Document:

Exhibit 4.1

	
 

	 

TOMPKINS FINANCIAL CORPORATION

AND

WILMINGTON TRUST COMPANY,

AS TRUSTEE

INDENTURE

7.00% SUBORDINATED DEBENTURES DUE 2039

DATED AS OF APRIL 10, 2009

	
 

	 

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
ARTICLE I. DEFINITIONS

	
 

	
6

	
 

	
1.1

	
Definitions of Terms

	
 

	
6

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

	
 

	
15

	
 

	
2.1

	
Designation and
  Principal Amount

	
 

	
15

	
 

	
2.2

	
Maturity

	
 

	
15

	
 

	
2.3

	
Form and Payment

	
 

	
15

	
 

	
2.4

	
Application of Trust
  Indenture Act

	
 

	
16

	
 

	
2.5

	
Interest

	
 

	
16

	
 

	
2.6

	
Execution and
  Authentication

	
 

	
17

	
 

	
2.7

	
Registration of Transfer
  and Exchange

	
 

	
18

	
 

	
2.8

	
Temporary Debentures

	
 

	
21

	
 

	
2.9

	
Mutilated, Destroyed,
  Lost or Stolen Debentures

	
 

	
21

	
 

	
2.10

	
Cancellation

	
 

	
22

	
 

	
2.11

	
Benefit of Indenture

	
 

	
22

	
 

	
2.12

	
Authentication Agent

	
 

	
22

	
ARTICLE III. REDEMPTION OF DEBENTURES

	
 

	
23

	
 

	
3.1

	
Redemption

	
 

	
23

	
 

	
3.2

	
Special Event Redemption

	
 

	
23

	
 

	
3.3

	
Optional Redemption by
  the Company

	
 

	
24

	
 

	
3.4

	
Notice of Redemption

	
 

	
24

	
 

	
3.5

	
Payment upon Redemption

	
 

	
25

	
 

	
3.6

	
No Sinking Fund

	
 

	
26

	
ARTICLE IV. CONVERSION OF DEBENTURES

	
 

	
26

	
 

	
4.1

	
Conversion Rights

	
 

	
26

	
 

	
4.2

	
Conversion Procedures

	
 

	
26

	
 

	
4.3

	
Conversion Ratio
  Adjustments

	
 

	
28

	
 

	
4.4

	
Reclassification,
  Consolidation, Merger or Sale of Assets

	
 

	
32

	
 

	
4.5

	
Notice of Adjustments of
  Conversion Ratio

	
 

	
32

	
 

	
4.6

	
Prior Notice of Certain
  Events

	
 

	
33

	
 

	
4.7

	
Certain Defined Terms

	
 

	
33

	
 

	
4.8

	
Dividend or Interest
  Reinvestment Plans

	
 

	
34

	
 

	
4.9

	
Certain Additional
  Rights

	
 

	
34

	
 

	
4.10

	
Trustee Not Responsible
  for Determining Conversion Ratio or Adjustments

	
 

	
35

	
 

	
4.11

	
Compliance with Laws and
  Rules of Exchange

	
 

	
35

	
ARTICLE V. EXTENSION OF INTEREST PAYMENT PERIOD

	
 

	
36

	
 

	
5.1

	
Extension of Interest
  Payment Period

	
 

	
36

	
 

	
5.2

	
Notice of Extension

	
 

	
36

	
 

	
5.3

	
Limitation on
  Transactions

	
 

	
37

	
ARTICLE VI. PARTICULAR COVENANTS OF THE COMPANY

	
 

	
37

	
 

	
6.1

	
Payment of Principal and
  Interest

	
 

	
37

	
 

	
6.2

	
Maintenance of Agency

	
 

	
37

	
 

	
6.3

	
Paying Agents

	
 

	
38

	
 

	
6.4

	
Appointment to Fill
  Vacancy in Office of the Trustee

	
 

	
39

	
 

	
 

	
 

	
 

	
 

	
 

	
6.5

	
Compliance with
  Consolidation Provisions

	
 

	
39

	
 

	
6.6

	
Limitation on
  Transactions

	
 

	
39

	
 

	
6.7

	
Covenants as to the
  Trust

	
 

	
39

	
 

	
6.8

	
Covenants as to
  Purchases

	
 

	
40

	
 

	
6.9

	
Waiver of Usury, Stay or
  Extension Laws

	
 

	
40

	
 

	
6.10

	
Limitation on Additional
  Junior Indebtedness

	
 

	
40

	
 

	
6.11

	
No Intent to Commence
  Extension Period

	
 

	
40

	
 

	
6.12

	
Notice of Certain
  Events

	
 

	
40

	
 

	
6.13

	
Compliance Certificate

	
 

	
40

	
ARTICLE VII. THE DEBENTUREHOLDERS’ LISTS AND REPORTS BY THE COMPANY

	
 

	
41

	
 

	
7.1

	
The Company to Furnish
  the Trustee Names and Addresses of the Debentureholders

	
 

	
41

	
 

	
7.2

	
Preservation of
  Information Communications with the Debentureholders

	
 

	
41

	
 

	
7.3

	
Reports by the Company

	
 

	
41

	
ARTICLE VIII. REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS ON EVENT
  OF DEFAULT

	
 

	
42

	
 

	
8.1

	
Events of Default

	
 

	
42

	
 

	
8.2

	
Collection of Indebtedness
  and Suits for Enforcement by the Trustee

	
 

	
44

	
 

	
8.3

	
Application of Moneys
  Collected

	
 

	
45

	
 

	
8.4

	
Limitation on Suits

	
 

	
45

	
 

	
8.5

	
Rights and Remedies
  Cumulative; Delay or Omission not Waiver

	
 

	
46

	
 

	
8.6

	
Control by the
  Debentureholders

	
 

	
46

	
 

	
8.7

	
Undertaking to Pay Costs

	
 

	
47

	
 

	
8.8

	
Direct Action; Right of
  Set-Off

	
 

	
47

	
ARTICLE IX. FORM OF THE DEBENTURE AND ORIGINAL ISSUE

	
 

	
48

	
 

	
9.1

	
Form of Debenture

	
 

	
48

	
 

	
9.2

	
Original Issue of the
  Debentures

	
 

	
48

	
ARTICLE X. CONCERNING THE TRUSTEE

	
 

	
48

	
 

	
10.1

	
Certain Duties and
  Responsibilities of the Trustee

	
 

	
48

	
 

	
10.2

	
Notice of Defaults

	
 

	
49

	
 

	
10.3

	
Certain Rights of the
  Trustee

	
 

	
49

	
 

	
10.4

	
Compliance Certificates
  and Opinions

	
 

	
50

	
 

	
10.5

	
The Trustee not
  Responsible for Recitals, Etc

	
 

	
51

	
 

	
10.6

	
May Hold the Debentures

	
 

	
51

	
 

	
10.7

	
Moneys Held in Trust

	
 

	
51

	
 

	
10.8

	
Compensation and
  Reimbursement

	
 

	
52

	
 

	
10.9

	
Reliance on Officers’
  Certificate

	
 

	
52

	
 

	
10.10

	
Disqualification;
  Conflicting Interests

	
 

	
52

	
 

	
10.11

	
Corporate Trustee
  Required; Eligibility

	
 

	
53

	
 

	
10.12

	
Resignation and Removal;
  Appointment of Successor

	
 

	
53

	
 

	
10.13

	
Acceptance of
  Appointment by Successor

	
 

	
54

	
 

	
10.14

	
Merger, Conversion,
  Consolidation or Succession to Business

	
 

	
55

	
ARTICLE XI. CONCERNING THE DEBENTUREHOLDERS

	
 

	
55

	
 

	
11.1

	
Evidence of Action by
  the Holders

	
 

	
55

	
 

	
11.2

	
Proof of Execution by
  the Debentureholders

	
 

	
55

	
 

	
11.3

	
Who May Be Deemed Owners

	
 

	
56

3

	
 

	
 

	
 

	
 

	
 

	
 

	
11.4

	
Certain Debentures Owned
  by Company Disregarded

	
 

	
56

	
 

	
11.5

	
Actions Binding on the
  Future Debentureholders

	
 

	
56

	
ARTICLE XII. SUPPLEMENTAL INDENTURES

	
 

	
57

	
 

	
12.1

	
Supplemental Indentures
  without the Consent of the Debentureholders

	
 

	
57

	
 

	
12.2

	
Supplemental Indentures
  with Consent of the Debentureholders

	
 

	
58

	
 

	
12.3

	
Effect of Supplemental
  Indentures

	
 

	
58

	
 

	
12.4

	
The Debentures Affected
  by Supplemental Indentures

	
 

	
58

	
 

	
12.5

	
Execution of
  Supplemental Indentures

	
 

	
59

	
ARTICLE XIII. SUCCESSOR CORPORATION

	
 

	
59

	
 

	
13.1

	
The Company May
  Consolidate, Etc

	
 

	
59

	
 

	
13.2

	
Successor Corporation
  Substituted

	
 

	
60

	
 

	
13.3

	
Evidence of
  Consolidation, Etc

	
 

	
60

	
ARTICLE XIV. SATISFACTION AND DISCHARGE

	
 

	
60

	
 

	
14.1

	
Satisfaction and
  Discharge of Indenture

	
 

	
60

	
 

	
14.2

	
Discharge of Obligations

	
 

	
61

	
 

	
14.3

	
Deposited Moneys to Be
  Held in Trust

	
 

	
61

	
 

	
14.4

	
Payment of Monies Held
  by Paying Agents

	
 

	
61

	
 

	
14.5

	
Repayment to the Company

	
 

	
61

	
ARTICLE XV. IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
  DIRECTORS

	
 

	
62

	
 

	
15.1

	
No Recourse

	
 

	
62

	
ARTICLE XVI. MISCELLANEOUS PROVISIONS

	
 

	
62

	
 

	
16.1

	
Effect on Successors and
  Assigns

	
 

	
62

	
 

	
16.2

	
Actions by Successor

	
 

	
62

	
 

	
16.3

	
Surrender of the Company
  Powers

	
 

	
62

	
 

	
16.4

	
Notices

	
 

	
63

	
 

	
16.5

	
Governing Law

	
 

	
63

	
 

	
16.6

	
Treatment of the
  Debentures as Debt

	
 

	
63

	
 

	
16.7

	
Payments on Business
  Days

	
 

	
63

	
 

	
16.8

	
Counterparts

	
 

	
63

	
 

	
16.9

	
Separability

	
 

	
63

	
 

	
16.10

	
Assignment

	
 

	
63

	
 

	
16.11

	
Acknowledgment of
  Rights; Right of Setoff

	
 

	
63

	
 

	
16.12

	
Table of Contents,
  Headings, etc

	
 

	
64

	
ARTICLE XVII. SUBORDINATION OF THE DEBENTURES

	
 

	
64

	
 

	
17.1

	
Agreement to Subordinate

	
 

	
64

	
 

	
17.2

	
Default on Senior
  Indebtedness

	
 

	
64

	
 

	
17.3

	
Liquidation;
  Dissolution; Bankruptcy

	
 

	
65

	
 

	
17.4

	
Subrogation

	
 

	
66

	
 

	
17.5

	
The Trustee to
  Effectuate Subordination

	
 

	
67

	
 

	
17.6

	
Notice by the Company

	
 

	
67

	
 

	
17.7

	
Rights of the Trustee;
  Holders of the Senior Indebtedness

	
 

	
68

	
 

	
17.8

	
Subordination May not Be
  Impaired

	
 

	
68

4

INDENTURE

          INDENTURE,
dated as of April 10, 2009, between TOMPKINS FINANCIAL CORPORATION, a New York
corporation (the “Company”), and WILMINGTON TRUST COMPANY, a banking
corporation duly organized and existing under the laws of the State of
Delaware, as trustee (the “Trustee”).

RECITALS

          WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the
execution and delivery of this Indenture to provide for the issuance of
securities to be known as its 7.00% Subordinated Debentures due 2039
(hereinafter referred to as the “Debentures”), the form and substance of such
Debentures and the terms, provisions and conditions thereof to be set forth as
provided in this Indenture;

          WHEREAS,
Tompkins Capital Trust I, a Delaware statutory trust (the “Trust”), has offered
in a private placement up to $30,000,000 aggregate liquidation amount of its
Preferred Securities (as defined herein) and proposes to invest the proceeds
from such offering, together with the proceeds of the issuance and sale by the
Trust to the Company of up to $928,000 aggregate liquidation amount of its
Common Securities (as defined herein) in $30,928,000 aggregate principal amount
of the Debentures;

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

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

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

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

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

5

ARTICLE I.

DEFINITIONS

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

          “Accelerated
Maturity Date” means if the Company elects to accelerate the Maturity Date in
accordance with Section 2.2(b), the date selected by the Company which is prior
to the Scheduled Maturity Date, but is after March 31, 2014.

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

          
“Additional Payments” shall have the meaning set forth in Section2.5(c).

          
“Additional Senior Obligations” means all indebtedness of the Company whether
incurred on or prior to the date of this Indenture or thereafter incurred, for
claims in respect of derivative products such as interest and foreign exchange
rate contracts, commodity contracts and similar arrangements; provided,
however, that Additional Senior Obligations does not include claims in respect
of Senior Debt or Subordinated Debt or obligations which, by their terms, are
expressly stated to be not superior in right of payment to the Debentures or to
rank pari passu in right of payment with the Debentures. For purposes of this
definition, “claim” shall have the meaning assigned thereto in Section 101(4)
of the United States Bankruptcy Code of 1978, as amended. 

6

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

          “Affiliate”
has the same meaning given that term in Rule 405 of the Securities Act or any
successor rule thereunder. 

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

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

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

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

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

          “Business
Transaction” shall have the meaning set forth in Section 4.4 hereof.

          “Capital
Treatment Event” means the receipt by the Company and the Trust of an Opinion
of Counsel, rendered by counsel experienced in such matters within a reasonable
period of time after the applicable occurrence, to the effect that, as a result
of any amendment to or change (including any announced prospective change) in
the laws (or any regulations thereunder) of the United States or any political
subdivision thereof or therein, or as a result of any official or
administrative pronouncement, action or judicial decision interpreting or
applying such laws or regulations, which amendment or change is effective or,
which pronouncement, action or judicial decision is announced on or after the
date of issuance of the Preferred Securities under the Trust Agreement, there
is more than an insubstantial risk of impairment of the Company’s ability to
treat the aggregate Liquidation Amount (as defined in the Trust Agreement) of
the Preferred Securities (or any substantial portion thereof) as Tier 1 capital
(or the then equivalent thereof) for purposes of the capital adequacy
guidelines of the Federal Reserve, as then in effect and applicable to the
Company; provided, however, that the Trust or the Company shall have
requested and received such an Opinion of Counsel with regard to such matters
within a reasonable period of time after the Trust or the Company shall have
become aware of the occurrence or the possible occurrence of any of the events
described above; provided further, however, that the inability of the Company
to treat all or any portion of the Liquidation Amount of the Preferred
Securities as Tier l capital shall not constitute the basis for a Capital
Treatment Event, if such inability results from the Company having cumulative
preferred stock, minority interests in consolidated subsidiaries, or any other
class of security or interest which the Federal Reserve may now or hereafter
accord Tier 1 capital treatment in excess of the amount which may now or
hereafter qualify for treatment as Tier 1 capital under applicable capital
adequacy guidelines; provided further, however, that the distribution of
Debentures in connection with the liquidation of the Trust shall not in and of
itself constitute a Capital Treatment Event unless such liquidation shall have
occurred in connection with a Tax Event or an Investment Company Event. 

7

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

          “Closing
Sales Price” shall have the meaning set forth in Section 4.7 hereof.

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

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

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

          “Common
Stock” means the common stock of Tompkins Financial Corporation, par value
$0.10 per share. 

          “Company”
means Tompkins Financial Corporation, a corporation duly organized and existing
under the laws of the State of New York, and, subject to the provisions of
ARTICLE XIII, shall also include its successors and assigns. 

          “Compounded
Interest” shall have the meaning set forth in Section 5.1.

          “Conversion
Agent” means Wilmington Trust Company, a banking corporation duly organized and
existing under the laws of Delaware.

          “Conversion
Ratio” shall have the meaning set forth in Section 4.1 hereof.

          “Conversion
Request” shall have the meaning set forth in Section 4.2(a) hereof.

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

          “Coupon
Rate” shall have the meaning set forth in Section 2.5(a).

          “Current
Market Price” shall have the meaning set forth in Section 4.3(f) hereof.

8

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

          “Debentures”
shall have the meaning set forth in the Recitals hereto. 

          “Debentureholder,”
“holder of Debentures,” “registered holder,” or other similar term, means the
Person or Persons in whose name or names a particular Debenture shall be
registered on the books of the Company or the Trustee kept for that purpose in
accordance with the terms of this Indenture. 

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

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

          “Debt”
means with respect to any Person, whether recourse is to all or a portion of
the assets of such Person and whether or not contingent, (a) every obligation
of such Person for money borrowed or purchased; (b) every obligation of such Person
evidenced by securities, bonds, debentures, notes or other similar instruments,
including obligations incurred in connection with the acquisition of property,
assets or businesses; (c) every reimbursement obligation of such Person with
respect to letters of credit, bankers’ acceptances, any security purchase
facility, any repurchase agreement or similar facilities, any interest rate
swap, any other hedging arrangement, any obligation under options or any
similar credit or other transaction issued for the account of such Person; (d)
every obligation of such Person issued or assumed as the deferred purchase
price of property or services (but excluding trade accounts payable or accrued
liabilities arising in the ordinary course of business); (e) every capital
lease obligation of such Person; and (f) and every obligation of the type
referred to in clauses (a) through (e) of another Person and all dividends of
another Person the payment of which, in either case, such Person has guaranteed
or is responsible or liable, directly or indirectly, as obligor or otherwise,
including, without limitation similar obligations arising from off-balance
sheet guarantees and direct credit substitutes. 

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

          “Deferred
Payments” shall have the meaning set forth in Section 5.1. 

          “Direct
Action” shall have the meaning set forth in Section 8.8. 

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

          “Distribution”
shall have the meaning set forth in the Trust Agreement. 

          “Event
of Default” means, with respect to the Debentures, any event specified in
Section 8.1, which has continued for the period of time, if any, and after the
giving of the notice, if any, therein designated. 

9

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

          “Expiration
Time” shall have the meaning set forth in Section 4.3(e) hereof.

          
“Extension Period” shall have the meaning set forth in Section 5.1 hereof. 

          “Federal
Reserve” means the Board of Governors of the Federal Reserve System, or its
designated district bank, as applicable, and any successor federal agency that
is primarily responsible for regulating the activities of bank holding
companies.

          “Floor”
shall have the meaning set forth in Section 4.1 hereof.

          “Guarantee”
shall have the meaning set forth in the Trust Agreement. 

          “Generally
Accepted Accounting Principles” means such accounting principles as are
generally accepted in the United States at the time of any computation required
hereunder. 

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

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

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

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

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

10

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

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

          “Ministerial
Action” shall have the meaning set forth in Section 3.2 hereof. 

          “Officers’
Certificate” means a certificate signed by the Chief Executive Officer,
President or an Executive Vice President and by the Treasurer or an Assistant
Treasurer or the Secretary or an Assistant Secretary of the Company that is
delivered to the Trustee in accordance with the terms hereof. Each such
certificate shall include the statements provided for in Section 10.4, if and
to the extent required by the provisions thereof. 

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

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

11

          “Paying
Agent” means any paying agent or co-paying agent appointed pursuant to Section
6.3. 

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

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

          “Preferred
Securities” means the 7.00% Cumulative Trust Preferred Securities representing
undivided beneficial interests in the assets of the Trust which rank pari passu
with Common Securities issued by the Trust; provided, however, that upon the
occurrence and during the continuation of an Event of Default, the rights of
holders of Common Securities to payment in respect of (a) distributions, and
(b) payments upon liquidation, redemption and otherwise, are subordinated to
the rights of holders of Preferred Securities. 

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

          “Property
Trustee” has the meaning set forth in the Trust Agreement.

          “Purchased
Shares” shall have the meaning set forth in Section 4.3(e) hereof.

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

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

          “Scheduled
Maturity Date” means March 31, 2039. 

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

12

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

          “Senior
Indebtedness” shall have the meaning set forth in Section 17.1. 

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

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

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

13

          “Tax
Event” means the receipt by the Company and the Trust of an Opinion of Counsel,
rendered by counsel experienced in such matters within a reasonable amount of
time after the applicable occurrence, to the effect that, as a result of any
amendment to, or change (including any announced prospective change) in, the
laws (or any regulations thereunder) of the United States or any political
subdivision or taxing authority thereof or therein, or as a result of any
official administrative pronouncement or judicial decision interpreting or
applying such laws or regulations, which amendment or change is effective or
which pronouncement or decision is announced on or after the date of issuance
of the Preferred Securities under the Trust Agreement, there is more than an
insubstantial risk that (a) the Trust is, or shall be within ninety (90) days
after the date of such Opinion of Counsel, subject to United States federal
income tax with respect to income received or accrued on the Debentures; (b)
interest payable by the Company on the Debentures is not, or within ninety (90)
days after the date of such Opinion of Counsel, shall not be, deductible by the
Company, in whole or in part, for United States federal income tax purposes; or
(c) the Trust is, or shall be within ninety (90) days after the date of such
Opinion of Counsel, subject to more than a de minimis amount of other taxes,
duties, assessments or other governmental charges; provided, however, that
the Trust or the Company shall have requested and received such an Opinion of
Counsel with regard to such matters within a reasonable period of time after
the Trust or the Company shall have become aware of the occurrence or the
possible occurrence of any of the events described in clauses (a) through (c)
above.

          “TMP
Common Stock Per Share Value” shall have the meaning set forth in Section 4.1
hereof.

          “Trading
Day” shall have the meaning set forth in Section 4.7 hereof.

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

          “Trust
Agreement” means the Amended and Restated Trust Agreement, dated as of April
10, 2009, of the Trust. 

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

          “Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, subject to
the provisions of Sections 12.1, 12.2, 13.1, as in effect at the date of
execution of this Indenture. 

          “Trust
Securities” means the Common Securities and Preferred Securities, collectively.

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

14

ARTICLE II.

ISSUE, DESCRIPTION, TERMS, CONDITIONS,

REGISTRATION AND EXCHANGE OF THE DEBENTURES

2.1 Designation
and Principal Amount. There are hereby authorized Debentures
designated the 7.00% Subordinated Debentures due 2039, limited in aggregate
principal amount up to $30,928,000, which amount shall be as set forth in any
written order of the Company for the authentication and delivery of Debentures
pursuant to Section 2.6.

2.2 Maturity.

          (a)
The Maturity Date shall be either:

               (i)
the Scheduled Maturity Date; or

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

          (b)
The Company may at any time before the day which is ninety (90) days before the
Scheduled Maturity Date and after March 31, 2014, elect to shorten the Maturity
Date only once to the Accelerated Maturity Date provided that the Company has
received the prior approval of the Federal Reserve if then required under
applicable capital guidelines, policies or regulations of the Federal Reserve.

          (c)
If the Company elects to accelerate the Maturity Date in accordance with
Section 2.2(b), the Company shall give notice to the Trustee and the Trust
(unless the Trust is not the holder of the Debentures, in which case the
Trustee will give notice to the holders of the Debentures) of the acceleration
of the Maturity Date and the Accelerated Maturity Date at least thirty (30)
days and no more than one hundred eighty (180) days before the Accelerated
Maturity Date; provided, however, that nothing provided in this Section 2.2
shall limit the Company’s rights, as provided in ARTICLE III hereof, to redeem
all or a portion of the Debentures at such time or times on or after December
31, 2013, as the Company may so determine, or at any time upon the occurrence
of a Special Event.

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

15

2.4 Application of Trust Indenture Act.
Notwithstanding any contrary provision herein relating to the applicability of
the Trust Indenture Act:

          (a)
Any provision of the Trust Indenture Act, which by its terms would apply to
this Agreement (a “Mandatory TIA Provision”), will control over any contrary
terms contained herein; and,

          (b)
The terms of this Agreement will control over all provisions of the Trust
Indenture Act, except for Mandatory TIA Provisions.

          (c)
The parties intend that this Agreement and the Debentures shall not be subject
to the Trust Indenture Act, and the provisions of this Agreement which impose
any duty or liability upon the Trustees to comply with any provision of the Trust
Indenture Act, including any reporting obligations, shall be disregarded until
such time as the Company notifies the Trustee that this Agreement is subject to
the Trust Indenture Act.

2.5 Interest.

          (a)
Each Debenture shall bear interest at a rate of 7.00% per annum (the “Coupon
Rate”) from the original date of issuance until the principal thereof becomes
due and payable, and on any overdue principal and (to the extent that payment
of such interest is enforceable under applicable law) on any overdue
installment of interest at the Coupon Rate, compounded quarterly, payable
(subject to the provisions of ARTICLE V) quarterly in arrears on March 15, June
15, September 15, and December 15 of each year (each, an “Interest Payment
Date”), commencing on June 15, 2009, to the Person in whose name such Debenture
or any Predecessor Debenture is registered, at the close of business on the
regular record date for such interest installment, which shall be the fifteenth
day of the last month of the calendar quarter.

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

16

          (c)
If, at any time while the Property Trustee is the holder of any Debentures, the
Trust or the Property Trustee is required to pay any taxes, duties, assessments
or governmental charges of whatever nature (other than withholding taxes) imposed by the United States, or any other taxing
authority, then, in any case, the Company shall pay as additional
payments (“Additional Payments”) on the Debentures held by the Property
Trustee, such additional amounts as shall be required so that the net amounts
received and retained by the Trust and the Property Trustee after paying such
taxes, duties, assessments or other governmental charges shall be equal to the
amounts the Trust and the Property Trustee would have received had no such
taxes, duties, assessments or other government charges been imposed. Whenever
in this Indenture or the Debentures there is a reference in any context to the
payment of principal of or interest on the Debentures, such mention shall be
deemed to include mention of payments of the Additional Payments provided for
in this paragraph to the extent that, in such context, Additional Payments are,
were or would be payable in respect thereof pursuant to the provisions of this
paragraph and express mention of the payment of Additional Payments (if
applicable) in any provisions hereof shall not be construed as excluding
Additional Payments in those provisions hereof where such express mention is
not made; provided, however, that the deferral of the payment of interest
during an Extension Period pursuant to Section 5.1 shall not defer the payment
of any Additional Payments that may be due and payable.

2.6 Execution
and Authentication.

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

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

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

          (d)
In authenticating such Debentures and accepting the additional responsibilities
under this Indenture in relation to such Debentures, the Trustee shall be
entitled to receive, and (subject to Section 10.1) shall be fully protected in
relying upon, an Opinion of Counsel stating that the form and terms thereof have
been established in conformity with the provisions of this Indenture.

17

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

2.7 Registration
of Transfer and Exchange.

          (a)
Debentures may be exchanged upon presentation thereof at the office or agency
of the Company designated for such purpose in the Borough of Manhattan, the
City of New York, or at the office of the Debenture Registrar, for other
Debentures and for a like aggregate principal amount in denominations of
integral multiples of $1,000, upon payment of a sum sufficient to cover any tax
or other governmental charge in relation thereto, all as provided in this
Section 2.7. In respect of any Debentures so surrendered for exchange, the
Company shall execute, the Trustee shall authenticate and such office or agency
shall deliver in exchange therefor the Debenture or Debentures that the
Debentureholder making the exchange shall be entitled to receive, bearing
numbers not contemporaneously outstanding.

          (b)
The Company shall keep, or cause to be kept, at its office or agency designated
for such purpose in the County of Tompkins, the City of Ithaca, or at the
office of the Debenture Registrar, or
such other location designated by the Company a register or registers (herein
referred to as the “Debenture Register”) in which, subject to such
reasonable regulations as the Debenture Registrar (as defined below) may
prescribe, the Company shall register the Debentures and the transfers of
Debentures as in this ARTICLE II provided and which at all reasonable times
shall be open for inspection by the Trustee. The registrar for the purpose of
registering Debentures and transfer of Debentures as herein provided shall
initially be the Trustee and thereafter as may be appointed by the Company as
authorized by Board Resolution (the “Debenture Registrar”). Upon surrender for
transfer of any Debenture at the office or agency of the Company designated for
such purpose, the Company shall execute, the Trustee shall authenticate and
such office or agency shall deliver in the name of the transferee or
transferees a new Debenture or Debentures for a like aggregate principal
amount. All Debentures presented or surrendered for exchange or registration of
transfer, as provided in this Section 2.7, shall be accompanied (if so required
by the Company or the Debenture Registrar) by a written instrument or
instruments of transfer, in form satisfactory to the Company or the Debenture
Registrar, duly executed by the registered holder or by such holder’s duly authorized
attorney in writing.

          (c)
No service charge shall be made for any exchange or registration of transfer of
Debentures, or issue of new Debentures in case of partial redemption, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge in relation thereto, other than exchanges pursuant to
Section 2.8, Section 3.5(b) and Section 12.4 not involving any transfer.

18

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

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

          (f)
Debentures may not be transferred except in compliance with the legend set
forth below, unless otherwise determined by the Company in accordance with
applicable law, which legend shall be placed on each debenture:

THIS SECURITY
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES
LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. THE HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN, BY
ITS ACCEPTANCE HEREOF OR THEREOF, AS THE CASE MAY BE, AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN ONLY
(A) TO THE DEBENTURE ISSUER OR THE TRUST, (B) PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT TO AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF SUBPARAGRAPH (a) OF RULE 501 UNDER THE SECURITIES ACT OR
TO ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH SUBPARAGRAPHS
THAT IS ACQUIRING THIS SECURITY OR SUCH INTEREST OR PARTICIPATION FOR ITS OWN
ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES
AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (C) PURSUANT TO ANY OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES
ACT, SUBJECT TO THE RIGHT OF THE DEBENTURE ISSUER AND THE TRUST PRIOR TO ANY
SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (B) OR (C) ABOVE TO REQUIRE THE
DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM IN ACCORDANCE WITH THE AMENDED AND RESTATED
DECLARATION OF TRUST, A COPY OF WHICH MAY BE OBTAINED FROM THE DEBENTURE ISSUER
OR THE TRUST. THE HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION
HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF, AS THE CASE MAYBE, AGREES THAT IT
WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

19

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

IN CONNECTION
WITH ANY TRANSFER, THE HOLDER OF THIS SECURITY WILL DELIVER TO THE REGISTRAR
AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED
BY THE AMENDED AND RESTATED DECLARATION OF TRUST TO CONFIRM THAT THE TRANSFER
COMPLIES WITH THE FOREGOING RESTRICTIONS. THIS SECURITY WILL BE ISSUED AND MAY
BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF THE LIQUIDATION AMOUNT AND
INTEGRAL MULTIPLES OF SUCH LIQUIDATION AMOUNT IN EXCESS THEREOF. ANY ATTEMPTED
TRANSFER OF THIS SECURITY IN A BLOCK HAVING A LIQUIDATION AMOUNT OF LESS THAN
$1,000 OR AN INTEGRAL MULTIPLE THEREOF SHALL BE DEEMED TO BE VOID AND OF NO
LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO
BE THE HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN FOR ANY
PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
SECURITY OR SUCH INTEREST OR PARTICIPATION, AND SUCH PURPORTED TRANSFEREE SHALL
BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SECURITY OR ANY INTEREST OR
PARTICIPATION HEREIN.

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

2.9 Mutilated,
Destroyed, Lost or Stolen Debentures.

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

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

2.10 Cancellation. The Company
at any time may deliver Debentures to the Trustee for cancellation. All
Debentures surrendered for the purpose of payment, redemption, exchange or
registration of transfer shall, if surrendered to the Company or any Paying
Agent, be delivered to the Trustee for cancellation, or, if surrendered to the
Trustee, shall be canceled by it, and no Debentures shall be issued in lieu
thereof except as expressly required or permitted by any of the provisions of
this Indenture. On request of the Company at the time of such surrender, the
Trustee shall deliver to the Company canceled Debentures held by the Trustee.
In the absence of such request the Trustee may dispose of canceled Debentures
in accordance with its standard procedures and deliver a certificate of
disposition to the Company. If the Company shall otherwise acquire any of the
Debentures, however, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Debentures unless and
until the same are delivered to the Trustee for cancellation.

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

2.12 Authentication Agent.

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

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          (b)
Any Authenticating Agent may at any time resign by giving written notice of
resignation to the Trustee and to the Company. The Trustee may at any time (and
upon request by the Company shall) terminate the agency of any Authenticating
Agent by giving written notice of termination to such Authenticating Agent and
to the Company. Upon resignation, termination or cessation of eligibility of
any Authenticating Agent, the Trustee may appoint a successor Authenticating
Agent eligible under the provisions of Section 13.2(a) of this Indenture. Any
successor Authenticating Agent, upon acceptance of its appointment hereunder,
shall become vested with all the rights, powers and duties of its predecessor
hereunder as if originally named as an Authenticating Agent pursuant hereto.

          (c)
The Trustee agrees to pay the Authenticating Agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be
entitled to be reimbursed for such payments pursuant to Section 10.8.

ARTICLE III.

REDEMPTION OF DEBENTURES

3.1 Redemption. Subject to the
Company having received prior approval of the Federal Reserve, if then required
under the applicable capital guidelines, policies or regulations of the Federal
Reserve, the Company may redeem the Debentures issued hereunder on and after
the dates set forth in and in accordance with the terms of this ARTICLE III.

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

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3.3 Optional
Redemption by the Company.

          (a)
Except as otherwise may be specified in this Indenture, the Company shall have
the right to redeem the Debentures, in whole or in part, from time to time, on
or after December 31, 2013, at a Redemption Price equal to 100% of the
principal amount to be redeemed plus any accrued and unpaid interest thereon to
the date of such redemption. Any redemption pursuant to this Section 3.3(a)
shall be made upon not less than thirty (30) days’ nor more than sixty (60)
days’ notice to the holder of the Debentures, at the Redemption Price. If the
Debentures are only partially redeemed pursuant to this Section 3.3(a), the
Debentures shall be redeemed pro rata or by lot or in such other manner as the
Trustee shall deem appropriate and fair in its discretion. The Redemption Price
shall be paid prior to 12:00 noon, New York time, on the date of such
redemption or at such earlier time as the Company determines provided that the
Company shall deposit with the Trustee an amount sufficient to pay the
Redemption Price by 10:00 a.m., New York time, on the date such Redemption
Price is to be paid.

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

3.4 Notice
of Redemption.

          (a)
Except in the case of a redemption pursuant to Section 3.3(b), in case the
Company shall desire to exercise such right to redeem all or, as the case may
be, a portion of the Debentures in accordance with the right reserved so to do,
the Company shall, or shall cause the Trustee to upon receipt of forty-five
(45) days’ written notice from the Company, give notice of such redemption to
holders of the Debentures to be redeemed by mailing, first class postage
prepaid, a notice of such redemption not less than thirty (30) days and not
more than sixty (60) days before the date fixed for redemption to such holders
at their last addresses as they shall appear upon the Debenture Register unless
a shorter period is specified in the Debentures to be redeemed. Any notice that
is mailed in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not the registered holder receives the notice. In
any case, failure duly to give such notice to the holder of any Debenture designated
for redemption in whole or in part, or any defect in the notice, shall not
affect the validity of the proceedings for the redemption of any other
Debentures. In the case of any redemption of Debentures prior to the expiration
of any restriction on such redemption provided in the terms of such Debentures
or elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers’ Certificate evidencing compliance with any such restriction. Each
such notice of redemption shall specify the date fixed for redemption and the
Redemption Price and shall state 

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that payment
of the Redemption Price shall be made at the office or agency of the Company in
the Borough of Manhattan, the City of New York or at the Corporate Trust
Office, upon presentation and surrender of such Debentures, that interest
accrued to the date fixed for redemption shall be paid as specified in said
notice and that from and after said date interest shall cease to accrue. If
less than all the Debentures are to be redeemed, the notice to the holders of
the Debentures shall specify the particular Debentures to be redeemed. If the
Debentures are to be redeemed in part only, the notice shall state the portion
of the principal amount thereof to be redeemed and shall state that on and
after the redemption date, upon surrender of such Debenture, a new Debenture or
Debentures in principal amount equal to the unredeemed portion thereof shall be
issued.

          (b)
Except in the case of a redemption pursuant to Section 3.3(b), if less than all
the Debentures are to be redeemed, the Company shall give the Trustee at least
forty-five (45) days’ written notice in advance of the date fixed for
redemption as to the aggregate principal amount of Debentures to be redeemed,
and thereupon the Trustee shall select, pro rata or by lot or in such other
manner as it shall deem appropriate and fair in its discretion, the portion or
portions (equal to $1,000 or any integral multiple thereof) of the Debentures
to be redeemed and shall thereafter promptly notify the Company in writing of
the numbers of the Debentures to be redeemed, in whole or in part. The Company
may, if and whenever it shall so elect pursuant to the terms hereof, by
delivery of instructions signed on its behalf by its Chief Executive Officer,
President or any Executive Vice President, instruct the Trustee or any Paying
Agent to call all or any part of the Debentures for redemption and to give
notice of redemption in the manner set forth in this Section 3.4, such notice
to be in the name of the Company or its own name as the Trustee or such Paying
Agent may deem advisable. In any case in which notice of redemption is to be
given by the Trustee or any such Paying Agent, the Company shall deliver or
cause to be delivered to, or permit to remain with, the Trustee or such Paying
Agent, as the case may be, such Debenture Register, transfer books or other
records, or suitable copies or extracts therefrom, sufficient to enable the
Trustee or such Paying Agent to give any notice by mail that may be required
under the provisions of this Section 3.4.

3.5 Payment
upon Redemption.

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

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

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

ARTICLE IV.

CONVERSION OF DEBENTURES

4.1 Conversion Rights. Subject
to and upon compliance with the provisions of this ARTICLE IV, the Debentures
are convertible, at the option of the Debentureholder, during specified annual
windows commencing in 2019, and on or before the close of business on the
Business Day immediately preceding the date of repayment of such Debentures at
maturity (but not upon redemption), into fully paid and nonassessable shares of
Common Stock at a conversion price determined as follows. The conversion price
shall be the greater of: (a) $41.35 (the “Floor”); and (b) the average Closing
Sales Prices of Common Stock for each of the Trading Days in the first three
months of the calendar year in which the conversion takes place (the “TMP
Common Stock Per Share Value”), which conversion price shall be subject to
adjustment as described in this ARTICLE IV (the greater of subparagraph (a) or
(b) being the “Conversion Ratio”). A Debentureholder may convert any portion of
the principal amount of the Debentures into that number of fully paid and
nonassessable shares of Common Stock obtained by dividing (x) the principal
amount of the Debentures to be converted by (y) the Conversion Ratio. In case a
Debenture or portion thereof is called for redemption, such conversion right in
respect of the Debenture or portion so called shall expire at the close of
business on the Business Day immediately preceding the corresponding Maturity
Date, unless the Company defaults in making the payment due upon redemption. A
conversion hereunder will be effected once each year on April 15, commencing
April 15, 2019; provided that if the applicable April 15th is not a
Business Day, the conversion shall be effected on the next succeeding Business
Day. In order to convert any Debenture, the notice described in Section 4.2
below must be submitted between January 1 and March 31 of the year in which the
conversion is to occur, in order to complete a conversion on April 15 of that
year.

4.2 Conversion
Procedures. 

          (a)
To convert all or a portion of the Debentures, the Debentureholder thereof
shall deliver to the Conversion Agent an irrevocable conversion request between
January 1 and March 31 of the year in which the conversion is to occur setting
forth the principal amount of Debentures to be converted, together with the
name or names, if other than the Debentureholder, in which the shares of Common
Stock should be issued upon conversion and surrender to the Conversion Agent
the Debentures to be converted, duly endorsed or assigned to the Company or in
blank (the “Conversion Request”). In addition, a holder of Preferred Securities
may exercise its right under the Trust Agreement to exchange such Preferred
Securities for Debentures which shall be converted into Common Stock by
delivering to the Conversion Agent an irrevocable Conversion Request, in
substantially the form set forth in the Trust Agreement, setting forth the
information called for by the preceding sentence and directing the Conversion
Agent (i) to exchange such Preferred Security for a portion of the Debentures
held by the Trust (at an exchange rate of $1,000 principal amount of Debentures
for each Preferred Security), and (ii) to immediately convert such Debentures,
on behalf of such Debentureholder, into Common Stock pursuant to this ARTICLE
IV and surrendering such Preferred Securities duly endorsed or assigned to the
Company or in blank. So long as any Preferred Securities are outstanding, the
Trust shall not convert any Debentures except pursuant to a Conversion Request
delivered to the Conversion Agent by a holder of Preferred Securities. 

26

          (b)
Holders of Preferred Securities at the close of business on a record date for
payment of Distributions shall be entitled to receive the distribution payable
on such Preferred Securities on the corresponding distribution payment date
notwithstanding the conversion of such Preferred Securities following the
distribution record date. Except as set forth in the preceding sentence, the
Company shall not make, or be required to make, any payment, allowance or
adjustment for accumulated and unpaid interest, whether or not in arrears, on
converted Debentures; provided, however, that if notice of redemption of
Debentures is mailed or otherwise given to Debentureholder prior to the effective
date of conversion, then, any Debentureholder shall no longer be entitled to
convert such Debenture, any Conversion Request shall be deemed withdrawn, and
such Debenture shall be redeemed in accordance with the redemption provisions
set out elsewhere herein. In the case of any Debenture which is converted,
interest which is payable after the date of conversion of such Debenture shall
not be payable, and the Company shall not make nor be required to make any
other payment, adjustment or allowance with respect to accrued but unpaid
interest (including Additional Interest, if any) on the Debentures being
converted, which shall be deemed to be paid in full. 

          (c)
In order to convert Trust Securities into Common Stock, the Holder must submit
the documents identified in Section 4.3(b) to the Conversion Agent between
January 1 and March 31 of the year in which the Holder requests conversion.
Each conversion shall be deemed to have been effected immediately prior to
close of business on the April 15th following the day on which the Conversion
Request was received (provided that if the applicable April 15th is not a
Business Day, the conversion shall be effected on the next succeeding Business
Day) (the “Conversion Date”) by the Conversion Agent from the Debentureholder
or from a holder of the Preferred Securities effecting a conversion thereof
pursuant to its conversion rights under the Trust Agreement, as the case may
be. The Person or Persons entitled to receive the Common Stock issuable upon
such conversion shall be treated for all purposes as a record holder or holders
of such Common Stock as of the Conversion Date. As promptly as practicable on
or after the Conversion Date, the Company shall issue and deliver at the office
of the Conversion Agent, unless otherwise directed by the Debentureholder in
the Conversion Request, a certificate or certificates for the number of full
shares of Common Stock issuable upon such conversion, together with the cash
payment, if any, in lieu of any fraction of any share to the Person or Persons
entitled to receive the same. The Conversion Agent shall deliver such
certificate or certificates to each Person or Persons.

          (d)
Subject to any right of the Debentureholder, the Company’s delivery upon
conversion of the fixed number of shares of Common Stock into which the
Debentures are convertible (together with the cash payment, if any, in lieu of
fractional shares) shall be deemed to satisfy the Company’s obligation to pay
the principal amount at maturity of the portion of Debentures so converted and
any unpaid interest (including Additional Interest, if any) accrued on such
Debentures at the time of such conversion.

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          (e)
No fractional shares of Common Stock shall be issued as a result of conversion,
but in lieu thereof, the Company shall pay to the Conversion Agent a cash
adjustment in an amount equal to the same fraction of the last Closing Sale
Price of such fractional interest on the date on which the Debentures or
Preferred Securities, as the case may be, were duly surrendered to the
Conversion Agent for conversion, or, if such day is not a Trading Day, on the
next Trading Day, and the Conversion Agent in turn shall make such payment, if
any, to the Debentureholder or the holder of the Preferred Securities so
converted. In the event of the conversion of any Debenture in part only, a new
Debenture or Debentures for the unconverted portion thereof shall be issued in
the name of the Debentureholder thereof upon the cancellation thereof in
accordance with Section 2.9.

          (f)
In effecting the conversion transactions described in this Section 4.2, the
Conversion Agent is acting as agent of the holders of Preferred Securities (in
the exchange of Preferred Securities for Debentures) and as agent of the Debentureholders
(in the conversion of Debentures into Common Stock), as the case may be,
directing it to effect such conversion transactions. The Conversion Agent is
hereby authorized (i) to exchange Preferred Securities for Debentures held by
the Trust from time to time in connection with the conversion of such Preferred
Securities in accordance with this ARTICLE IV, and (ii) to convert all or a
portion of the Debentures into Common Stock and thereupon to deliver such
shares of Common Stock in accordance with the provisions of this ARTICLE IV and
to deliver to the Trust a new Debenture or Debentures for any resulting
unconverted principal amount.

4.3 Conversion
Ratio Adjustments.

          (a)
The Floor shall be subject to adjustment (without duplication) from time to
time as follows: (a) In case the Company shall, while any of the Debentures are
outstanding, (i) pay a dividend or make a distribution with respect to its
Common Stock in shares of Common Stock, (ii) subdivide its outstanding shares
of Common Stock, (iii) combine its outstanding shares of Common Stock into a
smaller number of shares, or (iv) issue by reclassification of its shares of
Common Stock any shares of capital stock of the Company, then the Floor in
effect immediately prior to such action shall be adjusted so that the holders
of any Debentures thereafter surrendered for conversion shall be entitled to
receive the number of shares of capital stock of the Company which he would
have owned immediately following such action had such Debentures been converted
immediately prior thereto. An adjustment made pursuant to this 4.3(a) shall
become effective immediately after the record date in the case of a dividend or
other distribution and shall become effective immediately after the effective
date in case of a subdivision, combination or reclassification (or immediately
after the record date if a record date shall have been established for such
event) If, as a result of an adjustment made pursuant to this Section 4.3(a),
the holder of any Debenture thereafter surrendered for conversion shall become
entitled to receive shares of two or more classes or series of capital stock of
the Company, the Board of Directors (whose determination shall be conclusive
and shall be described in a Board Resolution filed with the Trustee) shall
determine the allocation of the adjusted Conversion Ratio between or among
shares of such classes or series of capital stock.

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          (b)
In case the Company shall, while any of the Debentures are outstanding, issue
rights or warrants to all holders of its Common Stock entitling them (for a
period expiring within 45 days after the record date mentioned in this Section
4.3(b) to subscribe for or purchase shares of Common Stock at a price per share
less than the Current Market Price (as defined below) per share of Common Stock
on such record date, then the Floor for the Debentures shall be adjusted so
that the same shall equal the ratio determined by multiplying the Conversion
Ratio in effect immediately prior to the date of issuance of such rights or
warrants by a fraction of which the numerator shall be the number of shares of
Common Stock outstanding on the date of issuance of such rights or warrants
plus the number of additional shares of Common Stock offered for subscription
or purchase, and of which the denominator shall be the number of shares of
Common Stock outstanding on the date of issuance of such rights or warrants
plus the number of shares which the aggregate offering price of the total
number of shares so offered for subscription or purchase would purchase at such
Current Market Price. Such adjustment shall become effective immediately after
the record date for the determination of shareholders entitled to receive such
rights or warrants. For the purposes of this Section 4.3(b), the number of
shares of Common Stock at any time outstanding shall not include shares held in
the treasury of the Company. The Company shall not issue any rights or warrants
in respect of the shares of Common Stock held in the treasury of the Company.
In case any rights or warrants referred to in this Section 4.3(b) in respect of
which an adjustment shall have been made shall expire unexercised within 45
days after the same shall have been distributed or issued by the Company, the
Floor shall be readjusted at the time of such expiration to the Floor that
would have been in effect if no adjustment had been made on account of the
distribution or issuance of such expired rights or warrants.

          (c)
Subject to the last sentence of this Section 4.3(c), in case the Company shall,
by dividend or otherwise, distribute to all holders of its Common Stock
evidences of its indebtedness, shares of any class or series of capital stock,
cash or assets (including securities, but excluding any rights or warrants
referred to in Section 4.3(b), any dividend or distribution paid exclusively in
cash and any dividend or distribution referred to in Section 4.3(a)), then the
Floor shall be increased so that the same shall equal the ratio determined by
multiplying the Conversion Ratio in effect immediately prior to the
effectiveness of the Floor increase contemplated by this Section 4.3(c) by a
fraction of which the numerator shall be the Current Market Price per share of
Common Stock on the date fixed for the payment of such distribution (the
“Reference Date”), and of which the denominator shall be, the Current Market
Price per share of the Common Stock on the Reference Date less the fair market
value (as determined in good faith by the Board of Directors, whose determination
shall be conclusive and described in a Board Resolution), on the Reference
Date, of the portion of the evidences of indebtedness, shares of capital stock,
cash and assets so distributed applicable to one share of Common Stock, such
increase to become effective immediately prior to the opening of business on
the day following the Reference Date. In the event that such dividend or
distribution is not so paid or made, the Floor shall again be adjusted to be
the Floor which would then be in effect if such dividend or distribution had
not occurred. If the Board of Directors determines the fair market value of any
distribution for purposes of this Section 4.3(c) by reference to the actual or
when issued trading market for any securities comprising such distribution, it
must in doing so consider the prices in such market over the same period used
in computing the Current Market Price per share of Common Stock. For purposes
of this Section 4.3(c), any dividend or distribution that includes shares of
Common Stock or rights or warrants to subscribe for or purchase shares of
Common Stock shall be deemed instead to be (1) a dividend or distribution of
the evidences of indebtedness, shares of capital stock, cash or assets other
than such shares of Common Stock or such rights or warrants (making any Floor
increase required by this Section 4.3(c)) immediately 

29

followed by
(2) a dividend or distribution of such shares of Common Stock or such rights or
warrants (making any farther Floor increase required by Section 4.3(a) or
4.3(b)), except (A) the Reference Date of such dividend or distribution as
defined in this Section 4.3(c)) shall be substituted as (a) “the record date in
the case of a dividend or other distribution,” and (b) “the record date for the
determination of shareholders entitled to receive such rights or warrants,” and
“the date fixed for such determination” within the meaning of Sections 4.3(a)
and 4.3(b), and (B) any shares of Common Stock included in such dividend or
distribution shall not be deemed outstanding for purposes of computing any
adjustment of the Floor in Section 4.3(a).

          (d)
In case the Company shall pay or make a dividend or other distribution on its
Common Stock exclusively in cash (excluding all cash dividends paid out of the
retained earnings of the Company), then the Floor shall be increased so that
the same shall equal the ratio determined by multiplying the Floor in effect
immediately prior to the effectiveness of the Floor increase contemplated by
this Section 4.3(d) by a fraction of which the numerator shall be the Current
Market Price per share of the Common Stock, and of which the denominator shall
be the Current Market Price per share of Common Stock on the date fixed for the
payment of such distribution less the amount of cash so distributed and not
excluded as provided applicable to one share of Common Stock on the date fixed
for the payment of such distribution, such increase to become effective
immediately prior to the opening of business on the day following the date
fixed for the payment of such distribution; provided, however, that in the
event the portion of the cash so distributed applicable to one share of Common
Stock is equal to or greater than the Current Market Price per share of the
Common Stock on the record date mentioned above, in lieu of the foregoing
adjustment, adequate provision shall be made so that each Debentureholder shall
have the right to receive upon conversion the amount of cash such
Debentureholder would have received had such Debentureholder converted each
Debenture immediately prior to the record date for the distribution of the
cash. In the event that such dividend or distribution is not so paid or made,
the Floor shall again be adjusted to be the Floor which would then be in effect
if such record date had not been fixed.

          (e)
In case a tender or exchange offer (other than an odd-lot offer) made by the
Company or any subsidiary of the Company for all or any portion of the Common
Stock shall expire and such tender or exchange offer shall involve the payment
by the Company or such subsidiary of consideration per share of Common Stock
having a fair market value (as determined in good faith by the Board of
Directors, whose determination shall be conclusive and described in a Board Resolution)
at the last time (the “Expiration Time”) tenders or exchanges may be made
pursuant to such tender or exchange offer (as it shall have been amended) that
exceeds 110% of the Current Market Price per share of Common Stock on the
Trading Day next succeeding the Expiration Time, then the Floor shall be
increased so that the same shall equal the ratio determined by multiplying the
Floor in effect immediately prior to the effectiveness of the Floor increase
contemplated by Section 4.3(c) by a fraction of which the numerator shall be
the sum of (x) the fair market value (determined as aforesaid) of the aggregate
consideration payable to shareholders based on the acceptance (up to any
maximum specified in the terns of the tender or exchange offer) of all shares
validly tendered or exchanged and not withdrawn as of the Expiration Time (the
shares deemed so accepted, up to any such maximum, being referred to as the
“Purchased Shares”), and (y) the product of the number of shares of Common
Stock outstanding (less any Purchased Shares) at the Expiration Time and the
Current Market Price per share of Common Stock on the Trading Day next
succeeding the Expiration Time, and of which the denominator shall be the
number of shares of Common Stock outstanding (including any tendered or
exchanged shares) at the Expiration Time multiplied by the Current Market Price
per share of Common Stock on the Trading Day next succeeding the Expiration
Time, such increase to become effective immediately prior to the opening of business
on the day following the Expiration Time.

30

          (f)
For the purpose of any computation under Sections 4.3(b), 4.3(c), 4.3(d) or
4.3(e), the “Current Market Price” per share of Common Stock on any date in
question shall be deemed to be the average of the daily Closing Prices for the
five consecutive Trading Days selected by the Company commencing not more than
20 Trading Days before, and ending not later than the earlier of the day in
question or, if applicable, the day before the “ex” date with respect to the
issuance or distribution requiring such computation; provided, however, that if
another event occurs that would require an adjustment pursuant to Sections
4.3(a) through 4.3(e), inclusive, the Board of Directors may make such
adjustments to the Closing Prices during such five Trading Day period as it
deems appropriate to effectuate the intent of the adjustments in this Section
4.3, in which case any such determination by the Board of Directors shall be
set forth in a Board Resolution and shall be conclusive. For purposes of this
Section 4.3(f), the term “ex” date, (i)-when used with respect to any issuance
or distribution, means the first date on which the Common Stock trades regular
way on the NYSE Amex or on such successor securities quotation system as the
Common Stock may be listed or in the relevant market from which the Closing
Prices were obtained without the right to receive such issuance or
distribution, and (ii) when used with respect to any tender or exchange offer,
means the first date on which the Common Stock trades regular way on such
securities exchange or in such market after the Expiration Time of such offer.

          (g)
The Company may make such increases in the Floor, in addition to those required
by Sections 4.3(a) through 4.3(e), as it considers to be advisable to avoid or
diminish any income tax to holders of Common Stock or rights to purchase Common
Stock resulting from any dividend or distribution of stock (or rights to
acquire stock) or from any event treated as such for income tax purposes. The
Company from time to time may increase the Floor by any amount for any period
of time if the period is at least 20 days, the increase is irrevocable during
the period, and the Board of Directors shall have made a determination that
such increase would be in the best interest of the Company, which determination
shall be conclusive. Whenever the Floor is increased pursuant to the preceding
sentence, the Company shall mail to Debentureholders of record a notice of the
increase at least fifteen days prior to the date the increased Floor takes
effect, and such notice shall state the increased Floor and the period it shall
be in effect.

          (h)
No adjustment in the Floor shall be required unless such adjustment would
require an increase or decrease of at least 1% in the Floor; provided, however,
that any adjustments which by reason of this Section 4.3(h) are not required to
be made shall be carried forward and taken into account in determining whether
any subsequent adjustment shall be required. The adjusted Floor will be rounded
to four decimal places.

          (i)
If any action would require adjustment of the Floor pursuant to more than one
of the provisions described above, only one adjustment shall be made and such
adjustment shall be the amount of adjustment that has the highest absolute
value to the Debentureholders.

31

4.4 Reclassification, Consolidation,
Merger or Sale of Assets. In the event that the Company shall be a
party to any transaction, including without limitation (a) any recapitalization
or reclassification of the Common Stock (other than a change in par value, or
from par value to no par value, or from no par value to par value, or as a
result of a subdivision or combination of the Common Stock), (b) any consolidation
of the Company with, or merger of the Company into any other Person, any merger
of another Person into the Company (other than a merger which does not result
in a reclassification, conversion, exchange or cancellation of outstanding
shares of Common Stock of the Company), (c) any sale, transfer or lease of all
or substantially all of the assets of the Company, or (d) any compulsory share
exchange, in each case pursuant to which the Common Stock is converted into the
right to receive other securities, cash or other property (each of (a) through
(d) a “Business Transaction”), then Preferred Securities would become, during
the annual windows on and after January 1, 2019, convertible into shares of
common stock of the acquiring entity. In the event of a Business Transaction,
the Conversion Ratio shall thereafter be the greater of (i) the Floor
multiplied by a fraction, the numerator of which is the Closing Sales Price of
the acquiring entity’s common stock on the closing date of the Business
Transaction, the denominator of which is the Closing Sales Price of Common
Stock on the last Trading Day preceding the closing of the Business
Transaction, and (ii) the per share value of the acquiring entity’s common
stock at the time of conversion, determined using the same methodology as is
used to determine the TMP Common Stock Per Share Value, but substituting the
Closing Sales Prices of the acquiring entity. 

          The
Company or the Person formed by such consolidation or resulting from such
merger or which acquired such assets or which acquires the shares of the
Company, as the case may be, shall make provision in its certificate or
articles of incorporation or other constituent document to establish such
right. Such certificate or articles of incorporation or other constituent
document shall provide for adjustments which, for events subsequent to the
effective date of such certificate or articles of incorporation or other
constitution document, shall be as nearly equivalent as may be practicable to
the adjustments provided for in this ARTICLE IV. The above provisions shall
similarly apply to successive transactions of the foregoing type.

4.5 Notice of Adjustments of Conversion
Ratio. Whenever the Conversion Ratio is adjusted as herein provided:

          (a)
The Company shall compute the adjusted Conversion Ratio and shall prepare a
certificate signed by the Chairman of the Board, President or a Vice President
of the Company and by its Treasurer or an Assistant Treasurer of the Company
setting forth the adjusted Conversion Ratio and showing in reasonable detail
the facts upon which such adjustment is based, and such certificate shall
forthwith be filed with the Trustee, the Conversion Agent and the transfer
agent for the Preferred Securities and the Debentures; and 

          (b)
a notice stating that the Conversion Ratio has been adjusted and setting forth
the adjusted Conversion Ratio shall as soon as practicable be mailed by the
Company to all record holders of Preferred Securities and the Debentures at
their last addresses as they appear upon the stock transfer books of the
Company and the Trust.

32

4.6 Prior Notice of Certain Events.
In case:

          (a)
the Company shall (i) declare any dividend (or any other distribution) on its
Common Stock, other than (A) a dividend payable in shares of Common Stock, or
(B) a dividend payable in cash that would not require an adjustment pursuant to
Section 4.3(c) or 4.3(d), or (ii) authorize a tender or exchange offer that
would require an adjustment pursuant to Section 4.3(e);

          (b)
the Company shall authorize the granting to all holders of Common Stock of
rights or warrants to subscribe for or purchase any shares of stock of any
class or series or of any other rights or warrants;

          (c)
of any reclassification of Common Stock (other than a subdivision or
combination of the outstanding Common Stock, or a change in par value, or from
par value to no par value, or from no par value to par value), or of any
consolidation or merger to which the Company is a party and for which approval
of any shareholders of the Company shall be required, or the sale or transfer
of all or substantially all of the assets of the Company or of any compulsory
share exchange whereby the Common Stock is converted into other securities,
cash or other property; or

          (d)
of the voluntary or involuntary dissolution, liquidation or winding up of the
Company; 

          then
the Company shall (1) if any Preferred Securities are outstanding, cause to be
filed with the transfer agent for the Preferred Securities, and shall cause to
be mailed to the holders of record of the Preferred Securities, at their last
addresses as they shall appear upon the securities register of the Trust, or
(2) shall cause to be mailed to all Debentureholders at their last addresses as
they shall appear in the Debenture Register, at least fifteen days prior to the
applicable record or effective date hereinafter specified, a notice stating (x)
the date on which a record (if any) is to be taken for the purpose of such
dividend, distribution, rights or warrants or, if a record is not to be taken,
the date as of which the holders of Common Stock of record to be entitled to
such dividend, distribution, rights or warrants are to be determined, or (y)
the date on which such reclassification, consolidation, merger, sale, transfer,
share exchange, dissolution, liquidation or winding up is expected to become
effective, and the date as of which it is expected that holders of Common Stock
of record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, share exchange, dissolution, liquidation
or winding up (but no failure to mail such notice or any defect therein or in
the mailing thereof shall affect the validity of the corporate action required
to be specified in such notice).

4.7 Certain Defined Terms. The
following definitions shall apply to terms used in this ARTICLE IV:

          “Closing
Sale Prices” of any security on any day shall mean the last reported sale price
for such security, regular way, on such day or, if no sale takes place on such
day, the average of the reported closing bid and asked prices on such day,
regular way, of such security, in either case as reported on the NYSE Amex or,
if such security is not quoted or admitted to trading on such exchange, on the
principal quotation system on which such security is listed or admitted to
trading or quoted, or, if not listed or admitted to trading or quoted on any
national securities exchange or quotation system, the average of the closing
bid and asked prices of such security in the over-the-counter market on the day
in question as reported by the National Quotation Bureau Incorporated, or a similar
generally accepted reporting service, or, if not so available in such manner,
as furnished by any NASDAQ member firm selected from time to time by the Board
of Directors for that purpose or, if not so available in such manner, as
otherwise determined in good faith by the Board of Directors.

33

          “Trading
Day” shall mean a day on which securities are traded on the national securities
exchange or quotation system used to determine the Closing Price.

4.8 Dividend or Interest Reinvestment Plans.
Notwithstanding the foregoing provisions, the issuance of any shares of Common
Stock pursuant to any plan providing for the reinvestment of dividends or
interest payable on securities of the Company and the investment of additional
optional amounts in shares of Common Stock under any such plan, and the
issuance of any shares of Common Stock or options or rights to purchase such
shares pursuant to any employee benefit plan or program of the Company or
pursuant to any option, warrant, right or exercisable, exchangeable or
convertible security outstanding as of the date the Debentures were first
issued, shall not be deemed to constitute an issuance of Common Stock or
exercisable, exchangeable or convertible securities by the Company to which any
of the adjustment provisions described above shall apply. There also shall be
no adjustment of the Conversion Ratio in case of the issuance of any stock (or
securities convertible into or exchangeable for stock) of the Company except as
specifically described in this ARTICLE IV.

4.9 Certain Additional Rights.
In case the Company shall, by dividend or otherwise, declare or make a
distribution on its Common Stock referred to in Section 4.3(c) or 4.3(d)
(including, without limitation, dividends or distributions referred to in the
last sentence of Section 4.3(c)), then the Debentureholders, upon the
conversion thereof subsequent to the close of business on the date fixed for
the determination of shareholders entitled to receive such distribution and
prior to the effectiveness of the Floor adjustment in respect of such
distribution, also shall be entitled to receive for each share of Common Stock
into which the Debentures are converted, the portion of the shares of Common
Stock, rights, warrants, evidences of indebtedness, shares of capital stock,
cash and assets so distributed applicable to one share of Common Stock;
provided, however, that, at the election of the Company (whose election shall
be evidenced by a Board Resolution) with respect to all Debentureholders so
converting, the Company may, in lieu of distributing to such Debentureholder
any portion of such distribution not consisting of cash or securities of the
Company, pay such Debentureholder an amount in cash equal to the fair market
value thereof (as determined in good faith by the Board of Directors, whose
determination shall be conclusive and described in a Board Resolution). If any
conversion of Debentures described in the immediately preceding sentence occurs
prior to the payment date for a distribution to holders of Common Stock which
the Debentureholders so converted is entitled to receive in accordance with the
immediately preceding sentence, the Company may elect (such election to be
evidenced by a Board Resolution) to distribute to such Debentureholder a due bill
for the shares of Common Stock, rights, warrants, evidences of indebtedness,
shares of capital stock, cash or assets to which such Debentureholder is so
entitled, provided, that such due bill (i) meets any applicable requirements of
the principal national securities quotation system or other market on which the
Common Stock is then traded, and (ii) requires payment or delivery of such
shares of Common Stock, rights, warrants, evidences of indebtedness, shares of
capital stock, cash or assets no later than the date of payment or delivery
thereof to holders of shares of Common Stock receiving such distribution.

34

4.10 Trustee Not Responsible for Determining
Conversion Ratio or Adjustments. Neither the Trustee nor any
Conversion Agent shall at any time be under any duty or responsibility to any
Debentureholder to determine whether any facts exist which may require any
adjustment of the Conversion Ratio, or with respect to the nature or extent of
any such adjustment when made, or with respect to the method employed, or
herein or in any supplemental indenture provided to be employed, in making the
same. Neither the Trustee nor any Conversion Agent shall be accountable with
respect to the validity or value (or the kind of account) of any shares of
Common Stock or of any securities or property, which may at any time be issued
or delivered upon the conversion of any Debenture; and neither the Trustee nor
any Conversion Agent makes any representation with respect thereto. Neither the
Trustee nor any Conversion Agent shall be responsible for any failure of the
Company to make any cash payment or to issue, transfer or deliver any shares of
Common Stock or stock certificates or other securities or property upon the
surrender of any Debenture for the purpose of conversion, or to comply with any
of the covenants of the Company contained in ARTICLE VI or this ARTICLE IV. In
connection with any conversion, the Company will furnish information to the
Trustee and the Conversion Agent establishing the TMP Common Stock Per Share
Value (and, if appropriate, that the Floor is to be used instead of such TMP
Common Stock Per Share Value), and the Trustee and Conversion Agent shall be
authorized and entitled to conclusively rely thereon.

4.11 Compliance with Laws and Rules of Exchange.
The Company’s obligation to issue shares of Common Stock shall be subject to
compliance with any and all applicable federal and state securities laws and
the rules and regulations of any stock exchange on which shares of Common Stock
may be listed. The Company reserves the right to suspend or terminate the
conversion rights set forth herein if: (i) any governmental or regulatory
authority so requires; or (ii) it determines that such conversion would be
unlawful. The shares of Common Stock to be issued in conversion will not be
registered under the Securities Act of 1933, as amended (the “Act”), or any
state securities law and the Company is under no obligation to register such
shares. As such, the Debentureholder understands that any shares of Common Stock
into which the Debentures may be converted will constitute “restricted
securities” under the Act and, as such may not be resold or transferred without
registration under the Act or applicable state securities laws, or an
applicable exemption from registration. The Debentureholder further
acknowledges that any certificate representing the Common Stock issued upon any
conversion will bear a legend with respect to such restrictions. Each
Debentureholder, by his, her or its acceptance thereof, covenants agrees that,
at the time of any conversion thereof, such Debentureholder will deliver to the
Company a written certification that the Common Stock acquired by the
Debentureholder upon conversion are for the account of the Debentureholder and
acquired for investment purposes only and not with a view to, or for sale in
connection with, any public distribution thereof.

35

ARTICLE V.

EXTENSION OF INTEREST PAYMENT PERIOD

5.1 Extension of Interest Payment Period.
So long as no Event of Default has occurred and is continuing, the Company
shall have the right, at any time and from time to time during the term of the
Debentures, to defer payments of interest by extending the interest payment
period of such Debentures for a period not exceeding twenty (20) consecutive quarters
(the “Extension Period”), during which Extension Period no interest shall be
due and payable; provided that no Extension Period may extend beyond the
Maturity Date or end on a date other than an Interest Payment Date. To the
extent permitted by applicable law, interest, the payment of which has been
deferred because of the extension of the interest payment period pursuant to
this Section 5.1, shall bear interest thereon at the Coupon Rate compounded
quarterly for each quarter of the Extension Period (“Compounded Interest”). At
the end of the Extension Period, the Company shall calculate (and deliver such
calculation to the Trustee) and pay all interest accrued and unpaid on the
Debentures, including any Additional Payments and Compounded Interest (together,
“Deferred Payments”) that shall be payable to the holders of the Debentures in
whose names the Debentures are registered in the Debenture Register on the
first record date after the end of the Extension Period. Before the termination
of any Extension Period, the Company may further extend such period so long as
no Event of Default has occurred and is continuing, provided that such period
together with all such further extensions thereof shall not exceed twenty (20)
consecutive quarters, or extend beyond the Maturity Date of the Debentures or
end on a date other than an Interest Payment Date. Upon the termination of any
Extension Period and upon the payment of all Deferred Payments then due, the
Company may commence a new Extension Period, subject to the foregoing
requirements. No interest shall be due and payable during an Extension Period,
except at the end thereof, but the Company may prepay at any time all or any
portion of the interest accrued during an Extension Period.

5.2 Notice
of Extension.

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

          (b)
If the Property Trustee is not the only holder of the Debentures at the time
the Company selects an Extension Period, the Company shall give the holders of
the Debentures and the Trustee written notice of its selection of such
Extension Period at least two Business Days before the earlier of (i) the next
succeeding Interest Payment Date; or (ii) the date the Company is required to
give notice of the record or payment date of such interest payment to any
applicable exchange or self-regulatory organization or to holders of the
Debentures.

          (c)
The quarter in which any notice is given pursuant to paragraphs (a) or (b) of
this Section 5.2 shall be counted as one of the twenty (20) quarters permitted
in the maximum Extension Period permitted under Section 5.1.

36

5.3 Limitation on Transactions.
If (a) the Company shall exercise its right to defer payment of interest as
provided in Section 5.1; or (b) there shall have occurred and be continuing any
Event of Default, then (i) neither the Company nor any of its Subsidiaries
shall declare or pay any dividend on, make any distributions with respect to,
or redeem, purchase, acquire or make a liquidation payment with respect to, any
of its capital stock (other than (A) dividends or distributions in common stock
of the Company, or any declaration of a non-cash dividend in connection with
the implementation of a shareholder rights plan, or the issuance of stock under
any such plan in the future, or the redemption or repurchase of any such rights
pursuant thereto, (B) purchases of common stock of the Company related to the rights
under any of the Company’s benefit plans for its directors, officers or
employees, (C) as a result of a reclassification of its capital stock for
another class of its capital stock, (D) dividends or distributions made by a
Subsidiary to the Company, or (E) dividends or distributions made by a
Subsidiary to a Subsidiary); (ii) neither the Company nor any Subsidiary shall
make any payment of interest, principal or premium, if any, or repay,
repurchase or redeem any debt securities issued by the Company or any
Subsidiary which rank pari passu with or junior to the Debentures or make any
guarantee payments with respect to any guarantee by the Company of any debt
securities if such guarantee ranks pari passu with or junior in interest to the
Debentures; provided, however, that notwithstanding the foregoing the Company
may make payments pursuant to its obligations under the Preferred Securities
Guarantee; and (iii) the Company shall not redeem, purchase or acquire less
than all of the Outstanding Debentures or any of the Preferred Securities.

ARTICLE VI.

PARTICULAR COVENANTS OF THE COMPANY

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

6.2 Maintenance of Agency. So
long as any of the Debentures remain Outstanding, the Company shall maintain,
or shall cause to be maintained, an office or agency in the County of Tompkins,
the City of Ithaca, and at such other location or locations as may be
designated as provided in this Section 6.2, where (a) Debentures may be
presented for payment; (b) Debentures may be presented as hereinabove
authorized for registration of transfer and exchange; and (c) notices and
demands to or upon the Company in respect of the Debentures and this Indenture
may be given or served, such designation to continue with respect to such
office or agency until the Company shall, by written notice signed by its
President or an Executive Vice President and delivered to the Trustee,
designate some other office or agency for such purposes or any of them. If at
any time the Company shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such
presentations, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, notices and demands.  In addition to any such office or agency,
the Company may from time to time designate one or more offices or agencies
outside of the County of Tompkins, City of Ithaca, where the Debentures may be
presented for registration or transfer and for exchange in the manner provided
herein, and the Company may from time to time rescind such designation as the
Company may deem desirable or expedient; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain any such office or agency in the County Tompkins, the
City of Ithaca, for the purposes above mentioned. The Company shall give the
Trustee prompt written notice of any such designation or rescission thereof.

37

6.3 Paying
Agents.

          (a)
The Company shall be the initial Paying Agent. If the Company shall appoint one
or more Paying Agents for the Debentures, other than the Trustee, the Company
shall cause each such Paying Agent to execute and deliver to the Trustee an instrument
in which such agent shall agree with the Trustee, subject to the provisions of
this Section 6.3:

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

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

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

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

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

          (c)
Notwithstanding anything in this Section 6.3 to the contrary, (i) the agreement
to hold sums in trust as provided in this Section 6.3 is subject to the
provisions of Section 14.3 and 14.4; and (ii) the Company may at any time, for
the purpose of obtaining the satisfaction and discharge of this Indenture or
for any other purpose, pay, or direct any Paying Agent to pay, to the Trustee
all sums held in trust by the Company or such Paying Agent, such sums to be
held by the Trustee upon the same terms and conditions as those upon which such
sums were held by the Company or such Paying Agent; and, upon such payment by
any Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money.

38

6.4 Appointment to Fill Vacancy in Office
of the Trustee. The Company, whenever necessary to avoid or fill a
vacancy in the office of Trustee, shall appoint, in the manner provided in
Section 10.12, a Trustee, so that there shall at all times be a Trustee
hereunder.

6.5 Compliance with Consolidation
Provisions. The Company shall not, while any of the Debentures
remain Outstanding, consolidate with, or merge into, or merge into itself, or
sell or convey all or substantially all of its property to any other company
unless such consolidation, merger, sale or conveyance is in compliance with the
provisions of ARTICLE XIII hereof.

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

6.7 Covenants as to the Trust. For so long as
the Trust Securities of the Trust remain outstanding, the Company (a) shall
maintain 100% direct or indirect ownership of the Common Securities of the
Trust; provided, however, that any permitted successor of the Company under
this Indenture may succeed to the Company’s ownership of the Common Securities;
(b) shall not voluntarily terminate, wind up or liquidate the Trust, except upon
prior approval of the Federal Reserve if then so required under applicable
capital guidelines, policies or regulations of the Federal Reserve; (c) shall
use its reasonable efforts to cause the Trust (i) to remain a statutory trust
(and to avoid involuntary termination, winding up or liquidation), except in
connection with a distribution of Debentures, the redemption of all of the
Trust Securities of the Trust or certain mergers, consolidations or
amalgamations, each as permitted by the Trust Agreement; and (ii) to otherwise
continue to be classified as a grantor trust and not as an association taxable
as a corporation or partnership for United States federal income tax purposes;
and (d) shall use its reasonable efforts to cause each holder of Trust Securities
to be treated as owning an individual beneficial interest in the Debentures.

39

6.8 Covenants as to Purchases.   Except upon the exercise by the Company of
its right to redeem the Debentures pursuant to Section 3.2 upon the occurrence
and continuation of a Special Event, the Company shall not purchase any
Debentures, in whole or in part, from the Trust prior to December 31, 2013.

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

6.10 Limitation on Additional Junior
Indebtedness.  The Company
shall not, and it shall not cause or permit any Subsidiary of the Company to,
incur, issue or be obligated on any Additional Junior Indebtedness, either
directly or indirectly, by way of guarantee, suretyship or otherwise, other
than Additional Junior Indebtedness (i) that, by its terms, is expressly stated
to be either junior and subordinate or pari passu in all respects to the
Debentures, and (ii) of which the Company has notified (and, if then required
under the applicable guidelines of the regulating entity, has received approval
from) the Federal Reserve.

6.11 No Intent to Commence Extension
Period.  The Company has no
present intention to exercise its right under Section 5.1 to defer payments of
interest on the Debentures by selecting an Extension Period.  The Company believes that the likelihood
that it would exercise its right under Section 5.1 to defer payments of
interest on the Debentures by selecting an Extension Period at any time during
which the Debentures are outstanding is remote because of the restrictions that
would be imposed on the Company pursuant to Sections 5.3 and 6.6 of this
Indenture.

6.12 Notice of Certain Events.
The Company shall give prompt written notice to the Trustee and any Paying
Agent of (i) any Default or Event of Default (ii) any cure or waiver of any
Default or Event of Default  and (iii)
any default or notice of default with respect to Senior Debt.

6.13 Compliance Certificate. The Company shall
deliver to the Trustee within 45 days after the end of each fiscal year of the
Company, a brief certificate signed by the principal executive officer,
principal financial officer or principal accounting officer of the Company, as
to the signer’s knowledge of the Company’s compliance with all conditions and
covenants contained in this Indenture (determined without regard to any period
of grace or requirement of notice provided herein).

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ARTICLE VII.

THE DEBENTUREHOLDERS’ LISTS AND REPORTS

BY THE COMPANY

7.1 The Company to Furnish the
Trustee Names and Addresses of the Debentureholders.

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

7.2 Preservation of Information
Communications with the Debentureholders.

          (a)
The Trustee shall preserve, in as current a form as is reasonably practicable,
all information as to the names and addresses of the holders of Debentures
contained in the most recent list furnished to it as provided in Section 7.1
and as to the names and addresses of holders of Debentures received by the
Trustee in its capacity as Debenture Registrar for the Debentures (if acting in
such capacity). 

          (b)
The Trustee may destroy any list furnished to it as provided in Section 7.1
upon receipt of a new list so furnished.

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

7.3 Reports by the Company.

          (a)
The Company covenants and agrees to provide directly to Debentureholders and
holders of Preferred Securities, within fifteen (15) days after the Company
files the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may from time to time by rules and regulations
prescribe) that the Company is required to provide to shareholders pursuant to the
Exchange Act.

          (b)
The Company covenants and agrees to file with the Trustee and the Commission,
in accordance with the rules and regulations prescribed from time to time by
the Commission, such additional information, documents and reports with respect
to compliance by the Company with the conditions and covenants provided for in
this Indenture as may be required from time to time by such rules and
regulations.

41

          (c)
The Company covenants and agrees to transmit by mail, first class postage
prepaid, or reputable overnight delivery service that provides for evidence of
receipt, to the Debentureholders, as their names and addresses appear upon the
Debenture Register, within thirty (30) days after the filing thereof with the
Trustee, such summaries of any information, documents and reports required to
be filed by the Company pursuant to subsections (a) and (b) of this Section 7.3
as may be required by rules and regulations prescribed from time to time by the
Commission.

          (d)
Any report, information or document delivered to the Trustee pursuant to this
Section 6.3 is for informational purposes only and the Trustee’s receipt of
such shall not constitute notice or constructive notice of any 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 Officer’s
Certificates

ARTICLE VIII.

REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS

ON EVENT OF DEFAULT

8.1 Events of Default.

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

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

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

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

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

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

42

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

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

          (c)
At any time after the principal of the Debentures shall have been so declared
due and payable, and before any judgment or decree for the payment of the
moneys due shall have been obtained or entered as hereinafter provided, the
holders of at least a majority in aggregate principal amount of the Debentures
then Outstanding hereunder, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if: (i) the Company
has paid or deposited with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Debentures and the principal of any and
all Debentures that shall have become due otherwise than by acceleration (with
interest upon such principal, and, to the extent that such payment is
enforceable under applicable law, upon overdue installments of interest, at the
rate per annum expressed in the Debentures to the date of such payment or
deposit) and the amount payable to the Trustee under Section 10.8; and (ii) any
and all Events of Default under this Indenture, other than the nonpayment of
principal on Debentures that shall not have become due by their terms, shall
have been remedied or waived as provided in Section 8.6. No such rescission and
annulment shall extend to or shall affect any subsequent default or impair any
right consequent thereon.

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

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8.2 Collection of Indebtedness and
Suits for Enforcement by the Trustee.

          (a)
The Company covenants that (i) in case it shall default in the payment of any
installment of interest on any of the Debentures, and such default shall have
continued for a period of thirty (30) days (other than by reason of a valid
extension of an interest payment period by the Company in accordance with the
terms of this Indenture); or (ii) in case it shall default in the payment of
the principal of any of the Debentures when the same shall have become due and
payable, whether upon maturity of the Debentures or upon redemption or upon
declaration or otherwise, then, upon demand of the Trustee, the Company shall
pay to the Trustee, for the benefit of the holders of the Debentures, the whole
amount that then shall have been become due and payable on all such Debentures
for principal or interest, or both, as the case may be, with interest upon the
overdue principal; and (to the extent that payment of such interest is
enforceable under applicable law and, if the Debentures are held by the Trust
or a trustee of the Trust, without duplication of any other amounts paid by the
Trust or trustee in respect thereof) upon overdue installments of interest at
the rate per annum expressed in the Debentures; and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of
collection, and the amount payable to the Trustee under Section 10.8.

          (b)
If the Company shall fail to pay such amounts set forth in Section 8.2(a)
forthwith upon such demand, the Trustee, in its own name and as trustee of an
express trust, shall be entitled and empowered to institute any action or
proceedings at law or in equity for the collection of the sums so due and
unpaid, and may prosecute any such action or proceeding to judgment or final
decree, and may enforce any such judgment or final decree against the Company
or other obligor upon the Debentures and collect the moneys adjudged or decreed
to be payable in the manner provided by law out of the property of the Company
or other obligor upon the Debentures, wherever situated.

          (c)
In case of any receivership, insolvency, liquidation, bankruptcy,
reorganization, readjustment, arrangement, composition or judicial proceedings
affecting the Company, the Trust, or the creditors or property of either, the
Trustee shall have power to intervene in such proceedings and take any action
therein that may be permitted by the court and shall (except as may be
otherwise provided by law) be entitled to file such proofs of claim and other
papers and documents as may be necessary or advisable in order to have the
claims of the Trustee and of the holders of the Debentures allowed for the
entire amount due and payable by the Company under this Indenture at the date
of institution of such proceedings and for any additional amount that may
become due and payable by the Company after such date, and to collect and
receive any moneys or other property payable or deliverable on any such claim,
and to distribute the same after the deduction of the amount payable to the Trustee
under Section 10.8; and any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized by each of the holders of the Debentures to
make such payments to the Trustee, and, in the event that the Trustee shall
consent to the making of such payments directly to such Debentureholders, to
pay to the Trustee any amount due it under Section 10.8.

          (d)
All rights of action and of asserting claims under this Indenture, or under any
of the terms established with respect to the Debentures, may be enforced by the
Trustee without the possession of any of such Debentures, or the production
thereof at any trial or other proceeding relative thereto, and any such suit or
proceeding instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall, after
provision for payment to the Trustee of any amounts due under Section 10.8, be
for the ratable benefit of the holders of the Debentures. In case of an Event
of Default hereunder which is continuing, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this 

44

Indenture by
such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any of such rights, either at law or in equity or in
bankruptcy or otherwise, whether for the specific enforcement of any covenant
or agreement contained in this Indenture or in aid of the exercise of any power
granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law. Nothing contained herein
shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Debentureholder any plan of reorganization,
arrangement, adjustment or composition affecting the Debentures or the rights
of any holder thereof or to authorize the Trustee to vote in respect of the
claim of any Debentureholder in any such proceeding.

8.3 Application of Moneys Collected.
After an Event of Default, any moneys or other assets distributable with
respect to the Debentures shall be applied in the following order, at the date
or dates fixed by the Trustee and, in case of the distribution of such moneys
or other assets on account of principal or interest, upon presentation of the
Debentures, and notation thereon of the payment, if only partially paid, and
upon surrender thereof if fully paid: 

          FIRST:
To the payment of costs and expenses of collection and of all amounts payable
to the Trustee under Section 10.8;

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

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

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

8.4 Limitation on Suits.

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

45

          (b)
Notwithstanding anything contained herein to the contrary or any other
provisions of this Indenture, the right of any holder of the Debentures to
receive payment of the principal of and interest on the Debentures, as therein
provided, on or after the respective due dates expressed in such Debenture (or
in the case of redemption, on the redemption date), or to institute suit for
the enforcement of any such payment on or after such respective dates or
redemption date, shall not be impaired or affected without the consent of such
holder and by accepting a Debenture hereunder it is expressly understood,
intended and covenanted by the taker and holder of every Debenture with every
other such taker and holder and the Trustee that no one or more holders of the
Debentures shall have any right in any manner whatsoever by virtue or by
availing of any provision of this Indenture to affect, disturb or prejudice the
rights of the holders of any other of such Debentures, or to obtain or seek to
obtain priority over or preference to any other such holder, or to enforce any
right under this Indenture, except in the manner herein provided and for the
equal, ratable and common benefit of all holders of the Debentures. For the
protection and enforcement of the provisions of this Section 8.4, each and
every Debentureholder and the Trustee shall be entitled to such relief as can
be given either at law or in equity.

8.5 Rights and Remedies Cumulative;
Delay or Omission not Waiver.

          (a)
Except as otherwise provided in Section 2.9(b), all powers and remedies given
by this ARTICLE VIII to the Trustee or to the Debentureholders shall, to the
extent permitted by law, be deemed cumulative and not exclusive of any other
powers and remedies available to the Trustee or the holders of the Debentures,
by judicial proceedings or otherwise, to enforce the performance or observance
of the covenants and agreements contained in this Indenture or otherwise
established with respect to such Debentures.

          (b)
No delay or omission of the Trustee or of any holder of any of the Debentures
to exercise any right or power accruing upon any Event of Default occurring and
continuing as aforesaid shall impair any such right or power, or shall be
construed to be a waiver of any such default or an acquiescence therein; and,
subject to the provisions of Section 8.4, every power and remedy given by this
ARTICLE VIII or by law to the Trustee or the Debentureholders may be exercised
from time to time, and as often as shall be deemed expedient, by the Trustee or
by the Debentureholders.

8.6 Control by the Debentureholders.
The holders of at least a majority in aggregate principal amount of the
Debentures at the time Outstanding, determined in accordance with Section 11.4,
shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred on the Trustee; provided, however, that such direction shall
not be in conflict with any rule of law or with this Indenture. Subject to the
provisions of Section 10.1, the Trustee shall have the right to decline to
follow any such direction if the Trustee in good faith shall determine that the
action so directed would be unjustly prejudicial to the holders not taking part
in such direction or if the Trustee, being advised by counsel, determines that
the action or proceeding so directed may not lawfully be taken, or if a
Responsible Officer or Officers of the Trustee, determine that the proceeding
so directed would involve the Trustee in personal liability. The holders of at
least a majority in aggregate principal amount of the Debentures at the time
Outstanding affected thereby, or the holders of at least a majority in
liquidation preference of the Trust Securities of the Trust at the time
Outstanding affected thereby, in each case determined in accordance with 

46

Section 11.4,
may on behalf of the holders of all of the Debentures or of all of the
Preferred Securities waive any past default in the performance of any of the
covenants contained herein and its consequences or any past Default or Event of
Default, except (i) a default in the payment of the principal of or interest on
any of the Debentures as and when the same shall become due by the terms of
such Debentures otherwise than by acceleration (unless such default has been
cured and a sum sufficient to pay all matured installments of interest and
principal due otherwise than by acceleration has been deposited with the
Trustee (in accordance with Section 8.1(c); (ii) a default in the covenants
contained in Section 6.7; or (iii) in respect of a covenant or provision hereof
which cannot be modified or amended without the consent of the holder of each
Outstanding Debenture affected; provided, however, that if the Debentures are
held by the Trust or a trustee of the Trust, such waiver or modification to
such waiver shall not be effective until the holders of a majority in
liquidation preference of Trust Securities of the Trust shall have consented to
such waiver or modification to such waiver; provided further, that if the
Debentures are held by the Trust or a trustee of the Trust, and if the consent
of the holder of each Outstanding Debenture is required, such waiver shall not
be effective until each holder of the Trust Securities of the Trust shall have
consented to such waiver. Upon any such waiver, the default covered thereby shall
be deemed to be cured for all purposes of this Indenture and the Company, the
Trustee and the holders of the Debentures shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend
to any subsequent or other default or impair any right consequent thereon.

8.7 Undertaking to Pay Costs.
All parties to this Indenture agree, and each holder of any Debentures by such
holder’s acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action
taken or omitted by it as the Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 8.7 shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Debentureholder, or group of the
Debentureholders holding more than ten percent (10%) in aggregate principal
amount of the Outstanding Debentures, or to any suit instituted by any
Debentureholder for the enforcement of the payment of the principal of or
interest on the Debentures, on or after the respective due dates expressed in
such Debenture or established pursuant to this Indenture.

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

47

ARTICLE IX.

FORM OF THE DEBENTURE AND ORIGINAL ISSUE

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

9.2 Original Issue of the Debentures.
Debentures in the aggregate principal amount of up to $30,928,000 may, upon
execution of this Indenture, be executed by the Company and delivered to the
Trustee for authentication. The Trustee shall thereupon authenticate and
deliver said Debentures to or upon the written order of the Company, signed by
its Chief Executive Officer, its President, or any Executive Vice President and
its Treasurer or an Assistant Treasurer, without any further action by the
Company.

ARTICLE X.

CONCERNING THE TRUSTEE

10.1 Certain Duties and
Responsibilities of the Trustee.

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

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

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

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

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

48

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

                    (iii)
the Trustee shall not be liable with respect to any action taken or omitted to
be taken by it in good faith in accordance with the direction of the holders of
not less than a majority in principal amount of the Debentures at the time
Outstanding relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power
conferred upon the Trustee under this Indenture with respect to the Debentures;
and

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

10.2 Notice of Defaults.
Within ninety (90) days after actual knowledge by a Responsible Officer of the
Trustee of the occurrence of any Default hereunder with respect to the
Debentures, the Trustee shall transmit by mail to all holders of the
Debentures, as their names and addresses appear in the Debenture Register,
notice of such Default, unless such Default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of
the principal or interest (including any Additional Payments) on any Debenture,
the Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of the
directors and/or Responsible Officers of the Trustee determines in good faith
that the withholding of such notice is in the interests of the holders of such
Debentures; and provided, further, that in the case of any Default of the
character specified in section 8.1(a)(iii), no such notice to holders of
Debentures need be sent until at least thirty (30) days after the occurrence
thereof.

10.3 Certain Rights of the Trustee.
Except as otherwise provided in Section 10.1:

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

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

          (c)
The Trustee shall only be charged with knowledge of Responsible Officers and
shall not be deemed to have knowledge of a Default or an Event of Default,
other than an Event of Default specified in Section 8.1(a)(i) or (ii), unless
and until it receives written notification of such Event of Default from the Company
or by holders of at least twenty-five percent (25%) of the aggregate principal
amount of the Debentures at the time Outstanding;

49

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

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

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

          (g)
The Trustee shall not be bound to make any investigation into the facts or
matters stated in any written resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond, security, or
other papers or documents, unless requested in writing so to do by the holders
of not less than a majority in principal amount of the Outstanding Debentures
(determined as provided in Section 11.4); provided, however, that if the
payment within a reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such investigation is,
in the opinion of the Trustee, not reasonably assured to the Trustee by the
security afforded to it by the terms of this Indenture, the Trustee may require
reasonable indemnity against such costs, expenses or liabilities as a condition
to so proceeding, and the reasonable expense of every such examination shall be
paid by the Company or, if paid by the Trustee, shall be repaid by the Company
upon demand; and

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

10.4 Compliance Certificates and
Opinions.

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

50

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

10.5 The Trustee not Responsible for
Recitals, Etc.

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

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

          (c)
The Trustee shall not be accountable for the use or application by the Company
of any of the Debentures or of the proceeds of such Debentures, or for the use
or application of any moneys paid over by the Trustee in accordance with any
provision of this Indenture, or for the use or application of any moneys
received by any Paying Agent other than the Trustee.

10.6 May Hold the Debentures.
The Trustee or any Paying Agent or Debenture Registrar for the Debentures, in
its individual or any other capacity, may become the owner or pledgee of the
Debentures with the same rights it would have if it were not Trustee, Paying
Agent or Debenture Registrar and may otherwise deal with the Company or an
Affiliate with the same rights if it were not Trustee, Paying Agent or
Debenture Registrar. Any agent may do the same with like rights.

10.7 Moneys Held in Trust.
Subject to the provisions of Section 14.5, all moneys received by the Trustee
shall, until used or applied as herein provided, be held in trust for the
purposes for which they were received, but need not be segregated from other
funds except to the extent required by law. The Trustee shall be under no
liability for interest on any moneys received by it hereunder except such as it
may agree with the Company to pay thereon.

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10.8 Compensation and Reimbursement.

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

          (b)
The obligations of the Company under this Section 10.8 to compensate and
indemnify the Trustee and to pay or reimburse the Trustee for expenses,
disbursements and advances shall constitute additional indebtedness hereunder.
Such additional indebtedness shall be secured by a lien prior to that of the
Debentures upon all property and funds held or collected by the Trustee as
such, except funds held in trust for the benefit of the holders of particular
Debentures.

          (c)
Without prejudice to its rights hereunder, when the Trustee incurs expenses or
renders services after an Event of Default specified in Section 7.1(iv) or (v)
occurs, the expenses and compensation for the services are intended to
constitute expenses of administration under any Bankruptcy Law

10.9 Reliance on Officers’
Certificate. Except as otherwise provided in Section 10.1, whenever
in the administration of the provisions of this Indenture the Trustee shall
deem it necessary or desirable that a matter be proved or established prior to
taking or suffering or omitting to take any action hereunder, such matter
(unless other evidence in respect thereof is herein specifically prescribed)
may, in the absence of negligence or bad faith on the part of the Trustee, be
deemed to be conclusively proved and established by an Officers’ Certificate
delivered to the Trustee and such certificate, in the absence of negligence or
bad faith on the part of the Trustee, shall be full warrant to the Trustee for
any action taken, suffered or omitted to be taken by it under the provisions of
this Indenture upon the faith thereof.

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

52

10.11 Corporate Trustee Required;
Eligibility. There shall at all times be a Trustee with respect to
the Debentures issued hereunder which shall at all times be a corporation
organized and doing business under the laws of the United States or any state
or territory thereof or of the District of Columbia, or a corporation or other
Person permitted to act as trustee by the Commission, authorized under such
laws to exercise corporate trust powers, having a combined capital and surplus
of at least $50,000,000, and subject to supervision or examination by federal,
state, territorial, or District of Columbia authority. If such Person publishes
reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of
this Section 10.11, the combined capital and surplus of such Person shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. The Company may not, nor may any Person directly
or indirectly controlling, controlled by, or under common control with the
Company, serve as Trustee. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 10.11, the Trustee
shall resign immediately in the manner and with the effect specified in Section
10.12.

10.12 Resignation and Removal;
Appointment of Successor.

          (a)
The Trustee or any successor hereafter appointed, may at any time resign by
giving written notice thereof to the Company and by transmitting notice of
resignation by mail, first class postage prepaid, to the Debentureholders, as
their names and addresses appear upon the Debenture Register. Upon receiving
such notice of resignation, the Company shall promptly appoint a successor
trustee with respect to Debentures by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee. If
no successor trustee shall have been so appointed and have accepted appointment
within thirty (30) days after the mailing of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee with respect to Debentures, or any
Debentureholder who has been a bona fide holder of a Debenture or Debentures
for at least six (6) months may, subject to the provisions of Sections 10.10
and 10.11, on behalf of himself or herself and all others similarly situated,
petition any such court for the appointment of a successor trustee. Such court
may thereupon after such notice, if any, as it may deem proper and prescribe,
appoint a successor trustee.

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

                    (i)
the Trustee shall fail to comply with the provisions of Section 10.10 after
written request therefor by the Company or by any Debentureholder who has been
a bona fide holder of a Debenture or Debentures for at least six months; or

                    (ii)
the Trustee shall cease to be eligible in accordance with the provisions of
Section 10.11 and shall fail to resign after written request therefor by the
Company or by any such Debentureholder; or

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

          then,
in any such case, the Company may remove the Trustee with respect to all
Debentures and appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall
be delivered to the Trustee so removed and one copy to the successor trustee,
or, subject to the provisions of Section 10.11, unless the Trustee’s duty to
resign is stayed as provided herein, any Debentureholder who has been a bona
fide holder of a Debenture or Debentures for at least six months may, on behalf
of that holder and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor trustee. Such court may thereupon after such notice, if any, as it
may deem proper and prescribe, remove the Trustee and appoint a successor
trustee.

53

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

          (d)
Any resignation or removal of the Trustee and appointment of a successor
trustee with respect to the Debentures pursuant to any of the provisions of
this Section 10.12 shall become effective upon acceptance of appointment by the
successor trustee as provided in Section 10.13.

          (e)
Any successor trustee appointed pursuant to this Section 10.12 may be appointed
with respect to the Debentures, and at any time there shall be only one Trustee
with respect to the Debentures.

10.13 Acceptance of Appointment by
Successor.

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

          (b)
Upon request of any successor trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such
successor trustee all such rights, powers and trusts referred to in paragraph
(a) of this Section 10.13.

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

          (d)
Upon acceptance of appointment by a successor trustee as provided in this
Section 10.13, the Company shall transmit notice of the succession of such
trustee hereunder by mail, first class postage prepaid, to the
Debentureholders, as their names and addresses appear upon the Debenture
Register. If the Company fails to transmit such notice within ten days after
acceptance of appointment by the successor trustee, the successor trustee shall
cause such notice to be transmitted at the expense of the Company.

54

10.14 Merger, Conversion, Consolidation or Succession to
Business. Any Person into which the Trustee may be merged or
converted or with which it may be consolidated, or any Person resulting from
any merger, conversion or consolidation to which the Trustee shall be a party,
or any Person succeeding to the corporate trust business of the Trustee, shall
be the successor of the Trustee hereunder, provided that such Person shall be
qualified under the provisions of Section 10.10 and eligible under the
provisions of Section 10.11, without the execution or filing of any paper or
any further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding. In case any Debentures shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Debentures so authenticated with the same effect
as if such successor Trustee had itself authenticated such Debentures.

ARTICLE XI.

CONCERNING THE DEBENTUREHOLDERS

11.1 Evidence of Action by the Holders.

          (a)
Whenever in this Indenture it is provided that the holders of at least a
majority or specified percentage in aggregate principal amount of the
Debentures may take any action (including the making of any demand or request,
the giving of any notice, consent or waiver or the taking of any other action),
the fact that at the time of taking any such action the holders of such
majority or specified percentage have joined therein may be evidenced by any
instrument or any number of instruments of similar tenor executed by such
holders of Debentures in person or by agent or proxy appointed in writing.

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

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

55

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

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

          (c)
The Trustee may require such additional proof of any matter referred to in this
Section 11.2 as it shall deem necessary.

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

11.4 Certain Debentures Owned by Company
Disregarded.  In determining
whether the holders of the requisite aggregate principal amount of the
Debentures have concurred in any direction, consent or waiver under this
Indenture, the Debentures that are owned by the Company or any other obligor on
the Debentures or by any Person directly or indirectly controlling or
controlled by or under common control with the Company or any other obligor on
the Debentures shall be disregarded and deemed not to be Outstanding for the
purpose of any such determination, except that (a) for the purpose of
determining whether the Trustee shall be protected in relying on any such
direction, consent or waiver, only Debentures that a Responsible Officer of the
Trustee actually knows are so owned shall be so disregarded; and (b) for
purposes of this Section 11.4, the Trust shall be deemed not to be controlled
by the Company.  The Debentures so owned
that have been pledged in good faith may be regarded as Outstanding for the
purposes of this Section 11.4, if the pledgee shall establish to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such
Debentures and that the pledgee is not a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
the Company or any such other obligor.
In case of a dispute as to such right, any decision by the Trustee taken
upon the advice of counsel shall be full protection to the Trustee.

11.5 Actions Binding on the Future Debentureholders.  At any time prior to (but not
after) the
evidencing to the Trustee, as provided in Section 11.1, of the taking of any
action by the holders of the majority or percentage in aggregate principal
amount of the Debentures specified in this Indenture in connection with such
action, any holder of a Debenture that is shown by the evidence to be included
in the Debentures the holders of which have consented to such action may, by
filing written notice with the Trustee, and upon proof of holding as provided
in Section 11.2, revoke such action so far as concerns such Debenture. Except
as aforesaid, any such action taken by the holder of any Debenture shall be
conclusive and binding upon such holder and upon all future holders and owners
of such Debenture, and of any Debenture issued in exchange therefor, on
registration of transfer thereof or in place thereof, irrespective of whether
or not any notation in regard thereto is made upon such Debenture.  Any action taken by the holders of the
majority or percentage in aggregate principal amount of the Debentures
specified in this Indenture in connection with such action shall be
conclusively binding upon the Company, the Trustee and the holders of all the
Debentures. 

56

ARTICLE XII.

SUPPLEMENTAL INDENTURES

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

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

          (b)
to comply with ARTICLE XI;

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

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

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

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

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

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

          (i)
to evidence a consolidation or merger involving the Company as permitted under
Section 13.1; or

          (j)
to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Debentures 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.

57

          The
Trustee is hereby authorized to join with the Company in the execution of any
such supplemental indenture, and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee shall not be obligated
to enter into any such supplemental indenture that affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise.  Any supplemental indenture authorized by the
provisions of this Section 12.1 may be executed by the Company and the Trustee
without the consent of the holders of any of the Debentures at the time
Outstanding, notwithstanding any of the provisions of Section 12.2.

12.2 Supplemental Indentures with Consent of
the Debentureholders.  With
the consent (evidenced as provided in Section 11.1) of the holders of not less
than a majority in aggregate principal amount of the Debentures at the time
Outstanding, the Company, when authorized by Board Resolutions, and the Trustee
may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as then in effect) for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture
or of any supplemental indenture or of modifying in any manner not covered by
Section 12.1 the rights of the holders of the Debentures under this Indenture;
provided, however, that no such supplemental indenture shall without the
consent of the holders of each Debenture then Outstanding and affected thereby,
(a) extend the fixed maturity of any Debentures, reduce the principal amount
thereof, reduce the rate or extend the time of payment of interest thereon, or
limit the right of a holder of Preferred Securities to institute and prosecute
a Direct Action; or (b) reduce the aforesaid percentage of Debentures, the
holders of which are required to consent to any such supplemental indenture;
provided further, that if the Debentures are held by the Trust or a trustee of
the Trust, such supplemental indenture shall not be effective until the holders
of at least a majority in liquidation preference of Trust Securities of the
Trust shall have consented to such supplemental indenture; provided further,
that if the Debentures are held by the Trust or a trustee of the Trust and if
the consent of the holder of each Outstanding Debenture is required, such
supplemental indenture shall not be effective until each holder of the Trust
Securities of the Trust shall have consented to such supplemental
indenture.  It shall not be necessary
for the consent of the Debentureholders affected thereby under this Section
12.2 to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such consent shall approve the substance thereof.

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

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

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12.5 Execution of Supplemental Indentures.

          (a)
Upon the request of the Company, accompanied by its Board Resolutions
authorizing the execution of any such supplemental indenture, and upon the
filing with the Trustee of evidence of the consent of the Debentureholders
required to consent thereto as aforesaid, the Trustee shall join with the
Company in the execution of such supplemental indenture unless such
supplemental indenture affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated, to enter into such supplemental
indenture.  The Trustee, subject to the
provisions of Section 10.1, may receive an Opinion of Counsel as conclusive
evidence that any supplemental indenture executed pursuant to this ARTICLE XII
is authorized or permitted by, and conforms to, the terms of this ARTICLE XII
and that it is proper for the Trustee under the provisions of this ARTICLE XII
to join in the execution thereof.

          (b)
Promptly after the execution by the Company and the Trustee of any supplemental
indenture pursuant to the provisions of this Section 12.5, the Trustee shall
transmit by mail, first class postage prepaid, a notice, setting forth in
general terms the substance of such supplemental indenture, to the
Debentureholders as their names and addresses appear upon the Debenture
Register.  Any failure of the Trustee to
mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any such supplemental indenture.

ARTICLE XIII.

SUCCESSOR CORPORATION

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

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13.2 Successor Corporation Substituted.

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

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

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

13.3 Evidence of Consolidation, Etc. to
Trustee.  The Trustee,
subject to the provisions of Section 10.1, may receive an Opinion of Counsel as
conclusive evidence that any such consolidation, merger, sale, conveyance,
transfer or other disposition, and any such assumption, comply with the
provisions of this ARTICLE XIII.

ARTICLE XIV.

SATISFACTION AND DISCHARGE

14.1 Satisfaction and Discharge of Indenture.
If at any time: (a) the Company shall have delivered to the Trustee for
cancellation all Debentures theretofore authenticated (other than any
Debentures that shall have been destroyed, lost or stolen and that shall have
been replaced or paid as provided in Section 2.9) and all Debentures for whose
payment money or Governmental Obligations have theretofore been deposited in
trust or segregated and held in trust by the Company (and thereupon repaid to
the Company or discharged from such trust, as provided in Section 14.5); or (b)
all such Debentures not theretofore delivered to the Trustee for cancellation
shall have become due and payable, or are by their terms to become due and
payable within one year or are to be called for redemption within one year
under arrangements satisfactory to the Trustee for the giving of notice of
redemption, and the Company shall deposit or cause to be deposited with the
Trustee as trust funds the entire amount in moneys or Governmental Obligations
sufficient, or a combination thereof sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof 

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delivered to
the Trustee, to pay at maturity or upon redemption all Debentures not
theretofore delivered to the Trustee for cancellation, including principal and
interest due or to become due on such date of maturity or date fixed for
redemption, as the case may be, and if the Company shall also pay or cause to
be paid all other sums payable hereunder by the Company; then this Indenture
shall thereupon cease to be of further effect except for the provisions of
Sections 2.3, 2.7, 2.9, 6.1, 6.2, 6.3, 10.8 and 10.11, that shall survive until
the date of maturity or redemption date, as the case may be, and Sections 10.8
and 14.5, that shall survive to such date and thereafter, and the Trustee, on
demand of the Company and at the cost and expense of the Company, shall execute
proper instruments acknowledging satisfaction of and discharging this
Indenture.

14.2 Discharge of Obligations.   If at any time all Debentures not
heretofore delivered to the Trustee for cancellation or that have not become
due and payable as described in Section 14.1 shall have been paid by the
Company by depositing irrevocably with the Trustee as trust funds moneys or an
amount of Governmental Obligations sufficient in the opinion of a nationally
recognized certified public accounting firm to pay at maturity or upon
redemption all Debentures not theretofore delivered to the Trustee for
cancellation, including principal and interest due or to become due to such
date of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by
the Company, then after the date such moneys or Governmental Obligations, as
the case may be, are deposited with the Trustee, the obligations of the Company
under this Indenture shall cease to be of further effect except for the
provisions of Sections 2.3, 2.7, 2.9, 6.1, 6.2, 6.3, 10.8, and 14.5, that shall
survive until such Debentures shall mature and be paid.  Thereafter, Sections 10.8 and 14.5 shall
survive.

14.3 Deposited Moneys to Be Held in Trust.  All monies or Governmental Obligations
deposited with the Trustee pursuant to Sections 14.1 or 14.2 shall be held in
trust and shall be available for payment as due, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent), to the
holders of the Debentures for the payment or redemption of which such moneys or
Governmental Obligations have been deposited with the Trustee.

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

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

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ARTICLE XV.

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS

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

ARTICLE XVI.

MISCELLANEOUS PROVISIONS

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

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

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

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16.4 Notices.  Except as otherwise expressly provided
herein any notice or demand that by any provision of this Indenture is required
or permitted to be given or served by the Trustee or by the holders of
Debentures to or on the Company may be given or served by being deposited first
class postage prepaid in a post-office letterbox addressed (until another
address is filed in writing by the Company with the Trustee), as follows: c/o
Tompkins Financial Corporation, 117 E. Seneca Street, Ithaca, New York 14850,
Attention: Chief Financial Officer.  Any
notice, election, request or demand by the Company or any Debentureholder to or
upon the Trustee shall be deemed to have been sufficiently given or made, for all
purposes, if given or made in writing at the Corporate Trust Office of the
Trustee.

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

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

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

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

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

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

16.11 Acknowledgment of Rights; Right of Setoff.

          (a)
The Company acknowledges that, with respect to any Debentures held by the Trust
or a trustee of the Trust, if the Property Trustee fails to enforce its rights
under this Indenture as the holder of the Debentures held as the assets of the
Trust, any holder of Preferred Securities may institute legal proceedings
directly against the Company to enforce such Property 

63

Trustee’s
rights under this Indenture without first instituting any legal proceedings
against such Property Trustee or any other person or entity.  Notwithstanding the foregoing, and
notwithstanding the provisions of Section 8.4(a) hereof, if an Event of Default
has occurred and is continuing and such event is attributable to the failure of
the Company to pay principal or interest on the Debentures on the date such
principal or interest is otherwise payable (or in the case of redemption, on
the redemption date), the Company acknowledges that a holder of Preferred
Securities may directly institute a proceeding for enforcement of payment to
such holder of the principal of or interest on the Debentures having a
principal amount equal to the aggregate liquidation amount of the Preferred
Securities of such holder on or after the respective due date specified in the
Debentures.

          (b)
Notwithstanding anything to the contrary contained in this Indenture, the
Company shall have the right to setoff any payment it is otherwise required to
make hereunder in respect of any Trust Securities to the extent that the
Company has previously made, or is concurrently making, a payment to the holder
of such Trust Securities under the Preferred Securities Guarantee or in
connection with a proceeding for enforcement of payment of the principal of or
interest on the Debentures directly brought by holders of any Trust Securities.

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

ARTICLE XVII.

SUBORDINATION OF THE DEBENTURES

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

17.2 Default on Senior Indebtedness.   Upon the occurrence and any continuation of
any default by the Company in the payment of principal, premium, interest or
any other payment due on any Senior Indebtedness, or in the event that the
maturity of any Senior Indebtedness has been accelerated because of such a
default, or in the event of the commencement of a judicial proceeding with
regard to such an alleged default or event of default, then, in any case, no
payment shall be made by the Company with respect to the principal (including
redemption payments) of or interest on the Debentures.  In the event that, notwithstanding the
foregoing, any payment shall be received by the Trustee when such payment is
prohibited by the preceding sentence of this Section 17.2, such payment shall
be held in trust for the benefit of, and shall be 

64

paid over or
delivered to, the holders of Senior Indebtedness or their respective
representatives, or to the trustee or trustees under any indenture pursuant to
which any of such Senior Indebtedness may have been issued, as their respective
interests may appear, but only to the extent that the holders of the Senior
Indebtedness (or their representative or representatives or a trustee) notify
the Trustee in writing within 90 days of such payment of the amounts then due
and owing on the Senior Indebtedness and only the amounts specified in such
notice to the Trustee shall be paid to the holders of the Senior Indebtedness.

17.3 Liquidation; Dissolution; Bankruptcy.

          (a)
Upon any payment by the Company or distribution of assets of the Company of any
kind or character, whether in cash, property or securities, to creditors upon
any dissolution or winding-up or liquidation or reorganization of the Company,
whether voluntary or involuntary or in bankruptcy, insolvency, receivership or
other proceedings, all amounts due upon all Senior Indebtedness shall first be
paid in full, or payment thereof provided for in money in accordance with its
terms, before any payment is made by the Company on account of the principal or
interest on the Debentures; and upon any such dissolution or winding-up or
liquidation or reorganization, any payment by the Company, or distribution of
assets of the Company of any kind or character, whether in cash, property or
securities, to which the holders of the Debentures or the Trustee would be
entitled to receive from the Company, except for the provisions of this ARTICLE
XVII, shall be paid by the Company or by any receiver, trustee in bankruptcy,
liquidating trustee, agent or other Person making such payment or distribution,
or by the holders of the Debentures or by the Trustee under this Indenture if
received by them or it, directly to the holders of Senior Indebtedness (pro
rata to such holders on the basis of the respective amounts of Senior
Indebtedness held by such holders, as calculated by the Company) or their
representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing such Senior Indebtedness
may have been issued, as their respective interests may appear, to the extent
necessary to pay such Senior Indebtedness in full, in money or money’s worth,
after giving effect to any concurrent payment or distribution to or for the
holders of such Senior Indebtedness, before any payment or distribution is made
to the holders of the Debentures or to the Trustee.

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

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          (c)
For purposes of this ARTICLE XVII, the words “cash, property or securities”
shall not be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other corporation provided for
by a plan of reorganization or readjustment, the payment of which is
subordinated at least to the extent provided in this ARTICLE XVII with respect
to the Debentures to the payment of all Senior Indebtedness, as the case may
be, that may at the time be outstanding, provided that (i) such Senior
Indebtedness is assumed by the new corporation, if any, resulting from any such
reorganization or readjustment; and (ii) the rights of the holders of such
Senior Indebtedness are not, without the consent of such holders, altered by
such reorganization or readjustment.
The consolidation of the Company with, or the merger of the Company
into, another corporation or the liquidation or dissolution of the Company
following the conveyance or transfer of its property as an entirety, or
substantially as an entirety, to another corporation upon the terms and
conditions provided for in ARTICLE XIII shall not be deemed a dissolution, winding-up,
liquidation or reorganization for the purposes of this Section 17.3 if such
other corporation shall, as a part of such consolidation, merger, conveyance or
transfer, comply with the conditions stated in ARTICLE XIII.  Nothing in Section 17.2 or in this Section
17.3 shall apply to claims of, or payments to, the Trustee under or pursuant to
Section 10.8.

17.4 Subrogation.

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

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

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

17.5 The Trustee to Effectuate Subordination.   Each holder of Debentures by such
holder’s
acceptance thereof authorizes and directs the Trustee on such holder’s behalf
to take such action as may be necessary or appropriate to effectuate the
subordination provided in this ARTICLE XVII and appoints the Trustee such holder’s
attorney-in-fact for any and all such purposes.

17.6 Notice by the Company.

          (a)
The Company shall give prompt written notice to a Responsible Officer of the
Trustee of any fact known to the Company that would prohibit the making of any
payment of monies to or by the Trustee in respect of the Debentures pursuant to
the provisions of this ARTICLE XVII.
Notwithstanding the provisions of this ARTICLE XVII or any other
provision of this Indenture, the Trustee shall not be charged with knowledge of
the existence of any facts that would prohibit the making of any payment of
monies to or by the Trustee in respect of the Debentures pursuant to the
provisions of this ARTICLE XVII, unless and until a Responsible Officer of the
Trustee shall have received written notice thereof from the Company or a holder
or holders of Senior Indebtedness or from any trustee therefor; and before the
receipt of any such written notice, the Trustee, subject to the provisions of
Section 10.1, shall be entitled in all respects to assume that no such facts
exist; provided, however, that if the Trustee shall not have received the
notice provided for in this Section 17.6 at least two Business Days prior to
the date upon which by the terms hereof any money may become payable for any
purpose (including, without limitation, the payment of the principal of or
interest on any Debenture), then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive
such money and to apply the same to the purposes for which they were received,
and shall not be affected by any notice to the contrary that may be received by
it within two Business Days prior to such date.

          (b)
The Trustee, subject to the provisions of Section 10.1, shall be entitled to
conclusively rely on the delivery to it of a written notice by a Person
representing himself or herself to be a holder of Senior Indebtedness (or a
trustee on behalf of such holder) to establish that such notice has been given
by a holder of such Senior Indebtedness or a trustee on behalf of any such
holder or holders.  In the event that
the Trustee determines in good faith that further evidence is required with
respect to the right of any Person as a holder of such Senior Indebtedness to participate
in any payment or distribution pursuant to this ARTICLE XVII, the Trustee may
request such Person to furnish evidence to the reasonable satisfaction of the
Trustee as to the amount of such Senior Indebtedness held by such Person, the
extent to which such Person is entitled to participate in such payment or
distribution and any other facts pertinent to the rights of such Person under
this ARTICLE XVII, and, if such evidence is not furnished, the Trustee may
defer any payment to such Person pending judicial determination as to the right
of such Person to receive such payment.

67

17.7 Rights of the Trustee; Holders of the Senior Indebtedness.

          (a)
The Trustee in its individual capacity shall be entitled to all the rights set
forth in this ARTICLE XVII in respect of any Senior Indebtedness at any time
held by it, to the same extent as any other holder of Senior Indebtedness, and
nothing in this Indenture shall deprive the Trustee of any of its rights as
such holder.  The Trustee’s right to compensation
and reimbursement of expenses as set forth in Section 10.8 shall not be subject
to the subordination provisions of this ARTICLE XVII.

          (b)
With respect to the holders of the Senior Indebtedness, the Trustee undertakes
to perform or to observe only such of its covenants and obligations as are
specifically set forth in this ARTICLE XVII, and no implied covenants or
obligations with respect to the holders of such Senior Indebtedness shall be
read into this Indenture against the Trustee.
The Trustee shall not be deemed to owe any fiduciary duty to the holders
of such Senior Indebtedness and, subject to the provisions of Section 10.1, the
Trustee shall not be liable to any holder of such Senior Indebtedness if it
shall pay over or deliver to holders of Debentures, the Company or any other
Person money or assets to which any holder of such Senior Indebtedness shall be
entitled by virtue of this ARTICLE XVII or otherwise.

17.8 Subordination May not Be Impaired.

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

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

68

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

	
 

	
 

	
 

	
 

	
TOMPKINS
  FINANCIAL CORPORATION

	
 

	
 

	
 

	
 

	
By:

	
/s/ Francis
  M. Fetsko

	
 

	
 

	 

	
 

	
Name:

	
Francis M.
  Fetsko

	
 

	
Title:

	
Executive
  Vice President & Chief Financial Officer

Attest:

	
 

	
 

	
STATE OF NEW
  YORK 

	
)

	
 

	
) ss

	
COUNTY OF
  TOMPKINS

	
)

On this 10th
day of April, 2009, before me appeared Francis M. Fetsko, to me personally
known, who, being by me duly sworn, did say that he is EVP and Chief Financial
Officer of Tompkins Financial Corporation and that the seal affixed to said
instrument is the corporate seal of said corporation, and that said instrument
was signed and sealed on behalf of said corporation by authority of its Board of
Directors and said Francis M. Fetsko acknowledged said instrument to be the
free act and deed of said corporation.

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

	
 

	
 

	
 

	
/s/ Alyssa
  Hochberg Fontaine

	
 

	 

	
 

	
Notary
  Public

69

	
 

	
 

	
 

	
 

	
WILMINGTON
  TRUST COMPANY, as Trustee

	
 

	
 

	
 

	
 

	
By:

	
/s/ Lori
  Donahue

	
 

	
 

	 

	
 

	
Name:

	
Lori Donahue

	
 

	
Title:

	
Assistant
  Vice President

Attest:

	
 

	
 

	
STATE OF
  DELAWARE

	
)

	
 

	
) ss

	
COUNTY OF
  NEW CASTLE

	
)

On this 10th
day of April, 2009, before me appeared Lori Donahue, to me personally known,
who, being by me duly sworn, did say that she is the Assistant Vice President
of Wilmington Trust Company, and that the seal affixed to said instrument is the
corporate seal of said corporation, and that said instrument was signed and
sealed on behalf of said corporation by authority of its Board of Directors and
said Assistant Vice President, acknowledged said instrument to be the free act
and deed of said corporation.

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

	
 

	
 

	
 

	
/s/ Tira L.
  Johnson

	
 

	 

	
 

	
Notary
  Public

	
 

	
 

	
 

	
My term
  expires: September 29, 2009

70

EXHIBIT A

(Form of Face of Debenture)

	
 

	
 

	
No. 1

	
$15,480,000

	
CUSIP No. 

	
 

TOMPKINS FINANCIAL CORPORATION

SUBORDINATED DEBENTURE

DUE 2039

          Tompkins
Financial Corporation, a New York corporation (the “Company,” which term
includes any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay to Wilmington Trust Company, as
Property Trustee for Tompkins Capital Trust I, or registered assigns, the
principal sum of $15,480,000 on March 31, 2039 (the “Stated Maturity”), and to
pay interest on said principal sum from April 10, 2009, or from the most recent
interest payment date (each such date, an “Interest Payment Date”) to which
interest has been paid or duly provided for, quarterly (subject to deferral as
set forth herein) in arrears on March 15, June 15, September 15 and December 15
of each year commencing June 15, 2009, at the rate of 7.00% per annum until the
principal hereof shall have become due and payable, and on any overdue
principal and (without duplication and to the extent that payment of such
interest is enforceable under applicable law) on any overdue installment of
interest at the same rate per annum compounded quarterly. The amount of
interest payable on any Interest Payment Date shall be computed on the basis of
a 360-day year of twelve 30-day months. The amount of interest for any partial
period shall be computed on the basis of the number of days elapsed in a
360-day year of twelve 30-day months. In the event that any date on which
interest is payable on this Debenture is not a business day, then payment of
interest payable on such date shall be made on the next succeeding day that is
a business day (and without any interest or other payment in respect of any
such delay) except that, if such business day is in the next succeeding
calendar year, payment of such interest will be made on the immediately
preceding business day, in each case, with the same force and effect as if made
on such date. The interest installment so payable, and punctually paid or duly
provided for, on any Interest Payment Date shall, as provided in the Indenture,
be paid to the person in whose name this Debenture (or one or more Predecessor
Debentures, as defined in said Indenture) is registered at the close of business
on the regular record date for such interest installment, which shall be the
close of business on the business day next preceding such Interest Payment Date
unless otherwise provided in the Indenture. Any such interest installment not
punctually paid or duly provided for shall forthwith cease to be payable to the
registered holders on such regular record date and may be paid to the Person in
whose name this Debenture (or one or more Predecessor Debentures) is registered
at the close of business on a special record date to be fixed by the Trustee
for the payment of such defaulted interest, notice thereof shall be fixed by
the Trustee for the payment of such defaulted interest, notice thereof shall be
given to the registered holders of the Debentures not less than 10 days prior
to such special record date, or may be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange or
quotation system on or in which the Debentures may be listed or quoted, and upon
such notice as may be required by such exchange, all as more fully provided in
the Indenture. The principal of and the interest on this Debenture shall be
payable at the office or agency of the Trustee maintained for that purpose in
any coin or currency of the United States of America that at the time of
payment is legal tender for payment of public and private debts; provided,
however, that payment of interest may be made at the option of the Company by
check mailed to the registered holder at such address as shall appear in the
Debenture Register. Notwithstanding the foregoing, so long as the holder of
this Debenture is the Property Trustee, the payment of the principal of and
interest on this Debenture shall be made at such place and to such account as
may be designated by the Trustee.

71

          The
Stated Maturity may be shortened at any time by the Company to any date not
earlier than March 31, 2014, subject to the Company having received prior
approval of the Federal Reserve if then required under applicable capital
guidelines, policies or regulations of the Federal Reserve.

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

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

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

72

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

Dated: April
10, 2009

	
 

	
 

	
 

	
 

	
TOMPKINS
  FINANCIAL CORPORATION

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	 

	
 

	
Name:

	
Francis M.
  Fetsko

	
 

	
Title:

	
EVP and
  Chief Financial Officer

 

	
 

	
 

	
 

	
Attest:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
 

73

[Form of Certificate of Authentication]

CERTIFICATE OF AUTHENTICATION

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

Dated: April
__, 2009

	
 

	
 

	
 

	
 

	
 

	
Wilmington
  Trust Company,

	
 

	
 

	
 

	
as Trustee

	
 

	
or
  Authenticating Agent

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
By:

	
 

	
 

	 

	
 

	
 

	 

	
 

	
Authorized
  Signatory

	
 

	
 

	
 

74

[Form of Reverse of Debenture]

SUBORDINATED DEBENTURE DUE 2039

(CONTINUED)

          This
Debenture is one of the subordinated debentures of the Company (herein sometimes
referred to as the “Debentures”), all issued or to be issued under and pursuant
to an Indenture dated as of April 10, 2009 (the “Indenture”) duly executed and
delivered between the Company and Wilmington Trust Company, as Trustee (the
“Trustee”), to which Indenture reference is hereby made for a description of
the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the holders of the Debentures. The
Debentures are limited in aggregate principal amount as specified in the
Indenture.

          Because
of the occurrence and continuation of a Special Event (as defined in the
Indenture), in certain circumstances, this Debenture may become due and payable
at the principal amount together with any interest accrued thereon (the
“Redemption Price”). The Redemption Price shall be paid prior to 12:00 noon
Eastern Standard Time, on the date of such redemption or at such earlier time
as the Company determines. The Company shall have the right as set forth in the
Indenture to redeem this Debenture at the option of the Company, without
premium or penalty, in whole or in part at any time on or after March 31, 2014
(an “Optional Redemption”), or at any time in certain circumstances upon the
occurrence of a Special Event, at a Redemption Price equal to 100% of the
principal amount hereof plus any accrued but unpaid interest hereon, to the
date of such redemption. Any redemption pursuant to this paragraph shall be
made upon not less than thirty (30) days’ or more than sixty (60) days’ notice,
at the Redemption Price. The Redemption Price shall be paid at the time and in
the manner provided therefor in the Indenture. If the Debentures are only
partially redeemed by the Company pursuant to an Optional Redemption, the Debentures
shall be redeemed pro rata or by lot or by any other method utilized by the
Trustee as described in the Indenture. In the event of an Optional Redemption
of this Debenture in part only, a new Debenture or Debentures for the
unredeemed portion hereof shall be issued in the name of the holder hereof upon
the cancellation hereof.

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

          The
Indenture contains provisions permitting the Company and the Trustee, with the
consent of the holders of not less than a majority in aggregate principal
amount of the Debentures at the time Outstanding (as defined in the Indenture),
to execute supplemental indentures for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of the Indenture
or of any supplemental indenture or of modifying in any manner the rights of
the holders of the Debentures; provided, however, that no such supplemental
indenture shall, except as provided in the Indenture, (i) extend the fixed
maturity of the Debentures, reduce the principal amount thereof, or reduce the
rate or extend the time of payment of interest thereon without the consent of
the holder of each Debenture so affected thereby; or (ii) reduce the aforesaid
percentage of the Debentures, the holders of which are required to consent to
any such supplemental indenture, without the consent of the holder of each
Debenture then Outstanding and so affected thereby. The Indenture also contains
provisions permitting the holders of at least a majority in aggregate principal
amount of the Debentures at the time Outstanding, on behalf of all of the
holders of the Debentures, to waive any past default in the performance of any
of the covenants contained in the Indenture, or established pursuant to the
Indenture, and its consequences, except a default in the payment of the
principal of or interest on any of the Debentures. Any such consent or waiver
by the registered holder of this Debenture (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such holder and upon all future
holders and owners of this Debenture and of any Debenture issued in exchange
herefor or in place hereof (whether by registration of transfer or otherwise),
irrespective of whether or not any notation of such consent or waiver is made
upon this Debenture.

75

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

          The
Company, as further described in the Indenture, shall have the right at any
time during the term of the Debentures and from time to time to defer payments
of interest by extending the interest payment period of such Debentures for up
to twenty (20) consecutive quarters (each, an “Extension Period”), at the end
of which period the Company shall pay all interest then accrued (together with
interest thereon at the rate specified for the Debentures to the extent that
payment of such interest is enforceable under applicable law). Before the
termination of any such Extension Period, so long as no Event of Default shall have
occurred and be continuing, the Company may further extend such Extension
Period, provided that such Extension Period together with all such further
extensions thereof shall not exceed twenty (20) consecutive quarters, extend
beyond March 31, 2039, or end on a date other than an Interest Payment Date. At
the termination of any such Extension Period and upon the payment of all
Deferred Payments then due, the Company may commence a new Extension Period.

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

          Prior
to due presentment for registration of transfer of this Debenture, the Company,
the Trustee, any Paying Agent (as defined in the Indenture) and the Debenture Registrar
may deem and treat the registered holder hereof as the absolute owner hereof
(whether or not this Debenture shall be overdue and notwithstanding any notice
of ownership or writing hereon made by anyone other than the Debenture
Registrar) for the purpose of receiving payment of or on account of the
principal hereof and interest due hereon and for all other purposes, and
neither the Company nor the Trustee nor any Paying Agent nor any Debenture
Registrar shall be affected by any notice to the contrary.

76

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

          The
Debentures are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. 

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

77

CONVERSION REQUEST

	
 

	
 

	
To:

	
Wilmington
  Trust Company, 

	
 

	
as Property
  Trustee of Tompkins Capital Trust I

          The
undersigned owner of these Debentures hereby irrevocably exercises the option
to convert these Debentures, or the portion below designated, into common stock
of Tompkins Financial Corporation in accordance with the terms of the Indenture,
dated April 10, 2009, between Tompkins Financial Corporation and Wilmington
Trust Company, as Debenture Trustee (the “Indenture”) and the Amended and
Restated Declaration of Trust (as amended from time to time, the
“Declaration”), dated as of April 10, 2009, by Francis M. Fetsko, David
Kershaw, and John Saunders as Administrative Trustees, Wilmington Trust
Company, as Delaware Trustee and Property Trustee, Tompkins Financial
Corporation, as Depositor, and by the Holders, from time to time, of undivided
beneficial interests in the assets of the Trust to be issued pursuant to the
Declaration. Pursuant to the aforementioned exercise of the option to convert
these Debentures, the undersigned hereby directs the Conversion Agent on the
Conversion Date (as such terms are defined in the Declaration) to exchange such
Debentures for the common stock of Tompkins Financial Corporation at the rate
of exchange specified in the Declaration and the Indenture.

          The
undersigned does also hereby direct the Conversion Agent that the shares
issuable and deliverable upon conversion, together with any check in payment
for fractional shares, be issued in the name of and delivered to the
undersigned, unless a different name has been indicated in the assignment
below. If shares are to be issued in the name of a person other than the
undersigned, the undersigned will pay all transfer taxes payable with respect
thereto.

	
 

	
 

	
 

	
 

	
 

	
Date:

	
 

	
 

	
 

	
 

	
 

	 

	
 

	
 

	
 

	
Number of
  Debentures to be converted:

	
 

	
 

	
 

	
 

	 

	
 

If a name or
names other than the undersigned, please indicate in the spaces below the name
or names in which the shares of Tompkins Financial Corporation Common Stock are
to be issued, along with the address or addresses of such person or persons:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	 

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	 

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
Date:

	
 

	
 

	
 

	
 

	
 

	
 

	 

	
 

	
 

	
 

	
Signature:

	
 

	
 

	
 

	
 

	
 

	 

	 

	 

	
 

	
 

	
 

	
(Sign
  exactly as your name appears on the other side of this Debenture)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Signature
  Guarantee:1

	
 

	
 

	
 

 

	
 

	
 

	 

	
 

	
1 Signature
  must be guaranteed by an “eligible guarantor institution” that is a bank,
  stockbroker, savings and loan association or credit union, meeting the
  requirements of the Security registrar, which requirements include membership
  or participation in the Securities Transfer Agents Medallion Program
  (“STAMP”) or such other “signature guarantee program” as may be determined by
  the Security registrar in addition to, or in substitution for, STAMP, all in
  accordance with the Securities Exchange Act of 1934, as amended.

78Exhibit 4.3

TOMPKINS CAPITAL TRUST I

AMENDED AND RESTATED

TRUST AGREEMENT

AMONG

TOMPKINS FINANCIAL CORPORATION, AS DEPOSITOR

WILMINGTON TRUST COMPANY, AS PROPERTY TRUSTEE

WILMINGTON TRUST COMPANY, AS DELAWARE
TRUSTEE,

AND

THE ADMINISTRATIVE TRUSTEES NAMED HEREIN

DATED AS OF APRIL 10, 2009

TABLE OF CONTENTS

	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE
 I. DEFINED TERMS

 	
  

 	
 1

 
	
 1.01.

 	
 Definitions

 	
  

 	
 1

 
	
 ARTICLE
 II. ESTABLISHMENT OF THE TRUST

 	
  

 	
 9

 
	
 2.01.

 	
 Name

 	
  

 	
 9

 
	
 2.02.

 	
 Office of the Delaware
 Trustee; Principal Place of Business

 	
  

 	
 9

 
	
 2.03.

 	
 Initial Contribution of
 Trust Property; Organizational Expenses

 	
  

 	
 9

 
	
 2.04.

 	
 Issuance of the Preferred
 Securities

 	
  

 	
 10

 
	
 2.05.

 	
 Issuance of Common
 Securities; Subscription and Purchase of the Debentures

 	
  

 	
 10

 
	
 2.06.

 	
 Declaration of Trust

 	
  

 	
 11

 
	
 2.07.

 	
 Authorization to Enter
 Into Certain Transactions

 	
  

 	
 11

 
	
 2.08.

 	
 Assets of Trust

 	
  

 	
 14

 
	
 2.09.

 	
 Title to Trust Property

 	
  

 	
 14

 
	
 ARTICLE III. PAYMENT ACCOUNT

 	
  

 	
 14

 
	
 3.01.

 	
 Payment Account

 	
  

 	
 14

 
	
 ARTICLE IV. DISTRIBUTIONS; REDEMPTION

 	
  

 	
 15

 
	
 4.01.

 	
 Distributions

 	
  

 	
 15

 
	
 4.02.

 	
 Redemption

 	
  

 	
 15

 
	
 4.03.

 	
 Conversion

 	
  

 	
 17

 
	
 4.04.

 	
 Subordination of the
 Common Securities

 	
  

 	
 20

 
	
 4.05.

 	
 Payment Procedures

 	
  

 	
 21

 
	
 4.06.

 	
 Tax Returns and Reports

 	
  

 	
 21

 
	
 4.07.

 	
 Payment of Taxes,
 Duties, Etc

 	
  

 	
 21

 
	
 4.08.

 	
 Payments under the
 Indenture

 	
  

 	
 21

 
	
 ARTICLE V. THE TRUST SECURITIES CERTIFICATES

 	
  

 	
 22

 
	
 5.01.

 	
 Initial Ownership

 	
  

 	
 22

 
	
 5.02.

 	
 The Trust Securities
 Certificates

 	
  

 	
 22

 
	
 5.03.

 	
 Execution,
 Authentication and Delivery of the Trust Securities Certificates

 	
  

 	
 22

 
	
 5.04.

 	
 Registration of Transfer
 and Exchange of the Preferred Securities Certificates

 	
  

 	
 23

 
	
 5.05.

 	
 Mutilated, Destroyed,
 Lost or Stolen Trust Securities Certificates

 	
  

 	
 24

 
	
 5.06.

 	
 Persons Deemed the
 Securityholders

 	
  

 	
 24

 
	
 5.07.

 	
 Access to List of the
 Securityholders’ Names and Addresses

 	
  

 	
 24

 
	
 5.08.

 	
 Maintenance of Office or
 Agency

 	
  

 	
 25

 
	
 5.09.

 	
 Appointment of the
 Paying Agent

 	
  

 	
 25

 
	
 5.10.

 	
 Ownership of the Common
 Securities by the Depositor

 	
  

 	
 25

 
	
 5.11.

 	
 The Trust Securities
 Certificates.

 	
  

 	
 26

 
	
 5.12.

 	
 [Reserved].

 	
  

 	
 26

 
	
 5.13.

 	
 Notices

 	
  

 	
 26

 
	
 5.14.

 	
 Rights of the
 Securityholders

 	
  

 	
 26

 
	
 ARTICLE VI. ACTS OF THE SECURITYHOLDERS; MEETINGS; VOTING

 	
  

 	
 27

 
	
 6.01.

 	
 Limitations on Voting
 Rights

 	
  

 	
 27

 
	
 6.02.

 	
 Notice of Meetings

 	
  

 	
 28

 
	
 6.03.

 	
 Meetings of the
 Preferred Securityholders

 	
  

 	
 28

 
	
 6.04.

 	
 Voting Rights

 	
  

 	
 28

 
	
 6.05.

 	
 Proxies, Etc

 	
  

 	
 28

 

i

	
  

 	
  

 	
  

 	
  

 
	
 6.06.

 	
 Securityholder Action by
 Written Consent

 	
  

 	
 29

 
	
 6.07.

 	
 Record Date for Voting
 and Other Purposes

 	
  

 	
 29

 
	
 6.08.

 	
 Acts of the
 Securityholders.

 	
  

 	
 29

 
	
 6.09.

 	
 Inspection of Records

 	
  

 	
 30

 
	
 ARTICLE VII. REPRESENTATIONS AND WARRANTIES

 	
  

 	
 30

 
	
 7.01.

 	
 Representations and
 Warranties of the Bank and the Property Trustee

 	
  

 	
 30

 
	
 7.02.

 	
 Representations and
 Warranties of the Delaware Bank and the Delaware Trustee

 	
  

 	
 31

 
	
 7.03.

 	
 Representations and
 Warranties of the Depositor

 	
  

 	
 32

 
	
 ARTICLE VIII. TRANSFER OF INTERESTS

 	
  

 	
 33

 
	
 8.01.

 	
 General

 	
  

 	
 33

 
	
 8.02.

 	
 Transfer Procedures and
 Restrictions

 	
  

 	
 34

 
	
 8.03.

 	
 Deemed Security Holders

 	
  

 	
 36

 
	
 8.04.

 	
 Depositor Exchange

 	
  

 	
 36

 
	
 ARTICLE IX. TRUSTEES

 	
  

 	
 37

 
	
 9.01.

 	
 Certain Duties and
 Responsibilities

 	
  

 	
 37

 
	
 9.02.

 	
 Certain Notices

 	
  

 	
 39

 
	
 9.03.

 	
 Certain Rights of the
 Property Trustee

 	
  

 	
 39

 
	
 9.04.

 	
 Trustees’ Disclaimer

 	
  

 	
 41

 
	
 9.05.

 	
 May Hold Securities

 	
  

 	
 41

 
	
 9.06.

 	
 Compensation; Indemnity;
 Fees

 	
  

 	
 41

 
	
 9.07.

 	
 Corporate Property
 Trustee Required; Eligibility of Trustees

 	
  

 	
 42

 
	
 9.08.

 	
 Conflicting Interests

 	
  

 	
 42

 
	
 9.09.

 	
 Co-Trustees and Separate
 Trustee

 	
  

 	
 42

 
	
 9.10.

 	
 Resignation and Removal;
 Appointment of Successor

 	
  

 	
 44

 
	
 9.11.

 	
 Acceptance of
 Appointment by Successor

 	
  

 	
 45

 
	
 9.12.

 	
 Merger, Conversion,
 Consolidation or Succession to Business

 	
  

 	
 46

 
	
 9.13.

 	
 Preferential Collection
 of Claims Against the Depositor or the Trust

 	
  

 	
 46

 
	
 9.14.

 	
 Property Trustee May
 File Proofs of Claim

 	
  

 	
 46

 
	
 9.15.

 	
 Reports to the Property
 Trustee and to Securityholders

 	
  

 	
 47

 
	
 9.16.

 	
 Evidence of Compliance
 with Conditions Precedent

 	
  

 	
 47

 
	
 9.17.

 	
 Number of Trustees

 	
  

 	
 47

 
	
 9.18.

 	
 Delegation of Power

 	
  

 	
 48

 
	
 9.19.

 	
 Voting

 	
  

 	
 48

 
	
 ARTICLE X. TERMINATION, LIQUIDATION AND MERGER

 	
  

 	
 48

 
	
 10.01.

 	
 Dissolution upon
 Expiration Date

 	
  

 	
 48

 
	
 10.02.

 	
 Early Dissolution

 	
  

 	
 48

 
	
 10.03.

 	
 Termination

 	
  

 	
 49

 
	
 10.04.

 	
 Liquidation.

 	
  

 	
 49

 
	
 10.05.

 	
 Mergers, Consolidations,
 Amalgamations or Replacements of the Trust

 	
  

 	
 50

 
	
 ARTICLE XI. MISCELLANEOUS PROVISIONS

 	
  

 	
 51

 
	
 11.01.

 	
 Limitation of Rights of
 the Securityholders

 	
  

 	
 51

 
	
 11.02.

 	
 Amendment

 	
  

 	
 51

 
	
 11.03.

 	
 Separability

 	
  

 	
 53

 
	
 11.04.

 	
 Governing Law

 	
  

 	
 53

 
	
 11.05.

 	
 Payments Due on
 Non-Business Day

 	
  

 	
 53

 
	
 11.06.

 	
 Successors

 	
  

 	
 53

 

ii

	
  

 	
  

 	
  

 	
  

 
	
 11.07.

 	
 Headings

 	
  

 	
 53

 
	
 11.08.

 	
 Reports, Notices and
 Demands

 	
  

 	
 53

 
	
 11.09.

 	
 Agreement Not to
 Petition

 	
  

 	
 54

 
	
 11.10.

 	
 Trust Indenture Act;
 Conflict with Trust Indenture Act. Notwithstanding any contrary provision herein relating
 to the applicability of the Trust Indenture Act:

 	
  

 	
 54

 
	
 11.11.

 	
 Acceptance of Terms of
 the Trust Agreement, the Guarantee and the Indenture

 	
  

 	
 54

 
	
 11.12.

 	
 Separability

 	
  

 	
 55

 
	
 11.13.

 	
 Counterparts

 	
  

 	
 55

 

iii

EXHIBITS

	
  

 	
  

 
	
 Exhibit A – Certificate of Trust, filed on February 12, 2009

 	
  

 
	
 Exhibit B – Certificate (Common Securities)

 	
  

 
	
 Exhibit C – Agreement as to Expenses and Liabilities

 	
  

 
	
 Exhibit D – Certificate (Preferred Securities) & Conversion
 Request

 	
  

 
	
 Exhibit E – Form of Transferee Certificate

 	
  

 

1

AMENDED AND RESTATED TRUST AGREEMENT

          AMENDED AND
RESTATED TRUST AGREEMENT, dated as of April 10, 2009, among (a) TOMPKINS
FINANCIAL CORPORATION, a New York corporation (including any successors or
assigns, the “Depositor”), (b) WILMINGTON TRUST COMPANY, a banking corporation
duly organized and existing under the laws of Delaware, as property trustee
(the “Property Trustee” and, in its separate corporate capacity and not in its
capacity as Property Trustee, the “Bank”), (c) WILMINGTON TRUST COMPANY, a
banking corporation duly organized and existing under the laws of the State of
Delaware, as Delaware trustee (the “Delaware Trustee,” and, in its separate
corporate capacity and not in its capacity as Delaware Trustee, the “Delaware
Bank”), (d) FRANCIS M. FETSKO, an individual, DAVID K. KERSHAW, an individual,
and JOHN T. SAUNDERS, an individual, each of whose address is c/o Tompkins
Financial Corporation, 110 North Tioga Street, Ithaca, New York 14850 (each an
“Administrative Trustee” and collectively the “Administrative Trustees”) (the
Property Trustee, the Delaware Trustee and the Administrative Trustees referred
to collectively as the “Trustees”), and (e) the several Holders (as hereinafter
defined).

RECITALS

          WHEREAS,
the Depositor, the Delaware Trustee and the Administrative Trustees have
heretofore duly declared and established a statutory trust pursuant to the
Delaware Statutory Trust Act (as hereinafter defined) by the entering into that
certain Trust Agreement, dated as of February 12, 2009 (the “Original Trust
Agreement”), and by the execution and filing by the Delaware Trustee, the
Property Trustee and the Administrative Trustees with the Secretary of State of
the State of Delaware of the Certificate of Trust, filed on February 12, 2009,
the form of which is attached as Exhibit A ; and

          WHEREAS,
the Depositor, the Delaware Trustee, the Property Trustee and the
Administrative Trustees desire to amend and restate the Original Trust
Agreement in its entirety as set forth herein to provide for, among other
things, (a) the issuance of the Common Securities (as defined herein) by the
Trust (as defined herein) to the Depositor; (b) the issuance and sale of the
Preferred Securities (as defined herein) by the Trust in accordance with the
Subscription Agreement; (c) the acquisition by the Trust from the Depositor of
all of the right, title and interest in the Debentures (as defined herein); and
(d) the appointment of the Trustees;

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

ARTICLE I.

DEFINED TERMS

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

1

          (a)     the
terms defined in this Article I have the meanings assigned to them in this
Article I and include the plural as well as the singular;

          (b)
     all other terms used herein that are defined in
the Trust Indenture Act, either directly or by reference therein, have the
meanings assigned to them therein;

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

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

           “Act” has
the meaning specified in Section 6.08.

          “Additional
Amount” means, with respect to Trust Securities of a given Liquidation Amount
and/or a given period, the amount of additional interest accrued on interest in
arrears and paid by the Depositor on a Like Amount of Debentures for such
period.

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

          “Administrative
Trustee” means each of FRANCIS M. FETSKO, DAVID K. KERSHAW, or JOHN T.
SAUNDERS, solely in his capacity as Administrative Trustee of the Trust formed
and continued hereunder and not in his or her individual capacity, or such
Administrative Trustee’s successor in interest in such capacity, or any
successor trustee appointed as herein provided.

          “Affiliate”
has the same meaning as given to that term in Rule 405 of the Securities Act or
any successor rule thereunder.

          “Authenticating
Agent” means an authenticating agent with respect to the Preferred Securities
appointed by the Property Trustee pursuant to Section 5.03.

          “Bank” has
the meaning specified in the Preamble to this Trust Agreement.

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

          (a)
     the entry of a decree or order by a court having
jurisdiction in the premises adjudging such Person a bankrupt or insolvent, or
approving as properly filed a petition seeking liquidation or reorganization of
or in respect of such Person under the United States Bankruptcy Code of 1978,
as amended, or any other similar applicable federal or state law, and the
continuance of any such decree or order unvacated and unstayed for a period of
ninety (90) days; or the commencement of an involuntary case under the United
States Bankruptcy Code of 1978, as amended, in respect of such Person, which
shall continue undismissed for a period of ninety (90) days or entry of an
order for relief in such case; or the entry of a decree or order of a court
having jurisdiction in the premises for the appointment on the ground of
insolvency or bankruptcy of a receiver, custodian, liquidator, trustee or
assignee in bankruptcy or insolvency of such Person or of its property, or for
the winding up or liquidation of its affairs, and such decree or order shall
have remained in force unvacated and unstayed for a period of ninety (90) days;
or

2

          (b)     the
institution by such Person of proceedings to be adjudicated a voluntary
bankrupt, or the consent by such Person to the filing of a bankruptcy
proceeding against it, or the filing by such Person of a petition or answer or
consent seeking liquidation or reorganization under the United States
Bankruptcy Code of 1978, as amended, or other similar applicable Federal or
State law, or the consent by such Person to the filing of any such petition or
to the appointment on the ground of insolvency or bankruptcy of a receiver or
custodian or liquidator or trustee or assignee in bankruptcy or insolvency of
such Person or of its property, or shall make a general assignment for the
benefit of creditors.

          “Bankruptcy
Laws” has the meaning specified in Section 11.09.

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

          “Certificate
of Trust” means the certificate of trust filed with the Secretary of State of
the State of Delaware with respect to the Trust, as amended or restated from
time to time.

          “Closing
Date” means the date of execution and delivery of this Trust Agreement.

          “Closing
Sales Price” of any security on any day shall mean the last reported sale price
for such security, regular way, on such day or, if no sale takes place on such
day, the average of the reported closing bid and asked prices on such day,
regular way, of such security, in either case as reported on the NYSE Amex or,
if such security is not quoted or admitted to trading on such exchange, on the
principal quotation system on which such security is listed or admitted to
trading or quoted, or, if not listed or admitted to trading or quoted on any
national securities exchange or quotation system, the average of the closing
bid and asked prices of such security in the over-the-counter market on the day
in question as reported by the National Quotation Bureau Incorporated, or a
similar generally accepted reporting service, or, if not so available in such
manner, as furnished by any NASDAQ member firm selected from time to time by
the Board of Directors for that purpose or, if not so available in such manner,
as otherwise determined in good faith by the Board of Directors

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

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

          “Common
Security” means an undivided beneficial interest in the assets of the Trust,
having a Liquidation Amount of $1,000 and having the rights provided therefor
in this Trust Agreement, including the right to receive Distributions and a
Liquidation Distribution as provided herein.

3

          “Common
Securityholder” means a holder of a Common Security.

          “Common
Stock” means the common stock of Tompkins Financial Corporation, par value
$0.10 per share.

          “Company”
means Tompkins Financial Corporation, a New York corporation and registered
financial holding company under the Bank Holding Company Act of 1956, as
amended.

          “Conversion
Agent” means Wilmington Trust Company, a banking corporation duly organized and
existing under the laws of Delaware, and any successor thereto.

          “Corporate
Trust Office” means the office at which, at any particular time, the corporate
trust business of the Property Trustee or the Debenture Trustee, as the case
may be, shall be principally administered, which office at the date hereof, in
each such case, is located at Rodney Square North, 1100 North Market Street,
Wilmington, Delaware, 19890-0001, Attention: Corporate Trust Administration.

          “Debenture
Event of Default” means an “Event of Default” as defined in Section 7.1 of the
Indenture.

          “Debenture
Redemption Date” means, with respect to any Debentures to be redeemed under the
Indenture, the date fixed for redemption under the Indenture.

          “Debenture
Trustee” means Wilmington Trust Company, a banking corporation organized under
the laws of the State of Delaware and any successor thereto, as trustee under
the Indenture.

          “Debentures”
means up to $30,928,000 aggregate principal amount of the Depositor’s 7.00%
Subordinated Debentures due 2039, issued pursuant to the Indenture.

          “Delaware
Bank” has the meaning specified in the Preamble to this Trust Agreement.

          “Delaware
Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12
Delaware Code Sections 3801 et seq. as it may be amended from time to time.

          “Delaware
Trustee” means the commercial bank or trust company identified as the “Delaware
Trustee” in the Preamble to this Trust Agreement solely in its capacity as
Delaware Trustee of the Trust formed and continued hereunder and not in its
individual capacity, or its successor in interest in such capacity, or any
successor trustee appointed as herein provided.

          “Depositor”
has the meaning specified in the Preamble to this Trust Agreement.

          “Distribution
Date” has the meaning specified in Section 4.01(a).

4

          “Distributions”
means amounts payable in respect of the Trust Securities as provided in Section
4.01.

          “Early
Termination Event” has the meaning specified in Section 10.02.

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

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

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

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

          (d)     default
in the performance, or breach, in any material respect, of any covenant or
warranty of the Trustees in this Trust Agreement (other than a covenant or
warranty a default in the performance of which or the breach of which is dealt
with in clause (b) or (c), above) and continuation of such default or breach
for a period of sixty (60) days after there has been given, by registered or
certified mail, to the defaulting Trustee or Trustees by the Holders of at
least 25% in aggregate Liquidation Amount of the Outstanding Preferred
Securities a written notice specifying such default or breach and requiring it
to be remedied and stating that such notice is a “Notice of Default” hereunder;
or

          (e)     the
occurrence of a Bankruptcy Event with respect to the Property Trustee and the
failure by the Depositor to appoint a successor Property Trustee within sixty
(60) days thereof.

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

          “Expense
Agreement” means the Agreement as to Expenses and Liabilities between the
Depositor and the Trust, substantially in the form attached as Exhibit C,
as amended from time to time.

          “Expiration
Date” has the meaning specified in Section 10.01.

           “Extended
Interest Period” has the meaning specified in Section 4.1 of the Indenture.

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

5

          “Indenture”
means the Indenture, dated as of April 10, 2009, between the Depositor and the
Debenture Trustee, as trustee, as amended or supplemented from time to time,
pertaining to the Debentures of the Depositor.

          “Investment
Company Act,” means the Investment Company Act of 1940, as amended, as in
effect at the date of execution of this instrument.

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

          “Like
Amount” means (a) with respect to a redemption of Trust Securities, Trust
Securities having an aggregate Liquidation Amount equal to the aggregate
principal amount of Debentures to be contemporaneously redeemed in accordance
with the Indenture and the proceeds of which shall be used to pay the
Redemption Price of such Trust Securities; and (b) with respect to a
distribution of Debentures to Holders of Trust Securities in connection with a
termination or liquidation of the Trust, Debentures having a principal amount
equal to the Liquidation Amount of the Trust Securities of the Holder to whom
such Debentures are distributed. Each Debenture distributed pursuant to clause
(b) above shall carry with it accrued interest in an amount equal to the
accrued and unpaid interest then due on such Debenture.

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

          “Liquidation
Date” means the date on which Debentures are to be distributed to Holders of
Trust Securities in connection with a termination and liquidation of the Trust
pursuant to Section 10.04(a).

          “Liquidation
Distribution” has the meaning specified in Section 10.04(d).

          “Officers’
Certificate” means a certificate signed by the Chief Executive Officer,
President, or Executive Vice President and by the Chief Financial Officer,
Treasurer, Assistant Treasurer or the Controller of the Depositor, or with
respect to any Administrative Trustee, signed by such Administrative Trustee
and delivered to the appropriate Trustee. One of the officers signing an
Officers’ Certificate given pursuant to Section 9.15 shall be the principal
executive, financial or accounting officer of the Depositor. Any Officers’
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Trust Agreement shall include:

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

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

          (c)     a
statement that each such officer has made such examination or investigation as,
in such officer’s opinion, is necessary to enable such officer to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and

6

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

          “Opinion of
Counsel” means an opinion in writing of independent outside legal counsel, who
may be counsel for the Trust, the Property Trustee, the Delaware Trustee or the
Depositor, and who shall be reasonably acceptable to the Property Trustee.

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

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

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

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

          (c)     the
Preferred Securities which have been paid or in exchange for or in lieu of
which other Preferred Securities have been executed and delivered pursuant to
Sections 5.04, 5.05, 5.11and 5.14; provided, however, that in determining
whether the Holders of the requisite Liquidation Amount of the Outstanding
Preferred Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the Preferred Securities owned by the
Depositor, any Trustee or any Affiliate of the Depositor or any Trustee shall
be disregarded and deemed not to be Outstanding, except that (i) in determining
whether any Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only the Preferred
Securities that such Trustee knows to be so owned shall be so disregarded; and
(ii) the foregoing shall not apply at any time when all of the Outstanding
Preferred Securities are owned by the Depositor, one or more of the Trustees
and/or any such Affiliate. The Preferred Securities so owned which have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Administrative Trustees the pledgee’s right so to
act with respect to such Preferred Securities and the pledgee is not the
Depositor or any other Obligor upon the Preferred Securities or a Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with the Depositor or any Affiliate of the Depositor.

          “Paying
Agent” means any paying agent or co-paying agent appointed pursuant to Section
5.09 and shall initially be the Bank.

          “Payment
Account” means a segregated non-interest-bearing corporate trust account
maintained by the Property Trustee with the Bank in its trust department for
the benefit of the Securityholders in which all amounts paid in respect of the
Debentures shall be held and from which the Property Trustee shall make
payments to the Securityholders in accordance with Sections 4.01 and 4.02.

7

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

          “Preferred
Security” means an undivided beneficial interest in the assets of the Trust,
having a Liquidation Amount of $1,000 and having the rights provided therefor
in this Trust Agreement, including the right to receive Distributions and a
Liquidation Distribution as provided herein.

          “Preferred
Securityholder” means a holder of a Preferred Security.

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

          “Property
Trustee” means the commercial bank or trust company identified as the “Property
Trustee,” in the Preamble to this Trust Agreement solely in its capacity as
Property Trustee of the Trust heretofore formed and continued hereunder and not
in its individual capacity, or its successor in interest in such capacity, or
any successor property trustee appointed as herein provided.

          “Redemption
Date” means, with respect to any Trust Security to be redeemed, the date fixed
for such redemption by or pursuant to this Trust Agreement; provided that each
Debenture Redemption Date and the stated maturity of the Debentures shall be a
Redemption Date for a Like Amount of Trust Securities.

          “Redemption
Price” means, with respect to any Trust Security, the Liquidation Amount of
such Trust Security, plus accumulated and unpaid Distributions to the Redemption
Date, paid by the Depositor upon the concurrent redemption of a Like Amount of
Debentures, allocated on a pro rata basis (based on Liquidation Amounts) among
the Trust Securities.

          “Relevant
Trustee” shall have the meaning specified in Section 9.10.

          “Securities
Act” means the Securities Act of 1933, as amended from time to time, or any
successor legislation.

          “Securities
Register” and “Securities Registrar” have the respective meanings specified in
Section 5.04.

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

          “Subscription
Agreement” means that form of Subscription Agreement executed by the Preferred
Securityholders and the Trust.

8

          “Trust”
means the Delaware statutory trust continued hereby and identified on the cover
page to this Trust Agreement.

          “Trust
Agreement” means this Amended and Restated Trust Agreement, as the same may be
modified, amended or supplemented in accordance with the applicable provisions
hereof, including all exhibits hereto, including, for all purposes of this
Trust Agreement and any such modification, amendment or supplement, the
provisions of the Trust Indenture Act that are deemed to be a part of and
govern this Trust Agreement and any such modification, amendment or supplement,
respectively.

          “Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, as in force
at the date as of which this instrument was executed; provided, however, that
in the event the Trust Indenture Act of 1939, as amended, is amended after such
date, “Trust Indenture Act” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended.

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

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

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

          “Trustees”
means, collectively, the Property Trustee, the Delaware Trustee and the
Administrative Trustees.

ARTICLE II.

ESTABLISHMENT OF THE TRUST

2.01.          Name.
The Trust continued hereby shall be known as “TOMPKINS CAPITAL TRUST I,” as
such name may be modified from time to time by the Administrative Trustees
following written notice to the Holders of Trust Securities and the other
Trustees, in which name the Trustees may engage in the transactions
contemplated hereby, make and execute contracts and other instruments on behalf
of the Trust and sue and be sued.

2.02.          Office
of the Delaware Trustee; Principal Place of Business. The address of
the Delaware Trustee in the State of Delaware is c/o Wilmington Trust Company,
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001,
Attention: Corporate Trust Administration, or such other address in the State
of Delaware as the Delaware Trustee may designate by written notice to the
Securityholders and the Depositor. The principal executive office of the Trust
is c/o Tompkins Financial Corporation, 110 North Tioga Street, Ithaca, New York
14850, Attention: Chief Financial Officer.

2.03.          Initial
Contribution of Trust Property; Organizational Expenses. The
Trustees acknowledge receipt in trust from the Depositor in connection with the
Original Trust Agreement of the sum of $1, which constituted the initial Trust
Property. The Depositor shall pay organizational expenses of the Trust as they
arise or shall, upon request of any Trustee, promptly reimburse such Trustee
for any such expenses paid by such Trustee. The Depositor shall make no claim
upon the Trust Property for the payment of such expenses.

9

2.04.          Issuance
of the Preferred Securities. On April 10, 2009, the Depositor, on
behalf of the Trust and pursuant to the Original Trust Agreement, executed and
delivered the Subscription Agreements which action is hereby authorized,
approved and ratified in all respects. Contemporaneously with the execution and
delivery of this Trust Agreement, an Administrative Trustee, on behalf of the
Trust, shall execute in accordance with Section 5.02, and , after authenticated
by the Property Trustee, deliver in accordance with the Subscription
Agreements, Preferred Securities Certificates, registered in the name of the
Persons entitled thereto, in an aggregate amount of 15,000 Preferred Securities
having an aggregate Liquidation Amount of $15,000,000 against receipt of the
aggregate purchase price of such Preferred Securities of $15,000,000, which
amount such Administrative Trustee shall promptly deliver to the Depositor as
partial payment for the Debentures to be issued to the Trust in accordance with
Section 2.05(a). If the Depositor elects to have a second closing, then, upon
the order of the Depositor, an Administrative Trustee, on behalf of the Trust,
shall execute in accordance with Section 5.02 and, after authenticated by the
Property Trustee, deliver in accordance with the additional Subscription
Agreements, Preferred Securities, registered in the name of the Persons
entitled thereto, in a specified aggregate amount not to exceed $15,000,000
against receipt of the aggregate purchase price of such Preferred Securities of
up to $15,000,000, which amount such Administrative Trustee shall promptly
deliver to the Depositor as partial payment for the Debentures to be issued to
the Trust in accordance with Section 2.05(b).

2.05.          Issuance of
Common Securities; Subscription and Purchase of the Debentures.

          (a)     Contemporaneously
with the execution and delivery of this Trust Agreement, an Administrative
Trustee, on behalf of the Trust, shall execute in accordance with Section 5.02
and deliver to the Depositor, Common Securities Certificates, registered in the
name of the Depositor, in an aggregate amount of 480 Common Securities having
an aggregate Liquidation Amount of $480,000. Contemporaneously therewith, an
Administrative Trustee, on behalf of the Trust, shall subscribe to and purchase
from the Depositor Debentures, registered in the name of the Property Trustee
on behalf of the Trust and having an aggregate principal amount equal to
$15,480,000, and, in satisfaction of the purchase price for such Debentures,
the Administrative Trustees, on behalf of the Trust, shall, in addition to the
Common Securities described above, deliver to the Depositor the aggregate
purchase price of the Preferred Securities referred to in Section 2.04(a) above
equal to $15,000,000.

          (b)     If
the Depositor elects to have a second closing, then an Administrative Trustee,
on behalf of the Trust, shall execute in accordance with Section 5.02 and
deliver to the Depositor, Common Securities Certificates, registered in the
name of the Depositor, in an additional aggregate amount of up to 448 Common
Securities, having an aggregate Liquidation Amount of up to $448,000.
Contemporaneously therewith, an Administrative Trustee, on behalf of the Trust
shall subscribe to and purchase from the Depositor, additional Debentures,
registered in the name of the Property Trustee on behalf of the Trust and
having an aggregate principal amount of up to $15,448,000, and, in satisfaction
of the purchase price of such Debentures, the Administrative Trustees, on
behalf of the Trust, shall, in addition to the Common Securities described
above, deliver to the Depositor the aggregate purchase price of the Preferred
Securities referred to in Section 2.04(b) above of up to $15,000,000.

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2.06.          Declaration
of Trust. The exclusive purposes and functions of the Trust are (a)
to issue and sell Trust Securities and use the proceeds from such sale to
acquire the Debentures; and (b) to engage in those activities necessary,
convenient or incidental thereto. The Depositor hereby appoints the Trustees as
trustees of the Trust, to have all the rights, powers and duties to the extent
set forth herein, and the Trustees hereby accept such appointment. The Property
Trustee hereby declares that it shall hold the Trust Property in trust upon and
subject to the conditions set forth herein for the benefit of the Securityholders.
The Administrative Trustees shall have all rights, powers and duties set forth
herein and in accordance with applicable law with respect to accomplishing the
purposes of the Trust. The Delaware Trustee shall not be entitled to exercise
any powers, nor shall the Delaware Trustee have any of the duties and
responsibilities, of the Property Trustee or the Administrative Trustees set
forth herein. The Delaware Trustee shall be one of the Trustees of the Trust
for the sole and limited purpose of fulfilling the requirements of Section 3807
of the Delaware Statutory Trust Act.

2.07.          Authorization
to Enter Into Certain Transactions.

          (a)     The
Trustees shall conduct the affairs of the Trust in accordance with the terms of
this Trust Agreement. Subject to the limitations set forth in paragraph (b) of
this Section 2.07 and Article VIII, and in accordance with the following
provisions (i) and (ii) of this Section 2.07(a), the Administrative Trustees
shall have the authority to enter into all transactions and agreements
determined by the Administrative Trustees to be appropriate in exercising the
authority, express or implied, otherwise granted to the Administrative Trustees
under this Trust Agreement, and to perform all acts in furtherance thereof,
including without limitation, the following:

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

                              (a)     the
issuance and sale of the Trust Securities and the compliance with the
Subscription Agreements in connection therewith;

                              (b)     to
cause the Trust to enter into, and to execute, deliver and perform on behalf of
the Trust, the Expense Agreement and such other agreements or documents as may
be necessary or desirable in connection with the purposes and function of the
Trust;

                              (c)     assisting
in obtaining registration exemptions for the Preferred Securities under the
Securities Act, and under state securities or blue sky laws, and the
qualification of this Trust Agreement as a trust indenture under the Trust
Indenture Act;

                              (d)     the
sending of notices (other than notices of default) and other information
regarding the Trust Securities and the Debentures to the Securityholders in
accordance with this Trust Agreement;

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                              (e)     the
appointment of a Paying Agent and Securities Registrar in accordance with this
Trust Agreement;

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

                              (g)     to
take all action that may be necessary or appropriate for the preservation and
the continuation of the Trust’s valid existence, rights, franchises and
privileges as a statutory trust under the laws of the State of Delaware and of
each other jurisdiction in which such existence is necessary to protect the
limited liability of the Holders of the Preferred Securities or to enable the
Trust to effect the purposes for which the Trust was created; and

                              (h)     the
taking of any action incidental to the foregoing as the Administrative Trustees
may from time to time determine is necessary or advisable to give effect to the
terms of this Trust Agreement for the benefit of the Securityholders (without
consideration of the effect of any such action on any particular
Securityholder).

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

                              (a)     the
establishment of the Payment Account;

                              (b)     the
receipt of the Debentures;

                              (c)     the
collection of interest, principal and any other payments made in respect of the
Debentures in the Payment Account;

                              (d)     the
distribution of amounts owed to the Securityholders in respect of the Trust
Securities in accordance with the terms of this Trust Agreement;

                              (e)     the
exercise of all of the rights, powers and privileges of a holder of the
Debentures;

                              (f)     the
sending of notices of default and other information regarding the Trust
Securities and the Debentures to the Securityholders in accordance with this
Trust Agreement;

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

                              (h)     to
the extent provided in this Trust Agreement, the winding up of the affairs of
and liquidation of the Trust;

                              (i)     after
an Event of Default, the taking of any action incidental to the foregoing as
the Property Trustee may from time to time determine is necessary or advisable
to give effect to the terms of this Trust Agreement and protect and conserve
the Trust Property for the benefit of the Securityholders (without
consideration of the effect of any such action on any particular
Securityholder);

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                              (j)     registering
transfers of the Trust Securities in accordance with this Trust Agreement; and

                              (k)     except
as otherwise provided in this Section 2.07(a)(ii), the Property Trustee shall
have none of the duties, liabilities, powers or the authority of the
Administrative Trustees set forth in Section 2.07(a)(i).

          (b)     So
long as this Trust Agreement remains in effect, the Trust (or the Trustees
acting on behalf of the Trust) shall not undertake any business, activities or
transaction except as expressly provided herein or contemplated hereby. In
particular, the Trustees shall not (i) acquire any investments or engage in any
activities not authorized by this Trust Agreement; (ii) sell, assign, transfer,
exchange, mortgage, pledge, set-off or otherwise dispose of any of the Trust
Property or interests therein, including to Securityholders, except as
expressly provided herein; (iii) take any action that would cause the Trust to
fail or cease to qualify as a “grantor trust” for United States federal income
tax purposes; (iv) incur any indebtedness for borrowed money or issue any other
debt; or (v) take or consent to any action that would result in the placement
of a Lien on any of the Trust Property. The Administrative Trustees shall
defend all claims and demands of all Persons at any time claiming any Lien on
any of the Trust Property adverse to the interest of the Trust or the
Securityholders in their capacity as Securityholders.

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

                  (i)     the
preparation and filing by the Trust with the Commission and applicable state
securities regulators the documents necessary to secure applicable state and
federal registration exemptions in relation to the Preferred Securities and the
Debentures (the “Exemptions”), including any amendments thereto;

                  
(ii)     the determination of the states in which to
take appropriate action to qualify for Exemptions and to do any and all such
acts, other than actions which must be taken by or on behalf of the Trust, and
advise the Trustees of actions they must take on behalf of the Trust, and
prepare for execution and filing any documents to be executed and filed by the
Trust or on behalf of the Trust, as the Depositor deems necessary or advisable
in order to comply with the applicable laws of any such states;

                  (iii)     the
negotiation of the terms of, and the execution and delivery of, the
Subscription Agreements providing for the sale of the Preferred Securities;

                  (iv)     the
taking of any other actions necessary or desirable to carry out any of the
foregoing activities; and,

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                  (v)     taking
such steps as may be necessary to ensure compliance with applicable federal and
state securities laws, or exemptions therefrom, in connection with the transfer
or conversion of the Preferred Securities.

          (d)     Notwithstanding
anything herein to the contrary, the Administrative Trustees are authorized and
directed to conduct the affairs of the Trust and to operate the Trust so that
the Trust shall not be deemed to be an “investment company” required to be
registered under the Investment Company Act, shall be classified as a “grantor
trust” and not as an association taxable as a corporation for United States
federal income tax purposes and so that the Debentures shall be treated as
indebtedness of the Depositor for United States federal income tax purposes. In
this connection, subject to Section 11.02, the Depositor and the Administrative
Trustees are authorized to take any action and the Administrative Trustees are
authorized to direct the Property Trustee in writing to take any action, not
inconsistent with applicable law or this Trust Agreement, that each of the
Depositor and the Administrative Trustees determines in their discretion to be
necessary or desirable for such purposes. The Property Trustee shall take any
action so directed by one or more of the Administrative Trustees.

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

2.09.          Title
to Trust Property. Legal title to all Trust Property shall be vested
at all times in the Property Trustee (in its capacity as such) and shall be
held and administered by the Property Trustee for the benefit of the
Securityholders in accordance with this Trust Agreement.

ARTICLE III.

PAYMENT ACCOUNT

3.01.          Payment
Account.

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

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

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ARTICLE IV.

DISTRIBUTIONS; REDEMPTION

4.01.          Distributions.

          (a)     Distributions
on the Trust Securities shall be cumulative, and shall accumulate whether or
not there are funds of the Trust available for the payment of Distributions.
Distributions shall accumulate from the date of issuance of the Trust
Securities, and, except during any Extended Interest Period with respect to the
Debentures, shall be payable quarterly in arrears on March 15, June 15,
September 15 and December 15 of each year, commencing on June 15, 2009. If any
date on which a Distribution is otherwise payable on the Trust Securities is
not a Business Day, then the payment of such Distribution shall be made on the
next succeeding day that is a Business Day (and without any interest or other
payment in respect of any such delay) except that if such Business Day is in
the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day (and without any reduction in interest or
any other payment in respect of any such acceleration), in each case with the
same force and effect as if made on such date (each date on which distributions
are payable in accordance with this Section 4.01(a), a “Distribution Date”).

          (b)     The
Trust Securities represent undivided beneficial interests in the Trust
Property. Distributions on the Trust Securities shall be payable at a rate of
7.00% per annum of the Liquidation Amount of the Trust Securities. The amount
of Distributions payable for any full period shall be computed on the basis of
a 360-day year of twelve 30-day months. The amount of Distributions for any
partial period shall be computed on the basis of the number of days elapsed in
a 360-day year of twelve 30-day months. During any Extended Interest Period
with respect to the Debentures, Distributions on the Preferred Securities shall
be deferred for a period equal to the Extended Interest Period. The amount of
Distributions payable for any period shall include the Additional Amounts, if
any.

          (c)     Distributions
on the Trust Securities shall be made by the Property Trustee solely from the
Payment Account and shall be payable on each Distribution Date only to the
extent that the Trust has funds then on hand and immediately available by 12:30
p.m. on each Distribution Date in the Payment Account for the payment of such
Distributions.

          (d)     Distributions
on the Trust Securities with respect to a Distribution Date shall be payable to
the Holders thereof as they appear on the Securities Register for the Trust
Securities on the relevant record date, which shall be one Business Day immediately
preceding the Distribution Date.

4.02.          Redemption.

          (a)     On
each Debenture Redemption Date and at maturity of the Debentures, the Trust
shall be required to redeem a Like Amount of Trust Securities at the Redemption
Price.

          (b)     Notice
of redemption shall be given by the Property Trustee by first-class mail,
postage prepaid, mailed not less than thirty (30) nor more than sixty (60) days
prior to the Redemption Date to each Holder of Trust Securities to be redeemed,
at such Holder’s address appearing in the Securities Register. The Property
Trustee shall have no responsibility for the accuracy of any CUSIP number
contained in such notice. All notices of redemption shall state:

                  (i)     the
Redemption Date;

                  
(ii)     the Redemption Price;

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(iii)     the CUSIP number;

                  
(iv)     if less than all the outstanding Trust
Securities are to be redeemed, the identification and the aggregate Liquidation
Amount of the particular Trust Securities to be redeemed;

                  
(v)     that, on the Redemption Date, the Redemption
Price shall become due and payable upon each such Trust Security to be redeemed
and that Distributions thereon shall cease to accumulate on and after said
date, except as provided in Section 4.02(d); and

                  
(vi)     the place or places at which Trust Securities
are to be surrendered for the payment of the Redemption Price.

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

          (d)     If
the Property Trustee gives a notice of redemption in respect of any Preferred
Securities, then, by 12:00 noon, New York City time, on the Redemption Date,
subject to Section 4.02(c), the Property Trustee, subject to Section 4.02(c),
shall deposit with the Paying Agent funds sufficient to pay the applicable
Redemption Price and shall give the Paying Agent irrevocable instructions and
authority to pay the Redemption Price to the record holders thereof upon
surrender of their Preferred Securities Certificates. Notwithstanding the
foregoing, Distributions payable on or prior to the Redemption Date for any
Trust Securities called for redemption shall be payable to the Holders of such
Trust Securities as they appear on the Securities Register for the Trust
Securities on the relevant record dates for the related Distribution Dates. If
notice of redemption shall have been given and funds deposited as required,
then upon the date of such deposit, (i) all rights of Securityholders holding
Trust Securities so called for redemption shall cease, except the right of such
Securityholders to receive the Redemption Price, but without interest, (ii)
such Trust Securities shall cease to be Outstanding, (iii) all Trust Securities
Certificates will be deemed to represent Debentures having a principal amount
equal to the stated Liquidation Amount of the Trust Securities represented
thereby and bearing accrued and unpaid interest in an amount equal to the
accumulated and unpaid Distributions on such Trust Securities until such
certificates are presented to the Securities Registrar for transfer or reissuance.
In the event that any date on which any Redemption Price is payable is not a
Business Day, then payment of the Redemption Price payable on such date shall
be made on the next succeeding day that is a Business Day (and without any
interest or other payment in respect of any such delay) except that, if such
Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day (and without any reduction of
interest or any other payment in respect of any such acceleration), in each
case with the same force and effect as if made on such date. In the event that
payment of the Redemption Price in respect of any Trust Securities called for
redemption is improperly withheld or refused and not paid either by the Trust
or by the Depositor pursuant to the Guarantee, Distributions on such Trust
Securities shall continue to accumulate, at the then applicable rate, from the
Redemption Date originally established by the Trust for such Trust Securities
to the date such Redemption Price is actually paid, in which case the actual
payment date shall be the date fixed for redemption for purposes of calculating
the Redemption Price.

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          (e)     Payment
of the Redemption Price on the Trust Securities shall be made to the record
holders thereof as they appear on the Securities Register for the Trust
Securities on the relevant record date, which shall be one Business Day
immediately preceding the Redemption Date.

          (f)     Subject
to Section 4.04(a), if less than all the Outstanding Trust Securities are to be
redeemed on a Redemption Date, then the aggregate Liquidation Amount of Trust
Securities to be redeemed shall be allocated on a pro rata basis (based on
Liquidation Amounts) among the Common Securities and the Preferred Securities.
The particular Preferred Securities to be redeemed shall be selected not more
than sixty (60) days prior to the Redemption Date by the Property Trustee from
the Outstanding Preferred Securities not previously called for redemption, by
such method (including, without limitation, by lot) as the Property Trustee
shall deem fair and appropriate and which may provide for the selection for
redemption of portions (equal to such Liquidation Amount or an integral
multiple of such Liquidation Amount in excess thereof) of the Liquidation
Amount of the Preferred Securities of a denomination larger than such
Liquidation Amount; provided, however, in the event the redemption relates only
to Preferred Securities purchased and held by the Depositor being redeemed for
a Like Amount of Debentures (as described in Section 3.3(b) of the Indenture),
the Property Trustee shall select those particular Preferred Securities for
redemption. The Property Trustee shall promptly notify the Securities Registrar
in writing of the Preferred Securities selected for redemption and, in the case
of any Preferred Securities selected for partial redemption, the Liquidation
Amount thereof to be redeemed. For all purposes of this Trust Agreement, unless
the context otherwise requires, all provisions relating to the redemption of
the Preferred Securities shall relate, in the case of any Preferred Securities
redeemed or to be redeemed only in part, to the portion of the Liquidation
Amount of the Preferred Securities which has been or is to be redeemed.

4.03.          Conversion.
The Securityholders shall have the right during specified annual windows
commencing in 2019 (but subject to prior redemption by the Trust), but prior to
the close of business on the Business Day immediately preceding the date of
repayment of the Trust Securities at maturity, to cause the Conversion Agent to
convert Trust Securities, on behalf of the converting Securityholders, into
shares of the Common Stock in the manner described herein on and subject to the
following terms and conditions:

          (a)     The
Trust Securities shall be convertible at the office of the Conversion Agent
into fully paid and nonassessable shares of Common Stock pursuant to the
Securityholder’s direction to the Conversion Agent to exchange such Trust
Securities for a portion of the Debentures theretofore held by the Trust on the
basis of one Security per $1,000 principal amount of Debentures, and
immediately convert such amount of Debentures into fully paid and nonassessable
shares of Common Stock of the Depositor at a conversion price determined as
follows. The conversion price shall be the greater of: (i) $41.35 (the “Floor
Price”); and (ii) the average Closing Sales Prices of Common Stock for each of
the trading days in the first three months of the calendar year in which the
conversion takes place. The conversion price shall be subject to certain
adjustments set forth in the terms of the Debentures (as so adjusted, the
“Conversion Ratio”). The number of shares issuable upon conversion of the
principal amount of Debentures shall be determined by dividing such principal
amount by the Conversion Ratio. 

17

          (b)     Any
conversions permitted in Section 4.03(a) shall be effected annually on April 15
of each year, commencing April 15, 2019; provided that if the applicable April
15th is not a Business Day the conversion shall be effected on the
next succeeding Business Day. In order to convert Trust Securities into Common
Stock, the Holder must submit the documents identified in Section 4.03(c) to
the Conversion Agent between January 1 and March 31 of the year in which the
Securityholder requests conversion.

          (c)     In
order to convert Trust Securities into Common Stock, the Holder must submit to
the Conversion Agent an irrevocable request to convert Trust Securities on
behalf of such Holder (the “Conversion Request”), together, if the Trust
Securities are in certificated form, with such Trust Security Certificates. The
Conversion Request shall be in substantially the form contained in Exhibit D
hereof, and shall (i) set forth the number of Trust Securities to be converted
and the name or names, if other than the Holder, in which the shares of Common
Stock should be issued, and (ii) direct the Conversion Agent (A) to exchange
such Trust Securities for a portion of the Debentures held by the Trust (at the
rate of exchange specified in Section 4.03(a) hereof), and (B) to immediately
convert such Debentures on behalf of such Holder into Common Stock (at the
Conversion Ratio specified in Section 4.03(a) hereof. The Conversion Agent
shall notify the Trust of the Holder’s election to exchange Trust Securities
for a portion of the Debentures held by the Trust, and the Property Trustee on
behalf of the Trust shall, upon receipt of such notice, deliver to the
Conversion Agent the appropriate principal amount of Debentures for exchange in
accordance with this Section 4.03. The Conversion Agent shall thereupon notify
the Depositor of the Holder’s election to convert such Debentures into shares
of Common Stock.

          (d)     Holders
of Preferred Securities at the close of business on a record date for payment
of Distributions shall be entitled to receive the Distribution payable on such
Preferred Securities on the corresponding Distribution Date notwithstanding the
conversion of such Preferred Securities following the distribution record date.
Except as provided above, neither the Trust nor the Depositor shall make, or be
required to make, any payment, allowance or adjustment upon any conversion on
account of any accumulated and unpaid Distributions accrued on the Trust
Securities (including any Additional Amount) surrendered for conversion, or on
account of any accumulated and unpaid dividends, if any, on the shares of
Common Stock issued upon such conversion. The Depositor shall make no payment
or allowance for distributions on the shares of Common Stock issued upon such
conversion, except to the extent that such shares of Common Stock are held of
record on the record date for any such distributions and except as provided in
Section 4.2(b) of the Indenture. Trust Securities shall be deemed to have been
converted immediately prior to the close of business on the April 15th
following the date the Conversion Request relating to such Trust Securities is
received by the Trust in accordance with the foregoing provisions of this
Section 4.03 (the “Conversion Date”). The Person or Persons entitled to receive
the Common Stock issuable upon conversion of the Debentures shall be treated for
all purposes as the record holder or holders of such Common Stock at such time.
As promptly as practicable on or after the Conversion Date, the Depositor shall
issue and deliver at the office of the Conversion Agent a certificate or
certificates for the number of full shares of Common Stock issuable upon such
conversion, together with the cash payment, if any, in lieu of any fraction of
any share to the Person or Persons entitled to receive the same as provided in
Section 4.03(f) hereof, unless otherwise directed by the Holder in the
Conversion Request, and the Conversion Agent shall distribute such certificate
or certificates to such Person or Persons.

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          (e)     Each
Holder of a Trust Security by his acceptance thereof appoints the Conversion Agent
for the purpose of effecting the conversion of Trust Securities in accordance
with this Section 4.03. In effecting the conversion and transactions described
in this Section 4.03, the Conversion Agent shall be acting as agent of the
Securityholders directing it to effect such conversion transactions. The
Conversion Agent is hereby authorized (i) to exchange Trust Securities from
time to time for Debentures held by the Trust in connection with the conversion
of such Trust Securities in accordance with this Section 4.03, and (ii) to
convert all or a portion of the Debentures into Common Stock and thereupon to
deliver such shares of Common Stock in accordance with the provisions of this
Section 4.03 and to deliver to the Trust a new Debenture or Debentures for any
resulting unconverted principal amount. In connection with any conversion, the
Depositor will furnish information to the Debenture Trustee and the Conversion
Agent establishing the TMP Common Stock Per Share Value (and, if appropriate,
that the Floor is to be used instead of such TMP Common Stock Per Share Value),
and the Debenture Trustee and Conversion Agent shall be authorized and entitled
to conclusively rely thereon.

          (f)     No
fractional shares of Common Stock shall be issued as a result of conversion,
but in lieu thereof, the Company shall pay to the Conversion Agent a cash
adjustment in an amount equal to the same fraction of the last Closing Sale
Price of such fractional interest on the date on which the Preferred Securities
were duly surrendered to the Conversion Agent for conversion, or, if such day
is not a Trading Day, on the next Trading Day, and the Conversion Agent in turn
shall make such payment, if any, to the holder of the Preferred Securities so
converted.

          (g)     The
Depositor shall at all times reserve and keep available out of its authorized
and unissued Common Stock, solely for issuance upon the conversion of the
Debentures, free from any preemptive or other similar rights, such number of
shares of Common Stock as shall from time to time be issuable upon the
conversion of all of the Debentures then outstanding. Notwithstanding the
foregoing, the Depositor shall be entitled to deliver, upon conversion of
Debentures, shares of Common Stock reacquired and held in the treasury of the
Depositor (in lieu of the issuance of authorized and unissued shares of Common
Stock), so long as any such treasury shares are free and clear of all liens,
charges, security interests or encumbrances. Any shares of Common Stock issued upon
conversion of the Debentures shall be duly authorized, validly issued, fully
paid and nonassessable. The Trust shall deliver the shares of Common Stock of
the Depositor received upon conversion of the Debentures to the converting
Holder free and clear of all liens, charges, security interests and
encumbrances, except for United States withholding taxes. Each of the Depositor
and the Trust shall prepare and shall use its best efforts to obtain and keep
in force such governmental or regulatory permits or other authorizations as may
be required by law, and shall comply with all applicable requirements as to
registration or qualification of the Common Stock (and all requirements to list
the Common Stock issuable upon conversion of Debentures that are at the time
applicable), in order to enable the Depositor to lawfully issue Common Stock to
the Trust upon conversion of the Debentures and the Trust to lawfully deliver
the Common Stock to each Holder upon conversion of the Trust Securities.

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          (h)     The
Depositor shall pay any and all taxes that may be payable in respect of the
issue or delivery of shares of Common Stock on conversion of Debentures and the
delivery of the shares of Common Stock by the Trust upon conversion of the
Trust Securities. The Depositor shall not, however, be required to pay any tax
that may be payable in respect of any transfer involved in the issue and
delivery of shares of Common Stock in a name other than that in which the Trust
Securities so converted were registered, and no such issue or deliver shall be
made unless and until the person requesting such issue has paid to the Trust
the amount of any such tax or has established to the satisfaction of the Trust
that has been paid.

          (i)     The
Depositor’s obligation to issue shares of Common Stock shall be subject to
compliance with any and all applicable federal and state securities laws and
the rules and regulations of any stock exchange on which shares of Common Stock
may be listed. The Depositor reserves the right to suspend or terminate the
conversion rights set forth herein if: (i) any governmental or regulatory
authority so requires; or (ii) it determines that such conversion would be
unlawful. The shares of Common Stock to be issued in conversion will not be
registered under the Securities Act of 1933, as amended (the “Act”), or any
state securities law and the Depositor is under no obligation to register such
shares. As such, the Holder understands that any shares of Common Stock into
which the Trust Securities may be converted will constitute “restricted
securities” under the Act and, as such may not be resold or transferred without
registration under the Act or applicable state securities laws, or an
applicable exemption from registration. The Holder further acknowledges that
any certificate representing the Common Stock issued upon any conversion will
bear a legend with respect to such restrictions. Each Holder of a Trust
Preferred Security by his, her or its acceptance thereof, covenants agrees
that, at the time of any conversion thereof, such Holder will deliver to the
Depositor and the Conversion Agent a written certification that the Common
Stock acquired by the Holder upon conversion are for the account of the Holder
and acquired for investment purposes only and not with a view to, or for sale
in connection with, any public distribution thereof. The Conversion Agent may
conclusively rely on such certificate and shall have no duty to ensure that the
conversion or the issuance of the Common Stock complies with applicable federal
and state securities laws or exemptions therefrom.

          (j)     Nothing
in the preceding Section 4.03 shall limit the requirements of the Trust to
withhold taxes pursuant to the terms of the Trust Securities or as set forth in
this Trust Agreement or otherwise require the Property Trustee or the Trust to
pay any amount on account of such withholdings.

4.04.          Subordination
of the Common Securities.

          (a)     Payment
of Distributions (including Additional Amounts, if applicable) on, and the
Redemption Price of, the Trust Securities, as applicable, shall be made,
subject to Section 4.02(f), pro rata among the Common Securities and the
Preferred Securities based on the Liquidation Amount of the Trust Securities;
provided, however, that if on any Distribution Date or Redemption Date any
Event of Default resulting from a Debenture Event of Default shall have
occurred and be continuing, no payment of any Distribution (including
Additional Amounts, if applicable) on, or Redemption Price of, any Common
Security, and no other payment on account of the redemption, liquidation or
other acquisition of the Common Securities, shall be made unless payment in
full in cash of all accumulated and unpaid Distributions (including Additional
Amounts, if applicable) on all Outstanding Preferred Securities for all
Distribution periods terminating on or prior thereto, or in the case of payment
of the Redemption Price the full amount of such Redemption Price on all
Outstanding Preferred Securities then called for redemption, shall have been
made or provided for, and all funds immediately available to the Property
Trustee shall first be applied to the payment in full in cash of all
Distributions (including Additional Amounts, if applicable) on, or the
Redemption Price of, the Preferred Securities then due and payable.

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          (b)     In
the case of the occurrence of any Event of Default resulting from a Debenture
Event of Default, the Holder of the Common Securities shall be deemed to have
waived any right to act with respect to any such Event of Default under this
Trust Agreement until the effect of all such Events of Default with respect to
the Preferred Securities shall have been cured, waived or otherwise eliminated.
Until any such Event of Default under this Trust Agreement with respect to the
Preferred Securities shall have been so cured, waived or otherwise eliminated,
the Property Trustee shall act solely on behalf of the Holders of the Preferred
Securities and not the Holder of the Common Securities, and only the Holders of
the Preferred Securities shall have the right to direct the Property Trustee to
act on their behalf.

4.05.          Payment
Procedures. Payments of Distributions (including Additional Amounts,
if applicable) in respect of the Preferred Securities shall be made by check
mailed to the address of the Person entitled thereto as such address shall
appear on the Securities Register. Payments in respect of the Common Securities
shall be made in such manner as shall be mutually agreed between the Property
Trustee and the Common Securityholder.

4.06.          Tax Returns
and Reports. The Administrative Trustees shall prepare (or cause to
be prepared), at the Depositor’s expense, and file all United States federal,
state and local tax and information returns and reports required to be filed by
or in respect of the Trust. In this regard, the Administrative Trustees shall
(a) prepare and file (or cause to be prepared and filed) the appropriate
Internal Revenue Service form required to be filed in respect of the Trust in
each taxable year of the Trust; and (b) prepare and furnish (or cause to be
prepared and furnished) to each Securityholder the appropriate Internal Revenue
Service forms required to be furnished to such Securityholder or the
information required to be provided on such forms. The Administrative Trustees
shall provide the Depositor with a copy of all such returns and reports
promptly after such filing or furnishing. The Property Trustee shall comply
with United States federal withholding and backup withholding tax laws and
information reporting requirements with respect to any payments to the
Securityholders under the Trust Securities.

4.07.          Payment of
Taxes, Duties, Etc. of the Trust. Upon receipt under the Debentures
of Additional Payments, the Property Trustee, at the direction of an
Administrative Trustee or the Depositor, shall promptly pay any taxes, duties
or governmental charges of whatsoever nature (other than withholding taxes)
imposed on the Trust by the United States or any other taxing authority.

4.08.          Payments
under the Indenture. Any amount payable hereunder to any Holder of
Preferred Securities shall be reduced by the amount of any corresponding
payment such Holder has directly received under the Indenture pursuant to
Section 5.14(b) or 5.14(c) hereof.

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ARTICLE V.

THE TRUST SECURITIES CERTIFICATES

5.01.          Initial
Ownership. Upon the creation of the Trust and the contribution by
the Depositor pursuant to Section 2.03 and until the issuance of the Trust
Securities, and at any time during which no Trust Securities are Outstanding,
the Depositor shall be the sole beneficial owner of the Trust.

5.02.          The Trust
Securities Certificates. The Preferred Securities Certificates shall
be issued in minimum denominations of the Liquidation Amount and integral
multiples of such Liquidation Amount in excess thereof. The Common Securities
Certificates shall be issued in denominations of the Liquidation Amount and
integral multiples thereof. The Trust Securities Certificates shall be executed
on behalf of the Trust by manual or facsimile signature of at least one
Administrative Trustee. The Trust Securities Certificates bearing the manual or
facsimile signatures of individuals who were, at the time when such signatures
shall have been affixed, authorized to sign on behalf of the Trust, shall be
validly issued and entitled to the benefits of this Trust Agreement,
notwithstanding that such individuals or any of them shall have ceased to be so
authorized prior to the delivery of such Trust Securities Certificates or did
not hold such offices at the date of delivery of such Trust Securities
Certificates. A transferee of a Trust Securities Certificate shall become a
Securityholder, and shall be entitled to the rights and subject to the
obligations of a Securityholder hereunder, upon due registration of such Trust
Securities Certificate in such transferee’s name pursuant to Sections 5.04,
5.11, and 5.14.

5.03.          Execution,
Authentication and Delivery of the Trust Securities Certificates.

          (a)     On
the Closing Date, the Administrative Trustees shall cause Trust Securities
Certificates, in an aggregate Liquidation Amount as provided in Sections 2.04
and 2.05, to be executed on behalf of the Trust by the manual or facsimile
signature of at least one of the Administrative Trustees and delivered to or
upon the written order of the Depositor, signed by its Chief Executive Officer,
President, any Executive Vice President, the Treasurer or any Assistant
Treasurer without further corporate action by the Depositor, in authorized
denominations.

          (b)     A
Preferred Securities Certificate shall not be valid until authenticated by the
manual signature of an authorized signatory of the Property Trustee. The
signature shall be conclusive evidence that the Preferred Securities
Certificate has been authenticated under this Trust Agreement. Each Preferred
Security Certificate shall be dated the date of its authentication.

          (c)     Upon
the written order of the Trust signed by one of the Administrative Trustees,
the Property Trustee shall authenticate and make available for delivery the
Preferred Securities Certificates.

          (d)     The
Property Trustee may appoint an Authenticating Agent acceptable to the Trust to
authenticate the Preferred Securities. An Authenticating Agent may authenticate
the Preferred Securities whenever the Property Trustee may do so. Each
reference in this Trust Agreement to authentication by the Property Trustee
includes authentication by such agent. An Authenticating Agent has the same
rights as the Property Trustee to deal with the Depositor or the Trust.

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5.04.          Registration
of Transfer and Exchange of the Preferred Securities Certificates.

          (a)     The
Depositor shall keep or cause to be kept, at the office or agency maintained
pursuant to Section 5.08, a register or registers for the purpose of
registering the Trust Securities Certificates and transfers and exchanges of
the Preferred Securities Certificates (herein referred to as the “Securities
Register”) in which the registrar designated by the Depositor (the “Securities
Registrar”), subject to such reasonable regulations as it may prescribe, shall
provide for the registration of the Preferred Securities Certificates and the
Common Securities Certificates (subject to Section 5.10 in the case of the
Common Securities Certificates) and registration of transfers and exchanges of
the Preferred Securities Certificates as herein provided. The Property Trustee
shall be the initial Securities Registrar.

          (b)     Upon
surrender for registration of transfer of any Preferred Securities Certificate
at the office or agency maintained pursuant to Section 5.08, the Administrative
Trustees or any one of them shall execute in accordance with Section 5.02 and
the Property Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Preferred Securities
Certificates in authorized denominations of a like aggregate Liquidation Amount
dated the date of authentication. The Securities Registrar shall not be
required to register the transfer of any of the Preferred Securities that have
been called for redemption. At the option of a Holder, the Preferred Securities
Certificates may be exchanged for other Preferred Securities Certificates in
authorized denominations of the same class and of a like aggregate Liquidation
Amount upon surrender of the Preferred Securities Certificates to be exchanged
at the office or agency maintained pursuant to Section 5.08.

          (c)     Every
Preferred Securities Certificate presented or surrendered for registration of
transfer or exchange shall be accompanied by a written instrument of transfer
in form satisfactory to the Property Trustee and the Securities Registrar duly
executed by the Holder or his attorney duly authorized in writing. Each
Preferred Securities Certificate surrendered for registration of transfer or
exchange shall be canceled and subsequently disposed of by the Property Trustee
in accordance with its customary practice. The Trust shall not be required to
(i) issue, register the transfer of, or exchange any of the Preferred
Securities during a period beginning at the opening of business 15 calendar
days before the date of mailing of a notice of redemption of any of the
Preferred Securities called for redemption and ending at the close of business
on the day of such mailing; or (ii) register the transfer of or exchange any of
the Preferred Securities so selected for redemption, in whole or in part,
except the unredeemed portion of any such Preferred Securities being redeemed
in part.

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

          (e)     Preferred
Securities may only be transferred, in whole or in part, in accordance with the
terms and conditions set forth in this Trust Agreement. Any transfer or
purported transfer of any Preferred Security not made in accordance with this
Trust Agreement shall be null and void. A Preferred Security may be
transferred, in whole or in part, to a Person who takes delivery in the form of
another Preferred Security as provided in this Section 5.04.

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5.05.          Mutilated,
Destroyed, Lost or Stolen Trust Securities Certificates. If (a) any
mutilated Trust Securities Certificate shall be surrendered to the Securities
Registrar, or if the Securities Registrar shall receive evidence to its
satisfaction of the destruction, loss or theft of any Trust Securities
Certificate; and (b) there shall be delivered to the Securities Registrar, the
Property Trustee and the Administrative Trustees such security or indemnity as
may be required by them to save each of them harmless, then in the absence of
notice that such Trust Securities Certificate shall have been acquired by a
protected purchaser, the Administrative Trustees, or any one of them, on behalf
of the Trust shall execute and make available for delivery, and the Property
Trustee shall authenticate if necessary, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Trust Securities Certificate, a new Trust
Securities Certificate of like class, tenor and denomination. In connection
with the issuance of any new Trust Securities Certificate under this Section
5.05, the Administrative Trustees or the Securities Registrar may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection therewith. Any duplicate Trust Securities
Certificate issued pursuant to this Section 5.05 shall constitute conclusive
evidence of an undivided beneficial interest in the assets of the Trust, as if
originally issued, whether or not the lost, stolen or destroyed Trust
Securities Certificate shall be found at any time.

5.06.          Persons
Deemed the Securityholders. The Trustees, the Paying Agent and the
Securities Registrar shall treat the Person in whose name any Trust Securities
Certificate shall be registered in the Securities Register as the owner of such
Trust Securities Certificate for the purpose of receiving Distributions and for
all other purposes whatsoever, and neither the Trustees nor the Securities
Registrar shall be bound by any notice to the contrary.

5.07.          Access to
List of the Securityholders’ Names and Addresses. At any time when
the Property Trustee is not also acting as the Securities Registrar, the
Administrative Trustees or the Depositor shall furnish or cause to be furnished
to the Property Trustee (a) within five Business Days of March 15, June 15,
September 15 and December 15 in each year, a list, in such form as the Property
Trustee may reasonably require, of the names and addresses of the
Securityholders as of the most recent record date; and (b) promptly after
receipt by any Administrative Trustee or the Depositor of a request therefor
from the Property Trustee in order to enable the Property Trustee to discharge
its obligations under this Trust Agreement, in each case to the extent such
information is in the possession or control of the Administrative Trustees or
the Depositor and is not identical to a previously supplied list or has not
otherwise been received by the Property Trustee in its capacity as Securities
Registrar. The rights of the Securityholders to communicate with other Securityholders
with respect to their rights under this Trust Agreement or under the Trust
Securities, and the corresponding rights of the Trustees shall be as provided
in the Trust Indenture Act. Each Holder, by receiving and holding a Trust
Securities Certificate, and each owner shall be deemed to have agreed not to
hold the Depositor, the Property Trustee or the Administrative Trustees
accountable by reason of the disclosure of its name and address, regardless of
the source from which such information was derived.

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5.08.          Maintenance
of Office or Agency. The Administrative Trustees shall maintain in a
location or locations designated by the Administrative Trustees, an office or
offices or agency or agencies where the Preferred Securities Certificates may
be surrendered for registration of transfer or exchange and where notices and
demands to or upon the Trustees in respect of the Trust Securities Certificates
may be served. The Administrative Trustees initially designate the Corporate
Trust Office of the Property Trustee, Wilmington Trust Company, as the
principal corporate trust office for such purposes. The Administrative Trustees
shall give prompt written notice to the Depositor and to the Securityholders of
any change in the location of the Securities Register or any such office or
agency.

5.09.          Appointment
of the Paying Agent. The Property Trustee shall initially serve as
the Paying Agent, and any co‐ paying
agent chosen by the Property Trustee must be acceptable to the Administrative
Trustees and the Depositor. The Paying Agent shall make Distributions to the
Securityholders from the Payment Account and shall report the amounts of such
Distributions to the Property Trustee and the Administrative Trustees. Any
Paying Agent shall have the revocable power to withdraw funds from the Payment
Account for the purpose of making the Distributions referred to above. The
Administrative Trustees may revoke such power and remove the Paying Agent if
such Trustees determine in their sole discretion that the Paying Agent shall
have failed to perform its obligations under this Trust Agreement in any
material respect. Any Person acting as Paying Agent shall be permitted to
resign as Paying Agent upon thirty (30) days’ written notice to the
Administrative Trustees, the Property Trustee and the Depositor. In the event
that the Property Trustee shall no longer be the Paying Agent or a successor
Paying Agent shall resign or its authority to act be revoked, the
Administrative Trustees shall appoint a successor (which shall be a bank or
trust company) that is acceptable to the Property Trustee and the Depositor to
act as the Paying Agent. The Administrative Trustees shall cause such successor
Paying Agent or any additional Paying Agent appointed by the Administrative
Trustees to execute and deliver to the Trustees an instrument in which such
successor Paying Agent or additional Paying Agent shall agree with the Trustees
that as Paying Agent, such successor Paying Agent or additional Paying Agent
shall hold all sums, if any, held by it for payment to the Securityholders in
trust for the benefit of the Securityholders entitled thereto until such sums
shall be paid to such Securityholders. The Paying Agent shall return all
unclaimed funds to the Property Trustee and, upon removal of a Paying Agent,
such Paying Agent shall also return all funds in its possession to the Property
Trustee. The provisions of Sections 9.01, 9.03, and 9.06 shall apply to the
Property Trustee also in its role as the Paying Agent, for so long as the
Property Trustee shall act as Paying Agent and, to the extent applicable, to
any other Paying Agent appointed hereunder. Any reference in this Trust
Agreement to the Paying Agent shall include any co-paying agent unless the
context requires otherwise.

5.10.          Ownership of
the Common Securities by the Depositor. On the Closing Date, the
Depositor shall acquire and retain beneficial and record ownership of the Common
Securities. To the fullest extent permitted by law, any attempted transfer of
the Common Securities (other than a transfer in connection with a merger or
consolidation of the Depositor into another corporation pursuant to Section
12.1 of the Indenture) shall be void. The Administrative Trustees shall cause
each Common Securities Certificate issued to the Depositor to contain a legend
stating “THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH SECTION
5.10 OF THE TRUST AGREEMENT”.

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5.11.          The Trust
Securities Certificates.

          (a)     Upon
the issuance of the Preferred Securities Certificates, the Trustees shall
recognize the record holders of the Preferred Securities Certificates as the
Securityholders.

          (b)     A
single Common Securities Certificate representing the Common Securities shall
be issued to the Depositor in the form of a definitive Common Securities
Certificate

5.12.          [Reserved].

5.13.          Notices.
To the extent that a notice or other communication to the Holders is required
under this Trust Agreement, the Trustees shall cause all such notices and
communications specified herein to be given to the owners of the beneficial
interest in the Preferred Securities. All notices shall be deemed to have been
given when mailed by first class mail, postage prepaid, to the address of the
Holder set forth in the Securities Register. 

5.14.          Rights of
the Securityholders.

          (a)     The
legal title to the Trust Property is vested exclusively in the Property Trustee
(in its capacity as such) in accordance with Section 2.09, and the
Securityholders shall not have any right or title therein other than the
undivided beneficial interest in the assets of the Trust conferred by their
Trust Securities and they shall have no right to call for any partition or
division of property, profits or rights of the Trust except as described below.
The Trust Securities shall be personal property giving only the rights
specifically set forth therein and in this Trust Agreement. The Trust
Securities shall have no preemptive or similar rights. When issued and
delivered to Holders of the Preferred Securities against payment of the
purchase price therefor, the Preferred Securities shall be fully paid and,
subject to the provisions of this Trust Agreement and to the fullest extent
permitted by applicable law, nonassessable interests in the Trust. The Holders
of the Preferred Securities, in their capacities as such, shall be entitled to
the same limitation of personal liability extended to stockholders of private
corporations for profit organized under the General Corporation Law of the
State of Delaware.

          (b)     For
so long as any of the Preferred Securities remain Outstanding, if, upon a
Debenture Event of Default, the Debenture Trustee fails or the holders of not
less than twenty-five percent (25%) in principal amount of the outstanding
Debentures fail to declare the principal of all of the Debentures to be
immediately due and payable, the Holders of at least twenty-five percent (25%)
in Liquidation Amount of the Preferred Securities then Outstanding shall have
such right by a notice in writing to the Depositor and the Debenture Trustee;
and upon any such declaration such principal amount of and the accrued interest
on all of the Debentures shall become immediately due and payable, provided
that the payment of principal and interest on such Debentures shall remain
subordinated to the extent provided in the Indenture.

          (c)     For
so long as any of the Preferred Securities remain Outstanding, upon a Debenture
Event of Default arising from the failure to pay interest or principal on the
Debentures, the Holders of any of the Preferred Securities then Outstanding
shall, to the fullest extent permitted by law, have the right to directly
institute proceedings for enforcement of payment to such Holders of principal
of or interest on the Debentures having a principal amount equal to the
Liquidation Amount of the Preferred Securities of such Holders.

26

ARTICLE VI.

ACTS OF THE SECURITYHOLDERS; MEETINGS; VOTING

6.01.          Limitations
on Voting Rights.

          (a)     Except
as provided in this Section 6.01, in Sections 514, 810 and 1002 and in the
Indenture and as otherwise set forth in the Guarantee or required by law, no
record Holder of Preferred Securities shall have any right to vote or in any
manner otherwise control the administration, operation and management of the
Trust or the obligations of the parties hereto; nor shall anything herein set
forth, or contained in the terms of the Trust Securities Certificates, be
construed so as to constitute the Securityholders from time to time as partners
or members of an association.

          (b)     So
long as any Debentures are held by the Property Trustee, on behalf of the
Trust, the Trustees shall not (i) direct the time, method and place of
conducting any proceeding for any remedy available to the Debenture Trustee, or
executing any trust or power conferred on the Debenture Trustee with respect to
such Debentures; (ii) waive any past default which is waivable under Article
VII of the Indenture; (iii) exercise any right to rescind or annul a
declaration that the principal of all the Debentures shall be due and payable;
or (iv) consent to any amendment, modification or termination of the Indenture
or the Debentures, where such consent shall be required, without, in each case,
obtaining the prior approval of the Holders of not less than a majority in
Liquidation Amount of all the Outstanding Preferred Securities; provided,
however, that where a consent under the Indenture would require the consent of
each holder of outstanding Debentures affected thereby, no such consent shall
be given by the Property Trustee without the prior written consent of each
holder of the Preferred Securities. The Trustees shall not revoke any action
previously authorized or approved by a vote of the Holders of the Outstanding
Preferred Securities, except when authorized by a subsequent vote of the
Holders of the Outstanding Preferred Securities. The Property Trustee shall
notify each holder of the Outstanding Preferred Securities of any notice of
default received from the Debenture Trustee with respect to the Debentures. In
addition to obtaining the foregoing approvals of the Holders of the Preferred
Securities, prior to taking any of the foregoing actions, the Trustees shall,
at the expense of the Depositor, obtain an Opinion of Counsel experienced in
such matters to the effect that the Trust shall continue to be classified as a
grantor trust and not as an association taxable as a corporation for United
States federal income tax purposes on account of such action.

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

27

6.02.          Notice of
Meetings. Notice of all meetings of the Preferred Securityholders,
stating the time, place and purpose of the meeting, shall be given by the
Property Trustee pursuant to Section 11.08 to each Preferred Securityholder of
record, at his or her registered address, at least fifteen (15) days and not
more than ninety (90) days before the meeting. At any such meeting, any
business properly before the meeting may be so considered whether or not stated
in the notice of the meeting. Any adjourned meeting may be held as adjourned
without further notice.

6.03.          Meetings of
the Preferred Securityholders.

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

          (b)     The
Preferred Securityholders of record of fifty percent (50%) of the Outstanding
Preferred Securities (based upon their aggregate Liquidation Amount), present
in person or by proxy, shall constitute a quorum at any meeting of the
Securityholders.

          (c)     If
a quorum is present at a meeting, an affirmative vote by the Preferred Securityholders
of record present, in person or by proxy, holding more than a majority of the
Preferred Securities (based upon their aggregate Liquidation Amount) held by
the Preferred Securityholders of record present, either in person or by proxy,
at such meeting shall constitute the action of the Securityholders, unless this
Trust Agreement requires a different number of affirmative votes.

6.04.          Voting
Rights. The Securityholders shall be entitled to one vote for each
dollar value of Liquidation Amount represented by their Trust Securities (with
any fractional multiple thereof rounded up or down as the case may be to the
closest integral multiple) in respect of any matter as to which such
Securityholders are entitled to vote (and such dollar value shall be $1,000 per
Preferred Security until such time, if any, as the Liquidation Amount is
changed as provided herein).

6.05.          Proxies, Etc.
At any meeting of the Securityholders, any Securityholder entitled to vote
thereat may vote by proxy, provided that no proxy shall be voted at any meeting
unless it shall have been placed on file with the Administrative Trustees, or
with such other officer or agent of the Trust as the Administrative Trustees
may direct, for verification prior to the time at which such vote shall be
taken. Only Holders shall be entitled to vote. When Trust Securities are held
jointly by several persons, any one of them may vote at any meeting in person
or by proxy in respect of such Trust Securities, but if more than one of them shall
be present at such meeting in person or by proxy, and such joint owners or
their proxies so present disagree as to any vote to be cast, such vote shall
not be received in respect of such Trust Securities. A proxy purporting to be
executed by or on behalf of a Securityholder shall be deemed valid unless
challenged at or prior to its exercise, and the burden of proving invalidity
shall rest on the challenger. No proxy shall be valid more than three years
after its date of execution.

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6.06.          Securityholder
Action by Written Consent. Any action which may be taken by the
Securityholders at a meeting may be taken without a meeting if the
Securityholders holding more than a majority of all of the Outstanding Trust
Securities (based upon their aggregate Liquidation Amount) entitled to vote in
respect of such action (or such larger proportion thereof as shall be required
by any express provision of this Trust Agreement) shall consent to the action
in writing.

6.07.          Record Date
for Voting and Other Purposes. For the purposes of determining the
Securityholders who are entitled to notice of and to vote at any meeting or by
written consent, or to participate in any Distribution on the Trust Securities
in respect of which a record date is not otherwise provided for in this Trust
Agreement, or for the purpose of any other action, the Administrative Trustees
or the Property Trustee may from time to time fix a date, not more than 90 days
prior to the date of any meeting of the Securityholders or the payment of
Distribution or other action, as the case may be, as a record date for the
determination of the identity of the Securityholders of record for such
purposes.

6.08.          Acts of the
Securityholders.

          (a)     Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Trust Agreement to be given, made or taken
by the Securityholders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Securityholders in
person or by an agent duly appointed in writing; and, except as otherwise
expressly provided herein, such action shall become effective when such
instrument or instruments are delivered to an Administrative Trustee. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Securityholders
signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Trust Agreement and (subject to Section 9.01) conclusive in
favor of the Trustees, if made in the manner provided in this Section 6.08.

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

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

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

29

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

          (f)     A
Securityholder may institute a legal proceeding directly against the Depositor
under the Guarantee to enforce its rights under the Guarantee without first
instituting a legal proceeding against the Guarantee Trustee (as defined in the
Guarantee), the Trust or any Person.

6.09.          Inspection
of Records. Upon reasonable notice to the Administrative Trustees
and the Property Trustee, the records of the Trust shall be open to inspection
at the principal executive office of the Trustee (as indicated in Section 2.02)
to Holders of the Trust Securities during normal business hours for any purpose
reasonably related to such Securityholder’s interest as a Securityholder.

ARTICLE VII.

REPRESENTATIONS AND WARRANTIES

7.01.          Representations
and Warranties of the Bank and the Property Trustee. The Bank and
the Property Trustee, each severally on behalf of and as to itself, as of the
date hereof, and each successor Property Trustee at the time of the successor
Property Trustee’s acceptance of its appointment as Property Trustee hereunder
(in the case of a successor Property Trustee, the term “Bank” as used herein
shall be deemed to refer to such successor Property Trustee in its separate
corporate capacity) hereby represents and warrants (as applicable) for the
benefit of the Depositor and the Securityholders that:

          (a)     the
Bank is a Delaware banking corporation duly organized, validly existing and in
good standing under the laws of its jurisdiction of incorporation;

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

          (c)     this
Trust Agreement has been duly authorized, executed and delivered by the
Property Trustee and constitutes the valid and legally binding agreement of the
Property Trustee enforceable against it in accordance with its terms, subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors’
rights and to general equity principles;

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          (d)     the
execution, delivery and performance by the Property Trustee of this Trust
Agreement has been duly authorized by all necessary corporate or other action
on the part of the Property Trustee and does not require any approval of
stockholders of the Bank and such execution, delivery and performance shall not
(i) violate the Bank’s charter or by-laws; (ii) violate any provision of, or
constitute, with or without notice or lapse of time, a default under, or result
in the creation or imposition of, any Lien on any properties included in the
Trust Property pursuant to the provisions of, any indenture, mortgage, credit
agreement, license or other agreement or instrument to which the Property
Trustee or the Bank is a party or by which it is bound; or (iii) violate any
law, governmental rule or regulation of the United States or its jurisdiction
of incorporation, as the case may be, governing the banking or trust powers of
the Bank or the Property Trustee (as appropriate in context) or any order,
judgment or decree applicable to the Property Trustee or the Bank;

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

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

          (g)     the
Property Trustee is a Person eligible pursuant to the Trust Indenture Act to
act as such and has a combined capital and surplus of at least $50,000,000.

7.02.          Representations
and Warranties of the Delaware Bank and the Delaware Trustee. The
Delaware Bank and the Delaware Trustee, each severally on behalf of and as to
itself, as of the date hereof, and each successor Delaware Trustee at the time
of the successor Delaware Trustee’s acceptance of appointment as Delaware
Trustee hereunder (the term “Delaware Bank” being used to refer to such
successor Delaware Trustee in its separate corporate capacity), hereby
represents and warrants (as applicable) for the benefit of the Depositor and
the Securityholders that:

          (a)     the
Delaware Bank is a Delaware banking corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware;

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

          (c)     this
Trust Agreement has been duly authorized, executed and delivered by the
Delaware Trustee and constitutes the valid and legally binding agreement of the
Delaware Trustee enforceable against it in accordance with its terms, subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors,
rights and to general equity principles;

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          (d)     the
execution, delivery and performance by the Delaware Trustee of this Trust
Agreement has been duly authorized by all necessary corporate or other action
on the part of the Delaware Trustee and does not require any approval of
stockholders of the Delaware Bank and such execution, delivery and performance
shall not (i) violate the Delaware Bank’s charter or by-laws; (ii) violate any
provision of, or constitute, with or without notice or lapse of time, a default
under, or result in the creation or imposition of, any Lien on any properties
included in the Trust Property pursuant to the provisions of, any indenture,
mortgage, credit agreement, license or other agreement or instrument to which
the Delaware Bank or the Delaware Trustee is a party or by which it is bound;
or (iii) violate any law, governmental rule or regulation of the United States
or the State of Delaware, as the case may be, governing the banking or trust
powers of the Delaware Bank or the Delaware Trustee (as appropriate in context)
or any order, judgment or decree applicable to the Delaware Bank or the
Delaware Trustee;

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

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

7.03.          Representations
and Warranties of the Depositor. The Depositor hereby represents and
warrants for the benefit of the Securityholders and the Trustees that:

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

          (b)     there
are no taxes, fees or other governmental charges payable by the Trust (or the
Trustees on behalf of the Trust) under the laws of the State of Delaware or any
political subdivision thereof in connection with the execution, delivery and
performance by the Bank, the Property Trustee or the Delaware Trustee, as the
case may be, of this Trust Agreement;

          (c)     the
Company is a New York corporation duly organized, validly existing and in good
standing under the laws of its jurisdiction of incorporation;

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

          (e)     this
Trust Agreement has been duly authorized, executed and delivered by the Company
and constitutes the valid and legally binding agreement of the Company enforceable
against it in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights and to general equity
principles.

ARTICLE VIII.

TRANSFER OF INTERESTS

8.01.          General.

          (a)     Subject
to Sections 5.04, 8.01(c), and 8.01(e), when a Holder of Preferred Securities
delivers to the Securities Registrar in accordance with this Trust Agreement a
request to register a transfer of such Holder’s Preferred Securities or to
exchange them for an equal aggregate liquidation amount of Preferred Securities
represented by different Certificates or as otherwise provided herein, the
Securities Registrar shall register the transfer or make the exchange when the
requirements provided for herein for such transfer or exchange are met. To
facilitate registrations of transfers and exchanges, the Trust shall execute
and the Property Trustee shall authenticate Preferred Security Certificates at
the Securities Registrar’s request.

          (b)     Upon
issuance of the Common Securities, the Depositor shall acquire and retain
beneficial and record ownership of the Common Securities and, for so long as
the Trust Securities remain outstanding, the Depositor shall maintain 100%
ownership of the Common Securities; provided, however, that any permitted
successor of the Depositor under the Indenture may succeed to the Depositor’s
ownership of the Common Securities.

          (c)     Preferred
Securities may only be transferred, in whole or in part, in accordance with the
terms and conditions set forth in this Trust Agreement and in the terms of the
Preferred Securities. To the fullest extent permitted by applicable law, any
transfer or purported transfer of any Preferred Security not made in accordance
with this Trust Agreement shall be null and void and will be deemed to be of no
legal effect whatsoever and any such purported transferee shall be deemed not
to be the Holder of such Preferred Securities for any purpose, including, but
not limited to, the receipt of Distributions on such Preferred Securities, and
such transferee shall be deemed to have no interest whatsoever in such
Preferred Securities.

          (d)     Each
Preferred Securities Certificate surrendered in connection with a registration
of transfer or exchange shall be canceled by the Property Trustee pursuant to
Section 5.04. A transferee of a Trust Security shall be entitled to the rights
and subject to the obligations of a Holder hereunder upon the registration of
such transfer in the Securities Register. Each such transferee shall be deemed
to have agreed to be bound by this Trust Agreement.

          (e)     Neither
the Trust nor the Securities Registrar shall be required (i) to issue
certificates representing Trust Securities or register the transfer of, or
exchange any Trust Securities during a period beginning at the opening of
business 15 days before the day of any selection of Trust Securities for
redemption and ending at the close of business on the earliest date on which
the relevant notice of redemption is deemed to have been given to all Holders
of the Trust Securities to be redeemed, or (ii) to register the transfer or
exchange of any Trust Security so selected for redemption in whole or in part,
except the unredeemed portion of any Trust Security being redeemed in part.

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8.02.          Transfer
Procedures and Restrictions.

          (a)     Without
the written consent of the Depositor, Preferred Securities may only be
transferred: (i) to an “accredited investor” within the meaning of Rule 501
(a)(1), (2), (3) or (7) under the Securities Act (or to any entity in which all
of the equity owners come within such subparagraphs) if the instrument of
transfer is accompanied by a certificate of the transferee substantially in the
form set forth as Exhibit E hereto or (iii) pursuant to any other available
exemption from the registration requirements under the Securities Act. Each
certificate furnished pursuant to this Section 8.02(a) may be an original or a
copy (which may be furnished by facsimile or other form of electronic
transmission). The Property Trustee and any Securities Registrar shall be
entitled to conclusively rely on certificates furnished by the transferee
pursuant to this Section 8.02(a) and shall have no duty to ensure that
transferees are qualified under, or that transfers comply with, any applicable
federal or state securities laws or any exemptions therefrom. 

          (b)     The
Preferred Securities may not be transferred except in compliance with
restrictions on transfer set forth in the legend set forth below (the
“Restricted Securities Legend”), and each Certificate evidencing outstanding
Preferred Securities shall bear the Restricted Securities Legend:

          THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE
SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN
MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. THE HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN, BY
ITS ACCEPTANCE HEREOF OR THEREOF, AS THE CASE MAY BE, AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN ONLY
(A) TO THE DEBENTURE ISSUER OR THE TRUST, (B) PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT TO AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF SUBPARAGRAPH (a) OF RULE 501 UNDER THE SECURITIES ACT OR
TO ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH SUBPARAGRAPHS
THAT IS ACQUIRING THIS SECURITY OR SUCH INTEREST OR PARTICIPATION FOR ITS OWN
ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN ACCREDITED INVESTOR, FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (C) PURSUANT TO ANY OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES
ACT, SUBJECT TO THE RIGHT OF THE DEBENTURE ISSUER AND THE TRUST PRIOR TO ANY
SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (B) OR (C) ABOVE TO REQUIRE THE
DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM IN ACCORDANCE WITH THE AMENDED AND RESTATED
DECLARATION OF TRUST, A COPY OF WHICH MAY BE OBTAINED FROM THE DEBENTURE ISSUER
OR THE TRUST. THE HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION
HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF, AS THE CASE MAYBE, AGREES THAT IT
WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

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

          IN
CONNECTION WITH ANY TRANSFER, THE HOLDER OF THIS SECURITY WILL DELIVER TO THE
REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE
REQUIRED BY THE AMENDED AND RESTATED DECLARATION OF TRUST TO CONFIRM THAT THE
TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. THIS SECURITY WILL BE ISSUED
AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF THE LIQUIDATION AMOUNT
AND INTEGRAL MULTIPLES OF SUCH LIQUIDATION AMOUNT IN EXCESS THEREOF. ANY
ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING A LIQUIDATION AMOUNT OF
LESS THAN $1,000 OR AN INTEGRAL MULTIPLE THEREOF SHALL BE DEEMED TO BE VOID AND
OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED
NOT TO BE THE HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN
FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON
THIS SECURITY OR SUCH INTEREST OR PARTICIPATION, AND SUCH PURPORTED TRANSFEREE
SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SECURITY OR ANY INTEREST
OR PARTICIPATION HEREIN.

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          (c)     Securities
may only be transferred in minimum denominations of the Liquidation Amount and
integral multiples of such Liquidation Amount in excess thereof. Any attempted
transfer of Preferred Securities in a block having an aggregate liquidation
amount which does not conform to this Section 8.01(c) shall be deemed to be
void and of no legal effect whatsoever. Any such purported transferee shall be
deemed not to be a Holder of such Preferred Securities for any purpose,
including, but not limited to, the receipt of Distributions on such Preferred
Securities, and such purported transferee shall be deemed to have no interest
whatsoever in such Preferred Securities.

8.03.          Deemed
Security Holders. The Trust, the Trustees, the Paying Agent, the
Transfer Agent or the Securities Registrar may treat the Person in whose name
any Security shall be registered on the Securities Register of the Trust as the
sole Holder and owner of such Security for purposes of receiving Distributions
and for all other purposes whatsoever and, accordingly, shall not be bound to
recognize any equitable or other claim to or interest in such Security on the
part of any other Person, whether or not the Trust, the Trustees, the Paying
Agent, the Transfer Agent or the Registrar shall have actual or other notice thereof.

8.04.          Depositor
Exchange. 

          (a)     If
at any time the Depositor or any of its Affiliates (in either case, a “Issuer
Affiliated Holder”) is the Holder of any Preferred Securities, such Issuer
Affiliated Holder shall have the right to deliver to the Property Trustee all
or such portion of its Preferred Securities as it elects and receive, in
exchange therefor, Debentures in an aggregate principal amount equal to the
aggregate stated liquidation amount of, with an interest rate identical to the
distribution rate of, and accrued and unpaid interest equal to accumulated and
unpaid Distributions on, such Preferred Securities. Such election (i) shall be
exercisable effective on any Distribution Date by such Issuer Affiliated Holder
delivering to the Property Trustee a written notice of such election specifying
the aggregate liquidation amount of the Preferred Securities with respect to
which such election is being made and the Distribution Date on which such
exchange shall occur, which Distribution Date shall be not less than ten
Business Days after the date of receipt by the Property Trustee of such
election notice and (ii) shall be conditioned upon such Issuer Affiliated
Holder having delivered or caused to be delivered to the Property Trustee or
its designee the Preferred Securities which are the subject of such election by
10:00 a.m. New York City time, on the Distribution Date on which such exchange
is to occur. After the exchange, such Preferred Securities will be canceled and
will no longer be deemed to be outstanding and all rights of the Depositor or
its Affiliate(s) with respect to such Preferred Securities will cease.

36

          (b)     In
the case of an exchange described in Section 8.04(a) above, the Trust will, on
the date of such exchange, exchange Debentures having a principal amount equal
to a proportional amount of the aggregate liquidation amount of the outstanding
Common Securities based on the ratio of the aggregate liquidation amount of the
Preferred Securities exchanged pursuant to Section 8.04(a) above divided by the
aggregate liquidation amount of the Preferred Securities outstanding
immediately prior to such exchange, for such proportional amount of Common
Securities held by the Depositor (which contemporaneously shall be canceled and
no longer be deemed to be outstanding); provided, that the Depositor delivers
or causes to be delivered to the Property Trustee or its designee the required
amount of Common Securities to be exchanged by 10:00 a.m., New York City time,
on the Distribution Date on which such exchange is to occur.

ARTICLE IX.

TRUSTEES

9.01.          Certain
Duties and Responsibilities.

          (a)     The
duties and responsibilities of the Trustees shall be as provided by this Trust
Agreement and, in the case of the Property Trustee, by the Trust Indenture Act.
Notwithstanding the foregoing, no provision of this Trust Agreement shall
require the Trustees to expend or risk their own funds or otherwise incur any
financial liability in the performance of any of their duties hereunder, or in
the exercise of any of their rights or powers, if they shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it. No Administrative
Trustee nor the Delaware Trustee shall be liable for its act or omissions
hereunder except as a result of its own gross negligence or willful misconduct.
Whether or not therein expressly so provided, every provision of this Trust
Agreement relating to the conduct or affecting the liability of or affording
protection to the Trustees shall be subject to the provisions of this Section
9.01. To the extent that, at law or in equity, the Delaware Trustee or an
Administrative Trustee has duties (including fiduciary duties) and liabilities
relating thereto to the Trust or to the Securityholders, the Delaware Trustee
or such Administrative Trustee shall not be liable to the Trust or to any
Securityholder for such Trustee’s good faith reliance on the provisions of this
Trust Agreement. The provisions of this Trust Agreement, to the extent that
they restrict or eliminate the duties and liabilities of the Trustees otherwise
existing at law or in equity, are agreed by the Depositor and the
Securityholders to replace such other duties and liabilities of the Trustees,
as the case may be. 

          (b)     All
payments made by the Property Trustee or a Paying Agent in respect of the Trust
Securities shall be made only from the revenue and proceeds from the Trust Property
and only to the extent that there shall be sufficient revenue or proceeds from
the Trust Property to enable the Property Trustee or a Paying Agent to make
payments in accordance with the terms hereof. Each Securityholder, by its
acceptance of a Trust Security, agrees that it shall look solely to the revenue
and proceeds from the Trust Property to the extent legally available for
distribution to it as herein provided and that the Trustees are not personally
liable to it for any amount distributable in respect of any Trust Security or
for any other liability in respect of any Trust Security. This Section 9.01(b)
does not limit the liability of the Trustees expressly set forth elsewhere in
this Trust Agreement or, in the case of the Property Trustee, in the Trust
Indenture Act.

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

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

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

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

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

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

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

                  
(v)     the Property Trustee shall not be liable for
any interest on any money received by it except as it may otherwise agree with
the Depositor and money held by the Property Trustee need not be segregated
from other funds held by it except in relation to the Payment Account
maintained by the Property Trustee pursuant to Section 3.01 and except to the
extent otherwise required by law; and

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

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9.02.          Certain
Notices.

          (a)     Within
five (5) Business Days after the occurrence of any Event of Default actually
known to a Responsible Officer (as defined in the Indenture) of the Property
Trustee, the Property Trustee shall transmit, in the manner and to the extent
provided in Section 11.08, notice of such Event of Default to the
Securityholders, the Administrative Trustees and the Depositor, unless such
Event of Default shall have been cured or waived. For purposes of this Section
9.02, the term “Event of Default” means any event that is, or after notice or
lapse of time or both would become, an Event of Default.

          (b)     The
Administrative Trustees shall transmit to the Securityholders in the manner and
to the extent provided in Section 11.08 notice of the Depositor’s election to
begin or further extend an Extended Interest Period on the Debentures (unless
such election shall have been revoked), and of any election by the Depositor to
accelerate the Maturity Date of the Debentures within the time specified for
transmitting such notice to the holders of the Debentures pursuant to the
Indenture as originally executed.

9.03.          Certain
Rights of the Property Trustee. Subject to the provisions of Section
9.01:

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

          (b)     if
(i) in performing its duties under this Trust Agreement the Property Trustee is
required to decide between alternative courses of action; or (ii) in construing
any of the provisions of this Trust Agreement, the Property Trustee finds the
same ambiguous or inconsistent with other provisions contained herein; or (iii)
the Property Trustee is unsure of the application of any provision of this
Trust Agreement, then, except as to any matter as to which the Preferred
Securityholders are entitled to vote under the terms of this Trust Agreement,
the Property Trustee shall deliver a notice to the Depositor requesting written
instructions of the Depositor as to the course of action to be taken and the
Property Trustee shall take such action, or refrain from taking such action, as
the Property Trustee shall be instructed in writing to take, or to refrain from
taking, by the Depositor; provided, however, that if the Property Trustee does
not receive such instructions of the Depositor within ten (10) Business Days
after it has delivered such notice, or such reasonably shorter period of time
set forth in such notice (which to the extent practicable shall not be less
than two (2) Business Days), it may, but shall be under no duty to, take or
refrain from taking such action not inconsistent with this Trust Agreement as
it shall deem advisable and in the best interests of the Securityholders, in
which event the Property Trustee shall have no liability except for its own bad
faith, negligence or willful misconduct;

          (c)     any
direction or act of the Depositor or the Administrative Trustees contemplated
by this Trust Agreement shall be sufficiently evidenced by an Officers’ Certificate;

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

          (e)     the
Property Trustee shall have no duty to see to any recording, filing or
registration of any instrument (including any financing or continuation
statement or, except as provided in Section 4.06, any filing under tax or
securities laws) or any re-recording, refiling or reregistration thereof;

          (f)     the
Property Trustee may consult with counsel of its choice (which counsel may be
counsel to the Depositor or any of its Affiliates) and the advice of such counsel
shall be full and complete authorization and protection in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon and, in accordance with such advice, such counsel may be counsel to the
Depositor or any of its Affiliates, and may include any of its employees; the
Property Trustee shall have the right at any time to seek instructions
concerning the administration of this Trust Agreement from any court of
competent jurisdiction;

          (g)     the
Property Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Trust Agreement at the request, order or direction
of any of the Securityholders, pursuant to this Trust Agreement, unless such
Securityholders shall have offered to the Property Trustee reasonable security
or indemnity against the costs, expenses and liabilities that might be incurred
by it in compliance with such request, order or direction; nothing contained
herein shall, however, relieve the Property Trustee of the obligation, upon the
occurrence of an Event of Default (that has not been cured or waived) to
exercise such of the rights and powers vested in it by this Trust Agreement,
and to use the same degree of care and skill in its exercise thereof, as a
prudent man would exercise or use under the circumstances in the conduct of his
own affairs;

          (h)     the
Property Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond, debenture, note or
other evidence of indebtedness or other paper or document, unless requested in
writing to do so by the Holders of not less than a majority in Liquidation
Amount of the Outstanding Preferred Securities, but the Property Trustee may
make such further inquiry or investigation into such facts or matters as it may
see fit;

          (i)     the
Property Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through its agents or attorneys,
provided that the Property Trustee shall be responsible for its own negligence
or recklessness with respect to selection of any agent or attorney appointed by
it hereunder;

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

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          (k)     except
as otherwise expressly provided by this Trust Agreement, the Property Trustee
shall not be under any obligation to take any action that is discretionary under
the provisions of this Trust Agreement. No provision of this Trust Agreement
shall be deemed to impose any duty or obligation on the Property Trustee to
perform any act or acts or exercise any right, power, duty or obligation
conferred or imposed on it, in any jurisdiction in which it shall be illegal,
or in which the Property Trustee shall be unqualified or incompetent in
accordance with applicable law, to perform any such act or acts, or to exercise
any such right, power, duty or obligation. No permissive power or authority
available to the Property Trustee shall be construed to be a duty.

          (l)     The
rights and protections afforded the Property Trustee herein shall extend to the
Property Trustee in any and all other roles in which the Property Trustee may
at any time serve hereunder.

9.04.     Trustees’
Disclaimer. The Trustees shall have no responsibility for the
validity or adequacy of this Trust Agreement. The Recitals contained herein and
in the Trust Securities Certificates shall be taken as the statements of the
Trust, and the Trustees do not assume any responsibility for their correctness.
The Trustees shall not be accountable for the use or application by the
Depositor of the proceeds of the Debentures.

9.05.     May Hold
Securities. Any Trustee or any other agent of any Trustee or the
Trust, in its individual or any other capacity, may become the owner or pledgee
of the Trust Securities and, subject to Sections 9.08 and 9.13, and except as
provided in the definition of the term “Outstanding” in Article I, may
otherwise deal with the Trust and the Company with the same rights it would
have if it were not a Trustee or such other agent.

9.06.     Compensation;
Indemnity; Fees. The Depositor agrees:

          (a)     to
pay to the Trustees from time to time reasonable compensation for all services
rendered by them hereunder (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust, in the case of the Property Trustee as set forth in a written agreement
between the Depositor and the Property Trustee);

          (b)     except
as otherwise expressly provided herein, to reimburse the Trustees upon request
for all reasonable expenses, disbursements and advances incurred or made by the
Trustees in accordance with any provision of this Trust Agreement (including
the reasonable compensation and the expenses and disbursements of its agents
and counsel), except any such expense, disbursement or advance as may be
attributable to such Trustee’s negligence, bad faith or willful misconduct (or,
in the case of the Administrative Trustees or the Delaware Trustee, any such
expense, disbursement or advance as may be attributable to its, his or her
gross negligence, bad faith or willful misconduct); and

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          (c)     to
indemnify each of the Trustees or any predecessor Trustee for, and to hold the
Trustees harmless against, any loss, damage, claims, liability, penalty or
expense incurred without negligence (or, in the case of the Administrative
Trustees or the Delaware Trustee, gross negligence), bad faith or willful
misconduct on its part, arising out of or in connection with the acceptance or
administration of this Trust Agreement, including the costs and expenses of
defending itself against any claim or liability in connection with the exercise
or performance of any of its powers or duties hereunder.

          No
Trustee may claim any Lien or charge on any Trust Property as a result of any
amount due pursuant to this Section 9.06.

          The
provisions of this Section 9.06 shall survive the termination of this Trust
Agreement and the removal or resignation of any Trustee.

9.07.  Corporate Property Trustee Required; Eligibility of
Trustees.

          (a)     There
shall at all times be a Property Trustee hereunder with respect to the Trust
Securities. The Property Trustee shall be a Person that is eligible pursuant to
the Trust Indenture Act to act as such and has a combined capital and surplus
of at least $50,000,000. If any such Person publishes reports of condition at
least annually, pursuant to law or to the requirements of its supervising or
examining authority, then for the purposes of this Section 9.07, the combined
capital and surplus of such Person shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published.
If at any time the Property Trustee with respect to the Trust Securities shall
cease to be eligible in accordance with the provisions of this Section 9.07, it
shall resign immediately in the manner and with the effect hereinafter specified
in this Article VIII. The Property Trustee and the Delaware Trustee may, but
need not be, the same person.

          (b)     There
shall at all times be one or more Administrative Trustees hereunder with
respect to the Trust Securities. Each Administrative Trustee shall be either a
natural person who is at least 21 years of age or a legal entity that shall act
through one or more persons authorized to bind that entity.

          (c)     There
shall at all times be a Delaware Trustee with respect to the Trust Securities.
The Delaware Trustee shall either be (i) a natural person who is at least 21
years of age and a resident of the State of Delaware; or (ii) a legal entity
with its principal place of business in the State of Delaware and that
otherwise meets the requirements of applicable Delaware law that shall act
through one or more persons authorized to bind such entity.

9.08.  Conflicting
Interests. If the Property Trustee has or shall acquire a
conflicting interest within the meaning of the Trust Indenture Act, the
Property Trustee shall either eliminate such interest or resign, to the extent
and in the manner provided by, and subject to the provisions of, the Trust
Indenture Act and this Trust Agreement.

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9.09.     Co-Trustees
and Separate Trustee.

          (a)     Unless
a Debenture Event of Default shall have occurred and be continuing, at any time
or times, for the purpose of meeting the legal requirements of the Trust Indenture
Act or of any jurisdiction in which any part of the Trust Property may at the
time be located, the Depositor shall have power to appoint, and upon the
written request of the Property Trustee, the Depositor shall for such purpose
join with the Property Trustee in the execution, delivery and performance of
all instruments and agreements necessary or proper to appoint, one or more
Persons approved by the Property Trustee either to act as co-trustee, jointly
with the Property Trustee, of all or any part of such Trust Property, or to the
extent required by law to act as separate trustee of any such property, in
either case with such powers as may be provided in the instrument of
appointment, and to vest in such Person or Persons in the capacity aforesaid,
any property, title, right or power deemed necessary or desirable, subject to
the other provisions of this Section 9.09. If the Depositor does not join in
such appointment within 15 days after the receipt by it of a request so to do,
or in case a Debenture Event of Default has occurred and is continuing, the
Property Trustee alone shall have power to make such appointment. Any
co-trustee or separate trustee appointed pursuant to this Section 9.09 shall
either be (i) a natural person who is at least 21 years of age and a resident
of the United States; or (ii) a legal entity with its principal place of
business in the United States that shall act through one or more persons
authorized to bind such entity.

          (b)     Should
any written instrument from the Depositor be required by any co-trustee or
separate trustee so appointed for more fully confirming to such co-trustee or
separate trustee such property, title, right, or power, any and all such
instruments shall, on request, be executed, acknowledged, and delivered by the
Depositor.

          (c)     Every
co-trustee or separate trustee shall, to the extent permitted by law, but to
such extent only, be appointed subject to the following terms, namely:

                    (i)     The
Trust Securities shall be executed and delivered and all rights, powers, duties
and obligations hereunder in respect of the custody of securities, cash and
other personal property held by, or required to be deposited or pledged with,
the Trustees specified hereunder, shall be exercised, solely by such Trustees
and not by such co-trustee or separate trustee.

                    (ii)     The
rights, powers, duties and obligations hereby conferred or imposed upon the
Property Trustee in respect of any property covered by such appointment shall
be conferred or imposed upon and exercised or performed by the Property Trustee
or by the Property Trustee and such co-trustee or separate trustee jointly, as
shall be provided in the instrument appointing such co-trustee or separate
trustee, except to the extent that under any law of any jurisdiction in which any
particular act is to be performed, the Property Trustee shall be incompetent or
unqualified to perform such act, in which event such rights, powers, duties and
obligations shall be exercised and performed by such co-trustee or separate
trustee.

                    (iii)     The
Property Trustee at any time, by an instrument in writing executed by it, with
the written concurrence of the Depositor, may accept the resignation of or
remove any co-trustee or separate trustee appointed under this Section 9.09,
and, in case a Debenture Event of Default has occurred and is continuing, the
Property Trustee shall have the power to accept the resignation of, or remove,
any such co-trustee or separate trustee without the concurrence of the
Depositor. Upon the written request of the Property Trustee, the Depositor
shall join with the Property Trustee in the execution, delivery and performance
of all instruments and agreements necessary or proper to effectuate such
resignation or removal. A successor to any co-trustee or separate trustee so
resigned or removed may be appointed in the manner provided in this Section
9.09.

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                    (iv)     No
co-trustee or separate trustee hereunder shall be personally liable by reason
of any act or omission of the Property Trustee or any other trustee hereunder.

                    (v)     The
Property Trustee shall not be liable by reason of any act of a co-trustee or
separate trustee.

                    (vi)     Any
Act of the Holders delivered to the Property Trustee shall be deemed to have
been delivered to each such co-trustee and separate trustee.

9.10.     Resignation and Removal; Appointment of Successor.

          (a)     No
resignation or removal of any Trustee (the “Relevant Trustee”) and no
appointment of a successor Trustee pursuant to this Article VIII shall become
effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 9.11.

          (b)     Subject
to the immediately preceding paragraph, the Relevant Trustee may resign at any
time with respect to the Trust Securities by giving written notice thereof to
the Securityholders. If the instrument of acceptance by the successor Trustee
required by Section 9.11 shall not have been delivered to the Relevant Trustee
within thirty (30) days after the giving of such notice of resignation, the
Relevant Trustee may petition, at the expense of the Depositor, any court of
competent jurisdiction for the appointment of a successor Trustee with respect
to the Trust Securities.

          (c)     Unless
a Debenture Event of Default shall have occurred and be continuing, any Trustee
may be removed at any time by an Act of the Common Securityholder. If a Debenture
Event of Default shall have occurred and be continuing, the Property Trustee or
the Delaware Trustee, or both of them, may be removed at such time by an Act of
the Holders of not less than a majority in Liquidation Amount of the Preferred
Securities, delivered to the Relevant Trustee (in its individual capacity and
on behalf of the Trust). An Administrative Trustee may be removed by the Common
Securityholder at any time.

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          (d)     If
any Trustee shall resign, be removed or become incapable of acting as Trustee,
or if a vacancy shall occur in the office of any Trustee for any cause, at a
time when no Debenture Event of Default shall have occurred and be continuing,
the Common Securityholder, by an Act of the Common Securityholder delivered to
the retiring Trustee, shall promptly appoint a successor Trustee or Trustees
with respect to the Trust Securities and the Trust, and the successor Trustee
shall comply with the applicable requirements of Section 9.11. If the Property
Trustee or the Delaware Trustee shall resign, be removed or become incapable of
continuing to act as the Property Trustee or the Delaware Trustee, as the case
may be, at a time when a Debenture Event of Default shall have occurred and is
continuing, the Preferred Securityholders, by an Act of the Securityholders of
not less than a majority in Liquidation Amount of the Preferred Securities then
Outstanding delivered to the retiring Relevant Trustee, shall promptly appoint
a successor Trustee or Trustees with respect to the Trust Securities and the
Trust, and such successor Trustee shall comply with the applicable requirements
of Section 9.11. If an Administrative Trustee shall resign, be removed or
become incapable of acting as an Administrative Trustee, at a time when a
Debenture Event of Default shall have occurred and be continuing, the Common
Securityholder, by an Act of the Common Securityholder delivered to an
Administrative Trustee, shall promptly appoint a successor Administrative
Trustee or Administrative Trustees with respect to the Trust Securities and the
Trust, and such successor Administrative Trustee or Administrative Trustees
shall comply with the applicable requirements of Section 9.11. If no successor
Trustee with respect to the Trust Securities shall have been so appointed by
the Common Securityholder or the Preferred Securityholders and accepted
appointment in the manner required by Section 9.11, any Securityholder who has
been a Securityholder of Trust Securities for six consecutive months on behalf
of himself or herself and all others similarly situated may petition a court of
competent jurisdiction for the appointment of a successor Trustee with respect
to the Trust Securities.

          (e)     The
Property Trustee shall give notice of each resignation and each removal of a
Trustee and each appointment of a successor Trustee to all the Securityholders
in the manner provided in Section 11.08 and shall give notice to the Depositor.
Each notice shall include the name of the successor Trustee and the address of
its Corporate Trust Office if it is the Property Trustee.

          (f)     Notwithstanding
the foregoing or any other provision of this Trust Agreement, in the event any
Administrative Trustee or a Delaware Trustee who is a natural person dies or
becomes, in the opinion of the Depositor, incompetent or incapacitated, the
vacancy created by such death, incompetence or incapacity may be filled by (a)
the unanimous act of the remaining Administrative Trustees if there are at
least two of them; or (b) otherwise by the Depositor (with the successor in
each case being a Person who satisfies the eligibility requirement for
Administrative Trustees set forth in Section 9.07).

9.11.     Acceptance of Appointment by Successor.

          (a)     In
case of the appointment hereunder of a successor Trustee with respect to the
Trust Securities and the Trust, the retiring Relevant Trustee and each
successor Trustee with respect to the Trust Securities shall execute and
deliver an instrument hereto wherein each successor Trustee shall accept such
appointment and which shall contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, each successor Trustee
all the rights, powers, trusts and duties of the retiring Relevant Trustee with
respect to the Trust Securities and the Trust and upon the execution and
delivery of such instrument the resignation or removal of the retiring Relevant
Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Relevant Trustee
with respect to the Trust Securities and the Trust; but, on request of the
Trust or any successor Trustee such retiring Relevant Trustee shall duly
assign, transfer and deliver to such successor Trustee all the Trust Property,
all proceeds thereof and money held by such retiring Relevant Trustee hereunder
with respect to the Trust Securities and the Trust.

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          (b)     Upon
request of any such successor Trustee, the Trust shall execute any and all
instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts referred to in the
immediately preceding paragraph, as the case may be.

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

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

9.13.     Preferential
Collection of Claims Against the Depositor or the Trust. If and when
the Property Trustee or the Delaware Trustee shall be or become a creditor of
the Depositor or the Trust (or any other obligor upon the Debentures or the
Trust Securities), the Property Trustee or the Delaware Trustee, as the case
may be, shall be subject to and shall take all actions necessary in order to
comply with the provisions of the Trust Indenture Act regarding the collection
of claims against the Depositor or the Trust (or any such other obligor).

9.14.     Property
Trustee May File Proofs of Claim. In case of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other similar judicial proceeding relative to the Issuer Trust
or any other obligor upon the Trust Securities or the Trust Property, the
Property Trustee (irrespective of whether any Distributions on the Trust Securities
shall then be due and payable and irrespective of whether the Property Trustee
shall have made any demand on the Trust for the payment of any past due
Distributions) shall be entitled and empowered, to the fullest extent permitted
by law, by intervention in such proceeding or otherwise:

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

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

46

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

9.15.     Reports
to the Property Trustee and to Securityholders. The Depositor and
the Administrative Trustees on behalf of the Trust shall provide to the
Property Trustee such documents, reports and information as required by Section
314 of the Trust Indenture Act (if any) and the compliance certificate required
by Section 314(a) of the Trust Indenture Act in the form, in the manner and at
the times required by Section 314 of the Trust Indenture Act. The Depositor and
the Administrative Trustees on behalf of the Trust shall provide directly to
Securityholders, within fifteen (15) days after the Depositor files the same
with the Commission, copies of the annual reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) that the
Depositor is required to provide to shareholders pursuant to the Exchange Act.

9.16.     Evidence
of Compliance with Conditions Precedent. Each of the Depositor and
the Administrative Trustees on behalf of the Trust shall provide to the
Property Trustee such evidence of compliance with any conditions precedent, if
any, provided for in this Trust Agreement that relate to any of the matters set
forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion
required to be given by an officer pursuant to Section 314(c)(1) of the Trust
Indenture Act shall be given in the form of an Officers’ Certificate.

9.17.     Number of Trustees.

          (a)     The
number of Trustees shall be five, provided that the Holder of all of the Common
Securities by written instrument may increase or decrease the number of the Administrative
Trustees. The Property Trustee and the Delaware Trustee may be the same Person.

          (b)     If
a Trustee ceases to hold office for any reason and the number of the
Administrative Trustees is not reduced pursuant to Section 9.17(a), or if the
number of the Trustees is increased pursuant to Section 9.17(a), a vacancy
shall occur. The vacancy shall be filled with a Trustee appointed in accordance
with Section 9.10.

          (c)     The
death, resignation, retirement, removal, bankruptcy, incompetence or incapacity
to perform the duties of a Trustee shall not operate to annul the Trust.
Whenever a vacancy in the number of the Administrative Trustees shall occur,
until such vacancy is filled by the appointment of an Administrative Trustee in
accordance with Section 9.10, the Administrative Trustees in office, regardless
of their number (and notwithstanding any other provision of this Agreement),
shall have all the powers granted to the Administrative Trustees and shall
discharge all the duties imposed upon the Administrative Trustees by this Trust
Agreement.

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9.18.     Delegation of Power.

          (a)     Any
Administrative Trustee may, by power of attorney consistent with applicable
law, delegate to any other natural person over the age of 21 his or her power
for the purpose of executing any documents contemplated in Section 2.07(a); and

          (b)     The
Administrative Trustees shall have power to delegate from time to time to such
of their number or to the Depositor the doing of such things and the execution
of such instruments either in the name of the Trust or the names of the
Administrative Trustees or otherwise as the Administrative Trustees may deem
expedient, to the extent such delegation is not prohibited by applicable law or
contrary to the provisions of the Trust, as set forth herein.

9.19.     Voting.
Except as otherwise provided in this Trust Agreement, the consent or approval
of the Administrative Trustees shall require consent or approval by not less
than a majority of the Administrative Trustees, unless there are only two, in
which case both must consent.

ARTICLE X.

TERMINATION, LIQUIDATION AND MERGER

10.01.     Dissolution
upon Expiration Date. Unless earlier dissolved, the Trust shall
automatically dissolve on March 31, 2039 (the “Expiration Date”) subject to
distribution of the Trust Property in accordance with Section 10.04.

10.02.     Early
Dissolution. The first to occur of any of the following events is an
“Early Termination Event”:

          (a)     the
occurrence of a Bankruptcy Event in respect of, or the dissolution or
liquidation of, the Depositor;

          (b)     delivery
of written direction to the Property Trustee by the Depositor at any time
(which direction is wholly optional and within the discretion of the Depositor,
subject to Depositor having received prior approval of the Board of Governors
of the Federal Reserve System if so required under applicable guidelines,
policies or regulations thereof) to dissolve the Trust and distribute the
Debentures to the Securityholders in exchange for the Preferred Securities in
accordance with Section 10.04;

          (c)     the
redemption of all of the Preferred Securities in connection with the redemption
of all of the Debentures (whether upon a Debenture Redemption Date or the maturity
of the Debentures);

          (d)     the
conversion of all of the Preferred Securities in accordance with Section 4.03;
and,

          (e)     the
entrance of an order for dissolution of the Trust shall have been entered by a
court of competent jurisdiction.

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10.03.     Termination.
As soon as is practicable after the last to occur of the following: (a) the
distribution by the Property Trustee to the Securityholders upon the
liquidation of the Trust pursuant to Section 10.04, or upon the redemption of
all of the Trust Securities pursuant to Section 4.02, of all amounts required
to be distributed hereunder upon the final payment of the Trust Securities; (b)
the payment of any expenses owed by the Trust; (c) the discharge of all
administrative duties of the Administrative Trustees, including the performance
of any tax reporting obligations with respect to the Trust or the
Securityholders; and (d) after satisfaction of liabilities to creditors as
required by applicable law, including Section 3808 of the Delaware Statutory
Trust Act, the Administrative Trustees shall terminate the Trust by filing, at
the expense of the Depositor, a certificate of cancellation with the Secretary
of State of the State of Delaware. The Administrative Trustees shall notify the
Property Trustee and the Delaware Trustee of such filing. Upon filing of such
certificate of cancellation, the Trust, this Trust Agreement (other than
provisions, including Section 9.06, which by their terms survive), and the
respective obligations and responsibilities of the Trustees shall terminate.

10.04.     Liquidation.

          (a)     If
an Early Termination Event specified in clause (a), (b), or (d) of Section
10.02 occurs or upon the Expiration Date, the Trust shall be liquidated by the
Trustees as expeditiously as the Trustees determine to be possible by
distributing, after satisfaction of liabilities to creditors of the Trust as
provided by applicable law, to each Securityholder a Like Amount of Debentures,
subject to Section 10.04(d). Notice of liquidation shall be given by the
Property Trustee by first-class mail, postage prepaid, mailed not later than
thirty (30) nor more than sixty (60) days prior to the Liquidation Date to each
Holder of Trust Securities at such Holder’s address appearing in the Securities
Register. All notices of liquidation shall:

                    (i)     state
the Liquidation Date;

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

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

          (b)     Except
where Section 10.02(c) or 10.04(d) applies, in order to effect the liquidation
of the Trust and distribution of the Debentures to the Securityholders, the
Property Trustee shall establish a record date for such distribution (which
shall be not more than 45 days prior to the Liquidation Date) and, either
itself acting as exchange agent or through the appointment of a separate
exchange agent, shall establish such procedures as it shall deem appropriate to
effect the distribution of Debentures in exchange for the Outstanding Trust
Securities Certificates.

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          (c)     Except
where Section 10.02(c) or 10.04(d) applies, after the Liquidation Date, (i) the
Trust Securities shall no longer be deemed to be outstanding; (ii) certificates
representing a Like Amount of the Debentures shall be issued to the Holders of
Trust Securities Certificates upon surrender of such certificates to the
Administrative Trustees or their agent for exchange; (iii) any Trust Securities
Certificates not so surrendered for exchange shall be deemed to represent a
Like Amount of Debentures, accruing interest at the rate provided for in the
Debentures from the last Distribution Date on which a Distribution was made on
such Trust Securities Certificates until such certificates are so surrendered
(and until such certificates are so surrendered, no payments of interest or
principal shall be made to Holders of the Trust Securities Certificates with
respect to such Debentures); and (iv) all rights of the Securityholders holding
the Trust Securities shall cease, except the right of such Securityholders to
receive the Debentures upon surrender of the Trust Securities Certificates.

          (d)     In
the event that, notwithstanding the other provisions of this Section 10.04,
whether because of an order for dissolution entered by a court of competent
jurisdiction or otherwise, distribution of the Debentures in the manner
provided herein is determined by the Property Trustee not to be practical, the
Trust Property shall be liquidated, and the Trust shall be dissolved, wound-up
and terminated, by the Property Trustee in such manner as the Property Trustee
determines. In such event, on the date of the dissolution, winding-up or other
termination of the Trust, the Securityholders shall be entitled to receive out
of the assets of the Trust available for distribution to the Securityholders,
after satisfaction of liabilities to creditors of the Trust as provided by
applicable law, an amount equal to the Liquidation Amount per Trust Security
plus accumulated and unpaid Distributions thereon to the date of payment (such
amount being the “Liquidation Distribution”). If, upon any such dissolution,
winding-up or termination, the Liquidation Distribution can be paid only in
part because the Trust has insufficient assets available to pay in full the
aggregate Liquidation Distribution, then, subject to the next succeeding
sentence, the amounts payable by the Trust on the Trust Securities shall be
paid on a pro rata basis (based upon Liquidation Amounts, subject to Section
4.08). The Holder of the Common Securities shall be entitled to receive the
Liquidation Distributions upon any such dissolution, winding-up or termination
pro rata (determined as aforesaid) with the Holders of the Preferred
Securities, except that, if a Debenture Event of Default has occurred and is
continuing, the Preferred Securities shall have a priority over the Common
Securities.

10.05.     Mergers,
Consolidations, Amalgamations or Replacements of the Trust. The
Trust may not merge with or into, consolidate, amalgamate, or be replaced by,
or convey, transfer or lease its properties and assets substantially as an
entirety to any corporation or other Person, except pursuant to this Section
10.05. At the request of the Depositor, with the consent of the Administrative
Trustees and without the consent of the Holders of the Preferred Securities,
the Property Trustee or the Delaware Trustee, the Trust may merge with or into,
consolidate, amalgamate, be replaced by or convey, transfer or lease its
properties and assets substantially as an entirety to a trust organized as such
under the laws of any State; provided, that (a) such successor entity either
(i) expressly assumes all of the obligations of the Trust with respect to the
Preferred Securities; or (ii) substitutes for the Preferred Securities other
securities having substantially the same terms as the Preferred Securities (the
“Successor Securities”) so long as the Successor Securities rank the same as
the Preferred Securities rank in priority with respect to distributions and
payments upon liquidation, redemption and otherwise; (b) the Depositor
expressly appoints a trustee of such successor entity possessing substantially
the same powers and duties as the Property Trustee as the holder of the
Debentures; (c) such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease does not adversely affect the rights, preferences
and privileges of the Holders of the Preferred Securities (including any
Successor Securities) in any material respect; (d) such successor entity has a
purpose substantially identical to that of the Trust; (e) prior to such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease, the
Depositor has received an Opinion of Counsel to the effect that (i) such merger
consolidation, amalgamation, replacement, conveyance, transfer or lease does
not adversely affect the rights, preferences and privileges of the Holders of
the Preferred Securities (including any Successor Securities) in any material
respect; and (ii) following such merger, consolidation, amalgamation,
replacement, conveyance, transfer or lease, neither the Trust nor such
successor entity shall be required to register as an “investment company” under
the Investment Company Act; and (f) the Depositor owns all of the Common Securities
of such successor entity and guarantees the obligations of such successor
entity under the Successor Securities at least to the extent provided by the
Guarantee, the Debentures, this Trust Agreement and the Expense Agreement. For
purposes of this Section 10.05, any such consolidation, merger, sale,
conveyance, transfer or other disposition as a result of which (a) the Company
is not the surviving Person, and (b) the same Person is not both (i) the
primary obligor in respect of the Debentures and (ii) the Guarantor under the
Preferred Securities Guarantee shall be deemed to constitute a replacement of
the Trust by a successor entity; provided further that, notwithstanding the
foregoing, in the event that upon the consummation of such a consolidation, merger,
sale, conveyance, transfer or other disposition, the parent company (if any) of
the Company, or its successor, is a bank holding company or financial holding
company or comparably regulated financial institution, such parent company
shall guarantee the obligations of the Trust (and any successor thereto) under
the Preferred Securities (including any Successor Securities) at least to the
extent provided by the Guarantee, the Debentures, the Trust Agreement and the
Expense Agreement. Notwithstanding the foregoing, the Trust shall not, except
with the consent of the Holders of 100% in Liquidation Amount of the Preferred
Securities, consolidate, amalgamate, merge with or into, or be replaced by or
convey, transfer or lease its properties and assets substantially as an
entirety to any other Person or permit any other Person to consolidate,
amalgamate, merge with or into, or replace it if such consolidation,
amalgamation, merger or replacement would cause the Trust or the successor
entity to be classified as other than a grantor trust for United States federal
income tax purposes.

50

ARTICLE XI.

MISCELLANEOUS PROVISIONS

11.01.     Limitation
of Rights of the Securityholders. The death or incapacity of any
Person having an interest, beneficial or otherwise, in the Trust Securities
shall not operate to terminate this Trust Agreement, nor entitle the legal
representatives or heirs of such Person or any Securityholder for such Person
to claim an accounting, take any action or bring any proceeding in any court
for a partition or winding-up of the arrangements contemplated hereby, nor
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.

11.02.     Amendment.

          (a)     This
Trust Agreement may be amended from time to time by the Trustees and the
Depositor, without the consent of any Securityholders, (i) as provided in
Section 9.11 with respect to acceptance of appointment by a successor Trustee;
(ii) to cure any ambiguity, correct or supplement any provision herein or therein
which may be inconsistent with any other provision herein or therein, or to
make any other provisions with respect to matters or questions arising under
this Trust Agreement, that shall not be inconsistent with the other provisions
of this Trust Agreement; (iii) to modify, eliminate or add to any provisions of
this Trust Agreement to such extent as shall be necessary to ensure that the
Trust shall be classified for United States federal income tax purposes as a
grantor trust at all times that any of the Trust Securities are outstanding or
to ensure that the Trust shall not be required to register as an “investment
company” under the Investment Company Act; provided, however, that in the case
of clause (ii), such action shall not adversely affect in any material respect
the interests of any Securityholder.

51

          (b)     Except
as provided in Section 6.01(c) or 11.02 hereof, any provision of this Trust
Agreement may be amended by the Trustees and the Depositor (i) with the consent
of the Securityholders representing not less than a majority (based upon
Liquidation Amounts) of the Trust Securities then Outstanding; and (ii) upon
receipt by the Trustees of an Opinion of Counsel to the effect that such
amendment or the exercise of any power granted to the Trustees in accordance
with such amendment shall not affect the Trust’s status as a grantor trust for
United States federal income tax purposes or the Trust’s exemption from status
of an “investment company” under the Investment Company Act.

          (c)     In
addition to and notwithstanding any other provision in this Trust Agreement,
without the consent of each affected Securityholder (such consent being
obtained in accordance with Section 6.03 or 6.06 hereof), this Trust Agreement
may not be amended to (i) change the amount or timing of any Distribution on
the Trust Securities or otherwise adversely affect the amount of any
Distribution required to be made in respect of the Trust Securities as of a
specified date; or (ii) restrict the right of a Securityholder to institute
suit for the enforcement of any such payment on or after such date;
notwithstanding any other provision herein, without the unanimous consent of
the Securityholders (such consent being obtained in accordance with Section
6.03 or 6.06 hereof), this paragraph (c) of this Section 11.02 may not be
amended.

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

          (e)     Notwithstanding
anything in this Trust Agreement to the contrary, without the consent of the
Depositor, this Trust Agreement may not be amended in a manner which imposes
any additional obligation on the Depositor.

          (f)     In
the event that any amendment to this Trust Agreement is made, the
Administrative Trustees shall promptly provide to the Depositor a copy of such
amendment.

          (g)     Neither
the Property Trustee nor the Delaware Trustee shall be required to enter into
any amendment to this Trust Agreement which affects its own rights, duties or
immunities under this Trust Agreement. The Property Trustee shall be entitled
to receive an Opinion of Counsel and an Officers’ Certificate stating that any
amendment to this Trust Agreement has been effected in compliance with this
Trust Agreement.

52

11.03.     Separability.
In case any provision in this Trust Agreement or in the Trust Securities
Certificates shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

11.04.     Governing
Law. THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF
THE SECURITYHOLDERS, THE TRUST AND THE TRUSTEES WITH RESPECT TO THIS TRUST
AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO ITS CONFLICT
OF LAWS PRINCIPLES).

11.05.     Payments Due
on Non-Business Day. If the date fixed for any payment on any Trust
Security shall be a day that is not a Business Day, then such payment need not
be made on such date but may be made on the next succeeding day which is a
Business Day, except that, if such Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business
Day (and without any reduction of interest or any other payment in respect of
any such acceleration), in each case with the same force and effect as though
made on the date fixed for such payment, and no distribution shall accumulate
thereon for the period after such date.

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

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

11.08.     Reports,
Notices and Demands. Any report, notice, demand or other
communication which by any provision of this Trust Agreement is required or
permitted to be given or served to or upon any Securityholder or the Depositor
may be given or served in writing by deposit thereof, first-class postage prepaid,
in the United States mail, hand delivery or facsimile transmission, in each
case, addressed, (a) in the case of a Preferred Securityholder, to such
Preferred Securityholder as such Securityholder’s name and address may appear
on the Securities Register; and (b) in the case of the Common Securityholder or
the Depositor, to Tompkins Financial Corporation, 110 North Tioga Street,
Ithaca, New York 14850, Attention: Chief Financial Officer, facsimile no.:
(607) 273-0063. 

Any notice to the Preferred Securityholders shall also be given
to such owners as have, within two years preceding the giving of such notice,
filed their names and addresses with the Property Trustee for that purpose.
Such notice, demand or other communication to or upon a Securityholder shall be
deemed to have been sufficiently given or made, for all purposes, upon hand
delivery, mailing or transmission. Any notice, demand or other communication
which by any provision of this Trust Agreement is required or permitted to be
given or served to or upon the Trust, the Property Trustee or the
Administrative Trustees shall be given in writing addressed (until another
address is published by the Trust) as follows: (a) with respect to the Property
Trustee, to Wilmington Trust Company, Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust
Administration; (b) with respect to the Delaware Trustee, to Wilmington Trust
Company, at the address above; and (c) with respect to the Administrative
Trustees, to them at the address above for notices to the Depositor, marked
“Attention: Administrative Trustees of Tompkins Capital Trust I, c/o Tompkins
Financial Corporation.” Such notice, demand or other communication to or upon
the Trust or the Property Trustee shall be deemed to have been sufficiently
given or made only upon actual receipt of the writing by the Trust or the
Property Trustee.

53

11.09.     Agreement
Not to Petition. Each of the Trustees and the Depositor agrees for
the benefit of the Securityholders that, until at least one year and one day
after the Trust has been terminated in accordance with Article IX, they shall
not file, or join in the filing of, a petition against the Trust under any
bankruptcy, insolvency, reorganization or other similar law (including, without
limitation, the United States Bankruptcy Code of 1978, as amended)
(collectively, “Bankruptcy Laws”) or otherwise join in the commencement of any
proceeding against the Trust under any Bankruptcy Law. In the event the
Depositor or any of the Trustees takes action in violation of this Section
11.09, the Property Trustee agrees, for the benefit of the Securityholders,
that at the expense of the Depositor (which expense shall be paid prior to the
filing), it shall file an answer with the bankruptcy court or otherwise
properly contest the filing of such petition by the Depositor or such Trustee
against the Trust or the commencement of such action and raise the defense that
the Depositor or such Trustee has agreed in writing not to take such action and
should be stopped and precluded therefrom. The provisions of this Section 11.09
shall survive the termination of this Trust Agreement.

11.10.     Trust
Indenture Act; Conflict with Trust Indenture Act. Notwithstanding
any contrary provision herein relating to the applicability of the Trust
Indenture Act:

          (a)     Any
provision of the Trust Indenture Act, which by its terms would apply to this
Agreement (a “Mandatory TIA Provision”), will control over any contrary terms
contained herein; and,

          (b)     The
terms of this Agreement will control over all provisions of the Trust Indenture
Act, except for Mandatory TIA Provisions.

          (c)     The
parties intend that this Trust Agreement and the Trust Securities shall not be
subject to the Trust Indenture Act, and the provisions of this Trust Agreement
which impose any duty or liability upon the Trustees to comply with any
provision of the Trust Indenture Act, including any reporting obligations,
shall be disregarded until such time as the Depositor notifies the Trustees
that this Trust Agreement is subject to the Trust Indenture Act.

11.11.     Acceptance
of Terms of the Trust Agreement, the Guarantee and the Indenture.
THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON
BEHALF OF A SECURITYHOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR
FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE
BY THE SECURITYHOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH TRUST
SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND AGREEMENT
TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND THE
INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE TRUST, SUCH SECURITYHOLDER
AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE
BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND SUCH SECURITYHOLDER
AND SUCH OTHERS. WITHOUT LIMITING THE FOREGOING, BY ACCEPTANCE OF A PREFERRED
SECURITY, EACH HOLDER THEREOF SHALL BE DEEMED TO HAVE AGREED TO TREAT, FOR ALL
UNITED STATES FEDERAL INCOME TAX AND FINANCIAL ACCOUNTING PURPOSES, THE
DEBENTURES AS INDEBTEDNESS OF THE COMPANY AND THE PREFERRED SECURITIES AS
EVIDENCING AN UNDIVIDED BENEFICIAL OWNERSHIP INTEREST IN THE DEBENTURES.

54

11.12.     Separability.
In case any provision in this Trust Agreement or in the Trust Securities
Certificates shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

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

[Signature Pages Immediately Follow.]

55

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 TOMPKINS
 FINANCIAL CORPORATION,

 
	
  

 	
 as Depositor

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Francis
 M. Fetsko

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Name:

 	
 Francis M.
 Fetsko

 
	
  

 	
 Title:

 	
 Executive
 Vice President & Chief Financial Officer

 
	
  

 	
  

 	
  

 
	
  

 	
 WILMINGTON
 TRUST COMPANY,

 
	
  

 	
 as Property
 Trustee

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Lori L.
 Donahue

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Name:

 	
 Lori L.
 Donahue

 
	
  

 	
 Title:

 	
 Assistant
 Vice President

 
	
  

 	
  

 	
  

 
	
  

 	
 WILMINGTON
 TRUST COMPANY,

 
	
  

 	
 as Delaware
 Trustee

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Lori L.
 Donahue

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Name:

 	
 Lori L.
 Donahue

 
	
  

 	
 Title:

 	
 Assistant
 Vice President

 

56

	
  

 	
  

 	
  

 
	
  

 	
 /s/ Francis
 M. Fetsko

 
	
  

 	 

 	
  

 
	
  

 	
 FRANCIS M.
 FETSKO, as Administrative Trustee

 
	
  

 	
  

 
	
  

 	
 /s/ David K.
 Kershaw

 
	
  

 	 

 	
  

 
	
  

 	
 DAVID K.
 KERSHAW, as Administrative Trustee

 
	
  

 	 

 	
  

 
	
  

 	
  

 
	
  

 	
 /s/ John T.
 Saunders

 
	
  

 	 

 	
  

 
	
  

 	
 JOHN T.
 SAUNDERS, as Administrative Trustee

 

57

EXHIBIT A 

CERTIFICATE OF TRUST

OF

TOMPKINS CAPITAL TRUST I

As filed February 19, 2009

EXHIBIT B

FORM OF COMMON SECURITY CERTIFICATE

          THIS
COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LA WS
AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
TO AN EXEMPTION FROM REGISTRATION.

          EXCEPT
AS SET FORTH IN SECTION 5.10 OF THE DECLARATION (AS DEFINED BELOW), THIS
SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Certificate
 Number: 1

 	
 Number of
 Common Securities: 480

 	
  

 

Certificate Evidencing Common Securities

TOMPKINS CAPITAL
TRUST I

          Tompkins
Capital Trust I, a statutory trust created under the laws of the State of
Delaware (the “Trust”), hereby certifies that Tompkins Financial Corporation is
the registered owner (the “Holder”) of 480 common securities of the Trust
representing undivided beneficial interests in the assets of the Trust
(liquidation amount $1,000 per Common Security)(the “Common Securities”). The
Common Securities represented hereby are issued pursuant to, and the
designation, rights, privileges, restrictions, preferences and other terms and
provisions of the Common Securities shall in all respects be subject to, the
provisions of the Amended and Restated Declaration of Trust of the Trust, dated
as of April 10, 2009 (the “Declaration”), among Francis M. Fetsko, David
Kershaw, and John Saunders as Administrators, Wilmington Trust Company, as
Delaware Trustee, Wilmington Trust Company, as Property Trustee, the Holder, as
Depositor, and the holders from time to time of undivided beneficial interests
in the assets of the Trust, including the designation of the terms of the
Common Securities as set forth in the Declaration. Capitalized terms used
herein but not defined shall have the meaning given them in the Declaration.
The Depositor will provide a copy of the Declaration and the Indenture to the
Holder without charge upon written request to the Depositor at its principal
place of business.

          As
set forth in the Declaration, when an Event of Default has occurred and is
continuing, the rights of the Holder of Common Securities to payment in respect
of Distributions and payments upon Liquidation, redemption or otherwise are
subordinated to the rights of payment of holders of the Preferred Securities.

          By
acceptance of this Certificate, the Holder is bound by the Declaration and is
entitled to the benefits thereunder.

          By
acceptance of this Certificate, the Holder agrees to treat, for United States
federal income tax purposes, the Debentures as indebtedness and the Common
Securities as evidence of undivided beneficial ownership in the Debentures.

          This
Certificate and the Common Securities evidenced hereby are governed by, and
shall be construed in accordance with, the laws of the State of Delaware,
without regard to principles of conflict of laws.

                    IN
WITNESS WHEREOF, the Trust has executed this Certificate this ____ day of
________________, 2009.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Tompkins Capital
 Trust I

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
  

 	
 Name:

 	
 Francis M.
 Fetsko

 	
  

 
	
  

 	
  

 	
 Title:

 	
 Administrative
 Trustee

 	
  

 

[FORM OF REVERSE OF SECURITY]

          Distributions
payable on each Common Security will be identical in amount to the
Distributions payable on each Preferred Security, which is at a fixed of
interest per annum, which, with respect to any Distribution Period (as defined
herein), will be 7.00% (the “Coupon Rate”). Distributions in arrears for more
than one Distribution Period will bear interest thereon, compounded quarterly,
at the applicable Coupon Rate for each Distribution Period thereafter (to the
extent permitted by applicable law). The term “Distributions,” as used herein,
includes cash Distributions, any such compounded Distributions and any Additional
Amounts payable on the Debentures, unless otherwise stated. A Distribution is
payable only to the extent that payments are made in respect of the Debentures
held by the Property Trustee and to the extent the Property Trustee has funds
legally available therefor. The amount of Distributions payable for any
Distribution Period will be computed on the basis of a 360-day year of twelve
30-day months, and the amount payable for any partial period shall be computed
on the basis of the number of days elapsed in a 360-day year of twelve 30-day
months.

          Except
as otherwise described below, Distributions on the Common Securities will be
cumulative, will accrue from the date of original issuance and will be payable
quarterly in arrears on March 15, June 15, September 15 and December 15 of each
year, commencing on June 15, 2009 (each, a “Distribution Payment Date”), and on
any earlier date of redemption, subject, in each case, to the Business Day
convention specified in the Declaration. The Company has the right under the
Indenture to defer payments of interest on the Debentures by extending the
interest payment period for up to 20 consecutive quarterly periods (each such
extended interest payment period, together with all previous and future
consecutive extensions thereof, is referred to herein as an “Extension Period”)
at any time and from time to time on the Debentures, subject to the conditions
described below and in the Declaration and the Indenture. No Extension Period
may end on a date other than a Distribution Payment Date or extend beyond the
Maturity Date, any Optional Redemption Date or the Special Redemption Date, as
the case may be. During any Extension Period, interest will continue to accrue
on the Debentures, and interest on such accrued interest (such accrued interest
and interest thereon referred to herein as “Deferred Interest”) will accrue, at
an annual rate equal to the Coupon Rate applicable during such Extension
Period, compounded quarterly from the date such Deferred Interest would have been
payable were it not for the Extension Period, to the extent permitted by
applicable law. At the end of any Extension Period, the Company shall pay all
Deferred Interest then accrued and unpaid on the Debentures; provided,
however, that prior to the termination of any Extension Period, the Company
may further extend such Extension Period, provided, that no Extension
Period (including all previous and further consecutive extensions that are part
of such Extension Period) shall exceed 20 consecutive quarterly periods. Upon
the termination of any Extension Period and upon the payment of all Deferred
Interest, the Company may commence a new Extension Period, subject to the
requirements set forth herein and in the Declaration and the Indenture. No
interest or Deferred Interest (except any Additional Amounts that may be due
and payable) shall be due and payable during an Extension Period, except at the
end thereof, but Deferred Interest shall accrue upon each installment of
interest that would otherwise have been due and payable during such Extension
Period until such installment is paid.

          As
a consequence of any Extension Period, Distributions will be deferred. If
Distributions are deferred, the Distributions due shall be paid on the date
that the related Extension Period terminates to Holders of the Securities as
they appear on the books and records of the Trust on the regular record date
immediately preceding the Distribution Payment Date on which such Extension
Period terminates to the extent that the Trust has funds legally available
therefor.

          The
Common Securities shall be redeemable, and shall be entitled to the Liquidation
Distribution, as provided in the Declaration.

ASSIGNMENT

          FOR
VALUE RECEIVED, the undersigned assigns and transfers the Common Securities
evidenced by this Common Security Certificate to:

	
  

 	
  

 
	 

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
 Assignee’s
 social security or tax identification number:

 
	
  

 	
  

 
	 

 	
  

 
	
  

 	
  

 
	
 Assignee’s
 address and zip code:

 	
  

 
	
  

 	
  

 
	 

 	
  

 
	
  

 	
 ,

 
	 

 	
  

 

and
irrevocably appoints ________________________________________________________
as agent to transfer the Common Securities evidenced by this Common Security
Certificate on the books of the Trust. The agent may substitute another to act
for it, him or her.

Date:
_____________________________

	
  

 	
  

 	
  

 
	
 Signature:

 	 

 	
  

 
	
  

 	
 (Sign
 exactly as your name appears on the Common Security Certificate)

 	
  

 

Signature
Guarantee:1

1 Signature must be guaranteed by an
“eligible guarantor institution” that is a bank, stockbroker, savings and loan
association or credit union, meeting the requirements of the Security
registrar, which requirements include membership or participation in the
Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Security registrar in addition
to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

EXHIBIT C

AGREEMENT AS TO EXPENSES AND LIABILITIES

[To Be Inserted.]

EXHIBIT
D

FORM OF CONVERTIBLE PREFERRED
SECURITY CERTIFICATE

[FORM OF FACE OF SECURITY]

          THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE
SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN
MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. THE HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN, BY
ITS ACCEPTANCE HEREOF OR THEREOF, AS THE CASE MAY BE, AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN ONLY
(A) TO THE COMPANY OR THE TRUST, (B) PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT TO AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF SUBPARAGRAPH (a) OF RULE 501 UNDER THE SECURITIES ACT OR
TO ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH SUBPARAGRAPHS
THAT IS ACQUIRING THIS SECURITY OR SUCH INTEREST OR PARTICIPATION FOR ITS OWN
ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN ACCREDITED INVESTOR, FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (C) PURSUANT TO ANY OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES
ACT, SUBJECT TO THE RIGHT OF THE COMPANY AND THE TRUST PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSE (B) OR (C) ABOVE TO REQUIRE THE DELIVERY OF
AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO
EACH OF THEM IN ACCORDANCE WITH THE AMENDED AND RESTATED DECLARATION OF TRUST,
A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY OR THE TRUST. THE HOLDER OF
THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN, BY ITS ACCEPTANCE HEREOF
OR THEREOF, AS THE CASE MAYBE, AGREES THAT IT WILL COMPLY WITH THE FOREGOING
RESTRICTIONS.

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

IN CONNECTION
WITH ANY TRANSFER, THE HOLDER OF THIS SECURITY WILL DELIVER TO THE REGISTRAR
AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED
BY THE AMENDED AND RESTATED DECLARATION OF TRUST TO CONFIRM THAT THE TRANSFER
COMPLIES WITH THE FOREGOING RESTRICTIONS. THIS SECURITY WILL BE ISSUED AND MAY
BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF THE LIQUIDATION AMOUNT AND
INTEGRAL MULTIPLES OF SUCH LIQUIDATION AMOUNT IN EXCESS THEREOF. ANY ATTEMPTED
TRANSFER OF THIS SECURITY IN A BLOCK HAVING A LIQUIDATION AMOUNT OF LESS THAN
$1,000 OR AN INTEGRAL MULTIPLE THEREOF SHALL BE DEEMED TO BE VOID AND OF NO
LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO
BE THE HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN FOR ANY
PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
SECURITY OR SUCH INTEREST OR PARTICIPATION, AND SUCH PURPORTED TRANSFEREE SHALL
BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SECURITY OR ANY INTEREST OR PARTICIPATION
HEREIN.

	
  

 	
  

 
	
 Certificate
 Number [______]

 	
 Number of
 Preferred Securities [_______]

 

Certificate Evidencing Preferred Securities

of

Tompkins Capital Trust I

Convertible Preferred Securities

(Liquidation amount $1,000 per Preferred Security)

          Tompkins
Capital Trust I, a statutory trust created under the laws of the State of
Delaware (the “Trust”), hereby certifies that [________________________] is the
registered owner (the “Holder”) of ______ convertible preferred securities of
the Trust representing undivided beneficial interests in the assets of the
Trust, liquidation amount $1,000 per Preferred Security (the “Preferred
Securities”). Subject to the Declaration (as defined below), the Preferred
Securities are transferable on the books and records of the Trust, in person or
by a duly authorized attorney, upon surrender of this Certificate duly endorsed
and in proper form for transfer. The Preferred Securities represented hereby
are issued pursuant to, and the designation, rights, privileges, restrictions,
preferences and other terms and provisions of the Preferred Securities shall in
all respects be subject to, the provisions of the Amended and Restated
Declaration of Trust of the Trust, dated as of April 10, 2009, among Francis M.
Fetsko, David Kershaw, and John Saunders as Administrators, Wilmington Trust
Company, as Delaware Trustee, Wilmington Trust Company, as Property Trustee,
Tompkins Financial Corporation, as Depositor, as the same may be amended from
time to time (the “Declaration”). Capitalized terms used herein but not defined
shall have the meaning given them in the Declaration. The Holder is entitled to
the benefits of the Guarantee and the Indenture to the extent provided therein.
The Depositor will provide a copy of the Declaration, the Guarantee, and the
Indenture to the Holder without charge upon written request to the Depositor at
its principal place of business.

          By
acceptance of this Certificate, the Holder is bound by the Declaration and is
entitled to the benefits thereunder. By acceptance of this Certificate, the
Holder agrees to treat, for United States federal income tax purposes, the
Debentures as indebtedness and the Preferred Securities as evidence of
undivided beneficial ownership in the Debentures.

          This
Certificate and the Preferred Securities evidenced hereby are governed by, and
shall be construed in accordance with, the laws of the State of Delaware,
without regard to principles of conflict of laws.

          This
Certificate may contain more than one counterpart of the signature page and
this Certificate may be executed and authenticated by the affixing of the
signature of an Administrator on behalf of the Trust, and the signature of the
Property Trustee providing authentication, to any of such counterpart signature
pages. All of such counterpart signature pages shall be read as though one, and
they shall have the same force and effect as though the Trust had executed, and
the Property Trustee had authenticated, a single signature page.

          The
Preferred Securities shall be convertible into shares of Tompkins Financial
Corporation’s Common Stock in the manner and according to the terms set forth
in the Declaration and the Indenture.

IN WITNESS
WHEREOF, the Trust has duly executed this Certificate.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 TOMPKINS
 CAPITAL TRUST I

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Name:

 	
 Francis M.
 Fetsko

 
	
  

 	
  

 	
 Title:

 	
 Administrative
 Trustee

 
	
  

 
	
  

 	
 Dated:

 	
  

 	
  

 
	
  

 	
  

 	 

 

CERTIFICATE OF AUTHENTICATION

This
Certificate represents Preferred Securities referred to in the within-mentioned
Declaration.

	
  

 	
  

 	
  

 
	
  

 	
 WILMINGTON
 TRUST COMPANY,

 
	
  

 	
 not in its
 individual capacity but solely as the

 
	
  

 	
 Property
 Trustee

 
	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Authorized
 Officer

 
	
  

 	
  

 	
  

 
	
  

 	
 Dated:

 	
  

 
	
  

 	
  

 	 

 

[FORM OF REVERSE OF SECURITY]

          Distributions
payable on each Preferred Security will be payable at a fixed rate of interest
per annum, which, with respect to any Distribution Period (as defined herein),
will be 7.00% (the “Coupon Rate”). Distributions in arrears for more than one
Distribution Period will bear interest thereon, compounded quarterly, at the
applicable Coupon Rate for each Distribution Period thereafter (to the extent
permitted by applicable law). The term “Distributions,” as used herein,
includes cash Distributions, any such compounded Distributions and any
Additional Amounts payable on the Debentures, unless otherwise stated. A
Distribution is payable only to the extent that payments are made in respect of
the Debentures held by the Property Trustee and to the extent the Property
Trustee has received funds legally available therefor. The amount of
Distributions payable for any Distribution Period will be computed on the basis
of a 360-day year of twelve 30-day months, and the amount payable for any
partial period shall be computed on the basis of the number of days elapsed in a
360-day year of twelve 30-day months.

          Except
as otherwise described below, Distributions on the Preferred Securities will be
cumulative, will accrue from the date of original issuance and will be payable
quarterly in arrears on March 15, June 15, September 15 and December 15 of each
year, commencing on June 15, 2009 (each, a “Distribution Payment Date”), and on
any earlier date of redemption, subject, in each case, to the Business Day
convention specified in the Declaration. The Company has the right under the
Indenture to defer payments of interest on the Debentures by extending the
interest payment period for up to 20 consecutive quarterly periods (each such
extended interest payment period, together with all previous and future
consecutive extensions thereof, is referred to herein as an “Extension Period”)
at any time and from time to time on the Debentures, subject to the conditions
described below and in the Declaration and the Indenture. No Extension Period
may end on a date other than a Distribution Payment Date or extend beyond the
Maturity Date, any Optional Redemption Date or the Special Redemption Date, as
the case may be. During any Extension Period, interest will continue to accrue
on the Debentures, and interest on such accrued interest (such accrued interest
and interest thereon referred to herein as “Deferred Interest”) will accrue, at
an annual rate equal to the Coupon Rate applicable during such Extension
Period, compounded quarterly from the date such Deferred Interest would have been
payable were it not for the Extension Period, to the extent permitted by
applicable law. At the end of any Extension Period, the Company shall pay all
Deferred Interest then accrued and unpaid on the Debentures; provided,
however, that prior to the termination of any Extension Period, the
Debenture Issuer may further extend such Extension Period, provided,
that no Extension Period (including all previous and further consecutive
extensions that are part of such Extension Period) shall exceed 20 consecutive
quarterly periods. Upon the termination of any Extension Period and upon the
payment of all Deferred Interest, the Company may commence a new Extension
Period, subject to the requirements set forth herein and in the Declaration and
the Indenture. No interest or Deferred Interest (except any Additional Amounts
that may be due and payable) shall be due and payable during an Extension
Period, except at the end thereof, but Deferred Interest shall accrue upon each
installment of interest that would otherwise have been due and payable during
such Extension Period until such installment is paid.

          As
a consequence of any Extension Period, Distributions will be deferred. If
Distributions are deferred, the Distributions due shall be paid on the date
that the related Extension Period terminates to Holders of the Preferred
Securities as they appear on the books and records of the Trust on the regular
record date immediately preceding the Distribution Payment Date on which such
Extension Period terminates to the extent that the Trust has funds legally
available therefor.

          The
Preferred Securities shall be redeemable, and shall be entitled to the
Liquidation Distribution, as provided in the Declaration.

          The
Preferred Securities shall be convertible into shares of Tompkins Financial
Corporation’s Common Stock in the manner and according to the terms set forth
in the Declaration and the Indenture.

CONVERSION REQUEST

	
  

 	
  

 
	
 To:

 	
 Wilmington
 Trust Company, 

 
	
  

 	
 as Property
 Trustee of Tompkins Capital Trust I

 

          The
undersigned owner of these Preferred Securities hereby irrevocably exercises
the option to convert these Preferred Securities, or the portion below
designated, into common stock of Tompkins Financial Corporation in accordance
with the terms of the Indenture, dated April 10, 2009, between Tompkins
Financial Corporation and Wilmington Trust Company, as Debenture Trustee (the
“Indenture”) and the Amended and Restated Declaration of Trust (as amended from
time to time, the “Declaration”), dated as of April 10, 2009, by Francis M.
Fetsko, David Kershaw, and John Saunders as Administrative Trustees, Wilmington
Trust Company, as Delaware Trustee and Property Trustee, Tompkins Financial
Corporation, as Depositor, and by the Holders, from time to time, of undivided
beneficial interests in the assets of the Trust to be issued pursuant to the
Declaration. Pursuant to the aforementioned exercise of the option to convert
these Preferred Securities, the undersigned hereby directs the Conversion Agent
on the Conversion date (as such terms are defined in the Declaration) to (i)
exchange such Preferred Securities for a portion of the Debentures (as that
term is defined in the Declaration) held by the Trust (at the rate of exchange
specified in the Declaration and the Indenture) and (ii) immediately convert
such Debentures on behalf of the undersigned, into Tompkins Financial
Corporation Common Stock (at the conversion rate specified in the Declaration
and the Indenture).

          The
undersigned does also hereby direct the Conversion Agent that the shares
issuable and deliverable upon conversion, together with any check in payment
for fractional shares, be issued in the name of and delivered to the
undersigned, unless a different name has been indicated in the assignment
below. If shares are to be issued in the name of a person other than the
undersigned, the undersigned will pay all transfer taxes payable with respect
thereto.

	
  

 	
  

 	
  

 
	
 Date:
 ___________________________

 	
  

 	
  

 
	
 Number of
 Preferred Securities to be converted: 

 	
  

 	
  

 
	
  

 	 

 	
  

 

If a name or
names other than the undersigned, please indicate in the spaces below the name
or names in which the shares of Tompkins Financial Corporation Common Stock are
to be issued, along with the address or addresses of such person or persons:

	
  

 	
  

 
	
  

 	 

 
	
  

 	
  

 
	
  

 	
  

 
	
  

 	 

 
	
  

 	
  

 
	
  

 	
  

 
	
 Date:
 ___________________________

 	
  

 

	
  

 	
  

 	
  

 
	
 Signature:

 	 

 	
  

 
	
  

 	
 (Sign
 exactly as your name appears on the other side of this Capital Security
 Certificate)

 

Signature
Guarantee:2

2 Signature must be guaranteed by an
“eligible guarantor institution” that is a bank, stockbroker, savings and loan
association or credit union, meeting the requirements of the Security
registrar, which requirements include membership or participation in the
Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Security registrar in addition
to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

ASSIGNMENT

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

	
  

 	
  

 
	 

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	 

 	
  

 
	
  

 	
  

 
	
 Assignee’s
 social security or tax identification number:

 
	
  

 	
  

 
	 

 	
  

 
	
  

 	
  

 
	
 Assignee’s
 address and zip code:

 	
  

 
	
  

 	
  

 
	
  

 	
 ,

 
	 

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	 

 	
  

 

and
irrevocably appoints ________________________________________________________
as agent to transfer the Preferred Securities evidenced by this Preferred
Security Certificate on the books of the Trust. The agent may substitute
another to act for it, him or her.

Date:
___________________________

	
  

 	
  

 	
  

 
	
 Signature:

 	 

 	
  

 
	
  

 	
 (Sign
 exactly as your name appears on the Preferred Security Certificate)

 

Signature
Guarantee:3

3 Signature must be guaranteed by an
“eligible guarantor institution” that is a bank, stockbroker, savings and loan
association or credit union, meeting the requirements of the Security
registrar, which requirements include membership or participation in the
Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Security registrar in addition
to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

EXHIBIT E

FORM OF TRANSFEREE CERTIFICATE

TO BE EXECUTED BY ACCREDITED INVESTORS

	
  

 	
  

 
	
  

 	
 __________________, 20__

 

Wilmington
Trust Company, as Securities Registrar

1100 North Market

Wilmington, Delaware 19890-0001

ATTN: Corporate Trust Administration

          Re:          Purchase
of $[_________] liquidation amount of Convertible Preferred Securities (the
“Preferred Securities”) of Tompkins Capital Trust I (the “Trust”)

Ladies and
Gentlemen:

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

          1.       We
understand that the Preferred Securities of the Trust have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), and may
not be offered or sold except as permitted in the following sentence. We agree
on our own behalf and on behalf of any investor account for which we are
purchasing the Preferred Securities that, if we decide to offer, sell or
otherwise transfer any such Preferred Securities, then such offer, sale or
other transfer will be made only (a) to the Company or the Trust, or (b) pursuant
to an exemption from registration, to an “accredited investor” within the
meaning of subparagraph (a) (I), (2), (3) or (7) of Rule 501 under the
Securities Act or to any entity in which all of the equity owners come within
such subparagraphs that is acquiring any such Preferred Securities for its own
account or for the account of such an accredited investor for investment
purposes and not with a view to, or for offer or sale in connection with, any
distribution thereof in violation of the Securities Act, and in each of the
foregoing cases in accordance with any applicable state securities laws and any
requirements of law that govern the disposition of our property. If any resale
or other transfer of the Preferred Securities is proposed to be made pursuant
to clause (b) above, the transferor shall deliver a letter from the transferee
substantially in the form of this letter to the Property Trustee as Transfer
Agent, which shall provide as applicable, among other things, that the
transferee is an accredited investor within the meaning of subparagraph (a)(l),
(2), (3) or (7) of Rule 501 under the Securities Act or an entity in which all
of the equity owners come within such subparagraphs that is acquiring such
Preferred Securities for investment purposes and not for any distribution in
violation of the Securities Act. We acknowledge on our behalf and on behalf of
any investor account for which we are purchasing Preferred Securities that the
Company and the Trust reserve the right prior to any offer, sale or other
transfer pursuant to clause (b) to require the delivery of any opinion of
counsel, certifications and/or other information satisfactory to Tompkins
Financial Corporation (the “Company”) and the Trust. We understand that the
certificates for any Preferred Securities that we receive will bear a legend
substantially to the effect of the foregoing.

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

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

          4.
      We acknowledge that we either (A) are not a
fiduciary of a pension, profit-sharing or other employee benefit plan or
arrangement subject to the Employee Retirement Income Security Act of 1974, as
amended, or to Section 4975 of the Internal Revenue Code of 1986, as amended (a
“Plan”), or an entity whose assets include “plan assets” by reason of any
Plan’s investment in the entity and are not purchasing the Preferred Securities
on behalf of or with “plan assets” by reason of any Plan’s investment in the
entity and are not purchasing the Preferred Securities on behalf of or with
“plan assets” of any Plan or (B) are eligible for the exemptive relief
available under one or more of the following prohibited transaction class
exemptions (“PTCEs”) issued by the U.S. Department of Labor: PTCE 96-23, 95-60,
91-38, 90-1 or 84-14. We acknowledge that each Plan, by its purchase of the
Preferred Securities, will be deemed to have directed the Trust to invest in
junior subordinated debt securities of the Company, and to have consented to
the appointment of the property trustee of the Trust.

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

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

	
  

 	
  

 
	
  

 	
 (Name of
 Purchaser)

 
	
  

 	
  

 
	
  

 	
 By:

 
	
  

 	
  

 
	
  

 	
 Date:

 

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

	
  

 	
  

 
	
 Name:

 	
  

 
	
  

 	
  

 
	
 Address:

 	
  

 
	
  

 	
  

 
	
 Taxpayer ID
 Number:

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