Document:

Exhibit 4.1

 

Execution Copy

CUSTOMERS BANCORP, INC.

SUBORDINATED INDENTURE

DATED AS OF

DECEMBER 9, 2019

WILMINGTON TRUST, NATIONAL ASSOCIATION

as

TRUSTEE

 

 

 

    

     

    

TABLE OF CONTENTS 

 

	 	 	 	Page
	ARTICLE I	 	DEFINITIONS AND INCORPORATION BY REFERENCE	 
	 	 	 	 
	Section 1.1	 	Definitions	1
	Section 1.2	 	Other Definitions	4
	Section 1.3	 	Incorporation by Reference of Trust Indenture Act	4
	Section 1.4	 	Rules of Construction	5
	 	 	 	 
	ARTICLE II	 	THE SECURITIES	 
	 	 	 	 
	Section 2.1	 	Issuable in Series	5
	Section 2.2	 	Establishment of Terms of Series of Securities	5
	Section 2.3	 	Execution and Authentication	7
	Section 2.4	 	Registrar and Paying Agent	7
	Section 2.5	 	Paying Agent to Hold Money in Trust	8
	Section 2.6	 	Securityholder Lists	8
	Section 2.7	 	Transfer and Exchange	8
	Section 2.8	 	Mutilated, Destroyed, Lost and Stolen Securities	8
	Section 2.9	 	Outstanding Securities	9
	Section 2.10	 	Treasury Securities	9
	Section 2.11	 	Temporary Securities	10
	Section 2.12	 	Cancellation	10
	Section 2.13	 	Defaulted Interest	10
	Section 2.14	 	Global Securities	 
	 	 	 	 
	ARTICLE III	 	REDEMPTION	 
	 	 	 	 
	Section 3.1	 	Notice to Trustee	11
	Section 3.2	 	Selection of Securities to be Redeemed	11
	Section 3.3	 	Notice of Redemption	11
	Section 3.4	 	Effect of Notice of Redemption	12
	Section 3.5	 	Deposit of Redemption Price	12
	Section 3.6	 	Securities Redeemed in Part	12
	 	 	 	 
	ARTICLE IV	 	COVENANTS	 
	 	 	 	 
	Section 4.1	 	Payment of Principal and Interest	12
	Section 4.2	 	SEC Reports	13
	Section 4.3	 	Compliance Certificate	13
	Section 4.4	 	Stay, Extension and Usury Laws	13
	Section 4.5	 	Corporate Existence	13
	Section 4.6	 	Taxes	13
	Section 4.7	 	Maintenance of Properties	14
	Section 4.8	 	Maintenance of Insurance	14
	 	 	 	 
	ARTICLE V	 	SUCCESSORS	 
	 	 	 	 
	Section 5.1	 	Company May Consolidate or Merge on Certain Terms	14
	Section 5.2	 	Company Successor to be Substituted	14
	 	 	 	 

 

 

    i 

     

    

 

TABLE OF CONTENTS

(continued)

 

	ARTICLE VI	 	DEFAULTS AND REMEDIES	 
	 	 	 	 
	Section 6.1	 	Events of Default	15
	Section 6.2	 	Acceleration	15
	Section 6.3	 	Collection of Indebtedness and Suits for Enforcement by Trustee	15
	Section 6.4	 	Trustee May File Proofs of Claim	17
	Section 6.5	 	Trustee May Enforce Claims Without Possession of Securities	17
	Section 6.6	 	Application of Money Collected	17
	Section 6.7	 	Limitation on Suits	18
	Section 6.8	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	18
	Section 6.9	 	Restoration of Rights and Remedies	18
	Section 6.10	 	Rights and Remedies Cumulative	18
	Section 6.11	 	Delay or Omission Not Waiver	19
	Section 6.12	 	Control by Holders	19
	Section 6.13	 	Waiver of Past Defaults	19
	Section 6.14	 	Undertaking for Costs	19
	 	 	 	 
	ARTICLE VII	 	TRUSTEE	 
	 	 	 	 
	Section 7.1	 	Duties of Trustee	20
	Section 7.2	 	Rights of Trustee	21
	Section 7.3	 	Individual Rights of Trustee	22
	Section 7.4	 	Trustee’s Disclaimer	22
	Section 7.5	 	Notice of Defaults	22
	Section 7.6	 	Reports by Trustee to Holders	23
	Section 7.7	 	Compensation and Indemnity	23
	Section 7.8	 	Replacement of Trustee	23
	Section 7.9	 	Successor Trustee by Merger, etc.	24
	Section 7.10	 	Eligibility; Disqualification	24
	Section 7.11	 	Preferential Collection of Claims Against Company	24
	 	 	 	 
	ARTICLE VIII	 	SATISFACTION AND DISCHARGE; DEFEASANCE	 
	 	 	 	 
	Section 8.1	 	Satisfaction and Discharge of Indenture	25
	Section 8.2	 	Application of Trust Funds; Indemnification	25
	Section 8.3	 	Legal Defeasance of Securities of any Series	26
	Section 8.4	 	Covenant Defeasance	27
	Section 8.5	 	Repayment to Company	28
	Section 8.6	 	Reinstatement	28
	 	 	 	 
	ARTICLE IX	 	AMENDMENTS AND WAIVERS	 
	 	 	 	 
	Section 9.1	 	Without Consent of Holders	28
	Section 9.2	 	With Consent of Holders	29
	Section 9.3	 	Limitations	29
	Section 9.4	 	Compliance with Trust Indenture Act	29
	Section 9.5	 	Revocation and Effect of Consents	29
	Section 9.6	 	Notation on or Exchange of Securities	30
	Section 9.7	 	Trustee Protected	30
	 	 	 	 

 

 

    ii 

     

    

TABLE OF CONTENTS

(continued)

 

	ARTICLE X	 	MISCELLANEOUS	 
	 	 	 	 
	Section 10.1	 	Trust Indenture Act Controls	30
	Section 10.2	 	Notices	30
	Section 10.3	 	Communication by Holders with Other Holders	31
	Section 10.4	 	Certificate and Opinion as to Conditions Precedent	31
	Section 10.5	 	Statements Required in Certificate or Opinion	31
	Section 10.6	 	Rules by Trustee and Agents	31
	Section 10.7	 	Legal Holidays	31
	Section 10.8	 	No Recourse Against Others	32
	Section 10.9	 	Counterparts	32
	Section 10.10	 	Governing Law; Waiver of Jury Trial	32
	Section 10.11	 	No Adverse Interpretation of Other Agreements	32
	Section 10.12	 	Successors	32
	Section 10.13	 	Severability	32
	Section 10.14	 	Table of Contents, Headings, Etc.	32
	Section 10.15	 	Entire Agreement	32
	 	 	 	 
	ARTICLE XI	 	SINKING FUNDS	 
	 	 	 	 
	Section 11.1	 	Applicability of Article	33
	Section 11.2	 	Satisfaction of Sinking Fund Payments with Securities	33
	Section 11.3	 	Redemption of Securities for Sinking Fund	33
	 	 	 	 
	ARTICLE XII	 	SUBORDINATION OF SECURITIES	 
	 	 	 	 
	Section 12.1	 	Securities Subordinated to Senior Indebtedness	34
	Section 12.2	 	Right of Trustee to Hold Senior Indebtedness	34
	Section 12.3	 	Subordination Not to Prevent Events of Default	34
	Section 12.4	 	No Fiduciary Duty of Trustee to Holders of Senior Debt	34
	Section 12.5	 	Article Applicable to Paying Agent	34
	 	 	 	 

    iii 

     

    

CUSTOMERS BANCORP, INC. 

Reconciliation and tie between Trust
Indenture Act of 1939

and Subordinated Indenture, dated as of December
9, 2019

 

	 	 	 
	Section 310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	7.10
	(b)	 	7.10
	Section 311(a)	 	7.11
	(b)	 	7.11
	(c)	 	Not Applicable
	Section 312(a)	 	2.6
	(b)	 	10.3
	(c)	 	10.3
	Section 313(a)	 	7.6
	(b)(2)	 	7.6
	(c)	 	7.6.10.2
	(d)	 	7.6
	Section 314(a)	 	4.2, 4.3, 10.5
	(b)	 	Not Applicable
	(c)(1)	 	10.4
	(c)(2)	 	10.4
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	10.5
	(f)	 	Not Applicable
	Section 315(a)	 	7.1
	(b)	 	7.5
	(c)	 	7.1
	(d)	 	7.1
	(e)	 	6.14
	Section 316(a)	 	2.10
	(a)(1)(A)	 	6.12
	(a)(1)(B)	 	6.13
	(b)	 	6.8
	Section 317(a)(1)	 	6.3
	(a)(2)	 	6.4
	(b)	 	2.5
	Section 318(a)	 	10.1

 

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

    iv 

     

    

THIS SUBORDINATED INDENTURE (hereinafter called the “Indenture”),
dated as of December 9, 2019 between Customers Bancorp, Inc. a Pennsylvania corporation (hereinafter called the “Company”),
and Wilmington Trust, National Association, a national banking association duly organized and existing under the laws of the United
States as trustee (hereinafter called the “Trustee”).

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities
issued under this Indenture.

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.1 Definitions.

“Additional Amounts” means any additional amounts
which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the Company in respect
of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.

“Affiliate” of any specified person means any
other person directly or indirectly controlling or controlled by or under common control with such specified person. For the purposes
of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under
common control with”), as used with respect to any person, shall mean the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities
or by agreement or otherwise.

“Agent” means any Registrar, Paying Agent or Service
Agent.

“Board of Directors” means the Board of Directors
of the Company or any duly authorized committee thereof.

“Board Resolution” means a copy of a resolution
certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant
to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the
Trustee.

“Business Day” means, unless otherwise provided
by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, any day except a Saturday,
Sunday or a day in the City of New York, New York, the City of Wilmington, Delaware or a place of payment on which banking institutions
or trust companies are authorized or required by law, regulation or executive order to remain closed.

“Capital Stock” means: (a) in the case of
a corporation, corporate stock; (b) in the case of an association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) of corporate stock; (c) in the case of a partnership or limited liability
company, partnership interests (whether general or limited) or membership interests; and (d) any other interest or participation
that confers on a person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing
person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities
include any right of participation with Capital Stock.

“Company” means the party named as the “Company”
in the first paragraph of this instrument until a successor replaces it and thereafter means the successor.

“Company Order” means a written order signed in
the name of the Company by two Officers, one of whom must be the Company’s principal executive officer, principal financial
officer or principal accounting officer.

“Company Request” means a written request signed
in the name of the Company by its Chief Executive Officer, Chief Financial Officer, a President or a Vice President, and by its
Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee.

“Corporate Trust Office” means the office of the
Trustee at which at any particular time its corporate trust business shall be principally administered, which office, at the date
of execution of this Indenture, is located at 1100 North Market Street, Wilmington, Delaware 19890, Attention: Customers Bancorp,
Inc. Administrator.

    1 

     

    

 

“Default” means any event which is, or after notice
or passage of time or both would be, an Event of Default.

“Depository” means, with respect to the Securities
of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depository
for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act; and if at any time
there is more than one such person, “Depository” as used with respect to the Securities of any Series shall mean the
Depository with respect to the Securities of such Series.

 

“Discount Security” means any Security that provides
for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity
thereof pursuant to Section 6.2.

“Dollars” and “$” means the currency
of the United States of America.

“Exchange Act” means the Securities Exchange Act
of 1934, as amended.

“GAAP” means generally accepted accounting principles
set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants
and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity
as have been approved by a significant segment of the accounting profession, which are in effect.

“General Obligations” means all of the Company’s
obligations to pay Claims of general creditors, other than obligations on the debentures and our indebtedness for money borrowed
ranking equally or subordinate to the debentures. Notwithstanding the foregoing, if the Federal Reserve (or other competent regulatory
agency or authority) promulgates any rule or issues any interpretation that defines general creditor(s) the main purpose of which
is to establish a criteria for determining whether the subordinated debt of a bank holding company is to be included in its capital,
then the term “General Obligations” will mean obligations to general creditors as described in that rule or interpretation.

“Global Security” or “Global Securities”
means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part
of a Series of Securities, issued to the Depository for such Series or its nominee, and registered in the name of such Depository
or nominee.

“Holder” or “Securityholder” means
a person in whose name a Security is registered on the register maintained by the Registrar.

“Indenture” means this Indenture as amended or
supplemented from time to time and shall include the form and terms of particular Series of Securities established as contemplated
hereunder.

“interest” with respect to any Discount Security
which by its terms bears interest only after Maturity, means interest payable after Maturity.

“Material Subsidiary” means Customers Bank or
any successor thereof or any subsidiary of the Company that is a depository institution and that has consolidated assets equal
to 30% or more of the Company’s consolidated assets.

“Maturity,” when used with respect to any Security
or installment of principal thereof, means the date on which the principal of such Security or such 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,
notice of option to elect repayment or otherwise.

“Officer” means the Chief Executive Officer, the
Chief Financial Officer, the President, any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant
Secretary of the Company.

“Officers’ Certificate” means a certificate
signed by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal
accounting officer.

“Opinion of Counsel” means a written opinion of
legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company.

    2 

     

    

 

“person” means any individual, corporation, partnership,
joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or
any agency or political subdivision thereof.

“principal” of a Security means the principal
of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.

“Representative” means the (a) indenture trustee
or other trustee, agent or representative for any Senior Indebtedness or (b) with respect to any Senior Indebtedness that does
not have any such trustee, agent or other representative, (i) in the case of such Senior Indebtedness issued pursuant to an agreement
providing for voting arrangements as among the holders or owners of such Senior Indebtedness, any holder or owner of such Senior
Indebtedness acting with the consent of the required persons necessary to bind such holders or owners of such Senior Indebtedness
and (ii) in the case of all other such Senior Indebtedness, the holder or owner of such Senior Indebtedness.

“Responsible Officer” means any officer of the
Trustee within the Corporate Trust Administration department in the Corporate Trust Office, having direct responsibility for the
administration of this Indenture, and also, means, with respect to a particular corporate trust matter, any other officer of such
Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular
subject.

“SEC” means the Securities and Exchange Commission.

“Securities” means the debentures, notes or other
debt instruments of the Company of any Series authenticated and delivered under this Indenture.

“Senior Indebtedness” shall mean principal of
(and premium, if any) and interest, if any, on, and any other payment due pursuant to, any of the following:

(a) the Company’s obligations for
money borrowed;

(b) indebtedness evidenced by bonds, debentures,
notes or similar instruments;

(c) similar obligations arising from off-balance
sheet guarantees and direct credit substitutes;

(d) reimbursement obligations with respect
to letters of credit, bankers’ acceptances or similar facilities;

(e) obligations issued or assumed as the
deferred purchase price of property or services (but excluding trade accounts payable or accrued liabilities arising in the ordinary
course of business);

(f) capital and operating lease obligations;

(g) obligations associated with derivative
products including but not limited to securities contracts, foreign currency exchange contracts, swap agreements (including interest
rate and foreign exchange rate swap agreements), cap agreements, floor agreements, collar agreements, interest rate agreements,
foreign exchange rate agreements, options, commodity futures contracts, commodity option contracts and similar financial instruments;

(h) debt of others described in the preceding
clauses that the Company has guaranteed or for which the Company is otherwise liable;

(i) any deferrals, renewals or extensions
of Senior Indebtedness; and

(j) General Obligations.

unless, in any case, in the instrument
creating or evidencing any such indebtedness or obligation, or pursuant to which the same is outstanding, it is expressly provided
that such indebtedness or obligation is not superior in right of payment to the Securities or to other debt that is pari passu
with or subordinate to the Securities; and, provided, however, that “Senior Indebtedness” shall not include
(i) indebtedness owed by the Company to any Subsidiary of the Company or (ii) any indebtedness the terms of which expressly provide
that such indebtedness ranks equally with, or junior to, the Securities or to other debt that is equal with or junior to such Securities,
including guarantees of such indebtedness.

    3 

     

    

 

“Series” or “Series of Securities”
means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof.

 

“Significant Subsidiary” means (i) any direct or
indirect Subsidiary of the Company that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation
S-X, promulgated pursuant to the Securities Act of 1933, as amended, as such regulation is in effect on the date hereof, or (ii) any
group of direct or indirect Subsidiaries of the Company that, taken together as a group, would be a “significant subsidiary”
as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act of 1933, as amended, as such regulation
is in effect on the date hereof.

“Stated Maturity” when used with respect to any
Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date
on which the principal of such Security or such installment of principal or interest is due and payable.

“Subsidiary” means, with respect to any person:
(a) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock or other equity interest entitled (without regard to the occurrence of any contingency and after giving effect to any voting
agreement or shareholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers
or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries
of that person (or a combination thereof); and (b) any partnership or limited liability company of which (i) more than
50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests,
as applicable, are owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that
person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise,
and (ii) such person or any Subsidiary of such person is a controlling general partner or otherwise controls such entity.

“TIA” means the Trust Indenture Act of 1939 (15
U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event
the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment,
the Trust Indenture Act as so amended.

“Trustee” means the person named as the “Trustee”
in the first paragraph of this instrument 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, and
if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall
mean the Trustee with respect to Securities of that Series.

“U.S. Government Obligations” means direct obligations,
or obligations guaranteed by, the United States of America, and the payment for which the United States pledges its full faith
and credit.

Section 1.2. Other Definitions.

 

	 	 	 	 	 
	TERM	 	DEFINED IN

SECTION	 
	“Bankruptcy Law”	 	 	6.1	 
	“Custodian”	 	 	6.1	 
	“Event of Default”	 	 	6.1	 
	“Legal Holiday”	 	 	10.7	 
	“mandatory sinking fund payment”	 	 	11.1	 
	“optional sinking fund payment”	 	 	11.1	 
	“Paying Agent”	 	 	2.4	 
	“Registrar”	 	 	2.4	 
	“Service Agent”	 	 	2.4	 
	“successor person”	 	 	5.1	 

Section 1.3. Incorporation by Reference of Trust Indenture
Act.

    4 

     

    

 

Whenever this Indenture refers to a provision of the TIA,
the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings:

“Commission” means the SEC.

“indenture securities” means the Securities.

“obligor” on the indenture securities means the
Company and any successor obligor upon the Securities.

 

All other terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein
as so defined.

Section 1.4. Rules of Construction.

Unless the context otherwise requires:

(a) a term has the meaning assigned to it;

(b) an accounting term not otherwise defined has the meaning
assigned to it in accordance with GAAP;

(c) “or” is not exclusive;

(d) words in the singular include the plural, and in the plural
include the singular; and

(e) provisions apply to successive events and transactions.

ARTICLE II

THE SECURITIES

Section 2.1. Issuable in Series.

The aggregate principal amount of Securities that may be authenticated
and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series
shall be identical except as may be set forth or determined in a manner provided in a Board Resolution, supplemental indenture
or Officers’ Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution.
In the case of Securities of a Series to be issued from time to time, the Board Resolution, supplemental indenture or Officers’
Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for
the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue)
are to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall
be equally and ratably entitled to the benefits of the Indenture.

Section 2.2. Establishment of Terms of Series of Securities.

At or prior to the issuance of any Securities within a Series,
the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such Securities
within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution,
and set forth or determined in the manner provided in a Board Resolution, supplemental indenture or Officers’ Certificate:

2.2.1 the title of the Series (which
shall distinguish the Securities of that particular Series from the Securities of any other Series);

2.2.2 the price or prices (expressed as
a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

2.2.3 any limit upon the aggregate principal
amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7,
2.8, 2.11, 3.6 or 9.6);

2.2.4 the date or dates on which the principal
of the Securities of the Series is payable;

    5 

     

    

 

2.2.5 the rate or rates (which may be
fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to,
any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest,
if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall
commence and be payable and any regular record date for the interest payable on any interest payment date;

 

2.2.6 the place or places where the principal,
and premium, if any, and interest, if any, on the Securities of the Series shall be payable and the method of such payment, if
by wire transfer, mail or other means, and the place or places where the Securities of such Series may be surrendered for registration
of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this
Indenture may be served;

2.2.7 if applicable, the period or periods
within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed,
in whole or in part, at the option of the Company;

2.2.8 the obligation, if any, of the Company
to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder
thereof and the period or periods within which, the price or prices at which, the currency or currencies in which and the other
terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such
obligation;

2.2.9 the dates, if any, on which and
the price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof
and other detailed terms and provisions of such repurchase obligations;

2.2.10 if other than minimum denominations
of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;

2.2.11 the forms of the Securities of
the Series and whether the Securities will be issuable as Global Securities;

2.2.12 if other than the principal amount
thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration
of the maturity thereof pursuant to Section 6.2;

2.2.13 Reserved;

2.2.14 Reserved;

2.2.15 Reserved;

2.2.16 the manner in which the amounts
of payment of principal of and premium, if any, or interest, if any, on the Securities of the Series will be determined, if such
amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity
index, stock exchange index or financial index;

2.2.17 the provisions, if any, relating
to any security provided for the Securities of the Series;

2.2.18 any addition to, change in or deletion
from the Events of Default which apply to any Securities of the Series and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;

2.2.19 any addition to or change in the
covenants set forth in Articles IV or V which applies to Securities of the Series;

2.2.20 any depositories, interest rate
calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those
appointed herein;

2.2.21 the provisions, if any, relating
to conversion of any Securities of such Series, including if applicable, the conversion price, the conversion period, the securities
or other property into which the Securities will be convertible, provisions as to whether conversion will be mandatory, at the
option of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price and provisions
affecting conversion if such Series of Securities are redeemed;

    6 

     

    

 

2.2.22 whether the Securities of such
Series will be senior debt securities or subordinated debt securities and, if applicable, the subordination terms thereof; and

2.2.23 any other terms of the Securities
of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such Series).

All Securities of any one Series need not be issued at the
same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the
Board Resolution, supplemental indenture hereto or Officers’ Certificate referred to above.

Section 2.3 Execution and Authentication.

Any Officer shall sign the Securities for the Company by
manual or facsimile signature.

If an Officer whose signature is on a Security no longer holds
that office at the time the Security is authenticated, the Security shall nevertheless be valid.

A Security shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated
under this Indenture.

The Trustee shall at any time, and from time to time, authenticate
Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’
Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant
to written or electronic instructions from the Company or its duly authorized agent or agents. Each Security shall be dated the
date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate.

The aggregate principal amount of Securities of any Series
outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.

Prior to the issuance of Securities of any Series, the Trustee
shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution, supplemental
indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within
that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate
complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

The Trustee shall have the right to decline to authenticate
and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such action may not
be taken lawfully; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust
committee of directors and/or vice-presidents shall determine that such action would expose the Trustee to personal liability to
Holders of any then outstanding Series of Securities.

The Trustee may appoint an authenticating agent acceptable
to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent
has the same rights as an Agent to deal with the Company or an Affiliate.

Section 2.4 Registrar and Paying Agent.

The Company shall maintain, with respect to each Series
of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where
Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series
may be surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon
the Company in respect of the Securities of such Series and this Indenture may be served (“Service Agent”). The Registrar
shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt
written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or
Service Agent. If at any time the Company shall fail to maintain any such required Registrar or Paying Agent or shall fail to furnish
the Trustee with the name and address thereof, such presentations and surrenders may be made or served at the Corporate Trust Office
of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations and surrenders.

    7 

     

    

 

The Company may also from time to time designate one or more
co-registrars, additional paying agents or additional service agents and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a
Registrar, Paying Agent and Service Agent in each place so specified pursuant to Section 2.2 for Securities of any Series
for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any
change in the name or address of any such co-registrar, additional paying agent or additional service agent. The term “Registrar”
includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Service
Agent” includes any additional service agent.

The Company hereby appoints the Trustee the initial Registrar
and Paying Agent for each Series unless another Registrar or Paying Agent, as the case may be, is appointed prior to the time Securities
of that Series are first issued. The Company shall act as its own Service Agent for each Series unless another Service Agent is
appointed prior to the time Securities of that Series are first issued. In no event shall the Company or any affiliate thereof
serve as Paying Agent or Registrar for any series of Notes.

Section 2.5 Paying Agent to Hold Money in Trust.

The Company shall require each Paying Agent other than the
Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities,
or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and
will notify the Trustee in writing of any default by the Company in making any such payment. While any such default continues,
the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company
or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts
as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities
all money held by it as Paying Agent.

Section 2.6 Securityholder Lists.

The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities and
shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee
at least ten days before each interest payment date and at such other times as the Trustee may request in writing a list, in such
form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of
Securities.

Section 2.7 Transfer and Exchange.

Where Securities of a Series are presented to the Registrar
or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the
same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met.
To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request.
No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein),
but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6
or 9.6).

Neither the Company nor the Registrar shall be required (a) to
issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen
days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending
at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities of any Series
selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called
or being called for redemption in part.

    8 

     

    

 

 

Section 2.8 Mutilated, Destroyed, Lost and Stolen Securities.

If any mutilated Security is surrendered to the Trustee, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series and
of like tenor and principal amount and bearing a number not contemporaneously outstanding.

If there shall be delivered to the Company and the Trustee
(a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such security or indemnity
as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of written notice
to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute and upon
receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost
or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

In case 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.

Upon the issuance of any new Security under this Section,
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.

Every new Security of any Series issued pursuant to this Section
in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company,
whether or not the 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 of that Series duly issued hereunder.

The provisions of this Section 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 2.9 Outstanding Securities.

The Securities outstanding at any time are all the Securities
authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those reductions in the
interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section
as not outstanding.

If a Security is replaced pursuant to Section 2.8, it
ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security is held by a protected
purchaser.

If the Paying Agent (other than the Company, a Subsidiary
of the Company or an Affiliate of the Company of any thereof) holds on the Maturity of Securities of a Series money sufficient
to pay all amounts payable in respect of such Securities on that date, then on and after that date such Securities of the Series
cease to be outstanding and interest on them ceases to accrue.

The Company may purchase or otherwise acquire the Securities,
whether by open market purchases, negotiated transactions or otherwise. A Security does not cease to be outstanding because the
Company or an Affiliate of the Company holds the Security.

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,
the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the
principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the
Maturity thereof pursuant to Section 6.2.

Section 2.10 Treasury Securities.

    9 

     

    

 

In determining whether the Holders of the required principal
amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver Securities
of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of determining
whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver
only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so disregarded.

 

Section 2.11 Temporary Securities.

Until definitive Securities are ready for delivery, the
Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be
substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary
Securities.

Without unreasonable delay, the Company shall prepare and
the Trustee upon receipt of a Company Order shall authenticate definitive Securities of the same Series and date of Maturity in
exchange for temporary Securities. Until so exchanged, temporary Securities shall have the same rights under this Indenture as
the definitive Securities.

Section 2.12 Cancellation.

The Company at any time may deliver Securities to the Trustee
for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration
of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement
or cancellation and shall dispose of such canceled Securities in accordance with its customary procedures and deliver a certificate
of such disposition to the Company upon the Company’s written request. The Company may not issue new Securities to replace
Securities that it has paid or delivered to the Trustee for cancellation.

Section 2.13 Defaulted Interest.

If the Company defaults in a payment of interest on a Series
of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted
interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record
date and payment date. At least 10 days before the record date, the Company shall mail or cause to be mailed to the Trustee and
to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid.
The Company may pay defaulted interest in any other lawful manner.

Section 2.14 Global Securities.

2.14.1 Terms of Securities. A
Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities of a
Series shall be issued in whole or in part in the form of one or more Global Securities and the Depository for such Global Security
or Securities.

2.14.2 Transfer and Exchange.
Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global
Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders
other than the Depository for such Security or its nominee only if (a) such Depository notifies the Company that it is unwilling
or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency registered
under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository registered as a clearing agency
under the Exchange Act within 90 days of such event or (b) the Company executes and delivers to the Trustee an Officers’
Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant
to the preceding sentence shall be exchangeable for Securities registered in such names as the Depository shall direct in writing
in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms.

Except as provided in this Section 2.14.2, a Global Security
may not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository,
by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee
to a successor Depository or a nominee of such a successor Depository.

2.14.3 Legend. Any Global Security issued hereunder shall bear a legend in substantially the following form:

    10 

     

    

 

“THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY OR A NOMINEE OF THE DEPOSITORY. THIS SECURITY
IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY,
BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITORY.”

2.14.4 Acts of Holders. The Depository,
as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction,
notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

2.14.5 Payments. Notwithstanding
the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal
of and interest, if any, on any Global Security shall be made to the Holder thereof.

2.14.6 Consents, Declarations and Directions.
Except as provided in Section 2.14.5, the Company, the Trustee and any Agent shall treat a person as the Holder of such principal
amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of
the Depository with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions
required to be given by the Holders pursuant to this Indenture.

2.14.7 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 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 Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall
not be affected by any defect in or omission of such numbers.

ARTICLE III

REDEMPTION

Section 3.1 Notice to Trustee.

The Company may, with respect to any Series of Securities,
reserve in a supplemental Indenture, the right to redeem and pay the Series of Securities or may covenant to redeem and pay the
Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in
such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity
thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption
date and the principal amount of Series of Securities to be redeemed. The Company shall give the notice at least 60 days before
the redemption date (or such shorter notice as may be acceptable to the Trustee).

Section 3.2 Selection of Securities to be Redeemed.

Unless otherwise indicated for a particular Series by a
Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all the Securities of any Series issued
on the same day with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than
45 calendar days prior to the redemption date by the Trustee, from the outstanding Securities of such Series issued on such date
with the same terms not previously called for redemption, on a pro rata basis, by lot or by such method as the Trustee shall deem
fair and appropriate, and, in the case of global Securities, in accordance with the procedures of the depositary; provided that
such method complies with the rules of any national securities exchange or quotation system on which the Securities are listed,
and may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that
Series or any integral multiple thereof) of the principal amount of Securities of such Series of a denomination larger than the
minimum authorized denomination for Securities of that Series, or an integral multiple thereof, and the principal amount of a Security
which remains outstanding shall not be less than the minimum authorized denomination for Securities of such Series (so long as
the Trustee knows of such listing).

    11 

     

    

 

Section 3.3 Notice of Redemption.

Unless otherwise indicated for a particular Series by Board
Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more than 60 days before
a redemption date, the Company shall mail a notice of redemption by first-class mail (or, in the case of Securities held in book
entry form, by electronic transmission) to each Holder whose Securities are to be redeemed.

The notice shall identify the Securities of the Series to
be redeemed and shall state:

(a) the redemption date;

(b) the redemption price;

(c) the name and address of the Paying
Agent;

(d) that Securities of the Series called
for redemption must be surrendered to the Paying Agent to collect the redemption price;

(e) that interest on Securities of the
Series called for redemption ceases to accrue on and after the redemption date;

(f) the CUSIP number, if any; and

(g) any other information as may be required
by the terms of the particular Series or the Securities of a Series being redeemed.

At the Company’s written request, the Trustee shall
give the notice of redemption in the Company’s name and at its expense.

Section 3.4 Effect of Notice of Redemption.

Once notice of redemption is mailed as provided in Section
3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price, subject
to, with respect to any redemption that is conditioned upon the satisfaction of any conditions precedent, (i) the delay of such
redemption date until such time as any or all of such conditions precedent have been satisfied or (ii) the revocation of such redemption
if the Company determines that such conditions precedent will not be satisfied. Upon surrender to the Paying Agent, such Securities
shall be paid at the redemption price plus accrued interest to, but excluding, the redemption date; provided that installments
of interest whose Stated Maturity is on or prior to the redemption date shall be payable to the Holders of such Securities (or
one or more predecessor Securities) registered at the close of business on the relevant record date therefor according to their
terms and the terms of this Indenture.

Section 3.5 Deposit of Redemption Price.

On or before 11:00 a.m. New York City time on the redemption
date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if
any, on all Securities to be redeemed on that date.

Section 3.6 Securities Redeemed in Part.

Upon surrender of a Security that is redeemed in part, the
Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to
the unredeemed portion of the Security surrendered.

 

ARTICLE IV

COVENANTS

Section 4.1 Payment of Principal and Interest.

    12 

     

    

 

The Company covenants and agrees that it will duly and punctually
pay or cause to be paid when due the principal of (including the redemption price upon redemption pursuant to Article 3, if applicable),
and premium, if any, and interest, if any, on each of the Securities at the places, at the respective times and in the manner provided
herein and in the Securities; provided that the Company may withhold from payments of interest and upon redemption pursuant to
Article 3, if applicable, maturity or otherwise, any amounts the Company is required to withhold by law.

Section 4.2 SEC Reports.

The Company shall deliver to the Trustee within 15 calendar
days after it files them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies
of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file
with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA
Section 314(a). Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled
to rely exclusively on an Officers’ Certificate). The Trustee shall have no responsibility for the filing, timeliness or
content of reports or to determine whether any information or reports have been filed with the SEC.

Section 4.3 Compliance Certificate.

The Company shall deliver to the Trustee, within 120 days
after the end of each calendar year of the Company, commencing with the first calendar year following the issuance of securities
of any series under this Indenture, an Officers’ Certificate stating that a review of the activities of the Company and its
Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining
whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to
each such Officer signing such certificate, that to the best of his knowledge the Company has kept, observed, performed and fulfilled
each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms,
provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events
of Default of which he may have knowledge).

The Company will, so long as any of the Securities are outstanding,
deliver to the Trustee, promptly upon becoming aware of any Default or Event of Default, an Officers’ Certificate specifying
such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.

Section 4.4 Stay, Extension and Usury Laws.

The Company covenants (to the extent that it may lawfully
do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law and covenants that it will not, by resort to any such law, 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 has been enacted.

Section 4.5 Corporate Existence.

Subject to Article V, the Company will do or cause to be
done all things necessary to preserve and keep in full force and effect: (a) its corporate existence and the corporate, partnership
or other existence of each of its Significant Subsidiaries in accordance with the respective organizational documents (as the same
may be amended from time to time) of the Company or any such Significant Subsidiary; and (b) the rights (charter and statutory),
licenses and franchises of the Company and its Significant Subsidiaries; provided, however, that the Company shall not be required
to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Significant Subsidiaries,
if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of
the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.

 

Section 4.6 Taxes.

    13 

     

    

The Company shall, and shall cause each of its Significant
Subsidiaries to, pay prior to delinquency all taxes, assessments and governmental levies, except as contested in good faith and
by appropriate proceedings or where failure to effect such payment is not adverse in any material respect to the Holders of any
Series of Securities.

Section 4.7 Maintenance of Properties.

The Company will cause all branch and office locations,
and all its real, personal and mixed properties to be maintained and kept in good, repair and working order and supplied with all
necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof,
all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly
and advantageously conducted; provided, however, that nothing in this Section shall prevent the Company from discontinuing the
operation and maintenance of any of such properties, or disposing of them if such discontinuance or disposal is, in the judgment
of the Company or its Significant Subsidiaries concerned, desirable in the conduct of its business or the business of any Subsidiary.

Section 4.8 Maintenance of Insurance.

The Company will, and will cause each of its Subsidiaries
to, keep all its insurable properties insured against loss or damage with commercially reasonable amounts and types of insurance
provided by insurers of recognized responsibility.

ARTICLE V

SUCCESSORS

Section 5.1 Company May Consolidate or Merge on Certain
Terms.

Nothing contained in this Indenture or in the Securities
shall prevent any consolidation or merger of the Company with or into any other person or persons (whether or not affiliated with
the Company), or successive consolidations or mergers in which either the Company will be the continuing entity or the Company
or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or lease of all or
substantially all of the property of the Company, to any other person (whether or not affiliated with the Company); provided, however,
that the following conditions are met:

(a) the Company shall be the continuing
entity, or the successor entity (if other than the Company) formed by or resulting from any consolidation or merger or which shall
have received the transfer of all or substantially all assets shall be organized under the laws of the United States of America
or one of its states, and shall expressly assume the due and punctual payment of the principal of and interest and premium on all
of the Securities and the due and punctual performance and observance of all of the covenants, obligations and conditions of the
Company in this Indenture;

(b) immediately after giving effect to
such transaction, no Default or Event of Default shall have occurred and be continuing; and

(c) either the Company or the successor
person, in either case, shall have delivered to the Trustee an Officers’ Certificate, stating that such consolidation, merger,
sale, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental
indenture, comply with this Section 5.1 and that all conditions precedent herein provided for relating to such transaction
have been complied with.

Section 5.2 Company Successor to be Substituted.

Upon any consolidation by the Company with or merger of
the Company into any other person or any sale, conveyance, transfer or lease of all or substantially all of the properties and
assets of the Company to any person in accordance with Section 5.1 hereof, the successor person (“successor person”)
formed by such consolidation or into which the Company is merged or to which such sale, conveyance, transfer or lease is made shall
succeed to, and be substituted for, and shall have all liabilities and obligations of the Company, including the obligations of
the Company to the due and punctual payment of the principal of and interest and premium and all the Securities and the due and
punctual performance of all the covenants, obligations and conditions in this indenture, 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
thereafter the predecessor person shall be released from all obligations and covenants under this Indenture and the Securities;
provided, however, that the predecessor Company in the case of a sale, lease, conveyance or other disposition shall not be relieved
from the obligation to pay the principal of and interest on the Securities except in the case of a sale, conveyance or other disposition
of all or substantially all of the Company’s assets in a transaction that is subject to, and that complies with the provisions
of, Section 5.1 hereof.

    14 

     

    

 

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

ARTICLE VI

DEFAULTS AND REMEDIES

Section 6.1 Events of Default. Each of the following
constitutes an “Event of Default”:

(a) default in the payment of any interest
on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 calendar days
(unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration
of such period of 30 calendar days);

(b) the Company defaults in the payment when due of all
or any part of the principal of any Security of that Series as and when the same shall become due and payable either at maturity,
upon any redemption, upon acceleration of maturity or otherwise;

(c) the Company fails to perform any other covenant or agreement on the part of the Company contained in the Notes or in this
Indenture and such failure continues for a period of 90 days after the date on which notice specifying such failure, stating that
such notice is a “Notice of Default” hereunder and demanding that the Company remedy the same, shall have been given,
by registered or certified mail (or, if registered or certified mail is not then offered by the U.S. Post Office, by first class
mail return receipt requested), to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25%
in aggregate principal amount of the Notes at the time outstanding;

(d) a court having jurisdiction in the premises shall enter (i) a decree or order for relief in respect of the Company or a
Material Subsidiary in an involuntary case or proceeding under any applicable Bankruptcy Law now or hereafter in effect, (ii) or
a decree or order adjudging the Company or a Material Subsidiary bankrupt or insolvent, or approving as properly filed a petition
seeking reorganization, arrangement, adjustment, or composition of or in respect of the Company or a Material Subsidiary under
any applicable federal or state law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or other
similar official of the Company or a Material Subsidiary or for any substantial part of its property or ordering the winding up
or liquidation of its affairs, shall have been entered, and such decree or order shall remain unstayed and in effect for a period
of 60 consecutive days;

(e) the Company or a Material Subsidiary shall commence a voluntary case or proceeding under any Bankruptcy Law now or hereafter
in effect or any other case or proceeding to be adjudicated bankrupt or insolvent, or consent to the entry of a decree or order
for relief in respect of the Company or a Material Subsidiary in an involuntary case or proceeding under any such law, or to the
commencement of any bankruptcy or insolvency case or proceeding against the Company or a Material Subsidiary, or the filing by
the Company or a Material Subsidiary of a petition or answer to consent seeking reorganization or relief under any such applicable
federal or state law, or the consent by the Company or a Material Subsidiary to the filing of such petition or to the appointment
of or the taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of
the Company or a Material Subsidiary or of any substantial part of its property, or the making by the Company or a Material Subsidiary
of an assignment for the benefit of creditors, or the taking of action by the Company or a Material Subsidiary in furtherance of
any such action; or

    15 

     

    

 

(f) The Company or a Material Subsidiary defaults under any bond, debenture, note or other evidence of indebtedness for money
borrowed by the Company or a Material Subsidiary having an aggregate principal amount outstanding of at least $25,000,000, or under
any mortgage, indenture or instrument (including the Indenture) under which there may be issued or by which there may be secured
or evidenced any indebtedness for money borrowed by the Company or a Material Subsidiary having an aggregate principal amount outstanding
of at least $25,000,000, whether such indebtedness now exists or is created in the future, which default (i) constitutes a failure
to pay any portion of the principal of such indebtedness when due and payable after the expiration of any applicable grace period
or (ii) results in such indebtedness becoming due or being declared due and payable prior to the date on which it otherwise would
have become due and payable without, in the case of clause (i), such indebtedness having been discharged or, in the case of clause
(ii), without such indebtedness having been discharged or such acceleration having been rescinded or annulled.

Upon becoming aware of any Event of Default, the Company shall promptly deliver to the Trustee a written statement specifying such
Event of Default.

The term “Bankruptcy Law” means title 11, U.S. Code or any U.S. federal or state bankruptcy, insolvency, reorganization,
receivership, conservatorship or similar law, including, without limitation, the Federal Deposit Insurance Act and the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010.

Section 6.2 Acceleration.

Except to the extent provided otherwise in the establishing Board Resolution, supplemental indenture or Officers’ Certificate
for such Series, if an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing
(other than an Event of Default referred to in Section 6.1(d) or 6.1(e)), then in every such case the Trustee or the Holders of
not less than 25.0% in aggregate principal amount of the outstanding Securities of that Series may declare the principal amount
(or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the
terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such
principal amount (or portion thereof) and accrued and unpaid interest, if any, shall become immediately due and payable. If an
Event of Default specified in Section 6.1(d) or 6.1(e) shall occur, the principal amount (or portion thereof) of and accrued and
unpaid interest, if any, on all outstanding Securities shall automatically become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder.

At any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this Article VI provided, the Holders of a majority
in principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind
and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than
the non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration
of acceleration, have been cured or waived as provided in Section 6.13.

No such rescission shall affect any subsequent default or impair any right consequent thereon.

Section 6.3 Collection of Indebtedness and Suits for Enforcement by Trustee.

The Company covenants that if

(a) default is made in the payment of
any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or

(b) default is made in the payment of
principal, and premium, if any, of any Security at the Maturity thereof, or

(c) default is made in the deposit of
any sinking fund payment when and as due by the terms of a Security,

then, the Company will, upon demand of the Trustee,
pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal,
premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal
and any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount
as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel.

    16 

     

    

 

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, 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 deemed to be payable in the manner provided by law
out of the property of the Company or any other obligor upon such Securities, wherever situated.

If an Event of Default with respect to any Securities of any
Series 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 of such Series by appropriate judicial proceedings 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 6.4 Trustee May File Proofs of Claim.

In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding or administrative proceeding
or action relative to the Company any Material Subsidiary or any other obligor upon the Securities or the property of the Company,
such other obligor or Material Subsidiary or their respective creditors, the Trustee (irrespective of whether the principal of
the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered,
by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act, including
in order to have claims of the Holders and the Trustee allowed in any such proceeding.

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

 

(b) to collect and receive any moneys or other
property payable or deliverable on any such claims and to distribute the same,

and any Custodian 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 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 due the Trustee under Section 7.7.

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

Section 6.5 Trustee May Enforce Claims 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 shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities
in respect of which such judgment has been recovered.

Section 6.6 Application of Money Collected.

    17 

     

    

 

Any money collected by the Trustee pursuant to this Article
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
on account of principal or 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 under
Section 7.7; and

Second: To the payment of the amounts then due and unpaid
for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal,
premium, if any and interest, respectively; and

Third: To the Company.

Section 6.7 Limitation on Suits.

No Holder of any Security of any Series shall have any right
to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee,
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 of that Series;

(b) the Holders of not less than 25% in
principal amount of the outstanding Securities of that Series 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 security or indemnity acceptable to the Trustee against the costs, expenses and liabilities to be incurred in compliance
with such request;

(d) the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

(e) no direction inconsistent with such written
request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding
Securities of that Series;

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 of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other of such Holders, 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 6.8 Unconditional Right of Holders to Receive
Principal, Premium and Interest.

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, premium
and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case
of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not
be impaired without the consent of such Holder.

Section 6.9 Restoration of Rights and Remedies.

If the Trustee or any Holder 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 or to such Holder, then and in every such case, subject to any determination in such proceeding,
the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

Section 6.10 Rights and Remedies Cumulative.

    18 

     

    

 

Except as otherwise provided with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or
reserved to the Trustee or to 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, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 6.11 Delay or Omission Not Waiver.

No delay or omission of the Trustee or of any Holder of
any Securities 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 or by law to the
Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the
Holders, as the case may be.

Section 6.12 Control by Holders.

The Holders of a majority in principal amount of the outstanding
Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series,
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 which is not inconsistent with such direction,

(c) the Trustee shall have the right to
decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that
the proceeding so directed would involve the Trustee in personal liability or may be unduly prejudicial to the Holders of any other
Securities of such Series not joining in such direction, and

 

(d) such Holders shall have provided security
or indemnity satisfactory to the Trustee in connection with the action or inaction so directed.

Section 6.13 Waiver of Past Defaults.

The Holders of not less than 25% in principal amount of
the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default
hereunder with respect to such Series and its consequences, except a Default (a) in the payment of the principal of or any
premium or interest on any Security of such Series (provided, however, that the Holders of not less than a majority
in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any
related payment default that resulted from such acceleration) or (b) in respect of a covenant or provision hereof which cannot
be modified or amended without the consent of the Holder of each outstanding Security of such Series affected. Upon any such waiver,
such 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 Default or impair any right consequent thereon.

Section 6.14 Undertaking for Costs.

All parties to this Indenture agree, and each Holder of
any Security by his 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, suffered
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, against any party litigant
in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions
of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted
by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of
any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security
on or after the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption
date).

    19 

     

    

 

ARTICLE VII

TRUSTEE

Section 7.1 Duties of Trustee.

(a) If an Event of Default has occurred
and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care
and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs.

(b) Except during the continuance of an
Event of Default:

(i) The Trustee need perform only those
duties that are specifically set forth in this Indenture and no others.

(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 Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture;
however, in the case of any such Officers’ Certificates or Opinions of Counsel which by any provisions hereof are specifically
required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions of Counsel to
determine whether or not they conform to the requirements of this Indenture.

(c) The Trustee may not be relieved from
liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

(i) This paragraph does not limit the
effect of paragraph (b) of this Section.

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

(iii) The Trustee shall not be liable with
respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance
with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Indenture with respect to the Securities of such Series.

(d) Every provision of this Indenture
that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.

(e) The Trustee may refuse to perform
any duty or exercise any right or power at the request or direction of any Holder unless it receives indemnity or security satisfactory
to it against any loss, liability or expense.

(f) The Trustee shall not be liable for
interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee
need not be segregated from other funds except to the extent required by law.

(g) No provision of this Indenture shall
require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties, 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 is not reasonably assured to it.

(h) The Paying Agent, the Registrar and
any authenticating agent shall be entitled to the protections, immunities and standard of care as are set forth in this Section
with respect to the Trustee.

    20 

     

    

 

(i) The right of the Trustee to perform
any permissive rights enumerated in this Indenture shall not be construed as a duty, and the Trustee shall not be personally answerable
except to the Holders for its own negligence or willful misconduct in the performance of any such act.

Section 7.2 Rights of Trustee.

(a) The Trustee may rely on and shall
be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, judgment, 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 person not only as to due execution, validity and
effectiveness, but also as to the truth and accuracy of any information contained therein.. The Trustee need not investigate any
fact or matter stated in the document.

(b) Before the Trustee acts or refrains
from acting, it may require an Officers’ Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action
it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel.

(c) The Trustee may act through agents
and shall not be responsible for the misconduct or negligence of any agent appointed with due care. No Depository shall be deemed
an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depository.

(d) The Trustee shall not be liable for
any action it takes or omits to take without negligence and in good faith which it believes to be authorized or within its rights
or powers.

(e) The Trustee may consult with counsel
or other professionals of its selection and the advice of such counsel or other professional or any Opinion of Counsel shall be
full and complete authorization and protection and the Trustee shall have no liability in respect of any action taken, suffered
or omitted by it hereunder without negligence and in good faith and in reliance thereon.

 

(f) 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 of Securities
unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction.

(g) Notwithstanding any other provisions
hereof to the contrary, in no event shall the Trustee be responsible or liable for any special, indirect, punitive, incidental
or consequential loss or damage of any kind whatsoever (including but not limited to lost profits) irrespective of whether the
Trustee has been advised of the likelihood of such loss or damage, and regardless of the form of action.

(h) The Trustee undertakes to perform
such duties and only such duties as are specifically and expressly set forth in this Indenture. These duties shall be purely ministerial
in nature and the Trustee shall not be liable except in the performance of such duties and no implied covenants or obligations
shall be read into this Indenture against the Trustee.

(i) The Trustee shall not be charged with
knowledge of (A) any events or other information or (B) any default under this Indenture or any other agreement unless a Responsible
Officer of the Trustee shall have actual knowledge thereof.

(j) The Trustee shall neither be responsible
for, nor chargeable with, knowledge of the terms and conditions of any other agreement, instruction or document other than this
Indenture, whether or not an original or a copy of such agreement has been provided to the Trustee.

(k) The Trustee shall have no duty to
know or inquire as to the performance or nonperformance of any provision of any other agreement, instrument or document.

(l) Neither the Trustee nor any of its
directors, officers, employees, agents or affiliates shall be responsible for nor have any duty to monitor the performance of the
Company or any of their directors, members, officers, agents affiliates or employees, nor shall it have any liability in connection
with the malfeasance or non-feasance by such party. The Trustee may assume performance by all such Persons of their respective
obligations. The Trustee shall have no enforcement or notification obligations relating to the breaches of representations or warranties
of the Company.

    21 

     

    

 

(m) In the performance of its rights and
duties hereunder, the Trustee shall be entitled to request and receive instructions from the Holders.

(n) If any conflict, disagreement or dispute
arises between, among, or involving any of the parties hereto concerning the meaning or validity of any provision hereunder or
concerning any other matter relating to this Agreement, or the Trustee is in doubt as to the action to be taken hereunder, the
Trustee may, at its option, after sending written notice of the same to the Company, refuse to act until such time as it (i) receives
a final non-appealable order of a court of competent jurisdiction or (ii) receives a written instruction, executed by each of the
parties involved in such disagreement or dispute, in a form reasonably acceptable to the Trustee. The Trustee will be entitled
to act on any such written instruction or final, non-appealable order of a court of competent jurisdiction without further question,
inquiry or consent. The Trustee may file an interpleader action in a state or federal court, and upon the filing thereof, the Trustee
will be relieved of all liability as to the subject matter in dispute and will be entitled to recover reasonable and documented
out-of-pocket attorneys’ fees, expenses and other costs incurred in commencing and maintaining any such interpleader action.

(o) Notwithstanding anything to the contrary
herein, the Trustee shall have no duty to prepare or file any Federal or state tax report or return with respect to any funds held
pursuant to this Indenture or any income earned thereon, except for the delivery and filing of tax information reporting forms
required to be delivered and filed with the Internal Revenue Service.

(p) Each Holder shall provide the Trustee
with certified tax identification numbers by furnishing appropriate forms W-9 or W-8 or such other forms and documents that the
Trustee may request. Each Holder understands that if such tax reporting documentation is not provided and certified to the Trustee,
the Trustee may be required by the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, to withhold
a portion of certain payments made pursuant hereto.

(q) To the extent that the Trustee becomes
liable for the payment of any taxes in respect of income derived from the investment of any money held pursuant to this Indenture,
the Trustee shall satisfy such liability to the extent possible from the money held pursuant to this Indenture. The Company shall
indemnify, defend and hold the Trustee harmless from and against any tax, late payment, interest, penalty or other cost or expense
that may be assessed against the Trustee on or with respect to the money held pursuant to this Indenture and the investment thereof
unless such tax, late payment, interest, penalty or other expense was finally adjudicated to have been directly caused by the gross
negligence or willful misconduct of the Trustee. The indemnification provided by this Section 7.2(q) is in addition to the indemnification
provided in Section 7.7 and shall survive the resignation or removal of the Trustee and the termination of this Indenture.

Section 7.3 Individual Rights of Trustee.

The Trustee in its individual or any other capacity may
become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same
rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate
such conflict within 90 days, apply to the SEC for permission to continue as trustee (if this Indenture has been qualified under
the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11
hereof.

Section 7.4 Trustee’s Disclaimer.

The Trustee makes no representation as to the validity or
adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the
Securities, and it shall not be responsible for any statement in the Securities other than its authentication.

Section 7.5 Notice of Defaults.

    22 

     

    

 

If a Default or Event of Default occurs and is continuing
with respect to the Securities of any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail
to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs
or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in the case
of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold
the notice if and so long as it in good faith determines that withholding the notice is in the interests of Securityholders of
that Series.

Section 7.6 Reports by Trustee to Holders.

Within 60 days after December 1 in each year beginning with
the December 1 following the date of this Indenture, and for so long as Securities remain outstanding, the Trustee shall transmit
by mail to all Securityholders, as their names and addresses appear on the register kept by the Registrar a brief report dated
as of such December 1that complies with TIA Section 313(a) (but if no event described in TIA Section 313(a) has occurred
within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA Section 313(b)(2).
The Trustee will also transmit by mail all reports as required by TIA §313(c).

A copy of each report at the time of its mailing to Securityholders
of any Series will be mailed by the Trustee to the Company and filed by the Trustee with the SEC and each stock exchange on which
the Securities of that Series are listed in accordance with TIA Section 313(d). The Company shall promptly notify the Trustee
when Securities of any Series are listed on any stock exchange.

Section 7.7 Compensation and Indemnity.

The Company shall pay to the Trustee from time to time reasonable
compensation for its acceptance of this Indenture and services hereunder. The Trustee’s compensation shall not be limited
by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall
include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

The Company shall indemnify and hold harmless the Trustee
in its individual capacity (including the cost of defending itself) from and against any and all liabilities, obligations, losses,
damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements of any kind and nature
whatsoever, including attorneys’ fees (collectively, “Expenses”) which may at any time be imposed on, incurred
by, or asserted against the Trustee in any way relating to or arising out of this Indenture or the performance of its duties hereunder
as Trustee or Agent or the administration of the trusts contemplated hereby (including those incurred with respect to enforcement
of its right to indemnity hereunder), in each case except as set forth in the next paragraph. The Trustee shall notify the Company
promptly of any claim for which it may seek indemnity. The Company shall defend the claim and the Trustee shall cooperate in the
defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of one such counsel.
The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. This indemnification
shall apply to officers, directors, employees, shareholders, successors, assigns, servants and agents of the Trustee. The indemnities,
rights, and obligations contained in this Section shall survive the resignation or removal of the Trustee and shall survive the
termination of this Indenture and/or the trusts contemplated hereby.

The Company need not reimburse any expense or indemnify against
any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through
the Trustee’s own negligence or willful misconduct.

To secure the Company’s payment obligations in this
Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the
Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.

When the Trustee incurs expenses or renders services after
an Event of Default specified in Section 6.1(e) or (f) occurs, the expenses and the compensation for the services are
intended to constitute expenses of administration under any Bankruptcy Law.

    23 

     

    

 

Section 7.8 Replacement of Trustee.

A resignation or removal of the Trustee and appointment
of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in
this Section.

The Trustee may resign with respect to the Securities of one
or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority
in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee
and the Company in writing. The Company may remove the Trustee with respect to Securities of one or more Series if:

(a) the Trustee fails to comply with
Section 7.10;

(b) the Trustee is adjudged bankrupt or
insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

(c) a Custodian or public officer takes
charge of the Trustee or its property; or

(d) the Trustee becomes incapable of acting.

If the Trustee resigns or is removed or if a vacancy exists
in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor
Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor
Trustee to replace the successor Trustee appointed by the Company.

If a successor Trustee with respect to the Securities of any
one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at
the Company’s expense), the Company or the Holders of at least 10% in principal amount of the Securities of the applicable
Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

If the Trustee with respect to the Securities of any one or
more Series fails to comply with Section 7.10, any Securityholder of the applicable Series may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

A successor Trustee shall deliver a written acceptance of
its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all property
held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal
of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee
with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail
a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this
Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring
trustee with respect to expenses and liabilities incurred by it prior to such replacement.

Section 7.9 Successor Trustee by Merger, etc.

If the Trustee consolidates with, merges or converts into,
sells or transfers all or substantially all of its corporate trust business and assets as a whole or substantially
as a whole, any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which
the Trustee is a party, will be and become the successor Trustee, under this Indenture and will have and succeed to the rights,
powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or paper or the
performance of any further act.

Section 7.10 Eligibility; Disqualification.

This Indenture shall always have a Trustee who satisfies
the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus
of at least $250,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA
Section 310(b).

Section 7.11 Preferential Collection of Claims
Against Company.

The Trustee is subject to TIA Section 311(a), excluding
any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA
Section 311(a) to the extent indicated.

    24 

     

    

 

ARTICLE VIII

SATISFACTION AND DISCHARGE; DEFEASANCE

Section 8.1 Satisfaction and Discharge of Indenture.

This Indenture shall upon Company Order cease to be of further
effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall at Company
Request execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

(a) either

(i) all Securities theretofore authenticated
and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered
to the Trustee for cancellation; or

(ii) all such Securities not theretofore
delivered to the Trustee for cancellation

(1) have become due and payable, or

(2) will become due and payable at their
Stated Maturity within one year, or

(3) have been called for redemption or
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, or

(4) are deemed paid and discharged pursuant
to Section 8.3, as applicable;

and the Company, in the case of (1), (2) or (3) above,
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose
of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation,
for principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior
to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be, and the Company has delivered irrevocable
instructions to the Trustee under this Indenture to apply the deposited money toward the payment of such Securities at the Stated
Maturity or redemption date, as the case may be;

(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 7.7, and, if money shall have been deposited with the Trustee
pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1, 8.2 and 8.5 shall survive.

Section 8.2 Application of Trust Funds; Indemnification.

(a) Subject to the provisions of Section 8.5,
all money deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations deposited with the
Trustee pursuant to Section 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations deposited
with the Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions
of the Securities and this Indenture, to the payment, 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 interest for whose
payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments
as contemplated by Sections 8.3 or 8.4.

(b) The Company shall pay and shall indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations deposited pursuant
to Sections 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf
of Holders.

    25 

     

    

 

(c) The Trustee shall deliver or pay to
the Company from time to time upon Company Request any U.S. Government Obligations or money held by it as provided in Sections
8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written
certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to
be deposited for the purpose for which such U.S. Government Obligations or money were deposited or received. This provision shall
not authorize the sale by the Trustee of any U.S. Government Obligations held under this Indenture.

Section 8.3 Legal Defeasance of Securities of any
Series.

Unless this Section 8.3 is otherwise specified, pursuant
to Section 2.2.23, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged
the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred
to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such
Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute proper
instruments acknowledging the same), except as to:

(a) the rights of Holders of Securities
of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of
and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal
or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities
of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities
of such Series;

(b) the provisions of Sections 2.4, 2.7,
2.8, 8.2, 8.3 and 8.5; and

(c) the rights, powers, trust and immunities
of the Trustee hereunder; provided that, the following conditions shall have been satisfied:

(d) the Company shall have deposited or
caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders
of such Securities cash in Dollars and/or U.S. Government Obligations, which through the payment of interest and principal in respect
thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on
such Trustee), not later than one day before the due date of any payment of money, an amount in cash, 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 each installment of principal of and premium interest, if any, on and any mandatory sinking fund
payments in respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking
fund payments are due;

(e) such deposit will not result in a
breach or violation of, or constitute a Default or an Event of Default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound (other than a Default or Event of Default resulting from the borrowing
of funds to be applied to such deposit (and any similar concurrent deposit related to other indebtedness of the Company or any
Subsidiary) and the granting of liens to secure such borrowings);

(f) no Default or Event of Default with
respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date (other than such Defaults and Events of Default that are contemplated in subparagraph (e) hereof);

(g) the Company shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (i) the Company has received from,
or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture,
there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion
of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same
amounts and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had
not occurred;

    26 

     

    

 

(h) the Company shall have delivered to
the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the
Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying
or defrauding any other creditors of the Company;

(i) the Company shall have delivered to
the Trustee an Opinion of Counsel to the effect that such deposit shall not result in the trust arising from such deposit constituting
an investment company (as defined in the Investment Company Act of 1940, as amended), or such trust shall be qualified under such
Act or exempt from regulation thereunder; and

(j) the Company shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating
to the defeasance contemplated by this Section have been complied with.

Section 8.4 Covenant Defeasance.

Unless this Section 8.4 is otherwise specified pursuant
to Section 2.2.23 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities
of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, 4.6, 4.7, 4.8 and 5.1 as well
as any additional covenants specified in a supplemental indenture hereto for such Series of Securities or a Board Resolution or
an Officers’ Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall
not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event
specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered
pursuant to Section 2.2 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder,
with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:

(a) With reference to this Section 8.4,
the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as
trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely
to, the benefit of the Holders of such Securities cash in Dollars and/or U.S. Government Obligations, which through the payment
of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming
no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount
in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a
written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if
any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments of interest
or principal and such sinking fund payments are due;

(b) Such deposit will not result in a
breach or violation of, or constitute a Default or Event of Default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound (other than a Default or Event of Default resulting from the borrowing
of funds to be applied to such deposit (and any similar concurrent deposit related to other indebtedness of the Company or any
Subsidiary) and the granting of liens to secure such borrowings);

(c) No Default or Event of Default with
respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date (other than such Defaults or Events of Default that are contemplated in subparagraph (b) hereof);

(d) The Company shall have delivered to
the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such Series will not recognize income, gain or
loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and covenant defeasance
had not occurred;

(e) The Company shall have delivered to
the Trustee an Officers’ Certificate stating the deposit was not made by the Company with the intent of preferring the Holders
of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or
defrauding any other creditors of the Company; and

    27 

     

    

 

(f) The Company shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the covenant defeasance contemplated by this Section have been complied with.

Section 8.5 Repayment to Company.

Any money deposited with the Trustee or any Paying Agent,
or then held by the Company, in trust for the payment of the principal, premium, if any, or interest, if any, on, any Security
and remaining unclaimed for two years after such principal, premium, if any, or interest, if any, has become due and payable shall
be paid to the Company on its request or (if then held by the Company) will be discharged from such trust; and the Holder of such
Security will thereafter be permitted to 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, will thereupon cease; provided,
however, 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 the New York Times and The Wall Street Journal (national edition), notice that such money
remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification
or publication, any unclaimed balance of such money then remaining will be repaid to the Company.

Section 8.6 Reinstatement.

If the Trustee or Paying Agent is unable to apply any money
or U.S. Government Obligations in accordance with Sections 8.1, 8.3 or 8.4, as the case may be, by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations
under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1,
8.3 or 8.4, as the case may be, until such time as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government
Obligations in accordance with Section 8.1, 8.3 or 8.4, as the case may be; provided, however, that if the Company
makes any payment of principal, premium, if any, or interest, if any, on any Securities because of reinstatement of its obligations,
the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S.
Government Obligations held by the Trustee or Paying Agent.

ARTICLE IX

AMENDMENTS AND WAIVERS

Section 9.1 Without Consent of Holders.

The Company and the Trustee may amend or supplement this
Indenture or the Securities of one or more Series without the consent of any Securityholder:

(a) to cure any ambiguity, defect or inconsistency;

(b) to provide for uncertificated Securities
in addition to or in place of certificated Securities;

(c) to provide for the assumption of the
Company’s obligations to Holders of the Securities by a successor to the Company pursuant to Article V hereof;

(d) to make any change that would provide
any additional rights or benefits to the Holders of Securities or that does not adversely affect the legal rights under the Indenture
of any such Holder;

(e) to provide for the issuance of and
establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;

(f) to comply with requirements of the
SEC in order to effect or maintain the qualification of an indenture under the TIA;

(g) to conform the text of the Indenture
or the Notes to any provision of the description thereof set forth in a prospectus supplement, an accompanying prospectus or term
sheet;

(h) to add any guarantor or to provide
any collateral to secure any Notes;

    28 

     

    

 

(i) to add additional obligors under the
Indenture and the Securities; or

(j) to evidence and provide for the acceptance
of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any
of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee.

Section 9.2 With Consent of Holders.

The Company and the Trustee may enter into a supplemental
indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each
Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer
for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders
of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding
Securities of each Series affected by such waiver by notice to the Trustee (including consents obtained in connection with a tender
offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture
or the Securities with respect to such Series.

It shall not be necessary for the consent of the Holders of
Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it
shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section
becomes effective, the Company shall mail to the Holders of Securities affected thereby, a notice briefly describing the supplemental
indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such supplemental indenture or waiver.

Section 9.3 Limitations.

Without the consent of each Securityholder affected, an
amendment or waiver may not:

(a) reduce the principal amount of Securities
whose Holders must consent to an amendment, supplement or waiver;

(b) reduce the rate of or extend the time
for payment of interest (including default interest or interest on overdue amounts of principal, premium and interest) on any Security;

(c) reduce the principal of or change
the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or
analogous obligation;

(d) reduce the principal amount of Discount
Securities payable upon acceleration of the maturity thereof;

(e) waive a Default or Event of Default
in the payment of the principal, premium, if any, or interest, if any, on any Security (except a rescission of acceleration of
the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series
and a waiver of the payment default that resulted from such acceleration);

(f) make the principal of or interest,
if any, on any Security payable in any currency other than Dollars;

(g) make any change in Sections 6.8, 6.13
or 9.3 (this sentence);

(h) change the definition of Senior Indebtedness
except to reduce the scope thereof; or

(h) waive a redemption payment with respect
to any Security.

Section 9.4 Compliance with Trust Indenture Act.

Every amendment to this Indenture or the Securities of one
or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

    29 

     

    

 

Section 9.5 Revocation and Effect of Consents.

Until an amendment, supplement or waiver becomes effective,
a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion
of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made
on any Security. However, any such Holder or subsequent Holder may revoke the consent as to its Security or portion of a Security
if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective.

Any amendment or waiver once effective shall bind every Securityholder
of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of
Section 9.3. In that case, notwithstanding anything herein to the contrary, the amendment or waiver shall bind each Holder
of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder’s Security.

Section 9.6 Notation on or Exchange of Securities.

The Trustee may place an appropriate notation about an amendment
or waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities of that Series may issue
and the Trustee shall authenticate upon request new Securities of that Series that reflect the amendment or waiver.

Section 9.7 Trustee Protected.

In executing, or accepting the additional trusts created
by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Opinion
of Counsel and an Officers’ Certificate stating that the execution of such supplemental indenture is authorized or permitted
by this Indenture. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture
that adversely affects its rights or liabilities.

ARTICLE X

MISCELLANEOUS

Section 10.1 Trust Indenture Act Controls.

If any provision of this Indenture limits, qualifies, or
conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed
provision shall control.

Section 10.2 Notices.

Any notice or communication by the Company or the Trustee
to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person or by first class
mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day
delivery, to the others’ address:

if to the Company:

Customers Bancorp, Inc.

1015 Penn Avenue, Suite 103

Wyomissing, PA 19610

Attention: Chief Executive Officer

if to the Trustee:

Wilmington Trust, National Association, as Trustee

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-0001

Attention: Customers Bancorp, Inc. Administrator

The Company or the Trustee by written notice to the other
may designate additional or different addresses for subsequent notices or communications.

    30 

     

    

 

All notices and communications (other than those sent to Holders)
will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business
Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

Any notice or communication to a Holder will be mailed by
first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery
to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any person described
in TIA Section 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect
in it will not affect its sufficiency with respect to other Holders.

If a notice or communication is mailed in the manner provided
above within the time prescribed, it is duly given, whether or not the addressee receives it.

If the Company mails a notice or communication to Holders,
it shall mail a copy to the Trustee and each Agent at the same time.

Section 10.3 Communication by Holders with Other Holders.

Securityholders of any Series may communicate pursuant to
TIA Section 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture
or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection
of TIA Section 312(c).

Section 10.4 Certificate and Opinion as to Conditions
Precedent.

Upon any request or application by the Company to the Trustee
to take any action under this Indenture, the Company shall furnish to the Trustee:

(a) an Officers’ Certificate stating
that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with; and

(b) an Opinion of Counsel stating that,
in the opinion of such counsel, all such conditions precedent have been complied with.

Section 10.5 Statements Required in Certificate
or Opinion.

Each certificate or opinion with respect to compliance with
a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4))
shall comply with the provisions of TIA Section 314(e) and shall include:

(a) a statement that the person making
such certificate or opinion has read such covenant or condition;

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

(c) a statement that, in the opinion of
such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether
or not such covenant or condition has been complied with; and

(d) a statement as to whether or not,
in the opinion of such person, such condition or covenant has been complied with.

Section 10.6 Rules by Trustee and Agents.

The Trustee may make reasonable rules for action by or a
meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its functions.

    31 

     

    

 

Section 10.7 Legal Holidays.

Unless otherwise provided by Board Resolution, Officers’
Certificate or supplemental indenture for a particular Series, a “Legal Holiday” is any day that is not a Business
Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that
is not a Legal Holiday, and no interest shall accrue for the intervening period.

Section 10.8 No Recourse Against Others.

A director, officer, employee or shareholder (past or present)
of the Company, as such, or any successor person thereof, shall not have any liability for any obligations of the Company under
the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each
Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for the issuance of the Securities. The waiver shall not be effective to waive liabilities under the federal securities laws.

Section 10.9 Counterparts.

This Indenture may be executed in any number of counterparts
and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement.

Section 10.10 Governing Laws; Jurisdiction; Waiver
of Jury Trial.

THE LAWS OF THE STATE OF NEW YORK WILL GOVERN AND BE USED
TO CONSTRUE THIS INDENTURE, THE NOTES AND WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

The parties hereby (i) irrevocably submit to the exclusive
jurisdiction of any federal or state court sitting in the Borough of Manhattan, the city of New York, (ii) waive any objection
to laying of venue in any such action or proceeding in such courts, and (iii) waive any objection that such courts are an inconvenient
forum or do not have jurisdiction over any party.

Each of the parties hereto hereby waives the right to trial
by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Indenture or the
Securities.

Section 10.11 No Adverse Interpretation of Other
Agreements.

This Indenture may not be used to interpret another indenture,
loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used
to interpret this Indenture.

Section 10.12 Successors.

All agreements of the Company in this Indenture and the
Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.

Section 10.13 Severability.

In case any provision in this Indenture or in the Securities
is declared by a court of competent jurisdiction to be invalid, illegal or unenforceable, it will be ineffective only to the extent
of such invalidity, so that the remainder of the provision and Indenture and Securities will continue in full force and effect.

Section 10.14 Table of Contents, Headings, Etc.

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

Section 10.15. Entire Agreement.

This Indenture and any supplemental indentures hereto set
forth the entire agreement and understanding of the parties related to this transaction and supersedes all prior agreements and
understandings, oral or written.

    32 

     

    

 

ARTICLE XI

SINKING FUNDS

Section 11.1 Applicability of Article.

The provisions of this Article shall be applicable to any
sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security
of such Series issued pursuant to this Indenture.

The minimum amount of any sinking fund payment provided for
by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any other
amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.”
If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction
as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided
for by the terms of the Securities of such Series.

Section 11.2 Satisfaction of Sinking Fund Payments
with Securities.

The Company may, in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver
outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously
called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund
payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant
to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted
optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities
have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officers’ Certificate
with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities
for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result
of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities
of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not
call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash
payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment; provided,
however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver
to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of
Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released
to the Company.

Section 11.3 Redemption of Securities for Sinking
Fund.

Not less than 45 days (unless otherwise indicated in the
Board Resolution, supplemental indenture hereto or Officers’ Certificate in respect of a particular Series of Securities)
prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officers’
Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that
Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be
satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any,
to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the
amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officers’ Certificate
or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee
shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and
cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.3.
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in
Sections 3.4, 3.5 and 3.6.

    33 

     

    

ARTICLE XII

SUBORDINATION OF SECURITIES

Section 12.1 Securities Subordinated to Senior Indebtedness.
The Company covenants and agrees, and each Holder of Securities issued hereunder by accepting a Security covenants and agrees that
(a) the payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to each and all the
Securities and (b) any other payment in respect of the Securities, including on account of the acquisition or redemption of Securities
by the Company, is subordinated, to the extent and in the manner provided in such Security or in the supplemental indenture pursuant
to which such Security is issued, to the prior payment in full of all Senior Indebtedness specified in such Security or in such
supplemental indenture.

Such subordination provisions shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become
holders of, or continue to hold, any of such Senior Indebtedness, and such provisions are made for the benefit of the holders of
such Senior Indebtedness and any one or more of them may enforce such provisions.

The Trustee’s rights to compensation and indemnification as set forth in Section 7.7 herein shall not be subject to the subordination
provisions of this Indenture.

Section 12.2 Right of Trustee to Hold Senior Indebtedness. The Trustee in its individual capacity shall be entitled to all
of the rights set forth in this Article XII in respect of any Senior Indebtedness at any time held by it to the same extent as
any other holder of Senior Indebtedness, and nothing in this Indenture shall be construed to deprive the Trustee of any of its
rights as such Holder.

Section 12.3 Subordination Not to Prevent Events of Default. The failure to make a payment on account of principal of, premium
(if any) or interest on the Securities by reason of any subordination provision for the benefit of holders of Senior Indebtedness
shall not be construed as preventing the occurrence of a Default or an Event of Default under Section 6.1 or in any way prevent
the Holders of the Securities from exercising any right hereunder other than the right to receive payment on the Securities.

Section 12.4 No Fiduciary Duty of Trustee to Holders of Senior Indebtedness. The Trustee shall not be deemed to owe any
fiduciary duty to the holders of Senior Indebtedness, and shall not be liable to any such holders (other than for its willful misconduct
or negligence) if it shall in good faith mistakenly pay over or distribute to the Holders of the Securities or the Company or 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. Nothing in this Section 12.4 shall affect the obligation of any other such Person to hold such payment for the benefit
of, and to pay such payment over to, the holders of Senior Indebtedness or their representative.

Section 12.5 Article Applicable to Paying Agent. In case 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 shall otherwise require) 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, however, that this Section 12.5 shall not apply to the Company or any Affiliate of the Company if it
or such Affiliate acts as Paying Agent.

 

[Remainder of Page Intentionally Blank]

 

    34 

     

    

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

 

	 	 	 	 
	 	Customers Bancorp, Inc.
	 	 	 
	 	By:	 	/s/ Carla A. Leibold
	 	 	 	Name: Carla A. Leibold
	 	 	 	Title: Executive Vice President and Chief Financial Officer

 

	 	 	 	 
	 	Wilmington Trust, National Association, as Trustee
	 	 	 
	 	By:	 	Michael H. Wass
	 	 	 	Name: Michael H. Wass
	 	 	 	Title: Vice President

 

    35Exhibit 4.2

 

Execution Copy

 

CUSTOMERS BANCORP, INC.,

 

as Issuer

 

and

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

 

as Trustee

 

 

 

FIRST SUPPLEMENTAL INDENTURE

 

Dated as of December 9, 2019

 

To

 

INDENTURE

 

Dated as of December 9, 2019

(Subordinated Debt Securities)

 

 

 

5.375% SUBORDINATED NOTES DUE 2034

    	 

    	 

    

Table of Contents

 

	 	 	 	Page
	ARTICLE I	 	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 
	 	 	 	 
	Section 1.01	 	Definitions	1
	Section 1.02	 	Conflicts with Base Indenture	3
	 	 	 	 
	ARTICLE II	 	CREATION OF THE NOTES	 
	 	 	 	 
	Section 2.01	 	Designation of Series	3
	Section 2.02	 	Form and Denomination of Notes	3
	Section 2.03	 	Initial Limit on Amount of Series	3
	Section 2.04	 	No Sinking Fund or Repurchase at the Option of Holders	3
	Section 2.05	 	Optional Redemption	3
	Section 2.06	 	Notes Not Convertible or Exchangeable	4
	Section 2.07	 	Issuance of Notes; Selection of Depository	4
	Section 2.08	 	Issuance of Additional Notes	4
	Section 2.09	 	Dollars	4
	Section 2.10	 	Determination of Principal and Interest	4
	Section 2.11	 	Defeasance Applicable to Notes	4
	Section 2.12	 	Paying Agent and Security Registrar	4
	 	 	 	 
	ARTICLE III	 	SUBORDINATION OF THE NOTES	 
	 	 	 	 
	Section 3.01	 	Ranking; Notes Subordinate to Senior Indebtedness	4
	Section 3.02	 	No Payment When Senior Indebtedness in Default	6
	Section 3.03	 	Trustee and Holders of Notes May Rely on Certificate of Liquidating Agent; Trustee May Require Further Evidence of Ownership of Senior Indebtedness; Trustee Not Fiduciary of Holders of Senior Indebtedness	
         

        6

	Section 3.04	 	Payment Permitted if No Default	7
	Section 3.05	 	Trustee Not Charged with Knowledge of Prohibition	7
	Section 3.06	 	Trustee to Effectuate Subordination	7
	Section 3.07	 	Rights of Trustee as Holder of Senior Indebtedness	7
	Section 3.08	 	Article Applicable to Paying Agents	7
	Section 3.09	 	Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Indebtedness	8
	Section 3.10	 	Modification of Subordination Provisions	8
	 	 	 	 
	ARTICLE IV	 	REMEDIES	 
	 	 	 	 
	Section 4.01	 	Events of Default	8
	Section 4.02	 	Acceleration of Maturity; Rescission and Annulment	9
	Section 4.03	 	Collection of Indebtedness and Suits for Enforcement by Trustee	9
	Section 4.04	 	Trustee May File Proofs of Claim	10
	Section 4.05	 	Trustee May Enforce Claims Without Possession of Notes	10
	Section 4.06	 	Application of Money Collected	10
	Section 4.07	 	Limitation on Suits	11
	Section 4.08	 	Unconditional Right of Holders to Receive Principal, Premium, and Interest	11
	Section 4.09	 	Restoration of Rights and Remedies	11
	Section 4.10	 	Rights and Remedies Cumulative	11
	Section 4.11	 	Delay or Omission Not Waiver	12
	Section 4.12	 	Control by Holders	12
	Section 4.13	 	Waiver of Past Defaults	12
	Section 4.14	 	Undertaking for Costs	12
	Section 4.15	 	Indenture and Notes Solely Corporate Obligations	12
	 	 	 	 

    	 	 i	 

    	 	 	 

    

 

 

	ARTICLE V	 	MISCELLANEOUS	 
	 	 	 	 
	Section 5.01	 	Application of First Supplemental Indenture	13
	Section 5.02	 	Benefits of this First Supplemental Indenture	13
	Section 5.03	 	Modification of the Base Indenture	13
	Section 5.04	 	Reports by the Company	13
	Section 5.05	 	Effective Date	13
	Section 5.06	 	Counterparts	13
	Section 5.07	 	Successors and Assigns	13
	Section 5.08	 	Table of Contents, Headings, Etc.	13
	Section 5.09	 	Severability Clause	13
	Section 5.10	 	Satisfaction and Discharge	14
	Section 5.11	 	Ratification of the Base Indenture	14
	Section 5.12	 	Governing Law; Waiver of Trial by Jury	14
	Section 5.13	 	Trustee Disclaimer	14
	Section 5.14	 	Force Majeure	14
	Section 5.15	 	U.S.A. Patriot Act	14

 

	Exhibit A	Form of Note

    	 	 ii	 

    	 	 	 

    

FIRST SUPPLEMENTAL INDENTURE (this “First
Supplemental Indenture”), dated as of December 9, 2019, by and between Customers Bancorp, Inc., a Pennsylvania corporation
(the “Company”), and Wilmington Trust, National Association, a national banking association organized under
the laws of the United States, as trustee (“Trustee”).

 

RECITALS

 

WHEREAS, the Company and the Trustee have entered
into the Indenture, dated as of December 9, 2019 (as amended, modified or supplemented from time to time in accordance therewith,
other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified
and supplemented by this First Supplemental Indenture, the “Indenture”), providing for the issuance by the Company
from time to time of its subordinated debt securities;

 

WHEREAS, the Company desires to provide for
the establishment of a new series of Securities pursuant to Sections 2.1 and 2.2 of the Base Indenture, and has duly authorized
the creation and issuance of such series and the execution and delivery of this First Supplemental Indenture to modify the Base
Indenture and provide certain additional provisions as hereinafter described;

 

WHEREAS, the Company and the Trustee deem it
advisable to enter into this First Supplemental Indenture for the purposes of establishing the terms of such new series of Securities
and providing for the rights, obligations and duties of the Trustee with respect to such series of Securities;

 

WHEREAS, the execution and delivery of this
First Supplemental Indenture has been authorized by a resolution of the Board of Directors of the Company; and

 

WHEREAS, all conditions and requirements of
the Base Indenture necessary to make this First Supplemental Indenture a valid, binding and legal instrument in accordance with
its terms have been performed and fulfilled by the parties hereto and the execution and delivery thereof have been in all respects
duly authorized by the parties hereto;

 

NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE
WITNESSETH:

 

For and in consideration of the premises and
the purchase of the Notes by the Holders thereof, the Company and the Trustee covenant and agree, for the equal and proportionate
benefit of all Holders of the Notes, as follows:

 

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

Section 1.01Definitions. Capitalized
terms used herein and not otherwise defined herein have the meanings assigned to them in the Base Indenture. The words “herein”,
“hereof” and “hereby” and other words of similar import used in this First Supplemental Indenture refer
to this First Supplemental Indenture as a whole and not to any particular section hereof.

 

As used herein, the following terms have the
specified meanings:

 

“Additional Notes” has the
meaning set forth in Section 2.08 of this First Supplemental Indenture.

 

“Administrative or Judicial Action”
has the meaning provided in the definition of “Tax Event.”

 

“Base Indenture” has the
meaning specified in the recitals of this First Supplemental Indenture.

 

“Company” has the meaning
specified in the preamble of this First Supplemental Indenture until a successor corporation shall have become such pursuant to
the applicable provisions of the Base Indenture, and thereafter “Company” shall mean such successor corporation.

 

    	 	1 	 

    	 	 	 

    

 

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

 

“First Supplemental Indenture”
has the meaning specified in the preamble of this First Supplemental Indenture.

 

“Indenture” has the meaning
specified in the recitals of this First Supplemental Indenture.

 

“Notes” has the meaning set
forth in Section 2.01 of this First Supplemental Indenture.

 

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

 

“Ranking junior to the Notes”
shall mean any obligation of the Company which (a) ranks junior to and not equally with or prior to the Notes (or any other obligations
of the Company ranking on a parity with the Notes) in right of payment upon the happening of any event of the kind specified in
the first sentence of the second paragraph in Section 3.01 or (b) is specifically designated as ranking junior to the Notes by
express provision in the instrument creating or evidencing such obligation. The securing of any obligations of the Company, otherwise
ranking junior to the Notes, shall be deemed to prevent such obligations from constituting obligations ranking junior to the Notes.
For the avoidance of doubt, any junior subordinated debt securities issued or assumed by the Company shall be deemed securities
ranking junior to the Notes.

 

“Ranking on a parity with the Notes”
shall mean any obligation of the Company which (a) ranks equally with and not prior to the Notes in right of payment upon the happening
of any event of the kind specified in the first sentence of the second paragraph of Section 3.01 or (b) is specifically designated
as ranking on a parity with the Notes by express provision in the instrument creating or evidencing such obligation. The securing
of any obligations of the Company, otherwise ranking on a parity with the Notes, shall not be deemed to prevent such obligations
from constituting obligations ranking on a parity with the Notes.

 

“Tax Event” means the receipt
by the Company of an opinion of independent tax counsel to the effect that as a result of (a) an amendment to or change (including
any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of the United States or any
of its political subdivisions or taxing authorities; (b) a judicial decision, administrative action, official administrative pronouncement,
ruling, regulatory procedure, regulation, notice or announcement, including any notice or announcement of intent to adopt or promulgate
any ruling, regulatory procedure or regulation (any of the foregoing, an “Administrative or Judicial Action”);
(c) an amendment to or change in any official position with respect to, or any interpretation of, an Administrative or Judicial
Action or a law or regulation of the United States that differs from the previously generally accepted position or interpretation,
or (d) a threatened challenge asserted in writing in connection with an audit of the Company’s federal income tax returns
or positions or a similar audit of any of the Company’s subsidiaries or a publicly known threatened challenge asserted in
writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to
the Notes, in each case, which change or amendment or challenge becomes effective or which pronouncement, decision or challenge
is announced on or after the original issue date of the Notes, there is more than an insubstantial risk that interest payable by
the Company on the Notes is not, or, within 90 calendar 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.

 

“Tier 2 Capital Event” means
the Company’s reasonable determination that, as a result of (a) any amendment to, or change in, the laws, rules, regulations,
policies or guidelines of the United States (including, for the avoidance of doubt, any agency or instrumentality of the United
States, including the Federal Reserve and other federal bank regulatory agencies) or any political subdivision of or in the United
States that is enacted or becomes effective after the initial issuance of the Notes, (b) any proposed change in those laws, rules,
regulations, policies or guidelines that is announced or becomes effective after the initial issuance of the Notes, or (c) any
official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or
applying those laws, rules, regulations, policies or guidelines or policies with respect thereto that is announced after the original
issue date of the Notes, there is more than an insubstantial risk that the Company will not be entitled to treat the Notes then
outstanding as “Tier 2 Capital” (or its equivalent) for purposes of the capital adequacy rules or regulations of the
Federal Reserve (or, as and if applicable, the capital adequacy rules or regulations of any successor appropriate federal banking
agency) as then in effect and applicable, for so long as any Notes are outstanding.

    	 	2 	 

    	 	 	 

    

 

 

“Trustee” means the party
named as such in the preamble to this First Supplemental Indenture until a successor replaces such party in accordance with the
applicable provisions of the Indenture and thereafter “Trustee” shall mean or include each Person who is then a Trustee
hereunder.

 

Section 1.02Conflicts with Base Indenture.
In the event that any provision of this First Supplemental Indenture limits, qualifies or conflicts with a provision of the Base
Indenture, such provision of this First Supplemental Indenture shall control.

 

ARTICLE II

CREATION OF THE NOTES

 

Section 2.01Designation of Series.
Pursuant to the terms hereof and Sections 2.1 and 2.2 of the Base Indenture, the Company hereby creates a series of its subordinated
debt securities designated as the “5.375% Subordinated Notes Due 2034” (the “Notes”), which Notes
shall be deemed “Securities” for all purposes under the Indenture.

 

Section 2.02Form and Denomination of
Notes. The definitive form of the Notes, which shall be issued in global form, shall be substantially in the form of Exhibit
A hereto, which is incorporated herein and expressly made a part hereof. The Notes shall bear interest and have such other
terms as are stated in the form of definitive Notes and in the Indenture. The Stated Maturity of the Notes shall be December 30,
2034, unless redeemed on any date fixed for redemption (the “Redemption Date”) prior to the Stated Maturity
in accordance with the terms of the Notes and the Indenture. The Notes shall be issuable only in registered form without coupons
and only in minimum denominations of $25 and any multiple of $25 in excess thereof or in units, each representing $25.

 

Section 2.03Initial Limit on Amount of
Series. The aggregate principal amount of Notes that initially may be authenticated and delivered under this First Supplemental
Indenture shall be limited to $74,750,000 (2,990,000 units of $25 each). The Notes may, upon the execution and delivery of this
First Supplemental Indenture or from time to time thereafter, be executed by the Company and delivered to the Trustee for authentication,
and the Trustee shall thereupon authenticate and deliver said Notes upon the delivery of a Company Order. Following the initial
issuance of the Notes, the aggregate principal amount of Notes may be increased as provided in Section 2.08.

 

Section 2.04No Sinking Fund or Repurchase
at the Option of Holders. No sinking fund will be provided with respect to the Notes. The Company will not be obligated to
redeem the Notes at the option of the Holders.

 

Section 2.05Optional Redemption.
The Notes shall be redeemable, in each case, in whole or in part from time to time, at the option of the Company prior to the Maturity
Date beginning with the interest payment date on December 30, 2029, but not prior thereto (except upon the occurrence of certain
events specified below), and on any interest payment date thereafter subject to obtaining the prior approval of the Federal Reserve
to the extent such approval is then required under the rules of the Federal Reserve. The Notes may not otherwise be redeemed prior
to the Maturity Date, except that the Company may, at its option, redeem the Notes before the Maturity Date in whole, but not in
part, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required under the rules
of the Federal Reserve, upon the occurrence of a Tier 2 Capital Event or a Tax Event, or if the Company is required to register
as an investment company pursuant to the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 et seq.). Any such redemption
will be at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest
to, but excluding, the Redemption Date fixed by the Company. To the extent not inconsistent with the provisions of this Section
2.05, the provisions of Article III of the Base Indenture shall apply to any redemption of the Notes pursuant to this Section 2.05.
Any partial redemption will be made in accordance with DTC’s applicable procedures. If any Note is to be redeemed in part
only, the notice of redemption relating to such Note shall state that it is a partial redemption and the portion of the principal
amount thereof to be redeemed, and (x) a replacement Note in principal amount equal to the unredeemed portion thereof will be issued
in the name of the Holder thereof upon cancellation of the original Note, or (y) in the case of a Note in global form, an appropriate
notation made to the “Schedule of Increases or Decreases in Global Note” attached thereto. If the Company redeems only
a portion of the Notes on any Redemption Date, the Company may subsequently redeem additional Notes in accordance with this Section
2.05. The Notes are not subject to redemption or prepayment at the option of the Holders. A notice of redemption may be conditioned
on one or more conditions precedent, and the redemption date may be delayed until such time as any or all of such conditions have
been satisfied or revoked if the Company determines such conditions will not be satisfied. In the event that any such conditions
precedent have not been satisfied, the Company shall provide written notice to the Trustee and each Holder prior to the close of
business of the Business Day prior to the Redemption Date in the same manner in which the notice of redemption was given. Upon
receipt of such notice, the notice of redemption shall be rescinded or delayed as provided in such notice.

    	 	3 	 

    	 	 	 

    

 

 

Section 2.06Notes Not Convertible or
Exchangeable. The Notes will not be convertible into or exchangeable for common stock or other securities or property.

 

Section 2.07Issuance of Notes; Selection
of Depository. The Notes shall be issued as Global Securities in permanent global form, without coupons. The initial Depository
for the Notes shall be The Depository Trust Company.

 

Section 2.08Issuance of Additional Notes.
From time to time subsequent to the date hereof, without notice to or the consent of the Holders of the Notes but in compliance
with the terms of the Indenture, the Company may create and issue additional Notes (the “Additional Notes”)
under the terms of the Indenture and this First Supplemental Indenture (and without need to execute any additional supplemental
indenture); provided, that no Additional Notes shall be issued unless such Additional Notes will be fungible for U.S. federal income
tax and securities law purposes with Notes originally issued pursuant to this First Supplemental Indenture (“Outstanding
Notes”). The Additional Notes shall be issued as part of the existing series of Notes issued pursuant to this First Supplemental
Indenture and shall have terms identical in all material respects (except for the issue date, issue price, initial interest accrual
date and the first interest payment date) to any Outstanding Notes and shall be treated together with any Outstanding Notes as
a single series of Notes for all purposes under the Indenture. Any Additional Notes issued hereunder shall rank equally and ratably
with the Notes originally issued pursuant to this First Supplemental Indenture, shall have the same CUSIP number and shall trade
interchangeably with such Notes and shall otherwise constitute Notes for all other purposes hereof. Any Additional Notes may be
issued pursuant to authorization provided by one or more Board Resolutions. No Additional Notes shall be issued at any time that
there is an Event of Default under the Indenture with respect to the Notes that has occurred and is continuing, or an event that,
with notice or the lapse of time, or both, would become an Event of Default.

 

Section 2.09Dollars. The principal
of and interest on the Notes shall be payable in United States dollars.

 

Section 2.10Determination of Principal
and Interest. The amount of payments of principal and interest on the Notes shall not be determined with reference to an index
or formula, but rather shall be determined as set forth in the Note.

 

Section 2.11Defeasance Applicable to
Notes. Pursuant to Sections 2.2.23 and 8.3 of the Base Indenture, provision is hereby made for legal defeasance of the Notes
under Section 8.3 of the Base Indenture, upon the terms and conditions contained in Article VIII of the Base Indenture. Section
8.4 shall not be applicable to the Notes.

 

Section 2.12Paying Agent and Security
Registrar. The Company appoints the Trustee as the Registrar and Paying Agent for the Notes, and the Trustee hereby accepts
such appointment.

 

ARTICLE III

SUBORDINATION OF THE NOTES

 

Section 3.01Ranking; Notes Subordinate
to Senior Indebtedness. The Notes shall rank junior to and shall be subordinated to all Senior Indebtedness of the Company,
whether existing as of the date of this First Supplemental Indenture, or hereafter issued or incurred, including all indebtedness
relating to money owed to general creditors and trade creditors.

 

    	 	4 	 

    	 	 	 

    

The Company covenants and agrees that anything
in this First Supplemental Indenture, Base Indenture or the Securities of any series to the contrary notwithstanding, the indebtedness
evidenced by the Notes is subordinate and junior in right of payment to all Senior Indebtedness to the extent provided in this
First Supplemental Indenture, and each Holder of Notes, by such Holder’s acceptance of such Notes, likewise covenants and
agrees to the subordination provided in this First Supplemental Indenture and shall be bound by the provisions of this First Supplemental
Indenture. Senior Indebtedness shall continue to be Senior Indebtedness and entitled to the benefits of these subordination provisions
irrespective of any amendment, modification, or waiver of any term of the Senior Indebtedness or extension or renewal of the Senior
Indebtedness.

 

In the event of

 

(a)any insolvency, bankruptcy, receivership,
liquidation, reorganization, readjustment, composition, or other similar proceeding relating to the Company or its property,

 

(b)any proceeding for the liquidation,
dissolution, or other winding up of the Company, voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings,
or

 

(c)any assignment by the Company for
the benefit of creditors,

 

all Senior Indebtedness (including any interest
on such Senior Indebtedness 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 Notes on account of
such Notes. Any payment or distribution, whether in cash, securities, or other property (other than securities of the Company or
any other corporation 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 Notes, to the payment of
all Senior Indebtedness at the time outstanding and to any securities issued in respect of such Senior Indebtedness under any such
plan of reorganization or readjustment), which would otherwise (but for these subordination provisions) be payable or deliverable
in respect of the Notes shall be paid or delivered directly to the holders of Senior Indebtedness in accordance with the priorities
then existing among such holders until all Senior Indebtedness (including any interest on such Senior Indebtedness accruing after
the commencement of any such proceedings) shall have been paid in full. In the event of any such proceeding, after payment in full
of all sums owing with respect to Senior Indebtedness, the Holders of the Notes, together with the holders of any obligations of
the Company ranking on a parity with the Notes, 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 on the Notes and such other obligations
before any payment or other distribution, whether in cash, property, or otherwise, shall be made on account of any capital stock
or any obligations of the Company ranking junior to the Notes and such other obligations.

 

In the event that, 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 corporation 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 Notes, to the
payment of all Senior Indebtedness at the time outstanding and to any securities issued in respect of such Senior Indebtedness
under any such plan of reorganization or readjustment), shall be received by the Trustee or any Holder in contravention of any
of the terms of this First Supplemental Indenture or Base Indenture, 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 Senior Indebtedness at
the time outstanding in accordance with the priorities then existing among such holders for applications to the payment of all
Senior Indebtedness remaining unpaid, to the extent necessary to pay all such Senior Indebtedness 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 Indebtedness
is irrevocably authorized to endorse or assign the same.

    	 	5 	 

    	 	 	 

    

 

 

No present or future holder of any Senior Indebtedness
shall be prejudiced in the right to enforce subordination of the indebtedness evidenced by the Notes by any act or failure to act
on the part of the Company. Nothing contained in this First Supplemental Indenture or Base Indenture shall impair, as between the
Company and the Holders of Notes, the obligation of the Company to pay to such Holders the principal of (and premium, if any) and
interest on such Notes or prevent the Trustee or the Holder from exercising all rights, powers and remedies otherwise permitted
by applicable law or under this First Supplemental Indenture or Base Indenture upon a default or Event of Default, all subject
to the rights of the holders of the Senior Indebtedness to receive cash, securities, or other property otherwise payable or deliverable
to the Holders.

 

Senior Indebtedness shall not be deemed to have
been paid in full unless the holders shall have received cash, securities, or other property equal to the amount of such Senior
Indebtedness then outstanding. Upon the payment in full of all Senior Indebtedness, the Holders of Notes shall be subrogated to
all rights of any holders of Senior Indebtedness to receive any further payments or distributions applicable to the Senior Indebtedness
until the indebtedness evidenced by the Notes shall have been paid in full, and such payments or distributions received by such
Holders, by reason of such subrogation, of cash, securities, or other property which otherwise would be paid or distributed to
the holders of Senior Indebtedness shall, as between the Company and its creditors other than the holders of Senior Indebtedness,
on the one hand, and such Holders, on the other hand, be deemed to be a payment by the Company on account of Senior Indebtedness,
and not on account of the Notes.

 

The Trustee and Holders will take such action
(including, without limitation, the delivery of this First Supplemental Indenture and Base Indenture to an agent for the holders
of Senior Indebtedness or consent to the filing of a financing statement with respect to this First Supplemental Indenture or Base
Indenture) as may, in the opinion of counsel designated by the holders of a majority in principal amount of the Senior Indebtedness
at the time outstanding, be necessary or appropriate to assure the effectiveness of the subordination effected by these provisions.

 

The provisions of this Section 3.01 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 First Supplemental Indenture or Base Indenture.

 

Section 3.02No Payment When Senior Indebtedness
in Default. No payment (including any payment which may be payable by reason of the payment of any other indebtedness of the
Company being subordinated to the payment of the Notes) shall be made by the Company on account of the principal of or any premium
or interest on the Notes or on account of the purchase or other acquisition of Notes:

 

(1)in the event and during the continuation
of any default in the payment of the principal of or any premium or interest on any Senior Indebtedness beyond any applicable grace
period with respect to such Senior Indebtedness, or in the event that any event of default with respect to any Indebtedness shall
have occurred and be continuing permitting the holders of such Senior Indebtedness (or the trustee on behalf of the holders of
such Senior Indebtedness) to declare such Senior Indebtedness due and payable prior to the date on which it would otherwise have
become due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and
such acceleration shall have been rescinded or annulled, or

 

(2)in the event any judicial proceeding
shall be pending with respect to any such default in payment or event of default,

 

provided, however, that nothing
in this Section 3.02 shall prevent the satisfaction of any sinking fund payment in accordance with Article XI of the Base Indenture
by delivering and crediting, pursuant to Section 11.2 of the Base Indenture, Notes which have been acquired (upon redemption or
otherwise) prior to such default in payment or event of default.

 

In the event that, notwithstanding the foregoing,
the Company shall make any payment to the Trustee or the Holder of any Note prohibited by the foregoing provisions of this Section
3.02, and if such fact shall, at or prior to the time of such payment, have been made known to a Responsible Officer of the Trustee
or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered to the Company. The provisions
of this Section 3.02 shall not apply to any payment with respect to which Section 3.01 would be applicable.

    	 	6 	 

    	 	 	 

    

 

 

Section 3.03Trustee and Holders of Notes
May Rely on Certificate of Liquidating Agent; Trustee May Require Further Evidence as to Ownership of Senior Indebtedness; Trustee
Not Fiduciary to Holders of Senior Indebtedness. Upon any payment or distribution of assets of the Company referred to in this
Article III, the Trustee and the Holders of Notes shall be entitled to rely upon an order or decree made by any court of competent
jurisdiction in which such dissolution or winding up or liquidation or reorganization or arrangement proceedings are pending or
upon a certificate of the trustee in bankruptcy, receiver, assignee for the benefit of creditors, or other Person making such payment
or distribution, delivered to the Trustee or to the Holders of Notes, for the purpose of ascertaining the persons entitled to participate
in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount of or payable on
and the amount or amounts paid or distributed on such Senior Indebtedness or other indebtedness, and all other facts pertinent
to such Senior Indebtedness or other indebtedness or to this Article III. In the absence of any such bankruptcy trustee, receiver,
assignee, or other Person, the Trustee shall be entitled to rely upon a written notice by a Person representing himself or herself
to be a holder of Senior Indebtedness (or a trustee or representative on behalf of such holder) as evidence that such Person is
a holder of such Senior Indebtedness (or is such a trustee or representative). 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 Indebtedness to participate
in any payments or distributions pursuant to this Article III, the Trustee may request such person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, as to the extent to which such Person
is entitled to participate in such payment or distribution, and as to other facts pertinent to the rights of such Person under
this Article III, and if such evidence is not furnished, the Trustee may offer any payment to such Person pending judicial determination
as to the right of such Person to receive payment. The Trustee, however, shall not be deemed to owe any fiduciary duty to the holders
of Senior Indebtedness.

 

Section 3.04 Payment Permitted
If No Default. Nothing contained in this Article III or elsewhere in the Base Indenture or this First Supplemental
Indenture, or in any of the Notes, shall prevent (a) the Company at any time, except during the pendency of any dissolution,
winding up, liquidation, or reorganization proceedings referred to in Section 3.01 or under the conditions specified in Section 3.02,
from making payments of the principal of (or premium, if any) or interest on the Notes or (b) the application by the Trustee
or any Paying Agent of any moneys deposited with it under the Base Indenture or this First Supplemental Indenture to payments of
the principal of or interest on the Notes, if, at the time of such deposit, the Trustee or such Paying Agent, as the case may be,
did not have the written notice provided for in Section 3.05 of any event prohibiting the making of such deposit, or if, at
the time of such deposit (whether or not in trust) by the Company with the Trustee or any Paying Agent (other than the Company)
such payment would not have been prohibited by the provisions of this Article III, and the Trustee or any Paying Agent shall not
be affected by any notice to the contrary received by it on or after such date.

 

Section 3.05Trustee Not Charged with
Knowledge of Prohibition. Anything in this Article III or elsewhere contained in this First Supplemental Indenture or
Base Indenture to the contrary notwithstanding, the Trustee shall not at any time be charged with knowledge of the existence of
any facts which would prohibit the making of any payment of money to or by the Trustee and shall be entitled conclusively to assume
that no such facts exist and that no event specified in Section 3.01 or Section 3.02 has happened, until a Responsible Offer of
the Trustee shall have received an Officers’ Certificate at least 3 Business Days prior to the date on which any payment
should be made, to that effect or notice in writing to that effect signed by or on behalf of the holder or holders, or their representatives,
of Senior Indebtedness who shall have been certified by the Company or otherwise established to the reasonable satisfaction of
the Trustee to be such holder or holders or representatives or from any trustee under any indenture pursuant to which such Senior
Indebtedness shall be outstanding. The Company shall give prompt written notice to the Trustee and to the Paying Agent of any facts
which would prohibit the payment of money to or by the Trustee or any Paying Agent.

 

Section 3.06 Trustee to Effectuate
Subordination. Each Holder of Notes by such Holder’s acceptance authorizes and directs the Trustee in such Holder’s
behalf to take such action as may be necessary or appropriate to effectuate the subordination as between such Holder and holders
of Senior Indebtedness as provided in this Article III and appoints the Trustee its attorney-in-fact for any and all such purposes.

 

Section 3.07 Rights of Trustee
as Holder of Senior Indebtedness. The Trustee shall be entitled to all the rights set forth in this Article III with
respect to any Senior Indebtedness which may at the time be held by it, to the same extent as any other holder of Senior Indebtedness;
provided that nothing in this Article III shall deprive the Trustee of any rights as such holder and provided further that
nothing in this Article III shall apply to claims of, or payments to, the Trustee under or pursuant to Section 7.7 of
the Base Indenture.

    	 	7 	 

    	 	 	 

    

 

 

Section 3.08  Article
Applicable to Paying Agents. In case at any time any Paying Agent other than the Trustee shall have been appointed by
the Company and be then acting under this First Supplemental Indenture and Base Indenture, the term “Trustee” as used
in this Article III shall in such case (unless the context shall otherwise require) be construed as extending to and including
such Paying Agent within its meaning as fully for all intents and purposes as if the Paying Agent were named in this Article III
in addition to or in place of the Trustee, provided, however, that Sections 3.05 and 3.07 shall not apply to the Company or any
Affiliate of the Company if the Company or such Affiliate acts as Paying Agent.

 

Section 3.09Subordination Rights Not
Impaired by Acts or Omissions of the Company or Holders of Senior Indebtedness. No right of any present or future holders of
any Senior Indebtedness to enforce subordination as provided in this First Supplemental Indenture or Base Indenture 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 First
Supplemental Indenture or Base Indenture, regardless of any knowledge which any such holder may have or be otherwise charged with.
The holders of Senior Indebtedness may, at any time or from time to time and in their absolute discretion, change the manner, place,
or terms of payment, change or extend the time of payment of, or renew or alter, any such Senior Indebtedness, or amend or supplement
any instrument pursuant to which any such Senior Indebtedness is issued or by which it may be secured, or release any security,
or exercise or refrain from exercising any other of their rights under the Senior Indebtedness including, without limitation, the
waiver of default, all without notice to or assent from the Holders of the Notes or the Trustee and without affecting the obligations
of the Company, the Trustee, or the Holders of the Notes under this Article III.

 

Section 3.10Modification of Subordination
Provisions. Anything in Article IX of the Base Indenture or elsewhere contained in this First Supplemental Indenture to
the contrary notwithstanding, no modification or amendment and no supplemental indenture shall modify the subordination provisions
of this Article III in a manner that would adversely affect the holders of Senior Indebtedness.

 

ARTICLE IV

REMEDIES

 

Except as provided in Section 4.01(4) herein,
the provisions of Article VI of the Base Indenture shall not apply to the Notes in any respect, and except as so provided in Section
2.1(4), such Article VI of the Base Indenture shall be replaced in its entirety with the following provisions of this Article IV:

 

Section 4.01Events of Default.
The term “Event of Default”, wherever used in this First Supplemental Indenture or Base Indenture with respect to the
Notes, means any one of the following events (whatever the reason for such Event of Default, 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):

 

(1)the entry of a decree or order for
relief in respect of the Company by a court having jurisdiction in the premises in an involuntary case under any applicable bankruptcy,
insolvency, or reorganization law, now or hereafter in effect of the United States of America or any political subdivision thereof,
and such decree or order shall have continued unstayed and in effect for a period of 60 consecutive days; or

 

(2)the commencement by the Company of
a voluntary case under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States
of America or any political subdivision thereof, or the consent by the Company to the entry of a decree or order for relief in
an involuntary case under any such law;

    	 	8 	 

    	 	 	 

    

 

 

(3)in the event a receiver, conservator
or similar official is appointed for the Company’s major subsidiary depository institution (which, for the avoidance of doubt,
as of the date hereof, is Customers Bank); or

 

(4)any other Event of Default as provided
in Section 6.1 of the Base Indenture with respect to the Notes.

 

Section 4.02Acceleration of Maturity;
Rescission and Annulment. If an Event of Default specified in Sections 4.01(1), 4.01(2) or 4.01(3) with respect to Notes then
outstanding shall have occurred, then, in each and every such case, the principal amount of and accrued but unpaid interest, if
any, on all Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on
the part of the Trustee or any Holders. In the event the payment of principal and interest with respect to the Notes has been accelerated
pursuant to this Section 4.02, such payment of principal and interest shall remain subordinated to the extent provided in Article
III notwithstanding that such amount shall have become immediately due and payable as herein provided.

 

At any time after a declaration of acceleration
with respect to Notes has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee
as provided below in this Article IV, the Holders of a majority in principal amount of the outstanding Notes by written notice
to the Company and the Trustee may waive all defaults with respect to all affected series, and may rescind and annul such declaration
and its consequences if:

 

(1)the Company has paid or deposited
with the Trustee a sum sufficient to pay (A) all overdue interest on all Notes, (B) the principal of (and premium, if any, on)
any Notes which have become due otherwise than by such declaration of acceleration and any interest on such Notes at the rate or
rates prescribed in such Notes, (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the
rate or rates prescribed in the Notes, and (D) all sums paid or advanced by the Trustee under this First Supplemental Indenture
or Base Indenture and the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents, and counsel;
and

 

(2)all Events of Default with respect
to the Notes, other than the non-payment of the principal on Notes which has become due solely by such declaration of acceleration,
have been cured or waived as provided in Section 4.13.

 

No such rescission shall affect any subsequent
default or impair any consequent right.

 

Upon receipt by the Trustee of any declaration
of acceleration, or rescission and annulment thereof, with respect to Notes all or part of which is represented by a Global Security,
a record date shall be established for determining Holders of outstanding Notes entitled to join in such declaration of acceleration,
or rescission and annulment, as the case may be, which record date shall be at the close of business on the day the Trustee receives
such declaration of acceleration, or rescission and annulment, as the case may be. The Holders on such record date, or their duly
designated proxies, and only such Persons, shall be entitled to join in such declaration of acceleration, or rescission and annulment,
as the case may be, 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 been obtained prior to the day which is 90 days after such record date, such 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 90-day period,
a new declaration of acceleration, or rescission or annulment thereof, as the case may be, that is identical to a declaration of
acceleration, or rescission or annulment thereof, which 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 4.02.

 

Section 4.03Collection of Indebtedness
and Suits for Enforcement by Trustee. The Company covenants that if:

 

(1)default is made in the payment of
any interest on any Note when such interest becomes due and payable and such default continues for a period of 30 days;

    	 	9 	 

    	 	 	 

    

 

 

(2)default is made in the payment of
the principal of (or premium, if any, on) any Note at its Maturity;

 

(3)default is made in the making or
satisfaction of any sinking fund or analogous obligation when the same becomes due pursuant to the terms of any Note; or

 

(4)default is made in the performance,
or breach, of any covenant or warranty of the Company in this First Supplemental Indenture or Base Indenture (other than a covenant
or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with), and such default
or breach continues for a period of 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 25% in principal amount of the outstanding Notes a written
notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
under this First Supplemental Indenture and Base Indenture; then the Company will, upon demand of the Trustee, pay to it, for the
benefit of the Holders of such Notes, the whole amount then due and payable on such Notes for principal and any premium and interest
and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and
on any overdue interest, at the rate or rates prescribed in such Notes, and, in addition, such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements, and advances of
the Trustee, its agents, and counsel.

 

If the Company fails to pay such amounts immediately
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, may prosecute such proceeding to judgment or final decree, and may enforce the same against
the Company or any other obligor upon such Notes 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 such Notes, wherever situated.

 

If an Event of Default with respect to the Notes
occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of Holders
of Notes 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 First Supplemental Indenture or Base Indenture or in
aid of the exercise of any power granted in this First Supplemental Indenture or Base Indenture, or to enforce any other proper
remedy.

 

Section 4.04Trustee May File Proofs
of Claim. In case of any judicial proceeding relative to the Company (or any other obligor upon the Notes), 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 under the Trust Indenture Act 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 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 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 due
the Trustee under Section 7.7 of the Base Indenture.

 

Section 4.05Trustee May Enforce
Claims Without Possession of Notes. All rights of action and claims under this First Supplemental Indenture, Base Indenture
or the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production of such
Notes in any related proceeding, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee
of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses,
disbursements, and advances of the Trustee, its agents, and counsel, be for the ratable benefit of the Holders of the Notes in
respect of which such judgment has been recovered.

 

Section 4.06Application of Money
Collected. Any money collected by the Trustee pursuant to this Article IV 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 on account of principal or any premium or interest,
upon presentation of the Notes and a notation on such Notes of the payment (if only partially paid) and upon surrender of such
Notes if fully paid:

    	 	10 	 

    	 	 	 

    

 

 

FIRST: To the payment of all amounts
due the Trustee under Section 7.7 of the Base Indenture; and

 

SECOND: To the payment of amounts then due
and unpaid to the holders of Senior Indebtedness, to the extent required by Article III; and

 

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

 

Section 4.07Limitation on Suits.
No Holder of any Notes shall have any right to institute any proceeding, judicial or otherwise, with respect to this First Supplemental
Indenture or Base Indenture, or for the appointment of a receiver or trustee, or for any other remedy under this First Supplemental
Indenture or Base Indenture, unless:

 

(1)such Holder has previously given
written notice to the Trustee of a continuing Event of Default with respect to the Notes;

 

(2)the Holders of not less than 25%
in principal amount of the outstanding Notes shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default in its own name as Trustee under this First Supplemental Indenture or Base Indenture, as applicable;

 

(3)such Holder or Holders have offered
to the Trustee indemnity acceptable to the Trustee against the costs, expenses, and liabilities to be incurred in compliance with
such request;

 

(4)the Trustee for 60 days after its
receipt of such notice, request, and offer of indemnity has failed to institute any such proceeding; and

 

(5) no direction inconsistent with such
written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the
outstanding Notes;

 

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 of, any provision of this First
Supplemental Indenture or Base Indenture to affect, disturb, or prejudice the rights of any other of such Holders, or to obtain
or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this First Supplemental
Indenture or Base Indenture, except in the manner provided in this First Supplemental Indenture and Base Indenture and for the
equal and ratable benefit of all of such Holders.

 

Section 4.08Unconditional Right
of Holders to Receive Principal, Premium, and Interest. Notwithstanding any other provision in this First Supplemental Indenture
or Base Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the
principal of and any premium and (subject to Section 4.1 of the Base Indenture) any interest on such Note on the Stated Maturity
or Maturities expressed in such Note (or, in the case of redemption, on the Redemption Date), and to institute suit for the enforcement
of any such payment, subject to the terms of this First Supplemental Indenture and Base Indenture, and such rights shall not be
impaired without the consent of such Holder, subject, however, to the provisions of Article III of this First Supplemental
Indenture.

 

Section 4.09Restoration of Rights
and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this First Supplemental
Indenture or Base Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely
to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the
Trustee and the Holders shall be restored severally and respectively to their former positions under this First Supplemental Indenture
and Base Indenture and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding
had been instituted.

    	 	11 	 

    	 	 	 

    

 

 

Section 4.10Rights and Remedies
Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost, or stolen
Notes in Section 2.8 of the Base Indenture, no right or remedy conferred in this First Supplemental Indenture or Base Indenture
upon or reserved to the Trustee or to 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 under this First
Supplemental Indenture and Base Indenture or now or in the future existing at law or in equity or otherwise.  The assertion
or employment of any right or remedy under this First Supplemental Indenture and Base Indenture, or otherwise, shall not prevent
the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 4.11Delay or Omission Not Waiver.
No delay or omission of the Trustee or of any Holder of any Notes to exercise any right or remedy accruing upon any Event of
Default shall impair any such right or remedy or constitute a waiver of or acquiescence in any such Event of Default.  Every
right and remedy given by this Article IV or by law to the Trustee or to the Holders may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Section 4.12Control by Holders. The
Holders of a majority in principal amount of the outstanding Notes shall have the right to direct the time, method, and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with
respect to the Notes, provided that

 

(1)such direction shall not be in conflict
with any rule of law or with this First Supplemental Indenture or Base Indenture,

 

(2)the Trustee may take any other action
deemed proper by the Trustee which is not inconsistent with such direction,

 

(3)the Trustee shall have the right
to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee,
determine that the proceeding so directed would involve the Trustee in personal liability, and

 

(4)such Holders shall have provided
indemnity or security satisfactory to the Trustee in connection with the action or inaction so directed.

 

Section 4.13Waiver of Past Defaults.
Subject to Section 4.02, the Holders of not less than a majority in principal amount of the outstanding Notes may on behalf
of the Holders of Notes waive any past default under this First Supplemental Indenture and Base Indenture with respect to such
Notes and its consequences, except a default (1) in the payment of the principal of or any premium or interest on any Note,
or (2) in respect of a covenant or provision of this First Supplemental Indenture and Base Indenture which under Article IX
of the Base Indenture cannot be modified or amended without the consent of the Holder of each outstanding Note.

 

Upon any such waiver, such default shall cease
to exist, and any Event of Default arising from such default shall be deemed to have been cured, for every purpose of this First
Supplemental Indenture and Base Indenture; but no such waiver shall extend to any subsequent or other default or impair any consequent
right.

 

Section 4.14Undertaking for Costs. All
parties to this First Supplemental Indenture and Base Indenture agree, and each Holder of any Notes by acceptance of such Notes
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 First Supplemental Indenture or Base Indenture, or in any suit against the Trustee for any action taken, suffered, 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 attorney’s 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 4.14 shall not apply to any suit instituted by the Company, to any suit instituted by the
Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount
of the outstanding Notes, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium,
if any) or interest on any Notes on or after the Stated Maturity expressed in such Notes (or, in the case of redemption, on or
after the Redemption Date).

    	 	12 	 

    	 	 	 

    

 

 

Section 4.15          Indenture and Notes
Solely Corporate Obligations. No recourse for the payment of the principal of or interest on any Note, or for any claim
based thereon or otherwise in respect thereof, shall be had against any shareholder, employee, agent, officer or director, as
such, past, present or future, of the Company or of any successor corporation; it being expressly understood that all such
liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this First
Supplemental Indenture and Base Indenture and the issue of the Notes.

 

 

ARTICLE V

MISCELLANEOUS

 

Section 5.01          Application
of First Supplemental Indenture. Each and every term and condition contained in this First Supplemental Indenture that modifies,
amends or supplements the terms and conditions of the Base Indenture shall apply only to the Notes created hereby and not to any
other series of Securities established under the Base Indenture. Except as otherwise provided herein, the terms of this First Supplemental
Indenture may be modified as set forth in Article IX of the Base Indenture.

 

Section 5.02          Benefits
of this First Supplemental Indenture. Nothing in this First Supplemental Indenture or in the Notes, express or implied, shall
give to any Person, other than the parties hereto, any Registrar, any Paying Agent, any authenticating agent and their successors
under the Indenture, and the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim under the Base
Indenture or this First Supplemental Indenture.

 

Section 5.03          Modification
of the Base Indenture. Except as expressly provided by this First Supplemental Indenture, the provisions of the Base Indenture
shall govern the terms and conditions of the Notes.

 

Section 5.04          Reports
by the Company. The Company shall be deemed to have complied with the first sentence of Section 4.2 of the Base Indenture if
(i) such reports are filed with the SEC via the EDGAR filing system, (ii) such reports are currently available and (iii) the Company
electronically delivers to the Trustee a link to the EDGAR filing each time the Company files such a report.  Delivery of
such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively
on an Officers’ Certificate).  The Trustee shall have no duty to monitor whether any such filings on EDGAR have been
made.

 

Section 5.05          Effective
Date. This First Supplemental Indenture shall be effective as of the date first above written and upon the execution and delivery
hereof by each of the parties hereto.

 

Section 5.06          Counterparts.
This First Supplemental Indenture 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. The exchange of copies of this
First Supplemental Indenture and of signature pages by facsimile or electronic format (i.e., “pdf” or “tif”)
transmission shall constitute effective execution and delivery of this First Supplemental Indenture as to the parties hereto and
may be used in lieu of the original First Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted
by facsimile or electronic format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures
for all purposes.

 

Section 5.07          Successors
and Assigns. All covenants and agreements in the Base Indenture, as supplemented and amended by this First Supplemental Indenture,
by the Company will bind its successors and assigns, whether so expressed or not.

 

Section 5.08          Table
of Contents, Headings, Etc. The Table of Contents and Article and Section headings in this First Supplemental Indenture have
been inserted for convenience of reference only, are not to be considered part of this First Supplemental Indenture and shall in
no way modify or restrict any of the terms or provisions hereof.

    	 	13 	 

    	 	 	 

    

 

 

Section 5.09          Severability
Clause. In case any provision in this First Supplemental Indenture or in the Notes 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.

 

Section 5.10          Satisfaction
and Discharge. The Company shall be deemed to have satisfied all of its obligations under this First Supplemental Indenture,
and this First Supplemental Indenture shall be deemed to terminate, upon compliance with, and subject to the terms of the provisions
of Section 8.1 of the Base Indenture with respect to the Notes.

 

Section 5.11          Ratification
of the Base Indenture. The Base Indenture as supplemented by this First Supplemental Indenture, is in all respects ratified
and confirmed, and this First Supplemental Indenture will be deemed part of the Indenture in the manner and to the extent herein
and therein provided.

 

Section 5.12          Governing
Law. This First Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the
State of New York without regard to conflict of law principles thereof other than Section 5-1401 of the New York General Obligations
Law.

 

Section 5.13          Trustee
Disclaimer. The Trustee accepts the amendments of the Base Indenture effected by this First Supplemental Indenture, but on
the terms and conditions set forth in the Base Indenture, including the terms and provisions defining and limiting the liabilities
and responsibilities of the Trustee. Without limiting the generality of the foregoing, the Trustee shall not be responsible in
any manner whatsoever for or with respect to (i) any of the recitals contained herein, all of which recitals are made solely by
the Company, (ii) the proper authorization hereof by the Company by action or otherwise, (iii) the due execution hereof by the
Company, (iv) the consequences of any amendment herein provided for, (v) the validity or adequacy of this First Supplemental Indenture
or the Notes, (vi) the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s
direction under any provision of the Indenture, (vii) the use or application of any money received by any Paying Agent other than
the Trustee, or (viii) any other document in connection with the sale of the Notes or pursuant to the Indenture other than its
certificate of authentication. This First Supplemental Indenture may be amended, modified, supplemented, superseded, rescinded,
or cancelled only in accordance with Article IX of the Base Indenture.

 

Section 5.14          Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including without limitation, any act
or provision of any present or future law or regulation or governmental authority; acts of God; earthquakes; fires; floods; wars;
terrorism; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer
(hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental
actions; or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility.

 

Section 5.15          U.S.A.
Patriot Act. The Company acknowledges that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee is required
to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an
account with the Trustee. The Company agrees that it  will provide the Trustee with such information as it may request in
order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

    	 	14 	 

    	 	 	 

    

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

 

	 	CUSTOMERS BANCORP, INC.
	 	 	 
	 	By:	/s/ Carla A. Leibold
	 	 	Name: Carla A. Leibold
	 	 	Title:  Executive Vice President and Chief Financial Officer 
	 	 	 
	 	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	 	as Trustee
	 	 	 
	 	By:	/s/ Michael H. Wass
	 	 	Name: Michael H. Wass
	 	 	Title:  Vice President

 

 

 

 

 

 

 

 

 

[Signature Page to First Supplemental Indenture]

 

 

    	 	15 	 

    	 	 	 

    

 

EXHIBIT A

 

 

 

Form of Note

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE REFERRED TO IN THIS SECURITY AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR ITS NOMINEE. THIS SECURITY
MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITORY
OR ITS NOMINEE OR A SUCCESSOR OF SUCH DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPTED
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER
OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED
CIRCUMSTANCES.

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
(AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY), 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.

 

TRANSFERS OF THIS NOTE SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.

 

THIS NOTE IS AN UNSECURED SUBORDINATED DEBT
OBLIGATION OF CUSTOMERS BANCORP, INC. THIS NOTE IS NOT A DEPOSIT OR SAVINGS ACCOUNT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

    	 	A-1	 

    	 	 	 

    

ANY PURCHASER OR HOLDER OF THE NOTES OR ANY
INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS ACQUISITION OF THE NOTES THAT EITHER (1) IT IS NOT A PENSION, PROFIT-SHARING
OR OTHER EMPLOYEE BENEFIT PLAN (EACH, A “PLAN”) SUBJECT TO THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED (“ERISA”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON
OF ANY PLAN’S INVESTMENT IN THE ENTITY (A “PLAN ASSET ENTITY”) OR AN EMPLOYEE BENEFIT PLAN THAT IS A GOVERNMENTAL
PLAN (AS DEFINED IN SECTION 3(32) OF ERISA), A CHURCH PLAN (AS DEFINED IN SECTION 3(33) OF ERISA) OR A NON-U.S. PLAN (AS DESCRIBED
IN SECTION 4(B)(4) OF ERISA) (EACH, A “NON-ERISA ARRANGEMENT”) AND IS NOT PURCHASING THE NOTES ON BEHALF OF
OR WITH THE ASSETS OF ANY PLAN, PLAN ASSET ENTITY OR NON-ERISA ARRANGEMENT OR (2) THE ACQUISITION OF THE NOTES WILL NOT CONSTITUTE
A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED,
OR A SIMILAR VIOLATION UNDER ANY OTHER APPLICABLE FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS.

 

 

 

 

 

 

 

    	 	A-2	 

    	 	 	 

    

CUSIP No. 23204G 803

CUSTOMERS BANCORP, INC.

5.375% SUBORDINATED NOTES DUE 2034

No. ____          $74,750,000

(2,990,000 units at $25.00 per unit)

 

CUSTOMERS BANCORP, INC., a Pennsylvania corporation (the “Company”),
for value received, herein promises to pay to CEDE & CO., or its registered assigns, the principal sum of SEVENTY FOUR MILLION
SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($74,750,000), or such lesser amount as is indicated in the records of the Trustee and the
Depository, on December 30, 2034.

 

Interest Payment Dates: March 30, June 30, September 30 and December
30 of each year, commencing on March 30, 2020.

 

Record Dates: March 15, June 15, September 15 and December 15

 

Reference is made to the further provisions of this Note contained
herein, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has been executed
by the Trustee referred to on the reverse hereof or an authenticating agent by the manual signature of one of their respective
authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

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

 

CUSTOMERS BANCORP, INC.

          

By: _____________________________

Name:

Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the Series designated therein referred to in the within-mentioned Indenture.

 

Dated: December 9, 2019

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee

 

By:      ____________________________________

Authorized Signatory

    	 	A-3	 

    	 	 	 

    

 

 

(Reverse of Note)

 

Customers Bancorp, Inc.

5.375% Subordinated Notes Due 2034

 

Capitalized terms used herein shall have the meanings assigned to
them in the Indenture referred to below unless otherwise indicated.

 

1.       Interest.  
Customers Bancorp, Inc. (the “Company”), a Pennsylvania corporation, promises to pay CEDE & CO., or registered
assigns, the principal amount of SEVENTY FOUR MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($74,750,000) on December 30, 2034 (“Stated
Maturity”) (unless redeemed on any date fixed for redemption (the “Redemption Date”) prior to the
Stated Maturity in accordance with the terms of this Note and the Indenture) (the Stated Maturity and the Redemption Date is hereinafter
referred to as the “Maturity Date” with respect to the principal repayable on such date) and to pay interest on the
outstanding principal amount of this Note from and including December 9, 2019, or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, as applicable, quarterly in arrears on March 30, June 30, September 30 and December
30 of each year, commencing on March 30, 2020 (each, an “Interest Payment Date”), and, if applicable, on the
Maturity Date, at the rate of 5.375% per annum, until said principal amount is paid or duly provided for. If an Interest Payment
Date or the Maturity Date falls on a day that is not a Business Day, the required payment need not be made on such date, but may
be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or the Maturity
Date, as the case may be, and no additional interest shall accrue on such payment as a result of payment on such next succeeding
Business Day. If there is no existing Default in the payment of interest, and if this Note is authenticated between a record date
referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest
Payment Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months and interest for any partial period
shall be computed on the basis of a 360-day year of twelve 30-day months and the number of days elapsed in any partial month.

 

2.       Method of Payment.
The Company will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business on March
15, June 15, September 15 and December 15 next preceding the applicable Interest Payment Date, even if such Notes are canceled
after such record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Indenture (as herein
defined) with respect to defaulted interest. For Notes held in definitive form, payments of interest may be made, at the Company’s
option, by (i) mailing a check for such interest payable to or upon the written order of the Person entitled thereto, to the address
of such Person as it appears on the Security Register or (ii) transfer to an account maintained by the payee located inside the
United States. For Notes held in global form, payments shall be made through the Depository, or its nominee, as the registered
owner of the Notes. All such payments shall be 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.

    	 	A-4	 

    	 	 	 

    

 

 

3.       Paying Agent and
Registrar. Initially, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying
Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity.

 

4.       Indenture. This
Note is one of the 5.375% Subordinated Notes Due 2034 (the “Notes”) issued under the Indenture, dated as of
December 9, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a
particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by the
First Supplemental Indenture, dated as of December 9, 2019, the “Indenture”), by and between the Company
and the Trustee. This Note is a “Global Security” and the Notes are “Global Securities” under
the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to
the TIA as in effect on the date on which the Indenture was qualified under the TIA. The Notes are subject to all such terms, and
Holders of the Notes are referred to the Indenture and the TIA for a statement of such terms. To the extent any provision of this
Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

5.       Optional Redemption.
The Company may, at its option, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount
of the Notes to be redeemed, plus accrued and unpaid interest to but excluding, the date of redemption (the “Redemption
Price”), on any Interest Payment Date on or after December 30, 2029. The Company may also, at its option, redeem the
Notes before the Maturity Date, in whole, but not in part, at any time, upon the occurrence of a Tax Event, a Tier 2 Capital Event
or if the Company is required to register as an investment company pursuant to the Investment Company Act of 1940, as amended.
Any such redemption will be at a redemption price equal to the Redemption Price to, but excluding, the Redemption Date fixed by
the Company. No redemption of the Notes by the Company prior to the Stated Maturity Date shall be made without the prior approval
of the Federal Reserve if such prior approval is or will be required at the scheduled Redemption Date. The provisions of Article
III of the Base Indenture and Section 2.05 of the First Supplemental Indenture shall apply to the redemption of any Notes by the
Company. A notice of redemption may be conditioned on one or more conditions precedent, and the redemption date may be delayed
until such time as any or all of such conditions have been satisfied or revoked if the Company determines such conditions will
not be satisfied.

 

6.       Notice of Redemption.
In the event of any redemption of the Notes, we will deliver or cause to be delivered a notice of redemption by first class mail,
or in the event the Notes are represented by global Notes, electronically in accordance with the procedures of The Depository Trust
Company (“DTC”) at least 30 days but not more than 60 days before the Redemption Date to each Holder whose Notes
are to be redeemed at its registered address; provided that redemption notices may be mailed more than 60 days prior to a Redemption
Date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture. Notes
in denominations larger than $25 may be redeemed in part but only in whole multiples of $25, unless all of the Notes held by a
Holder are to be redeemed. Notes to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price,
and from and after such date (unless the Company shall default in the payment of the Redemption Price) such Notes shall cease to
bear interest. The Company shall deposit with the Trustee or with the Paying Agent, one Business Day prior the Redemption Date,
money sufficient to pay the Redemption Price on all Notes to be redeemed on that date.

    	 	A-5	 

    	 	 	 

    

 

 

7.       Denominations, Transfer,
Exchange. The Notes are in registered form without coupons in minimum denominations of $25 and integral multiples of $25 in
excess thereof or in units, each representing $25.  The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture.
The Company and the Registrar need not exchange or register the transfer of any Note selected for redemption, in whole or in part,
except for the unredeemed portion of any Note being redeemed in part. The Company need not exchange or register the transfer of
any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the
next succeeding Interest Payment Date.

 

8.       Persons Deemed Owners.
The registered Holder of a Note may be treated as its owner for all purposes.

 

9.       Amendment, Supplement
and Waiver. The Base Indenture permits, with certain exceptions as therein provided, the Company and the Trustee to enter into
one or more supplemental indentures without notice to any Holder but with the written consent of the Holders of a majority in principal
amount of the Securities of each Series then outstanding (including consents obtained in connection with a tender offer or exchange
for the Securities) affected by such supplemental indenture. In addition, the Base Indenture permits the Company and the Trustee
to enter into one or more supplemental indentures without the consent of any Holder for certain specified purposes as therein provided,
including: to cure any ambiguity, defect or inconsistency contained in the Base Indenture,
in any supplemental indenture or in any Securities; to provide for uncertificated Securities in addition to or in place of certificated
Securities; to make any change that would provide any additional rights or benefits to the
Holders of Securities or that does not adversely affect the legal rights under the Indenture of any such Holder; to evidence
the succession of another Person to the Company pursuant to Article V of the Base Indenture and the assumption by such successor
of the Company’s covenants, agreements and obligations in the Base Indenture and in the Securities; to modify the Base Indenture
in such a manner to comply with the requirements of the SEC or as to permit the qualification of the Base Indenture or any supplemental
indenture under the TIA; to add any guarantor or to provide any collateral to secure any Notes; to add additional obligors under
the Indenture and the Securities; to evidence and provide for the acceptance of appointment by a successor Trustee with respect
to the Securities and matters related thereto; or to establish the form or terms of Securities of any Series pursuant to Section
2.2 of the Base Indenture. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each Series at the time outstanding, on behalf of the Holders of all Securities of such Series, 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.

    	 	A-6	 

    	 	 	 

    

 

 

10.       Subordination.
The indebtedness of the Company evidenced by the Note, including the principal thereof, premium, if any, and interest thereon,
is, to the extent and in the manner set forth in the Indenture, subordinate and subject in right of payment to the prior payment
in full of all Senior Indebtedness, whether outstanding at the date hereof or hereafter incurred, and on the terms and subject
to the terms and conditions set forth in the Indenture, and shall rank pari passu in right of payment with all other Notes.
Each Holder of this Note, by the acceptance hereof, agrees to and shall be bound by such provisions of the Indenture and authorizes
and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so
provided.

 

11.       Defaults and Remedies.
If an Event of Default with respect to Notes shall occur and be continuing, the principal and interest owed on the Notes shall
only become due and payable in accordance with the terms and conditions set forth in Section 6.2 of the Base Indenture (in all
respects as modified by Article IV of the First Supplemental Indenture). The Trustee may withhold from Holders of the Notes notice
of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest)
if it determines that withholding notice is in their interest. The Indenture permits, subject to certain limitations therein provided,
Holders of not less than a majority in aggregate principal amount of the then outstanding Securities of any Series to direct the
time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust
or power conferred on the Trustee, with respect to the Securities of such Series. The Holders of a majority in aggregate principal
amount of the then outstanding Notes by written notice to the Trustee may on behalf of the Holders of all of the Notes waive any
existing Default or Event of Default and its consequences under the Indenture, except a continuing Default or Event of Default
in the payment of the principal of or interest on the Notes or in respect of a covenant or provision of the Indenture which cannot
be amended or modified without the consent of all Holders of the Notes.

 

12.       Trustee Dealings
with Company. The Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise
deal with the Company or any Affiliate of the Company with the same rights it would have if it were not the Trustee.

 

13.       Discharge and Defeasance.
Subject to certain conditions, the Company at any time shall be entitled to terminate some or all of its obligations under the
Notes and the Indenture if the Company deposits with the Trustee cash in United States dollars, non-callable U.S.
Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay and discharge the entire indebtedness on the outstanding Notes for principal
and accrued interest, to the date of maturity or redemption, as the case may be.

 

14.       No Recourse Against
Others. No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this Note, or for
any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder, employee, officer,
or director, as such, past, present or future, of the Company, either directly or through the Company, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood
that the Indenture, this Note and the obligations issued hereunder are solely obligations of the Company, and that no such personal
liability whatever shall attach to, or is or shall be incurred by, the incorporators, shareholders, employees, officers or directors,
as such, of the Company, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of
the obligations, covenants or agreements contained in the Indenture or in any Security or implied therefrom; and that any and all
such personal liability of every name and nature, either at common law or in equity or by constitution or statute or otherwise,
of, and any and all such rights and claims against, every such incorporator, shareholder, employee, officer or director, as such,
because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements
contained in the Indenture or in any Security or implied therefrom, are hereby expressly waived and released as a condition of,
and as a consideration for the issuance of the Notes.

    	 	A-7	 

    	 	 	 

    

 

 

15.       Authentication.
This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

16.       Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian),
and U/G/M/A (= Uniform Gifts to Minors Act). Additional abbreviations may also be used though not in the above list.

 

17.       CUSIP Numbers.
Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders.
No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon.

 

18.       Available Information.
The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

 

Customers Bancorp, Inc.

1015 Penn Avenue, Suite 103

Wyomissing, PA 19610

Attention: Michael De Tommaso, Corporate Secretary

 

19.       Counterparts.
This Note may be executed by one or more of the parties to this Note on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument.

    	 	A-8	 

    	 	 	 

    

 

 

20.       Governing Law.
THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF OTHER THAN SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

    	 	A-9	 

    	 	 	 

    

Assignment Form

 

To assign this Note, fill in the form below:  (I) or (we) assign
and transfer this Note to

 

(Insert assignee’s Social Security or Tax Identification number)

 

(Print or type assignee’s name, address and zip code)

 

and irrevocably appoint          to
transfer this Note

on the books of the Company.  The agent may substitute another
to act for him.

 

Date:______________________

          

Your
signature:___________________________

(Sign
exactly as your name appears on the face of this Note)

          

Tax
Identification No.:  __________________

SIGNATURE
GUARANTEE:

 

          Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    	 	A-10	 

    	 	 	 

    

[To Be Attached to Global Notes]

 

 

Schedule of Increases or Decreases in the
Global Note

 

The following increases or decreases in this Global Note have been
made:

 

	
         

         

         

         

        Date of exchange
	
         

        Amount of

        decrease in

        principal amount

        of this Global Note
	
         

        Amount of

        increase in

        principal amount

        of this Global Note
	
        Principal amount

        of this Global Note following such decrease
        or

        increase
	
        Signature of authorized

        signatory of

        Trustee or Notes Custodian
	 
	 	 	 	 	 

 

 

 

 

 

 

 

    	 	A-11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}]]