAFTER UPON RENEWAL OF SUCH POLICIES, LESSEE SHALL PROVIDE LESSOR WITH
CERTIFICATES OF INSURANCE EVIDENCING COVERAGES THE LESSEE IS REQUIRED TO CARRY
PURSUANT TO 11.1 AND 11.2. THE POLICIES SHALL PROVIDE FOR THIRTY (30) DAYS
ADVANCE WRITTEN NOTICE OF CANCELLATION TO LESSOR AND LESSOR'S LENDER.

     11.3 LESSOR SHALL MAINTAIN A POLICY OF COMMERCIAL GENERAL LIABILITY
INSURANCE AND A POLICY OR POLICIES OF FIRE AND PROPERTY DAMAGE INSURANCE IN A
"SPECIAL" FORM, WITH SPRINKLER LEAKAGE AND, AT THE OPTION OF THE LESSOR,
EARTHQUAKE ENDORSEMENTS, COVERING LOSS OR DAMAGE TO THE BUILDING, INCLUDING
LESSEE'S LEASEHOLD IMPROVEMENTS INSTALLED WITH THE WRITTEN CONSENT OF THE
LESSOR, IN SUCH AMOUNTS AND WITH SUCH COVERAGE AS LESSOR DEEMS ADVISABLE.

     11.4 LESSEE SHALL PAY TO LESSOR AS ADDITIONAL RENT, DURING THE TERM
HEREOF, UPON RECEIPT OF AN INVOICE THEREFORE, ONE HUNDRED PERCENT (100%) OF THE
PREMIUMS AND DEDUCTIBLES (PROVIDED, THE DEDUCTIBLE AMOUNT SHALL BE AMORTIZED
OVER THE USEFUL LIFE OF THE IMPROVEMENT FOR WHICH SUCH INSURANCE DEDUCTIBLE IS
APPLICABLE AND LESSEE SHALL ONLY BE OBLIGATED TO REIMBURSE LESSOR FOR THE
AMORTIZED PORTION OF THE DEDUCTIBLE AMOUNT THAT OCCURS DURING THE TERM OF THIS
LEASE) FOR ANY INSURANCE OBTAINED BY LESSOR PURSUANT TO 11.3 ABOVE. LESSOR MAY
OBTAIN SUCH INSURANCE FOR THE BUILDING SEPARATELY, OR TOGETHER WITH OTHER
BUILDINGS AND IMPROVEMENTS WHICH LESSOR ELECTS TO INSURE TOGETHER UNDER BLANKET
POLICIES OF INSURANCE. IN SUCH CASE LESSEE SHALL BE LIABLE FOR ONLY SUCH
PORTION OF THE PREMIUMS FOR SUCH BLANKET POLICIES AS ARE ALLOCABLE TO THE
PREMISES. IT IS UNDERSTOOD AND AGREED THAT LESSEE'S OBLIGATION UNDER THIS
PARAGRAPH SHALL BE PRORATED TO REFLECT THE COMMENCEMENT DATE AND EXPIRATION
DATE OF THIS LEASE.

     11.5 LESSEE AND LESSOR EACH HEREBY WAIVE ANY AND ALL RIGHTS OF RECOVERY
AGAINST THE OTHER, OR AGAINST THE OFFICERS, DIRECTORS, EMPLOYEES, PARTNERS,
AGENTS AND REPRESENTATIVES OF THE OTHER, FOR LOSS OF OR DAMAGE TO THE
PROPERTY OF THE WAIVING PARTY OR THE PROPERTY OF OTHERS UNDER ITS CONTROL,
TO THE EXTENT SUCH LOSS OR DAMAGE IS INSURED AGAINST UNDER ANY INSURANCE
POLICY CARRIED BY LESSOR OR LESSEE HEREUNDER. EACH  PARTY SHALL NOTIFY THEIR
RESPECTIVE INSURANCE CARRIERS OF THIS WAIVER.
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ABANDONMENT

     12. Lessee shall not abandon the Premises at any time during the term; and
if Lessee shall abandon, or surrender the premises, or be dispossessed by
process of law, or otherwise, any personal property belonging to Lessee and
left on the Premises shall be deemed to be abandoned, at the option of Lessor,
except such property as may be mortgaged to Lessor.

FREE FROM LIENS

     13. Lessee shall keep the Premises and the property in which the Premises
are situated, free from any liens arising out of any work performed, materials
furnished, or obligations incurred by Lessee.

COMPLIANCE WITH GOVERNMENTAL REGULATIONS

     14. Lessee shall at his sole cost and expense, comply with all of the
requirements of all Municipal, State and Federal authorities now in force, or
which may hereafter be in force, pertaining to the Premises, and shall
faithfully observe in the use of the Premises all Municipal ordinances and State
and Federal statutes now in force or which may hereafter be in force. The
judgment of any court of competent jurisdiction, or the admission of Lessee in
any action or proceeding against Lessee, whether Lessor be a party thereto or
not, that Lessee has violated any such ordinance or statute in the use of the
Premises, shall be conclusive of that fact as between Lessor and Lessee.

INDEMNIFICATION OF LESSOR AND LESSEE'S LIABILITY INSURANCE

     15. The Lessee, as a material part of the consideration to be rendered to
the Lessor, hereby waives all claims against the Lessor for damages to goods,
wares and merchandise, and all other personal property in, upon, or about the
Premises and for injuries to persons including employees, agents and guests in
or about the Premises, from any cause arising at any time, excepting claims
arising from the Lessor's negligence, and the Lessee will hold the Lessor exempt
and harmless from any damage or injury to any person, or to the goods, wares and
merchandise and all other personal property of any person, arising from the use
of the Premises by the Lessee, or from the failure of the Lessee to keep the
Premises in good condition and repair, as herein provided. SEE REVISED
INSURANCE CLAUSE ATTACHED

ADVERTISEMENTS AND SIGNS

     16. Lessee will not place or permit to be placed, in, upon or about the
Premises any unusual or extraordinary signs, or any signs not approved by the
city or other governing authority. The Lessee will not place, or permit to be
placed, upon the Premises, any signs, advertisements or notices without the
written consent of the Lessor first had and obtained. Any sign so placed on the
Premises shall be so placed upon the understanding and agreement that Lessee
will remove same at the termination of the tenancy herein created and repair any
damage or injury to the Premises caused thereby, and if not so removed by Lessee
then Lessor may have same so removed at Lessee's expense.

UTILITIES

     17.  Lessee shall pay for all water, gas, heat, light, power, telephone
service and all other service supplied to the Premises.

ATTORNEY'S FEES

     18.  In case suit should be brought for the possession of the Premises, for
the recovery of any sum due hereunder, or because of the breach of any other
covenant herein, the losing party shall pay to the prevailing party a
reasonable attorney's fee, which shall be deemed to have accrued on the
commencement of such action and shall be enforceable whether or not such action
is prosecuted to judgment.

DEFAULT

     19.  In the event of any breach of this Lease by the Lessee, or an
abandonment of the Premises by the Lessee, the Lessor has the option of 1)
removing all persons and property from the Premises and repossessing the
Premises in which case any of the Lessee's property which the Lessor removes
from the Premises may be stored in a public warehouse or elsewhere at the cost
of, and for the account of Lessee, or 2) allowing the Lessee to remain in full
possession and control of the Premises. If the Lessor chooses to repossess the
Premises, the Lease will automatically terminate in accordance with provisions
of the California Civil Code, Section 1951.2. In the event of such termination
of the Lease, the Lessor may recover from the Lessee: 1) the worth at the time
of award of the unpaid rent which had been earned at the time of termination
including interest at 7% per annum; 2) the worth at the time of award of the
amount by which the unpaid rent which would have been earned after termination
until the time of award exceeds the amount of such rental loss that the Lessee
proves could have been reasonably avoided including interest at 7% per annum; 3)
the worth at the time of award of the amount by which the unpaid rent for the
balance of the term after the time of award exceeds the amount of such rental
loss that the Lessee proves could be reasonably avoided; and 4) any other amount
necessary to compensate the Lessor for all the detriment proximately caused by
the Lessee's failure to perform his obligations under the Lease or which in the
ordinary course of things would be likely to result therefrom. If the Lessor
chooses not to repossess the premises, but allows the Lessee to remain in full
possession and control of the Premises, then in accordance with provisions of
the California Civil Code, Section 1951.4, the Lessor may treat the Lease as
being in full force and effect, and may collect from the Lessee all rents as
they become due through the termination date of the Lease as specified in the
lease. For the purposes of this paragraph, the following do not constitute a
termination of Lessee's right to possession: a) Acts of maintenance or
preservation or efforts to relet the property. b) The appointment of a receiver
on the initiative of the Lessor to protect his interest under this Lease. THE
FOREGOING NOT WITHSTANDING LESSEE SHALL HAVE AFTER WRITTEN NOTICE FIVE (5)
BUSINESS DAYS TO CURE ANY MONETARY BREACH AND THIRTY (30) DAYS TO CURE ANY
NON-MONETARY BREACH.

LATE CHARGES

     20.  Lessee hereby acknowledges that late payment by Lessee to Lessor of
rent and other sums due hereunder will cause Lessor to incur costs not
contemplated by this lease, the exact amount of which will be extremely
difficult to ascertain. Such costs include, but are not limited to, processing
and accounting charges, and late charges which may be imposed on Lessor by the
terms of any mortgage or trust deed covering the Premises. Accordingly, if any
installment of rent or any other sum due from Lessee shall not be received by
Lessor or Lessor's designee within ten (10) days after such amount shall be
due, Lessee shall pay to Lessor a late charge equal to ten percent (10%) of
such overdue amount. The parties hereby agree that such late charge represents
a fair and reasonable estimate of the costs Lessor will incur by reason of late
payment by Lessee. Acceptance of such late charge by Lessor shall in no event
constitute a waiver of

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Lessee's default with respect to such overdue amount, nor prevent Lessor from
exercising any of the other rights and remedies granted hereunder.

SURRENDER OF LEASE

     21. The voluntary or other surrender of this Lease by Lessee, or a mutual
cancellation thereof, shall not work a merger, and shall, at the option of
Lessor, terminate all or any existing subleases or subtenancies, or may, at the
option of Lessor, operator as an assignment to him of any or all such
subleases or subtenancies.

TAXES

     22. The Lessee shall be liable for all taxes levied against personal
property and trade or business fixtures. The Lessee also agrees to pay, as an
additional rental, during the term of this Lease and any extensions thereof, all
real estate taxes including supplemental tax bills (whether or not such
supplemental bills are for installment periods prior to the commencement date
of this Lease) plus the yearly installments of any special assessments which are
of record of which may become of record during the term of this lease. If said
taxes and assessments are assessed against the entire building and building
site, and this Lease does not cover the entire building or building site, the
taxes and assessment installments allocated to the Premises shall be pro-rated
on a square footage or other equitable basis, as calculated by the Lessor. It is
understood and agreed that the Lessee's obligation under this paragraph will be
pro-rated to reflect the commencement and termination dates of this Lease.

NOTICES

     23. All notices to be given to Lessee may be given in writing personally or
by depositing the same in the United States mail, postage prepaid, and addressed
to Lessee at the said Premises, whether or not Lessee has departed from,
abandoned or vacated the Premises.

ENTRY BY LESSOR

     24. Lessee shall permit Lessor and his agents to enter into and upon the
Premises at all reasonable times with reasonable notice and with an escort
except in a case of emergency for the purpose of inspecting the same or for the
purpose of maintaining the building in which the Premises are situated, or for
the purpose of making repairs, alterations or additions to any other portion of
said building, including the erection and maintenance of such scaffolding,
canopies, fences and props as may be required without any rebate of rent and
without any liability to Lessee for any loss of occupation or quiet enjoyment
of the Premises thereby occasioned; and shall permit Lessor and his agents, at
any time within ninety days prior to the expiration of this Lease, to place
upon the Premises any usual or ordinary "For Sale" or "To Lease" signs and
exhibit the Premises to prospective tenants at reasonable hours.

DESTRUCTION OF PREMISES

     25. In the event of a partial destruction of the Premises during the said
term from any cause covered by insurance maintained hereunder Lessor shall
forthwith repair the same, provided such repairs can be made within ninety (90)
days under the laws and regulations of State, Federal, County or Municipal
authorities, but such partial destruction shall in no way annul or void this
Lease, except that Lessee shall be entitled to a proportionate reduction of
rent while such repairs are being made, such proportionate reduction to be
based upon the extent to which the making of such repairs shall interfere with
the business carried on by Lessee in the Premises. If such repairs cannot be
made in ninety (90) days, Lessor may, at his option, make same within a
reasonable time, this Lease continuing in full force and effect and the rent to
be proportionately reduced as aforesaid in this paragraph provided. In the
event that Lessor does not so elect to make such repairs which cannot be made
in ninety (90) days, or such repairs cannot be made under such laws and
regulations, this Lease may be terminated at the option of either party. In
respect to any partial destruction which Lessor is obligated to repair or may
elect to repair under the terms of this paragraph, the provision of Section
1932, Subdivision 2, and of Section 1933, Subdivision 4, of the Civil Code of
the State of California are waived by Lessee. In the event that the building in
which the Premises may be situated be destroyed to the extent of not less than
33 1/3% of the replacement cost thereof, Lessor may elect to terminate this
Lease, whether the Premises be injured or not. A total destruction of the
building in which the Premises may be situated shall terminate this Lease. In
the event of any dispute between Lessor and Lessee relative to the provisions
of this paragraph, they shall each select an arbitrator, the two arbitrators so
selected shall select a third arbitrator and the three arbitrators so selected
shall hear and determine the controversy and their decision thereon shall be
final and binding upon both Lessor and Lessee, who shall bear the cost of such
arbitration equally between them.

ASSIGNMENT AND SUBLETTING

     26. The Lessee shall not assign, transfer, or hypothecate the leasehold
estate under this Lease, or any interest therein, and shall not sublet the
Premises, or any part thereof, or any right or privilege appurtenant thereto,
or suffer any other person or entity to occupy or use the Premises, or any
portion thereof, without, in each case, the prior written consent of the Lessor
whose consent shall not be unreasonably withheld. As a condition for granting
its consent to any subletting the Lessor may require the Lessee to agree to pay
to the Lessor, as additional rental, all rents received by the Lessee from its
Sublessee which are in excess of the amount payable by the Lessee to the Lessor
hereunder. The Lessee shall, by sixty (60) days written notice, advise the
Lessor of its intent to sublet the Premises or any portion thereof for any part
of the term hereof. Within thirty (30) days after receipt of Lessee's notice,
Lessor shall either give approval to Lessee to sublease the portion of the
Premises described in Lessee's notice, or Lessor shall terminate this Lease as
to the portion of the Premises described in Lessee's notice on the date
specified in Lessee's notice. If Lessee intends to sublet the entire Premises
and Lessor elects to terminate this Lease, this Lease shall be terminated on
the date specified in Lessee's notice. If, however, this Lease shall terminate
pursuant to the foregoing with respect to less than all the Premises, the rent,
as defined and reserved herein-above shall be adjusted on a prorata basis to
the number of square feet retained by Lessee, and this Lease as so amended
shall continue in full force and effect. If the Lessor approves a subletting,
the Lessee may sublet immediately after receipt of the Lessor's written
approval. In the event Lessee is allowed to assign, transfer or sublet the
whole or any part of the Premises, with the prior written consent of Lessor, no
assignee, transferee or sublessee shall assign or transfer this Lease, either
in whole or in part, or sublet the whole or any part of the Premises, without
also having obtained the prior written consent of the Lessor. A consent of
Lessor to one assignment, transfer, hypothecation, subletting, occupation or
use by any other person shall not release Lessee from any of Lessee's
obligations hereunder or be deemed to be a consent to any subsequent similar or
dissimilar assignment, transfer, hypothecation, subletting, occupation or use
by any other person. Any such assignment, transfer, hypothecation, subletting,
occupation or use without such consent shall be void and shall constitute a
breach of this Lease by Lessee and shall at the option of Lessor exercised by
written notice to Lessee, terminate this Lease. The leasehold estate under this
Lease shall not, nor shall any interest therein, be assignable for any purpose
by operation of law without the written consent of Lessor. As a condition to
its consent, Lessor may require Lessee to pay all expense in connection with
the assignment, and Lessor may require Lessee's assignee or transferee (or
other assignees or transferees) to assume in writing all of the obligations
under this Lease.

     27. If any part of the premises shall be taken for any public or
quasi-public use, under any statute or by right of eminent domain or private
purchase in lieu thereof, and a part thereof remains which is susceptible of
occupation hereunder, this Lease shall, as to the part so taken, terminate as of
the date title shall vest in the condemnor or purchaser, and the rent payable
hereunder shall be adjusted so that the Lessee shall be required to pay for the
remainder of the term only such portion of such rent as the value of the part
remaining after such taking bears to the value of the entire

<PAGE>   6
     Premises prior to such taking; but in such event Lessor shall have the
option to terminate this Lease as of the date when title to the part so taken as
in the condemnor or purchaser. If all of the premises, or such part thereof be
taken so that there does not remain a portion susceptible for occupation
hereunder, this Lease shall thereupon terminate. If a part or all of the
Premises be taken, all compensation awarded upon such taking shall go to the
Lessor and the Lessee shall have no claim thereto.

EFFECT OF CONVEYANCE

     28. The term "Lessor" as used in this Lease, means only the owner for the
time being of the land and building containing the Premises, so that, in the
event of any sale of said land or building, or in the event of a lease of said
building, the Lessor shall be and hereby is entirely freed and relieved of all
covenants and obligations of the Lessor hereunder occurring after said sale and
it shall be deemed and construed, without further agreement between the parties
and the purchase at any such sale, or the Lessee of the building, that the
purchaser or lessee of the building has assumed and agreed to carry out any and
all covenants and obligations of the Lessor hereunder. If any security be given
by the Lessee to secure the faithful performance of all or any of the covenants
of this Lease on the part of the Lessee, the Lessor shall transfer and deliver
the security, as such, to the purchaser at any such sale or the lessee of the
building, and thereupon the Lessor shall be discharged from any further
liability in reference thereto.

SUBORDINATION

     29. Lessee agrees that this Lease may, at the option of Lessor, be subject
and subordinate to any mortgage, deed of trust or other instrument of security
which has been or shall be placed on the land and building or land or building
of which the Premises form a part, and this subordination is hereby made
effective without any further act of Lessee.* The Lessee shall, at any time
hereinafter, on demand, execute any instruments, releases, or other documents
that may be required by any mortgage, mortgagor, or trustor or beneficiary
under any deed of trust for the purpose of subjecting and subordinating this
Lease to the lien of any such mortgage, deed of trust or other instrument of
security,* and the failure of the Lessee to execute any such instruments,
releases or documents, shall constitute a default hereunder.
*provided that the Lessee has received a non-disturbance agreement from
Lessor's lender.

WAIVER

     30. The waiver by Lessor of any breach of any term, covenant or condition,
herein contained shall not be deemed to be a waiver of such term, covenant or
condition or any subsequent breach of the same or any other term, covenant or
condition therein contained. The subsequent acceptance of rent hereunder by
Lessor shall not be deemed to be a waiver of any preceding breach by Lessee of
any term, covenant  or condition of this Lease, other than the failure of
Lessee to pay the particular rental so accepted, regardless of Lessor's
knowledge of such preceding breach at the time of acceptance of such rent.

HOLDING OVER

    31. Any holding over after the expiration of the said term, with consent of
Lessor, shall be construed to be a tenancy from month to month, at a rental to
be negotiated by Lessor and Lessee prior to the expiration of said term, and
shall otherwise be on the terms and conditions herein specified, so far as
applicable.

SUCCESSORS AND ASSIGNS

     32. The covenants and conditions herein contained shall, subject to the
provisions as to assignment, apply to and bind the heirs, successors,
executors, administrators and assigns of all of the parties hereto; and all of
the parties hereto shall be jointly and severally liable hereunder.

TIME

     33. Time is of the essence of this Lease.

MARGINAL CAPTIONS

     34. The marginal headings or titles to the paragraphs of this Lease are
not a part of this Lease and shall have no effect upon the construction or
interpretation of any part thereof. This instrument contains all of the
agreements and conditions made between the parties hereto or their respective
successors in interest.
ADDITIONAL PARAGRAPH 35 IS ATTACHED AND HEREBY MADE A PART OF THIS LEASE.

THIS LEASE HAS BEEN PREPARED FOR SUBMISSION TO YOUR ATTORNEY WHO WILL REVIEW THE
DOCUMENT AND ASSIST YOU TO DETERMINE WHETHER YOUR LEGAL RIGHTS ARE ADEQUATELY
PROTECTED, RENAULT & HANDLEY IS NOT AUTHORIZED TO GIVE LEGAL AND TAX ADVICE. NO
REPRESENTATION OR RECOMMENDATION IS MADE BY RENAULT & HANDLEY OR ITS AGENTS OR
EMPLOYEES AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT OR TAX CONSEQUENCES OF THIS
DOCUMENT OR ANY TRANSACTION RELATING THERETO. THESE ARE QUESTIONS FOR YOUR
ATTORNEY WITH WHOM YOU SHOULD CONSULT BEFORE SIGNING THIS DOCUMENT.

     IN WITNESS WHEREOF, Lessor and Lessee have executed these presents, the
day and year first above written.

               LESSOR                                  LESSEE

Y.A. TITLE AND RENAULT & HANDLEY              CIDCO INCORPORATED,
EMPLOYEES INVESTMENT CO.                      A DELAWARE CORPORATION

/s/ [SIGNATURE ILLEGIBLE]                     /s/ [SIGNATURE ILLEGIBLE]
----------------------------------            ----------------------------------

/s/ [SIGNATURE ILLEGIBLE]                     /s/  RICHARD D. KENT
----------------------------------            ----------------------------------
                                              V.P. FINANCE, CFO, COO
                                              8/31/98

                                     5 of 5

<PAGE>   7
                              ADDITIONAL PARAGRAPH

This additional paragraph is hereby made a part of that certain Lease dated
August 31, 1998, by and between Y.A. Tittle and Renault & Handley Employees
Investment Co., as Lessor and CIDCO, Incorporated, a Delaware corporation, as
Lessee, covering the Premises at 220 Cochrane Circle, Morgan Hill, California.

     Par. 35. Without Lessor's advance written consent, Lessee shall not bring,
use or permit upon the leased Premises, temporarily or otherwise, or generate
at, or emit any toxic or hazardous substances, including, without limitation,
substances or materials which are listed on any of the Environmental Protection
Agency's lists of hazardous wastes or identified in any statute or regulation
of the State of California dealing with Hazardous wastes as the same may be
amended from time to time. Notwithstanding Lessor's consent, Lessee shall
comply, at its sole cost, with all laws pertaining to, and shall indemnify and
hold Lessor harmless from any claims, liabilities, costs or expenses incurred
or suffered by Lessor arising from such bringing, using, permitting,
generating, or emitting or disposing by Lessee. Lessee's indemnification and
hold harmless obligations for claims caused by Lessee include, without
limitations, (i) claims, liability, costs or expenses resulting from or based
upon administrative, judicial (civil or criminal) action brought by any
private or public person under common law or under any Federal, State, County
or Municipal law, ordinance or regulation, (ii) claims, liabilities, costs or
expenses pertaining to the clean-up or containment of wastes, the
identification of the pollutants or the waste, the identification of scope of
any environmental contamination, the removal of pollutants from soils, river
beds or aquifers, the provisions of an alternative public drinking water
source, or the long-term monitoring of ground water and surface water, and
(iii) all costs or defending such claims.S.Y. Bancorp - Indenture

	
=================================================================

	 
	
S.Y. BANCORP, INC.

	 
	
AND

	 
	
WILMINGTON TRUST COMPANY,

	
AS TRUSTEE

	 
	
INDENTURE

	 
	
9.00% SUBORDINATED DEBENTURES DUE 2031

	 
	
DATED AS OF JUNE 1, 2001

	 
	
=================================================================

 

 

	
TABLE OF CONTENTS

	 	 	 
	 	 	
Page

	
ARTICLE I. DEFINITIONS ................................................................................................
	
2

	 	
Section 1.1. Definitions of Terms ...............................................................................
	
2

	 	 	 
	
ARTICLE II. ISSUE, DESCRIPTION, TERMS, CONDITIONS,  REGISTRATION
	 
	 	
AND EXCHANGE OF THE DEBENTURES ...........................................................
	
10

	 	
Section 2.1. Designation and Principal Amount ........................................................
	
10

	 	
Section 2.2. Maturity ..................................................................................................
	
10

	 	
Section 2.3. Form and Payment .................................................................................
	
11

	 	
Section 2.4. [Intentionally Omitted] ...........................................................................
	
11

	 	
Section 2.5. Interest ....................................................................................................
	
11

	 	
Section 2.6. Execution and Authentication ................................................................
	
12

	 	
Section 2.7. Registration of Transfer and Exchange ..................................................
	
13

	 	
Section 2.8. Temporary Debentures ...........................................................................
	
14

	 	
Section 2.9. Mutilated, Destroyed, Lost or Stolen Debentures ..................................
	
14

	 	
Section 2.10. Cancellation ..........................................................................................
	
15

	 	
Section 2.11. Benefit of Indenture ..............................................................................
	
15

	 	
Section 2.12. Authentication Agent ............................................................................
	
16

	 	 	 
	
ARTICLE III. REDEMPTION OF DEBENTURES ...........................................................
	
16

	 	
Section 3.1. Redemption ............................................................................................
	
16

	 	
Section 3.2. Special Event Redemption .....................................................................
	
16

	 	
Section 3.3. Optional Redemption by the Company ..................................................
	
17

	 	
Section 3.4. Notice of Redemption ............................................................................
	
18

	 	
Section 3.5. Payment upon Redemption ....................................................................
	
19

	 	
Section 3.6. No Sinking Fund ....................................................................................
	
19

	 	 	 
	
ARTICLE IV. EXTENSION OF INTEREST PAYMENT PERIOD .................................
	
19

	 	
Section 4.1. Extension of Interest Payment Period ....................................................
	
19

	 	
Section 4.2. Notice of Extension ................................................................................
	
20

	 	
Section 4.3. Limitation on Transactions ....................................................................
	
20

	 	 	 
	
ARTICLE V. PARTICULAR COVENANTS OF THE COMPANY .................................
	
21

	 	
Section 5.1. Payment of Principal and Interest ...........................................................
	
21

	 	
Section 5.2. Maintenance of Agency ..........................................................................
	
21

	 	
Section 5.3. Paying Agents .........................................................................................
	
22

	 	
Section 5.4. Appointment to Fill Vacancy in Office of the Trustee ...........................
	
23

	 	
Section 5.5. Compliance with Consolidation Provisions ...........................................
	
23

	 	
Section 5.6. Limitation on Transactions .....................................................................
	
23

	 	
Section 5.7. Covenants as to the Trust .......................................................................
	
24

	 	
Section 5.8. Covenants as to Purchases .....................................................................
	
24

	 	
Section 5.9. Waiver of Usury, Stay or Extension Laws .............................................
	
24

	 	
Section 5.10. Limitation on Additional Junior Indebtedness ......................................
	
24

	 	 	 
	
i

	 
	 	
Section 5.11. No Intent to Commence Extension Period ...........................................
	
26

	 	 	 
	
ARTICLE VI. THE DEBENTUREHOLDERS' LISTS AND REPORTS BY
	 
	 	
THE COMPANY AND THE TRUSTEE ...................................................................
	
26

	 	
Section 6.1. The Company to Furnish the Trustee Names and Addresses of the 

                     Debentureholders .................................................................................
	

26

	 	
Section 6.2. Preservation of Information Communications with the 

                     Debentureholders .................................................................................
	

27

	 	
Section 6.3. Reports by the Company ........................................................................
	
27

	 	
Section 6.4. Reports by the Trustee ............................................................................
	
28

	 	 	 
	
ARTICLE VII. REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS ON
	 
	 	
EVENT OF DEFAULT ..............................................................................................
	
28

	 	
Section 7.1. Events of Default ....................................................................................
	
28

	 	
Section 7.2. Collection of Indebtedness and Suits for Enforcement by the Trustee ...
	
30

	 	
Section 7.3. Application of Moneys Collected ...........................................................
	
31

	 	
Section 7.4. Limitation on Suits .................................................................................
	
31

	 	
Section 7.5. Rights and Remedies Cumulative; Delay or Omission not Waiver .......
	
32

	 	
Section 7.6. Control by the Debentureholders ............................................................
	
33

	 	
Section 7.7. Undertaking to Pay Costs .......................................................................
	
33

	 	
Section 7.8. Direct Action; Right of Set-Off ..............................................................
	
34

	 	 	 
	
ARTICLE VIII. FORM OF THE DEBENTURE AND ORIGINAL ISSUE ......................
	
34

	 	
Section 8.1. Form of Debenture .................................................................................
	
34

	 	
Section 8.2. Original Issue of the Debentures ............................................................
	
34

	 	 	 
	
ARTICLE IX. CONCERNING THE TRUSTEE ................................................................
	
34

	 	
Section 9.1. Certain Duties and Responsibilities of the Trustee ................................
	
35

	 	
Section 9.2. Notice of Defaults ...................................................................................
	
36

	 	
Section 9.3. Certain Rights of the Trustee ..................................................................
	
36

	 	
Section 9.4. The Trustee not Responsible for Recitals, Etc. .......................................
	
37

	 	
Section 9.5. May Hold the Debentures .......................................................................
	
37

	 	
Section 9.6. Moneys Held in Trust .............................................................................
	
38

	 	
Section 9.7. Compensation and Reimbursement ........................................................
	
38

	 	
Section 9.8. Reliance on Officers' Certificate ............................................................
	
38

	 	
Section 9.9. Disqualification; Conflicting Interests ...................................................
	
38

	 	
Section 9.10. Corporate Trustee Required; Eligibility ...............................................
	
39

	 	
Section 9.11. Resignation and Removal; Appointment of Successor ........................
	
39

	 	
Section 9.12. Acceptance of Appointment by Successor ...........................................
	
41

	 	
Section 9.13. Merger, Conversion, Consolidation or Succession to Business ...........
	
41

	 	
Section 9.14. Preferential Collection of Claims against the Company ......................
	
41

	 	 	 
	
ARTICLE X. CONCERNING THE DEBENTUREHOLDERS .........................................
	
42

	 	
Section 10.1. Evidence of Action by the Holders .......................................................
	
42

	 	 	 
	
ii

	 
	 	
Section 10.2. Proof of Execution by the Debentureholders ........................................
	
42

	 	
Section 10.3. Who May Be Deemed Owners .............................................................
	
42

	 	
Section 10.4. Certain Debentures Owned by Company Disregarded .........................
	
43

	 	
Section 10.5. Actions Binding on the Future Debentureholders ................................
	
43

	 	 	 
	
ARTICLE XI. SUPPLEMENTAL INDENTURES ............................................................
	
43

	 	
Section 11.1. Supplemental Indentures without the Consent of 

                      the Debentureholders .........................................................................
	

44

	 	
Section 11.2. Supplemental Indentures with Consent of the Debentureholders ........
	
45

	 	
Section 11.3. Effect of Supplemental Indentures .......................................................
	
45

	 	
Section 11.4. The Debentures Affected by Supplemental Indentures ........................
	
45

	 	
Section 11.5. Execution of Supplemental Indentures .................................................
	
46

	 	 	 
	
ARTICLE XII. SUCCESSOR CORPORATION ................................................................
	
46

	 	
Section 12.1. The Company May Consolidate, Etc. ...................................................
	
46

	 	
Section 12.2. Successor Corporation Substituted .......................................................
	
47

	 	
Section 12.3. Evidence of Consolidation, Etc. to Trustee ..........................................
	
47

	 	 	 
	
ARTICLE XIII. SATISFACTION AND DISCHARGE .....................................................
	
47

	 	
Section 13.1. Satisfaction and Discharge of Indenture ...............................................
	
47

	 	
Section 13.2. Discharge of Obligations ......................................................................
	
48

	 	
Section 13.3. Deposited Moneys to Be Held in Trust ................................................
	
48

	 	
Section 13.4. Payment of Monies Held by Paying Agents .........................................
	
48

	 	
Section 13.5. Repayment to the Company ..................................................................
	
48

	 	 	 
	
ARTICLE XIV. IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
	 
	 	
OFFICERS AND DIRECTORS .................................................................................
	
49

	 	
Section 14.1. No Recourse .........................................................................................
	
49

	 	 	 
	
ARTICLE XV. MISCELLANEOUS PROVISIONS ..........................................................
	
49

	 	
Section 15.1. Effect on Successors and Assigns .........................................................
	
49

	 	
Section 15.2. Actions by Successor ............................................................................
	
49

	 	
Section 15.3. Surrender of the Company Powers .......................................................
	
50

	 	
Section 15.4. Notices ..................................................................................................
	
50

	 	
Section 15.5. Governing Law .....................................................................................
	
50

	 	
Section 15.6. Treatment of the Debentures as Debt ...................................................
	
50

	 	
Section 15.7. Compliance Certificates and Opinions .................................................
	
50

	 	
Section 15.8. Payments on Business Days .................................................................
	
51

	 	
Section 15.9. Conflict with Trust Indenture Act .........................................................
	
51

	 	
Section 15.10. Counterparts ........................................................................................
	
51

	 	
Section 15.11. Separability .........................................................................................
	
51

	 	
Section 15.12. Assignment .........................................................................................
	
51

	 	
Section 15.13. Acknowledgment of Rights; Right of Setoff ......................................
	
52

	 	 
	
ARTICLE XVI. SUBORDINATION OF THE DEBENTURES .........................................
	
52

	 	
Section 16.1. Agreement to Subordinate .....................................................................
	
52

	 	 	 
	
iii

	 
	 	
Section 16.2. Default on Senior Indebtedness .............................................................
	
52

	 	
Section 16.3. Liquidation; Dissolution; Bankruptcy ...................................................
	
53

	 	
Section 16.4. Subrogation ...........................................................................................
	
54

	 	
Section 16.5. The Trustee to Effectuate Subordination ...............................................
	
55

	 	
Section 16.6. Notice by the Company .........................................................................
	
55

	 	
Section 16.7. Rights of the Trustee; Holders of the Senior Indebtedness ...................
	
56

	 	
Section 16.8. Subordination May not Be Impaired ....................................................
	
56

	 	 	 
	
EXHIBIT A
	
1

	 	 
	
iv

	 

 

 

	
CROSS-REFERENCE TABLE

	 	 
	
Section of

Trust Indenture Act

of 1939, as amended
	

Section of

Indenture

	 	 
	
310(a)
	
......................................................................................................................
	
9.10

	
310(b)
	
......................................................................................................................
	
9.9, 9.11

	
310(c)
	
......................................................................................................................
	
Not Applicable

	
311(a)
	
......................................................................................................................
	
9.14

	
311(b)
	
......................................................................................................................
	
9.14

	
311(c)
	
......................................................................................................................
	
Not Applicable

	
312(a)
	
......................................................................................................................
	
 6.1, 6.2(a)

	
312(b)
	
......................................................................................................................
	
 6.2(c)

	
312(c)
	
......................................................................................................................
	
 6.2(c)

	
313(a)
	
......................................................................................................................
	
 6.4(a)

	
313(b)
	
......................................................................................................................
	
 6.4(b)

	
313(c)
	
......................................................................................................................
	
6.4(a), 6.4(b)

	
313(d)
	
......................................................................................................................
	
6.4(c)

	
314(a)
	
......................................................................................................................
	
6.3(a)

	
314(b)
	
......................................................................................................................
	
Not Applicable

	
314(c)
	
......................................................................................................................
	
15.7

	
314(d)
	
......................................................................................................................
	
Not Applicable

	
314(e)
	
......................................................................................................................
	
15.7

	
314(f)
	
......................................................................................................................
	
Not Applicable

	
315(a)
	
......................................................................................................................
	
9.1(a), 9.3

	
315(b)
	
......................................................................................................................
	
9.2

	
315(c)
	
......................................................................................................................
	
9.1(a)

	
315(d)
	
......................................................................................................................
	
9.1(b)

	
315(e)
	
......................................................................................................................
	
7.7

	
316(a)
	
......................................................................................................................
	
1.1, 7.6

	
316(b)
	
......................................................................................................................
	
7.4(b)

	
316(c)
	
......................................................................................................................
	
10.1(b)

	
317(a)
	
......................................................................................................................
	
7.2

	
317(b)
	
......................................................................................................................
	
5.3

	
318(a)
	
......................................................................................................................
	
15.9

	 	 
	
Note: This reconciliation and tie sheet shall not, for any purpose, be deemed to be a part of the Indenture.

	 
	
v

 

	
INDENTURE

	 
	 
	
          INDENTURE, dated as of June 1, 2001, between S.Y. BANCORP, INC., a Kentucky corporation (the "Company"), and WILMINGTON TRUST COMPANY, a banking corporation duly organized and existing under
the laws of the State of Delaware, as trustee (the "Trustee").

	 
	
RECITALS

	 
	
          WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of securities to be known as its 9.00%
Subordinated Debentures due 2031 (hereinafter referred to as the "Debentures"), the form and substance of such Debentures and the terms, provisions and conditions thereof to be set forth as provided in this Indenture;

	 
	
          WHEREAS, S.Y. Bancorp Capital Trust I, a Delaware statutory business trust (the "Trust"), has offered to the public $18,000,000 aggregate liquidation amount of its Preferred Securities (as
defined herein) ($20,000,000 if the Underwriters exercise their Option (as defined herein)) and proposes to invest the proceeds from such offering, together with the proceeds of the issuance and sale by the Trust to the Company of $556,710 aggregate
liquidation amount of its Common Securities (as defined herein) ($618,570 if the Underwriters exercise their Option) in $18,556,710 aggregate principal amount of the Debentures ($20,618,570 if the Underwriters exercise their Option); 

	 
	
          WHEREAS, the Company has requested that the Trustee execute and deliver this Indenture; 

	 
	
          WHEREAS, all requirements necessary to make this Indenture a valid instrument in accordance with its terms, and to make the Debentures, when executed by the Company and authenticated and
delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this Indenture have been duly authorized in all respects; 

	 
	
          WHEREAS, to provide the terms and conditions upon which the Debentures are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and

	 
	
          WHEREAS, all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

	 
	
          NOW, THEREFORE, in consideration of the premises and the purchase of the Debentures by the holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit
of the holders of the Debentures:

	 
	
ARTICLE I.

DEFINITIONS

	 
	
          Section 1.1.        Definitions of Terms.  The terms defined in this Section 1.1 (except as in this Indenture
otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.1 and shall include the plural as well as the
singular.  All other terms used in this Indenture that are defined in the Trust Indenture Act, or that are by reference in the Trust Indenture Act defined in the Securities Act (except as herein otherwise expressly provided or unless the context otherwise
requires), shall have the meanings assigned to such terms in the Trust Indenture Act and in the Securities Act as in force at the date of the execution of this instrument.  All accounting terms used herein and not expressly defined shall have the meanings
assigned to such terms in accordance with Generally Accepted Accounting Principles.

	 
	
          "Accelerated Maturity Date" means if the Company elects to accelerate the Maturity Date in accordance with Section 2.2(b), the date selected by the Company which is prior to the Scheduled
Maturity Date, but is after June 30, 2006.

	 
	
          "Additional Junior Indebtedness" means, without duplication, (A) any indebtedness, liabilities or obligations of the Company, or any Subsidiary of the Company, under debt
securities (or guarantees in respect of debt securities) initially issued to any trust, or a trustee of a trust, partnership or other entity affiliated with the Company that is, directly or indirectly, a finance subsidiary (as such term is defined in Rule
3a-5) under the Investment Company Act (or any successor Rule applicable thereto)) or other financing vehicle of the Company or any Subsidiary of the Company in connection with the issuance by that entity of preferred securities or other securities that
are intended to qualify for Tier 1 capital treatment (or the then equivalent thereof) for purposes of the capital adequacy guidelines of the Federal Reserve, as then in effect and applicable to the Company, other than the Debentures; provided, however,
that the inability of the Company to treat all or any portion of the Additional Junior Indebtedness as Tier 1 capital shall not disqualify it as Additional Junior Indebtedness if such inability results from the Company having cumulative preferred stock,
minority interests in consolidated subsidiaries, or any other class of security or interest to which the Federal Reserve now accords or may hereafter accord Tier 1 capital treatment (including the Debentures) in excess of the amount which may qualify for
treatment as Tier 1 capital under applicable capital adequacy guidelines of the Federal Reserve and (B) any indebtedness, liabilities or obligations of the Company, or any Subsidiary of the Company, that is junior or otherwise subordinate in right of
payment to Senior Indebtedness of the Company and that has a maturity or is otherwise due and payable by the Company on a date twelve (12) months or more after its date of original issuance, other than the Debentures.

	 
	
          "Additional Payments" shall have the meaning set forth in Section 2.5(c).

	 
	
          "Additional Senior Obligations" means all indebtedness of the Company whether incurred on or prior to the date of this Indenture or thereafter incurred, for claims in respect of derivative
products such as interest and foreign exchange rate contracts, commodity contracts 

	 
	
2

	 
	
and similar arrangements; provided, however, that Additional Senior Obligations does not include claims in respect of Senior Debt or Subordinated Debt or obligations which, by their terms, are expressly stated to be not superior in right
of payment to the Debentures or to rank pari passu in right of payment with the Debentures.  For purposes of this definition, "claim" shall have the meaning assigned thereto in Section 101(4) of the United States Bankruptcy Code of 1978, as amended.

	 
	
          "Administrative Trustees" shall have the meaning set forth in the Trust Agreement.

	 
	
          "Affiliate" means, with respect to a specified Person, (a) any Person directly or indirectly owning, controlling or holding with power to vote 10% or more of the outstanding voting securities
or other ownership interests of the specified Person; (b) any Person 10% or more of whose outstanding voting securities or other ownership interests are directly or indirectly owned, controlled or held with power to vote by the specified Person; (c) any
Person directly or indirectly controlling, controlled by, or under common control with the specified Person; (d) a partnership in which the specified Person is a general partner; (e) any officer or director of the specified Person; and (f) if the
specified Person is an individual, any entity of which the specified Person is an officer, director or general partner.  

	 
	
          "Authenticating Agent" means an authenticating agent with respect to the Debentures appointed by the Trustee pursuant to Section 2.12.

	 
	
          "Bankruptcy Law" means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

	 
	
          "Board of Directors" means the Board of Directors of the Company or any duly authorized committee of such Board.

	 
	
          "Board Resolution" means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force
and effect on the date of such certification.

	 
	
          "Business Day" means, with respect to the Debentures, any day other than a Saturday or a Sunday or a day on which federal or state banking institutions in the Borough of Manhattan, the City
of New York, are authorized or required by law, executive order or regulation to close, or a day on which the Corporate Trust Office of the Trustee or the Property Trustee is closed for business.

	 
	
          "Capital Treatment Event" means the receipt by the Company and the Trust of an Opinion of Counsel, rendered by counsel experienced in such matters within a reasonable period of time after the
applicable occurrence, to the effect that, as a result of  any amendment to or change (including any announced prospective change) in the laws (or any regulations thereunder) of the United States or any political subdivision thereof or therein, or as a
result of any official or administrative pronouncement, action or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or, which pronouncement, action or judicial decision is announced on or after the
date of issuance of the Preferred Securities under the Trust 

	 
	
3

	 
	
Agreement, there is more than an insubstantial risk of impairment of the Company's ability to treat the aggregate Liquidation Amount (as defined in the Trust Agreement) of the Preferred Securities (or any substantial portion thereof) as Tier 1 capital
(or the then equivalent thereof) for purposes of the capital adequacy guidelines of the Federal Reserve, as then in effect and applicable to the Company; provided, however, that the Trust or the Company shall have requested and received such an Opinion of Counsel with regard to such matters within a reasonable period of time after the Trust or the Company shall have become aware of the
occurrence or the possible occurrence of any of the events described above.

	 
	
          "Change in 1940 Act Law" shall have the meaning set forth in the definition of "Investment Company Event."

	 
	
          "Code" means the Internal Revenue Code of 1986, as amended.

	 
	
          "Commission" means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this instrument such
Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

	 
	
          "Common Securities" means undivided beneficial interests in the assets of the Trust which rank pari passu with the Preferred Securities; provided, however, that upon the
occurrence and during the continuation of an Event of Default, the rights of holders of Common Securities to payment in respect of (a) distributions, and (b) payments upon liquidation, redemption and otherwise, are subordinated to the rights of holders of
Preferred Securities.

	 
	
          "Company" means S.Y. Bancorp, Inc., a corporation duly organized and existing under the laws of the Commonwealth of Kentucky, and, subject to the provisions of Article XII, shall also include
its successors and assigns.

	 
	
          "Compounded Interest" shall have the meaning set forth in Section 4.1.

	 
	
          "Corporate Trust Office" means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is
located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration.

	 
	
          "Coupon Rate" shall have the meaning set forth in Section 2.5.

	 
	
          "Custodian" means any receiver, trustee, assignee, liquidator, or similar official under any Bankruptcy Law.

	 
	
          "Debentures" shall have the meaning set forth in the Recitals hereto.

	 
	
          "Debentureholder," "holder of Debentures," "registered holder," or other similar term, means the Person or Persons in whose name or names a particular Debenture shall be registered 

	 
	
4

	 
	
on the books of the Company or the Trustee kept for that purpose in accordance with the terms of this Indenture.

	 
	
          "Debenture Register" shall have the meaning set forth in Section 2.7(b).

	 
	
          "Debenture Registrar" shall have the meaning set forth in Section 2.7(b).

	 
	
          "Debt" means with respect to any Person, whether recourse is to all or a portion of the assets of such Person and whether or not contingent, (a) every obligation of such Person for money
borrowed; (b) every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments, including obligations incurred in connection with the acquisition of property, assets or businesses; (c) every reimbursement obligation of
such Person with respect to letters of credit, bankers' acceptances or similar facilities issued for the account of such Person; (d) every obligation of such Person issued or assumed as the deferred purchase price of property or services (but excluding
trade accounts payable or accrued liabilities arising in the ordinary course of business); (e) every capital lease obligation of such Person; and (f) and every obligation of the type referred to in clauses (a) through (e) of another Person and all
dividends of another Person the payment of which, in either case, such Person has guaranteed or is responsible or liable, directly or indirectly, as obligor or otherwise.

	 
	
          "Default" means any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

	 
	
          "Deferred Payments" shall have the meaning set forth in Section 4.1.

	 
	
          "Direct Action" shall have the meaning set forth in Section 7.8.

	 
	
          "Dissolution Event" means that as a result of the occurrence and continuation of a Special Event, the Trust is to be dissolved in accordance with the Trust Agreement and the Debentures held
by the Property Trustee are to be distributed to the holders of the Trust Securities issued by the Trust pro rata in accordance with the Trust Agreement.

	 
	
          "Distribution" shall have the meaning set forth in the Trust Agreement.

	 
	
          "Event of Default" means, with respect to the Debentures, any event specified in Section 7.1, which has continued for the period of time, if any, and after the giving of the notice, if any,
therein designated.

	 
	
          "Exchange Act" means the Securities Exchange Act of 1934, as amended, as in effect at the date of execution of this Indenture.

	 
	
          "Extension Period" shall have the meaning set forth in Section 4.1.

	 
	
          "Federal Reserve" means the Board of Governors of the Federal Reserve System.

	 
	
          "Guarantee" shall have the meaning set forth in the Trust Agreement.

	 
	
5

	 
	
          "Generally Accepted Accounting Principles" means such accounting principles as are generally accepted at the time of any computation required hereunder.

	 
	
          "Governmental Obligations" means securities that are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged; or (b) obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either
case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such Governmental Obligation or a
specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the
Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

	 
	
          "Herein," "hereof," and "hereunder," and other words of similar import, refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.

	 
	
          "Indenture" means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into in accordance
with the terms hereof.

	 
	
          "Interest Payment Date" shall have the meaning set forth in Section 2.5(a).

	 
	
          "Investment Company Act" means the Investment Company Act of 1940, as amended, as in effect at the date of execution of this Indenture.

	 
	
          "Investment Company Event" means the receipt by the Trust and the Company of an Opinion of Counsel, rendered by counsel experienced in such matters within a reasonable amount of time after
the applicable occurrence, to the effect that, as a result of the occurrence of a change in law or regulation or a change in interpretation or application of law or regulation by any legislative body, court, governmental agency or regulatory authority (a
"Change in 1940 Act Law"), the Trust is or shall be considered an "investment company" that is required to be registered under the Investment Company Act, which Change in 1940 Act Law becomes effective on or after the date of original issuance of the
Preferred Securities under the Trust Agreement; provided, however, that the Trust or the Company shall have requested and received such an Opinion of Counsel with regard to such matters within a reasonable period of time after the Trust or the Company shall have become aware of the
occurrence or the possible occurrence of any such Change in 1940 Act Law.

	 
	
          "Maturity Date" means the date on which the Debentures mature and on which the principal shall be due and payable together with all accrued and unpaid interest thereon including Compounded
Interest and Additional Payments, if any.

	 
	
6

	 
	
          "Ministerial Action" shall have the meaning set forth in Section 3.2.

	 
	
          "Officers' Certificate" means a certificate signed by the Chief Executive Officer, President or an Executive Vice President and by the Treasurer or an Assistant Treasurer or the Secretary or
an Assistant Secretary of the Company that is delivered to the Trustee in accordance with the terms hereof.  Each such certificate shall include the statements provided for in Section 15.7, if and to the extent required by the provisions thereof.

	 
	
          "Opinion of Counsel" means an opinion in writing of independent, outside legal counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof.  Each such
opinion shall include the statements provided for in Section 15.7, if and to the extent required by the provisions thereof.

	 
	
          "Outstanding," when used with reference to the Debentures, means, subject to the provisions of Section 10.4, as of any particular time, all Debentures theretofore authenticated and delivered
by the Trustee under this Indenture, except (a) Debentures theretofore canceled by the Trustee or any Paying Agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Debentures or portions thereof
for the payment or redemption of which money or Governmental Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by
the Company (if the Company shall act as its own Paying Agent); provided, however, that, if such Debentures or portions of such Debentures are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as in Article III provided, or provision satisfactory to the Trustee
shall have been made for giving such notice; and (c) Debentures in lieu of or in substitution for which other Debentures shall have been authenticated and delivered pursuant to the terms of Section 2.7; provided, however, that in determining whether the holders of the requisite percentage of Debentures have given any request, notice, consent or waiver hereunder, Debentures held by the Company or any Affiliate of the Company shall not be
included; provided, further, that the Trustee shall be protected in relying upon any request, notice, consent or waiver unless a Responsible Officer of the Trustee shall have actual knowledge that the holder of such Debenture is the Company or an
Affiliate thereof.  

	 
	
          "Paying Agent" means any paying agent or co-paying agent appointed pursuant to Section 5.3.

	 
	
          "Person" means any individual, corporation, partnership, joint-venture, limited liability company, trust, joint-stock company, unincorporated organization or government or any agency or
political subdivision thereof.

	 
	
          "Predecessor Debenture" means every previous Debenture evidencing all or a portion of the same debt as that evidenced by such particular Debenture; and, for the purposes of this definition,
any Debenture authenticated and delivered under Section 2.9 in lieu of a lost, destroyed or stolen Debenture shall be deemed to evidence the same debt as the lost, destroyed or stolen Debenture.

	 
	
7

	 
	
          "Preferred Securities" means the 9.00% Cumulative Trust Preferred Securities representing undivided beneficial interests in the assets of the Trust which rank pari passu with Common
Securities issued by the Trust; provided, however, that upon the occurrence and during the continuation of an Event of Default, the rights of holders of Common Securities to payment in respect of (a) distributions, and (b) payments upon liquidation, redemption and
otherwise, are subordinated to the rights of holders of Preferred Securities.

	 
	
          "Preferred Securities Guarantee" means any guarantee that the Company may enter into with the Trustee or other Persons that operates directly or indirectly for the benefit of holders of
Preferred Securities.

	 
	
          "Property Trustee" has the meaning set forth in the Trust Agreement.

	 
	
          "Redemption Price" shall have the meaning set forth in Section 3.2.

	 
	
          "Responsible Officer" when used with respect to the Trustee means any officer within the Corporate Trust Office of the Trustee or, for purposes of the Trust Agreement, the Property Trustee
(as defined in the Trust Agreement) with direct responsibility for the administration of this Indenture, including any vice president, any assistant vice president, any assistant secretary or any other officer or assistant officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular subject.

	 
	
          "Scheduled Maturity Date" means June 30, 2031.

	 
	
          "Securities Act" means the Securities Act of 1933, as amended, as in effect at the date of execution of this Indenture.

	 
	
          "Senior Debt" means the principal of (and premium, if any) and interest, if any (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization
relating to the Company whether or not such claim for post-petition interest is allowed in such proceeding), on all Debt, whether incurred on or prior to the date of this Indenture or thereafter incurred, unless, in the instrument creating or evidencing
the same or pursuant to which the same is outstanding, it is provided that such obligations are not superior in right of payment to the Debentures or to other Debt which is pari passu with, or subordinated to, the Debentures; provided, that Senior Debt shall not be deemed to include (a) any Debt of the Company which when incurred and without respect to any election under section 1111(b) of the United States Bankruptcy Code of 1978, as amended, was without recourse to
the Company; (b) the Guarantee Agreement; (c) Debt to any employee of the Company; (d) Debt which by its terms is subordinated to trade accounts payable or accrued liabilities arising in the ordinary course of business to the extent that payments made to
the holders of such Debt by the holders of the Debentures as a result of the subordination provisions of this Indenture would be greater than they otherwise would have been as a result of any obligation of such holders to pay amounts over to the obligees
on such trade accounts payable or accrued liabilities arising in the ordinary course 

	 
	
8

	 
	
of business as a result of subordination provisions to which such Debt is subject; and (e) Debt which constitutes Subordinated Debt.

	 
	
          "Senior Indebtedness" shall have the meaning set forth in Section 16.1.

	 
	
          "Special Event" means a Tax Event, a Capital Treatment Event or an Investment Company Event.

	 
	
          "Subordinated Debt" means the principal of (and premium, if any) and interest, if any (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization
relating to the Company whether or not such claim for post-petition interest is allowed in such proceeding), on Debt (other than the Debentures), whether incurred on or prior to the date of this Indenture or thereafter incurred, which is by its terms
expressly provided to be junior and subordinate to other Debt of the Company (other than the Debentures); provided, however, that Subordinated Debt will not be deemed to include (a) any Debt of the Company which when incurred and without respect to any election under section 1111(b) of the United States Bankruptcy Code of 1978, as amended, was
without recourse to the Company, (b) Debt which constitutes Senior Debt; (c) Debt to any employee of the Company; (d) Debt which by its terms is subordinated to trade accounts payable or accrued liabilities arising in the ordinary course of business to
the extent that payments made to the holders of such Debt by the holders of the Debentures as a result of the subordination provisions of this Indenture would be greater than they otherwise would have been as a result of any obligation of such holders to
pay amounts over to the obligees on such trade accounts payable or accrued liabilities arising in the ordinary course of business as a result of subordination provisions to which such Debt is subject; and (e) any Debt of the Company under debt securities
(and guarantees in respect of these debt securities) initially issued to any trust, or a trustee of a trust, partnership or other entity affiliated with the Company that is, directly or indirectly, a financing vehicle of the Company in connection with the
issuance by that entity of preferred securities or other securities which are intended to qualify for Tier 1 capital treatment.

	 
	
          "Subsidiary" means, with respect to any Person, (a) any corporation at least a majority of whose outstanding Voting Stock shall at the time be owned, directly or indirectly, by such Person or
by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries; (b) any general partnership, limited liability company, joint venture, trust or similar entity, at least a majority of whose outstanding partnership or similar
interests shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries; and (c) any limited partnership of which such Person or any of its Subsidiaries is a general partner.

	 
	
          "Tax Event" means the receipt by the Company and the Trust of an Opinion of Counsel, rendered by counsel experienced in such matters within a reasonable amount of time after the applicable
occurrence, to the effect that, as a result of any amendment to, or change (including any announced prospective change) in, the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein,
or as a result of any official administrative pronouncement or judicial decision interpreting or applying such laws or 

	 
	
9

	 
	
regulations, which amendment or change is effective or which pronouncement or decision is announced on or after the date of issuance of the Preferred Securities under the Trust Agreement, there is more than an insubstantial risk that (a) the Trust is,
or shall be within ninety (90) days after the date of such Opinion of Counsel, subject to United States federal income tax with respect to income received or accrued on the Debentures; (b) interest payable by the Company on the Debentures is not, or
within ninety (90) days after the date of such Opinion of Counsel, shall not be, deductible by the Company, in whole or in part, for United States federal income tax purposes; or (c) the Trust is, or shall be within ninety (90) days after the date of such
Opinion of Counsel, subject to more than a de minimis amount of other taxes, duties, assessments or other governmental charges; provided, however, that the Trust or the Company shall have requested and received such an Opinion of Counsel with regard to such matters within a reasonable period of time after the Trust or the Company shall have become aware of the
occurrence or the possible occurrence of any of the events described in clauses (a) through (c) above.

	 
	
          "Trust" means S.Y. Bancorp Capital Trust I, a Delaware statutory business trust.

	 
	
          "Trust Agreement" means the Amended and Restated Trust Agreement, dated as of June 1, 2001, of the Trust.

	 
	
          "Trustee" means Wilmington Trust Company, a Delaware banking corporation, and, subject to the provisions of Article IX, shall also include its successors and assigns, and, if at any time
there is more than one Person acting in such capacity hereunder, "Trustee" shall mean each such Person.

	 
	
          "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended, subject to the provisions of Sections 11.1, 11.2, and 12.1, as in effect at the date of execution of this Indenture.

	 
	
          "Trust Securities" means the Common Securities and Preferred Securities, collectively.

	 
	
          "Voting Stock," as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such Person having ordinary
voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

	 
	
ARTICLE II.

ISSUE, DESCRIPTION, TERMS, CONDITIONS, 

REGISTRATION AND EXCHANGE OF THE DEBENTURES

	 
	
          Section 2.1.      Designation and Principal Amount. There are hereby authorized Debentures designated the "9.00% Subordinated
Debentures due 2031," limited in aggregate principal amount up to $20,618,570, which amount shall be as set forth in any written order of the Company for the authentication and delivery of Debentures pursuant to Section 2.6.

	 
	
10

	 
	
          Section 2.2.      Maturity.

	 
	
          (a)      The Maturity Date shall be either:

	 
	 	
          (i)      the Scheduled Maturity Date; or

	 	 
	 	
          (ii)      if the Company elects to accelerate the Maturity Date to be a date prior to the Scheduled Maturity Date in accordance with Section 2.2(c), the
Accelerated Maturity Date.

	 
	
          (b)      The Company may at any time before the day which is ninety (90) days before the Scheduled Maturity Date and after June 30, 2006, elect to shorten the
Maturity Date only once to the Accelerated Maturity Date provided that the Company has received the prior approval of the Federal Reserve if then required under applicable capital guidelines, policies or regulations of the Federal Reserve.

	 
	
          (c)      If the Company elects to accelerate the Maturity Date in accordance with Section 2.2(b), the Company shall give notice to the Trustee and the Trust
(unless the Trust is not the holder of the Debentures, in which case the Trustee will give notice to the holders of the Debentures) of the acceleration of the Maturity Date and the Accelerated Maturity Date at least thirty (30) days and no more than 180
days before the Accelerated Maturity Date; provided, however, that nothing provided in this Section 2.2 shall limit the Company's rights, as provided in Article III hereof, to redeem all or a portion of the Debentures at such time or times on or after June 30, 2006, as the Company
may so determine, or at any time upon the occurrence of a Special Event.

	 
	
          Section 2.3.      Form and Payment. The Debentures shall be issued in fully registered certificated form without interest
coupons.  Principal and interest on the Debentures issued in certificated form shall be payable, the transfer of such Debentures shall be registrable and such Debentures shall be exchangeable for Debentures bearing identical terms and provisions at the
office or agency of the Trustee; provided, however, that payment of interest may be made at the option of the Company by check mailed to the holder at such address as shall appear in the Debenture Register or by wire transfer to an account maintained by the holder as
specified in the Debenture Register, provided that the holder provides proper transfer instructions by the regular record date.  Notwithstanding the foregoing, so long as the holder of any Debentures is the Property Trustee, the payment of principal of
and interest (including Compounded Interest and Additional Payments, if any) on such Debentures held by the Property Trustee shall be made at such place and to such account as may be designated by the Property Trustee.

	 
	
          Section 2.4.      [Intentionally Omitted].

	 
	
11

	 
	
          Section 2.5.      Interest.

	 
	
          (a)      Each Debenture shall bear interest at a rate of 9.00% per annum (the "Coupon Rate") from the original date of issuance until the principal thereof
becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the Coupon Rate, compounded quarterly, payable (subject to the provisions
of Article IV) quarterly in arrears on March 31, June 30, September 30, and December 31 of each year (each, an "Interest Payment Date"), commencing on September 30, 2001, to the Person in whose name such Debenture or any Predecessor Debenture is
registered, at the close of business on the regular record date for such interest installment, which shall be the fifteenth day of the last month of the calendar quarter.

	 
	
          (b)      The amount of interest payable for any period shall be computed on the basis of a 360-day year of twelve 30-day months.  The amount of interest payable
for any period shorter than a full quarterly period for which interest is computed shall be computed on the basis of the number of days elapsed in a 360-day year of twelve 30-day months.  In the event that any date on which interest is payable on the
Debentures is not a Business Day, then payment of interest payable on such date shall be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is
in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day (and without any reduction of interest or any other payment in respect of any such acceleration), in each case with the same force and effect as if
made on the date such payment was originally payable.

	 
	
          (c)      If, at any time while the Property Trustee is the holder of any Debentures, the Trust or the Property Trustee is required to pay any taxes, duties,
assessments or governmental charges of whatever nature (other than withholding taxes) imposed by the United States, or any other taxing authority, then, in any case, the Company shall pay as additional payments ("Additional Payments") on the Debentures
held by the Property Trustee, such additional amounts as shall be required so that the net amounts received and retained by the Trust and the Property Trustee after paying such taxes, duties, assessments or other governmental charges shall be equal to the
amounts the Trust and the Property Trustee would have received had no such taxes, duties, assessments or other government charges been imposed.

	 
	
          Section 2.6.      Execution and Authentication.

	 
	
          (a)      The Debentures shall be signed on behalf of the Company by its Chief Executive Officer, President or one of its Executive Vice Presidents, under its
corporate seal attested by its Secretary or one of its Assistant Secretaries.  Signatures may be in the form of a manual or facsimile signature.  The Company may use the facsimile signature of any Person who shall have been a Chief Executive Officer,
President or Executive Vice President thereof, or of any Person who shall have been a Secretary or Assistant Secretary thereof, notwithstanding the fact that at the time the Debentures shall be authenticated and delivered or disposed of such Person shall
have ceased to be the Chief Executive Officer, President or an Executive Vice President, or the Secretary or an Assistant Secretary, of the Company (and any such signature shall be binding on 

	 
	
12

	 
	
the Company).  The seal of the Company may be in the form of a facsimile of such seal and may be impressed, affixed, imprinted or otherwise reproduced on the Debentures.  The Debentures may contain such notations, legends or endorsements required by
law, stock exchange rule or usage.  Each Debenture shall be dated the date of its authentication by the Trustee.

	 
	
          (b)      A Debenture shall not be valid until manually authenticated by an authorized signatory of the Trustee, or by an Authenticating Agent.  Such signature
shall be conclusive evidence that the Debenture so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture.

	 
	
          (c)      At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Debentures executed by the Company to the
Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Debentures signed by its Chief Executive Officer, President or any Executive Vice President and its Treasurer or any Assistant Treasurer,
and the Trustee in accordance with such written order shall authenticate and deliver such Debentures.

	 
	
          (d)      In authenticating such Debentures and accepting the additional responsibilities under this Indenture in relation to such Debentures, the Trustee shall
be entitled to receive, and (subject to Section 9.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and terms thereof have been established in conformity with the provisions of this Indenture.

	 
	
          (e)      The Trustee shall not be required to authenticate such Debentures if the issue of such Debentures pursuant to this Indenture shall affect the Trustee's own
rights, duties or immunities under the Debentures and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee.

	 
	
          Section 2.7.      Registration of Transfer and Exchange.

	 
	
          (a)      Debentures may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose in the Borough of Manhattan, the
City of New York, or at the office of the Debenture Registrar, for other Debentures and for a like aggregate principal amount in denominations of integral multiples of $10, upon payment of a sum sufficient to cover any tax or other governmental charge in
relation thereto, all as provided in this Section 2.7.  In respect of any Debentures so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Debenture or
Debentures that the Debentureholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.

	 
	
          (b)      The Company shall keep, or cause to be kept, at its office or agency designated for such purpose in the Borough of Manhattan, the City of New York, or at the
office of the Debenture Registrar, or such other location designated by the Company a register or registers (herein referred to as the "Debenture Register") in which, subject to such reasonable regulations as the Debenture Registrar (as defined below) may
prescribe, the Company shall register the Debentures and the transfers of Debentures as in this Article II provided and which at all 

	 
	
13

	 
	
reasonable times shall be open for inspection by the Trustee.  The registrar for the purpose of registering Debentures and transfer of Debentures as herein provided shall initially be the Trustee and thereafter as may be appointed by the Company as
authorized by Board Resolution (the "Debenture Registrar").  Upon surrender for transfer of any Debenture at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and such office or
agency shall deliver in the name of the transferee or transferees a new Debenture or Debentures for a like aggregate principal amount.  All Debentures presented or surrendered for exchange or registration of transfer, as provided in this Section 2.7,
shall be accompanied (if so required by the Company or the Debenture Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Debenture Registrar, duly executed by the registered holder or by such holder's
duly authorized attorney in writing.

	 
	
          (c)      No service charge shall be made for any exchange or registration of transfer of Debentures, or issue of new Debentures in case of partial redemption, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.8, Section 3.5(b) and Section 11.4 not involving any transfer.

	 
	
          (d)      The Company shall not be required (i) to issue, exchange or register the transfer of any Debentures during a period beginning at the opening of business
fifteen (15) days before the day of the mailing of a notice of redemption of less than all the Outstanding Debentures and ending at the close of business on the day of such mailing; nor (ii) to register the transfer of or exchange any Debentures or
portions thereof called for redemption.

	 
	
          (e)      Debentures may only be transferred, in whole or in part, in accordance with the terms and conditions set forth in this Indenture.  Any transfer or purported
transfer of any Debenture not made in accordance with this Indenture shall be null and void.

	 
	
          Section 2.8.      Temporary Debentures. Pending the preparation of definitive Debentures, the Company may execute, and the
Trustee shall authenticate and deliver, temporary Debentures (printed, lithographed, or typewritten).  Such temporary Debentures shall be substantially in the form of the definitive Debentures in lieu of which they are issued, but with such omissions,
insertions and variations as may be appropriate for temporary Debentures, all as may be determined by the Company.  Every temporary Debenture shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in
substantially the same manner, and with like effect, as the definitive Debentures.  Without unnecessary delay, the Company shall execute and shall furnish definitive Debentures and thereupon any or all temporary Debentures may be surrendered in exchange
therefor (without charge to the holders), at the office or agency of the Company designated for the purpose and the Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Debentures an equal aggregate principal
amount of definitive Debentures, unless the Company advises the Trustee to the effect that definitive Debentures need not be authenticated and furnished until further notice from the Company.  Until so exchanged, the temporary Debentures shall be entitled
to the same benefits under this Indenture as definitive Debentures authenticated and delivered hereunder.

	 
	
14

	 
	
          Section 2.9.      Mutilated, Destroyed, Lost or Stolen Debentures.

	 
	
          (a)      In case any temporary or definitive Debenture shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence)
shall execute, and upon the Company's request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Debenture bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Debenture, or in lieu of
and in substitution for the Debenture so destroyed, lost, stolen or mutilated.  In every case the applicant for a substituted Debenture shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them
harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant's Debenture and of the ownership thereof.  The
Trustee shall authenticate any such substituted Debenture and deliver the same upon the written request or authorization of the Chief Executive Officer, President or any Executive Vice President and the Treasurer or any Assistant Treasurer of the Company.
 Upon the issuance of any substituted Debenture, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
Trustee) connected therewith.  In case any Debenture that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Debenture, pay or authorize the payment of the same
(without surrender thereof except in the case of a mutilated Debenture) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction, loss
or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Debenture and of the ownership thereof.

	 
	
          (b)      Every replacement Debenture issued pursuant to the provisions of this Section 2.9 shall constitute an additional contractual obligation of the Company
whether or not the mutilated, destroyed, lost or stolen Debenture shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Debentures duly
issued hereunder. All Debentures shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Debentures, and shall preclude (to the
extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender.

	 
	
          Section 2.10.      Cancellation. All Debentures surrendered for the purpose of payment, redemption, exchange or registration
of transfer shall, if surrendered to the Company or any Paying Agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be canceled by it, and no Debentures shall be issued in lieu thereof except as expressly required
or permitted by any of the provisions of this Indenture.  On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Debentures held by the Trustee.  In the absence of such request the Trustee may dispose of
canceled Debentures in accordance with its standard procedures and deliver a certificate of disposition to the Company.  

	 
	
15

	 
	
If the Company shall otherwise acquire any of the Debentures, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Debentures unless and until the same are delivered to the Trustee for
cancellation.

	 
	
          Section 2.11.      Benefit of Indenture. Nothing in this Indenture or in the Debentures, express or implied, shall give or be
construed to give to any Person, other than the parties hereto and the holders of the Debentures (and, with respect to the provisions of Article XVI, the holders of the Senior Indebtedness) any legal or equitable right, remedy or claim under or in respect
of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders of the Debentures (and, with respect to the provisions of
Article XVI, the holders of the Senior Indebtedness).

	 
	
          Section 2.12.      Authentication Agent.

	 
	
          (a)      So long as any of the Debentures remain Outstanding there may be an Authenticating Agent for any or all such Debentures, which Authenticating Agent the
Trustee shall have the right to appoint.  Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Debentures issued upon exchange, transfer or partial redemption thereof, and Debentures so authenticated shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.  All references in this Indenture to the authentication of Debentures by the Trustee shall be deemed to include
authentication by an Authenticating Agent.  Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or determined by it, sufficient under the laws of any
jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by federal or state authorities.
If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately.

	 
	
          (b)      Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company.  The Trustee may at any time (and
upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company.  Upon resignation, termination or cessation of eligibility of any Authenticating
Agent, the Trustee may appoint a successor Authenticating Agent eligible under the provisions of Section 12.2(a) of this Indenture.  Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights,
powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.

	 
	
ARTICLE III.

REDEMPTION OF DEBENTURES

	 
	
          Section 3.1.      Redemption. Subject to the Company having received prior approval of the Federal Reserve, if then required
under the applicable capital guidelines, policies or

	 
	
16

	 
	
regulations of the Federal Reserve, the Company may redeem the Debentures issued hereunder on and after the dates set forth in and in accordance with the terms of this Article III.

	 
	
          Section 3.2.      Special Event Redemption. Subject to the Company having received the prior approval of the Federal Reserve,
if then required under the applicable capital guidelines, policies or regulations of the Federal Reserve, if a Special Event has occurred and is continuing, then, notwithstanding Section 3.3(a) but subject to Section 3.3(b), the Company shall have the
right upon not less than thirty (30) days' nor more than sixty (60) days' notice to the holders of the Debentures to redeem the Debentures, in whole but not in part, for cash within 180 days following the occurrence of such Special Event (the "180-Day
Period") at a redemption price equal to 100% of the principal amount to be redeemed plus any accrued and unpaid interest thereon to the date of such redemption (the "Redemption Price"), provided that if at the time there is available to the Company the
opportunity to eliminate, within the 180-Day Period, a Tax Event by taking some ministerial action (a "Ministerial Action"), such as filing a form or making an election, or pursuing some other similar reasonable measure which has no adverse effect on the
Company, the Trust or the holders of the Trust Securities issued by the Trust, the Company shall pursue such Ministerial Action in lieu of redemption, and, provided further, that the Company shall have no right to redeem the Debentures pursuant to this Section 3.2 while it is pursuing any Ministerial Action pursuant to its obligations hereunder, and, provided further, that, if it is determined
that the taking of a Ministerial Action would not eliminate the Tax Event within the 180 Day Period, the Company's right to redeem the Debentures pursuant to this Section 3.2 shall be restored and it shall have no further obligations to pursue the
Ministerial Action.  The Redemption Price shall be paid prior to 12:00 noon, New York time, on the date of such redemption or such earlier time as the Company determines, provided that the Company shall deposit with the Trustee an amount sufficient to pay
the Redemption Price by 10:00 a.m., New York time, on the date such Redemption Price is to be paid.

	 
	
          Section 3.3.      Optional Redemption by the Company.

	 
	
          (a)      Subject to the provisions of Section 3.3(c), except as otherwise may be specified in this Indenture, the Company shall have the right to redeem the
Debentures, in whole or in part, from time to time, on or after June 30, 2006, at a Redemption Price equal to 100% of the principal amount to be redeemed plus any accrued and unpaid interest thereon to the date of such redemption.  Any redemption pursuant
to this Section 3.3(a) shall be made upon not less than thirty (30) days' nor more than sixty (60) days' notice to the holder of the Debentures, at the Redemption Price.  If the Debentures are only partially redeemed pursuant to this Section 3.3(a), the
Debentures shall be redeemed pro rata or by lot or in such other manner as the Trustee shall deem appropriate and fair in its discretion.  The Redemption Price shall be paid prior to 12:00 noon, New York time, on the date of such redemption or at such
earlier time as the Company determines provided that the Company shall deposit with the Trustee an amount sufficient to pay the Redemption Price by 10:00 a.m., New York time, on the date such Redemption Price is to be paid.

	 
	
          (b)      Subject to the provisions of Section 3.3(c), the Company shall have the right to redeem Debentures at any time and from time to time in a principal amount
equal to the 

	 
	
17

	 
	
Liquidation Amount (as defined in the Trust Agreement) of any Preferred Securities purchased and beneficially owned by the Company, plus an additional principal amount of Debentures equal to the Liquidation Amount of that number of Common Securities
that bears the same proportion to the total number of Common Securities then outstanding as the number of Preferred Securities to be redeemed bears to the total number of Preferred Securities then outstanding.  Such Debentures shall be redeemed pursuant
to this Section 3.3(b) only in exchange for and upon surrender by the Company to the Property Trustee of the Preferred Securities and a proportionate amount of Common Securities, whereupon the Property Trustee shall cancel the Preferred Securities and
Common Securities so surrendered and a Like Amount (as defined in the Trust Agreement) of Debentures shall be extinguished by the Trustee and shall no longer be deemed Outstanding.

	 
	
          (c)      If a partial redemption of the Debentures would result in the delisting of the Preferred Securities from the American Stock Exchange, Inc. or from any
national securities exchange or in the termination of inclusion of the Preferred Securities issued by the Trust from the Nasdaq National Market or other self-regulatory organization on or in which the Preferred Securities are then listed, quoted or
included, the Company shall not be permitted to effect such partial redemption and may only redeem the Debentures in whole.

	 
	
          Section 3.4.      Notice of Redemption.

	 
	
          (a)      Except in the case of a redemption pursuant to Section 3.3(b), in case the Company shall desire to exercise such right to redeem all or, as the case may be,
a portion of the Debentures in accordance with the right reserved so to do, the Company shall, or shall cause the Trustee to upon receipt of forty-five (45) days' written notice from the Company (which notice shall, in the event of a partial redemption,
include a representation to the effect that such partial redemption will not result in the delisting of the Preferred Securities as described in Section 3.3(c) above), give notice of such redemption to holders of the Debentures to be redeemed by mailing,
first class postage prepaid, a notice of such redemption not less than thirty (30) days and not more than sixty (60) days before the date fixed for redemption to such holders at their last addresses as they shall appear upon the Debenture Register unless
a shorter period is specified in the Debentures to be redeemed.  Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice.  In any case,
failure duly to give such notice to the holder of any Debenture designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Debentures.  In the case of any
redemption of Debentures prior to the expiration of any restriction on such redemption provided in the terms of such Debentures or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers' Certificate evidencing compliance with
any such restriction.  Each such notice of redemption shall specify the date fixed for redemption and the Redemption Price and shall state that payment of the Redemption Price shall be made at the office or agency of the Company in the Borough of
Manhattan, the City of New York or at the Corporate Trust Office, upon presentation and surrender of such Debentures, that interest accrued to the date fixed for redemption shall be paid as specified in said notice and that from and after said date
interest shall cease to accrue.  If less than all the Debentures are to be redeemed, the notice to the holders of 

	 
	
18

	 
	
the Debentures shall specify the particular Debentures to be redeemed.  If the Debentures are to be redeemed in part only, the notice shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the
redemption date, upon surrender of such Debenture, a new Debenture or Debentures in principal amount equal to the unredeemed portion thereof shall be issued.

	 
	
          (b)      Except in the case of a redemption pursuant to Section 3.3(b), if less than all the Debentures are to be redeemed, the Company shall give the Trustee at
least forty-five (45) days' written notice in advance of the date fixed for redemption as to the aggregate principal amount of Debentures to be redeemed, and thereupon the Trustee shall select, pro rata or by lot or in such other manner as it shall deem
appropriate and fair in its discretion, the portion or portions (equal to $10 or any integral multiple thereof) of the Debentures to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Debentures to be redeemed,
in whole or in part.  The Company may, if and whenever it shall so elect pursuant to the terms hereof, by delivery of instructions signed on its behalf by its Chief Executive Officer, President or any Executive Vice President, instruct the Trustee or any
Paying Agent to call all or any part of the Debentures for redemption and to give notice of redemption in the manner set forth in this Section 3.4, such notice to be in the name of the Company or its own name as the Trustee or such Paying Agent may deem
advisable.  In any case in which notice of redemption is to be given by the Trustee or any such Paying Agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such Paying Agent, as the case may be, such
Debenture Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such Paying Agent to give any notice by mail that may be required under the provisions of this Section 3.4.

	 
	
          Section 3.5.      Payment upon Redemption.

	 
	
          (a)      If the giving of notice of redemption shall have been completed as above provided, the Debentures or portions of Debentures to be redeemed specified in such
notice shall become due and payable on the date and at the place stated in such notice at the applicable Redemption Price, and interest on such Debentures or portions of Debentures shall cease to accrue on and after the date fixed for redemption, unless
the Company shall default in the payment of such Redemption Price with respect to any such Debenture or portion thereof.  On presentation and surrender of such Debentures on or after the date fixed for redemption at the place of payment specified in the
notice, said Debentures shall be paid and redeemed at the Redemption Price (but if the date fixed for redemption is an Interest Payment Date, the interest installment payable on such date shall be payable to the registered holder at the close of business
on the applicable record date pursuant to Section 3.3).

	 
	
          (b)      Upon presentation of any Debenture that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency
where the Debenture is presented shall deliver to the holder thereof, at the expense of the Company, a new Debenture of authorized denomination in principal amount equal to the unredeemed portion of the Debenture so presented.

	 
	
19

	 
	
         Section 3.6.      No Sinking Fund. The Debentures are not entitled to the benefit of any sinking fund.

	 
	
ARTICLE IV.

EXTENSION OF INTEREST PAYMENT PERIOD

	 
	
          Section 4.1.      Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the
Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) consecutive quarters (the
"Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date.  To the extent permitted by applicable
law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period
("Compounded Interest").  At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest
(together, "Deferred Payments") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extension Period.  Before the termination of any
Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed twenty (20) consecutive quarters, or
extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date.  Upon the termination of any Extension Period and upon the payment of all Deferred Payments then due, the Company may commence a new Extension Period,
subject to the foregoing requirements.  No interest shall be due and payable during an Extension Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extension Period.

	 
	
          Section 4.2.      Notice of Extension.

	 
	
          (a)      If the Property Trustee is the only registered holder of the Debentures at the time the Company selects an Extension Period, the Company shall give written
notice to the Administrative Trustees, the Property Trustee and the Trustee of its selection of such Extension Period at least two Business Days before the earlier of (i) the next succeeding date on which Distributions on the Trust Securities issued by
the Trust are payable; or (ii) the date the Trust is required to give notice of the record date, or the date such Distributions are payable, to the American Stock Exchange, Inc. or other applicable exchange or self-regulatory organization or to holders of
the Preferred Securities issued by the Trust, but in any event at least one Business Day before such record date.

	 
	
          (b)      If the Property Trustee is not the only holder of the Debentures at the time the Company selects an Extension Period, the Company shall give the holders of
the Debentures and the Trustee written notice of its selection of such Extension Period at least two Business Days 

	 
	
20

	 
	
before the earlier of (i) the next succeeding Interest Payment Date; or (ii) the date the Company is required to give notice of the record or payment date of such interest payment to the American Stock Exchange, Inc. or other applicable exchange or
self-regulatory organization or to holders of the Debentures.

	 
	
          (c)      The quarter in which any notice is given pursuant to paragraphs (a) or (b) of this Section 4.2 shall be counted as one of the twenty (20) quarters permitted
in the maximum Extension Period permitted under Section 4.1.

	 
	
          Section 4.3.      Limitation on Transactions. If (a) the Company shall exercise its right to defer payment of interest as
provided in Section 4.1; or (b) there shall have occurred and be continuing any Event of Default, then (i) neither the Company nor any of its Subsidiaries shall declare or pay any dividend on, make any distributions with respect to, or redeem,
purchase, acquire or make a liquidation payment with respect to, any of its capital stock (other than (A) dividends or distributions in common stock of the Company, or any declaration of a non-cash dividend in connection with the implementation of a
shareholder rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, (B) purchases of common stock of the Company related to the rights under any of the Company's benefit
plans for its directors, officers or employees, (C) as a result of a reclassification of its capital stock for another class of its capital stock, (D) dividends or distributions made by a Subsidiary to the Company, or (E) dividends or distributions made
by a Subsidiary to a Subsidiary); (ii) neither the Company nor any Subsidiary shall make any payment of interest, principal or premium, if any, or repay, repurchase or redeem any debt securities issued by the Company or any Subsidiary which rank pari
passu with or junior to the Debentures or make any guarantee payments with respect to any guarantee by the Company of any debt securities if such guarantee ranks pari passu with or junior in interest to the Debentures; provided, however, that notwithstanding the foregoing the Company may make payments pursuant to its obligations under the Preferred Securities Guarantee; and (iii) the Company shall not redeem, purchase or acquire less than all of the
Outstanding Debentures or any of the Preferred Securities.

	 
	
ARTICLE V.

PARTICULAR COVENANTS OF THE COMPANY

	 
	
          Section 5.1.      Payment of Principal and Interest. The Company shall duly and punctually pay or cause to be paid the
principal of and interest on the Debentures at the time and place and in the manner provided herein.  Each such payment of the principal of and interest on the Debentures shall relate only to the Debentures, shall not be combined with any other payment of
the principal of or interest on any other obligation of the Company, and shall be clearly and unmistakably identified as pertaining to the Debentures.

	 
	
          Section 5.2.      Maintenance of Agency. So long as any of the Debentures remain Outstanding, the Company shall maintain, or
shall cause to be maintained, an office or agency in the Borough of Manhattan, the City of New York, and at such other location or locations as may be designated as provided in this Section 5.2, where (a) Debentures may be presented for 

	 
	
21

	 
	
payment; (b) Debentures may be presented as hereinabove authorized for registration of transfer and exchange; and (c) notices and demands to or upon the Company in respect of the Debentures and this Indenture may be given or served, such designation
to continue with respect to such office or agency until the Company shall, by written notice signed by its President or an Executive Vice President and delivered to the Trustee, designate some other office or agency for such purposes or any of them.  If
at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee,
and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands.   In addition to any such office or agency, the Company may from time to time designate one or more offices or agencies outside of the Borough
of Manhattan, the City of New York, where the Debentures may be presented for registration or transfer and for exchange in the manner provided herein, and the Company may from time to time rescind such designation as the Company may deem desirable or
expedient; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain any such office or agency in the Borough of Manhattan, the City of New York, for the purposes above mentioned.
The Company shall give the Trustee prompt written notice of any such designation or rescission thereof.

	 
	
          Section 5.3.      Paying Agents.

	 
	
          (a)      The Company shall be the initial Paying Agent.  If the Company shall appoint one or more Paying Agents for the Debentures, other than the Trustee, the
Company shall cause each such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 5.3:

	 
	 	
          (i)      that it shall hold all sums held by it as such agent for the payment of the principal of or interest on the Debentures (whether such sums have been paid to
it by the Company or by any other obligor of such Debentures) in trust for the benefit of the Persons entitled thereto;

	 	 
	 	
          (ii)      that it shall give the Trustee notice of any failure by the Company (or by any other obligor of such Debentures) to make any payment of the principal of or
interest on the Debentures when the same shall be due and payable;

	 	 
	 	
          (iii)      that it shall, at any time during the continuance of any failure referred to in the preceding paragraph (a)(ii) above, upon the written request of the
Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent; and

	 	 
	 	
          (iv)      that it shall perform all other duties of Paying Agent as set forth in this Indenture.

	 
	
          (b)      If the Company shall act as its own Paying Agent with respect to the Debentures, it shall on or before each due date of the principal of or interest on such
Debentures, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal or interest so becoming due on Debentures until such sums shall be paid to such 

	 
	
22

	 
	
Persons or otherwise disposed of as herein provided and shall promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Debentures) to take such action. Whenever the Company shall have one or more Paying Agents for
the Debentures, it shall, prior to each due date of the principal of or interest on any Debentures, deposit with the Paying Agent a sum sufficient to pay the principal or interest so becoming due, such sum to be held in trust for the benefit of the
Persons entitled to such principal or interest, and (unless such Paying Agent is the Trustee) the Company shall promptly notify the Trustee of this action or failure so to act.

	 
	
          (c)      Notwithstanding anything in this Section 5.3 to the contrary, (i) the agreement to hold sums in trust as provided in this Section 5.3 is subject to the
provisions of Section 13.3 and 13.4; and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any Paying Agent to pay, to the Trustee all sums held in
trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such money.

	 
	
          Section 5.4.      Appointment to Fill Vacancy in Office of the Trustee. The Company, whenever necessary to avoid or fill a
vacancy in the office of Trustee, shall appoint, in the manner provided in Section 9.11, a Trustee, so that there shall at all times be a Trustee hereunder.

	 
	
          Section 5.5.      Compliance with Consolidation Provisions. The Company shall not, while any of the Debentures remain
Outstanding, consolidate with, or merge into, or merge into itself, or sell or convey all or substantially all of its property to any other company unless the provisions of Article XII hereof are complied with.

	 
	
          Section 5.6.      Limitation on Transactions. If Debentures are issued to the Trust or a trustee of the Trust in connection
with the issuance of Trust Securities by the Trust and (a) there shall have occurred and be continuing an Event of Default; (b) the Company shall be in default with respect to its payment of any obligations under the Preferred Securities Guarantee
relating to the Trust; or (c) if the Company shall have given notice of its election to defer payments of interest on such Debentures by extending the interest payment period as provided in this Indenture and such Extension Period, or any extension
thereof, shall be continuing, then (i) neither the Company nor any of its Subsidiaries shall declare or pay any dividend on, make any distributions with respect to, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its
capital stock (other than (A) dividends or distributions in common stock of the Company, or any declaration of a non-cash dividend in connection with the implementation of a shareholder rights plan, or the issuance of stock under any such plan in the
future, or the redemption or repurchase of any such rights pursuant thereto, (B) purchases of common stock of the Company related to the rights under any of the Company's benefit plans for its directors, officers or employees, (C) as a result of a
reclassification of its capital stock, or (D) dividends or distributions made by a Subsidiary to the Company, or (E) dividends or distributions made by a Subsidiary to a Subsidiary); (ii) neither the Company nor any Subsidiary shall make any payment of
principal, interest or premium, if any, or repay, repurchase or redeem any debt securities 

	 
	
23

	 
	
issued by the Company or any Subsidiary which rank pari passu with or junior in interest to the Debentures or make any guarantee payments with respect to any guarantee by the Company of any debt securities if such guarantee ranks pari passu with or
junior in interest to the Debentures; provided, however, that the Company may make payments pursuant to its obligations under the Preferred Securities Guarantee; and (iii) the Company shall not redeem, purchase or acquire less than all of the Outstanding Debentures or any of the
Preferred Securities.

	 
	
          Section 5.7.      Covenants as to the Trust. For so long as the Trust Securities of the Trust remain outstanding, the Company
(a) shall maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided, however, that any permitted successor of the Company under this Indenture may succeed to the Company's ownership of the Common Securities; (b) shall not voluntarily terminate, wind up or liquidate the Trust, except upon prior
approval of the Federal Reserve if then so required under applicable capital guidelines, policies or regulations of the Federal Reserve; (c) shall use its reasonable efforts to cause the Trust (i) to remain a business trust (and to avoid involuntary
termination, winding up or liquidation), except in connection with a distribution of Debentures, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Trust Agreement; and
(ii) to otherwise continue not to be treated as an association taxable as a corporation or partnership for United States federal income tax purposes; (d) shall use its reasonable efforts to cause each holder of Trust Securities to be treated as owning an
individual beneficial interest in the Debentures; and (e) including any successor to the Company, shall use reasonable efforts to maintain the eligibility of the Preferred Securities for listing, quotation or inclusion on or in any national securities
exchange or other self-regulatory organization on or in which the Preferred Securities are then listed, quoted or included (including, if applicable, the American Stock Exchange, Inc.) and shall use reasonable efforts to keep the Preferred Securities so
listed, quoted or included for so long as the Preferred Securities remain outstanding.  In connection with the distribution of the Debentures to the holders of the Preferred Securities issued by the Trust upon a Dissolution Event, the Company shall use
its best efforts to list such Debentures on the American Stock Exchange, Inc. or such other exchange or to include such Debentures in such self-regulatory organization as the Preferred Securities are then listed, quoted or included.

	 
	
          Section 5.8.      Covenants as to Purchases. Except upon the exercise by the Company of its right to redeem the Debentures
pursuant to Section 3.2 upon the occurrence and continuation of a Special Event, the Company shall not purchase any Debentures, in whole or in part, from the Trust prior to June 30, 2006.

	 
	
          Section 5.9.      Waiver of Usury, Stay or Extension Laws. The Company shall not at any time insist upon, or plead, or in any
manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performances of this Indenture, and the Company (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the extension of
every such power as though no such law had been enacted.

	 
	
24

	 
	
          Section 5.10.      Limitation on Additional Junior Indebtedness. The Company shall not, and it shall not cause or permit any
Subsidiary of the Company to, incur, issue or be obligated on any Additional Junior Indebtedness, either directly or indirectly, by way of guarantee, suretyship or otherwise, other than:

	 
	
          (a)      Additional Junior Indebtedness that, by its terms, is expressly stated to be junior and subordinate in all respects to the Debentures; or

	 
	
          (b)      Additional Junior Indebtedness that, by its terms, is expressly stated to be pari passu and rank equally in all respects with the Debentures; provided,
however, that neither the Company nor any of its Subsidiaries shall incur, issue or otherwise become obligated on any Additional Junior Indebtedness pursuant to this Section 5.10(b) unless the quotient of "X" divided by "Y" is less than 0.60, where
"X" and "Y" are calculated as described in Section 5.10(c) and 5.10(d), respectively.

	 
	
          (c)      As used in Section 5.10(b), "X" means the sum of the following:

	 
	 	
          (i)       the aggregate liquidation amount or principal amount, as the case may be, of the Debentures Outstanding at the time of the proposed issuance of such
Additional Junior Indebtedness pursuant to Section 5.10(b), plus

	 	 
	 	
          (ii)      the aggregate liquidation amount or principal amount, as the case may be, of any Additional Junior Indebtedness previously issued and outstanding at the
time of the proposed issuance of such Additional Junior Indebtedness pursuant to Section 5.10(b), excluding any such Additional Junior Indebtedness that, by its terms, is expressly stated to be junior and subordinate in all respects to the Debentures,
plus      

	
 
	 
	 	
          (iii)      the aggregate liquidation amount or principal amount, as the case may be, of the Additional Junior Indebtedness proposed to be issued or otherwise incurred
pursuant to Section 5.10(b), plus

	 	 
	 	
          (iv)      the principal amount of any Senior Indebtedness of the Company outstanding at the time of the proposed issuance of such Additional Junior Indebtedness
pursuant to Section 5.10(b) and that has a maturity or is otherwise due and payable by the Company on a date twelve (12) months or more after the time of the proposed issuance of such Additional Junior Indebtedness pursuant to Section 5.10(b).

	 
	
          (d)      As used in Section 5.10(b), "Y" means the sum of the following:

	 
	 	
          (i)      the sum of (y) the "common stockholders' equity" of the Company, plus (z) the "perpetual preferred stock" of the Company, each calculated on a consolidated
basis and in accordance with Appendix A to Part 225 (Capital adequacy guidelines for bank-holding companies; risk-based measure) of Federal Reserve Regulation Y (12 CFR 225, as amended, as in effect at the date of execution of this Indenture), without
regard to limitations therein with respect to the inclusion of perpetual preferred stock (whether 

	 	 
	
25

	 	 
	 	
cumulative or noncumulative) in Tier 1 capital, determined as of the last day of the month immediately preceding the month during which the proposed issuance of the Additional Junior Indebtedness pursuant to Section 5.10(b) is scheduled to occur,
(provided, however, that in no event shall any portion of the Debentures, the Additional Junior Indebtedness or the Senior Indebtedness described in Section 5.10(c) also be included in "Y" under this Section 5.10(d)), plus

	 	 
	 	
          (ii)      any other preferred stock of the Company that does not otherwise qualify as "perpetual preferred stock" and is not included in clause (d)(i) above, plus

	 	 
	 	
          (iii)      the aggregate liquidation amount or principal amount, as the case may be, of any Additional Junior Indebtedness, which by its terms is expressly stated to
be junior and subordinate in all respects to the Debentures and which was previously issued and outstanding at the time of the proposed issuance of such Additional Junior Indebtedness pursuant to Section 5.10(b).

	 
	
          (e)      Notwithstanding the foregoing, the limitations of this Section 5.10 shall not in any way preclude the Company from merging with or into, or from acquiring or
being acquired by, another Person (including by way of merger, stock purchase or acquisition of assets) that is not directly or indirectly controlling, controlled by or under common control with the Company in an arm's length transaction entered into in
good faith, even though the pro forma consolidated balance sheet of the surviving Person immediately following the consummation of such merger, or of the acquiror immediately following the completion of such acquisition transaction, may include Additional
Junior Indebtedness in amounts in excess of amounts that would otherwise be permitted by this Section 5.10; provided, however, that thereafter the limitations on future incurrences of Additional Junior Indebtedness in this Section 5.10 shall continue to
apply to the Company (in the event that it is the surviving corporation in such merger transaction or the acquiror in such acquisition transaction) and shall apply to the other Person (in the event that it is the surviving corporation in such merger
transaction or the acquiror in such acquisition transaction) whether or not such other Person is expressly made a party hereto.      

	 
	
          Section 5.11.      No Intent to Commence Extension Period. The Company has no present intention to exercise its right under
Section 4.1 to defer payments of interest on the Debentures by selecting an Extension Period.  The Company believes that the likelihood that it would exercise its right under Section 4.1 to defer payments of interest on the Debentures by selecting an
Extension Period at any time during which the Debentures are outstanding is remote because of the restrictions that would be imposed on the Company pursuant to Sections 4.3 and 5.6 of this Indenture.

	 
	
ARTICLE VI.

THE DEBENTUREHOLDERS' LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

	 
	
          Section 6.1.      The Company to Furnish the Trustee Names and Addresses of the Debentureholders. The Company shall furnish or
cause to be furnished to the Trustee (a) on a 

	 
	
26

	 
	
quarterly basis on each regular record date (as described in Section 2.5) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of the Debentures as of such regular record date, provided that the Company
shall not be obligated to furnish or cause to be furnished such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company (in the event the Company fails to provide such list on a
quarterly basis, the Trustee shall be entitled to rely on the most recent list provided by the Company); and (b) at such other times as the Trustee may request in writing within thirty (30) days after the receipt by the Company of any such request, a list
in similar form and content as of a date not more than fifteen (15) days prior to the time such list is furnished; provided, however, that, in either case, no such list need be furnished if the Trustee shall be the Debenture Registrar.

	 
	
          Section 6.2.      Preservation of Information Communications with the Debentureholders.

	 
	
          (a)      The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of Debentures
contained in the most recent list furnished to it as provided in Section 6.1 and as to the names and addresses of holders of Debentures received by the Trustee in its capacity as Debenture Registrar for the Debentures (if acting in such capacity).

	 
	
          (b)      The Trustee may destroy any list furnished to it as provided in Section 6.1 upon receipt of a new list so furnished.

	 
	
          (c)      Debentureholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Debentureholders with respect to their rights under this
Indenture or under the Debentures.

	 
	
          Section 6.3.      Reports by the Company.

	 
	
          (a)      The Company covenants and agrees to file with the Trustee, within fifteen (15) days after the Company is required to file the same with the Commission,
copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with
the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of such sections, then to file with the Trustee and the Commission, in accordance
with the rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports that may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and
registered on a national securities exchange as may be prescribed from time to time in such rules and regulations.

	 
	
          (b)      The Company covenants and agrees to file with the Trustee and the Commission, in accordance with the rules and regulations prescribed from time to time by
the Commission, such additional information, documents and reports with respect to compliance by the Company 

	 
	
27

	 
	
with the conditions and covenants provided for in this Indenture as may be required from time to time by such rules and regulations.

	 
	
          (c)      The Company covenants and agrees to transmit by mail, first class postage prepaid, or reputable overnight delivery service that provides for evidence of
receipt, to the Debentureholders, as their names and addresses appear upon the Debenture Register, within thirty (30) days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the
Company pursuant to subsections (a) and (b) of this Section 6.3 as may be required by rules and regulations prescribed from time to time by the Commission.

	 
	
          Section 6.4.      Reports by the Trustee.

	 
	
          (a)      On or before October 15 in each year in which any of the Debentures are Outstanding, the Trustee shall transmit by mail, first class postage prepaid, to the
Debentureholders, as their names and addresses appear upon the Debenture Register, a brief report dated as of the preceding September 30, if and to the extent required under Section 313(a) of the Trust Indenture Act.

	 
	
          (b)      The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

	 
	
          (c)      A copy of each such report shall, at the time of such transmission to Debentureholders, be filed by the Trustee with the Company, with the American Stock
Exchange, Inc., or other stock exchange on which any Debentures are listed and/or any other self-regulatory organization on or in which any Debentures are quoted or included (if so listed, quoted or included) and also with the Commission.  The Company
agrees to notify the Trustee when any Debentures become listed on the American Stock Exchange, Inc. or on any other stock exchange or designated for inclusion or quotation in or on any other self-regulatory organization.

	 
	
ARTICLE VII.

REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS

ON EVENT OF DEFAULT

	 
	
          Section 7.1.      Events of Default.

	 
	
          (a)      Whenever used herein with respect to the Debentures, "Event of Default" means any one or more of the following events that has occurred and is continuing:

	 
	 	
          (i)      the Company defaults in the payment of any installment of interest upon any of the Debentures, as and when the same shall become due and payable, and
continuance of such default for a period of thirty (30) days; provided, however, that a valid extension of an interest payment period by the Company in accordance with the terms of this Indenture shall not constitute a default in the payment of interest for this purpose;

	 	 
	
28

	 	 
	 	
          (ii)      the Company defaults in the payment of the principal on the Debentures as and when the same shall become due and payable whether at maturity, upon
redemption, by declaration or otherwise; 

	 	 
	 	
          (iii)      the Company fails to observe or perform any other of its covenants or agreements with respect to the Debentures for a period of ninety (90) days after the
date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a "Notice of Default" hereunder, shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and
the Trustee by the holders of at least twenty-five percent (25%) in principal amount of the Debentures at the time Outstanding;

	 	 
	 	
          (iv)      the Company pursuant to or within the meaning of any Bankruptcy Law (A) commences a voluntary case; (B) consents to the entry of an order for relief against
it in an involuntary case; (C) consents to the appointment of a Custodian of it or for all or substantially all of its property; or (D) makes a general assignment for the benefit of its creditors;

	 	 
	 	
          (v)      a court of competent jurisdiction enters an order under any Bankruptcy Law that (A) is for relief against the Company in an involuntary case; (B) appoints a
Custodian of the Company for all or substantially all of its property; or (C) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for ninety (90) days; or

	 	 
	 	
          (vi)      the Trust shall have voluntarily or involuntarily dissolved, wound-up its business or otherwise terminated its existence except in connection with (A) the
distribution of Debentures to holders of Trust Securities in liquidation of their interests in the Trust; (B) the redemption of all of the outstanding Trust Securities of the Trust; or (C) certain mergers, consolidations or amalgamations, each as
permitted by the Trust Agreement.

	 
	
          (b)      In each and every such case referred to in items (i) through (vi) of Section 7.1(a), unless the principal of all the Debentures shall have already become due
and payable, either the Trustee or the holders of not less than twenty-five percent (25%) in aggregate principal amount of the Debentures then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such D
ebentureholders) may declare the principal of all the Debentures to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, notwithstanding anything contained in this Indenture or in
the Debentures.

	 
	
          (c)      At any time after the principal of the Debentures shall have been so declared due and payable, and before any judgment or decree for the payment of the
moneys due shall have been obtained or entered as hereinafter provided, the holders of at least a majority in aggregate principal amount of the Debentures then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul
such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments 

	 
	
29

	 
	
of interest upon all the Debentures and the principal of any and all Debentures that shall have become due otherwise than by acceleration (with interest upon such principal, and, to the extent that such payment is enforceable under applicable law,
upon overdue installments of interest, at the rate per annum expressed in the Debentures to the date of such payment or deposit) and the amount payable to the Trustee under Section 9.7; and (ii) any and all Events of Default under this Indenture, other
than the nonpayment of principal on Debentures that shall not have become due by their terms, shall have been remedied or waived as provided in Section 7.6.  No such rescission and annulment shall extend to or shall affect any subsequent default or impair
any right consequent thereon.

	 
	
          (d)      In case the Trustee shall have proceeded to enforce any right with respect to Debentures under this Indenture and such proceedings shall have been
discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company and the Trustee shall be restored respectively to their former
positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.

	 
	
          Section 7.2.      Collection of Indebtedness and Suits for Enforcement by the Trustee.

	 
	
          (a)      The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Debentures, and such default shall have
continued for a period of thirty (30) days (other than by reason of a valid extension of an interest payment period by the Company in accordance with the terms of this Indenture); or (ii) in case it shall default in the payment of the principal of any of
the Debentures when the same shall have become due and payable, whether upon maturity of the Debentures or upon redemption or upon declaration or otherwise, then, upon demand of the Trustee, the Company shall pay to the Trustee, for the benefit of the
holders of the Debentures, the whole amount that then shall have been become due and payable on all such Debentures for principal or interest, or both, as the case may be, with interest upon the overdue principal; and (to the extent that payment of such
interest is enforceable under applicable law and, if the Debentures are held by the Trust or a trustee of the Trust, without duplication of any other amounts paid by the Trust or trustee in respect thereof) upon overdue installments of interest at the
rate per annum expressed in the Debentures; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 9.7.

	 
	
          (b)      If the Company shall fail to pay such amounts set forth in Section 7.2(a) forthwith upon such demand, the Trustee, in its own name and as trustee of an
express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any
such judgment or final decree against the Company or other obligor upon the Debentures and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or other obligor upon the Debentures, wherever
situated.

	 
	
30

	 
	
          (c)      In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting
the Company, the Trust, or the creditors or property of either, the Trustee shall have power to intervene in such proceedings and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled
to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of the Debentures allowed for the entire amount due and payable by the Company under this Indenture
at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to
distribute the same after the deduction of the amount payable to the Trustee under Section 9.7; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of the Debentures to make such payments to
the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Debentureholders, to pay to the Trustee any amount due it under Section 9.7.

	 
	
          (d)      All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to the Debentures, may be enforced by
the Trustee without the possession of any of such Debentures, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 9.7, be for the ratable benefit of the holders of the Debentures.  In case of an Event of Default hereunder which is continuing, the
Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity
or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the
Trustee by this Indenture or by law.  Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Debentureholder any plan of reorganization, arrangement, adjustment or composition
affecting the Debentures or the rights of any holder thereof or to authorize the Trustee to vote in respect of the claim of any Debentureholder in any such proceeding.

	 
	
          Section 7.3.      Application of Moneys Collected. Any moneys or other assets collected by the Trustee pursuant to this
Article VII with respect to the Debentures shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys or other assets on account of principal or interest, upon presentation of the
Debentures, and notation thereon of the payment, if only partially paid, and upon surrender thereof if fully paid:

	 
	 	
         FIRST: To the payment of costs and expenses of collection and of all amounts payable to the Trustee under Section 9.7;

	 	 
	
31

	 	 
	 	
         SECOND: To the payment of all Senior Indebtedness if and to the extent required by Article XVI; and

	 	 
	 	
         THIRD: To the payment of the amounts then due and unpaid upon the Debentures for principal and interest, in respect of which or for the benefit of which such money has been collected, ratably,
without preference or priority of any kind, according to the amounts due and payable on such Debentures for principal and interest, respectively.

	 
	
          Section 7.4.      Limitation on Suits.

	 
	
          (a)      Except as set forth in this Indenture, no holder of any Debenture shall have any right by virtue or by availing of any provision of this Indenture to
institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof with respect to the Debentures specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than twenty-five (25%) in aggregate principal amount of
the Debentures then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such reasonable indemnity as
it may require against the costs, expenses and liabilities to be incurred therein or thereby; and (iv) the Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action, suit or
proceeding and during such sixty (60) day period, the holders of at least a majority in principal amount of the Debentures do not give the Trustee a direction inconsistent with the request.

	 
	
          (b)      Notwithstanding anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of the Debentures to receive
payment of the principal of and interest on the Debentures, as therein provided, on or after the respective due dates expressed in such Debenture (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such
payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Debenture hereunder it is expressly understood, intended and covenanted by the taker and holder of every
Debenture with every other such taker and holder and the Trustee that no one or more holders of the Debentures shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the
rights of the holders of any other of such Debentures, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and
common benefit of all holders of the Debentures. For the protection and enforcement of the provisions of this Section 7.4, each and every Debentureholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

	 
	
          Section 7.5.      Rights and Remedies Cumulative; Delay or Omission not Waiver.

	 
	
          (a)      Except as otherwise provided in Section 2.9(b), all powers and remedies given by this Article VII to the Trustee or to the Debentureholders shall, to the
extent permitted by law, be 

	 
	
32

	 
	
deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Debentures, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in
this Indenture or otherwise established with respect to such Debentures.

	 
	
          (b)      No delay or omission of the Trustee or of any holder of any of the Debentures to exercise any right or power accruing upon any Event of Default occurring and
continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 7.4, every power and remedy given by this Article VII or by law to
the Trustee or the Debentureholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Debentureholders.

	 
	
          Section 7.6.      Control by the Debentureholders. The holders of at least a majority in aggregate principal amount of the
Debentures at the time Outstanding, determined in accordance with Section 10.4, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture.  Subject to the provisions of Section 9.1, the Trustee shall have the right to decline to follow any such direction if the Trustee
in good faith shall determine that the action so directed would be unjustly prejudicial to the holders not taking part in such direction or if the Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be
taken, or if a Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.  The holders of at least a majority in aggregate principal amount of the Debentures at the time
Outstanding affected thereby, or the holders of at least a majority in liquidation preference of the Trust Securities of the Trust at the time Outstanding affected thereby, in each case determined in accordance with Section 10.4, may on behalf of the
holders of all of the Debentures or of all of the Preferred Securities waive any past default in the performance of any of the covenants contained herein and its consequences or any past Default or Event of Default, except (i) a default in the payment of
the principal of or interest on any of the Debentures as and when the same shall become due by the terms of such Debentures otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest
and principal due otherwise than by acceleration has been deposited with the Trustee (in accordance with Section 7.1(c)); (ii) a default in the covenants contained in Section 5.7; or (iii) in respect of a covenant or provision hereof which cannot be
modified or amended without the consent of the holder of each Outstanding Debenture affected; provided, however, that if the Debentures are held by the Trust or a trustee of the Trust, such waiver or modification to such waiver shall not be effective until the holders of a majority in liquidation preference of Trust Securities of the
Trust shall have consented to such waiver or modification to such waiver; provided further, that if the Debentures are held by the Trust or a trustee of the Trust, and if the consent of the holder of each Outstanding Debenture is required, such waiver shall not be effective until each holder of the Trust Securities of
the Trust shall have consented to such waiver.  Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Debentures shall be restored to their former
 

	 
	
33

	 
	
positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

	 
	
          Section 7.7.      Undertaking to Pay Costs. All parties to this Indenture agree, and each holder of any Debentures by such
holder's acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it
as the Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees, against any party litigant in such
suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 7.7 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Debentureholder, or
group of the Debentureholders holding more than ten percent (10%) in aggregate principal amount of the Outstanding Debentures, or to any suit instituted by any Debentureholder for the enforcement of the payment of the principal of or interest on the
Debentures, on or after the respective due dates expressed in such Debenture or established pursuant to this Indenture.

	 
	
          Section 7.8.      Direct Action; Right of Set-Off. In the event that an Event of Default has occurred and is continuing and
such event is attributable to the failure of the Company to pay interest on or principal of the Debentures on an Interest Payment Date or Maturity Date, as applicable, then a holder of Preferred Securities may institute and prosecute a legal proceeding
directly against the Company for enforcement of payment to such holder of the principal of or interest on such Debentures having a principal amount equal to the aggregate Liquidation Amount of the Preferred Securities of such holders (a "Direct Action").
In connection with such Direct Action, the Company will have a right of set-off under this Indenture to the extent of any payment actually made by the Company to such holder of the Preferred Securities with respect to such Direct Action.

	 
	
ARTICLE VIII.

FORM OF THE DEBENTURE AND ORIGINAL ISSUE

	 
	
          Section 8.1.      Form of Debenture. The Debenture and the Trustee's Certificate of Authentication to be endorsed thereon are
to be substantially in the forms contained as Exhibit A to this Indenture, attached hereto and incorporated herein by reference.

	 
	
          Section 8.2.      Original Issue of the Debentures. Debentures in the aggregate principal amount of $18,556,710 may, upon
execution of this Indenture, be executed by the Company and delivered to the Trustee for authentication.  If the Underwriters exercise their Option and there is an Option Closing Date (as such terms are defined in the Underwriting Agreement, dated May 29, 2001, by and among the Company, the Trust, Stifel, Nicolaus & Company, Incorporated, J.J.B. Hilliard, W.L. Lyons, Inc., as Representatives of the several Underwriters named therein, then, on such Option Closing Date, Debentures in the
additional aggregate amount of up to $2,061,860 may be executed by the Company and delivered to the Trustee for authentication.  The Trustee shall thereupon authenticate and deliver said Debentures to or upon the written order 

	 
	
34

	 
	
of the Company, signed by its Chief Executive Officer, its President, or any Executive Vice President and its Treasurer or an Assistant Treasurer, without any further action by the Company.

	 
	
ARTICLE IX.

CONCERNING THE TRUSTEE

	 
	
          Section 9.1.      Certain Duties and Responsibilities of the Trustee.

	 
	
          (a)      The Trustee, prior to the occurrence of an Event of Default and after the curing of all Events of Default that may have occurred, shall undertake to perform
with respect to the Debentures such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee.  In case an Event of Default has occurred that has not been
cured or waived, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own
affairs.

	 
	
          (b)      No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or
its own willful misconduct, except that:

	 
	 	
          (i)      prior to the occurrence of an Event of Default and after the curing or waiving of all such Events of Default that may have occurred:

	 
	 	
          (A)      the duties and obligations of the Trustee shall with respect to the Debentures be determined solely by the express provisions of this Indenture, and the
Trustee shall not be liable with respect to the Debentures except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the
Trustee; and

	 	 	 
	 	
          (B)      in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Debentures conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture;

	 
	 	
          (ii)      the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it
shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

	 	 
	 	
          (iii)      the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders
of not less 

	 	 
	
35

	 	 
	 	
than a majority in principal amount of the Debentures at the time Outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee
under this Indenture with respect to the Debentures; and

	 	 
	 	
          (iv)      none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability
in the performance of any of its duties or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or
adequate indemnity against such risk is not reasonably assured to it.

	 
	
          Section 9.2.      Notice of Defaults. Within ninety (90) days after actual knowledge by a Responsible Officer of the Trustee
of the occurrence of any Default hereunder with respect to the Debentures, the Trustee shall transmit by mail to all holders of the Debentures, as their names and addresses appear in the Debenture Register, notice of such Default, unless such Default
shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal or interest (including any Additional Payments) on any Debenture, the Trustee shall be protected in withholding such notice if and so long as the board
of directors, the executive committee or a trust committee of the directors and/or Responsible Officers of the Trustee determines in good faith that the withholding of such notice is in the interests of the holders of such Debentures; and provided, further, that in the case of any Default of the character specified in section 7.1(a)(iii), no such notice to holders of Debentures need be sent until at least thirty (30) days after the occurrence thereof.

	 
	
          Section 9.3.      Certain Rights of the Trustee. Except as otherwise provided in Section 9.1:

	 
	
          (a)      The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

	 
	
          (b)      Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in the
name of the Company by its President or any Executive Vice President and by the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer thereof (unless other evidence in respect thereof is specifically prescribed herein);

	 
	
          (c)      The Trustee shall not be deemed to have knowledge of a Default or an Event of Default, other than an Event of Default specified in Section 7.1(a)(i) or (ii),
unless and until it receives written notification of such Event of Default from the Company or by holders of at least twenty-five percent (25%) of the aggregate principal amount of the Debentures at the time Outstanding;

	 
	
36

	 
	
          (d)      The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon;

	 
	
          (e)      The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of
the Debentureholders, pursuant to the provisions of this Indenture, unless such Debentureholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby;
nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default (that is continuing and has not been cured or waived) to exercise with respect to the Debentures such of the rights and powers
vested in it by this Indenture, and to use the same degree of care and skill in its exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs;

	 
	
          (f)      The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion
or rights or powers conferred upon it by this Indenture;

	 
	
          (g)      The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Debentures (determined as provided in
Section 10.4); provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to
the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding, and the reasonable expense of every such examination shall
be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; and

	 
	
          (h)      The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the
Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.

	 
	
          Section 9.4.      The Trustee not Responsible for Recitals, Etc.

	 
	
          (a)      The Recitals contained herein and in the Debentures shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the
correctness of the same.

	 
	
          (b)      The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Debentures.

	 
	
          (c)      The Trustee shall not be accountable for the use or application by the Company of any of the Debentures or of the proceeds of such Debentures, or for the use
or application of any 

	 
	
37

	 
	
moneys paid over by the Trustee in accordance with any provision of this Indenture, or for the use or application of any moneys received by any Paying Agent other than the Trustee.

	 
	
          Section 9.5.      May Hold the Debentures. The Trustee or any Paying Agent or Debenture Registrar for the Debentures, in its
individual or any other capacity, may become the owner or pledgee of the Debentures with the same rights it would have if it were not Trustee, Paying Agent or Debenture Registrar.

	 
	
          Section 9.6.      Moneys Held in Trust. Subject to the provisions of Section 13.5, all moneys received by the Trustee shall,
until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law.  The Trustee shall be under no liability for interest on any moneys
received by it hereunder except such as it may agree with the Company to pay thereon.

	 
	
          Section 9.7.      Compensation and Reimbursement.

	 
	
          (a)      The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust), as the Company and the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise and
performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company shall pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or
made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all persons not regularly in its employ) except any such expense, disbursement
or advance as may arise from its negligence or bad faith.  The Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any loss, liability or expense incurred without
negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration of this Indenture, including the costs and expenses of defending itself against any claim of liability in the premises.

	 
	
          (b)      The obligations of the Company under this Section 9.7 to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements
and advances shall constitute additional indebtedness hereunder.  Such additional indebtedness shall be secured by a lien prior to that of the Debentures upon all property and funds held or collected by the Trustee as such, except funds held in trust for
the benefit of the holders of particular Debentures.

	 
	
         Section 9.8.      Reliance on Officers' Certificate. Except as otherwise provided in Section 9.1, whenever in the administration of
the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof is herein
specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers' Certificate delivered to the Trustee and such certificate, in the absence of negligence
or bad faith on the part 

	 
	
38

	 
	
of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.

	 
	
         Section 9.9.      Disqualification; Conflicting Interests. If the Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

	 
	
          Section 9.10.      Corporate Trustee Required; Eligibility. There shall at all times be a Trustee with respect to the
Debentures issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United States or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as
trustee by the Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, and subject to supervision or examination by federal, state, territorial, or District of Columbia
authority.  If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 9.10, the combined capital and surplus of such
Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the
Company, serve as Trustee.  In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 9.10, the Trustee shall resign immediately in the manner and with the effect specified in Section 9.11.

	 
	
          Section 9.11.      Resignation and Removal; Appointment of Successor.

	 
	
          (a)      The Trustee or any successor hereafter appointed, may at any time resign by giving written notice thereof to the Company and by transmitting notice of
resignation by mail, first class postage prepaid, to the Debentureholders, as their names and addresses appear upon the Debenture Register.  Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to
Debentures by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee.  If no successor trustee shall have been so
appointed and have accepted appointment within thirty (30) days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Debentures,
or any Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least six (6) months may, subject to the provisions of Sections 9.9 and 9.10, on behalf of himself or herself and all others similarly situated, petition any such
court for the appointment of a successor trustee.  Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

	 
	
          (b)      In case at any time any one of the following shall occur:

	 
	
39

	 
	 	
          (i)      the Trustee shall fail to comply with the provisions of Section 9.9 after written request therefor by the Company or by any Debentureholder who has been a
bona fide holder of a Debenture or Debentures for at least six months; or

	 	 
	 	
          (ii)      the Trustee shall cease to be eligible in accordance with the provisions of Section 9.10 and shall fail to resign after written request therefor by the
Company or by any such Debentureholder; or

	 	 
	 	
          (iii)      the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of
the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 

	 
	
then, in any such case, the Company may remove the Trustee with respect to all Debentures and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered
to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 9.10, unless the Trustee's duty to resign is stayed as provided herein, any Debentureholder who has been a bona fide holder of a Debenture or
Debentures for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee.  Such court may thereupon after
such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

	 
	
          (c)      The holders of at least a majority in aggregate principal amount of the Debentures at the time Outstanding may at any time remove the Trustee by so notifying
the Trustee and the Company and may appoint a successor Trustee with the consent of the Company.

	 
	
          (d)      Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Debentures pursuant to any of the provisions of this
Section 9.11 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 9.12.

	 
	
          (e)      Any successor trustee appointed pursuant to this Section 9.11 may be appointed with respect to the Debentures, and at any time there shall be only one
Trustee with respect to the Debentures.

	 
	
          Section 9.12.      Acceptance of Appointment by Successor.

	 
	
          (a)      In case of the appointment hereunder of a successor trustee with respect to the Debentures, every successor trustee so appointed shall execute, acknowledge
and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an 

	 
	
40

	 
	
instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money held by such retiring Trustee hereunder.

	 
	
          (b)      Upon request of any successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such
successor trustee all such rights, powers and trusts referred to in paragraph (a) of this Section 9.12.

	 
	
          (c)      No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under this
Article IX.

	 
	
          (d)      Upon acceptance of appointment by a successor trustee as provided in this Section 9.12, the Company shall transmit notice of the succession of such trustee
hereunder by mail, first class postage prepaid, to the Debentureholders, as their names and addresses appear upon the Debenture Register.  If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.

	 
	
          Section 9.13.      Merger, Conversion, Consolidation or Succession to Business. Any Person into which the Trustee may be
merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided that such Person shall be qualified under the provisions of Section 9.9 and eligible under the provisions of Section 9.10, without the execution or filing of any paper or any further act on the part of any of
the parties hereto, anything herein to the contrary notwithstanding.  In case any Debentures shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Debentures so authenticated with the same effect as if such successor Trustee had itself authenticated such Debentures.

	 
	
          Section 9.14.      Preferential Collection of Claims against the Company. The Trustee shall comply with Section 311(a) of the
Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act.  A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.

	 
	
ARTICLE X.

CONCERNING THE DEBENTUREHOLDERS

	 
	
          Section 10.1.      Evidence of Action by the Holders.

	 
	
          (a)      Whenever in this Indenture it is provided that the holders of at least a majority or specified percentage in aggregate principal amount of the Debentures may
take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of 

	 
	
41

	 
	
such majority or specified percentage have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Debentures in person or by agent or proxy appointed in writing.

	 
	
          (b)      If the Company shall solicit from the Debentureholders any request, demand, authorization, direction, notice, consent, waiver or other action, the Company
may, at its option, as evidenced by an Officers' Certificate, fix in advance a record date for the determination of Debentureholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company
shall have no obligation to do so.  If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date, but only the Debentureholders of record at the close
of business on the record date shall be deemed to be Debentureholders for the purposes of determining whether Debentureholders of the requisite proportion of Outstanding Debentures have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Debentures shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by such Debentureholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six (6)
months after the record date.

	 
	
          Section 10.2.      Proof of Execution by the Debentureholders. Subject to the provisions of Section 9.1, proof of the
execution of any instrument by a Debentureholder (such proof shall not require notarization) or such Debentureholder's agent or proxy and proof of the holding by any Person of any of the Debentures shall be sufficient if made in the following manner:

	 
	
          (a)      The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

	 
	
          (b)      The ownership of Debentures shall be proved by the Debenture Register of such Debentures or by a certificate of the Debenture Registrar thereof.

	 
	
          (c)      The Trustee may require such additional proof of any matter referred to in this Section 10.2 as it shall deem necessary.

	 
	
          Section 10.3.      Who May Be Deemed Owners. Prior to the due presentment for registration of transfer of any Debenture, the
Company, the Trustee, any Paying Agent, any Authenticating Agent and any Debenture Registrar may deem and treat the Person in whose name such Debenture shall be registered upon the books of the Company as the absolute owner of such Debenture (whether or
not such Debenture shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Debenture Registrar) for the purpose of receiving payment of or on account of the principal of and interest on such Debenture
(subject to Section 2.3) and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Authenticating Agent nor any Debenture Registrar shall be affected by any notice to the contrary.

	 
	
42

	 
	
          Section 10.4.      Certain Debentures Owned by Company Disregarded. In determining whether the holders of the requisite
aggregate principal amount of the Debentures have concurred in any direction, consent or waiver under this Indenture, the Debentures that are owned by the Company or any other obligor on the Debentures or by any Person directly or indirectly controlling
or controlled by or under common control with the Company or any other obligor on the Debentures shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that (a) for the purpose of determining whether the
Trustee shall be protected in relying on any such direction, consent or waiver, only Debentures that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded; and (b) for purposes of this Section 10.4, the Trust shall be
deemed not to be controlled by the Company.  The Debentures so owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section 10.4, if the pledgee shall establish to the satisfaction of the Trustee the pledgee's
right so to act with respect to such Debentures and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor.  In case of a dispute as to
such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

	 
	
          Section 10.5.      Actions Binding on the Future Debentureholders. At any time prior to (but not after) the evidencing to the
Trustee, as provided in Section 10.1, of the taking of any action by the holders of the majority or percentage in aggregate principal amount of the Debentures specified in this Indenture in connection with such action, any holder of a Debenture that is
shown by the evidence to be included in the Debentures the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 10.2, revoke such action so far as concerns such
Debenture. Except as aforesaid, any such action taken by the holder of any Debenture shall be conclusive and binding upon such holder and upon all future holders and owners of such Debenture, and of any Debenture issued in exchange therefor, on
registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Debenture.  Any action taken by the holders of the majority or percentage in aggregate principal amount of the Debentures
specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Debentures.

	 
	
ARTICLE XI.

SUPPLEMENTAL INDENTURES

	 
	
          Section 11.1.      Supplemental Indentures without the Consent of the Debentureholders. In addition to any supplemental
indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in
effect), without the consent of the Debentureholders, for one or more of the following purposes:

	 
	
          (a)      to cure any ambiguity, defect, or inconsistency herein, or in the Debentures;

	 
	
          (b)      to comply with Article X; 

	 
	
43

	 
	
          (c)      to provide for uncertificated Debentures in addition to or in place of certificated Debentures;

	 
	
          (d)      to add to the covenants of the Company for the benefit of the holders of all or any of the Debentures or to surrender any right or power herein conferred
upon the Company;

	 
	
          (e)      to add to, delete from, or revise the conditions, limitations and restrictions on the authorized amount, terms or purposes of issue, authentication and
delivery of Debentures, as herein set forth;

	 
	
          (f)      to make any change that does not adversely affect the rights of any Debentureholder in any material respect;

	 
	
          (g)      to provide for the issuance of and establish the form and terms and conditions of the Debentures, to establish the form of any certifications required to be
furnished pursuant to the terms of this Indenture or of the Debentures, or to add to the rights of the holders of the Debentures;

	 
	
          (h)      to qualify or maintain the qualification of this Indenture under the Trust Indenture Act; or 

	 
	
          (i)      to evidence a consolidation or merger involving the Company as permitted under Section 12.1.

	 
	
         The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations that may be therein
contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee's own rights, duties or immunities under this Indenture or otherwise.  Any supplemental indenture authorized by the provisions of this
Section 11.1 may be executed by the Company and the Trustee without the consent of the holders of any of the Debentures at the time Outstanding, notwithstanding any of the provisions of Section 11.2.

	 
	
          Section 11.2.      Supplemental Indentures with Consent of the Debentureholders. With the consent (evidenced as provided in
Section 10.1) of the holders of not less than a majority in aggregate principal amount of the Debentures at the time Outstanding, the Company, when authorized by Board Resolutions, and the Trustee may from time to time and at any time enter into an
indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture
or of any supplemental indenture or of modifying in any manner not covered by Section 11.1 the rights of the holders of the Debentures under this Indenture; provided, however, that no such supplemental indenture shall without the consent of the holders of each Debenture then Outstanding and affected thereby, (a) extend the fixed maturity of any Debentures, reduce the principal amount thereof,
reduce the rate or extend the time of payment of interest thereon, or limit the right of a holder of Preferred Securities to institute and prosecute a Direct Action; or (b) reduce the aforesaid percentage of Debentures, the holders of which are required
to consent to any such 

	 
	
44

	 
	
supplemental indenture; provided further, that if the Debentures are held by the Trust or a trustee of the Trust, such supplemental indenture shall not be effective until the holders of at least a majority in liquidation preference of Trust
Securities of the Trust shall have consented to such supplemental indenture; provided further, that if the Debentures are held by the Trust or a trustee of the Trust and if the consent of the holder of each Outstanding Debenture is required, such supplemental indenture shall not be effective until each holder of the Trust
Securities of the Trust shall have consented to such supplemental indenture.  It shall not be necessary for the consent of the Debentureholders affected thereby under this Section 11.2 to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such consent shall approve the substance thereof.

	 
	
          Section 11.3.      Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the
provisions of this Article XI, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company
and the holders of Debentures shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.

	 
	
          Section 11.4.      The Debentures Affected by Supplemental Indentures. The Debentures affected by a supplemental indenture,
authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article XI, may bear a notation in form approved by the Company, provided such form meets the requirements of any exchange upon which the
Debentures may be listed, as to any matter provided for in such supplemental indenture.  If the Company shall so determine, new Debentures so modified as to conform, in the opinion of the Board of Directors of the Company, to any modification of this
Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Debentures then Outstanding.

	 
	
          Section 11.5.      Execution of Supplemental Indentures.

	 
	
          (a)      Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with
the Trustee of evidence of the consent of the Debentureholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee's own
rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated, to enter into such supplemental indenture.  The Trustee, subject to the provisions of Sections 9.1, may receive an
Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article XI is authorized or permitted by, and conforms to, the terms of this Article XI and that it is proper for the Trustee under the provisions of this
Article XI to join in the execution thereof.

	 
	
45

	 
	
          (b)      Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section 11.5, the Trustee shall
transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Debentureholders as their names and addresses appear upon the Debenture Register.  Any failure of the Trustee to
mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

	 
	
ARTICLE XII.

SUCCESSOR CORPORATION

	 
	
          Section 12.1.      The Company May Consolidate, Etc. Nothing contained in this Indenture or in any of the Debentures shall
prevent any consolidation or merger of the Company with or into any other corporation or corporations (whether or not affiliated with the Company, as the case may be), or successive consolidations or mergers in which the Company, as the case may be, or
its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company, as the case may be, or its successor or successors as an entirety, or substantially as an
entirety, to any other corporation (whether or not affiliated with the Company, as the case may be, or its successor or successors) authorized to acquire and operate the same; provided, however, that the Company hereby covenants and agrees that (a) upon any such consolidation, merger, sale, conveyance, transfer or other disposition, the due and punctual payment, in the case of the Company, of the principal of and
interest on all of the Debentures, according to their tenor and the due and punctual performance and observance of all the covenants and conditions of this Indenture to be kept or performed by the Company, as the case may be, shall be expressly assumed,
by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the
Company, as the case may be, shall have been merged, or by the entity which shall have acquired such property; (b) in case the Company consolidates with or merges into another Person or conveys or transfers its properties and assets substantially as an
entirety to any Person, the successor Person is organized under the laws of the United States or any state or the District of Columbia; and (c) immediately after giving effect thereto, an Event of Default, and no event which, after notice or lapse of time
or both, would become an Event of Default, shall have occurred and be continuing.

	 
	
          Section 12.2.      Successor Corporation Substituted.

	 
	
          (a)      In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor corporation, by
supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of, in the case of the Company, the due and punctual payment of the principal of and interest on all of the Debentures Outstanding and the due and
punctual performance of all of the covenants and conditions of this Indenture to be performed by the Company, as the case may be, such successor corporation shall succeed to and be substituted for the Company, with the same effect as if it had been named
as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Debentures.

	 
	
46

	 
	
          (b)      In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not in substance) may
be made in the Debentures thereafter to be issued as may be appropriate.

	 
	
          (c)      Nothing contained in this Indenture or in any of the Debentures shall prevent the Company from merging into itself or acquiring by purchase or otherwise, all
or any part of, the property of any other Person (whether or not affiliated with the Company).

	 
	
          Section 12.3.      Evidence of Consolidation, Etc. to Trustee. The Trustee, subject to the provisions of Section 9.1, may
receive an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions of this Article XII.

	 
	
ARTICLE XIII.

SATISFACTION AND DISCHARGE

	 
	
          Section 13.1.      Satisfaction and Discharge of Indenture. If at any time: (a) the Company shall have delivered to the
Trustee for cancellation all Debentures theretofore authenticated (other than any Debentures that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.9) and all Debentures for whose payment money or
Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company (and thereupon repaid to the Company or discharged from such trust, as provided in Section 13.5); or (b) all such Debentures not theretofore
delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations sufficient, or a combination thereof sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Debentures not theretofore delivered to the Trustee for cancellation, including principal
and interest due or to become due on such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company; then this Indenture shall thereupon cease
to be of further effect except for the provisions of Sections 2.3, 2.7, 2.9, 5.1, 5.2, 5.3, 9.7 and 9.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 9.7 and 13.5, that shall survive to such date and
thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture.

	 
	
          Section 13.2.      Discharge of Obligations. If at any time all Debentures not heretofore delivered to the Trustee for
cancellation or that have not become due and payable as described in Section 13.1 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient in the opinion of a
nationally recognized certified public accounting firm to pay at maturity or upon redemption all 

	 
	
47

	 
	
Debentures not theretofore delivered to the Trustee for cancellation, including principal and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be
paid all other sums payable hereunder by the Company, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee, the obligations of the Company under this Indenture shall cease to be of further effect
except for the provisions of Sections 2.3, 2.7, 2.9, 5.1, 5.2, 5.3, 9.7 and 13.5, that shall survive until such Debentures shall mature and be paid.  Thereafter, Sections 9.7 and 13.5 shall survive.

	 
	
          Section 13.3.      Deposited Moneys to Be Held in Trust. All monies or Governmental Obligations deposited with the Trustee
pursuant to Sections 13.1 or 13.2 shall be held in trust and shall be available for payment as due, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to the holders of the Debentures for the payment or
redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.

	 
	
          Section 13.4.      Payment of Monies Held by Paying Agents. In connection with the satisfaction and discharge of this
Indenture, all moneys or Governmental Obligations then held by any Paying Agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such Paying Agent shall be released from all further liability
with respect to such moneys or Governmental Obligations.

	 
	
          Section 13.5.      Repayment to the Company. Any monies or Governmental Obligations deposited with any Paying Agent or the
Trustee, or then held by the Company in trust, for payment of principal of or interest on the Debentures that are not applied but remain unclaimed by the holders of such Debentures for at least two years after the date upon which the principal of or
interest on such Debentures shall have respectively become due and payable, shall be repaid to the Company, as the case may be, on June 30 of each year or (if then held by the Company) shall be discharged from such trust; and thereupon the Paying Agent
and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Debentures entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to
the Company for the payment thereof.

	 
	
ARTICLE XIV.

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS

	 
	
          Section 14.1.      No Recourse. No recourse under or upon any obligation, covenant or agreement of this Indenture, or of the
Debentures, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future, as such, of the Company or of any predecessor or successor corporation, either
directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this
Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever, shall 

	 
	
48

	 
	
attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or
under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Debentures or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by
constitution or statute, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants
or agreements contained in this Indenture or in any of the Debentures or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Debentures.

	 
	
ARTICLE XV.

MISCELLANEOUS PROVISIONS

	 
	
          Section 15.1.      Effect on Successors and Assigns. All the covenants, stipulations, promises and agreements in this
Indenture contained by or on behalf of the Company shall bind its respective successors and assigns, whether so expressed or not.

	 
	
          Section 15.2.      Actions by Successor. Any act or proceeding by any provision of this Indenture authorized or required to be
done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful sole successor of
the Company.

	 
	
          Section 15.3.      Surrender of the Company Powers. The Company by instrument in writing executed by appropriate authority of
its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company, as the case may be, and as to any successor corporation.

	 
	
           Section 15.4.      Notices. Except as otherwise expressly provided herein any notice or demand that by any provision of
this Indenture is required or permitted to be given or served by the Trustee or by the holders of Debentures to or on the Company may be given or served by being deposited first class postage prepaid in a post-office letterbox addressed (until another
address is filed in writing by the Company with the Trustee), as follows: c/o S.Y. Bancorp, Inc., 1040 East Main Street, Louisville, Kentucky 40206, Attention:Chief Financial Officer.  Any notice, election, request or demand by the Company or any
Debentureholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee.

	 
	
49

	 
	
          Section 15.5.      Governing Law. This Indenture and each Debenture shall be deemed to be a contract made under the internal
laws of the State of Delaware and for all purposes shall be construed in accordance with the laws of said State.

	 
	
          Section 15.6.      Treatment of the Debentures as Debt. It is intended that the Debentures shall be treated as indebtedness
and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted to further this intention.  The Company (with respect to its separate books and records), the Trustee and, by acceptance of a Debenture, each holder
of a Debenture, agree to treat the Debentures as indebtedness of the Company and not as equity for all tax (including without limitation, federal income tax) and financial accounting purposes.

	 
	
          Section 15.7.      Compliance Certificates and Opinions.

	 
	
          (a)      Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to
the Trustee an Officers' Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions
precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no
additional certificate or opinion need be furnished.

	 
	
          (b)      Each certificate or opinion of the Company provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or
covenant in this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he or she has made such examination or investigation as, in the opinion of such Person, is necessary to enable him or her to
express an informed opinion as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with; provided, however, that each such certificate shall comply with the provisions of Section 314 of the Trust Indenture Act.

	 
	
          Section 15.8.      Payments on Business Days. In any case where the date of maturity of interest or principal of any Debenture
or the date of redemption of any Debenture shall not be a Business Day, then payment of interest or principal may (subject to Section 2.5(b)) be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of
maturity or redemption, and no interest shall accrue for the period after such nominal date.

	 
	
50

	 
	
          Section 15.9.      Conflict with Trust Indenture Act. If and to the extent that any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control.

	 
	
          Section 15.10.      Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same instrument.

	 
	
          Section 15.11.      Separability. In case any one or more of the provisions contained in this Indenture or in the Debentures
shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of the Debentures, but this Indenture and the Debentures shall
be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

	 
	
          Section 15.12.      Assignment. The Company shall have the right at all times to assign any of its respective rights or
obligations under this Indenture to a direct or indirect wholly owned Subsidiary of the Company, provided that, in the event of any such assignment, the Company shall remain liable for all such obligations.  Subject to the foregoing, this Indenture is
binding upon and inures to the benefit of the parties thereto and their respective successors and assigns. This Indenture may not otherwise be assigned by the parties thereto.

	 
	
          Section 15.13.      Acknowledgment of Rights; Right of Setoff.

	 
	
          (a)      The Company acknowledges that, with respect to any Debentures held by the Trust or a trustee of the Trust, if the Property Trustee fails to enforce its
rights under this Indenture as the holder of the Debentures held as the assets of the Trust, any holder of Preferred Securities may institute legal proceedings directly against the Company to enforce such Property Trustee's rights under this Indenture
without first instituting any legal proceedings against such Property Trustee or any other person or entity.  Notwithstanding the foregoing, and notwithstanding the provisions of Section 7.4(a) hereof, if an Event of Default has occurred and is
continuing and such event is attributable to the failure of the Company to pay principal or interest on the Debentures on the date such principal or interest is otherwise payable (or in the case of redemption, on the redemption date), the Company
acknowledges that a holder of Preferred Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of or interest on the Debentures having a principal amount equal to the aggregate liquidation amount of the
Preferred Securities of such holder on or after the respective due date specified in the Debentures.

	 
	
          (b)      Notwithstanding anything to the contrary contained in this Indenture, the Company shall have the right to setoff any payment it is otherwise required to make
hereunder in respect of any Trust Securities to the extent that the Company has previously made, or is concurrently making, a payment to the holder of such Trust Securities under the Preferred 

	 
	
51

	 
	
Securities Guarantee or in connection with a proceeding for enforcement of payment of the principal of or interest on the Debentures directly brought by holders of any Trust Securities.

	 
	
ARTICLE XVI.

SUBORDINATION OF THE DEBENTURES

	 
	
          Section 16.1.      Agreement to Subordinate. The Company covenants and agrees, and each holder of the Debentures issued
hereunder by such holder's acceptance thereof likewise covenants and agrees, that all the Debentures shall be issued subject to the provisions of this Article XVI; and each holder of a Debenture, whether upon original issue or upon transfer or assignment
thereof, accepts and agrees to be bound by such provisions.  The payment by the Company of the principal of and interest on all the Debentures issued hereunder shall, to the extent and in the manner hereinafter set forth, be subordinated and junior in
right of payment to the prior payment in full of all Senior Debt, Subordinated Debt and Additional Senior Obligations of the Company (collectively, "Senior Indebtedness") to the extent provided herein, whether outstanding at the date of this Indenture or
thereafter incurred.  No provision of this Article XVI shall prevent the occurrence of any default or Event of Default hereunder.

	 
	
          Section 16.2.      Default on Senior Indebtedness. Upon the occurrence and any continuation of any default by the Company in
the payment of principal, premium, interest or any other payment due on any Senior Indebtedness, or in the event that the maturity of any Senior Indebtedness has been accelerated because of such a default, or in the event of the commencement of a judicial
proceeding with regard to such an alleged default or event of default, then, in any case, no payment shall be made by the Company with respect to the principal (including redemption payments) of or interest on the Debentures.  In the event that,
notwithstanding the foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding sentence of this Section 16.2, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the
holders of Senior Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear, but only to the extent
that the holders of the Senior Indebtedness (or their representative or representatives or a trustee) notify the Trustee in writing within 90 days of such payment of the amounts then due and owing on the Senior Indebtedness and only the amounts specified
in such notice to the Trustee shall be paid to the holders of the Senior Indebtedness.

	 
	
          Section 16.3.      Liquidation; Dissolution; Bankruptcy.

	 
	
          (a)      Upon any payment by the Company or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon
any dissolution or winding-up or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all amounts due upon all Senior Indebtedness shall first be paid in full, or
payment thereof provided for in money in accordance with its terms, before any payment is made by the Company on account of the principal or interest on the Debentures; and upon any such dissolution or winding-up or liquidation or reorganization, any
payment by the Company, or distribution of assets of the Company of any 

	 
	
52

	 
	
kind or character, whether in cash, property or securities, to which the holders of the Debentures or the Trustee would be entitled to receive from the Company, except for the provisions of this Article XVI, shall be paid by the Company or by any
receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the holders of the Debentures or by the Trustee under this Indenture if received by them or it, directly to the holders of Senior
Indebtedness (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness held by such holders, as calculated by the Company) or their representative or representatives, or to the trustee or trustees under any indenture pursuant
to which any instruments evidencing such Senior Indebtedness may have been issued, as their respective interests may appear, to the extent necessary to pay such Senior Indebtedness in full, in money or money's worth, after giving effect to any concurrent
payment or distribution to or for the holders of such Senior Indebtedness, before any payment or distribution is made to the holders of the Debentures or to the Trustee.

	 
	
          (b)      In the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or
securities, prohibited by the foregoing, shall be received by the Trustee before all Senior Indebtedness is paid in full, or provision is made for such payment in money in accordance with its terms, such payment or distribution shall be held in trust for
the benefit of and shall be paid over or delivered to the holders of such Senior Indebtedness or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior
Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, for application to the payment of all Senior Indebtedness, as the case may be, remaining unpaid to the extent necessary to pay such Senior
Indebtedness in full in money in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the benefit of the holders of such Senior Indebtedness.

	 
	
          (c)      For purposes of this Article XVI, the words "cash, property or securities" shall not be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent provided in this Article XVI with respect to the Debentures to the
payment of all Senior Indebtedness, as the case may be, that may at the time be outstanding, provided that (i) such Senior Indebtedness is assumed by the new corporation, if any, resulting from any such reorganization or readjustment; and (ii) the rights
of the holders of such Senior Indebtedness are not, without the consent of such holders, altered by such reorganization or readjustment.  The consolidation of the Company with, or the merger of the Company into, another corporation or the liquidation or
dissolution of the Company following the conveyance or transfer of its property as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided for in Article XII shall not be deemed a dissolution,
winding-up, liquidation or reorganization for the purposes of this Section 16.3 if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article XII.  Nothing in Section 16.2 or
in this Section 16.3 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 9.7.

	 
	
53

	 
	
          Section 16.4.      Subrogation.

	 
	
          (a)      Subject to the payment in full of all Senior Indebtedness, the rights of the holders of the Debentures shall be subrogated to the rights of the holders of
such Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company, as the case may be, applicable to such Senior Indebtedness until the principal of and interest on the Debentures shall be paid in full; and, for
the purposes of such subrogation, no payments or distributions to the holders of such Senior Indebtedness of any cash, property or securities to which the holders of the Debentures or the Trustee would be entitled except for the provisions of this Article
XVI, and no payment over pursuant to the provisions of this Article XVI to or for the benefit of the holders of such Senior Indebtedness by holders of the Debentures or the Trustee, shall, as between the Company, its creditors (other than holders of
Senior Indebtedness of the Company), and the holders of the Debentures, be deemed to be a payment by the Company to or on account of such Senior Indebtedness.  It is understood that the provisions of this Article XVI are and are intended solely for the
purposes of defining the relative rights of the holders of the Debentures, on the one hand, and the holders of such Senior Indebtedness on the other hand.

	 
	
          (b)      Nothing contained in this Article XVI or elsewhere in this Indenture or in the Debentures is intended to or shall impair, as between the Company, its
creditors (other than the holders of Senior Indebtedness), and the holders of the Debentures, the obligation of the Company, which is absolute and unconditional, to pay to the holders of the Debentures the principal of and interest on the Debentures as
and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the holders of the Debentures and creditors of the Company, as the case may be, other than the holders of Senior
Indebtedness, as the case may be, nor shall anything herein or therein prevent the Trustee or the holder of any Debenture from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any,
under this Article XVI of the holders of such Senior Indebtedness in respect of cash, property or securities of the Company, as the case may be, received upon the exercise of any such remedy.

	 
	
          (c)      Upon any payment or distribution of assets of the Company referred to in this Article XVI, the Trustee, subject to the provisions of Article IX, and the
holders of the Debentures shall be entitled to conclusively rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding-up, liquidation or reorganization proceedings are pending, or a certificate of the
receiver, trustee in bankruptcy, liquidation trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to the holders of the Debentures, for the purposes of ascertaining the Persons entitled to participate in such
distribution, the holders of Senior Indebtedness and other indebtedness of the Company, as the case may be, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article XVI
 .

	 
	
          Section 16.5.      The Trustee to Effectuate Subordination. Each holder of Debentures by such holder's acceptance thereof
authorizes and directs the Trustee on such holder's behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in 

	 
	
54

	 
	
this Article XVI and appoints the Trustee such holder's attorney-in-fact for any and all such purposes.

	 
	
          Section 16.6.      Notice by the Company.

	 
	
          (a)      The Company shall give prompt written notice to a Responsible Officer of the Trustee of any fact known to the Company that would prohibit the making of any
payment of monies to or by the Trustee in respect of the Debentures pursuant to the provisions of this Article XVI.  Notwithstanding the provisions of this Article XVI or any other provision of this Indenture, the Trustee shall not be charged with
knowledge of the existence of any facts that would prohibit the making of any payment of monies to or by the Trustee in respect of the Debentures pursuant to the provisions of this Article XVI, unless and until a Responsible Officer of the Trustee shall
have received written notice thereof from the Company or a holder or holders of Senior Indebtedness or from any trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions of Section 9.1, shall be entitled
in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received the notice provided for in this Section 16.6 at least two Business Days prior to the date upon which by the terms hereof any money may become payable for any purpose (including,
without limitation, the payment of the principal of or interest on any Debenture), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such money and to apply the same to the purposes
for which they were received, and shall not be affected by any notice to the contrary that may be received by it within two Business Days prior to such date.

	 
	
          (b)      The Trustee, subject to the provisions of Section 9.1, shall be entitled to conclusively rely on the delivery to it of a written notice by a Person
representing himself or herself to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a holder of such Senior Indebtedness or a trustee on behalf of any such holder or holders.  In
the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of such Senior Indebtedness to participate in any payment or distribution pursuant to this Article XVI, the Trustee
may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of such Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any
other facts pertinent to the rights of such Person under this Article XVI, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment.

	 
	
          Section 16.7.      Rights of the Trustee; Holders of the Senior Indebtedness.

	 
	
          (a)      The Trustee in its individual capacity shall be entitled to all the rights set forth in this Article XVI in respect of any Senior Indebtedness at any time
held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder.  The Trustee's right to compensation and 

	 
	
55

	 
	
reimbursement of expenses as set forth in Section 9.7 shall not be subject to the subordination provisions of this Article XVI.

	 
	
          (b)      With respect to the holders of the Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are
specifically set forth in this Article XVI, and no implied covenants or obligations with respect to the holders of such Senior Indebtedness shall be read into this Indenture against the Trustee.  The Trustee shall not be deemed to owe any fiduciary duty
to the holders of such Senior Indebtedness and, subject to the provisions of Section 9.1, the Trustee shall not be liable to any holder of such Senior Indebtedness if it shall pay over or deliver to holders of Debentures, the Company or any other Person
money or assets to which any holder of such Senior Indebtedness shall be entitled by virtue of this Article XVI or otherwise.

	 
	
          Section 16.8.      Subordination May Not Be Impaired.

	 
	
          (a)      No right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or
impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any
knowledge thereof that any such holder may have or otherwise be charged with.

	 
	
          (b)      Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness may, at any time and from time to time, without the
consent of or notice to the Trustee or the holders of the Debentures, without incurring responsibility to the holders of the Debentures and without impairing or releasing the subordination provided in this Article XVI or the obligations hereunder of the
holders of the Debentures to the holders of such Senior Indebtedness, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, such Senior Indebtedness, or otherwise amend
or supplement in any manner such Senior Indebtedness or any instrument evidencing the same or any agreement under which such Senior Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or
otherwise securing such Senior Indebtedness; (iii) release any Person liable in any manner for the collection of such Senior Indebtedness; and (iv) exercise or refrain from exercising any rights against the Company and any other Person.

	 
	
*  *  *  *  *

	 
	
56

	 
	 
	
          IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed all as of the day and year first above written.

	 
	 	
S.Y. BANCORP, INC.

	 	 
	 	
By: /s/ David P. Heintzman                           

	 	
      Name:  David P. Heintzman

	 	
      Title:  President

	
Attest:
	 
	 	 
	
 /s/ Nancy B. Davis                     
	 
	 	 
	 	
WILMINGTON TRUST COMPANY, as Trustee

	 	 
	 	
By: /s/ Donald G. MacKelcan                              

	 	
      Name:  Donald G. MacKelcan

	 	
      Title:   Vice President

	
Attest:
	 
	 	 
	
 /s/ James P. Lawler                           
	 
	 	 
	
57

	 	 
	
COMMONWEALTH OF KENTUCKY
	
)

	 	
) ss

	
COUNTY OF JEFFERSON
	
)

	 	 
	
          On this 1st day of June, 2001, before me appeared David P. Heintzman, to me personally known, who, being by me duly sworn, did say that he is the President of S.Y. Bancorp, Inc., and that the
seal affixed to said instrument is the corporate seal of said corporation, and that said instrument was signed and sealed on behalf of said corporation by authority of its Board of Directors and said David P. Heintzman acknowledged said instrument to be
the free act and deed of said corporation.

	 
	
          In testimony whereof I have hereunto set my hand and affixed my official seal at my office in said county and state the day and year last above written.

	 
	 	
/s/ Margaret B. Garner                       

	 	
Notary Public

	 	 
	 	
My term expires:   April 10, 2002           

	 	 
	
STATE OF DELAWARE
	
)

	 	
) ss

	
COUNTY OF NEW CASTLE
	
)

	 	 
	
          On this 31st day of  May, 2001, before me appeared James P. Lawler, to me personally known, who, being by me duly sworn, did say that he is the Vice President of Wilmington Trust Company, and
that the seal affixed to said instrument is the corporate seal of said corporation, and that said instrument was signed and sealed on behalf of said corporation by authority of its Board of Directors and said James P. Lawler, acknowledged said instrument
to be the free act and deed of said corporation.

	 
	
          In testimony whereof I have hereunto set my hand and affixed my official seal at my office in said county and commonwealth the day and year last above written.

	 
	 	
/s/ Leigh Emmi                                

	 	
Notary Public

	 	 
	 	
My term expires:   August 1, 2002   

	 	 
	
58

 

 

	
EXHIBIT A

	
(Form of Face of Debenture)

	 
	
No. 1
	
$20,618,570.00

	
CUSIP No.785060-AA-2.

	 
	
S.Y. BANCORP, INC.

9.00% SUBORDINATED DEBENTURE

DUE 2031

	 
	
          S.Y. Bancorp, Inc., a Kentucky corporation (the "Company," which term includes any successor corporation under the Indenture hereinafter referred to), for value received,
hereby promises to pay to Wilmington Trust Company, as Property Trustee for S.Y. Bancorp Capital Trust I, or registered assigns, the principal sum of Twenty Million Six Hundred Eighteen Thousand Five Hundred Seventy Dollars ($20,618,570.00) on June 30,
2031 (the "Stated Maturity"), and to pay interest on said principal sum from June 30, 2001, or from the most recent interest payment date (each such date, an "Interest Payment Date") to which interest has been paid or duly provided for, quarterly (subject
to deferral as set forth herein) in arrears on March 31, June 30, September 30 and December 31 of each year commencing September 30, 2001, at the rate of 9.00% per annum until the principal hereof shall have become due and payable, and on any overdue
principal and (without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum compounded quarterly.  The amount of interest payable on any Interest
Payment Date shall be computed on the basis of a 360-day year of twelve 30-day months.  The amount of interest for any partial period shall be computed on the basis of the number of days elapsed in a 360-day year of twelve 30-day months.  In the event
that any date on which interest is payable on this Debenture is not a business day, then payment of interest payable on such date shall be made on the next succeeding day that is a business day (and without any interest or other payment in respect of any
such delay) except that, if such business day is in the next succeeding calendar year, payment of such interest will be made on the immediately preceding business day, in each case, with the same force and effect as if made on such date.  The interest
installment so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the person in whose name this Debenture (or one or more Predecessor Debentures, as defined in said Indenture) is
registered at the close of business on the regular record date for such interest installment, which shall be the close of business on the business day next preceding such Interest Payment Date unless otherwise provided in the Indenture.  Any such interest
installment not punctually paid or duly provided for shall forthwith cease to be payable to the registered holders on such regular record date and may be paid to the Person in whose name this Debenture (or one or more Predecessor Debentures) is registered
at the close of business on a special record date to be fixed by the Trustee for the payment of such defaulted interest, notice thereof shall be fixed by the Trustee for the payment of such defaulted interest, notice thereof shall be given to the
registered holders of the Debentures not less than 10 days prior to such special record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or quotation system on or in which the
Debentures may be listed or quoted, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.  The principal of and the interest on this 

	 
	
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Debenture shall be payable at the office or agency of the Trustee maintained for that purpose in any coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private debts; 
provided, however, that payment of interest may be made at the option of the Company by check mailed to the registered holder at such address as shall appear in the Debenture Register.  Notwithstanding the foregoing, so long as the holder of
this Debenture is the Property Trustee, the payment of the principal of and interest on this Debenture shall be made at such place and to such account as may be designated by the Trustee.

	 
	
          The Stated Maturity may be shortened at any time by the Company to any date not earlier than June 30, 2006, subject to the Company having received prior approval of the
Federal Reserve if then required under applicable capital guidelines, policies or regulations of the Federal Reserve.

	 
	
          The indebtedness evidenced by this Debenture is, to the extent provided in the Indenture, subordinate and junior in right of payment to the prior payment in full of all Senior
Indebtedness (as defined in the Indenture).  This Debenture is issued subject to the provisions of the Indenture with respect thereto.  Each holder of this Debenture, by accepting the same, (a) agrees to and shall be bound by such provisions; (b)
authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination so provided; and (c) appoints the Trustee his or her attorney-in-fact for any and all such
purposes.  Each holder hereof, by his or her acceptance hereof, hereby waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Indebtedness, whether now outstanding or hereafter
incurred, and waives reliance by each such holder upon said provisions.

	 
	
          This Debenture shall not be entitled to any benefit under the Indenture hereinafter referred to, be valid or become obligatory for any purpose until the Certificate of
Authentication hereon shall have been signed by or on behalf of the Trustee.

	 
	
          The provisions of this Debenture are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect as though fully set forth
at this place.

	 
	
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          IN WITNESS WHEREOF, the Company has caused this instrument to be executed.

	 
	
Dated:  June 1, 2001

	 
	 	
S.Y. BANCORP, INC.

	 	 
	 	
By:____________________________

	 	
Name: David P. Heintzman

	 	
Title:  President

	
Attest:
	 
	 	 
	
By:_____________________________
	 
	
      Name: Nancy B. Davis
	 
	
      Title: Executive Vice President and

               Chief Financial Officer
	 
	 	 
	
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[Form of Certificate of Authentication]

	 
	
CERTIFICATE OF AUTHENTICATION

	 
	
This is one of the Debentures described in the within-mentioned Indenture.

	 
	
Dated: June 1, 2001

	 
	
Wilmington Trust Company,
	
________________________________

	
as Trustee
	
or Authenticating Agent                       

	 	 
	
By:________________________________
	
By: _________________________________

	
       Authorized Signatory
	 
	 	 
	
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[Form of Reverse of Debenture]

	 
	
9.00% SUBORDINATED DEBENTURE DUE 2031

	 
	
(CONTINUED)

	 
	
          This Debenture is one of the subordinated debentures of the Company (herein sometimes referred to as the "Debentures"), all issued or to be issued under and pursuant
to an Indenture dated as of June 1, 2001 (the "Indenture") duly executed and delivered between the Company and Wilmington Trust Company, as Trustee (the "Trustee"), to which Indenture reference is hereby made for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the Debentures.  The Debentures are limited in aggregate principal amount as specified in the Indenture.

	 
	
          Because of the occurrence and continuation of a Special Event (as defined in the Indenture), in certain circumstances, this Debenture may become due and payable at the
principal amount together with any interest accrued thereon (the "Redemption Price").  The Redemption Price shall be paid prior to 12:00 noon Eastern Standard Time, on the date of such redemption or at such earlier time as the Company
determines.  The Company shall have the right as set forth in the Indenture to redeem this Debenture at the option of the Company, without premium or penalty, in whole or in part at any time on or after June 30, 2006 (an "Optional Redemption"),
or at any time in certain circumstances upon the occurrence of a Special Event, at a Redemption Price equal to 100% of the principal amount hereof plus any accrued but unpaid interest hereon, to the date of such redemption.  Any redemption pursuant to
this paragraph shall be made upon not less than thirty (30) days' nor more than sixty (60) days' notice, at the Redemption Price.  The Redemption Price shall be paid at the time and in the manner provided therefor in the Indenture.  If the Debentures are
only partially redeemed by the Company pursuant to an Optional Redemption, the Debentures shall be redeemed pro rata or by lot or by any other method utilized by the Trustee as described in the Indenture.  In the event of an Optional Redemption of this
Debenture in part only, a new Debenture or Debentures for the unredeemed portion hereof shall be issued in the name of the holder hereof upon the cancellation hereof.

	 
	
          In case an Event of Default (as defined in the Indenture) shall have occurred and be continuing, the principal of all of the Debentures may be declared, and upon such
declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

	 
	
          The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the
Debentures at the time Outstanding (as defined in the Indenture), to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental
indenture or of modifying in any manner the rights of the holders of the Debentures; provided, however, that no such supplemental indenture shall, except as provided in the Indenture, (i) extend the fixed maturity of the Debentures, reduce the principal amount thereof, or reduce the rate or extend the time of payment of
interest thereon without the consent of the holder of each Debenture so affected thereby; or (ii) reduce the 

	 
	
A-5

	 
	
aforesaid percentage of the Debentures, the holders of which are required to consent to any such supplemental indenture, without the consent of the holder of each Debenture then Outstanding and so affected thereby.  The Indenture also
contains provisions permitting the holders of at least a majority in aggregate principal amount of the Debentures at the time Outstanding, on behalf of all of the holders of the Debentures, to waive any past default in the performance of any of the
covenants contained in the Indenture, or established pursuant to the Indenture, and its consequences, except a default in the payment of the principal of or interest on any of the Debentures. Any such consent or waiver by the registered holder of this
Debenture (unless revoked as provided in the Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of this Debenture and of any Debenture issued in exchange herefor or in place hereof (whether by registration
of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Debenture.

	 
	
          No reference herein to the Indenture and no provision of this Debenture or of the Indenture shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal and interest on this Debenture at the time and place and at the rate and in the manner herein prescribed.

	 
	
          The Company, as further described in the Indenture, shall have the right at any time during the term of the Debentures and from time to time to defer payments of interest by
extending the interest payment period of such Debentures for up to twenty (20) consecutive quarters (each, an "Extension Period"), at the end of which period the Company shall pay all interest then accrued (together with interest thereon at the
rate specified for the Debentures to the extent that payment of such interest is enforceable under applicable law).  Before the termination of any such Extension Period, so long as no Event of Default shall have occurred and be continuing, the Company may
further extend such Extension Period, provided that such Extension Period together with all such further extensions thereof shall not exceed twenty (20) consecutive quarters, extend beyond June 30, 2031, or end on a date other than an Interest Payment
Date. At the termination of any such Extension Period and upon the payment of all Deferred Payments then due, the Company may commence a new Extension Period.

	 
	
          As provided in the Indenture and subject to certain limitations therein set forth, this Debenture is transferable by the registered holder hereof on the Debenture Register (as
defined in the Indenture) of the Company, upon surrender of this Debenture for registration of transfer at the office or agency of the Trustee accompanied by a written instrument or instruments of transfer in form satisfactory to the Company or the
Trustee duly executed by the registered holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Debentures of authorized denominations and for the same aggregate principal amount shall be issued to the designated
transferee or transferees.  No service charge shall be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto.

	 
	
          Prior to due presentment for registration of transfer of this Debenture, the Company, the Trustee, any Paying Agent (as defined in the Indenture) and the Debenture Registrar
may deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Debenture 

	 
	
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shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Debenture Registrar) for the purpose of receiving payment of or on account of the principal hereof and interest due hereon and
for all other purposes, and neither the Company nor the Trustee nor any Paying Agent nor any Debenture Registrar shall be affected by any notice to the contrary.

	 
	
          No recourse shall be had for the payment of the principal of or the interest on this Debenture, or for any claim based hereon, or otherwise in respect hereof, or based on or
in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by
the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

	 
	
          The Debentures are issuable only in registered form without coupons in denominations of $10 and any integral multiple thereof (or such other denominations and any integral
multiple thereof as may be deemed necessary by the Company for the purpose of maintaining the eligibility of the Debentures for listing on the American Stock Exchange, Inc. or any successor thereto).  

	 
	
          All terms used in this Debenture that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

	 
	
A-7

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