Document:

BHB 10-K 2008 Exhibit 4.5

Exhibit 4.5

DEBT SECURITIES PURCHASE AGREEMENT

Dated as of April 10, 2008

            THIS DEBT SECURITIES
PURCHASE AGREEMENT (this "Purchase Agreement") is made between Bar Harbor Bank
& Trust, a Maine banking association, with its principal offices located at 82 Main
Street, Bar Harbor, Maine 04609 (the "Bank" or the "Issuer") and
Alesco Preferred Funding XVII (the "Purchaser").

RECITALS:

            A.  The Issuer
desires to issue $5,000,000 in aggregate principal amount of its Subordinated Debentures
(the "Debt Securities"), to be issued pursuant to an Indenture (the
"Indenture"), dated as of April 11, 2008 between the Bank, as Issuer, and U.S.
Bank, National Association, as trustee (the "Trustee"); and

            B.  In
connection with the Placement Agreement and the issuance and sale of the Debt Securities
pursuant thereto, the Purchaser desires to purchase from the Bank, and the Bank desires to
sell to the Purchaser, all of the Debt Securities. Capitalized terms used herin and not
otherwise defined herein have the respective meanings ascribed thereto in the Placement
Agreement (as defined below).

            C.  In
consideration of the premises and the mutual representations and covenants hereinafter set
forth, the parties herto agree as follows:

ARTICLE 1

PURCHASE AND SALE OF DEBT SECURITIES

            1.1
      Upon the execution of this Purchase Agreement, the
Purchaser hereby agrees to purchase the Debt Securities from the Issuer for an aggregate
price of $5,000,000 (the "Purchase Price") and the Issuer agrees to sell to the
Purchaser Debt Securities in the aggregate principal amoung of $5,000,000 (the
"Aggregate Principal Amount") to the Purchaser for the Purchase Price. The Debt
Securities shall be issued and sold free from all liens, charges and encumbrances,
equities and other third-party rights of any nature whatsoever. The Purchase Price is
payable by the Purchaser not later than April 11, 2008 (the "Closing Date") in
immediately available funds to the account designated by the Trustee.

            1.2
      The certificate for the Debt Securities shall be delivered
in definitive form by the Issuer on the Closing Date to the Purchaser or its designee, and
shall be registered in the name of the Purchaser and shall represent the aggregate
liquidation amount of the Debt Securities being purchased by the Purchaser.

            1.3
      The Purchaser acknowledges and the Issuer agrees that it
will register any transfer of the Debt Securities not made in accordance with Regulation S
under the Securities Act of 1933, as amended (the "Securities Act"), or
otherwise make such transfers pursuant to another available exemption from registration
thereunder.

            1.4
      The Placement Agreement, dated April 10, 2008 (the
"Placement Agreement"), between the Issuer and Cohen & Company, as placement
agent (the "Placement Agent") includes certain representations and warranties,
covenants and conditions to closing and certain other matters governing the issuance and
sale of the Debt Securities by the Issuer to the Purchaser. Each of the provisions of the
Placement Agreement, including the definitions therein, are hereby incorporated by
reference into this Purchase Agreement. In addition, to the extent provided for in the
Placement Agreement, the Purchaser shall be entitled to each of the benefits of the
Placement Agent and the Purchaser under the Placement Agreement and shall be entitled to
enforce the obligations of the Issuer under the Placement Agreement as fully as if the
Purchaser were a party to such Placement Agreement, it being agreed between the parties
that any and all representations made by the Issuer to the Placement Agent in the
Placement Agreement shall be deemed to have also been made to the Purchaser. 

            1.5
      If any condition specified herein or in the Placement
Agreement shall not have been fulfilled when and as required to be fulfilled by, on behalf
of or in respect of the Issuer or the Debt Securities, this Purchase Agreement may be
terminated by the Purchaser by notice to the Issuer at any time at or prior to the Closing
Date, and such termination shall be without libility of any party to any other party
except that Sections 3, 4, 8, 9, 10, 12, 13 and 14 of the Placement Agreement shall
survive any such termination and remain in full force and effect.

            1.6
    Subject to the provisions of Article 2 hereof, the Purchaser may resell
the Debt Securities to a subsequent purchaser either individually or on behalf of a
collateralized debt obligation investor ("CDO Investor") that is sponsored or
advised by such subsequent purchaser (any such purchaser from the Purchaser and related
CDO Investors are referred to hereinafter as a "Subsequent Purchaser"). Upon
transfer of the Debt Securities to a Subsequent Purchaser, the Subsequent Purchaser shall
be entitled to each of the benefits of the Placement Agent and the Purchaser under the
Placement Agreement and this Purchase Agreement, and shall be entitled to enforce the
obligations of the Issuer under the Placement Agreement and this Purchase Agrement, as
fully as if the Subsequent Purchaser were a party to the Placement Agreement and this
Purchase Agreement.

ARTICLE 2

REPRESENTATIONS AND WARRANTIES OF PURCHASER

            2.1
    The Purchaser understands and acknowledges that the Debt Securities
have not been registered under the Securities Act, or any other applicable securities
laws, and are being offered for sale by the Issuer in a transaction not requiring
registration under the Securities Act, and the Debt Securities may not be offered, sold,
pledged or otherwise transferred by the Purchaser except in compliance with the
registration requirements of the Securities Act, or any other applicable securities laws,
pursuant to an exemption therefrom or in a transaction not subject thereto.

            2.2
    The Purchaser represents, warrants and certifies that (i) it is not a
"U.S. person" as such term is defined in Rule 902 under the Securities Act, (ii)
it is not acquiring the Debt Securities for the account or benefit of any such U.S.
person, (iii) the offer and sale of the Debt Securities to the Purchaser contitutes an
"offshore transaction" under Regulation S of the Securities Act, and (iv) it
will not engage in hedging transactions with regard to the Debt Securities unless such
transactions are conducted in compliance with the Securities Act.

            2.3
    The Purchaser represents and warrants that it is purchasing the Debt
Securities for its own account, for investment and not with a view to, or for offer or
sale in connection with, any distribution thereof in violation of the Securities Act or
other applicable securities laws, subject to any requirement of law that the disposition
of its property be at all times within its control and subject to its ability to resell
such Debt Securities pursuant to an effective registration statement under the Securities
Act or under Rules 144A and 902 under the Securities Act or any other exemption from
registration available under theSecurities Act or any other applicable securities laws,
and the Purchaser agrees to the legends and transfer restrictions applicable to the Debt
Securities contained in the Indenture. The Purchaser represents that it is an accredited
investor within the meaning of Regulation D under the Securities Act. The Purchaser
represents and warrants that the office or offices of the Purchaser in which its
investment decision was made is located at the address set forth in Section 3.1 hereof.

            2.4
    The Purchaser has full power and authority to execute and deliver this
Purchase Agreement, to make the representations and warranties specified herein, and to
consummate the transactions contemplated herein and it has full right and power to
purchase the Debt Securities and perform its obligations pursuant to this Purchase
Agreement.

            2.5
    The Purchaser has received all the information it considers necessary
or appropriate for deciding whether to purchase the Debt Securities. The Purchaser further
represents that it has had an opportunity to ask questions and receive answers from the
Issuer regarding the terms and conditions of the offering of the Debt Securities and the
business, properties, prospects and financial condition of the Issuer.

            2.6
    The Purchaser is a Cayman Islands company whose business includes
issuance of certain notes and acquiring the Debt Securities and the Purchaser has such
knowledge and experience in financial and business matters that is capable of evaluating
the merits and risks of purchasing the Debt Securities and is aware that it may be
required to bear the economic risk of an investment in the Debt Securities.

            2.7
    No filing with, or authorization, approval, consent, license, order,
registration, qualification or decree of, any governmental body, agency or court having
jurisdiction over the Purchaser, other than those that have been made or obtained, is
necessary or required for the performance by the Purchaser of its obligations under this
Purchase Agreement or to consummate the transactions contemplated herein.

            2.8
    This Purchase Agrement has been duly authorized, executed and delivered
by the Purchaser.

            2.9
    The Purchaser is not in violation of or default under any term of its
Memorandum of Association or Articles of Association or Incorporation, as the case may be,
of any provision of any mortgage, indenture, contract, agreement, instrument or contract
to which it is a party or by which it is bound or of any judgment, decree, order, writ or,
any statute, rule or regulation applicable to the Purchaser which would prevent the
Purchaser from performing any material obligation set forth in this Purchase Agreement.
The execution, delivery and performance of and compliance with this Purchase Agreement,
and the consummation of the transactions contemplated herein, will not, with or without
the passage of time or giving of notice, result in any such material violation, or be in
confilict with or constitute a default under any such term, or the suspension, revocation,
impairment, forfeiture or non-renewal of any permit, license, authorization or approval
applicable to the Purchaser, its business or operations or any of its assets or properties
which would prevent the Purchaser from performing any material obligations set forth in
this Purchase Agreement.

            2.10
    The Purchaser understands and acknowledges that the Bank will rely upon
the truth and accuracy of the foregoing acknowledgements, representations, warranties and
agreements and agrees that, if any of the acknowledgements, representations, warranties or
agreements deemed to have been made by its purchase of the Debt Securities are no longer
accurate, it shall promptly notify the Bank.

            2.11
    The Purchaser understands that no public market exist for any of the
Debt Securities, and that it is unlikely that a public market will ever exist for the Debt
Securities.

ARTICLE 3

MISCELLANEOUS

            3.1
    Any notice or other communication given hereunder shall be deemed
sufficient if in writing and sent by registered or certified mail, return receipt
requested, international courier, or delivered by hand against written receipt therefor,
or by facsimile transmission and confirmed by telephone, to the following addresses, or
such other address as may be furnished to the other parties as herein provided:

		To the Issuer:	Bar Harbor Bank & Trust

    P.O. Box 400

    Bar Harbor, Maine 04609-0400

    Attention: Gerald Shencavitz

    Telephone: (207) 288-3314

    Fax: (207) 288-3328
			
		To the Purchaser:	Wells Fargo Bank, National
    Association, as trustee for

    Alesco Preferred Funding XVII

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention: Randy Reider

    Telephone: (410) 884-2111

    Fax: (410) 715-4513
			
		With a copy to:	Alesco Preferred Funding XVII,
    Ltd.

    Walker House

    87 Mary Street

    P.O. Box 908GT

    George Town

    Cayman Islands

    Attention: The Directors

    Telephone: (345) 945-3727

    Fax: (345) 945-4757
			
			Goodwin Proctor LLP

    Exchange Place

    Boston, Massachusetts 02109

    Attention: William P. Mayer, Esq.

    Telephone: (617) 570-1534

    Fax: (617) 523-1231

            Unless otherwise
expressly provided herein, notices shall be deemed to have been given when received.

            3.2
    This Purchase Agreement shall not be changed, modified or amended
except by a writing signed by the parties to be charged and the obligations under this
Purchase Agreement may not be discharged except by performance in accordance with its
terms or by a writing signed by the party to be charged.

            3.3
    Upon the execution and delivery of this Purchase Agrement by the
Purchaser, this Purchase Agreement shall become a binding obligation of the Purchaser with
respect to the matters covered herein, including the purchase of the Debt Securities and
those matters incorporated by reference from the Placement Agreement.

            3.4
    NOTWITHSTANDING THE PLACE WHERE THIS PURCHASE AGREEMENT MAY BE EXECUTED
BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT ALL THE TERMS AND
PROVISIONS HEREOF SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE ISSUER,
PURCHASER AND THE BANK, ON BEHALF OF ITSELF AND ITS SUBSIDIARIES (INCLUDING, WITHOUT
LIMITATION, THE ISSUER), HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE
FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE CITY OF NEW YORK IN CONNECTION WITH ANY
SUIT, ACTION OR PROCEEDING RELATED TO THIS PURCHASE AGREEMENT OR ANY OF THE MATTERS
CONTEMPLATED HEREBY, IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO
UNDER APPLICABLE LAW, ANY DEFENSE OF LACK OF PERSONAL JURISDICTION AND IRREVOCABLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED
IN ANY SUCH COURT. EACH OF THE ISSUER AND PURCHASER, ON BEHALF OF ITSELF AND ITS
SUBSIDIARIES, IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER
APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF
ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM WHAT ANY SUCH
SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.

            3.5
    The parties agree to execute and deliver all such further documents,
agreements and instruments and take such other and further action as may be necessary or
appropriate to carry out the purpsoes and intent of this Purchase Agreement.

            3.6
    This Purchase Agreement may be executed in one or more counterparts
each of which shall be deemed an original, but all of which shall together constitute one
and the same instrument.

            3.7
    This Agreement constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof and supersedes all prior and
contemporaneous agreements and understandings, inducements or conditions, express or
implied, oral or written, except as herein contained. No course of conduct or dealing
shall be construed to modify, amend or otherwise affect any of the provisions hereof.

 

            IN WITNESS WHEREOF,
this Purchase Agreement is agreed to and accepted as of the day and year first written
above.

 

		Bar Harbor Bank &
    Trust
			
			
		By:	/s/Gerald
    Shencavitz
		Name:	Gerald
    Shencavitz
		Title:	EVP
    & Chief Financial Officer

 

 

            IN WITNESS WHEREOF,
this Purchase Agreement is agreed to and accepted as of the day and year first written
above.

 

		Alesco Preferred Funding
    XVII
			
			
		By:	/s/Alasdair
    Foster
		Name:	ALASDAIR
    FOSTER
		Title:	DIRECTORBHB 10-K 2008 Exhibit 4.6

Exhibit 4.6

Form of Subordinated Debt Security

of

Bar Harbor Bank & Trust

            Bar Harbor Bank
& Trust, a Maine banking association (the "Bank"), for value received
promises to pay to Alesco Preferred Funding XVII (the "Holder"), or registered
assigns, the principal sum of Five Million Dollars ($5,000,000) on June 15, 2023 and to
pay interest on said principlal sum from April 11, 2008, or from the most recent interest
payment date (each such date, and "Interest Payment Date") to which interest has
been paid or duly provided for, quarterly in arrears on March 15, June 15, September 15
and December 15 of each year commencing June 15, 2008, at a variable per annum rate equal
to LIBOR (as defined in the Indenture) plus 3.45% (the "Variable Rate")
(provided, however, that the Interest Rate for any Interest Payment Period may not exceed
the highest rate permitted by New York law, as the same may be modified by United States
law of general applicability) until the principal hereof shall have become due and
payable, and on any overdue principal and (without duplication and to the extent that
payment of such interest is enforceable under applicable law) on any overdue installment
of interest at an annual rate equal to the Interest Rate compounded quarterly. The amount
of interest payable on any Interest Payment Date shall be computed on the basis of a
360-day year and the actual number of days elapsed in the relevant interest period.
Notwithstanding anything to the contrary contained herein, if any Interest Payment Date,
other than on the Maturity Date, any Redemption Date or the Special Redemption Date, falls
on a day that is not a Business Day, then any interest payable will be paid on, and such
INterest Payment Date will be moved to, the next succeeding Business Day, and additional
interest will accrue for each day that such payment is delayed as a result thereof. If the
Maturity Date, Redemption Date or Special Redemption Date falls on a day that is not a
Business Day, then the principal, premium, if any, and/or interest payable on such date
will be paid on the next succeeding Business Day, and no additional interest will accrue
(except that, if such Business Day falls in the next calendar year, such payment will be
made on the immediately preceding Business Day). The interest installment so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in
the Indenture, be paid to the Person in whose name this Debt Security (or one of more
Predecessor Securities, as defined in said Indenture) is registered at the close of
business on the regular record date for such interest installment, except that interest
payable on the Maturity Date shall be paid to the Person to whom principal is paid. Any
such interest installment not punctually paid or duly provided for shall forthwith cease
to be payable to the registered Securityholders on such regular record date and may be
paid to the Person in whose name this Debt Security (or one of more Predecessor Debt
Securities) is registered at the close of business on a special record date to be fixed by
the Trustee for the payment of such defaulted interest, notice whereof shall be given to
the registered Securityholders not less than 10 days prior to such special record date,
all as more fully provided in the Indenture. The principal of and interest on this Debt
Security shall be payable at the office or agency of the Trustee (or other Paying Agent
appointed by the Bank) maintained for that purpose in any coin or currency of the United
States of America that at the time of payment is legal tender for payment of public and
private debts; provided, however, that payment of interest may be made at
the opton of the Bank by check mailed to the registered Securityholder at such address as
shall appear in the Debt Security Register or by wire transfer of immediately available
funds to an account appropriately designated by the holder hereof. The payment of the
principal of an premium, if any, and interest on this Debt Security will be made in
immediately available funds when due at such place and to such account as may be
designated by the Trustee. All payments in respect of this Debt Security shall be payable
in any coin or currency of the United States of America that at the time of payment is
legal tender for payment of public and private debts.

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

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

            This Debt Security
shall not be entitled to any benefit under the Indenture hereinafter referred to and shall
not be valid or become obligatory for any purpose until the certificate of authentication
hereon shall have been signed by or on behalf of the Trustee.

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

 

            IN WITNESS WHEREOF,
the Bank has duly executed this certificate

		Bar Harbor Bank &
    Trust
			
			
		By:	
		Name:	
		Title:	

            Dated:
_______________, 2008

CERTIFICATE OF AUTHENTICATION

 

		U.S. Bank National Association,
    not in its

    individual capacity but solely as Trustee
			
			
		By:	
			Authorized
    Signatory

   

            Dated:
_______________, 2008

[FORM OF REVERSE OF SECURITY]

            This debt Security
is one of a duly authorized series of Debt Securities of the Bank, all issued or to be
issued pursuant to an Indenture (the "Indenture"), dated as of April 11, 2008,
duly executed and delivered between the Bank and U.S. Bank National Association, as
Trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Bank and the holders of
the Debt Securities (referred to herein as the "Debt Securities") of which this
Debt Security is a part. The summary of the terms of this Debt Security contained herein
does not purport to be complete and is qualified by reference to the Indenture.

            Upon the occurrence
and continuation of a Tax Event (a "Special Event"), this Debt Security may
become due and payable, in whole or in part, at any time, within 90 days following the
occurrence of such Tax Event (the "Special Redemption Date"), as the case may
be, at the Special Redemption Price.

            The Bank shall also
have the right to redeem this Debt Security at the option of the Bank, in whole or in
part, on any March 15, June 15, September 15 or December 15 on or after June 15, 2013 (a
"Redemption Date"), at the Redemption Price.

            Any redemption
pursuant to either of the two preceding paragraphs will be made, subject to a receipt by
the Bank or prior approval from any regulatory authority with jurisdiction over the Bank
if such approval is then required under applicable capital guidelines or policies of such
regulatory authority, upon not less than 30 days' nor more than 60 days' notice. If the
Debt Securities are only partially redeemed by the Bank, the Debt Securities will be
redeemed pro rata or by lot or by any other method utilized by the Trustee.

            "Redemption
Price" means 100% of the principal amount of the Debt Securities being redeemed plus
accrued and unpaid interest on such Debt Securities to the Redemption Date.

            "Special
Redemption Price" means, with respect to the redemption of any Debt Security
following a Special Event, an amount in cash equal to 103.525% of the principal amount of
Debt Securities to be redeemed prior to June 15, 2009 and thereafter equal to the
percentage of the principal amount of the Debt Securities that is specified below for the
Special Redemption Date plus, in each case, unpaid interest accrued thereon to the Special
Redemption Date:

	Special
    Redemption During the

    12-Month Period Beginning June 15	Percentage
    of Principal Amount
		
	2009	102.820%
	2010	102.115%
	2011	101.410%
	2012	100.705%
	2013 and
    thereafter	100.000%

            In the event of
redemption of this Debt Security in part only, a new Debt Security or Debt Securities for
the unredeemed portion hereof will be issued in the name of the Securityholder hereof upon
the cancellation hereof.

            In certain cases
where an Event of Default, as defined in the Indenture, shall have occurred and be
continuing, the principal of all of the Debt Securities may be declared, and, in certain
cases, shall ipso facto become, due and payable, and upon such declaration of acceleration
shall become due and payable, in each case, in the manner, with the effort and subject to
the conditions provided in the Indenture.

            The Indenture
contains provisions permitting the Bank and the Trustee, with the consent of the holders
of not less than a majority in aggregate principal amount of the Debt Securities at the
time outstanding affected thereby, as specified in the Indenture, to execute supplemental
indentures for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of any supplemental indenture or of
modifying in any manner the rights of the Securityholders; provided, however,
that no such supplemental indenture shall, among other things, without the consent of the
holders of each Debt Security then outstanding and affected thereby (i) change the
Maturity Date of any Debt Security, or reduce the principal amount thereof of any premium
thereon, or reduce the rate (or manner of calculation of the rate) or extend the time of
payment of interest thereon, or reduce (other than as a result of the maturity or earlier
redemption of any such Debt Security in accordance with the terms of the Indenture and
such Debt Security) or increase the aggregate principal amount of Debt Securities then
outstanding, or charge any of the redemption provisions, or make the principal thereof or
any interest or premium thereon payable in any coin or currency other than United States
Dollars, or impair or affect the right of any Securityholder to institute suit for the
payment thereof, or (ii) reduce the aforesaid percentage of Debt Securities, the holders
of which are required to consent to any such supplemental indenture. The Indenture also
contains provisions permitting the holders of a majority in aggregate principal amount of
the Debt Securities at the time outstanding, on behalf of all of the Securityholders, to
waive any past defaultin the performance of any of the covenants contained in the
Indenture, or established pursuant to the Indenture, and its consequences, except (a) a
default in payments due in respect of any of the Debt Securities, or (b) in respect of
covenants or provisions of the Indenture which cannot be modified or amended without
consent of holder of each Debt Security affected. Any such consent or waiver by the
registered holder of this Debt Security (unless revoked as provided in the Indenture)
shall be conclusive and binding upon such Securityholder and upon all future holders and
owners of this Debt Security and of any Debt Security issued in exchange herefor or in
place hereof (whether by registration of transfer or otherwise), irrespective of whether
or not any notation of such consent or waiver is made upon this Debt Security.

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

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

            Prior to due
presentment for registration of transfer of this Debt Security, the Bank, the Trustee, any
Authenticating Agent, any Paying Agent, any transfer agent and the Debt Security Registrar
may deem and treat the registered holder hereof as the absolute owner hereof (whether or
not this Debt Security shall be overdue and notwithstanding any notice of ownership or
writing hereon) for the purpsoe of receiving payment of the principal of and premium, if
any, and interest on this Debt Security and for all other purposes, and neither the Bank
nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any transfer agent
nor any Debt Security Registrar shall be affected by any notice to the contrary.

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

            The Debt Securities
are issuable only in registerd certificated form without coupons. As provided in the
Indenture and subject to certain limitations herein and therein set forth, Debt Securities
are exchangeable for a like aggregate principal amount of Debt Securities of a different
authorized denomination, as requested by the Securityholder surrendering the same.

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

            THE LAW OF THE STATE
OF NEW YORK SHALL GOVERN THE INDENTURE AND THE DEBT SECURITIES, WITHOUT REGARD TO CONFLICT
OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW).

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