Document:

Exhibit
4.1

 

RHINEBECK
BANCORP, MHC 

 

as
Issuer

 

INDENTURE

 

Dated
as of March 30, 2005

 

WILMINGTON
TRUST COMPANY 

 

as
Trustee

 

FLOATING
RATE JUNIOR SUBORDINATED DEBT SECURITIES DUE 2035

 

      

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE I	DEFINITIONS	1
	 	 	 	 
	Section 1.01	Definitions	1
	 	 	 	 
	ARTICLE II	DEBT SECURITIES	8
	 	 	 	 
	Section 2.01	Authentication and Dating	8
	Section 2.02	Form of Trustee’s Certificate of Authentication	9
	Section 2.03	Form and Denomination of Debt Securities	9
	Section 2.04	Execution of Debt Securities	9
	Section 2.05	Exchange and Registration of Transfer of Debt Securities	10
	Section 2.06	Mutilated, Destroyed, Lost or Stolen Debt Securities	13
	Section 2.07	Temporary Debt Securities	14
	Section 2.08	Payment of Interest	15
	Section 2.09	Cancellation of Debt Securities Paid, etc	16
	Section 2.10	Computation of Interest	16
	Section 2.11	Extension of Interest Payment Period	18
	Section 2.12	CUSIP Numbers	18
	 	 	 	 
	ARTICLE III	PARTICULAR COVENANTS OF THE COMPANY	19
	 	 	 	 
	Section 3.01	Payment of Principal, Premium and Interest; Agreed Treatment of the Debt Securities	19
	Section 3.02	Offices for Notices and Payments, etc	20
	Section 3.03	Appointments to Fill Vacancies in Trustee’s Office	20
	Section 3.04	Provision as to Paying Agent	20
	Section 3.05	Certificate to Trustee	21
	Section 3.06	Additional Amounts	21
	Section 3.07	Compliance with Consolidation Provisions	22
	Section 3.08	Limitation on Dividends	22
	Section 3.09	Covenants as to the Trust	23
	 	 	 	 
	ARTICLE IV 	LISTS	23
	 	 	 	 
	Section 4.01	Securityholders’ Lists	23
	Section 4.02	Preservation and Disclosure of Lists	23
	Section 4.03	Financial and Other Information	25
	 	 	 	 
	ARTICLE V 	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS	25
	 	 	 
	Section 5.01	Events of Default	25
	Section 5.02	Payment of Debt Securities on Default; Suit Therefor	28
	Section 5.03	Application of Moneys Collected by Trustee	29
	Section 5.04	Proceedings by Securityholders	29

 

    	 	 i	 

     

    

 

	Section
    5 05	Proceedings by Trustee	30
	Section
    5.06	Remedies Cumulative and Continuing	30
	Section
    5.07	Direction of Proceedings and Waiver of Defaults
    by Majority of Securityholders	31
	Section
    5.08	Notice of Defaults	31
	Section
    5.09	Undertaking to Pay Costs	32
	 	 	 	 
	ARTICLE VI 	CONCERNING
    THE TRUSTEE	32
	 	 	 
	Section
    6.01	Duties and Responsibilities of Trustee	32
	Section
    6.02	Reliance on Documents, Opinions, etc	33
	Section
    6.03	No Responsibility for Recitals, etc	34
	Section
    6.04	Trustee, Authenticating Agent, Paying
    Agents, Transfer     Agents     or Registrar May Own Debt Securities	34
	Section
    6.05	Moneys to be Held in Trust	35
	Section 6.06	Compensation and Expenses
    of Trustee	35
	Section 6.07	Officers’ Certificate
    as Evidence	36
	Section 6.08	Eligibility of Trustee	36
	Section 6.09	Resignation or Removal
    of Trustee	37
	Section 6.10	Acceptance by Successor
    Trustee	38
	Section 6.11	Succession by Merger,
    etc	39
	Section
    6.12	Authenticating Agents	 39
	 	 	 	 
	ARTICLE VII 	CONCERNING THE SECURITYHOLDERS	39
	 	 	 
	Section
    7.01	Action by Securityholders	40
	Section 7.02	Proof of Execution
    by Securityholders	41
	Section
    7.03	Who Are Deemed Absolute Owners	41
	Section
    7.04	Debt Securities Owned by Company Deemed Not
    Outstanding	41
	Section 7.05	Revocation of Consents;
    Future Holders Bound	42
	 	 	 	 
	ARTICLE VIII 	SECURITYHOLDERS’ MEETINGS	42
	 	 	 
	Section 8.01	Purposes of Meetings	42
	Section
    8.02	Call of Meetings by Trustee	43
	Section 8.03	Call of Meetings by
    Company or Securityholders	43
	Section
    8.04	Qualifications for Voting	43
	Section
    8.05	Regulations	43
	Section
    8.06	Voting	44
	Section
    8.07	Quorum; Actions	44
	 	 	 	
	ARTICLE IX 	SUPPLEMENTAL INDENTURES	45
	 	 	 	 
	Section
    9.01	Supplemental Indentures without Consent of Securityholders	45
	Section 9.02	Supplemental Indentures
    with Consent of Securityholders	47
	Section
    9.03	Effect of Supplemental Indentures	48

 

    	 	 ii	 

     

    

 

	Section 9.04	Notation on Debt Securities	48
	Section 9.05	Evidence of Compliance of Supplemental Indenture to be Furnished to Trustee	48
	 	 	 	 
	ARTICLE X	REDEMPTION OF SECURITIES	48
	 	 	 	 
	Section 10.01	Optional Redemption	48
	Section 10.02	Special Event Redemption	49
	Section 10.03	Notice of Redemption; Selection of Debt Securities	49
	Section 10.04	Payment of Debt Securities Called for Redemption	50
	 	 	 	 
	ARTICLE XI	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	50
	 	 	 	 
	Section 11.01	Company May Consolidate, etc., on Certain Terms	50
	Section 11.02	Successor Entity to be Substituted	51
	Section 11.03	Opinion of Counsel to be Given to Trustee	51
	 	 	 
	ARTICLE XII	SATISFACTION  AND DISCHARGE OF INDENTURE	52
	 	 	 	 
	Section 12.01	Discharge of Indenture  	52
	Section 12.02	Deposited Moneys to be Held in Trust by Trustee	52
	Section 12.03	Paying Agent to Repay
Moneys Held	53
	Section 12.04	Return of Unclaimed Moneys	53
	 	 	 	 
	ARTICLE XIII	IMMUNITY OF INCORPORATORS,
    STOCKHOLDERS, OFFICERS AND DIRECTORS  	53
	 	 	 
	Section 13.01	Indenture and Debt Securities Solely Corporate Obligations	53
	 	 	 	 
	ARTICLE XIV	MISCELLANEOUS  PROVISIONS	53
	 	 	 	 
	Section 14.01	Successors	53
	Section 14.02	Official Acts by Successor Entity	53
	Section 14.03	Surrender of Company Powers	54
	Section 14.04	Addresses for Notices, etc	54
	Section 14.05	Governing Law	54
	Section 14.06	Evidence of Compliance with Conditions Precedent	54
	Section 14.07	Business Day Convention	55
	Section 14.08	Table of Contents, Headings, etc 	55
	Section 14.09	Execution in Counterparts	55
	Section 14.10	Separability	55
	Section 14.11	Assignment	55
	Section 14.12	Acknowledgment of Rights	56
	 	 	 	
	ARTICLE XV	SUBORDINATION  OF DEBT SECURITIES	56
	 	 	 	 
	Section 15.01	Agreement to Subordinate	56

 

    	 	 iii	 

     

    

 

	Section 15.02	Default on Senior Indebtedness	56
	Section 15.03	Liquidation; Dissolution; Bankruptcy	57
	Section 15.04	Subrogation	58
	Section 15.05	Trustee to Effectuate Subordination	59
	Section 15.06	Notice by the Company	59
	Section 15.07	Rights of the Trustee; Holders of Senior Indebtedness	60
	Section 15.08	Subordination May Not Be Impaired	60
	 	 	 	 

 

EXHIBITS

EXHIBIT A      Form of Debt
Security

 

    	 	 iv	 

     

    

 

THIS
INDENTURE, dated as of March 30, 2005, between Rhinebeck Bancorp, MHC, a bank holding company incorporated in New York (hereinafter
sometimes called the “Company”), and Wilmington Trust Company, a Delaware banking corporation, as trustee (hereinafter
sometimes called the “Trustee”).

 

WITNESSETH:

 

WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the issuance of its Floating Rate Junior Subordinated Debt Securities
due 2035 (the “Debt Securities”) under this Indenture and to provide, among other things, for the execution and authentication,
delivery and administration thereof, the Company has duly authorized the execution of this Indenture.

 

NOW,
THEREFORE, in consideration of the premises, and the purchase of the Debt Securities by the holders thereof, the Company covenants
and agrees with the Trustee for the equal and proportionate benefit of the respective holders from time to time of the Debt Securities
as follows:

 

ARTICLE
I

DEFINITIONS

 

Section
1.01         Definitions

 

The
terms defined in this Section 1.01 (except as herein 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
1.01. All accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with
generally accepted accounting principles and the term “generally accepted accounting principles” means such accounting
principles as are generally accepted in the United States at the time of any computation. The words “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.

 

‘‘Additional
Amounts” has the meaning set forth in Section 3.06.

 

“Additional
Provisions” has the meaning set forth in Section 15.01.

 

“Administrative
Action” has the meaning specified within the definition of “Tax Event” in this Section 1.01.

 

“Authenticating
Agent” means any agent or agents of the Trustee which at the time shall be appointed and acting pursuant to Section 6.12.

 

“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 or the executive committee or any other duly authorized designated officers of
the Company.

 

      

     

    

 

“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 and delivered to the
Trustee.

 

“Business
Day” means any day other than a Saturday, Sunday or any other day on which banking institutions in Wilmington, Delaware,
The City of New York or Albany, New York are permitted or required by law or executive order to close.

 

“Calculation
Agent” means the Person identified as “Trustee” in the first paragraph hereof with respect to the Debt Securities
and the Institutional Trustee with respect to the Trust Securities.

 

“Capital
Securities” means undivided beneficial interests in the assets of the Trust which are designated as “MMCapSSM”
and rank pari passu with Common Securities issued by the Trust; provided,
however, that if an Event of Default (as defined in the Declaration) has occurred and
is continuing, the rights of holders of such Common Securities to payment in respect of distributions and payments upon liquidation,
redemption and otherwise are subordinated to the rights of holders of such Capital Securities.

 

“Capital
Securities Guarantee” means the guarantee agreement that the Company will enter into with Wilmington Trust Company or other
Persons that operates directly or indirectly for the benefit of holders of Capital Securities of the Trust.

 

“Capital
Treatment Event” means, if the Company is organized and existing under the laws of the United States or any state
thereof or the District of Columbia, the receipt by the Company and the Trust of an Opinion of Counsel experienced in such
matters to the effect that, as a result of any amendment to, or change in, the laws, rules or regulations of the United
States or any political subdivision thereof or therein, or as the result of any official or administrative pronouncement or
action or decision interpreting or applying such laws, rules or regulations, which amendment or change is effective or which
pronouncement, action or decision is announced on or after the date of original issuance of the Debt Securities, there is
more than an insubstantial risk that the Company will not, within 90 days of the date of such opinion, be entitled to treat
Capital Securities as “Tier 1 Capital” (or the then equivalent thereof) for purposes of the capital adequacy
guidelines of the Federal Reserve (or any successor regulatory authority with jurisdiction over bank holding companies), as
then in effect and applicable to the Company; provided, however, that the
inability of the Company to treat all or any portion of the aggregate Liquidation Amount of the Capital Securities
as “Tier 1 Capital” shall not constitute the basis for a Capital Treatment Event if such inability results from
the Company having preferred stock, minority interests in consolidated subsidiaries and any other class of security or
interest which the Federal Reserve (or any successor regulatory authority with jurisdiction over bank holding companies) may
now or hereafter accord “Tier 1 Capital” treatment that, in the aggregate, exceed the amount which may now or
hereafter qualify for treatment as “Tier 1 Capital” under applicable capital adequacy guidelines of the Federal
Reserve (or any successor regulatory authority with jurisdiction over bank holding companies); provided, further, however,
that the distribution of the Debt Securities in connection with the liquidation of the Trust by the Company shall not in and
of itself constitute a Capital Treatment Event unless such liquidation shall have occurred in connection with a Tax Event or
an Investment Company Event. For the avoidance of doubt, the inability of the Company to treat all or any portion of the
aggregate Liquidation Amount of the Capital Securities as “Tier 1 Capital” as a result of the changes effected by
the final rule adopted by the Federal Reserve on March 1, 2005 shall not constitute the basis for a Capital Treatment
Event.

 

    	 	 2	 

     

    

 

“Certificate”
means a certificate signed by any one of the principal executive officer, the principal financial officer or the principal accounting
officer of the Company.

 

“Code’'
means the Internal Revenue Code of 1986, as amended.

 

“Common
Securities” means undivided beneficial interests in the assets of the Trust which are designated as “Common Securities”
and rank pari passu with Capital Securities issued by the Trust; provided, however,
that if an Event of Default (as defined in the Declaration) has occurred and is continuing, the rights of holders of
such Common Securities to payment in respect of distributions and payments upon liquidation, redemption and otherwise are subordinated
to the rights of holders of such Capital Securities.

 

“Company”
means Rhinebeck Bancorp, MHC, a bank holding company incorporated in New York, and, subject to the provisions of Article XI, shall
include its successors and assigns.

 

“Debt
Security” or “Debt Securities” has the meaning stated in the first recital of this Indenture.

 

“Debt
Security Register” has the meaning specified in Section 2.05.

 

“Declaration”
means the Amended and Restated Declaration of Trust of the Trust, dated as of March 30, 2005, as amended or supplemented from
time to time.

 

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

 

“Defaulted
Interest” has the meaning set forth in Section 2.08.

 

“Deferred
Interest” has the meaning set forth in Section 2.11.

 

“Event
of Default” means any event specified in Section 5.01, 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.

 

“Extension
Period” has the meaning set forth in Section 2.11.

 

“Federal
Reserve” means the Board of Governors of the Federal Reserve System,

 

“Indenture”
means this Indenture as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented, or
both.

 

    	 	 3	 

     

    

  

“Institutional
Trustee” has the meaning set forth in the Declaration.

 

“Interest
Payment Date” means February 23, May 23, August 23 and November 23 of each year, commencing on May 23, 2005, subject to Section
14.07.

 

“Interest
Period” has the meaning set forth in Section 2.08.

 

“Interest
Rate” means, with respect to any Interest Period, a per annum rate of interest equal to LIBOR, as determined on the LIBOR
Determination Date for such Interest Period (or, in the case of the first Interest Period, 3.09%), plus 2.00%; provided, however,
that the Interest Rate for any Interest Period may not exceed the highest rate permitted by New York law, as the same may
be modified by United States law of general application.

 

“Investment
Company Event” means the receipt by the Company and the Trust of an Opinion of Counsel experienced in such matters to the
effect that, as a result of a change in law or regulation or written change in interpretation or application of law or regulation
by any legislative body, court, governmental agency or regulatory authority, there is more than
an insubstantial risk that the Trust is or, within 90 days of the date of such opinion will be, considered an “investment
company” that is required to be registered under the Investment Company Act of 1940, as amended, which change becomes effective
on or after the date of the original issuance of the Debt Securities.

 

“LIBOR”
means the London Interbank Offered Rate for three-month U.S. Dollar deposits in Europe as determined by the Calculation Agent according
to Section 2.10(b).

 

“LIBOR
Banking Day” has the meaning set forth in Section 2.10(b)(i).

 

“LIBOR
Business Day” has the meaning set forth in Section 2.10(b)(i).

 

“LIBOR
Determination Date” has the meaning set forth in Section 2.10(b)(i).

 

“Liquidation
Amount” means the liquidation amount of $1,000 per Trust Security.

 

“Major
Depository Institution Subsidiary” means any subsidiary of the Company that (i) is a depository institution and (ii) meets
the definition of “significant subsidiary” within the meaning of Rule 405 under the Securities Act.

 

“Maturity
Date” means May 23, 2035, subject to Section 14.07.

 

“Officers’
Certificate” means a certificate signed by the Chairman of the Board, the Vice Chairman, the President or any Vice President,
and by the Chief Financial Officer, the Treasurer, an Assistant Treasurer, the Comptroller, an Assistant Comptroller, the Secretary
or an Assistant Secretary of the Company, and delivered to the Trustee. Each such certificate shall include the statements provided
for in Section 14.06 if and to the extent required by the provisions of such Section.

 

“Opinion
of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company or may
be other counsel reasonably satisfactory to the Trustee. Each such opinion shall include the statements provided for in Section
14.06 if and to the extent required by the provisions of such Section.

 

    	 	 4	 

     

    

 

The
term “outstanding,” when used with reference to Debt Securities, subject to the provisions of Section 7.04, means,
as of any particular time, all Debt Securities authenticated and delivered by the Trustee or the Authenticating Agent under this
Indenture, except

 

(a)        Debt
Securities theretofore canceled by the Trustee or the Authenticating Agent or delivered to the Trustee for cancellation;

 

(b)        Debt
Securities, or portions thereof, for the payment or redemption of which moneys 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,
that, if such Debt Securities, or portions thereof, are to be redeemed prior to maturity thereof, notice of such redemption
shall have been given as provided in Articles X and XIV or provision satisfactory to the Trustee shall have been made for
giving such notice; and

 

(c)        Debt
Securities paid pursuant to Section 2.06 or in lieu of or in substitution for which other Debt Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Company and the Trustee is presented that
any such Debt Securities are held by bona fide holders in due course.

 

“Optional
Redemption Date” has the meaning set forth in Section 10.01.

 

“Optional
Redemption Price” means an amount in cash equal to 100% of the principal amount of the Debt Securities being redeemed plus
unpaid interest accrued on such Debt Securities to the related Optional Redemption Date.

 

“Paying
Agent” has the meaning set forth in Section 3.04(e).

 

“Person”
means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint-stock company,
limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or
any other entity of whatever nature.

 

“Predecessor
Security” of any particular Debt Security means every previous Debt Security evidencing all or a portion of the same debt
as that evidenced by such particular Debt Security; and, for the purposes of this definition, any Debt Security authenticated and
delivered under Section 2.06 in lieu of a lost, destroyed or stolen Debt Security shall be deemed to evidence the same debt as
the lost, destroyed or stolen Debt Security.

 

“Principal
Office of the Trustee” means the office of the Trustee at which at any particular time its corporate trust business shall
be principally administered, which at all times shall be located within the United States and at the time of the execution of this
Indenture shall be Rodney Square North, 1100 North Market Street, Wilmington, DE 19890-0001.

 

“Reference
Banks” has the meaning set forth in Section 2.10(b)(ii).

 

    	 	 5	 

     

    

 

“Resale
Restriction Termination Date” means, with respect to any Debt Security, the date which is the later of (i) two years (or
such shorter period of time as permitted by Rule 144(k) under the Securities Act) after the later of (y) the date of original issuance
of such Debt Security and (z) the last date on which the Company or any Affiliate (as defined in Rule 405 under the Securities
Act) of the Company was the holder of such Debt Security (or any predecessor thereto) and (ii) such later date, if any, as may
be required by any subsequent change in applicable law.

 

“Responsible
Office" means, with respect to the Trustee, any officer within the Principal Office of the Trustee with direct responsibility
for the administration of the Indenture, including any vice-president, any assistant vice-president, any secretary, any assistant
secretary, the treasurer, any assistant treasurer, any trust officer or other officer of the Principal Office of the Trustee customarily
performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred because of that officer’s knowledge of and familiarity
with the particular subject.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Securityholder,”
“holder of Debt Securities” or other similar terms, means any Person in whose name at the time a particular Debt Security
is registered on the Debt Security Register.

 

“Senior
Indebtedness” means, with respect to the Company, (i) the principal, premium, if any, and interest in respect of
(A) indebtedness of the Company for money borrowed, as well as similar obligations arising from off-balance
sheet guarantees and direct credit substitutes and (B) indebtedness evidenced by securities, debentures, notes, bonds or
other similar instruments issued by the Company, (ii) all capital lease obligations of the Company, (iii) all obligations of
the Company issued or assumed as the deferred purchase price of property, all conditional sale obligations of the Company and
all obligations of the Company under any title retention agreement (but excluding trade accounts payable and other
accrued liabilities arising in the ordinary course of business), (iv) all obligations of the Company for the reimbursement of
any letter of credit, any banker’s acceptance, any security purchase facility, any repurchase agreement or
similar arrangement, all obligations associated with derivative products such as interest rate and foreign exchange contracts
and commodity contracts, any interest rate swap, any other hedging arrangement, any obligation under options or any
similar credit or other transaction, (v) all obligations of the type referred to in clauses (i) through (iv) above of other
Persons for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise and (vi) all
obligations of the type referred to in clauses (i) through (v) above of other Persons secured by any lien on any property or
asset of the Company (whether or not such obligation is assumed by the Company), whether the obligations of the type referred
to in clauses (i) through
(vi) above were incurred on or prior to the date of this Indenture or thereafter incurred, unless, with the prior approval of
the Federal Reserve if not otherwise generally approved, it is provided in the instrument creating or evidencing the same or
pursuant to which the same is outstanding that such obligations are not superior or are pari
passu in right of payment to the Debt Securities; provided,
however, that Senior Indebtedness shall not include (A) any debt securities issued to any trust other than the
Trust (or a trustee of such trust) that is a financing vehicle of the Company (a “financing entity”) in
connection with the issuance by such financing entity of equity or other securities in transactions substantially similar in
structure to the transactions contemplated hereunder and in the Declaration or (B) any guarantees of the Company in respect
of the equity or other securities of any financing entity referred to in clause (A) above.

 

    	 	 6	 

     

    

 

“Special
Event” means any of a Tax Event, an Investment Company Event or a Capital Treatment Event.

 

“Special
Redemption Date” has the meaning set forth in Section 10.02.

 

“Special
Redemption Price” means, with respect to the redemption of any Debt Security following a Special Event, an amount in cash
equal to 104.00% of the principal amount of Debt Securities to be redeemed prior to May 23, 2006 and thereafter equal to the percentage
of the principal amount of the Debt Securities that is specified below for the Special Redemption Date plus, in each case, unpaid
interest accrued thereon to the Special Redemption Date:

 

	Special Redemption During the 12-Month 
 Period Beginning May 23,	 	Percentage of Principal Amount	 
	 	 	 	 
	2006	 	 	103.20	%
	 	 	 	 	 
	2007	 	 	102.40	%
	 	 	 	 	 
	2008	 	 	101.60	%
	 	 	 	 	 
	2009	 	 	100.84	%
	 	 	 	 	 
	2010 and thereafter	 	 	100.00	%

 

“Subsidiary”
means, with respect to any Person, (i) any corporation, at least a majority of the outstanding voting stock of which is
owned, directly or indirectly, by such Person or one or more of its Subsidiaries or by such Person and one or more of its
Subsidiaries, (ii) any general partnership, joint venture or similar entity, at least a majority of the outstanding
partnership or similar interests of which shall at the time be owned by such Person or one or more of its Subsidiaries or by
such Person and one or more of its Subsidiaries, and (iii) any limited partnership of which such Person or any of its
Subsidiaries is a general partner. For the purposes of this definition, “voting stock” 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.

 

    	 	 7	 

     

    

 

“Tax
Event” means the receipt by the Company and the Trust of an Opinion of Counsel experienced in such matters 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 (including any private letter ruling, technical advice memorandum, regulatory procedure, notice or announcement (an
“Administrative Action”)) or judicial decision interpreting or applying such laws or regulations, regardless of whether
such Administrative Action or judicial decision is issued to or in connection with a proceeding involving the Company or the Trust
and whether or not subject to review or appeal, which amendment, clarification, change, Administrative Action or decision is enacted,
promulgated or announced, in each case on or after the date of original issuance of the Debt Securities, there is more than an
insubstantial risk that: (i) the Trust is, or will be within 90 days of the date of such opinion, subject to United States federal
income tax with respect to income received or accrued on the Debt Securities, (ii) if the Company is organized and existing under
the laws of the United States or any state thereof or the District of Columbia, interest payable by the Company on the Debt Securities
is not, or within 90 days of the date of such opinion, will not be, deductible by the Company, in whole or in part, for United
States federal income tax purposes; or (iii) the Trust is, or will be within 90 days of the date of such opinion, subject to or
otherwise required to pay, or required to withhold from distributions to holders of Trust Securities, more than a de minimis amount
of other taxes (including withholding taxes), duties, assessments or other governmental charges.

 

“Trust”
means RSB Capital Trust I, the Delaware statutory trust, or any other similar trust created for the purpose of issuing Capital
Securities in connection with the issuance of Debt Securities under this Indenture, of which the Company is the sponsor.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended from time to time, or any successor legislation.

 

“Trust
Securities” means Common Securities and Capital Securities of the Trust.

 

“Trustee”
means the Person identified as “Trustee” in the first paragraph hereof, and, subject to the provisions of Article VI
hereof, shall also include its successors and assigns as Trustee hereunder.

 

“United
States” means the United States of America and the District of Columbia.

 

“U.S.
Person” has the meaning given to United States Person as set forth in Section 7701(a) (30) of the Code.

 

ARTICLE
II 

DEBT
SECURITIES

 

Section
2.01         Authentication and Dating.

 

Upon
the execution and delivery of this Indenture, or from time to time thereafter, Debt Securities in an aggregate principal amount
not in excess of $5,155,000 may be executed and delivered by the Company to the Trustee for authentication, and the Trustee shall
thereupon authenticate and make available for delivery said Debt Securities to or upon the written order of the Company, signed
by its Chairman of the Board of Directors, Vice Chairman, President or Chief Financial Officer or one of its Vice Presidents, without
any further action by the Company hereunder. In authenticating such Debt Securities, and accepting the additional responsibilities
under this Indenture in relation to such Debt Securities, the Trustee shall be entitled to receive, and (subject to Section 6.01)
shall be fully protected in relying upon a copy of any Board Resolution or Board Resolutions relating thereto and, if applicable,
an appropriate record of any action taken pursuant to such resolution, in each case certified by the Secretary or an Assistant
Secretary or other officers with appropriate delegated authority of the Company as the case may be.

 

    	 	 8	 

     

    

 

The
Trustee shall have the right to decline to authenticate and deliver any Debt Securities under this Section if the Trustee, being
advised by counsel, determines that such action may not lawfully be taken or if a Responsible Officer of the Trustee in good faith
shall determine that such action would expose the Trustee to personal liability to existing Securityholders.

 

The
definitive Debt Securities shall be typed, printed, lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the officers executing such Debt Securities, as evidenced by their execution of such Debt Securities.

 

Section
2.02         Form of Trustee’s Certificate
of Authentication.

 

The
Trustee’s certificate of authentication on all Debt Securities shall be in substantially the following form:

 

This
certificate represents Debt Securities referred to in the within-mentioned Indenture.

 

	 	Wilmington Trust Company,

not in its individual capacity 

but solely as trustee
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

Section
2.03         Form and Denomination of Debt Securities.

 

The
Debt Securities shall be substantially in the form of Exhibit A hereto. The Debt Securities shall be in registered, certificated
form without coupons and in minimum denominations of $100,000 and any multiple of $1,000
in excess thereof. The Debt Securities shall be numbered, lettered, or otherwise distinguished in such manner or in accordance
with such plans as the officers executing the same may determine with the approval of the Trustee as evidenced by the execution
and authentication thereof.

 

Section
2.04         Execution of Debt Securities.

 

The
Debt Securities shall be signed in the name and on behalf of the Company by the manual or facsimile signature of its Chairman of
the Board of Directors, Vice Chairman, President or Chief Financial Officer or one of its Executive Vice Presidents, Senior Vice
Presidents or Vice Presidents, under its corporate seal (if legally required) which may be affixed thereto or printed, engraved
or otherwise reproduced thereon, by facsimile or otherwise, and which need not be attested. Only such Debt Securities as shall
bear thereon a certificate of authentication substantially in the form herein before recited, executed by the Trustee or the Authenticating
Agent by the manual or facsimile signature of an authorized officer, shall be entitled to the benefits of this Indenture or be
valid or obligatory for any purpose. Such certificate by the Trustee or the Authenticating Agent upon any Debt Security executed
by the Company shall be conclusive evidence that the Debt Security so authenticated has been duly authenticated and delivered hereunder
and that the holder is entitled to the benefits of this Indenture.

 

    	 	 9	 

     

    

  

In
case any officer of the Company who shall have signed any of the Debt Securities shall cease to be such officer before the
Debt Securities so signed shall have been authenticated and delivered by the Trustee or the Authenticating Agent, or disposed
of by the Company, such Debt Securities nevertheless may be authenticated and delivered or disposed of as though the Person
who signed such Debt Securities had not ceased to be such officer of the Company; and any Debt Security may be signed on
behalf of the Company by such Persons as, at the actual date of the execution of such Debt Security, shall be the proper
officers of the Company, although at the date of the execution of this Indenture any such person was not such an
officer.

 

Every
Debt Security shall be dated the date of its authentication.

 

Section
2.05       Exchange and Registration of Transfer of Debt
Securities.

 

The
Company shall cause to be kept, at the office or agency maintained for the purpose of registration of transfer and for exchange
as provided in Section 3.02, a register (the “Debt Security Register”) for the Debt Securities issued hereunder in
which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration and transfer
of all Debt Securities as provided in this Article II. Such register shall be in written form or in any other form capable of being
converted into written form within a reasonable time.

 

Debt
Securities to be exchanged may be surrendered at the Principal Office of the Trustee or at any office or agency to be maintained
by the Company for such purpose as provided in Section 3.02, and the Company shall execute, the Company or the Trustee shall register
and the Trustee or the Authenticating Agent shall authenticate and make available for delivery in exchange therefor, the Debt Security
or Debt Securities which the Securityholder making the exchange shall be entitled to receive. Upon due presentment for registration
of transfer of any Debt Security at the Principal Office of the Trustee or at any office or agency of the Company maintained for
such purpose as provided in Section 3.02, the Company shall execute, the Company or the Trustee shall register and the Trustee
or the Authenticating Agent shall authenticate and make available for delivery in the name of the transferee or transferees, a
new Debt Security for a like aggregate principal amount. Registration or registration of transfer of any Debt Security by the Trustee
or by any agent of the Company appointed pursuant to Section 3.02, and delivery of such Debt Security, shall be deemed to complete
the registration or registration of transfer of such Debt Security.

 

All
Debt Securities presented for registration of transfer or for exchange or payment shall (if so required by the Company or the Trustee
or the Authenticating Agent) be duly endorsed by, or be accompanied by, a written instrument or instruments of transfer in form
satisfactory to the Company and either the Trustee or the Authenticating Agent duly executed by, the holder or such holder’s
attorney duly authorized in writing.

 

    	 	10	 

     

    

 

No
service charge shall be made for any exchange or registration of transfer of Debt Securities, but the Company or the Trustee may
require payment of a sum sufficient to cover any tax, fee or other governmental charge that may be imposed in connection therewith
other than exchanges pursuant to Section 2.07, Section 9.04 or Section 10.04 not involving any transfer.

 

The
Company or the Trustee shall not be required to exchange or register a transfer of any Debt Security for a period of 15 days immediately
preceding the date of selection of Debt Securities for redemption.

 

Notwithstanding
the foregoing, Debt Securities may not be transferred prior to the Resale Restriction Termination Date except in compliance with
the legend set forth below, unless otherwise determined by the Company in accordance with applicable law, which legend shall be
placed on each Debt Security:

 

THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN
MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. THE HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF, AS THE CASE MAY
BE, AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN PRIOR TO THE DATE WHICH
IS THE LATER OF (i) TWO YEARS (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144(k) UNDER THE SECURITIES ACT) AFTER THE
LATER OF (Y) THE DATE OF ORIGINAL ISSUANCE HEREOF AND (Z) THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE (AS DEFINED IN
RULE 405 UNDER THE SECURITIES ACT) OF THE COMPANY WAS THE HOLDER OF THIS SECURITY OR SUCH INTEREST OR PARTICIPATION (OR ANY
PREDECESSOR THERETO) AND (ii) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY ANY SUBSEQUENT CHANGE IN APPLICABLE LAW, ONLY
(A) TO THE COMPANY, (B) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THE HOLDER
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, AS DEFINED IN RULE I44A, THAT PURCHASES FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (C) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT TO AN
“ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2),
(3),
(7) OR (8) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS SECURITY OR SUCH
INTEREST OR PARTICIPATION FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND
NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (D)
PURSUANT TO OFFERS AND SALES TO NON-US PERSONS THAT OCCUR OUTSIDE THE UNITED STATES PURSUANT TO REGULATION S UNDER THE
SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE COMPANY’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (C) OR (E) ABOVE TO REQUIRE
THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT IN ACCORDANCE WITH THE
INDENTURE, A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY. THE HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION
HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF, AS THE CASE MAY BE, AGREES THAT IT WILL COMPLY WITH THE FOREGOING
RESTRICTIONS.

 

    	 	11	 

     

    

 

THE
HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF, AS THE CASE MAY BE, ALSO
AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT
SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING
ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY AND NO PERSON INVESTING “PLAN
ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN, UNLESS SUCH PURCHASER OR
HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23,
95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY OR SUCH INTEREST OR PARTICIPATION
IS NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER
OR HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING
HEREOF OR THEREOF, AS THE CASE MAY BE, THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF
ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT
PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR
(ii) SUCH PURCHASE AND HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE
FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

 

    	 	12	 

     

    

 

IN
CONNECTION WITH ANY TRANSFER, THE HOLDER OF THIS SECURITY WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND
OTHER INFORMATION AS MAY BE REQUIRED BY THE INDENTURE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

THIS
SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF.
ANY ATTEMPTED TRANSFER OF THIS SECURITY IN DENOMINATIONS OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT
WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION
HEREIN FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS SECURITY OR SUCH INTEREST OR PARTICIPATION,
AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SECURITY OR ANY INTEREST OR PARTICIPATION
HEREIN.

 

THIS
OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE
FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”). THIS OBLIGATION IS SUBORDINATED TO THE CLAIMS OF THE DEPOSITORS
AND THE CLAIMS OF GENERAL AND SECURED CREDITORS OF THE COMPANY, IS INELIGIBLE AS COLLATERAL FOR A LOAN BY THE COMPANY OR ANY OF
ITS SUBSIDIARIES AND IS NOT SECURED.

 

Section
2.06       Mutilated, Destroyed, Lost or Stolen Debt Securities.

 

In
case any Debt Security shall become mutilated or be destroyed, lost or stolen, the Company shall execute, and upon its written
request the Trustee shall authenticate and deliver, a new Debt Security bearing a number not contemporaneously outstanding, in
exchange and substitution for the mutilated Debt Security, or in lieu of and in substitution for the Debt Security so destroyed,
lost or stolen. In every case the applicant for a substituted Debt Security 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 such Debt
Security and of the ownership thereof.

 

The
Trustee may authenticate any such substituted Debt Security and deliver the same upon the written request or authorization of any
officer of the Company. Upon the issuance of any substituted Debt Security, 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 connected therewith.
In case any Debt Security which has matured or is about to mature or has been called for redemption in full shall become mutilated
or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Debt Security, pay or authorize the payment of
the same (without surrender thereof except in the case of a mutilated Debt Security) if the applicant for such payment 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 case
of destruction, loss or theft, evidence satisfactory to the Company and to the Trustee of the destruction, loss or theft of such
Security and of the ownership thereof.

 

    	 	13	 

     

    

 

Every
substituted Debt Security issued pursuant to the provisions of this Section 2.06 by virtue of the fact that any such Debt
Security is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not
the destroyed, lost or stolen Debt Security shall be found at any time, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Debt Securities duly issued hereunder. All Debt Securities shall
be held and owned upon the express condition that, to the extent permitted by applicable law, the foregoing provisions are
exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Debt Securities and shall
preclude 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
2.07       Temporary Debt Securities.

 

Pending
the preparation of definitive Debt Securities, the Company may execute and the Trustee shall authenticate and make available for
delivery temporary Debt Securities that are typed, printed or lithographed. Temporary Debt Securities shall be issuable in any
authorized denomination, and substantially in the form of the definitive Debt Securities but with such  omissions, insertions
and variations as may be appropriate for temporary Debt Securities, all as may be determined by the Company. Every such temporary
Debt Security shall be executed by  the Company and be authenticated by the Trustee upon the same conditions and in substantially
the same manner, and with the same effect, as the definitive Debt Securities. Without unreasonable delay, the Company will execute
and deliver to the Trustee or the Authenticating Agent definitive Debt Securities and thereupon any or all temporary Debt Securities
may be surrendered in exchange therefor, at the Principal Office of the Trustee or at any office or agency maintained by the Company
for such purpose as provided in Section 3.02, and the Trustee or the Authenticating Agent shall authenticate and make available
for delivery in exchange for such temporary Debt Securities a like aggregate principal amount of such definitive Debt Securities.
Such exchange shall be made by the Company at its own expense and without any charge therefor except that in case of any such exchange
involving a registration of transfer the Company may require payment of a sum sufficient to cover any tax, fee or other governmental
charge that may be imposed in relation thereto. Until so exchanged, the temporary Debt Securities shall in all respects be entitled
to the same benefits under this Indenture as definitive Debt Securities authenticated and delivered hereunder.

 

    	 	14	 

     

    

 

Section
2.08       Payment of Interest.

 

Each
Debt Security will bear interest at the then applicable Interest Rate (i) in the case of the initial Interest Period, for the period
from, and including, the date of original issuance of such Debt Security to, but excluding, the initial Interest Payment Date and
(ii) thereafter, for the period from, and including, the first day following the end of the preceding Interest Period to, but excluding,
the applicable Interest Payment Date or, in the case of the last Interest Period, the related Optional Redemption Date, Special
Redemption Date or Maturity Date, as applicable (each such period, an “Interest Period”), on the principal thereof,
on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on Deferred Interest
and on any overdue installment of interest (including Defaulted Interest), payable (subject to the provisions of Article XV) on
each Interest Payment Date and on the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as the case may
be. Interest and any Deferred Interest on any Debt Security that is payable, and is punctually paid or duly provided for by the
Company, on any Interest Payment Date shall be paid to the Person in whose name such Debt Security (or one or more Predecessor
Securities) is registered at the close of business on the regular record date for such interest installment, except that interest
and any Deferred Interest payable on the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as the case
may be, other than any Interest Payment Date shall be paid to the Person to whom principal is paid. In case (i) the Maturity Date
of any Debt Security or (ii) any Debt Security or portion thereof is called for redemption and the related Optional Redemption
Date or the Special Redemption Date, as the case may be, is subsequent to the regular record date with respect to any Interest
Payment Date and prior to such Interest Payment Date, interest on such Debt Security will be paid upon presentation and surrender
of such Debt Security.

 

Any
interest on any Debt Security, other than Deferred Interest, that is payable, but is not punctually paid or duly provided for by
the Company, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable
to the holder on the relevant regular record date by virtue of having been such holder, and such Defaulted Interest shall be paid
by the Company to the Persons in whose names such Debt Securities (or their respective Predecessor Securities) are registered at
the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following
manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on
each such Debt Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an
amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements
reasonably satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to
be held in trust for the benefit of the Persons entitled to such Defaulted Interest as provided in this paragraph. Thereupon the
Trustee shall fix a special record date for the payment of such Defaulted Interest, which shall not be more than fifteen nor less
than ten days prior to the date of the proposed payment and not less than ten days after the receipt by the Trustee of the notice
of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor
to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Debt Security Register,
not less than ten days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special
record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such
Debt Securities (or their respective Predecessor Securities) are registered on such special record date and thereafter the Company
shall have no further payment obligation in respect of the Defaulted Interest.

 

Any
interest scheduled to become payable on an Interest Payment Date occurring during an Extension Period shall not be Defaulted Interest
and shall be payable on such other date as may be specified in the terms of such Debt Securities.

 

    	 	15	 

     

    

 

The
term “regular record date”, as used in this Section, shall mean the fifteenth day prior to the applicable Interest
Payment Date, whether or not such day is a Business Day.

 

Subject
to the foregoing provisions of this Section, each Debt Security delivered under this Indenture upon registration of transfer of
or in exchange for or in lieu of any other Debt Security shall carry the rights to interest accrued and unpaid, and to accrue,
that were carried by such other Debt Security.

 

Section
2.09       Cancellation of Debt Securities Paid, etc.

 

All
Debt Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer, shall, if surrendered
to the Company or any Paying Agent, be surrendered to the Trustee and promptly canceled by it, or, if surrendered to the Trustee
or any Authenticating Agent, shall be promptly canceled by it, and no Debt Securities shall be issued in lieu thereof except as
expressly permitted by any of the provisions of this Indenture. All Debt Securities canceled by any Authenticating Agent shall
be delivered to the Trustee. The Trustee shall destroy all canceled Debt Securities unless the Company otherwise directs the Trustee
in writing, in which case the Trustee shall dispose of such Debt Securities as directed by the Company. If the Company shall acquire
any of the Debt Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented
by such Debt Securities unless and until the same are surrendered to the Trustee for cancellation.

 

Section
2.10       Computation of Interest.

 

(a)           The
amount of interest payable for any Interest Period will be computed on the basis of a 360-day year and the actual number of days
elapsed in such Interest Period.

 

(b)           LIBOR
shall be determined by the Calculation Agent for each Interest Period (other than the first Interest Period, in which case LIBOR
will be 3.09% per annum) in accordance with the following provisions:

 

(i)        On
the second LIBOR Business Day (provided, that on such day commercial banks are open for business (including dealings in foreign
currency deposits) in London (a "LIBOR Banking Day”), and otherwise the next preceding LIBOR Business Day that is also
a LIBOR Banking Day) prior to the Interest Payment Date that commences such Interest Period (each such day, a “LIBOR Determination
Date”), LIBOR shall equal the rate, as obtained by the Calculation Agent, for three-month U.S. Dollar deposits in Europe,
which appears on Telerate (as defined in the International Swaps and Derivatives Association, Inc. 2000 Interest Rate and Currency
Exchange Definitions) page 3750 or such other page as may replace such page 3750, as of 11:00 a.m. (London time) on such LIBOR
Determination Date, as reported by Bloomberg Financial Markets Commodities News or any successor service (“Telerate Page
3750”). “LIBOR Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banking
institutions in The City of New York or Wilmington, Delaware are authorized or obligated by law or executive order to be closed.
If such rate is superseded on Telerate Page 3750 by a corrected rate before 12:00 noon (London time) on such LIBOR Determination
Date, the corrected rate as so substituted will be LIBOR for such LIBOR Determination Date.

 

    	 	16	 

     

    

 

(ii)        If,
on such LIBOR Determination Date, such rate does not appear on Telerate Page 3750, the Calculation Agent shall determine the arithmetic
mean of the offered quotations of the Reference Banks to leading banks in the London interbank market for three-month U.S. Dollar
deposits in Europe (in an amount determined by the Calculation Agent) by reference to requests for quotations as of approximately
11:00 a.m. (London time) on such LIBOR Determination Date made by the Calculation Agent to the Reference Banks. If, on such LIBOR
Determination Date, at least two of the Reference Banks provide such quotations, LIBOR shall equal the arithmetic mean of such
quotations. If, on such LIBOR Determination Date, only one or none of the Reference Banks provide such a quotation, LIBOR shall
be deemed to be the arithmetic mean of the offered quotations that at least two leading banks in The City of New York (as selected
by the Calculation Agent) are quoting on such LIBOR Determination Date for three- month U.S. Dollar deposits in Europe at approximately
11:00 a.m. (London time) (in an amount determined by the Calculation Agent). As used herein, “Reference Banks” means
four major banks in the London interbank market selected by the Calculation Agent.

 

(iii)        If
the Calculation Agent is required but is unable to determine a rate in accordance with at least one of the procedures provided
above, LIBOR for such Interest Period shall be LIBOR in effect for the immediately preceding Interest Period.

 

(c)           All
percentages resulting from any calculations on the Debt Securities will be rounded, if necessary, to the nearest one hundred-thousandth
of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545) being rounded
to 9.87655% (or .0987655)), and all dollar amounts used in or resulting from such calculation will be rounded to the nearest cent
(with one-half cent being rounded upward).

 

(d)           On
each LIBOR Determination Date, the Calculation Agent shall notify, in writing, the Company and the Paying Agent of the applicable
Interest Rate that applies to the related Interest Period. The Calculation Agent shall, upon the request of a holder of any Debt
Securities, inform such holder of the Interest Rate that applies to the related Interest Period. All calculations made by the Calculation
Agent in the absence of manifest error shall be conclusive for all purposes and binding on the Company and the holders of the Debt
Securities. The Paying Agent shall be entitled to rely on information received from the Calculation Agent or the Company as to
the applicable Interest Rate. The Company shall, from time to time, provide any necessary information to the Paying Agent relating
to any original issue discount and interest on the Debt Securities that is included in any payment and reportable for taxable income
calculation purposes.

 

    	 	17	 

     

    

 

Section
2.11       Extension of Interest Payment Period.

 

So
long as no Event of Default pursuant to Sections 5.01(b), (e), (f), (g), (h) or (i) of this Indenture has occurred and is continuing,
the Company shall have the right, from time to time and without causing an Event of Default, to defer payments of interest on
the Debt Securities by extending the interest payment period on the Debt Securities at any time and from time to time during the
term of the Debt Securities, for up to 20 consecutive quarterly periods (each such extended interest payment period, together
with all previous and further consecutive extensions thereof, is referred to herein as an “Extension Period”). No
Extension Period may end on a date other than an Interest Payment Date or extend beyond the Maturity Date, any Optional Redemption
Date or the Special Redemption Date, as the case may be. During any Extension Period, interest will continue to accrue on the
Debt Securities, and interest on such accrued interest (such accrued interest and interest thereon referred to herein as “Deferred
Interest”) will accrue at an annual rate equal to the Interest Rate applicable during such Extension Period, compounded
quarterly from the date such Deferred Interest would have been payable were it not for the Extension Period, to the extent permitted
by applicable law. No interest or Deferred Interest (except any Additional Amounts that may be due and payable) shall be due and
payable during an Extension Period, except at the end thereof. At the end of any Extension Period, the Company shall pay all Deferred
Interest then accrued and unpaid on the Debt Securities; provided, however, that during any Extension Period, the
Company shall be subject to the restrictions set forth in Section 3.08. Prior to the termination of any Extension Period, the
Company may further extend such Extension Period, provided, that no Extension Period
(including all previous and further consecutive extensions that are part of such Extension Period) shall exceed 20 consecutive
quarterly periods. Upon the termination of any Extension Period and upon the payment of all Deferred Interest, the Company may
commence a new Extension Period, subject to the foregoing requirements. The Company must give the Trustee notice of its election
to begin or extend an Extension Period no later than the close of business on the fifteenth Business Day prior to the applicable
Interest Payment Date. The Trustee shall give notice of the Company’s election to begin or extend an Extension Period to
the Securityholders, promptly after receipt of notice from the Company of its election to begin or extend an Extension Period.

 

Section 2.12       CUSIP Numbers.

 

The
Company in issuing the Debt Securities may use a “CUSIP” number (if then generally in use), and, if so, the Trustee
shall use a “CUSIP” number in notices of redemption as a convenience to Securityholders; provided, that any
such notice may state that no representation is made as to the correctness of such number either as printed on the Debt Securities
or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed
on the Debt Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company
will promptly notify the Trustee in writing of any change in the CUSIP number.

 

    	 	18	 

     

    

 

ARTICLE
III 

PARTICULAR
COVENANTS OF THE COMPANY

 

Section
3.01       Payment of Principal, Premium and Interest;
Agreed Treatment of the Debt Securities.

 

(a)           The
Company covenants and agrees that it will duly and punctually pay or cause to be paid all payments due in respect of the Debt Securities
at the place, at the respective times and in the manner provided in this Indenture and the Debt Securities. Payment of the principal
of and premium, if any, and interest on the Debt Securities due on the Maturity Date, any Optional Redemption Date or the Special
Redemption Date, as the case may be, will be made by the Company in immediately available funds against presentation and surrender
of such Debt Securities. At the option of the Company, each installment of interest on the Debt Securities due on an Interest Payment
Date other than the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as the case may be, may be paid
(i) by mailing checks for such interest payable to the order of the holders of Debt Securities entitled thereto as they appear
on the Debt Security Register or (ii) by wire transfer of immediately available funds to any account with a banking institution
located in the United States designated by such holders to the Paying Agent no later than the related record date. Notwithstanding
anything to the contrary contained in this Indenture or any Debt Security, if the Trust or the trustee of the Trust is the holder
of any Debt Security, then all payments in respect of such Debt Security shall be made by the Company in immediately available
funds when due.

 

(b)           The
Company will treat the Debt Securities as indebtedness, and the interest payable in respect of such Debt Securities
(including any Additional Amounts) as interest, for all U.S. federal income tax purposes. All payments in respect of such
Debt Securities will be made free and clear of U.S. withholding tax provided, that (i) any beneficial owner thereof that is a
“United States person” within the meaning of Section 7701(a)(30) of the Code (A) has provided an Internal Revenue
Service Form W-9 (or any substitute or successor form) in the manner required establishing its status as a “United
States person” for U.S. federal income tax purposes, and (B) the Internal Revenue Service has neither notified the
Issuer that the taxpayer identification number furnished by such beneficial owner is incorrect nor notified the Issuer that
there is underreporting by such beneficial owner, and (ii) any beneficial owner thereof that is not a “United States
person” within the meaning of Section 7701(a)(30) of the Code has provided an Internal Revenue Service Form W-8 BEN,
Internal Revenue Service Form W-8ECI, or Internal Revenue Service Form W-8EXP, as applicable (or any substitute or successor
form) in the manner required establishing its non-U.S. status for U.S. federal income tax purposes.

 

(c)           As
of the date of this Indenture, the Company represents that it has no intention to exercise its right under Section 2.11 to
defer payments of interest on the Debt Securities by commencing an Extension Period.

 

(d)          As
of the date of this Indenture, the Company represents that the likelihood that it would exercise its right under Section 2.11 to
defer payments of interest on the Debt Securities by commencing an Extension Period at any time during which the Debt Securities
are outstanding is remote because of the restrictions that would be imposed on the Company’s ability to declare or pay dividends
or distributions on, or to redeem, purchase or make a liquidation payment with respect to, any of its outstanding equity and on
the Company’s ability to make any payments of principal of or premium, if any, or interest on, or repurchase or redeem, any of
its debt securities that rank pari passu in all respects with or junior in interest
to the Debt Securities.

 

    	 	19	 

     

    

 

Section
3.02       Offices
for Notices and Payments, etc.

 

So
long as any of the Debt Securities remain outstanding, the Company will maintain in Wilmington, Delaware or in Albany, New York,
an office or agency where the Debt Securities may be presented for payment, an office or agency where the Debt Securities may be
presented for registration of transfer and for exchange as provided in this Indenture and an office or agency where notices and
demands to or upon the Company in respect of the Debt Securities or of this Indenture may be served. The Company will give to the
Trustee written notice of the location of any such office or agency and of any change of location thereof. Until otherwise designated
from time to time by the Company in a notice to the Trustee, or specified as contemplated by Section 2.05, such office or agency
for all of the above purposes shall be the Principal Office of the Trustee. In case the Company shall fail to maintain any such
office or agency in Wilmington, Delaware or in Albany, New York, or shall fail to give such notice of the location or of any change
in the location thereof, presentations and demands may be made and notices may be served at the Principal Office of the Trustee.

 

In
addition to any such office or agency, the Company may from time to time designate one or more offices or agencies outside Wilmington,
Delaware or Albany, New York where the Debt Securities may be presented for registration of transfer and for exchange in the manner
provided in this Indenture, 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 Wilmington, Delaware or in
Albany, New York for the purposes above mentioned. The Company will give to the Trustee prompt written notice of any such designation
or rescission thereof.

 

Section
3.03        Appointments to Fill Vacancies in Trustee’s
Office.

 

The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section
6.09, a Trustee, so that there shall at all times be a Trustee hereunder.

 

Section
3.04       Provision as to Paving Agent.

 

(a)           If
the Company shall appoint a Paying Agent other than the Trustee, it will cause such Paying Agent to execute and deliver to the
Trustee an instrument in which such agent shall agree with the Trustee, subject to the provision of this Section 3.04,

 

(i)        that
it will hold all sums held by it as such agent for the payment of all payments due on the Debt Securities (whether such sums have
been paid to it by the Company or by any other obligor on the Debt Securities) in trust for the benefit of the holders of the Debt
Securities;

 

(ii)       that
it will give the Trustee prompt written notice of any failure by the Company (or by any other obligor on the Debt Securities) to
make any payment on the Debt Securities when the same shall be due and payable; and

 

(iii)       that
it will, at any time during the continuance of any Event of Default, upon the written request of the Trustee, forthwith pay to
the Trustee all sums so held in trust by such Paying Agent.

 

    	 	20	 

     

    

 

(b)          If
the Company shall act as its own Paying Agent, it will, on or before each due date of the payments due on the Debt Securities,
set aside, segregate and hold in trust for the benefit of the holders of the Debt Securities a sum sufficient to make such payments
so becoming due and will notify the Trustee in writing of any failure to take such action and of any failure by the Company
(or by any other obligor under the Debt Securities) to make any payment on the Debt Securities when the same shall become due and
payable.

 

Whenever
the Company shall have one or more Paying Agents for the Debt Securities, it will, on or prior to each due date of the payments
on the Debt Securities, deposit with a Paying Agent a sum sufficient to pay all payments so becoming due, such sum to be held in
trust for the benefit of the Persons entitled thereto and (unless such Paying Agent is the Trustee) the Company shall promptly
notify the Trustee in writing of its action or failure to act.

 

(c)          Anything
in this Section 3.04 to the  contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction
and discharge with respect to the Debt Securities, or for any other reason, pay, or direct any Paying Agent to pay, to the Trustee
all sums held in trust by the Company or any such Paying Agent, such sums to be held by the Trustee upon the same terms and conditions
herein contained.

 

(d)          Anything
in this Section 3.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 3.04 is
subject to Sections 12.03 and 12.04.

 

(e)          The
Company hereby initially appoints the Trustee to act as paying agent for the Debt Securities (the “Paying Agent”).

 

Section
3.05       Certificate to Trustee.

 

The
Company will deliver to the Trustee on or before 120 days after the end of each fiscal year, so long as Debt Securities are outstanding
hereunder, a Certificate stating that in the course of the performance by the signers of their duties as officers of the Company
they would normally have knowledge of any default by the Company in the performance of any covenants of the Company contained herein,
stating whether or not they have knowledge of any such default and, if so, specifying each such default of which the signers have
knowledge and the nature thereof.

 

Section
3.06       Additional Amounts.

 

If
and for so long as the Trust is the holder of all Debt Securities and is subject to or otherwise required to pay (or is required
to withhold from distributions to holders of Trust Securities) any additional taxes (including withholding taxes), duties, assessments
or other governmental charges as a result of a Tax Event, the Company will pay such additional amounts (the “Additional Amounts”)
on the Debt Securities or the Trust Securities, as the case may be, as shall be required so that the net amounts received and retained
by the holders of Debt Securities or Trust Securities, as the case may be, after payment of all taxes (including withholding taxes),
duties, assessments or other governmental charges, will be equal to the amounts that such holders would have received and retained
had no such taxes (including withholding taxes), duties, assessments or other governmental charges been imposed.

 

    	 	21	 

     

    

 

Whenever
in this Indenture or the Debt Securities there is a reference in any context to the payment of principal of or premium, if any,
or interest on the Debt Securities, such mention shall be deemed to include mention of payments of the Additional Amounts provided
for in this Section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant
to the provisions of this Section and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof
shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made, provided, however,
that, notwithstanding anything to the contrary contained in this Indenture or any Debt Security, the deferral of the
payment of interest during an Extension Period pursuant to Section 2.11 shall not defer the payment of any Additional Amounts
that may be due and payable.

 

Section
3.07       Compliance with Consolidation Provisions.

 

The
Company will not, while any of the Debt Securities remain outstanding, consolidate with, or merge into, any other Person, or merge
into itself, or sell, convey, transfer or otherwise dispose of all or substantially all of its property or capital stock to any
other Person unless the provisions of Article XI hereof are complied with.

 

Section
3.08       Limitation on Dividends.

 

If
(i) there shall have occurred and be continuing a Default or an Event of Default, (ii) the
Company shall be in default with respect to its payment of any obligations under the Capital Securities Guarantee or (iii) the
Company shall have given notice of its election to defer payments of interest on the Debt Securities by extending the interest
payment period as provided herein and such period, or any extension thereof, shall have commenced and be continuing, then the Company
may not (A) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with
respect to, any of the Company’s capital stock, (B) make any payment of principal of or premium, if any, or interest on or
repay, repurchase or redeem any debt securities of the Company that rank pari passu
in all respects with or junior in interest to the Debt Securities or (C) make any payment under any guarantees of the Company that
rank pari passu in all respects with or junior in interest to the Capital Securities
Guarantee (other than (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Company (I) in connection
with any employment contract, benefit plan or other similar arrangement with or for the benefit of one or more employees, officers,
directors or consultants, (II) in connection with a dividend reinvestment or stockholder stock purchase plan or (III) in connection
with the issuance of capital stock of the Company (or securities convertible into or exercisable for such capital stock) as consideration
in an acquisition transaction entered into prior to the occurrence of (i), (ii) or (iii) above, (b) as a result of any exchange
or conversion of any class or series of the Company’s capital stock (or any capital stock of a subsidiary of the Company)
for any class or series of the Company’s capital stock or of any class or series of the Company’s indebtedness for
any class or series of the Company’s capital stock, (c) the purchase of fractional interests in shares of the Company’s
capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged,
(d) any declaration of a dividend in connection with any stockholder’s rights plan, or the issuance of rights, stock or other
property under any stockholder’s rights plan, or the redemption or repurchase of rights pursuant thereto or (e) any dividend
in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants,
options or other rights is the same stock as that on which the dividend is being paid or ranks pari
passu with or junior in interest to such stock).

 

    	 	22	 

     

    

 

Section
3.09       Covenants as to the Trust.

 

For
so long as such Trust Securities remain outstanding, the Company shall maintain 100% ownership of the Common Securities; provided, however,
that any permitted successor of the Company under this Indenture may succeed to the Company's ownership of such Common
Securities. The Company, as owner of the Common Securities, shall use commercially reasonable efforts to cause the Trust (a) to
remain a statutory trust, except in connection with a distribution of Debt Securities to the holders of Trust Securities in liquidation
of the Trust, the redemption of all of the Trust Securities or mergers, consolidations or amalgamations, each as permitted by
the Declaration, (b) to otherwise continue to be classified as a grantor trust for United States federal income tax purposes and
(c) to cause each holder of Trust Securities to be treated as owning an undivided beneficial interest in the Debt Securities,

 

ARTICLE
IV

LISTS

 

Section
4.01       Securityholders’ Lists.

 

The
Company covenants and agrees that it will furnish or cause to be furnished to the Trustee:

 

(a)           on
each regular record date for an Interest Payment Date, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Securityholders of the Debt Securities as of such record date; and.

 

(b)           at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; except that no such
lists need be furnished under this Section 4.01 so long as the Trustee is in possession thereof by reason of its acting as Debt
Security registrar.

 

Section
4.02       Preservation and Disclosure of Lists.

 

(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 Debt Securities (1) contained in the most recent list furnished to it as provided in Section 4.01 or (2) received by
it in the capacity of Debt Securities registrar (if so acting) hereunder. The Trustee may destroy any list furnished to it as provided
in Section 4.01 upon receipt of a new list so furnished.

 

(b)           In
case three or more holders of Debt Securities (hereinafter referred to as “applicants”) apply in writing to the Trustee
and furnish to the Trustee reasonable proof that each such applicant has owned a Debt Security for a period of at least six months
preceding the date of such application, and such application states that the applicants desire to communicate with other holders
of Debt Securities with respect to their rights under this Indenture or under such Debt Securities and is accompanied by a copy
of the form of proxy or other communication which such applicants propose to transmit, then the Trustee shall within five Business
Days after the receipt of such application, at its election, either:

 

    	 	23	 

     

    

 

(i)         afford
such applicants access to the information preserved at the time by the Trustee in accordance with the provisions of subsection
(a) of this Section 4.2, or

 

(ii)         inform
such applicants as to the approximate number of holders of Debt Securities whose names and addresses appear in the
information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 4.2, and
as to the approximate cost of mailing to such Securityholders the form of proxy or other communication, if any, specified in
such application.

 

If
the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon the written request of
such applicants, mail to each Securityholder of Debt Securities whose name and address appear in the information preserved at
the time by the Trustee in accordance with the provisions of subsection (a) of this Section 4.02 a copy of the form of proxy or
other communication which is specified in such request with reasonable promptness after a tender to the Trustee of the material
to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days after
such tender, the Trustee shall mail to such applicants and file with the Securities and Exchange Commission, if permitted or required
by applicable law, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of
the Trustee, such mailing would be contrary to the best interests of the holders of all Debt Securities, as the case may be, or
would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If said Commission, as
permitted or required by applicable law, after opportunity for a hearing upon the objections specified in the written statement
so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or
more of such objections, said Commission shall find, after notice and opportunity for hearing, that all the objections so sustained
have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Securityholders
with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved
of any obligation or duty to such applicants respecting their application.

 

(c)           Each
and every holder of Debt Securities, by receiving and holding the same, agrees with the Company and the Trustee that none of the
Company, the Trustee or any Paying Agent shall be held accountable by reason of the disclosure of any such information as to the
names and addresses of the holders of Debt Securities in accordance with the provisions of subsection (b) of this Section 4.02,
regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason
of mailing any material pursuant to a request made under said subsection (b).

 

    	 	24	 

     

    

 

Section
4.03       Financial and Other Information.

 

(a)           The
Company shall deliver, by hardcopy or electronic transmission, (i) to each Securityholder each Report on Form 10-K and Form I0-Q,
if any, prepared by the Company and filed with the Securities and Exchange Commission in accordance with the Exchange Act within
10 Business Days after the filing thereof or (ii) if the Company is (a) not then subject to Section 13 or 15(d) of the Exchange
Act (a “Private Entity”) or (b) exempt from reporting pursuant to Rule 12g3-2(b) thereunder, the information required
by Rule 144A(d)(4) under the Securities Act. Notwithstanding the foregoing, so long as a Holder of the Debt Securities is Greenwich
Capital Financial Products, Inc. or an entity that holds a pool of trust preferred securities and/or debt securities as collateral
for its securities or a trustee thereof, and the Company is (i) a Private Entity that, on the date of original issuance of the
Debt Securities, is required to provide audited consolidated financial statements to its primary regulatory authority, (ii)
a Private Entity that, on the date of
original issuance of the Debt Securities, is not required to provide audited consolidated financial statements to its primary
regulatory authority but subsequently becomes subject to the audited consolidated financial statement reporting requirements of
that regulatory authority or (iii) subject to Section 13 or 15(d) of the Exchange Act on the date of original issuance of the
Debt Securities or becomes so subject after the date hereof but subsequently becomes a Private Entity, then, within 90 days after
the end of each fiscal year, beginning with the fiscal year in which the Debt Securities were originally issued if the Company
was then subject to (x) Section 13 or 15(d) of the Exchange Act or (y) audited consolidated financial statement reporting requirements
of its primary regulatory authority or, otherwise, the earliest fiscal year in which the Company becomes subject to (1) Section
13 or 15(d) of the Exchange Act or (2) the audited consolidated financial statement reporting requirements of its primary regulatory
authority, the Company shall deliver, by hardcopy or electronic transmission, to each Securityholder, unless otherwise provided
pursuant to the preceding sentence, (A) a copy of the Company’s audited consolidated financial statements (including balance
sheet and income statement) covering the related annual period and (B) the report of the independent accountants with respect
to such financial statements. In addition to the foregoing, the Company shall deliver to each Securityholder within 30 days after
the end of the fiscal year of the Company, Form 1099 or such other annual U.S. federal income tax information statement required
by the Code containing such information with regard to the Debt Securities held by such holder as is required by the Code and
the income tax regulations of the U.S. Treasury thereunder.

 

(b)            If
and so long as the Holder of the Debt Securities is Greenwich Capital Financial Products, Inc. or an entity that holds a pool of
trust preferred securities and/or debt securities or a trustee thereof, the Company will cause copies of its reports on Forms FR
Y-9C, FR Y-9LP, FR Y-6 to be delivered to such Holder promptly following their filing with the Federal Reserve.

 

ARTICLE
V

REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS 

 

Section
5.01       Events of Default.

 

The
following events shall be “Events of Default” with respect to Debt Securities:

 

(a)           the
Company defaults in the payment of any interest upon any Debt Security when it becomes due and payable, and continuance of such
default for a period of 30 days; for the avoidance of doubt, an extension of any interest payment period by the Company in accordance
with Section 2.11 of this Indenture shall not constitute a default under this clause 5.01(a); or

 

    	 	25	 

     

    

 

(b)           the
Company defaults in the payment of any interest upon any Debt Security, including any Additional Amounts in respect thereof, following
the nonpayment of any such interest for twenty or more consecutive Interest Periods; or

 

(c)           the
Company defaults in the payment of all or any part of the principal of (or premium, if any, on) any Debt Securities as and when
the same shall become due and payable, whether at maturity, upon redemption, by acceleration of maturity pursuant to Section 5.01
of this Indenture or otherwise; or

 

(d)           the
Company defaults in the performance of, or breaches, any of its covenants or agreements in Sections 3.06, 3.07, 3.08 or 3.09 of
this Indenture (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this Section
specifically dealt with), and continuance of such default or breach for a period of 90 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the holders of not less than 25% in aggregate
principal amount of the outstanding Debt Securities, a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; or 

 

(e)           a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an involuntary
case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appoints a receiver, liquidator,
assignee, custodian, trustee, sequestrator or other similar official of the Company or for  any substantial part of its property,
or orders the winding-up or liquidation of its affairs and such decree, appointment or order shall remain unstayed and in effect
for a period of 90 consecutive days; or

 

(f)            the
Company shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment
of or taking possession by a receiver, Liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Company or of any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall
fail generally to pay its debts as they become due; or

 

(g)           a
court or administrative or governmental agency or body shall enter a decree or order for the appointment of a receiver of a Major
Depository Institution Subsidiary or all or substantially all of its property in any liquidation, insolvency or similar proceeding
with respect to such Major Depository Institution Subsidiary or all or substantially all of its property; or

 

(h)           a
Major Depository Institution Subsidiary shall consent to the appointment of a receiver for it or all or substantially all of its
property in any liquidation, insolvency or similar proceeding with respect to it or all or substantially all of its property; or

 

    	 	26	 

     

    

 

(i)            the
Trust shall have voluntarily or involuntarily liquidated, dissolved, wound-up its business or otherwise terminated its existence
except in connection with (1) the distribution of the Debt Securities to holders of the Trust Securities in liquidation of their
interests in the Trust, (2) the redemption of all of the outstanding Trust Securities or (3) mergers, consolidations or amalgamations,
each as permitted by the Declaration.

 

If
an Event of Default specified under clause (b) of this Section 5.01 occurs and is continuing with respect to the Debt Securities,
then, in each and every such case, either the Trustee or the holders of not less than 25% in aggregate principal amount of the
Debt Securities then outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by Securityholders),
may declare the entire principal of the Debt Securities and any premium and interest accrued, but unpaid, thereon to be due and
payable immediately, and upon any such declaration the same shall become immediately due and payable. If an Event of Default specified
under clause (e), (f), (g), (h) or (i) of this Section 5.01 occurs, then, in each and every such case, the entire principal amount
of the Debt Securities and any premium and interest accrued, but unpaid, thereon shall ipso facto
become immediately due and payable without further action.

 

The
foregoing provisions, however, are subject to the condition that if, at any time after the principal of the Debt Securities shall
have become due by acceleration, and before any judgment or decree for the payment of the moneys due shall have been obtained
or entered as hereinafter provided, (i) the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Debt Securities and all payments on the Debt Securities which shall have become due otherwise
than by acceleration (with interest upon all such payments and Deferred Interest, to the extent permitted by law) and such amount
as shall be sufficient to cover reasonable compensation to the Trustee and each predecessor Trustee, their respective agents,
attorneys and counsel, and all other amounts due to the Trustee pursuant to Section 6.06, if any, and (ii) all Events of Default
under this Indenture, other than the non-payment of the payments in respect of Debt Securities which shall have become due by
acceleration, shall have been cured, waived or otherwise remedied as provided herein, then, in each and every such case, the holders
of a majority in aggregate principal amount of the Debt Securities then outstanding, by written notice to the Company and to the
Trustee, may waive all defaults and rescind and annul such acceleration and its consequences, but no such waiver or rescission
and annulment shall extend to or shall affect any subsequent default or shall impair any right consequent thereon; provided, however, that
if the Debt Securities are held by the Trust or a trustee of the Trust, such waiver or rescission and annulment shall not be effective
until the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities of the Trust shall have
consented to such waiver or rescission and annulment.

 

In
case the Trustee shall have proceeded to enforce any right 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, the Trustee and the holders of the Debt Securities shall be restored respectively to their
several positions and rights hereunder, and all rights, remedies and powers of the Company, the Trustee and the holders of the
Debt Securities shall continue as though no such proceeding had been taken.

 

    	 	27	 

     

    

 

Section
5.02        Payment of Debt Securities on Default; Suit Therefor.

 

The
Company covenants that upon the occurrence of an Event of Default pursuant to clause (b) of Section 5.01 and upon demand of
the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Debt Securities, the whole amount
that then shall have become due and payable on all Debt Securities, including Deferred Interest accrued on the Debt
Securities; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including a reasonable compensation to the Trustee, its agents, attorneys and counsel, and any other amounts due
to the Trustee under Section 6.06. In case the Company shall fail forthwith to pay such amounts upon such demand, the
Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any actions 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 any other
obligor on such Debt Securities and collect in the manner provided by law out of the property of the Company or any other
obligor on such Debt Securities wherever situated the moneys adjudged or decreed to be payable.

 

In
case there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the
Debt Securities under Bankruptcy Law, or in case a receiver or trustee shall have been appointed for the property of the Company
or such other obligor, or in the case of any other similar judicial proceedings relative to the Company or other obligor upon
the Debt Securities, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether
the principal of the Debt Securities shall then be due and payable as therein expressed or by acceleration or otherwise and irrespective
of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.02, shall be entitled and empowered,
by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal and interest
owing and unpaid in respect of the Debt Securities and, in case of any judicial proceedings, to file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for
reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for
reimbursement of all other amounts due to the Trustee under Section 6.06) and of the Securityholders allowed in such judicial
proceedings relative to the Company or any other obligor on the Debt Securities, or to the creditors or property of the Company
or such other obligor, unless prohibited by applicable law and regulations, to vote on behalf of the holders of the Debt Securities
in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency
proceedings or Person performing similar functions in comparable proceedings, and to collect and receive any moneys or other property
payable or deliverable on any such claims, and to distribute the same after the deduction of its charges and expenses; and any
receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the Securityholders to make such
payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to the Securityholders,
to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee
and their respective agents, attorneys and counsel, and all other amounts due to the Trustee under Section 6.06.

 

    	 	28	 

     

    

 

Nothing
herein contained shall be construed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder
any plan of reorganization, arrangement, adjustment or composition affecting the Debt Securities or the rights of any holder thereof
or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

 

All
rights of action and of asserting claims under this Indenture, or under any of the Debt Securities, may be enforced by the Trustee
without the possession of any of the Debt Securities, 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 be for the ratable benefit of the holders of the Debt Securities.

 

In
any proceedings brought by the Trustee (and also any proceedings involving the interpretation of any provision of this Indenture
to which the Trustee shall be a party), the Trustee shall be held to represent all the holders of the Debt Securities, and it shall
not be necessary to make any holders of the Debt Securities parties to any such proceedings.

 

Section
5.03       Application of Moneys Collected by Trustee.

 

Any
moneys collected by the Trustee shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution
of such moneys, upon presentation of the several Debt Securities in respect of which moneys have been collected, and stamping thereon
the payment, if only partially paid, and upon surrender thereof if fully paid:

 

First:
To the payment of costs and expenses incurred by, and reasonable fees of, the Trustee, its agents, attorneys and counsel, and of
all other amounts due to the Trustee under Section 6.06;

 

Second:
To the payment of all Senior Indebtedness of the Company if and to the extent required by Article XV;

 

Third:
To the payment of the amounts then due and unpaid upon Debt Securities, in respect of which or for the benefit of which money has
been collected, ratably, without preference or priority of any kind, according to the amounts due upon such Debt Securities; and

 

Fourth:
The balance, if any, to the Company.

 

Section
5.04       Proceedings by Securityholders.

 

No
holder of any Debt Security shall have any right to institute any suit, action or proceeding for any remedy hereunder, unless
such holder previously shall have given to the Trustee written notice of an Event of Default with respect to the Debt Securities
and unless the holders of not less than 25% in aggregate principal amount of the Debt Securities then outstanding shall have given
the Trustee a written request to institute such action, suit or proceeding and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses and liabilities to be incurred thereby, and the Trustee for 60 days after
its receipt of such notice, request and offer of indemnity shall have failed to institute any such action, suit or proceeding;
provided, that no holder of Debt Securities shall have any right to prejudice the
rights of any other holder of Debt Securities, obtain priority or preference over any other such holder or enforce any right under
this Indenture except in the manner herein provided and for the equal, ratable and common benefit of all holders of Debt Securities.

 

    	 	29	 

     

    

 

Notwithstanding
any other provisions in this Indenture, the right of any holder of any Debt Security to receive payment of the principal of and
premium, if any, and interest on such Debt Security when due, or to institute suit for the enforcement of any such payment, shall
not be impaired or affected without the consent of such holder. For the protection and enforcement of the provisions of this Section,
each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section
5.05       Proceedings by Trustee.

 

In
case of an Event of Default, 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
by suit in equity or by action at law or by proceeding 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.

 

Section
5.06       Remedies Cumulative and Continuing.

 

Except
as otherwise provided in Section 2.06, all powers and remedies given by this Article V to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the
Trustee or the holders of the Debt Securities, 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 the Debt Securities, and no delay
or omission of the Trustee or of any holder of any of the Debt Securities 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 5.04, every power and remedy given by this
Article V or by law to the Trustee or to the Securityholders may be exercised from time to time, and as often as shall be deemed
expedient, by the Trustee or by the Securityholders.

 

    	 	30	 

     

    

 

Section
5.07       Direction of Proceedings and Waiver of Defaults by Majority of Securityholders.

 

The
holders of a majority in aggregate principal amount of the Debt Securities affected at the time outstanding and, if the Debt
Securities are held by the Trust or a trustee of the Trust, the holders of a majority in aggregate liquidation amount of the
outstanding Capital Securities of the Trust 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 with respect to
such Debt Securities; provided, however,
that if the Debt Securities are held by the Trust or a trustee of the Trust, such time, method and place or such exercise, as
the case may be, may not be so directed until the holders of a majority in aggregate liquidation amount of the outstanding
Capital Securities of the Trust shall have directed such time, method and place or such exercise, as the case may be; provided,
further, that (subject to the provisions of Section 6.01) the Trustee shall have the right to decline to follow
any such direction if the Trustee 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 of the Trustee shall determine that the action or proceedings
so directed would involve the Trustee in personal liability. Prior to any declaration of acceleration, or ipso facto acceleration,
of the maturity of the Debt Securities, the holders of a majority in aggregate principal amount of the Debt Securities at the
time outstanding may on behalf of the holders of all of the Debt Securities waive (or modify any previously granted waiver
of) any past Default or Event of Default and its consequences, except a default (a) in the payment of principal of or
premium, if any, or interest on any of the Debt Securities, (b) in respect of covenants or provisions hereof which cannot be
modified or amended without the consent of the holder of each Debt Security affected, or (c) in respect of the covenants
contained in Section 3.09; provided, however, that if the Debt
Securities 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 aggregate liquidation amount of the outstanding Capital Securities of the Trust shall have
consented to such waiver or modification to such waiver; provided, further,
that if the consent of the holder of each outstanding Debt Security, is required, such waiver or modification to such waiver
shall not be effective until each holder of the outstanding Capital Securities of the Trust shall have consented to such
waiver or modification to such waiver. Upon any such waiver or modification to such waiver, the Default or Event
of 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 Debt Securities shall be restored to their former positions and rights hereunder, respectively; but no
such waiver or modification to such waiver shall extend to any subsequent or other Default or Event of Default or impair any
right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this
Section, said Default or Event of Default shall for all purposes of the Debt Securities and this Indenture be deemed to have
been cured and to be not continuing.

 

Section
5.08       Notice of Defaults.

 

The
Trustee shall, within 90 days after a Responsible Officer of the Trustee shall have actual knowledge or received written notice
of the occurrence of a default with respect to the Debt Securities, mail to all Securityholders, as the names and addresses of
such holders appear upon the Debt Security Register, notice of all defaults with respect to the Debt Securities known to the Trustee,
unless such defaults shall have been cured before the giving of such notice (the term “default” for the purpose of this Section
is hereby defined to be any event specified in Section 5.01, not including periods of grace, if any, provided for therein); provided, that,
except in the case of default in the payment of the principal of or premium, if any, or interest on any of the Debt
Securities, the Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Trustee in
good faith determines that the withholding of such notice is in the interests of the Securityholders.

 

    	 	31	 

     

    

 

Section
5.09      Undertaking to Pay Costs.

 

All
parties to this Indenture agree, and each holder of any Debt Security 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 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 and expenses, 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 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of
Securityholders, holding in the aggregate more than 10% in principal amount of the outstanding Debt Securities (or, if such
Debt Securities are held by the Trust or a trustee of the Trust, more than 10% in liquidation amount of the outstanding
Capital Securities), to any suit instituted by any Securityholder for the enforcement of the payment of the principal of or
premium, if any, or interest on any Debt Security against the Company on or after the same shall have become due and payable
or to any suit instituted in accordance with Section 14.12.

 

ARTICLE
VI 

CONCERNING
THE TRUSTEE

 

Section
6.01       Duties and Responsibilities of Trustee.

 

With
respect to the holders of Debt Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect
to the Debt Securities and after the curing or waiving of all Events of Default which may have occurred, with respect to the Debt
Securities, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an
Event of Default with respect to the Debt Securities has occurred (which 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 their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

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 or bad faith, except that:

 

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

 

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

 

    	 	32	 

     

    

 

(ii)       in
the absence of bad faith on the part of the Trustee, the Trustee may 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 which 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 on their face to the requirements of this Indenture;

 

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

 

(c)           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 Securityholders pursuant to Section 5.07, 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; and

  

(d)           the
Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Debt Securities unless
either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of
such Default or Event of Default shall have been given to the Trustee by the Company or any other obligor on the Debt
Securities or by any holder of the Debt Securities, except that the Trustee shall be deemed to have knowledge of any Event of
Default pursuant to Sections 5.01(a), 5.01(b) or 5.01(c) hereof (other than an Event of Default resulting from the default
in the payment of Additional Amounts if the Trustee does not have actual knowledge or written notice that such payment is due
and payable).

 

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.

 

Section
6.02        Reliance on Documents. Opinions, etc.

 

Except
as otherwise provided in Section 6.01:

 

(a)           the
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, bond, note, debenture or other paper or document believed
by it in good faith 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 an Officers’ Certificate
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the
Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

 

(c)           the
Trustee may consult with counsel of its selection and any advice or Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice
or Opinion of Counsel;

 

    	 	33	 

     

    

 

(d)           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 Securityholders, pursuant to the provisions of this Indenture, unless such Securityholders shall have
offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred therein
or thereby;

 

(e)           the
Trustee shall not be liable for any action taken or omitted by it in good faith and reasonably believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this Indenture; nothing contained herein shall, however, relieve
the Trustee of the obligation, upon the occurrence of an Event of Default with respect to the Debt Securities (which has not been
cured or waived) to exercise with respect to the Debt Securities such of the rights and powers vested in it by this Indenture,
and to use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances
in the conduct of such person’s own affairs;

 

(f)            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, debenture, coupon or other paper or document, unless
requested in writing to do so by the holders of a majority in aggregate principal amount of the outstanding Debt Securities affected
thereby; 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 expense or liability as a condition to so proceeding; and .

 

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

 

Section
6.03        No Responsibility for Recitals, etc.

 

The
recitals contained herein and in the Debt Securities (except in the certificate of authentication of the Trustee or the Authenticating
Agent) shall be taken, as the statements of the Company, and the Trustee and the Authenticating Agent assume no responsibility
for the correctness of the same. The Trustee and the Authenticating Agent make no representations as to the validity or sufficiency
of this Indenture or of the Debt Securities. The Trustee and the Authenticating Agent shall not be accountable for the use or application
by the Company of any Debt Securities or the proceeds of any Debt Securities authenticated and delivered by the Trustee or the
Authenticating Agent in conformity with the provisions of this Indenture.

 

Section
6.04      Trustee, Authenticating Agent, Paving Agents, Transfer Agents or Registrar May Own Debt Securities.

 

The
Trustee, any Authenticating Agent, any Paying Agent, any transfer agent or any Debt Security registrar, in its individual or any
other capacity, may become the owner or pledgee of Debt Securities with the same rights it would have if it were not Trustee, Authenticating
Agent, Paying Agent, transfer agent or Debt Security registrar.

 

    	 	34	 

     

    

 

Section
6.05       Moneys to be Held in Trust.

 

Subject
to the provisions of Section 12.04, all moneys received by the Trustee or any Paying Agent shall, until used or applied as herein
provided, be held in trust for the purpose for which they were received, but need not be segregated from other funds except to
the extent required by law. The Trustee and any Paying Agent shall be under no liability for interest on any money received by
it hereunder except as otherwise agreed in writing with the Company. So long as no Event of Default shall have occurred and be
continuing, all interest allowed on any such moneys, if any, shall be paid from time to time to the Company upon the written order
of the Company, signed by the Chairman of the Board of Directors, the President, the Chief Operating Officer, a Vice President,
the Treasurer or an Assistant Treasurer of the Company.

 

Section
6.06       Compensation and Expenses of Trustee.

 

The
Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation as
shall be agreed to in writing between the Company and the Trustee (which shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust), and the Company will pay or reimburse the Trustee upon its written request
for all documented 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 reasonable expenses and disbursements of its counsel
and of all Persons not regularly in its employ) except  any such expense, disbursement or advance that arises from its negligence,
willful misconduct or bad faith. The Company also covenants to indemnify each of the Trustee (including in its individual capacity)
and any predecessor Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any and all
loss, damage, claim, liability or expense including taxes (other than taxes based on the income of the Trustee), except to the
extent such loss, damage, claim, liability or expense results from the negligence, willful misconduct or bad faith of such indemnitee,
arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending
itself against any claim or liability in the premises. The obligations of the Company under this Section to compensate and indemnify
the Trustee and to pay or reimburse the Trustee for documented expenses, disbursements and advances shall constitute additional
indebtedness hereunder. Such additional indebtedness shall be secured by a lien prior to that of the Debt Securities 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 Debt
Securities.

 

Without
prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services
in connection with an Event of Default specified in clause (e), (f), (g), (h) or (i) of Section 5.01, the expenses (including the
reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration
under any applicable federal or state bankruptcy, insolvency or other similar law.

 

    	 	35	 

     

    

 

The
provisions of this Section shall survive the resignation or removal of the Trustee and the defeasance or other termination of this
Indenture.

 

Notwithstanding
anything in this Indenture or any Debt Security to the contrary, the Trustee shall have no obligation whatsoever to advance funds
to pay any principal of or interest on or other amounts with respect to the Debt Securities or otherwise advance funds to or on
behalf of the Company.

 

Section
6.07       Officers’ Certificate as Evidence.

 

Except
as otherwise provided in Sections 6.01 and 6.02, 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 omitting any action hereunder, such
matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence, willful
misconduct 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, willful misconduct or bad faith on the
part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture
upon the faith thereof.

 

Section
6.08       Eligibility of Trustee.

 

The
Trustee hereunder shall at all times be a U.S. Person that is a banking corporation or national association organized and doing
business under the laws of the United States of America or any state thereof or of the District of Columbia and authorized
under such laws to exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S.
dollars ($50,000,000) and subject to supervision or examination by federal, state, or District of Columbia authority. If such
corporation or national association 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 the combined capital and surplus of such
corporation or national association shall be deemed to be its combined capital and-surplus as set forth in its most recent records
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, notwithstanding that such corporation or national association shall be otherwise eligible and qualified under
this Article.

 

In
case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 6.09.

 

If
the Trustee has or shall acquire any “conflicting interest” within the meaning
of §310(b) of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the
manner provided by, and subject to, this Indenture.

 

    	 	36	 

     

    

 

Section
6.09       Resignation or Removal of Trustee.

 

(a)           The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to
the Company and by mailing notice thereof, at the Company’s expense, to the holders of the Debt Securities at their addresses
as they shall appear on the Debt Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint
a successor trustee or trustees by written instrument, in duplicate, executed by order of its 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 30 days after the mailing of such notice of resignation to the affected
Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee,
or any Securityholder who has been a bona fide holder of a Debt Security or Debt Securities for at least six months may, subject
to the provisions of Section 5.09, 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 of the following shall occur:

 

(i)         the
Trustee shall fail to comply with the provisions of the last paragraph of Section 6.08 after written request therefor by the Company
or by any Securityholder who has been a bona fide holder of a Debt Security or Debt Securities for at least six months;

 

(ii)       the
Trustee shall cease to be eligible in accordance with the provisions of Section 6.08 and shall fail to resign after written request
therefor by the Company or by any such Securityholder; or

 

(iii)       the
Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed, 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 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 5.09, if no successor Trustee shall have been so appointed and have
accepted appointment within 30 days of the occurrence of any of (i), (ii) or (iii) above, any Securityholder who has been a bona
fide holder of a Debt Security or Debt Securities for at least six months may, on behalf of himself or herself 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.

 

    	 	37	 

     

    

 

(c)            Upon
prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debt Securities
at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as
successor Trustee unless within ten Business Days after such nomination the Company objects thereto, in which case or in the case
of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and
conditions and otherwise as in subsection (a) of this Section, may petition any court of competent jurisdiction for an appointment
of a successor.

 

(d)           Any
resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section
shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10,

 

Section
6.10       Acceptance by Successor Trustee.

 

Any
successor Trustee appointed as provided in Section 6.09 shall execute, acknowledge and deliver to the Company and to its predecessor
Trustee an indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm
that all of the rights, powers, trusts and duties of the retiring Trustee shall be vested in the successor Trustee, 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, duties and obligations with respect to the Debt Securities
of its predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written request
of the Company or of the successor Trustee, the Trustee ceasing to act shall, upon payment of the amounts then due it pursuant
to the provisions of Section 6.06, execute and deliver an instrument transferring to such successor Trustee all the rights and
powers of the Trustee so ceasing to act and shall duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder. Upon request of any such successor Trustee, the Company shall execute any and all
instruments in writing for more fully and certainly vesting in and confirming to such successor Trustee all such rights and powers.
Any Trustee ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such Trustee to secure
any amounts then due it pursuant to the provisions of Section 6.06.

 

No
successor Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Trustee
shall be eligible and qualified under the provisions of Section 6.08.

 

In
no event shall a retiring Trustee be liable for the acts or omissions of any successor Trustee hereunder.

 

Upon
acceptance of appointment by a successor Trustee as provided in this Section, the Company shall mail notice of the succession of
such Trustee hereunder to the holders of Debt Securities at their addresses as they shall appear on the Debt Security Register.
If the Company fails to mail such notice within ten Business Days after the acceptance of appointment by the successor Trustee,
the successor Trustee shall cause such notice to be mailed at the expense of the Company.

 

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Section
6.11       Succession by Merger, etc.

 

Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder without the execution or filing
of any paper or any further act on the part of any of the parties hereto, provided,
that such corporation shall be otherwise eligible and qualified under this Article.

 

In
case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture any of the Debt Securities
shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication
of any predecessor Trustee, and deliver such Debt Securities so authenticated; and in case at that time any of the Debt Securities
shall not have been authenticated, any successor to the Trustee may authenticate such Debt Securities either in the name of any
predecessor hereunder or in the name of the successor Trustee; and in all such cases such certificates shall have the full force
which it is anywhere in the Debt Securities or in this Indenture provided that the certificate of the Trustee shall have; provided,
however, that the right to adopt the certificate of authentication of any predecessor
Trustee or authenticate Debt Securities in the name of any predecessor Trustee, shall apply only to its successor or successors
by merger, conversion or consolidation.

 

Section
6.12       Authenticating Agents.

 

There
may be one or more Authenticating Agents appointed by the Trustee upon the request of the Company with power to act on its behalf
and subject to its direction in the authentication and delivery of Debt Securities issued upon exchange or registration of transfer
thereof as fully to all intents and purposes as though any such Authenticating Agent had been expressly authorized to authenticate
and deliver Debt Securities; provided, however, that the Trustee shall
have no liability to the Company for any acts or omissions of the Authenticating Agent with respect to the authentication and
delivery of Debt Securities. Any such Authenticating Agent shall at all tunes be a corporation organized and doing business under
the laws of the United States or of any state thereof or of the District of Columbia authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of at least $50,000,000 and being subject to supervision or examination by federal,
state or District of Columbia authority. If such corporation publishes reports of condition at least annually pursuant to law
or the requirements of such authority, then for the purposes of this Section the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at
any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect herein specified in this Section.

 

Any
corporation into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding
to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating
Agent hereunder, if such successor corporation is otherwise eligible under this Section without the execution or filing of any
paper or any further act on the part of the parties hereto or such Authenticating Agent.

 

    	 	39	 

     

    

 

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 terminate the agency of any Authenticating Agent with respect to the Debt Securities by giving written notice of
termination to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination,
or in case at any time any Authenticating Agent shall cease to be eligible under this Section, the Trustee may, and upon the request
of the Company shall, promptly appoint a successor Authenticating Agent eligible under this Section, shall give written notice
of such appointment to the Company and shall mail notice of such appointment to all holders of Debt Securities as the names and
addresses of such holders appear on the Debt Security Register. Any successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all rights, powers, duties and responsibilities of its predecessor hereunder, with like effect
as if originally named as Authenticating Agent herein.

 

The
Company agrees to pay to any Authenticating Agent from time to time reasonable compensation for its services. Any Authenticating
Agent shall have no responsibility or liability for any action taken by it as such in accordance with the directions of the Trustee.

 

ARTICLE
VII 

CONCERNING
THE SECURITYHOLDERS

 

Section
7.01       Action bv Securityholders.

 

Whenever
in this Indenture it is provided that the holders of a specified percentage in aggregate principal amount of the Debt Securities
or aggregate liquidation amount of the Capital Securities 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 such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments
of similar tenor executed by such Securityholders or holders of Capital Securities, as the case may be, in person or by agent or
proxy appointed in writing, or (b) by the record of such holders of Debt Securities voting in favor thereof at any meeting of such
Securityholders duly called and held in accordance with the provisions of Article VIII or of such holders of Capital Securities
duly called and held in accordance with the provisions of the Declaration, or (c) by a combination of such instrument or instruments
and any such record of such a meeting of such Securityholders or holders of Capital Securities, as the case may be, or (d) by any
other method the Trustee deems satisfactory.

 

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

 

    	 	40	 

     

    

 

Section
7.02       Proof of Execution by Securityholders.

 

Subject
to the provisions of Sections 6.01, 6.02 and 8.05, proof of the execution of any instrument by a Securityholder or such Securityholder’s
agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the
Trustee or in such manner as shall be satisfactory to the Trustee. The ownership of Debt Securities shall be proved by the Debt
Security Register or by a certificate of the Debt Security registrar. The Trustee may require such additional proof of any matter
referred to in this Section as it shall deem necessary.

 

The
record of any Securityholders’ meeting shall be proved in the manner provided in Section 8.06.

 

Section
7.03       Who Are Deemed Absolute Owners.

 

Prior
to due presentment for registration of transfer of any Debt Security, the Company, the Trustee, any Authenticating Agent, any Paying
Agent, any transfer agent and any Debt Security registrar may deem the Person in whose name such Debt Security shall be registered
upon the Debt Security Register to be, and may treat such Person as, the absolute owner of such Debt Security (whether or not such
Debt Security shall be overdue) for the purpose of receiving payment of or on account of the principal of and premium, if any,
and interest on such Debt Security and for all other purposes; and none of the Company, the Trustee, any Authenticating Agent,
any Paying Agent, any transfer agent or any Debt Security registrar shall be affected by any notice to the contrary. All such payments
so made to any holder for the time being or upon such holder’s order shall be valid, and, to the extent of the sum or sums
so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Debt Security.

 

Section
7.04       Debt Securities Owned by Company Deemed Not Outstanding.

 

In
determining whether the holders of the requisite aggregate principal amount of Debt Securities have concurred in any direction,
consent or waiver under this Indenture, Debt Securities which are owned by the Company or any other obligor on the Debt Securities
or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company
(other than the Trust) or any other obligor on the Debt Securities shall be disregarded and deemed not to be outstanding for the
purpose of any such determination, provided, that for the purposes of determining whether the Trustee shall be protected in relying
on any such direction, consent or waiver, only Debt Securities which a Responsible Officer of the Trustee actually knows are so
owned shall be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as outstanding for
the purposes of this Section if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote
such Debt Securities and that the pledgee is not the Company or any such other obligor or Person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Company or any such other obligor. In the 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.

 

    	 	41	 

     

    

 

Section
7.05       Revocation of Consents: Future Holders Bound.

 

At
any time prior to (but not after) the evidencing to the Trustee, as provided in Section 7.01, of the taking of any action by
the holders of the percentage in aggregate principal amount of the Debt Securities specified in this Indenture in connection
with such action, any holder (in cases where no record date has been set pursuant to Section 7.01) or any holder as of an
applicable record date (in cases where a record date has been set pursuant to Section 7.01) of a Debt Security (or any Debt
Security issued in whole or in part in exchange or substitution therefor) the serial number of which is shown by the evidence
to be included in the Debt Securities the holders of which have consented to such action may, by filing written notice with
the Trustee at the Principal Office of the Trustee and upon proof of holding as provided in Section 7.02, revoke such action
so far as concerns such Debt Security (or so far as concerns the principal amount represented by any exchanged or
substituted Debt Security). Except as aforesaid any such action taken by the holder of any Debt Security shall be conclusive
and binding upon such holder and upon all future holders and owners of such Debt Security, and of any Debt Security issued in
exchange or substitution therefor or on registration; of transfer thereof, irrespective
of whether or not any notation in regard thereto is made upon such Debt Security or any Debt Security issued in exchange or
substitution therefor.

 

ARTICLE
VIII

SECURITYHOLDERS’ MEETINGS

 

Section
8.01       Purposes of Meetings.

 

A
meeting of Securityholders may be called at any time and from time to time pursuant to the provisions of this Article VIII for
any of the following purposes:

 

(a)           to
give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to consent to the waiving of any
default hereunder and its consequences, or to take any other action authorized to be taken by Securityholders pursuant to any of
the provisions of Article V;

 

(b)           to
remove the Trustee and nominate a successor trustee pursuant to the provisions of Article VI;

 

(c)            to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 9.02; or

 

    	 	42	 

     

    

 

(d)           to
take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of such
Debt Securities under any other provision of this Indenture or under applicable law.

 

Section
8.02       Call of Meetings by Trustee.

 

The
Trustee may at any time call a meeting of Securityholders to take any action specified in Section 8.01, to be held at such time
and at such place in The City of New York, the Borough of Manhattan, or Wilmington, Delaware, as the Trustee shall determine. Notice
of every meeting of the Securityholders, setting forth the time and the place of such meeting and in general terms the action proposed
to be taken at such meeting, shall be mailed to holders of Debt Securities affected at their addresses as they shall appear on
the Debt Securities Register. Such notice shall be mailed not less than 20 nor more than 180 days prior to the date fixed for the
meeting.

 

Section
8.03       Call of Meetings by Company or Securityholders.

 

In
case at any time the Company pursuant to a Board Resolution, or the holders of at least 10% in aggregate principal amount of the
Debt Securities, as the case may be, then outstanding, shall have requested the Trustee to call a meeting of Securityholders, by
written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have
mailed the notice of such meeting within 20 days after receipt of such request, then the Company or such Securityholders may determine
the time and the place in Albany, New York for such meeting and may call such meeting to take any action authorized in Section
8.01, by mailing notice thereof as provided in Section 8.02.

 

Section
8.04       Qualifications for Voting.

 

To
be entitled to vote at any meeting of Securityholders, a Person shall be (a) a holder of one or more Debt Securities or (b) a Person
appointed by an instrument in writing as proxy by a holder of one or more Debt Securities. The only Persons who shall be entitled
to be present or to speak at any meeting of Securityholders shall be the Persons entitled to vote at such meeting and their counsel
and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.

 

Section
8.05       Regulations.

 

Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting
of Securityholders, in regard to proof of the holding of Debt Securities and of the appointment of proxies, and in regard to the
appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the
right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate.

 

The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Company or by Securityholders as provided in Section 8.03, in which case the Company or the Securityholders calling the
meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary
of the meeting shall be elected by majority vote at the meeting.

 

    	 	43	 

     

    

 

Subject
to the provisions of Section 7.04, at any meeting each holder of Debt Securities with respect to which such meeting is being held
or proxy therefor shall be entitled to one vote for each $1,000 principal amount of Debt Securities held or represented by such
holder; provided, however, that no vote shall be cast or counted at any
meeting in respect of any Debt Security challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding.
The chairman of the meeting shall have no right to vote other than by virtue of Debt Securities held by such chairman or instruments
in writing as aforesaid duly designating such chairman as the Person to vote on behalf of other Securityholders. Any meeting of
Securityholders duly called pursuant to the provisions of Section 8.02 or 8.03 may be adjourned from time to time by a majority
of those present, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice.

 

Section
8.06       Voting.

 

The
vote upon any resolution submitted to any meeting of holders of Debt Securities with respect to which such meeting is being
held shall be by written ballots on which shall be subscribed the signatures of such holders or of their representatives by
proxy and the serial number or numbers of the Debt Securities held or represented by them. The permanent chairman of the
meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and
who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at
the meeting. A record in duplicate of the proceedings of each meeting of Securityholders shall be prepared by the secretary
of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by
ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice
of the meeting and showing that said notice was mailed as provided in Section 8.02. The record shall show the serial numbers
of the Debt Securities voting in favor of or against any resolution. The record shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company
and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the
meeting.

 

Any
record so signed and verified shall be conclusive evidence of the matters therein stated.

 

Section
8.07       Quorum; Actions.

 

The
Persons entitled to vote a majority in aggregate principal amount of the Debt Securities then outstanding shall constitute a quorum
for a meeting of Securityholders; provided. however,
that if any action is to be taken at such meeting with respect to a consent, waiver, request, demand, notice, authorization, direction
or other action which may be given by the holders of not less than a specified percentage in aggregate principal amount of the
Debt Securities then outstanding, the Persons holding or representing such specified percentage in aggregate principal amount of
the Debt Securities then outstanding will constitute a quorum. In the absence of a quorum within 30 minutes of the time appointed
for any such meeting, the meeting shall, if convened at the request of Securityholders, be dissolved. In any other case, the meeting
may be adjourned for a period of not less than 10 days as determined by the permanent chairman of the meeting prior to the adjournment
of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for
a period of not less than 10 days as determined by the permanent chairman of the meeting prior to the adjournment of such adjourned
meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 8.02, except that such notice
need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of
the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the aggregate principal amount
of the Debt Securities then outstanding which shall constitute a quorum.

 

    	 	44	 

     

    

 

Except
as limited by the proviso in the first paragraph of Section 9.02, any resolution presented to a meeting or adjourned meeting duly
reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the holders of a majority in aggregate
principal amount of the Debt Securities then outstanding; provided, however,
that, except as limited by the proviso in the first paragraph of Section 9.02, any resolution with respect to any consent, waiver,
request, demand, notice, authorization, direction or other action that this Indenture expressly provides may be given by the holders
of not less than a specified percentage in outstanding principal amount of the Debt Securities may be adopted at a meeting or
an adjourned meeting duly reconvened and at which a quorum is present as aforesaid only by the affirmative vote of the holders
of not less than such specified percentage in aggregate principal amount of the Debt Securities then outstanding.

 

Any
resolution passed or decision taken at any meeting of holders of Debt Securities duly held in accordance with this Section shall
be binding on all the Securityholders, whether or not present or represented at the meeting.

 

ARTICLE
IX

SUPPLEMENTAL INDENTURES

 

Section
9.01      Supplemental Indentures without Consent of Securityholders.

 

The
Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or
indentures supplemental hereto, without the consent of the Securityholders, for one or more of the following purposes:

 

(a)           to
evidence the succession of another corporation to the Company, or successive successions, and the assumption by the successor corporation
of the covenants, agreements and obligations of the Company, pursuant to Article XI hereof;

 

(b)           to
add to the covenants of the Company such further covenants, restrictions or conditions for the protection of the holders of Debt
Securities as the Board of Directors shall consider to be for the protection of the holders of such Debt Securities, and to make
the occurrence, or the occurrence and continuance, of a Default in any of such additional covenants, restrictions or conditions
a Default or an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as
herein set forth; provided, however, that in respect of any such additional
covenant, restriction or condition such supplemental indenture may provide for a particular period of grace after Default (which
period may be shorter or longer than that allowed in the case of other Defaults) or may provide for an immediate enforcement upon
such Default or may limit the remedies available to the Trustee upon such default;

 

    	 	45	 

     

    

 

(c)           to
cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective
or inconsistent with any other provision contained herein or in any supplemental indenture, or to make such other provisions in
regard to matters or questions arising under this Indenture, provided, that any such
action shall not adversely affect the interests of the holders of the Debt Securities then
outstanding;

 

(d)           to
add to, delete from, or revise the terms of Debt Securities, including, without
limitation, any terms relating to the issuance, exchange, registration or transfer of Debt Securities, including to provide
for transfer procedures and restrictions substantially similar to those applicable to the Capital Securities, as required by
Section 2.05 (for purposes of assuring that no registration of Debt Securities is required under the Securities Act), provided, that
any such action shall not adversely affect the interests of the holders of the Debt Securities then outstanding (it being
understood, for purposes of this proviso, that transfer restrictions on Debt Securities substantially similar to
those applicable to Capital Securities shall not be deemed, to adversely affect the holders of the Debt
Securities);

 

(e)           to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Debt Securities and
to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section6.10;

 

(f)            to
make any change (other than as elsewhere provided in this Section) that does not adversely affect the rights of any Securityholder
in any material respect; or

 

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

 

The
Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further
appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer and assignment of
any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any such supplemental
indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any
supplemental indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the
consent of the holders of any of the Debt Securities at the time outstanding, notwithstanding any of the provisions of Section
9.02.

 

    	 	46	 

     

    

 

Section
9.02       Supplemental Indentures with Consent of Securityholders.

 

With
the consent (evidenced as provided in Section 7.01) of the holders of a majority in aggregate principal amount of the Debt Securities
at the time outstanding affected by such supplemental indenture, the Company, when authorized by a Board Resolution, 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, then in effect, applicable to indentures qualified thereunder) 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 the rights of the holders of the Debt Securities; provided, however,
that no such supplemental indenture shall, without the consent of the holders of each Debt Security then outstanding
and affected thereby, (i) change the Maturity Date of any Debt Security, or reduce the principal amount thereof or any premium
thereon, or reduce the rate (or manner of calculation of the rate) or extend the time of payment of interest thereon, or reduce
(other than as a result of the maturity or earlier redemption of any such Debt Security in accordance with the terms of this Indenture
and such Debt Security) or increase the aggregate principal amount of Debt Securities then outstanding, or change any of the redemption
provisions, or make the principal thereof or any interest or premium thereon payable in any coin or currency other than United
States Dollars, or impair or affect the right of any Securityholder to institute suit for payment thereof, or (ii) reduce the
aforesaid percentage of Debt Securities the holders of which are required to consent to any such supplemental indenture; and provided, further,
that if the Debt Securities are held by the Trust or the trustee of the Trust, such supplemental indenture shall not be effective
until the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities shall have consented to
such supplemental indenture; provided, further, that if the consent of
the Securityholder of each outstanding Debt Security is required, such supplemental indenture shall not be effective until each
holder of the outstanding Capital Securities shall have consented to such supplemental indenture.

 

Upon
the request of the Company accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and
upon the filing with the Trustee of evidence of the consent of Securityholders (and holders of Capital Securities, if required)
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.

 

Promptly
after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the
Trustee shall transmit by mail, first class postage prepaid, a notice, prepared by the Company, setting forth in general terms
the substance of such supplemental indenture, to the Securityholders as their names and addresses appear upon the Debt Security
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.

 

    	 	47	 

     

    

 

It
shall not be necessary for the consent of the Securityholders under this Section to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof,

 

Section
9.03       Effect of Supplemental Indentures.

 

Upon
the execution of any supplemental indenture pursuant to the provisions of this Article IX 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 Debt Securities 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
9.04       Notation on Debt Securities.

 

Debt
Securities authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article
IX may bear a notation as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine,
new Debt Securities 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 and executed by the Company,, authenticated by the
Trustee or the Authenticating Agent and delivered in exchange for the Debt Securities then outstanding.

 

Section
9.05       Evidence of Compliance of Supplemental Indenture to he Furnished to
Trustee.

 

The
Trustee, subject to the provisions of Sections 6.01 and 6.02, shall, in addition to the documents required by Section 14.06, receive
an Officers’ Certificate as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the
requirements of this Article IX. The Trustee shall also receive an Opinion of Counsel as conclusive evidence that any supplemental
indenture executed pursuant to this Article IX is authorized or permitted by, and conforms to, the terms of this Article IX and
that it is proper for the Trustee under the provisions of this Article IX to join in the execution thereof.

 

ARTICLE
X 

REDEMPTION
OF SECURITIES

 

Section
10.01     Optional Redemption.

 

The
Company shall have the right, subject to the receipt by the Company of the prior approval from the Federal Reserve, if then required
under applicable capital guidelines or policies of the Federal Reserve, to redeem the Debt Securities, in whole or (provided that
all accrued and unpaid interest has been paid on all Debt Securities for all Interest Periods terminating on or prior to such date)
from time to time in part, on any Interest Payment Date on or after May 23, 2010 (each, an “Optional Redemption Date”),
at the Optional Redemption Price.

 

    	 	48	 

     

    

 

Section
10.02     Special Event Redemption.

 

If
a Special Event shall occur and be continuing, the Company shall have the right, subject to the receipt by the Company of prior
approval from the Federal Reserve, if then required under applicable capital guidelines or policies of the Federal Reserve, to
redeem the Debt Securities, in whole but not in part, at any time within 90 days following the occurrence of such Special Event
(the “Special Redemption Date”), at the Special Redemption Price.

 

Section
10.03     Notice of Redemption: Selection of Debt Securities.

 

In
case the Company shall desire to exercise the right to redeem all, or, as the case may be, any part of the Debt Securities, it
shall fix a date for redemption and shall mail, or cause the Trustee to mail (at the expense of the Company), a notice of such
redemption at least 30 and not more than 60 days prior to the date fixed for redemption to the holders of Debt Securities so to
be redeemed as a whole or in part at their last addresses as the same appear on the Debt Security Register. Such mailing shall
be by first class mail. The notice if mailed in the manner herein provided shall be conclusively presumed to have been duly given,
whether or not the holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to
the holder of any Debt Security designated for redemption as a whole or in part shall not affect the validity of the proceedings
for the redemption of any other Debt Security.

 

Each
such notice of redemption shall specify the CUSIP number, if any, of the Debt Securities to be redeemed, the date fixed for redemption,
the price (or manner of calculation of the price) at which Debt Securities are to be redeemed, the place or places; of payment,
that payment will be made upon presentation and surrender of such Debt Securities, that interest accrued to the date fixed for
redemption will be paid as specified in said notice, and that on and after said date interest thereon or on the portions thereof
to be redeemed will cease to accrue. If less than all the Debt Securities are to be redeemed, the notice of redemption shall specify
the numbers of the Debt Securities to be redeemed. In case the Debt Securities are to be redeemed in part only, the notice of redemption
shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption,
upon surrender of such Debt Security, a new Debt Security or Debt Securities in principal amount equal to the unredeemed portion
thereof will be issued.

 

Prior
to 10:00 a.m., New York City time, on the Optional Redemption Date or the Special Redemption Date specified in the notice of redemption
given as provided in this Section, the Company will deposit with the Trustee or with one or more Paying Agents an amount of money
sufficient to redeem on such date all the Debt Securities so called for redemption at the applicable price therefor, together with
unpaid interest accrued to such date.

 

The
Company will give the Trustee notice not less than 45 nor more than 75 days prior to the date fixed for redemption as to the price
at which the Debt Securities are to be redeemed and the aggregate principal amount of Debt Securities to be redeemed and the Trustee
shall select, in such manner as in its sole discretion it shall deem appropriate and fair, the Debt Securities or portions thereof
(in integral multiples of $1,000) to be redeemed.

 

    	 	49	 

     

    

 

Section
10.04     Payment of Debt Securities Called for Redemption.

 

If
notice of redemption has been given as provided in Section 10.03, the Debt Securities or portions of Debt Securities with respect
to which such notice has been given shall become due and payable on the related Optional Redemption Date or Special Redemption
Date (as the case may be) and at the place or places stated in such notice at the applicable price therefor, together with unpaid
interest accrued thereon to said Optional Redemption Date or the Special Redemption Date (as the case may be), and on and after
said Optional Redemption Date or the Special Redemption Date (as the case may be) (unless the Company shall default in the payment
of such Debt Securities at the redemption price, together with unpaid interest accrued thereon to said date) interest on the Debt
Securities or portions of Debt Securities so called for redemption shall cease to accrue. On presentation and surrender of such
Debt Securities at a place of payment specified in said notice, such Debt Securities or the specified portions thereof shall be
paid and redeemed by the Company at the applicable price therefor, together with unpaid interest, if any, accrued thereon to said
Optional Redemption Date or the Special Redemption Date (as the case may be); provided, however,
that interest payable on any Interest Payment Date on or prior to said Optional Redemption Date or the Special Redemption
Date will be paid to the holders on the relevant regular record date.

 

Upon
presentation of any Debt Security redeemed in part only, the Company shall execute and the Trustee shall authenticate and make
available for delivery to the holder thereof, at the expense of the Company, a new Debt Security or Debt Securities of authorized
denominations in principal amount equal to the unredeemed portion of the Debt Security so presented.

 

ARTICLE
XI

CONSOLIDATION,
MERGER, SALE, CONVEYANCE AND LEASE

 

Section
11.01     Company May Consolidate, etc.. on Certain Terms

 

Nothing
contained in this Indenture or in the Debt Securities shall prevent any consolidation or merger of the Company with or into any
other corporation or corporations (whether or not affiliated with the Company) or successive consolidations or mergers in which
the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other
disposition of all or substantially all of the property or capital stock of the Company or its successor or successors to any
other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate
the same; provided, however, that the Company hereby covenants and agrees
that (i) upon any such consolidation, merger (where the Company is not the surviving corporation), sale, conveyance, transfer
or other disposition, the successor entity shall be a corporation organized and existing under the laws of the United States or
any state thereof or the District of Columbia (unless such corporation has (1) agreed to make all payments due in respect of the
Debt Securities or, if outstanding, the Trust Securities and the Capital Securities Guarantee without withholding or deduction
for, or on account of, any taxes, duties, assessments or other governmental charges under the laws or regulations of the jurisdiction
of organization or residence (for tax purposes) of such corporation or any political subdivision or taxing authority thereof or
therein unless required by applicable law, in which case such corporation shall have agreed to pay such additional amounts as
shall be required so that the net amounts received and retained by the holders of such Debt Securities or Trust Securities, as
the case may be, after payment of all taxes (including withholding taxes), duties, assessments or other governmental charges,
will be equal to the amounts that such holders would have received and retained had no such taxes (including withholding taxes),
duties, assessments or other governmental charges been imposed, (2) irrevocably and unconditionally consented and submitted to
the jurisdiction of any United States federal court or New York state court, in each case located in the Borough of Manhattan,
The City of New York, in respect of any action, suit or proceeding against it arising out of or in connection with this Indenture,
the Debt Securities, the Capital Securities Guarantee or the Declaration and irrevocably and unconditionally waived, to the fullest
extent permitted by law, any objection to the laying of venue in any such court or that any such action, suit or proceeding has
been brought in an inconvenient forum and (3) irrevocably appointed an agent in The City of New York for service of process in
any action, suit or proceeding referred to in clause (2) above) and such corporation expressly assumes all of the obligations
of the Company under the Debt Securities, this Indenture, the Capital Securities Guarantee and the Declaration and (ii) after
giving effect to any such consolidation, merger, sale, conveyance, transfer or other disposition, no Default or Event of Default
shall have occurred and be continuing. :

 

    	 	50	 

     

    

 

Section
11.02     Successor Entity to be Substituted.

 

In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition contemplated in Section 11.01 and
upon the assumption by the successor corporation, by supplemental indenture, executed and delivered to the Trustee and
reasonably satisfactory in form to the Trustee, of the due and punctual payment of the principal of and premium, if any, and
interest on all of the Debt Securities and the due and punctual performance and observance of all of the covenants and
conditions of this Indenture to be performed or observed by the Company, such successor corporation shall succeed to and be
substituted for the Company, with the same effect as if it had been named herein as the Company, and thereupon the
predecessor entity shall be relieved of any further liability or obligation hereunder or upon the Debt Securities. Such
successor corporation thereupon may cause to be signed, and may issue either in its own name or in the name of the Company,
any or all of the Debt Securities issuable hereunder which theretofore shall not have been signed by the Company and
delivered to the Trustee or the Authenticating Agent; and, upon the order of such successor corporation instead of the
Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee or the
Authenticating Agent shall authenticate and deliver any Debt Securities which previously shall have been signed and delivered
by the officers of the Company to the Trustee or the Authenticating Agent for authentication, and any Debt Securities which
such successor corporation thereafter shall cause to be signed and delivered to the Trustee or the Authenticating Agent for
that purpose. All the Debt Securities so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Debt Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though
all of such Debt Securities had been issued at the date of the execution hereof.

 

Section
11.03     Opinion of Counsel to be Given to Trustee.

 

The
Trustee, subject to the provisions of Sections 6.01 and 6.02, shall receive, in addition to the Opinion of Counsel required by
Section 9.05, an Opinion of Counsel as conclusive evidence that any consolidation, merger, sale, conveyance, transfer or other
disposition, and any assumption, permitted or required by the terms of this Article XI complies with the provisions of this Article
XI.

 

    	 	51	 

     

    

 

ARTICLE
XII 

SATISFACTION
AND DISCHARGE OF INDENTURE

 

Section
12.01     Discharge of Indenture.

 

When
(a) the Company shall deliver to the Trustee for cancellation all Debt Securities theretofore authenticated (other than any Debt
Securities which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.06)
and not theretofore canceled, or (b) all the Debt Securities not theretofore canceled or 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
with the Trustee, in trust, funds, which shall be immediately due and payable, sufficient to pay at maturity or upon redemption
all of the Debt Securities (other than any Debt Securities which shall have been destroyed, lost or stolen and which shall have
been replaced or paid as provided in Section 2.06) not theretofore canceled or delivered to the Trustee for cancellation, including
principal and premium, if any, and interest due or to become due to the Maturity Date, any Optional Redemption Date or the Special
Redemption Date, as; the case may be, but excluding, however, the amount of any moneys for the payment of principal of and premium,
if any, or interest on the Debt Securities (1) theretofore repaid to the Company in accordance, with the provisions of Section
12.04, or (2) paid to any state or to the District of Columbia pursuant to its unclaimed property or similar laws, and if in the
case of either clause (a) or (b) above the Company shall also pay or cause to be paid ail other sums payable hereunder by the Company,
then this Indenture shall cease to be of further effect except for the provisions of Sections 2.05, 2.06, 3.01, 3,02, 3.04, 6.06,
6.09 and 12.04 hereof, which shall survive until such Debt Securities shall mature or are redeemed, as the case may be, and are
paid in full. Thereafter, Sections 6.06, 6.09 and 12.04 shall survive, and the Trustee, on demand of the Company accompanied by
an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture have been complied with, and at the cost and expense of the Company, shall
execute proper instruments acknowledging satisfaction of and discharging this Indenture, the Company, however, hereby agreeing
to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by the Trustee in connection with
this Indenture or the Debt Securities.

 

Section
12.02      Deposited Moneys to be Held in Trust by Trustee.

 

Subject
to the provisions of Section 12.04, all moneys deposited with the Trustee pursuant to Section 12.01 shall be held in trust and
applied by it to the payment, either directly or through any Paying Agent (including the Company if acting as its own Paying Agent),
to the holders of the particular Debt Securities for the payment of which such moneys have been deposited with the Trustee, of
all sums due and to become due thereon for principal, premium, if any, and interest.

    	 	52	 

     

    

 

Section
12.03     Paving Agent to Repay Moneys Held.

 

Upon
the satisfaction and discharge of this Indenture, all moneys then held by any Paying Agent of the Debt Securities (other than
the Trustee) shall, upon demand of the Company, be repaid to the Company or paid to the Trustee, and thereupon such Paying Agent
shall be released from all further liability with respect to such moneys.

 

Section
12.04     Return of Unclaimed Moneys.

 

Any
moneys deposited with or paid to the Trustee or any Paying Agent for payment of the principal of and premium, if any, or interest
on Debt Securities and not applied but remaining unclaimed by the holders of Debt Securities for two years after the date upon
which the principal of and premium, if any, or interest on such Debt Securities, as the case may be, shall have become due and
payable, shall be repaid to the Company by the Trustee or such Paying Agent on written demand; and the holder of any of the Debt
Securities shall thereafter look only to the Company for any payment which such holder may be entitled to collect and all liability
of the Trustee or such Paying Agent with respect to such moneys shall thereupon cease.

 

ARTICLE
XIII 

IMMUNITY
OF INCORPORATORS, STOCKHOLDERS,

OFFICERS
AND DIRECTORS

 

 Section 13.01     Indenture and Debt Securities Solely Corporate Obligations.

 

 No
recourse for the payment of the principal of or premium, if any, or interest on any Debt Security, or for any claim based thereon
or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture
or in any supplemental indenture, or in any such Debt Security, or because of the creation of any indebtedness represented thereby,
shall be had against any incorporator, stockholder, officer, director, employee or agent, as such, past, present or future, of
the Company or of any predecessor or successor corporation of the Company, either directly or through the Company or any successor
corporation of the Company, 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 all such liability is hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issue of the Debt Securities.

 

ARTICLE
XIV 

MISCELLANEOUS
PROVISIONS

 

Section
14.01    Successors.

 

All
the covenants, stipulations, promises and agreements of the Company contained in this Indenture shall bind its successors and assigns,
whether so expressed or not.

 

Section
14.02    Official Acts by Successor Entity.

 

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 like board, committee, officer or
other authorized Person of any entity that shall at the time be the lawful successor of the Company.

 

    	 	53	 

     

    

 

Section
14.03     Surrender of Company Powers.

 

The
Company, by instrument in writing executed by authority of 2/3 (two thirds) 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 and as to any permitted successor.

 

Section
14.04     Addresses for Notices, etc.

 

Any
notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the
Securityholders on the Company may be given or served in writing by being deposited postage prepaid by registered or certified
mail in a post office letter box addressed (until another address is filed by the Company with the Trustee for such purpose) to
the Company at 2 Jefferson Plaza, Poughkeepsie, New York 12601, Attention: Michael J. Quinn/Michael J. McDermott. Any notice, direction,
request or demand by any Securityholder or the Company 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 office of Wilmington Trust Company at Rodney Square North, 1100 North
Market Street, Wilmington, DE 19890-0001, Attention: Corporate Capital Markets.

 

Section
14.05     Governing Law.

 

This
Indenture and the Debt Securities shall each be governed by, and construed in accordance with, the laws of the State of New York,
without regard to conflict of laws principles of said State other than Section 5-1401 of the New York General Obligations Law.

 

Section
14.06     Evidence of Compliance with Conditions Precedent.

 

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 in the opinion of the signers all conditions precedent,
if any, 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 no such Opinion of Counsel
is required to be furnished to the Trustee in connection with the authentication and issuance of Debt Securities).

 

Each
certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition
or covenant provided for in this Indenture (except certificates delivered pursuant to Section 3.05) shall include (a) a statement
that the person making such certificate or opinion has read such covenant or condition and the definitions relating thereto; (b)
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; (c) a statement that, in the opinion of such person, he or she has made such examination
or investigation as 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 (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has
been complied with.

 

    	 	54	 

     

    

 

Section
14.07     Business Day Convention.

 

Notwithstanding
anything to the contrary contained herein, if any Interest Payment Date, other than the Maturity Date, any Optional Redemption
Date or the Special Redemption Date, falls on a day that is not a Business Day, then any interest payable will be paid on, and
such Interest Payment Date will be moved to, the next succeeding Business Day, and additional interest will accrue for each day
that such payment is delayed as a result thereof If the Maturity Date, any Optional Redemption Date or the Special Redemption Date
falls on a day that is not a Business Day, then the principal, premium, if any, and/or interest payable on such date will be paid
on the next succeeding Business Day, and no additional interest will accrue in respect of such payment made on such next succeeding
Business Day.

 

Section
14.08     Table of Contents, Headings, etc.

 

The
table of contents and the titles and headings of the Articles and Sections of this Indenture have been inserted for convenience
of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions
hereof.

 

Section
14.09     Execution in 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
14.10     Separability.

 

In
case any one or more of the provisions contained in this Indenture or in! the Debt Securities 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 such Debt Securities, but this Indenture and such Debt Securities shall
be construed as if such invalid, illegal or unenforceable provision had never been contained herein or therein.

 

Section
14.11     Assignment.

 

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

 

    	 	55	 

     

    

 

Section
14.12     Acknowledgment of Rights.

 

The
Company acknowledges that, with respect to any Debt Securities held by the Trust or a trustee of the Trust, if such trustee of
the Trust fails to enforce its rights under this Indenture as the holder of Debt Securities held as the assets of the Trust after
the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities of the Trust have so directed in
writing such trustee, a holder of record of such Capital Securities may, to the fullest extent permitted by law, institute legal
proceedings directly against the Company to enforce such trustee’s rights under this Indenture without first instituting
any legal proceedings against such trustee or any other Person. Notwithstanding the foregoing, if an Event of Default has occurred
and is continuing and such event is attributable to the failure of the Company to pay interest or premium, if any, on or principal
of the Debt Securities on the date such interest, premium, if any, or principal is otherwise due and payable (or, in the case of
redemption, on the related Optional Redemption Date or the Special Redemption Date (as the case may be)), the Company acknowledges
that a holder of outstanding Capital Securities of the Trust may directly institute a proceeding against the Company for enforcement
of payment to such holder directly of the principal of or premium, if any, or interest on the Debt Securities having an aggregate
principal amount equal to the aggregate liquidation amount of the Capital Securities of such holder on or after the respective
due date (or Optional Redemption Date or Special Redemption Date (as the case may be)) specified in the Debt Securities.

 

ARTICLE
XV

SUBORDINATION OF DEBT SECURITIES

 

Section
15.01     Agreement to Subordinate.

 

The
Company covenants and agrees, and each holder of Debt Securities issued hereunder and under any supplemental indenture (the “Additional
Provisions”) by such holder’s acceptance thereof likewise covenants and agrees, that all Debt Securities shall be issued
subject to the provisions of this Article XV; and each holder of a Debt Security, 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 payments due on all Debt Securities issued hereunder and under any Additional Provisions 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 Indebtedness of the Company, whether outstanding at the date of this Indenture or thereafter incurred.

 

No
provision of this Arvticle XV shall prevent the occurrence of any default or Event of Default hereunder.

 

Section
15.02     Default on Senior Indebtedness.

 

In
the event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other
amount due on any Senior Indebtedness of the Company following any applicable grace period, or in the event that the maturity of
any Senior Indebtedness of the Company has been accelerated because of a default, and such acceleration has not been rescinded
or canceled and such Senior Indebtedness has not been paid

 

    	 	56	 

     

    

 

in full, then, in either case, no payment shall be made by the
Company with respect to the payments due on the Debt Securities.

 

In
the event that, notwithstanding the foregoing, any payment shall be received by the Trustee or any Securityholder when such payment
is prohibited by the preceding paragraph of this Section, such payment shall, subject to Section 15.06, 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 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 Senior Indebtedness.

 

Section
15.03     Liquidation; Dissolution; Bankruptcy.

 

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, winding-up, 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 of the Company 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 the Debt Securities; and upon any such dissolution, winding-up, liquidation or reorganization, any : payment by the
Company, or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the
Securityholders or the Trustee would be entitled to receive from the Company, except for the provisions of this Article XV, 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 Securityholders or by the Trustee under this Indenture if received by them or it, directly to the holders
of Senior Indebtedness of the Company (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 Securityholders or to the Trustee.

 

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 or any Securityholder before all
Senior Indebtedness of the Company 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 of the Company remaining unpaid to the extent
necessary to pay such

 

    	 	57	 

     

    

 

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.

 

For
purposes of this Article XV, 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 XV with respect to the Debt
Securities to the payment of all Senior Indebtedness of the Company, that may at the time be outstanding, provided,
that (a) such Senior Indebtedness is assumed
by the new corporation, if any, resulting from any such reorganization or readjustment, and (b) 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, transfer or other disposition of its property as an entirety, or substantially as an entirety, to another corporation
upon the terms and conditions provided for in Article XI of this Indenture shall not be deemed a dissolution, winding-up, liquidation
or reorganization for the purposes of this Section if such other corporation shall, as a part of such consolidation, merger, conveyance
or transfer, comply with the conditions stated in Article XI of this Indenture. Nothing in Section 15.02 or in this Section shall
apply to claims of, or payments to, the Trustee under or pursuant to Section 6.06 of this Indenture.

 

Section
15.04     Subrogation.

 

Subject
to the payment in full of all Senior Indebtedness of the Company, the Securityholders 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 applicable
to such Senior Indebtedness until all payments due on the Debt Securities 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 Securityholders or the Trustee would be entitled except for the provisions of this Article XV, and no payment over pursuant
to the provisions of this Article XV to or for the benefit of the holders of such Senior Indebtedness by Securityholders or the
Trustee, shall, as between the Company, its creditors other than holders of Senior Indebtedness of the Company, and the holders
of the Debt Securities be deemed to be a payment or distribution by the Company to or on account of such Senior Indebtedness. It
is understood that the provisions of this Article XV are, and are intended, solely for the purposes of defining the relative rights
of the holders of the Debt Securities, on the one hand, and the holders of such Senior Indebtedness, on the other hand.

 

Nothing
contained in this Article XV or elsewhere in this Indenture, any Additional Provisions or in the Debt Securities is intended to
or shall impair, as between the Company, its creditors other than the holders of Senior Indebtedness of the Company, and the holders
of the Debt Securities, the obligation of the Company, which is absolute and unconditional, to pay to the holders of the Debt Securities
all payments on the Debt Securities 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 Debt Securities and creditors of the Company other than the holders
of Senior Indebtedness of the Company, nor shall anything

 

    	 	58	 

     

    

 

 herein or therein prevent the Trustee or the holder of any Debt Security from exercising all remedies otherwise
permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article XV of the holders
of such Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy.

 

Upon
any payment or distribution of assets of the Company referred to in this Article XV, the Trustee, subject to the provisions of
Article VI of this Indenture, and the Securityholders 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 Securityholders, for the purposes of ascertaining the Persons entitled to participate in such
distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article XV.

 

Section
15.05     Trustee to Effectuate Subordination.

 

Each
Securityholder, by such Securityholder’s acceptance thereof, authorizes and directs the Trustee on such Securityholder’s
behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article XV and appoints
the Trustee such Securityholder’s attomey-in-fact for any and all such purposes.

 

Section
15.06     Notice by the Company.

 

The
Company shall give prompt written notice to a Responsible Officer of the Trustee at the Principal Office of the Trustee of any
fact known to the Company that would prohibit the making of any payment of moneys to or by the Trustee in respect of the Debt
Securities pursuant to the provisions of this Article XV. Notwithstanding the provisions of this Article XV or any other provision
of this Indenture or any Additional Provisions, the Trustee shall not be charged with knowledge of the existence of any facts
that would prohibit the making of any payment of moneys to or by the Trustee in respect of the Debt Securities pursuant to the
provisions of this Article XV unless and until a Responsible Officer of the Trustee at the Principal Office 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 Article VI of this Indenture, 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 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 premium, if any, or interest on any Debt Security), 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.

 

    	 	59	 

     

    

 

The
Trustee, subject to the provisions of Article VI of this Indenture, 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 of the Company (or a trustee
or representative on behalf of such holder) to establish that such notice has been given by a holder of such Senior Indebtedness
or a trustee or representative 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 XV, 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
XV, 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
15.07     Rights of the Trustee: Holders of Senior Indebtedness.

 

The
Trustee, in its individual capacity, shall be entitled to all the rights set forth in this Article XV 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
or any Additional Provisions shall deprive the Trustee of any of its rights as such holder.

 

With
respect to the holders of Senior Indebtedness of the Company, the Trustee undertakes to perform or to observe only such of its
covenants and obligations as are specifically set forth in this Article XV, and no implied covenants or obligations with respect
to the holders of such Senior Indebtedness shall be read into this Indenture or any Additional Provisions against the Trustee.
The Trustee shall not owe or be deemed to owe any fiduciary duty to the holders of such Senior Indebtedness and, subject to the
provisions of Article VI of this Indenture, the Trustee shall not be liable to any holder of such Senior Indebtedness if it shall
pay over or deliver to Securityholders, 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 XV or otherwise.

 

Nothing
in this Article XV shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.06.

 

Section
15.08     Subordination May Not Be Impaired.

 

No
right of any present or future holder of any Senior Indebtedness of the Company 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.

 

Without
in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness of the Company may, at any time
and from time to time, without the consent of or notice to the Trustee or the Securityholders, without incurring responsibility
to the Securityholders and without impairing or releasing the subordination provided in this Article XV or the obligations hereunder
of the holders of the Debt Securities to the holders of such Senior Indebtedness, do any one or more of the following: (a) 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; (b) sell, exchange, release or otherwise deal with any property pledged, mortgaged or
otherwise securing such Senior Indebtedness; (c) release any Person liable in any manner for the collection of such Senior Indebtedness;
and (d) exercise or refrain from exercising any rights against the Company or any other Person.

 

    	 	60	 

     

    

 

Wilmington
Trust Company, in its capacity as Trustee, hereby accepts the trusts in this Indenture declared and provided, upon the terms and
conditions herein above set forth.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed by their respective officers thereunto duly
authorized, as of the day and year first above written.

 

	 	RHINEBECK BANCORP, MHC
	 	 	 	 
	 	By:	 /s/ Michael J. McDermott
	 	 	Name: 	Michael J. McDermott
	 	 	Title:	Chief Financial Officer 
	 	 	 	 
	 	WILMINGTON TRUST COMPANY, 
	 	as Trustee
	 	 	 	 
	 	By:	 /s/ Denise M. Geran
	 	 	Name:	Denise M. Geran
	 	 	Title:	Vice President

 

Indenture  

    	 	 

     

    

 

EXHIBIT
A

 

FORM
OF DEBT SECURITY 

 

[FORM
OF FACE OF SECURITY]

 

THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS
SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY
OR ANY INTEREST OR PARTICIPATION HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF, AS THE CASE MAY BE, AGREES TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN PRIOR TO THE DATE WHICH IS THE LATER OF (i) TWO YEARS (OR SUCH
SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144(k) UNDER THE SECURITIES ACT) AFTER THE LATER OF (Y) THE DATE OF ORIGINAL ISSUANCE
HEREOF AND (Z) THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE (AS DEFINED IN RULE 405 UNDER THE SECURITIES ACT) OF THE COMPANY
WAS THE HOLDER OF THIS SECURITY OR SUCH INTEREST OR PARTICIPATION (OR ANY PREDECESSOR THERETO) AND (ii) SUCH LATER DATE, IF ANY,
AS MAY BE REQUIRED BY ANY SUBSEQUENT CHANGE IN APPLICABLE LAW, ONLY (A) TO THE COMPANY, (B) PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT (“RULE 144A”), TO A PERSON THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, AS
DEFINED IN RULE 144A, THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3), (7) OR (8)
OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS SECURITY OR SUCH INTEREST OR PARTICIPATION FOR ITS OWN ACCOUNT, OR
FOR THE ACCOUNT OF SUCH AN ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION
WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (D) PURSUANT TO OFFERS AND SALES TO NON-US PERSONS THAT OCCUR OUTSIDE
THE UNITED STATES PURSUANT TO REGULATIONS UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSE (C) OR (E) ABOVE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY
TO IT IN ACCORDANCE WITH THE INDENTURE, A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY. THE HOLDER OF THIS SECURITY OR ANY INTEREST
OR PARTICIPATION HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF, AS THE CASE MAY BE, AGREES THAT IT WILL COMPLY WITH THE FOREGOING
RESTRICTIONS.

 

    	 	A-1	 

     

    

 

THE
HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF, AS THE CASE MAY BE, ALSO
AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT
SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING
ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY AND NO PERSON INVESTING “PLAN
ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN, UNLESS SUCH PURCHASER OR
HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23,
95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY OR SUCH INTEREST OR PARTICIPATION
IS NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER
OR HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING
HEREOF OR THEREOF, AS THE CASE MAY BE, THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF
ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT
PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR
(ii) SUCH PURCHASE AND HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE
FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

 

IN
CONNECTION WITH ANY TRANSFER, THE HOLDER OF THIS SECURITY WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND
OTHER INFORMATION AS MAY BE REQUIRED BY THE INDENTURE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

THIS
SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF.
ANY ATTEMPTED TRANSFER OF THIS SECURITY IN DENOMINATIONS OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT
WHATSOEVER ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION
HEREIN FOR ANY PURPOSE, INCLUDING BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS SECURITY OR SUCH INTEREST OR PARTICIPATION,
AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SECURITY OR ANY INTEREST OR PARTICIPATION
HEREIN.

 

    	 	A-2	 

     

    

 

THIS
OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL
DEPOSIT INSURANCE CORPORATION (THE “FDIC”). THIS OBLIGATION IS SUBORDINATED TO THE CLAIMS OF THE DEPOSITORS
AND THE CLAIMS OF GENERAL AND SECURED CREDITORS OF THE COMPANY, IS INELIGIBLE AS COLLATERAL FOR A LOAN BY THE COMPANY OR ANY OF
ITS SUBSIDIARIES AND IS NOT SECURED.

 

Floating
Rate Junior Subordinated Debt Security due 2035

of

RHINEBECK
BANCORP, MHC

 

Rhinebeck
Bancorp, MHC, a bank holding company incorporated in New York (the “Company”, which term includes any successor
permitted under the Indenture (as defined herein)), for value received, promises to pay to Wilmington Trust Company, not in
its individual capacity but solely as Institutional Trustee for RSB Capital Trust I, a Delaware statutory trust, or
registered assigns, the principal amount of FIVE MILLION ONE HUNDRED FIFTY-FIVE THOUSAND Dollars ($5,155,000) on May 23, 2035
(the “Maturity Date”) (or any Optional Redemption Date or the Special Redemption Date, each as defined herein,
or any earlier date of acceleration of the maturity of this Debt Security), and to pay interest on the outstanding
principal amount of this Debt Security from March 30, 2005, or from the most recent Interest Payment Date (as defined below)
to which interest has been paid or duly provided for, quarterly (subject to deferral as set forth herein) in arrears on
February 23, May 23, August 23 and November 23 of each year, commencing on May 23, 2005 (each, an “Interest Payment
Date”), at a rate per annum, which, with respect to any Interest Period (as defined in the Indenture), will be
equal to LIBOR (as defined in the Indenture), as determined on the LIBOR Determination Date (as defined in the Indenture) for
such Interest Period (or, in the case of the first Interest Period, will be 3.09%), plus 2.00% (the “Interest
Rate”) (provided that the Interest Rate for any Interest Period may not
exceed the highest rate permitted by New York law, as the same may be modified by United States law of general
application) until the principal hereof shall have been paid or duly provided for, 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 an annual rate equal to the then applicable Interest Rate, compounded quarterly. The amount of interest
payable for any Interest Period shall be computed on the basis of a 360-day year and the actual number of days elapsed in
such Interest Period.

 

    	 	A-3	 

     

    

 

The
interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Debt Security (or one or more Predecessor Securities, as defined in the Indenture)
is registered at the close of business on the “regular record date” for such interest installment, which shall be the
fifteenth day prior to such Interest Payment Date, whether or not such day is a Business Day (as defined herein). Any such interest
installment (other than Deferred Interest (as defined herein)) not punctually paid or duly provided for shall forthwith cease to
be payable to the holders on such regular record date and may be paid to the Person in whose name this Debt Security (or one or
more Predecessor Securities) 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 whereof shall be given to the holders of the Debt Securities not less than 10 days prior
to such special record date, all as more fully provided in the Indenture.

 

Payment
of the principal of and premium, if any, and interest on this Debt Security due on the Maturity Date, any Optional Redemption Date
or the Special Redemption Date, as the case may be, shall be made in immediately available funds against presentation and surrender
of this Debt Security at the office or agency of the Trustee maintained for that purpose in Wilmington, Delaware, or at the office
or agency of any other Paying Agent appointed by the Company maintained for that purpose in Wilmington, Delaware or Albany, New
York. Payment of interest on this Debt Security due on any Interest Payment Date other than the Maturity Date, any Optional Redemption
Date or the Special Redemption Date, as the case may be, shall be made at the option of the Company by check mailed to the holder
thereof at such address as shall appear in the Debt Security Register or by wire transfer of immediately available funds to an
account appropriately designated by the holder hereof. Notwithstanding the foregoing, so long as the holder of this Debt Security
is the Institutional Trustee, payment of the principal of and premium, if any, and interest on this Debt Security shall be made
in immediately available funds when due at such place and to such account as may be designated by the Institutional Trustee. All
payments in respect of this Debt Security shall be payable 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.

 

Notwithstanding
anything to the contrary contained herein, if any Interest Payment Date, other than the Maturity Date, any Optional Redemption
Date or the Special Redemption Date, falls on a day that is not a Business Day, then any interest payable will be paid on, and
such Interest Payment Date will be moved to, the next succeeding Business Day, and additional interest will accrue for each day
that such payment is delayed as a result thereof. If the Maturity Date, any Optional Redemption Date or the Special Redemption
Date falls on a day that is not a Business Day, then the principal, premium, if any, and/or interest payable on such date will
be paid on the next succeeding Business Day, and no additional interest will accrue in respect of such payment made on such next
succeeding Business Day.

 

    	 	A-4	 

     

    

 

So
long as no Event of Default pursuant to Sections 5.01(b), (e), (f), (g), (h) or (i) of the Indenture has occurred and is continuing,
the Company shall have the right, from time to time and without causing an Event of Default, to defer payments of interest on
the Debt Securities by extending the interest payment period on the Debt Securities at any time and from time to time during the
term of the Debt Securities, for up to 20 consecutive quarterly periods (each such extended interest payment period, together
with all previous and further consecutive extensions thereof, is referred to herein as an “Extension Period”). No
Extension Period may end on a date other than an Interest Payment Date or extend beyond the Maturity Date, any Optional Redemption
Date or the Special Redemption Date, as the case may be. During any Extension Period, interest will continue to accrue on the
Debt Securities, and interest on such accrued interest (such accrued interest and interest thereon referred to herein as “Deferred
Interest”) will accrue at an annual rate equal to the Interest Rate applicable during such Extension Period, compounded
quarterly from the date such Deferred Interest would have been payable were it not for the Extension Period, to the extent permitted
by applicable law. No interest or Deferred Interest (except any Additional Amounts (as defined in the Indenture) that may be due
and payable) shall be due and payable during an Extension Period, except at the end thereof. At the end of any Extension Period,
the Company shall pay all Deferred Interest then accrued and unpaid on the Debt Securities; provided, however,
that during any Extension Period, the Company may not (i) declare or pay any dividends or distributions on, or redeem,
purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock, (ii) make any payment
of principal of or premium, if any, or interest on or repay, repurchase or redeem any debt securities of the Company that rank
pari passu in all respects with or junior in interest to the Debt Securities or (iii)
make any payment under any guarantees of the Company that rank in all respects pari passu
with or junior in respect to the Capital Securities Guarantee (other than (a) repurchases, redemptions or other acquisitions of
shares of capital stock of the Company (A) in connection with any employment contract, benefit plan or other similar
arrangement with or for the benefit of one or more employees, officers, directors or consultants, (B) in connection with a dividend
reinvestment or stockholder stock purchase plan or (C) in connection with the issuance of capital stock of the Company (or securities
convertible into or exercisable for such capital stock), as consideration in an acquisition transaction entered into prior to
such Extension Period, (b) as a result of any exchange or conversion of any class or series of the Company’s capital stock
(or any capital stock of a subsidiary of the Company) for any class or series of the Company’s capital stock or of any class
or series of the Company’s indebtedness for any class or series of the Company’s capital stock, (c) the purchase of
fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such
capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholder’s
rights plan, or the issuance of rights, stock or other property under any stockholder’s rights plan, or the redemption or
repurchase of rights pursuant thereto or (e) any dividend in the form of stock, warrants, options or other rights where the dividend
stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend
is being paid or ranks pari passu with or junior to such stock). Prior to the termination
of any Extension Period, the Company may further extend such Extension Period, provided,
that no Extension Period (including all previous and further consecutive extensions that are part of such Extension Period) shall
exceed 20 consecutive quarterly periods. Upon the termination of any Extension Period and upon the payment of all Deferred Interest,
the Company may commence a new Extension Period, subject to the foregoing requirements. The Company must give the Trustee notice
of its election to begin or extend an Extension Period no later than the close of business on the fifteenth Business Day prior
to the applicable Interest Payment Date.

 

The
indebtedness evidenced by this Debt Security 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), and this Debt Security is issued subject
to the provisions of the Indenture with respect thereto. Each holder of this Debt Security, by accepting the same, (a) agrees to
and shall be bound by such provisions, (b) authorizes and directs the Trustee on such holder’s behalf to take such action
as may be necessary or appropriate to acknowledge or effectuate the subordination so provided and (c) appoints the Trustee such
holder’s attomey-in-fact for any and all such purposes. Each holder hereof, by such holder’s 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.

 

    	 	A-5	 

     

    

 

The
Company waives diligence, presentment, demand for payment, notice of nonpayment, notice of protest, and all other demands and notices.

 

This
Debt Security shall not be entitled to any benefit under the Indenture hereinafter referred to and shall not 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 Debt Security 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.

 

This
Debt Security may contain more than one counterpart of the signature page and this Debt Security may be executed and authenticated
by the affixing of the signature of a proper officer of the Company, and the signature of the Trustee providing authentication,
to any of such counterpart signature pages. All of such counterpart signature pages shall be read as though one, and they shall
have the same force and effect as though the Company had executed, and the Trustee had authenticated, a single signature page.

 

    	 	A-6	 

     

    

  

IN
WITNESS WHEREOF, the Company has duly executed this certificate.

 

	 	RHINEBECK BANCORP, MHC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_________________, ______

 

CERTIFICATE
OF AUTHENTICATION

 

This
certificate represents Debt Securities referred to in the within-mentioned Indenture.

 

	 	WILMINGTON
TRUST COMPANY,

not in its individual capacity but solely as

the Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

Dated:
_________________, ______

 

    	 	A-7	 

     

    

 

[FORM
OF REVERSE OF SECURITY]

 

This
Debt Security is one of a duly authorized series of debt securities of the Company (collectively, the “Debt Securities”),
all issued or to be issued pursuant to an Indenture (the “Indenture”), dated as of March 30, 2005, duly executed and
delivered between the Company and Wilmington Trust Company, as Trustee (the “Trustee”), to which Indenture and all
indentures supplemental thereto 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 Debt Securities of which this Debt Security is a part.

 

Upon
the occurrence and continuation of a Tax Event, an Investment Company Event or a Capital Treatment Event (each, a “Special
Event”), the Company shall have the right to redeem this Debt Security, at its option, in whole with all other Debt Securities
but not in part at any time, within 90 days following the occurrence of such Special Event (the “Special Redemption Date”),
at the Special Redemption Price (as defined herein).

 

The
Company shall also have the right to redeem this Debt Security at its option, in whole or (provided that all accrued and unpaid
interest has been paid on all Debt Securities for all Interest Periods terminating on or prior to such date) from time to time
in part, on any Interest Payment Date on or after May 23, 2010 (each, an “Optional Redemption Date”), at the
Optional Redemption Price (as defined herein).

 

Any
redemption pursuant to the preceding two paragraphs will be made, subject to receipt by the Company of prior approval from the
Board of Governors of the Federal Reserve System (the “Federal Reserve”) if then required under applicable capital
guidelines or policies of the Federal Reserve, upon not less than 30 days’ nor more than 60 days’ prior written notice. If
the Debt Securities are only partially redeemed by the Company, the Debt Securities will be redeemed pro rata or by any other
method utilized by the Trustee. In the event of redemption of this Debt Security in part only, a new Debt Security or Debt Securities
for the unredeemed portion hereof will be issued in the name of the holder hereof upon the cancellation hereof.

 

“Optional
Redemption Price” means an amount in cash equal to 100% of the principal amount of this Debt Security being redeemed plus
unpaid interest accrued thereon to the related Optional Redemption Date.

 

“Special
Redemption Price” means, with respect to the redemption of this Debt Security following a Special Event, an amount in cash
equal to 104.00% of the principal amount of this Debt Security to be redeemed prior to May 23, 2006 and thereafter equal to the
percentage of the principal amount of
this Debt Security that is specified below for the Special Redemption Date plus, in each case, unpaid interest accrued thereon
to the Special Redemption Date:

 

    	 	A-8	 

     

    

  

	Special Redemption During the 12-Month
 Period Beginning May 23,
	 	Percentage of Principal Amount	 
	 	 	 	 
	2006	 	 	103.20	%
	 	 	 	 	 
	2007	 	 	102.40	%
	 	 	 	 	 
	2008	 	 	101.60	%
	 	 	 	 	 
	2009	 	 	100.84	%
	 	 	 	 	 
	2010 and thereafter	 	 	100.00	%

 

In
case an Event of Default, as defined in the Indenture, shall have occurred and be continuing, the principal of all of the Debt
Securities may be declared, and, in certain cases, shall ipso facto become, due and payable, and upon any such
declaration of acceleration shall become due and payable, in each case, 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 a majority in aggregate
principal amount of the Debt Securities at the time outstanding affected thereby, as specified 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 Debt Securities, provided, however,
that no such supplemental indenture shall, among other things, without the consent of the holders of each Debt Security then
outstanding and affected thereby (i) change the Maturity Date of any Debt Security, or reduce the principal amount thereof or
any premium thereon, or reduce the rate (or manner of calculation of the rate) or extend the time of payment of interest thereon,
or reduce (other than as a result of the maturity or earlier redemption of any such Debt Security in accordance with the terms
of the Indenture and such Debt Security) or increase the aggregate principal amount of Debt Securities then outstanding, or change
any of the redemption provisions, or make the principal thereof or any interest or premium thereon payable in any coin or currency
other than United States Dollars, or impair or affect the right of any holder to institute suit for payment thereof, or (ii) reduce
the aforesaid percentage of Debt Securities the holders of which are required to consent to any such supplemental indenture. The
Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Debt Securities at
the time outstanding, on behalf of the holders of all the Debt Securities, 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) a default
in payments due in respect of any of the Debt Securities, (b) in respect of covenants or provisions of the Indenture which cannot
be modified or amended without the consent of the holder of each Debt Security affected, or (c) in respect of the covenants of
the Company relating to its ownership of Common Securities of the Trust. Any such consent or waiver by the holder of this Debt
Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such holder and upon all future holders
and owners of this Debt Security and of any Debt Security 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 Debt Security.

    	 	A-9	 

     

    

 

No
reference herein to the Indenture and no provision of this Debt Security or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to make all payments due on this Debt Security at the time and place and at
the rate and in the money herein prescribed.

 

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

 

Prior
to due presentment for registration of transfer of this Debt Security, the  Company, the Trustee, any Authenticating Agent,
any Paying Agent, any transfer agent and the Debt Security registrar may deem and treat the holder hereof as the absolute owner
hereof (whether or not this Debt Security shall be overdue and notwithstanding any notice of ownership or writing hereon) for
the purpose of receiving payment of the principal of and premium, if any, and interest on this Debt Security and for all other
purposes, and none of the Company, the Trustee, any Authenticating Agent, any Paying Agent, any transfer agent or any Debt Security
registrar shall be affected by any notice to the contrary.

 

As
provided in the Indenture and subject to certain limitations herein and therein set forth, Debt Securities are exchangeable for
a like aggregate principal amount of Debt Securities of different authorized denominations, as requested by the holder surrendering
the same.

 

The
Debt Securities are issuable only in registered certificated form without coupons.

 

No
recourse shall be had for the payment of the principal of or premium, if any, or interest on this Debt Security, 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, director, employee or agent, past, present or future, as such, of the Company or of any predecessor or successor corporation
of the Company, 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.

 

    	 	A-10	 

     

    

 

All
terms used but not defined in this Debt Security shall have the meanings assigned to them in the Indenture.

 

THIS
DEBT SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT
OF LAWS PRINCIPLES OF SAID STATE OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

    	 	A-11Exhibit 4.2

 

FIRST SUPPLEMENTAL INDENTURE

 

THIS FIRST SUPPLEMENTAL INDENTURE dated
as of January 16, 2019 is by and among Wilmington Trust Company, a Delaware trust company, as Trustee (herein, together with its
successors in interest, the “Trustee”), Rhinebeck Bancorp, Inc., a Maryland corporation (the “Successor Company”),
and Rhinebeck Bancorp, MHC, a New York-chartered mutual holding company (the “Company”), under the Indenture referred
to below.

 

NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties
hereto, the Trustee, the Company and the Successor Company hereby agree as follows:

 

PRELIMINARY STATEMENTS

 

The Trustee and the Company are parties
to that certain Indenture dated as of March 30, 2005 (the “Indenture”), pursuant to which the Company issued U.S. $5,155,000
in principal amount of its Floating Rate Junior Subordinated Debt Securities due 2035 (the “Debt Securities”).

 

As permitted by the terms of the Indenture,
the Company, simultaneously with the effectiveness of this First Supplemental Indenture, shall convey (referred to herein for purposes
of Article XI of the Indenture as the “Conveyance”) the Debt Securities to the Successor Company. The parties hereto
are entering into this First Supplemental Indenture pursuant to, and in accordance with, Articles IX and XI of the Indenture.

 

SECTION 1. Definitions. All
capitalized terms used herein that are defined in the Indenture, either directly or by reference therein, shall have the respective
meanings assigned them in the Indenture except as otherwise provided herein or unless the context otherwise requires.

 

SECTION 2. Interpretation.

 

		(a)	In this First Supplemental Indenture, unless a clear contrary intention appears:

 

		(i)	the singular number includes the plural number and vice versa;

 

		(ii)	reference to any gender includes the other gender;

 

		(iii)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this First Supplemental Indenture as a whole and not to any particular Section or other subdivision;

     

     

    

 

		(iv)	reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and
assigns are permitted by this First Supplemental Indenture or the Indenture, and reference to a Person in a particular capacity
excludes such Person in any other capacity or individually provided that nothing in this clause (iv) is intended to authorize any
assignment not otherwise permitted by this First Supplemental Indenture or the Indenture;

 

		(v)	reference to any agreement, document or instrument means such agreement, document or instrument as amended, supplemented or
modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof, as well as
any substitution or replacement therefor and reference to any note includes modifications thereof and any note issued in extension
or renewal thereof or in substitution or replacement therefor;

 

		(vi)	reference to any Section means such Section of this First Supplemental Indenture; and

 

		(vii)	the word “including” (and with correlative meaning “include”) means including without limiting the
generality of any description preceding such term.

 

		(b)	No provision in this First Supplemental Indenture shall be interpreted or construed against any Person because that Person
or its legal representative drafted such provision.

 

SECTION 3. Assumption of Obligations.

 

		(a)	Pursuant to, and in compliance and accordance with, Section 11.01 and Section 11.02 of the Indenture, the Successor Company
hereby expressly assumes the due and punctual payment of the principal of and premium, if any, and interest on all of the Debt
Securities in accordance with their terms, according to their tenor, and the due and punctual performance and observance of all
of the covenants and conditions of the Indenture to be kept, performed, or observed by the Company under the Indenture.

 

		(b)	Pursuant to, and in compliance and accordance with, Section 11.02 of the Indenture, the Successor Company succeeds to and is
substituted for the Company, with the same effect as if the Successor Company had originally been named in the Indenture as the
Company.

 

		(c)	The Successor Company also succeeds to and is substituted for the Company with the same effect as if the Successor Company
had originally been named in (i) the Amended and Restated Declaration of Trust of the Trust, dated as of March 30, 2005 (the “Trust
Agreement”), as Sponsor (as defined in the Trust Agreement) and (ii) the Guarantee Agreement, dated as of March 30, 2005
(the “Guarantee”), as Guarantor (as defined in the Guarantee).

 

    	 	2	 

     

    

 

SECTION 4. Representations and Warranties.
The Successor Company represents and warrants that (a) it has all necessary power and authority to execute and deliver this First
Supplemental Indenture and to perform the Indenture, (b) as of the date hereof, it is the recipient of the Debt Securities by virtue
of a lawful conveyance by the Company, (c) it is a corporation organized and existing under the laws of the State of Maryland,
(d) both immediately before and after giving effect to the Conveyance and this First Supplemental Indenture, no Default or Event
of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, has occurred and is continuing
and (e) this First Supplemental Indenture is executed and delivered pursuant to Section 9.01(a) and Article XI of the Indenture
and does not require the consent of the Securityholders.

 

SECTION 5. Conditions of Effectiveness.
This First Supplemental Indenture shall become effective simultaneously with the effectiveness of the Conveyance, provided, however,
that:

 

		(a)	the Trustee shall have executed a counterpart of this First Supplemental Indenture and shall have received one or more counterparts
of this First Supplemental Indenture executed by the Successor Company and the Company;

 

		(b)	the Trustee shall have received an Officers’ Certificate stating that (i) this First Supplemental Indenture complies
with the requirements of Article IX of the Indenture; and (ii) in the opinion of the signers, all conditions precedent, if any,
provided for in the Indenture relating to the Conveyance and this First Supplemental Indenture have been complied with; and

 

		(c)	the Trustee shall have received an Opinion of Counsel to the effect that (i) all conditions precedent provided for in the Indenture
relating to the Conveyance and this First Supplemental Indenture have been complied with; (ii) this First Supplemental Indenture
complies with the requirements of Article IX of the Indenture and is authorized or permitted by, and conforms to, the terms of
Article IX of the Indenture; (iii) it is proper for the Trustee, under the provisions of Article IX of the Indenture, to join in
the execution of this First Supplemental Indenture; and (iv) the Conveyance and the assumption by the Successor Company under this
First Supplemental Indenture comply with the provisions of Article XI of the Indenture.

 

SECTION 6. Reference to the Indenture.

 

		(a)	Upon the effectiveness of this First Supplemental Indenture, each reference in the Indenture to “this Indenture,”
“hereunder,” “herein” or words of like import shall mean and be a reference to the Indenture, as affected,
amended and supplemented hereby.

 

    	 	3	 

     

    

 

		(b)	Upon the effectiveness of this First Supplemental Indenture, each reference in the Debt Securities to the Indenture including
each term defined by reference to the Indenture shall mean and be a reference to the Indenture or such term, as the case may be,
as affected, amended and supplemented hereby.

 

		(c)	The Indenture, as amended and supplemented hereby shall remain in full force and effect and is hereby ratified and confirmed.

 

SECTION 7. Execution in Counterparts.
This First Supplemental Indenture may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute
but one and the same instrument.

 

SECTION 8. Governing Law; Binding
Effect. This First Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of
New York and shall be binding upon the parties hereto and their respective successors and assigns.

 

SECTION 9. The Trustee. The
Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this First Supplemental
Indenture or the due execution thereof by the Company or the Successor Company. The recitals of fact contained herein shall be
taken as the statements solely of the Company or the Successor Company, and the Trustee assumes no responsibility for the correctness
thereof.

 

[Signatures on following page]

 

    	 	4	 

     

    

 

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

 

	 	RHINEBECK BANCORP, MHC
	 	 	 
	  	By:	/s/ Michael J. Quinn
	 	Name:	Michael J. Quinn
	 	Title:	President and Chief Executive Officer

 

	 	RHINEBECK BANCORP, INC.
	 	 	 
	 	By:	/s/ Michael J. Quinn
	 	Name:	Michael J. Quinn
	 	Title:	President and Chief Executive Officer

 

	 	
        WILMINGTON TRUST COMPANY, not in its

        individual capacity, but solely as Trustee 

	 	 
	 	By:	/s/ Michael H. Wass
	 	Name:	Michael H. Wass
	 	Title:	Vice President

 

    	 	5

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