Document:

exhibit1033.htm

    
      Exhibit
        10.33

    

    

     

     

    AMENDED
      AND RESTATED TRUST AGREEMENT

     

    

    among

    

    HARLEYSVILLE
      NATIONAL CORPORATION,

    as
      Depositor

    

    

    WILMINGTON
      TRUST COMPANY,

    as
      Property Trustee

    

    

    

    

    WILMINGTON
      TRUST COMPANY,

    as
      Delaware Trustee

    

    and

    

    

    THE
      ADMINISTRATIVE TRUSTEES NAMED HEREIN

    as
      Administrative Trustees

    

    ________________

    

    

    Dated
      as
      of August 22, 2007

    

    

    HNC
      STATUTORY TRUST IV

    

    

    
      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

                                                                                     Page

    

     

    ARTICLE
      I.       Defined Terms.............................................................................................................................................................1

        SECTION
      1.1.    Definitions..................................................................................................................................................1

     

    ARTICLE
      II.      The
      Trust.....................................................................................................................................................................10

        SECTION
      2.1.    Name.........................................................................................................................................................10

        SECTION
      2.2.    Office of the
      Delaware Trustee; Principal Place of
      Business..........................................................................10

        SECTION
      2.3.    Initial
      Contribution of Trust Property; Fees, Costs and
      Expenses..................................................................11

        SECTION
      2.4.    Purposes
      of
      Trust........................................................................................................................................11

        SECTION
      2.5.    Authorization
      to Enter into Certain
      Transactions...........................................................................................11

    
          SECTION
        2.6.    Assets
        of
        Trust............................................................................................................................................14

    

        SECTION
      2.7.    Title
      to Trust
      Property.................................................................................................................................14

     

    ARTICLE
      III.    Payment
      Account; Paying
      Agents.............................................................................................................................15

    
          SECTION
        3.1.    Payment
        Account........................................................................................................................................15

    

    
          SECTION
        3.2.    Appointment
        of Paying
        Agents.....................................................................................................................15

    

     

    ARTICLE
      IV.    Distributions;
      Redemption........................................................................................................................................16

    
          SECTION
        4.1.    Distributions................................................................................................................................................16

    

    
          SECTION
        4.2.    Redemption.................................................................................................................................................17

    

    
          SECTION
        4.3.    Subordination
        of Common
        Securities............................................................................................................20

    

    
          SECTION
        4.4.    Payment
        Procedures....................................................................................................................................20

    

        SECTION
      4.5.    Withholding
      Tax...........................................................................................................................................21

    
          SECTION
        4.6.    Tax
        Returns and Other
        Reports....................................................................................................................21

    

    
          SECTION
        4.7.    Payment
        of Taxes, Duties, Etc. of the
        Trust...................................................................................................22

    

        SECTION
      4.8.    Payments
      under Indenture or Pursuant to
      Direct
      Actions...............................................................................22

    
          SECTION
        4.9.    Exchanges....................................................................................................................................................22

    

    
          SECTION
        4.10.        Calculation
        Agent.........................................................................................................................................22

    

        SECTION
      4.11.        Certain Accounting
      Matters..........................................................................................................................23

     

    ARTICLE
      V.    
Securities..................................................................................................................................................................24

    
          SECTION
        5.1.    Initial
        Ownership...........................................................................................................................................24

    

    
          SECTION
        5.2.    Authorized
        Trust
        Securities............................................................................................................................24

    

        SECTION 5.3.    Issuance
      of the Common Securities;
      Subscription and Purchase of
      Notes.......................................................24

    
          SECTION
        5.4.    The
        Securities
        Certificates.............................................................................................................................24

    

    
          SECTION
        5.5.    Rights
        of
        Holders..........................................................................................................................................25

          SECTION
        5.6.    Book-Entry
        Preferred
        Securities....................................................................................................................25

    

        SECTION 5.7.    Registration
      of Transfer and Exchange
      of Preferred Securities
      Certificates.......................................................27

        SECTION 5.8.    Mutilated,
      Destroyed, Lost or Stolen
      Securities
      Certificates............................................................................29

    
          SECTION
        5.9.    Persons
        Deemed
        Holders..............................................................................................................................29

    

    
          SECTION
        5.10.        Cancellation..................................................................................................................................................30

    

    
          SECTION
        5.11.        Ownership of Common
        Securities by
        Depositor.............................................................................................30

    

    
          SECTION
        5.12.        Restricted
        Legends........................................................................................................................................30

          SECTION
        5.13.        Form of Certificate
        of
        Authentication..............................................................................................................33

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

      

    ARTICLE
      VI.    Meetings;
      Voting; Acts of
      Holders..............................................................................................................................34

    
          SECTION
        6.1.    Notice
        of
        Meetings.........................................................................................................................................34

    

    
          SECTION
        6.2.    Meetings
        of Holders of the Preferred
        Securities...............................................................................................34

    

    
          SECTION
        6.3.    Voting
        Rights..................................................................................................................................................34

      
            SECTION
          6.4.    Proxies,
          Etc....................................................................................................................................................34

      

    

    
          SECTION
        6.5.    Holder
        Action by Written
        Consent..................................................................................................................35

    

    
      
            SECTION
          6.6.    Record
          Date for Voting and Other
          Purposes...................................................................................................35

      

    

    
          SECTION
        6.7.    Acts
        of
        Holders..............................................................................................................................................35

    

    
          SECTION
        6.8.    Inspection
        of
        Records.....................................................................................................................................36

          SECTION
        6.9.    Limitations
        on Voting
        Rights............................................................................................................................36

          SECTION
        6.10.       Acceleration of Maturity;
        Rescission of
        Annulment; Waivers of Past
        Defaults.....................................................37

    

     

    ARTICLE
      VII.    Representations
      and
      Warranties.................................................................................................................................39

        SECTION 7.1.    Representations
      and Warranties of the
      Property Trustee and the Delaware
      Trustee...........................................39

    
          SECTION
        7.2.    Representations
        and Warranties of
        Depositor...................................................................................................40

    

     

    ARTICLE
      VIII.    The
      Trustees.............................................................................................................................................................41

    
          SECTION
        8.1.    Number
        of
        Trustees.........................................................................................................................................41

    

    
          SECTION
        8.2.    Property
        Trustee
        Required...............................................................................................................................41

    

    
          SECTION
        8.3.    Delaware
        Trustee
        Required..............................................................................................................................42

    

    
          SECTION
        8.4.    Appointment
        of Administrative
        Trustees............................................................................................................42

    

    
          SECTION
        8.5.    Duties
        and
        Responsibilities of the
        Trustees.........................................................................................................43

    

    
          SECTION
        8.6.    Notices
        of Defaults and
        Extensions....................................................................................................................44

          SECTION
        8.7.    Certain
        Rights of Property
        Trustee.....................................................................................................................45

    

    
          SECTION
        8.8.    Delegation
        of
        Power..........................................................................................................................................47

          SECTION
        8.9.    May
        Hold
        Securities..........................................................................................................................................47

          SECTION
        8.10.        Compensation; Reimbursement;
        Indemnity.........................................................................................................47
    SECTION
      8.11.        Resignation and Removal; Appointment
      of
      Successor ........................................................................................48

    
          SECTION
        8.12.        Acceptance of Appointment
        by
        Successor.........................................................................................................50
    SECTION
      8.13.        Merger, Conversion, Consolidation
      or
      Succession to
      Business............................................................................50

        SECTION
      8.14.        Not Responsible for Recitals
      or
      Issuance of
      Securities........................................................................................50

        SECTION
      8.15.        Property Trustee May
      File Proofs of
      Claim........................................................................................................50

        SECTION
      8.16.        Reports to and from
      the Property
      Trustee..........................................................................................................51

     

    ARTICLE
      IX.    Termination,
      Liquidation and
      Merger.............................................................................................................................52

    
          SECTION
        9.1.    Dissolution
        Upon Expiration
        Date......................................................................................................................52

    

    
          SECTION
        9.2.    Early
        Termination..............................................................................................................................................52

    

    
          SECTION
        9.3.    Termination.......................................................................................................................................................52

    

    
          SECTION
        9.4.    Liquidation........................................................................................................................................................52

    

        SECTION 9.5.    Mergers,
      Consolidations, Amalgamations
      or Replacements of
      Trust....................................................................54

     

    ARTICLE
      X.    Information to
      Purchaser.................................................................................................................................................55

    
          SECTION
        10.1.        Depositor Obligations
        to
        Purchaser....................................................................................................................55

    

    
          SECTION
        10.2.        Property Trustee’s Obligations to
        Purchaser.......................................................................................................55

    

     

    ARTICLE
      XI.    Miscellaneous
      Provisions...............................................................................................................................................56

    
          SECTION
        11.1.    Limitation
        of Rights of
        Holders.........................................................................................................................56

    

    
          SECTION
        11.2.    Agreed
        Tax Treatment of Trust and Trust
        Securities.........................................................................................56

      
            SECTION
          11.3.    Amendment....................................................................................................................................................56

            SECTION
          11.4.    Separability.....................................................................................................................................................58

         

        
          
            
            

          

          
            ii

            
              

            

          

          
            
            

          

        

      

      
            

      

      
            SECTION
          11.5.    Governing
          Law.................................................................................................................................................58

      

      
            SECTION
          11.6.    Successors......................................................................................................................................................
          58

      

    

    
          SECTION
        11.7.    Headings..........................................................................................................................................................58

          SECTION
        11.8.    Reports,
        Notices and
        Demands.........................................................................................................................58

          SECTION
        11.9.    Agreement
        Not to
        Petition.................................................................................................................................59

    

     

    

    Exhibit
      A                      Certificate
      of Trust of HNC Statutory Trust IV

    Exhibit
      B                      Form
      of Common Securities Certificate

    Exhibit
      C                      Form
      of Preferred Securities Certificate

    Exhibit
      D                      Junior
      Subordinated Indenture

    Exhibit
      E                      Form
      of Transferee Certificate to be Executed by Transferees other than
      QIBs

    Exhibit
      F                      Form
      of Transferor Certificate to be Executed by QIBs

    Exhibit
      G                      Form
      of Financial Officer’s Certificate

    Exhibit
      H                      Officers’
Certificate pursuant to Section 8.16(a)

    

    Schedule
      A                                Calculation
      of LIBOR

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    AMENDED
      AND RESTATED TRUST AGREEMENT, dated as of August 22, 2007, among (i)
      Harleysville National Corporation, a Pennsylvania corporation (including any
      successors or permitted assigns, the “Depositor”), (ii) Wilmington Trust
      Company, a Delaware banking corporation, as property trustee (in such capacity,
      the “Property Trustee”), (iii) Wilmington Trust Company, a Delaware banking
      corporation, as Delaware trustee (in such capacity, the “Delaware Trustee”),
      (iv) Paul D. Geraghty, an individual, Michael B. High, an individual, and George
      S. Rapp, an individual, each of whose address is c/o Harleysville National
      Corporation, 483 Main St., Harleysville, PA  19438, as administrative
      trustees (in such capacities, each an “Administrative Trustee” and,
      collectively, the “Administrative Trustees” and, together with the Property
      Trustee and the Delaware Trustee, the “Trustees”) and (v) the several Holders,
      as hereinafter defined.

     

    Witnesseth

     

    Whereas,
      the Depositor, the Property Trustee and the Delaware Trustee have heretofore
      created a Delaware statutory trust pursuant to the Delaware Statutory Trust
      Act
      by entering into a Trust Agreement, dated as of August 20, 2007 (the “Original
      Trust Agreement”), and by executing and filing with the Secretary of State of
      the State of Delaware the Certificate of Trust, substantially in the form
      attached as Exhibit A; and

     

    Whereas,
      the Depositor and the Trustees desire to amend and restate the Original Trust
      Agreement in its entirety as set forth herein to provide for, among other
      things, (i) the issuance of the Common Securities by the Trust to the Depositor,
      (ii) the issuance and sale of the Preferred Securities by the Trust pursuant
      to
      the Purchase Agreement and (iii) the acquisition by the Trust from the Depositor
      of all of the right, title and interest in and to the Notes;

     

    Now,
      Therefore, in consideration of the agreements and obligations set forth herein
      and for other good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, each party, for the benefit of the other parties
      and for the benefit of the Holders, hereby amends and restates the Original
      Trust Agreement in its entirety and agrees as follows:

     

    ARTICLE
      I.

     

    Defined
      Terms

     

    SECTION
      1.1.  Definitions.

     

    For
      all
      purposes of this Trust Agreement, except as otherwise expressly provided or
      unless the context otherwise requires:

     

    (a)           the
      terms defined in this Article I have the meanings assigned to them in
      this Article I;

     

    (b)           the
      words “include”, “includes” and “including” shall be deemed to be followed by
      the phrase “without limitation”;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c)           all
      accounting terms used but not defined herein have the meanings assigned to
      them
      in accordance with United States generally accepted accounting
      principles;

     

    (d)           unless
      the context otherwise requires, any reference to an “Article”, a “Section”, a
“Schedule” or an “Exhibit” refers to an Article, a Section, a Schedule or an
      Exhibit, as the case may be, of or to this Trust Agreement;

     

    (e)           the
      words “hereby”, “herein”, “hereof” and “hereunder” and other words of similar
      import refer to this Trust Agreement as a whole and not to any particular
      Article, Section or other subdivision;

     

    (f)           a
      reference to the singular includes the plural and vice versa; and

     

    (g)           the
      masculine, feminine or neuter genders used herein shall include the masculine,
      feminine and neuter genders.

     

    “Act”
has
      the meaning specified in Section 6.7.

     

    “Additional
      Interest” has the meaning specified in Section 1.1 of the
      Indenture.

     

    “Additional
      Interest Amount” means, with respect to Trust Securities of a given Liquidation
      Amount and/or a given period, the amount of Additional Interest paid by the
      Depositor on a Like Amount of Notes for such period.

     

    “Additional
      Taxes” has the meaning specified in Section 1.1 of the
      Indenture.

     

    “Additional
      Tax Sums” has the meaning specified in Section 10.5 of the
      Indenture.

     

    “Administrative
      Trustee” means each of the Persons identified as an “Administrative Trustee” in
      the preamble to this Trust Agreement, solely in each such Person’s capacity as
      Administrative Trustee of the Trust and not in such Person’s individual
      capacity, or any successor Administrative Trustee appointed as herein
      provided.

     

    “Affiliate”
      of any specified Person means any other Person directly or indirectly
      controlling or controlled by or under direct or indirect common control with
      such specified Person.  For the purposes of this definition, “control”
when used with respect to any specified Person means the power to direct the
      management and policies of such Person, directly or indirectly, whether through
      the ownership of voting securities, by contract or otherwise; and the terms
      “controlling” and “controlled” have meanings correlative to the
      foregoing.

     

    “Applicable
      Depositary Procedures” means, with respect to any transfer or transaction
      involving a Book-Entry Preferred Security, the rules and procedures of the
      Depositary for such Book-Entry Preferred Security, in each case to the extent
      applicable to such transaction and as in effect from time to time.

     

    “Bankruptcy
      Event” means, with respect to any Person:

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    (a)  the
      entry of a decree or order by a court having jurisdiction in the premises (i)
      judging such Person a bankrupt or insolvent, (ii) approving as properly filed
      a
      petition seeking reorganization, arrangement, adjudication or composition of
      or
      in respect of such Person under any applicable Bankruptcy Law, (iii) appointing
      a custodian, receiver, liquidator, assignee, trustee, sequestrator or other
      similar official of such Person or of any substantial part of its property
      or
      (iv) ordering the winding up or liquidation of its affairs, and the continuance
      of any such decree or order unstayed and in effect for a period of sixty (60)
      consecutive days; or

     

    (b)  the
      institution by such Person of proceedings to be adjudicated a bankrupt or
      insolvent, or the consent by it to the institution of bankruptcy or insolvency
      proceedings against it, or the filing by it of a petition or answer or consent
      seeking reorganization or relief under any applicable Bankruptcy Law, or the
      consent by it to the filing of any such petition or to the appointment of a
      custodian, receiver, liquidator, assignee, trustee, sequestrator or similar
      official of such Person or of any substantial part of its property, or the
      making by it of an assignment for the benefit of creditors, or the admission
      by
      it in writing of its inability to pay its debts generally as they become due
      and
      its willingness to be adjudicated a bankrupt or insolvent, or the taking of
      corporate action by such Person in furtherance of any such action.

     

    “Bankruptcy
      Laws” means all Federal and state bankruptcy, insolvency, reorganization and
      other similar laws, including the United States Bankruptcy Code.

     

    “Book-Entry
      Preferred Security” means a Preferred Security, the ownership and transfers of
      which shall be made through book entries by a Depositary.

     

    “Business
      Day” means a day other than (a) a Saturday or Sunday, (b) a day on which banking
      institutions in the City of New York are authorized or required by law or
      executive order to remain closed or (c) a day on which the Corporate Trust
      Office is closed for business.

     

    “Calculation
      Agent” has the meaning specified in Section 10.4 of the
      Indenture.

     

    “Capital
      Disqualification Event” has the meaning specified in Section 1.1 of the
      Indenture.

     

    “Closing
      Date” has the meaning specified in the Purchase Agreement.

     

    “Code”
      means the United States Internal Revenue Code of 1986, as amended.

     

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

     

    “Common
      Securities Certificate” means a certificate evidencing ownership of Common
      Securities, substantially in the form attached as Exhibit B.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    “Common
      Security” means a common security of the Trust, denominated as such and
      representing an undivided beneficial interest in the assets of the Trust, having
      a Liquidation Amount of $1,000 and having the terms provided therefor in this
      Trust Agreement.

     

    “Corporate
      Trust Office” means the principal office of the Property Trustee at which any
      particular time its corporate trust business shall be administered, which office
      at the date of this Trust Agreement is located at Rodney Square North, 1100
      North Market Street, Wilmington, Delaware 19890-0001,
      Attention:  Corporate Capital Markets.

     

    “Definitive
      Preferred Securities Certificates” means Preferred Securities issued in
      certificated, fully registered form that are not Global Preferred
      Securities.

     

    “Delaware
      Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.
      Code § 3801 et seq., or any successor statute thereto, in each case as amended
      from time to time.

     

    “Delaware
      Trustee” means the Person identified as the “Delaware Trustee” in the preamble
      to this Trust Agreement, solely in its capacity as Delaware Trustee of the
      Trust
      and not in its individual capacity, or its successor in interest in such
      capacity, or any successor Delaware Trustee appointed as herein
      provided.

     

    “Depositary”
      means an organization registered as a clearing agency under the Exchange Act
      that is designated as Depositary by the Depositor or any successor
      thereto.  DTC will be the initial Depositary.

     

    “Depositary
      Participant” means a broker, dealer, bank, other financial institution or other
      Person for whom from time to time the Depositary effects book-entry transfers
      and pledges of securities deposited with the Depositary.

     

    “Depositor”
      has the meaning specified in the preamble to this Trust Agreement and any
      successors and permitted assigns.

     

    “Depositor
      Affiliate” has the meaning specified in Section 4.9.

     

    “Distribution
      Date” has the meaning specified in Section 4.1(a)(i).

     

    “Distributions”
      means amounts payable in respect of the Trust Securities as provided in
Section 4.1.

     

    “DTC”
      means The Depository Trust Company or any successor thereto.

     

    “Early
      Termination Event” has the meaning specified in Section 9.2.

     

    “Equity
      Interests” means any of (a) the partnership interests (general or limited) in a
      partnership, (b) the membership interests in a limited liability company or
      (c)
      the shares or stock interests (both common stock and preferred stock) in a
      corporation.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    “Event
      of
      Default” means any one of the following events (whatever the reason for such
      event and whether it shall be voluntary or involuntary or be effected by
      operation of law or pursuant to any judgment, decree or order of any court
      or
      any order, rule or regulation of any administrative or governmental
      body):

     

    (a)  the
      occurrence of a Note Event of Default; or

     

    (b)  default
      by the Trust in the payment of any Distribution when it becomes due and payable,
      and continuation of such default for a period of thirty (30) days;
      or

     

    (c)  default
      by the Trust in the payment of any Redemption Price of any Trust Security when
      it becomes due and payable; or

     

    (d)  default
      in the performance, or breach, in any material respect of any covenant or
      warranty of the Trustees in this Trust Agreement (other than those specified
      in
      clause (b) or (c) above) and continuation of such default or breach for a period
      of thirty (30) days after there has been given, by registered or certified
      mail,
      to the Trustees and to the Depositor by the Holders of at least twenty five
      percent (25%) in aggregate Liquidation Amount of the Outstanding Preferred
      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)  the
      occurrence of a Bankruptcy Event with respect to the Property Trustee if a
      successor Property Trustee has not been appointed within ninety (90) days
      thereof.

     

    “Exchange
      Act” means the Securities Exchange Act of 1934, and any successor statute
      thereto, in each case as amended from time to time.

     

    “Expiration
      Date” has the meaning specified in Section 9.1.

     

    “Extension
      Period” has the meaning specified in Section 4.1(a)(ii).

     

    “Federal
      Reserve” means the Board of Governors of the Federal Reserve System, the staff
      thereof, or a Federal Reserve Bank, acting through delegated authority, in
      each
      case under the rules, regulations and policies of the Federal Reserve System,
      or
      if at any time after the execution of this Trust Agreement any such entity
      is
      not existing and performing the duties now assigned to it , any successor body
      performing similar duties or functions.

     

    “Fiscal
      Year” shall be the fiscal year of the Trust, which shall be the calendar year,
      or such other period as is required by the Code.

     

    “Global
      Preferred Security” means a Preferred Securities Certificate evidencing
      ownership of Book-Entry Preferred Securities.

     

    “Guarantee
      Agreement” means the Guarantee Agreement executed and delivered by the Depositor
      and Wilmington Trust Company, as guarantee trustee, contemporaneously with
      the
      execution and delivery of this Trust Agreement for the benefit of the holders
      of
      the Preferred Securities, as amended from time to time.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    “Holder”
      means a Person in whose name a Trust Security or Trust Securities are registered
      in the Securities Register; any such Person shall be a beneficial owner within
      the meaning of the Delaware Statutory Trust Act.

     

    “Indemnified
      Person” has the meaning specified in Section 8.10(c).

     

    “Indenture”
      means the Junior Subordinated Indenture executed and delivered by the Depositor
      and the Note Trustee contemporaneously with the execution and delivery of this
      Trust Agreement, for the benefit of the holders of the Notes, a copy of which
      is
      attached hereto as Exhibit D, as amended or supplemented from time to
      time.

     

    “Indenture
      Redemption Price” has the meaning specified in Section
      4.2(c).

     

    “Interest
      Payment Date” has the meaning specified in Section 1.1 of the
      Indenture.

     

    “Investment
      Company Act” means the Investment Company Act of 1940, or any successor statute
      thereto, in each case as amended from time to time.

     

    “Investment
      Company Event” has the meaning specified in Section 1.1 of the
      Indenture.

     

    “LIBOR”
      has the meaning specified in Schedule A.

     

    “LIBOR
      Business Day” has the meaning specified in Schedule A.

     

    “LIBOR
      Determination Date” has the meaning specified in Schedule A.

     

    “Lien”
      means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse
      ownership interest, hypothecation, assignment, security interest or preference,
      priority or other security agreement or preferential arrangement of any kind
      or
      nature whatsoever.

     

    “Like
      Amount” means (a) with respect to a redemption of any Trust Securities, Trust
      Securities having a Liquidation Amount equal to the principal amount of Notes
      to
      be contemporaneously redeemed or paid at maturity in accordance with the
      Indenture, the proceeds of which will be used to pay the Redemption Price of
      such Trust Securities, (b) with respect to a distribution of Notes to Holders
      of
      Trust Securities in connection with a dissolution of the Trust, Notes having
      a
      principal amount equal to the Liquidation Amount of the Trust Securities of
      the
      Holder to whom such Notes are distributed and (c) with respect to any
      distribution of Additional Interest Amounts to Holders of Trust Securities,
      Notes having a principal amount equal to the Liquidation Amount of the Trust
      Securities in respect of which such distribution is made.

     

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

     

    “Liquidation
      Date” means the date on which assets are to be distributed to Holders in
      accordance with Section 9.4(a) hereunder following dissolution of the
      Trust.

     

    “Liquidation
      Distribution” has the meaning specified in Section 9.4(d).

     

    
      
        
        

      

      
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    “Majority
      in Liquidation Amount of the Preferred Securities” means Preferred Securities
      representing more than fifty percent (50%) of the aggregate Liquidation Amount
      of all (or a specified group of) then Outstanding Preferred
      Securities.

     

    “Note
      Event of Default” means any “Event of Default” specified in Section 5.1
      of the Indenture.

     

    “Note
      Redemption Date” means, with respect to any Notes to be redeemed under the
      Indenture, the date fixed for redemption of such Notes under the
      Indenture.

     

    “Note
      Trustee” means the Person identified as the “Trustee” in the Indenture, solely
      in its capacity as Trustee pursuant to the Indenture and not in its individual
      capacity, or its successor in interest in such capacity, or any successor
      Trustee appointed as provided in the Indenture.

     

    “Notes”
      means the Depositor’s Junior Subordinated Notes issued pursuant to the
      Indenture.

     

     “Officers’
      Certificate” means a certificate signed by the Chief Executive Officer, the
      President or an Executive Vice President, and by the Chief Financial Officer,
      Treasurer or an Assistant Treasurer, of the Depositor, and delivered to the
      Trustees. Any Officers’ Certificate delivered with respect to compliance with a
      condition or covenant provided for in this Trust Agreement (other than the
      certificate provided pursuant to Section 8.16(a)) shall
      include:

     

    (a)
      a
      statement by each officer signing the Officers’ Certificate that such officer
      has read the covenant or condition and the definitions relating
      thereto;

     

    (b)
      a
      brief statement of the nature and scope of the examination or investigation
      undertaken by such officer in rendering the Officers’ Certificate;

     

    (c)
      a
      statement that such officer has made such examination or investigation as,
      in
      such officer’s opinion, is necessary to enable such officer 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, in the opinion of such officer, such condition or
      covenant has been complied with.

     

    “Operative
      Documents” means the Purchase Agreement, the Indenture, the Trust Agreement, the
      Guarantee Agreement, the Notes and the Trust Securities.

     

    “Opinion
      of Counsel” means a written opinion of counsel, who may be counsel for, or an
      employee of, the Depositor or any Affiliate of the Depositor.

     

    “Original
      Issue Date” means the date of original issuance of the Trust
      Securities.

     

    “Original
      Trust Agreement” has the meaning specified in the recitals to this Trust
      Agreement.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    “Outstanding”,
      when used with respect to any Trust Securities, means, as of the date of
      determination, all Trust Securities theretofore executed and delivered under
      this Trust Agreement, except:

     

    (a)
      Trust
      Securities theretofore canceled by the Property Trustee or delivered to the
      Property Trustee for cancellation;

     

    (b)
      Trust
      Securities for which payment or redemption money in the necessary amount has
      been theretofore deposited with the Property Trustee or any Paying Agent in
      trust for the Holders of such Trust Securities; provided, that if such Trust
      Securities are to be redeemed, notice of such redemption has been duly given
      pursuant to this Trust Agreement; and

     

    (c)
      Trust
      Securities that have been paid or in exchange for or in lieu of which other
      Trust Securities have been executed and delivered pursuant to the provisions
      of
      this Trust Agreement, unless proof satisfactory to the Property Trustee is
      presented that any such Trust Securities are held by Holders in whose hands
      such
      Trust Securities are valid, legal and binding obligations of the
      Trust;

     

    provided,
      that in determining whether the Holders of the requisite Liquidation Amount
      of
      the Outstanding Preferred Securities have given any request, demand,
      authorization, direction, notice, consent or waiver hereunder, Preferred
      Securities owned by the Depositor, any Trustee or any Affiliate of the Depositor
      or of any Trustee shall be disregarded and deemed not to be Outstanding, except
      that (i) in determining whether any Trustee shall be protected in relying upon
      any such request, demand, authorization, direction, notice, consent or waiver,
      only Preferred Securities that such Trustee knows to be so owned shall be so
      disregarded and (ii) the foregoing shall not apply at any time when all of
      the
      Outstanding Preferred Securities are owned by the Depositor, one or more of
      the
      Trustees and/or any such Affiliate. Preferred Securities so owned that have
      been
      pledged in good faith may be regarded as Outstanding if the pledgee establishes
      to the satisfaction of the Administrative Trustees the pledgee’s right so to act
      with respect to such Preferred Securities and that the pledgee is not the
      Depositor, any Trustee or any Affiliate of the Depositor or of any
      Trustee.

     

    “Owner”
      means each Person who is the beneficial owner of Book-Entry Preferred Securities
      as reflected in the records of the Depositary or, if a Depositary Participant
      is
      not the beneficial owner, then the beneficial owner as reflected in the records
      of the Depositary Participant.

     

    “Paying
      Agent” means any Person authorized by the Administrative Trustees to pay
      Distributions or other amounts in respect of any Trust Securities on behalf
      of
      the Trust.

     

    “Payment
      Account” means a segregated non-interest-bearing corporate trust account
      maintained by the Property Trustee for the benefit of the Holders in which
      all
      amounts paid in respect of the Notes will be held and from which the Property
      Trustee, through the Paying Agent, shall make payments to the Holders in
      accordance with Sections 3.1, 4.1 and 4.2.

     

    “Person”
      means a legal person, including any individual, corporation, estate,
      partnership, joint venture, association, joint stock company, company, limited
      liability company, trust, 

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    
    

     

     

    
      unincorporated association
        or government, or any agency or political subdivision thereof, or any other
        entity of whatever nature.

    

     

    “Preferred
      Security” means a preferred security of the Trust, denominated as such and
      representing an undivided beneficial interest in the assets of the Trust, having
      a Liquidation Amount of $1,000 and having the terms provided therefor in this
      Trust Agreement.

     

    “Preferred
      Securities Certificate” means a certificate evidencing ownership of Preferred
      Securities, substantially in the form attached as Exhibit C.

     

    “Property
      Trustee” means the Person identified as the “Property Trustee” in the preamble
      to this Trust Agreement, solely in its capacity as Property Trustee of the
      Trust
      and not in its individual capacity, or its successor in interest in such
      capacity, or any successor Property Trustee appointed as herein
      provided.

     

     “Purchase
      Agreement” means the Purchase Agreement, dated as of August 22, 2007, executed
      and delivered by the Trust, the Depositor and the Purchaser.

     

    “Purchaser”
      means Trapeza CDO XIII, Ltd., as purchaser of the Preferred Securities pursuant
      to the Purchase Agreement, whose address is c/o Maples Finance Limited, P.O.
      Box
      1093 GT, Queensgate House, South Church Street, George Town, Grand Cayman,
      Cayman Islands, or any other address previously furnished by the
      Purchaser.

     

    “QIB”
      means a “qualified institutional buyer” as defined in Rule 144A under the
      Securities Act.

     

    “Redemption
      Date” means, with respect to any Trust Security to be redeemed, the date fixed
      for such redemption by or pursuant to this Trust Agreement; provided, that
      each
      Note Redemption Date and the stated maturity (or any date of principal repayment
      upon early maturity) of the Notes shall be a Redemption Date for a Like Amount
      of Trust Securities.

     

    “Redemption
      Price” means, with respect to any Trust Security, the Liquidation Amount of such
      Trust Security, plus accumulated and unpaid Distributions to the Redemption
      Date, plus the related amount of the premium, if any, paid by the Depositor
      upon
      the concurrent redemption  or payment at maturity of a Like Amount of
      Notes.

     

    “Reference
      Banks” has the meaning specified in Schedule A.

     

    “Responsible
      Officer” means, with respect to the Property Trustee, any Senior Vice President,
      any Vice President, any Assistant Vice President, the Secretary, any Assistant
      Secretary, the Treasurer, any Assistant Treasurer, any Trust Officer or
      Assistant Trust Officer or any other officer in the Corporate Trust Office
      of
      the Property Trustee with direct responsibility for the administration of this
      Trust Agreement and also means, with respect to a particular corporate trust
      matter, any other officer of the Property Trustee 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, and any successor statute thereto, in
      each case as amended from time to time.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    “Securities
      Certificate” means any one of the Common Securities Certificates or the
      Preferred Securities Certificates.

     

    “Securities
      Register” and “Securities Registrar” have the respective meanings specified in
Section 5.7.

     

    “Special
      Event Redemption Price” has the meaning specified in Section 11.2 of the
      Indenture.

     

    “Successor
      Securities” has the meaning specified in Section 9.5(a).

     

    “Tax
      Event” has the meaning specified in Section 1.1 of the
      Indenture.

     

    “Trust”
      means the Delaware statutory trust known as “HNC Statutory Trust IV,” which was
      created on August 20, 2007, under the Delaware Statutory Trust Act pursuant
      to
      the Original Trust Agreement and the filing of the Certificate of Trust, and
      continued pursuant to this Trust Agreement.

     

    “Trust
      Agreement” means this Amended and Restated Trust Agreement, including all
      Schedules and Exhibits (other than Exhibit D), as the same may be
      modified, amended or supplemented from time to time in accordance with the
      applicable provisions hereof.

     

    “Trustees”
      means the Administrative Trustees, the Property Trustee and the Delaware
      Trustee, each as defined in this Article I.

     

    “Trust
      Property” means (a) the Notes, (b) any cash on deposit in, or owing to, the
      Payment Account and (c) all proceeds and rights in respect of the foregoing
      and
      any other property and assets for the time being held or deemed to be held
      by
      the Property Trustee pursuant to the trusts of this Trust
      Agreement.

     

    “Trust
      Security” means any one of the Common Securities or the Preferred
      Securities.

     

    ARTICLE
      II.

     

     

    The
      Trust

     

    SECTION
      2.1.  Name.

     

    The
      trust
      continued hereby shall be known as “HNC Statutory Trust IV,” as such name may be
      modified from time to time by the Administrative Trustees following written
      notice to the Holders of Trust Securities and the other Trustees, in which
      name
      the Trustees may conduct the business of the Trust, make and execute contracts
      and other instruments on behalf of the Trust and sue and be sued.

     

    SECTION
      2.2.  Office
      of
      the Delaware Trustee; Principal Place of Business.

     

    The
      address of the Delaware Trustee in the State of Delaware is Rodney Square North,
      1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate
      Capital 

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    
      Markets,
        or
        such other address in the State of Delaware as the Delaware Trustee may
        designate by written notice to the Holders, the Depositor, the Property Trustee
        and the Administrative Trustees. The principal executive office of the Trust
        is
        c/o Harleysville National Corporation, 483 Main St., Harleysville,
        PA  19438, Attention: Chief Financial Officer, as such address may be
        changed from time to time by the Administrative Trustees following written
        notice to the Holders and the other Trustees.

    

     

        SECTION
      2.3.  Initial
      Contribution of Trust Property; Fees, Costs and Expenses.

     

    The
      Property Trustee acknowledges receipt from the Depositor in connection with
      the
      Original Trust Agreement of the sum of ten dollars ($10), which constituted
      the
      initial Trust Property. The Depositor shall pay all fees, costs and expenses
      of
      the Trust (except with respect to the Trust Securities) as they arise or shall,
      upon request of any Trustee, promptly reimburse such Trustee for any such fees,
      costs and expenses paid by such Trustee. The Depositor shall make no claim
      upon
      the Trust Property for the payment of such fees, costs or expenses.

     

    SECTION
      2.4.  Purposes
      of Trust.

     

    (a)  The
      exclusive purposes and functions of the Trust are to (i) issue and sell Trust
      Securities and use the proceeds from such sale to acquire the Notes and
      (ii)  engage in only those activities necessary or incidental thereto.
      The Delaware Trustee, the Property Trustee and the Administrative Trustees
      are
      trustees of the Trust, and have all the rights, powers and duties to the extent
      set forth herein.  The Trustees hereby acknowledge that they are
      trustees of the Trust.

     

    (b)  So
      long
      as this Trust Agreement remains in effect, the Trust (or the Trustees acting
      on
      behalf of the Trust) shall not undertake any business, activities or transaction
      except as expressly provided herein or contemplated hereby. In particular,
      the
      Trust (or the Trustees acting on behalf of the Trust) shall not (i) acquire
      any
      investments or engage in any activities not authorized by this Trust Agreement,
      (ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise
      dispose of any of the Trust Property or interests therein, including to Holders,
      except as expressly provided herein, (iii) incur any indebtedness for borrowed
      money or issue any other debt, (iv) take or consent to any action that would
      result in the placement of a Lien on any of the Trust Property, (v) take or
      consent to any action that would reasonably be expected to cause (or, in the
      case of the Property Trustee, to the actual knowledge of a Responsible Officer
      would cause) the Trust to become taxable as a corporation or classified as
      other
      than a grantor trust for United States federal income tax purposes, (vi) take
      or
      consent to any action that would cause (or, in the case of the Property Trustee,
      to the actual knowledge of a Responsible Officer would cause) the Notes to
      be
      treated as other than indebtedness of the Depositor for United States federal
      income tax purposes or (vii) take or consent to any action that would cause
      (or,
      in the case of the Property Trustee, to the actual knowledge of a Responsible
      Officer would cause) the Trust to be deemed to be an “investment company”
required to be registered under the Investment Company Act.

     

    SECTION
      2.5.  Authorization
      to Enter into Certain Transactions.

     

    (a)  The
      Trustees shall conduct the affairs of the Trust in accordance with and subject
      to the terms of this Trust Agreement. In accordance with the following
      provisions (i) and (ii), the

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    Trustees
      shall have the authority to enter into all transactions and agreements
      determined by the Trustees to be appropriate in exercising the authority,
      express or implied, otherwise granted to the Trustees, under this Trust
      Agreement, and to perform all acts in furtherance thereof, including the
      following:

     

    (i)  As
      among
      the Trustees, each Administrative Trustee shall severally have the power,
      authority and authorization to act on behalf of the Trust with respect to the
      following matters:

     

    (A)  the
      issuance and sale of the Trust Securities;

     

    (B)  to
      cause
      the Trust to enter into, and to execute, deliver and perform on behalf of the
      Trust, such agreements, documents, instruments, certificates and other writings
      as may be necessary or desirable in connection with the purposes and function
      of
      the Trust, including, without limitation, a common securities subscription
      agreement and a junior subordinated note subscription agreement and to cause
      the
      Trust to perform under the Purchase Agreement;

     

    (C)  assisting
      in the sale of the Preferred Securities in one or more transactions exempt
      from
      registration under the Securities Act, and in compliance with applicable state
      securities or blue sky laws;

     

    (D)  assisting
      in the sending of notices (other than notices of default) and other information
      regarding the Trust Securities and the Notes to the Holders in accordance with
      this Trust Agreement;

     

    (E)  the
      appointment of a successor Paying Agent and Calculation Agent in accordance
      with
      this Trust Agreement;

     

    (F)  execution
      and delivery of the Trust Securities on behalf of the Trust in accordance with
      this Trust Agreement;

     

    (G)  execution
      and delivery of closing certificates, if any, pursuant to the Purchase
      Agreement;

     

    (H)  preparation
      and filing of all applicable tax returns and tax information reports that are
      required to be filed on behalf of the Trust;

     

    (I)  establishing
      a record date with respect to all actions to be taken hereunder that require
      a
      record date to be established, except as provided in Section
      6.10(a);

     

    (J)  unless
      otherwise required by the Delaware Statutory Trust Act, to execute on behalf
      of
      the Trust (either acting alone or together with the other Administrative
      Trustees) any documents and other writings that such Administrative Trustee
      has
      the power to execute pursuant to this Trust Agreement; and

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    (K)  the
      taking of any action incidental to the foregoing as such Administrative Trustee
      may from time to time determine is necessary or advisable to give effect to
      the
      terms of this Trust Agreement.

     

    (ii)  As
      among
      the Trustees, the Property Trustee shall have the power, authority and
      authorization to act on behalf of the Trust with respect to the following
      matters:

     

    (A)  the
      receipt and holding of legal title of the Notes;

     

    (B)  the
      establishment of the Payment Account;

     

    (C)  the
      receipt of interest, principal and any other payments made in respect of the
      Notes and the holding of such amounts in the Payment Account;

     

    (D)  the
      distribution through the Paying Agent of amounts distributable to the Holders
      in
      respect of the Trust Securities;

     

    (E)  the
      exercise of all of the rights, powers and privileges of a holder of the Notes
      in
      accordance with the terms of this Trust Agreement;

     

    (F)  the
      sending of notices of default and other information regarding the Trust
      Securities and the Notes to the Holders in accordance with this Trust
      Agreement;

     

    (G)  the
      distribution of the Trust Property in accordance with the terms of this Trust
      Agreement;

     

    (H)  to
      the
      extent provided in this Trust Agreement, the winding up of the affairs of and
      liquidation of the Trust and the preparation, execution and filing of the
      certificate of cancellation of the Trust with the Secretary of State of the
      State of Delaware;

     

    (I)  application
      for a taxpayer identification number for the Trust;

     

    (J)  the
      authentication of the Preferred Securities as provided in this Trust Agreement;
      and

     

    (K)  the
      taking of any action incidental to the foregoing as the Property Trustee may
      from time to time determine is necessary or advisable to give effect to the
      terms of this Trust Agreement and protect and conserve the Trust Property for
      the benefit of the Holders (without consideration of the effect of any such
      action on any particular Holder).

     

    (b)  In
      connection with the issue and sale of the Preferred Securities, the Depositor
      shall have the right and responsibility to assist the Trust with respect to,
      or
      effect on behalf of the Trust, the following (and any actions taken by the
      Depositor in furtherance of the following prior to the date of this Trust
      Agreement are hereby ratified and confirmed in all respects):

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    (i)  the
      negotiation of the terms of, and the execution and delivery of, the Purchase
      Agreement providing for the sale of the Preferred Securities in one or more
      transactions exempt from registration under the Securities Act, and in
      compliance with applicable state securities or blue sky laws; and

     

    (ii)  the
      taking of any other actions necessary or desirable to carry out any of the
      foregoing activities.

     

    (c)  Notwithstanding
      anything herein to the contrary, the Administrative Trustees are authorized
      and
      directed to conduct the affairs of the Trust and to operate the Trust so that
      the Trust will not be taxable as a corporation or classified as other than
      a
      grantor trust for United States federal income tax purposes, so that the Notes
      will be treated as indebtedness of the Depositor for United States federal
      income tax purposes and so that the Trust will not be deemed to be an
“investment company” required to be registered under the Investment Company Act.
      In this connection, each Administrative Trustee is authorized to take any
      action, not inconsistent with applicable law, the Certificate of Trust or this
      Trust Agreement, that such Administrative Trustee determines in his or her
      discretion to be necessary or desirable for such purposes, as long as such
      action does not adversely affect in any material respect the interests of the
      Holders of the Outstanding Preferred Securities.  In no event shall
      the Administrative Trustees be liable to the Trust or the Holders for any
      failure to comply with this Section 2.5 to the extent that such failure
      results solely from a change in law or regulation or in the interpretation
      thereof.

     

    (d)  Any
      action taken by a Trustee in accordance with its powers shall constitute the
      act
      of and serve to bind the Trust.  In dealing with any Trustee acting on
      behalf of the Trust, no Person shall be required to inquire into the authority
      of such Trustee to bind the Trust.  Persons dealing with the Trust are
      entitled to rely conclusively on the power and authority of any Trustee as
      set
      forth in this Trust Agreement.

     

    SECTION
      2.6.  Assets
      of
      Trust.

     

    The
      assets of the Trust shall consist of the Trust Property.

     

    SECTION
      2.7.  Title
      to
      Trust Property.

     

    (a)  Legal
      title to all Trust Property shall be vested at all times in the Property Trustee
      and shall be held and administered by the Property Trustee in trust for the
      benefit of the Trust and the Holders in accordance with this Trust
      Agreement.

     

    (b)  The
      Holders shall not have any right or title to the Trust Property other than
      the
      undivided beneficial interest in the assets of the Trust conferred by their
      Trust Securities and they shall have no right to call for any partition or
      division of property, profits or rights of the Trust except as described below.
      The Trust Securities shall be personal property giving only the rights
      specifically set forth therein and in this Trust Agreement.

     

    
      
        
        

      

      
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    ARTICLE
      III.

     

    Payment
      Account; Paying Agents

     

    SECTION
      3.1.  Payment
      Account.

     

    (a)  On
      or
      prior to the Closing Date, the Property Trustee shall establish the Payment
      Account. The Property Trustee and the Paying Agent shall have exclusive control
      and sole right of withdrawal with respect to the Payment Account for the purpose
      of making deposits in and withdrawals from the Payment Account in accordance
      with this Trust Agreement. All monies and other property deposited or held
      from
      time to time in the Payment Account shall be held by the Property Trustee in
      the
      Payment Account for the exclusive benefit of the Holders and for Distribution
      as
      herein provided.

     

    (b)  The
      Property Trustee shall deposit in the Payment Account, promptly upon receipt,
      all payments of principal of or interest on, and any other payments with respect
      to, the Notes. Amounts held in the Payment Account shall not be invested by
      the
      Property Trustee pending distribution thereof.

     

    SECTION
      3.2.  Appointment
      of Paying Agents.

     

    The
      Property Trustee is appointed as the initial Paying Agent and hereby accepts
      such appointment. The Paying Agent shall make Distributions to Holders from
      the
      Payment Account and shall report the amounts of such Distributions to the
      Property Trustee and the Administrative Trustees. Any Paying Agent shall have
      the revocable power to withdraw funds from the Payment Account solely for the
      purpose of making the Distributions referred to above. The Administrative
      Trustees may revoke such power and remove the Paying Agent in their sole
      discretion. Any Person acting as Paying Agent shall be permitted to resign
      as
      Paying Agent upon thirty (30) days’ prior written notice to the Administrative
      Trustees and the Property Trustee. If the Property Trustee shall no longer
      be
      the Paying Agent or a successor Paying Agent shall resign or its authority
      to
      act be revoked, the Administrative Trustees shall appoint a successor (which
      shall be a bank or trust company) to act as Paying Agent.  Such
      successor Paying Agent appointed by the Administrative Trustees shall execute
      and deliver to the Trustees an instrument in which such successor Paying Agent
      shall agree with the Trustees that as Paying Agent, such successor Paying Agent
      will hold all sums, if any, held by it for payment to the Holders in trust
      for
      the benefit of the Holders entitled thereto until such sums shall be paid to
      such Holders. The Paying Agent shall return all unclaimed funds to the Property
      Trustee and upon removal of a Paying Agent such Paying Agent shall also return
      all funds in its possession to the Property Trustee. The provisions of
Article VIII shall apply to the Property Trustee also in its role as
      Paying Agent, for so long as the Property Trustee shall act as Paying Agent
      and,
      to the extent applicable, to any other Paying Agent appointed hereunder. Any
      reference in this Trust Agreement to the Paying Agent shall include any
      co-paying agent unless the context requires otherwise.

     

    
      
        
        

      

      
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    ARTICLE
      IV.

     

    Distributions;
      Redemption

     

    SECTION
      4.1.  Distributions.

     

    (a)  The
      Trust
      Securities represent undivided beneficial interests in the Trust Property,
      and
      Distributions (including any Additional Interest Amounts) will be made on the
      Trust Securities at the rate and on the dates that payments of interest
      (including any Additional Interest) are made on the Notes.
      Accordingly:

     

    (i)  Distributions
      on the Trust Securities shall be cumulative, and shall accumulate whether or
      not
      there are funds of the Trust available for the payment of Distributions.
      Distributions shall accumulate from August 22, 2007, and, except as provided
      in
      clause (ii) below, shall be payable quarterly in arrears on January 30,
      April 30, July 30 and October 30 of each year, commencing on October 30,
      2007.  If any date on which a Distribution is otherwise payable on the
      Trust Securities is not a Business Day, then the payment of such Distribution
      shall be made on the next succeeding Business Day (and no interest shall accrue
      in respect of the amounts  whose payment is so delayed for the period
      from and after each such date until the next succeeding Business Day), except
      that, if such Business Day falls in the next succeeding calendar year, such
      payment shall be made on the immediately preceding Business Day, in each case,
      with the same force and effect as if made on such date (each date on which
      Distributions are payable in accordance with this Section 4.1(a)(i), a
“Distribution Date”);

     

    (ii)  in
      the
      event (and to the extent) that the Depositor exercises its right under the
      Indenture to defer the payment of interest on the Notes, Distributions on the
      Trust Securities shall be deferred.  Under the Indenture, so long as
      no Note Event of Default pursuant to paragraphs (c), (e),
(f), (g) or (h) of Section 5.1 of the Indenture has
      occurred and is continuing, the Depositor shall have the right, at any time
      and
      from time to time during the term of the Notes, to defer the payment of interest
      on the Notes for a period of up to twenty (20) consecutive quarterly interest
      payment periods (each such extended interest payment period, an “Extension
      Period”), during which Extension Period no interest on the Notes shall be due
      and payable (except any Additional Tax Sums that may be due and
      payable).  No interest on the Notes shall be due and payable during an
      Extension Period, except at the end thereof, but each installment of interest
      that would otherwise have been due and payable during such Extension Period
      shall bear Additional Interest (to the extent payment of such interest would
      be
      legally enforceable) at a fixed rate per annum equal to 6.35% through the
      Interest Payment Date in October 2012 and a variable rate per annum, reset
      quarterly, equal to LIBOR plus 1.28%, thereafter, compounded quarterly, from
      the
      dates on which amounts would have otherwise been due and payable until paid
      or
      until funds for the payment thereof have been made available for
      payment.  If Distributions are deferred, the deferred Distributions
      (including Additional Interest Amounts) shall be paid on the date that the
      related Extension Period terminates, to Holders of the Trust Securities as
      they
      appear on the books and records of the Trust on the record date immediately
      preceding such termination date.

     

    
      
        
        

      

      
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    (iii)  Distributions
      shall accumulate in respect of the Trust Securities at a fixed rate per annum
      equal to 6.35% of the Liquidation Amount of the Trust Securities through the
      Distribution Date in October 2012 and a variable rate per annum, reset
      quarterly, equal to LIBOR plus 1.28%, of the Liquidation Amount of the Trust
      Securities thereafter, such rate being the rate of interest payable on the
      Notes. LIBOR shall be determined by the Calculation Agent in accordance with
      Schedule A. The amount of Distributions payable for any Distribution
      period shall be computed and paid on the basis of a 360-day year and the actual
      number of days elapsed in the relevant Distribution period.  The
      amount of Distributions payable for any period shall include any Additional
      Interest Amounts in respect of such period; and

     

    (iv)  Distributions
      on the Trust Securities shall be made by the Paying Agent from the Payment
      Account and shall be payable on each Distribution Date only to the extent that
      the Trust has funds then on hand and available in the Payment Account for the
      payment of such Distributions.

     

    (b)  Distributions
      on the Trust Securities with respect to a Distribution Date shall be payable
      to
      the Holders thereof as they appear on the Securities Register for the Trust
      Securities at the close of business on the relevant record date, which shall
      be
      at the close of business on the fifteenth day (whether or not a Business Day)
      preceding the relevant Distribution Date.  Distributions payable on
      any Trust Securities that are not punctually paid on any Distribution Date
      as a
      result of the Depositor having failed to make an interest payment under the
      Notes will cease to be payable to the Person in whose name such Trust Securities
      are registered on the relevant record date, and such defaulted Distributions
      and
      any Additional Interest Amounts will instead be payable to the Person in whose
      name such Trust Securities are registered on the special record date, or other
      specified date for determining Holders entitled to such defaulted Distribution
      and Additional Interest Amount, established in the same manner, and on the
      same
      date, as such is established with respect to the Notes under the
      Indenture.

     

    SECTION
      4.2.  Redemption.

     

    (a)  On
      each
      Note Redemption Date and on the stated maturity (or any date of principal
      repayment upon early maturity) of the Notes and on each other date on (or in
      respect of) which any principal on the Notes is repaid, the Trust will be
      required to redeem a Like Amount of Trust Securities at the Redemption
      Price.

     

    (b)  Notice
      of
      redemption shall be given by the Property Trustee by first-class mail, postage
      prepaid, mailed not less than thirty (30) nor more than sixty (60) days prior
      to
      the Redemption Date to each Holder of Trust Securities to be redeemed, at such
      Holder’s address appearing in the Securities Register. All notices of redemption
      shall state:

     

    (i)  the
      Redemption Date;

     

    (ii)  the
      Redemption Price or, if the Redemption Price cannot be calculated prior to
      the
      time the notice is required to be sent, the estimate of the Redemption Price
      provided pursuant to the Indenture, as calculated by the Depositor, together
      with a statement that it is an estimate and that the actual Redemption Price
      will be calculated 

     

    
      
        
        

      

      
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    by
      the
      Calculation Agent on the fifth Business Day prior to the Redemption Date (and
      if
      an estimate is provided, a further notice shall be sent of the actual Redemption
      Price on the date that such Redemption Price is calculated);

     

    (iii)  if
      less
      than all the Outstanding Trust Securities are to be redeemed, the identification
      (and, in the case of partial redemption, the respective Liquidation Amounts)
      and
      Liquidation Amounts of the particular Trust Securities to be
      redeemed;

     

    (iv)  that
      on
      the Redemption Date, the Redemption Price will become due and payable upon
      each
      such Trust Security, or portion thereof, to be redeemed and that Distributions
      thereon will cease to accumulate on such Trust Security or such portion, as
      the
      case may be, on and after said date, except as provided in Section
      4.2(d);

     

    (v)  the
      place
      or places where the Trust Securities are to be surrendered for the payment
      of
      the Redemption Price; and

     

    (vi)  such
      other provisions as the Property Trustee deems relevant.

     

    (c)  The
      Trust
      Securities (or portion thereof) redeemed on each Redemption Date shall be
      redeemed at the Redemption Price with the proceeds from the contemporaneous
      redemption or payment at maturity of Notes. Redemptions of the Trust Securities
      (or portion thereof) shall be made and the Redemption Price shall be payable
      on
      each Redemption Date only to the extent that the Trust has funds then on hand
      and available in the Payment Account for the payment of such Redemption
      Price.  Under the Indenture, the Notes may be redeemed by the
      Depositor on any Interest Payment Date, at the Depositor’s option, on or after
      October 30, 2012, in whole or in part, from time to time at a redemption price
      equal to one hundred percent (100%) of the principal amount thereof, together,
      in the case of any such redemption, with accrued interest, including any
      Additional Interest, to but excluding the date fixed for redemption (the
“Indenture Redemption Price”); provided, that the Depositor shall have received
      the prior approval of the Federal Reserve if then required.  The Notes
      may also be redeemed by the Depositor, at its option, at any time, in whole
      but
      not in part, upon the occurrence of a Capital Disqualification Event, an
      Investment Company Event or a Tax Event at the Special Event Redemption Price
      (as set forth in the Indenture); provided, that the Depositor shall have
      received the prior approval of the Federal Reserve if then
      required.

     

    (d)  If
      the
      Property Trustee gives a notice of redemption in respect of any Preferred
      Securities, then by 10:00 A.M., New York City time, on the Redemption Date,
      the
      Depositor shall deposit sufficient funds with the Property Trustee to pay the
      Redemption Price.  If such deposit has been made by such time, then by
      12:00 noon, New York City time, on the Redemption Date, the Property Trustee
      will, with respect to Book-Entry Preferred Securities, irrevocably deposit
      with
      the Depositary for such Book-Entry Preferred Securities, to the extent available
      therefor, funds sufficient to pay the applicable Redemption Price and will
      give
      such Depositary irrevocable instructions and authority to pay the Redemption
      Price to the Holders of the Preferred Securities. With respect to Preferred
      Securities that are not Book-Entry Preferred Securities, the Property Trustee
      will irrevocably deposit with the Paying Agent, to the extent available
      therefor, funds sufficient to pay the applicable Redemption Price and will
      give
      the Paying Agent irrevocable instructions and authority to pay the Redemption
      Price to the Holders

     

    
      
        
        

      

      
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    of
      the
      Preferred Securities upon surrender of their Preferred Securities Certificates.
      Notwithstanding the foregoing, Distributions payable on or prior to the
      Redemption Date for any Trust Securities (or portion thereof) called for
      redemption shall be payable to the Holders of such Trust Securities as they
      appear on the Securities Register on the relevant record dates for the related
      Distribution Dates. If notice of redemption shall have been given and funds
      deposited as required, then upon the date of such deposit, all rights of Holders
      holding Trust Securities (or portion thereof) so called for redemption will
      cease, except the right of such Holders to receive the Redemption Price and
      any
      Distribution payable in respect of the Trust Securities on or prior to the
      Redemption Date, but without interest, and, in the case of a partial redemption,
      the right of such Holders to receive a new Trust Security or Securities of
      authorized denominations, in aggregate Liquidation Amount equal to the
      unredeemed portion of such Trust Security or Securities, and such Securities
      (or
      portion thereof) called for redemption will cease to be Outstanding. In the
      event that any date on which any Redemption Price is payable is not a Business
      Day, then payment of the Redemption Price payable on such date will be made
      on
      the next succeeding Business Day (and no interest shall accrue in respect of
      the
      amounts whose payment is so delayed for the period from and after each such
      date
      until the next succeeding Business Day), except that, if such Business Day
      falls
      in the next succeeding calendar year, such payment shall be made on the
      immediately preceding Business Day, in each case, with the same force and effect
      as if made on such date. In the event that payment of the Redemption Price
      in
      respect of any Trust Securities (or portion thereof) called for redemption
      is
      improperly withheld or refused and not paid either by the Trust or by the
      Depositor pursuant to the Guarantee Agreement, Distributions on such Trust
      Securities (or portion thereof) will continue to accumulate, as set forth in
      Section 4.1, from the Redemption Date originally established by the Trust
      for such Trust Securities (or portion thereof) to the date such Redemption
      Price
      is actually paid, in which case the actual payment date will be the date fixed
      for redemption for purposes of calculating the Redemption Price.

     

    (e)  Subject
      to Section 4.3(a), if less than all the Outstanding Trust Securities are
      to be redeemed on a Redemption Date, then the aggregate Liquidation Amount
      of
      Trust Securities to be redeemed shall be allocated pro rata to the Common
      Securities and the Preferred Securities based upon the relative aggregate
      Liquidation Amounts of the Common Securities and the Preferred
      Securities.  The Preferred Securities to be redeemed shall be selected
      on a pro rata basis based upon their respective Liquidation Amounts not more
      than sixty (60) days prior to the Redemption Date by the Property Trustee from
      the Outstanding Preferred Securities not previously called for redemption;
      provided, however, that with respect to Holders that would be required to hold
      less than one hundred (100) but more than zero (0) Trust Securities as a result
      of such redemption, the Trust shall redeem Trust Securities of each such Holder
      so that after such redemption such Holder shall hold either one hundred (100)
      Trust Securities or such Holder no longer holds any Trust Securities, and shall
      use such method (including, without limitation, by lot) as the Trust shall
      deem
      fair and appropriate; and provided, further, that so long as the Preferred
      Securities are Book-Entry Preferred Securities, such selection shall be made
      in
      accordance with the Applicable Depositary Procedures for the Preferred
      Securities by such Depositary. The Property Trustee shall promptly notify the
      Securities Registrar in writing of the Preferred Securities (or portion thereof)
      selected for redemption and, in the case of any Preferred Securities selected
      for partial redemption, the Liquidation Amount thereof to be redeemed. For
      all
      purposes of this Trust Agreement, unless the context otherwise requires, all
      provisions relating to the redemption of Preferred Securities shall relate,
      in
      the case of any Preferred 

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

    Securities
      redeemed or to be redeemed only in part, to the portion of the aggregate
      Liquidation Amount of Preferred Securities that has been or is to be
      redeemed.

     

    (f)  The
      Trust
      in issuing the Trust Securities may use “CUSIP” numbers (if then generally in
      use), and, if so, the Property Trustee shall indicate the “CUSIP” numbers of the
      Trust Securities in notices of redemption and related materials as a convenience
      to Holders; provided, that any such notice may state that no representation
      is
      made as to the correctness of such numbers either as printed on the Trust
      Securities or as contained in any notice of redemption and related
      materials.

     

    SECTION
      4.3.  Subordination
      of Common Securities.

     

    (a)  Payment
      of Distributions (including any Additional Interest Amounts) on, the Redemption
      Price of and the Liquidation Distribution in respect of, the Trust Securities,
      as applicable, shall be made, pro rata among the Common Securities and the
      Preferred Securities based on the Liquidation Amount of the respective Trust
      Securities; provided, that if on any Distribution Date, Redemption Date or
      Liquidation Date an Event of Default shall have occurred and be continuing,
      no
      payment of any Distribution (including any Additional Interest Amounts) on,
      Redemption Price of or Liquidation Distribution in respect of, any Common
      Security, and no other payment on account of the redemption, liquidation or
      other acquisition of Common Securities, shall be made unless payment in full
      in
      cash of all accumulated and unpaid Distributions (including any Additional
      Interest Amounts) on all Outstanding Preferred Securities for all Distribution
      periods terminating on or prior thereto, or in the case of payment of the
      Redemption Price the full amount of such Redemption Price on all Outstanding
      Preferred Securities then called for redemption, or in the case of payment
      of
      the Liquidation Distribution the full amount of such Liquidation Distribution
      on
      all Outstanding Preferred Securities, shall have been made or provided for,
      and
      all funds immediately available to the Property Trustee shall first be applied
      to the payment in full in cash of all Distributions (including any Additional
      Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution
      in respect of, the Preferred Securities then due and payable.

     

    (b)  In
      the
      case of the occurrence of any Event of Default, the Holders of the Common
      Securities shall have no right to act with respect to any such Event of Default
      under this Trust Agreement until all such Events of Default with respect to
      the
      Preferred Securities have been cured, waived or otherwise eliminated. Until all
      such Events of Default under this Trust Agreement with respect to the Preferred
      Securities have been so cured, waived or otherwise eliminated, the Property
      Trustee shall act solely on behalf of the Holders of the Preferred Securities
      and not on behalf of the Holders of the Common Securities, and only the Holders
      of all the Preferred Securities will have the right to direct the Property
      Trustee to act on their behalf.

     

    SECTION
      4.4.  Payment
      Procedures.

     

    Payments
      of Distributions (including any Additional Interest Amounts), the Redemption
      Price, Liquidation Amount or any other amounts in respect of the Preferred
      Securities shall be made by wire transfer at such place and to such account
      at a
      banking institution in the United States as may be designated in writing at
      least ten (10) Business Days prior to the date for payment by the Person
      entitled thereto unless proper written transfer instructions have not been
      

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

    received
      by the relevant record date, in which case such payments shall be made by check
      mailed to the address of such Person as such address shall appear in the
      Securities Register.  If any Preferred Securities are held by a
      Depositary, such Distributions thereon shall be made to the Depositary in
      immediately available funds. Payments in respect of the Common Securities shall
      be made in such manner as shall be mutually agreed between the Property Trustee
      and the Holder of all the Common Securities.

     

    SECTION
      4.5.  Withholding
      Tax.

     

    The
      Trust
      and the Administrative Trustees shall comply with all withholding and backup
      withholding tax requirements under United States federal, state and local
      law.  The Administrative Trustees on behalf of the Trust shall
      request, and the Holders shall provide to the Trust, such forms or certificates
      as are necessary to establish an exemption from withholding and backup
      withholding tax with respect to each Holder and any representations and forms
      as
      shall reasonably be requested by the Administrative Trustees on behalf of the
      Trust to assist it in determining the extent of, and in fulfilling, its
      withholding and backup withholding tax obligations.  The
      Administrative Trustees shall file required forms with applicable jurisdictions
      and, unless an exemption from withholding and backup withholding tax is properly
      established by a Holder, shall remit amounts withheld with respect to the Holder
      to applicable jurisdictions.  To the extent that the Trust is required
      to withhold and pay over any amounts to any jurisdiction with respect to
      Distributions or allocations to any Holder, the amount withheld shall be deemed
      to be a Distribution in the amount of the withholding to the
      Holder.  In the event of any claimed overwithholding, Holders shall be
      limited to an action against the applicable jurisdiction.  If the
      amount required to be withheld was not withheld from actual Distributions made,
      the Administrative Trustees on behalf of the Trust may reduce subsequent
      Distributions by the amount of such required withholding.

     

    SECTION
      4.6.  Tax
      Returns and Other Reports.

     

    (a)  The
      Administrative Trustees shall prepare (or cause to be prepared) at the principal
      office of the Trust in the United States, as defined for purposes of Treasury
      Regulations section 301.7701-7, at the Depositor’s expense, and file, all United
      States federal, state and local tax and information returns and reports required
      to be filed by or in respect of the Trust.  The Administrative
      Trustees shall prepare at the principal office of the Trust in the United
      States, as defined for purposes of Treasury Regulations section 301.7701-7,
      and
      furnish (or cause to be prepared and furnished), by January 31 in each taxable
      year of the Trust to each Holder all Internal Revenue Service forms and returns
      required to be provided by the Trust. The Administrative Trustees shall provide
      the Depositor and the Property Trustee with a copy of all such returns and
      reports promptly after such filing or furnishing.

     

    (b)  So
      long
      as the Property Trustee is the holder of the Notes, the Administrative Trustees
      shall furnish to the Property Trustee (i) the Depositor’s reports on Federal
      Reserve form FR Y-9C, FR Y-9LP and FR Y-6 promptly following their filing with
      the Federal Reserve, or (ii) if the Depositor is no longer required to file
      the
      reports set forth in (i) above, such other similar reports as the Depositor
      may
      be required to file at such time with the Depositor’s primary federal banking
      regulator promptly following their filing with such banking
      regulator.

     

    
      
        
        

      

      
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    SECTION
      4.7.  Payment
      of Taxes, Duties, Etc. of the Trust.

     

    Upon
      receipt under the Notes of Additional Tax Sums and upon the written direction
      of
      the Administrative Trustees, the Property Trustee shall promptly pay, solely
      out
      of monies on deposit pursuant to this Trust Agreement, any Additional Taxes
      imposed on the Trust by the United States or any other taxing
      authority.

     

    SECTION
      4.8.  Payments
      under Indenture or Pursuant to Direct Actions.

     

    Any
      amount payable hereunder to any Holder of Preferred Securities shall be reduced
      by the amount of any corresponding payment such Holder (or any Owner with
      respect thereto) has directly received pursuant to Section 5.8 of the
      Indenture or Section 6.10(b) of this Trust Agreement.

     

    SECTION
      4.9.  Exchanges.

     

    (a)  If
      at any
      time the Depositor or any of its Affiliates (in either case, a “Depositor
      Affiliate”) is the Owner or Holder of any Preferred Securities, such Depositor
      Affiliate shall have the right to deliver to the Property Trustee all or such
      portion of its Preferred Securities as it elects and, subject to compliance
      with
Sections 2.2 and 3.5 of the Indenture, receive, in exchange
      therefor, a Like Amount of Notes.  Such election (i) shall be
      exercisable effective on any Distribution Date by such Depositor Affiliate
      delivering to the Property Trustee a written notice of such election specifying
      the Liquidation Amount of Preferred Securities with respect to which such
      election is being made and the Distribution Date on which such exchange shall
      occur, which Distribution Date shall be not less than ten (10) Business Days
      after the date of receipt by the Property Trustee of such election notice and
      (ii) shall be conditioned upon such Depositor Affiliate having delivered or
      caused to be delivered to the Property Trustee or its designee the Preferred
      Securities that are the subject of such election by 10:00 A.M. New York time,
      on
      the Distribution Date on which such exchange is to occur.  After the
      exchange, such Preferred Securities will be canceled and will no longer be
      deemed to be Outstanding and all rights of the Depositor Affiliate with respect
      to such Preferred Securities will cease.

     

    (b)  In
      the
      case of an exchange described in Section 4.9(a), the Property Trustee on
      behalf of the Trust will, on the date of such exchange, exchange Notes having
      a
      principal amount equal to a proportional amount of the aggregate Liquidation
      Amount of the Outstanding Common Securities, based on the ratio of the aggregate
      Liquidation Amount of the Preferred Securities exchanged pursuant to Section
      4.9(a) divided by the aggregate Liquidation Amount of the Preferred
      Securities Outstanding immediately prior to such exchange, for such proportional
      amount of Common Securities held by the Depositor (which contemporaneously
      shall
      be canceled and no longer be deemed to be Outstanding); provided, that the
      Depositor delivers or causes to be delivered to the Property Trustee or its
      designee the required amount of Common Securities to be exchanged by 10:00
      A.M.
      New York time, on the Distribution Date on which such exchange is to
      occur.

     

    SECTION
      4.10.  Calculation
      Agent.

     

    (a)  The
      Property Trustee shall initially, and, subject to the immediately following
      sentence, for so long as it holds any of the Notes, be the Calculation Agent
      for
      purposes of 

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

    determining
      LIBOR for each Distribution Date.  The Calculation Agent may be
      removed by the Administrative Trustees at any time.  If the
      Calculation Agent is unable or unwilling to act as such or is removed by the
      Administrative Trustees, the Administrative Trustees will promptly appoint
      as a
      replacement Calculation Agent the London office of a leading bank which is
      engaged in transactions in three-month U.S. dollar deposits in Europe and which
      does not control or is not controlled by or under common control with the
      Administrative Trustees or their Affiliates.  The Calculation Agent
      may not resign its duties without a successor having been duly
      appointed.

     

    (b)  The
      Calculation Agent shall be required to agree that, as soon as possible after
      11:00 a.m. (London time) on each LIBOR Determination Date, but in no event
      later
      than 11:00 a.m. (London time) on the Business Day immediately following each
      LIBOR Determination Date, the Calculation Agent will calculate the interest
      rate
      and dollar amount (rounded to the nearest cent, with half a cent being rounded
      upwards) for the related Distribution Date, and will communicate such rate
      and
      amount to the Depositor, the Property Trustee, each Paying Agent and the
      Depositary. The Calculation Agent will also specify to the Administrative
      Trustees the quotations upon which the foregoing rates and amounts are based
      and, in any event, the Calculation Agent shall notify the Administrative
      Trustees before 5:00 p.m. (London time) on each LIBOR Determination Date that
      either:  (i) it has determined or is in the process of determining the
      foregoing rates and amounts or (ii) it has not determined and is not in the
      process of determining the foregoing rates and amounts, together with its
      reasons therefor.  The Calculation Agent’s determination of the
      foregoing rates and amounts for any Distribution Date will (in the absence
      of
      manifest error) be final and binding upon all parties.  For the sole
      purpose of calculating the interest rate for the Trust Securities, “Business
      Day” shall be defined as any day on which dealings in deposits in Dollars are
      transacted in the London interbank market.

     

    SECTION
      4.11.  Certain
      Accounting Matters.

     

    (a)  At
      all
      times during the existence of the Trust, the Administrative Trustees shall
      keep,
      or cause to be kept at the principal office of the Trust in the United States,
      as defined for purposes of Treasury Regulations section 301.7701-7, full books
      of account, records and supporting documents, which shall reflect in reasonable
      detail each transaction of the Trust.  The books of account shall be
      maintained on the accrual method of accounting, in accordance with generally
      accepted accounting principles, consistently applied.

     

    (b)  The
      Administrative Trustees shall either (i) if the Depositor is then subject to
      such reporting requirements, cause each Form 10-K and Form 10-Q prepared by
      the
      Depositor and filed with the Commission in accordance with the Exchange Act
      to
      be delivered to each Holder, with a copy to the Property Trustee, within thirty
      (30) days after the filing thereof or (ii) cause to be prepared at the principal
      office of the Trust in the United States, as defined for purposes of Treasury
      Regulations section 301.7701-7, and delivered to each of the Holders, with
      a
      copy to the Property Trustee, within ninety (90) days after the end of each
      Fiscal Year, annual financial statements of the Trust, including a balance
      sheet
      of the Trust as of the end of such Fiscal Year, and the related statements
      of
      income or loss.

     

    (c)  The
      Trust
      shall maintain one or more bank accounts in the United States, as defined for
      purposes of Treasury Regulations section 301.7701-7, in the name and for the
      sole

     

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

     benefit
      of the Trust; provided, however, that all payments of funds in
      respect of the Notes held by the Property Trustee shall be made directly to
      the
      Payment Account and no other funds of the Trust shall be deposited in the
      Payment Account.  The sole signatories for such accounts (including
      the Payment Account) shall be designated by the Property Trustee.

     

    ARTICLE
      V.

     

    Securities

     

    SECTION
      5.1.  Initial
      Ownership.

     

    Upon
      the
      creation of the Trust and the contribution by the Depositor referred to in
      Section 2.3 and until the issuance of the Trust Securities, and at any
      time during which no Trust Securities are Outstanding, the Depositor shall
      be
      the sole beneficial owner of the Trust.

     

    SECTION
      5.2.  Authorized
      Trust Securities.

     

    The
      Trust
      shall be authorized to issue one series of Preferred Securities having an
      aggregate Liquidation Amount of $22,500,000 and one series of Common Securities
      having an aggregate Liquidation Amount of $696,000.

     

    SECTION
      5.3.  Issuance
      of the Common Securities; Subscription and Purchase of Notes.

     

    On
      the
      Closing Date, an Administrative Trustee, on behalf of the Trust, shall execute
      and deliver to the Depositor Common Securities Certificates, registered in
      the
      name of the Depositor, evidencing an aggregate of 696 Common Securities having
      an aggregate Liquidation Amount of $696,000, against receipt by the Trust of
      the
      aggregate purchase price of such Common Securities of $696,000.
      Contemporaneously therewith and with the sale by the Trust to the Holders of
      an
      aggregate of 22,500 Preferred Securities having an aggregate Liquidation Amount
      of $22,500,000, an Administrative Trustee, on behalf of the Trust, shall
      subscribe for and purchase from the Depositor Notes, to be registered in the
      name of the Property Trustee on behalf of the Trust and having an aggregate
      principal amount equal to $23,196,000, and, in satisfaction of the purchase
      price for such Notes, the Property Trustee, on behalf of the Trust, shall
      deliver to the Depositor the sum of $23,196,000 (being the aggregate amount
      paid
      by the Holders for the Preferred Securities and the amount paid by the Depositor
      for the Common Securities).

     

    SECTION
      5.4.  The
      Securities Certificates.

     

    (a)  The
      Preferred Securities Certificates shall be issued in minimum denominations
      of
      $100,000 Liquidation Amount and integral multiples of $1,000 in excess thereof,
      and the Common Securities Certificates shall be issued in minimum denominations
      of $10,000 Liquidation Amount and integral multiples of $1,000 in excess
      thereof.  The Securities Certificates shall be executed on behalf of
      the Trust by manual or facsimile signature of at least one Administrative
      Trustee.  Securities Certificates bearing the signatures of
      individuals who were, at the time when such signatures shall have been affixed,
      authorized to sign such Securities Certificates on behalf of the Trust shall
      be
      validly issued and entitled to the benefits of this Trust 

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

    Agreement,
      notwithstanding that such individuals or any of them shall have ceased to be
      so
      authorized prior to the delivery of such Securities Certificates or did not
      have
      such authority at the date of delivery of such Securities
      Certificates.

     

    (b)  On
      the
      Closing Date, upon the written order of an authorized officer of the Depositor,
      the Administrative Trustees shall cause Securities Certificates to be executed
      on behalf of the Trust and delivered, without further corporate action by the
      Depositor, in authorized denominations.

     

    (c)  Preferred
      Securities issued on the Closing Date to QIBs shall be issued as directed by
      the
      Purchaser on or prior to the Closing Date, either (i) in the form of one or
      more
      Global Preferred Securities or (ii) in the form of one or more Definitive
      Preferred Securities Certificates.  Global Preferred Securities shall
      be, except as provided in Section 5.6, Book-Entry Preferred
      Securities registered in the name of the Depositary, or its nominee and
      deposited with the Depositary or the Property Trustee as custodian for the
      Depositary for credit by the Depositary to the respective accounts of the
      Depositary Participants thereof (or such other accounts as they may
      direct).  The Preferred Securities issued to a Person other than a QIB
      shall be issued in the form of Definitive Preferred Securities
      Certificates.

     

    (d)  A
      Preferred Security shall not be valid until authenticated by the manual
      signature of a Responsible Officer of the Property Trustee.  Such
      signature shall be conclusive evidence that the Preferred Security has been
      authenticated under this Trust Agreement.  Upon written order of the
      Trust signed by one Administrative Trustee, the Property Trustee shall
      authenticate and deliver one or more Preferred Security Certificates evidencing
      the Preferred Securities for original issue.  The Property Trustee may
      appoint an authenticating agent that is a U.S. Person acceptable to the Trust
      to
      authenticate the Preferred Securities.  A Common Security need not be
      so authenticated and shall be valid upon execution by one or more Administrative
      Trustees.  The form of this certificate of authentication can be found
      in Section 5.13.

     

    (e)  Upon
      issuance of the Trust Securities as provided in this Trust Agreement, the Trust
      Securities so issued shall be deemed to be validly issued, fully paid and
      nonassessable, and each Holder thereof shall be entitled to the benefits
      provided by this Trust Agreement.

     

    SECTION
      5.5.  Rights
      of
      Holders.

     

    The
      Trust
      Securities shall have no, and the issuance of the Trust Securities is not
      subject to, preemptive or similar rights and when issued and delivered to
      Holders against payment of the purchase price therefor will be fully paid and
      non-assessable by the Trust.  Except as provided in Section
      5.11(b), the Holders of the Trust Securities, in their capacities as such,
      shall be entitled to the same limitation of personal liability extended to
      stockholders of private corporations for profit organized under the General
      Corporation Law of the State of Delaware.

     

    SECTION
      5.6.  Book-Entry
      Preferred Securities.

     

    (a)  A
      Global
      Preferred Security may be exchanged, in whole or in part, for Definitive
      Preferred Securities Certificates registered in the names of the Owners only
      if
      such exchange complies with Section 5.7 and (i) the Depositary advises
      the Administrative Trustees and the Property Trustee in writing that the
      Depositary is no longer willing or able properly to discharge

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

    its
      responsibilities with respect to the Global Preferred Security, and no qualified
      successor is appointed by the Administrative Trustees within ninety (90) days
      of
      receipt of such notice, (ii) the Depositary ceases to be a clearing agency
      registered under the Exchange Act and the Administrative Trustees fail to
      appoint a qualified successor within ninety (90) days of obtaining knowledge
      of
      such event, (iii) the Administrative Trustees at their option advise the
      Property Trustee in writing that the Trust elects to terminate the book-entry
      system through the Depositary or (iv) a Note Event of Default has occurred
      and
      is continuing. Upon the occurrence of any event specified in clause (i), (ii),
      (iii) or (iv) above, the Administrative Trustees shall notify the Depositary
      and
      instruct the Depositary to notify all Owners of Book-Entry Preferred Securities,
      the Delaware Trustee and the Property Trustee of the occurrence of such event
      and of the availability of the Definitive Preferred Securities Certificates
      to
      Owners of the Preferred Securities requesting the same. Upon the issuance of
      Definitive Preferred Securities Certificates, the Trustees shall recognize
      the
      Holders of the Definitive Preferred Securities Certificates as
      Holders.  Notwithstanding the foregoing, if an Owner of a beneficial
      interest in a Global Preferred Security wishes at any time to transfer an
      interest in such Global Preferred Security to a Person other than a QIB, such
      transfer shall be effected, subject to the Applicable Depositary Procedures,
      in
      accordance with the provisions of this Section 5.6 and Section
      5.7, and the transferee shall receive a Definitive Preferred Securities
      Certificate in connection with such transfer.  A holder of a
      Definitive Preferred Securities Certificate that is a QIB may, upon request,
      and
      in accordance with the provisions of this Section 5.6 and Section
      5.7, exchange such Definitive Preferred Securities Certificate for a
      beneficial interest in a Global Preferred Security.

     

    (b)  If
      any
      Global Preferred Security is to be exchanged for Definitive Preferred Securities
      Certificates or canceled in part, or if any Definitive Preferred Securities
      Certificate is to be exchanged in whole or in part for any Global Preferred
      Security, then either (i) such Global Preferred Security shall be so surrendered
      for exchange or cancellation as provided in this Article V or (ii)
      the aggregate Liquidation Amount represented by such Global Preferred Security
      shall be reduced, subject to Section 5.4, or increased by an amount equal
      to the Liquidation Amount represented by that portion of the Global Preferred
      Security to be so exchanged or canceled, or equal to the Liquidation Amount
      represented by such Definitive Preferred Securities Certificates to be so
      exchanged for any Global Preferred Security, as the case may be, by means of
      an
      appropriate adjustment made on the records of the Securities Registrar,
      whereupon the Property Trustee, in accordance with the Applicable Depositary
      Procedures, shall instruct the Depositary or its authorized representative
      to
      make a corresponding adjustment to its records. Upon any such surrender to
      the
      Administrative Trustees or the Securities Registrar of any Global Preferred
      Security or Securities by the Depositary, accompanied by registration
      instructions, the Administrative Trustees, or any one of them, shall execute
      the
      Definitive Preferred Securities Certificates in accordance with the instructions
      of the Depositary, and the Property Trustee, upon receipt thereof, shall
      authenticate and deliver such Definitive Preferred Securities
      Certificates.  None of the Securities Registrar or the Trustees shall
      be liable for any delay in delivery of such instructions and may conclusively
      rely on, and shall be fully protected in relying on, such
      instructions.

     

    (c)  Every
      Securities Certificate executed and delivered upon registration of transfer
      of,
      or in exchange for or in lieu of, a Global Preferred Security or any portion
      thereof shall be executed and delivered in the form of, and shall be, a Global
      Preferred Security, unless such

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

    Securities
      Certificate is registered in the name of a Person other than the Depositary
      for
      such Global Preferred Security or a nominee thereof.

     

    (d)  The
      Depositary or its nominee, as registered owner of a Global Preferred Security,
      shall be the Holder of such Global Preferred Security for all purposes under
      this Trust Agreement and the Global Preferred Security, and Owners with respect
      to a Global Preferred Security shall hold such interests pursuant to the
      Applicable Depositary Procedures. The Securities Registrar and the Trustees
      shall be entitled to deal with the Depositary for all purposes of this Trust
      Agreement relating to the Global Preferred Securities (including the payment
      of
      the Liquidation Amount of and Distributions on the Book-Entry Preferred
      Securities represented thereby and the giving of instructions or directions
      by
      Owners of Book-Entry Preferred Securities represented thereby and the giving
      of
      notices) as the sole Holder of the Book-Entry Preferred Securities represented
      thereby and shall have no obligations to the Owners thereof.  None of
      the Trustees nor the Securities Registrar shall have any liability in respect
      of
      any transfers effected by the Depositary.

     

    (e)  The
      rights of the Owners of the Book-Entry Preferred Securities shall be exercised
      only through the Depositary and shall be limited to those established by law,
      the Applicable Depositary Procedures and agreements between such Owners and
      the
      Depositary and/or the Depositary Participants; provided, that, solely for the
      purpose of determining whether the Holders of the requisite amount of Preferred
      Securities have voted on any matter provided for in this Trust Agreement, to
      the
      extent that Preferred Securities are represented by a Global Preferred Security,
      the Trustees may conclusively rely on, and shall be fully protected in relying
      on, any written instrument (including a proxy) delivered to the Property Trustee
      by the Depositary setting forth the Owners’ votes or assigning the right to vote
      on any matter to any other Persons either in whole or in part.  To the
      extent that Preferred Securities are represented by a Global Preferred Security,
      the Depositary will make book-entry transfers among the Depositary Participants
      and receive and transmit payments on the Preferred Securities that are
      represented by a Global Preferred Security to such Depositary Participants,
      and
      none of the Depositor or the Trustees shall have any responsibility or
      obligation with respect thereto.

     

    (f)  To
      the
      extent that a notice or other communication to the Holders is required under
      this Trust Agreement, for so long as Preferred Securities are represented by
      a
      Global Preferred Security, the Trustees shall give all such notices and
      communications to the Depositary, and shall have no obligations to the
      Owners.

     

    SECTION
      5.7.  Registration
      of Transfer and Exchange of Preferred Securities Certificates.

     

    (a)  The
      Property Trustee shall keep or cause to be kept, at the Corporate Trust Office,
      a register or registers (the “Securities Register”) in which the registrar and
      transfer agent with respect to the Trust Securities (the “Securities
      Registrar”), subject to such reasonable regulations as it may prescribe, shall
      provide for the registration of Preferred Securities Certificates and Common
      Securities Certificates and registration of transfers and exchanges of Preferred
      Securities Certificates as herein provided. The Property Trustee shall at all
      times also be the Securities Registrar.  The provisions of Article
      VIII shall apply to the Property Trustee in its role as Securities
      Registrar.

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

    (b)  Subject
      to Section 5.7(d), upon surrender for registration of transfer of any
      Preferred Securities Certificate at the office or agency maintained pursuant
      to
Section 5.7(f), the Administrative Trustees or any one of them shall
      execute by manual or facsimile signature and deliver to the Property Trustee,
      and upon receipt thereof the Property Trustee shall authenticate and deliver,
      in
      the name of the designated transferee or transferees, one or more new Preferred
      Securities Certificates in authorized denominations of a like aggregate
      Liquidation Amount as may be required by this Trust Agreement dated the date
      of
      execution by such Administrative Trustee or Trustees.  At the option
      of a Holder, Preferred Securities Certificates may be exchanged for other
      Preferred Securities Certificates in authorized denominations and of a like
      aggregate Liquidation Amount upon surrender of the Preferred Securities
      Certificate to be exchanged at the office or agency maintained pursuant to
      Section 5.7(f).  Whenever any Preferred Securities
      Certificates are so surrendered for exchange, the Administrative Trustees or
      any
      one of them shall execute by manual or facsimile signature and deliver to the
      Property Trustee, and upon receipt thereof the Property Trustee shall
      authenticate and deliver, the Preferred Securities Certificates that the Holder
      making the exchange is entitled to receive.

     

    (c)  The
      Securities Registrar shall not be required, (i) to issue, register the transfer
      of or exchange any Preferred Security during a period beginning at the opening
      of business fifteen (15) days before the day of selection for redemption of
      such
      Preferred Securities pursuant to Article IV and ending at the close of
      business on the day of mailing of the notice of redemption or (ii) to register
      the transfer of or exchange any Preferred Security so selected for redemption
      in
      whole or in part, except, in the case of any such Preferred Security to be
      redeemed in part, any portion thereof not to be redeemed.

     

    (d)  Every
      Preferred Securities Certificate presented or surrendered for registration
      of
      transfer or exchange shall be duly endorsed, or be accompanied by a written
      instrument of transfer in form satisfactory to the Securities Registrar duly
      executed by the Holder or such Holder’s attorney duly authorized in writing and
      (i) if such Preferred Securities Certificate is being transferred otherwise
      than
      to a QIB, accompanied by a certificate of the transferee substantially in the
      form set forth as Exhibit E hereto or (ii) if such Preferred Securities
      Certificate is being transferred to a QIB, accompanied by a certificate of
      the
      transferor substantially in the form set forth as Exhibit F
      hereto.

     

    (e)  No
      service charge shall be made for any registration of transfer or exchange of
      Preferred Securities Certificates, but the Property Trustee on behalf of the
      Trust may require payment of a sum sufficient to cover any tax or governmental
      charge that may be imposed in connection with any transfer or exchange of
      Preferred Securities Certificates.

     

    (f)  The
      Administrative Trustees shall designate an office or offices or agency or
      agencies where Preferred Securities Certificates may be surrendered for
      registration of transfer or exchange, and initially designate the Corporate
      Trust Office as its office and agency for such purposes. The Administrative
      Trustees shall give prompt written notice to the Depositor, the Property Trustee
      and to the Holders of any change in the location of any such office or
      agency.

     

    (g)  With
      respect to Preferred Securities issued to QIBs in the form of one or more
      Definitive Preferred Securities Certificates as provided in Section 5.4(c),
      and
      any subsequent transfers thereof, the Depositor and the Trust shall use all
      commercially reasonable efforts to 

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

    make
      such
      Preferred Securities eligible for clearance and settlement as Book-Entry
      Preferred Securities through the facilities of the Depositary and listed for
      trading through the PORTAL Market, and will execute, deliver and comply with
      all
      representations made to, and agreements with, the Depositary and the PORTAL
      Market in connection therewith.

     

    SECTION
      5.8.  Mutilated,
      Destroyed, Lost or Stolen Securities Certificates.

     

    (a)  If
      any
      mutilated Securities Certificate shall be surrendered to the Securities
      Registrar together with such security or indemnity as may be required by the
      Securities Registrar and the Administrative Trustees to save each of them
      harmless, the Administrative Trustees, or any one of them, on behalf of the
      Trust, shall execute and make available for delivery and, with respect to
      Preferred Securities, the Property Trustee shall authenticate, in exchange
      therefor a new Securities Certificate of like class, tenor and
      denomination.

     

    (b)  If
      the
      Securities Registrar shall receive evidence to its satisfaction of the
      destruction, loss or theft of any Securities Certificate and there shall be
      delivered to the Securities Registrar and the Administrative Trustees such
      security or indemnity as may be required by them to save each of them harmless,
      then in the absence of notice that such Securities Certificate shall have been
      acquired by a bona fide purchaser, the Administrative Trustees, or any
      one of them, on behalf of the Trust, shall execute and make available for
      delivery, and, with respect to Preferred Securities, the Property Trustee shall
      authenticate, in exchange for or in lieu of any such destroyed, lost or stolen
      Securities Certificate, a new Securities Certificate of like class, tenor and
      denomination.

     

    (c)  In
      connection with the issuance of any new Securities Certificate under this
Section 5.8, the Administrative Trustees or the Securities Registrar may
      require the payment of a sum sufficient to cover any tax or other governmental
      charge that may be imposed in connection therewith.

     

    (d)  Any
      duplicate Securities Certificate issued pursuant to this Section 5.8
      shall constitute conclusive evidence of an undivided beneficial interest in
      the
      assets of the Trust corresponding to that evidenced by the mutilated, lost,
      stolen or destroyed Securities Certificate, as if originally issued, whether
      or
      not the lost, stolen or destroyed Securities Certificate shall be found at
      any
      time.

     

    (e)  If
      any
      such mutilated, destroyed, lost or stolen Securities Certificate has become
      or
      is about to become due and payable, the Depositor in its discretion may, instead
      of issuing a new Trust Security, pay such Trust Security.

     

    (f)  The
      provisions of this Section 5.8 are exclusive and shall preclude (to the
      extent lawful) all other rights and remedies with respect to the replacement
      of
      mutilated, destroyed, lost or stolen Securities Certificates.

     

    SECTION
      5.9.  Persons
      Deemed Holders.

     

    The
      Trustees and the Securities Registrar shall each treat the Person in whose
      name
      any Securities Certificate shall be registered in the Securities Register as
      the
      owner of the Trust Securities evidenced by such Securities Certificate for
      the
      purpose of receiving Distributions and

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

     for
      all other purposes whatsoever, and none of the Trustees and the Securities
      Registrar shall be bound by any notice to the contrary.

     

    SECTION
      5.10.  Cancellation.

     

    All
      Preferred Securities Certificates surrendered for registration of transfer
      or
      exchange or for payment shall, if surrendered to any Person other than the
      Property Trustee, be delivered to the Property Trustee, and any such Preferred
      Securities Certificates and Preferred Securities Certificates surrendered
      directly to the Property Trustee for any such purpose shall be promptly canceled
      by it.  The Administrative Trustees may at any time deliver to the
      Property Trustee for cancellation any Preferred Securities Certificates
      previously delivered hereunder that the Administrative Trustees may have
      acquired in any manner whatsoever, and all Preferred Securities Certificates
      so
      delivered shall be promptly canceled by the Property Trustee.  No
      Preferred Securities Certificates shall be executed and delivered in lieu of
      or
      in exchange for any Preferred Securities Certificates canceled as provided
      in
      this Section 5.10, except as expressly permitted by this Trust
      Agreement.  All canceled Preferred Securities Certificates shall be
      disposed of by the Property Trustee in accordance with its customary practices
      and the Property Trustee shall deliver to the Administrative Trustees a
      certificate of such disposition.

     

    SECTION
      5.11.  Ownership
      of Common Securities by Depositor.

     

    (a)  On
      the
      Closing Date, the Depositor shall acquire, and thereafter shall retain,
      beneficial and record ownership of the Common Securities. Neither the Depositor
      nor any successor Holder of the Common Securities may transfer less than all
      the
      Common Securities, and the Depositor or any such successor Holder may transfer
      the Common Securities only (i) in connection with a consolidation or merger
      of
      the Depositor into another Person, or any conveyance, transfer or lease by
      the
      Depositor of its properties and assets substantially as an entirety to any
      Person (in which event such Common Securities will be transferred to such
      surviving entity, transferee or lessee, as the case may be), pursuant to
Section 8.1 of the Indenture or (ii) to the Depositor or an Affiliate of
      the Depositor, in each such case in compliance with applicable law (including
      the Securities Act, and applicable state securities and blue sky laws). To
      the
      fullest extent permitted by law, any attempted transfer of the Common Securities
      other than as set forth in the immediately preceding sentence shall be void.
      The
      Administrative Trustees shall cause each Common Securities Certificate issued
      to
      the Depositor to contain a legend stating substantially “THIS CERTIFICATE IS NOT
      TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE
      TRUST AGREEMENT.”

     

    (b)  Any
      Holder of the Common Securities shall be liable for the debts and obligations
      of
      the Trust in the manner and to the extent set forth herein with respect to
      the
      Depositor and agrees that it shall be subject to all liabilities to which the
      Depositor may be subject and, prior to becoming such a Holder, shall deliver
      to
      the Administrative Trustees an instrument of assumption satisfactory to such
      Trustees.

     

    SECTION
      5.12.  Restricted
      Legends.

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

    (a)  Each
      Preferred Security Certificate shall bear a legend in substantially the
      following form:

     

    “[IF
      THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS PREFERRED SECURITY IS A
      GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED
      TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A
      NOMINEE OF DTC.  THIS PREFERRED SECURITY IS EXCHANGEABLE FOR PREFERRED
      SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE
      ONLY
      IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO TRANSFER
      OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY
      AS
      A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER
      NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

     

    UNLESS
      THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
      TO
      HNC STATUTORY TRUST IV OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
      OR
      PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE
      & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
      DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
      OR
      OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
      AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.]

     

    THE
      PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED
      IN A
      TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST
      THEREIN, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
      SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.  EACH
      PURCHASER OF ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF
      THE
      PREFERRED SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
      SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES
      ACT.

     

    THE
      HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR
      THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES
      MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, (II)
      TO A
      PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING
      THE
      REQUIREMENTS OF

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

     RULE
      144A, OR (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF
      SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT
      THAT
      IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF AN
“ACCREDITED INVESTOR,” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR
      (7) OF RULE 501 UNDER THE SECURITIES ACT, 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, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
      LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION
      AND,
      IN THE CASE OF (III), SUBJECT TO THE RIGHT OF THE TRUST AND THE DEPOSITOR TO
      REQUIRE AN OPINION OF COUNSEL ADDRESSING COMPLIANCE WITH THE U.S. SECURITIES
      LAWS, AND OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (B) THE HOLDER
      WILL
      NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE
      RESTRICTIONS REFERRED TO IN (A) ABOVE.

     

    THE
      PREFERRED SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING
      AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000.  TO THE
      FULLEST EXTENT PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES,
      OR ANY INTEREST THEREIN,  IN A BLOCK HAVING AN AGGREGATE LIQUIDATION
      AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL
      BE
      DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.  TO THE FULLEST
      EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT
      TO BE
      THE HOLDER OF SUCH PREFERRED SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT
      LIMITED TO, THE RECEIPT OF LIQUIDATION AMOUNT OF OR DISTRIBUTIONS ON SUCH
      PREFERRED SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE
      SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH PREFERRED
      SECURITIES.

     

    THE
      HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN,  BY ITS ACCEPTANCE
      HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN
      EMPLOYEE BENEFIT PLAN, 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
      PREFERRED SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER
      IS
      ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER SECTION 408(b)(17) OF ERISA,
      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

     

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

    AND
      HOLDING OF THIS SECURITY, OR ANY INTEREST THEREIN, ARE NOT PROHIBITED BY SECTION
      406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND
      HOLDING. ANY PURCHASER OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST
      THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF
      THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE
      I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON
      ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON
      OR ENTITY USING THE “PLAN ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO
      FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN
      A
      PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE
      FOR WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER AN APPLICABLE STATUTORY
      OR ADMINISTRATIVE EXEMPTION.

     

    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.”

     

    (b)  The
      above
      legend shall not be removed from any of the Preferred Securities Certificates
      unless there is delivered to the Property Trustee and the Depositor satisfactory
      evidence, which may include an Opinion of Counsel, as may be reasonably required
      to ensure that any future transfers thereof may be made without restriction
      under or violation of the provisions of the Securities Act and other applicable
      law.  Upon provision of such satisfactory evidence, one or more of the
      Administrative Trustees on behalf of the Trust shall execute and deliver to
      the
      Property Trustee, and the Property Trustee shall authenticate and deliver,
      at
      the written direction of the Administrative Trustees and the Depositor,
      Preferred Securities Certificates that do not bear the legend.

     

    SECTION
      5.13.  Form
      of
      Certificate of Authentication.

     

    The
      Property Trustee’s certificate of authentication shall be in substantially the
      following form:

     

    This
      represents Preferred Securities referred to in the within-mentioned Trust
      Agreement.

     

    
      	
              Dated:

            	
              WILMINGTON
                TRUST COMPANY, not in its individual capacity, but solely as Property
                Trustee

               

               

              By:           ________________________________

              Authorized
                officer

               

               

            

    

     

    
      
        
        

      

      
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    ARTICLE
      VI.

     

    Meetings;
      Voting; Acts of Holders

     

    SECTION
      6.1.  Notice
      of
      Meetings.

     

    Notice
      of
      all meetings of the Holders of the Preferred Securities, stating the time,
      place
      and purpose of the meeting, shall be given by the Property Trustee pursuant
      to
Section 11.8 to each Holder of Preferred Securities, at such Holder’s
      registered address, at least fifteen (15) days and not more than ninety (90)
      days before the meeting. At any such meeting, any business properly before
      the
      meeting may be so considered whether or not stated in the notice of the meeting.
      Any adjourned meeting may be held as adjourned without further
      notice.

     

    SECTION
      6.2.  Meetings
      of Holders of the Preferred Securities.

     

    (a)  No
      annual
      meeting of Holders is required to be held. The Property Trustee, however, shall
      call a meeting of the Holders of the Preferred Securities to vote on any matter
      upon the written request of the Holders of at least twenty five percent (25%)
      in
      aggregate Liquidation Amount of the Outstanding Preferred Securities and the
      Administrative Trustees or the Property Trustee may, at any time in their
      discretion, call a meeting of the Holders of the Preferred Securities to vote
      on
      any matters as to which such Holders are entitled to vote.

     

    (b)  The
      Holders of at least a Majority in Liquidation Amount of the Preferred
      Securities, present in person or by proxy, shall constitute a quorum at any
      meeting of the Holders of the Preferred Securities.

     

    (c)  If
      a
      quorum is present at a meeting, an affirmative vote by the Holders present,
      in
      person or by proxy, holding Preferred Securities representing at least a
      Majority in Liquidation Amount of the Preferred Securities held by the Holders
      present, either in person or by proxy, at such meeting shall constitute the
      action of the Holders of the Preferred Securities, unless this Trust Agreement
      requires a lesser or greater number of affirmative votes.

     

    SECTION
      6.3.  Voting
      Rights.

     

    Holders
      shall be entitled to one vote for each $10,000 of Liquidation Amount represented
      by their Outstanding Trust Securities in respect of any matter as to which
      such
      Holders are entitled to vote.

     

    SECTION
      6.4.  Proxies,
      Etc.

     

    At
      any
      meeting of Holders, any Holder entitled to vote thereat may vote by proxy,
      provided, that no proxy shall be voted at any meeting unless it shall have
      been
      placed on file with the Administrative Trustees, or with such other officer
      or
      agent of the Trust as the Administrative Trustees may direct, for verification
      prior to the time at which such vote shall be taken. Pursuant to a resolution
      of
      the Property Trustee, proxies may be solicited in the name of the Property
      Trustee or one or more officers of the Property Trustee. Only Holders of record
      shall be entitled to vote. When Trust Securities are held jointly by several
      Persons, any one of them may vote at any meeting in person or by proxy in
      respect of such Trust Securities, but if 

     

    
      
        
        

      

      
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    more
      than
      one of them shall be present at such meeting in person or by proxy, and such
      joint owners or their proxies so present disagree as to any vote to be cast,
      such vote shall not be received in respect of such Trust Securities. A proxy
      purporting to be executed by or on behalf of a Holder shall be deemed valid
      unless challenged at or prior to its exercise, and the burden of proving
      invalidity shall rest on the challenger. No proxy shall be valid more than
      three
      years after its date of execution.

     

    SECTION
      6.5.  Holder
      Action by Written Consent.

     

    Any
      action that may be taken by Holders at a meeting may be taken without a meeting
      and without prior notice if Holders holding at least a Majority in Liquidation
      Amount of all Preferred Securities entitled to vote in respect of such action
      (or such lesser or greater proportion thereof as shall be required by any other
      provision of this Trust Agreement) shall consent to the action in writing;
      provided, that notice of such action is promptly provided to the Holders of
      Preferred Securities that did not consent to such action.  Any action
      that may be taken by the Holders of all the Common Securities may be taken
      without a meeting and without prior notice if such Holders shall consent to
      the
      action in writing.

     

    SECTION
      6.6.  Record
      Date for Voting and Other Purposes.

     

    Except
      as
      provided in Section 6.10(a), for the purposes of determining the Holders
      who are entitled to notice of and to vote at any meeting or to act by written
      consent, or to participate in any distribution on the Trust Securities in
      respect of which a record date is not otherwise provided for in this Trust
      Agreement, or for the purpose of any other action, the Administrative Trustees
      may from time to time fix a date, not more than ninety (90) days prior to the
      date of any meeting of Holders or the payment of a Distribution or other action,
      as the case may be, as a record date for the determination of the identity
      of
      the Holders of record for such purposes.

     

    SECTION
      6.7.  Acts
      of
      Holders.

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided or permitted by this Trust Agreement to be given, made or taken
      by Holders may be embodied in and evidenced by one or more instruments of
      substantially similar tenor signed by such Holders in person or by an agent
      thereof duly appointed in writing; and, except as otherwise expressly provided
      herein, such action shall become effective when such instrument or instruments
      are delivered to an Administrative Trustee. Such instrument or instruments
      (and
      the action embodied therein and evidenced thereby) are herein sometimes referred
      to as the “Act” of the Holders signing such instrument or instruments. Proof of
      execution of any such instrument or of a writing appointing any such agent
      shall
      be sufficient for any purpose of this Trust Agreement and conclusive in favor
      of
      the Trustees, if made in the manner provided in this Section
      6.7.

     

    (b)  The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by a certificate
      of a
      notary public or other officer authorized by law to take acknowledgments of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Where such execution is by a signer
      acting in a capacity other than such signer’s 

     

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

    

    individual
      capacity, such certificate or affidavit shall also constitute sufficient proof
      of such signer’s authority. The fact and date of the execution of any such
      instrument or writing, or the authority of the Person executing the same, may
      also be proved in any other manner that any Trustee receiving the same deems
      sufficient.

     

    (c)  The
      ownership of Trust Securities shall be proved by the Securities
      Register.

     

    (d)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      Act
      of the Holder of any Trust Security shall bind every future Holder of the same
      Trust Security and the Holder of every Trust Security issued upon the
      registration of transfer thereof or in exchange therefor or in lieu thereof
      in
      respect of anything done, omitted or suffered to be done by the Trustees, the
      Administrative Trustees or the Trust in reliance thereon, whether or not
      notation of such action is made upon such Trust Security.

     

    (e)  Without
      limiting the foregoing, a Holder entitled hereunder to take any action hereunder
      with regard to any particular Trust Security may do so with regard to all or
      any
      part of the Liquidation Amount of such Trust Security or by one or more duly
      appointed agents each of which may do so pursuant to such appointment with
      regard to all or any part of such Liquidation Amount.

     

    (f)  If
      any
      dispute shall arise among the Holders or the Trustees with respect to the
      authenticity, validity or binding nature of any request, demand, authorization,
      direction, notice, consent, waiver or other Act of such Holder or Trustee under
      this Article VI, then the determination of such matter by the Property
      Trustee shall be conclusive with respect to such matter.

     

    SECTION
      6.8.  Inspection
      of Records.

     

    Upon
      reasonable written notice to the Administrative Trustees and the Property
      Trustee, the records of the Trust shall be open to inspection by any Holder
      during normal business hours for any purpose reasonably related to such Holder’s
      interest as a Holder.

     

    SECTION
      6.9.  Limitations
      on Voting Rights.

     

    (a)  Except
      as
      expressly provided in this Trust Agreement and in the Indenture and as otherwise
      required by law, no Holder of Preferred Securities shall have any right to
      vote
      or in any manner otherwise control the administration, operation and management
      of the Trust or the obligations of the parties hereto, nor shall anything herein
      set forth, or contained in the terms of the Securities Certificates, be
      construed so as to constitute the Holders from time to time as partners or
      members of an association.

     

    (b)  So
      long
      as any Notes are held by the Property Trustee on behalf of the Trust, the
      Property Trustee shall not (i) direct the time, method and place of conducting
      any proceeding for any remedy available to the Note Trustee, or exercise any
      trust or power conferred on the Property Trustee with respect to the Notes,
      (ii)
      waive any past default that may be waived under Section 5.13 of the
      Indenture, (iii) exercise any right to rescind or annul a declaration that
      the
      principal of all the Notes shall be due and payable or (iv) consent to any
      amendment, modification or termination of the Indenture or the Notes, where
      such
      consent shall be required, 

     

    
      
        
        

      

      
        -36-

        
          

        

      

      
        
        

      

    

    without,
      in each case, obtaining the prior approval of the Holders of at least a Majority
      in Liquidation Amount of the Preferred Securities; provided, that where a
      consent under the Indenture would require the consent of each holder of Notes
      (or each Holder of Preferred Securities) affected thereby, no such consent
      shall
      be given by the Property Trustee without the prior written consent of each
      Holder of Preferred Securities. The Property Trustee shall not revoke any action
      previously authorized or approved by a vote of the Holders of the Preferred
      Securities, except by a subsequent vote of the Holders of the Preferred
      Securities.  In addition to obtaining the foregoing approvals of the
      Holders of the Preferred Securities, prior to taking any of the foregoing
      actions, the Property Trustee shall, at the expense of the Depositor, obtain
      an
      Opinion of Counsel experienced in such matters to the effect that such action
      shall not cause the Trust to be taxable as a corporation or classified as other
      than a grantor trust for United States federal income tax purposes.

     

    (c)  If
      any
      proposed amendment to the Trust Agreement provides for, or the Trustees
      otherwise propose to effect, (i) any action that would adversely affect in
      any
      material respect the powers, preferences or special rights of the Preferred
      Securities, whether by way of amendment to the Trust Agreement or otherwise
      or
      (ii) the dissolution, winding-up or termination of the Trust, other than
      pursuant to the terms of this Trust Agreement, then the Holders of Outstanding
      Preferred Securities as a class will be entitled to vote on such amendment
      or
      proposal and such amendment or proposal shall not be effective except with
      the
      approval of the Holders of at least a Majority in Liquidation Amount of the
      Preferred Securities. Notwithstanding any other provision of this Trust
      Agreement, no amendment to this Trust Agreement may be made if, as a result
      of
      such amendment, it would cause the Trust to be taxable as a corporation or
      classified as other than a grantor trust for United States federal income tax
      purposes.

     

    SECTION
      6.10.  Acceleration
      of Maturity; Rescission of Annulment; Waivers of Past Defaults.

     

    (a)  For
      so
      long as any Preferred Securities remain Outstanding, if, upon a Note Event
      of
      Default pursuant to paragraphs (c), (e), (f), (g) or
(h) of Section 5.1 of the Indenture, the Note
      Trustee fails or the
      holders of not less than twenty five percent (25%) in principal amount of the
      outstanding Notes fail to declare the principal of all of the Notes to be
      immediately due and payable, the Holders of at least twenty-five percent (25%)
      in Liquidation Amount of the Preferred Securities then Outstanding shall have
      the right to make such declaration by a notice in writing to the Property
      Trustee, the Depositor and the Note Trustee.  At any time after a
      declaration of acceleration with respect to the Notes has been made and before
      a
      judgment or decree for payment of the money due has been obtained by the Note
      Trustee as provided in the Indenture, the Holders of at least a Majority in
      Liquidation Amount of the Preferred Securities, by written notice to the
      Property Trustee, the Depositor and the Note Trustee, may rescind and annul
      such
      declaration and its consequences if:

     

    (i)  the
      Depositor has paid or deposited with the Note Trustee a sum sufficient to
      pay:

     

    (A)  all
      overdue installments of interest on all of the Notes;

     

    (B)  any
      accrued Additional Interest on all of the Notes;

     

    
      
        
        

      

      
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    (C)  the
      principal of and premium, if any, on any Notes that have become due otherwise
      than by such declaration of acceleration and interest and Additional Interest
      thereon at the rate borne by the Notes; and

     

    (D)  all
      sums
      paid or advanced by the Note Trustee under the Indenture and the reasonable
      compensation, expenses, disbursements and advances of the Note Trustee, the
      Property Trustee and their agents and counsel; and

     

    (ii)  all
      Note
      Events of Default, other than the non-payment of the principal of the Notes
      that
      has become due solely by such acceleration, have been cured or waived as
      provided in Section 5.13 of the Indenture.

     

    Upon
      receipt by the Property Trustee of written notice requesting such an
      acceleration, or rescission and annulment thereof, by Holders of any part of
      the
      Preferred Securities, a record date shall be established for determining Holders
      of Outstanding Preferred Securities entitled to join in such notice, which
      record date shall be at the close of business on the day the Property Trustee
      receives such notice. The Holders on such record date, or their duly designated
      proxies, and only such Persons, shall be entitled to join in such notice,
      whether or not such Holders remain Holders after such record date; provided,
      that, unless such declaration of acceleration, or rescission and annulment,
      as
      the case may be, shall have become effective by virtue of the requisite
      percentage having joined in such notice prior to the day that is ninety (90)
      days after such record date, such notice of declaration of acceleration, or
      rescission and annulment, as the case may be, shall automatically and without
      further action by any Holder be canceled and of no further effect. Nothing
      in
      this paragraph shall prevent a Holder, or a proxy of a Holder, from giving,
      after expiration of such ninety (90)-day period, a new written notice of
      declaration of acceleration, or rescission and annulment thereof, as the case
      may be, that is identical to a written notice that has been canceled pursuant
      to
      the proviso to the preceding sentence, in which event a new record date shall
      be
      established pursuant to the provisions of this Section
      6.10(a).

     

    (b)  For
      so
      long as any Preferred Securities remain Outstanding, to the fullest extent
      permitted by law and subject to the terms of this Trust Agreement and the
      Indenture, upon a Note Event of Default specified in paragraph (a), (b) or
      (c)
      of Section 5.1 of the Indenture, any Holder of Preferred Securities shall
      have the right to institute a proceeding directly against the Depositor,
      pursuant to Section 5.8 of the Indenture, for enforcement of payment to
      such Holder of any amounts payable in respect of Notes having an aggregate
      principal amount equal to the aggregate Liquidation Amount of the Preferred
      Securities of such Holder.  Except as set forth in
Section 6.10(a) and this Section 6.10(b), the Holders of
      Preferred Securities shall have no right to exercise directly any right or
      remedy available to the holders of, or in respect of, the Notes.

     

    (c)  Notwithstanding
      paragraphs (a) and (b) of this Section 6.10, the Holders of at least a
      Majority in Liquidation Amount of the Preferred Securities may, on behalf of
      the
      Holders of all the Preferred Securities, waive any Note Event of Default, except
      any Note Event of Default arising from the failure to pay any principal of
      or
      premium, if any, or interest on (including any Additional Interest) the Notes
      (unless such Note Event of Default has been cured and a sum sufficient to pay
      all matured installments of interest and all principal and premium, if any,
      on
      all Notes due otherwise than by acceleration has been deposited with the Note
      Trustee) or a Note Event of Default in respect of a covenant or provision that
      under the Indenture cannot 

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

    be
      modified or amended without the consent of the holder of each outstanding
      Note.  Upon any such waiver, such Note Event of Default shall cease to
      exist and any Note Event of Default arising therefrom shall be deemed to have
      been cured for every purpose of the Indenture; but no such waiver shall affect
      any subsequent Note Event of Default or impair any right consequent
      thereon.

     

    (d)  Notwithstanding
      paragraphs (a) and (b) of this Section 6.10 and subject to paragraph (c),
      the Holders of at least a Majority in Liquidation Amount of the Preferred
      Securities may, on behalf of the Holders of all the Preferred Securities, waive
      any Event of Default and its consequences.  Upon such waiver, any such
      Event of Default shall cease to exist, and any Event of Default arising
      therefrom shall be deemed to have been cured, for every purpose of this Trust
      Agreement, but no such waiver shall extend to any subsequent or other Event
      of
      Default or impair any right consequent thereon.

     

    (e)  The
      Holders of a Majority in Liquidation Amount of the Preferred Securities shall
      have the right to direct the time, method and place of conducting any proceeding
      for any remedy available to the Property Trustee in respect of this Trust
      Agreement or the Notes or exercising any trust or power conferred upon the
      Property Trustee under this Trust Agreement; provided, that, subject to
Sections 8.5 and 8.7, the Property Trustee shall have the right to
      decline to follow any such direction if the Property Trustee being advised
      by
      counsel determines that the action so directed may not lawfully be taken, or
      if
      the Property Trustee in good faith shall, by an officer or officers of the
      Property Trustee, determine that the proceedings so directed would be illegal
      or
      involve it in personal liability or be unduly prejudicial to the rights of
      Holders not party to such direction, and provided, further, that nothing in
      this
      Trust Agreement shall impair the right of the Property Trustee to take any
      action deemed proper by the Property Trustee and which is not inconsistent
      with
      such direction.

     

    ARTICLE
      VII.

     

    Representations
      and Warranties

     

    SECTION
      7.1.  Representations
      and Warranties of the Property Trustee and the Delaware Trustee.

     

    The
      Property Trustee and the Delaware Trustee, each severally on behalf of and
      as to
      itself, hereby represents and warrants for the benefit of the Depositor and
      the
      Holders that:

     

    (a)  the
      Property Trustee is a Delaware banking corporation with trust powers, duly
      organized, validly existing and in good standing under the laws of the State
      of
      Delaware;

     

    (b)  the
      Property Trustee has full corporate power, authority and legal right to execute,
      deliver and perform its obligations under this Trust Agreement and has taken
      all
      necessary action to authorize the execution, delivery and performance by it
      of
      this Trust Agreement;

     

    (c)  the
      Delaware Trustee is a Delaware banking corporation, duly organized with trust
      powers, validly existing and in good standing under the laws of the State of
      Delaware and with its principal place of business in the State of
      Delaware;

     

    
      
        
        

      

      
        -39-

        
          

        

      

      
        
        

      

    

    (d)  the
      Delaware Trustee has full corporate power, authority and legal right to execute,
      deliver and perform its obligations under this Trust Agreement and has taken
      all
      necessary action to authorize the execution, delivery and performance by it
      of
      this Trust Agreement;

     

    (e)  this
      Trust Agreement has been duly authorized, executed and delivered by the Property
      Trustee and the Delaware Trustee and constitutes the legal, valid and binding
      agreement of each of the Property Trustee and the Delaware Trustee enforceable
      against each of them in accordance with its terms, subject to applicable
      bankruptcy, insolvency and similar laws affecting creditors’ rights generally
      and to general principles of equity and the discretion of the court (regardless
      of whether considered in a proceeding in equity or at law);

     

    (f)  the
      execution, delivery and performance of this Trust Agreement have been duly
      authorized by all necessary corporate or other action on the part of the
      Property Trustee and the Delaware Trustee and do not require any approval of
      stockholders of the Property Trustee and the Delaware Trustee and such
      execution, delivery and performance will not (i) violate the Charter or By-laws
      of the Property Trustee or the Delaware Trustee or (ii) violate any applicable
      law, governmental rule or regulation of the United States or the State of
      Delaware, as the case may be, governing the banking and trust powers of the
      Property Trustee or the Delaware Trustee or any order, judgment or decree
      applicable to the Property Trustee or the Delaware Trustee;

     

    (g)  neither
      the authorization, execution or delivery by the Property Trustee or the Delaware
      Trustee of this Trust Agreement nor the consummation of any of the transactions
      by the Property Trustee or the Delaware Trustee contemplated herein requires
      the
      consent or approval of, the giving of notice to, the registration with or the
      taking of any other action with respect to any governmental authority or agency
      under any existing law of the United States or the State of Delaware governing
      the banking and trust powers of the Property Trustee or the Delaware Trustee,
      as
      the case may be; and

     

    (h)  to
      the
      best of each of the Property Trustee’s and the Delaware Trustee’s knowledge,
      there are no proceedings pending or threatened against or affecting the Property
      Trustee or the Delaware Trustee in any court or before any governmental
      authority, agency or arbitration board or tribunal that, individually or in
      the
      aggregate, would materially and adversely affect the Trust or would question
      the
      right, power and authority of the Property Trustee or the Delaware Trustee,
      as
      the case may be, to enter into or perform its obligations as one of the Trustees
      under this Trust Agreement.

     

    SECTION
      7.2.  Representations
      and Warranties of Depositor.

     

    The
      Depositor hereby represents and warrants for the benefit of the Holders
      that:

     

    (a)  the
      Depositor is a corporation duly organized, validly existing and in good standing
      under the laws of its state of incorporation;

     

    (b)  the
      Depositor has full corporate power, authority and legal right to execute,
      deliver and perform its obligations under this Trust Agreement and has taken
      all
      necessary action to authorize the execution, delivery and performance by it
      of
      this Trust Agreement;

     

    
      
        
        

      

      
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    (c)  this
      Trust Agreement has been duly authorized, executed and delivered by the
      Depositor and constitutes the legal, valid and binding agreement of the
      Depositor enforceable against the Depositor in accordance with its terms,
      subject to applicable bankruptcy, insolvency and similar laws affecting
      creditors’ rights generally and to general principles of equity and the
      discretion of the court (regardless of whether considered in a proceeding in
      equity or at law);

     

    (d)  the
      Securities Certificates issued at the Closing Date on behalf of the Trust have
      been duly authorized and will have been duly and validly executed, issued and
      delivered by the applicable Trustees pursuant to the terms and provisions of,
      and in accordance with the requirements of, this Trust Agreement and the Holders
      will be, as of such date, entitled to the benefits of this Trust
      Agreement;

     

    (e)  the
      execution, delivery and performance of this Trust Agreement have been duly
      authorized by all necessary corporate or other action on the part of the
      Depositor and do not require any approval of stockholders of the Depositor
      and
      such execution, delivery and performance will not (i) violate the articles
      or
      certificate of incorporation or by-laws (or other organizational documents)
      of
      the Depositor or (ii) violate any applicable law, governmental rule or
      regulation governing the Depositor or any material portion of its property
      or
      any order, judgment or decree applicable to the Depositor or any material
      portion of its property;

     

    (f)  neither
      the authorization, execution or delivery by the Depositor of this Trust
      Agreement nor the consummation of any of the transactions by the Depositor
      contemplated herein requires the consent or approval of, the giving of notice
      to, the registration with or the taking of any other action with respect to
      any
      governmental authority or agency under any existing law governing the Depositor
      or any material portion of its property; and

     

    (g)  there
      are
      no proceedings pending or, to the best of the Depositor’s knowledge, threatened
      against or affecting the Depositor or any material portion of its property
      in
      any court or before any governmental authority, agency or arbitration board
      or
      tribunal that, individually or in the aggregate, would materially and adversely
      affect the Trust or would question the right, power and authority of the
      Depositor, as the case may be, to enter into or perform its obligations under
      this Trust Agreement.

     

    ARTICLE
      VIII.

     

    The
      Trustees

     

    SECTION
      8.1.  Number
      of
      Trustees.

     

    The
      number of Trustees shall be five (5), provided, that the Property Trustee and
      the Delaware Trustee may be the same Person, in which case the number of
      Trustees shall be four (4).  The number of Trustees may be increased
      or decreased by Act of the Holder of the Common Securities subject to
Sections 8.2, 8.3, and 8.4.  The death,
      resignation, retirement, removal, bankruptcy, incompetence or incapacity to
      perform the duties of a Trustee shall not operate to annul, dissolve or
      terminate the Trust.

     

    SECTION
      8.2.  Property
      Trustee Required.

     

    
      
        
        

      

      
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    There
      shall at all times be a Property Trustee hereunder with respect to the Trust
      Securities. The Property Trustee shall be a corporation organized and doing
      business under the laws of the United States or of any state thereof, authorized
      to exercise corporate trust powers, having a combined capital and surplus of
      at
      least fifty million dollars ($50,000,000), subject to supervision or examination
      by federal or state authority and having an office within the United
      States.  If any such Person publishes reports of condition at least
      annually pursuant to law or to the requirements of its supervising or examining
      authority, then for the purposes of this Section 8.2, the combined
      capital and surplus of such Person shall be deemed to be its combined capital
      and surplus as set forth in its most recent report of condition so published.
      If
      at any time the Property Trustee shall cease to be eligible in accordance with
      the provisions of this Section 8.2, it shall resign immediately in
      the manner and with the effect hereinafter specified in this Article
      VIII.

     

    SECTION
      8.3.  Delaware
      Trustee Required.

     

    (a)  If
      required by the Delaware Statutory Trust Act, there shall at all times be a
      Delaware Trustee with respect to the Trust Securities. The Delaware Trustee
      shall either be (i) a natural person who is at least 21 years of age and a
      resident of the State of Delaware or (ii) a legal entity that has its principal
      place of business in the State of Delaware, otherwise meets the requirements
      of
      applicable Delaware law and shall act through one or more persons authorized
      to
      bind such entity.  If at any time the Delaware Trustee shall cease to
      be eligible in accordance with the provisions of this Section 8.3, it
      shall resign immediately in the manner and with the effect hereinafter specified
      in this Article VIII.

     

    (b)  The
      Delaware Trustee shall not be entitled to exercise any powers, nor shall the
      Delaware Trustee have any of the duties and responsibilities, of the Property
      Trustee or the Administrative Trustees set forth herein. The Delaware Trustee
      shall be one of the trustees of the Trust for the sole and limited purpose
      of
      fulfilling the requirements of Section 3807 of the Delaware Statutory Trust
      Act
      and for taking such actions as are required to be taken by a Delaware trustee
      under the Delaware Statutory Trust Act.  The duties (including
      fiduciary duties), liabilities and obligations of the Delaware Trustee shall
      be
      limited to (a) accepting legal process served on the Trust in the State of
      Delaware and (b) the execution of any certificates required to be filed with
      the
      Secretary of State of the State of Delaware that the Delaware Trustee is
      required to execute under Section 3811 of the Delaware Statutory Trust Act
      and
      there shall be no other duties (including fiduciary duties) or obligations,
      express or implied, at law or in equity, of the Delaware Trustee.

     

    SECTION
      8.4.  Appointment
      of Administrative Trustees.

     

    (a)  There
      shall at all times be one or more Administrative Trustees hereunder with respect
      to the Trust Securities. Each Administrative Trustee shall be either a natural
      person who is at least 21 years of age or a legal entity that shall act through
      one or more persons authorized to bind that entity.  Each of the
      individuals identified as an “Administrative Trustee” in the preamble of this
      Trust Agreement hereby accepts his or her appointment as such.

     

    (b)  Except
      where a requirement for action by a specific number of Administrative Trustees
      is expressly set forth in this Trust Agreement, any act required or permitted
      to
      be taken 

     

    
      
        
        

      

      
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    by,
      and
      any power of the Administrative Trustees may be exercised by, or with the
      consent of, any one such Administrative Trustee.  Whenever a vacancy
      in the number of Administrative Trustees shall occur, until such vacancy is
      filled by the appointment of an Administrative Trustee in accordance with
Section 8.11, the Administrative Trustees in office, regardless of their
      number (and notwithstanding any other provision of this Trust Agreement), shall
      have all the powers granted to the Administrative Trustees and shall discharge
      all the duties imposed upon the Administrative Trustees by this Trust
      Agreement.

     

    SECTION
      8.5.  Duties
      and Responsibilities of the Trustees.

     

    (a)  The
      rights, immunities, duties and responsibilities of the Trustees shall be as
      provided by this Trust Agreement and there shall be no other duties (including
      fiduciary duties) or obligations, express or implied, at law or in equity,
      of
      the Trustees; provided, however, that if an Event of Default known to the
      Property Trustee has occurred and is continuing, the Property Trustee shall,
      prior to the receipt of directions, if any, from the Holders of at least a
      Majority in Liquidation Amount of the Preferred Securities, exercise such of
      the
      rights and powers vested in it by this Trust Agreement, and use the same degree
      of care and skill in its exercise, as a prudent person would exercise or use
      under the circumstances in the conduct of such person’s own
      affairs.  Notwithstanding the foregoing, no provision of this Trust
      Agreement shall require any of the Trustees to expend or risk its own funds
      or
      otherwise incur any financial liability in the performance of any of its duties
      hereunder, or in the exercise of any of its or their rights or powers, if it
      or
      they shall have reasonable grounds for believing that repayment of such funds
      or
      adequate indemnity against such risk or liability is not reasonably assured
      to
      it. Whether or not herein expressly so provided, every provision of this Trust
      Agreement relating to the conduct or affecting the liability of or affording
      protection to the Trustees shall be subject to the provisions of this Section
      8.5. To the extent that, at law or in equity, a Trustee has duties
      (including fiduciary duties) to the Trust or to the Holders, such Trustee’s
      duties may be restricted or eliminated by the provisions in this Trust
      Agreement, except that this Trust Agreement may not eliminate the implied
      contractual covenant of good faith and fair dealing.  A Trustee shall
      not be liable to the Trust or a Holder or another Person that is party to or
      is
      otherwise bound by this Trust Agreement for breach of fiduciary duty if the
      Trustee has relied in good faith on the provisions of this Trust
      Agreement.  The provisions of this Trust Agreement, to the extent that
      they limit or eliminate the liabilities of the Trustees otherwise existing
      at
      law or in equity, are agreed by the Depositor and the Holders to replace such
      other liabilities of the Trustees, except that no provision of this Trust
      Agreement may limit or eliminate liability for any act or omission that
      constitutes a bad faith violation of the implied contractual covenant of good
      faith and fair dealing.

     

    (b)  All
      payments made by the Property Trustee or a Paying Agent in respect of the Trust
      Securities shall be made only from the revenue and proceeds from the Trust
      Property and only to the extent that there shall be sufficient revenue or
      proceeds from the Trust Property to enable the Property Trustee or a Paying
      Agent to make payments in accordance with the terms hereof. Each Holder, by
      its
      acceptance of a Trust Security, agrees that it will look solely to the revenue
      and proceeds from the Trust Property to the extent legally available for
      distribution to it as herein provided and that the Trustees are not personally
      liable to it for any amount distributable in respect of any Trust Security
      or
      for any other liability in respect of any Trust 

     

    
      
        
        

      

      
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    Security.
      This Section 8.5(b) does not limit the liability of the Trustees
      expressly set forth elsewhere in this Trust Agreement.

     

    (c)  No
      provisions of this Trust Agreement shall be construed to relieve the Property
      Trustee from liability with respect to matters that are within the authority
      of
      the Property Trustee under this Trust Agreement for its own negligent action,
      negligent failure to act or willful misconduct, except that:

     

    (i)  the
      Property Trustee shall not be liable for any error or judgment made in good
      faith by an authorized officer of the Property Trustee, unless it shall be
      proved that the Property Trustee was negligent in ascertaining the pertinent
      facts;

     

    (ii)  the
      Property Trustee shall not be liable with respect to any action taken or omitted
      to be taken by it in good faith in accordance with the direction of the Holders
      of at least a Majority in Liquidation Amount of the Preferred Securities
      relating to the time, method and place of conducting any proceeding for any
      remedy available to the Property Trustee hereunder or under the Indenture,
      or
      exercising any trust or power conferred upon the Property Trustee under this
      Trust Agreement;

     

    (iii)  the
      Property Trustee’s sole duty with respect to the custody, safe keeping and
      physical preservation of the Notes and the Payment Account shall be to deal
      with
      such Property in a similar manner as the Property Trustee deals with similar
      property for its own account, subject to the protections and limitations on
      liability afforded to the Property Trustee under this Trust
      Agreement;

     

    (iv)  the
      Property Trustee shall not be liable for any interest on any money received
      by
      it; and money held by the Property Trustee need not be segregated from other
      funds held by it except in relation to the Payment Account maintained by the
      Property Trustee pursuant to Section 3.1 and except to the extent
      otherwise required by law; and

     

    (v)  the
      Property Trustee shall not be responsible for monitoring the compliance by
      the
      Administrative Trustees or the Depositor with their respective duties under
      this
      Trust Agreement, nor shall the Property Trustee be liable for the default or
      misconduct of any other Trustee or the Depositor.

     

    SECTION
      8.6.  Notices
      of Defaults and Extensions.

     

    (a)  Within
      ninety (90) days after the occurrence of a default actually known to the
      Property Trustee, the Property Trustee shall transmit notice of such default
      to
      the Holders, the Administrative Trustees and the Depositor, unless such default
      shall have been cured or waived; provided, that, except in the case of a default
      in the payment of the principal of or any premium or interest (including any
      Additional Interest) on any Trust Security, the Property Trustee shall be fully
      protected in withholding such notice if and so long as the board of directors,
      the executive committee or a trust committee of directors and/or Responsible
      Officers of the Property Trustee in good faith determines that the withholding
      of such notice is in the interests of the Holders of the Trust
      Securities.  For the purpose of this Section 8.6, the term
“default” means any event that is, or after notice or lapse of time or both
      would become, an Event of Default.

     

    
      
        
        

      

      
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    (b)  Within
      three (3) Business Days after the receipt of written notice of the Depositor’s
      exercise of its right to defer the payment of interest on the Notes pursuant
      to
      the Indenture, the Property Trustee shall transmit, in the manner and to the
      extent provided in Section 11.8, notice of such exercise to the Holders
      and the Administrative Trustees, unless such exercise shall have been
      revoked.

     

    (c)  The
      Property Trustee shall not be deemed to have knowledge of any default or Event
      of Default unless the Property Trustee shall have received written notice
      thereof from the Depositor, any Administrative Trustee or any Holder or unless
      a
      Responsible Officer of the Property Trustee shall have obtained actual knowledge
      of such default or Event of Default.

     

    (d)  The
      Property Trustee shall notify all Holders of the Preferred Securities of any
      notice of default received with respect to the Notes.

     

    SECTION
      8.7.  Certain
      Rights of Property Trustee.

     

    Subject
      to the provisions of Section 8.5:

     

    (a)  the
      Property Trustee may conclusively rely and shall be protected in acting or
      refraining from acting in good faith and in accordance with the terms hereof
      upon any resolution, Opinion of Counsel, certificate, written representation
      of
      a Holder or transferee, certificate of auditors or any other resolution,
      certificate, statement, instrument, opinion, report, notice, request, direction,
      consent, order, appraisal, bond, debenture, note, other evidence of indebtedness
      or other paper or document believed by it to be genuine and to have been signed
      or presented by the proper party or parties;

     

    (b)  if
      (i) in
      performing its duties under this Trust Agreement the Property Trustee is
      required to decide between alternative courses of action, (ii) in construing
      any
      of the provisions of this Trust Agreement the Property Trustee finds a provision
      ambiguous or inconsistent with any other provisions contained herein or (iii)
      the Property Trustee is unsure of the application of any provision of this
      Trust
      Agreement, then, except as to any matter as to which the Holders of the
      Preferred Securities are entitled to vote under the terms of this Trust
      Agreement, the Property Trustee shall deliver a notice to the Depositor
      requesting the Depositor’s written instruction as to the course of action to be
      taken and the Property Trustee shall take such action, or refrain from taking
      such action, as the Property Trustee shall be instructed in writing to take,
      or
      to refrain from taking, by the Depositor; provided, that if the Property Trustee
      does not receive such instructions of the Depositor within ten (10) Business
      Days after it has delivered such notice or such reasonably shorter period of
      time set forth in such notice, the Property Trustee may, but shall be under
      no
      duty to, take such action, or refrain from taking such action, as the Property
      Trustee shall deem advisable and in the best interests of the Holders, in which
      event the Property Trustee shall have no liability except for its own
      negligence, bad faith or willful misconduct;

     

    (c)  any
      direction or act of the Depositor contemplated by this Trust Agreement shall
      be
      sufficiently evidenced by an Officers’ Certificate unless otherwise expressly
      provided herein;

     

    (d)  any
      direction or act of an Administrative Trustee contemplated by this Trust
      Agreement shall be sufficiently evidenced by a certificate executed by such
      Administrative Trustee and setting forth such direction or act;

     

    
      
        
        

      

      
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    (e)  the
      Property Trustee shall have no duty to see to any recording, filing or
      registration of any instrument (including any financing or continuation
      statement or any filing under tax or securities laws) or any re-recording,
      re-filing or re-registration thereof;

     

    (f)  the
      Property Trustee may consult with counsel (which counsel may be counsel to
      the
      Property Trustee, the Depositor or any of its Affiliates, and may include any
      of
      its employees) and the advice of such 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 reliance thereon and in accordance with
      such advice; the Property Trustee shall have the right at any time to seek
      instructions concerning the administration of this Trust Agreement from any
      court of competent jurisdiction;

     

    (g)  the
      Property Trustee shall be under no obligation to exercise any of the rights
      or
      powers vested in it by this Trust Agreement at the request or direction of
      any
      of the Holders pursuant to this Trust Agreement, unless such Holders shall
      have
      offered to the Property Trustee reasonable security or indemnity against the
      costs, expenses (including reasonable attorneys’ fees and expenses) and
      liabilities that might be incurred by it in compliance with such request or
      direction, including reasonable advances as may be requested by the Property
      Trustee;

     

    (h)  the
      Property 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, direction, consent, order, approval, bond, debenture,
      note or other evidence of indebtedness or other paper or document, unless
      requested in writing to do so by one or more Holders, but the Property Trustee
      may make such further inquiry or investigation into such facts or matters as
      it
      may see fit, and, if the Property Trustee shall determine to make such inquiry
      or investigation, it shall be entitled to examine the books, records and
      premises of the Depositor, personally or by agent or attorney;

     

    (i)  the
      Property Trustee may execute any of the trusts or powers hereunder or perform
      any duties hereunder either directly or by or through its agents, attorneys,
      custodians or nominees and the Property Trustee shall not be responsible for
      any
      negligence or misconduct on the part of any such agent, attorney, custodian
      or
      nominee appointed with due care by it hereunder;

     

    (j)  whenever
      in the administration of this Trust Agreement the Property Trustee shall deem
      it
      desirable to receive instructions with respect to enforcing any remedy or right
      hereunder, the Property Trustee (i) may request instructions from the Holders
      (which instructions may only be given by the Holders of the same proportion
      in
      Liquidation Amount of the Trust Securities as would be entitled to direct the
      Property Trustee under this Trust Agreement in respect of such remedy, right
      or
      action), (ii) may refrain from enforcing such remedy or right or taking such
      other action until such instructions are received and (iii) shall be protected
      in acting in accordance with such instructions;

     

    (k)  except
      as
      otherwise expressly provided by this Trust Agreement, the Property Trustee
      shall
      not be under any obligation to take any action that is discretionary under
      the
      provisions of this Trust Agreement;

     

    
      
        
        

      

      
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    (l)  without
      prejudice to any other rights available to the Property Trustee under applicable
      law, when the Property Trustee incurs expenses or renders services in connection
      with a Bankruptcy Event, such expenses (including legal fees and expenses of
      its
      agents and counsel) and the compensation for such services are intended to
      constitute expenses of administration under any Bankruptcy Law or law relating
      to creditors rights generally; and

     

    (m)  whenever
      in the administration of this Trust Agreement the Property Trustee shall deem
      it
      desirable that a matter be proved or established prior to taking, suffering
      or
      omitting any action hereunder, the Property Trustee (unless other evidence
      be
      herein specifically prescribed) may, in the absence of bad faith on its part,
      request and rely on an Officers’ Certificate which, upon receipt of such
      request, shall be promptly delivered by the Depositor.

     

    No
      provision of this Trust Agreement shall be deemed to impose any duty or
      obligation on any Trustee to perform any act or acts or exercise any right,
      power, duty or obligation conferred or imposed on it, in any jurisdiction in
      which it shall be illegal, or in which such Person shall be unqualified or
      incompetent in accordance with applicable law, to perform any such act or acts,
      or to exercise any such right, power, duty or obligation.

     

    SECTION
      8.8.  Delegation
      of Power.

     

    Any
      Trustee may, by power of attorney or otherwise delegate to any other Person
      its,
      his or her power for the purpose of executing any documents contemplated in
      Section 2.5.  The Trustees shall have power to delegate from
      time to time to such of their number or to the Depositor the doing of such
      things and the execution of such instruments either in the name of the Trust
      or
      the names of the Trustees or otherwise as the Trustees may deem expedient,
      to
      the extent such delegation is not prohibited by applicable law or contrary
      to
      the provisions of this Trust Agreement.

     

    SECTION
      8.9.  May
      Hold
      Securities.

     

    Any
      Trustee or any other agent of any Trustee or the Trust, in its individual or
      any
      other capacity, may become the owner or pledgee of Trust Securities and except
      as provided in the definition of the term “Outstanding” in Article I, may
      otherwise deal with the Trust with the same rights it would have if it were
      not
      a Trustee or such other agent.

     

    SECTION
      8.10.  Compensation;
      Reimbursement; Indemnity.

     

    The
      Depositor agrees:

     

    (a)  to
      pay to
      the Trustees from time to time such reasonable compensation for all services
      rendered by them hereunder as may be agreed by the Depositor and the Trustees
      from time to time (which compensation shall not be limited by any provision
      of
      law in regard to the compensation of a trustee of an express
      trust);

     

    (b)  to
      reimburse the Trustees upon request for all reasonable expenses, disbursements
      and advances incurred or made by the Trustees in accordance with any provision
      of this Trust Agreement (including the reasonable compensation and the expenses
      and disbursements of their 

     

    
      
        
        

      

      
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    agents
      and counsel), except any such expense, disbursement or advance as may be
      attributable to their gross negligence, bad faith or willful misconduct;
      and

     

    (c)  to
      the
      fullest extent permitted by applicable law, to indemnify and hold harmless
      (i)
      each Trustee (including in its individual capacity), (ii) any Affiliate of
      any
      Trustee, (iii) any officer, director, shareholder, employee, representative
      or
      agent of any Trustee or any Affiliate of any Trustee and (iv) any employee
      or
      agent of the Trust (referred to herein as an “Indemnified Person”) from and
      against any loss, damage, liability, tax (other than income, franchise or other
      taxes imposed on amounts paid pursuant to Section 8.10(a) or (b)
      hereof), penalty, expense or claim of any kind or nature whatsoever incurred
      without negligence, bad faith or willful misconduct on its part, arising out
      of
      or in connection with the acceptance or administration of the Trust hereunder,
      including the advancement of funds to cover the reasonable costs and expenses
      of
      defending itself against any claim or liability in connection with the exercise
      or performance of any of its powers or duties hereunder.

     

    The
      Trust
      shall have no payment, reimbursement or indemnity obligations to the Trustees
      under this Section 8.10.  The provisions of this Section
      8.10 shall survive the termination of this Trust Agreement and the earlier
      removal or resignation of any Trustee.

     

    No
      Trustee may claim any Lien on any Trust Property whether before or after
      termination of the Trust as a result of any amount due pursuant to this
Section 8.10.

     

    To
      the
      fullest extent permitted by law, in no event shall the Property Trustee and
      the
      Delaware Trustee be liable for any indirect, special, punitive or consequential
      loss or damage of any kind whatsoever, including, but not limited to, lost
      profits, even if the Trustee has been advised of the likelihood of such loss
      or
      damage and regardless of the form of action.

     

    In
      no
      event shall the Property Trustee and the Delaware Trustee be liable for any
      failure or delay in the performance of its obligations hereunder because of
      circumstances beyond its control, including, but not limited to, acts of God,
      flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
      government action, including any laws, ordinances, regulations, governmental
      action or the like which delay, restrict or prohibit the providing of the
      services contemplated by this Trust Agreement.

     

    SECTION
      8.11.  Resignation
      and Removal; Appointment of Successor.

     

    (a)  No
      resignation or removal of any Trustee and no appointment of a successor Trustee
      pursuant to this Article VIII shall become effective until the acceptance
      of appointment by the successor Trustee in accordance with the applicable
      requirements of Section 8.12.

     

    (b)  A
      Trustee
      may resign at any time by giving written notice thereof to the Depositor and,
      in
      the case of the Property Trustee and the Delaware Trustee, to the
      Holders.

     

    (c)  Unless
      an
      Event of Default shall have occurred and be continuing, the Property Trustee
      or
      the Delaware Trustee, or both of them, may be removed (with or without cause)
      at
      any time by Act of the Holder of Common Securities.  If an Event of
      Default shall have occurred and be continuing, the Property Trustee or the
      Delaware Trustee, or both of them, may be removed (with or without cause) at
      such time by Act of the Holders of at least a Majority in Liquidation

     

    
      
        
        

      

      
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    Amount
      of
      the Preferred Securities, delivered to the removed Trustee (in its individual
      capacity and on behalf of the Trust).  An Administrative Trustee may
      be removed (with or without cause) only by Act of the Holder of the Common
      Securities at any time.

     

    (d)  If
      any
      Trustee shall resign, be removed or become incapable of acting as Trustee,
      or if
      a vacancy shall occur in the office of any Trustee for any reason, at a time
      when no Event of Default shall have occurred and be continuing, the Holder
      of
      the Common Securities, by Act of the Holder of the Common Securities, shall
      promptly appoint a successor Trustee or Trustees, and such successor Trustee
      and
      the retiring Trustee shall comply with the applicable requirements of Section
      8.12.  If the Property Trustee or the Delaware Trustee shall
      resign, be removed or become incapable of continuing to act as the Property
      Trustee or the Delaware Trustee, as the case may be, at a time when an Event
      of
      Default shall have occurred and be continuing, the Holders of the Preferred
      Securities, by Act of the Holders of a Majority in Liquidation Amount of the
      Preferred Securities, shall promptly appoint a successor Property Trustee or
      Delaware Trustee, and such successor Property Trustee or Delaware Trustee and
      the retiring Property Trustee or Delaware Trustee shall comply with the
      applicable requirements of Section 8.12.  If an Administrative
      Trustee shall resign, be removed or become incapable of acting as Administrative
      Trustee, at a time when an Event of Default shall have occurred and be
      continuing, the Holder of the Common Securities by Act of the Holder of Common
      Securities shall promptly appoint a successor Administrative Trustee and such
      successor Administrative Trustee and the retiring Administrative Trustee shall
      comply with the applicable requirements of Section 8.12.  If no
      successor Trustee shall have been so appointed by the Holder of the Common
      Securities or Holders of the Preferred Securities, as the case may be, and
      accepted appointment in the manner required by Section 8.12 within thirty
      (30) days after the giving of a notice of resignation by a Trustee, the removal
      of a Trustee, or a Trustee becoming incapable of acting as such Trustee, any
      Holder who has been a Holder of Preferred Securities for at least six (6) months
      may, on behalf of himself and all others similarly situated, and any resigning
      Trustee may, in each case, at the expense of the Depositor, petition any court
      of competent jurisdiction for the appointment of a successor
      Trustee.

     

    (e)  The
      Depositor shall give notice of each resignation and each removal of the Property
      Trustee or the Delaware Trustee and each appointment of a successor Property
      Trustee or Delaware Trustee to all Holders in the manner provided in Section
      11.8.  Each notice shall include the name of the successor
      Property Trustee or Delaware Trustee and the address of its Corporate Trust
      Office if it is the Property Trustee.

     

    (f)  Notwithstanding
      the foregoing or any other provision of this Trust Agreement, in the event
      any
      Administrative Trustee or a Delaware Trustee who is a natural person dies or
      becomes, in the opinion of the Holder of Common Securities, incompetent or
      incapacitated, the vacancy created by such death, incompetence or incapacity
      may
      be filled by (i) the unanimous act of the remaining Administrative Trustees
      if
      there are at least two of them or (ii) otherwise by the Holder of the Common
      Securities (with the successor in each case being a Person who satisfies the
      eligibility requirement for Administrative Trustees or Delaware Trustee, as
      the
      case may be, set forth in Sections 8.3 and 8.4).

     

    
      
        
        

      

      
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    (g)  Upon
      the
      appointment of a successor Delaware Trustee, such successor Delaware Trustee
      shall file a Certificate of Amendment to the Certificate of Trust in accordance
      with Section 3810 of the Delaware Statutory Trust Act.

     

    SECTION
      8.12.  Acceptance
      of Appointment by Successor.

     

    (a)  In
      case
      of the appointment hereunder of a successor Trustee, each successor Trustee
      shall execute and deliver to the Depositor and to the retiring Trustee an
      instrument accepting such appointment, and thereupon the resignation or removal
      of the retiring Trustee shall become effective and each such successor Trustee,
      without any further act, deed or conveyance, shall become vested with all the
      rights, powers, trusts and duties of the retiring Trustee; but, on request
      of
      the Trust or any successor Trustee such retiring Trustee shall, upon payment
      of
      its charges, duly assign, transfer and deliver to such successor Trustee all
      Trust Property, all proceeds thereof and money held by such retiring Trustee
      hereunder with respect to the Trust Securities and the Trust.

     

    (b)  Upon
      request of any such successor Trustee, the Trust (or the retiring Trustee if
      requested by the Depositor) shall execute any and all instruments for more
      fully
      and certainly vesting in and confirming to such successor Trustee all such
      rights, powers and trusts referred to in the preceding paragraph.

     

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

     

    SECTION
      8.13.  Merger,
      Conversion, Consolidation or Succession to Business.

     

    Any
      Person into which the Property Trustee or the Delaware Trustee may be merged
      or
      converted or with which it may be consolidated, or any Person resulting from
      any
      merger, conversion or consolidation to which such Trustee shall be a party,
      or
      any Person succeeding to all or substantially all the corporate trust business
      of such Trustee, shall be the successor of such 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 Person shall be otherwise qualified and
      eligible under this Article VIII.

     

    SECTION
      8.14.  Not
      Responsible for Recitals or Issuance of Securities.

     

    The
      recitals contained herein and in the Securities Certificates shall be taken
      as
      the statements of the Trust and the Depositor, and the Trustees do not assume
      any responsibility for their correctness.  The Trustees make no
      representations as to the title to, or value or condition of, the property
      of
      the Trust or any part thereof, nor as to the validity or sufficiency of this
      Trust Agreement, the Notes or the Trust Securities.  The Trustees
      shall not be accountable for the use or application by the Depositor of the
      proceeds of the Notes.

     

    SECTION
      8.15.  Property
      Trustee May File Proofs of Claim.

     

    (a)  In
      case
      of any Bankruptcy Event (or event that with the passage of time would become
      a
      Bankruptcy Event) relative to the Trust or any other obligor upon the Trust
      Securities or the property of the Trust or of such other obligor or their
      creditors, the Property Trustee

     

    
      
        
        

      

      
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     (irrespective
      of whether any Distributions on the Trust Securities shall then be due and
      payable and irrespective of whether the Property Trustee shall have made any
      demand on the Trust for the payment of any past due Distributions) shall be
      entitled and empowered, to the fullest extent permitted by law, by intervention
      in such proceeding or otherwise:

     

    (i)  to
      file
      and prove a claim for the whole amount of any Distributions owing and unpaid
      in
      respect of the Trust Securities and to file such other papers or documents
      as
      may be necessary or advisable in order to have the claims of the Property
      Trustee (including any claim for the reasonable compensation, expenses,
      disbursements and advances of the Property Trustee, its agents and counsel)
      and
      of the Holders allowed in such judicial proceeding; and

     

    (ii)  to
      collect and receive any monies or other property payable or deliverable on
      any
      such claims and to distribute the same;

     

    and
      any
      custodian, receiver, assignee, trustee, liquidator, sequestrator or other
      similar official in any such proceeding is hereby authorized by each Holder
      to
      make such payments to the Property Trustee and, in the event the Property
      Trustee shall consent to the making of such payments directly to the Holders,
      to
      pay to the Property Trustee first any amount due it for the reasonable
      compensation, expenses, disbursements and advances of the Property Trustee,
      its
      agents and counsel, and any other amounts due the Property Trustee.

     

    (b)  Nothing
      herein contained shall be deemed to authorize the Property Trustee to authorize
      or consent to or accept or adopt on behalf of any Holder any plan of
      reorganization, arrangement, adjustment or compensation affecting the Trust
      Securities or the rights of any Holder thereof or to authorize the Property
      Trustee to vote in respect of the claim of any Holder in any such
      proceeding.

     

    SECTION
      8.16.  Reports
      to and from the Property Trustee.

     

    (a)  The
      Depositor and the Administrative Trustees shall deliver to the Property Trustee,
      not later than one hundred and twenty (120) days after the end of each fiscal
      year of the Depositor ending after the date hereof, an Officers’ Certificate
      (substantially in the form attached hereto as Exhibit H) covering the
      preceding fiscal year, stating whether or not to the knowledge of the signers
      thereof the Depositor, the Administrative Trustees or the Trust are in default
      in the performance or observance of any of the terms, provisions and conditions
      of this Trust Agreement (without regard to any period of grace or requirement
      of
      notice provided hereunder) and, if the Depositor, the Administrative Trustees
      or
      the Trust shall be in default, specifying all such defaults and the nature
      and
      status thereof of which they have knowledge.

     

    (b)  The
      Depositor shall furnish to (i) the Property Trustee, (ii) the Purchaser, (iii)
      any Owner of the Preferred Securities reasonably identified to the Depositor
      or
      the Trust (which identification may be made either by such Owner or by the
      Purchaser) and (iv) any designee of (i), (ii) or (iii) above, a duly completed
      and executed certificate in the form attached hereto as Exhibit G,
      including the financial statements referenced in such Exhibit, which certificate
      and financial statements shall be so furnished by the Depositor not later than
      forty five (45) days after

     

    
      
        
        

      

      
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     the
      end of each of the first three fiscal quarters of each fiscal year of the
      Depositor and not later than ninety (90) days after the end of each fiscal
      year
      of the Depositor.

     

    (c)  The
      Property Trustee shall receive all reports, certificates and information, which
      it is entitled to obtain under each of the Operative Documents, and deliver
      to
      the Purchaser or its designee as identified in writing to the Property Trustee,
      copies of all such reports, certificates or information promptly upon receipt
      thereof.

     

    ARTICLE
      IX.

     

    Termination,
      Liquidation and Merger

     

    SECTION
      9.1.  Dissolution
      Upon Expiration Date.

     

    Unless
      earlier dissolved, the Trust shall automatically dissolve on October 30, 2038
      (the “Expiration Date”), and the Trust Property shall be liquidated in
      accordance with Section 9.4.

     

    SECTION
      9.2.  Early
      Termination.

     

    The
      first
      to occur of any of the following events is an “Early Termination Event”, upon
      the occurrence of which the Trust shall be dissolved:

     

    (a)  the
      occurrence of a Bankruptcy Event in respect of, or the dissolution or
      liquidation of, the Depositor, in its capacity as the Holder of the Common
      Securities, unless the Depositor shall have transferred the Common Securities
      as
      provided by Section 5.11, in which case this provision shall refer
      instead to any such successor Holder of the Common Securities;

     

    (b)  the
      written direction to the Property Trustee from the Holder of the Common
      Securities at any time to dissolve the Trust and, after satisfaction of any
      liabilities of the Trust as required by applicable law, to distribute the Notes
      to Holders in exchange for the Preferred Securities (which direction is optional
      and wholly within the discretion of the Holder of the Common Securities),
      provided, that the Holder of the Common Securities shall have received the
      prior
      approval of the Federal Reserve if then required;

     

    (c)  the
      redemption of all of the Preferred Securities in connection with the payment
      at
      maturity or redemption of all the Notes; and

     

    (d)  the
      entry
      of an order for dissolution of the Trust by a court of competent
      jurisdiction.

     

    SECTION
      9.3.  Termination.

     

    The
      respective obligations and responsibilities of the Trustees and the Trust shall
      terminate upon the latest to occur of the following: (a) the distribution by
      the
      Property Trustee to Holders of all amounts required to be distributed hereunder
      upon the liquidation of the Trust pursuant to Section 9.4, or upon the
      redemption of all of the Trust Securities pursuant to Section 4.2;
      (b) the satisfaction of any expenses owed by the Trust; and (c) the discharge
      of
      all 

     

    
      
        
        

      

      
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    administrative
      duties of the Administrative Trustees, including the performance of any tax
      reporting obligations with respect to the Trust or the Holders.

     

    SECTION
      9.4.  Liquidation.

     

    (a)  If
      an
      Early Termination Event specified in Section 9.2(a), (b) or
(d) occurs or upon the Expiration Date, the Trust shall
      be liquidated by
      the Property Trustee as expeditiously as the Property Trustee shall determine
      to
      be possible by distributing, after satisfaction of liabilities to creditors
      of
      the Trust as provided by applicable law, to each Holder a Like Amount of Notes,
      subject to Section 9.4(d). Notice of liquidation shall be given by the
      Property Trustee not less than thirty (30) nor more than sixty (60) days prior
      to the Liquidation Date to each Holder of Trust Securities at such Holder’s
      address appearing in the Securities Register. All such notices of liquidation
      shall:

     

    (i)  state
      the
      Liquidation Date;

     

    (ii)  state
      that from and after the Liquidation Date, the Trust Securities will no longer
      be
      deemed to be Outstanding and (subject to Section 9.4(d)) any Securities
      Certificates not surrendered for exchange will be deemed to represent a Like
      Amount of Notes; and

     

    (iii)  provide
      such information with respect to the mechanics by which Holders may exchange
      Securities Certificates for Notes, or if Section 9.4(d) applies, receive
      a Liquidation Distribution, as the Property Trustee shall deem
      appropriate.

     

    (b)  Except
      where Section 9.2(c) or 9.4(d) applies, in order to effect the
      liquidation of the Trust and distribution of the Notes to Holders, the Property
      Trustee, either itself acting as exchange agent or through the appointment
      of a
      separate exchange agent, shall establish a record date for such distribution
      (which shall not be more than forty-five (45) days prior to the Liquidation
      Date
      nor prior to the date on which notice of such liquidation is given to the
      Holders) and establish such procedures as it shall deem appropriate to effect
      the distribution of Notes in exchange for the Outstanding Securities
      Certificates.

     

    (c)  Except
      where Section 9.2(c) or 9.4(d) applies, after the Liquidation
      Date, (i) the Trust Securities will no longer be deemed to be Outstanding,
      (ii)
      certificates representing a Like Amount of Notes will be issued to Holders
      of
      Securities Certificates, upon surrender of such Certificates to the exchange
      agent for exchange, (iii) the Depositor shall use its best efforts to have
      the
      Notes listed on the New York Stock Exchange or on such other exchange,
      interdealer quotation system or self-regulatory organization on which the
      Preferred Securities are then listed, if any, (iv) Securities Certificates
      not
      so surrendered for exchange will be deemed to represent a Like Amount of Notes
      bearing accrued and unpaid interest in an amount equal to the accumulated and
      unpaid Distributions on such Securities Certificates until such certificates
      are
      so surrendered (and until such certificates are so surrendered, no payments
      of
      interest or principal will be made to Holders of Securities Certificates with
      respect to such Notes) and (v) all rights of Holders holding Trust Securities
      will cease, except the right of such Holders to receive Notes upon surrender
      of
      Securities Certificates.

     

    
      
        
        

      

      
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    (d)  Notwithstanding
      the other provisions of this Section 9.4, if distribution of the Notes in
      the manner provided herein is determined by the Property Trustee not to be
      permitted or practical, the Trust Property shall be liquidated, and the Trust
      shall be wound up by the Property Trustee in such manner as the Property Trustee
      determines.  In such event, Holders will be entitled to receive out of
      the assets of the Trust available for distribution to Holders, after
      satisfaction of liabilities to creditors of the Trust as provided by applicable
      law, an amount equal to the Liquidation Amount per Trust Security plus
      accumulated and unpaid Distributions thereon to the date of payment (such amount
      being the “Liquidation Distribution”). If, upon any such winding up the
      Liquidation Distribution can be paid only in part because the Trust has
      insufficient assets available to pay in full the aggregate Liquidation
      Distribution, then, subject to the next succeeding sentence, the amounts payable
      by the Trust on the Trust Securities shall be paid on a pro rata basis (based
      upon Liquidation Amounts). The Holder of the Common Securities will be entitled
      to receive Liquidation Distributions upon any such winding up pro rata (based
      upon Liquidation Amounts) with Holders of all Trust Securities, except that,
      if
      an Event of Default has occurred and is continuing, the Preferred Securities
      shall have a priority over the Common Securities as provided in Section
      4.3.

     

    SECTION
      9.5.  Mergers,
      Consolidations, Amalgamations or Replacements of Trust.

     

    The
      Trust
      may not merge with or into, consolidate, amalgamate, or be replaced by, or
      convey, transfer or lease its properties and assets substantially as an entirety
      to, any Person except pursuant to this Article IX. At the request of the
      Holders of the Common Securities, without the consent of the Holders of the
      Preferred Securities, the Trust may merge with or into, consolidate, amalgamate,
      or be replaced by or convey, transfer or lease its properties and assets
      substantially as an entirety to a trust organized as such under the laws of
      any
      State; provided, that:

     

    (a)  such
      successor entity either (i) expressly assumes all of the obligations of the
      Trust under this Trust Agreement with respect to the Preferred Securities or
      (ii) substitutes for the Preferred Securities other securities having
      substantially the same terms as the Preferred Securities (such other Securities,
      the “Successor Securities”) so long as the Successor Securities have the same
      priority as the Preferred Securities with respect to distributions and payments
      upon liquidation, redemption and otherwise;

     

    (b)  a
      trustee
      of such successor entity possessing substantially the same powers and duties
      as
      the Property Trustee is appointed to hold the Notes;

     

    (c)  if
      the
      Preferred Securities or the Notes are rated, such merger, consolidation,
      amalgamation, replacement, conveyance, transfer or lease does not cause the
      Preferred Securities or the Notes (including any Successor Securities) to be
      downgraded by any nationally recognized statistical rating organization that
      then assigns a rating to the Preferred Securities or the Notes;

     

    (d)  the
      Preferred Securities are listed, or any Successor Securities will be listed
      upon
      notice of issuance, on any national securities exchange or interdealer quotation
      system on which the Preferred Securities are then listed, if any;

     

    
      
        
        

      

      
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    (e)  such
      merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
      does not adversely affect the rights, preferences and privileges of the Holders
      of the Preferred Securities (including any Successor Securities) in any material
      respect;

     

    (f)  such
      successor entity has a purpose substantially identical to that of the
      Trust;

     

    (g)  prior
      to
      such merger, consolidation, amalgamation, replacement, conveyance, transfer
      or
      lease, the Depositor has received an Opinion of Counsel to the effect that
      (i)
      such merger, consolidation, amalgamation, replacement, conveyance, transfer
      or
      lease does not adversely affect the rights, preferences and privileges of the
      Holders of the Preferred Securities (including any Successor Securities) in
      any
      material respect; (ii) following such merger, consolidation, amalgamation,
      replacement, conveyance, transfer or lease, neither the Trust nor such successor
      entity will be required to register as an “investment company” under the
      Investment Company Act and (iii) following such merger, consolidation,
      amalgamation, replacement, conveyance, transfer or lease, the Trust (or the
      successor entity) will continue to be classified as a grantor trust for U.S.
      federal income tax purposes; and

     

    (h)  the
      Depositor or its permitted transferee owns all of the common securities of
      such
      successor entity and guarantees the obligations of such successor entity under
      the Successor Securities at least to the extent provided by the Guarantee
      Agreement.

     

    Notwithstanding
      the foregoing, the Trust shall not, except with the consent of Holders of all
      of
      the Preferred Securities, consolidate, amalgamate, merge with or into, or be
      replaced by or convey, transfer or lease its properties and assets substantially
      as an entirety to any other Person or permit any other entity to consolidate,
      amalgamate, merge with or into, or replace, the Trust if such consolidation,
      amalgamation, merger, replacement, conveyance, transfer or lease would cause
      the
      Trust or the successor entity to be taxable as a corporation or classified
      as
      other than a grantor trust for United States federal income tax purposes or
      cause the Notes to be treated as other than indebtedness of the Depositor for
      United States federal income tax purposes.

     

    ARTICLE
      X.

     

    Information
      to Purchaser

     

    SECTION
      10.1.  Depositor
      Obligations to Purchaser.

     

    Notwithstanding
      any other provision herein, the Depositor shall furnish to (a) the Purchaser,
      (b) any Owner of the Preferred Securities reasonably identified to the Depositor
      or the Trust (which identification may be made either by such Owner or by the
      Purchaser) and (c) any designee of (a) or (b) above, copies of all
      correspondence, notices, forms, filings, reports and other documents required
      to
      be provided by the Depositor, whether acting through an Administrative Trustee
      or otherwise, to the Property Trustee or Delaware Trustee under this Trust
      Agreement.

     

    SECTION
      10.2.  Property
      Trustee’s Obligations to Purchaser.

     

    Notwithstanding
      any other provision herein, the Property Trustee shall furnish to the Purchaser,
      or its designee, as identified in writing to the Property Trustee, copies of
      all
      (i)

     

    
      
        
        

      

      
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     correspondence,
      notices, forms, filings, reports and other documents received by the Property
      Trustee or Delaware Trustee from the Depositor, whether acting through an
      Administrative Trustee or otherwise, under this Trust Agreement, and (ii) all
      correspondence, notices, forms, filings, reports and other documents required
      to
      be provided to the Depositor or a Holder by the Property Trustee or Delaware
      Trustee under this Trust Agreement.

     

    

     

    ARTICLE
      XI.

     

    Miscellaneous
      Provisions

     

    SECTION
      11.1.  Limitation
      of Rights of Holders.

     

    Except
      as
      set forth in Section 9.2, the death, bankruptcy, termination, dissolution
      or incapacity of any Person having an interest, beneficial or otherwise, in
      Trust Securities shall not operate to terminate this Trust Agreement, nor annul,
      dissolve or terminate the Trust nor entitle the legal representatives or heirs
      of such Person or any Holder for such Person, to claim an accounting, take
      any
      action or bring any proceeding in any court for a partition or winding up of
      the
      arrangements contemplated hereby, nor otherwise affect the rights, obligations
      and liabilities of the parties hereto or any of them.

     

    SECTION
      11.2.  Agreed
      Tax Treatment of Trust and Trust Securities.

     

    The
      parties hereto and, by its acceptance or acquisition of a Trust Security or
      a
      beneficial interest therein, the Holder of, and any Person that acquires a
      beneficial interest in, such Trust Security intend and agree to treat the Trust
      as a grantor trust for United States federal, state and local tax purposes,
      and
      to treat the Trust Securities (including all payments and proceeds with respect
      to such Trust Securities) as undivided beneficial ownership interests in the
      Trust Property (and payments and proceeds therefrom, respectively) for United
      States federal, state and local tax purposes and to treat the Notes as
      indebtedness of the Depositor for United States federal, state and local tax
      purposes.  The provisions of this Trust Agreement shall be interpreted
      to further this intention and agreement of the parties.

     

    SECTION
      11.3.  Amendment.

     

    (a)  This
      Trust Agreement may be amended from time to time by the Property Trustee, the
      Administrative Trustees and the Holder of all the Common Securities, without
      the
      consent of any Holder of the Preferred Securities, (i) to cure any ambiguity,
      correct or supplement any provision herein that may be defective or inconsistent
      with any other provision herein, or to make or amend any other provisions with
      respect to matters or questions arising under this Trust Agreement, which shall
      not be inconsistent with the other provisions of this Trust Agreement, (ii)
      to
      modify, eliminate or add to any provisions of this Trust Agreement to such
      extent as shall be necessary to ensure that the Trust will neither be taxable
      as
      a corporation nor be classified as other than a grantor trust for United States
      federal income tax purposes at all times that any Trust Securities are
      Outstanding or to ensure that the Notes are treated as indebtedness of the
      Depositor for United States federal income tax purposes, or to ensure that
      the
      Trust will not be required to register as an “investment company” under the
      Investment 

     

    
      
        
        

      

      
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    Company
      Act or (iii) to add to the covenants, restrictions or obligations of the
      Depositor; provided, that in the case of clauses (i), (ii) or (iii), such action
      shall not adversely affect in any material respect the interests of any
      Holder.

     

    (b)  Except
      as
      provided in Section 11.3(c), any provision of this Trust Agreement may be
      amended by the Property Trustee, the Administrative Trustees and the Holder
      of
      all of the Common Securities and with (i) the consent of Holders of at least
      a
      Majority in Liquidation Amount of the Preferred Securities and (ii) receipt
      by
      the Trustees of an Opinion of Counsel to the effect that such amendment or
      the
      exercise of any power granted to the Trustees in accordance with such amendment
      will not cause the Trust to be taxable as a corporation or classified as other
      than a grantor trust for United States federal income tax purposes or affect
      the
      treatment of the Notes as indebtedness of the Depositor for United States
      federal income tax purposes or affect the Trust’s exemption from status (or from
      any requirement to register) as an “investment company” under the Investment
      Company Act.

     

    (c)  Notwithstanding
      any other provision of this Trust Agreement, without the consent of each Holder,
      this Trust Agreement may not be amended to (i) change the accrual rate, amount,
      currency or timing of any Distribution on or the redemption price of the Trust
      Securities or otherwise adversely affect the amount of any Distribution or
      other
      payment required to be made in respect of the Trust Securities as of a specified
      date, (ii) restrict or impair the right of a Holder to institute suit for the
      enforcement of any such payment on or after such date, (iii) reduce the
      percentage of aggregate Liquidation Amount of Outstanding Preferred Securities,
      the consent of whose Holders is required for any such amendment, or the consent
      of whose Holders is required for any waiver of compliance with any provision
      of
      this Trust Agreement or of defaults hereunder and their consequences provided
      for in this Trust Agreement; (iv) impair or adversely affect the rights and
      interests of the Holders in the Trust Property, or permit the creation of any
      Lien on any portion of the Trust Property; or (v) modify the definition of
      “Outstanding,” in this Section 11.3(c), Sections 4.1, 4.2,
4.3, 6.10(e) or Article IX.

     

    (d)  Notwithstanding
      any other provision of this Trust Agreement, no Trustee shall enter into or
      consent to any amendment to this Trust Agreement that would cause the Trust
      to
      be taxable as a corporation or to be classified as other than a grantor trust
      for United States federal income tax purposes or that would cause the Notes
      to
      fail or cease to be treated as indebtedness of the Depositor for United States
      federal income tax purposes or that would cause the Trust to fail or cease
      to
      qualify for the exemption from status (or from any requirement to register)
      as
      an “investment company” under the Investment Company Act.

     

    (e)  If
      any
      amendment to this Trust Agreement is made, the Administrative Trustees or the
      Property Trustee shall promptly provide to the Depositor and the Note Trustee
      a
      copy of such amendment.

     

    (f)  No
      Trustee shall be required to enter into any amendment to this Trust Agreement
      that affects its own rights, duties or immunities under this Trust
      Agreement.  The Trustees shall be entitled to receive an Opinion of
      Counsel and an Officers’ Certificate stating that any amendment to this Trust
      Agreement is in compliance with this Trust Agreement and all conditions
      precedent herein provided for relating to such action have been
      met.

     

    
      
        
        

      

      
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    (g)  No
      amendment or modification to this Trust Agreement that adversely affects in
      any
      material respect the rights, duties, liabilities, indemnities or immunities
      of
      the Delaware Trustee hereunder shall be permitted without the prior written
      consent of the Delaware Trustee.

     

    SECTION
      11.4.  Separability.

     

    If
      any
      provision in this Trust Agreement or in the Securities Certificates shall be
      invalid, illegal or unenforceable, the validity, legality and enforceability
      of
      the remaining provisions shall not in any way be affected or impaired thereby,
      and there shall be deemed substituted for the provision at issue a valid, legal
      and enforceable provision as similar as possible to the provision at
      issue.

     

    SECTION
      11.5.  Governing
      Law.

     

    THIS
      TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS, THE
      TRUST, THE DEPOSITOR AND THE TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT
      AND
      THE TRUST SECURITIES SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND
      GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICTS
      OF LAWS PROVISIONS.

     

    SECTION
      11.6.  Successors.

     

    This
      Trust Agreement shall be binding upon and shall inure to the benefit of any
      successor to the Depositor, the Trust and any Trustee, including any successor
      by operation of law. Except in connection with a transaction involving the
      Depositor that is permitted under Article VIII of the Indenture and
      pursuant to which the assignee agrees in writing to perform the Depositor’s
      obligations hereunder, the Depositor shall not assign its obligations
      hereunder.

     

    SECTION
      11.7.  Headings.

     

    The
      Article and Section headings are for convenience only and shall not affect
      the
      construction of this Trust Agreement.

     

    SECTION
      11.8.  Reports,
      Notices and Demands.

     

    (a)  Any
      report, notice, demand or other communication that by any provision of this
      Trust Agreement is required or permitted to be given or served to or upon any
      Holder or the Depositor may be given or served in writing delivered in person,
      or by reputable, overnight courier, by telecopy or by deposit thereof,
      first-class postage prepaid, in the United States mail, addressed, (a) in the
      case of a Holder of Preferred Securities, to such Holder as such Holder’s name
      and address may appear on the Securities Register; and (b) in the case of the
      Holder of all the Common Securities or the Depositor, to Harleysville National
      Corporation, 483 Main St., Harleysville, PA  19438, Attention: Chief
      Financial Officer, or to such other address as may be specified in a written
      notice by the Holder of all the Common Securities or the Depositor, as the
      case
      may be, to the Property Trustee. Such report, notice, demand or other
      communication to or upon a Holder or the Depositor shall be deemed to have
      been
      given when received in person, within one (1) Business Day following delivery
      by
      overnight courier, when telecopied with

     

    
      
        
        

      

      
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     receipt
      confirmed, or within three (3) Business Days following delivery by mail, except
      that if a notice or other document is refused delivery or cannot be delivered
      because of a changed address of which no notice was given, such notice or other
      document shall be deemed to have been delivered on the date of such refusal
      or
      inability to deliver.

     

    (b)  Any
      notice, demand or other communication that by any provision of this Trust
      Agreement is required or permitted to be given or served to or upon the Property
      Trustee, the Delaware Trustee, the Administrative Trustees or the Trust shall
      be
      given in writing by deposit thereof, first-class postage prepaid, in the U.S.
      mail, personal delivery or facsimile transmission, addressed to such Person
      as
      follows: (a) with respect to the Property Trustee and the Delaware Trustee,
      to
      Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
      Wilmington, Delaware 19890-0001, Attention: Corporate Capital Markets, facsimile
      no. (302) 636-4140; (b) with respect to the Administrative Trustees, to them
      at
      the address above for notices to the Depositor, marked “Attention:
      Administrative Trustees of HNC Statutory Trust IV,” and (c) with respect to the
      Trust, to its principal executive office specified in Section 2.2, with a
      copy to the Property Trustee. Such notice, demand or other communication to
      or
      upon the Trust, the Property Trustee or the Administrative Trustees shall be
      deemed to have been sufficiently given or made only upon actual receipt of
      the
      writing by the Trust, the Property Trustee or the Administrative
      Trustees.

     

    SECTION
      11.9.  Agreement
      Not to Petition.

     

    Each
      of
      the Trustees and the Depositor agree for the benefit of the Holders that, until
      at least one year and one day after the Trust has been terminated in accordance
      with Article IX, they shall not file, or join in the filing of, a
      petition against the Trust under any Bankruptcy Law or otherwise join in the
      commencement of any proceeding against the Trust under any Bankruptcy Law.
      If
      the Depositor takes action in violation of this Section 11.9, the
      Property Trustee agrees, for the benefit of Holders, that at the expense of
      the
      Depositor, it shall file an answer with the applicable bankruptcy court or
      otherwise properly contest the filing of such petition by the Depositor against
      the Trust or the commencement of such action and raise the defense that the
      Depositor has agreed in writing not to take such action and should be estopped
      and precluded therefrom and such other defenses, if any, as counsel for the
      Property Trustee or the Trust may assert.

     

    This
      instrument may be executed in any number of counterparts, each of which so
      executed shall be deemed to be an original, but all such counterparts shall
      together constitute but one and the same instrument.  Delivery of an
      executed signature page of this Amended and Restated Trust Agreement by
      facsimile transmission shall be effective as delivery of a manually executed
      counterpart hereof.

     

    [REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        -59-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Amended and Restated
      Trust Agreement as of the day and year first above written.

     

    
      	 	
              Harleysville
                National Corporation,

              as
                Depositor

               

               

              By:           /s/
                Paul D. Geraghty            

              Name:    Paul
                D. Geraghty

              Title:       Chief
                Executive Officer and President

               

            
	
              Wilmington
                Trust Company, as Property Trustee

               

               

              By:           /s/
                W. Thomas Morris, II        

                      
                Name:    W. Thomas Morris, II

                
                Title:       Assistant Vice
                President

               

            	
              Wilmington
                Trust Company, as Delaware Trustee

               

               

               

              By:           /s/
                W. Thomas Morris, II                                                                       

              Name:    W.
                Thomas Morris, II

              Title:       Assistant
                Vice President

               

            
	
               

               

               

              /s/
                Paul D. Geraghty        

              Administrative
                Trustee

              Name:
                Paul D.
                Geraghty

            	
               

               

               

              /s/
                Michael B. High                                                                                   

              Administrative
                Trustee

              Name:
                Michael B.
                High

            
	
               

               

               

               

              /s/
                George S. Rapp            

              Administrative
                Trustee

              Name:
                George S.
                Rapp

            	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    [SIGNATURE
      PAGE – AMENDED AND RESTATED TRUST AGREEMENT]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

     

    CERTIFICATE
      OF TRUST

     

    OF

     

    HNC
      STATUTORY TRUST IV

     

    This
      Certificate of Trust of HNC Statutory Trust IV  (the “Trust”) is being
      duly executed and filed on behalf of the Trust by the undersigned, as trustees,
      to form a statutory trust under the Delaware Statutory Trust Act (12 Del.
      C. §3801 etseq.) (the “Act”).

     

    1.           Name.  The
      name of the statutory trust formed by this Certificate of Trust
      is:  HNC Statutory Trust IV.

     

    2.           Delaware
      Trustee.  The name and business address of the trustee of the
      Trust with its principal place of business in the State of Delaware are
      Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
      Wilmington, Delaware 19890-0001, Attention: Corporate Capital
      Markets.

     

    3.           Effective
      Date.  This Certificate of Trust shall be effective upon its
      filing with the Secretary of State of the State of Delaware.

     

    IN
      WITNESS WHEREOF, the undersigned have duly executed this Certificate of Trust
      in
      accordance with Section 3811(a)(1) of the Act.

     

    Wilmington
      Trust Company, not in its individual capacity, but solely as Property
      Trustee

    

    By:    

    Name:                      W.
      Thomas Morris, II

    Title:                      Assistant
      Vice President

    

    Wilmington
      Trust Company, not in its individual capacity, but solely as Delaware
      Trustee

    

    By:           

    Name:                      W.
      Thomas Morris, II

    Title:                      Assistant
      Vice President

    

    

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    Exhibit
      B

     

    [FORM
      OF
      COMMON SECURITIES CERTIFICATE]

     

    THIS
      COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS
      AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
      TO AN EXEMPTION FROM REGISTRATION.  THIS CERTIFICATE IS NOT
      TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE
      TRUST AGREEMENT.

     

    
      	
              Certificate
                Number  C-1

               

            	 	
              696
                Common Securities

               

            

    

    Certificate
      Evidencing Common Securities

     

    of

     

    HNC
      Statutory Trust IV

     

    Common
      Securities

     

    (liquidation
      amount $1,000 per Common Security)

     

    HNC
      Statutory Trust IV, a statutory trust created under the laws of the State of
      Delaware (the “Trust”), hereby certifies that Harleysville National Corporation
      (the “Holder”) is the registered owner of 696 common securities of the Trust
      representing undivided common beneficial interests in the assets of the Trust
      and designated the HNC Statutory Trust IV Common Securities (liquidation amount
      $1,000 per Common Security) (the “Common Securities”). Except in accordance with
Section 5.11 of the Trust Agreement (as defined below), the Common
      Securities are not transferable and, to the fullest extent permitted by law,
      any
      attempted transfer hereof other than in accordance therewith shall be void.
      The
      designations, rights, privileges, restrictions, preferences and other terms
      and
      provisions of the Common Securities are set forth in, and this certificate
      and
      the Common Securities represented hereby are issued and shall in all respects
      be
      subject to the terms and provisions of, the Amended and Restated Trust Agreement
      of the Trust, dated as of August 22, 2007, as the same may be amended from
      time
      to time (the “Trust Agreement”), among Harleysville National Corporation, as
      Depositor, Wilmington Trust Company, as Property Trustee, Wilmington Trust
      Company, as Delaware Trustee, the Administrative Trustees named therein and
      the
      Holders, from time to time, of Trust Securities. The Trust will furnish a copy
      of the Trust Agreement to the Holder without charge upon written request to
      the
      Trust at its principal place of business or registered office.

     

    Upon
      receipt of this certificate, the Holder is bound by the Trust Agreement and
      is
      entitled to the benefits thereunder.

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    This
      Common Securities Certificate shall be governed by and construed in accordance
      with the laws of the State of Delaware.

     

    Terms
      used but not defined herein have the meanings set forth in the Trust
      Agreement.

     

    In
      Witness Whereof, one of the Administrative Trustees of the Trust has executed
      on
      behalf of the Trust this certificate this 22nd day of
      August.

     

    HNC
      Statutory Trust IV

    

    By:           

    Name:  Paul
      D.
      Geraghty

    Administrative
      Trustee

    

    

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

    Exhibit
      C

     

    [FORM
      OF
      PREFERRED SECURITIES CERTIFICATE]

     

    [IF
      THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS PREFERRED SECURITY IS A
      GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED
      TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A
      NOMINEE OF DTC.  THIS PREFERRED SECURITY IS EXCHANGEABLE FOR PREFERRED
      SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE
      ONLY
      IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO TRANSFER
      OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY
      AS
      A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER
      NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

     

    UNLESS
      THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
      TO
      HNC STATUTORY TRUST IV OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
      OR
      PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE
      & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
      DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
      OR
      OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
      AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.]

     

    THE
      PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED
      IN A
      TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST
      THEREIN MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
      SUCH
      REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.  EACH PURCHASER OF
      ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED
      SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5
      OF
      THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT.

     

    THE
      HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR
      THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES
      MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, (II)
      TO A
      PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING
      THE
      REQUIREMENTS OF RULE 144A, OR (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR”
WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER
      THE SECURITIES ACT THAT IS ACQUIRING THE 

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    SECURITY
      FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF AN “ACCREDITED INVESTOR,” WITHIN THE
      MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE
      SECURITIES ACT, 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,
      IN
      EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
      THE
      UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND, IN THE CASE OF (III),
      SUBJECT TO THE RIGHT OF THE TRUST AND THE DEPOSITOR TO REQUIRE AN OPINION OF
      COUNSEL ADDRESSING COMPLIANCE WITH THE U.S. SECURITIES LAWS, AND OTHER
      INFORMATION SATISFACTORY TO EACH OF THEM AND (B) THE HOLDER WILL NOTIFY ANY
      PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE RESTRICTIONS
      REFERRED TO IN (A) ABOVE.

     

    THE
      PREFERRED SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING
      AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000.  TO THE
      FULLEST EXTENT PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES
      OR ANY INTEREST THEREIN IN A BLOCK HAVING AN AGGREGATE LIQUIDATION AMOUNT OF
      LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED
      TO
      BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.  TO THE FULLEST EXTENT
      PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE
      HOLDER OF SUCH PREFERRED SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED
      TO, THE RECEIPT OF LIQUIDATION AMOUNT OF OR DISTRIBUTIONS ON SUCH PREFERRED
      SECURITIES OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE
      DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES.

     

    THE
      HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN,  BY ITS ACCEPTANCE
      HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN
      EMPLOYEE BENEFIT PLAN, 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
      PREFERRED SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER
      IS
      ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER SECTION 408(b)(17) OF ERISA,
      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 ANY INTEREST THEREIN, ARE NOT PROHIBITED BY SECTION 406
      OF
      ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING.
      ANY
      PURCHASER OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL
      BE
      DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER
      (i)
      IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA
      OR
      SECTION 4975 OF

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

     THE
      CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH
      EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN
      ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR
      (ii) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER
      SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF
      IS NOT AVAILABLE UNDER AN APPLICABLE STATUTORY OR ADMINISTRATIVE
      EXEMPTION.

     

    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.

     

    
      
              

               C-3      
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Certificate
                Number  P-1

               

            	 	
              22,500
                Preferred Securities

              $22,500,000
                Aggregate Liquidation Amount

               

            

    

    

    

    CUSIP
      NO.

     

    433684
      AA5

     

    Certificate
      Evidencing Preferred Securities

     

    of

     

    HNC
      Statutory Trust IV

     

    Preferred
      Securities

     

    (liquidation
      amount $1,000 per Preferred Security)

     

    HNC
      Statutory Trust IV, a statutory trust created under the laws of the State of
      Delaware (the “Trust”), hereby certifies that Cede & Co. (the “Holder”) is
      the registered owner of 22,500 Preferred Securities, or such other number of
      Preferred Securities represented hereby as may be set forth in the records
      of
      the Securities Registrar hereinafter referred to in accordance with the Trust
      Agreement (as defined below), of the Trust representing an undivided preferred
      beneficial interest in the assets of the Trust and designated the HNC Statutory
      Trust IV Preferred Securities (liquidation amount $1,000 per Preferred Security)
      (the “Preferred Securities”). The Preferred Securities are transferable on the
      books and records of the Trust, in person or by a duly authorized attorney,
      upon
      surrender of this certificate duly endorsed and in proper form for transfer
      as
      provided in Section 5.7 of the Trust Agreement (as defined below). The
      designations, rights, privileges, restrictions, preferences and other terms
      and
      provisions of the Preferred Securities are set forth in, and this certificate
      and the Preferred Securities represented hereby are issued and shall in all
      respects be subject to the terms and provisions of, the Amended and Restated
      Trust Agreement of the Trust, dated as of August 22, 2007, as the same may
      be
      amended from time to time (the “Trust Agreement”), among Harleysville National
      Corporation, a Pennsylvania corporation, as Depositor, Wilmington Trust Company,
      as Property Trustee, Wilmington Trust Company, as Delaware Trustee, the
      Administrative Trustees named therein and the Holders, from time to time, of
      Trust Securities. The Holder is entitled to the benefits of the Guarantee
      Agreement entered into by Harleysville National Corporation and Wilmington
      Trust
      Company, as Guarantee Trustee, dated as of August 22, 2007, as the same may
      be
      amended from time to time (the “Guarantee Agreement”), to the extent provided
      therein. The Trust will furnish a copy of each of the Trust Agreement and the
      Guarantee Agreement to the Holder without charge upon written request to the
      Property Trustee at its principal place of business or registered
      office.

     

    Upon
      receipt of this certificate, the Holder is bound by the Trust Agreement and
      is
      entitled to the benefits thereunder.

     

    
      
        
        

      

      
        C-4

        
          

        

      

      
        
        

      

    

    This
      Preferred Securities Certificate shall be governed by and construed in
      accordance with the laws of the State of Delaware.

     

    All
      capitalized terms used but not defined in this Preferred Securities Certificate
      are used with the meanings specified in the Trust Agreement, including the
      Schedules and Exhibits thereto.

     

    In
      Witness Whereof, one of the Administrative Trustees of the Trust has executed
      on
      behalf of the Trust this certificate this 22nd day of
      August,
      2007.

     

    

    

                            HNC
      Statutory Trust
      IV

    

                            By:           

                            Name:  Paul
      D. Geraghty

                            Administrative
      Trustee

     

    This
      represents Preferred Securities referred to in the within-mentioned Trust
      Agreement.

     

    
      	
              Dated:  August
                22, 2007

               

            	
               

               

              Wilmington
                Trust Company, not in its individual capacity, but solely as Property
                Trustee

               

               

              By:        ____________________________

              Authorized
                officer

               

            

    

    

    
      
              

            C-5
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [FORM
      OF
      REVERSE OF SECURITY]

     

    The
      Trust
      promises to pay Distributions from August 22, 2007, or from the most recent
      Distribution Date to which Distributions have been paid or duly provided for,
      quarterly (subject to deferral as set forth herein) in arrears on January 30,
      April 30, July 30 and October 30 of each year, commencing on October 30, 2007,
      at a fixed rate per annum equal to 6.35% of the Liquidation Amount of the
      Preferred Securities represented by this Preferred Securities Certificate
      through the Distribution Date in October 2012 and a variable rate per annum,
      reset quarterly, equal to LIBOR plus 1.28% of the Liquidation Amount of the
      Preferred Securities represented by this Preferred Securities Certificate,
      thereafter, together with any Additional Interest Amounts, in respect to such
      period.

     

    Distributions
      on the Trust Securities shall be made by the Paying Agent from the Payment
      Account and shall be payable on each Distribution Date only to the extent that
      the Trust has funds then on hand and available in the Payment Account for the
      payment of such Distributions.

     

    In
      the
      event (and to the extent) that the Depositor exercises its right under the
      Indenture to defer the payment of interest on the Notes, Distributions on the
      Preferred Securities shall be deferred.

     

    Under
      the
      Indenture, so long as no Note Event of Default pursuant to paragraphs
(c), (e), (f), (g) or (h) of Section
      5.1 of the Indenture has occurred and is continuing, the Depositor shall
      have the right, at any time and from time to time during the term of the Notes,
      to defer the payment of interest on the Notes for a period of up to twenty
      (20)
      consecutive quarterly interest payment periods (each such extended interest
      payment period, an “Extension Period”), during which Extension Period no
      interest shall be due and payable (except any Additional Tax Sums that may
      be
      due and payable).  No interest on the Notes shall be due and payable
      during an Extension Period, except at the end thereof, but each installment
      of
      interest that would otherwise have been due and payable during such Extension
      Period shall bear Additional Interest (to the extent payment of such interest
      would be legally enforceable) at a fixed rate per annum equal to 6.35% through
      the Interest Payment Date in October 2012, and a variable rate per annum, reset
      quarterly, equal to LIBOR plus 1.28% thereafter, compounded quarterly, from
      the
      dates on which amounts would have otherwise been due and payable until paid
      or
      until funds for the payment thereof have been made available for
      payment.  If Distributions are deferred, the deferred Distributions
      (including Additional Interest Amounts) shall be paid on the date that the
      related Extension Period terminates to Holders (as defined in the Trust
      Agreement) of the Trust Securities as they appear on the books and records
      of
      the Trust on the record date immediately preceding such termination
      date.

     

    Distributions
      on the Securities must be paid on the dates payable (after giving effect to
      any
      Extension Period) to the extent that the Trust has funds available for the
      payment of such Distributions in the Payment Account of the
      Trust.  The Trust’s funds available for Distribution to the Holders of
      the Preferred Securities will be limited to payments received from the
      Depositor.  The payment of Distributions out of moneys held by the
      Trust is guaranteed by the Depositor pursuant to the Guarantee
      Agreement.

     

    
      
        C-6

      

      
        
        

        
          

        

      

      
        
        

      

    

    During
      any such Extension Period, the Depositor shall 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 Depositor’s Equity Interests,
      (ii) vote in favor of or permit or otherwise allow any of its Subsidiaries
      (as
      defined in the Indenture) to declare or pay any dividends or distributions
      on,
      or redeem, purchase, acquire or make a liquidation payment with respect to
      or
      otherwise retire, any of such Subsidiary’s Equity Interests entitling the
      holders thereof to a stated rate of return other than dividends or distributions
      on Equity Interests issued by any Subsidiary solely payable to the Depositor
      or
      any Subsidiary thereof (for the avoidance of doubt, whether such Equity
      Interests are perpetual or otherwise), or (iii) make any payment of principal
      of
      or any interest or premium on or repay, repurchase or redeem any debt securities
      of the Depositor that rank pari passu in all respects with or junior in interest
      to the Notes (other than (a) repurchases, redemptions or other acquisitions
      of
      Equity Interests of the Depositor in connection with (1) any employment
      contract, benefit plan or other similar arrangement with or for the benefit
      of
      any one or more employees, officers, directors or consultants, (2) a dividend
      reinvestment or stockholder stock purchase or similar plan with respect to
      any
      Equity Interests or (3) the issuance of Equity Interests of the Depositor (or
      securities convertible into or exercisable for such Equity Interests) as
      consideration in an acquisition transaction entered into prior to the applicable
      Extension Period, (b) as a result of an exchange or conversion of any class
      or
      series of the Depositor’s Equity Interests (or any Equity Interests of a
      Subsidiary of the Depositor) for any class or series of the Depositor’s Equity
      Interests or of any class or series of the Depositor’s indebtedness for any
      class or series of the Depositor’s Equity Interests, (c) the purchase of
      fractional interests in Equity Interests of the Depositor pursuant to the
      conversion or exchange provisions of such Equity Interests or the security
      being
      converted or exchanged, (d) any declaration of a dividend in connection with
      any
      Rights Plan (as defined in the Indenture), the issuance of rights, Equity
      Interests or other property under any Rights Plan, or the redemption or
      repurchase of rights pursuant thereto or (e) any dividend in the form of Equity
      Interests, warrants, options or other rights where the dividend Equity Interests
      or the Equity Interests issuable upon exercise of such warrants, options or
      other rights are the same Equity Interests as those on which the dividend is
      being paid or rank pari passu with or junior to such Equity
      Interests).

     

    On
      each
      Note Redemption Date, on the stated maturity (or any date of principal repayment
      upon early maturity) of the Notes and on each other date on (or in respect
      of)
      which any principal on the Notes is repaid, the Trust will be required to redeem
      a Like Amount of Trust Securities at the Redemption Price.  Under the
      Indenture, the Notes may be redeemed by the Depositor on any Interest Payment
      Date, at the Depositor’s option, on or after October 30, 2012, in whole or in
      part from time to time at a redemption price equal to one hundred percent (100%)
      of the principal amount thereof or the redeemed portion thereof, as applicable,
      together, in the case of any such redemption, with accrued interest, including
      any Additional Interest, to but excluding the date fixed for redemption;
      provided, that the Depositor shall have received the prior approval of the
      Federal Reserve if then required.  The Notes may also be redeemed by
      the Depositor, at its option, at any time, in whole but not in part, upon the
      occurrence of a Capital Disqualification Event, an Investment Company Event
      or a
      Tax Event at the Special Event Redemption Price; provided, that the Depositor
      shall have received the prior approval of the Federal Reserve if then
      required.

     

    
      
        C-7

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      Trust
      Securities redeemed on each Redemption Date shall be redeemed at the Redemption
      Price with the proceeds from the contemporaneous redemption or payment at
      maturity of Notes. Redemptions of the Trust Securities (or portion thereof)
      shall be made and the Redemption Price shall be payable on each Redemption
      Date
      only to the extent that the Trust has funds then on hand and available in the
      Payment Account for the payment of such Redemption Price.

     

    Payments
      of Distributions (including any Additional Interest Amounts), the Redemption
      Price, Liquidation Amount or any other amounts in respect of the Preferred
      Securities shall be made by wire transfer at such place and to such account
      at a
      banking institution in the United States as may be designated in writing at
      least ten (10) Business Days prior to the date for payment by the Person
      entitled thereto unless proper written transfer instructions have not been
      received by the relevant record date, in which case such payments shall be
      made
      by check mailed to the address of such Person as such address shall appear
      in
      the Security Register.  If any Preferred Securities are held by a
      Depositary, such Distributions shall be made to the Depositary in immediately
      available funds.

     

    The
      indebtedness evidenced by the Notes is, to the extent provided in the Indenture,
      subordinate and junior in right of payment to the prior payment in full of
      all
      Senior Debt (as defined in the Indenture), and this Security is issued subject
      to the provisions of the Indenture with respect thereto.

     

    
      
              

                C-8
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned assigns and transfers this Preferred Securities
      Certificate to:

     

    

    (Insert
      assignee’s social security or tax identification number)

    

    

    

    

    (Insert
      address and zip code of assignee)

    

    and
      irrevocably appoints

    

    

    

    

    agent
      to
      transfer this Preferred Securities Certificate on the books of the Trust. The
      agent may substitute another to act for him or her.

     

    Date:                                

     

    Signature:                                

     

    (Sign
      exactly as your name appears on
      the other side of this Preferred Securities Certificate)

     

    The
      signature(s) should be guaranteed by an eligible guarantor institution (banks,
      stockbrokers, savings and loan associations and credit unions with membership
      in
      an approved signature guarantee medallion program), pursuant to S.E.C. Rule
      17Ad-15.

     

    

    
      
              

                  C-9
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      D

     

    Junior
      Subordinated Indenture

     

    

    
      
              

                  D-1
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      E

     

    FORM
      OF
      TRANSFEREE CERTIFICATE

     

    TO
      BE
      EXECUTED BY TRANSFEREES OTHER THAN QIBS

     

    __________,
      [     ]

    Harleysville
      National Corporation

    HNC
      Statutory Trust IV

    483
      Main
      St.

    Harleysville,
      PA  19438

     

    Re:           Purchase
      of $1,000 stated liquidation amount of PreferredSecurities (the “Preferred
      Securities”) of HNC Statutory Trust IV

    

    Ladies
      and Gentlemen:

    

    In
      connection with our purchase of the Preferred Securities we confirm
      that:

     

    1.           We
      understand that the Preferred Securities (the “Preferred Securities”) of HNC
      Statutory Trust IV (the “Trust”) (including the guarantee (the “Guarantee”) of
      Harleysville National Corporation (the “Company”) executed in connection
      therewith) and the Junior Subordinated Notes due 2037 of the Company (the
“Subordinated Notes”) (the Preferred Securities, the Guarantee and the
      Subordinated Notes together being referred to herein as the “Offered
      Securities”), have not been registered under the Securities Act of 1933, as
      amended (the “Securities Act”), and may not be offered or sold except as
      permitted in the following sentence. We agree on our own behalf and on behalf
      of
      any investor account for which we are purchasing the Offered Securities that,
      if
      we decide to offer, sell or otherwise transfer any such Offered Securities,
      (i)
      such offer, sale or transfer will be made only (a) to the Trust, (b) to a person
      we reasonably believe is a “qualified institutional buyer” (a “QIB”) (as defined
      in Rule 144A under the Securities Act) in a transaction meeting the requirements
      of Rule 144A, or (c) to an institutional “accredited investor” within the
      meaning of subparagraph (a) (1), (2), (3) or (7) of Rule 501 under the
      Securities Act that is acquiring Offered Securities 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
      thereof in violation of the Securities Act, in each case in accordance with
      any
      applicable securities laws of any state of the United States or any other
      applicable jurisdiction and, in the case of (c), subject to the right of the
      Trust and the depositor to require an opinion of counsel and other information
      satisfactory to each of them.  If any resale or other transfer of the
      Offered Securities is proposed to be made pursuant to clause (c) above, the
      transferor shall deliver a letter from the transferee substantially in the
      form
      of this letter to the Property Trustee as Transfer Agent, which shall provide
      as
      applicable, among other things, that the transferee is an “accredited investor”
within the meaning of subparagraph (a) (1), (2), (3) or (7) of Rule 501 under
      the Securities Act that is acquiring such Securities for investment purposes
      and
      not for distribution in violation of the Securities Act. We acknowledge on
      our
      behalf and on behalf of any investor account for which we are purchasing
      Securities that the Trust and the Company reserve the right prior to any offer,
      sale or other transfer pursuant to clause (c) to require the delivery of any
      opinion of counsel, certifications and/or other information satisfactory to
      the
      Trust and the Company.  We understand that the certificates for

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    any
      Offered Security that we receive will bear a legend substantially to the effect
      of the foregoing.

     

    2.           We
      are an “accredited investor” within the meaning of subparagraph (a) (1), (2),
      (3) or (7) of Rule 501 under the Securities Act purchasing for our own account
      or for the account of such an “accredited investor,” and we are acquiring the
      Offered Securities for investment purposes and not with view to, or for offer
      or
      sale in connection with, any distribution in violation of the Securities Act,
      and we have such knowledge and experience in financial and business matters
      as
      to be capable of evaluating the merits and risks of our investment in the
      Offered Securities, and we and any account for which we are acting are each
      able
      to bear the economic risks of our or its investment.

     

    3.           We
      are acquiring the Offered Securities purchased by us for our own account (or
      for
      one or more accounts as to each of which we exercise sole investment discretion
      and have authority to make, and do make, the statements contained in this
      letter) and not with a view to any distribution of the Offered Securities,
      subject, nevertheless, to the understanding that the disposition of our property
      will at all times be and remain within our control.

     

    4.           In
      the event that we purchase any Preferred Securities or any Subordinated Notes,
      we will acquire such Preferred Securities having an aggregate stated liquidation
      amount of not less than $100,000 or such Subordinated Notes having an aggregate
      principal amount not less than $100,000, for our own account and for each
      separate account for which we are acting.

     

    5.           We
      acknowledge that either (A) we are not and are not acting as a fiduciary of
      or
      on behalf of 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 are not purchasing the Offered Securities on behalf of or with “plan assets”
by reason of any Plan’s investment in the entity; (B) we are eligible for the
      exemptive relief available under Section 408(b)(17) of ERISA, one or more of
      the
      following prohibited transaction class exemptions (“PTCEs”) issued by the U.S.
      Department of Labor:  PTCE 96-23, 95-60, 91-38, 90-1 or 84-14 or
      another applicable exemption; or (C) our purchase and holding of this security,
      or any interest therein, is not prohibited by Section 406 of ERISA or Section
      4975 of the Code with respect to such purchase or holding.

     

    6.           We
      acknowledge that the Trust and the Company and others will rely upon the truth
      and accuracy of the foregoing acknowledgments, representations, warranties
      and
      agreements and agree that if any of the acknowledgments, representations,
      warranties and agreements deemed to have been made by our purchase of the
      Offered Securities are no longer accurate, we shall promptly notify the
      Company.  If we are acquiring any Offered Securities as a fiduciary or
      agent for one or more investor accounts, we represent that we have sole
      discretion with respect to each such investor account and that we have full
      power to make the foregoing acknowledgments, representations and agreement
      on
      behalf of each such investor account.

     

    
      
        E-2

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    (Name
      of
      Purchaser)

    

    

    

    By:           

    

    Date:                      

    

    Upon
      transfer, the Offered Securities would be registered in the name of the new
      beneficial owner as follows.

     

    Name:                      

     

    Address:                                                                           

     

    Taxpayer
      ID
      Number:                                                                                                

     

    

    
      
              

                  E-3
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      F

     

    FORM
      OF
      TRANSFEROR CERTIFICATE

     

    TO
      BE
      EXECUTED FOR QIBs

     

    __________,
      [     ]

    Harleysville
      National Corporation

    HNC
      Statutory Trust IV

    483
      Main
      St.

    Harleysville,
      PA  19438

     

    

    Re:           Purchase
      of $1,000 stated liquidation amount of

    Preferred
      Securities (the “Preferred
      Securities”)

    of
      HNC Statutory Trust
      IV

    

    Reference
      is hereby made to the Amended and Restated Trust Agreement of HNC Statutory
      Trust IV, dated as of August 22, 2007 (the “Trust Agreement”), among Paul D.
      Geraghty, Michael B. High and George S. Rapp, as Administrative Trustees,
      Wilmington Trust Company, as Delaware Trustee, Wilmington Trust Company, as
      Property Trustee, Harleysville National Corporation, as Depositor, and the
      holders from time to time of undivided beneficial interests in the assets of
      HNC
      Statutory Trust IV.  Capitalized terms used but not defined herein
      shall have the meanings given them in the Trust Agreement.

     

    This
      letter relates to $________________________ aggregate liquidation amount of
      Preferred Securities which are held in the name of _____________ (the
“Transferor”).

     

    In
      accordance with Article V of the Trust Agreement, the Transferor hereby
      certifies that such Preferred Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Preferred Securities and
      (ii) Rule 144A under the Securities Act (“Rule 144A”), to a transferee that the
      Transferor reasonably believes is purchasing the Preferred Securities for its
      own account or an account with respect to which the transferee exercises sole
      investment discretion and the transferee and any such account is a “qualified
      institutional buyer” within the meaning of Rule 144A, in a transaction meeting
      the requirements of Rule 144A and in accordance with applicable securities
      laws
      of any state of the United States or any other jurisdiction.

     

    You
      are
      entitled to rely upon this letter and are irrevocably authorized to produce
      this
      letter or a copy hereof to any interested party in any administrative or legal
      proceeding or official inquiry with respect to the matters covered
      hereby.

     

    (Name
      of
      Transferor)

    

    By:           

    Name:

    Title:

    Date:                      

    
      
              

           F-1
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      G

     

    FORM
      OF
      FINANCIAL OFFICER’S CERTIFICATE

    

    The
      undersigned, the [Chief Financial Officer] [Treasurer] [Assistant Treasurer]
      of
      Harleysville National Corporation (the “Company”), hereby certifies, pursuant to
      Section 8.16(b) of the Amended and Restated Trust Agreement, dated as of August
      22, 2007, among the Company, Wilmington Trust Company, as property trustee,
      Wilmington Trust Company, as Delaware trustee, and the administrative trustees
      named therein, that, as of _______, 20__, the Company had the following ratios
      and balances:

    

    BANK
      HOLDING COMPANY

     

    As
      of
      [Quarterly Financial Dates]

     

    
      	
              Tier
                1 Risk Weighted Assets

            	
               %

            
	
              Ratio
                of Double Leverage

            	
               %

            
	
              Non-Performing
                Assets to Loans and OREO

            	
               %

            
	
              Tangible
                Common Equity as a Percentage of Tangible Assets

            	
               %

            
	
              Ratio
                of Reserves to Non-Performing Loans

            	
               %

            
	
              Ratio
                of Net Charge-Offs to Loans

            	
               %

            
	
              Return
                on Average Assets (annualized)

            	
               %

            
	
              Net
                Interest Margin (annualized)

            	
               %

            
	
              Efficiency
                Ratio

            	
               %

            
	
              Ratio
                of Loans to Assets

            	
               %

            
	
              Ratio
                of Loans to Deposits

            	
               %

            
	
              Double
                Leverage (exclude trust preferred as equity)

            	
               %

            
	
              Total
                Assets

            	
              $      

            
	
              Year
                to Date Income

            	
              $      

            

    

    

    *
      A table
      describing the quarterly report calculation procedures is attached.

     

    [FOR
      FISCAL YEAR END: Attached hereto are the audited consolidated financial
      statements (including the balance sheet, income statement and statement of
      cash
      flows, and notes thereto, together with the report of the independent
      accountants thereon) of the Company and its consolidated subsidiaries for the
      three years ended _______, 20___.]

     

    [FOR
      FISCAL QUARTER END: Attached hereto are the unaudited consolidated and
      consolidating financial statements (including the balance sheet and income
      statement) of the Company and its consolidated subsidiaries for the fiscal
      quarter and [six/nine] month period ended _______, 20___.]

     

    The
      financial statements fairly present in all material respects, in accordance
      with
      U.S. generally accepted accounting principles (“GAAP”), the financial position
      of the Company and its 

     

    
      
        G-1

      

      
        
        

        
          

        

      

      
        
        

      

    

    consolidated
      subsidiaries, and the results of operations and changes in financial condition
      as of the date, and for the [___ quarter interim] [annual] period ended _______,
      20__, and such financial statements have been prepared in accordance with GAAP
      consistently applied throughout the period involved (except as otherwise noted
      therein).

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Financial Officer’s
      Certificate as of this _____ day of _____________, 20__

     

    

     

    

    Name:

    Title:

    

    

    Harleysville
      National Corporation

    483
      Main
      St.

    Harleysville,
      PA  19438

    (215)
      513-8851

    

    
      
              

            G-2
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Financial
      Definitions

     

    Bank
      Holding Company

     

    
      	
              Report
                Item

            	
              Corresponding
                FRY-9C or LP Line Items with Line Item corresponding
                Schedules

            	
              Description
                of Calculation

            
	
              Tier
                1 Risk

              Weighted
                Assets

            	
              BHCK7206

              Schedule
                HC-R

            	
              Tier
                1 Risk Ratio: Core Capital (Tier 1)/ Risk-Adjusted
                Assets

            
	
              Ratio
                of Double Leverage

            	
              (BHCP0365)/(BCHCP3210)

              Schedule
                PC in the LP

            	
              Total
                equity investments in subsidiaries divided by the total equity capital.
                This field is calculated at the parent company level. “Subsidiaries”
                include bank, bank holding company, and non-bank
                subsidiaries.

            
	
              Non-Performing
                Assets to Loans and OREO

            	
              (BHCK5525-BHCK3506+BHCK5526-BHCK3507+BHCK2744/(BHCK2122+BHCK2744)
                Schedules HC-C, HC-M & HC-N

            	
              Total
                Nonperforming Assets (NPLs+Foreclosed Real Estate+Other Nonaccrual
&
                Repossessed Assets)/Total Loans+Foreclosed Real Estate

            
	
              Tangible
                Common Equity as a Percentage of Tangible Assets

            	
              (BHDM3210-BHCK3163)/(BHCK2170-BHCK3163)

               

              Schedule
                HC

            	
              (Equity
                Capital – Goodwill)/(Total Assets – Goodwill)

            
	
              Ratio
                of Reserves to Non-Performing Loans

            	
              (BHCK3123+BHCK3128)/(BHCK5525-BHCK3506+BHCK5526-BHCK3507)

               

              Schedules
                HC & HC-N & HC-R

            	
              Total
                Loan Loss and Allocated Transfer Risk Reserves/ Total Nonperforming
                Loans

              (Nonaccrual
                + Restructured)

            
	
              Ratio
                of Net Charge-Offs to Loans

            	
              (BHCK4635-BHCK4605)/(BHCK3516)

               

              Schedules
                HI-B & HC-K

            	
              Net
                charge offs for the period as a percentage of average
                loans.

            
	
              Return
                on Average Assets (annualized)

            	
              (BHCK4340/BHCK3368)

               

              Schedules
                HI & HC-K

            	
              Net
                Income as a percentage of Assets.

            
	
              Net
                Interest Margin (annualized)

            	
              (BHCK4519/(BHCK3515+BHCK3365+BHCK3516+BHCK3401+BHCKB985)

               

              Schedules
                HI Memorandum and HC-K

            	
              (Net
                Interest Income Fully Taxable Equivalent, if available/Average Earning
                Assets)

            
	
              Efficiency
                Ratio

            	
              (BHCK4093)/(BHCK4519+BHCK4079)

               

              Schedule
                HI

            	
              (Non-interest
                Expense)/(Net Interest Income Fully Taxable Equivalent, if available,
                plus
                Non-interest Income)

            
	
              Ratio
                of Loans to Assets

            	
              (BHCKB528+BHCK5369)/(BHCK2170)

               

              Schedule
                HC

            	
              Total
                Loans & Leases (Net of Unearned Income & Gross of Reserve)/Total
                Assets

            
	
              Ratio
                of Loans to Deposits

            	
              (BHCKB528+BHCK5369)/(BHDM6631+BHDM6636+BHFN6631+BHFN6636)

               

              Schedule
                HC

            	
              Total
                Loans & Leases (Net of Unearned Income & Gross of Reserve)/Total
                Deposits (Includes Domestic and Foreign
                Deposits)

            

    

     

     

    
      
        G-3

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              Total
                Assets

            	
              (BHCK2170)

               

              Schedule
                HC

            	
              The
                sum of total assets. Includes cash and balances due from depository
                institutions; securities; federal funds sold and securities purchased
                under agreements to resell; loans and lease financing receivables;
                trading
                assets; premises and fixed assets; other real estate owned; investments
                in
                unconsolidated subsidiaries and associated companies; customer’s liability
                on acceptances outstanding; intangible assets; and other
                assets.

            
	
              Net
                Income

            	
              (BHCK4300)

               

              Schedule
                HI

            	
              The
                sum of income (loss)before extraordinary items and other adjustments
                and
                extraordinary items; and other adjustments, net of income
                taxes.

            

    

    

     

    
      
              

                 G-4
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Exhibit
      H

    

    FORM
      OF

    OFFICERS’
      CERTIFICATE

    UNDER

    SECTION
      8.16(a)

    

    Pursuant
      to Section 8.16(a) of the
      Amended and Restated Trust Agreement, dated as of August 22, 2007 (as modified,
      supplemented or amended from time to time, the “Trust Agreement”) of HNC
      Statutory Trust IV, a Delaware statutory trust (the “Trust”), each of the
      undersigned hereby certifies that, to the knowledge of the undersigned, none
      of
      the Depositor, the Administrative Trustees and the Trust are in default in
      the
      performance or observance of any of the terms, provisions and conditions of
      the
      Trust Agreement (without regard to any period of grace or requirement of notice
      provided under the Trust Agreement) for the fiscal period ending on _________,
      20__ [, except as follows: specify each such default and the nature and
      status thereof].

    Capitalized
      terms used herein, and not
      otherwise defined herein, have the respective meanings assigned thereto in
      the
      Trust Agreement.

    [signatures
      appear on the next page]

    
      
              

            H-1
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned have executed this Officers’ Certificate as of
      __________, 20__.

                                                          

    Name:  Paul
      D. Geraghty

    Title:                      [Must
      be the Chief Executive Officer, thePresident, or an Executive Vice
      President]

    of
      Harleysville National
      Corporation

    

    

     

    Name:  George
      S. Rapp

    Title:                      [Must
      be the Chief Financial Officer, the 

    Treasurer,
      or an Assistant Treasurer]

    of
      Harleysville National Corporation

    

    

    ____________________________

    Administrative
      Trustee of HNC Statutory Trust IV

    Name:

    

    

    ____________________________

    Administrative
      Trustee of HNC Statutory Trust IV

    Name:

    

    ____________________________

    Administrative
      Trustee of HNC Statutory Trust IV

    Name:

    

    
      
              

          H-2
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Schedule
      A

    

    With
      respect to the Trust Securities, the London interbank offered rate (“LIBOR”)
      shall be determined by the Calculation Agent in accordance with the following
      provisions (in each case rounded to the nearest .000001%):

     

    (1)           On
      the second LIBOR Business Day (as defined below) prior to a Distribution Date
      (each such day, a “LIBOR Determination Date”), LIBOR for any given
      security shall, for the following distribution period, equal the rate, as
      obtained by the Calculation Agent from Bloomberg Financial Markets Commodities
      News, for three-month U.S. Dollar deposits in Europe, which appears on page
      “LIBOR 01” of the Reuters Monitor Money Rates Service, or such other page as may
      replace such “LIBOR 01” page from time to time, as of 11:00 a.m. (London time)
      on such LIBOR Determination Date.

     

    (2)           If,
      on any LIBOR Determination Date, such rate does not appear on page “LIBOR 01” of
      the Reuters Monitor Money Rates Service or such other page as may replace such
      “LIBOR 01” page from time to time, the Calculation Agent shall determine the
      arithmetic mean of the offered quotations of the Reference Banks (as defined
      below) 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 the LIBOR Determination Date made by the Calculation Agent to the
      Reference Banks.  If, on any LIBOR Determination Date, at least two of
      the Reference Banks provide such quotations, LIBOR shall equal such arithmetic
      mean of such quotations.  If, on any LIBOR Determination Date, only
      one or none of the Reference Banks provide such quotations, LIBOR shall be
      deemed to be the arithmetic mean of the offered quotations that leading banks
      in
      the City of New York selected by the Calculation Agent are quoting on the
      relevant LIBOR Determination Date for three-month U.S. Dollar deposits in Europe
      in an amount determined by the Calculation Agent by reference to the principal
      London offices of leading banks in the London interbank market; provided, that
      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 shall
      be
      LIBOR as determined on the previous LIBOR Determination Date.

     

    (3)           As
      used herein: “Reference Banks” means four major banks in the London interbank
      market selected by the Calculation Agent; and “LIBOR Business Day” means a day
      on which commercial banks are open for business (including dealings in foreign
      exchange and foreign currency deposits) in London.

     

    

    

    

    

    
      
              

                  Schedule
            A-1exhibit1034.htm

                                                                                         Exhibit
    10.34

    

    
      	
              JUNIOR
                SUBORDINATED INDENTURE

               

              between

               

              HARLEYSVILLE
                NATIONAL CORPORATION

               

               

              and

               

               

              WILMINGTON
                TRUST COMPANY,

              as
                Trustee

               

               

              _____________________

              Dated
                as of August 22, 2007

              _____________________

               

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

                                                                                                     Page

     

     

    ARTICLE
      I

     

    Definitions
      and Other Provisions of General Application

    

    
      	 SECTION
              1.1.	 Definitions..........................................................................................................................................................................1
	 SECTION
              1.2.	 Compliance
              Certificate and
              Opinions................................................................................................................................10
	 SECTION
              1.3.	 Forms
              of Documents Delivered to
              Trustee........................................................................................................................11
	 SECTION
              1.4	 Acts
              of
              Holders...............................................................................................................................................................12
	 SECTION
              1.5.	 Notices,
              Etc.....................................................................................................................................................................14
	 SECTION
              1.6.	 Notice
              to Holders;
              Waiver. .............................................................................................................................................14
	 SECTION
              1.7.	 Effect
              of Headings and Table of
              Contents. .......................................................................................................................14
	 SECTION
              1.8.	 Successors
              and
              Assigns...................................................................................................................................................15
	 SECTION
              1.9.	 Separability
              Clause..........................................................................................................................................................15
	 SECTION
              1.10.	 Benefits
              of
              Indenture........................................................................................................................................................15
	 SECTION
              1.11.	 Governing
              Law................................................................................................................................................................15
	 SECTION
              1.12.	 Submission
              to
              Jurisdiction.................................................................................................................................................15
	 SECTION
              1.13.  	 Non-Business
              Days.........................................................................................................................................................15
	 	 

    

     

                   
      

    ARTICLE
      II

     

    Security
      Forms

     

    
      	 SECTION
              2.1. 	
              Form
                of
                Security................................................................................................................................................................16

            
	 SECTION
              2.2. 	
              Restricted
                Legend..............................................................................................................................................................16

            
	 SECTION
              2.3.	
              Form
                of Trustee’s Certificate of
                Authentication....................................................................................................................16

            
	 SECTION
              2.4. 	
              Temporary
                Securities..........................................................................................................................................................16

            
	 SECTION
              2.5.	
              Definitive
                Securities............................................................................................................................................................17

            

    

     

     

    ARTICLE
      III

     

    The
      Securities

     

    
      	 SECTION
              3.1.   	Payment
              of Principal and
              Interest..........................................................................................................................................17
	 SECTION
              3.2.  	Denominations......................................................................................................................................................................19
	 SECTION
              3.3.   	Execution,
              Authentication, Delivery and
              Dating......................................................................................................................19
	 SECTION
              3.4.     	Global
              Securities...................................................................................................................................................................20
	 SECTION
              3.5.    	Registration,
              Transfer and Exchange
              Generally.......................................................................................................................22
	 SECTION
              3.6. 	Mutilated,
              Destroyed, Lost and Stolen
              Securities...................................................................................................................23
	 SECTION
              3.7.   	Persons
              Deemed
              Owners.....................................................................................................................................................24
	 SECTION
              3.8.  	Cancellation..........................................................................................................................................................................24
	 SECTION
              3.9.     	Deferrals
              of Interest Payment
              Dates......................................................................................................................................24
	 SECTION
                3.10.     	Right
              of
              Set-Off....................................................................................................................................................................25
	 SECTION
              3.11.  	Agreed
              Tax
              Treatment..........................................................................................................................................................25

    

    
 

    
      
        -i-

      

      
        
        

        
          

        

      

       

       

    

    
      	
               SECTION
                3.12.  

            	CUSIP
              Numbers.................................................................................................................................................................25

    

                                                                                                                            

     

    ARTICLE
      IV

     

    Satisfaction
      and Discharge

     

     

    
      	 SECTION
              4.1.   	 Satisfaction
              and Discharge of
              Indenture....................................................................................................................................26
	 SECTION
              4.2.  	 Application
              of Trust
              Money.....................................................................................................................................................27
	 	 

    

     

     

    ARTICLE
      V

     

    Remedies

     

    
      	 SECTION
              5.1. 	Events
              of
              Default......................................................................................................................................................................27
	 SECTION
              5.2.	Acceleration
              of Maturity; Rescission and
              Annulment..................................................................................................................28
	 SECTION
              5.3.	Collection
              of Indebtedness and Suits for Enforcement by
              Trustee...............................................................................................29
	 SECTION
              5.4.  	Trustee
              May File Proofs of
              Claim.............................................................................................................................................30
	 SECTION
              5.5.	Trustee
              May Enforce Claim Without Possession of
              Securities....................................................................................................30
	 SECTION
              5.6.	Application
              of Money
              Collected...............................................................................................................................................31
	 SECTION
              5.7.    	Limitation
              on
              Suits....................................................................................................................................................................31
	 SECTION
              5.8.	Unconditional
              Right of Holders to Receive Principal, Premium
              and Interest; Direct Action by Holders of Preferred
              Securities......32
	 SECTION
              5.9.    	Restoration
              of Rights and
              Remedies..........................................................................................................................................32
	 SECTION
              5.10. 	Rights
              and Remedies
              Cumulative...............................................................................................................................................32
	 SECTION
              5.11. 	Delay
              or Omission Not
              Waiver.................................................................................................................................................33
	 SECTION
              5.12. 	Control
              by
              Holders...................................................................................................................................................................33
	 SECTION
              5.13.  	Waiver
              of Past
              Defaults............................................................................................................................................................33
	 SECTION
              5.14	Undertaking
              for
              Costs..............................................................................................................................................................34
	 SECTION
              5.15.  	Waiver
              of Usury, Stay or Extension
              Laws.................................................................................................................................34

    

                              

    ARTICLE
      VI

     

        
      The Trustee

     

    
      	 SECTION
              6.1. 	Corporate
              Trustee
              Required.....................................................................................................................................................34
	 SECTION
              6.2.	Certain
              Duties and
              Responsibilities............................................................................................................................................35
	 SECTION
              6.3. 	Notice
              of
              Defaults....................................................................................................................................................................36
	 SECTION
              6.4.	Certain
              Rights of
              Trustee..........................................................................................................................................................36
	 SECTION
              6.5. 	May
              Hold
              Securities.................................................................................................................................................................38
	 SECTION
              6.6.   	Compensation;
              Reimbursement;
              Indemnity................................................................................................................................38
	 SECTION
              6.7.	Resignation
              and Removal; Appointment of
              Successor................................................................................................................39
	 SECTION
              6.8	Acceptance
              of Appointment by
              Successor................................................................................................................................40
	 SECTION
              6.9	Merger,
              Conversion, Consolidation or Succession to
              Business...................................................................................................40
	 SECTION
              6.10.	Not
              Responsible for Recitals or Issuance of
              Securities...............................................................................................................41
	 SECTION
              6.11.	Appointment
              of Authenticating
              Agent........................................................................................................................................41

    

     

    ARTICLE
      VII

    
Holders’
      Lists and Reports by Trustee and Company

     

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

     

     

    
      	 SECTION
              7.1.	Company
              to Furnish Trustee Names and Addresses of
              Holders.................................................................................................42
	 SECTION
              7.2	Preservation
              of Information, Communications to
              Holders...........................................................................................................43
	 SECTION
              7.3.	Reports
              by Company and
              Trustee.............................................................................................................................................43

    

     

     

    ARTICLE
      VIII

     

    Consolidation,
      Merger, Conveyance, Transfer or Lease

     

     

    
      	 SECTION
              8.1	Company
              May Consolidate, Etc., Only on Certain
              Terms..........................................................................................................43
	 SECTION
              8.2. 	Successor
              Company
              Substituted...............................................................................................................................................43

    

     

     

    ARTICLE
      IX

     

    Supplemental
      Indentures

     

     

    
      	 SECTION
              9.1.	Supplemental
              Indentures without Consent of
              Holders................................................................................................................43
	 SECTION
              9.2.	Supplemental
              Indentures with Consent of
              Holders.....................................................................................................................43
	 SECTION
              9.3.   	Execution
              of Supplemental
              Indentures.......................................................................................................................................43
	 SECTION
              9.4. 	Effect
              of Supplemental
              Indentures.............................................................................................................................................43
	 SECTION
              9.5.  	Reference
              in Securities to Supplemental
              Indentures....................................................................................................................43

    

     

    ARTICLE
      X

     

    Covenants

     

    
      	 SECTION
              10.1.   	Payment
              of Principal, Premium and
              Interest...............................................................................................................................43
	 SECTION
              10.2. 	Money
              for Security Payments to be Held in
              Trust......................................................................................................................43
	 SECTION
              10.3.  	Statement
              as to
              Compliance......................................................................................................................................................43
	 SECTION
              10.4.    	Calculation
              Agent.....................................................................................................................................................................43
	 SECTION
              10.5.   	Additional
              Tax
              Sums................................................................................................................................................................43
	 SECTION
              10.6.    	Additional
              Covenants...............................................................................................................................................................43
	 SECTION
              10.7.     	Waiver
              of
              Covenants................................................................................................................................................................43
	 SECTION
              10.8.      	Treatment
              of
              Securities.............................................................................................................................................................43

    

                 

    ARTICLE
      XI

     

    Redemption
      of Securities

     

     

    
      	 SECTION
              11.1.  	Optional
              Redemption................................................................................................................................................................43
	 SECTION
              11.2.  	Special
              Event
              Redemption........................................................................................................................................................43
	 SECTION
              11.3.     	Election
              to Redeem; Notice to
              Trustee......................................................................................................................................43
	 SECTION
              11.4.  	Selection
              of Securities to be
              Redeemed.....................................................................................................................................43
	 SECTION
              11.5.  	Notice
              of
              Redemption..............................................................................................................................................................43
	 SECTION
              11.6. 	Deposit
              of Redemption
              Price....................................................................................................................................................43
	 SECTION
              11.7. 	Payment
              of Securities Called for
              Redemption............................................................................................................................43

    

     

     

    ARTICLE
      XII

     

    Subordination
      of Securities

     

    
      
        -iii-

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	 SECTION
                12.1.       	Securities
                Subordinate to Senior
                Debt.........................................................................................................................................43
	 SECTION
                12.2	No
                Payment When Senior Debt in Default; Payment Over of Proceeds
                Upon Dissolution,
                Etc......................................................43
	 SECTION
                12.3.  	Payment
                Permitted If No
                Default.................................................................................................................................................43
	 SECTION
                12.4.     	Subrogation
                to Rights of Holders of Senior
                Debt..........................................................................................................................43
	 SECTION
                12.5. 	Provisions
                Solely to Define Relative
                Rights...................................................................................................................................43
	 SECTION
                12.6. 	Trustee
                to Effectuate
                Subordination.............................................................................................................................................43
	 SECTION
                12.7.      	No
                Waiver of Subordination
                Provisions.......................................................................................................................................43
	 SECTION
                12.8.  	Notice
                to
                Trustee........................................................................................................................................................................43
	 SECTION
                12.9.	Reliance
                on Judicial Order or Certificate of Liquidating
                Agent......................................................................................................43
	 SECTION
                12.10	Trustee
                Not Fiduciary for Holders of Senior
                Debt........................................................................................................................43
	 SECTION
                12.11.	Rights
                of Trustee as Holder of Senior Debt; Preservation of
                Trustee’s
                Rights...........................................................................43
	 SECTION
                12.12.	Article
                Applicable to Paying
                Agents.............................................................................................................................................43

      

    

     

    

    SCHEDULES

     

        Schedule
      A                   Determination
      of LIBOR

     

        Exhibit
      A                      Form
      of Junior Subordinated Note

        Exhibit
      B                      Form
      of Financial Officer’s Certificate

        Exhibit
      C                      Form
      of Officers’ Certificate pursuant to Section 10.3

     

    

    
      
        -iv-

      

      
        
        

        
          

        

      

      
        
        

      

    

    Junior
      Subordinated Indenture, dated as of August 22, 2007, between Harleysville
      National Corporation, a Pennsylvania corporation (the “Company”), and
      Wilmington Trust Company, a Delaware banking corporation, as Trustee (in such
      capacity, the “Trustee”).

     

    Recitals
      of the Company

     

    Whereas,
      the Company has duly authorized the execution and delivery of this Indenture
      to
      provide for the issuance of its unsecured junior subordinated deferrable
      interest notes (the “Securities”) to evidence loans made to the Company
      of the proceeds from the issuance by HNC Statutory Trust IV, a Delaware
      statutory trust (the “Trust”), of undivided preferred beneficial
      interests in the assets of the Trust (the “Preferred Securities”) and
      undivided common beneficial interests in the assets of the Trust (the
“Common Securities” and, collectively with the Preferred Securities,
      the “Trust Securities”), and to provide the terms and conditions upon
      which the Securities are to be authenticated, issued and delivered;
      and

     

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

     

    Now,
      therefore, this Indenture Witnesseth:

     

    For
      and
      in consideration of the premises and the purchase of the Securities by the
      Holders thereof, it is mutually covenanted and agreed, for the equal and
      proportionate benefit of all Holders of the Securities, as follows:

     

    ARTICLE
      I

     

     

    Definitions
      and Other Provisions of General Application

     

    SECTION
      1.1.  Definitions.

     

    For
      all
      purposes of this Indenture, except as otherwise expressly provided or unless
      the
      context otherwise requires:

     

    (a)  the
      terms
      defined in this Article I have the meanings assigned to them in this
Article I;

     

    (b)  the
      words
“include”, “includes” and “including” shall be deemed to be followed by the
      phrase “without limitation”;

     

    (c)  all
      accounting terms not otherwise defined herein have the meanings assigned to
      them
      in accordance with GAAP;

     

    (d)  unless
      the context otherwise requires, any reference to an “Article” or a “Section”
refers to an Article or a Section, as the case may be, of this
      Indenture;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (e)  the
      words
“hereby”, “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;

     

    (f)  a
      reference to the singular includes the plural and vice versa; and

     

    (g)  the
      masculine, feminine or neuter genders used herein shall include the masculine,
      feminine and neuter genders.

     

    “Act”
      when used with respect to any Holder, has the meaning specified in Section
      1.4.

     

     “Additional
      Interest” means the interest, if any, that shall accrue on any amounts
      payable  on the Securities, the payment of which has not been made on
      the applicable Interest Payment Date and which shall accrue at the rate per
      annum, compounded quarterly, specified or determined as specified in such
      Security.

     

    “Additional
      Tax Sums” has the meaning specified in Section 10.5.

     

    “Additional
      Taxes” means taxes, duties or other governmental charges imposed on the
      Trust as a result of a Tax Event (which, for the sake of clarity, does not
      include amounts required to be deducted or withheld by the Trust from payments
      made by the Trust to or for the benefit of the Holder of, or any Person that
      acquires a beneficial interest in, the Securities).

     

    “Administrative
      Trustee” means, with respect to the Trust, a Person identified as an
“Administrative Trustee” in the Trust Agreement, solely in its capacity as
      Administrative Trustee of the Trust under the Trust Agreement and not in its
      individual capacity, or its successor in interest in such capacity, or any
      successor Administrative Trustee appointed as therein provided.

     

    “Affiliate”
      of any specified Person means any other Person directly or indirectly
      controlling or controlled by or under direct or indirect common control with
      such specified Person. For the purposes of this definition, “control,” when used
      with respect to any specified Person, means the power to direct the management
      and policies of such Person, directly or indirectly, whether through the
      ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the
      foregoing.

     

    “Applicable
      Depositary Procedures” means, with respect to any transfer or transaction
      involving a Global Security or beneficial interest therein, the rules and
      procedures of the Depositary for such Security, in each case to the extent
      applicable to such transaction and as in effect from time to time.

     

    “Authenticating
      Agent” means any Person authorized by the Trustee pursuant to Section
      6.11 to act on behalf of the Trustee to authenticate the
      Securities.

     

    “Board
      of Directors” means the board of directors of the Company or any duly
      authorized committee of that board.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

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

     

    “Business
      Day” means any day other than (i) a Saturday or Sunday, (ii) a day on which
      banking institutions in the City of New York are authorized or required by
      law
      or executive order to remain closed or (iii) a day on which the Corporate Trust
      Office of the Trustee is closed for business.

     

    “Calculation
      Agent” has the meaning specified in Section 10.4.

     

    “Capital
      Disqualification Event” means the receipt by the Company of an Opinion of
      Counsel experienced in such matters that, as a result of an amendment to or
      a
      change in law, rule or regulation (including any announced prospective change)
      or a change in interpretation or application of law, rule or regulation by
      any
      legislative body, court, governmental agency or regulatory authority, there
      is
      more than an insubstantial risk that within ninety (90) days of the date of
      such
      opinion, the aggregate liquidation amount of the Preferred Securities will
      not
      be eligible to be treated by the Company as “Tier 1 Capital” (or the then
      equivalent) for purposes of the capital adequacy guidelines of the Federal
      Reserve or other “appropriate Federal banking agency” as such term is defined in
      12 U.S.C. 1813(q), which amendment, change or prospective change becomes
      effective or would become effective, as the case may be, on or after the date
      of
      issuance of the Securities; provided, however, that the inability of
      the Company to treat all or any portion of the liquidation amount of the
      Preferred Securities as Tier 1 Capital shall not constitute the basis for a
      Capital Disqualification Event if such inability results from the Company having
      such Preferred Securities outstanding in an amount that for any reason is in
      excess of the amount which may now or hereafter qualify for treatment as Tier
      1
      Capital under applicable capital adequacy guidelines.  By way of
      example, the inability of the Company to treat all or any portion of the
      liquidation amount of the Preferred Securities as Tier 1 Capital as a result
      of
      the Final Rule on Risk-Based Capital Standards:  Trust Preferred
      Securities and the Definition of Capital, adopted on March 1, 2005, by the
      Federal Reserve, shall not constitute the basis for a Capital Disqualification
      Event.

     

    “Common
      Securities” has the meaning specified in the first recital of this
      Indenture.

     

    “Company”
      means the Person named as the “Company” in the first paragraph of this
      Indenture until a successor corporation shall have become such pursuant to
      the
      applicable provisions of this Indenture, and thereafter “Company” shall
      mean such successor corporation.

     

    “Company
      Request” and “Company Order” mean, respectively, the written
      request or order signed in the name of the Company by its Chairman of the Board
      of Directors, its Vice Chairman of the Board of Directors, its Chief Executive
      Officer, President or a Vice President, and by its Chief Financial Officer,
      Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary,
      and
      delivered to the Trustee.

     

    “Corporate
      Trust Office” means the principal office of the Trustee at which at any
      particular time its corporate trust business shall be administered, which office
      at the date of this 

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    Indenture
      is located at Rodney Square North, 1100 North Market Street, Wilmington,
      Delaware 19890-0001, Attention: Corporate Capital Markets.

     

    “Debt”
      means, with respect to any Person, whether recourse is to all or a portion
      of
      the assets of such Person, whether currently existing or hereafter incurred
      and
      whether or not contingent and without duplication, (i) every obligation of
      such
      Person for money borrowed; (ii) every obligation of such Person evidenced by
      bonds, debentures, notes or other similar instruments, including obligations
      incurred in connection with the acquisition of property, assets or businesses;
      (iii) every reimbursement obligation of such Person with respect to letters
      of
      credit, bankers’ acceptances or similar facilities issued for the account of
      such Person; (iv) every obligation of such Person issued or assumed as the
      deferred purchase price of property or services (but excluding trade accounts
      payable or other accrued liabilities arising in the ordinary course of
      business); (v) every capital lease obligation of such Person; (vi) all
      indebtedness of such Person, whether incurred on or prior to the date of this
      Indenture or thereafter incurred, for claims in respect of derivative products,
      including interest rate, foreign exchange rate and commodity forward contracts,
      options and swaps and similar arrangements; (vii) every obligation of the type
      referred to in clauses (i) through (vi) of another Person and all dividends
      of
      another Person the payment of which, in either case, such Person has guaranteed
      or is responsible or liable for, directly or indirectly, as obligor or
      otherwise; and (viii) any renewals, extensions, refundings, amendments or
      modifications of any obligation of the type referred to in clauses (i) through
      (vii).

     

    “Defaulted
      Interest” has the meaning specified in Section 3.1.

     

    “Delaware
      Trustee” means, with respect to the Trust, the Person identified as the
“Delaware Trustee” in the Trust Agreement, solely in its capacity as Delaware
      Trustee of the Trust under the Trust Agreement and not in its individual
      capacity, or its successor in interest in such capacity, or any successor
      Delaware Trustee appointed as therein provided.

     

    “Depositary”
      means an organization registered as a clearing agency under the Exchange Act
      that is designated as Depositary by the Company or any successor
      thereto.  DTC will be the initial Depositary.

     

    “Depositary
      Participant” means a broker, dealer, bank, other financial institution or
      other Person for whom from time to time a Depositary effects book-entry
      transfers and pledges of securities deposited with the Depositary.

     

    “Distributions”
      means amounts payable in respect of the Trust Securities as provided in the
      Trust Agreement and referred to therein as “Distributions.”

     

    “Dollar”
      or “$” means the currency of the United States of America that, as at the time
      of payment, is legal tender for the payment of public and private
      debts.

     

    “DTC”
      means The Depository Trust Company, a New York corporation.

     

    “Equity
      Interests” means any of (a) the partnership interests (general or limited)
      in a partnership, (b) the membership interests in a limited liability company
      or
      (c) the shares or stock interests (both common stock and preferred stock) in
      a
      corporation.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    “Event
      of Default” has the meaning specified in Section 5.1.

     

    “Exchange
      Act” means the Securities Exchange Act of 1934 or any statute successor
      thereto, in each case as amended from time to time.

     

    “Expiration
      Date” has the meaning specified in Section 1.4.

     

    “Extension
      Period” has the meaning specified in Section 3.9.

     

    “Federal
      Reserve” means the Board of Governors of the Federal Reserve System, the
      staff thereof, or a Federal Reserve Bank, acting through delegated authority,
      in
      each case under the rules, regulations and policies of the Federal Reserve
      System, or if at any time after the execution of this Indenture any such entity
      is not existing and performing the duties now assigned to it , any successor
      body performing similar duties or functions.

     

    “GAAP”
      means United States generally accepted accounting principles, consistently
      applied, from time to time in effect.

     

    “Global
      Security” means a Security that evidences all or part of the Securities,
      the ownership and transfers of which shall be made through book entries by
      a
      Depositary.

     

    “Government
      Obligation” means (a) any security that is (i) a direct obligation of the
      United States of America of which the full faith and credit of the United States
      of America is pledged or (ii) an obligation of a Person controlled or supervised
      by and acting as an agency or instrumentality of the United States of America
      or
      the payment of which is unconditionally guaranteed as a full faith and credit
      obligation by the United States of America, which, in either case (i) or (ii),
      is not callable or redeemable at the option of the issuer thereof, and (b)
      any
      depositary receipt issued by a bank (as defined in Section 3(a)(2) of the
      Securities Act) as custodian with respect to any Government Obligation that
      is
      specified in clause (a) above and held by such bank for the account of the
      holder of such depositary receipt, or with respect to any specific payment
      of
      principal of or interest on any Government Obligation that is so specified
      and
      held, provided, that (except as required by law) such custodian is not
      authorized to make any deduction from the amount payable to the holder of such
      depositary receipt from any amount received by the custodian in respect of
      the
      Government Obligation or the specific payment of principal or interest evidenced
      by such depositary receipt.

     

    “Guarantee
      Agreement” means the Guarantee Agreement executed by the Company and
      Wilmington Trust Company, as Guarantee Trustee, contemporaneously with the
      execution and delivery of this Indenture, for the benefit of the holders of
      the
      Preferred Securities, as modified, amended or supplemented from time to
      time.

     

    “Holder”
      means a Person in whose name a Security is registered in the Securities
      Register.

     

    “Indenture”
      means this instrument as originally executed or as it may from time to time
      be
      amended or supplemented by one or more amendments or indentures supplemental
      hereto entered into pursuant to the applicable provisions hereof.

     

    
      
        
        

      

      
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    “Interest
      Payment Date” means January 30, April 30, July 30 and October 30 of each
      year, commencing on October 30, 2007, during the term of this
      Indenture.

    

    “Investment
      Company Act” means the Investment Company Act of 1940 or any successor
      statute thereto, in each case as amended from time to time.

     

    “Investment
      Company Event” means the receipt by the Company of an Opinion of Counsel
      experienced in such matters to the effect that, as a result of the occurrence
      of
      a change in law or regulation (including any announced prospective change)
      or a
      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 ninety (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, which change or
      prospective change becomes effective or would become effective, as the case
      may
      be, on or after the date of the issuance of the Securities.

     

    “LIBOR”
      has the meaning specified in Schedule A.

     

    “LIBOR
      Business Day” has the meaning specified in Schedule A.

     

    “LIBOR
      Determination Date” has the meaning specified in Schedule
      A.

     

    “Liquidation
      Amount” has the meaning specified in the Trust Agreement.

     

    “Maturity,”
      when used with respect to any Security, means the date on which the principal
      of
      such Security or any installment of principal becomes due and payable as therein
      or herein provided, whether at the Stated Maturity or by declaration of
      acceleration, call for redemption or otherwise.

     

    “Major
      Bank Subsidiary,” means any subsidiary of the Company that is a “major bank
      subsidiary” as such term is used in the Adopting Release accompanying the Final
      Rule on Risk-Based Capital Standards:  Trust Preferred Securities and
      the Definition of Capital, adopted on March 1, 2005, by the Federal Reserve,
      and
      as such term may subsequently be defined or interpreted in any rule, regulation,
      written interpretation or other public issuance of the Federal
      Reserve.  For purposes of this definition, any “depository
      institution” subsidiary of the Company within the meaning of Section 3(c) of the
      Federal Deposit Insurance Act that would be considered a Major Bank Subsidiary
      except for the fact that such subsidiary is not a “bank” within the meaning of
      Section 3(a) of the Bank Holding Company Act of 1956, shall be deemed to be
      a
      Major Bank Subsidiary.

     

    “Notice
      of Default” means a written notice of the kind specified in Section
      5.1(d).

     

    “Officers’
      Certificate” means a certificate signed by the Chairman of the Board, a
      Vice Chairman of the Board, the Chief Executive Officer, President or a Vice
      President, and by the Chief Financial Officer, Treasurer, an Assistant
      Treasurer, the Secretary or an Assistant Secretary, of the Company and delivered
      to the Trustee.

     

    
      
        
        

      

      
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    “Opinion
      of Counsel” means a written opinion of counsel, who may be counsel for or
      an employee of the Company or any Affiliate of the Company.

     

    “Original
      Issue Date” means the date of original issuance of each
      Security.

     

    “Outstanding”
      means, when used in reference to any Securities, as of the date of
      determination, all Securities theretofore authenticated and delivered under
      this
      Indenture, except:

     

    (i)  Securities
      theretofore canceled by the Trustee or delivered to the Trustee for
      cancellation;

     

    (ii)  Securities
      for whose payment or redemption money in the necessary amount has been
      theretofore deposited with the Trustee or any Paying Agent (other than the
      Company) in trust or set aside and segregated in trust by the Company (if the
      Company shall act as its own Paying Agent) for the Holders of such Securities;
      provided, that, if such Securities are to be redeemed, notice of such
      redemption has been duly given pursuant to this Indenture or provision therefor
      satisfactory to the Trustee has been made; and

     

    (iii)  Securities
      that have been paid, or in substitution for or in lieu of which other Securities
      have been authenticated and delivered pursuant to the provisions of this
      Indenture, unless proof satisfactory to the Trustee is presented that any such
      Securities are held by Holders in whose hands such Securities are valid, binding
      and legal obligations of the Company;

     

    provided,
      that, in determining whether the Holders of the requisite principal amount
      of
      Outstanding Securities have given any request, demand, authorization, direction,
      notice, consent or waiver hereunder, Securities owned by the Company or any
      other obligor upon the Securities or any Affiliate of the Company or such other
      obligor shall be disregarded and deemed not to be Outstanding, except that,
      in
      determining whether the Trustee shall be protected in relying upon any such
      request, demand, authorization, direction, notice, consent or waiver, only
      Securities that a Responsible Officer of the Trustee actually knows to be so
      owned shall be so disregarded. Securities so owned that have been pledged in
      good faith may be regarded as Outstanding if the pledgee establishes to the
      satisfaction of the Trustee the pledgee’s right so to act with respect to such
      Securities and that the pledgee is not the Company or any other obligor upon
      the
      Securities or any Affiliate of the Company or such other obligor.
      Notwithstanding anything herein to the contrary, Securities initially issued
      to
      the Trust that are owned by the Trust shall be deemed to be Outstanding
      notwithstanding the ownership by the Company or an Affiliate of any beneficial
      interest in the Trust.

     

    “Paying
      Agent” means the Trustee or any Person authorized by the Company to pay the
      principal of or any premium or interest on, or other amounts in respect of,
      any
      Securities on behalf of the Company.

     

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

     

    
      
        
        

      

      
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    “Place
      of Payment” means, with respect to the Securities, the Corporate Trust
      Office of the Trustee.

     

    “Preferred
      Securities” has the meaning specified in the first recital of this
      Indenture.

     

    “Predecessor
      Security” of any particular Security means every previous Security
      evidencing all or a portion of the same debt as that evidenced by such
      particular Security. For the purposes of this definition, any security
      authenticated and delivered under Section 3.6 in lieu of a mutilated,
      destroyed, lost or stolen Security shall be deemed to evidence the same debt
      as
      the mutilated, destroyed, lost or stolen Security.

     

    “Proceeding”
      has the meaning specified in Section 12.2.

     

    “Property
      Trustee” means the Person identified as the “Property Trustee” in the Trust
      Agreement, solely in its capacity as Property Trustee of the Trust under the
      Trust Agreement and not in its individual capacity, or its successor in interest
      in such capacity, or any successor Property Trustee appointed as therein
      provided.

     

    “Purchase
      Agreement” means the Purchase Agreement, dated as of August 22, 2007,
      executed and delivered by the Trust, the Company and the Purchaser.

     

    “Purchaser”
      means Trapeza CDO XIII, Ltd., as purchaser of the Preferred Securities pursuant
      to the Purchase Agreement.

     

    “Redemption
      Date” means, when used with respect to any Security to be redeemed, the
      date fixed for such redemption by or pursuant to this Indenture.

     

    “Redemption
      Price” means, when used with respect to any Security to be redeemed, in
      whole or in part, the price at which such Security or portion thereof is to
      be
      redeemed as fixed by or pursuant to this Indenture.

     

    “Reference
      Banks” has the meaning specified in Schedule A.

     

    “Regular
      Record Date” for the interest payable on any Interest Payment Date with
      respect to the Securities means the date that is fifteen (15) days preceding
      such Interest Payment Date (whether or not a Business Day).

     

    “Responsible
      Officer” means, with respect to the Trustee, any Senior Vice President, any
      Vice President, any Assistant Vice President, the Secretary, any Assistant
      Secretary, the Treasurer, any Assistant Treasurer, any Financial Services
      Officer or Assistant Financial Services Officer, or any other officer in the
      Corporate Trust Office of the Trustee  with direct responsibility for
      the administration of this Indenture 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.

     

    “Rights
      Plan” means a plan of the Company providing for the issuance by the Company
      to all holders of its Equity Interests of rights entitling the holders thereof
      to subscribe for or purchase Equity Interests of the Company which rights (i)
      are deemed to be transferred with such

     

     

    
      
        
        

      

      
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     Equity
      Interests and (ii) are also issued in respect of future issuances of such Equity
      Interests, in each case until the occurrence of a specified event or
      events.

     

    “Securities”
      or “Security” means any debt securities or debt security, as the case
      may be, authenticated and delivered under this Indenture.

     

    “Securities
      Act” means the Securities Act of 1933 or any successor statute thereto, in
      each case as amended from time to time.

     

    “Securities
      Register” and “Securities Registrar” have the respective meanings
      specified in Section 3.5.

     

    “Senior
      Debt” means the principal of and any premium and interest on (including
      interest accruing on or after the filing of any petition in bankruptcy or for
      reorganization relating to the Company, whether or not such claim for
      post-petition interest is allowed in such proceeding) all Debt of the Company,
      whether incurred on or prior to the date of this Indenture or thereafter
      incurred, unless 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 in right of payment to the Securities; provided, however, that
      if the Company is subject to the regulation and supervision of an "appropriate
      Federal banking agency" within the meaning of 12 U.S.C. 1813(q), the Company
      shall have received the approval of such appropriate Federal banking agency
      prior to issuing any such obligation if not otherwise generally approved;
provided further, that Senior Debt shall not include any other debt
      securities, and guarantees in respect of such debt securities, issued to any
      trust other than the Trust (or a trustee of such trust), partnership or other
      entity affiliated with the Company that is a financing vehicle of the Company
      (a
“financing entity”), in connection with the issuance by such financing entity of
      equity securities or other securities that are treated as equity capital for
      regulatory capital purposes guaranteed by the Company pursuant to an instrument
      that ranks pari passu with or junior in right of payment to the Securities,
      including, without limitation, the debt securities of the Company issued under
      the Indentures, dated February 22, 2001, between the Company and USBank, as
      trustee, March 26, 2004, between the Company and Bank of NY, as trustee, and
      September 28, 2005, between the Company and Wilmington Trust Company, as
      trustee.

     

    “Special
      Event” means the occurrence of a Capital Disqualification Event, an
      Investment Company Event or a Tax Event.

     

    “Special
      Event Redemption Price” has the meaning specified in Section
      11.2.

     

    “Special
      Record Date” for the payment of any Defaulted Interest means a date fixed
      by the Trustee pursuant to Section 3.1.

     

    “Stated
      Maturity” means October 30, 2037.

     

    “Subsidiary”
      means a Person more than fifty percent (50%) of the outstanding voting stock
      or
      other voting interests of which is owned, directly or indirectly, by the Company
      or by one or more other Subsidiaries, or by the Company and one or more other
      Subsidiaries. For purposes of this definition, “voting stock” means stock that
      ordinarily has voting power for the 

     

    
      
        
        

      

      
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    election
      of directors, whether at all times or only so long as no senior class of stock
      has such voting power by reason of any contingency.

     

    “Tax
      Event” means the receipt by the Company of an Opinion of Counsel
      experienced in such matters to the effect that, as a result of (a) 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 (b) any judicial decision or any official
      administrative pronouncement (including any private letter ruling, technical
      advice memorandum or field service advice) or regulatory procedure, including
      any notice or announcement of intent to adopt any such pronouncement or
      procedure (an “Administrative Action”), regardless of whether such judicial
      decision or Administrative Action 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, change, judicial decision or Administrative
      Action is enacted, promulgated or announced, in each case, on or after the
      date
      of issuance of the Securities, there is more than an insubstantial risk that
      (i)
      the Trust is, or will be within ninety (90) days of the date of such opinion,
      subject to United States federal income tax with respect to income received
      or
      accrued on the Securities, (ii) interest payable by the Company on the
      Securities is not, or within ninety (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 ninety
      (90) days of the date of such opinion, subject to more than a de
      minimis amount of other taxes, duties or other governmental
      charges.

     

    “Trust”
      has the meaning specified in the first recital of this Indenture.

     

    “Trust
      Agreement” means the Amended and Restated Trust Agreement executed and
      delivered by the Company, the Property Trustee, the Delaware Trustee and the
      Administrative Trustees named therein, contemporaneously with the execution
      and
      delivery of this Indenture, for the benefit of the holders of the Trust
      Securities, as amended or supplemented from time to time.

     

    “Trustee”
      means the Person named as the “Trustee” in the first paragraph of this
      instrument, solely in its capacity as such and not in its individual capacity,
      until a successor Trustee shall have become such pursuant to the applicable
      provisions of this Indenture, and, thereafter, “Trustee” shall mean or
      include each Person who is then a Trustee hereunder.

     

    “Trust
      Indenture Act” means the Trust Indenture Act of 1939, as amended and as in
      effect on the date as of this Indenture.

     

    “Trust
      Securities” has the meaning specified in the first recital of this
      Indenture.

     

    SECTION
      1.2.  Compliance
      Certificate and Opinions.

     

    (a)  Upon
      any
      application or request by the Company to the Trustee to take any action under
      any provision of this Indenture, the Company shall furnish to the Trustee an
      Officers’ Certificate stating that all conditions precedent (including covenants
      compliance with which constitutes a condition 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 (including covenants compliance with which constitutes
      a

     

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     condition
      precedent), if any, have been complied with, except that, in the case of any
      such application or request as to which the furnishing of such documents is
      specifically required by any provision of this Indenture relating to such
      particular application or request, no additional certificate or opinion need
      be
      furnished.

     

    (b)  Every
      certificate or opinion delivered to the Trustee with respect to compliance
      with
      a condition or covenant provided for in this Indenture (other than the
      certificate provided pursuant to Section 10.3) shall
      include:

     

    (i)  a
      statement by each individual signing such certificate or opinion that such
      individual has read such covenant or condition and the definitions herein
      relating thereto;

     

    (ii)  a
      brief
      statement as to the nature and scope of the examination or investigation upon
      which the statements or opinions of such individual contained in such
      certificate or opinion are based;

     

    (iii)  a
      statement that, in the opinion of such individual, 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

     

    (iv)  a
      statement as to whether, in the opinion of such individual, such condition
      or
      covenant has been complied with.

     

    SECTION
      1.3.  Forms
      of Documents Delivered to Trustee.

     

    (a)  In
      any
      case where several matters are required to be certified by, or covered by an
      opinion of, any specified Person, it is not necessary that all such matters
      be
      certified by, or covered by the opinion of, only one such Person, or that they
      be so certified or covered by only one document, but one such Person may certify
      or give an opinion with respect to some matters and one or more other such
      Persons as to other matters, and any such Person may certify or give an opinion
      as to such matters in one or several documents.

     

    (b)  Any
      certificate or opinion of an officer of the Company may be based, insofar as
      it
      relates to legal matters, upon a certificate or opinion of, or representations
      by, counsel, unless such officer knows, or after reasonable inquiry should
      know,
      that the certificate or opinion or representations with respect to matters
      upon
      which his or her certificate or opinion is based are erroneous. Any such
      certificate or Opinion of Counsel may be based, insofar as it relates to factual
      matters, upon a certificate or opinion of, or representations by, an officer
      or
      officers of the Company stating that the information with respect to such
      factual matters is in the possession of the Company, unless such counsel knows,
      or after reasonable inquiry should know, that the certificate or opinion or
      representations with respect to such matters are erroneous.

     

    (c)  Where
      any
      Person is required to make, give or execute two or more applications, requests,
      consents, certificates, statements, opinions or other instruments under this
      Indenture, they may, but need not, be consolidated and form one
      instrument.

     

    (d)  Whenever,
      subsequent to the receipt by the Trustee of any Board Resolution, Officers’
Certificate, Opinion of Counsel or other document or instrument, a clerical,
      

     

    
      
        
        

      

      
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    typographical
      or other inadvertent or unintentional error or omission shall be discovered
      therein, a new document or instrument may be substituted therefor in corrected
      form with the same force and effect as if originally received in the corrected
      form and, irrespective of the date or dates of the actual execution and/or
      delivery thereof, such substitute document or instrument shall be deemed to
      have
      been executed and/or delivered as of the date or dates required with respect
      to
      the document or instrument for which it is substituted.  Without
      limiting the generality of the foregoing, any Securities issued under the
      authority of such defective document or instrument shall nevertheless be the
      valid obligations of the Company entitled to the benefits of this Indenture
      equally and ratably with all other Outstanding Securities.

     

    SECTION
      1.4.  Acts
      of Holders.

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by Holders may be
      embodied in and evidenced by one or more instruments of substantially similar
      tenor signed by such Holders in person or by an agent thereof duly appointed
      in
      writing; and, except as herein otherwise expressly provided, such action shall
      become effective when such instrument or instruments (including any appointment
      of an agent) is or are delivered to the Trustee, and, where it is hereby
      expressly required, to the Company. Such instrument or instruments (and the
      action embodied therein and evidenced thereby) are herein sometimes referred
      to
      as the “Act” of the Holders signing such instrument or instruments.
      Proof of execution of any such instrument or of a writing appointing any such
      agent shall be sufficient for any purpose of this Indenture and conclusive
      in
      favor of the Trustee and the Company, if made in the manner provided in this
      Section 1.4.

     

    (b)  The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      any notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him or her the execution thereof. Where such execution is by
      a
      Person acting in other than his or her individual capacity, such certificate
      or
      affidavit shall also constitute sufficient proof of his or her
      authority.  The fact and date of the execution by any Person of any
      such instrument or writing, or the authority of the Person executing the same,
      may also be proved in any other manner that the Trustee deems sufficient and
      in
      accordance with such reasonable rules as the Trustee may determine.

     

    (c)  The
      ownership of Securities shall be proved by the Securities Register.

     

    (d)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Security shall bind every future Holder of the
      same
      Security and the Holder of every Security issued upon the registration of
      transfer thereof or in exchange therefor or in lieu thereof in respect of
      anything done or suffered to be done by the Trustee or the Company in reliance
      thereon, whether or not notation of such action is made upon such
      Security.

     

    (e)  Without
      limiting the foregoing, a Holder entitled to take any action hereunder with
      regard to any particular Security may do so with regard to all or any part
      of
      the principal amount of such Security or by one or more duly appointed agents
      each of which may do so pursuant to such appointment with regard to all or
      any
      part of such principal amount.

     

    
      
        
        

      

      
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    (f)  Except
      as
      set forth in paragraph (g) of this Section 1.4, the Company may set any
      day as a record date for the purpose of determining the Holders of Outstanding
      Securities entitled to give, make or take any request, demand, authorization,
      direction, notice, consent, waiver or other action provided or permitted by
      this
      Indenture to be given, made or taken by Holders of Securities. If any record
      date is set pursuant to this paragraph, the Holders of Outstanding Securities
      on
      such record date, and no other Holders, shall be entitled to take the relevant
      action, whether or not such Holders remain Holders after such record date;
      provided, that no such action shall be effective hereunder unless taken
      on or prior to the applicable Expiration Date (as defined below) by Holders
      of
      the requisite principal amount of Outstanding Securities on such record
      date.  Nothing in this paragraph shall be construed to prevent the
      Company from setting a new record date for any action for which a record date
      has previously been set pursuant to this paragraph (whereupon the record date
      previously set shall automatically and with no action by any Person be canceled
      and of no effect).  Promptly after any record date is set pursuant to
      this paragraph, the Company, at its own expense, shall cause notice of such
      record date, the proposed action by Holders and the applicable Expiration Date
      to be given to the Trustee in writing and to each Holder of Securities in the
      manner set forth in Section 1.6.

     

    (g)  The
      Trustee may set any day as a record date for the purpose of determining the
      Holders of Outstanding Securities entitled to join in the giving or making
      of
      (i) any Notice of Default, (ii) any declaration of acceleration or rescission
      or
      annulment thereof referred to in Section 5.2, (iii) any request to
      institute proceedings referred to in Section 5.7(b) or (iv) any direction
      referred to in Section 5.12. If any record date is set pursuant to this
      paragraph, the Holders of Outstanding Securities on such record date, and no
      other Holders, shall be entitled to join in such notice, declaration, request
      or
      direction, whether or not such Holders remain Holders after such record date;
      provided, that no such action shall be effective hereunder unless taken
      on or prior to the applicable Expiration Date by Holders of the requisite
      principal amount of Outstanding Securities on such record date. Nothing in
      this
      paragraph shall be construed to prevent the Trustee from setting a new record
      date for any action for which a record date has previously been set pursuant
      to
      this paragraph (whereupon the record date previously set shall automatically
      and
      with no action by any Person be canceled and of no effect).  Promptly
      after any record date is set pursuant to this paragraph, the Trustee, at the
      Company’s expense, shall cause notice of such record date, the proposed action
      by Holders and the applicable Expiration Date to be given to the Company in
      writing and to each Holder of Securities in the manner set forth in Section
      1.6.

     

    (h)  With
      respect to any record date set pursuant to paragraph (f) or (g) of this
Section 1.4, the party hereto that sets such record date may designate
      any day as the “Expiration Date” and from time to time may change the
      Expiration Date to any earlier or later day; provided, that no such
      change shall be effective unless notice of the proposed new Expiration Date
      is
      given to the other party hereto in writing, and to each Holder of Securities
      in
      the manner set forth in Section 1.6, on or prior to the existing
      Expiration Date. If an Expiration Date is not designated with respect to any
      record date set pursuant to this Section 1.4, the party hereto that set
      such record date shall be deemed to have initially designated the ninetieth
      (90th) day
      after such record date as the Expiration Date with respect thereto, subject
      to
      its right to change the Expiration Date as provided in this paragraph.
      Notwithstanding the foregoing, no Expiration Date shall be later than the one
      hundred and eightieth (180th) day after
      the
      applicable record date.

     

    
      
        
        

      

      
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    SECTION
      1.5.  Notices,
      Etc.

     

    Any
      request, demand, authorization, direction, notice, consent, waiver, Act of
      Holders, or other document provided or permitted by this Indenture to be made
      upon, given or furnished to, or filed with:

     

    (a)  the
      Trustee by any Holder, any holder of Preferred Securities or the Company shall
      be sufficient for every purpose hereunder if made, given, furnished or filed
      in
      writing to or with the Trustee at its Corporate Trust Office,

     

    (b)  the
      Company by the Trustee, any Holder or any holder of Preferred Securities shall
      be sufficient for every purpose hereunder if in writing and mailed, first class,
      postage prepaid, to the Company addressed to it at 483 Main St., Harleysville,
      PA  19438, Attn: Chief Financial Officer, or at any other address
      previously furnished in writing to the Trustee by the Company, or

     

    (c)  the
      Purchaser by the Trustee, the Company, any Holder or any holder or beneficial
      owner of the Preferred Securities shall be sufficient for every purpose
      hereunder if in writing and mailed, first-class, postage prepaid, to the
      Purchaser at: c/o Maples Finance Limited, P.O. Box 1093 GT, Queensgate House,
      South Church Street, George Town, Grand Cayman, Cayman Islands, or any other
      address previously furnished by the Purchaser.

     

    SECTION
      1.6.  Notice
      to Holders; Waiver.

     

    Where
      this Indenture provides for notice to Holders of any event, such notice shall
      be
      sufficiently given (unless otherwise herein expressly provided) if in writing
      and mailed, first class, postage prepaid, to each Holder affected by such event
      to the address of such Holder as it appears in the Securities Register, not
      later than the latest date, and not earlier than the earliest date, prescribed
      for the giving of such notice. If, by reason of the suspension of or
      irregularities in regular mail service or for any other reason, it shall be
      impossible or impracticable to mail notice of any event to Holders when said
      notice is required to be given pursuant to any provision of this Indenture,
      then
      any manner of giving such notice as shall be satisfactory to the Trustee shall
      be deemed to be a sufficient giving of such notice. In any case where notice
      to
      Holders is given by mail, neither the failure to mail such notice, nor any
      defect in any notice so mailed, to any particular Holder shall affect the
      sufficiency of such notice with respect to other Holders. Where this Indenture
      provides for notice in any manner, such notice may be waived in writing by
      the
      Person entitled to receive such notice, either before or after the event, and
      such waiver shall be the equivalent of such notice. Waivers of notice by Holders
      shall be filed with the Trustee, but such filing shall not be a condition
      precedent to the validity of any action taken in reliance upon such
      waiver.

     

    SECTION
      1.7.  Effect
      of Headings and Table of Contents.

     

    The
      Article and Section headings herein and the Table of Contents are for
      convenience only and shall not affect the construction of this
      Indenture.

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    SECTION
      1.8.  Successors
      and Assigns.

     

    This
      Indenture shall be binding upon and shall inure to the benefit of any successor
      to the Company and the Trustee, including any successor by operation of
      law.  Except in connection with a transaction involving the Company
      that is permitted under Article VIII and pursuant to which the assignee
      agrees in writing to perform the Company’s obligations hereunder, the Company
      shall not assign its obligations hereunder.

     

    SECTION
      1.9.  Separability
      Clause.

     

    If
      any
      provision in this Indenture or in the Securities shall be invalid, illegal
      or
      unenforceable, the validity, legality and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby, and there
      shall
      be deemed substituted for the provision at issue a valid, legal and enforceable
      provision as similar as possible to the provision at issue.

     

    SECTION
      1.10.  Benefits
      of Indenture.

     

    Nothing
      in this Indenture or in the Securities, express or implied, shall give to any
      Person, other than the parties hereto and their successors and assigns, the
      holders of Senior Debt, the Holders of the Securities and, to the extent
      expressly provided in Sections 5.2, 5.8, 5.9, 5.11,
5.13, 9.2 and 10.7, the holders of Preferred
      Securities,
      any benefit or any legal or equitable right, remedy or claim under this
      Indenture.

     

    SECTION
      1.11.  Governing
      Law.

     

    This
      Indenture and the rights and obligations of each of the Holders, the Company
      and
      the Trustee shall be construed and enforced in accordance with and governed
      by
      the laws of the State of New York without reference to its conflict of laws
      provisions (other than Section 5-1401 of the General Obligations
      Law).

     

    SECTION
      1.12.  Submission
      to Jurisdiction.

     

    ANY
      LEGAL
      ACTION OR PROCEEDING BY OR AGAINST ANY PARTY HERETO OR WITH RESPECT TO OR
      ARISING OUT OF THIS INDENTURE MAY BE BROUGHT IN OR REMOVED TO THE COURTS OF
      THE
      STATE OF NEW YORK, IN AND FOR THE COUNTY OF NEW YORK, OR OF THE UNITED STATES
      OF
      AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK (IN EACH CASE SITTING IN THE
      BOROUGH OF MANHATTAN). BY EXECUTION AND DELIVERY OF THIS INDENTURE, EACH PARTY
      ACCEPTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
      UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS (AND COURTS OF APPEALS
      THEREFROM) FOR LEGAL PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS
      INDENTURE.

     

    SECTION
      1.13.  Non-Business
      Days.

     

    If
      any
      Interest Payment Date, Redemption Date or Stated Maturity of any Security shall
      not be a Business Day, then (notwithstanding any other provision of this
      Indenture or the Securities) payment of interest, premium, if any, or principal
      or other amounts in respect of such 

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    Security
      shall not be made on such date, but shall be made on the next succeeding
      Business Day (and no interest shall accrue in respect of the amounts whose
      payment is so delayed for the period from and after such Interest Payment Date,
      Redemption Date or Stated Maturity, as the case may be, until such next
      succeeding Business Day) except that, if such Business Day falls in the next
      succeeding calendar year, such payment shall be made on the immediately
      preceding Business Day, in each case with the same force and effect as if made
      on the Interest Payment Date or Redemption Date or at the Stated
      Maturity.

     

    ARTICLE
      II

     

    Security
      Forms

     

    SECTION
      2.1.  Form
      of Security.

     

    Any
      Security issued hereunder shall be in substantially the form attached hereto
      as
Exhibit A.

     

    SECTION
      2.2.  Restricted
      Legend.

     

    (a)           Any
      Security issued hereunder shall bear a legend in substantially the form
      contained in Exhibit A attached hereto.

     

    (b)           Such
      legend shall not be removed from any Security unless there is delivered to
      the
      Company satisfactory evidence, which may include an Opinion of Counsel, as
      may
      be reasonably required to ensure that any future transfers thereof may be made
      without restriction under or violation of the provisions of the Securities
      Act
      and other applicable law.  Upon provision of such satisfactory
      evidence, the Company shall execute and deliver to the Trustee, and the Trustee
      shall deliver, at the written direction of the Company, a Security that does
      not
      bear the legend.

     

    SECTION
      2.3.  Form
      of Trustee’s Certificate of Authentication.

     

    The
      Trustee’s certificate of authentication shall be in substantially the form
      contained in  Exhibit A attached hereto.

     

    SECTION
      2.4.  Temporary
      Securities.

     

    (a)  Pending
      the preparation of definitive Securities, the Company may execute, and upon
      Company Order the Trustee shall authenticate and deliver, temporary Securities
      that are printed, lithographed, typewritten, mimeographed or otherwise produced,
      in any denomination, substantially of the tenor of the definitive Securities
      in
      lieu of which they are issued and with such appropriate insertions, omissions,
      substitutions and other variations as the officers executing such Securities
      may
      determine, as evidenced by their execution of such Securities.

     

    (b)  If
      temporary Securities are issued, the Company will cause definitive Securities
      to
      be prepared without unreasonable delay. After the preparation of definitive
      Securities, the temporary Securities shall be exchangeable for definitive
      Securities upon surrender of the temporary Securities at the office or agency
      of
      the Company designated for that purpose without 

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

    charge
      to
      the Holder. Upon surrender for cancellation of any one or more temporary
      Securities, the Company shall execute and the Trustee shall authenticate and
      deliver in exchange therefor one or more definitive Securities of any authorized
      denominations having the same Original Issue Date and Stated Maturity and having
      the same terms as such temporary Securities. Until so exchanged, the temporary
      Securities shall in all respects be entitled to the same benefits under this
      Indenture as definitive Securities.

     

    SECTION
      2.5.  Definitive
      Securities.

     

    The
      Securities issued on the Original Issue Date shall be in definitive
      form.  The definitive Securities shall be printed, lithographed or
      engraved, or produced by any combination of these methods, if required by any
      securities exchange on which the Securities may be listed, on a steel engraved
      border or steel engraved borders or may be produced in any other manner
      permitted by the rules of any securities exchange on which the Securities may
      be
      listed, all as determined by the officers executing such Securities, as
      evidenced by their execution of such Securities.

     

    ARTICLE
      III

     

    The
      Securities

     

    SECTION
      3.1.  Payment
      of Principal and Interest.

     

    (a)  The
      unpaid principal amount of the Securities shall bear interest at a fixed rate
      per annum equal to 6.35% through the Interest Payment Date in October 2012,
      and
      a variable rate per annum, reset quarterly, equal to LIBOR plus 1.28%
      thereafter, such interest to accrue from the Original Issue Date or from the
      most recent Interest Payment Date to which interest has been paid or duly
      provided for, and any overdue principal, premium or Additional Tax Sums and
      any
      overdue installment of interest shall bear Additional Interest (to the extent
      payment of such interest would be legally enforceable) at a fixed rate per
      annum
      equal to 6.35% through the Interest Payment Date in October 2012, and a variable
      rate per annum, reset quarterly, equal to LIBOR plus 1.28% thereafter,
      compounded quarterly, from the dates such amounts are due until they are paid
      or
      funds for the payment thereof are made available for payment.

     

    (b)  Interest
      and Additional Interest on any Security that is payable, and is punctually
      paid
      or duly provided for, on any Interest Payment Date shall be paid to the Person
      in whose name that Security (or one or more Predecessor Securities) is
      registered at the close of business on the Regular Record Date for such
      interest, except that interest and any Additional Interest payable on the Stated
      Maturity (or any date of principal repayment upon early maturity) of the
      principal of a Security or on a Redemption Date shall be paid to the Person
      to
      whom principal is paid. The initial payment of interest on any Security that
      is
      issued between a Regular Record Date and the related Interest Payment Date
      shall
      be payable as provided in such Security.

     

    (c)  Any
      interest on any Security that is due and payable, but is not timely paid or
      duly
      provided for, on any Interest Payment Date for Securities (herein called
“Defaulted Interest”) shall forthwith cease to be payable to the
      registered Holder on the relevant Regular Record Date

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

     by
      virtue of having been such Holder, and such Defaulted Interest may be paid
      by
      the Company, at its election in each case, as provided in paragraph (i) or
      (ii)
      below:

     

    (i)  The
      Company may elect to make payment of any Defaulted Interest to the Persons
      in
      whose names the 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 (a “Special Record Date”), which shall be fixed
      in the following manner.  At least thirty (30) days prior to the date
      of the proposed payment, the Company shall notify the Trustee in writing of
      the
      amount of Defaulted Interest proposed to be paid on each 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 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. Thereupon the Trustee shall fix a Special Record
      Date for the payment of such Defaulted Interest, which shall be not more than
      fifteen (15) days and not less than ten (10) days prior to the date of the
      proposed payment and not less than ten (10) 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 Holder of a Security at the address of such Holder as it
      appears in the Securities Register not less than ten (10) days prior to such
      Special Record Date.  Notice of the proposed payment of such Defaulted
      Interest and the Special Record Date therefor having been so mailed, such
      Defaulted Interest shall be paid to the Persons in whose names the Securities
      (or their respective Predecessor Securities) are registered on such Special
      Record Date; or

     

    (ii)  The
      Company may make payment of any Defaulted Interest in any other lawful manner
      not inconsistent with the requirements of any securities exchange or automated
      quotation system on which the Securities may be listed, traded or quoted and,
      upon such notice as may be required by such exchange or automated quotation
      system (or by the Trustee if the Securities are not listed), if, after notice
      given by the Company to the Trustee of the proposed payment pursuant to this
      clause, such payment shall be deemed practicable by the Trustee.

     

    (d)  Payments
      of interest on the Securities shall include interest accrued to but excluding
      the respective Interest Payment Dates. The amount of interest payable for any
      interest period shall be computed and paid on the basis of a 360-day year and
      the actual number of days elapsed in the relevant interest period.

     

    (e)  Payment
      of principal of, premium, if any, and interest on the Securities shall be made
      in such coin or currency of the United States of America as at the time of
      payment is legal tender for payment of public and private
      debts.  Payments of principal, premium, if any, and interest due at
      the Maturity of such Securities shall be made at the Place of Payment upon
      surrender of such Securities to the Paying Agent and payments of interest shall
      be made, subject to such surrender where applicable, by wire transfer at such
      place and to such account at a 

     

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

    banking
      institution in the United States as may be designated in writing to the Paying
      Agent at least ten (10) Business Days prior to the date for payment by the
      Person entitled thereto unless proper written wire transfer instructions have
      not been received by the relevant record date, in which case such payments
      shall
      be made by check mailed to the address of such Person as such address shall
      appear in the Security Register.  Notwithstanding the foregoing, so
      long as the holder of the Security is the Property Trustee, the payment of
      the
      principal of (and premium if any) and interest (including any overdue
      installment of interest and Additional Tax Sums, if any) on the Security will
      be
      made at such place and to such account as may be designated by the Property
      Trustee.

     

    (f)  Subject
      to the foregoing provisions of this Section 3.1, each Security delivered
      under this Indenture upon transfer of or in exchange for or in lieu of any
      other
      Security shall carry the rights to interest accrued and unpaid, and to accrue,
      that were carried by such other Security.

     

    SECTION
      3.2.  Denominations.

     

    The
      Securities shall be in registered form without coupons and shall be issuable
      in
      minimum denominations of $100,000 and any integral multiple of $1,000 in excess
      thereof.

     

    SECTION
      3.3.  Execution,
      Authentication, Delivery and Dating.

     

    (a)  At
      any
      time and from time to time after the execution and delivery of this Indenture,
      the Company may deliver Securities in an aggregate principal amount (including
      all then Outstanding Securities) not in excess of $23,196,000 executed by the
      Company to the Trustee for authentication, together with a Company Order for
      the
      authentication and delivery of such Securities, and the Trustee in accordance
      with the Company Order shall authenticate and deliver such Securities. In
      authenticating such Securities, and accepting the additional responsibilities
      under this Indenture in relation to such Securities, the Trustee shall be
      entitled to receive, and shall be fully protected in relying upon:

     

    (i)  a
      copy of
      any Board Resolution relating thereto; and

     

    (ii)  an
      Opinion of Counsel stating that (1) such Securities, when authenticated and
      delivered by the Trustee and issued by the Company in the manner and subject
      to
      any conditions specified in such Opinion of Counsel, will constitute valid
      and
      legally binding obligations of the Company, subject to bankruptcy, insolvency,
      fraudulent transfer, reorganization, moratorium and similar laws of general
      applicability relating to or affecting creditors’ rights and to general equity
      principles; (2) the Securities have been duly authorized and executed by the
      Company and have been delivered to the Trustee for authentication in accordance
      with this Indenture; and (3) the Securities are not required to be registered
      under the Securities Act.

     

    (b)  The
      Securities shall be executed on behalf of the Company by its Chairman of the
      Board, its Vice Chairman of the Board, its Chief Executive Officer, its
      President or one of its Vice Presidents. The signature of any of these officers
      on the Securities may be manual or facsimile.  Securities bearing the
      manual or facsimile signatures of individuals who were at any time the proper
      officers of the Company shall bind the Company, notwithstanding that such

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

    individuals
      or any of them have ceased to hold such offices prior to the authentication
      and
      delivery of such Securities or did not hold such offices at the date of such
      Securities.

     

    (c)  No
      Security shall be entitled to any benefit under this Indenture or be valid
      or
      obligatory for any purpose, unless there appears on such Security a certificate
      of authentication substantially in the form provided for herein executed by
      the
      Trustee by the manual signature of one of its authorized officers, and such
      certificate upon any Security shall be conclusive evidence, and the only
      evidence, that such Security has been duly authenticated and delivered
      hereunder. Notwithstanding the foregoing, if any Security shall have been
      authenticated and delivered hereunder but never issued and sold by the Company,
      and the Company shall deliver such Security to the Trustee for cancellation
      as
      provided in Section 3.8, for all purposes of this Indenture such Security
      shall be deemed never to have been authenticated and delivered hereunder and
      shall never be entitled to the benefits of this Indenture.

     

    (d)  Each
      Security shall be dated the date of its authentication.

     

    SECTION
      3.4.  Global
      Securities.

     

    (a)  Upon
      the
      election of the Holder after the Original Issue Date, which election need not
      be
      in writing, the Securities owned by such Holder shall be issued in the form
      of
      one or more Global Securities registered in the name of the Depositary or its
      nominee. Each Global Security issued under this Indenture shall be registered
      in
      the name of the Depositary designated by the Company for such Global Security
      or
      a nominee thereof and delivered to such Depositary or a nominee thereof or
      custodian therefor, and each such Global Security shall constitute a single
      Security for all purposes of this Indenture.

     

    (b)  Notwithstanding
      any other provision in this Indenture, no Global Security may be exchanged
      in
      whole or in part for registered Securities, and no transfer of a Global Security
      in whole or in part may be registered, in the name of any Person other than
      the
      Depositary for such Global Security or a nominee thereof unless (i) such
      Depositary advises the Trustee and the Company in writing that such Depositary
      is no longer willing or able to properly discharge its responsibilities as
      Depositary with respect to such Global Security, and no qualified successor
      is
      appointed by the Company within ninety (90) days of receipt by the Company
      of
      such notice, (ii) such Depositary ceases to be a clearing agency registered
      under the Exchange Act and no successor is appointed by the Company within
      ninety (90) days after obtaining knowledge of such event, (iii) the Company
      executes and delivers to the Trustee a Company Order stating that the Company
      elects to terminate the book-entry system through the Depositary or (iv) an
      Event of Default shall have occurred and be continuing.  Upon the
      occurrence of any event specified in clause (i), (ii), (iii) or (iv) above,
      the
      Trustee shall notify the Depositary and instruct the Depositary to notify all
      owners of beneficial interests in such Global Security of the occurrence of
      such
      event and of the availability of Securities to such owners of beneficial
      interests requesting the same.  Upon the issuance of such Securities
      and the registration in the Securities Register of such Securities in the names
      of the Holders of the beneficial interests therein, the Trustees shall recognize
      such holders of beneficial interests as Holders.

     

    (c)  If
      any
      Global Security is to be exchanged for other Securities or canceled in part,
      or
      if another Security is to be exchanged in whole or in part for a beneficial
      interest in any 

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

    Global
      Security, then either (i) such Global Security shall be so surrendered for
      exchange or cancellation as provided in this Article III or (ii) the
      principal amount thereof shall be reduced or increased by an amount equal to
      the
      portion thereof to be so exchanged or canceled, or equal to the principal amount
      of such other Security to be so exchanged for a beneficial interest therein,
      as
      the case may be, by means of an appropriate adjustment made on the records
      of
      the Securities Registrar, whereupon the Trustee, in accordance with the
      Applicable Depositary Procedures, shall instruct the Depositary or its
      authorized representative to make a corresponding adjustment to its records.
      Upon any such surrender or adjustment of a Global Security by the Depositary,
      accompanied by registration instructions, the Company shall execute and the
      Trustee shall authenticate and deliver any Securities issuable in exchange
      for
      such Global Security (or any portion thereof) in accordance with the
      instructions of the Depositary. The Trustee shall not be liable for any delay
      in
      delivery of such instructions and may conclusively rely on, and shall be fully
      protected in relying on, such instructions.

     

    (d)  Every
      Security authenticated and delivered upon registration of transfer of, or in
      exchange for or in lieu of, a Global Security or any portion thereof shall
      be
      authenticated and delivered in the form of, and shall be, a Global Security,
      unless such Security is registered in the name of a Person other than the
      Depositary for such Global Security or a nominee thereof.

     

    (e)  Securities
      distributed to holders of Book-Entry Preferred Securities (as defined in the
      Trust Agreement) upon the dissolution of the Trust shall be distributed in
      the
      form of one or more Global Securities registered in the name of a Depositary
      or
      its nominee, and deposited with the Securities Registrar, as custodian for such
      Depositary, or with such Depositary, for credit by the Depositary to the
      respective accounts of the beneficial owners of the Securities represented
      thereby (or such other accounts as they may direct).  Securities
      distributed to holders of Preferred Securities other than Book-Entry Preferred
      Securities upon the dissolution of the Trust shall not be issued in the form
      of
      a Global Security or any other form intended to facilitate book-entry trading
      in
      beneficial interests in such Securities.

     

    (f)  The
      Depositary or its nominee, as the registered owner of a Global Security, shall
      be the Holder of such Global Security for all purposes under this Indenture
      and
      the Securities, and owners of beneficial interests in a Global Security shall
      hold such interests pursuant to the Applicable Depositary Procedures.
      Accordingly, any such owner’s beneficial interest in a Global Security shall be
      shown only on, and the transfer of such interest shall be effected only through,
      records maintained by the Depositary or its nominee or its Depositary
      Participants.  The Securities Registrar and the Trustee shall be
      entitled to deal with the Depositary for all purposes of this Indenture relating
      to a Global Security (including the payment of principal and interest thereon
      and the giving of instructions or directions by owners of beneficial interests
      therein and the giving of notices) as the sole Holder of the Security and shall
      have no obligations to the owners of beneficial interests
      therein.  Neither the Trustee nor the Securities Registrar shall have
      any liability in respect of any transfers effected by the
      Depositary.

     

    (g)  The
      rights of owners of beneficial interests in a Global Security shall be exercised
      only through the Depositary and shall be limited to those established by law
      and
      agreements between such owners and the Depositary and/or its Depositary
      Participants.

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

    (h)  No
      holder
      of any beneficial interest in any Global Security held on its behalf by a
      Depositary shall have any rights under this Indenture with respect to such
      Global Security, and such Depositary may be treated by the Company, the Trustee
      and any agent of the Company or the Trustee as the owner of such Global Security
      for all purposes whatsoever.  None of the Company, the Trustee nor any
      agent of the Company or the Trustee will have any responsibility or liability
      for any aspect of the records relating to or payments made on account of
      beneficial ownership interests of a Global Security or maintaining, supervising
      or reviewing any records relating to such beneficial ownership interests.
      Notwithstanding the foregoing, nothing herein shall prevent the Company, the
      Trustee or any agent of the Company or the Trustee from giving effect to any
      written certification, proxy or other authorization furnished by a Depositary
      or
      impair, as between a Depositary and such holders of beneficial interests, the
      operation of customary practices governing the exercise of the rights of the
      Depositary (or its nominee) as Holder of any Security.

     

    SECTION
      3.5.  Registration,
      Transfer and Exchange Generally.

     

    (a)  The
      Trustee shall cause to be kept at the Corporate Trust Office a register (the
      “Securities Register”) in which the registrar and transfer agent with
      respect to the Securities (the “Securities Registrar”), subject to such
      reasonable regulations as it may prescribe, shall provide for the registration
      of Securities and of transfers and exchanges of Securities. The Trustee shall
      at
      all times also be the Securities Registrar.  The provisions of
Article VI shall apply to the Trustee in its role as Securities
      Registrar.

     

    (b)  Subject
      to compliance with Section 2.2(b), upon surrender for registration of
      transfer of any Security at the offices or agencies of the Company designated
      for that purpose the Company shall execute, and the Trustee shall authenticate
      and deliver, in the name of the designated transferee or transferees, one or
      more new Securities of any authorized denominations of like tenor and aggregate
      principal amount.

     

    (c)  At
      the
      option of the Holder, Securities may be exchanged for other Securities of any
      authorized denominations, of like tenor and aggregate principal amount, upon
      surrender of the Securities to be exchanged at such office or agency. Whenever
      any Securities are so surrendered for exchange, the Company shall execute,
      and
      upon receipt thereof the Trustee shall authenticate and deliver, the Securities
      that the Holder making the exchange is entitled to receive.

     

    (d)  All
      Securities issued upon any transfer or exchange of Securities shall be the
      valid
      obligations of the Company, evidencing the same debt, and entitled to the same
      benefits under this Indenture, as the Securities surrendered upon such transfer
      or exchange.

     

    (e)  Every
      Security presented or surrendered for transfer or exchange shall (if so required
      by the Company or the Trustee) be duly endorsed, or be accompanied by a written
      instrument of transfer in form satisfactory to the Company and the Securities
      Registrar, duly executed by the Holder thereof or such Holder’s attorney duly
      authorized in writing.

     

    (f)  No
      service charge shall be made to a Holder for any transfer or exchange of
      Securities, but the Company may require payment of a sum sufficient to cover
      any
      tax or other

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

     governmental
      charge that may be imposed in connection with any transfer or exchange of
      Securities.

     

    (g)  Neither
      the Company nor the Trustee shall be required pursuant to the provisions of
      this
Section 3.5 (i) to issue, register the transfer of or exchange any
      Security during a period beginning at the opening of business fifteen (15)
      days
      before the day of selection for redemption of Securities pursuant to Article
      XI and ending at the close of business on the day of mailing of the notice
      of redemption or (ii) to register the transfer of or exchange any Security
      so
      selected for redemption in whole or in part, except, in the case of any such
      Security to be redeemed in part, any portion thereof not to be
      redeemed.

     

    (h)  The
      Company shall designate an office or offices or agency or agencies where
      Securities may be surrendered for registration or transfer or
      exchange.  The Company initially designates the Corporate Trust Office
      as its office and agency for such purposes.  The Company shall give
      prompt written notice to the Trustee and to the Holders of any change in the
      location of any such office or agency.

     

    SECTION
      3.6.  Mutilated,
      Destroyed, Lost and Stolen Securities.

     

    (a)  If
      any
      mutilated Security is surrendered to the Trustee together with such security
      or
      indemnity as may be required by the Company or the Trustee to save each of
      them
      harmless, the Company shall execute and upon receipt thereof the Trustee shall
      authenticate and deliver in exchange therefor a new Security of like tenor
      and
      aggregate principal amount and bearing a number not contemporaneously
      outstanding.

     

    (b)  If
      there
      shall be delivered to the Company and to the Trustee (i) evidence to their
      satisfaction of the destruction, loss or theft of any Security and (ii) such
      security or indemnity as may be required by them to save each of them harmless,
      then, in the absence of notice to the Company or the Trustee that such Security
      has been acquired by a bona fide purchaser, the Company shall execute
      and upon its written request the Trustee shall authenticate and deliver, in
      lieu
      of any such destroyed, lost or stolen Security, a new Security of like tenor
      and
      aggregate principal amount as such destroyed, lost or stolen Security, and
      bearing a number not contemporaneously outstanding.

     

    (c)  If
      any
      such mutilated, destroyed, lost or stolen Security has become or is about to
      become due and payable, the Company in its discretion may, instead of issuing
      a
      new Security, pay such Security.

     

    (d)  Upon
      the
      issuance of any new Security under this Section 3.6, the Company may
      require the payment of a sum sufficient to cover any tax or other governmental
      charge that may be imposed in relation thereto and any other expenses (including
      the fees and expenses of the Trustee) connected therewith.

     

    (e)  Every
      new
      Security issued pursuant to this Section 3.6 in lieu of any mutilated,
      destroyed, lost or stolen Security shall constitute an original additional
      contractual obligation of the Company, whether or not the mutilated, destroyed,
      lost or stolen Security shall be at any time enforceable by anyone, and shall
      be
      entitled to all the benefits of this Indenture equally and proportionately
      with
      any and all other Securities duly issued hereunder.

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

    (f)  The
      provisions of this Section 3.6 are exclusive and shall preclude (to the
      extent lawful) all other rights and remedies with respect to the replacement
      or
      payment of mutilated, destroyed, lost or stolen Securities.

     

    SECTION
      3.7.  Persons
      Deemed Owners.

     

    The
      Company, the Trustee and any agent of the Company or the Trustee shall treat
      the
      Person in whose name any Security is registered as the owner of such Security
      for the purpose of receiving payment of principal of and any interest on such
      Security and for all other purposes whatsoever, and neither the Company, the
      Trustee nor any agent of the Company or the Trustee shall be affected by notice
      to the contrary.

     

    SECTION
      3.8.  Cancellation.

     

    All
      Securities surrendered for payment, redemption, transfer or exchange shall,
      if
      surrendered to any Person other than the Trustee, be delivered to the Trustee,
      and any such Securities and Securities surrendered directly to the Trustee
      for
      any such purpose shall be promptly canceled by it. The Company may at any time
      deliver to the Trustee for cancellation any Securities previously authenticated
      and delivered hereunder that the Company may have acquired in any manner
      whatsoever, and all Securities so delivered shall be promptly canceled by the
      Trustee. No Securities shall be authenticated in lieu of or in exchange for
      any
      Securities canceled as provided in this Section 3.8, except as expressly
      permitted by this Indenture. All canceled Securities shall be disposed of by
      the
      Trustee in accordance with its customary practices and the Trustee shall deliver
      to the Company a certificate of such disposition.

     

    SECTION
      3.9.  Deferrals
      of Interest Payment Dates.

     

    (a)  So
      long
      as no Event of Default pursuant to Sections 5.1(c), (e),
(f), (g) or (h) has occurred and is continuing, the
      Company
      shall have the right, at any time and from time to time during the term of
      the
      Security, to defer the payment of interest on the Securities for a period of
      up
      to twenty (20) consecutive quarterly interest payment periods (each such period,
      an “Extension Period”), during which Extension Period(s), no interest
      on the Securities shall be due and payable (except any Additional Tax Sums
      that
      otherwise may be due and payable).  No Extension Period shall end on a
      date other than an Interest Payment Date and no Extension Period shall extend
      beyond the Stated Maturity of the principal of the Securities.  No
      interest shall be due and payable during an Extension Period, except at the
      end
      thereof, but each installment of interest that would otherwise have been due
      and
      payable during such Extension Period shall bear Additional Interest (to the
      extent payment of such interest would be legally enforceable) at a fixed rate
      per annum equal to 6.35% through the Interest Payment Date in October 2012,
      and
      a variable rate per annum, reset quarterly, equal to LIBOR plus 1.28%
      thereafter, compounded quarterly, from the dates on which amounts would have
      otherwise been due and payable until paid or until funds for the payment thereof
      have been made available for payment.  At the end of any such
      Extension Period, the Company shall pay all interest then accrued and unpaid
      on
      the Securities together with such Additional Interest.  Prior to the
      termination of any such Extension Period, the Company may extend such Extension
      Period and further defer the payment of interest; provided, that (i)
      all such previous and further extensions comprising such Extension Period do
      not
      exceed twenty (20) quarterly interest payment periods, 

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

    (ii)
      no
      Extension Period shall end on a date other than an Interest Payment Date and
      (iii) no Extension Period shall extend beyond the Stated Maturity of the
      principal of the Securities.  Upon the termination of any such
      Extension Period and upon the payment of all accrued and unpaid interest and
      any
      Additional Interest then due on any Interest Payment Date, the Company may
      elect
      to begin a new Extension Period; provided, that (i) such Extension
      Period does not exceed twenty (20) quarterly interest payment periods, (ii)
      no
      Extension Period shall end on a date other than an Interest Payment Date, (iii)
      no Extension Period shall extend beyond the Stated Maturity of the principal
      of
      the Securities and (iv) no Event of Default pursuant to Sections 5.1(c),
(e), (f), (g) or (h) has occurred and is
      continuing.  The Company shall give (i) the Holders of the Securities,
      (ii) the Trustee, (iii) the Property Trustee and (iv) any beneficial owner
      of
      the Preferred Securities reasonably identified to the Company (which
      identification may be made either by such beneficial owner or by the Purchaser)
      written notice of its election to begin any such Extension Period no later
      than
      the close of business on the fifteenth (15th) Business Day prior to the next
      succeeding Interest Payment Date on which interest on the Securities would
      be
      payable but for such deferral.

     

    (b)  In
      connection with any such Extension Period, the Company shall be subject to
      the
      restrictions set forth in Section 10.6(a).

     

    SECTION
      3.10.  Right
      of Set-Off.

     

    Notwithstanding
      anything to the contrary herein, the Company shall have the right to set off
      any
      payment it is otherwise required to make in respect of any Security to the
      extent the Company has theretofore made, or is concurrently on the date of
      such
      payment making, a payment under the Guarantee Agreement relating to such
      Security or to a holder of Preferred Securities pursuant to an action undertaken
      under Section 5.8 of this Indenture.

     

    SECTION
      3.11.  Agreed
      Tax Treatment.

     

    Each
      Security issued hereunder shall provide that the Company and, by its acceptance
      or acquisition of a Security or a beneficial interest therein, the Holder of,
      and any Person that acquires a direct or indirect beneficial interest in, such
      Security, intend and agree to treat such Security as indebtedness of the Company
      for United States Federal, state and local tax purposes and to treat the
      Preferred Securities (including but not limited to all payments and proceeds
      with respect to the Preferred Securities) as an undivided beneficial ownership
      interest in the Trust (and payments and proceeds therefrom, respectively) for
      United States Federal, state and local tax purposes.  The provisions
      of this Indenture shall be interpreted to further this intention and agreement
      of the parties.

     

    SECTION
      3.12.  CUSIP
      Numbers.

     

    The
      Company in issuing the Securities may use “CUSIP” numbers (if then generally in
      use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption
      and other similar or related materials as a convenience to Holders;
provided, that any such notice or other materials may state that no
      representation is made as to the correctness of such numbers either as printed
      on the Securities or as contained in any notice of redemption or other materials
      and that 

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

    reliance
      may be placed only on the other identification numbers printed on the
      Securities, and any such redemption shall not be affected by any defect in
      or
      omission of such numbers.

     

    ARTICLE
      IV

     

    Satisfaction
      and Discharge

     

    SECTION
      4.1.  Satisfaction
      and Discharge of Indenture.

     

    This
      Indenture shall, upon Company Request, cease to be of further effect (except
      as
      to any surviving rights of registration of transfer or exchange of Securities
      herein expressly provided for and as otherwise provided in this Section
      4.1) and the Trustee, on demand of and at the expense of the Company, shall
      execute proper instruments acknowledging satisfaction and discharge of this
      Indenture, when

     

    (a)  either

     

    (i)  all
      Securities theretofore authenticated and delivered (other than (A) Securities
      that have been mutilated, destroyed, lost or stolen and that have been replaced
      or paid as provided in Section 3.6 and (B) Securities for whose payment
      money has theretofore been deposited in trust or segregated and held in trust
      by
      the Company and thereafter repaid to the Company or discharged from such trust
      as provided in Section 10.2) have been delivered to the Trustee for
      cancellation; or

     

    (ii)  all
      such
      Securities not theretofore delivered to the Trustee for
      cancellation

     

    
      	
              (A)  

            	
              have
                become due and payable, or

            

    

     

    
      	
              (B)  

            	
              will
                become due and payable at their Stated Maturity within one year of
                the
                date of deposit, or

            

    

     

    
      	
              (C)  

            	
              are
                to be called for redemption within one year under arrangements
                satisfactory to the Trustee for the giving of notice of redemption
                by the
                Trustee in the name, and at the expense, of the
                Company,

            

    

     

    and
      the
      Company, in the case of subclause (ii)(A), (B) or (C) above, has deposited
      or
      caused to be deposited with the Trustee as trust funds in trust for such purpose
      (x) an amount in the currency or currencies in which the Securities are payable,
      (y) Government Obligations which through the scheduled payment of principal
      and
      interest in respect thereof in accordance with their terms will provide, not
      later than the due date of any payment, money in an amount or (z) a combination
      thereof, in each case sufficient, in the opinion of a nationally recognized
      firm
      of independent public accountants expressed in a written certification thereof
      delivered to the Trustee, to pay and discharge the entire indebtedness on such
      Securities not theretofore delivered to the Trustee for cancellation, for
      principal and any premium and interest (including any Additional Interest)
      to
      the date of such deposit (in the case of Securities that have become due and
      payable) or to the Stated Maturity (or any date of principal repayment upon
      early maturity) or Redemption Date, as the case may be;

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

    (b)  the
      Company has paid or caused to be paid all other sums payable hereunder by the
      Company; and

     

    (c)  the
      Company has delivered to the Trustee 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.

     

    Notwithstanding
      the satisfaction and discharge of this Indenture, the obligations of the Company
      to the Trustee under Section 6.6, the obligations of the Company to any
      Authenticating Agent under Section 6.11 and, if money shall have been
      deposited with the Trustee pursuant to subclause (a)(ii) of this Section
      4.1, the obligations of the Trustee under Section 4.2 and Section
      10.2(e) shall survive.

     

    SECTION
      4.2.  Application
      of Trust Money.

     

    Subject
      to the provisions of Section 10.2(e), all money deposited with the
      Trustee pursuant to Section 4.1 shall be held in trust and applied by the
      Trustee, in accordance with the provisions of the Securities and this Indenture,
      to the payment in accordance with Section 3.1, either directly or through
      any Paying Agent (including the Company acting as its own Paying Agent) as
      the
      Trustee may determine, to the Persons entitled thereto, of the principal and
      any
      premium and interest (including any Additional Interest) for the payment of
      which such money or obligations have been deposited with or received by the
      Trustee.  Moneys held by the Trustee under this Section 4.2
      shall not be subject to the claims of holders of Senior Debt under Article
      XII.

     

    ARTICLE
      V

     

    Remedies

     

    SECTION
      5.1.  Events
      of Default.

     

    “Event
      of Default” means, wherever used herein with respect to the Securities, any
      one of the following events (whatever the reason for such Event of Default
      and
      whether it shall be voluntary or involuntary or be effected by operation of
      law
      or pursuant to any judgment, decree or order of any court or any order, rule
      or
      regulation of any administrative or governmental body):

     

    (a)  default
      in the payment of any interest upon any Security, including any Additional
      Interest in respect thereof, when it becomes due and payable, and continuance
      of
      such default for a period of thirty (30) days (subject to the deferral of any
      due date in the case of an Extension Period); or

     

    (b)  default
      in the payment of the principal of or any premium on any Security at its
      Maturity; or

     

    (c)  default
      in the payment of any interest upon any Security, including any Additional
      Interest in respect thereof, following the nonpayment of any such interest
      for
      twenty (20) or more consecutive quarterly interest payment periods;
      or

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

    (d)  default
      in the performance, or breach, of any covenant or warranty of the Company in
      this Indenture and continuance of such default or breach for a period of thirty
      (30) 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
      at
      least twenty five percent (25%) in aggregate principal amount of the Outstanding
      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)  the
      entry
      by a court having jurisdiction in the premises of  a decree or order
      adjudging the Company a bankrupt or insolvent, or approving as properly filed
      a
      petition seeking reorganization, arrangement, adjustment or composition of
      or in
      respect of the Company under any applicable Federal or state bankruptcy,
      insolvency, reorganization or other similar law, or appointing a custodian,
      receiver, liquidator, assignee, trustee, sequestrator or other similar official
      of the Company or of any substantial part of its property, or ordering the
      winding up or liquidation of its affairs, and the continuance of any such decree
      or order for relief or any such other decree or order unstayed and in effect
      for
      a period of sixty (60) consecutive days; or

     

    (f)  the
      institution by the Company of proceedings to be adjudicated a bankrupt or
      insolvent, or the consent by the Company to the institution of bankruptcy or
      insolvency proceedings against it, or the filing by the Company of a petition
      or
      answer or consent seeking reorganization or relief under any applicable Federal
      or state bankruptcy, insolvency, reorganization or other similar law, or the
      consent by it to the filing of such petition or to the appointment of or taking
      possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator
      or other similar official of the Company or of any substantial part of its
      property, or the making by it of an assignment for the benefit of creditors,
      or
      the admission by it in writing of its inability to pay its debts generally
      as
      they become due and its willingness to be adjudicated a bankrupt or insolvent,
      or the taking of corporate action by the Company in furtherance of any such
      action; or

     

    (g)  either
      (1) a court or administrative or governmental agency or body shall enter a
      decree or order for the appointment of a receiver of a Major Bank Subsidiary
      or
      all or substantially all of its property in any liquidation, insolvency or
      similar proceeding, or (2) a Major Bank 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; or

     

    (h)  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 Securities to holders of the Preferred Securities in
      liquidation of their interests in the Trust, (2) the redemption of all of the
      outstanding Preferred Securities or (3) certain mergers, consolidations or
      amalgamations, each as and to the extent permitted by the Trust
      Agreement.

     

    SECTION
      5.2.  Acceleration
      of Maturity; Rescission and Annulment.

     

    (a)  If
      an
      Event of Default pursuant to Sections 5.1(c), (e), (f),
(g) or (h) occurs and is continuing, then and
      in every such case
      the Trustee or the Holders of not less than twenty five percent (25%) in
      principal amount of the Outstanding Securities may declare the principal amount
      of all the Securities to be due and payable immediately, by a notice in writing
      to the Company (and to the Trustee if given by Holders), provided, that if,
      upon
      an Event of Default 

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

    pursuant
      to Sections 5.1(c), (e), (f), (g) or (h), the
      Trustee or the Holders of not less than twenty five percent (25%) in principal
      amount of the Outstanding Securities fail to declare the principal of all the
      Outstanding Securities to be immediately due and payable, the holders of at
      least twenty five percent (25%) in aggregate Liquidation Amount of the Preferred
      Securities then outstanding shall have the right to make such declaration by
      a
      notice in writing to the Property Trustee, the Company and the Trustee; and
      upon
      any such declaration the principal amount of and the accrued interest (including
      any Additional Interest) on all the Securities shall become immediately due
      and
      payable.

     

    (b)  At
      any
      time after such a declaration of acceleration with respect to the Securities
      has
      been made and before a judgment or decree for payment of the money due has
      been
      obtained by the Trustee as hereinafter provided in this Article V, the
      Holders of a majority in principal amount of the Outstanding Securities, by
      written notice to the Trustee, or the holders of a majority in aggregate
      Liquidation Amount of the Preferred Securities, by written notice to the
      Property Trustee, the Company and the Trustee, may rescind and annul such
      declaration and its consequences if:

     

    (i)  the
      Company has paid or deposited with the Trustee a sum sufficient to
      pay:

     

    
      	
              (A)  

            	
              all
                overdue installments of interest on all
                Securities,

            

    

     

    
      	
              (B)  

            	
              any
                accrued Additional Interest on all
                Securities,

            

    

     

    
      	
              (C)  

            	
              the
                principal of and any premium on any Securities that have become due
                otherwise than by such declaration of acceleration and interest (including
                any Additional Interest) thereon at the rate borne by the Securities,
                and

            

    

     

    
      	
              (D)  

            	
              all
                sums paid or advanced by the Trustee hereunder and the reasonable
                compensation, expenses, disbursements and advances of the Trustee,
                the
                Property Trustee and their agents and counsel;
                and

            

    

     

    (ii)  all
      Events of Default with respect to the Securities, other than the non-payment
      of
      the principal of Securities that has become due solely by such acceleration,
      have been cured or waived as provided in Section 5.13;

     

    provided,
      that if the Holders of such Securities fail to annul such declaration and waive
      such default, the holders of not less than a majority in aggregate Liquidation
      Amount of the Preferred Securities then outstanding shall also have the right
      to
      rescind and annul such declaration and its consequences by written notice to
      the
      Property Trustee, the Company and the Trustee, subject to the satisfaction
      of
      the conditions set forth in paragraph (b) of this Section
      5.2.  No such rescission shall affect any subsequent default or
      impair any right consequent thereon.

     

    SECTION
      5.3.  Collection
      of Indebtedness and Suits for Enforcement by Trustee.

     

    (a)  The
      Company covenants that if:

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

    (i)  default
      is made in the payment of any installment of interest (including any Additional
      Interest) on any Security when such interest becomes due and payable and such
      default continues for a period of thirty (30) days, or

     

    (ii)  default
      is made in the payment of the principal of and any premium on any Security
      at
      the Maturity thereof,

     

    the
      Company will, upon demand of the Trustee, pay to the Trustee, for the benefit
      of
      the Holders of such Securities, the whole amount then due and payable on such
      Securities for principal and any premium and interest (including any Additional
      Interest) and, in addition thereto, all amounts owing the Trustee under
Section 6.6.

     

    (b)  If
      the
      Company fails to pay such amounts forthwith upon such demand, the Trustee,
      in
      its own name and as trustee of an express trust, may institute a judicial
      proceeding for the collection of the sums so due and unpaid, and may prosecute
      such proceeding to judgment or final decree, and may enforce the same against
      the Company or any other obligor upon such Securities and collect the moneys
      adjudged or decreed to be payable in the manner provided by law out of the
      property of the Company or any other obligor upon the Securities, wherever
      situated.

     

    (c)  If
      an
      Event of Default with respect to the Securities occurs and is continuing, the
      Trustee may in its discretion proceed to protect and enforce its rights and
      the
      rights of the Holders of Securities by such appropriate judicial proceedings
      as
      the Trustee shall deem most effectual to protect and enforce any such rights,
      whether for the specific enforcement of any covenant or agreement in this
      Indenture or in aid of the exercise of any power granted herein, or to enforce
      any other proper remedy.

     

    SECTION
      5.4.  Trustee
      May File Proofs of Claim.

     

    In
      case
      of any receivership, insolvency, liquidation, bankruptcy, reorganization,
      arrangement, adjustment, composition or similar judicial proceeding relative
      to
      the Company (or any other obligor upon the Securities), its property or its
      creditors, the Trustee shall be entitled and empowered, by intervention in
      such
      proceeding or otherwise, to take any and all actions authorized hereunder in
      order to have claims of the Holders and the Trustee allowed in any such
      proceeding. In particular, the Trustee shall be authorized to collect and
      receive any moneys or other property payable or deliverable on any such claims
      and to distribute the same; and any custodian, receiver, assignee, trustee,
      liquidator, sequestrator or other similar official in any such judicial
      proceeding is hereby authorized by each Holder 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 Holders, to first pay to the Trustee any amount due
      it
      for the reasonable compensation, expenses, disbursements and advances of the
      Trustee, its agents and counsel, and any other amounts owing the Trustee, any
      predecessor Trustee and other Persons under Section 6.6.

     

    SECTION
      5.5.  Trustee
      May Enforce Claim Without Possession of Securities.

     

    All
      rights of action and claims under this Indenture or the Securities may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Securities or the production thereof in any proceeding relating thereto, and
      any
      such proceeding instituted by the Trustee 

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

    shall
      be
      brought in its own name as trustee of an express trust, and any recovery of
      judgment shall, subject to Article XII and after provision for the
      payment of all the amounts owing the Trustee, any predecessor Trustee and other
      Persons under Section 6.6, be for the ratable benefit of the Holders of
      the Securities in respect of which such judgment has been
      recovered.

     

    SECTION
      5.6.  Application
      of Money Collected.

     

    Any
      money
      or property collected or to be applied by the Trustee with respect to the
      Securities pursuant to this Article V shall be applied in the following
      order, at the date or dates fixed by the Trustee and, in case of the
      distribution of such money or property on account of principal or any premium
      or
      interest (including any Additional Interest), upon presentation of the
      Securities and the notation thereon of the payment if only partially paid and
      upon surrender thereof if fully paid:

     

    FIRST:
      To
      the payment of all amounts due the Trustee, any predecessor Trustee and other
      Persons under Section 6.6;

     

    SECOND:
      To the payment of all Senior Debt of the Company if and to the extent required
      by Article XII.

     

    THIRD:  Subject
      to Article XII, to the payment of the amounts then due and unpaid upon
      the Securities for principal and any premium and interest (including any
      Additional Interest) in respect of which or for the benefit of which such money
      has been collected, ratably, without preference or priority of any kind,
      according to the amounts due and payable on the Securities for principal and
      any
      premium and interest (including any Additional Interest), respectively;
      and

     

    FOURTH:
      The balance, if any, to the Person or Persons entitled thereto.

     

    SECTION
      5.7.  Limitation
      on Suits.

     

    Subject
      to Section 5.8, no Holder of any Securities shall have any right to
      institute any proceeding, judicial or otherwise, with respect to this Indenture
      or for the appointment of a custodian, receiver, assignee, trustee, liquidator,
      sequestrator (or other similar official) or for any other remedy hereunder,
      unless:

     

    (a)  such
      Holder has previously given written notice to the Trustee of a continuing Event
      of Default with respect to the Securities;

     

    (b)  the
      Holders of not less than a majority in aggregate principal amount of the
      Outstanding Securities shall have made written request to the Trustee to
      institute proceedings in respect of such Event of Default in its own name as
      Trustee hereunder;

     

    (c)  such
      Holder or Holders have offered to the Trustee reasonable indemnity against
      the
      costs, expenses and liabilities to be incurred in compliance with such
      request;

     

    (d)  the
      Trustee after its receipt of such notice, request and offer of indemnity has
      failed to institute any such proceeding for sixty (60) days; and

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

    (e)  no
      direction inconsistent with such written request has been given to the Trustee
      during such sixty (60)-day period by the Holders of a majority in aggregate
      principal amount of the Outstanding Securities;

     

    it
      being
      understood and intended that no one or more of such Holders shall have any
      right
      in any manner whatever by virtue of, or by availing itself of, any provision
      of
      this Indenture to affect, disturb or prejudice the rights of any other Holders
      of Securities, or to obtain or to seek to obtain priority or preference over
      any
      other of such Holders or to enforce any right under this Indenture, except
      in
      the manner herein provided and for the equal and ratable benefit of all such
      Holders.

     

    SECTION
      5.8.  Unconditional
      Right of Holders to Receive Principal, Premium and Interest; Direct Action
      by
      Holders of Preferred Securities.

     

    Notwithstanding
      any other provision in this Indenture, the Holder of any Security shall have
      the
      right, which is absolute and unconditional, to receive payment of the principal
      of and any premium on such Security at its Maturity and payment of interest
      (including any Additional Interest) on such Security when due and payable and
      to
      institute suit for the enforcement of any such payment, and such right shall
      not
      be impaired without the consent of such Holder. Any registered holder of the
      Preferred Securities shall have the right, upon the occurrence of an Event
      of
      Default described in Section 5.1(a), Section 5.1(b) or Section
      5.1(c), to institute a suit directly against the Company for enforcement of
      payment to such holder of principal of and any premium and interest (including
      any Additional Interest) on the Securities having a principal amount equal
      to
      the aggregate Liquidation Amount of the Preferred Securities held by such
      holder.

     

    SECTION
      5.9.  Restoration
      of Rights and Remedies.

     

    If
      the
      Trustee, any Holder or any holder of Preferred Securities has instituted any
      proceeding to enforce any right or remedy under this Indenture and such
      proceeding has been discontinued or abandoned for any reason, or has been
      determined adversely to the Trustee, such Holder or such holder of Preferred
      Securities, then and in every such case the Company, the Trustee, such Holder
      and such holder of Preferred Securities shall, subject to any determination
      in
      such proceeding, be restored severally and respectively to their former
      positions hereunder, and thereafter all rights and remedies of the Trustee,
      such
      Holder and such holder of Preferred Securities shall continue as though no
      such
      proceeding had been instituted.

     

    SECTION
      5.10.  Rights
      and Remedies Cumulative.

     

    Except
      as
      otherwise provided in Section 3.6(f), no right or remedy herein conferred
      upon or reserved to the Trustee or the Holders is intended to be exclusive
      of
      any other right or remedy, and every right and remedy shall, to the extent
      permitted by law, be cumulative and in addition to every other right and remedy
      given hereunder or now or hereafter existing at law or in equity or otherwise.
      The assertion or employment of any right or remedy hereunder, or otherwise,
      shall not prevent the concurrent assertion or employment of any other
      appropriate right or remedy.

     

    
      
        
        

      

      
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    SECTION
      5.11.  Delay
      or Omission Not Waiver.

     

    No
      delay
      or omission of the Trustee, any Holder of any Securities or any holder of any
      Preferred Security to exercise any right or remedy accruing upon any Event
      of
      Default shall impair any such right or remedy or constitute a waiver of any
      such
      Event of Default or an acquiescence therein.  Every right and remedy
      given by this Article V or by law to the Trustee or to the Holders and
      the right and remedy given to the holders of Preferred Securities by Section
      5.8 may be exercised from time to time, and as often as may be deemed
      expedient, by the Trustee, the Holders or the holders of Preferred Securities,
      as the case may be.

     

    SECTION
      5.12.  Control
      by Holders.

     

    The
      Holders of not less than a majority in aggregate principal amount of the
      Outstanding Securities (or, as the case may be, the holders of a majority in
      aggregate Liquidation Amount of the Preferred Securities) shall have the right
      to direct the time, method and place of conducting any proceeding for any remedy
      available to the Trustee or exercising any trust or power conferred on the
      Trustee; provided, that:

     

    (a)  such
      direction shall not be in conflict with any rule of law or with this
      Indenture,

     

    (b)  the
      Trustee may take any other action deemed proper by the Trustee that is not
      inconsistent with such direction, and

     

    (c)  subject
      to the provisions of Section 6.2, the Trustee shall have the right to
      decline to follow such direction if a Responsible Officer or Officers of the
      Trustee shall, in good faith, reasonably determine that the proceeding so
      directed would be unjustly prejudicial to the Holders not joining in any such
      direction or would involve the Trustee in personal liability.

     

    SECTION
      5.13.  Waiver
      of Past Defaults.

     

    (a)  The
      Holders of not less than a majority in aggregate principal amount of the
      Outstanding Securities and the holders of not less than a majority in aggregate
      Liquidation Amount of the Preferred Securities may waive any past Event of
      Default hereunder and its consequences except an Event of Default:

     

    (i)  in
      the
      payment of the principal of or any premium or interest (including any Additional
      Interest) on any Security (unless such Event of Default has been cured and
      the
      Company has paid to or deposited with the Trustee a sum sufficient to pay all
      installments of interest (including any Additional Interest) due and past due
      and all principal of and any premium on all Securities due otherwise than by
      acceleration), or

     

    (ii)  in
      respect of a covenant or provision hereof that under Article IX cannot be
      modified or amended without the consent of each Holder of any Outstanding
      Security.

     

    (b)  Any
      such
      waiver shall be deemed to be on behalf of the Holders of all the Securities
      or,
      in the case of a waiver by holders of Preferred Securities issued by such Trust,
      by all holders of Preferred Securities.

     

    
      
        
        

      

      
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    (c)  Upon
      any
      such waiver, such Event of Default shall cease to exist and any Event of Default
      arising therefrom shall be deemed to have been cured for every purpose of this
      Indenture; but no such waiver shall extend to any subsequent or other Event
      of
      Default or impair any right consequent thereon.

     

    SECTION
      5.14.  Undertaking
      for Costs.

     

    All
      parties to this Indenture agree, and each Holder of any Security by his or
      her
      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 5.14 shall not apply to any suit
      instituted by the Trustee, to any suit instituted by any Holder, or group of
      Holders, holding in the aggregate more than ten percent (10%) in aggregate
      principal amount of the Outstanding Securities, or to any suit instituted by
      any
      Holder for the enforcement of the payment of the principal of or any premium
      on
      the Security after the Stated Maturity or any interest (including any Additional
      Interest) on any Security after it is due and payable.

     

    SECTION
      5.15.  Waiver
      of Usury, Stay or Extension Laws.

     

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

     

    ARTICLE
      VI

     

     

    The
      Trustee

     

    SECTION
      6.1.  Corporate
      Trustee Required.

     

    There
      shall at all times be a Trustee hereunder with respect to the
      Securities.  The Trustee shall be a corporation organized and doing
      business under the laws of the United States or of any state thereof, authorized
      to exercise corporate trust powers, having a combined capital and surplus of
      at
      least $50,000,000, subject to supervision or examination by Federal or state
      authority and having an office within the United States. If such corporation
      publishes reports of condition at least annually, pursuant to law or to the
      requirements of such supervising or examining authority, then, for the purposes
      of this Section 6.1, 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 the Trustee
      shall cease to be eligible in 

     

    
      
        
        

      

      
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    accordance
      with the provisions of this Section 6.1, it shall resign immediately in
      the manner and with the effect hereinafter specified in this Article
      VI.

     

    SECTION
      6.2.  Certain
      Duties and Responsibilities.

     

    (a)  Except
      during the continuance of an Event of Default:

     

    (i)  the
      Trustee undertakes to perform such duties and only such duties as are
      specifically set forth in this Indenture, and no implied covenants or
      obligations shall be read into this Indenture against the Trustee;
      and

     

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

     

    (b)  If
      an
      Event of Default known to the Trustee has occurred and is continuing, the
      Trustee shall, prior to the receipt of directions, if any, from the Holders
      of
      at least a majority in aggregate principal amount of the Outstanding Securities
      (or, if applicable, from the holders of a majority in aggregate Liquidation
      Amount of the Preferred Securities), exercise such of the rights and powers
      vested in it by this Indenture, and use the same degree of care and skill in
      its
      exercise, as a prudent person would exercise or use under the circumstances
      in
      the conduct of such person’s own affairs.

     

    (c)  Notwithstanding
      the foregoing, no provision of this Indenture shall require the Trustee to
      expend or risk its own funds or otherwise incur any financial liability in
      the
      performance of any of its duties hereunder, or in the exercise of any of its
      rights or powers, if it shall have reasonable grounds for believing that
      repayment of such funds or adequate indemnity against such risk or liability
      is
      not reasonably assured to it. Whether or not therein expressly so provided,
      every provision of this Indenture relating to the conduct or affecting the
      liability of or affording protection to the Trustee shall be subject to the
      provisions of this Section 6.2.  To the extent that, at law or
      in equity, the Trustee has duties and liabilities relating to the Holders,
      the
      Trustee shall not be liable to any Holder for the Trustee’s good faith reliance
      on the provisions of this Indenture.  The provisions of this
      Indenture, to the extent that they restrict the duties and liabilities of the
      Trustee otherwise existing at law or in equity, are agreed by the Company and
      the Holders to replace such other duties and liabilities of the
      Trustee.

     

    (d)  No
      provisions of this Indenture shall be construed to relieve the Trustee from
      liability with respect to matters that are within the authority of the Trustee
      under this Indenture for its own negligent action, negligent failure to act
      or
      willful misconduct, except that:

     

    (i)  the
      Trustee shall not be liable for any error or judgment made in good faith by
      an
      authorized officer of the Trustee, unless it shall be proved that the Trustee
      was negligent in ascertaining the pertinent facts;

     

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

    

    (ii)  the
      Trustee shall not be liable with respect to any action taken or omitted to
      be
      taken by it in good faith in accordance with the direction of the Holders of
      at
      least a majority in aggregate principal amount of the Outstanding Securities
      (or, if applicable, from the holders of a majority in aggregate Liquidation
      Amount of the Preferred Securities), relating to the time, method and place
      of
      conducting any proceeding for any remedy available to the Trustee under this
      Indenture; and

     

    (iii)  the
      Trustee shall be under no liability for interest on any money received by it
      hereunder and money held by the Trustee in trust hereunder need not be
      segregated from other funds except to the extent required by law.

     

    SECTION
      6.3.  Notice
      of Defaults.

     

    Within
      ninety (90) days after the occurrence of any default actually known to the
      Trustee, the Trustee shall give the Holders notice of such default unless such
      default shall have been cured or waived; provided, that except in the
      case of a default in the payment of the principal of or any premium or interest
      on any Securities, the Trustee shall be fully protected in withholding the
      notice if and so long as the board of directors, the executive committee or
      a
      trust committee of directors and/or Responsible Officers of the Trustee in
      good
      faith determines that withholding the notice is in the interest of holders
      of
      Securities; and provided, further, that in the case of any
      default of the character specified in Section 5.1(d), no such notice to
      Holders shall be given until at least thirty (30) days after the occurrence
      thereof. For the purpose of this Section 6.3, the term “default” means
      any event which is, or after notice or lapse of time or both would become,
      an
      Event of Default.

     

    SECTION
      6.4.  Certain
      Rights of Trustee.

     

    Subject
      to the provisions of Section 6.2:

     

    (a)  the
      Trustee may conclusively rely and shall be fully protected in acting or
      refraining from acting in good faith and in accordance with the terms hereof
      upon any resolution, certificate, statement, instrument, opinion, report,
      notice, request, direction, consent, order, bond, debenture, note or other
      paper
      or document believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties;

     

    (b)  if
      (i) in
      performing its duties under this Indenture the Trustee is required to decide
      between alternative courses of action, (ii) in construing any of the provisions
      of this Indenture the Trustee finds ambiguous or inconsistent with any other
      provisions contained herein or (iii) the Trustee is unsure of the application
      of
      any provision of this Indenture, then, except as to any matter as to which
      the
      Holders are entitled to decide under the terms of this Indenture, the Trustee
      shall deliver a notice to the Company requesting the Company’s written
      instruction as to the course of action to be taken and the Trustee shall take
      such action, or refrain from taking such action, as the Trustee shall be
      instructed in writing to take, or to refrain from taking, by the Company;
provided, that if the Trustee does not receive such instructions from
      the Company within ten Business Days after it has delivered such notice or
      such
      reasonably shorter period of time set forth in such notice the Trustee may,
      but
      shall be under no duty to, take such action, or refrain from taking such action,
      as the Trustee shall deem advisable and in the best interests of 

     

    
      
        
        

      

      
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    the
      Holders, in which event the Trustee shall have no liability except for its
      own
      negligence, bad faith or willful misconduct;

     

    (c)  any
      request or direction of the Company shall be sufficiently evidenced by a Company
      Request or Company Order and any resolution of the Board of Directors may be
      sufficiently evidenced by a Board Resolution;

     

    (d)  the
      Trustee may consult with counsel (which counsel may be counsel to the Trustee,
      the Company or any of its Affiliates, and may include any of its employees)
      and
      the advice of such counsel or any 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 reliance thereon;

     

    (e)  the
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Indenture at the request or direction of any of the Holders
      or any holder of Preferred Securities pursuant to this Indenture, unless such
      Holders (or such holders of Preferred Securities) shall have offered to the
      Trustee security or indemnity reasonably satisfactory to it against the costs,
      expenses (including reasonable attorneys’ fees and expenses) and liabilities
      that might be incurred by it in compliance with such request or direction,
      including reasonable advances as may be requested by the Trustee;

     

    (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, direction, consent, order, bond, indenture, note or other
      paper
      or document, but the Trustee in its discretion may make such inquiry or
      investigation into such facts or matters as it may see fit, and, if the Trustee
      shall determine to make such inquiry or investigation, it shall be entitled
      to
      examine the books, records and premises of the Company, personally or by agent
      or attorney;

     

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

     

    (h)  whenever
      in the administration of this Indenture the Trustee shall deem it desirable
      to
      receive instructions with respect to enforcing any remedy or right or taking
      any
      other action with respect to enforcing any remedy or right hereunder, the
      Trustees (i) may request instructions from the Holders (which instructions
      may
      only be given by the Holders of the same aggregate principal amount of
      Outstanding Securities as would be entitled to direct the Trustee under this
      Indenture in respect of such remedy, right or action), (ii) may refrain from
      enforcing such remedy or right or taking such action until such instructions
      are
      received and (iii) shall be protected in acting in accordance with such
      instructions;

     

    (i)  except
      as
      otherwise expressly provided by this Indenture, the Trustee shall not be under
      any obligation to take any action that is discretionary under the provisions
      of
      this Indenture;

     

    (j)  without
      prejudice to any other rights available to the Trustee under applicable law,
      when the Trustee incurs expenses or renders services in connection with any
      bankruptcy, 

     

    
      
        
        

      

      
        -37-

        
          

        

      

      
        
        

      

    

    insolvency
      or other proceeding referred to in clauses (e) or (f) of the definition of
      Event
      of Default, such expenses (including legal fees and expenses of its agents
      and
      counsel) and the compensation for such services are intended to constitute
      expenses of administration under any bankruptcy laws or law relating to
      creditors rights generally;

     

    (k)  whenever
      in the administration of this Indenture the Trustee shall deem it desirable
      that
      a matter be proved or established prior to taking, suffering or omitting any
      action hereunder, the Trustee (unless other evidence be herein specifically
      prescribed) may, in the absence of bad faith on its part, conclusively rely
      upon
      an Officers’ Certificate addressing such matter, which, upon receipt of such
      request, shall be promptly delivered by the Company;

     

    (l)  the
      Trustee shall not be charged with knowledge of any default or Event of Default
      unless either (i) a Responsible Officer of the Trustee shall have actual
      knowledge or (ii) the Trustee shall have received written notice thereof from
      the Company or a Holder; and

     

    (m)  in
      the
      event that the Trustee is also acting as Paying Agent, Authenticating Agent
      or
      Securities Registrar hereunder, the rights and protections afforded to the
      Trustee pursuant to this Article VI shall also be afforded such Paying
      Agent, Authenticating Agent,  or  Securities
      Registrar.

     

    SECTION
      6.5.  May
      Hold Securities.

     

    The
      Trustee, any Authenticating Agent, any Paying Agent, any Securities Registrar
      or
      any other agent of the Company, in its individual or any other capacity, may
      become the owner or pledgee of Securities and may otherwise deal with the
      Company with the same rights it would have if it were not Trustee,
      Authenticating Agent, Paying Agent, Securities Registrar or such other
      agent.

     

    SECTION
      6.6.  Compensation;
      Reimbursement; Indemnity.

     

    (a)  The
      Company agrees

     

    (i)  to
      pay to
      the Trustee from time to time reasonable compensation for all services rendered
      by it hereunder in such amounts as the Company and the Trustee shall agree
      from
      time to time (which compensation shall not be limited by any provision of law
      in
      regard to the compensation of a trustee of an express trust);

     

    (ii)  to
      reimburse the Trustee upon its request for all reasonable expenses,
      disbursements and advances incurred or made by the Trustee in accordance with
      any provision of this Indenture (including the reasonable compensation and
      the
      expenses and disbursements of its agents and counsel), except any such expense,
      disbursement or advance as may be attributable to its negligence, bad faith
      or
      willful misconduct; and

     

    (iii)  to
      the
      fullest extent permitted by applicable law, to indemnify the Trustee (including
      in its individual capacity) and its Affiliates, and their officers, directors,
      shareholders, agents, representatives and employees for, and to hold them
      harmless against, any loss, damage, liability, tax (other than income, franchise
      or other taxes imposed on amounts paid pursuant to (i) or (ii) hereof), penalty,
      expense or claim of any

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

     kind
      or nature whatsoever incurred without negligence, bad faith or willful
      misconduct on its part arising out of or in connection with the acceptance
      or
      administration of this trust or the performance of the Trustee’s duties
      hereunder, including the advancement of funds to cover the costs and expenses
      of
      defending itself against any claim or liability in connection with the exercise
      or performance of any of its powers or duties hereunder.

     

    (b)  To
      secure
      the Company’s payment obligations in this Section 6.6, the Company
      hereby grants and pledges to the Trustee and the Trustee shall have a lien
      prior
      to the Securities on all money or property held or collected by the Trustee,
      other than money or property held in trust to pay principal and interest on
      particular Securities.  Such lien shall survive the satisfaction and
      discharge of this Indenture or the resignation or removal of the
      Trustee.

     

    (c)  The
      obligations of the Company under this Section 6.6 shall survive the
      satisfaction and discharge of this Indenture and the earlier resignation or
      removal of the Trustee.

     

    (d)  In
      no
      event shall the Trustee be liable for any indirect, special, punitive or
      consequential loss or damage of any kind whatsoever, including, but not limited
      to, lost profits, even if the Trustee has been advised of the likelihood of
      such
      loss or damage and regardless of the form of action.

     

    (e)  In
      no
      event shall the Trustee be liable for any failure or delay in the performance
      of
      its obligations hereunder because of circumstances beyond its control,
      including, but not limited to, acts of God, flood, war (whether declared or
      undeclared), terrorism, fire, riot, embargo, government action, including any
      laws, ordinances, regulations, governmental action or the like which delay,
      restrict or prohibit the providing of the services contemplated by this
      Indenture.

     

    SECTION
      6.7.  Resignation
      and Removal; Appointment of Successor.

     

    (a)  No
      resignation or removal of the Trustee and no appointment of a successor Trustee
      pursuant to this Article VI shall become effective until the acceptance
      of appointment by the successor Trustee under Section 6.8.

     

    (b)  The
      Trustee may resign at any time by giving written notice thereof to the
      Company.

     

    (c)  Unless
      an
      Event of Default shall have occurred and be continuing, the Trustee may be
      removed at any time by the Company by a Board Resolution.  If an Event
      of Default shall have occurred and be continuing, the Trustee may be removed
      by
      Act of the Holders of a majority in aggregate principal amount of the
      Outstanding Securities, delivered to the Trustee and to the
      Company.

     

    (d)  If
      the
      Trustee shall resign, be removed or become incapable of acting, or if a vacancy
      shall occur in the office of Trustee for any reason, at a time when no Event
      of
      Default shall have occurred and be continuing, the Company, by a Board
      Resolution, shall promptly appoint a successor Trustee, and such successor
      Trustee and the retiring Trustee shall comply with the applicable requirements
      of Section 6.8. If the Trustee shall resign, be removed or become
      incapable of acting, or if a vacancy shall occur in the office of Trustee for
      any reason, at 

     

    
      
        
        

      

      
        -39-

        
          

        

      

      
        
        

      

    

    a
      time
      when an Event of Default shall have occurred and be continuing, the Holders,
      by
      Act of the Holders of a majority in aggregate principal amount of the
      Outstanding Securities, shall promptly appoint a successor Trustee, and such
      successor Trustee and the retiring Trustee shall comply with the applicable
      requirements of Section 6.8. If no successor Trustee shall have been so
      appointed by the Company or the Holders and accepted appointment within sixty
      (60) days after the giving of a notice of resignation by the Trustee or the
      removal of the Trustee in the manner required by Section 6.8, any Holder
      who has been a bona fide Holder of a Security for at least six months may,
      on
      behalf of such Holder and all others similarly situated, and any resigning
      Trustee may, at the expense of the Company, petition any court of competent
      jurisdiction for the appointment of a successor Trustee.

     

    (e)  The
      Company shall give notice to all Holders in the manner provided in Section
      1.6 of each resignation and each removal of the Trustee and each appointment
      of a successor Trustee.  Each notice shall include the name of the
      successor Trustee and the address of its Corporate Trust Office.

     

    SECTION
      6.8.  Acceptance
      of Appointment by Successor.

     

    (a)  In
      case
      of the appointment hereunder of a successor Trustee, each successor Trustee
      so
      appointed shall execute, acknowledge and deliver to the Company and to the
      retiring Trustee an instrument accepting such appointment, and thereupon the
      resignation or removal of the retiring Trustee shall become effective and such
      successor Trustee, without any further act, deed or conveyance, shall become
      vested with all the rights, powers, trusts and duties of the retiring Trustee;
      but, on the request of the Company or the successor Trustee, such retiring
      Trustee shall, upon payment of its charges, execute and deliver an instrument
      transferring to such successor Trustee all the rights, powers and trusts of
      the
      retiring Trustee and shall duly assign, transfer and deliver to such successor
      Trustee all property and money held by such retiring Trustee
      hereunder.

     

    (b)  Upon
      request of any such successor Trustee, the Company shall execute any and all
      instruments for more fully and certainly vesting in and confirming to such
      successor Trustee all rights, powers and trusts referred to in paragraph (a)
      of
      this Section 6.8.

     

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

     

    SECTION
      6.9.  Merger,
      Conversion, Consolidation or Succession to Business.

     

    Any
      Person into which the Trustee may be merged or converted or with which it may
      be
      consolidated, or any Person resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any Person succeeding
      to
      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 Person shall be otherwise qualified and eligible
      under this Article VI. In case any Securities shall have been
      authenticated, but not delivered, by the Trustee then in office, any successor
      by merger, conversion or consolidation or as otherwise provided above in this
      Section 6.9 to such authenticating Trustee may adopt such authentication
      and deliver the Securities so authenticated, 

     

    
      
        
        

      

      
        -40-

        
          

        

      

      
        
        

      

    

    and
      in
      case any Securities shall not have been authenticated, any successor to the
      Trustee may authenticate such Securities either in the name of any predecessor
      Trustee or in the name of such successor Trustee, and in all cases the
      certificate of authentication shall have the full force which it is provided
      anywhere in the Securities or in this Indenture that the certificate of the
      Trustee shall have.

     

    SECTION
      6.10.  Not
      Responsible for Recitals or Issuance of Securities.

     

    The
      recitals contained herein and in the Securities, except the Trustee’s
      certificates of authentication, shall be taken as the statements of the Company,
      and neither the Trustee nor any Authenticating Agent assumes any responsibility
      for their correctness. The Trustee makes no representations as to the validity
      or sufficiency of this Indenture or of the Securities. Neither the Trustee
      nor
      any Authenticating Agent shall be accountable for the use or application by
      the
      Company of the Securities or the proceeds thereof.

     

    SECTION
      6.11.  Appointment
      of Authenticating Agent.

     

    (a)  The
      Trustee may appoint an Authenticating Agent or Agents, if so requested by the
      Company, with respect to the Securities, which shall be authorized to act on
      behalf of the Trustee to authenticate Securities issued upon original issue
      and
      upon exchange, registration of transfer or partial redemption thereof or
      pursuant to Section 3.6, and Securities so authenticated shall be
      entitled to the benefits of this Indenture and shall be valid and obligatory
      for
      all purposes as if authenticated by the Trustee hereunder. Wherever reference
      is
      made in this Indenture to the authentication and delivery of Securities by
      the
      Trustee or the Trustee’s certificate of authentication, such reference shall be
      deemed to include authentication and delivery on behalf of the Trustee by an
      Authenticating Agent. Each Authenticating Agent shall be acceptable to the
      Company and shall at all times be a corporation organized and doing business
      under the laws of the United States of America, or of any State or Territory
      thereof or the District of Columbia, authorized under such laws to act as
      Authenticating Agent, having a combined capital and surplus of not less than
      $50,000,000 and subject to supervision or examination by Federal or state
      authority. If such Authenticating Agent publishes reports of condition at least
      annually pursuant to law or to the requirements of said supervising or examining
      authority, then for the purposes of this Section 6.11 the combined
      capital and surplus of such Authenticating Agent 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 6.11, such
      Authenticating Agent shall resign immediately in the manner and with the effect
      specified in this Section 6.11.

     

    (b)  Any
      Person into which an Authenticating Agent may be merged or converted or with
      which it may be consolidated, or any Person resulting from any merger,
      conversion or consolidation to which such Authenticating Agent shall be a party,
      or any Person succeeding to all or substantially all of the corporate trust
      business of an Authenticating Agent shall be the successor Authenticating Agent
      hereunder, provided such Person shall be otherwise eligible under this
Section 6.11, without the execution or filing of any paper or any further
      act on the part of the Trustee or the Authenticating Agent.

     

    
      
        
        

      

      
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    (c)  An
      Authenticating Agent may resign at any time by giving written notice thereof
      to
      the Trustee and to the Company. The Trustee may at any time terminate the agency
      of an Authenticating Agent by giving written notice thereof 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 such
      Authenticating Agent shall cease to be eligible in accordance with the
      provisions of this Section 6.11, the Trustee may appoint a successor
      Authenticating Agent eligible under the provisions of this Section 6.11,
      which shall be acceptable to the Company, and shall give notice of such
      appointment to all Holders. Any successor Authenticating Agent upon acceptance
      of its appointment hereunder shall become vested with all the rights, powers
      and
      duties of its predecessor hereunder, with like effect as if originally named
      as
      an Authenticating Agent.

     

    (d)  The
      Company agrees to pay to each Authenticating Agent from time to time reasonable
      compensation for its services under this Section 6.11 in such amounts as
      the Company and the Authenticating Agent shall agree from time to
      time.

     

    (e)  If
      an
      appointment of an Authenticating Agent is made pursuant to this Section
      6.11, the Securities may have endorsed thereon, in addition to the Trustee’s
      certificate of authentication, an alternative certificate of authentication
      in
      the following form:

     

    This
      represents Securities designated therein and referred to in the within mentioned
      Indenture.

     

    Dated:

     

    WILMINGTON
      TRUST COMPANY, not in its 

    individual
      capacity, but solely as Trustee

     

    

     

    

     

    

     

    Authenticating
      Agent

     

    

     

    

     

    By:

     

    Authorized
      Officer

     

    

    ARTICLE
      VII

     

    Holders’
      Lists and Reports by Trustee and Company

     

    SECTION
      7.1.  Company
      to Furnish Trustee Names and Addresses of Holders.

     

    The
      Company will furnish or cause to be furnished to the Trustee:

     

    (a)  semi-annually,
      on or before June 30 and December 31 of each year, a list, in such form as
      the
      Trustee may reasonably require, of the names and addresses of the Holders as
      of
      a date not more than fifteen (15) days prior to the delivery thereof,
      and

     

    
      
        
        

      

      
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    (b)  at
      such
      other times as the Trustee may request in writing, within thirty (30) days
      after
      the receipt by the Company of any such request, a list of similar form and
      content as of a date not more than fifteen (15) days prior to the time such
      list
      is furnished, in each case to the extent such information is in the possession
      or control of the Company and has not otherwise been received by the Trustee
      in
      its capacity as Securities Registrar.

     

    SECTION
      7.2.  Preservation
      of Information, Communications to Holders.

     

    (a)  The
      Trustee shall preserve, in as current a form as is reasonably practicable,
      the
      names and addresses of Holders contained in the most recent list furnished
      to
      the Trustee as provided in Section 7.1 and the names and addresses of
      Holders received by the Trustee in its capacity as Securities Registrar. The
      Trustee may destroy any list furnished to it as provided in Section 7.1
      upon receipt of a new list so furnished.

     

    (b)  The
      rights of Holders to communicate with other Holders with respect to their rights
      under this Indenture or under the Securities, and the corresponding rights
      and
      privileges of the Trustee, shall be as provided in the Trust Indenture
      Act.

     

    (c)  Every
      Holder of Securities, by receiving and holding the same, agrees with the Company
      and the Trustee that neither the Company nor the Trustee nor any agent of either
      of them shall be held accountable by reason of the disclosure of information
      as
      to the names and addresses of the Holders made pursuant to the Trust Indenture
      Act.

     

    SECTION
      7.3.  Reports
      by Company and Trustee.

     

    (a)  The
      Company shall furnish to the Holders and to prospective purchasers of
      Securities, upon their request, the information required to be furnished
      pursuant to Rule 144A(d)(4) under the Securities Act.  The Company
      shall furnish to the Trustee and, so long as the Property Trustee holds any
      of
      the Securities, the Company shall furnish to the Property Trustee, (i) reports
      on  Federal Reserve form FR Y-9C, FR Y-9LP and FR Y-6 promptly
      following their filing with the Federal Reserve, or (ii) if at such time the
      Company is no longer required to file the reports set forth in (i) above, such
      other similar reports as the Company may be required to file at such time with
      the Company’s primary federal banking regulator promptly following their filing
      with such banking regulator.

     

    (b)  The
      Company shall furnish to (i) the Holders and to subsequent holders of
      Securities, (ii) the Purchaser, (iii) any beneficial owner of the Securities
      reasonably identified to the Company (which identification may be made either
      by
      such beneficial owner or by the Purchaser) and (iv) any designee of (i), (ii)
      or
      (iii) above, a duly completed and executed certificate in the form attached
      hereto as Exhibit B, including the financial statements referenced in
      such Exhibit, which certificate and financial statements shall be so furnished
      by the Company not later than forty five (45) days after the end of each of
      the
      first three fiscal quarters of each fiscal year of the Company and not later
      than ninety (90) days after the end of each fiscal year of the
      Company.

     

    (c)           The
      Trustee shall receive all reports, certificates and information, which it is
      entitled to receive under each of the Operative Documents (as defined in the
      Trust Agreement), 

     

    
      
        
        

      

      
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    and
      deliver to the Purchaser or its designee, as identified in writing to the
      Trustee, all such reports, certificates or information promptly upon receipt
      thereof.

     

    ARTICLE
      VIII

     

    Consolidation,
      Merger, Conveyance, Transfer or Lease

     

    SECTION
      8.1.  Company
      May Consolidate, Etc., Only on Certain Terms.

     

    The
      Company shall not consolidate with or merge into any other Person or convey,
      transfer or lease its properties and assets substantially as an entirety to
      any
      Person, and no Person shall consolidate with or merge into the Company or
      convey, transfer or lease its properties and assets substantially as an entirety
      to the Company, unless:

     

    (a)  if
      the
      Company shall consolidate with or merge into another Person or convey, transfer
      or lease its properties and assets substantially as an entirety to any Person,
      the entity formed by such consolidation or into which the Company is merged
      or
      the Person that acquires by conveyance or transfer, or that leases, the
      properties and assets of the Company substantially as an entirety shall be
      an
      entity organized and existing under the laws of the United States of America
      or
      any State or Territory thereof or the District of Columbia and shall expressly
      assume, by an indenture supplemental hereto, executed and delivered to the
      Trustee, in form reasonably satisfactory to the Trustee, the due and punctual
      payment of the principal of and any premium and interest (including any
      Additional Interest) on all the Securities and the performance of every covenant
      of this Indenture on the part of the Company to be performed or
      observed;

     

    (b)  immediately
      after giving effect to such transaction, no Event of Default, and no event
      that,
      after notice or lapse of time, or both, would constitute an Event of Default,
      shall have happened and be continuing; and

     

    (c)  the
      Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
      Counsel, each stating that such consolidation, merger, conveyance, transfer
      or
      lease and, if a supplemental indenture is required in connection with such
      transaction, any such supplemental indenture comply with this Article
      VIII and that all conditions precedent herein provided for relating to such
      transaction have been complied with; and the Trustee may rely upon such
      Officers’ Certificate and Opinion of Counsel as conclusive evidence that such
      transaction complies with this Section 8.1.

     

    SECTION
      8.2.  Successor
      Company Substituted.

     

    (a)  Upon
      any
      consolidation or merger by the Company with or into any other Person, or any
      conveyance, transfer or lease by the Company of its properties and assets
      substantially as an entirety to any Person in accordance with Section 8.1
      and the execution and delivery to the Trustee of the supplemental indenture
      described in Section 8.1(a), the successor entity formed by such
      consolidation or into which the Company is merged or to which such conveyance,
      transfer or lease is made shall succeed to, and be substituted for, and may
      exercise every right and power of, the Company under this Indenture with the
      same effect as if such successor Person had been named as the Company herein;
      and in the event of any such conveyance or transfer, following 

     

    
      
        
        

      

      
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    the
      execution and delivery of such supplemental indenture, the Company shall be
      discharged from all obligations and covenants under the Indenture and the
      Securities.

     

    (b)  Such
      successor Person may cause to be executed, and may issue either in its own
      name
      or in the name of the Company, any or all of the Securities issuable hereunder
      that theretofore shall not have been signed by the Company and delivered to
      the
      Trustee; and, upon the order of such successor Person instead of the Company
      and
      subject to all the terms, conditions and limitations in this Indenture
      prescribed, the Trustee shall authenticate and shall deliver any Securities
      that
      previously shall have been signed and delivered by the officers of the Company
      to the Trustee for authentication, and any Securities that such successor Person
      thereafter shall cause to be executed and delivered to the Trustee on its
      behalf. All the Securities so issued shall in all respects have the same legal
      rank and benefit under this Indenture as the Securities theretofore or
      thereafter issued in accordance with the terms of this Indenture.

     

    (c)  In
      case
      of any such consolidation, merger, sale, conveyance or lease, such changes
      in
      phraseology and form may be made in the Securities thereafter to be issued
      as
      may be appropriate to reflect such occurrence.

     

    ARTICLE
      IX

     

    Supplemental
      Indentures

     

    SECTION
      9.1.  Supplemental
      Indentures without Consent of Holders.

     

    Without
      the consent of any Holders, the Company, when authorized by a Board Resolution,
      and the Trustee, at any time and from time to time, may enter into one or more
      indentures supplemental hereto, in form reasonably satisfactory to the Trustee,
      for any of the following purposes:

     

    (a)  to
      evidence the succession of another Person to the Company, and the assumption
      by
      any such successor of the covenants of the Company herein and in the Securities;
      or

     

    (b)  to
      cure
      any ambiguity, to correct or supplement any provision herein that may be
      defective or inconsistent with any other provision herein, or to make or amend
      any other provisions with respect to matters or questions arising under this
      Indenture, which shall not be inconsistent with the other provisions of this
      Indenture, provided, that such action pursuant to this clause (b) shall
      not adversely affect in any material respect the interests of any Holders or
      the
      holders of the Preferred Securities; or

     

    (c)  to
      add to
      the covenants, restrictions or obligations of the Company or to add to the
      Events of Default, provided, that such action pursuant to this clause
      (c) shall not adversely affect in any material respect the interests of any
      Holders or the holders of the Preferred Securities; or

     

    (d)  to
      modify, eliminate or add to any provisions of the Indenture or the Securities
      to
      such extent as shall be necessary to ensure that the Securities are treated
      as
      indebtedness of the Company for United States Federal income tax purposes,
      provided, that such action pursuant to this clause (d) shall not
      adversely affect in any material respect the interests of any Holders or the
      holders of the Preferred Securities.

     

    
      
        
        

      

      
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    SECTION
      9.2.  Supplemental
      Indentures with Consent of Holders.

     

    (a)  With
      the
      consent of the Holders of not less than a majority in aggregate principal amount
      of the Outstanding Securities, by Act of said Holders delivered to the Company
      and the Trustee, the Company, when authorized by a Board Resolution, and the
      Trustee may enter into an indenture or indentures supplemental hereto for the
      purpose of adding any provisions to or changing in any manner or eliminating
      any
      of the provisions of this Indenture or of modifying in any manner the rights
      of
      the Holders of Securities under this Indenture; provided, that no such
      supplemental indenture shall, without the consent of the Holder of each
      Outstanding Security,

     

    (i)  change
      the Stated Maturity of the principal or any premium of any Security or change
      the date of payment of any installment of interest (including any Additional
      Interest) on any Security, or reduce the principal amount thereof or the rate
      of
      interest thereon or any premium payable upon the redemption thereof or change
      the place of payment where, or the coin or currency in which, any Security
      or
      interest thereon is payable, or restrict or impair the right to institute suit
      for the enforcement of any such payment on or after such date, or

     

    (ii)  reduce
      the percentage in aggregate principal amount of the Outstanding Securities,
      the
      consent of whose Holders is required for any such supplemental indenture, or
      the
      consent of whose Holders is required for any waiver of compliance with any
      provision of this Indenture or of defaults hereunder and their consequences
      provided for in this Indenture, or

     

    (iii)  modify
      any of the provisions of this Section 9.2, Section 5.13 or
Section 10.7, except to increase any percentage in aggregate principal
      amount of the Outstanding Securities, the consent of whose Holders is required
      for any reason, or to provide that certain other provisions of this Indenture
      cannot be modified or waived without the consent of the Holder of each
      Security;

     

    provided,
      further, that, so long as any Preferred Securities remain outstanding, no
      amendment under this Section 9.2 shall be effective until the holders of
      a majority in Liquidation Amount of the Trust Securities shall have consented
      to
      such amendment; provided, further, that if the consent of the Holder of
      each Outstanding Security is required for any amendment under this Indenture,
      such amendment shall not be effective until the holder of each outstanding
      Trust
      Security shall have consented to such amendment.

     

    (b)  It
      shall
      not be necessary for any Act of Holders under this Section 9.2 to approve
      the particular form of any proposed supplemental indenture, but it shall be
      sufficient if such Act shall approve the substance thereof.

     

    SECTION
      9.3.  Execution
      of Supplemental Indentures.

     

    In
      executing or accepting the additional trusts created by any supplemental
      indenture permitted by this Article IX or the modifications thereby of
      the trusts created by this Indenture, the Trustee shall be entitled to receive,
      and shall be fully protected in conclusively relying upon, an Officers’
Certificate and an Opinion of Counsel stating that the execution of such
      supplemental indenture is authorized or permitted by this Indenture, and that
      all conditions 

     

    
      
        
        

      

      
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    precedent
      herein provided for relating to such action have been complied with. The Trustee
      may, but shall not be obligated to, enter into any such supplemental indenture
      that affects the Trustee’s own rights, duties, indemnities or immunities under
      this Indenture or otherwise.  Copies of the final form of each
      supplemental indenture shall be delivered by the Trustee at the expense of
      the
      Company to each Holder, and, if the Trustee is the Property Trustee, to each
      holder of Preferred Securities, promptly after the execution
      thereof.

     

    SECTION
      9.4.  Effect
      of Supplemental Indentures.

     

    Upon
      the
      execution of any supplemental indenture under this Article IX, this
      Indenture shall be modified in accordance therewith, and such supplemental
      indenture shall form a part of this Indenture for all purposes; and every Holder
      of Securities theretofore or thereafter authenticated and delivered hereunder
      shall be bound thereby.

     

    SECTION
      9.5.  Reference
      in Securities to Supplemental Indentures.

     

    Securities
      authenticated and delivered after the execution of any supplemental indenture
      pursuant to this Article IX may, and shall if required by
      the Company, bear a notation in form approved by the Company as to any matter
      provided for in such supplemental indenture. If the Company shall so determine,
      new Securities so modified as to conform, in the opinion of the Company, to
      any
      such supplemental indenture may be prepared and executed by the Company and
      authenticated and delivered by the Trustee in exchange for Outstanding
      Securities.

     

    ARTICLE
      X

     

    Covenants

     

    SECTION
      10.1.  Payment
      of Principal, Premium and Interest.

     

    The
      Company covenants and agrees for the benefit of the Holders of the Securities
      that it will duly and punctually pay the principal of and any premium and
      interest (including any Additional Interest) on the Securities in accordance
      with the terms of the Securities and this Indenture.

     

    SECTION
      10.2.  Money
      for Security Payments to be Held in Trust.

     

    (a)  If
      the
      Company shall at any time act as its own Paying Agent with respect to the
      Securities, it will, on or before each due date of the principal of and any
      premium or interest (including any Additional Interest) on the Securities,
      segregate and hold in trust for the benefit of the Persons entitled thereto
      a
      sum sufficient to pay the principal and any premium or interest (including
      Additional Interest) so becoming due until such sums shall be paid to such
      Persons or otherwise disposed of as herein provided, and will promptly notify
      the Trustee in writing of its failure so to act.

     

    (b)  Whenever
      the Company shall have one or more Paying Agents, it will, prior to 10:00 a.m.,
      New York City time, on each due date of the principal of or any premium or
      interest (including any Additional Interest) on any Securities, deposit with
      a
      Paying Agent a sum sufficient to pay such amount, such sum to be held as
      provided in the Trust Indenture Act and 

     

    
      
        
        

      

      
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    (unless
      such Paying Agent is the Trustee) the Company will promptly notify the Trustee
      of its failure so to act.

     

    (c)  The
      Company will cause each Paying Agent for the Securities other than the Trustee
      to execute and deliver to the Trustee an instrument in which such Paying Agent
      shall agree with the Trustee, subject to the provisions of this Section
      10.2, that such Paying Agent will (i) comply with the provisions of this
      Indenture and the Trust Indenture Act applicable to it as a Paying Agent and
      (ii) during the continuance of any default by the Company (or any other obligor
      upon the Securities) in the making of any payment in respect of the Securities,
      upon the written request of the Trustee, forthwith pay to the Trustee all sums
      held in trust by such Paying Agent for payment in respect of the
      Securities.

     

    (d)  The
      Company may at any time, for the purpose of obtaining the satisfaction and
      discharge of this Indenture or for any other purpose, pay, or by Company Order
      direct any Paying Agent to pay, to the Trustee all sums held in trust by the
      Company or such Paying Agent, such sums to be held by the Trustee upon the
      same
      terms as those upon which such sums were held by the Company or such Paying
      Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
      Agent shall be released from all further liability with respect to such
      money.

     

    (e)  Any
      money
      deposited with the Trustee or any Paying Agent, or then held by the Company
      in
      trust for the payment of the principal of and any premium or interest (including
      any Additional Interest) on any Security and remaining unclaimed for two years
      after such principal and any premium or interest has become due and payable
      shall (unless otherwise required by mandatory provision of applicable escheat
      or
      abandoned or unclaimed property law) be paid on Company Request to the Company,
      or (if then held by the Company) shall (unless otherwise required by mandatory
      provision of applicable escheat or abandoned or unclaimed property law) be
      discharged from such trust; and the Holder of such Security shall thereafter,
      as
      an unsecured general creditor, look only to the Company for payment thereof,
      and
      all liability of the Trustee or such Paying Agent with respect to such trust
      money, and all liability of the Company as trustee thereof, shall thereupon
      cease; provided, that the Trustee or such Paying Agent, before being
      required to make any such repayment, may at the expense of the Company cause
      to
      be published once, in a newspaper published in the English language, customarily
      published on each Business Day and of general circulation in the Borough of
      Manhattan, The City of New York, notice that such money remains unclaimed and
      that, after a date specified therein, which shall not be less than thirty (30)
      days from the date of such publication, any unclaimed balance of such money
      then
      remaining will be repaid to the Company.

     

    SECTION
      10.3.  Statement
      as to Compliance.

     

    The
      Company shall deliver to the Trustee, within one hundred and twenty (120) days
      after the end of each fiscal year of the Company ending after the date hereof,
      an Officers’ Certificate (substantially in the form attached hereto as
Exhibit C) covering the preceding fiscal year, stating whether or not to
      the knowledge of the signers thereof the Company is in default in the
      performance or observance of any of the terms, provisions and conditions of
      this
      Indenture (without regard to any period of grace or requirement of notice
      provided hereunder), and if the

     

    
      
        
        

      

      
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     Company
      shall be in default, specifying all such defaults and the nature and status
      thereof of which they may have knowledge.

     

    SECTION
      10.4.  Calculation
      Agent.

     

    (a)  The
      Company hereby agrees that for so long as any of the Securities remain
      Outstanding, there will at all times be an agent appointed to calculate LIBOR
      in
      respect of each Interest Payment Date in accordance with the terms of
Schedule A (the “Calculation Agent”).  The Company has
      initially appointed the Property Trustee as Calculation Agent for purposes
      of
      determining LIBOR for each Interest Payment Date.  The Calculation
      Agent may be removed by the Company at any time.  Except as described
      in the immediately preceding sentence, so long as the Property Trustee holds
      any
      of the Securities, the Calculation Agent shall be the Property
      Trustee.   If the Calculation Agent is unable or unwilling to act
      as such or is removed by the Company, the Company will promptly appoint as
      a
      replacement Calculation Agent the London office of a leading bank which is
      engaged in transactions in three-month U.S. Dollar deposits in Europe and which
      does not control or is not controlled by or under common control with the
      Company or its Affiliates.  The Calculation Agent may not resign its
      duties without a successor having been duly appointed.

     

    (b)  The
      Calculation Agent shall be required to agree that, as soon as possible after
      11:00 a.m. (London time) on each LIBOR Determination Date (as defined in
Schedule A), but in no event later than 11:00 a.m. (London time) on the
      Business Day immediately following each LIBOR Determination Date, the
      Calculation Agent will calculate the interest rate and dollar amount (rounded
      to
      the nearest cent, with half a cent being rounded upwards) for the related
      Interest Payment Date, and will communicate such rate and amount to the Company,
      the Trustee, each Paying Agent and the Depositary. The Calculation Agent will
      also specify to the Company the quotations upon which the foregoing rates and
      amounts are based and, in any event, the Calculation Agent shall notify the
      Company before 5:00 p.m. (London time) on each LIBOR Determination Date that
      either:  (i) it has determined or is in the process of determining the
      foregoing rates and amounts or (ii) it has not determined and is not in the
      process of determining the foregoing rates and amounts, together with its
      reasons therefor.  The Calculation Agent’s determination of the
      foregoing rates and amounts for any Interest Payment Date will (in the absence
      of manifest error) be final and binding upon all parties.  For the
      sole purpose of calculating the interest rate for the Securities, “Business Day”
shall be defined as any day on which dealings in deposits in Dollars are
      transacted in the London interbank market.

     

    SECTION
      10.5.  Additional
      Tax Sums.

     

    If
      (a)
      the Trust is the Holder of all of the Outstanding Securities and (b) a Tax
      Event
      described in clause (i) or (iii) in the definition of Tax Event in Section
      1.1 hereof has occurred and is continuing, the Company shall pay to the
      Trust (and its permitted successors or assigns under the related Trust
      Agreement) for so long as the Trust (or its permitted successor or assignee)
      is
      the registered holder of the Outstanding Securities, such amounts as may be
      necessary in order that the amount of Distributions (including any Additional
      Interest Amount (as defined in the Trust Agreement)) then due and payable by
      the
      Trust on the Preferred Securities and Common Securities that at any time remain
      outstanding in accordance with the terms thereof shall not be reduced as a
      result of any Additional Taxes arising from such Tax 

     

    
      
        
        

      

      
        -49-

        
          

        

      

      
        
        

      

    

    Event
      (additional such amounts payable by the Company to the Trust, the
“Additional Tax Sums”). Whenever in this Indenture or the Securities
      there is a reference in any context to the payment of principal of or interest
      on the Securities, such mention shall be deemed to include mention of the
      payments of the Additional Tax Sums provided for in this Section 10.5 to
      the extent that, in such context, Additional Tax Sums are, were or would be
      payable in respect thereof pursuant to the provisions of this Section
      10.5 and express mention of the payment of Additional Tax Sums (if
      applicable) in any provisions hereof shall not be construed as excluding
      Additional Tax Sums in those provisions hereof where such express mention is
      not
      made; provided, that the deferral of the payment of interest pursuant
      to Section 3.9 on the Securities shall not defer the payment of any
      Additional Tax Sums that may be due and payable.

     

    SECTION
      10.6.  Additional
      Covenants.

     

    (a)  The
      Company covenants and agrees with each Holder of Securities that if an Event
      of
      Default shall have occurred and be continuing or the Company shall have given
      notice of its election to begin an Extension Period with respect to the
      Securities and shall not have rescinded such notice, or such Extension Period,
      or any extension thereof, shall be continuing, it shall 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 Equity Interests, (ii)
      vote in favor of or permit or otherwise allow any of its Subsidiaries to declare
      or pay any dividends or distributions on, or redeem, purchase, acquire or make
      a
      liquidation payment with respect to or otherwise retire, any of such
      Subsidiary’s Equity Interests entitling the holders thereof to a stated rate of
      return, other than dividends or distributions on Equity Interests issued by
      any
      Subsidiary solely payable to the Company or any Subsidiary thereof (for the
      avoidance of doubt, whether such Equity Interests are perpetual or otherwise),
      or (iii) make any payment of principal of or any interest or premium 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 Securities
      (other than (A) repurchases, redemptions or other acquisitions of Equity
      Interests of the Company in connection with any employment contract, benefit
      plan or other similar arrangement with or for the benefit of any one or more
      employees, officers, directors or consultants, in connection with a dividend
      reinvestment or stockholder stock purchase or similar plan with respect to
      any
      Equity Interests or in connection with the issuance of Equity Interests of
      the
      Company (or securities convertible into or exercisable for such Equity
      Interests) as consideration in an acquisition transaction entered into prior
      to
      the applicable Event of Default or Extension Period, (B) as a result of an
      exchange or conversion of any class or series of the Company’s Equity Interests
      (or any Equity Interests of a Subsidiary of the Company) for any class or series
      of the Company’s Equity Interests or of any class or series of the Company’s
      indebtedness for any class or series of the Company’s Equity Interests, (C) the
      purchase of fractional interests in Equity Interests of the Company pursuant
      to
      the conversion or exchange provisions of such Equity Interests or the security
      being converted or exchanged, (D) any declaration of a dividend in connection
      with any Rights Plan, the issuance of rights, Equity Interests or other property
      under any Rights Plan or the redemption or repurchase of rights pursuant
      thereto, or (E) any dividend in the form of Equity Interests, warrants, options
      or other rights where the dividend Equity Interests or the Equity Interests
      issuable upon exercise of such warrants, options or other rights are the same
      Equity Interests as those on which the dividend is being paid or rank pari
      passu with or junior to such Equity Interests).

     

    
      
        
        

      

      
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    (b)  The
      Company also covenants with each Holder of Securities (i) to hold, directly
      or
      indirectly, one hundred percent (100%) of the Common Securities of the Trust,
      provided, that any permitted successor of the Company hereunder may
      succeed to the Company’s ownership of such Common Securities, (ii) as holder of
      such Common Securities, not to voluntarily dissolve, wind-up or liquidate the
      Trust other than (A) in connection with a distribution of the Securities to
      the
      holders of the Preferred Securities in liquidation of the Trust or (B) in
      connection with certain mergers, consolidations or amalgamations permitted
      by
      the Trust Agreement and (iii) to use its reasonable commercial efforts,
      consistent with the terms and provisions of the Trust Agreement, to cause the
      Trust to continue to be taxable as a grantor trust and not as a corporation
      for
      United States Federal income tax purposes.

     

    SECTION
      10.7.  Waiver
      of Covenants.

     

    The
      Company may omit in any particular instance to comply with any covenant or
      condition contained in Section 10.6 if, before or after the time for such
      compliance, the Holders of at least a majority in aggregate principal amount
      of
      the Outstanding Securities shall, by Act of such Holders, and at least a
      majority of the aggregate Liquidation Amount of the Preferred Securities then
      outstanding, by consent of such holders, either waive such compliance in such
      instance or generally waive compliance with such covenant or condition, but
      no
      such waiver shall extend to or affect such covenant or condition except to
      the
      extent so expressly waived, and, until such waiver shall become effective,
      the
      obligations of the Company in respect of any such covenant or condition shall
      remain in full force and effect.

     

    SECTION
      10.8.  Treatment
      of Securities.

     

    The
      Company will treat the Securities as indebtedness, and the amounts (other than
      payments of principal) payable in respect of the principal amount of such
      Securities as interest, for all U.S. federal income tax purposes.  All
      payments in respect of the Securities will be made free and clear of U.S.
      withholding tax to any beneficial owner thereof that has provided an Internal
      Revenue Service Form W-9 or W-8BEN (or any substitute or successor form)
      establishing its U.S. or non-U.S. status for U.S. federal income tax
      purposes.

     

    ARTICLE
      XI

     

    Redemption
      of Securities

     

    SECTION
      11.1.  Optional
      Redemption.

     

    The
      Company may, at its option, on any Interest Payment Date, on or after October
      30, 2012, redeem the Securities in whole at any time or in part from time to
      time, at a Redemption Price equal to one hundred percent (100%) of the principal
      amount thereof (or of the redeemed portion thereof, as applicable), together,
      in
      the case of any such redemption, with accrued interest, including any Additional
      Interest, to but excluding the date fixed for redemption; provided,
      that the Company shall have received the prior approval of the Federal Reserve
      with respect to such redemption if then required.

     

    
      
        
        

      

      
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    SECTION
      11.2.  Special
      Event Redemption.

     

    Upon
      the
      occurrence and during the continuation of a Special Event, the Company may,
      at
      its option, redeem the Securities, in whole but not in part, at a redemption
      price equal to one hundred three and one half (103.50%) percent of the principal
      amount thereof, if the redemption occurs prior to October 30, 2008, and
      thereafter at a redemption price equal to the percentage of the principal amount
      of the Securities that is specified below, together, in the case of any such
      redemption, with accrued interest, including any Additional Interest, to but
      excluding the date fixed for redemption (the “Special Event Redemption
      Price”):

     

    
      	
              
                Special
                  Event Redemption During

              

              
                the
                  12-Month Period Beginning October 30,

                 

              

            	
              
                Percentage
                  of Principal Amount

                 

              

            
	
              2008

            	
              102.80%

            
	
              2009

            	
              102.10%

            
	
              2010

            	
              101.40%

            
	
              2011

            	
              100.70%

            
	
              2012
                and thereafter

            	
              100.00%

            
	 	 

    

    ;
      provided, that the Company shall have received the prior approval of
      the Federal Reserve with respect to such redemption if then
      required.

     

    SECTION
      11.3.  Election
      to Redeem; Notice to Trustee.

     

    The
      election of the Company to redeem any Securities, in whole or in part, shall
      be
      evidenced by or pursuant to a Board Resolution.  In case of any
      redemption at the election of the Company, the Company shall, not less than
      thirty (30) days and not more than sixty (60) days prior to the Redemption
      Date
      (unless a shorter notice shall be satisfactory to the Trustee), notify the
      Trustee and the Property Trustee under the Trust Agreement in writing of such
      date and of the principal amount of the Securities to be redeemed and provide
      the additional information required to be included in the notice or notices
      contemplated by Section 11.5. In the case of any redemption of
      Securities, in whole or in part, (a) prior to the expiration of any restriction
      on such redemption provided in this Indenture or the Securities or (b) pursuant
      to an election of the Company which is subject to a condition specified in
      this
      Indenture or the Securities, the Company shall furnish the Trustee with an
      Officers’ Certificate and an Opinion of Counsel evidencing compliance with such
      restriction or condition.

     

    SECTION
      11.4.  Selection
      of Securities to be Redeemed.

     

    (a)  If
      less
      than all the Securities are to be redeemed, the particular Securities to be
      redeemed shall be selected and redeemed on a pro rata basis not more than sixty
      (60) days prior to the Redemption Date by the Trustee from the Outstanding
      Securities not previously called for redemption, provided, that the
      unredeemed portion of the principal amount of any Security shall be in an
      authorized denomination (which shall not be less than the minimum authorized
      denomination) for such Security.

     

    
      
        
        

      

      
        -52-

        
          

        

      

      
        
        

      

    

    (b)  The
      Trustee shall promptly notify the Company in writing of the Securities selected
      for redemption and, in the case of any Securities selected for partial
      redemption, the principal amount thereof to be redeemed. For all purposes of
      this Indenture, unless the context otherwise requires, all provisions relating
      to the redemption of Securities shall relate, in the case of any Security
      redeemed or to be redeemed only in part, to the portion of the principal amount
      of such Security that has been or is to be redeemed.

     

    (c)  The
      provisions of paragraphs (a) and (b) of this Section 11.4 shall not apply
      with respect to any redemption affecting only a single Security, whether such
      Security is to be redeemed in whole or in part. In the case of any such
      redemption in part, the unredeemed portion of the principal amount of the
      Security shall be in an authorized denomination (which shall not be less than
      the minimum authorized denomination) for such Security.

     

    SECTION
      11.5.  Notice
      of Redemption.

     

    (a)  Notice
      of
      redemption shall be given not later than the thirtieth (30th) day, and not
      earlier than the sixtieth (60th) day, prior to the Redemption Date to each
      Holder of Securities to be redeemed, in whole or in part (unless a shorter
      notice shall be satisfactory to the Property Trustee under the related Trust
      Agreement).

     

    (b)  With
      respect to Securities to be redeemed, in whole or in part, each notice of
      redemption shall state:

     

    (i)  the
      Redemption Date;

     

    (ii)  the
      Redemption Price or, if the Redemption Price cannot be calculated prior to
      the
      time the notice is required to be sent, the estimate of the Redemption Price,
      as
      calculated by the Company, together with a statement that it is an estimate
      and
      that the actual Redemption Price will be calculated on the fifth Business Day
      prior to the Redemption Date (and if an estimate is provided, a further notice
      shall be sent of the actual Redemption Price on the date that such Redemption
      Price is calculated);

     

    (iii)  if
      less
      than all Outstanding Securities are to be redeemed, the identification (and,
      in
      the case of partial redemption, the respective principal amounts) of the
      particular Securities to be redeemed;

     

    (iv)  that
      on
      the Redemption Date, the Redemption Price will become due and payable upon
      each
      such Security or portion thereof, and that any interest (including any
      Additional Interest) on such Security or such portion, as the case may be,
      shall
      cease to accrue on and after said date; and

     

    (v)  the
      place
      or places where such Securities are to be surrendered for payment of the
      Redemption Price.

     

    (c)  Notice
      of
      redemption of Securities to be redeemed, in whole or in part, at the election
      of
      the Company shall be given by the Company or, at the Company’s request, by the
      Trustee in the name and at the expense of the Company and shall be irrevocable.
      The notice if mailed in the manner provided above shall be conclusively presumed
      to have been duly given, 

     

    
      
        
        

      

      
        -53-

        
          

        

      

      
        
        

      

    

    whether
      or not the Holder receives such notice. In any case, a failure to give such
      notice by mail or any defect in the notice to the Holder of any Security
      designated for redemption as a whole or in part shall not affect the validity
      of
      the proceedings for the redemption of any other Security.

     

    SECTION
      11.6.  Deposit
      of Redemption Price.

     

    Prior
      to
      10:00 a.m., New York City time, on the Redemption Date specified in the notice
      of redemption given as provided in Section 11.5, the Company will deposit
      with the Trustee or with one or more Paying Agents (or if the Company is acting
      as its own Paying Agent, the Company will segregate and hold in trust as
      provided in Section 10.2) an amount of money sufficient to pay the
      Redemption Price of, and any accrued interest (including any Additional
      Interest) on, all the Securities (or portions thereof) that are to be redeemed
      on that date.

     

    SECTION
      11.7.  Payment
      of Securities Called for Redemption.

     

    (a)  If
      any
      notice of redemption has been given as provided in Section 11.5, the
      Securities or portion of Securities with respect to which such notice has been
      given shall become due and payable on the date and at the place or places stated
      in such notice at the applicable Redemption Price, together with accrued
      interest (including any Additional Interest) to the Redemption Date. On
      presentation and surrender of such Securities at a Place of Payment specified
      in
      such notice, the Securities or the specified portions thereof shall be paid
      and
      redeemed by the Company at the applicable Redemption Price, together with
      accrued interest (including any Additional Interest) to the Redemption
      Date.

     

    (b)  Upon
      presentation of any Security redeemed in part only, the Company shall execute
      and upon receipt thereof the Trustee shall authenticate and deliver to the
      Holder thereof, at the expense of the Company, a new Security or Securities,
      of
      authorized denominations, in aggregate principal amount equal to the unredeemed
      portion of the Security so presented and having the same Original Issue Date,
      Stated Maturity and terms.

     

    (c)  If
      any
      Security called for redemption shall not be so paid upon surrender thereof
      for
      redemption, the principal of and any premium on such Security shall, until
      paid,
      bear interest from the Redemption Date at the rate prescribed therefor in the
      Security.

     

    ARTICLE
      XII

     

    Subordination
      of Securities

     

    SECTION
      12.1.  Securities
      Subordinate to Senior Debt.

     

    The
      Company covenants and agrees, and each Holder of a Security, by its acceptance
      thereof, likewise covenants and agrees, that, to the extent and in the manner
      hereinafter set forth in this Article XII, the payment of the principal
      of and any premium and interest (including any Additional Interest) on each
      and
      all of the Securities are hereby expressly made subordinate and subject in
      right
      of payment to the prior payment in full of all Senior Debt.

     

    
      
        
        

      

      
        -54-

        
          

        

      

      
        
        

      

    

    SECTION
      12.2.  No
      Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution,
      Etc.

     

    (a)  In
      the
      event and during the continuation of any default by the Company in the payment
      of any principal of or any premium or interest on any Senior Debt (following
      any
      grace period, if applicable) when the same becomes due and payable, whether
      at
      maturity or at a date fixed for prepayment or by declaration of acceleration
      or
      otherwise, then, upon written notice of such default to the Company by the
      holders of such Senior Debt or any trustee therefor, unless and until such
      default shall have been cured or waived or shall have ceased to exist, no direct
      or indirect payment (in cash, property, securities, by set-off or otherwise)
      shall be made or agreed to be made on account of the principal of or any premium
      or interest (including any Additional Interest) on any of the Securities, or
      in
      respect of any redemption, repayment, retirement, purchase or other acquisition
      of any of the Securities.

     

    (b)  In
      the
      event of a bankruptcy, insolvency or other proceeding described in clause (e)
      or
      (f) of the definition of Event of Default (each such event, if any, herein
      sometimes referred to as a “Proceeding”), all Senior Debt (including
      any interest thereon accruing after the commencement of any such proceedings)
      shall first be paid in full before any payment or distribution, whether in
      cash,
      securities or other property, shall be made to any Holder of any of the
      Securities on account thereof. Any payment or distribution, whether in cash,
      securities or other property (other than securities of the Company or any other
      entity provided for by a plan of reorganization or readjustment the payment
      of
      which is subordinate, at least to the extent provided in these subordination
      provisions with respect to the indebtedness evidenced by the Securities, to
      the
      payment of all Senior Debt at the time outstanding and to any securities issued
      in respect thereof under any such plan of reorganization or readjustment),
      which
      would otherwise (but for these subordination provisions) be payable or
      deliverable in respect of the Securities shall be paid or delivered directly
      to
      the holders of Senior Debt in accordance with the priorities then existing
      among
      such holders until all Senior Debt  (including any interest thereon
      accruing after the commencement of any Proceeding) shall have been paid in
      full.

     

    (c)  In
      the
      event of any Proceeding, after payment in full of all sums owing with respect
      to
      Senior Debt, the Holders of the Securities, together with the holders of any
      obligations of the Company ranking on a parity with the Securities, shall be
      entitled to be paid from the remaining assets of the Company the amounts at
      the
      time due and owing on account of unpaid principal of and premium, if any, and
      interest (including any Additional Interest) on the Securities and such other
      obligations before any payment or other distribution, whether in cash, property
      or otherwise, shall be made on account of any Equity Interests or any
      obligations of the Company ranking junior to the Securities and such other
      obligations. If, notwithstanding the foregoing, any payment or distribution
      of
      any character or any security, whether in cash, securities or other property
      (other than securities of the Company or any other entity provided for by a
      plan
      of reorganization or readjustment the payment of which is subordinate, at least
      to the extent provided in these subordination provisions with respect to the
      indebtedness evidenced by the Securities, to the payment of all Senior Debt
      at
      the time outstanding and to any securities issued in respect thereof under
      any
      such plan of reorganization or readjustment) shall be received by the Trustee
      or
      any Holder in contravention of any of the terms hereof and before all Senior
      Debt shall have been paid in full, such payment or distribution or security
      shall be received in trust for the benefit of, and shall be paid over or
      delivered and transferred to, the holders of the 

     

    
      
        
        

      

      
        -55-

        
          

        

      

      
        
        

      

    

    Senior
      Debt at the time outstanding in accordance with the priorities then existing
      among such holders for application to the payment of all Senior Debt remaining
      unpaid, to the extent necessary to pay all such Senior Debt (including any
      interest thereon accruing after the commencement of any Proceeding) in full.
      In
      the event of the failure of the Trustee or any Holder to endorse or assign
      any
      such payment, distribution or security, each holder of Senior Debt is hereby
      irrevocably authorized to endorse or assign the same.

     

    (d)  The
      Trustee and the Holders, at the expense of the Company, shall take such
      reasonable action  (including the delivery of this Indenture to an
      agent for any holders of Senior Debt or consent to the filing of a financing
      statement with respect hereto) as may, in the opinion of counsel designated
      by
      the holders of a majority in principal amount of the Senior Debt at the time
      outstanding, be necessary or appropriate to assure the effectiveness of the
      subordination effected by these provisions.

     

    (e)  The
      provisions of this Section 12.2 shall not impair any rights, interests,
      remedies or powers of any secured creditor of the Company in respect of any
      security interest the creation of which is not prohibited by the provisions
      of
      this Indenture.

     

    (f)  The
      securing of any obligations of the Company, otherwise ranking on a parity with
      the Securities or ranking junior to the Securities, shall not be deemed to
      prevent such obligations from constituting, respectively, obligations ranking
      on
      a parity with the Securities or ranking junior to the Securities.

     

    SECTION
      12.3.  Payment
      Permitted If No Default.

     

    Nothing
      contained in this Article XII or elsewhere in this Indenture or in any of
      the Securities shall prevent (a) the Company, at any time, except during the
      pendency of the conditions described in paragraph (a) of Section 12.2 or
      of any Proceeding referred to in Section 12.2, from making payments
      at any time of principal of and any premium or interest (including any
      Additional Interest) on the Securities or (b) the application by the Trustee
      of
      any moneys deposited with it hereunder to the payment of or on account of the
      principal of and any premium or interest (including any Additional Interest)
      on
      the Securities or the retention of such payment by the Holders, if, at the
      time
      of such application by the Trustee, it did not have knowledge (in accordance
      with Section 12.8) that such payment would have been prohibited by the
      provisions of this Article XII, except as provided in Section
      12.8.

     

    SECTION
      12.4.  Subrogation
      to Rights of Holders of Senior Debt.

     

    Subject
      to the payment in full of all amounts due or to become due on all Senior Debt,
      or the provision for such payment in cash or cash equivalents or otherwise
      in a
      manner satisfactory to the holders of Senior Debt, the Holders of the Securities
      shall be subrogated to the extent of the payments or distributions made to
      the
      holders of such Senior Debt pursuant to the provisions of this Article
      XII (equally and ratably with the holders of all indebtedness of the Company
      that by its express terms is subordinated to Senior Debt of the Company to
      substantially the same extent as the Securities are subordinated to the Senior
      Debt and is entitled to like rights of subrogation by reason of any payments
      or
      distributions made to holders of such Senior Debt) to the rights of the holders
      of such Senior Debt to receive payments and distributions of cash, 

     

    
      
        
        

      

      
        -56-

        
          

        

      

      
        
        

      

    

    property
      and securities applicable to the Senior Debt until the principal of and any
      premium and interest (including any Additional Interest) on the Securities
      shall
      be paid in full. For purposes of such subrogation, no payments or distributions
      to the holders of the Senior Debt of any cash, property or securities to which
      the Holders of the Securities or the Trustee would be entitled except for the
      provisions of this Article XII, and no payments made pursuant to the
      provisions of this Article XII to the holders of Senior Debt by Holders
      of the Securities or the Trustee, shall, as among the Company, its creditors
      other than holders of Senior Debt, and the Holders of the Securities, be deemed
      to be a payment or distribution by the Company to or on account of the Senior
      Debt.

     

    SECTION
      12.5.  Provisions
      Solely to Define Relative Rights.

     

    The
      provisions of this Article XII are and are intended solely for the
      purpose of defining the relative rights of the Holders of the Securities on
      the
      one hand and the holders of Senior Debt on the other hand. Nothing contained
      in
      this Article XII or elsewhere in this Indenture or in the Securities is
      intended to or shall (a) impair, as between the Company and the Holders of
      the
      Securities, the obligations of the Company, which are absolute and
      unconditional, to pay to the Holders of the Securities the principal of and
      any
      premium and interest (including any Additional Interest) on the Securities
      as
      and when the same shall become due and payable in accordance with their terms,
      (b) affect the relative rights against the Company of the Holders of the
      Securities and creditors of the Company other than their rights in relation
      to
      the holders of Senior Debt or (c) prevent the Trustee or the Holder of any
      Security (or to the extent expressly provided herein, the holder of any
      Preferred Security) from exercising all remedies otherwise permitted by
      applicable law upon default under this Indenture, including filing and voting
      claims in any Proceeding, subject to the rights, if any, under this Article
      XII of the holders of Senior Debt to receive cash, property and securities
      otherwise payable or deliverable to the Trustee or such Holder.

     

    SECTION
      12.6.  Trustee
      to Effectuate Subordination.

     

    Each
      Holder of a Security by his or her acceptance thereof authorizes and directs
      the
      Trustee on his or her behalf to take such action as may be necessary or
      appropriate to acknowledge or effectuate the subordination provided in this
      Article XII and appoints the Trustee his or her attorney-in-fact for any
      and all such purposes.

     

    SECTION
      12.7.  No
      Waiver of Subordination Provisions.

     

    (a)  No
      right
      of any present or future holder of any Senior Debt 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 be otherwise charged
      with.

     

    (b)  Without
      in any way limiting the generality of paragraph (a) of this Section 12.7,
      the holders of Senior Debt may, at any time and from to time, without the
      consent of or notice to the Trustee or the Holders of the Securities, without
      incurring responsibility to such Holders of 

     

    
      
        
        

      

      
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    the
      Securities and without impairing or releasing the subordination provided in
      this
Article XII or the obligations hereunder of such Holders of the
      Securities to the holders of Senior Debt, do any one or more of the following:
      (i) change the manner, place or terms of payment or extend the time of payment
      of, or renew or alter, Senior Debt, or otherwise amend or supplement in any
      manner Senior Debt or any instrument evidencing the same or any agreement under
      which Senior Debt is outstanding, (ii) sell, exchange, release or otherwise
      deal
      with any property pledged, mortgaged or otherwise securing Senior Debt, (iii)
      release any Person liable in any manner for the payment of Senior Debt and
      (iv)
      exercise or refrain from exercising any rights against the Company and any
      other
      Person.

     

    SECTION
      12.8.  Notice
      to Trustee.

     

    (a)  The
      Company shall give prompt written notice to a Responsible Officer of the Trustee
      of any fact known to the Company that would prohibit the making of any payment
      to or by the Trustee in respect of the Securities. Notwithstanding the
      provisions of this Article XII or any other provision of this Indenture,
      the Trustee shall not be charged with knowledge of the existence of any facts
      that would prohibit the making of any payment to or by the Trustee in respect
      of
      the Securities, unless and until a Responsible Officer of the Trustee shall
      have
      received written notice thereof from the Company or a holder of Senior Debt
      or
      from any trustee, agent or representative therefor; provided, that if
      the Trustee shall not have received the notice provided for in this Section
      12.8 at least two Business Days prior to the date upon which by the terms
      hereof any monies may become payable for any purpose (including, the payment
      of
      the principal of and any premium on or interest (including any Additional
      Interest) on any Security), then, anything herein contained to the contrary
      notwithstanding, the Trustee shall have full power and authority to receive
      such
      monies and to apply the same to the purpose for which they were received and
      shall not be affected by any notice to the contrary that may be received by
      it
      within two Business Days prior to such date.

     

    (b)  The
      Trustee shall be entitled to rely on the delivery to it of a written notice
      by a
      Person representing himself or herself to be a holder of Senior Debt (or a
      trustee, agent, representative or attorney-in-fact therefor) to establish that
      such notice has been given by a holder of Senior Debt (or a trustee, agent,
      representative or attorney-in-fact therefor). 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 Senior Debt to participate in any payment
      or
      distribution pursuant to this Article XII, the Trustee may request such
      Person to furnish evidence to the reasonable satisfaction of the Trustee as
      to
      the amount of Senior Debt 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 XII, 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
      12.9.  Reliance
      on Judicial Order or Certificate of Liquidating Agent.

     

    Upon
      any
      payment or distribution of assets of the Company referred to in this Article
      XII, the Trustee and the Holders of the Securities shall be entitled to
      conclusively rely upon any order or decree entered by any court of competent
      jurisdiction in which such Proceeding is pending, or a certificate of the
      trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for
      the 

     

    
      
        
        

      

      
        -58-

        
          

        

      

      
        
        

      

    

    benefit
      of creditors, agent or other Person making such payment or distribution,
      delivered to the Trustee or to the Holders of Securities, for the purpose of
      ascertaining the Persons entitled to participate in such payment or
      distribution, the holders of the Senior Debt 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
      XII.

     

    SECTION
      12.10.  Trustee
      Not Fiduciary for Holders of Senior Debt.

     

    The
      Trustee, in its capacity as trustee under this Indenture, shall not owe or
      be
      deemed to owe any fiduciary duty to the holders of Senior Debt and shall not
      be
      liable to any such holders if it shall in good faith mistakenly pay over or
      distribute to Holders of Securities or to the Company or to any other Person
      cash, property or securities to which any holders of Senior Debt shall be
      entitled by virtue of this Article XII or otherwise.

     

    SECTION
      12.11.  Rights
      of Trustee as Holder of Senior Debt; Preservation of Trustee’s
      Rights.

     

    The
      Trustee in its individual capacity shall be entitled to all the rights set
      forth
      in this Article XII with respect to any Senior Debt that may at any time
      be held by it, to the same extent as any other holder of Senior Debt, and
      nothing in this Indenture shall deprive the Trustee of any of its rights as
      such
      holder. With respect to the holders of Senior Debt of the Company, the Trustee
      undertakes to perform only such of its obligations as are specifically set
      forth
      in this Article XII, and no implied covenants or obligations with respect to
      the
      holders of such Senior Debt shall be read into this Indenture against the
      Trustee.  Nothing in this Article XII shall apply to claims of, or
      payments to, the Trustee under or pursuant to Section 6.6.

     

    SECTION
      12.12.  Article
      Applicable to Paying Agents.

     

    If
      at any
      time any Paying Agent other than the Trustee shall have been appointed by the
      Company and be then acting hereunder, the term “Trustee” as used in
      this Article XII shall in such case (unless the context otherwise
      requires) be construed as extending to and including such Paying Agent within
      its meaning as fully for all intents and purposes as if such Paying Agent were
      named in this Article XII in addition to or in place of the Trustee;
provided, that Sections12.8 and 12.11 shall not
      apply to the Company or any Affiliate of the Company if the Company or such
      Affiliate acts as Paying Agent.

     

    This
      instrument may be executed in any number of counterparts, each of which so
      executed shall be deemed to be an original, but all such counterparts shall
      together constitute but one and the same instrument.  Delivery of an
      executed signature page of this Indenture by facsimile transmission shall be
      effective as delivery of a manually executed counterpart hereof.

     

    *
      * *
      *

     

    

    
      
        
        

      

      
        -59-

        
          

        

      

      
        
        

      

    

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

     

    HARLEYSVILLE
      NATIONAL CORPORATION

     

    

     

    

     

    By:   /s/
      Paul D. Geraghty        

     

    Name:  Paul
      D.
      Geraghty

    Title:    Chief
      Executive Officer and President

     

    WILMINGTON
      TRUST COMPANY, not in its 

    individual
      capacity, but solely as Trustee

     

    
 

     

    By:   /s/
      W. T. Morris, II            

     

    Name:  W.
      Thomas Morris,
      II

    Title:     Assistant
      Vice President

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    [SIGNATURE
      PAGE – JUNIOR SUBORDINATED INDENTURE AGREEMENT]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

              

                  Schedule
            A      

           
    

      

    

    DETERMINATION
      OF LIBOR

     

    With
      respect to the Securities, the London interbank offered rate (“LIBOR”)
      shall be determined by the Calculation Agent in accordance with the following
      provisions (in each case rounded to the nearest .000001%):

     

    (1)           On
      the second LIBOR Business Day (as defined below) prior to an Interest Payment
      Date (each such day, a “LIBOR Determination Date”), LIBOR for any given
      security shall, for the following interest payment period, equal the rate,
      as
      obtained by the Calculation Agent from Bloomberg Financial Markets Commodities
      News, for three-month U.S. Dollar deposits in Europe, which appears on page
      “LIBOR 01” of the Reuters Monitor Money Rates Service, or such other page as may
      replace such page “LIBOR 01” from time to time, as of 11:00 a.m. (London time)
      on such LIBOR Determination Date.

     

    (2)           If,
      on any LIBOR Determination Date, such rate does not appear on page “LIBOR 01” of
      the Reuters Monitor Money Rates Service or such other page as may replace such
      page “LIBOR 01” from time to time, the Calculation Agent shall determine the
      arithmetic mean of the offered quotations of the Reference Banks (as defined
      below) 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 the LIBOR Determination Date made by the Calculation Agent to the
      Reference Banks.  If, on any LIBOR Determination Date, at least two of
      the Reference Banks provide such quotations, LIBOR shall equal such arithmetic
      mean of such quotations.  If, on any LIBOR Determination Date, only
      one or none of the Reference Banks provide such quotations, LIBOR shall be
      deemed to be the arithmetic mean of the offered quotations that leading banks
      in
      the City of New York selected by the Calculation Agent are quoting on the
      relevant LIBOR Determination Date for three-month U.S. Dollar deposits in Europe
      in an amount determined by the Calculation Agent by reference to the principal
      London offices of leading banks in the London interbank market; provided
that, 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
      shall be LIBOR as determined on the previous LIBOR Determination
      Date.

     

    (3)           As
      used herein: “Reference Banks” means four major banks in the London
      interbank market selected by the Calculation Agent; and “LIBOR Business
      Day” means a day on which commercial banks are open for business (including
      dealings in foreign exchange and foreign currency deposits) in
      London.

     

    
      
              

          
            	              

                                    Schedule
                      A-1              
            

    

        

        
        

      

      
        
        

        
          

        

      

      
        
        

              

                  Exhibit
            A      

           
    

      

    

    [FORM
      OF
      JUNIOR SUBORDINATED NOTE DUE 2037]

     

    [IF
      THIS SECURITY IS A GLOBAL
      SECURITY INSERT: THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF
      THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
      DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC.  THIS SECURITY
      IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN
      DTC
      OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE,
      AND
      NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE
      BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE
      OF
      DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

     

    UNLESS
      THIS SECURITY IS PRESENTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR ITS AGENT FOR REGISTRATION
      OF
      TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE
      NAME
      OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO
      SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
      ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
      INTEREST HEREIN.]

     

    THE
      SECURITIES REPRESENTED BY THIS
      CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH
      SECURITIES, AND ANY INTEREST THEREIN, MAY NOT BE OFFERED, SOLD OR OTHERWISE
      TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
      THEREFROM.  EACH PURCHASER OF ANY SECURITIES IS HEREBY NOTIFIED THAT
      THE SELLER OF THE SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS
      OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES
      ACT.

     

    THE
      HOLDER OF THE SECURITIES
      REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE COMPANY THAT
      (A)
      SUCH SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO
      THE
      COMPANY, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED
      INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
      TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, OR (III) TO AN INSTITUTIONAL
      “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR
      (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR
      ITS
      OWN ACCOUNT, OR FOR THE ACCOUNT OF AN “ACCREDITED INVESTOR,” WITHIN THE MEANING
      OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT,
      FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN
      CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES 

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    ACT,
      IN
      EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
      THE
      UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND, IN THE CASE OF (III),
      SUBJECT TO THE RIGHT OF THE COMPANY TO REQUIRE AN OPINION OF COUNSEL ADDRESSING
      COMPLIANCE WITH THE U.S. SECURITIES LAWS, AND OTHER INFORMATION SATISFACTORY
      TO
      IT AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY SECURITIES FROM IT OF
      THE
      RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

    
       

    

    THE
      SECURITIES WILL BE ISSUED AND MAY
      BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE PRINCIPAL AMOUNT OF NOT LESS
      THAN $100,000.  TO THE FULLEST EXTENT PERMITTED BY LAW, ANY ATTEMPTED
      TRANSFER OF SECURITIES, OR ANY INTEREST THEREIN, IN A BLOCK HAVING AN AGGREGATE
      PRINCIPAL AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF
      SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.  TO THE
      FULLEST EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED
      NOT TO BE THE HOLDER OF SUCH SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT
      LIMITED TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH SECURITIES, OR
      ANY
      INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO
      INTEREST WHATSOEVER IN SUCH SECURITIES.

     

    THE
      HOLDER OF THIS SECURITY, OR ANY
      INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS
      AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, 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 THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE
      EXEMPTIVE RELIEF AVAILABLE UNDER SECTION 408(b)(17) OF ERISA, 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
      ANY INTEREST THEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION
      4975
      OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER
      OF THE SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED
      BY
      ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT
      PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF 

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    THE
      CODE
      IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE
      BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS” OF
      ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH
      PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION
      406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS
      NOT
      AVAILABLE UNDER AN APPLICABLE STATUTORY OR ADMINISTRATIVE
      EXEMPTION.

     

    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.

     

    
      
              

          A-3
    

        
        

      

      
        
        

        
          

        

      

      
        
        

              

                  Exhibit
            A      

           
    

      

    

    Harleysville
      National Corporation

     

    Junior
      Subordinated Note due 2037

     

    No.
      001                                                                                                                         $23,196,000

     

    Harleysville
      National Corporation, a corporation organized and existing under the laws of
      Pennsylvania (hereinafter called the “Company,” which term includes any
      successor Person under the Indenture hereinafter referred to), for value
      received, hereby promises to pay to HNC Statutory Trust IV (the “Holder”), or
      registered assigns, the principal sum of $23,196,000 DOLLARS [if the
      Security is a Global Security, then insert— or such other principal amount
      represented hereby as may be set forth in the records of the Securities
      Registrar hereinafter referred to in accordance with the Indenture] on October
      30, 2037.  The Company further promises to pay interest on said
      principal sum from August 22, 2007, or from the most recent Interest Payment
      Date to which interest has been paid or duly provided for, quarterly (subject
      to
      deferral as set forth herein) in arrears on January 30, April 30, July 30,
      and
      October 30 of each year, commencing on October 30, 2007, or if any such day
      is
      not a Business Day, on the next succeeding Business Day (and no interest shall
      accrue in respect of the amounts whose payment is so delayed for the period
      from
      and after such Interest Payment Date until such next succeeding Business Day),
      except that, if such Business Day falls in the next succeeding calendar year,
      such payment shall be made on the immediately preceding Business Day, in each
      case, with the same force and effect as if made on the Interest Payment Date,
      at
      a fixed rate per annum equal to 6.35% through the Interest Payment Date in
      October 2012, and a variable rate per annum, reset quarterly, equal to LIBOR
      plus 1.28% thereafter, together with Additional Tax Sums, if any, as provided
      in
Section 10.5 of the Indenture, until the principal hereof is paid or duly
      provided for or made available for payment; provided, that any overdue
      principal, premium, if any, or Additional Tax Sums and any overdue installment
      of interest shall bear Additional Interest (to the extent that the payment
      of
      such interest shall be legally enforceable) at a fixed rate per annum equal
      to
      6.35% through the Interest Payment Date in October 2012, and a variable rate
      per
      annum, reset quarterly, equal to LIBOR plus 1.28% thereafter, compounded
      quarterly, from the dates such amounts are due until they are paid or made
      available for payment, and such interest shall be payable on
      demand.

     

    The
      amount of interest payable for any interest period shall be computed and paid
      on
      the basis of a 360-day year and the actual number of days elapsed in the
      relevant interest period. The interest so payable, and punctually paid or duly
      provided for, on any Interest Payment Date shall, as provided in the Indenture,
      be paid to the Person in whose name this Security (or one or more Predecessor
      Securities) is registered at the close of business on the Regular Record Date
      for such interest installment.  Any such interest not so punctually
      paid or duly provided for shall forthwith cease to be payable to the Holder
      on
      such Regular Record Date and may either be paid to the Person in whose name
      this
      Security (or one or more Predecessor Securities) is registered at the close
      of
      business on a Special Record Date for the payment of such Defaulted Interest
      to
      be fixed by the Trustee, notice whereof shall be given to Holders of Securities
      not less than ten (10) days prior to such Special Record Date, or be paid at
      any
      time in any other lawful manner not inconsistent with the requirements of any
      securities exchange or automated quotation system on which the Securities may
      be
      listed, traded or quoted and upon such notice as may be required by such
      exchange or automated quotation system, all as more fully provided in the
      Indenture.

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

    So
      long
      as no Event of Default pursuant to Sections 5.1(c), (e),
(f), (g) or (h) of the Indenture has occurred and
      is
      continuing, the Company shall have the right, at any time and from time to
      time
      during the term of this Security, to defer the payment of interest on this
      Security for a period of up to twenty (20) consecutive quarterly interest
      payment periods (each such period, an “Extension Period”), during which
      Extension Period(s), no interest shall be due and payable (except any Additional
      Tax Sums that may be due and payable).  No Extension Period shall end
      on a date other than an Interest Payment Date, and no Extension Period shall
      extend beyond the Stated Maturity of the principal of this
      Security.  No interest shall be due and payable during an Extension
      Period (except any Additional Tax Sums that may be due and payable), except
      at
      the end thereof, but each installment of interest that would otherwise have
      been
      due and payable during such Extension Period shall bear Additional Interest
      (to
      the extent payment of such interest would be legally enforceable) at a fixed
      rate per annum equal to 6.35% through the Interest Payment Date in October
      2012,
      and a variable rate per annum, reset quarterly, equal to LIBOR plus 1.28%
      thereafter, compounded quarterly, from the dates on which amounts would have
      otherwise been due and payable until paid or made available for
      payment.  At the end of any such Extension Period, the Company shall
      pay all interest then accrued and unpaid on this Security, together with such
      Additional Interest.  Prior to the termination of any such Extension
      Period, the Company may further defer the payment of interest;
provided, that (i) all such previous and further extensions comprising
      such Extension Period do not exceed twenty (20) quarterly interest payment
      periods, (ii) no Extension Period shall end on a date other than an Interest
      Payment Date and (iii) no Extension Period shall extend beyond the Stated
      Maturity of the principal of this Security.  Upon the termination of
      any such Extension Period and upon the payment of all accrued and unpaid
      interest and any Additional Interest then due on any Interest Payment Date,
      the
      Company may elect to begin a new Extension Period; provided, that (i)
      such Extension Period does not exceed twenty (20) quarterly interest payment
      periods, (ii) no Extension Period shall end on a date other than an Interest
      Payment Date, (iii) no Extension Period shall extend beyond the Stated Maturity
      of the principal of this Security and (iv) no Event of Default pursuant to
      Sections 5.1(c), (e), (f), (g) or (h) has
      occurred and is continuing.  The Company shall give (i) the Holder of
      this Security, (ii) the Trustee, (iii) the Property Trustee and (iv) any
      beneficial owner of the Preferred Securities reasonably identified to the
      Company (which identification may be made either by such beneficial owner or
      by
      the Purchaser) written notice of its election to begin any such Extension Period
      no later than the close of business on the fifteenth (15th) Business
      Day
      prior to the next succeeding Interest Payment Date on which interest on this
      Security would be payable but for such deferral.

     

    During
      any such Extension Period, the Company shall 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 Equity Interests, (ii)
      vote in favor of or permit or otherwise allow any of its Subsidiaries to declare
      or pay any dividends or distributions on, or redeem, purchase, acquire or make
      a
      liquidation payment with respect to or otherwise retire, any of such
      Subsidiary’s Equity Interests entitling the holders thereof to a stated rate of
      return, other than dividends or distributions on Equity Interests issued by
      any
      Subsidiary solely payable to the Company or any Subsidiary thereof (for the
      avoidance of doubt, whether such Equity Interests are perpetual or otherwise),
      or (iii) make any payment of principal of or any interest or premium 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 this Security
      (other than (a) repurchases, redemptions or other acquisitions of Equity
      Interests of the Company in connection with (1) any employment 

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

    contract,
      benefit plan or other similar arrangement with or for the benefit of any one
      or
      more employees, officers, directors or consultants, (2) a dividend reinvestment
      or stockholder stock purchase or similar plan with respect to any Equity
      Interests or (3) the issuance of Equity Interests of the Company (or securities
      convertible into or exercisable for such Equity Interests) as consideration
      in
      an acquisition transaction entered into prior to the applicable Extension
      Period, (b) as a result of an exchange or conversion of any class or series
      of
      the Company’s Equity Interests (or any Equity Interests of a Subsidiary of the
      Company) for any class or series of the Company’s Equity Interests or of any
      class or series of the Company’s indebtedness for any class or series of the
      Company’s Equity Interests, (c) the purchase of fractional interests in Equity
      Interests of the Company pursuant to the conversion or exchange provisions
      of
      such Equity Interests or the security being converted or exchanged, (d) any
      declaration of a dividend in connection with any Rights Plan, the issuance
      of
      rights, Equity Interests or other property under any Rights Plan, or the
      redemption or repurchase of rights pursuant thereto or (e) any dividend in
      the
      form of Equity Interests, warrants, options or other rights where the dividend
      Equity Interests or the Equity Interests issuable upon exercise of such
      warrants, options or other rights are the same Equity Interests as those on
      which the dividend is being paid or rank pari passu with or junior to
      such Equity Interests).

     

    Payment
      of principal of, premium, if any, and interest on this Security shall be made
      in
      such coin or currency of the United States of America as at the time of payment
      is legal tender for payment of public and private debts.  Payments of
      principal, premium, if any, and interest due at the Maturity of this Security
      shall be made at the office or agency of the Company maintained for that purpose
      in the Place of Payment upon surrender of such Securities to the Paying Agent,
      and payments of interest shall be made, subject to such surrender where
      applicable, by wire transfer at such place and to such account at a banking
      institution in the United States as may be designated in writing to the Paying
      Agent at least ten (10) Business Days prior to the date for payment by the
      Person entitled thereto unless proper written wire transfer instructions have
      not been received by the relevant record date, in which case such payments
      shall
      be made by check mailed to the address of such Person as such address shall
      appear in the Security Register.  Notwithstanding the foregoing, so
      long as the Holder of this Security is the Property Trustee, the payment of
      the
      principal of (and premium, if any) and interest (including any overdue
      installment of interest and Additional Tax Sums, if any) on this Security will
      be made at such place and to such account as may be designated by the Property
      Trustee.

     

    The
      indebtedness evidenced by this 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 Debt, and this Security is issued subject to the provisions
      of the Indenture with respect thereto. Each Holder of this Security, by
      accepting the same, (a) agrees to and shall be bound by such provisions, (b)
      authorizes and directs the Trustee on his or her behalf to take such actions
      as
      may be necessary or appropriate to effectuate the subordination so provided
      and
      (c) appoints the Trustee his or her attorney-in-fact for any and all such
      purposes. Each Holder hereof, by his or her acceptance hereof, waives all notice
      of the acceptance of the subordination provisions contained herein and in the
      Indenture by each holder of Senior Debt, whether now outstanding or hereafter
      incurred, and waives reliance by each such holder upon said
      provisions.

     

    
      
        A-6

      

      
        
        

        
          

        

      

      
        
        

      

    

    Unless
      the certificate of authentication hereon has been executed by the Trustee by
      manual signature, this Security shall not be entitled to any benefit under
      the
      Indenture or be valid or obligatory for any purpose.

     

    
      
              

          A-7 
    

        
        

      

      
        
        

        
          

        

      

      
        
        

              

                  Exhibit
            A      

           
    

      

    

    IN
      WITNESS WHEREOF, the Company has duly executed this certificate this 22nd day of
      August,
      2007.

     

    HARLEYSVILLE
      NATIONAL CORPORATION

     

    
 

     

    By:

     

    Name:  Paul
      D. Geraghty

     

    Title:    Chief
      Executive Officer and President

     

    

     

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

     

    Dated:  August
      22, 2007

     

    WILMINGTON
      TRUST COMPANY, not in its individual capacity but solelyas
      Trustee

    

    By:                                                                

    Authorized
      Officer

     

    
      
              

          A-8
    

        
        

      

      
        
        

        
          

        

      

      
        
        

              

                  Exhibit
            A      

           
    

      

    

    [FORM
      OF
      REVERSE OF SECURITY]

     

    This
      Security is one of a duly authorized issue of securities of the Company (the
      “Securities”) issued under the Junior Subordinated Indenture, dated as
      of August 22, 2007 (the “Indenture”), between the Company and
      Wilmington Trust Company, as Trustee (in such capacity, the “Trustee,”
which term includes any successor trustee under the Indenture), to
      which
      Indenture and all indentures supplemental thereto reference is hereby made
      for a
      statement of the respective rights, limitations of rights, duties and immunities
      thereunder of the Company, the Trustee, the holders of Senior Debt and the
      Holders of the Securities, and of the terms upon which the Securities are,
      and
      are to be, authenticated and delivered.

     

    All
      terms
      used in this Security that are defined in the Indenture or in the Amended and
      Restated Trust Agreement, dated as of August 22, 2007 (as modified, amended
      or
      supplemented from time to time, the “Trust Agreement”), relating to HNC
      Statutory Trust IV (the “Trust”), among the Company, as Depositor, the
      trustees named therein and the holders from time to time of the Trust Securities
      issued pursuant thereto, shall have the meanings assigned to them in the
      Indenture or the Trust Agreement, as the case may be.

     

    The
      Company may, on any Interest Payment Date, at its option, upon not less than
      thirty (30) days’ nor more than sixty (60) days’ written notice to the Holders
      of the Securities (unless a shorter notice period shall be satisfactory to
      the
      Trustee) on or after October 30, 2012 and subject to the terms and conditions
      of
Article XI of the Indenture, redeem this Security in whole at any time or
      in part from time to time at a Redemption Price equal to one hundred percent
      (100%) of the principal amount hereof, together, in the case of any such
      redemption, with accrued interest, including any Additional Interest, to but
      excluding the date fixed for redemption; provided, that the Company
      shall have received the prior approval of the Federal Reserve if then
      required.

     

    In
      addition, upon the occurrence and during the continuation of a Special Event,
      the Company may, at its option, upon not less than thirty (30) days’ nor more
      than sixty (60) days’ written notice to the Holders of the Securities (unless a
      shorter notice period shall be satisfactory to the Trustee), redeem this
      Security, in whole but not in part, subject to the terms and conditions of
      Article XI of the Indenture at the Special Event Redemption Price;
provided, that the Company shall have received the prior approval
      of
      the Federal Reserve if then required.

     

    In
      the
      event of redemption of this Security in part only, a new Security or Securities
      for the unredeemed portion hereof will be issued in the name of the Holder
      hereof upon the cancellation hereof.  If less than all the Securities
      are to be redeemed, the particular Securities to be redeemed shall be selected
      not more than sixty (60) days prior to the Redemption Date by the Trustee from
      the Outstanding Securities not previously called for redemption, by such method
      as the Trustee shall deem fair and appropriate and which may provide for the
      selection for redemption of a portion of the principal amount of any
      Security.

     

    The
      Indenture permits, with certain exceptions as therein provided, the Company
      and
      the Trustee at any time to enter into a supplemental indenture or indentures
      for
      the purpose of modifying in any manner the rights and obligations of the Company
      and of the Holders of the Securities, with the consent of the Holders of not
      less than a majority in principal amount of the Outstanding Securities. The
      Indenture also contains provisions permitting Holders of specified

     

    
      
        
        

      

      
        A-9

        
          

        

      

      
        
        

      

    

    percentages
      in principal amount of the Securities, on behalf of the Holders of all
      Securities, to waive compliance by the Company with certain provisions of the
      Indenture and certain past defaults under the Indenture and their consequences.
      Any such consent or waiver by the Holder of this Security shall be conclusive
      and binding upon such Holder and upon all future Holders of this Security and
      of
      any Security issued upon the registration of transfer hereof or in exchange
      herefor or in lieu hereof, whether or not notation of such consent or waiver
      is
      made upon this Security.

     

    No
      reference herein to the Indenture and no provision of this Security or of the
      Indenture shall alter or impair the obligation of the Company, which is absolute
      and unconditional, to pay the principal of and any premium and interest,
      including any Additional Interest, on this Security at the times, place and
      rate, and in the coin or currency, herein prescribed.

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Security is registrable in the Securities Register, upon
      surrender of this Security for registration of transfer at the office or agency
      of the Company maintained for such purpose, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Company and the
      Securities Registrar and duly executed by, the Holder hereof or such Holder’s
      attorney duly authorized in writing, and thereupon one or more new Securities,
      of like tenor, of authorized denominations and for the same aggregate principal
      amount, will be issued to the designated transferee or transferees.

     

    The
      Securities are issuable only in registered form without coupons in minimum
      denominations of $100,000 and any integral multiple of $1,000 in excess thereof.
      As provided in the Indenture and subject to certain limitations therein set
      forth, Securities are exchangeable for a like aggregate principal amount of
      Securities and of like tenor of a different authorized denomination, as
      requested by the Holder surrendering the same.

     

    No
      service charge shall be made for any such registration of transfer or exchange,
      but the Company may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Company, the Trustee and any agent of the Company or the Trustee may treat
      the
      Person in whose name this Security is registered as the owner hereof for all
      purposes, whether or not this Security be overdue, and neither the Company,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      Company and, by its acceptance of this Security or a beneficial interest herein,
      the Holder of, and any Person that acquires a beneficial interest in, this
      Security agree that, for United States federal, state and local tax purposes,
      it
      is intended that this Security constitute indebtedness.

     

    This
      Security shall be construed and
      enforced in accordance with and governed by the laws of the State of New York,
      without reference to its conflict of laws provisions (other than Section 5-1401
      of the General Obligations Law).

    
      
              

          A-10
    

        
        

      

      
        
        

        
          

        

      

      
        
        

              

                  Exhibit
            B      

           
    

      

    

    Form
      of
      Financial Officer’s Certificate

     

    The
      undersigned, the [Chief Financial Officer] [Treasurer] [Assistant Treasurer]
      hereby certifies, pursuant to Section 7.3(b) of the Junior Subordinated
      Indenture, dated as of August 22, 2007, between Harleysville National
      Corporation (the “Company”) and Wilmington Trust Company, as
      trustee,  that, as of _______, 20__, the Company had the following
      ratios and balances:

     

    BANK
      HOLDING COMPANY

     

    As
      of
      [Quarterly Financial Dates]

     

    
      	
              Tier
                1 Risk Weighted Assets

            	
               %

            
	
              Ratio
                of Double Leverage

            	
               %

            
	
              Non-Performing
                Assets to Loans and OREO

            	
               %

            
	
              Tangible
                Common Equity as a Percentage of Tangible Assets

            	
               %

            
	
              Ratio
                of Reserves to Non-Performing Loans

            	
               %

            
	
              Ratio
                of Net Charge-Offs to Loans

            	
               %

            
	
              Return
                on Average Assets (annualized)

            	
               %

            
	
              Net
                Interest Margin (annualized)

            	
               %

            
	
              Efficiency
                Ratio

            	
               %

            
	
              Ratio
                of Loans to Assets

            	
               %

            
	
              Ratio
                of Loans to Deposits

            	
               %

            
	
              Double
                Leverage (exclude trust preferred as equity)

            	
               %

            
	
              Total
                Assets

            	
              $      

            
	
              Year
                to Date Income

            	
              $      

            

    

    

    *
      A table
      describing the quarterly report calculation procedures is attached.

     

    [FOR
      FISCAL YEAR END: Attached hereto are the audited consolidated financial
      statements (including the balance sheet, income statement and statement of
      cash
      flows, and notes thereto, together with the report of the independent
      accountants thereon) of the Company and its consolidated subsidiaries for the
      three years ended _______, 20___.]

     

    [FOR
      FISCAL QUARTER END: Attached hereto are the unaudited consolidated and
      consolidating financial statements (including the balance sheet and income
      statement) of the Company and its consolidated subsidiaries for the fiscal
      quarter and [six/nine] month period ended _______, 20___.]

     

    The
      financial statements fairly present in all material respects, in accordance
      with
      U.S. generally accepted accounting principles (“GAAP”), the financial position
      of the Company and its consolidated subsidiaries, and the results of operations
      and changes in financial condition as of 

     

     

    
      
        B-1

      

      
        
        

        
          

        

      

      
        
        

      

    

    the
      date,
      and for the [___ quarter interim] [annual] period ended _______, 20__, and
      such
      financial statements have been prepared in accordance with GAAP consistently
      applied throughout the period involved (except as otherwise noted
      therein).

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Financial Officer’s
      Certificate as of this _____ day of _____________, 20__

     

    

     

    

    Name:

    Title:

    

    

    Harleysville
      National Corporation

    483
      Main
      St.

    Harleysville,
      PA  19438

     

    (215)
      513-8851

     

    

    
      
              

          B-2   
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Financial
      Definitions

     

    Bank
      Holding Company

     

    
      	
              Report
                Item

            	
              Corresponding
                FRY-9C or LP Line Items with Line Item corresponding
                Schedules

            	
              Description
                of Calculation

            
	
              Tier
                1 Risk

              Weighted
                Assets

            	
              BHCK7206

              Schedule
                HC-R

            	
              Tier
                1 Risk Ratio: Core Capital (Tier 1)/ Risk-Adjusted
                Assets

            
	
              Ratio
                of Double Leverage

            	
              (BHCP0365)/(BCHCP3210)

              Schedule
                PC in the LP

            	
              Total
                equity investments in subsidiaries divided by the total equity capital.
                This field is calculated at the parent company level. “Subsidiaries”
                include bank, bank holding company, and non-bank
                subsidiaries.

            
	
              Non-Performing
                Assets to Loans and OREO

            	
              (BHCK5525-BHCK3506+BHCK5526-BHCK3507+BHCK2744/(BHCK2122+BHCK2744)
                Schedules HC-C, HC-M & HC-N

            	
              Total
                Nonperforming Assets (NPLs+Foreclosed Real Estate+Other Nonaccrual
&
                Repossessed Assets)/Total Loans+Foreclosed Real Estate

            
	
              Tangible
                Common Equity as a Percentage of Tangible Assets

            	
              (BHDM3210-BHCK3163)/(BHCK2170-BHCK3163)

               

              Schedule
                HC

            	
              (Equity
                Capital – Goodwill)/(Total Assets – Goodwill)

            
	
              Ratio
                of Reserves to Non-Performing Loans

            	
              (BHCK3123+BHCK3128)/(BHCK5525-BHCK3506+BHCK5526-BHCK3507)

               

              Schedules
                HC & HC-N & HC-R

            	
              Total
                Loan Loss and Allocated Transfer Risk Reserves/ Total Nonperforming
                Loans

              (Nonaccrual
                + Restructured)

            
	
              Ratio
                of Net Charge-Offs to Loans

            	
              (BHCK4635-BHCK4605)/(BHCK3516)

               

              Schedules
                HI-B & HC-K

            	
              Net
                charge offs for the period as a percentage of average
                loans.

            
	
              Return
                on Average Assets (annualized)

            	
              (BHCK4340/BHCK3368)

               

              Schedules
                HI & HC-K

            	
              Net
                Income as a percentage of Assets.

            
	
              Net
                Interest Margin (annualized)

            	
              (BHCK4519/(BHCK3515+BHCK3365+BHCK3516+BHCK3401+BHCKB985)

               

              Schedules
                HI Memorandum and HC-K

            	
              (Net
                Interest Income Fully Taxable Equivalent, if available/Average Earning
                Assets)

            
	
              Efficiency
                Ratio

            	
              (BHCK4093)/(BHCK4519+BHCK4079)

               

              Schedule
                HI

            	
              (Non-interest
                Expense)/(Net Interest Income Fully Taxable Equivalent, if available,
                plus
                Non-interest Income)

            
	
              Ratio
                of Loans to Assets

            	
              (BHCKB528+BHCK5369)/(BHCK2170)

               

              Schedule
                HC

            	
              Total
                Loans & Leases (Net of Unearned Income & Gross of Reserve)/Total
                Assets

            
	
              Ratio
                of Loans to Deposits

            	
              (BHCKB528+BHCK5369)/(BHDM6631+BHDM6636+BHFN6631+BHFN6636)

               

              Schedule
                HC

            	
              Total
                Loans & Leases (Net of Unearned Income & Gross of Reserve)/Total
                Deposits (Includes Domestic and Foreign
                Deposits)

            

    

     

    
 

    
      
        B-3

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              Total
                Assets

            	
              (BHCK2170)

               

              Schedule
                HC

            	
              The
                sum of total assets. Includes cash and balances due from depository
                institutions; securities; federal funds sold and securities purchased
                under agreements to resell; loans and lease financing receivables;
                trading
                assets; premises and fixed assets; other real estate owned; investments
                in
                unconsolidated subsidiaries and associated companies; customer’s liability
                on acceptances outstanding; intangible assets; and other
                assets.

            
	
              Net
                Income

            	
              (BHCK4300)

               

              Schedule
                HI

            	
              The
                sum of income (loss)before extraordinary items and other adjustments
                and
                extraordinary items; and other adjustments, net of income
                taxes.

            

    

    
      
              

          B-4
           

        
        

      

      
        
        

        
          

        

      

      
        
        

              

                      Exhibit
            C      
    

      

    

    FORM
      OF

    OFFICERS’
      CERTIFICATE

    UNDER

    SECTION
      10.3

    Pursuant
      to Section 10.3 of the Junior
      Subordinated Indenture, dated as of August 22, 2007 (as amended or supplemented
      from time to time, the “Indenture”), between Harleysville National Corporation,
      as issuer (the “Company”), and Wilmington Trust Company, as trustee, each of the
      undersigned hereby certifies that, to the knowledge of the undersigned, the
      Company is not in default in the performance or observance of any of the terms,
      provisions or conditions contained in the Indenture (without regard to any
      period of grace or requirement of notice provided under the Indenture), for
      the
      fiscal year ending on December 31, 2007 [, except as follows: specify each
      such default and the nature and status thereof].

    Capitalized
      terms used herein, and not
      otherwise defined herein, have the respective meanings assigned thereto in
      the
      Indenture.

    IN
      WITNESS WHEREOF, the undersigned
      have executed this Officers’ Certificate as of August 22, 2007.

    

    Name:  Paul
      D.
      Geraghty

    Title:     Chief
      Executive Officer and President

    of
      Harleysville National Corporation

    

    

    Name:  George
      S.
      Rapp

    Title:     Chief
      Financial Officer and

    Executive
      Vice President

    of
      Harleysville National
      Corporation

    

    
      
              

                  C-1

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