Document:

Unassociated Document

    
      CB
        FINANCIAL CORPORATION,

      as
        Company

       

      INDENTURE

      Dated
        as
        of July 12, 2005

       

       

      U.S.
        BANK
        NATIONAL ASSOCIATION,

      As
        Trustee

       

       

      JUNIOR
        SUBORDINATED DEBT SECURITIES 

       

      Due
        July
        12, 2035

       

       

      
        
          
          

        

        
          
          

          
            

          

        

         

        TABLE
          OF CONTENTS

      

      

        
          
            	
                     

                  	 
	 	
                    Page

                  
	
                     

                    ARTICLE
                      I

                    DEFINITIONS

                     

                  
	 	 
	
                    SECTION
                      1.01.     Definitions

                  	
                    1

                  
	 	 
	
                    Additional
                      Interest

                  	
                    1

                  
	 	 
	
                    Additional
                      Provisions

                  	
                    1

                  
	 	 
	
                    Authenticating
                      Agent

                  	
                    1

                  
	 	 
	
                    Bankruptcy
                      Law

                  	
                    1

                  
	 	 
	
                    Board
                      of Directors

                  	
                    1

                  
	 	 
	
                    Board
                      Resolution

                  	
                    2

                  
	 	 
	
                    Business
                      Day

                  	
                    2

                  
	 	 
	
                    Calculation
                      Agent

                  	
                    2

                  
	 	 
	
                    Capital
                      Securities

                  	
                    2

                  
	 	 
	
                    Capital
                      Securities Guarantee

                  	
                    2

                  
	 	 
	
                    Capital
                      Treatment Event

                  	
                    2

                  
	 	 
	
                    Certificate

                  	
                    3

                  
	 	 
	
                    Common
                      Securities

                  	
                    3

                  
	 	 
	
                    Company

                  	
                    3

                  
	 	 
	
                    Debt
                      Security

                  	
                    3

                  
	 	 
	
                    Debt
                      Security Register

                  	
                    3

                  
	 	 
	
                    Declaration

                  	
                    3

                  
	 	 
	
                    Default

                  	
                    3

                  
	 	 
	
                    Defaulted
                      Interest

                  	
                    3

                  
	 	 
	
                    Deferred
                      Interest

                  	
                    3

                  
	 	 
	
                    Event
                      of Default

                  	
                    3

                  

          

           

          
            
              
              

            

            
              -i-

              
                

              

            

            
              
              

            

          

          
             

            TABLE
              OF CONTENTS 

            
              (CONTINUED)

               

            

          

          
            
              	  	Page
	 	 
	
                      Extension
                        Period

                    	
                      3

                    
	 	 
	
                      Federal
                        Reserve

                    	
                      3

                    
	 	 
	
                      Indenture

                    	
                      3

                    
	 	 
	
                      Initial
                        Purchaser

                    	
                      3

                    
	 	 
	
                      Institutional
                        Trustee

                    	
                      4

                    
	 	 
	
                      Interest
                        Payment Date

                    	
                      4

                    
	 	 
	
                      Interest
                        Rate

                    	
                      4

                    
	 	 
	
                      Investment
                        Company Event

                    	
                      4

                    
	 	 
	
                      LIBOR

                    	
                      4

                    
	 	 
	
                      LIBOR
                        Banking Day

                    	
                      4

                    
	 	 
	
                      LIBOR
                        Business Day

                    	
                      4

                    
	 	 
	
                      LIBOR
                        Determination Date

                    	
                      4

                    
	 	 
	
                      Liquidation
                        Amount

                    	
                      4

                    
	 	 
	
                      Maturity
                        Date

                    	
                      4

                    
	 	 
	
                      Notice

                    	
                      4

                    
	 	 
	
                      Officers'
                        Certificate

                    	
                      4

                    
	 	 
	
                      Opinion
                        of Counsel

                    	
                      5

                    
	 	 
	
                      OTS

                    	
                      5

                    
	 	 
	
                      Outstanding

                    	
                      5

                    
	 	 
	
                      Paying
                        Agent

                    	
                      5

                    
	 	 
	
                      Person

                    	
                      5

                    
	 	 
	
                      Predecessor
                        Security

                    	
                      5

                    
	 	 
	
                      Principal
                        Office of the Trustee

                    	
                      5

                    
	 	 
	
                      Redemption
                        Date

                    	
                      6

                    

            

             

            
              
                
                

              

              
                -ii-

                
                  

                

              

              
                
                

              

               

              TABLE
                OF CONTENTS 

            

            
              (CONTINUED)

               

            

            
              	 	
                      Page

                    
	 	 
	
                      Redemption
                        Price

                    	
                      6

                    
	 	 
	
                      Responsible
                        Officer

                    	
                      6

                    
	 	 
	
                      Securityholder

                    	
                      6

                    
	 	 
	
                      Senior
                        Indebtedness

                    	
                      6

                    
	 	 
	
                      Special
                        Event

                    	
                      7

                    
	 	 
	
                      Special
                        Redemption Date

                    	
                      7

                    
	 	 
	
                      Subsidiary

                    	
                      7

                    
	 	 
	
                      Tax
                        Event

                    	
                      7

                    
	 	 
	
                      Trust

                    	
                      8

                    
	 	 
	
                      Trust
                        Indenture Act

                    	
                      8

                    
	 	 
	
                      Trust
                        Securities

                    	
                      8

                    
	 	 
	
                      Trustee

                    	
                      8

                    
	 	 
	
                      United
                        States

                    	
                      8

                    
	 	 
	
                      U.S.
                        Person

                    	
                      8

                    
	 	 
	
                      Variable
                        Rate

                    	
                      8

                    

            

             

            ARTICLE
              II

            
              DEBT
                SECURITIES

            

            

              
                
                  	
                          SECTION
                            2.01.

                        	
                          Authentication
                            and Dating

                        	
                          8

                        
	 	 	 
	
                          SECTION
                            2.02.

                        	
                          Form
                            of Trustee's Certificate of Authentication

                        	
                          9

                        
	 	 	 
	
                          SECTION
                            2.03.

                        	
                          Form
                            and Denomination of Debt Securities

                        	
                          9

                        
	 	 	 
	
                          SECTION
                            2.04.

                        	
                          Execution
                            of Debt Securities

                        	
                          9

                        
	 	 	 
	
                          SECTION
                            2.05.

                        	
                          Exchange
                            and Registration of Transfer of Debt Securities

                        	
                          10

                        
	 	 	 
	
                          SECTION
                            2.06.

                        	
                          Mutilated,
                            Destroyed, Lost or Stolen Debt Securities

                        	
                          13

                        
	 	 	 
	
                          SECTION
                            2.07.

                        	
                          Temporary
                            Debt Securities

                        	
                          14

                        

                

                 

                
                  
                    
                    

                  

                  
                    -iii-

                    
                      

                    

                  

                  
                    
                    

                  

                   

                  TABLE
                    OF CONTENTS

                

                
                  (CONTINUED)

                   

                

                
                  
                    	 	 	
                            Page

                          
	 	 	 
	
                            SECTION
                              2.08.

                          	
                            Payment
                              of Interest

                          	
                            14

                          
	 	 	 
	
                            SECTION
                              2.09.

                          	
                            Cancellation
                              of Debt Securities Paid, etc.

                          	
                            15

                          
	 	 	 
	
                            SECTION
                              2.10.

                          	
                            Computation
                              of Interest

                          	
                            16

                          
	 	 	 
	
                            SECTION
                              2.11.

                          	
                            Extension
                              of Interest Payment Period

                          	
                            17

                          
	 	 	 
	
                            SECTION
                              2.12.

                          	
                            CUSIP
                              Numbers

                          	
                            18

                          

                  

                   

                  ARTICLE
                    III

                  PARTICULAR
                    COVENANTS OF THE COMPANY

                   

                  
                    
                      	
                              SECTION
                                3.01.

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

                            	
                              19

                            
	 	 	 
	
                              SECTION
                                3.02.

                            	
                              Offices
                                for Notices and Payments, etc.

                            	
                              19

                            
	 	 	 
	
                              SECTION
                                3.03.

                            	
                              Appointments
                                to Fill Vacancies in Trustee's Office

                            	
                              20

                            
	 	 	 
	
                              SECTION
                                3.04.

                            	
                              Provision
                                as to Paying Agent

                            	
                              20

                            
	 	 	 
	
                              SECTION
                                3.05.

                            	
                              Certificate
                                to Trustee

                            	
                              21

                            
	 	 	 
	
                              SECTION
                                3.06.

                            	
                              Additional
                                Interest

                            	
                              21

                            
	 	 	 
	
                              SECTION
                                3.07.

                            	
                              Compliance
                                with Consolidation Provisions

                            	
                              22

                            
	 	 	 
	
                              SECTION
                                3.08.

                            	
                              Limitation
                                on Dividends

                            	
                              22

                            
	 	 	 
	
                              SECTION
                                3.09.

                            	
                              Covenants
                                as to the Trust

                            	
                              23

                            

                    

                     

                    ARTICLE
                      IV

                    
                      LISTS
                        AND
                        REPORTS BY THE COMPANY AND THE TRUSTEE

                       

                    

                    
                      
                        	
                                SECTION
                                  4.01.

                              	
                                Securityholders'
                                  Lists

                              	
                                23

                              
	 	 	 
	
                                SECTION
                                  4.02.

                              	
                                Preservation
                                  and Disclosure of Lists

                              	
                                23

                              

                      

                       

                      
                        ARTICLE
                          V

                        REMEDIES
                          OF THE TRUSTEE AND SECURITYHOLDERS UPON AN EVENT OF DEFAULT

                         

                      

                      
                        
                          	
                                  SECTION
                                    5.01.

                                	
                                  Events
                                    of Default

                                	
                                  25

                                
	 	 	 
	
                                  SECTION
                                    5.02.

                                	
                                  Payment
                                    of Debt Securities on Default; Suit Therefor

                                	
                                  27

                                

                        

                         

                        
                          
                            
                            

                          

                          
                            -iv-

                            
                              

                            

                          

                          
                            
                            

                          

                        

                         

                        
                          TABLE
                            OF CONTENTS

                          (CONTINUED)

                           

                        

                        
                          	 	 	
                                  Page

                                
	 	 	 
	
                                  SECTION
                                    5.03.

                                	
                                  Application
                                    of Moneys Collected by Trustee

                                	
                                  28

                                
	 	 	 
	
                                  SECTION
                                    5.04.

                                	
                                  Proceedings
                                    by Securityholders

                                	
                                  29

                                
	 	 	 
	
                                  SECTION
                                    5.05.

                                	
                                  Proceedings
                                    by Trustee

                                	
                                  29

                                
	 	 	 
	
                                  SECTION
                                    5.06.

                                	
                                  Remedies
                                    Cumulative and Continuing

                                	
                                  29

                                
	 	 	 
	
                                  SECTION
                                    5.07.

                                	
                                  Direction
                                    of Proceedings and Waiver of Defaults by Majority
                                    of
                                    Securityholders

                                	
                                  30

                                
	 	 	 
	
                                  SECTION
                                    5.08.

                                	
                                  Notice
                                    of Defaults

                                	
                                  31

                                
	 	 	 
	
                                  SECTION
                                    5.09.

                                	
                                  Undertaking
                                    to Pay Costs

                                	
                                  31

                                

                        

                      

                    

                    
                    

                     

                    ARTICLE
                      VI

                    CONCERNING
                      THE TRUSTEE

                     

                    
                      	
                              SECTION
                                6.01.

                            	
                              Duties
                                and Responsibilities of Trustee

                            	
                              31

                            
	 	 	 
	
                              SECTION
                                6.02.

                            	
                              Reliance
                                on Documents, Opinions, etc.

                            	
                              33

                            
	 	 	 
	
                              SECTION
                                6.03.

                            	
                              No
                                Responsibility for Recitals, etc.

                            	
                              34

                            
	 	 	 
	
                              SECTION
                                6.04.

                            	
                              Trustee,
                                Authenticating Agent, Paying Agents, Transfer Agents
                                or Registrar May Own
                                Debt Securities

                            	
                              34

                            
	 	 	 
	
                              SECTION
                                6.05.

                            	
                              Moneys
                                to be Held in Trust

                            	
                              34

                            
	 	 	 
	
                              SECTION
                                6.06.

                            	
                              Compensation
                                and Expenses of Trustee

                            	
                              34

                            
	 	 	 
	
                              SECTION
                                6.07.

                            	
                              Officers'
                                Certificate as Evidence

                            	
                              35

                            
	 	 	 
	
                              SECTION
                                6.08.

                            	
                              Eligibility
                                of Trustee

                            	
                              35

                            
	 	 	 
	
                              SECTION
                                6.09.

                            	
                              Resignation
                                or Removal of Trustee, Calculation Agent, Paying
                                Agent or Debt Security
                                Registrar

                            	
                              36

                            
	 	 	 
	
                              SECTION
                                6.10.

                            	
                              Acceptance
                                by Successor

                            	
                              37

                            
	 	 	 
	
                              SECTION
                                6.11.

                            	
                              Succession
                                by Merger, etc.

                            	
                              38

                            
	 	 	 
	
                              SECTION
                                6.12.

                            	
                              Authenticating
                                Agents

                            	
                              39

                            

                    

                     

                    
                      
                        
                        

                      

                      
                        -v-

                        
                          

                        

                      

                      
                        
                        

                      

                       

                      
                        TABLE
                          OF CONTENTS

                        (CONTINUED)

                         

                        
                          
                            
                              
                                	
                                         

                                      	
                                         

                                      	
                                        
                                          Page

                                        

                                      

                              

                            

                          

                           

                        

                        ARTICLE
                          VII

                      

                    

                    
                      CONCERNING
                        THE SECURITYHOLDERS

                       

                      
                        
                          
                            	
                                    
                                      SECTION
                                        7.01.

                                    

                                  	
                                    
                                      Action
                                        by Securityholders

                                    

                                  	
                                    40

                                  
	 	 	 
	
                                    
                                      SECTION
                                        7.02.

                                    

                                  	
                                    
                                      Proof
                                        of Execution by Securityholders

                                    

                                  	
                                    41

                                  
	 	 	 
	
                                    
                                      SECTION
                                        7.03.

                                    

                                  	
                                    
                                      Who
                                        Are Deemed Absolute Owners

                                    

                                  	
                                    41

                                  
	 	 	 
	
                                    
                                      SECTION
                                        7.04.

                                    

                                  	
                                    
                                      Debt
                                        Securities Owned by Company Deemed Not Outstanding

                                    

                                  	
                                    41

                                  
	 	 	 
	
                                    
                                      SECTION
                                        7.05.

                                    

                                  	
                                    
                                      Revocation
                                        of Consents; Future Securityholders Bound

                                    

                                  	
                                    42

                                  

                          

                        

                      

                       

                    

                    
                      
                        ARTICLE
                          VIII

                        SECURITYHOLDERS'
                          MEETINGS

                         

                      

                      
                        
                          	
                                  SECTION
                                    8.01.

                                	
                                  Purposes
                                    of Meetings

                                	
                                  42

                                
	 	 	 
	
                                  SECTION
                                    8.02.

                                	
                                  Call
                                    of Meetings by Trustee

                                	
                                  42

                                
	 	 	 
	
                                  SECTION
                                    8.03.

                                	
                                  Call
                                    of Meetings by Company or Securityholders

                                	
                                  43

                                
	 	 	 
	
                                  SECTION
                                    8.04.

                                	
                                  Qualifications
                                    for Voting

                                	
                                  43

                                
	 	 	 
	
                                  SECTION
                                    8.05.

                                	
                                  Regulations

                                	
                                  43

                                
	 	 	 
	
                                  SECTION
                                    8.06.

                                	
                                  Voting

                                	
                                  44

                                
	 	 	 
	
                                  SECTION
                                    8.07.

                                	
                                  Quorum;
                                    Actions

                                	
                                  44

                                
	 	 	 
	
                                  SECTION
                                    8.08.

                                	
                                  Written
                                    Consent Without a Meeting

                                	
                                  45

                                

                        

                         

                          ARTICLE
                            IX

                          SUPPLEMENTAL
                            INDENTURES

                           

                        

                        
                          
                            	
                                    SECTION
                                      9.01.

                                  	
                                    Supplemental
                                      Indentures without Consent of Securityholders

                                  	
                                    45

                                  
	 	 	 
	
                                    SECTION
                                      9.02.

                                  	
                                    Supplemental
                                      Indentures with Consent of Securityholders

                                  	
                                    47

                                  
	 	 	 
	
                                    SECTION
                                      9.03.

                                  	
                                    Effect
                                      of Supplemental Indentures

                                  	
                                    48

                                  
	 	 	 
	
                                    SECTION
                                      9.04.

                                  	
                                    Notation
                                      on Debt Securities

                                  	
                                    48

                                  
	 	 	 
	
                                    SECTION
                                      9.05.

                                  	
                                    Evidence
                                      of Compliance of Supplemental Indenture to
                                      be furnished to
                                      Trustee

                                  	
                                    48

                                  

                          

                          
                          

                           

                          
                            
                              
                              

                            

                            
                              -vi-

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          
                            
                              
                                TABLE
                                  OF CONTENTS

                                (CONTINUED)

                              

                              
                                 

                                
                                  
                                    
                                      
                                        	
                                                 

                                              	
                                                 

                                              	
                                                
                                                  Page

                                                

                                              

                                      

                                    

                                  

                                   

                                

                              

                            

                            ARTICLE
                              X

                          

                          REDEMPTION
                            OF SECURITIES

                           

                          
                            
                              	
                                      SECTION
                                        10.01.

                                    	
                                      Optional
                                        Redemption

                                    	
                                      48

                                    
	 	 	 
	
                                      SECTION
                                        10.02.

                                    	
                                      Special
                                        Event Redemption

                                    	
                                      49

                                    
	 	 	 
	
                                      SECTION
                                        10.03.

                                    	
                                      Notice
                                        of Redemption; Selection of Debt Securities

                                    	
                                      49

                                    
	 	 	 
	
                                      SECTION
                                        10.04.

                                    	
                                      Payment
                                        of Debt Securities Called for Redemption

                                    	
                                      50

                                    

                            

                             

                            
                              ARTICLE
                                XI

                              CONSOLIDATION,
                                MERGER, SALE, CONVEYANCE AND LEASE

                               

                            

                            
                              
                                
                                  	
                                          SECTION
                                            11.01.

                                        	
                                          Company
                                            May Consolidate, etc., on Certain Terms

                                        	
                                          50

                                        
	 	 	 
	
                                          SECTION
                                            11.02.

                                        	
                                          Successor
                                            Entity to be Substituted

                                        	
                                          51

                                        
	 	 	 
	
                                          SECTION
                                            11.03.

                                        	
                                          Opinion
                                            of Counsel to be Given to Trustee

                                        	
                                          51

                                        

                                

                                 

                                
                                  ARTICLE
                                    XII

                                  SATISFACTION
                                    AND DISCHARGE OF INDENTURE

                                

                                 

                                
                                  	
                                          SECTION
                                            12.01.

                                        	
                                          Discharge
                                            of Indenture

                                        	
                                          52

                                        
	 	 	 
	
                                          SECTION
                                            12.02.

                                        	
                                          Deposited
                                            Moneys to be Held in Trust by Trustee

                                        	
                                          52

                                        
	 	 	 
	
                                          SECTION
                                            12.03.

                                        	
                                          Paying
                                            Agent to Repay Moneys Held

                                        	
                                          53

                                        
	 	 	 
	
                                          SECTION
                                            12.04.

                                        	
                                          Return
                                            of Unclaimed Moneys

                                        	
                                          53

                                        

                                

                              

                               

                                ARTICLE
                                  XIII

                                IMMUNITY
                                  OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

                                 

                              

                              
                                
                                  
                                     

                                    
                                      
                                        
                                          
                                            	
                                                    
                                                      SECTION
                                                        13.01.

                                                    

                                                  	
                                                    
                                                      Indenture
                                                        and Debt Securities Solely
                                                        Corporate Obligations

                                                    

                                                  	
                                                    
                                                      
                                                        53

                                                      

                                                    

                                                  

                                          

                                        

                                      

                                    

                                  

                                

                                 

                                  ARTICLE
                                    XIV

                                  MISCELLANEOUS
                                    PROVISIONS

                                  
                                    
                                       

                                      
                                        
                                          
                                            
                                              	SECTION
                                                      14.01.	Successors	53
	 	 	 
	SECTION
                                                      14.02.	Official
                                                      Acts
                                                      by Successor Entity	54
	 	 	 
	SECTION
                                                      14.03.	Surrender
                                                      of
                                                      Company Powers	54
	 	 	 
	SECTION
                                                      14.04.	Addresses
                                                      for
                                                      Notices, etc	54

                                            

                                          

                                        

                                         

                                      

                                    
 

                                

                                
                                  
                                     

                                     

                                     

                                    
                                      
                                        
                                        

                                      

                                      
                                        -vii-

                                        
                                          

                                        

                                      

                                      
                                        
                                        

                                      

                                    

                                    
                                      
                                         

                                        TABLE
                                          OF CONTENTS

                                        (CONTINUED)

                                      

                                      
                                        
                                          
                                            
                                               

                                            

                                          

                                        

                                      

                                      
                                        	 	 	
                                                Page

                                              
	 	 	 
	
                                                SECTION
                                                  14.05.

                                              	
                                                Governing
                                                  Law

                                              	
                                                54

                                              
	 	 	 
	
                                                SECTION
                                                  14.06.

                                              	
                                                Evidence
                                                  of Compliance with Conditions Precedent

                                              	
                                                54

                                              
	 	 	 
	
                                                SECTION
                                                  14.07.

                                              	
                                                Non-Business
                                                  Days

                                              	
                                                55

                                              
	 	 	 
	
                                                SECTION
                                                  14.08.

                                              	
                                                Table
                                                  of Contents, Headings, etc

                                              	
                                                55

                                              
	 	 	 
	
                                                SECTION
                                                  14.09.

                                              	
                                                Execution
                                                  in Counterparts

                                              	
                                                55

                                              
	 	 	 
	
                                                SECTION
                                                  14.10.

                                              	
                                                Severability

                                              	
                                                55

                                              
	 	 	 
	
                                                SECTION
                                                  14.11.

                                              	
                                                Assignment

                                              	
                                                56

                                              
	 	 	 
	
                                                SECTION
                                                  14.12.

                                              	
                                                Acknowledgment
                                                  of Rights

                                              	
                                                56

                                              

                                      

                                    

                                  

                                   

                                    ARTICLE
                                      XV

                                    SUBORDINATION
                                      OF DEBT SECURITIES

                                     

                                  

                                  
                                    	
                                            SECTION
                                              15.01.

                                          	
                                            Agreement
                                              to Subordinate

                                          	
                                            56

                                          
	 	 	 
	
                                            SECTION
                                              15.02.

                                          	
                                            Default
                                              on Senior Indebtedness

                                          	
                                            57

                                          
	 	 	 
	
                                            SECTION
                                              15.03.

                                          	
                                            Liquidation;
                                              Dissolution; Bankruptcy

                                          	
                                            57

                                          
	 	 	 
	
                                            SECTION
                                              15.04.

                                          	
                                            Subrogation

                                          	
                                            58

                                          
	 	 	 
	
                                            SECTION
                                              15.05.

                                          	
                                            Trustee
                                              to Effectuate Subordination

                                          	
                                            59

                                          
	 	 	 
	
                                            SECTION
                                              15.06.

                                          	
                                            Notice
                                              by the Company

                                          	
                                            59

                                          
	 	 	 
	
                                            SECTION
                                              15.07.

                                          	
                                            Rights
                                              of the Trustee, Holders of Senior Indebtedness

                                          	
                                            60

                                          
	 	 	 
	
                                            SECTION
                                              15.08.

                                          	
                                            Subordination
                                              May Not Be Impaired

                                          	
                                            60

                                          

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

             

          

        

      

      EXHIBITS

      

      EXHIBIT
        A  FORM
        OF
        DEBT SECURITY

       

      
        
          
          

        

        
          -viii-

          
            

          

        

        
          
          

        

      

      
 

      THIS
        INDENTURE, dated as of July 12, 2005, between CB Financial Corporation, a
        bank
        holding company incorporated in North Carolina (hereinafter sometimes called
        the
        "Company"), and U.S. Bank National Association as trustee (hereinafter sometimes
        called the "Trustee").

       

      W
        I T N E
        S S E T H:

       

      WHEREAS,
        for its lawful corporate purposes, the Company has duly authorized the issuance
        of its Junior Subordinated Debt Securities due July 12, 2035 (the "Debt
        Securities") under this Indenture and to provide, among other things, for
        the
        execution and authentication, delivery and administration thereof, the Company
        has duly authorized the execution of this Indenture.

       

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

       

      ARTICLE
        I

       

      DEFINITIONS

       

      SECTION
        1.01.   Definitions.

       

      The
        terms
        defined in this Section 1.01 (except as herein otherwise expressly provided
        or
        unless the context otherwise requires) for all purposes of this Indenture
        and of
        any indenture supplemental hereto shall have the respective meanings specified
        in this Section 1.01. All accounting terms used herein and not expressly
        defined
        shall have the meanings assigned to such terms in accordance with generally
        accepted accounting principles and the term "generally accepted accounting
        principles" means such accounting principles as are generally accepted in
        the
        United States at the time of any computation. The words "herein," "hereof'
        and
        "hereunder" and other words of similar import refer to this Indenture as
        a whole
        and not to any particular Article, Section or other subdivision.

       

        "Additional
        Interest" shall have the meaning set forth in Section 3.06.

       

        "Additional
        Provisions" shall have the meaning set forth in Section 15.01.

       

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

       

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

       

        "Board
        of
        Directors" means the board of directors or the executive committee or any
        other
        duly authorized designated officers of the Company.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

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

       

        "Business
        Day" means any day other than a Saturday, Sunday or any other day on which
        banking institutions in Boston, Massachusetts, New York City or the city
        of the
        Principal Office of the Trustee or the Company are permitted or required
        by any
        applicable law or executive order to close.

       

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

       

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

       

        "Capital
        Securities Guarantee" means the guarantee agreement that the Company will
        enter
        into with U.S. Bank National Association or other Persons that operates directly
        or indirectly for the benefit of holders of Capital Securities of the
        Trust.

       

        "Capital
        Treatment Event" means, if the Company is organized and existing under the
        laws
        of the United States or any state thereof or the District of Columbia, the
        receipt by the Company and the Trust of an Opinion of Counsel experienced
        in
        such matters to the effect that, as a result of (a) any amendment to, or
        change
        in, the laws, rules or regulations of the United States or any political
        subdivision thereof or therein, or any rules, guidelines or policies of any
        applicable regulatory authority for the Company or (b) any official or
        administrative pronouncement or action or decision interpreting or applying
        such
        laws, rules or regulations, which amendment or change is effective or which
        pronouncement, action or decision is announced on or after the date of original
        issuance of the Debt Securities, there is more than an insubstantial risk
        that,
        within 90 days of the receipt of such opinion, the aggregate Liquidation
        Amount
        of the Capital Securities will not be eligible to be treated by the Company
        as
        "Tier 1 Capital" (or the then equivalent thereof) for purposes of the capital
        adequacy guidelines of the Federal Reserve (or any successor regulatory
        authority with jurisdiction over bank or financial holding companies), as
        then
        in effect and applicable to the Company (or if the Company is not a bank
        holding
        company, such guidelines applied to the Company as if the Company were subject
        to such guidelines); provided, however, that the inability of the Company
        to
        treat all or any portion of the aggregate Liquidation Amount of the Capital
        Securities as Tier 1 Capital shall not constitute the basis for a
        Capital
        Treatment Event, if such inability results from the Company having cumulative
        preferred stock, minority interests in consolidated subsidiaries, or any
        other
        class of security or interest which the Federal Reserve or OTS, as applicable,
        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 the Debt Securities in connection with the liquidation
        of
        the Trust by the Company shall not in and of itself constitute a Capital
        Treatment Event unless such liquidation shall have occurred in connection
        with a
        Tax Event or an Investment Company Event.

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

       

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

       

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

       

        "Company"
        means CB Financial Corporation, a bank holding company incorporated in North
        Carolina, and, subject to the provisions of Article XI, shall include its
        successors and assigns.

       

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

       

        "Debt
        Security Register" has the meaning specified in Section 2.05.

       

        "Declaration"
        means the Amended and Restated Declaration of Trust of the Trust dated as
        of
        July 12, 2005, as amended or supplemented from time to time.

       

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

       

        "Defaulted
        Interest" has the meaning set forth in Section 2.08.

       

        "Deferred
        Interest" has the meaning set forth in Section 2.11.

       

        "Event
        of
        Default" means any event specified in Section 5.01, which has continued for
        the
        period of time, if any, and after the giving of the notice, if any, therein
        designated.

       

        "Extension
        Period" has the meaning set forth in Section 2.11.

       

        "Federal
        Reserve" means the Board of Governors of the Federal Reserve
        System.

       

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

       

      "Initial
        Purchaser" means the initial purchaser of the Capital Securities.

       

      "Institutional
        Trustee" has the meaning set forth in the Declaration.

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

       

        "Interest
        Payment Date" means March 15, June 15, September 15 and December 15 of each
        year, commencing on September 15, 2005, during the term of this
        Indenture.

       

      "Interest
        Payment Period" means the period from and including an Interest Payment Date,
        or
        in the case of the first Interest Payment Period, the original date of issuance
        of the Debt Securities, to, but excluding, the next succeeding Interest Payment
        Date or, in the case of the last Interest Payment Period, the Redemption
        Date,
        Special Redemption Date or Maturity Date, as the case may be.

       

        "Interest
        Rate" means the Variable Rate.

       

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

       

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

       

        "LIBOR
        Banking Day" has the meaning set forth in Section 2.10(b)(1).

       

        "LIBOR
        Business Day" has the meaning set forth in Section 2.10(b)(1).

       

        "LIBOR
        Determination Date" has the meaning set forth in Section 2.10(b).

       

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

       

        "Maturity
        Date" means July 12, 2035.

       

        "Notice"
        has the meaning set forth in Section 2.11.

       

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

       

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

       

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

       

        "OTS"
        means the Office of Thrift Supervision and any successor federal agency that
        is
        primarily responsible for regulating the activities of savings and loan holding
        companies.

       

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

       

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

       

      (b)  Debt
        Securities, or portions thereof, for the payment or redemption of which moneys
        in the necessary amount shall have been deposited in trust with the Trustee
        or
        with any Paying Agent (other than the Company) or shall have been set aside
        and
        segregated in trust by the Company (if the Company shall act as its own Paying
        Agent); provided,
        that,
        if such Debt Securities, or portions thereof, are to be redeemed prior to
        maturity thereof, notice of such redemption shall have been given as provided
        in
        Articles X and XIV or provision satisfactory to the Trustee shall have been
        made
        for giving such notice; and

       

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

       

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

       

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

       

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

       

        "Principal
        Office of the Trustee" means the office of the Trustee, at which at any
        particular time its corporate trust business shall be principally administered,
        which at all times shall be located within the United States and at the time
        of
        the execution of this Indenture shall be One Federal Street, 3rd
        Floor,
        Boston, Massachusetts 02110.

       

        "Redemption
        Date" has the meaning set forth in Section 10.01.

       

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

       

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

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

      "Special
        Redemption Price" means, with respect to the redemption of any Debt Security
        following a Special Event, an amount in cash equal to 103.525% of the principal
        amount of Debt Securities to be redeemed prior to September 15, 2006 and
        thereafter equal to the percentage of the principal amount of the Debt
        Securities that is specified below for the Special Redemption Date plus,
        in each
        case, unpaid interest accrued thereon to the Special Redemption Date:

       

      
        
          	
                  Special
                    Redemption During the

                  12-Month
                    Period Beginning September 15

                	
                  Percentage
                    of Principal Amount

                
	 	 
	
                  2006

                	
                  103.140%

                
	
                  2007

                	
                  102.355%

                
	
                  2008

                	
                  101.570%

                
	
                  2009

                	
                  100.785%

                
	
                  2010
                    and thereafter

                	
                  100.000%

                
	 	 

        

         

      

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

        "Subsidiary"
        means, with respect to any Person, (i) any corporation, at least a majority
        of
        the outstanding voting stock of which is owned, directly or indirectly, by
        such
        Person or by one or more of its Subsidiaries, or by such Person and one or
        more
        of its Subsidiaries, (ii) any general partnership, joint venture or similar
        entity, at least a majority of the outstanding partnership or similar interests
        of which shall at the time be owned by such Person, or by one or more of
        its
        Subsidiaries, or by such Person and one or more of its Subsidiaries, and
        (iii)
        any limited partnership of which such Person or any of its Subsidiaries is
        a
        general partner. For the purposes of this definition, "voting stock" means
        shares, interests, participations or other equivalents in the equity interest
        (however designated) in such Person having ordinary voting power for the
        election of a majority of the directors (or the equivalent) of such Person,
        other than shares, interests, participations or other equivalents having
        such
        power only by reason of the occurrence of a contingency.

       

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

       

      
        
          
          

        

        
          -7-

          
            

          

        

        
          
          

        

      

       

        "Trust"
        means CB Financial Capital Trust I, the Connecticut statutory trust, or any
        other similar trust created for the purpose of issuing Capital Securities
        in
        connection with the issuance of Debt Securities under this Indenture, of
        which
        the Company is the sponsor.

       

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

       

        "Trust
        Securities" means Common Securities and Capital Securities of CB Financial
        Capital Trust I.

       

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

       

        "United
        States" means the United States of America and the District of
        Columbia.

       

        "U.S.
        Person" has the meaning given to United States Person as set forth in Section
        7701(a)(30) of the Internal Revenue Code of 1986, as amended.

       

        "Variable
        Rate" means a per annum rate of interest, equal to LIBOR plus 1.85%, as
        determined on the LIBOR Determination Date preceding each Interest Payment
        Date,
        reset quarterly, as set forth herein.

       

      ARTICLE
        II

       

      DEBT
        SECURITIES

       

      SECTION
        2.01.   Authentication
        and Dating.

       

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

       

      The
        Trustee shall have the right to decline to authenticate and deliver any Debt
        Securities under this Section if the Trustee, being advised by counsel,
        determines that such action may not lawfully be taken or if a Responsible
        Officer of the Trustee in good faith shall determine that such action would
        expose the Trustee to personal liability to existing Securityholders. The
        Trustee shall also be entitled to receive an opinion of counsel to the effect
        that (1) all conditions precedent to the execution, delivery and authentication
        of the Securities have been complied with; (2) the Securities are not required
        to be registered under the Securities Act; and (3) the Indenture is not required
        to be qualified under the Trust Indenture Act.

       

      
        
          
          

        

        
          -8-

          
            

          

        

        
          
          

        

      

       

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

       

      SECTION
        2.02.   Form
        of Trustee's Certificate of Authentication.

       

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

       

      This
        is
        one of the Debt Securities referred to in the within-mentioned
        Indenture.

       

      U.S.
        Bank
        National Association, not in its individual capacity but solely as
        Trustee

       

      By 
        ____________________________________ 

      Authorized
        Signatory

      

      SECTION
        2.03.   Form
        and Denomination of Debt Securities.

       

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

       

      SECTION
        2.04.   Execution
        of Debt Securities.

       

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

       

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

       

      
        
          
          

        

        
          -9-

          
            

          

        

        
          
          

        

      

       

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

       

      SECTION
        2.05.   Exchange
        and Registration of Transfer of Debt Securities.

       

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

       

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

       

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

       

      Neither
        the Trustee nor the Debt Security Registrar shall be responsible for
        ascertaining whether any transfer hereunder complies with the registration
        provisions of or any exemptions from the Securities Act (under and as defined
        in
        the Declaration), applicable state securities laws or the applicable laws
        of any
        other jurisdiction, ERISA, the United States Internal Revenue Code of 1986,
        as
        amended, or the Investment Company Act (under and as defined in the
        Declaration).

       

      
        
          
          

        

        
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      No
        service charge shall be made for any exchange or registration of transfer
        of
        Debt Securities, but the Company or the Trustee may require payment of a
        sum
        sufficient to cover any tax, fee or other governmental charge that may be
        imposed in connection therewith.

       

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

       

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

       

      THIS
        SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
        (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE
        SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION
        HEREIN
        MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
        DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION
        IS
        EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
        ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER,
        SELL
        OR OTHERWISE TRANSFER SUCH SECURITY ONLY (A) TO THE COMPANY, (B) PURSUANT
        TO
        RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON THE HOLDER
        REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE
        144A
        THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
        INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
        IN
        RELIANCE ON RULE 144A, (C) TO A "NON U.S. PERSON" IN AN "OFFSHORE TRANSACTION"
        PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION
        FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT TO AN "ACCREDITED
        INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF
        RULE
        501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY 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 (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
        FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
        COMPANY'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES
        (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
        AND/OR OTHER INFORMATION SATISFACTORY TO IT IN ACCORDANCE WITH THE INDENTURE,
        A
        COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY. THE HOLDER OF THIS SECURITY
        BY
        ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING
        RESTRICTIONS.

       

      
        
          
          

        

        
          -11-

          
            

          

        

        
          
          

        

      

       

      THE
        HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS
        THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY UNLESS
        SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT.

       

      THE
        HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF 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 THEREIN, 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
        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 THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING
        THEREOF 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 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
        COMPANY AND TRUSTEE SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED
        BY THE INDENTURE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING
        RESTRICTIONS.

       

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

       

      
        
          
          

        

        
          -12-

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      In
        case
        any Debt Security shall become mutilated or be destroyed, lost or stolen,
        the
        Company shall execute, and upon its written request the Trustee shall
        authenticate and deliver, a new Debt Security bearing a number not
        contemporaneously outstanding, in exchange and substitution for the mutilated
        Debt Security, or in lieu of and in substitution for the Debt Security so
        destroyed, lost or stolen. In every case the applicant for a substituted
        Debt
        Security shall furnish to the Company and the Trustee such security or indemnity
        as may be required by them to save each of them harmless, and, in every case
        of
        destruction, loss or theft, the applicant shall also furnish to the Company
        and
        the Trustee evidence to their satisfaction of the destruction, loss or theft
        of
        such Debt Security and of the ownership thereof.

       

      The
        Trustee may authenticate any such substituted Debt Security and deliver the
        same
        upon the written request or authorization of any officer of the Company.
        Upon
        the issuance of any substituted Debt Security, the Company may require the
        payment of a sum sufficient to cover any tax or other governmental charge
        that
        may be imposed in relation thereto and any other expenses connected therewith.
        In case any Debt Security which has matured or is about to mature or has
        been
        called for redemption in full shall become mutilated or be destroyed, lost
        or
        stolen, the Company may, instead of issuing a substitute Debt Security, pay
        or
        authorize the payment of the same (without surrender thereof except in the
        case
        of a mutilated Debt Security) if the applicant for such payment shall furnish
        to
        the Company and the Trustee such security or indemnity as may be required
        by
        them to save each of them harmless and, in case of destruction, loss or theft,
        evidence satisfactory to the Company and to the Trustee of the destruction,
        loss
        or theft of such Security and of the ownership thereof.

       

      Every
        substituted Debt Security issued pursuant to the provisions of this Section
        2.06
        by virtue of the fact that any such Debt Security is destroyed, lost or stolen
        shall constitute an additional contractual obligation of the Company, whether
        or
        not the destroyed, lost or stolen Debt Security shall be found at any time,
        and
        shall be entitled to all the benefits of this Indenture equally and
        proportionately with any and all other Debt Securities duly issued hereunder.
        All Debt Securities shall be held and owned upon the express condition that,
        to
        the extent permitted by applicable law, the foregoing provisions are exclusive
        with respect to the replacement or payment of mutilated, destroyed, lost
        or
        stolen Debt Securities and shall preclude any and all other rights or remedies
        notwithstanding any law or statute existing or hereafter enacted to the contrary
        with respect to the replacement or payment of negotiable instruments or other
        securities without their surrender.

       

      
        
          
          

        

        
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      SECTION
        2.07.   Temporary
        Debt Securities.

       

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

       

      SECTION
        2.08.   Payment
        of Interest.

       

      Each
        Debt
        Security will bear interest at the then applicable Variable Rate from and
        including each Interest Payment Date or, in the case of the first Interest
        Payment Period, the original date of issuance of such Debt Security to, but
        excluding, the next succeeding Interest Payment Date or, in the case of the
        last
        Interest Payment Period, the Redemption Date, Special Redemption Date or
        Maturity Date, as applicable, on the principal thereof, on any overdue principal
        and (to the extent that payment of such interest is enforceable under applicable
        law) on Deferred Interest and on any overdue installment of interest (including
        Defaulted Interest), payable (subject to the provisions of Article XII) on
        each
        Interest Payment Date commencing on September 15, 2005. Interest and any
        Deferred Interest on any Debt Security that is payable, and is punctually
        paid
        or duly provided for by the Company, on any Interest Payment Date shall be
        paid
        to the Person in whose name said Debt Security (or one or more Predecessor
        Securities) is registered at the close of business on the regular record
        date
        for such interest installment, except that interest and any Deferred Interest
        payable on the Maturity Date shall be paid to the Person to whom principal
        is
        paid. In case (i) the Maturity Date of any Debt Security or (ii) the
        event
        that any Debt Security or portion thereof is called for redemption and the
        redemption date is subsequent to a regular record date with respect to any
        Interest Payment Date and either on or prior to such Interest Payment Date,
        interest on such Debt Security will be paid upon presentation and surrender
        of
        such Debt Security.

       

      
        
          
          

        

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

       

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

       

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

       

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

       

      SECTION
        2.09.   Cancellation
        of Debt Securities Paid, etc.

       

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

       

      
        
          
          

        

        
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      SECTION
        2.10.   Computation
        of Interest.

       

      (a)  Interest
        payable for any Interest Payment Period will be computed on the basis of
        a
        360-day year and the actual number of days elapsed in the relevant interest
        period; provided,
        however,
        that
        upon the occurrence of a Special Event Redemption pursuant to Section 10.02
        the
        amounts payable pursuant to this Indenture shall be calculated as set forth
        in
        the definition of Special Redemption Price.

       

      (b)  Interest
        shall be determined by the Calculation Agent in accordance with the following
        provisions:

       

      (1)  On
        the
        second LIBOR Business Day (provided, that on such day commercial banks are
        open
        for business (including dealings in foreign currency deposits) in London
        (a
        "LIBOR Banking Day"), and otherwise the next preceding LIBOR Business Day
        that
        is also a LIBOR Banking Day) prior to March 15, June 15, September
        15 and
        December 15 (or, with respect to the first Interest Payment Period, on July
        8,
        2010) (each such day, a "LIBOR Determination Date" for the following Interest
        Payment Period), the Calculation Agent shall obtain the rate for three-month
        U.S. Dollar deposits in Europe, which appears on Telerate Page 3750 (as defined
        in the International Swaps and Derivatives Association, Inc. 2000 Interest
        Rate
        and Currency Exchange Definitions) or such other page as may replace such
        Telerate Page 3750 on the Moneyline Telerate, Inc. service (or such other
        service or services as may be nominated by the British Banker's Association
        as
        the information vendor for the purpose of displaying London Interbank offered
        rates for U.S. dollar deposits), as of 11:00 a.m. (London time) on such LIBOR
        Determination Date, and the rate so obtained shall be LIBOR for such Interest
        Payment Period. "LIBOR Business Day" means any day that is not a Saturday,
        Sunday or other day on which commercial banking institutions in The City
        of New
        York or Boston, Massachusetts are authorized or obligated by law or executive
        order to be closed. If such rate is superseded on Telerate Page 3750 by a
        corrected rate before 12:00 noon (London time) on the same LIBOR Determination
        Date, the corrected rate as so substituted will be LIBOR for that Interest
        Payment Period.

       

      (2)  If,
        on
        any LIBOR Determination Date, such rate does not appear on Telerate Page
        3750 or
        such other page as may replace such Telerate Page 3750 on the Moneyline
        Telerate, Inc. service (or such other service or services as may be nominated
        by
        the British Banker's Association as the information vendor for the purpose
        of
        displaying London Interbank offered rates for U.S. dollar deposits), the
        Calculation Agent shall determine the arithmetic mean of the offered quotations
        of the Reference Banks (as defined below) to leading banks in the London
        Interbank market for three-month U.S. Dollar deposits in Europe (in an amount
        determined by the Calculation Agent) by reference to requests for quotations
        as
        of approximately 11:00 a.m. (London time) on the LIBOR Determination Date
        made
        by the Calculation Agent to the Reference Banks. If, on any LIBOR Determination
        Date, at least two of the Reference Banks provide such quotations, LIBOR
        shall
        equal the arithmetic mean of such quotations. If, on any LIBOR Determination
        Date, only one or none of the Reference Banks provide such a quotation, LIBOR
        shall be deemed to be the arithmetic mean of the offered quotations that
        at
        least two leading banks in the City of New York (as selected by the Calculation
        Agent) are quoting on the relevant LIBOR Determination Date for three-month
        U.S.
        Dollar deposits in Europe at approximately 11:00 a.m. (London time) (in an
        amount determined by the Calculation Agent). As used herein, "Reference Banks"
        means four major banks in the London Interbank market selected by the
        Calculation Agent.

       

      
        
          
          

        

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

       

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

       

      (d)  As
        soon
        as practicable following each LIBOR Determination Date, but in no event later
        than the 30th
        day
        following such LIBOR Determination Date, the Calculation Agent shall notify,
        in
        writing, the Company, the Institutional Trustee and the Paying Agent of the
        applicable Variable Rate in effect for the related Interest Payment Period.
        The
        Calculation Agent shall, upon the request of the holder of any Debt Securities,
        provide the Variable Rate then in effect. All calculations made by the
        Calculation Agent in the absence of manifest error shall be conclusive for
        all
        purposes and binding on the Company and the Holders of the Debt Securities.
        Any
        error in a calculation of the Coupon Rate by the Calculation Agent may be
        corrected at any time by the delivery of notice of such corrected Coupon
        Rate as
        provided above. The Paying Agent shall be entitled to rely on information
        received from the Calculation Agent or the Company as to the Variable Rate.
        The
        Company shall, from time to time, provide any necessary information to the
        Paying Agent relating to any original issue discount and interest on the
        Debt
        Securities that is included in any payment and reportable for taxable income
        calculation purposes. Failure to notify the Company, the Institutional Trustee
        or the Paying Agent of the applicable Coupon Rate shall not affect the
        obligation of the Company to make payment on Debentures at such Coupon Rate.
        

       

      SECTION
        2.11.   Extension
        of Interest Payment Period.

       

      As
        long
        as it is acting in good faith, and so long as no Event of Default pursuant
        to
        paragraphs (c), (e) or (f) of Section 5.01 of the Indenture has occurred
        and is continuing the Company shall have the right, from time to time and
        without causing an Event of Default, to defer payments of interest on the
        Debt
        Securities by extending the interest distribution period on the Debt Securities
        at any time and from time to time during the term of the Debt Securities,
        for up
        to twenty consecutive quarterly periods (each such extended interest
        distribution period, an "Extension Period"), during which Extension Period
        no
        interest shall be due and payable (except any Additional Interest that may
        be
        due and payable). No Extension Period may end on a date other than an Interest
        Payment Date or extend beyond the Maturity Date, any Redemption Date (to
        the
        extent redeemed) or any Special Redemption Date, as the case may be. During
        any
        Extension Period, interest will continue to accrue on the Debt Securities,
        and
        interest on such accrued interest (such accrued interest and interest thereon
        referred to herein as "Deferred Interest") will accrue at an annual rate
        equal
        to the Interest Rate applicable during such Extension Period, compounded
        quarterly from the date such Deferred Interest would have been payable were
        it
        not for the Extension Period, to the extent permitted by law. No interest
        or
        Deferred Interest shall be due and payable during an Extension Period, except
        at
        the end thereof. At the end of any such Extension Period the Company shall
        pay
        all Deferred Interest then accrued and unpaid on the Debt Securities;
provided,
        however,
        that no
        Extension Period may extend beyond the Maturity Date; and provided further,
        however,
        that
        during any such Extension Period, the Company shall be subject to the
        restrictions set forth in Section 3.08 of this Indenture. Prior to the
        termination of any Extension Period, the Company may further extend such
        period,
provided,
        that
        such period together with all such previous and further consecutive extensions
        thereof shall not exceed twenty consecutive quarterly periods, or extend
        beyond
        the Maturity Date. Upon the termination of any Extension Period and upon
        the
        payment of all Deferred Interest, the Company may commence a new Extension
        Period, subject to the foregoing requirements. The Company must give the
        Trustee
        notice of its election to begin such Extension Period ("Notice") at least
        one
        Business Day prior to the earlier of (i) the next succeeding date on which
        interest on the Debt Securities would have been payable except for the election
        to begin any Extension Period or (ii) the date such interest is payable,
        but in
        any event not later than the related regular record date for the relevant
        Interest Payment Date. The Notice shall describe why the Company has elected
        to
        begin an Extension Period. The Notice shall acknowledge and affirm the Company's
        understanding that it is prohibited from issuing dividends and other
        distributions during the Extension Period. Upon receipt of the Notice, an
        Initial Purchaser shall have the right, at its sole discretion, to disclose
        the
        name of the Company, the fact that the Company has elected to begin an Extension
        Period and other information that such Initial Purchaser, at its sole
        discretion, deems relevant to the Company's election to begin an Extension
        Period. The Trustee shall give notice of the Company's election to begin
        a new
        Extension Period to the Securityholders.

       

      
        
          
          

        

        
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      SECTION
        2.12.   CUSIP
        Numbers.

       

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

       

      SECTION
        2.13.   Income
        Tax Certification. 

       

      As
        a
        condition to the payment of any principal of or interest on the Debt Securities
        without the imposition of withholding tax, the Trustee shall require the
        previous delivery of properly completed and signed applicable U.S. federal
        income tax certifications (generally, an Internal Revenue Service Form W-9
        (or
        applicable successor form) in the case of a person that is a "United States
        person" within the meaning of Section 7701 (a)(30) of the Code (under and
        as
        defined in the Declaration) or an Internal Revenue Service Form W-8 (or
        applicable successor form) in the case of a person that is not a "United
        States
        person" within the meaning of Section 7701(a)(30) of the Code, and any other
        certification acceptable to it to enable the Trustee or any Paying Agent
        to
        determine their respective duties and liabilities with respect to any taxes
        or
        other charges that they may be required to pay, deduct or withhold in respect
        of
        such Debt Securities.

       

      ARTICLE
        III  

       

      PARTICULAR
        COVENANTS OF THE COMPANY

       

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

       

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

       

      (b)  The
        Company will treat the Debt Securities as indebtedness, and the interest
        payable
        in respect of such Debt Securities as interest, for all U.S. federal income
        tax
        purposes. As a condition to the payment of any principal of or interest on
        any
        Debt Security without the imposition of withholding tax, the Company shall
        require the previous delivery of properly completed and signed applicable
        U.S.
        federal income tax certifications (generally, an Internal Revenue Service
        Form
        W-9 (or applicable successor form) in the case of a Person that is a U.S.
        Person
        or an Internal Revenue Service Form W-8 (or applicable successor form) in
        the
        case of a Person that is not a U.S. Person and any other certification
        acceptable to it to enable the Company and the Trustee to determine their
        respective duties and liabilities with respect to any taxes or other charges
        that they may be required to pay or withhold in respect of such Debt Security
        or
        the holder of such Debt Security under any present or future law or regulation
        of the United States or any political subdivision thereof or taxing authority
        therein or to comply with any reporting or other requirements under any such
        law
        or regulation.

       

      
        
          
          

        

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

       

      SECTION
        3.02.   Offices
        for Notices and Payments, etc.

       

      So
        long
        as any of the Debt Securities remain outstanding, the Company will maintain
        in
        New York, New York an office or agency where the Debt Securities may be
        presented for payment, an office or agency where the Debt Securities may
        be
        presented for registration of transfer and for exchange as provided in this
        Indenture and an office or agency where notices and demands to or upon the
        Company in respect of the Debt Securities or of this Indenture may be served.
        The Company hereby appoints the Trustee at U.S. Bank National Association,
        100
        Wall Street, 19th
        Floor,
        New York, New York 10005, Attention: Corporate Trust Services – CB Financial
        Capital Trust I as
        such
        office or agency. In case the Company shall fail to maintain any such office
        or
        agency in New York, New York or shall fail to give such notice of the location
        or of any change in the location thereof, presentations and demands may be
        made
        and notices may be served at the Principal Office of the Trustee.

       

      In
        addition to any such office or agency, the Company may from time to time
        designate one or more other offices or agencies where the Debt Securities
        may be
        presented for registration of transfer and for exchange in the manner provided
        in this Indenture, and the Company may from time to time rescind such
        designation, as the Company may deem desirable or expedient; provided,
        however,
        that no
        such designation or rescission shall in any manner relieve the Company of
        its
        obligation to maintain any such office or agency in New York, New York for
        the
        purposes above mentioned. The Company will give to the Trustee prompt written
        notice of any such designation or rescission thereof.

       

      SECTION
        3.03.   Appointments
        to Fill Vacancies in Trustee's Office.

       

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

       

      SECTION
        3.04.   Provision
        as to Paying Agent.

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

      (e)  The
        Company hereby initially appoints the Trustee to act as Paying Agent (the
        "Paying Agent").

       

      SECTION
        3.05.   Certificate
        to Trustee.

       

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

       

      SECTION
        3.06.   Additional
        Interest.

       

      If
        and
        for so long as the Trust is the holder of all Debt Securities and is subject
        to
        or otherwise required to pay, or is required to withhold from distributions
        to
        holders of Trust Securities, any additional taxes (including withholding
        taxes),
        duties, assessments or other governmental charges as a result of a Tax Event,
        the Company will pay such additional amounts (the "Additional Interest")
        on the
        Debt Securities as shall be required so that the net amounts received and
        retained by the Trust for distribution to holders of Trust Securities after
        paying all taxes (including withholding taxes), duties, assessments or other
        governmental charges will be equal to the amounts the Trust would have received
        and retained for distribution to holders of Trust Securities after paying
        all
        taxes (including withholding taxes on distributions to holders of Trust
        Securities), duties, assessments or other governmental charges if no such
        additional taxes, duties, assessments or other governmental charges had been
        imposed. Whenever in this Indenture or the Debt Securities there is a reference
        in any context to the payment of principal of or premium, if any, or interest
        on
        the Debt Securities, such mention shall be deemed to include mention of payments
        of the Additional Interest provided for in this paragraph to the extent that,
        in
        such context, Additional Interest is, was or would be payable in respect
        thereof
        pursuant to the provisions of this paragraph and express mention of the payment
        of Additional Interest (if applicable) in any provisions hereof shall not
        be
        construed as excluding Additional Interest in those provisions hereof where
        such
        express mention is not made; provided,
        however,
        that,
        notwithstanding anything to the contrary contained in this Indenture or any
        Debt
        Security, the deferral of the payment of interest during an Extension Period
        pursuant to Section 2.11 shall not defer the payment of any Additional Interest
        that may be due and payable.

       

      
        
          
          

        

        
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      SECTION
        3.07.   Compliance
        with Consolidation Provisions.

       

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

       

      SECTION
        3.08.   Limitation
        on Dividends.

       

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

       

      
        
          
          

        

        
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      SECTION
        3.09.   Covenants
        as to the Trust.

       

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

       

      ARTICLE
        IV

       

      LISTS
        AND
        REPORTS BY THE COMPANY AND THE TRUSTEE

       

      SECTION
        4.01.   Securityholders'
        Lists.

       

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

       

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

       

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

       

      SECTION
        4.02.   Preservation
        and Disclosure of Lists.

       

      (a)  The
        Trustee shall preserve, in as current a form as is reasonably practicable,
        all
        information as to the names and addresses of the holders of Debt Securities
        (1)
        contained in the most recent list furnished to it as provided in Section
        4.01 or
        (2) received by it in the capacity of Debt Securities registrar (if so acting)
        hereunder. The Trustee may destroy any list furnished to it as provided in
        Section 4.01 upon receipt of a new list so furnished.

       

      
        
          
          

        

        
          -22-

          
            

          

        

        
          
          

        

      

       

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

       

      (1)  afford
        such applicants access to the information preserved at the time by the Trustee
        in accordance with the provisions of subsection (a) of this Section 4.02,
        or

       

      (2)  inform
        such applicants as to the approximate number of holders of Debt Securities
        whose
        names and addresses appear in the information preserved at the time by the
        Trustee in accordance with the provisions of subsection (a) of this Section
        4.02,
        and as
        to the approximate cost of mailing to such Securityholders the form of proxy
        or
        other communication, if any, specified in such application.

       

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

       

      (c)  Each
        and
        every holder of Debt Securities, by receiving and holding the same, agrees
        with
        the Company and the Trustee that neither the Company nor the Trustee nor
        any
        Paying Agent shall be held accountable by reason of the disclosure of any
        such
        information as to the names and addresses of the holders of Debt Securities
        in
        accordance with the provisions of subsection (b) of this Section 4.02,
        regardless of the source from which such information was derived, and that
        the
        Trustee shall not be held accountable by reason of mailing any material pursuant
        to a request made under said subsection (b).

       

      
        
          
          

        

        
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      ARTICLE
        V

      REMEDIES
        OF THE TRUSTEE AND SECURITYHOLDERS UPON AN EVENT OF DEFAULT

       

      SECTION
        5.01.   Events
        of Default.

       

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

       

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

       

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

       

      (c)  the
        Company defaults in the payment of any interest upon any Debt Security when
        it
        becomes due and payable following the nonpayment of any such interest as
        a
        result of Extension Period for 20 or more consecutive quarterly periods;
        or

       

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

       

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

       

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

       

      
        
          
          

        

        
          -24-

          
            

          

        

        
          
          

        

      

       

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

       

      If
        an
        Event of Default specified under clause (c) of this Section 5.01 occurs and
        is
        continuing with respect to the Debt Securities, then, and in each and every
        such
        case, unless the principal of the Debt Securities shall have already become
        due
        and payable, either the Trustee or the holders of not less than 25% in aggregate
        principal amount of the Debt Securities then outstanding hereunder, by notice
        in
        writing to the Company (and to the Trustee if given by Securityholders),
        may
        declare the entire principal of the Debt Securities and any premium and interest
        accrued, but unpaid, thereon, if any, to be due and payable immediately,
        and
        upon any such declaration the same shall become immediately due and payable.
        If
        an Event of Default specified under clause (e) or (f) of this Section 5.01
        occurs, then, in each and every such case, the entire principal amount of
        the
        Debt Securities and any premium and interest accrued, but unpaid, thereon
        shall
ipso
        facto become
        immediately due and payable without further action. Notwithstanding anything
        to
        the contrary in this Section 5.01, if at any time during the period in which
        this Indenture remains in force and effect, the Company ceases or elects
        to
        cease to be subject to the supervision and regulations of the Federal Reserve,
        OTS, OCC or similar regulatory authority overseeing bank, thrift, savings
        and
        loan or financial holding companies or similar institutions requiring
        specifications for the treatment of capital similar in nature to the capital
        adequacy guidelines under the Federal Reserve rules and regulations, then
        the
        first sentence of this paragraph shall be deemed to include clauses (a),
        (b) and
        (d) under this Section 5.01 as an Event of Default resulting in an acceleration
        of payment of the Debt Securities to the same extent as provided herein for
        clause (c).

       

      With
        respect to clause (d) of this Section 5.01, the Company agrees that in the
        event
        of a breach by the Company of its covenants or agreements mentioned therein,
        any
        remedy at law or in damages may prove inadequate and therefore the Company
        agrees that the Trustee shall be entitled to injunctive relief against the
        Company in the event of any breach or threatened breach by the Company, in
        addition to any other relief (including damages) available to the Trustee
        under
        this Indenture or under law.

       

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

       

      
        
          
          

        

        
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      In
        case
        the Trustee shall have proceeded to enforce any right under this Indenture
        and
        such proceedings shall have been discontinued or abandoned because of such
        rescission or annulment or for any other reason or shall have been determined
        adversely to the Trustee, then and in every such case the Company, the Trustee
        and the holders of the Debt Securities shall be restored respectively to
        their
        several positions and rights hereunder, and all rights, remedies and powers
        of
        the Company, the Trustee and the holders of the Debt Securities shall continue
        as though no such proceeding had been taken.

       

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

       

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

       

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

       

      
        
          
          

        

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

       

      All
        rights of action and of asserting claims under this Indenture, or under any
        of
        the Debt Securities, may be enforced by the Trustee without the possession
        of
        any of the Debt Securities, or the production thereof at any trial or other
        proceeding relative thereto, and any such suit or proceeding instituted by
        the
        Trustee shall be brought in its own name as trustee of an express trust,
        and any
        recovery of judgment shall be for the ratable benefit of the holders of the
        Debt
        Securities.

       

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

       

      SECTION
        5.03.   Application
        of Moneys Collected by Trustee.

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      SECTION
        5.04.   Proceedings
        by Securityholders.

       

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

       

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

       

      SECTION
        5.05.   Proceedings
        by Trustee.

       

      In
        case
        of an Event of Default hereunder the Trustee may in its discretion proceed
        to
        protect and enforce the rights vested in it by this Indenture by such
        appropriate judicial proceedings as the Trustee shall deem most effectual
        to
        protect and enforce any of such rights, either by suit in equity or by action
        at
        law or by proceeding in bankruptcy or otherwise, whether for the specific
        enforcement of any covenant or agreement contained in this Indenture or in
        aid
        of the exercise of any power granted in this Indenture, or to enforce any
        other
        legal or equitable right vested in the Trustee by this Indenture or by
        law.

       

      
        
          
          

        

        
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      SECTION
        5.06.   Remedies
        Cumulative and Continuing.

       

      Except
        as
        otherwise provided in Section 2.06, all powers and remedies given by this
        Article V to the Trustee or to the Securityholders shall, to the extent
        permitted by law, be deemed cumulative and not exclusive of any other powers
        and
        remedies available to the Trustee or the holders of the Debt Securities,
        by
        judicial proceedings or otherwise, to enforce the performance or observance
        of
        the covenants and agreements contained in this Indenture or otherwise
        established with respect to the Debt Securities, and no delay or omission
        of the
        Trustee or of any holder of any of the Debt Securities to exercise any right
        or
        power accruing upon any Event of Default occurring and continuing as aforesaid
        shall impair any such right or power, or shall be construed to be a waiver
        of
        any such default or an acquiescence therein; and, subject to the provisions
        of
        Section 5.04, every power and remedy given by this Article V or by law to
        the
        Trustee or to the Securityholders may be exercised from time to time, and
        as
        often as shall be deemed expedient, by the Trustee or by the
        Securityholders.

       

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

       

      The
        holders of a majority in aggregate principal amount of the Debt Securities
        affected (voting as one class) at the time outstanding and, if the Debt
        Securities are held by the Trust or a trustee of the Trust, the holders of
        a
        majority in aggregate liquidation amount of the outstanding Capital Securities
        of the Trust shall have the right to direct the time, method and place of
        conducting any proceeding for any remedy available to the Trustee, or exercising
        any trust or power conferred on the Trustee with respect to such Debt
        Securities; provided,
        however,
        that if
        the Debt Securities are held by the Trust or a trustee of the Trust, such
        time,
        method and place or such exercise, as the case may be, may not be so directed
        until the holders of a majority in aggregate liquidation amount of the
        outstanding Capital Securities of the Trust shall have directed such time,
        method and place or such exercise, as the case may be; provided, further,
        that
        (subject to the provisions of Section 6.01) the Trustee shall have the right
        to
        decline to follow any such direction if the Trustee being advised by counsel
        shall determine that the action so directed would be unjustly prejudicial
        to the
        holders not taking part in such direction or if the Trustee being advised
        by
        counsel determines that the action or proceeding so directed may not lawfully
        be
        taken or if a Responsible Officer of the Trustee shall determine that the
        action
        or proceedings so directed would involve the Trustee in personal liability.
        Prior to any declaration of acceleration, or ipso facto acceleration, of
        the
        maturity of the Debt Securities, the holders of a majority in aggregate
        principal amount of the Debt Securities at the time outstanding may on behalf
        of
        the holders of all of the Debt Securities waive (or modify any previously
        granted waiver of) any past default or Event of Default and its consequences,
        except a default (a) in the payment of principal of, premium, if any, or
        interest on any of the Debt Securities, (b) in respect of covenants or
        provisions hereof which cannot be modified or amended without the consent
        of the
        holder of each Debt Security affected, or (c) in respect of the covenants
        contained in Section 3.09; provided,
        however,
        that if
        the Debt Securities are held by the Trust or a trustee of the Trust, such
        waiver
        or modification to such waiver shall not be effective until the holders of
        a
        majority in Liquidation Amount of the Trust Securities of the Trust shall
        have
        consented to such waiver or modification to such waiver; provided,
        further,
        that if
        the consent of the holder of each outstanding Debt Security is required,
        such
        waiver or modification to such waiver shall not be effective until each holder
        of the outstanding Capital Securities of the Trust shall have consented to
        such
        waiver or modification to such waiver. Upon any such waiver or modification
        to
        such waiver, the Default or Event of Default covered thereby shall be deemed
        to
        be cured for all purposes of this Indenture and the Company, the Trustee
        and the
        holders of the Debt Securities shall be restored to their former positions
        and
        rights hereunder, respectively; but no such waiver or modification to such
        waiver shall extend to any subsequent or other Default or Event of Default
        or
        impair any right consequent thereon. Whenever any Default or Event of Default
        hereunder shall have been waived as permitted by this Section 5.07, said
        Default
        or Event of Default shall for all purposes of the Debt Securities and this
        Indenture be deemed to have been cured and to be not continuing.

       

      
        
          
          

        

        
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      SECTION
        5.08.   Notice
        of Defaults.

       

      The
        Trustee shall, within 90 days after a Responsible Officer of the Trustee
        shall
        have actual knowledge or received written notice of the occurrence of a Default
        with respect to the Debt Securities, mail to all Securityholders, as the
        names
        and addresses of such holders appear upon the Debt Security Register, notice
        of
        all Defaults with respect to the Debt Securities known to the Trustee, unless
        such defaults shall have been cured before the giving of such notice (the
        term
        "defaults" for the purpose of this Section 5.08 being hereby defined to be
        the
        events specified in subsections (a), (b), (c), (d), (e) and (f) of Section
        5.01,
        not including periods of grace, if any, provided for therein); provided,
        that,
        except in the case of default in the payment of the principal of, premium,
        if
        any, or interest on any of the Debt Securities, the Trustee shall be protected
        in withholding such notice if and so long as a Responsible Officer of the
        Trustee in good faith determines that the withholding of such notice is in
        the
        interests of the Securityholders.

       

      SECTION
        5.09.   Undertaking
        to Pay Costs.

       

      All
        parties to this Indenture agree, and each holder of any Debt Security by
        such
        holder's acceptance thereof shall be deemed to have agreed, that any court
        may
        in its discretion require, in any suit for the enforcement of any right or
        remedy under this Indenture, or in any suit against the Trustee for any action
        taken or omitted by it as Trustee, the filing by any party litigant in such
        suit
        of an undertaking to pay the costs of such suit, and that such court may
        in its
        discretion assess reasonable costs, including reasonable attorneys' fees
        and
        expenses, against any party litigant in such suit, having due regard to the
        merits and good faith of the claims or defenses made by such party litigant;
        but
        the provisions of this Section 5.09 shall not apply to any suit instituted
        by
        the Trustee, to any suit instituted by any Securityholder, or group of
        Securityholders, holding in the aggregate more than 10% in principal amount
        of
        the Debt Securities (or, if such Debt Securities are held by the Trust or
        a
        trustee of the Trust, more than 10% in liquidation amount of the outstanding
        Capital Securities), to any suit instituted by any Securityholder for the
        enforcement of the payment of the principal of (or premium, if any) or interest
        on any Debt Security against the Company on or after the same shall have
        become
        due and payable, or to any suit instituted in accordance with Section
        14.12.

       

      
        
          
          

        

        
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      ARTICLE
        VI

       

      CONCERNING
        THE TRUSTEE

       

      SECTION
        6.01.   Duties
        and Responsibilities of Trustee.

       

      With
        respect to the holders of Debt Securities issued hereunder, the Trustee,
        prior
        to the occurrence of an Event of Default with respect to the Debt Securities
        and
        after the curing or waiving of all Events of Default which may have occurred,
        with respect to the Debt Securities, undertakes to perform such duties and
        only
        such duties as are specifically set forth in this Indenture. In case an Event
        of
        Default with respect to the Debt Securities has occurred (which has not been
        cured or waived), the Trustee shall exercise such of the rights and powers
        vested in it by this Indenture, and use the same degree of care and skill
        in
        their exercise, as a prudent person would exercise or use under the
        circumstances in the conduct of such person's own affairs.

       

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

       

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

       

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

       

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

       

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

       

      (c)  the
        Trustee shall not be liable with respect to any action taken or omitted to
        be
        taken by it in good faith, in accordance with the direction of the
        Securityholders pursuant to Section 5.07, relating to the time, method and
        place
        of conducting any proceeding for any remedy available to the Trustee, or
        exercising any trust or power conferred upon the Trustee, under this
        Indenture;

       

      
        
          
          

        

        
          -31-

          
            

          

        

        
          
          

        

      

       

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

       

      (e)  in
        the
        absence of bad faith on the part of the Trustee, the Trustee may seek and
        rely
        on reasonable instructions from the Company.

       

      None
        of
        the provisions contained in this Indenture shall require the Trustee to expend
        or risk its own funds or otherwise incur personal financial liability in
        the
        performance of any of its duties or in the exercise of any of its rights
        or
        powers.

       

      SECTION
        6.02.   Reliance
        on Documents, Opinions, etc.

       

      Except
        as
        otherwise provided in Section 6.01:

       

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

       

      (b)  any
        request, direction, order or demand of the Company mentioned herein shall
        be
        sufficiently evidenced by an Officers' Certificate (unless other evidence
        in
        respect thereof be herein specifically prescribed); and any Board Resolution
        may
        be evidenced to the Trustee by a copy thereof certified by the Secretary
        or an
        Assistant Secretary of the Company;

       

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

       

      (d)  the
        Trustee shall be under no obligation to exercise any of the rights or powers
        vested in it by this Indenture at the request, order or direction of any
        of the
        Securityholders, pursuant to the provisions of this Indenture, unless such
        Securityholders shall have offered to the Trustee reasonable security or
        indemnity against the costs, expenses and liabilities which may be incurred
        therein or thereby;

       

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

       

      
        
          
          

        

        
          -32-

          
            

          

        

        
          
          

        

      

       

      (f)  the
        Trustee shall not be bound to make any investigation into the facts or matters
        stated in any resolution, certificate, statement, instrument, opinion, report,
        notice, request, consent, order, approval, bond, debenture, coupon or other
        paper or document, unless requested in writing to do so by the holders of
        not
        less than a majority in aggregate principal amount of the outstanding Debt
        Securities affected thereby; provided,
        however,
        that if
        the payment within a reasonable time to the Trustee of the costs, expenses
        or
        liabilities likely to be incurred by it in the making of such investigation
        is,
        in the opinion of the Trustee, not reasonably assured to the Trustee by the
        security afforded to it by the terms of this Indenture, the Trustee may require
        reasonable indemnity against such expense or liability as a condition to
        so
        proceeding; and

       

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

       

      SECTION
        6.03.   No
        Responsibility for Recitals, etc.

       

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

       

      SECTION
        6.04.   Trustee,
        Authenticating Agent, Paying Agents, Transfer Agents or Registrar May Own
        Debt
        Securities.

       

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

       

      SECTION
        6.05.   Moneys
        to be Held in Trust.

       

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

       

      
        
          
          

        

        
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      SECTION
        6.06.   Compensation
        and Expenses of Trustee.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
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      SECTION
        6.07.   Officers'
        Certificate as Evidence.

       

      Except
        as
        otherwise provided in Sections 6.01 and 6.02, whenever in the administration
        of
        the provisions of this Indenture the Trustee shall deem it necessary or
        desirable that a matter be proved or established prior to taking or omitting
        any
        action hereunder, such matter (unless other evidence in respect thereof be
        herein specifically prescribed) may, in the absence of negligence, willful
        misconduct or bad faith on the part of the Trustee, be deemed to be conclusively
        proved and established by an Officers' Certificate delivered to the Trustee,
        and
        such certificate, in the absence of negligence, willful misconduct or bad
        faith
        on the part of the Trustee, shall be full warrant to the Trustee for any
        action
        taken or omitted by it under the provisions of this Indenture upon the faith
        thereof.

       

      SECTION
        6.08.   Eligibility
        of Trustee.

       

      The
        Trustee hereunder shall at all times be a U.S. Person that is a banking
        corporation or national association organized and doing business under the
        laws
        of the United States of America or any state thereof or of the District of
        Columbia and authorized under such laws to exercise corporate trust powers,
        having a combined capital and surplus of at least fifty million U.S. dollars
        ($50,000,000) and subject to supervision or examination by federal, state,
        or
        District of Columbia authority. If such corporation or national association
        publishes reports of condition at least annually, pursuant to law or to the
        requirements of the aforesaid supervising or examining authority, then for
        the
        purposes of this Section 6.08 the combined capital and surplus of such
        corporation or national association shall be deemed to be its combined capital
        and surplus as set forth in its most recent records of condition so
        published.

       

      The
        Company may not, nor may any Person directly or indirectly controlling,
        controlled by, or under common control with the Company, serve as Trustee,
        notwithstanding that such corporation or national association shall be otherwise
        eligible and qualified under this Article.

       

      In
        case
        at any time the Trustee shall cease to be eligible in accordance with the
        provisions of this Section 6.08, the Trustee shall resign immediately in
        the
        manner and with the effect specified in Section 6.09.

       

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

       

      SECTION
        6.09.   Resignation
        or Removal of Trustee, Calculation Agent, Paying Agent or Debt Security
        Registrar.

       

      (a)  The
        Trustee, or any trustee or trustees hereafter appointed, the Calculation
        Agent,
        the Paying Agent and any Debt Security Registrar may at any time resign by
        giving written notice of such resignation to the Company and by mailing notice
        thereof, at the Company's expense, to the holders of the Debt Securities
        at
        their addresses as they shall appear on the Debt Security Register. Upon
        receiving such notice of resignation, the Company shall promptly appoint
        a
        successor or successors by written instrument, in duplicate, executed by
        order
        of its Board of Directors, one copy of which instrument shall be delivered
        to
        the resigning party and one copy to the successor. If no successor shall
        have
        been so appointed and have accepted appointment within 30 days after the
        mailing
        of such notice of resignation to the affected Securityholders, the resigning
        party may petition any court of competent jurisdiction for the appointment
        of a
        successor, or any Securityholder who has been a bona fide holder of a Debt
        Security or Debt Securities for at least six months may, subject to the
        provisions of Section 5.09, on behalf of himself or herself and all others
        similarly situated, petition any such court for the appointment of a successor.
        Such court may thereupon, after such notice, if any, as it may deem proper
        and
        prescribe, appoint a successor.

       

      
        
          
          

        

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

       

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

       

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

       

      (3)  the
        Trustee shall become incapable of acting, or shall be adjudged bankrupt or
        insolvent, or a receiver of the Trustee or of its property shall be appointed,
        or any public officer shall take charge or control of the Trustee or of its
        property or affairs for the purpose of rehabilitation, conservation or
        liquidation,

       

      then,
        in
        any such case, the Company may remove the Trustee and appoint a successor
        Trustee by written instrument, in duplicate, executed by order of the Board
        of
        Directors, one copy of which instrument shall be delivered to the Trustee
        so
        removed and one copy to the successor Trustee, or, subject to the provisions
        of
        Section 5.09, if no successor Trustee shall have been so appointed and have
        accepted appointment within 30 days of the occurrence of any of (1), (2)
        or (3)
        above, any Securityholder who has been a bona fide holder of a Debt Security
        or
        Debt Securities for at least six months may, on behalf of himself or herself
        and
        all others similarly situated, petition any court of competent jurisdiction
        for
        the removal of the Trustee and the appointment of a successor Trustee. Such
        court may thereupon, after such notice, if any, as it may deem proper and
        prescribe, remove the Trustee and appoint a successor Trustee.

       

      (c)  Upon
        prior written notice to the Company and the Trustee, the holders of a majority
        in aggregate principal amount of the Debt Securities at the time outstanding
        may
        at any time remove the Trustee and nominate a successor Trustee, which shall
        be
        deemed appointed as successor Trustee unless within ten Business Days after
        such
        nomination the Company objects thereto, in which case or in the case of a
        failure by such holders to nominate a successor Trustee, the Trustee so removed
        or any Securityholder, upon the terms and conditions and otherwise as in
        subsection (a) of this Section 6.09 provided, may petition any court of
        competent jurisdiction for an appointment of a successor.

       

      (d)  Any
        resignation or removal of the Trustee, the Calculation Agent, the Paying
        Agent
        and any Debt Security Registrar and appointment of a successor pursuant to
        any
        of the provisions of this Section 6.09 shall become effective upon acceptance
        of
        appointment by the successor as provided in Section 6.10.

       

      
        
          
          

        

        
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      SECTION
        6.10.   Acceptance
        by Successor.

       

      Any
        successor Trustee, Calculation Agent, Paying Agent or Debt Security Registrar
        appointed as provided in Section 6.09 shall execute, acknowledge and deliver
        to
        the Company and to its predecessor an instrument accepting such appointment
        hereunder, and thereupon the resignation or removal of the retiring party
        shall
        become effective and such successor, without any further act, deed or
        conveyance, shall become vested with all the rights, powers, duties and
        obligations with respect to the Debt Securities of its predecessor hereunder,
        with like effect as if originally named herein; but, nevertheless, on the
        written request of the Company or of the successor, the party ceasing to
        act
        shall, upon payment of the amounts then due it pursuant to the provisions
        of
        Section 6.06, execute and deliver an instrument transferring to such successor
        all the rights and powers of the party so ceasing to act and shall duly assign,
        transfer and deliver to such successor all property and money held by such
        retiring party hereunder. Upon reasonable request of any such successor,
        the
        Company shall execute any and all instruments in writing for more fully and
        certainly vesting in and confirming to such successor all such rights and
        powers. Any party ceasing to act shall, nevertheless, retain a lien upon
        all
        property or funds held or collected to secure any amounts then due it pursuant
        to the provisions of Section 6.06.

       

      If
        a
        successor Trustee is appointed, the Company, the retiring Trustee and the
        successor Trustee shall execute and deliver an indenture supplemental hereto
        which shall contain such provisions as shall be deemed necessary or desirable
        to
        confirm that all the rights, powers, trusts and duties of the retiring Trustee
        with respect to the Debt Securities as to which the predecessor Trustee is
        not
        retiring shall continue to be vested in the predecessor Trustee, and shall
        add
        to or change any of the provisions of this Indenture as shall be necessary
        to
        provide for or facilitate the administration of the Trust hereunder by more
        than
        one Trustee, it being understood that nothing herein or in such supplemental
        indenture shall constitute such Trustees co-trustees of the same trust and
        that
        each such Trustee shall be Trustee of a trust or trusts hereunder separate
        and
        apart from any trust or trusts hereunder administered by any other such
        Trustee.

       

      No
        successor Trustee shall accept appointment as provided in this Section 6.10
        unless at the time of such acceptance such successor Trustee shall be eligible
        and qualified under the provisions of Section 6.08.

       

      In
        no
        event shall a retiring Trustee, Calculation Agent, Paying Agent or Debt Security
        Registrar be liable for the acts or omissions of any successor
        hereunder.

       

      Upon
        acceptance of appointment by a successor Trustee, Calculation Agent, Paying
        Agent or Debt Security Registrar as provided in this Section 6.10, the Company
        shall mail notice of the succession to the holders of Debt Securities at
        their
        addresses as they shall appear on the Debt Security Register. If the Company
        fails to mail such notice within ten Business Days after the acceptance of
        appointment by the successor, the successor shall cause such notice to be
        mailed
        at the expense of the Company.

       

      
        
          
          

        

        
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      SECTION
        6.11.   Succession
        by Merger, etc.

       

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

       

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

       

      SECTION
        6.12.   Authenticating
        Agents.

       

      There
        may
        be one or more Authenticating Agents appointed by the Trustee upon the request
        of the Company with power to act on its behalf and subject to its direction
        in
        the authentication and delivery of Debt Securities issued upon exchange or
        registration of transfer thereof as fully to all intents and purposes as
        though
        any such Authenticating Agent had been expressly authorized to authenticate
        and
        deliver Debt Securities; provided, that the Trustee shall have no liability
        to
        the Company for any acts or omissions of the Authenticating Agent with respect
        to the authentication and delivery of Debt Securities. Any such Authenticating
        Agent shall at all times be a Person organized and doing business under the
        laws
        of the United States or of any state or territory thereof or of the District
        of
        Columbia authorized under such laws to act as Authenticating Agent, having
        a
        combined capital and surplus of at least $50,000,000 and being subject to
        supervision or examination by federal, state, territorial or District of
        Columbia authority. If such Person publishes reports of condition at least
        annually pursuant to law or the requirements of such authority, then for
        the
        purposes of this Section 6.12 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 an Authenticating
        Agent
        shall cease to be eligible in accordance with the provisions of this Section,
        it
        shall resign immediately in the manner and with the effect herein specified
        in
        this Section.

       

      Any
        Person into which any Authenticating Agent may be merged or converted or
        with
        which it may be consolidated, or any Person resulting from any merger,
        consolidation or conversion to which any Authenticating Agent shall be a
        party,
        or any Person succeeding to all or substantially all of the corporate trust
        business of any Authenticating Agent, shall be the successor of such
        Authenticating Agent hereunder, if such successor Person is otherwise eligible
        under this Section 6.12 without the execution or filing of any paper or any
        further act on the part of the parties hereto or such Authenticating
        Agent.

       

      
        
          
          

        

        
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      Any
        Authenticating Agent may at any time resign by giving written notice of
        resignation to the Trustee and to the Company. The Trustee may at any time
        terminate the agency of any Authenticating Agent with respect to the Debt
        Securities by giving written notice of termination to such Authenticating
        Agent
        and to the Company. Upon receiving such a notice of resignation or upon such
        a
        termination, or in case at any time any Authenticating Agent shall cease
        to be
        eligible under this Section 6.12, the Trustee may, and upon the request of
        the
        Company shall, promptly appoint a successor Authenticating Agent eligible
        under
        this Section 6.12, shall give written notice of such appointment to the Company
        and shall mail notice of such appointment to all holders of Debt Securities
        as
        the names and addresses of such holders appear on the Debt Security Register.
        Any successor Authenticating Agent upon acceptance of its appointment hereunder
        shall become vested with all rights, powers, duties and responsibilities
        with
        respect to the Debt Securities of its predecessor hereunder, with like effect
        as
        if originally named as Authenticating Agent herein.

       

      Other
        than as provided in the Fee Agreement of even date herewith between Cohen
        Bros.
& Company, the Company, and the Trustee (as defined in the Declaration), the
        Company agrees to pay to any Authenticating Agent from time to time reasonable
        compensation for its services. Any Authenticating Agent shall have no
        responsibility or liability for any action taken by it as such in accordance
        with the directions of the Trustee and shall receive such reasonable indemnity
        as it may require against the costs, expenses and liabilities incurred in
        furtherance of its duties under this Section 6.12.

       

      ARTICLE
        VII

       

      CONCERNING
        THE SECURITYHOLDERS

       

      SECTION
        7.01.   Action
        by Securityholders.

       

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

       

      
        
          
          

        

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

       

      SECTION
        7.02.   Proof
        of Execution by Securityholders.

       

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

       

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

       

      SECTION
        7.03.   Who
        Are Deemed Absolute Owners.

       

      Prior
        to
        due presentment for registration of transfer of any Debt Security, the Company,
        the Trustee, any Authenticating Agent, any Paying Agent, any transfer agent
        and
        any Debt Security registrar may deem the Person in whose name such Debt Security
        shall be registered upon the Debt Security Register to be, and may treat
        such
        Person as, the absolute owner of such Debt Security (whether or not such
        Debt
        Security shall be overdue) for the purpose of receiving payment of or on
        account
        of the principal of, premium, if any, and interest on such Debt Security
        and for
        all other purposes; and neither the Company nor the Trustee nor any
        Authenticating Agent nor any Paying Agent nor any transfer agent nor any
        Debt
        Security registrar shall be affected by any notice to the contrary. All such
        payments so made to any holder for the time being or upon such holder's order
        shall be valid, and, to the extent of the sum or sums so paid, effectual
        to
        satisfy and discharge the liability for moneys payable upon any such Debt
        Security.

       

      
        
          
          

        

        
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      SECTION
        7.04.   Debt
        Securities Owned by Company Deemed Not Outstanding.

       

      In
        determining whether the holders of the requisite aggregate principal amount
        of
        Debt Securities have concurred in any direction, consent or waiver under
        this
        Indenture, Debt Securities which are owned by the Company or any other obligor
        on the Debt Securities or by any Person directly or indirectly controlling
        or
        controlled by or under direct or indirect common control with the Company
        (other
        than the Trust) or any other obligor on the Debt Securities shall be disregarded
        and deemed not to be outstanding for the purpose of any such determination;
        provided,
        that
        for the purposes of determining whether the Trustee shall be protected in
        relying on any such direction, consent or waiver, only Debt Securities which
        a
        Responsible Officer of the Trustee actually knows are so owned shall be so
        disregarded. Debt Securities so owned which have been pledged in good faith
        may
        be regarded as outstanding for the purposes of this Section 7.04 if the pledgee
        shall establish to the satisfaction of the Trustee the pledgee's right to
        vote
        such Debt Securities and that the pledgee is not the Company or any such
        other
        obligor or Person directly or indirectly controlling or controlled by or
        under
        direct or indirect common control with the Company or any such other obligor.
        In
        the case of a dispute as to such right, any decision by the Trustee taken
        upon
        the advice of counsel shall be full protection to the Trustee.

       

      SECTION
        7.05.   Revocation
        of Consents; Future Securityholders Bound.

       

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

       

      ARTICLE
        VIII

       

      SECURITYHOLDERS'
        MEETINGS

       

      SECTION
        8.01.   Purposes
        of Meetings.

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      SECTION
        8.02.   Call
        of Meetings by Trustee.

       

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

       

      SECTION
        8.03.   Call
        of Meetings by Company or Securityholders.

       

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

       

      SECTION
        8.04.   Qualifications
        for Voting.

       

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

       

      SECTION
        8.05.   Regulations.

       

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

       

      
        
          
          

        

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

       

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

       

      SECTION
        8.06.   Voting.

       

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

       

      
        
          
          

        

        
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      SECTION
        8.07.   Quorum;
        Actions.

       

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

       

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

      

       

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

       

      SECTION
        8.08.   Written
        Consent Without a Meeting.

       

      Whenever
        under this Indenture, Securityholders are required or permitted to take any
        action by vote, such action may be taken without a meeting on written consent,
        setting forth the action so taken, signed by the Securityholders of all
        outstanding Debt Securities entitled to vote thereon. No consent shall be
        effective to take the action referred to therein unless, within sixty days
        of
        the earliest dated consent delivered in the manner required by this paragraph
        to
        the Trustee, written consents signed by a sufficient number of Securityholders
        to take action are delivered to the Trustee at its Principal Office. Delivery
        made to the Trustee at its Principal Office, shall be by hand or by certificated
        or registered mail, return receipt requested. Written consent thus given
        by the
        Securityholders of such number of Debt Securities as is required hereunder,
        shall have the same effect as a valid vote of Securityholders of such number
        of
        Debt Securities.

       

      
        
          
          

        

        
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      ARTICLE
        IX

       

      SUPPLEMENTAL
        INDENTURES

       

      SECTION
        9.01.   Supplemental
        Indentures without Consent of Securityholders.

       

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

       

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

       

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

       

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

       

      (d)  to
        add
        to, delete from, or revise the terms of Debt Securities, including, without
        limitation, any terms relating to the issuance, exchange, registration or
        transfer of Debt Securities, including to provide for transfer procedures
        and
        restrictions substantially similar to those applicable to the Capital
        Securities, as required by Section 2.05 (for purposes of assuring that no
        registration of Debt Securities is required under the Securities Act of 1933,
        as
        amended); provided, that any such action shall not adversely affect the
        interests of the holders of the Debt Securities then outstanding (it being
        understood, for purposes of this proviso, that transfer restrictions on Debt
        Securities substantially similar to those applicable to Capital Securities
        shall
        not be deemed to adversely affect the holders of the Debt
        Securities);

       

      (e)  to
        evidence and provide for the acceptance of appointment hereunder by a successor
        Trustee with respect to the Debt Securities and to add to or change any of
        the
        provisions of this Indenture as shall be necessary to provide for or facilitate
        the administration of the trusts hereunder by more than one Trustee, pursuant
        to
        the requirements of Section 6.10;

       

      
        
          
          

        

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

       

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

       

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

       

      Any
        supplemental indenture authorized by the provisions of this Section 9.01
        may be
        executed by the Company and the Trustee without the consent of the holders
        of
        any of the Debt Securities at the time outstanding, notwithstanding any of
        the
        provisions of Section 9.02.

       

      SECTION
        9.02.   Supplemental
        Indentures with Consent of Securityholders.

       

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

       

      
        
          
          

        

        
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      Upon
        the
        request of the Company accompanied by a Board Resolution authorizing the
        execution of any such supplemental indenture, and upon the filing with the
        Trustee of evidence of the consent of Securityholders (and holders of Capital
        Securities, if required) as aforesaid, the Trustee shall join with the Company
        in the execution of such supplemental indenture unless such supplemental
        indenture affects the Trustee's own rights, duties or immunities under this
        Indenture or otherwise, in which case the Trustee may in its discretion,
        but
        shall not be obligated to, enter into such supplemental indenture.

       

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

       

      It
        shall
        not be necessary for the consent of the Securityholders under this Section
        9.02
        to approve the particular form of any proposed supplemental indenture, but
        it
        shall be sufficient if such consent shall approve the substance
        thereof.

       

      SECTION
        9.03.   Effect
        of Supplemental Indentures.

       

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

       

      SECTION
        9.04.   Notation
        on Debt Securities.

       

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

       

      SECTION
        9.05.   Evidence
        of Compliance of Supplemental Indenture to be furnished to
        Trustee.

       

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

       

      
        
          
          

        

        
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      ARTICLE
        X

       

      REDEMPTION
        OF SECURITIES

       

      SECTION
        10.01.   Optional
        Redemption.

       

      At
        any
        time the Company shall have the right, subject to the receipt by the Company
        of
        prior approval from any regulatory authority with jurisdiction over the Company
        if such approval is then required under applicable capital guidelines or
        policies of such regulatory authority, to redeem the Debt Securities, in
        whole
        or (provided that all accrued and unpaid interest has been paid on all Debt
        Securities for all Interest Periods terminating on or prior to such date)
        from
        time to time in part, on any March 15, June 15, September 15 or December
        15 on
        or after September 15, 2010 (the "Redemption Date"), at the Redemption
        Price.

       

      SECTION
        10.02.   Special
        Event Redemption.

       

      If
        a
        Special Event shall occur and be continuing, the Company shall have the right,
        subject to the receipt by the Company of prior approval from any regulatory
        authority with jurisdiction over the Company if such approval is then required
        under applicable capital guidelines or policies of such regulatory authority,
        to
        redeem the Debt Securities, in whole or in part, at any time within 90 days
        following the occurrence of such Special Event (the "Special Redemption Date"),
        at the Special Redemption Price.

       

      SECTION
        10.03.   Notice
        of Redemption; Selection of Debt Securities.

       

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

       

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

       

      
        
          
          

        

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

       

      The
        Company will give the Trustee notice not less than 45 nor more than 60 days
        prior to the Redemption Date as to the Redemption Price at which the Debt
        Securities are to be redeemed and the aggregate principal amount of Debt
        Securities to be redeemed and the Trustee shall select, in such manner as
        in its
        sole discretion it shall deem appropriate and fair, the Debt Securities or
        portions thereof (in integral multiples of $1,000) to be redeemed.

       

      SECTION
        10.04.   Payment
        of Debt Securities Called for Redemption.

       

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

       

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

       

      
        
          
          

        

        
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      ARTICLE
        XI

       

      CONSOLIDATION,
        MERGER, SALE, CONVEYANCE AND LEASE

       

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

       

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

       

      SECTION
        11.02.   Successor
        Entity to be Substituted.

       

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

       

      
        
          
          

        

        
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      SECTION
        11.03.   Opinion
        of Counsel to be Given to Trustee.

       

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

       

      ARTICLE
        XII

       

      SATISFACTION
        AND DISCHARGE OF INDENTURE

       

      SECTION
        12.01.   Discharge
        of Indenture.

       

      When
        (a)
        the Company shall deliver to the Trustee for cancellation all Debt Securities
        theretofore authenticated (other than any Debt Securities which shall have
        been
        destroyed, lost or stolen and which shall have been replaced or paid as provided
        in Section 2.06) and not theretofore canceled, or (b) all the Debt Securities
        not theretofore canceled or delivered to the Trustee for cancellation shall
        have
        become due and payable, or are by their terms to become due and payable within
        one year or are to be called for redemption within one year under arrangements
        satisfactory to the Trustee for the giving of notice of redemption, and the
        Company shall deposit with the Trustee, in trust, funds, which shall be
        immediately due and payable, sufficient to pay at maturity or upon redemption
        all of the Debt Securities (other than any Debt Securities which shall have
        been
        destroyed, lost or stolen and which shall have been replaced or paid as provided
        in Section 2.06) not theretofore canceled or delivered to the Trustee for
        cancellation, including principal and premium, if any, and interest due or
        to
        become due to such date of maturity or redemption date, as the case may be,
        but
        excluding, however, the amount of any moneys for the payment of principal
        of,
        and premium, if any, or interest on the Debt Securities (1) theretofore repaid
        to the Company in accordance with the provisions of Section 12.04, or (2)
        paid
        to any state or to the District of Columbia pursuant to its unclaimed property
        or similar laws, and if in the case of either clause (a) or clause (b) the
        Company shall also pay or cause to be paid all other sums payable hereunder
        by
        the Company, then this Indenture shall cease to be of further effect except
        for
        the provisions of Sections 2.05, 2.06, 3.01, 3.02, 3.04, 6.06, 6.09 and 12.04
        hereof, which shall survive until such Debt Securities shall mature or are
        redeemed, as the case may be, and are paid in full. Thereafter, Sections
        6.06,
        6.09 and 12.04 shall survive, and the Trustee, on demand of the Company
        accompanied by an Officers' Certificate and an Opinion of Counsel, each stating
        that all conditions precedent herein provided for relating to the satisfaction
        and discharge of this Indenture have been complied with, and at the cost
        and
        expense of the Company, shall execute proper instruments acknowledging
        satisfaction of and discharging this Indenture, the Company, however, hereby
        agreeing to reimburse the Trustee for any costs or expenses thereafter
        reasonably and properly incurred by the Trustee in connection with this
        Indenture or the Debt Securities.

       

      
        
          
          

        

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

       

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

       

      SECTION
        12.03.   Paying
        Agent to Repay Moneys Held.

       

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

       

      SECTION
        12.04.   Return
        of Unclaimed Moneys.

       

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

       

      ARTICLE
        XIII

       

      IMMUNITY
        OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

       

      SECTION
        13.01.   Indenture
        and Debt Securities Solely Corporate Obligations.

       

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

       

      
        
          
          

        

        
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      ARTICLE
        XIV

       

      MISCELLANEOUS
        PROVISIONS

       

      SECTION
        14.01.   Successors.

       

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

       

      SECTION
        14.02.   Official
        Acts by Successor Entity.

       

      Any
        act
        or proceeding by any provision of this Indenture authorized or required to
        be
        done or performed by any board, committee or officer of the Company shall
        and
        may be done and performed with like force and effect by the like board,
        committee, officer or other authorized Person of any entity that shall at
        the
        time be the lawful successor of the Company.

       

      SECTION
        14.03.   Surrender
        of Company Powers.

       

      The
        Company by instrument in writing executed by authority of 2/3 (two-thirds)
        of
        its Board of Directors and delivered to the Trustee may surrender any of
        the
        powers reserved to the Company and thereupon such power so surrendered shall
        terminate both as to the Company and as to any permitted successor.

       

      SECTION
        14.04.   Addresses
        for Notices, etc.

       

      Any
        notice or demand which by any provision of this Indenture is required or
        permitted to be given or served by the Trustee or by the Securityholders
        on the
        Company may be given or served in writing, duly signed by the party giving
        such
        notice, and shall be delivered, telecopied (which telecopy shall be followed
        by
        notice delivered or mailed by first class mail) or mailed by first class
        mail to
        the Company at:

       

      CB
        Financial Corporation

      3710
        Nash
        Street

      Wilson,
        NC 27896-1120

      Attention:
        Norman B. Osborn

      

      Any
        notice, direction, request or demand by any Securityholder or the Company
        to or
        upon the Trustee shall be deemed to have been sufficiently given or made,
        for
        all purposes, if given or made in writing at the office of U.S. Bank National
        Association at:

       

      One
        Federal Street, 3rd
        Floor

      Boston,
        Massachusetts 02110

      Attn:
        Corporate Trust Services - CB Financial Capital Trust I

       

      
        
          
          

        

        
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      SECTION
        14.05.   Governing
        Law.

       

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

       

      SECTION
        14.06.   Evidence
        of Compliance with Conditions Precedent.

       

      Upon
        any
        application or demand by the Company to the Trustee to take any action under
        any
        of the provisions of this Indenture, the Company shall furnish to the Trustee
        an
        Officers' Certificate stating that in the opinion of the signers all conditions
        precedent, if any, provided for in this Indenture relating to the proposed
        action have been complied with and an Opinion of Counsel stating that, in
        the
        opinion of such counsel, all such conditions precedent have been complied
        with
        (except that no such Opinion of Counsel is required to be furnished to the
        Trustee in connection with the authentication and issuance of Debt Securities
        issued on the date of this Indenture).

       

      Each
        certificate or opinion provided for in this Indenture and delivered to the
        Trustee with respect to compliance with a condition or covenant provided
        for in
        this Indenture (except certificates delivered pursuant to Section 3.05) shall
        include (a) a statement that the person making such certificate or opinion
        has
        read such covenant or condition and the definitions relating thereto; (b)
        a
        brief statement as to the nature and scope of the examination or investigation
        upon which the statements or opinions contained in such certificate or opinion
        are based; (c) a statement that, in the opinion of such person, he or she
        has
        made such examination or investigation as is necessary to enable him or her
        to
        express an informed opinion as to whether or not such covenant or condition
        has
        been complied with; and (d) a statement as to whether or not, in the opinion
        of
        such person, such condition or covenant has been complied with.

       

      SECTION
        14.07.   Non-Business
        Days.

       

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

       

      SECTION
        14.08.   Table
        of Contents, Headings, etc.

       

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

       

      
        
          
          

        

        
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      SECTION
        14.09.   Execution
        in Counterparts.

       

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

       

      SECTION
        14.10.   Severability.

       

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

       

      SECTION
        14.11.   Assignment.

       

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

       

      SECTION
        14.12.   Acknowledgment
        of Rights.

       

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

       

      
        
          
          

        

        
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      ARTICLE
        XV

       

      SUBORDINATION
        OF DEBT SECURITIES

       

      SECTION
        15.01.   Agreement
        to Subordinate.

       

      The
        Company covenants and agrees, and each holder of Debt Securities issued
        hereunder and under any supplemental indenture (the "Additional Provisions")
        by
        such Securityholder's acceptance thereof likewise covenants and agrees, that
        all
        Debt Securities shall be issued subject to the provisions of this Article
        XV;
        and each holder of a Debt Security, whether upon original issue or upon transfer
        or assignment thereof, accepts and agrees to be bound by such
        provisions.

       

      The
        payment by the Company of the payments due on all Debt Securities issued
        hereunder and under any Additional Provisions shall, to the extent and in
        the
        manner hereinafter set forth, be subordinated and junior in right of payment
        to
        the prior payment in full of all Senior Indebtedness of the Company, whether
        outstanding at the date of this Indenture or thereafter incurred.

       

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

       

      SECTION
        15.02.   Default
        on Senior Indebtedness.

       

      In
        the
        event and during the continuation of any default by the Company in the payment
        of principal, premium, interest or any other payment due on any Senior
        Indebtedness of the Company following any applicable grace period, or in
        the
        event that the maturity of any Senior Indebtedness of the Company has been
        accelerated because of a default, and such acceleration has not been rescinded
        or canceled and such Senior Indebtedness has not been paid in full, then,
        in
        either case, no payment shall be made by the Company with respect to the
        payments due on the Debt Securities.

       

      In
        the
        event that, notwithstanding the foregoing, any payment shall be received
        by the
        Trustee when such payment is prohibited by the preceding paragraph of this
        Section 15.02, such payment shall, subject to Section 15.06, be held in trust
        for the benefit of, and shall be paid over or delivered to, the holders of
        Senior Indebtedness or their respective representatives, or to the trustee
        or
        trustees under any indenture pursuant to which any of such Senior Indebtedness
        may have been issued, as their respective interests may appear, but only
        to the
        extent that the holders of the Senior Indebtedness (or their representative
        or
        representatives or 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 Senior Indebtedness.

       

      
        
          
          

        

        
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      SECTION
        15.03.   Liquidation;
        Dissolution; Bankruptcy.

       

      Upon
        any
        payment by the Company or distribution of assets of the Company of any kind
        or
        character, whether in cash, property or securities, to creditors upon any
        dissolution 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 of the Company
        shall first be paid in full, or payment thereof provided for in money in
        accordance with its terms, before any payment is made by the Company on the
        Debt
        Securities; and upon any such dissolution 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 Securityholders or the Trustee would be entitled to receive from
        the
        Company, except for the provisions of this Article XV, shall be paid by the
        Company, or by any receiver, trustee in bankruptcy, liquidating trustee,
        agent
        or other Person making such payment or distribution, or by the Securityholders
        or by the Trustee under this Indenture if received by them or it, directly
        to
        the holders of Senior Indebtedness of the Company (pro rata to such holders
        on
        the basis of the respective amounts of Senior Indebtedness held by such holders,
        as calculated by the Company) or their representative or representatives,
        or to
        the trustee or trustees under any indenture pursuant to which any instruments
        evidencing such Senior Indebtedness may have been issued, as their respective
        interests may appear, to the extent necessary to pay such Senior Indebtedness
        in
        full, in money or money's worth, after giving effect to any concurrent payment
        or distribution to or for the holders of such Senior Indebtedness, before
        any
        payment or distribution is made to the Securityholders.

       

      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 of the Company is paid in full, or provision is made
        for
        such payment in money in accordance with its terms, such payment or distribution
        shall be held in trust for the benefit of and shall be paid over or delivered
        to
        the holders of such Senior Indebtedness or their representative or
        representatives, or to the trustee or trustees under any indenture pursuant
        to
        which any instruments evidencing such Senior Indebtedness may have been issued,
        as their respective interests may appear, as calculated by the Company, for
        application to the payment of all Senior Indebtedness of the Company remaining
        unpaid to the extent necessary to pay such Senior Indebtedness in full in
        money
        in accordance with its terms, after giving effect to any concurrent payment
        or
        distribution to or for the benefit of the holders of such Senior
        Indebtedness.

       

      For
        purposes of this Article XV, the words "cash, property or securities" shall
        not
        be deemed to include shares of stock of the Company as reorganized or
        readjusted, or securities of the Company or any other corporation provided
        for
        by a plan of reorganization or readjustment, the payment of which is
        subordinated at least to the extent provided in this Article XV with respect
        to
        the Debt Securities to the payment of all Senior Indebtedness of the Company,
        that may at the time be outstanding, provided,
        that
        (a) such Senior Indebtedness is assumed by the new corporation, if any,
        resulting from any such reorganization or readjustment, and (b) the rights
        of
        the holders of such Senior Indebtedness are not, without the consent of such
        holders, altered by such reorganization or readjustment. The consolidation
        of
        the Company with, or the merger of the Company into, another corporation
        or the
        liquidation or dissolution of the Company following the conveyance, transfer
        or
        other disposition of its property as an entirety, or substantially as an
        entirety, to another corporation upon the terms and conditions provided for
        in
        Article XI of this Indenture shall not be deemed a dissolution, winding-up,
        liquidation or reorganization for the purposes of this Section 15.03 if such
        other corporation shall, as a part of such consolidation, merger, conveyance
        or
        transfer, comply with the conditions stated in Article XI of this
        Indenture. Nothing in Section 15.02 or in this Section 15.03 shall apply
        to
        claims of, or payments to, the Trustee under or pursuant to Section 6.06
        of this
        Indenture.

       

      
        
          
          

        

        
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      SECTION
        15.04.   Subrogation.

       

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

       

      Nothing
        contained in this Article XV or elsewhere in this Indenture, any Additional
        Provisions or in the Debt Securities is intended to or shall impair, as between
        the Company, its creditors other than the holders of Senior Indebtedness
        of the
        Company, and the holders of the Debt Securities, the obligation of the Company,
        which is absolute and unconditional, to pay to the holders of the Debt
        Securities all payments on the Debt Securities as and when the same shall
        become
        due and payable in accordance with their terms, or is intended to or shall
        affect the relative rights of the holders of the Debt Securities and creditors
        of the Company, other than the holders of Senior Indebtedness of the Company,
        nor shall anything herein or therein prevent the Trustee or the holder of
        any
        Debt Security from exercising all remedies otherwise permitted by applicable
        law
        upon default under this Indenture, subject to the rights, if any, under this
        Article XV of the holders of such Senior Indebtedness in respect of cash,
        property or securities of the Company received upon the exercise of any such
        remedy.

       

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

       

      
        
          
          

        

        
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      SECTION
        15.05.   Trustee
        to Effectuate Subordination.

       

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

       

      SECTION
        15.06.   Notice
        by the Company.

       

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

       

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

       

      SECTION
        15.07.   Rights
        of the Trustee, Holders of Senior Indebtedness.

       

      The
        Trustee in its individual capacity shall be entitled to all the rights set
        forth
        in this Article XV in respect of any Senior Indebtedness at any time held
        by it,
        to the same extent as any other holder of Senior Indebtedness, and nothing
        in
        this Indenture or any Additional Provisions shall deprive the Trustee of
        any of
        its rights as such holder.

       

      
        
          
          

        

        
          -59-

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      SECTION
        15.08.   Subordination
        May Not Be Impaired.

       

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

       

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

       

      U.S.
        Bank
        National Association, in its capacity as Trustee, hereby accepts the trusts
        in
        this Indenture declared and provided, upon the terms and conditions herein
        above
        set forth.

       

      
        
          
          

        

        
          -60-

          
            

          

        

        
          
          

        

      

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

       

       

      
        	 	 	 
	 	CB
                Financial Corporation
	 
 	 
 	 
 
	 	By:  	/s/
                Norman B. Osborn
	 	
                
Norman
                B. Osborn
	 	President
                and CEO

      

       

      
        	 	 	 
	 	U.S.
                Bank National Association, as Trustee
	 
 	 
 	 
 
	 	By:  	/s/
                Paul Allen
	 	
                
Name:
                Paul Allen
	 	Title:
                Vice President

      

      
 

      
        
          
          

        

        
          -61-

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      FORM
        OF JUNIOR SUBORDINATED DEBT SECURITY

      DUE
        2035

       

      [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 BY ITS ACCEPTANCE HEREOF AGREES TO OFFER,
        SELL
        OR OTHERWISE TRANSFER SUCH SECURITY ONLY (A) TO THE COMPANY, (B) PURSUANT
        TO
        RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON THE HOLDER
        REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE
        144A
        THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
        INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
        IN
        RELIANCE ON RULE 144A, (C) TO A "NON U.S. PERSON" IN AN "OFFSHORE TRANSACTION"
        PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION
        FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT TO AN "ACCREDITED
        INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF
        RULE
        501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY 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 (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
        FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
        COMPANY'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES
        (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
        AND/OR OTHER INFORMATION SATISFACTORY TO IT IN ACCORDANCE WITH THE INDENTURE,
        A
        COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY. THE HOLDER OF THIS SECURITY
        BY
        ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING
        RESTRICTIONS.

       

      THE
        HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS
        THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY UNLESS
        SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT.

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

       

      THE
        HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF 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 THEREIN, 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
        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 THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING
        THEREOF 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 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
        COMPANY AND TRUSTEE SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED
        BY THE INDENTURE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING
        RESTRICTIONS.

       

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

       

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

       

      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

       

      Form
        of
        Junior Subordinated Debt Security due 2035

       

      of

       

      CB
        Financial Corporation

       

      CB
        Financial Corporation, a bank holding company incorporated in North Carolina
        (the "Company"), for value received promises to pay to U.S. Bank National
        Association, not in its individual capacity but solely as Institutional Trustee
        for CB Financial Capital Trust I, a Connecticut statutory trust (the "Holder"),
        or registered assigns, the principal sum of Five Million One Hundred Fifty
        Five
        Thousand Dollars on July 12, 2035 and to pay interest on said principal sum
        from
        July 12, 2005, 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 September 15, 2005,
        at
        a variable per annum rate equal to LIBOR (as defined in the Indenture) plus
        1.85% (the "Interest Rate”). The Interest Rate for any Interest Payment Period
        may not exceed the highest rate permitted by New York law, as the same may
        be
        modified by United States law of general applicability) until the principal
        hereof shall have become due and payable, and on any overdue principal and
        (without duplication and to the extent that payment of such interest is
        enforceable under applicable law) on any overdue installment of interest
        at an
        annual rate equal to the Interest Rate in effect for each such Extension
        Period
        compounded quarterly. The amount of interest payable on any Interest Payment
        Date shall be computed on the basis of a 360-day year and the actual number
        of
        days elapsed in the relevant interest period. Notwithstanding anything to
        the
        contrary contained herein, if any Interest Payment Date, other than on the
        Maturity Date, any Redemption Date or the Special Redemption Date, falls
        on a
        day that is not a Business Day, then any interest payable will be paid on,
        and
        such Interest Payment Date will be moved to, the next succeeding Business
        Day,
        and additional interest will accrue for each day that such payment is delayed
        as
        a result thereof. If the Maturity Date, any Redemption Date or the Special
        Redemption Date falls on a day that is not a Business Day, then the principal,
        premium, if any, and/or interest payable on such date will be paid on the
        next
        succeeding Business Day, and no additional interest will accrue in respect
        of
        such payment made on such next succeeding Business Day. The interest installment
        so payable, and punctually paid or duly provided for, on any Interest Payment
        Date will, as provided in the Indenture, be paid to the Person in whose name
        this Debt Security (or one or more Predecessor Securities, as defined in
        said
        Indenture) is registered at the close of business on the regular record date
        for
        such interest installment, except that interest and any Deferred Interest
        payable on the Maturity Date shall be paid to the Person to whom principal
        is
        paid. Any such interest installment not punctually paid or duly provided
        for
        shall forthwith cease to be payable to the registered holders on such regular
        record date and may be paid to the Person in whose name this Debt Security
        (or
        one or more Predecessor Debt Securities) is registered at the close of business
        on a special record date to be fixed by the Trustee for the payment of such
        defaulted interest, notice whereof shall be given to the registered holders
        of
        the Debt Securities not less than 10 days prior to such special record date,
        all
        as more fully provided in the Indenture. The principal of and interest on
        this
        Debt Security shall be payable at the office or agency of the Trustee (or
        other
        Paying Agent appointed by the Company) 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 Debt Security
        Register or by wire transfer or immediately available funds to an account
        appropriately designated by the holder hereof. Notwithstanding the foregoing,
        so
        long as the holder of this Debt Security is the Institutional Trustee, payment
        of the principal of and premium, if any, and interest on this Debt Security
        shall be made in immediately available funds when due at such place and to
        such
        account as may be designated by the Institutional Trustee. All payments in
        respect of this Debt Security shall be payable in any coin or currency of
        the
        United States of America that at the time of payment is legal tender for
        payment
        of public and private debts.

       

      
        
          
          

        

        
          A-3

          
            

          

        

        
          
          

        

      

       

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

       

      
        
          
          

        

        
          A-4

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          A-5

          
            

          

        

        
          
          

        

      

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

       

      
        	 	 	 CB
                Financial Corporation
	 	 
	 
 	 
 	 
 
	Dated: ________________,
                2005	By:  	 
	 	
                
Name:
	 	Title:

      

       

      
      

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Debt Securities referred to in the within-mentioned
        Indenture.

       

      
        	 	 	 
	 	
                U.S.
                  Bank National Association, not in its

                individual capacity but solely as
                  Trustee

              
	 
 	 
 	 
 
	Dated: ________________,
                2005	By:  	 
	 	
                
Authorized
                Signatory
	 	 

      

       

       

      
        
          
          

        

        
          A-6

          
            

          

        

        
          
          

        

      

      [FORM
        OF
        REVERSE OF SECURITY]

       

      This
        Debt
        Security is one of a duly authorized series of Debt Securities of the Company,
        all issued or to be issued pursuant to an Indenture (the "Indenture"), dated
        as
        of July 12, 2005, duly executed and delivered between the Company and U.S.
        Bank
        National Association, as Trustee (the "Trustee"), to which Indenture and
        all
        indentures supplemental thereto reference is hereby made for a description
        of
        the rights, limitations of rights, obligations, duties and immunities thereunder
        of the Trustee, the Company and the holders of the Debt Securities (referred
        to
        herein as the "Debt Securities") of which this Debt Security is a part. The
        summary of the terms of this Debt Security contained herein does not purport
        to
        be complete and is qualified by reference to the Indenture.

       

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

       

      The
        Company shall also have the right to redeem this Debt Security at the option
        of
        the Company, in whole or in part, on any March 15, June 15, September 15
        or
        December 15 on or after September 15, 2010 (a "Redemption Date"), at the
        Redemption Price.

       

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

       

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

       

      "Special
        Redemption Price" means, with respect to the redemption of any Debt Security
        following a Special Event, an amount in cash equal to 103.525% of the principal
        amount of Debt Securities to be redeemed prior to September 15, 2006 and
        thereafter equal to the percentage of the principal amount of the Debt
        Securities that is specified below for the Special Redemption Date plus,
        in each
        case, unpaid interest accrued thereon to the Special Redemption Date:

       

      
        	
                Special
                  Redemption During the

                12-Month
                  Period Beginning September 15

              	
                Percentage
                  of Principal Amount

              
	 	 
	
                2006

              	
                103.140%

              
	
                2007

              	
                102.355%

              
	
                2008

              	
                101.570%

              
	
                2009

              	
                100.785%

              
	
                2010
                  and thereafter

              	
                100.000%

              

      

       

      
        
          
          

        

        
          A-7

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      
        
          
          

        

        
          A-8

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      No
        recourse shall be had for the payment of the principal of or the interest
        on
        this Debt Security, or for any claim based hereon, or 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
        Debt
        Securities are issuable only in registered certificated form without coupons.
        As
        provided in the Indenture and subject to certain limitations herein and therein
        set forth, Debt Securities are exchangeable for a like aggregate principal
        amount of Debt Securities of a different authorized denomination, as requested
        by the holder surrendering the same.

       

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

       

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

      

      
        
          
          

        

        
          A-9Unassociated Document

    AMENDED
      AND RESTATED DECLARATION

     

    OF
      TRUST

     

    CB
      FINANCIAL CAPITAL TRUST I

     

    Dated
      as
      of July 12, 2005

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
          	 	
                  TABLE
                    OF CONTENTS 

                	 
	 	 	 
	 	 	
                  Page 

                
	 	 	 
	 	
                  ARTICLE
                    I

                  INTERPRETATION
                    AND DEFINITIONS

                	 
	 	 	 
	SECTION 1.1. 	Definitions 	
                  1 

                
	 	 	 
	 	
                  ARTICLE
                    II

                  ORGANIZATION 

                	 
	 	 	 
	
                  SECTION
                    2.1. 

                	Name 	
                  8

                
	
                  SECTION
                    2.2. 

                	Office 	
                  8 

                
	
                  SECTION
                    2.3. 

                	Purpose 	
                  8 

                
	
                  SECTION
                    2.4.  

                	Authority  	
                  9 

                
	
                  SECTION
                    2.5. 

                	Title to Property of the Trust	
                  9 

                
	
                  SECTION
                    2.6. 

                	Powers and Duties of the Trustees
                  and the
                  Administrators	
                  9 

                
	
                  SECTION
                    2.7. 

                	Prohibition of Actions by the Trust
                  and the
                  Trustees 	
                  14 

                
	
                  SECTION
                    2.8. 

                	Powers and Duties of the Institutional
                  Trustee 	
                  15 

                
	
                  SECTION
                    2.9. 

                	Certain Duties and Responsibilities
                  of the
                  Trustees and the Administrators 	
                  16 

                
	
                  SECTION
                    2.10. 

                	Certain Rights of Institutional
                  Trustee 	
                  18 

                
	SECTION 2.11. 	
                  Execution
                    of Documents 

                	
                  20 

                
	SECTION 2.12. 	
                  Not
                    Responsible for Recitals or Issuance of Securities 

                	
                  20 

                
	SECTION 2.13. 	
                  Duration
                    of Trust 

                	
                  21 

                
	SECTION 2.14. 	Mergers 	
                  21 

                
	 	 	 
	 	
                  ARTICLE
                    III

                  SPONSOR 

                	 
	 	 	 
	SECTION 3.1. 	Sponsor's Purchase of Common
                  Securities 	
                  23 

                
	SECTION 3.2. 	
                  Responsibilities
                    of the Sponsor 

                	
                  23 

                
	 	 	 
	 	
                  ARTICLE
                    IV

                  TRUSTEES
                    AND ADMINISTRATORS 

                	 
	 	 	 
	SECTION 4.1. 	Number of Trustees 	
                  23 

                
	SECTION 4.2. 	Institutional Trustee;
                  Eligibility 	
                  23 

                
	SECTION 4.3. 	Administrators 	
                  24 

                
	SECTION 4.4. 	
                  Appointment,
                    Removal and Resignation of the Trustees and the
                    Administrators 

                	
                  24 

                

        

        
          
            	
                    SECTION
                      4.5. 

                  	Vacancies Among Trustees 	
                    26

                  

          

           

        

         

        
          
            
            

          

          
            -i-

            
              

            

          

          
            
            

          

        

         

         

        
          	 	
                  TABLE
                    OF CONTENTS

                  (continued) 

                	 
	 	 	 
	 	 	
                  Page 

                

        

        
          
            	 	 	 

          

           

          
            
              
                	
                        SECTION
                          4.6. 

                      	Effect of Vacancies  	
                        26 

                      
	
                        SECTION
                          4.7. 

                      	Meetings of the Trustees and
                        the
                        Administrators 	
                        26 

                      
	
                        SECTION
                          4.8. 

                      	Delegation of Power 	
                        27 

                      
	
                        SECTION
                          4.9.  

                      	Merger, Conversion, Consolidation
                        or
                        Succession to Business 	
                        27 

                      
	 	 	 
	 	
                        ARTICLE
                          V

                        DISTRIBUTIONS 

                      	 
	 	 	 
	
                        SECTION
                          5.1.  

                      	Distributions 	
                        27 

                      
	 	 	 
	 	
                        ARTICLE
                          VI

                        ISSUANCE
                          OF SECURITIES 

                      	 
	 	 	 
	
                        SECTION
                          6.1.  

                      	General Provisions Regarding
                        Securities 	
                        28 

                      
	
                        SECTION
                          6.2.  

                      	Paying Agent, Transfer Agent,
                        Calculation
                        Agent and Registrar 	
                        29 

                      
	
                        SECTION
                          6.3. 

                      	Form and Dating 	
                        29 

                      
	
                        SECTION
                          6.4.  

                      	Mutilated, Destroyed, Lost
                        or Stolen
                        Certificates 	
                        30 

                      
	
                        SECTION
                          6.5.  

                      	Temporary Securities 	
                        30 

                      
	
                        SECTION
                          6.6. 

                      	Cancellation  	
                        30 

                      
	
                        SECTION
                          6.7. 

                      	Rights of Holders; Waivers
                        of Past
                        Defaults  	
                        31 

                      
	 	 	 
	 	
                        ARTICLE
                          VII

                        DISSOLUTION
                          AND TERMINATION OF TRUST 

                      	 
	 	 	 
	
                        SECTION
                          7.1. 

                      	Dissolution and Termination
                        of
                        Trust 	
                        32

                      
	 	 	 
	 	
                        ARTICLE
                          VIII

                        TRANSFER
                          OF INTERESTS 

                      	 
	 	 	 
	
                        SECTION
                          8.1. 

                      	General 	
                        33

                      
	
                        SECTION
                          8.2. 

                      	Transfer Procedures and
                        Restrictions 	
                        34 

                      
	
                        SECTION
                          8.3. 

                      	Deemed Security Holders 	
                        
                          37

                        

                      
	 	 	 
	 	
                        ARTICLE
                          IX

                        LIMITATION
                          OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR
                          OTHERS 

                      	 
	 	 	 
	
                        SECTION
                          9.1. 

                      	Liability 	
                        38

                      
	
                        SECTION
                          9.2. 

                      	Exculpation 	
                        38 

                      
	
                        SECTION
                          9.3. 

                      	Fiduciary Duty	
                        39 

                      
	
                        SECTION
                          9.4. 

                      	Indemnification 	
                        39

                      
	
                        SECTION
                          9.5. 

                      	Outside Businesses 	
                        42

                      
	
                        SECTION
                          9.6. 

                      	Compensation; Fee 	
                        43

                      

              

               

               

              
                
                  
                  

                

                
                  -ii-

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	 	
                        TABLE
                          OF CONTENTS

                        (continued) 

                      	 
	 	 	 
	 	 	
                        Page 

                      

              

              
                	 	 	 
	 	
                        ARTICLE
                          X

                        ACCOUNTING

                      	 
	 	 	 
	
                        SECTION
                          10.1. 

                      	Fiscal Year 	
                        43

                      
	
                        SECTION
                          10.2. 

                      	Certain Accounting Matters 	
                        43 

                      
	
                        SECTION
                          10.3. 

                      	Banking 	
                        44 

                      
	 SECTION
                        10.4. 	Withholding 	
                        44 

                      
	 	 	 
	 	
                        ARTICLE
                          XI

                        AMENDMENTS
                          AND MEETINGS

                      	 
	 	 	 
	
                        SECTION
                          11.1. 

                      	Amendments 	
                        45 

                      
	
                        SECTION
                          11.2.  

                      	Meetings of the Holders of
                        the Securities;
                        Action by Written Consent 	
                        47 

                      
	 	 	 
	 	
                        ARTICLE
                          XII

                        REPRESENTATIONS
                          OF INSTITUTIONAL TRUSTEE

                      	 
	 	 	 
	
                        SECTION
                          12.1. 

                      	Representations and Warranties
                        of
                        Institutional Trustee 	
                        48

                      
	 	 	 
	 	
                        ARTICLE
                          XIII

                        MISCELLANEOUS 

                      	 
	 	 	 
	
                        SECTION
                          13.1. 

                      	Notices 	
                        49 

                      
	
                        SECTION
                          13.2. 

                      	Governing Law 	
                        50 

                      
	
                        SECTION
                          13.3.  

                      	Submission to Jurisdiction 	
                        50 

                      
	
                        SECTION
                          13.4. 

                      	Intention of the Parties 	
                        51 

                      
	
                        SECTION
                          13.5.  

                      	Headings 	
                        51 

                      
	
                        SECTION
                          13.6.  

                      	Successors and Assigns 	
                        51 

                      
	
                        SECTION
                          13.7. 

                      	Partial Enforceability 	
                        51 

                      
	
                        SECTION
                          13.8.  

                      	Counterparts 	
                        51 

                      

              

            

          

        

      

       

       

    

    
       

      
        
          
          

        

        
          -iii-

          
            

          

        

        
          
          

        

      

       

      
         

        
          	 	
                  TABLE
                    OF CONTENTS

                  (continued) 

                	 
	 	 	
                  Page 

                
	 	 	 

        

      

      ANNEXES
        AND EXHIBITS

    

    
      	 	 
	ANNEX I 	Terms of TP Securities and Common
              Securities 
	 	 
	EXHIBIT A-1 	Form of Capital Security
              Certificate 
	EXHIBIT A-2 	Form of Common Security
              Certificate 

    

     

     

    
      
        
        

      

      
        -iv-

        
          

        

      

      
        
        

      

       

    

    AMENDED
      AND RESTATED DECLARATION OF TRUST

     

    OF

     

    CB
      Financial Capital Trust I

     

    July
      12,
      2005

     

    AMENDED
      AND RESTATED DECLARATION OF TRUST (this "Declaration"), dated and effective
      as
      of July 12, 2005, by the Trustees (as defined herein), the Administrators (as
      defined herein), the Sponsor (as defined herein) and the holders from time
      to
      time of undivided beneficial interests in the assets of the Trust (as defined
      herein) to be issued pursuant to this Declaration.

     

    WHEREAS,
      the Trustee, the Administrators and the Sponsor established CB Financial Capital
      Trust I (the "Trust"), a statutory trust under the Statutory Trust Act (as
      defined herein), pursuant to a Declaration of Trust, dated as of July 11, 2005
      (the "Original Declaration"), and a Certificate of Trust filed with the
      Secretary of State of the State of Connecticut on July 11, 2005, for the sole
      purpose of issuing and selling certain securities representing undivided
      beneficial interests in the assets of the Trust and investing the proceeds
      thereof in the Debentures (as defined herein) of the Debenture Issuer (as
      defined herein) in connection with the issuance of the Capital Securities (as
      defined herein);

     

    WHEREAS,
      as of the date hereof, no interests in the assets of the Trust have been issued;
      and

     

    WHEREAS,
      the Trustee, the Administrators and the Sponsor, by this Declaration, amend
      and
      restate each and every term and provision of the Original
      Declaration.

     

    NOW,
      THEREFORE, it being the intention of the parties hereto to continue the Trust
      as
      a statutory trust under the Statutory Trust Act and that this Declaration
      constitutes the governing instrument of such statutory trust, and that all
      assets contributed to the Trust will be held in trust for the benefit of the
      holders, from time to time, of the securities representing undivided beneficial
      interests in the assets of the Trust issued hereunder, subject to the provisions
      of this Declaration, and, in consideration of the mutual covenants contained
      herein and other good and valuable consideration, the receipt of which is hereby
      acknowledged, the parties, intending to be legally bound hereby, amend and
      restate in its entirety the Original Declaration and agree as
      follows:

     

    ARTICLE
      I

    INTERPRETATION
      AND DEFINITIONS

     

    SECTION
      1.1.   Definitions.
      Unless
      the context otherwise requires:

     

    (a)  capitalized
      terms used in this Declaration but not defined in the preamble above or
      elsewhere herein have the respective meanings assigned to them in this Section
      1.1 or, if not defined in this Section 1.1 or elsewhere herein, in the
      Indenture;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)  a
      term
      defined anywhere in this Declaration has the same meaning
      throughout;

     

    (c)  all
      references to "the Declaration" or "this Declaration" are to this Declaration
      as
      modified, supplemented or amended from time to time;

     

    (d)  all
      references in this Declaration to Articles and Sections and Annexes and Exhibits
      are to Articles and Sections of and Annexes and Exhibits to this Declaration
      unless otherwise specified;

     

    (e)  a
      term
      defined in the Trust Indenture Act (as defined herein) has the same meaning
      when
      used in this Declaration unless otherwise defined in this Declaration or unless
      the context otherwise requires; and

     

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

     

    "Additional
      Interest" has the meaning set forth in Section 3.06 of the
      Indenture.

     

    "Administrative
      Action" has the meaning set forth in paragraph 4(a) of Annex I.

     

    "Administrators"
      means each of Norman B. Osborn and David W. Woodard, solely in such Person's
      capacity as Administrator of the Trust continued hereunder and not in such
      Person's individual capacity, or such Administrator's successor in interest
      in
      such capacity, or any successor 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.

     

    "Authorized
      Officer" of a Person means any Person that is authorized to bind such
      Person.

     

    "Bankruptcy
      Event" means, with respect to any Person:

     

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

     

    (b)  such
      Person commences a voluntary case under any applicable bankruptcy, insolvency
      or
      other similar law now or hereafter in effect, consents to the entry of an order
      for relief in an involuntary case under any such law, or consents to the
      appointment of or taking possession by a receiver, liquidator, assignee,
      trustee, custodian, sequestrator or other similar official of such Person of
      any
      substantial part of its property, or makes any general assignment for the
      benefit of creditors, or fails generally to pay its debts as they become
      due.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

       

    

    "Business
      Day" means any day other than Saturday, Sunday or any other day on which banking
      institutions in Boston, Massachusetts or New York City or the city of the
      Corporate Trust Office are permitted or required by any applicable law or
      executive order to close.

     

    "Calculation
      Agent" has the meaning set forth in Section 1.01 of the Indenture.

     

    "Capital
      Securities" has the meaning set forth in Section 6.1(a).

     

    "Capital
      Securities Purchase Agreement" means the Capital Securities Purchase Agreement
      dated as of July 11, 2005 among the Trust, the Sponsor and 

     

    Merrill
      Lynch International.

     

    "Capital
      Security Certificate" means a definitive Certificate registered in the name
      of
      the Holder representing a Capital Security substantially in the form of Exhibit
      A 1.

     

    "Capital
      Treatment Event" has the meaning set forth in paragraph 4(a) of Annex
      I.

     

    "Certificate"
      means any certificate evidencing Securities.

     

    "Certificate
      of Trust" means the certificate of trust filed with the Secretary of State
      of
      the State of Connecticut with respect to the Trust, as amended and restated
      from
      time to time.

     

    "Closing
      Date" means the date of execution and delivery of this Declaration.

     

    "Code"
      means the Internal Revenue Code of 1986, as amended from time to time, or any
      successor legislation.

     

    "Commission"
      means the United States Securities and Exchange Commission.

     

    "Common
      Securities" has the meaning set forth in Section 6.1(a).

     

    "Common
      Security Certificate" means a definitive Certificate registered in the name
      of
      the Holder representing a Common Security substantially in the form of Exhibit
      A-2.

     

    "Company
      Indemnified Person" means (a) any Administrator; (b) any Affiliate of any
      Administrator; (c) any officers, directors, shareholders, members, partners,
      employees, representatives or agents of any Administrator; or (d) any officer,
      employee or agent of the Trust or its Affiliates.

     

    "Corporate
      Trust Office" means the office of the Institutional Trustee at which the
      corporate trust business of the Institutional Trustee shall, at any particular
      time, be principally administered, which office shall at all times be located
      in
      the United States and at the date of execution of this Declaration is located
      at
      225 Asylum Street, 23rd
      Floor,
      Hartford, Connecticut 06103, Attn: Corporate Trust Services - CB Financial
      Capital Trust I.

     

    "Coupon
      Rate" has the meaning set forth in paragraph 2(a) of Annex I.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    "Covered
      Person" means: (a) any Administrator, officer, director, shareholder, partner,
      member, representative, employee or agent of (i) the Trust or (ii) the Trust's
      Affiliates; and (b) any Holder of Securities.

     

    "Debenture
      Issuer" means CB Financial Corporation, a bank holding company incorporated
      in
      North Carolina, in its capacity as issuer of the Debentures under the
      Indenture.

     

    "Debenture
      Trustee" means U.S. Bank National Association, not in its individual capacity
      but solely as trustee under the Indenture until a successor is appointed
      thereunder, and thereafter means such successor trustee.

     

    "Debentures"
      means the Junior Subordinated Debt Securities due July 12, 2035 to be issued
      by
      the Debenture Issuer under the Indenture.

     

    "Deferred
      Interest" means any interest on the Debentures that would have been overdue
      and
      unpaid for more than one Distribution Payment Date but for the imposition of
      an
      Extension Period, and the interest that shall accrue (to the extent that the
      payment of such interest is legally enforceable) on such interest at the Coupon
      Rate applicable during such Extension Period, compounded quarterly from the
      date
      on which such Deferred Interest would otherwise have been due and payable until
      paid or made available for payment.

     

    "Definitive
      Capital Securities" means any Capital Securities in definitive form issued
      by
      the Trust.

     

    "Direct
      Action" has the meaning set forth in Section 2.8(e).

     

    "Distribution"
      means a distribution payable to Holders of Securities in accordance with Section
      5.1.

     

    "Distribution
      Payment Date" has the meaning set forth in paragraph 2(e) of Annex
      I.

     

    "Distribution
      Payment Period" means the period from and including a Distribution Payment
      Date,
      or in the case of the first Distribution Payment Period, the original date
      of
      issuance of the Securities, to, but excluding, the next succeeding Distribution
      Payment Date or, in the case of the last Distribution Payment Period, the
      Redemption Date, Special Redemption Date or Maturity Date (each as defined
      in
      the Indenture), as the case may be, for the related Debentures.

     

    "Event
      of
      Default" means the occurrence of an Indenture Event of Default.

     

    "Exchange
      Act" means the Securities Exchange Act of 1934, as amended from time to time,
      or
      any successor legislation.

     

    "Extension
      Period" has the meaning set forth in paragraph 2(e) of Annex I.

     

    "Fiduciary
      Indemnified Person" shall mean the Institutional Trustee (including in its
      individual capacity), any Affiliate of the Institutional Trustee, and any
      officers, directors, shareholders, members, partners, employees,
      representatives, custodians, nominees or agents of the Institutional
      Trustee.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

       

    

    "Fiscal
      Year" has the meaning set forth in Section 10.1.

     

    "Guarantee"
      means the Guarantee Agreement, dated as of the Closing Date, of the Sponsor
      (the
“Guarantor”) in respect of the Capital Securities.

     

    "Holder"
      means a Person in whose name a Certificate representing a Security is registered
      on the register maintained by or on behalf of the Registrar, such Person being
      a
      beneficial owner within the meaning of the Statutory Trust Act.

     

    "Indemnified
      Person" means a Company Indemnified Person or a Fiduciary Indemnified
      Person.

     

    "Indenture"
      means the Indenture, dated as of the Closing Date, between the Debenture Issuer
      and the Debenture Trustee, and any indenture supplemental thereto pursuant
      to
      which the Debentures are to be issued.

     

    "Indenture
      Event of Default" means an "Event of Default" as defined in the
      Indenture.

     

    "Institutional
      Trustee" means the Trustee meeting the eligibility requirements set forth in
      Section 4.3.

     

    "Investment
      Company" means an investment company as defined in the Investment Company
      Act.

     

    "Investment
      Company Act" means the Investment Company Act of 1940, as amended from time
      to
      time, or any successor legislation.

     

    "Investment
      Company Event" has the meaning set forth in paragraph 4(a) of Annex
      I.

     

    "Legal
      Action" has the meaning set forth in Section 2.8(e).

     

    "LIBOR"
      means the London Interbank Offered Rate for U.S. Dollar deposits in Europe
      as
      determined by the Calculation Agent according to paragraph 2(b) of Annex
      I.

     

    "LIBOR
      Banking Day" has the meaning set forth in paragraph 2(b)(1) of Annex
      I.

     

    "LIBOR
      Business Day" has the meaning set forth in paragraph 2(b)(1) of Annex
      I.

     

    "LIBOR
      Determination Date" has the meaning set forth in paragraph 2(b)(1) of Annex
      I.

     

    "Liquidation"
      has the meaning set forth in paragraph 3 of Annex I.

     

    "Liquidation
      Distribution" has the meaning set forth in paragraph 3 of Annex I.

     

    "Majority
      in liquidation amount of the Securities" means Holders of outstanding Securities
      voting together as a single class or, as the context may require, Holders of
      outstanding Capital Securities or Holders of outstanding Common Securities
      voting separately as a class, who are the record owners of more than 50% of
      the
      aggregate liquidation amount (including the stated amount that would be paid
      on
      redemption, liquidation or otherwise, plus accrued and unpaid Distributions
      to
      the date upon which the voting percentages are determined) of all outstanding
      Securities of the relevant class.

     

    
      
        
        

      

      
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    "Notice"
      has the meaning set forth in Section 2.11 of the Indenture.

     

    "Officers'
      Certificate" means, with respect to any Person, a certificate signed by two
      Authorized Officers of such Person. Any Officers' Certificate delivered with
      respect to compliance with a condition or covenant provided for in this
      Declaration 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

     

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

     

    "Paying
      Agent" has the meaning set forth in Section 6.2.

     

    "Payment
      Amount" has the meaning set forth in Section 5.1.

     

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

     

    "Placement
      Agreement" means the Placement Agreement relating to the offering and sale
      of
      Capital Securities.

     

    "PORTAL"
      has the meaning set forth in Section 2.6(a)(i)(E).

     

    "Property
      Account" has the meaning set forth in Section 2.8(c).

     

    "Pro
      Rata" has the meaning set forth in paragraph 8 of Annex I.

     

    "QIB"
      means a "qualified institutional buyer" as defined under Rule 144A.

     

    "Quorum"
      means a majority of the Administrators or, if there are only two Administrators,
      both of them.

     

    
      
        
        

      

      
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    "Redemption/Distribution
      Notice" has the meaning set forth in paragraph 4(e) of
      Annex I.

     

    "Redemption
      Price" has the meaning set forth in paragraph 4(a) of Annex I. 

     

    "Registrar"
      has the meaning set forth in Section 6.2.

     

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

     

    "Restricted
      Securities Legend" has the meaning set forth in Section 8.2(c). 

     

    "Rule
      144A" means Rule 144A under the Securities Act.

     

    "Rule
      3a-5" means Rule 3a-5 under the Investment Company Act. 

     

    "Rule
      3a-7" means Rule 3a-7 under the Investment Company Act. 

     

    "Securities"
      means the Common Securities and the Capital Securities, as
      applicable.

     

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

     

    "Sponsor"
      means CB Financial Corporation, a bank holding company that is a U.S. Person
      incorporated in North Carolina, or any successor entity in a merger,
      consolidation or amalgamation that is a U.S. Person, in its capacity as sponsor
      of the Trust.

     

    "Statutory
      Trust Act" means Chapter 615 of Title 34 of the Connecticut General Statutes,
      34
      C.G.S. § 500 et seq.,
      as it
      may be amended from time to time, or any successor legislation.

     

    "Successor
      Entity" has the meaning set forth in Section 2.15(b).

     

    "Successor
      Institutional Trustee" has the meaning set forth in Section 4.4(b).

     

    "Successor
      Securities" has the meaning set forth in Section 2.15(b).

     

    "Super
      Majority" has the meaning set forth in paragraph 5(b) of Annex I.

     

    "Tax
      Event" has the meaning set forth in paragraph 4(a) of Annex I.

     

    "10%
      in
      liquidation amount of the Securities" means Holders of outstanding Securities
      voting together as a single class or, as the context may require, Holders of
      outstanding Capital Securities or Holders of outstanding Common Securities
      voting separately as a class, who are the record owners of 10% or more of the
      aggregate liquidation amount (including the stated amount that would be paid
      on
      redemption, liquidation or otherwise, plus accrued and unpaid Distributions
      to
      the date upon which the voting percentages are determined) of all outstanding
      Securities of the relevant class.

     

    
      
        
        

      

      
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    "Transfer
      Agent" has the meaning set forth in Section 6.2.

     

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

     

    "Trustee"
      or "Trustees" means each Person who has signed this Declaration as a trustee,
      so
      long as such Person shall continue in office in accordance with the terms
      hereof, and all other Persons who may from time to time be duly appointed,
      qualified and serving as Trustees in accordance with the provisions hereof,
      and
      references herein to a Trustee or the Trustees shall refer to such Person or
      Persons solely in their capacity as trustees hereunder.

     

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

     

    "U.S.
      Person" means a United States Person as defined in Section 7701(a)(30) of the
      Code.

     

    ARTICLE
      II

    ORGANIZATION

     

    SECTION
      2.1.   Name.
      The
      Trust is continued hereby and shall be known as "CB Financial Capital Trust
      I,"
      as such name may be modified from time to time by the Administrators following
      written notice to the Institutional Trustee and the Holders of the Securities.
      The Trust's activities may be conducted under the name of the Trust or any
      other
      name deemed advisable by the Administrators.

     

    SECTION
      2.2.   Office.
      The
      address of the principal office of the Trust, which shall be in a state of
      the
      United States or the District of Columbia, is 225 Asylum Street, 23rd
      Floor,
      Hartford, Connecticut 06103, Attention: Corporate Trust Services -- CB Financial
      Capital Trust I. On ten Business Days' written notice to the Institutional
      Trustee and the Holders of the Securities, the Administrators may designate
      another principal office, which shall be in a state of the United States or
      the
      District of Columbia.

     

    SECTION
      2.3.   Purpose.
      The
      exclusive purposes and functions of the Trust are (a) to issue and sell the
      Securities representing undivided beneficial interests in the assets of the
      Trust, (b) to invest the gross proceeds from such sale to acquire the
      Debentures, (c) to facilitate direct investment in the assets of the Trust
      through issuance of the Common Securities and the Capital Securities and
      (d) except as otherwise limited herein, to engage in only those other
      activities incidental thereto that are deemed necessary or advisable by the
      Institutional Trustee, including, without limitation, those activities specified
      in this Declaration. The Trust shall not borrow money, issue debt or reinvest
      proceeds derived from investments, pledge any of its assets, or otherwise
      undertake (or permit to be undertaken) any activity that would cause the Trust
      not to be classified for United States federal income tax purposes as a grantor
      trust.

     

    
      
        
        

      

      
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    SECTION
      2.4.   Authority.
      Except
      as specifically provided in this Declaration, the Institutional Trustee shall
      have exclusive and complete authority to carry out the purposes of the Trust.
      An
      action taken by a Trustee on behalf of the Trust and in accordance with such
      Trustee's powers shall constitute the act of and serve to bind the Trust. In
      dealing with the Trustees acting on behalf of the Trust, no Person shall be
      required to inquire into the authority of the Trustees to bind the Trust.
      Persons dealing with the Trust are entitled to rely conclusively on the power
      and authority of the Trustees as set forth in this Declaration. The
      Administrators shall have only those ministerial duties set forth herein with
      respect to accomplishing the purposes of the Trust and are not intended to
      be
      trustees or fiduciaries with respect to the Trust or the Holders. The
      Institutional Trustee shall have the right, but shall not be obligated except
      as
      provided in Section 2.6, to perform those duties assigned to the
      Administrators.

     

    SECTION
      2.5.   Title
      to Property of the Trust.
      Except
      as provided in Section 2.6(g) and Section 2.8 with respect to the Debentures
      and
      the Property Account or as otherwise provided in this Declaration, legal title
      to all assets of the Trust shall be vested in the Trust. The Holders shall
      not
      have legal title to any part of the assets of the Trust, but shall have an
      undivided beneficial interest in the assets of the Trust.

     

    SECTION
      2.6.   Powers
      and Duties of the Trustees and the Administrators.
      

     

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

     

    (i)  Each
      Administrator shall have the power, duty and authority, and is hereby
      authorized, to act on behalf of the Trust with respect to the following
      matters:

     

     
      (A)  the
      issuance and sale of the Securities;

     

     
      (B)  to
      acquire the Debentures with the proceeds of the sale of the Securities;
      provided, however, that the Administrators shall cause legal title to the
      Debentures to be held of record in the name of the Institutional Trustee for
      the
      benefit of the Holders;

     

     
      (C)  to
      cause
      the Trust to enter into, and to execute, deliver and perform on behalf of the
      Trust, such agreements as may be necessary or desirable in connection with
      the
      purposes and function of the Trust, including agreements with the Paying Agent,
      a Debenture subscription agreement between the Trust and the Sponsor and a
      Common Securities subscription agreement between the Trust and the
      Sponsor;

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

       

    

     
      (D)  ensuring
      compliance with the Securities Act and applicable state securities or blue
      sky
      laws;

     

     
      (E)  if
      and at
      such time determined solely by the Sponsor at the request of the Holders,
      assisting in the designation of the Capital Securities for trading in the
      Private Offering, Resales and Trading through the Automatic Linkages ("PORTAL")
      system if available;

     

     
      (F)  the
      sending of notices (other than notices of default) and other information
      regarding the Securities and the Debentures to the Holders in accordance with
      this Declaration, including notice of any notice received from the Debenture
      Issuer of its election to defer payments of interest on the Debentures by
      extending the interest payment period under the Indenture;

     

     
      (G)  the
      appointment of a Paying Agent, Transfer Agent and Registrar in accordance with
      this Declaration;

     

     
      (H)  execution
      and delivery of the Securities in accordance with this Declaration;

     

     
(I)  execution
      and delivery of closing certificates pursuant to the Placement Agreement and
      the
      application for a taxpayer identification number

     

     
      (J)  unless
      otherwise determined by the Holders of a Majority in liquidation amount of
      the
      Securities or as otherwise required by the Statutory Trust Act, to execute
      on
      behalf of the Trust (either acting alone or together with any or all of the
      Administrators) any documents that the Administrators have the power to execute
      pursuant to this Declaration;

     

     
      (K)  the
      taking of any action incidental to the foregoing as the Sponsor or an
      Administrator may from time to time determine is necessary or advisable to
      give
      effect to the terms of this Declaration for the benefit of the Holders (without
      consideration of the effect of any such action on any particular
      Holder);

     

     
      (L)  to
      establish a record date with respect to all actions to be taken hereunder that
      require a record date be established, including Distributions, voting rights,
      redemptions and exchanges, and to issue relevant notices to the Holders of
      Capital Securities and Holders of Common Securities as to such actions and
      applicable record dates;

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

       

    

     
      (M)  to
      duly
      prepare and file on behalf of the Trust all applicable tax returns and tax
      information reports that are required to be filed with respect to the
      Trust;

     

     
      (N)  to
      negotiate the terms of, and the execution and delivery of, the Placement
      Agreement and the Capital Securities Purchase Agreement related thereto,
      providing for the sale of the Capital Securities;

     

     
      (O)  to
      employ
      or otherwise engage employees, agents (who may be designated as officers with
      titles), managers, contractors, advisors, attorneys and consultants and pay
      reasonable compensation for such services;

     

     
      (P)  to
      incur
      expenses that are necessary or incidental to carry out any of the purposes
      of
      the Trust;

     

     
      (Q)  to
      give
      the certificate required by § 314(a)(4) of the Trust Indenture Act to the
      Institutional Trustee, which certificate may be executed by an Administrator;
      and

     

     
      (R)  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 each jurisdiction (other than the State
      of Connecticut) in which such existence is necessary to protect the limited
      liability of the Holders of the Capital Securities or to enable the Trust to
      effect the purposes for which the Trust was created.

     

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

    

     

    (A)  the
      establishment of the Property 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 Property Account;

       

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

    

     

    (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 Securities
      and
      the Debentures to the Holders in accordance with this Declaration;

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

       

    

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

     

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

     

    (I)  after
      any
      Event of Default (of which the Institutional Trustee has knowledge (as provided
      in Section 2.10(m) hereof)) (provided,
      that
      such Event of Default is not by or with respect to the Institutional Trustee),
      the taking of any action incidental to the foregoing as the Institutional
      Trustee may from time to time determine is necessary or advisable to give effect
      to the terms of this Declaration and protect and conserve the Trust Property
      for
      the benefit of the Holders (without consideration of the effect of any such
      action on any particular Holder);

     

    (J)  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 Connecticut to protect
      the
      limited liability of the Holders of the Capital Securities or to enable the
      Trust to effect the purposes for which the Trust was created; and

     

    (K)  to
      undertake any actions set forth in § 317(a) of the Trust Indenture
      Act.

     

    (iii)  The
      Institutional Trustee shall have the power and authority, and is hereby
      authorized, to act on behalf of the Trust with respect to any of the duties,
      liabilities, powers or the authority of the Administrators set forth in Section
      2.6(a)(i)(E) and (F) herein but shall not have a duty to do any such act unless
      specifically requested to do so in writing by the Sponsor, and shall then be
      fully protected in acting pursuant to such written request; and in the event
      of
      a conflict between the action of the Administrators and the action of the
      Institutional Trustee, the action of the Institutional Trustee shall
      prevail.

     

    (b)  So
      long
      as this Declaration remains in effect, the Trust (or the Trustees or
      Administrators acting on behalf of the Trust) shall not undertake any business,
      activities or transaction except as expressly provided herein or contemplated
      hereby. In particular, neither the Trustees nor the Administrators may cause
      the
      Trust to (i) acquire any investments or engage in any activities not authorized
      by this Declaration, (ii) sell, assign, transfer, exchange, mortgage, pledge,
      set-off or otherwise dispose of any of the Trust Property or interests therein,
      including to Holders, except as expressly provided herein, (iii) take any action
      that would cause (or in the case of the Institutional Trustee, to the actual
      knowledge of a Responsible Officer 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 Institutional Trustee shall, at the sole cost and expense
      of
      the Trust, 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
      Holders in their capacity as Holders.

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

       

    

    (c)  In
      connection with the issuance and sale of the Capital Securities, the Sponsor
      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
      Sponsor in furtherance of the following prior to the date of this Declaration
      are hereby ratified and confirmed in all respects):

     

    (i)  the
      taking of any action necessary to obtain an exemption from the Securities
      Act;

     

    (ii)  the
      determination of the States in which to take appropriate action to qualify
      or
      register for sale all or part of the Capital Securities and the determination
      of
      any and all such acts, other than actions which must be taken by or on behalf
      of
      the Trust, and the advisement of and direction to the Administrators of actions
      they must take on behalf of the Trust, and the preparation for execution and
      filing of any documents to be executed and filed by the Trust or on behalf
      of
      the Trust, as the Sponsor deems necessary or advisable in order to comply with
      the applicable laws of any such States in connection with the sale of the
      Capital Securities; and

     

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

     

    (d)  Notwithstanding
      anything herein to the contrary, the Administrators, the Institutional Trustee
      and the Holders of a Majority in liquidation amount of the Common Securities
      are
      authorized and directed to conduct the affairs of the Trust and to operate
      the
      Trust so that (i) the Trust will not be deemed to be an Investment Company
      (in
      the case of the Institutional Trustee, to the actual knowledge of a Responsible
      Officer), and (ii) the Trust will not fail to be classified as a grantor trust
      for United States federal income tax purposes (in the case of the Institutional
      Trustee, to the actual knowledge of a Responsible Officer) and (iii) the Trust
      will not take any action inconsistent with the treatment of the Debentures
      as
      indebtedness of the Debenture Issuer for United States federal income tax
      purposes (in the case of the Institutional Trustee, to the actual knowledge
      of a
      Responsible Officer). In this connection, the Institutional Trustee, the
      Administrators and the Holders of a Majority in liquidation amount of the Common
      Securities are authorized to take any action, not inconsistent with applicable
      laws or this Declaration, as amended from time to time, that each of the
      Institutional Trustee, the Administrators and such Holders determine in their
      discretion to be necessary or desirable for such purposes, even if such action
      adversely affects the interests of the Holders of the Capital
      Securities.

     

    (e)  All
      expenses incurred by the Administrators or the Trustees pursuant to this Section
      2.6 shall be reimbursed by the Sponsor, and the Trustees shall have no
      obligations with respect to such expenses.

     

    (f)  The
      assets of the Trust shall consist of the Trust Property.

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

       

    

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

     

    (h)  If
      the
      Institutional Trustee or any Holder has instituted any proceeding to enforce
      any
      right or remedy under this Declaration and such proceeding has been discontinued
      or abandoned for any reason, or has been determined adversely to the
      Institutional Trustee or to such Holder, then and in every such case the
      Sponsor, the Institutional Trustee and the Holders shall, subject to any
      determination in such proceeding, be restored severally and respectively to
      their former positions hereunder, and thereafter all rights and remedies of
      the
      Institutional Trustee and the Holders shall continue as though no such
      proceeding had been instituted.

     

    SECTION
      2.7.   Prohibition
      of Actions by the Trust and the Trustees.
      The
      Trust shall not, and the Institutional Trustee and the Administrators shall
      not,
      and the Administrators shall cause the Trust not to, engage in any activity
      other than as required or authorized by this Declaration. In particular, the
      Trust shall not, and the Institutional Trustee and the Administrators shall
      not
      cause the Trust to:

     

    (a)  invest
      any proceeds received by the Trust from holding the Debentures, but shall
      distribute all such proceeds to Holders of the Securities pursuant to the terms
      of this Declaration and of the Securities;

     

    (b)  acquire
      any assets other than as expressly provided herein;

     

    (c)  possess
      Trust Property for other than a Trust purpose;

     

    (d)  make
      any
      loans or incur any indebtedness other than loans represented by the
      Debentures;

     

    (e)  possess
      any power or otherwise act in such a way as to vary the Trust Property or the
      terms of the Securities;

     

    (f)  issue
      any
      securities or other evidences of beneficial ownership of, or beneficial interest
      in, the Trust other than the Securities; or

     

    (g)  other
      than as provided in this Declaration (including Annex I), (i) direct the time,
      method and place of exercising any trust or power conferred upon the Debenture
      Trustee with respect to the Debentures, (ii) waive any past default that is
      waivable under the Indenture, (iii) exercise any right to rescind or annul
      any
      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 unless the Trust shall
      have received a written opinion of counsel experienced in such matters to the
      effect that such amendment, modification or termination will not cause the
      Trust
      to cease to be classified as a grantor trust for United States federal income
      tax purposes.

     

    
      
        
        

      

      
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    SECTION
      2.8.   Powers
      and Duties of the Institutional Trustee.
      

     

    (a)  The
      legal
      title to the Debentures shall be owned by and held of record in the name of
      the
      Institutional Trustee in trust for the benefit of the Trust. The right, title
      and interest of the Institutional Trustee to the Debentures shall vest
      automatically in each Person who may hereafter be appointed as Institutional
      Trustee in accordance with Section 4.7. Such vesting and cessation of title
      shall be effective whether or not conveyancing documents with regard to the
      Debentures have been executed and delivered.

     

    (b)  The
      Institutional Trustee shall not transfer its right, title and interest in the
      Debentures to the Administrators.

     

    (c)  The
      Institutional Trustee shall:

     

    (i)  establish
      and maintain a segregated non-interest bearing trust account (the "Property
      Account") in the United States (as defined in Treasury Regulations §
      301.7701-7), in the name of and under the exclusive control of the Institutional
      Trustee, and maintained in the Institutional Trustee's trust department, on
      behalf of the Holders of the Securities and, upon the receipt of payments of
      funds made in respect of the Debentures held by the Institutional Trustee,
      deposit such funds into the Property Account and make payments to the Holders
      of
      the Capital Securities and Holders of the Common Securities from the Property
      Account in accordance with Section 5.1. Funds in the Property Account shall
      be
      held uninvested until disbursed in accordance with this
      Declaration;

     

    (ii)  engage
      in
      such ministerial activities as shall be necessary or appropriate to effect
      the
      redemption of the Capital Securities and the Common Securities to the extent
      the
      Debentures are redeemed or mature; and

     

    (iii)  upon
      written notice of distribution issued by the Administrators in accordance with
      the terms of the Securities, engage in such ministerial activities as shall
      be
      necessary or appropriate to effect the distribution of the Debentures to Holders
      of Securities upon the occurrence of certain circumstances pursuant to the
      terms
      of the Securities.

     

    (d)  The
      Institutional Trustee shall take all actions and perform such duties as may
      be
      specifically required of the Institutional Trustee pursuant to the terms of
      the
      Securities.

     

    (e)  The
      Institutional Trustee may bring or defend, pay, collect, compromise, arbitrate,
      resort to legal action with respect to, or otherwise adjust claims or demands
      of
      or against, the Trust (a "Legal Action") which arise out of or in connection
      with an Event of Default of which a Responsible Officer of the Institutional
      Trustee has actual knowledge or the Institutional Trustee's duties and
      obligations under this Declaration or the Trust Indenture Act; provided,
      however,
      that if
      an Event of Default has occurred and is continuing and such event is
      attributable to the failure of the Debenture Issuer to pay interest or premium,
      if any, on or principal of the Debentures on the date such interest, premium,
      if
      any, or principal is otherwise payable (or in the case of redemption, on the
      redemption date), then a Holder of the Capital Securities may directly institute
      a proceeding for enforcement of payment to such Holder of the principal of
      or
      premium, if any, or interest on the Debentures having a principal amount equal
      to the aggregate liquidation amount of the Capital Securities of such Holder
      (a
      "Direct Action") on or after the respective due date specified in the
      Debentures. In connection with such Direct Action, the rights of the Holders
      of
      the Common Securities will be subrogated to the rights of such Holder of the
      Capital Securities to the extent of any payment made by the Debenture Issuer
      to
      such Holder of the Capital Securities in such Direct Action; provided,
      however,
      that a
      Holder of the Common Securities may exercise such right of subrogation only
      if
      no Event of Default with respect to the Capital Securities has occurred and
      is
      continuing.

     

    
      
        
        

      

      
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    (f)  The
      Institutional Trustee shall continue to serve as a Trustee until
      either:

     

    (i)  the
      Trust
      has been completely liquidated and the proceeds of the liquidation distributed
      to the Holders of the Securities pursuant to the terms of the Securities and
      this Declaration (including Annex I) and the certificate of cancellation
      referenced in Section 7.1(b) has been filed; or

     

    (ii)  a
      Successor Institutional Trustee has been appointed and has accepted that
      appointment in accordance with Section 4.7.

     

    (g)  The
      Institutional Trustee shall have the legal power to exercise all of the rights,
      powers and privileges of a holder of the Debentures under the Indenture and,
      if
      an Event of Default occurs and is continuing, the Institutional Trustee may,
      for
      the benefit of Holders of the Securities, enforce its rights as holder of the
      Debentures subject to the rights of the Holders pursuant to this Declaration
      (including Annex I) and the terms of the Securities.

     

    (h)  The
      Institutional Trustee must exercise the powers set forth in this Section 2.8
      in
      a manner that is consistent with the purposes and functions of the Trust set
      out
      in Section 2.3, and the Institutional Trustee shall not take any action that
      is
      inconsistent with the purposes and functions of the Trust set out in Section
      2.3.

     

    SECTION
      2.9.   Certain
      Duties and Responsibilities of the Trustees and the
      Administrators.
      

     

    (a)  The
      Institutional Trustee, before the occurrence of any Event of Default (of which
      the Institutional Trustee has knowledge (as provided in Section 2.10(m) hereof))
      and after the curing of all Events of Default that may have occurred, shall
      undertake to perform only such duties as are specifically set forth in this
      Declaration and no implied covenants shall be read into this Declaration against
      the Institutional Trustee. In case an Event of Default (of which the
      Institutional Trustee has knowledge (as provided in Section 2.10(m) hereof)),
      has occurred (that has not been cured or waived pursuant to Section 6.7), the
      Institutional Trustee shall exercise such of the rights and powers vested in
      it
      by this Declaration, and use the same degree of care and skill in their
      exercise, as a prudent person would exercise or use under the circumstances
      in
      the conduct of his or her own affairs.

     

    (b)  The
      duties and responsibilities of the Trustees and the Administrators shall be
      as
      provided by this Declaration and, in the case of the Institutional Trustee,
      by
      the Trust Indenture Act. Notwithstanding the foregoing, no provision of this
      Declaration shall require any Trustee or Administrator to expend or risk its
      own
      funds or otherwise incur any financial liability in the performance of any
      of
      its duties hereunder, or in the exercise of any of its rights or powers, if
      it
      shall have reasonable grounds for believing that repayment of such funds or
      adequate indemnity satisfactory to it against such risk or liability is not
      reasonably assured to it. Whether or not therein expressly so provided, every
      provision of this Declaration relating to the conduct or affecting the liability
      of or affording protection to the Trustees or the Administrators shall be
      subject to the provisions of this Article. Nothing in this Declaration shall
      be
      construed to release a Trustee from liability for its own negligent action,
      its
      own negligent failure to act, or its own willful misconduct or bad faith.
      Nothing in this Declaration shall be construed to release an Administrator
      from
      liability for its own gross negligent action, its own gross negligent failure
      to
      act, or its own willful misconduct or bad faith. To the extent that, at law
      or
      in equity, a Trustee or an Administrator has duties and liabilities relating
      to
      the Trust or to the Holders, such Trustee or Administrator shall not be liable
      to the Trust or to any Holder for such Trustee's or Administrator's good faith
      reliance on the provisions of this Declaration. The provisions of this
      Declaration, to the extent that they restrict the duties and liabilities of
      the
      Administrators or the Trustees otherwise existing at law or in equity, are
      agreed by the Sponsor and the Holders to replace such other duties and
      liabilities of the Administrators or the Trustees.

     

    
      
        
        

      

      
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    (c)  All
      payments made by the Institutional Trustee or a Paying Agent in respect of
      the
      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 Institutional Trustee or a Paying
      Agent to make payments in accordance with the terms hereof. Each Holder, by
      its
      acceptance of a Security, agrees that it will look solely to the revenue and
      proceeds from the Trust Property to the extent legally available for
      distribution to it as herein provided and that the Trustees and the
      Administrators are not personally liable to it for any amount distributable
      in
      respect of any Security or for any other liability in respect of any Security.
      This Section 2.9(c) does not limit the liability of the Trustees expressly
      set
      forth elsewhere in this Declaration or, in the case of the Institutional
      Trustee, in the Trust Indenture Act.

     

    (d)  No
      provision of this Declaration shall be construed to relieve the Institutional
      Trustee from liability for its own negligent action, its own negligent failure
      to act, or its own willful misconduct or bad faith with respect to matters
      that
      are within the authority of the Institutional Trustee under this Declaration,
      except that:

     

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

     

    (ii)  the
      Institutional 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 Capital
      Securities or the Common Securities, as applicable, relating to the time, method
      and place of conducting any proceeding for any remedy available to the
      Institutional Trustee, or exercising any trust or power conferred upon the
      Institutional Trustee under this Declaration;

     

    
      
        
        

      

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

     

    (iv)  the
      Institutional Trustee shall not be liable for any interest on any money received
      by it except as it may otherwise agree in writing with the Sponsor; and money
      held by the Institutional Trustee need not be segregated from other funds held
      by it except in relation to the Property Account maintained by the Institutional
      Trustee pursuant to Section 2.8(c)(i) and except to the extent otherwise
      required by law; and

     

    (v)  the
      Institutional Trustee shall not be responsible for monitoring the compliance
      by
      the Administrators or the Sponsor with their respective duties under this
      Declaration, nor shall the Institutional Trustee be liable for any default
      or
      misconduct of the Administrators or the Sponsor.

     

    SECTION
      2.10.   Certain
      Rights of Institutional Trustee.
      Subject
      to the provisions of Section 2.9.

     

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

     

    (b)  if
      (i) in
      performing its duties under this Declaration, the Institutional Trustee is
      required to decide between alternative courses of action, (ii) in construing
      any
      of the provisions of this Declaration, the Institutional Trustee finds the
      same
      ambiguous or inconsistent with any other provisions contained herein, or (iii)
      the Institutional Trustee is unsure of the application of any provision of
      this
      Declaration, then, except as to any matter as to which the Holders of Capital
      Securities are entitled to vote under the terms of this Declaration, the
      Institutional Trustee may deliver a notice to the Sponsor requesting the
      Sponsor's opinion as to the course of action to be taken and the Institutional
      Trustee shall take such action, or refrain from taking such action, as the
      Institutional Trustee in its sole discretion shall deem advisable and in the
      best interests of the Holders, in which event the Institutional Trustee shall
      have no liability except for its own negligence or willful
      misconduct;

     

    (c)  any
      direction or act of the Sponsor or the Administrators contemplated by this
      Declaration shall be sufficiently evidenced by an Officers'
      Certificate;

     

    (d)  whenever
      in the administration of this Declaration, the Institutional Trustee shall
      deem
      it desirable that a matter be proved or established before undertaking,
      suffering or omitting any action hereunder, the Institutional 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 Sponsor
      or the Administrators;

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

       

    

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

     

    (f)  the
      Institutional Trustee may consult with counsel of its selection (which counsel
      may be counsel to the Sponsor 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; the Institutional Trustee
      shall have the right at any time to seek instructions concerning the
      administration of this Declaration from any court of competent
      jurisdiction;

     

    (g)  the
      Institutional Trustee shall be under no obligation to exercise any of the rights
      or powers vested in it by this Declaration at the request or direction of any
      of
      the Holders pursuant to this Declaration, unless such Holders shall have offered
      to the Institutional Trustee security or indemnity reasonably satisfactory
      to it
      against the costs, expenses and liabilities which might be incurred by it in
      compliance with such request or direction; provided,
      that
      nothing contained in this Section 2.10(g) shall be taken to relieve the
      Institutional Trustee, upon the occurrence of an Event of Default (of which
      the
      Institutional Trustee has knowledge (as provided in Section 2.10(m) hereof))
      that has not been cured or waived, of its obligation to exercise the rights
      and
      powers vested in it by this Declaration;

     

    (h)  the
      Institutional 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 one or more Holders, but the Institutional
      Trustee may make such further inquiry or investigation into such facts or
      matters as it may see fit;

     

    (i)  the
      Institutional 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 and the Institutional Trustee shall not be responsible for any
      misconduct or negligence on the part of, or for the supervision of, any such
      agent or attorney appointed with due care by it hereunder;

     

    (j)  whenever
      in the administration of this Declaration the Institutional Trustee shall deem
      it desirable to receive instructions with respect to enforcing any remedy or
      right or taking any other action hereunder, the Institutional Trustee (i) may
      request instructions from the Holders of the Common Securities and the Capital
      Securities, which instructions may be given only by the Holders of the same
      proportion in liquidation amount of the Common Securities and the Capital
      Securities as would be entitled to direct the Institutional Trustee under the
      terms of the Common Securities and the Capital 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 fully protected in acting in accordance with such instructions;

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

       

    

    (k)  except
      as
      otherwise expressly provided in this Declaration, the Institutional Trustee
      shall not be under any obligation to take any action that is discretionary
      under
      the provisions of this Declaration;

     

    (l)  when
      the
      Institutional Trustee incurs expenses or renders services in connection with
      a
      Bankruptcy Event, such expenses (including the fees and expenses of its counsel)
      and the compensation for such services are intended to constitute expenses
      of
      administration under any bankruptcy law or law relating to creditors rights
      generally;

     

    (m)  the
      Institutional Trustee shall not be charged with knowledge of an Event of Default
      unless a Responsible Officer of the Institutional Trustee has actual knowledge
      of such event or the Institutional Trustee receives written notice of such
      event
      from any Holder, except with respect to an Event of Default pursuant to Sections
      5.01(a), 5.01(b) or 5.01(c) of the Indenture (other than an Event of Default
      resulting from the default in the payment of Additional Interest or premium,
      if
      any, if the Institutional Trustee does not have actual knowledge or written
      notice that such payment is due and payable), of which the Institutional Trustee
      shall be deemed to have knowledge;

     

    (n)  any
      action taken by the Institutional Trustee or its agents hereunder shall bind
      the
      Trust and the Holders of the Securities, and the signature of the Institutional
      Trustee or its agents alone shall be sufficient and effective to perform any
      such action and no third party shall be required to inquire as to the authority
      of the Institutional Trustee to so act or as to its compliance with any of
      the
      terms and provisions of this Declaration, both of which shall be conclusively
      evidenced by the Institutional Trustee's or its agent's taking such action;
      and

     

    (o)  no
      provision of this Declaration shall be deemed to impose any duty or obligation
      on the Institutional 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 Institutional 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 Institutional Trustee shall
      be
      construed to be a duty.

     

    SECTION
      2.11.   Execution
      of Documents.
      Unless
      otherwise determined in writing by the Institutional Trustee, and except as
      otherwise required by the Statutory Trust Act, the Institutional Trustee, or
      any
      one or more of the Administrators, as the case may be, is authorized to execute
      and deliver on behalf of the Trust any documents, agreements, instruments or
      certificates that the Trustees or the Administrators, as the case may be, have
      the power and authority to execute pursuant to Section 2.6.

     

    SECTION
      2.12.   Not
      Responsible for Recitals or Issuance of Securities.
      The
      recitals contained in this Declaration and the Securities shall be taken as
      the
      statements of the Sponsor, and the Trustees do not assume any responsibility
      for
      their correctness. The Trustees make no representations as to the value or
      condition of the property of the Trust or any part thereof. The Trustees make
      no
      representations as to the validity or sufficiency of this Declaration, the
      Debentures or the Securities.

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

       

    

    SECTION
      2.13.   Duration
      of Trust.
      The
      Trust, unless dissolved pursuant to the provisions of Article VII hereof, shall
      have existence for thirty-five (35) years from the Closing Date.

     

    SECTION
      2.14.   Mergers.

     

    (a)  The
      Trust
      may not 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 corporation or other Person, except as described in this Section 2.15
      and
      except with respect to the distribution of Debentures to Holders of Securities
      pursuant to Section 7.1(a)(iv) of the Declaration or Section 4 of Annex
      I.

     

    (b)  The
      Trust
      may, with the consent of the Administrators (which consent will not be
      unreasonably withheld) and without the consent of the Institutional Trustee
      or
      the Holders of the Capital Securities, consolidate, amalgamate, merge with
      or
      into, or be replaced by, or convey, transfer or lease its properties and assets
      as an entirety or substantially as an entirety to a trust organized as such
      under the laws of any state; provided,
      that:

     

    (i)  if
      the
      Trust is not the survivor, such successor entity (the "Successor Entity")
      either:

     

    (A)  expressly
      assumes all of the obligations of the Trust under the Securities;
      or

     

    (B)  substitutes
      for the Securities other securities having substantially the same terms as
      the
      Securities (the "Successor Securities") so that the Successor Securities rank
      the same as the Securities rank with respect to Distributions and payments
      upon
      Liquidation, redemption and otherwise;

     

    
      (ii)  the
        Sponsor expressly appoints a trustee of the Successor Entity that possesses
        the
        same powers and duties as the Institutional Trustee;

    

     

    (iii)  the
      Capital Securities or any Successor Securities (excluding any securities
      substituted for the Common Securities) are listed or quoted, or any Successor
      Securities will be listed or quoted upon notification of issuance, on any
      national securities exchange or with another organization on which the Capital
      Securities are then listed or quoted, if any;

     

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

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

       

    

    (v)  such
      merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
      does not adversely affect the rights, preferences and privileges of the Holders
      of the Securities (including any Successor Securities) in any material respect
      (other than with respect to any dilution of such Holders' interests in the
      Successor Entity as a result of such merger, consolidation, amalgamation or
      replacement);

     

    (vi)  such
      Successor Entity has a purpose substantially identical to that of the
      Trust;

     

    (vii)  prior
      to
      such merger, consolidation, amalgamation, replacement, conveyance, transfer
      or
      lease, the Trust has received a written opinion of a nationally recognized
      independent counsel to the Trust experienced in such matters to the effect
      that:

     

    (A)  such
      merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
      does not adversely affect the rights, preferences and privileges of the Holders
      of the Securities (including any Successor Securities) in any material respect
      (other than with respect to any dilution of the Holders' interests in the
      Successor Entity);

     

    (B)  following
      such merger, consolidation, amalgamation, replacement, conveyance, transfer
      or
      lease, neither the Trust nor the Successor Entity will be required to register
      as an Investment Company; and

     

    (C)  following
      such merger, consolidation, amalgamation, replacement, conveyance, transfer
      or
      lease, the Trust (or the Successor Entity) will continue to be classified as
      a
      grantor trust for United States federal income tax purposes;

     

    (viii)  the
      Sponsor guarantees the obligations of such Successor Entity under the Successor
      Securities to the same extent provided by the Guarantee, the Debentures and
      this
      Declaration; and

     

    (ix)  prior
      to
      such merger, consolidation, amalgamation, replacement, conveyance, transfer
      or
      lease, the Institutional Trustee shall have received an Officers' Certificate
      of
      the Administrators and an opinion of counsel, each to the effect that all
      conditions precedent of this paragraph (b) to such transaction have been
      satisfied.

     

    (c)  Notwithstanding
      Section 2.15(b), the Trust shall not, except with the consent of Holders of
      100%
      in liquidation amount of the Securities, consolidate, amalgamate, merge with
      or
      into, or be replaced by, or convey, transfer or lease its properties and assets
      as an entirety or 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, replacement, conveyance, transfer
      or lease would cause the Trust or Successor Entity to be classified as other
      than a grantor trust for United States federal income tax purposes.

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      III

    SPONSOR

     

    SECTION
      3.1.   Sponsor's
      Purchase of Common Securities.
      On the
      Closing Date, the Sponsor will purchase all of the Common Securities issued
      by
      the Trust, in an amount at least equal to 3% of the capital of the Trust, at
      the
      same time as the Capital Securities are sold.

     

    SECTION
      3.2.   Responsibilities
      of the Sponsor.
      In
      connection with the issue and sale of the Capital Securities, the Sponsor shall
      have the exclusive right and responsibility and sole decision to engage in,
      or
      direct the Administrators to engage in, the following activities:

     

    (a)  to
      determine the States in which to take appropriate action to qualify or register
      for sale of all or part of the Capital Securities and to do any and all such
      acts, other than actions which must be taken by the Trust, and advise the Trust
      of actions it must take, and prepare for execution and filing any documents
      to
      be executed and filed by the Trust, as the Sponsor deems necessary or advisable
      in order to comply with the applicable laws of any such States;

     

    (b)  to
      prepare for filing and request the Administrators to cause the filing by the
      Trust, as may be appropriate, of an application to the PORTAL system, for
      listing or quotation upon notice of issuance of any Capital Securities, as
      requested by the Holders of not less than a Majority in liquidation amount
      of
      the Capital Securities; and

     

    (c)  to
      negotiate the terms of and/or execute and deliver on behalf of the Trust, the
      Placement Agreement and other related agreements providing for the sale of
      the
      Capital Securities.

     

    ARTICLE
      IV

    TRUSTEES
      AND ADMINISTRATORS

     

    SECTION
      4.1.   Number
      of Trustees.
      The
      number of Trustees initially shall be one, and:

     

    (a)  at
      any
      time before the issuance of any Securities, the Sponsor may, by written
      instrument, increase or decrease the number of Trustees; and

     

    (b)  after
      the
      issuance of any Securities, the number of Trustees may be increased or decreased
      by vote of the Holder of a Majority in liquidation amount of the Common
      Securities voting as a class at a meeting of the Holder of the Common
      Securities; provided,
      however,
      that
      there shall always be one Trustee who shall be the Institutional
      Trustee.

     

    SECTION
      4.2.   Institutional
      Trustee; Eligibility.
      

     

    (a)  There
      shall at all times be one Trustee which shall act as Institutional Trustee
      which
      shall:

     

    (i)  not
      be an
      Affiliate of the Sponsor;

     

    (ii)  not
      offer
      or provide credit or credit enhancement to the Trust; and

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

       

    

    (iii)  be
      a
      banking corporation or national association organized and doing business under
      the laws of the United States of America or any state thereof or of the District
      of Columbia and authorized under such laws to exercise corporate trust powers,
      having a combined capital and surplus of at least fifty million U.S. dollars
      ($50,000,000), and subject to supervision or examination by federal, state
      or
      District of Columbia authority. If such corporation or national association
      publishes reports of condition at least annually, pursuant to law or to the
      requirements of the supervising or examining authority referred to above, then
      for the purposes of this Section 4.3(a)(iii), the combined capital and surplus
      of such corporation or national association shall be deemed to be its combined
      capital and surplus as set forth in its most recent report of condition so
      published.

     

    (b)  If
      at any
      time the Institutional Trustee shall cease to be eligible to so act under
      Section 4.2(a), the Institutional Trustee shall immediately resign in the manner
      and with the effect set forth in Section 4.5.

     

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

     

    (d)  The
      initial Institutional Trustee shall be U.S. Bank National
      Association.

     

    SECTION
      4.3.   Administrators.
      Each
      Administrator shall be a U.S. Person. 

     

    There
      shall at all times be at least one Administrator. Except where a requirement
      for
      action by a specific number of Administrators is expressly set forth in this
      Declaration and except with respect to any action the taking of which is the
      subject of a meeting of the Administrators, any action required or permitted
      to
      be taken by the Administrators may be taken by, and any power of the
      Administrators may be exercised by, or with the consent of, any one such
      Administrator acting alone.

     

    SECTION
      4.4.   Appointment,
      Removal and Resignation of the Trustees and the Administrators.
      

     

    (a)  No
      resignation or removal of any Trustee and no appointment of a successor Trustee
      pursuant to this Article shall become effective until the acceptance of
      appointment by the successor Trustee in accordance with the applicable
      requirements of this Section 4.4.

     

    (b)  Subject
      to Section 4.4(a), a Trustee may resign at any time by giving written notice
      thereof to the Holders of the Securities and by appointing a successor Trustee.
      Upon the resignation of the Institutional Trustee, the Institutional Trustee
      shall appoint a successor by requesting from at least three Persons meeting
      the
      eligibility requirements their expenses and charges to serve as the successor
      Institutional Trustee on a form provided by the Administrators, and selecting
      the Person who agrees to the lowest reasonable expense and charges (the
      "Successor Institutional Trustee"). If the instrument of acceptance by the
      successor Trustee required by this Section 4.4 shall not have been delivered
      to
      the Trustee within 60 days after the giving of such notice of resignation or
      delivery of the instrument of removal, the Trustee may petition, at the expense
      of the Trust, any federal, state or District of Columbia court of competent
      jurisdiction for the appointment of a successor Trustee. Such court may
      thereupon, after prescribing such notice, if any, as it may deem proper, appoint
      a Trustee. The Institutional Trustee shall have no liability for the selection
      of such successor pursuant to this Section 4.4.

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

       

    

    (c)  Unless
      an
      Event of Default shall have occurred and be continuing, any Trustee may be
      removed at any time by an act of the Holders of a Majority in liquidation amount
      of the Common Securities. If any Trustee shall be so removed, the Holders of
      the
      Common Securities, by act of the Holders of a Majority in liquidation amount
      of
      the Common Securities delivered to the Trustee, shall promptly appoint a
      successor Trustee, and such successor Trustee shall comply with the applicable
      requirements of this Section 4.4. If an Event of Default shall have occurred
      and
      be continuing, the Institutional Trustee may be removed by the act of the
      Holders of a Majority in liquidation amount of the Capital Securities, delivered
      to the Trustee (in its individual capacity and on behalf of the Trust). If
      any
      Trustee shall be so removed, the Holders of Capital Securities, by act of the
      Holders of a Majority in liquidation amount of the Capital Securities then
      outstanding delivered to the Trustee, shall promptly appoint a successor Trustee
      or Trustees, and such successor Trustee shall comply with the applicable
      requirements of this Section 4.4. If no successor Trustee shall have been so
      appointed by the Holders of a Majority in liquidation amount of the Capital
      Securities and accepted appointment in the manner required by this Section
      4.4
      within 30 days after delivery of an instrument of removal, the Trustee or any
      Holder who has been a Holder of the Securities for at least six months may,
      on
      behalf of himself and all others similarly situated, petition any federal,
      state
      or District of Columbia court of competent jurisdiction for the appointment
      of a
      successor Trustee. Such court may thereupon, after prescribing such notice,
      if
      any, as it may deem proper, appoint a successor Trustee or
      Trustees.

     

    (d)  The
      Institutional Trustee shall give notice of each resignation and each removal
      of
      a Trustee and each appointment of a successor Trustee to all Holders and to
      the
      Sponsor. Each notice shall include the name of the successor Trustee and the
      address of its Corporate Trust Office if it is the Institutional
      Trustee.

     

    (e)  In
      case
      of the appointment hereunder of a successor Trustee, the retiring Trustee and
      each successor Trustee with respect to the Securities shall execute and deliver
      an amendment hereto wherein each successor Trustee shall accept such appointment
      and which (a) 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 Trustee with respect to the
      Securities and the Trust and (b) shall add to or change any of the provisions
      of
      this Declaration as shall be necessary to provide for or facilitate the
      administration of the Trust by more than one Trustee, it being understood that
      nothing herein or in such amendment shall constitute such Trustees co-trustees
      and upon the execution and delivery of such amendment the resignation or removal
      of the retiring 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 Trustee; but, on request of the Trust or any successor Trustee, such
      retiring Trustee shall duly assign, transfer and deliver to such successor
      Trustee all Trust Property, all proceeds thereof and money held by such retiring
      Trustee hereunder with respect to the Securities and the Trust subject to the
      payment of all unpaid fees, expenses and indemnities of such retiring
      Trustee.

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

       

    

    (f)  No
      Institutional Trustee shall be liable for the acts or omissions to act of any
      Successor Institutional Trustee.

     

    (g)  The
      Holders of the Capital Securities will have no right to vote to appoint, remove
      or replace the Administrators, which voting rights are vested exclusively in
      the
      Holders of the Common Securities.

     

    SECTION
      4.5.   Vacancies
      Among Trustees.
      If a
      Trustee ceases to hold office for any reason and the number of Trustees is
      not
      reduced pursuant to Section 4.1, or if the number of Trustees is increased
      pursuant to Section 4.1, a vacancy shall occur. A resolution certifying the
      existence of such vacancy by the Trustees or, if there are more than two, a
      majority of the Trustees shall be conclusive evidence of the existence of such
      vacancy. The vacancy shall be filled with a Trustee appointed in accordance
      with
      Section 4.4.

     

    SECTION
      4.6.   Effect
      of Vacancies.
      The
      death, resignation, retirement, removal, bankruptcy, dissolution, liquidation,
      incompetence or incapacity to perform the duties of a Trustee shall not operate
      to dissolve, terminate or annul the Trust or terminate this Declaration.
      Whenever a vacancy in the number of Trustees shall occur, until such vacancy
      is
      filled by the appointment of a Trustee in accordance with Section 4.4, the
      Institutional Trustee shall have all the powers granted to the Trustees and
      shall discharge all the duties imposed upon the Trustees by this
      Declaration.

     

    SECTION
      4.7.   Meetings
      of the Trustees and the Administrators.
      Meetings of the Trustees or the Administrators shall be held from time to time
      upon the call of any Trustee or Administrator, as applicable. Regular meetings
      of the Trustees and the Administrators, respectively, may be in person in the
      United States or by telephone, at a place (if applicable) and time fixed by
      resolution of the Trustees or the Administrators, as applicable. Notice of
      any
      in-person meetings of the Trustees or the Administrators shall be hand delivered
      or otherwise delivered in writing (including by facsimile, with a hard copy
      by
      overnight courier) not less than 48 hours before such meeting. Notice of any
      telephonic meetings of the Trustees or the Administrators or any committee
      thereof shall be hand delivered or otherwise delivered in writing (including
      by
      facsimile, with a hard copy by overnight courier) not less than 24 hours before
      a meeting. Notices shall contain a brief statement of the time, place and
      anticipated purposes of the meeting. The presence (whether in person or by
      telephone) of a Trustee or an Administrator, as the case may be, at a meeting
      shall constitute a waiver of notice of such meeting except where a Trustee
      or an
      Administrator, as the case may be, attends a meeting for the express purpose
      of
      objecting to the transaction of any activity on the ground that the meeting
      has
      not been lawfully called or convened. Unless provided otherwise in this
      Declaration, any action of the Trustees or the Administrators, as the case
      may
      be, may be taken at a meeting by vote of a majority of the Trustees or the
      Administrators present (whether in person or by telephone) and eligible to
      vote
      with respect to such matter; provided,
      that,
      in the case of the Administrators, a Quorum is present, or without a meeting
      by
      the unanimous written consent of the Trustees or the Administrators, as the
      case
      may be. Meetings of the Trustees and the Administrators together shall be held
      from time to time upon the call of any Trustee or Administrator.

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

       

    

    SECTION
      4.8.   Delegation
      of Power.

     

    (a)  Any
      Trustee or any Administrator, as the case may be, may, by power of attorney
      consistent with applicable law, delegate to any other natural person over the
      age of 21 that is a U.S. Person his or her power for the purpose of executing
      any documents, instruments or other writings contemplated in Section
      2.6.

     

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

     

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

     

    ARTICLE
      V

    DISTRIBUTIONS

     

    SECTION
      5.1.   Distributions.
      

     

    (a)     
      Holders
      shall receive Distributions in accordance with the applicable terms of the
      relevant Holder's Securities. Distributions shall be made on the Capital
      Securities and the Common Securities in accordance with the preferences set
      forth in their respective terms. If and to the extent that the Debenture Issuer
      makes a payment of interest (including any Additional Interest or Deferred
      Interest) or premium, if any, on and/or principal on the Debentures held by
      the
      Institutional Trustee (the amount of any such payment being a "Payment Amount"),
      the Institutional Trustee shall and is directed, to the extent funds are
      available in the Property Account for that purpose, to make a distribution
      (a
      "Distribution") of the Payment Amount to Holders. For the avoidance of doubt,
      funds in the Property Account shall not be distributed to Holders to the extent
      of any taxes payable by the Trust, in the case of withholding taxes, as
      determined by the Institutional Trustee or any Paying Agent and, in the case
      of
      taxes other than withholding tax taxes, as determined by the Administrators
      in a
      written notice to the Institutional Trustee.

     

    (b)  As
      a
      condition to the payment of any principal of or interest on the Securities
      without the imposition of withholding tax, the Administrators shall require
      the
      previous delivery of properly completed and signed applicable U.S. federal
      income tax certifications (generally, an Internal Revenue Service Form W-9
      (or
      applicable successor form) in the case of a person that is a "United States
      person" within the meaning of Section 7701(a)(30) of the Code or an Internal
      Revenue Service Form W-8 (or applicable successor form) in the case of a person
      that is not a "United States person" within the meaning of Section 7701(a)(30)
      of the Code, and any other certification acceptable to it to enable the
      Institutional Trustee or any Paying Agent to determine their respective duties
      and liabilities with respect to any taxes or other charges that they may be
      required to pay, deduct or withhold in respect of such Securities.

     

    
      
        
        

      

      
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    ARTICLE
      VI

    ISSUANCE
      OF SECURITIES

     

    SECTION
      6.1.   General
      Provisions Regarding Securities.
      

     

    (a)  The
      Administrators shall on behalf of the Trust issue one series of capital
      securities, evidenced by a certificate substantially in the form of Exhibit
      A-1,
      representing undivided beneficial interests in the assets of the Trust and
      having such terms as are set forth in Annex I (the "Capital Securities"), and
      one series of common securities, evidenced by a certificate substantially in
      the
      form of Exhibit A-2, representing undivided beneficial interests in the assets
      of the Trust and having such terms as are set forth in Annex I (the "Common
      Securities"). The Trust shall issue no securities or other interests in the
      assets of the Trust other than the Capital Securities and the Common Securities.
      The Capital Securities rank pari
      passu
      and
      payment thereon shall be made Pro Rata with the Common Securities except that,
      where an Event of Default has occurred and is continuing, the rights of Holders
      of the Common Securities to payment in respect of Distributions and payments
      upon liquidation, redemption and otherwise are subordinated to the rights to
      payment of the Holders of the Capital Securities.

     

    (b)  The
      Certificates shall be signed on behalf of the Trust by one or more
      Administrators. Such signature shall be the facsimile or manual signature of
      any
      Administrator. In case any Administrator of the Trust who shall have signed
      any
      of the Securities shall cease to be such Administrator before the Certificates
      so signed shall be delivered by the Trust, such Certificates nevertheless may
      be
      delivered as though the person who signed such Certificates had not ceased
      to be
      such Administrator. Any Certificate may be signed on behalf of the Trust by
      such
      person who, at the actual date of execution of such Security, shall be an
      Administrator of the Trust, although at the date of the execution and delivery
      of the Declaration any such person was not such an Administrator. A Capital
      Security shall not be valid until authenticated by the manual signature of
      an
      Authorized Officer of the Institutional Trustee. Such signature shall be
      conclusive evidence that the Capital Security has been authenticated under
      this
      Declaration. Upon written order of the Trust signed by one Administrator, the
      Institutional Trustee shall authenticate the Capital Securities for original
      issue. The Institutional Trustee may appoint an authenticating agent that is
      a
      U.S. Person acceptable to the Trust to authenticate the Capital Securities.
      A
      Common Security need not be so authenticated and shall be valid upon execution
      by one or more Administrators.

     

    (c)  The
      consideration received by the Trust for the issuance of the Securities shall
      constitute a contribution to the capital of the Trust and shall not constitute
      a
      loan to the Trust.

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

       

    

    (d)  Upon
      issuance of the Securities as provided in this Declaration, the Securities
      so
      issued shall be deemed to be validly issued, fully paid and non-assessable,
      and
      each Holder thereof shall be entitled to the benefits provided by this
      Declaration.

     

    (e)  Every
      Person, by virtue of having become a Holder in accordance with the terms of
      this
      Declaration, shall be deemed to have expressly assented and agreed to the terms
      of, and shall be bound by, this Declaration and the Guarantee.

     

    SECTION
      6.2.   Paying
      Agent, Transfer Agent, Calculation Agent and Registrar.
      

     

    (a)  The
      Trust
      shall maintain in New York, New York, an office or agency where the Securities
      may be presented for payment (the "Paying Agent"), and an office or agency
      where
      Securities may be presented for registration of transfer or exchange (the
      "Transfer Agent"). The Trustee hereby appoints the Institutional Trustee as
      Paying Agent and Transfer Agent at U.S. Bank National Association, 100 Wall
      Street, 19th
      Floor,
      New York, New York 10005, Attn: Corporate Trust Services - CB Financial Capital
      Trust I. The Trust shall also keep or cause to be kept a register for the
      purpose of registering Securities and transfers and exchanges of Securities,
      such register to be held by a registrar (the "Registrar"). The Administrators
      may appoint the Paying Agent, the Registrar and the Transfer Agent, and may
      appoint one or more additional Paying Agents, one or more co-Registrars, or
      one
      or more co-Transfer Agents in such other locations as it shall determine. The
      term "Paying Agent" includes any additional Paying Agent, the term "Registrar"
      includes any additional Registrar or co-Registrar and the term "Transfer Agent"
      includes any additional Transfer Agent or co-Transfer Agent. The Administrators
      may change any Paying Agent, Transfer Agent or Registrar at any time without
      prior notice to any Holder. The Administrators shall notify the Institutional
      Trustee of the name and address of any Paying Agent, Transfer Agent and
      Registrar not a party to this Declaration. The Administrators hereby initially
      appoint the Institutional Trustee to act as Registrar for the Capital Securities
      and the Common Securities at its Corporate Trust Office. The Institutional
      Trustee or any of its Affiliates in the United States may act as Paying Agent,
      Transfer Agent or Registrar.

     

    (b)  The
      Trust
      shall also appoint a Calculation Agent, which shall determine the Coupon Rate
      in
      accordance with the terms of the Securities. The Trust initially appoints the
      Institutional Trustee as Calculation Agent.

     

    SECTION
      6.3.   Form
      and Dating.
      

     

    (a)  The
      Capital Securities and the Institutional Trustee's certificate of authentication
      thereon shall be substantially in the form of Exhibit A-1, and the Common
      Securities shall be substantially in the form of Exhibit A-2, each of which
      is
      hereby incorporated in and expressly made a part of this Declaration.
      Certificates may be typed, printed, lithographed or engraved or may be produced
      in any other manner as is reasonably acceptable to the Administrators, as
      conclusively evidenced by their execution thereof. The Certificates may have
      letters, numbers, notations or other marks of identification or designation
      and
      such legends or endorsements required by law, stock exchange rule, agreements
      to
      which the Trust is subject, if any, or usage (provided, that any such notation,
      legend or endorsement is in a form acceptable to the Sponsor). The Trust at
      the
      direction of the Sponsor shall furnish any such legend not contained in Exhibit
      A-1 to the Institutional Trustee in writing. Each Capital Security shall be
      dated the date of its authentication. The terms and provisions of the Securities
      set forth in Annex I and the forms of Securities set forth in Exhibits A-1
      and
      A-2 are part of the terms of this Declaration and to the extent applicable,
      the
      Institutional Trustee, the Administrators and the Sponsor, by their execution
      and delivery of this Declaration, expressly agree to such terms and provisions
      and to be bound thereby. Capital Securities will be issued only in blocks having
      a stated liquidation amount of not less than $100,000 and multiples of $1,000
      in
      excess thereof.

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

       

    

    (b)  The
      Capital Securities sold by the Trust to the initial purchasers pursuant to
      the
      Placement Agreement and the Capital Securities Purchase Agreement shall be
      issued in definitive form, registered in the name of the Holder thereof, without
      coupons and with the Restricted Securities Legend.

     

    SECTION
      6.4.   Mutilated,
      Destroyed, Lost or Stolen Certificates.
      If: (a)
      any mutilated Certificates should be surrendered to the Registrar, or if the
      Registrar shall receive evidence to its satisfaction of the destruction, loss
      or
      theft of any Certificate; and (b) there shall be delivered to the Registrar,
      the
      Administrators and the Institutional Trustee such security or indemnity as
      may
      be required by them to hold each of them harmless; then, in the absence of
      notice that such Certificate shall have been acquired by a bona fide purchaser,
      an Administrator on behalf of the Trust shall execute (and in the case of a
      Capital Security Certificate, the Institutional Trustee shall authenticate)
      and
      deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
      or
      stolen Certificate, a new Certificate of like denomination. In connection with
      the issuance of any new Certificate under this Section 6.4, the Registrar or
      the
      Administrators 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 Certificate issued pursuant to this Section shall constitute
      conclusive evidence of an ownership interest in the relevant Securities, as
      if
      originally issued, whether or not the lost, stolen or destroyed Certificate
      shall be found at any time.

     

    SECTION
      6.5.   Temporary
      Securities.
      Until
      definitive Securities are ready for delivery, the Administrators may prepare
      and, in the case of the Capital Securities, the Institutional Trustee shall
      authenticate, temporary Securities. Temporary Securities shall be substantially
      in form of definitive Securities but may have variations that the Administrators
      consider appropriate for temporary Securities. Without unreasonable delay,
      the
      Administrators shall prepare and, in the case of the Capital Securities, the
      Institutional Trustee shall authenticate definitive Securities in exchange
      for
      temporary Securities.

     

    SECTION
      6.6.   Cancellation.
      The
      Administrators at any time may deliver Securities to the Registrar for
      cancellation. The Registrar shall forward to the Institutional Trustee any
      Securities surrendered to it for registration of transfer, redemption or
      payment. The Institutional Trustee shall promptly cancel all Securities
      surrendered for registration of transfer, payment, replacement or cancellation
      and shall dispose of such canceled Securities in accordance with its standard
      procedures or otherwise as the Administrators direct. The Administrators may
      not
      issue new Securities to replace Securities that have been paid or that have
      been
      delivered to the Institutional Trustee for cancellation.

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

       

    

    SECTION
      6.7.   Rights
      of Holders; Waivers of Past Defaults.
      

     

    (a)  The
      legal
      title to the Trust Property is vested exclusively in the Institutional Trustee
      (in its capacity as such) in accordance with Section 2.5, and the Holders shall
      not have any right or title therein other than the undivided beneficial interest
      in the assets of the Trust conferred by their 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 Securities shall be personal property
      giving only the rights specifically set forth therein and in this Declaration.
      The Securities shall have no, and the issuance of the Securities shall not
      be
      subject to, preemptive or other similar rights and when issued and delivered
      to
      Holders against payment of the purchase price therefor, the Securities will
      be
      fully paid and nonassessable by the Trust.

     

    (b)  For
      so
      long as any Capital Securities remain outstanding, if, upon an Indenture Event
      of Default under Sections 5.01(c), (e) or (f) of the Indenture, the Debenture
      Trustee fails or the holders of not less than 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 not less than a Majority in
      liquidation amount of the Capital Securities then outstanding shall have the
      right to make such declaration by a notice in writing to the Institutional
      Trustee, the Sponsor and the Debenture Trustee.

     

    (c)  Upon
      an
      Indenture Event of Default under Sections 5.01(c), (e) or (f) at any
      time
      after a declaration of acceleration of maturity of the Debentures has been
      made
      and before a judgment or decree for payment of the money due has been obtained
      by the Debenture Trustee as provided in the Indenture, if the Institutional
      Trustee, subject to the provisions hereof, fails to annul any such declaration
      and waive such default, the Holders of not less than a Majority in liquidation
      amount of the Capital Securities, by written notice to the Institutional
      Trustee, the Sponsor and the Debenture Trustee, may rescind and annul such
      declaration and its consequences if:

     

    (i)  the
      Sponsor has paid or deposited with the Debenture Trustee a sum sufficient to
      pay

     

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

     

    (B)  any
      accrued Deferred Interest on all of the Debentures;

     

    (C)  all
      payments on any Debentures that have become due otherwise than by such
      declaration of acceleration and interest and Deferred Interest thereon at the
      rate borne by the Debentures; and

     

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

     

    (ii)  all
      Events of Default with respect to the Debentures, other than the non-payment
      of
      the principal of or premium, if any, on the Debentures that has become due
      solely by such acceleration, have been cured or waived as provided in Section
      5.07 of the Indenture.

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

       

    

    (d)  The
      Holders of not less than a Majority in liquidation amount of the Capital
      Securities may, on behalf of the Holders of all the Capital Securities, waive
      any past default or Event of Default, except a default or Event of Default
      in
      the payment of principal or interest (unless such default or Event of 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
      Debenture Trustee) or a default or Event of Default in respect of a covenant
      or
      provision that under the Indenture cannot be modified or amended without the
      consent of the holder of each outstanding Debenture. No such rescission shall
      affect any subsequent default or impair any right consequent
      thereon.

     

    (e)  Upon
      receipt by the Institutional Trustee of written notice declaring such an
      acceleration, or rescission and annulment thereof, by Holders of any part of
      the
      Capital Securities, a record date shall be established for determining Holders
      of outstanding Capital Securities entitled to join in such notice, which record
      date shall be at the close of business on the day the Institutional Trustee
      receives such notice. The Holders on such record date, or their duly designated
      proxies, and only such Persons, shall be entitled to join in such notice,
      whether or not such Holders remain Holders after such record date; provided,
      that, unless such declaration of acceleration, or rescission and annulment,
      as
      the case may be, shall have become effective by virtue of the requisite
      percentage having joined in such notice prior to the day that is 90 days after
      such record date, such notice of declaration of acceleration, or rescission
      and
      annulment, as the case may be, shall automatically and without further action
      by
      any Holder be canceled and of no further effect. Nothing in this paragraph
      shall
      prevent a Holder, or a proxy of a Holder, from giving, after expiration of
      such
      90-day period, a new written notice of declaration of acceleration, or
      rescission and annulment thereof, as the case may be, that is identical to
      a
      written notice that has been canceled pursuant to the proviso to the preceding
      sentence, in which event a new record date shall be established pursuant to
      the
      provisions of this Section 6.7.

     

    (f)  Except
      as
      otherwise provided in this Section 6.7, the Holders of not less than a Majority
      in liquidation amount of the Capital Securities may, on behalf of the Holders
      of
      all the Capital Securities, waive any past default or Event of Default and
      its
      consequences. Upon such waiver, any such default or Event of Default shall
      cease
      to exist, and any default or Event of Default arising therefrom shall be deemed
      to have been cured, for every purpose of this Declaration, but no such waiver
      shall extend to any subsequent or other default or Event of Default or impair
      any right consequent thereon.

     

    ARTICLE
      VII

    DISSOLUTION
      AND TERMINATION OF TRUST

     

    SECTION
      7.1.   Dissolution
      and Termination of Trust.

     

    (a)  The
      Trust
      shall dissolve on the first to occur of

     

    (i)  unless
      earlier dissolved, on July 12, 2040, the expiration of the term of the
      Trust;

     

    
      
        
        

      

      
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    (ii)  a
      Bankruptcy Event with respect to the Sponsor, the Trust or the Debenture
      Issuer;

     

    (iii)  (other
      than in connection with a merger, consolidation or similar transaction not
      prohibited by the Indenture, this Declaration or the Guarantee, as the case
      may
      be) the filing of a certificate of dissolution or its equivalent with respect
      to
      the Sponsor or upon the revocation of the charter of the Sponsor and the
      expiration of 90 days after the date of revocation without a reinstatement
      thereof;

     

    (iv)  the
      distribution of all of the Debentures to the Holders of the Securities, upon
      exercise of the right of the Holders of all of the outstanding Common Securities
      to dissolve the Trust as provided in Annex I hereto;

     

    (v)  the
      entry
      of a decree of judicial dissolution of any Holder of the Common Securities,
      the
      Sponsor, the Trust or the Debenture Issuer;

     

    (vi)  when
      all
      of the Securities shall have been called for redemption and the amounts
      necessary for redemption thereof shall have been paid to the Holders in
      accordance with the terms of the Securities; or

     

    (vii)  before
      the issuance of any Securities, with the consent of all of the Trustees and
      the
      Sponsor.

     

    (b)  As
      soon
      as is practicable after the occurrence of an event referred to in Section
      7.1(a), and after satisfaction of liabilities to creditors of the Trust as
      required by applicable law, and subject to the terms set forth in Annex I,
      the
      Institutional Trustee shall terminate the Trust by filing, at the expense of
      the
      Sponsor, a certificate of cancellation with the Secretary of State of the State
      of Connecticut in accordance with Section 34-503 of the Statutory Trust
      Act.

     

    (c)  The
      provisions of Section 2.9 and Article IX shall survive the termination of the
      Trust.

     

    ARTICLE
      VIII

    TRANSFER
      OF INTERESTS

     

    SECTION
      8.1.   General.
      

     

    (a)  Subject
      to Section 6.4 and Section 8.1(c), when Capital Securities are presented to
      the
      Registrar with a request to register a transfer or to exchange them for an
      equal
      number of Capital Securities represented by different Certificates, the
      Registrar shall register the transfer or make the exchange if the requirements
      provided for herein for such transactions are met. To permit registrations
      of
      transfers and exchanges, the Trust shall issue and the Institutional Trustee
      shall authenticate Capital Securities at the Registrar's request.

     

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

     

    
      
        
        

      

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

     

    (d)  The
      Registrar shall provide for the registration of Securities and of transfers
      of
      Securities, which will be effected without charge but only upon payment (with
      such indemnity as the Registrar may require) in respect of any tax or other
      governmental charges that may be imposed in relation to it. Upon surrender
      for
      registration of transfer of any Securities, the Registrar shall cause one or
      more new Securities to be issued in the name of the designated transferee or
      transferees. Any Security issued upon any registration of transfer or exchange
      pursuant to the terms of this Declaration shall evidence the same Security
      and
      shall be entitled to the same benefits under this Declaration as the Security
      surrendered upon such registration of transfer or exchange. Every Security
      surrendered for registration of transfer shall be accompanied by a written
      instrument of transfer in form satisfactory to the Registrar duly executed
      by
      the Holder or such Holder's attorney duly authorized in writing. Each Security
      surrendered for registration of transfer shall be canceled by the Institutional
      Trustee pursuant to Section 6.6. A transferee of a Security shall be entitled
      to
      the rights and subject to the obligations of a Holder hereunder upon the receipt
      by such transferee of a Security. By acceptance of a Security, each transferee
      shall be deemed to have agreed to be bound by this Declaration.

     

    (e)  Neither
      the Trust nor the Registrar shall be required (i) to issue, register the
      transfer of, or exchange any Securities during a period beginning at the opening
      of business 15 days before the day of any selection of 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
      Securities to be redeemed, or (ii) to register the transfer or exchange of
      any
      Security so selected for redemption in whole or in part, except the unredeemed
      portion of any Security being redeemed in part.

     

    SECTION
      8.2.   Transfer
      Procedures and Restrictions.
      

     

    (a)  The
      Capital Securities shall bear the Restricted Securities Legend (as defined
      below), which shall not be removed unless there is delivered to the Trust such
      satisfactory evidence, which may include an opinion of counsel reasonably
      acceptable to the Administrators and the Institutional Trustee, as may be
      reasonably required by the Trust or the Institutional Trustee, that neither
      the
      legend nor the restrictions on transfer set forth therein are required to ensure
      that transfers thereof comply with the provisions of the Securities Act or
      that
      such Securities are not "restricted" within the meaning of Rule 144 under the
      Securities Act. Upon provision of such satisfactory evidence, the Institutional
      Trustee, at the written direction of the Administrators, shall authenticate
      and
      deliver Capital Securities that do not bear the Restricted Securities Legend
      (other than the legend contemplated by Section 8.2(d)).

     

    
      
        
        

      

      
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    (b)  When
      Capital Securities are presented to the Registrar (x) to register the transfer
      of such Capital Securities, or (y) to exchange such Capital Securities for
      an
      equal number of Capital Securities represented by different Certificates, the
      Registrar shall register the transfer or make the exchange as requested if
      its
      reasonable requirements for such transaction are met; provided,
      however,
      that
      the Capital Securities surrendered for registration of transfer or exchange
      shall be duly endorsed or accompanied by a written instrument of transfer in
      form reasonably satisfactory to the Administrators, the Institutional Trustee
      and the Registrar, duly executed by the Holder thereof or his attorney duly
      authorized in writing.

     

    (c)  Except
      as
      permitted by Section 8.2(a), each Capital Security shall bear a legend (the
      "Restricted Securities Legend") in substantially the following
      form:

     

    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 BY ITS ACCEPTANCE HEREOF AGREES TO OFFER,
      SELL
      OR OTHERWISE TRANSFER SUCH SECURITY ONLY (A) TO THE DEBENTURE ISSUER OR THE
      TRUST, (B) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO
      A
      PERSON THE HOLDER REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER"
      AS
      DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
      OF A
      QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
      BEING
      MADE IN RELIANCE ON RULE 144A, (C) TO A "NON U.S. PERSON" IN AN "OFFSHORE
      TRANSACTION" PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (D)
      PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
      ACT TO AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (a) (1),
      (2),
      (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY
      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 (E) PURSUANT
      TO
      ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
      ACT, SUBJECT TO THE DEBENTURE ISSUER'S AND THE TRUST'S RIGHT PRIOR TO ANY SUCH
      OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) 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 BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE
      FOREGOING RESTRICTIONS.

     

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

       

    

    THE
      HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS
      THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY UNLESS
      SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT.

     

    THE
      HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF 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 THEREIN, UNLESS SUCH PURCHASER OR HOLDER
      IS
      ELIGIBLE FOR THE EXEMPTION 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 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 THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING
      THEREOF 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 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 THE CERTIFICATE 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 BLOCKS HAVING A
      LIQUIDATION AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS
      THEREOF. ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING A LIQUIDATION
      AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT
      WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER
      OF THIS SECURITY FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT
      OF
      DISTRIBUTIONS ON THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED
      TO
      HAVE NO INTEREST WHATSOEVER IN THIS SECURITY.

     

    
      
        
        

      

      
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    (d)  Capital
      Securities may only be transferred in minimum blocks of $100,000 aggregate
      liquidation amount (100 Capital Securities) and multiples of $1,000 in excess
      thereof. Any attempted transfer of Capital Securities in a block having an
      aggregate liquidation amount of less than $100,000 shall be deemed to be void
      and of no legal effect whatsoever. Any such purported transferee shall be deemed
      not to be a Holder of such Capital Securities for any purpose, including, but
      not limited to, the receipt of Distributions on such Capital Securities, and
      such purported transferee shall be deemed to have no interest whatsoever in
      such
      Capital Securities. 

     

    (e)  Each
      party hereto understands and hereby agrees that the Initial Purchaser is
      intended solely to be an interim holder of the Capital Securities and is
      purchasing such securities to facilitate consummation of the transactions
      contemplated herein and in the documents ancillary hereto. Notwithstanding
      any
      provision in this Declaration to the contrary, the Initial Purchaser shall
      have
      the right upon notice (a "Transfer Notice") to the Institutional Trustee and
      the
      Sponsor to transfer title in and to the Capital Securities; provided the Initial
      Purchaser shall take reasonable steps to ensure that such transfer is exempt
      from registration under the Securities Act of 1933, as amended, and rules
      promulgated thereunder. Any Transfer Notice delivered to the Institutional
      Trustee and Sponsor pursuant to the preceding sentence shall indicate the
      aggregate liquidation amount of Capital Securities being transferred, the name
      and address of the transferee thereof (the "Transferee") and the date of such
      transfer. Notwithstanding any provision in this Declaration to the contrary,
      the
      transfer by the Initial Purchaser of title in and to the Capital Securities
      pursuant to a Transfer Notice shall not be subject to any requirement relating
      to Opinions of Counsel, Certificates of Transfer or any other Opinion or
      Certificate applicable to transfers hereunder and relating to Capital
      Securities.

     

    (f)
  Neither
      the Institutional Trustee nor the Registrar shall be responsible for
      ascertaining whether any transfer hereunder complies with the registration
      provisions of or any exemptions from the Securities Act, applicable state
      securities laws or the applicable laws of any other jurisdiction, ERISA, the
      Code or the Investment Company Act.

     

    SECTION
      8.3.   Deemed
      Security Holders.
      The
      Trust, the Administrators, the Trustees, the Paying Agent, the Transfer Agent
      or
      the Registrar may treat the Person in whose name any Certificate shall be
      registered on the books and records of the Trust as the sole holder of such
      Certificate and of the Securities represented by such Certificate 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 Certificate or in the Securities represented by such
      Certificate on the part of any Person, whether or not the Trust, the
      Administrators, the Trustees, the Paying Agent, the Transfer Agent or the
      Registrar shall have actual or other notice thereof.

     

    
      
        
        

      

      
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    ARTICLE
      IX

    LIMITATION
      OF LIABILITY OF HOLDERS

    OF
      SECURITIES, TRUSTEES OR OTHERS

     

    SECTION
      9.1.   Liability.

     

    (a)  Except
      as
      expressly set forth in this Declaration, the Guarantee and the terms of the
      Securities, the Sponsor shall not be:

     

    (i)  personally
      liable for the return of any portion of the capital contributions (or any return
      thereon) of the Holders of the Securities which shall be made solely from assets
      of the Trust; and

     

    (ii)  required
      to pay to the Trust or to any Holder of the Securities any deficit upon
      dissolution of the Trust or otherwise.

     

    (b)  The
      Holder of the Common Securities shall be liable for all of the debts and
      obligations of the Trust (other than with respect to the Securities) to the
      extent not satisfied out of the Trust's assets.

     

    (c)  Except
      to
      the extent provided in Section 9.1(b), and pursuant to § 34-523(a) of the
      Statutory Trust Act, the Holders of the Securities shall be entitled to the
      same
      limitation of personal liability extended to stockholders of private
      corporations for profit organized under the Connecticut Business Corporation
      Act, Chapter 601 of the Connecticut General Statutes, Section 33-600
et seq.,
      except
      as otherwise specifically set forth herein.

     

    SECTION
      9.2.   Exculpation.

     

    (a)  No
      Indemnified Person shall be liable, responsible or accountable in damages or
      otherwise to the Trust or any Covered Person for any loss, damage or claim
      incurred by reason of any act or omission performed or omitted by such
      Indemnified Person in good faith on behalf of the Trust and in a manner such
      Indemnified Person reasonably believed to be within the scope of the authority
      conferred on such Indemnified Person by this Declaration or by law, except
      that
      an Indemnified Person (other than an Administrator) shall be liable for any
      such
      loss, damage or claim incurred by reason of such Indemnified Person's negligence
      or willful misconduct or bad faith with respect to such acts or omissions and
      except that an Administrator shall be liable for any such loss, damage or claim
      incurred by reason of such Administrator's gross negligence or willful
      misconduct or bad faith with respect to such acts or omissions.

     

    (b)  An
      Indemnified Person shall be fully protected in relying in good faith upon the
      records of the Trust and upon such information, opinions, reports or statements
      presented to the Trust by any Person as to matters the Indemnified Person
      reasonably believes are within such other Person's professional or expert
      competence and, if selected by such Indemnified Person, has been selected by
      such Indemnified Person with reasonable care by or on behalf of the Trust,
      including information, opinions, reports or statements as to the value and
      amount of the assets, liabilities, profits, losses or any other facts pertinent
      to the existence and amount of assets from which Distributions to Holders of
      Securities might properly be paid.

     

    
      
        
        

      

      
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    (c)
  It
      is
      expressly understood and agreed by the parties hereto that insofar as any
      document, agreement or certificate is executed on behalf of the Trust by any
      Trustee (i) such document, agreement or certificate is executed and delivered
      by
      such Trustee, not in its individual capacity, but solely as Trustee under this
      Declaration in the exercise of the powers and authority conferred and vested
      in
      it, (ii) each of the representations, undertakings and agreements made on the
      part of the Trust is made and intended not as representations, warranties,
      covenants, undertakings and agreements by any Trustee in its individual
      capacity, but is made and intended for the purpose of binding only the Trust
      and
      (iii) under no circumstances shall any Trustee in its individual capacity be
      personally liable for the payment of any indebtedness or expenses of the Trust
      or be liable for the breach or failure of any obligation, representation,
      warranty or covenant made or undertaken by the Trust under this Declaration
      or
      any other document, agreement or certificate.

     

    SECTION
      9.3.   Fiduciary
      Duty.

     

    (a)  To
      the
      extent that, at law or in equity, an Indemnified Person has duties (including
      fiduciary duties) and liabilities relating thereto to the Trust or to any other
      Covered Person, an Indemnified Person acting under this Declaration shall not
      be
      liable to the Trust or to any other Covered Person for its good faith reliance
      on the provisions of this Declaration. The provisions of this Declaration,
      to
      the extent that they restrict the duties and liabilities of an Indemnified
      Person otherwise existing at law or in equity (other than the duties imposed
      on
      the Institutional Trustee under the Trust Indenture Act), are agreed by the
      parties hereto to replace such other duties and liabilities of the Indemnified
      Person.

     

    (b)  Whenever
      in this Declaration an Indemnified Person is permitted or required to make
      a
      decision:

     

    (i)  in
      its
      "discretion" or under a grant of similar authority, the Indemnified Person
      shall
      be entitled to consider such interests and factors as it desires, including
      its
      own interests, and shall have no duty or obligation to give any consideration
      to
      any interest of or factors affecting the Trust or any other Person;
      or

     

    (ii)  in
      its
      "good faith" or under another express standard, the Indemnified Person shall
      act
      under such express standard and shall not be subject to any other or different
      standard imposed by this Declaration or by applicable law.

     

    SECTION
      9.4.   Indemnification.

     

    (a)       
      (i) The
      Sponsor shall indemnify, to the fullest extent permitted by law, any Indemnified
      Person who was or is a party or is threatened to be made a party to any
      threatened, pending or completed action, suit or proceeding, whether civil,
      criminal, administrative or investigative (other than an action by or in the
      right of the Trust) by reason of the fact that such Person is or was an
      Indemnified Person against expenses (including attorneys' fees and expenses),
      judgments, fines and amounts paid in settlement actually and reasonably incurred
      by such Person in connection with such action, suit or proceeding if such Person
      acted in good faith and in a manner such Person reasonably believed to be in
      or
      not opposed to the best interests of the Trust, and, with respect to any
      criminal action or proceeding, had no reasonable cause to believe such conduct
      was unlawful. The termination of any action, suit or proceeding by judgment,
      order, settlement, conviction, or upon a plea of nolo contendere or its
      equivalent, shall not, of itself, create a presumption that the Indemnified
      Person did not act in good faith and in a manner which such Person reasonably
      believed to be in or not opposed to the best interests of the Trust, and, with
      respect to any criminal action or proceeding, had reasonable cause to believe
      that such conduct was unlawful.

     

    
      
        
        

      

      
        -39-

        
          

        

      

      
        
        

      

       

    

    (ii)  The
      Sponsor shall indemnify, to the fullest extent permitted by law, any Indemnified
      Person who was or is a party or is threatened to be made a party to any
      threatened, pending or completed action or suit by or in the right of the Trust
      to procure a judgment in its favor by reason of the fact that such Person is
      or
      was an Indemnified Person against expenses (including attorneys' fees and
      expenses) actually and reasonably incurred by such Person in connection with
      the
      defense or settlement of such action or suit if such Person acted in good faith
      and in a manner such Person reasonably believed to be in or not opposed to
      the
      best interests of the Trust and except that no such indemnification shall be
      made in respect of any claim, issue or matter as to which such Indemnified
      Person shall have been adjudged to be liable to the Trust, unless and only
      to
      the extent that the court in which such action or suit was brought shall
      determine upon application that, despite the adjudication of liability but
      in
      view of all the circumstances of the case, such Person is fairly and reasonably
      entitled to indemnity for such expenses which such Court of Chancery or such
      other court shall deem proper.

     

    (iii)  To
      the
      extent that an Indemnified Person shall be successful on the merits or otherwise
      (including dismissal of an action without prejudice or the settlement of an
      action without admission of liability) in defense of any action, suit or
      proceeding referred to in paragraphs (i) and (ii) of this Section 9.4(a), or
      in
      defense of any claim, issue or matter therein, such Person shall be indemnified,
      to the fullest extent permitted by law, against expenses (including attorneys'
      fees and expenses) actually and reasonably incurred by such Person in connection
      therewith.

     

    (iv)  Any
      indemnification of an Administrator under paragraphs (i) and (ii) of this
      Section 9.4(a) (unless ordered by a court) shall be made by the Sponsor only
      as
      authorized in the specific case upon a determination that indemnification of
      the
      Indemnified Person is proper in the circumstances because such Person has met
      the applicable standard of conduct set forth in paragraphs (i) and (ii). Such
      determination shall be made (A) by the Administrators by a majority vote of
      a
      Quorum consisting of such Administrators who were not parties to such action,
      suit or proceeding, (B) if such a Quorum is not obtainable, or, even if
      obtainable, if a Quorum of disinterested Administrators so directs, by
      independent legal counsel in a written opinion, or (C) by the Common Security
      Holder of the Trust.

     

    
      
        
        

      

      
        -40-

        
          

        

      

      
        
        

      

       

    

    (v)  To
      the
      fullest extent permitted by law, expenses (including attorneys' fees and
      expenses) incurred by an Indemnified Person in defending a civil, criminal,
      administrative or investigative action, suit or proceeding referred to in
      paragraphs (i) and (ii) of this Section 9.4(a) shall be paid by the Sponsor
      in
      advance of the final disposition of such action, suit or proceeding upon receipt
      of an undertaking by or on behalf of such Indemnified Person to repay such
      amount if it shall ultimately be determined that such Person is not entitled
      to
      be indemnified by the Sponsor as authorized in this Section 9.4(a).
      Notwithstanding the foregoing, no advance shall be made by the Sponsor if a
      determination is reasonably and promptly made (1) in the case of a Company
      Indemnified Person (A) by the Administrators by a majority vote of a Quorum
      of
      disinterested Administrators, (B) if such a Quorum is not obtainable, or, even
      if obtainable, if a Quorum of disinterested Administrators so directs, by
      independent legal counsel in a written opinion or (C) by the Common Security
      Holder of the Trust, that, based upon the facts known to the Administrators,
      counsel or the Common Security Holder at the time such determination is made,
      such Indemnified Person acted in bad faith or in a manner that such Person
      either believed to be opposed to or did not believe to be in the best interests
      of the Trust, or, with respect to any criminal proceeding, that such Indemnified
      Person believed or had reasonable cause to believe such conduct was unlawful,
      or
      (2) in the case of a Fiduciary Indemnified Person, by independent legal counsel
      in a written opinion that, based upon the facts known to the counsel at the
      time
      such determination is made, such Indemnified Person acted in bad faith or in
      a
      manner that such Indemnified Person either believed to be opposed to or did
      not
      believe to be in the best interests of the Trust, or, with respect to any
      criminal proceeding, that such Indemnified Person believed or had reasonable
      cause to believe such conduct was unlawful. In no event shall any advance be
      made (i) to a Company Indemnified Person in instances where the Administrators,
      independent legal counsel or the Common Security Holder reasonably determine
      that such Person deliberately breached such Person's duty to the Trust or its
      Common or Capital Security Holders or (ii) to a Fiduciary Indemnified Person
      in
      instances where independent legal counsel promptly and reasonably determines
      in
      a written opinion that such Person deliberately breached such Person's duty
      to
      the Trust or its Common or Capital Security Holders.

     

    (b)  The
      Sponsor shall indemnify, to the fullest extent permitted by applicable law,
      each
      Indemnified Person from and against any and all loss, damage, liability, tax
      (other than taxes based on the income of such Indemnified Person), penalty,
      expense or claim of any kind or nature whatsoever incurred by such Indemnified
      Person arising out of or in connection with or by reason of the creation,
      administration or termination of the Trust, or any act or omission of such
      Indemnified Person in good faith on behalf of the Trust and in a manner such
      Indemnified Person reasonably believed to be within the scope of authority
      conferred on such Indemnified Person by this Declaration, except that no
      Indemnified Person shall be entitled to be indemnified in respect of any loss,
      damage, liability, tax, penalty, expense or claim incurred by such Indemnified
      Person by reason of negligence, willful misconduct or bad faith with respect
      to
      such acts or omissions.

     

    
      
        
        

      

      
        -41-

        
          

        

      

      
        
        

      

       

    

    (c)  The
      indemnification and advancement of expenses provided by, or granted pursuant
      to,
      the other paragraphs of this Section 9.4 shall not be deemed exclusive of any
      other rights to which those seeking indemnification and advancement of expenses
      may be entitled under any agreement, vote of stockholders or disinterested
      directors of the Sponsor or Capital Security Holders of the Trust or otherwise,
      both as to action in such Person's official capacity and as to action in another
      capacity while holding such office. All rights to indemnification under this
      Section 9.4 shall be deemed to be provided by a contract between the Sponsor
      and
      each Indemnified Person who serves in such capacity at any time while this
      Section 9.4 is in effect. Any repeal or modification of this Section 9.4 shall
      not affect any rights or obligations then existing.

     

    (d)  The
      Sponsor or the Trust may purchase and maintain insurance on behalf of any Person
      who is or was an Indemnified Person against any liability asserted against
      such
      Person and incurred by such Person in any such capacity, or arising out of
      such
      Person's status as such, whether or not the Sponsor would have the power to
      indemnify such Person against such liability under the provisions of this
      Section 9.4.

     

    (e)  For
      purposes of this Section 9.4, references to "the Trust" shall include, in
      addition to the resulting or surviving entity, any constituent entity (including
      any constituent of a constituent) absorbed in a consolidation or merger, so
      that
      any Person who is or was a director, trustee, officer or employee of such
      constituent entity, or is or was serving at the request of such constituent
      entity as a director, trustee, officer, employee or agent of another entity,
      shall stand in the same position under the provisions of this Section 9.4 with
      respect to the resulting or surviving entity as such Person would have with
      respect to such constituent entity if its separate existence had
      continued.

     

    (f)  The
      indemnification and advancement of expenses provided by, or granted pursuant
      to,
      this Section 9.4 shall, unless otherwise provided when authorized or ratified,
      continue as to a Person who has ceased to be an Indemnified Person and shall
      inure to the benefit of the heirs, executors and administrators of such a
      Person.

     

    (g)  The
      provisions of this Section 9.4 shall survive the termination of this Declaration
      or the earlier resignation or removal of the Institutional Trustee. The
      obligations of the Sponsor under this Section 9.4 to compensate and indemnify
      the Trustees and to pay or reimburse the Trustees for expenses, disbursements
      and advances shall constitute additional indebtedness hereunder. Such additional
      indebtedness shall be secured by a lien prior to that of the Securities upon
      all
      property and funds held or collected by the Trustees as such, except funds
      held
      in trust for the benefit of the holders of particular Capital Securities,
provided,
      that
      the Sponsor is the holder of the Common Securities.

     

    SECTION
      9.5.   Outside
      Businesses.
      Any
      Covered Person, the Sponsor and the Institutional Trustee (subject to Section
      4.3(c)) may engage in or possess an interest in other business ventures of
      any
      nature or description, independently or with others, similar or dissimilar
      to
      the business of the Trust, and the Trust and the Holders of Securities shall
      have no rights by virtue of this Declaration in and to such independent ventures
      or the income or profits derived therefrom, and the pursuit of any such venture,
      even if competitive with the business of the Trust, shall not be deemed wrongful
      or improper. None of any Covered Person, the Sponsor or the Institutional
      Trustee shall be obligated to present any particular investment or other
      opportunity to the Trust even if such opportunity is of a character that, if
      presented to the Trust, could be taken by the Trust, and any Covered Person,
      the
      Sponsor and the Institutional Trustee shall have the right to take for its
      own
      account (individually or as a partner or fiduciary) or to recommend to others
      any such particular investment or other opportunity. Any Covered Person and
      the
      Institutional Trustee may engage or be interested in any financial or other
      transaction with the Sponsor or any Affiliate of the Sponsor, or may act as
      depositary for, trustee or agent for, or act on any committee or body of holders
      of, securities or other obligations of the Sponsor or its
      Affiliates.

     

    
      
        
        

      

      
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    SECTION
      9.6.   Compensation;
      Fee.

     

    (a)  Subject
      to the provisions set forth in the Fee Agreement between the Institutional
      Trustee, Cohen Bros. & Company and the Company of even date herewith, the
      Sponsor agrees:

     

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

     

    (ii)  except
      as
      otherwise expressly provided herein, to reimburse the Trustees upon request
      for
      all reasonable, documented expenses, disbursements and advances incurred or
      made
      by the Trustees in accordance with any provision of this Declaration (including
      the reasonable compensation and the expenses and disbursements of their
      respective agents and counsel), except any such expense, disbursement or advance
      attributable to their negligence or willful misconduct.

     

    (b)  The
      provisions of this Section 9.6 shall survive the dissolution of the Trust and
      the termination of this Declaration and the removal or resignation of any
      Trustee.

     

    ARTICLE
      X

    ACCOUNTING

     

    SECTION
      10.1.   Fiscal
      Year.
      The
      fiscal year (the "Fiscal Year") of the Trust shall be the calendar year, or
      such
      other year as is required by the Code.

     

    SECTION
      10.2.   Certain
      Accounting Matters.
      

     

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

     

    (b)  The
      Administrators shall either (i) cause each Form 10-K and Form 10-Q prepared
      by
      the Sponsor and filed with the Commission in accordance with the Exchange Act
      to
      be delivered directly to each Holder of Securities, within 90 days after the
      filing of each Form 10-K and within 30 days after the filing of each Form 10-Q
      or (ii) cause to be prepared at the principal office of the Trust in the United
      States, as defined for purposes of Treasury Regulations § 301.7701-7, and
      delivered directly to each of the Holders of Securities, within 90 days after
      the end of each Fiscal Year of the Trust, annual financial statements of the
      Trust, including a balance sheet of the Trust as of the end of such Fiscal
      Year,
      and the related statements of income or loss.

     

    
      
        
        

      

      
        -43-

        
          

        

      

      
        
        

      

       

    

    (c)  The
      Administrators shall cause to be duly prepared and delivered to each of the
      Holders of Securities Form 1099 or such other annual United States federal
      income tax information statement required by the Code, containing such
      information with regard to the Securities held by each Holder as is required
      by
      the Code and the Treasury Regulations. Notwithstanding any right under the
      Code
      to deliver any such statement at a later date, the Administrators shall endeavor
      to deliver all such statements within 30 days after the end of each Fiscal
      Year
      of the Trust.

     

    (d)  The
      Administrators shall cause to be duly prepared in the United States, as defined
      for purposes of Treasury Regulations § 301.7701-7, and filed an annual United
      States federal income tax return on a Form 1041 or such other form required
      by
      United States federal income tax law, and any other annual income tax returns
      required to be filed by the Administrators on behalf of the Trust with any
      state
      or local taxing authority.

     

    (e)  The
      Administrators will cause the Sponsor's reports on Form FR Y-3N to be delivered
      to the Holder promptly following their filing with the Federal
      Reserve.

     

    SECTION
      10.3.   Banking.
      The
      Trust shall maintain one or more bank accounts in the United States, as defined
      for purposes of Treasury Regulations § 301.7701-7, in the name and for the sole
      benefit of the Trust; provided,
      however,
      that
      all payments of funds in respect of the Debentures held by the Institutional
      Trustee shall be made directly to the Property Account and no other funds of
      the
      Trust shall be deposited in the Property Account. The sole signatories for
      such
      accounts (including the Property Account) shall be designated by the
      Institutional Trustee.

     

    SECTION
      10.4.   Withholding.
      The
      Institutional Trustee or any Paying Agent and the Administrators shall comply
      with all withholding requirements under United States federal, state and local
      law. As a condition to the payment of any principal of or interest on any Debt
      Security without the imposition of withholding tax, the Institutional Trustee
      or
      any Paying Agent shall require the previous delivery of properly completed
      and
      signed applicable U.S. federal income tax certifications (generally, an Internal
      Revenue Service Form W-9 (or applicable successor form) in the case of a person
      that is a "United States person" within the meaning of Section 7701(a)(30)
      of
      the Code or an Internal Revenue Service Form W-8 (or applicable successor form)
      in the case of a person that is not a "United States person" within the meaning
      of Section 7701(a)(30) of the Code) and any other certification acceptable
      to it
      to enable the Institutional Trustee or any Paying Agent and the Trustee to
      determine their respective duties and liabilities with respect to any taxes
      or
      other charges that they may be required to pay, deduct or withhold in respect
      of
      such Debt Security or the holder of such Debt Security under any present or
      future law or regulation of the United States or any political subdivision
      thereof or taxing authority therein or to comply with any reporting or other
      requirements under any such law or regulation. The Administrators shall file
      required forms with applicable jurisdictions and, unless an exemption from
      withholding is properly established by a Holder, shall remit amounts withheld
      with respect to the Holder to applicable jurisdictions. To the extent that
      the
      Institutional Trustee or any Paying Agent is required to withhold and pay over
      any amounts to any authority with respect to distributions or allocations to
      any
      Holder, the amount withheld shall be deemed to be a Distribution to the Holder
      in the amount of the withholding. In the event of any claimed overwithholding,
      Holders shall be limited to an action against the applicable jurisdiction.
      If
      the amount required to be withheld was not withheld from actual Distributions
      made, the Institutional Trustee or any Paying Agent may reduce subsequent
      Distributions by the amount of such withholding.

     

    
      
        
        

      

      
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    ARTICLE
      XI

    AMENDMENTS
      AND MEETINGS

     

    SECTION
      11.1.   Amendments.

     

    (a)  Except
      as
      otherwise provided in this Declaration or by any applicable terms of the
      Securities, this Declaration may only be amended by a written instrument
      approved and executed by:

     

    (i)  the
      Institutional Trustee,

     

    (ii)  if
      the
      amendment affects the rights, powers, duties, obligations or immunities of
      the
      Administrators, the Administrators, and

     

    (iii)  the
      Holders of a Majority in liquidation amount of the Common
      Securities.

     

    (b)  Notwithstanding
      any other provision of this Article XI, no amendment shall be made, and any
      such
      purported amendment shall be void and ineffective:

     

    (i)  unless
      the Institutional Trustee shall have first received

     

    (A)  an
      Officers' Certificate from each of the Trust and the Sponsor that such amendment
      is permitted by, and conforms to, the terms of this Declaration (including
      the
      terms of the Securities); and

     

    (B)  an
      opinion of counsel (who may be counsel to the Sponsor or the Trust) that such
      amendment is permitted by, and conforms to, the terms of this Declaration
      (including the terms of the Securities) and that all conditions precedent to
      the
      execution and delivery of such amendment have been satisfied; or

     

    (ii)  if
      the
      result of such amendment would be to

     

    
      (A)  cause
        the
        Trust to cease to be classified for purposes of United States federal income
        taxation as a grantor trust;

    

     

    
      
        
        

      

      
        -45-

        
          

        

      

      
        
        

      

      
        (B)  reduce
          or
          otherwise adversely affect the powers of the Institutional Trustee in
          contravention of the Trust Indenture Act;

         

        (C)  cause
          the
          Trust to be deemed to be an Investment Company required to be registered
          under
          the Investment Company Act; or

         

        (D)  cause
          the
          Debenture Issuer to be unable to treat an amount equal to the Liquidation
          Amount
          of the Capital Securities as "Tier 1 Capital" for purposes of the capital
          adequacy guidelines of (x) the Federal Reserve (or, if the Debenture
          Issuer
          is not a bank holding company, such guidelines or policies applied to the
          Debenture Issuer as if the Debenture Issuer were subject to such guidelines
          of
          policies) or of (y) any other regulatory authority having jurisdiction
          over
          the Debenture Issuer.

      

    

     

    (c)  Except
      as
      provided in Section 11.1(d), (e) or (g), no amendment shall be made, and any
      such purported amendment shall be void and ineffective, unless the Holders
      of a
      Majority in liquidation amount of the Capital Securities shall have consented
      to
      such amendment.

     

    (d)  In
      addition to and notwithstanding any other provision in this Declaration, without
      the consent of each affected Holder, this Declaration may not be amended to
      (i)
      change the amount or timing of any Distribution on the Securities or any
      redemption or liquidation provisions applicable to the Securities or otherwise
      adversely affect the amount of any Distribution required to be made in respect
      of the Securities as of a specified date or (ii) restrict the right of a Holder
      to institute suit for the enforcement of any such payment on or after such
      date.

     

    (e)  Sections
      9.1(b)
      and 9.1(c) and this Section 11.1 shall not be amended without the consent of
      all
      of the Holders of the Securities.

     

    (f)  The
      rights of the Holders of the Capital Securities and Common Securities, as
      applicable, under Article IV to increase or decrease the number of, and appoint
      and remove, Trustees shall not be amended without the consent of the Holders
      of
      a Majority in liquidation amount of the Capital Securities or Common Securities,
      as applicable.

     

    (g)  Subject
      to Section 11.1(a), this Declaration may be amended by the Institutional Trustee
      and the Holder of a Majority in liquidation amount of the Common Securities
      without the consent of the Holders of the Capital Securities to:

     

    (i)  cure
      any
      ambiguity;

     

    (ii)  correct
      or supplement any provision in this Declaration that may be defective or
      inconsistent with any other provision of this Declaration;

     

    (iii)  add
      to
      the covenants, restrictions or obligations of the Sponsor; or

     

    (iv)  modify,
      eliminate or add to any provision of this Declaration to such extent as may
      be
      necessary or desirable, including, without limitation, to ensure that the Trust
      will be classified for United States federal income tax purposes at all times
      as
      a grantor trust and will not be required to register as an Investment Company
      under the Investment Company Act (including without limitation to conform to
      any
      change in Rule 3a-5, Rule 3a-7 or any other applicable rule under the Investment
      Company Act or written change in interpretation or application thereof by any
      legislative body, court, government agency or regulatory authority) which
      amendment does not have a material adverse effect on the right, preferences
      or
      privileges of the Holders of Securities;

     

    
      
        
        

      

      
        -46-

        
          

        

      

      
        
        

      

       

    

    provided,
      however,
      that no
      such modification, elimination or addition referred to in clauses (i), (ii),
      (iii) or (iv) shall adversely affect the powers, preferences or rights of
      Holders of Capital Securities.

     

    SECTION
      11.2.   Meetings
      of the Holders of the Securities; Action by Written Consent.
      

     

    (a)  Meetings
      of the Holders of any class of Securities may be called at any time by the
      Administrators (or as provided in the terms of the Securities) to consider
      and
      act on any matter on which Holders of such class of Securities are entitled
      to
      act under the terms of this Declaration, the terms of the Securities or the
      rules of any stock exchange on which the Capital Securities are listed or
      admitted for trading, if any. The Administrators shall call a meeting of the
      Holders of such class if directed to do so by the Holders of not less than
      10%
      in liquidation amount of such class of Securities. Such direction shall be
      given
      by delivering to the Administrators one or more notices in a writing stating
      that the signing Holders of the Securities wish to call a meeting and indicating
      the general or specific purpose for which the meeting is to be called. Any
      Holders of the Securities calling a meeting shall specify in writing the
      Certificates held by the Holders of the Securities exercising the right to
      call
      a meeting and only those Securities represented by such Certificates shall
      be
      counted for purposes of determining whether the required percentage set forth
      in
      the second sentence of this paragraph has been met.

     

    (b)  Except
      to
      the extent otherwise provided in the terms of the Securities, the following
      provisions shall apply to meetings of Holders of the Securities:

     

    (i)  notice
      of
      any such meeting shall be given to all the Holders of the Securities having
      a
      right to vote thereat at least 7 days and not more than 60 days before the
      date
      of such meeting. Whenever a vote, consent or approval of the Holders of the
      Securities is permitted or required under this Declaration or the rules of
      any
      stock exchange on which the Capital Securities are listed or admitted for
      trading, if any, such vote, consent or approval may be given at a meeting of
      the
      Holders of the Securities. Any action that may be taken at a meeting of the
      Holders of the Securities may be taken without a meeting if a consent in writing
      setting forth the action so taken is signed by the Holders of the Securities
      owning not less than the minimum amount of Securities that would be necessary
      to
      authorize or take such action at a meeting at which all Holders of the
      Securities having a right to vote thereon were present and voting. Prompt notice
      of the taking of action without a meeting shall be given to the Holders of
      the
      Securities entitled to vote who have not consented in writing. The
      Administrators may specify that any written ballot submitted to the Holders
      of
      the Securities for the purpose of taking any action without a meeting shall
      be
      returned to the Trust within the time specified by the
      Administrators;

     

    
      
        
        

      

      
        -47-

        
          

        

      

      
        
        

      

       

    

    (ii)  each
      Holder of a Security may authorize any Person to act for it by proxy on all
      matters in which a Holder of Securities is entitled to participate, including
      waiving notice of any meeting, or voting or participating at a meeting. No
      proxy
      shall be valid after the expiration of 11 months from the date thereof unless
      otherwise provided in the proxy. Every proxy shall be revocable at the pleasure
      of the Holder of the Securities executing it. Except as otherwise provided
      herein, all matters relating to the giving, voting or validity of proxies shall
      be governed by the General Corporation Law of the State of Connecticut relating
      to proxies, and judicial interpretations thereunder, as if the Trust were a
      Connecticut corporation and the Holders of the Securities were stockholders
      of a
      Connecticut corporation; each meeting of the Holders of the Securities shall
      be
      conducted by the Administrators or by such other Person that the Administrators
      may designate; and

     

    (iii)  unless
      the Statutory Trust Act, this Declaration, the terms of the Securities, the
      Trust Indenture Act or the listing rules of any stock exchange on which the
      Capital Securities are then listed for trading, if any, otherwise provides,
      the
      Administrators, in their sole discretion, shall establish all other provisions
      relating to meetings of Holders of Securities, including notice of the time,
      place or purpose of any meeting at which any matter is to be voted on by any
      Holders of the Securities, waiver of any such notice, action by consent without
      a meeting, the establishment of a record date, quorum requirements, voting
      in
      person or by proxy or any other matter with respect to the exercise of any
      such
      right to vote; provided,
      however,
      that
      each meeting shall be conducted in the United States (as that term is defined
      in
      Treasury Regulations § 301.7701-7).

     

    ARTICLE
      XII

    REPRESENTATIONS
      OF INSTITUTIONAL TRUSTEE

     

    SECTION
      12.1.   Representations
      and Warranties of Institutional Trustee.
      The
      Trustee that acts as initial Institutional Trustee represents and warrants
      to
      the Trust and to the Sponsor at the date of this Declaration, and each Successor
      Institutional Trustee represents and warrants to the Trust and the Sponsor
      at
      the time of the Successor Institutional Trustee's acceptance of its appointment
      as Institutional Trustee, that:

     

    (a)  the
      Institutional Trustee is a banking corporation or national association with
      trust powers, duly organized, validly existing and in good standing under the
      laws of the State of New York or the United States of America, respectively,
      with trust power and authority to execute and deliver, and to carry out and
      perform its obligations under the terms of, this Declaration;

     

    (b)  the
      Institutional Trustee has a combined capital and surplus of at least fifty
      million U.S. dollars ($50,000,000);

     

    
      
        
        

      

      
        -48-

        
          

        

      

      
        
        

      

       

    

    (c)  the
      Institutional Trustee is not an affiliate of the Sponsor, nor does the
      Institutional Trustee offer or provide credit or credit enhancement to the
      Trust;

     

    (d)  the
      execution, delivery and performance by the Institutional Trustee of this
      Declaration has been duly authorized by all necessary action on the part of
      the
      Institutional Trustee. This Declaration has been duly executed and delivered
      by
      the Institutional Trustee, and under Connecticut law (excluding any securities
      laws) constitutes a legal, valid and binding obligation of the Institutional
      Trustee, enforceable against it in accordance with its terms, subject to
      applicable bankruptcy, reorganization, moratorium, insolvency and other similar
      laws affecting creditors' rights generally and to general principles of equity
      and the discretion of the court (regardless of whether considered in a
      proceeding in equity or at law);

     

    (e)  the
      execution, delivery and performance of this Declaration by the Institutional
      Trustee does not conflict with or constitute a breach of the charter or by-laws
      of the Institutional Trustee; and

     

    (f)  no
      consent, approval or authorization of, or registration with or notice to, any
      state or federal banking authority governing the trust powers of the
      Institutional Trustee is required for the execution, delivery or performance
      by
      the Institutional Trustee of this Declaration.

     

    ARTICLE
      XIII

    MISCELLANEOUS

     

    SECTION
      13.1.   Notices.
      All
      notices provided for in this Declaration shall be in writing, duly signed by
      the
      party giving such notice, and shall be delivered, telecopied (which telecopy
      shall be followed by notice delivered or mailed by first class mail) or mailed
      by first class mail, as follows:

     

    (a)  if
      given
      to the Trust, in care of the Administrators at the Trust's mailing address
      set
      forth below (or such other address as the Trust may give notice of to the
      Holders of the Securities):

     

    CB
      Financial Capital Trust I

    c/o
      CB
      Financial Corporation

    3710
      Nash
      Street

    Wilson,
      NC 27896-1120

    Attention:
      Norman B. Osborn

    Telecopy:
      (252) 243-9726

    Telephone:
      (252) 243-5588

     

    (b)  if
      given
      to the Institutional Trustee, at the Institutional Trustee's mailing address
      set
      forth below (or such other address as the Institutional Trustee may give notice
      of to the Holders of the Securities):

     

    
      
        
        

      

      
        -49-

        
          

        

      

      
        
        

      

       

    

    U.S.
      Bank
      National Association

    225
      Asylum Street, 23rd Floor

    Hartford,
      CT 06103

    Attention:
      Corporate Trust Services

    CB
      Financial Capital Trust I

    

    With
      a
      copy to: 

     

    U.S.
      Bank
      National Association 

    One
      Federal Street, 3rd
      Floor

    Boston,
      MA 02110

    Telecopy:
      (617) 603-6683

    Telephone:
      (617) 603-6549

    

    (c)  if
      given
      to the Holder of the Common Securities, at the mailing address of the Sponsor
      set forth below (or such other address as the Holder of the Common Securities
      may give notice of to the Trust):

     

    CB
      Financial Corporation

    3710
      Nash
      Street

    Wilson,
      NC 27896-1120

    Attention:
      Norman B. Osborn

    Telecopy:
      (252) 243-9726

    Telephone:
      (252) 243-5588

     

    (d)  if
      given
      to any other Holder, at the address set forth on the books and records of the
      Trust.

     

    All
      such
      notices shall be deemed to have been given when received in person, telecopied
      with receipt confirmed, or mailed by first class mail, postage prepaid, except
      that if a notice or other document is refused delivery or cannot be delivered
      because of a changed address of which no notice was given, such notice or other
      document shall be deemed to have been delivered on the date of such refusal
      or
      inability to deliver.

     

    SECTION
      13.2.   Governing
      Law.
      This
      Declaration and the rights and obligations of the parties hereunder shall be
      governed by and interpreted in accordance with the law of the State of
      Connecticut and all rights, obligations and remedies shall be governed by such
      laws without regard to the principles of conflict of laws of the State of
      Connecticut or any other jurisdiction that would call for the application of
      the
      law of any jurisdiction other than the State of Connecticut.

     

    SECTION
      13.3.   Submission
      to Jurisdiction.
      

     

    (a)  Each
      of
      the parties hereto agrees that any suit, action or proceeding arising out of
      or
      based upon this Declaration, or the transactions contemplated hereby, may be
      instituted in any of the courts of the State of New York located in the Borough
      of Manhattan, City and State of New York, and any competent court in the place
      of its corporate domicile in respect of actions brought against it as a
      defendant. In addition, each such party irrevocably waives, to the fullest
      extent permitted by law, any objection which it may now or hereafter have to
      the
      laying of the venue of such suit, action or proceeding brought in any such
      court
      and irrevocably waives any claim that any such suit, action or proceeding
      brought in any such court has been brought in an inconvenient forum and
      irrevocably waives any right to which it may be entitled on account of its
      place
      of corporate domicile. Each such party hereby irrevocably waives any and all
      right to trial by jury in any legal proceeding arising out of or relating to
      this Declaration or the transactions contemplated hereby. Each such party agrees
      that final judgment in any proceedings brought in such a court shall be
      conclusive and binding upon it and may be enforced in any court to the
      jurisdiction of which it is subject by a suit upon such judgment.

     

    
      
        
        

      

      
        -50-

        
          

        

      

      
        
        

      

       

    

    (b)  Each
      of
      the Sponsor, the Trustees, the Administrators and the Holder of the Common
      Securities irrevocably consents to the service of process on it in any such
      suit, action or proceeding by the mailing thereof by registered or certified
      mail, postage prepaid, to it at its address given in or pursuant to Section
      13.1
      hereof.

     

    (c)  To
      the
      extent permitted by law, nothing herein contained shall preclude any party
      from
      effecting service of process in any lawful manner or from bringing any suit,
      action or proceeding in respect of this Declaration in any other state, country
      or place.

     

    SECTION
      13.4.   Intention
      of the Parties.
      It is
      the intention of the parties hereto that the Trust be classified for United
      States federal income tax purposes as a grantor trust. The provisions of this
      Declaration shall be interpreted to further this intention of the
      parties.

     

    SECTION
      13.5.   Headings.
      Headings contained in this Declaration are inserted for convenience of reference
      only and do not affect the interpretation of this Declaration or any provision
      hereof.

     

    SECTION
      13.6.   Successors
      and Assigns.
      Whenever in this Declaration any of the parties hereto is named or referred
      to,
      the successors and assigns of such party shall be deemed to be included, and
      all
      covenants and agreements in this Declaration by the Sponsor and the Trustees
      shall bind and inure to the benefit of their respective successors and assigns,
      whether or not so expressed.

     

    SECTION
      13.7.   Partial
      Enforceability.
      If any
      provision of this Declaration, or the application of such provision to any
      Person or circumstance, shall be held invalid, the remainder of this
      Declaration, or the application of such provision to persons or circumstances
      other than those to which it is held invalid, shall not be affected
      thereby.

     

    SECTION
      13.8.   Counterparts.
      This
      Declaration may contain more than one counterpart of the signature page and
      this
      Declaration may be executed by the affixing of the signature of each of the
      Trustees and Administrators 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 all of the signers had signed a single
      signature page.

     

    
      
        
        

      

      
        -51-

        
          

        

      

      
        
        

      

       

    

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

     

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

              as Institutional Trustee

            
	 
 	 
 	 
 
	 	By:  	
              /s/
                Paul
                Allen

            
	 	 	
              

                
	 	
              Name: 

            	Paul Allen
	 	 	
              

                
	 	
              Title:

            	
              Vice
                President

            
	 	 	
              

                

    

    
      
        
          	 	 	 
	 	
                  
                    CB
                      FINANCIAL CORPORATION,

                    as Sponsor

                  

                
	 
 	 
 	 
 
	 	By:  	/s/ Norman B. Osborn 
	 	 	
                  

                   
	 	
                  Name: 

                	Norman B. Osborn
	 	 	
                  

                   
	 	
                  Title:

                	
                  President and CEO

                  
                    

                     

                
	 	 	   
	 	By:   	/s/ Norman B. Osborn 
	 	 	
                  
Administrator  
	 	 	 
	 	 	 
	 	By:  	
                  /s/ David W. Woodard

                  
                    
Administrator  

                

        

      

      
        
           

           

          
            
              
              

            

            
              -52-

              
                

              

            

            
              
              

            

             

          

        

      

    

    ANNEX
      I

     

    TERMS
      OF

    CAPITAL
      SECURITIES AND

    COMMON
      SECURITIES

     

    Pursuant
      to Section 6.1 of the Amended and Restated Declaration of Trust, dated as of
      July 12, 2005 (as amended from time to time, the "Declaration"), the
      designation, rights, privileges, restrictions, preferences and other terms
      and
      provisions of the Capital Securities and the Common Securities are set out
      below
      (each capitalized term used but not defined herein has the meaning set forth
      in
      the Declaration):

     

    1.  Designation
      and Number.
      

     

    (a)  Capital
      Securities. 5,000 Capital Securities of CB Financial Capital Trust I (the
      "Trust"), with an aggregate stated liquidation amount with respect to the assets
      of the Trust of Five Million Dollars ($5,000,000) and a stated liquidation
      amount with respect to the assets of the Trust of $1,000 per Capital Security,
      are hereby designated for the purposes of identification only as the "TP
      Securities" (the "Capital Securities"). The Capital Security Certificates
      evidencing the Capital Securities shall be substantially in the form of Exhibit
      A-1 to the Declaration, with such changes and additions thereto or deletions
      therefrom as may be required by ordinary usage, custom or practice or to conform
      to the rules of any stock exchange on which the Capital Securities are listed,
      if any.

     

    (b)  Common
      Securities. 155 Common Securities of the Trust (the "Common Securities") will
      be
      evidenced by Common Security Certificates substantially in the form of Exhibit
      A-2 to the Declaration, with such changes and additions thereto or deletions
      therefrom as may be required by ordinary usage, custom or practice. In the
      absence of an Event of Default, the Common Securities will have an aggregate
      stated liquidation amount with respect to the assets of the Trust of One Hundred
      Fifty Five Thousand Dollars ($155,000) and a stated liquidation amount with
      respect to the assets of the Trust of $1,000 per Common Security.

     

    2.  Distributions.

     

    (a)  Distributions
      payable on each Security will be payable at a variable per annum rate of
      interest, reset quarterly, equal to LIBOR, as determined on the LIBOR
      Determination Date for such Distribution Payment Period, plus 1.85% (the "Coupon
      Rate") of the stated liquidation amount of $1,000 per Security (provided,
      however, that the Coupon Rate for any Distribution Payment Period may not exceed
      the highest rate permitted by New York law, as the same may be modified by
      United States law of general applicability), such Coupon Rate being the rate
      of
      interest payable on the Debentures to be held by the Institutional Trustee.
      Except as set forth below in respect of an Extension Period, Distributions
      in
      arrears for more than one quarterly period will bear interest thereon compounded
      quarterly at the applicable Coupon Rate for each such quarterly period (to
      the
      extent permitted by applicable law). The term "Distributions" as used herein
      includes cash distributions, any such compounded distributions and any
      Additional Interest 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 Institutional Trustee and to the extent the
      Institutional Trustee has funds legally available in the Property Account
      therefor. Distributions will be computed on the basis of a 360-day year and
      the
      actual number of days elapsed in the relevant Distribution period; provided,
      however, that upon the occurrence of a Special Event redemption pursuant to
      paragraph 4(a) below the amounts payable pursuant to this Declaration shall
      be
      calculated as set forth in the definition of Special Redemption
      Price.

     

    
      
        
        

      

      
        A-I-1

        
          

        

      

      
        
        

      

       

    

    (b)  LIBOR
      shall be determined by the Calculation Agent in accordance with the following
      provisions:

     

    (1)  On
      the
      second LIBOR Business Day (provided,
      that on
      such day commercial banks are open for business (including dealings in foreign
      currency deposits) in London (a "LIBOR Banking Day"), and otherwise the next
      preceding LIBOR Business Day that is also a LIBOR Banking Day) prior to March
      15, June 15, September 15 and December 15 (or, with respect to the first
      Distribution Payment Period on July 8, 2005), (each such day, a "LIBOR
      Determination Date") for such Distribution Payment Period), the Calculation
      Agent shall obtain the rate for three-month U.S. Dollar deposits in Europe,
      which appears on Telerate Page 3750 (as defined in the International Swaps
      and
      Derivatives Association, Inc. 2000 Interest Rate and Currency Exchange
      Definitions) or such other page as may replace such Telerate Page 3750 on the
      Moneyline Telerate, Inc. service (or such other service or services as may
      be
      nominated by the British Banker's Association as the information vendor for
      the
      purpose of displaying London interbank offered rates for U.S. dollar deposits),
      as of 11:00 a.m. (London time) on such LIBOR Determination Date, and the rate
      so
      obtained shall be LIBOR for such Distribution Payment Period. "LIBOR Business
      Day" means any day that is not a Saturday, Sunday or other day on which
      commercial banking institutions in The City of New York or Boston, Massachusetts
      are authorized or obligated by law or executive order to be closed. If such
      rate
      is superseded on Telerate Page 3750 by a corrected rate before 12:00 noon
      (London time) on the same LIBOR Determination Date, the corrected rate as so
      substituted will be the applicable LIBOR for that Distribution Payment
      Period.

     

    (2)  If,
      on
      any LIBOR Determination Date, such rate does not appear on Telerate Page 3750
      or
      such other page as may replace such Telerate Page 3750 on the Moneyline
      Telerate, Inc. service (or such other service or services as may be nominated
      by
      the British Banker's Association as the information vendor for the purpose
      of
      displaying London interbank offered rates for U.S. dollar deposits), the
      Calculation Agent shall determine the arithmetic mean of the offered quotations
      of the Reference Banks (as defined below) to leading banks in the London
      Interbank market for three-month U.S. Dollar deposits in Europe (in an amount
      determined by the Calculation Agent) by reference to requests for quotations
      as
      of approximately 11:00 a.m. (London time) on the LIBOR Determination Date made
      by the Calculation Agent to the Reference Banks. If, on any LIBOR Determination
      Date, at least two of the Reference Banks provide such quotations, LIBOR shall
      equal the arithmetic mean of such quotations. If, on any LIBOR Determination
      Date, only one or none of the Reference Banks provide such a quotation, LIBOR
      shall be deemed to be the arithmetic mean of the offered quotations that at
      least two leading banks in the City of New York (as selected by the Calculation
      Agent) are quoting on the relevant LIBOR Determination Date for three-month
      U.S.
      Dollar deposits in Europe at approximately 11:00 a.m. (London time) (in an
      amount determined by the Calculation Agent). As used herein, "Reference Banks"
      means four major banks in the London Interbank market selected by the
      Calculation Agent.

     

    
      
        
        

      

      
        A-I-2

        
          

        

      

      
        
        

      

       

    

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

     

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

     

    (d)  As
      soon
      as practicable following each LIBOR Determination Date, but in no event later
      than the 30th
      day
      following such LIBOR Determination Date, the Calculation Agent shall notify,
      in
      writing, the Sponsor and the Paying Agent of the applicable Coupon Rate in
      effect for the related Distribution Payment Period. The Calculation Agent shall,
      upon the request of the Holder of any Securities, provide the Coupon Rate then
      in effect. All calculations made by the Calculation Agent in the absence of
      manifest error shall be conclusive for all purposes and binding on the Sponsor
      and the Holders of the Securities. Any error in a calculation of the Coupon
      Rate
      by the Calculation Agent may be corrected at any time by the delivery of notice
      of such corrected Coupon Rate as provided above. The Paying Agent shall be
      entitled to rely on information received from the Calculation Agent or the
      Sponsor as to the Coupon Rate. The Sponsor shall, from time to time, provide
      any
      necessary information to the Paying Agent relating to any original issue
      discount and interest on the Securities that is included in any payment and
      reportable for taxable income calculation purposes. Failure to notify the
      Company, the Institutional Trustee or the Paying Agent of the applicable Coupon
      Rate shall not affect the obligation of the Company to make payment on the
      Debentures at such Coupon Rate. 

     

    
      
        
        

      

      
        A-I-3

        
          

        

      

      
        
        

      

       

    

    (e)  Distributions
      on the Securities will be cumulative, will accrue from the date of original
      issuance, and will be payable, subject to extension of Distribution payment
      periods as described herein, quarterly in arrears on March 15, June 15,
      September 15 and December 15 of each year, commencing September 15, 2005 (each,
      a "Distribution Payment Date"). Subject to prior submission of Notice (as
      defined in the Indenture), and so long as no Event of Default pursuant to
      paragraphs (c), (e) or (f) of Section 5.01 of the Indenture has occurred
      and is continuing the Debenture Issuer has the right under the Indenture to
      defer payments of interest on the Debentures by extending the interest
      distribution period for up to 20 consecutive quarterly periods (each, an
      "Extension Period") at any time and from time to time on the Debentures, subject
      to the conditions described below, during which Extension Period no interest
      shall be due and payable (except any Additional Interest that may be due and
      payable). 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 in effect for each 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 law.
      No
      Extension Period may end on a date other than a Distribution Payment Date.
      At
      the end of any such Extension Period, the Debenture Issuer shall pay all
      Deferred Interest then accrued and unpaid on the Debentures; provided,
      however,
      that no
      Extension Period may extend beyond the Maturity Date, Redemption Date (to the
      extent redeemed) or Special Redemption Date; and provided,
      further,
      that,
      during any such Extension Period, the Debenture Issuer may not (i) declare
      or
      pay any dividends or distributions on, or redeem, purchase, acquire, or make
      a
      liquidation payment with respect to, any of the Debenture Issuer's capital
      stock
      or (ii) make any payment of principal or premium or interest on or repay,
      repurchase or redeem any debt securities of the Debenture Issuer that rank
      pari
      passu
      in all
      respects with or junior in interest to the Debentures or (iii) make any payment
      under any guarantees of the Debenture Issuer that rank in all respects
pari
      passu
      with or
      junior in interest to the Guarantee (other than (a) repurchases, redemptions
      or
      other acquisitions of shares of capital stock of the Debenture Issuer (A) in
      connection with any employment contract, benefit plan or other similar
      arrangement with or for the benefit of one or more employees, officers,
      directors or consultants, (B) in connection with a dividend reinvestment or
      stockholder stock purchase plan or (C) in connection with the issuance of
      capital stock of the Debenture Issuer (or securities convertible into or
      exercisable for such capital stock), as consideration in an acquisition
      transaction entered into prior to the applicable Extension Period, (b) as a
      result of any exchange, reclassification, combination or conversion of any
      class
      or series of the Debenture Issuer's capital stock (or any capital stock of
      a
      subsidiary of the Debenture Issuer) for any class or series of the Debenture
      Issuer's capital stock or of any class or series of the Debenture Issuer's
      indebtedness for any class or series of the Debenture Issuer's capital stock,
      (c) the purchase of fractional interests in shares of the Debenture Issuer's
      capital stock pursuant to the conversion or exchange provisions of such capital
      stock or the security being converted or exchanged, (d) any declaration of
      a
      dividend in connection with any stockholder's rights plan, or the issuance
      of
      rights, stock or other property under any stockholder's rights plan, or the
      redemption or repurchase of rights pursuant thereto, or (e) any dividend in
      the
      form of stock, warrants, options or other rights where the dividend stock or
      the
      stock issuable upon exercise of such warrants, options or other rights is the
      same stock as that on which the dividend is being paid or ranks pari
      passu
      with or
      junior to such stock). Prior to the termination of any Extension Period, the
      Debenture Issuer may further extend such period; provided,
      that
      such period together with all such previous and further consecutive extensions
      thereof shall not exceed 20 consecutive quarterly periods, or extend beyond
      the
      Maturity Date. Upon the termination of any Extension Period and upon the payment
      of all Deferred Interest, the Debenture Issuer may commence a new Extension
      Period, subject to the foregoing requirements. No interest or Deferred Interest
      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. If Distributions are deferred, the Distributions due shall
      be paid on the date that the related Extension Period terminates, or, if such
      date is not a Distribution Payment Date, on the immediately following
      Distribution Payment Date, to Holders of the Securities as they appear on the
      books and records of the Trust on the record date immediately preceding such
      date. Distributions on the Securities must be paid on the dates payable (after
      giving effect to any Extension Period) to the extent that the Trust has funds
      legally available for the payment of such distributions in the Property Account
      of the Trust. The Trust's funds available for Distribution to the Holders of
      the
      Securities will be limited to payments received from the Debenture Issuer.
      The
      payment of Distributions out of moneys held by the Trust is guaranteed by the
      Guarantor pursuant to the Guarantee.

     

    
      
        
        

      

      
        A-I-4

        
          

        

      

      
        
        

      

       

    

    (f)  Distributions
      on the Securities will be payable to the Holders thereof as they appear on
      the
      books and records of the Registrar on the relevant record dates. The relevant
      record dates shall be 15 days before the relevant Distribution Payment Date.
      Distributions payable on any Securities that are not punctually paid on any
      Distribution Payment Date, as a result of the Debenture Issuer having failed
      to
      make a payment under the Debentures, as the case may be, when due (taking into
      account any Extension Period), will cease to be payable to the Person in whose
      name such Securities are registered on the relevant record date, and such
      defaulted Distribution will instead be payable to the Person in whose name
      such
      Securities are registered on the special record date or other specified date
      determined in accordance with the Indenture. Notwithstanding anything to the
      contrary contained herein, if any Distribution Payment Date, other than on
      the
      Maturity Date, any Redemption Date or the Special Redemption Date, falls on
      a
      day that is not a Business Day, then any Distributions payable will be paid
      on,
      and such Distribution Payment Date will be moved to, the next succeeding
      Business Day, and additional Distributions will accrue for each day that such
      payment is delayed as a result thereof. If the Maturity Date, any Redemption
      Date or the Special Redemption Date falls on a day that is not a Business Day,
      then the principal, premium, if any, and/or Distributions payable on such date
      will be paid on the next succeeding Business Day, and no additional
      Distributions will accrue in respect of such payment made on such next
      succeeding Business Day.

     

    (g)  In
      the
      event that there is any money or other property held by or for the Trust that
      is
      not accounted for hereunder, such property shall be distributed pro rata (as
      defined herein) among the Holders of the Securities.

     

    3.  Liquidation
      Distribution Upon Dissolution.
      In the
      event of the voluntary or involuntary liquidation, dissolution, winding-up
      or
      termination of the Trust (each, a "Liquidation") other than in connection with
      a
      redemption of the Debentures, the Holders of the Securities will be entitled
      to
      receive out of the assets of the Trust available for distribution to Holders
      of
      the Securities, after satisfaction of liabilities to creditors of the Trust
      (to
      the extent not satisfied by the Debenture Issuer), distributions equal to the
      aggregate of the stated liquidation amount of $1,000 per Security plus accrued
      and unpaid Distributions thereon to the date of payment (such amount being
      the
      "Liquidation Distribution"), unless in connection with such Liquidation, the
      Debentures in an aggregate stated principal amount equal to the aggregate stated
      liquidation amount of such Securities, with an interest rate equal to the Coupon
      Rate of, and bearing accrued and unpaid interest in an amount equal to the
      accrued and unpaid Distributions on, and having the same record date as, such
      Securities, after paying or making reasonable provision to pay all claims and
      obligations of the Trust shall be distributed on a Pro Rata basis to the Holders
      of the Securities in exchange for such Securities.

     

    The
      Sponsor, as the Holder of all of the Common Securities, has the right at any
      time to, upon receipt of an opinion of nationally recognized tax counsel that
      Holders will not recognize any gain or loss for United States federal income
      tax
      purposes as a result of the distribution Debentures, dissolve the Trust
      (including without limitation upon the occurrence of a Tax Event, an Investment
      Company Event or a Capital Treatment Event), subject to the receipt by the
      Debenture Issuer of prior approval from any regulatory authority having
      jurisdiction over the Sponsor that is primarily responsible for regulating
      the
      activities of the Sponsor if such approval is then required under applicable
      capital guidelines or policies of such regulatory authority, and, after
      satisfaction of liabilities to creditors of the Trust, cause the Debentures
      to
      be distributed to the Holders of the Securities on a Pro Rata basis in
      accordance with the aggregate stated liquidation amount thereof.

     

    
      
        
        

      

      
        A-I-5

        
          

        

      

      
        
        

      

       

    

    The
      Trust
      shall dissolve on the first to occur of (i) July 12, 2040, the expiration of
      the
      term of the Trust, (ii) a Bankruptcy Event with respect to the Sponsor, the
      Trust or the Debenture Issuer, (iii) (other than in connection with a merger,
      consolidation or similar transaction not prohibited by the Indenture, this
      Declaration or the Guarantee, as the case may be) the filing of a certificate
      of
      dissolution or its equivalent with respect to the Sponsor or upon the revocation
      of the charter of the Sponsor and the expiration of 90 days after the date
      of
      revocation without a reinstatement thereof, (iv) the distribution to the Holders
      of the Securities of the Debentures, upon exercise of the right of the Holder
      of
      all of the outstanding Common Securities to dissolve the Trust as described
      above, (v) the entry of a decree of a judicial dissolution of the Sponsor or
      the
      Trust, or (vi) when all of the Securities shall have been called for redemption
      and the amounts necessary for redemption thereof shall have been paid to the
      Holders in accordance with the terms of the Securities. As soon as practicable
      after the dissolution of the Trust and upon completion of the winding up of
      the
      Trust, the Trust shall terminate upon the filing of a certificate of
      cancellation with the Secretary of State of the State of
      Connecticut.

     

    If
      a
      Liquidation of the Trust occurs as described in clause (i), (ii), (iii) or
      (v)
      in the immediately preceding paragraph, the Trust shall be liquidated by the
      Institutional Trustee of the Trust as expeditiously as such Trustee determines
      to be possible by distributing, after satisfaction of liabilities to creditors
      of the Trust as provided by applicable law, to the Holders of the Securities,
      the Debentures on a Pro Rata basis to the extent not satisfied by the Debenture
      Issuer, unless such distribution is determined by the Institutional Trustee
      not
      to be practical, in which event such Holders will be entitled to receive out
      of
      the assets of the Trust available for distribution to the Holders, after
      satisfaction of liabilities to creditors of the Trust to the extent not
      satisfied by the Debenture Issuer, an amount equal to the Liquidation
      Distribution. An early Liquidation of the Trust pursuant to clause (iv) of
      the
      immediately preceding paragraph shall occur if the Institutional Trustee
      determines that such Liquidation is possible by distributing, after satisfaction
      of liabilities to creditors of Trust, to the Holders of the Securities on a
      Pro
      Rata basis, the Debentures, and such distribution occurs.

     

    If,
      upon
      any such Liquidation, 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 the amounts payable directly by the Trust on
      such
      Capital Securities shall be paid to the Holders of the Securities on a Pro
      Rata
      basis, except that if an Event of Default has occurred and is continuing, the
      Capital Securities shall have a preference over the Common Securities with
      regard to such distributions.

     

    Upon
      any
      such Liquidation of the Trust involving a distribution of the Debentures, if
      at
      the time of such Liquidation, the Capital Securities were rated by at least
      one
      nationally-recognized statistical rating organization, the Debenture Issuer
      will
      use its reasonable best efforts to obtain from at least one such or other rating
      organization a rating for the Debentures.

     

    
      
        
        

      

      
        A-I-6

        
          

        

      

      
        
        

      

       

    

    After
      the
      date for any distribution of the Debentures upon dissolution of the Trust,
      (i)
      the Securities of the Trust will be deemed to be no longer outstanding, (ii)
      any
      certificates representing the Capital Securities will be deemed to represent
      undivided beneficial interests in such of the Debentures as have an aggregate
      principal amount equal to the aggregate stated liquidation amount of, with
      an
      interest rate identical to the distribution rate of, and bearing accrued and
      unpaid interest equal to accrued and unpaid distributions on, the Securities
      until such certificates are presented to the Debenture Issuer or its agent
      for
      transfer or reissuance (and until such certificates are so surrendered, no
      payments of interest or principal shall be made to Holders of Securities in
      respect of any payments due and payable under the Debentures) and (iii) all
      rights of Holders of Securities under the Capital Securities or the Common
      Securities, as applicable, shall cease, except the right of such Holders to
      receive Debentures upon surrender of certificates representing such
      Securities.

     

    4.  Redemption
      and Distribution.
      

     

    (a)  The
      Debentures will mature on July 12, 2035. The Debentures may be redeemed by
      the
      Debenture Issuer, in whole or in part, on any March 15, June 15, September
      15 or
      December 15 on or after September 15, 2010 at the Redemption Price, upon not
      less than 30 nor more than 60 days' notice to Holders of such Debentures. In
      addition, upon the occurrence and continuation of a Tax Event, an Investment
      Company Event or a Capital Treatment Event, the Debentures may be redeemed
      by
      the Debenture Issuer in whole or in part, at any time within 90 days following
      the occurrence of such Tax Event, Investment Company Event or Capital Treatment
      Event, as the case may be (the "Special Redemption Date"), at the Special
      Redemption Price, upon not less than 30 nor more than 60 days' notice to Holders
      of the Debentures so long as such Tax Event, Investment Company Event or Capital
      Treatment Event, as the case may be, is continuing. In each case, the right
      of
      the Debenture Issuer to redeem the Debentures is subject to the Debenture Issuer
      having received prior approval from any regulatory authority having jurisdiction
      over the Debenture Issuer, if such approval is then required under applicable
      capital guidelines or policies of such regulatory authority.

     

    "Tax
      Event" means the receipt by the Debenture Issuer and the Trust of an opinion
      of
      counsel experienced in such matters to the effect that, as a result of any
      amendment to or change (including any announced prospective change) in the
      laws
      or any regulations thereunder of the United States or any political subdivision
      or taxing authority thereof or therein, or as a result of any official
      administrative pronouncement (including any private letter ruling, technical
      advice memorandum, regulatory procedure, notice or announcement) (an
      "Administrative Action") or judicial decision interpreting or applying such
      laws
      or regulations, regardless of whether such Administrative Action or judicial
      decision is issued to or in connection with a proceeding involving the Debenture
      Issuer or the Trust and whether or not subject to review or appeal, which
      amendment, clarification, change, Administrative Action or decision is enacted,
      promulgated or announced, in each case on or after the date of original issuance
      of the Debentures, there is more than an insubstantial risk that: (i) the Trust
      is, or will be within 90 days of the date of such opinion, subject to United
      States federal income tax with respect to income received or accrued on the
      Debentures; (ii) interest payable by the Debenture Issuer on the Debentures
      is
      not, or within 90 days of the date of such opinion, will not be, deductible
      by
      the Debenture Issuer, in whole or in part, for United States federal income
      tax
      purposes; or (iii) the Trust is, or will be within 90 days of the date of such
      opinion, subject to more than a de minimis amount of other taxes (including
      withholding taxes), duties, assessments or other governmental
      charges.

     

    
      
        
        

      

      
        A-I-7

        
          

        

      

      
        
        

      

       

    

    "Investment
      Company Event" means the receipt by the Debenture Issuer and the Trust of an
      opinion of counsel experienced in such matters to the effect that, as a result
      of a change in law or regulation or written change in interpretation or
      application of law or regulation by any legislative body, court, governmental
      agency or regulatory authority, there is more than an insubstantial risk that
      the Trust is or, within 90 days of the date of such opinion will be, considered
      an "investment company" that is required to be registered under the Investment
      Company Act, which change or prospective change becomes effective or would
      become effective, as the case may be, on or after the date of the original
      issuance of the Debentures.

     

    "Capital
      Treatment Event" means, if the Debenture Issuer is organized and existing under
      the laws of the United States or any state thereof or the District of Columbia,
      the receipt by the Debenture Issuer and the Trust of an Opinion of Counsel
      experienced in such matters to the effect that, as a result of (a) any amendment
      to, or change in, the laws, rules or regulations of the United States or any
      political subdivision thereof or therein, or any rules, guidelines or policies
      of any applicable regulatory authority for the Debenture Issuer or (b) any
      official or administrative pronouncement or action or decision interpreting
      or
      applying such laws, rules or regulations, which amendment or change is effective
      or which pronouncement, action or decision is announced on or after the date
      of
      original issuance of the Debentures, there is more than an insubstantial risk
      that, within 90 days of the receipt of such opinion, the aggregate Liquidation
      Amount of the Capital Securities will not be eligible to be treated by the
      Debenture Issuer as "Tier 1 Capital" (or the then equivalent thereof) for
      purposes of the capital adequacy guidelines of the Federal Reserve (or any
      successor regulatory authority with jurisdiction over bank or financial holding
      companies), as then in effect and applicable to the Debenture Issuer (or if
      the
      Debenture Issuer is not a bank holding company, such guidelines applied to
      the
      Debenture Issuer as if the Debenture Issuer were subject to such guidelines);
      provided, however, that the inability of the Debenture Issuer to treat all
      or
      any portion of the aggregate Liquidation Amount of the Capital Securities as
      Tier 1 Capital shall not constitute the basis for a Capital Treatment
      Event, if such inability results from the Debenture Issuer having cumulative
      preferred stock, minority interests in consolidated subsidiaries, or any other
      class of security or interest which the Federal Reserve or OTS, as applicable,
      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 the Debentures in connection with the liquidation of the
      Trust by the Debenture Issuer 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.

     

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

     

    "Special
      Redemption Price" means, with respect to the redemption of any Debentures
      following a Special Event, an amount in cash equal to 103.525% of the principal
      amount of Debentures to be redeemed prior to September 15, 2006 and thereafter
      equal to the percentage of the principal amount of the Debentures that is
      specified below for the Special Redemption Date plus, in each case, unpaid
      interest accrued thereon to the Special Redemption Date: 

     

    
      
        
        

      

      
        A-I-8

        
          

        

      

      
        
        

      

       

    

     

    
      	
              Special
                Redemption During the

              12-Month
                Period Beginning 
September 15

            	 	
              Percentage
                of Principal Amount

            
	 	 	 
	
              2006

            	 	
              103.140%

            
	
              2007

            	 	
              102.355%

            
	
              2008

            	 	
              101.570%

            
	
              2009

            	 	
              100.785%

            
	
              2010
                and thereafter

            	 	
              100.000%

            
	 	 	 

    

    "Redemption
      Date" means the date fixed for the redemption of Capital Securities, which
      shall
      be any March 15, June 15, September 15 or December 15 on or after September
      15,
      2010. 

     

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

     

    (b)  Upon
      the
      repayment in full at maturity or redemption in whole or in part of the
      Debentures (other than following the distribution of the Debentures to the
      Holders of the Securities), the proceeds from such repayment or payment shall
      concurrently be applied to redeem Pro Rata at the applicable Redemption Price,
      Securities having an aggregate liquidation amount equal to the aggregate
      principal amount of the Debentures so repaid or redeemed; provided,
      however,
      that
      holders of such Securities shall be given not less than 30 nor more than 60
      days' notice of such redemption (other than at the scheduled maturity of the
      Debentures).

     

    (c)  If
      fewer
      than all the outstanding Securities are to be so redeemed, the Common Securities
      and the Capital Securities will be redeemed Pro Rata and the Capital Securities
      to be redeemed will be as described in Section 4(e)(ii) below.

     

    (d)  The
      Trust
      may not redeem fewer than all the outstanding Capital Securities unless all
      accrued and unpaid Distributions have been paid on all Capital Securities for
      all quarterly Distribution periods terminating on or before the date of
      redemption.

     

    (e)  Redemption
      or Distribution Procedures.

     

    (i)  Notice
      of
      any redemption of, or notice of distribution of the Debentures in exchange
      for,
      the Securities (a "Redemption/Distribution Notice") will be given by the Trust
      by mail to each Holder of Securities to be redeemed or exchanged not fewer
      than
      30 nor more than 60 days before the date fixed for redemption or exchange
      thereof which, in the case of a redemption, will be the date fixed for
      redemption of the Debentures. For purposes of the calculation of the date of
      redemption or exchange and the dates on which notices are given pursuant to
      this
      Section 4(e)(i), a Redemption/Distribution Notice shall be deemed to be given
      on
      the day such notice is first mailed by first-class mail, postage prepaid, to
      Holders of such Securities. Each Redemption/Distribution Notice shall be
      addressed to the Holders of such Securities at the address of each such Holder
      appearing on the books and records of the Registrar. No defect in the
      Redemption/Distribution Notice or in the mailing thereof with respect to any
      Holder shall affect the validity of the redemption or exchange proceedings
      with
      respect to any other Holder.

     

    
      
        
        

      

      
        A-I-9

        
          

        

      

      
        
        

      

       

    

    (ii)  In
      the
      event that fewer than all the outstanding Securities are to be redeemed, the
      Securities to be redeemed shall be redeemed Pro Rata from each Holder of Capital
      Securities.

     

    (iii)  If
      the
      Securities are to be redeemed and the Trust gives a Redemption/Distribution
      Notice, which notice may only be issued if the Debentures are redeemed as set
      out in this Section 4 (which notice will be irrevocable), then, provided, that
      the Institutional Trustee has a sufficient amount of cash in connection with
      the
      related redemption or maturity of the Debentures, the Institutional Trustee
      will, with respect to Book-Entry Capital Securities, on the Redemption Date,
      irrevocably deposit with the Depositary for such Book-Entry Capital Securities,
      to the extent available therefore, funds sufficient to pay the relevant
      Redemption Price and will give such Depositary irrevocable instructions and
      authority to pay the Redemption Price to the Owners of the Capital Securities.
      With respect to Capital Securities that are not Book-Entry Capital Securities,
      the Institutional Trustee will pay, to the extent available therefore, the
      relevant Redemption Price to the Holders of such Securities by check mailed
      to
      the address of each such Holder appearing on the books and records of the Trust
      on the redemption date. If a Redemption/Distribution Notice shall have been
      given and funds deposited as required, then immediately prior to the close
      of
      business on the date of such deposit, Distributions will cease to accrue on
      the
      Securities so called for redemption and all rights of Holders of such Securities
      so called for redemption will cease, except the right of the Holders of such
      Securities to receive the applicable Redemption Price specified in Section
      4(a).
      If any date fixed for redemption of Securities is not a Business Day, then
      payment of any such Redemption Price payable on such date will be made on the
      next succeeding day that is a Business Day except that, if such Business Day
      falls in the next calendar year, such payment will be made on the immediately
      preceding Business Day, in each case with the same force and effect as if made
      on such date fixed for redemption. If payment of the Redemption Price in respect
      of any Securities is improperly withheld or refused and not paid either by
      the
      Trust or by the Debenture Issuer as guarantor pursuant to the Guarantee,
      Distributions on such Securities will continue to accrue at the then applicable
      rate from the original redemption date to the actual date of payment, in which
      case the actual payment date will be considered the date fixed for redemption
      for purposes of calculating the Redemption Price. In the event of any redemption
      of the Capital Securities issued by the Trust in part, the Trust shall not
      be
      required to (i) issue, register the transfer of or exchange any Security during
      a period beginning at the opening of business 15 days before any selection
      for
      redemption of the Capital Securities 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 Capital Securities to be so redeemed or (ii)
      register the transfer of or exchange any Capital Securities so selected for
      redemption, in whole or in part, except for the unredeemed portion of any
      Capital Securities being redeemed in part.

     

    
      
        
        

      

      
        A-I-10

        
          

        

      

      
        
        

      

       

    

    (iv)  Redemption/Distribution
      Notices shall be sent by the Trust (A) in respect of the Capital Securities,
      to
      the Holders thereof, and (B) in respect of the Common Securities, to the Holder
      thereof.

     

    (v)  Subject
      to the foregoing and applicable law (including, without limitation, United
      States federal securities laws), and provided,
      that
      the acquiror is not the Holder of the Common Securities or the obligor under
      the
      Indenture, the Sponsor or any of its subsidiaries may at anytime and from time
      to time purchase outstanding Capital Securities by tender, in the open market
      or
      by private agreement.

     

    5.  Voting
      Rights - Capital Securities.

     

    (a)  Except
      as
      provided under Sections 5(b) and 7 and as otherwise required by law and the
      Declaration, the Holders of the Capital Securities will have no voting rights.
      The Administrators are required to call a meeting of the Holders of the Capital
      Securities if directed to do so by Holders of not less than 10% in liquidation
      amount of the Capital Securities.

     

    (b)  Subject
      to the requirements of obtaining a tax opinion by the Institutional Trustee
      in
      certain circumstances set forth in the last sentence of this paragraph, the
      Holders of a Majority in liquidation amount of the Capital Securities, voting
      separately as a class, have the right to direct the time, method, and place
      of
      conducting any proceeding for any remedy available to the Institutional Trustee,
      or exercising any trust or power conferred upon the Institutional Trustee under
      the Declaration, including the right to direct the Institutional Trustee, as
      holder of the Debentures, to (i) exercise the remedies available under the
      Indenture as the holder of the Debentures, (ii) waive any past default that
      is
      waivable under 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 on behalf of all the Holders
      of the Capital Securities to any amendment, modification or termination of
      the
      Indenture or the Debentures where such consent shall be required; provided,
      however,
      that,
      where a consent or action under the Indenture would require the consent or
      act
      of the holders of greater than a simple majority in principal amount of
      Debentures (a "Super Majority") affected thereby, the Institutional Trustee
      may
      only give such consent or take such action at the written direction of the
      Holders of not less than the proportion in liquidation amount of the Capital
      Securities outstanding which the relevant Super Majority represents of the
      aggregate principal amount of the Debentures outstanding. If the Institutional
      Trustee fails to enforce its rights under the Debentures after the Holders
      of a
      Majority or Super Majority, as the case may be, in liquidation amount of such
      Capital Securities have so directed the Institutional Trustee, to the fullest
      extent permitted by law, a Holder of the Capital Securities may institute a
      legal proceeding directly against the Debenture Issuer to enforce the
      Institutional Trustee's rights under the Debentures without first instituting
      any legal proceeding against the Institutional Trustee or any other person
      or
      entity. Notwithstanding the foregoing, if an Event of Default has occurred
      and
      is continuing and such event is attributable to the failure of the Debenture
      Issuer to pay interest or premium, if any, on or principal of the Debentures
      on
      the date such interest, premium, if any, on or principal is payable (or in
      the
      case of redemption, the redemption date), then a Holder of record of the Capital
      Securities may directly institute a proceeding for enforcement of payment,
      on or
      after the respective due dates specified in the Debentures, to such Holder
      directly of the principal of or premium, if any, or interest on the Debentures
      having an aggregate principal amount equal to the aggregate liquidation amount
      of the Capital Securities of such Holder. The Institutional Trustee shall notify
      all Holders of the Capital Securities of any default actually known to the
      Institutional Trustee with respect to the Debentures unless (x) such default
      has
      been cured prior to the giving of such notice or (y) the Institutional Trustee
      determines in good faith that the withholding of such notice is in the interest
      of the Holders of such Capital Securities, except where the default relates
      to
      the payment of principal of or interest on any of the Debentures. Such notice
      shall state that such Indenture Event of Default also constitutes an Event
      of
      Default hereunder. Except with respect to directing the time, method and place
      of conducting a proceeding for a remedy, the Institutional Trustee shall not
      take any of the actions described in clause (i), (ii) or (iii) above unless
      the
      Institutional Trustee has obtained an opinion of tax counsel to the effect
      that,
      as a result of such action, the Trust will not be classified as other than
      a
      grantor trust for United States federal income tax purposes.

     

    
      
        
        

      

      
        A-I-11

        
          

        

      

      
        
        

      

       

    

    In
      the
      event the consent of the Institutional Trustee, as the holder of the Debentures
      is required under the Indenture with respect to any amendment, modification
      or
      termination of the Indenture, the Institutional Trustee may request the written
      direction of the Holders of the Securities with respect to such amendment,
      modification or termination and shall vote with respect to such amendment,
      modification or termination as directed by a Majority in liquidation amount
      of
      the Securities voting together as a single class; provided,
      however,
      that
      where a consent under the Indenture would require the consent of a Super
      Majority, the Institutional Trustee may only give such consent at the written
      direction of the Holders of not less than the proportion in liquidation amount
      of such Securities outstanding which the relevant Super Majority represents
      of
      the aggregate principal amount of the Debentures outstanding. The Institutional
      Trustee shall not take any such action in accordance with the written directions
      of the Holders of the Securities unless the Institutional Trustee has obtained
      an opinion of tax counsel to the effect that, as a result of such action, the
      Trust will not be classified as other than a grantor trust for United States
      federal income tax purposes.

     

    A
      waiver
      of an Indenture Event of Default will constitute a waiver of the corresponding
      Event of Default hereunder. Any required approval or direction of Holders of
      the
      Capital Securities may be given at a separate meeting of Holders of the Capital
      Securities convened for such purpose, at a meeting of all of the Holders of
      the
      Securities in the Trust or pursuant to written consent. The Institutional
      Trustee will cause a notice of any meeting at which Holders of the Capital
      Securities are entitled to vote, or of any matter upon which action by written
      consent of such Holders is to be taken, to be mailed to each Holder of record
      of
      the Capital Securities. Each such notice will include a statement setting forth
      the following information (i) the date of such meeting or the date by which
      such
      action is to be taken, (ii) a description of any resolution proposed for
      adoption at such meeting on which such Holders are entitled to vote or of such
      matter upon which written consent is sought and (iii) instructions for the
      delivery of proxies or consents. No vote or consent of the Holders of the
      Capital Securities will be required for the Trust to redeem and cancel Capital
      Securities or to distribute the Debentures in accordance with the Declaration
      and the terms of the Securities.

     

    
      
        
        

      

      
        A-I-12

        
          

        

      

      
        
        

      

       

    

    Notwithstanding
      that Holders of the Capital Securities are entitled to vote or consent under
      any
      of the circumstances described above, any of the Capital Securities that are
      owned by the Sponsor or any Affiliate of the Sponsor shall not entitle the
      Holder thereof to vote or consent and shall, for purposes of such vote or
      consent, be treated as if such Capital Securities were not
      outstanding.

     

    In
      no
      event will Holders of the Capital Securities have the right to vote to appoint,
      remove or replace the Administrators, which voting rights are vested exclusively
      in the Sponsor as the Holder of all of the Common Securities of the Trust.
      Under
      certain circumstances as more fully described in the Declaration, Holders of
      Capital Securities have the right to vote to appoint, remove or replace the
      Institutional Trustee.

     

    6.  Voting
      Rights - Common Securities.

     

    (a)  Except
      as
      provided under Sections 6(b), 6(c) and 7 and as otherwise required by law and
      the Declaration, the Common Securities will have no voting rights.

     

    (b)  The
      Holders of the Common Securities are entitled, in accordance with Article IV
      of
      the Declaration, to vote to appoint, remove or replace any
      Administrators.

     

    (c)  Subject
      to Section 6.7 of the Declaration and only after each Event of Default (if
      any)
      with respect to the Capital Securities has been cured, waived or otherwise
      eliminated and subject to the requirements of the second to last sentence of
      this paragraph, the Holders of a Majority in liquidation amount of the Common
      Securities, voting separately as a class, may direct the time, method, and
      place
      of conducting any proceeding for any remedy available to the Institutional
      Trustee, or exercising any trust or power conferred upon the Institutional
      Trustee under the Declaration, including (i) directing the time, method, place
      of conducting any proceeding for any remedy available to the Debenture Trustee,
      or exercising any trust or power conferred on the Debenture Trustee with respect
      to the Debentures, (ii) waiving any past default and its consequences that
      are
      waivable under the Indenture, or (iii) exercising any right to rescind or annul
      a declaration that the principal of all the Debentures shall be due and payable,
      provided, however, that, where a consent or action under the Indenture would
      require a Super Majority, the Institutional Trustee may only give such consent
      or take such action at the written direction of the Holders of not less than
      the
      proportion in liquidation amount of the Common Securities which the relevant
      Super Majority represents of the aggregate principal amount of the Debentures
      outstanding. Notwithstanding this Section 6(c), the Institutional Trustee shall
      not revoke any action previously authorized or approved by a vote or consent
      of
      the Holders of the Capital Securities. Other than with respect to directing
      the
      time, method and place of conducting any proceeding for any remedy available
      to
      the Institutional Trustee or the Debenture Trustee as set forth above, the
      Institutional Trustee shall not take any action described in clause (i), (ii)
      or
      (iii) above, unless the Institutional Trustee has obtained an opinion of tax
      counsel to the effect that for the purposes of United States federal income
      tax
      the Trust will not be classified as other than a grantor trust on account of
      such action. If the Institutional Trustee fails to enforce its rights under
      the
      Declaration, to the fullest extent permitted by law any Holder of the Common
      Securities may institute a legal proceeding directly against any Person to
      enforce the Institutional Trustee's rights under the Declaration, without first
      instituting a legal proceeding against the Institutional Trustee or any other
      Person.

     

    
      
        
        

      

      
        A-I-13

        
          

        

      

      
        
        

      

       

    

    Any
      approval or direction of Holders of the Common Securities may be given at a
      separate meeting of Holders of the Common Securities convened for such purpose,
      at a meeting of all of the Holders of the Securities in the Trust or pursuant
      to
      written consent. The Administrators will cause a notice of any meeting at which
      Holders of the Common Securities are entitled to vote, or of any matter upon
      which action by written consent of such Holders is to be taken, to be mailed
      to
      each Holder of the Common Securities. Each such notice will include a statement
      setting forth (i) the date of such meeting or the date by which such action
      is
      to be taken, (ii) a description of any resolution proposed for adoption at
      such
      meeting on which such Holders are entitled to vote or of such matter upon which
      written consent is sought and (iii) instructions for the delivery of proxies
      or
      consents.

     

    No
      vote
      or consent of the Holders of the Common Securities will be required for the
      Trust to redeem and cancel Common Securities or to distribute the Debentures
      in
      accordance with the Declaration and the terms of the Securities.

     

    7.  Amendments
      to Declaration and Indenture.

     

    (a)  In
      addition to any requirements under Section 11.1 of the Declaration, if any
      proposed amendment to the Declaration provides for, or the Trustees otherwise
      propose to effect, (i) any action that would adversely affect the powers,
      preferences or special rights of the Securities, whether by way of amendment
      to
      the Declaration or otherwise, or (ii) the Liquidation of the Trust, other than
      as described in Section 7.1 of the Declaration, then the Holders of outstanding
      Securities, voting together as a single class, will be entitled to vote on
      such
      amendment or proposal and such amendment or proposal shall not be effective
      except with the approval of the Holders of not less than a Majority in
      liquidation amount of the Securities affected thereby; provided, however, if
      any
      amendment or proposal referred to in clause (i) above would adversely affect
      only the Capital Securities or only the Common Securities, then only the
      affected class will be entitled to vote on such amendment or proposal and such
      amendment or proposal shall not be effective except with the approval of a
      Majority in liquidation amount of such class of Securities.

     

    (b)  In
      the
      event the consent of the Institutional Trustee as the holder of the Debentures
      is required under the Indenture with respect to any amendment, modification
      or
      termination of the Indenture or the Debentures, the Institutional Trustee shall
      request the written direction of the Holders of the Securities with respect
      to
      such amendment, modification or termination and shall vote with respect to
      such
      amendment, modification, or termination as directed by a Majority in liquidation
      amount of the Securities voting together as a single class; provided, however,
      that where a consent under the Indenture would require a Super Majority, the
      Institutional Trustee may only give such consent at the written direction of
      the
      Holders of not less than the proportion in liquidation amount of the Securities
      which the relevant Super Majority represents of the aggregate principal amount
      of the Debentures outstanding.

     

    
      
        
        

      

      
        A-I-14

        
          

        

      

      
        
        

      

       

    

    (c)  Notwithstanding
      the foregoing, no amendment or modification may be made to the Declaration
      if
      such amendment or modification would (i) cause the Trust to be classified for
      purposes of United States federal income taxation as other than a grantor trust,
      (ii) reduce or otherwise adversely affect the powers of the Institutional
      Trustee or (iii) cause the Trust to be deemed an "investment company" which
      is
      required to be registered under the Investment Company Act.

     

    (d)  Notwithstanding
      any provision of the Declaration, the right of any Holder of the Capital
      Securities to receive payment of distributions and other payments upon
      redemption or otherwise, on or after their respective due dates, or to institute
      a suit for the enforcement of any such payment on or after such respective
      dates, shall not be impaired or affected without the consent of such Holder.
      For
      the protection and enforcement of the foregoing provision, each and every Holder
      of the Capital Securities shall be entitled to such relief as can be given
      either at law or equity.

     

    8.  Pro
      Rata.
      A
      reference in these terms of the Securities to any payment, distribution or
      treatment as being "Pro Rata" shall mean pro rata to each Holder of the
      Securities according to the aggregate liquidation amount of the Securities
      held
      by the relevant Holder in relation to the aggregate liquidation amount of all
      Securities outstanding unless, in relation to a payment, an Event of Default
      has
      occurred and is continuing, in which case any funds available to make such
      payment shall be paid first to each Holder of the Capital Securities Pro Rata
      according to the aggregate liquidation amount of the Capital Securities held
      by
      the relevant Holder relative to the aggregate liquidation amount of all Capital
      Securities outstanding, and only after satisfaction of all amounts owed to
      the
      Holders of the Capital Securities, to each Holder of the Common Securities
      Pro
      Rata according to the aggregate liquidation amount of the Common Securities
      held
      by the relevant Holder relative to the aggregate liquidation amount of all
      Common Securities outstanding.

     

    9.  Ranking.
      The
      Capital Securities rank pari passu with, and payment thereon shall be made
      Pro
      Rata with, the Common Securities except that, where an Event of Default has
      occurred and is continuing, the rights of Holders of the Common Securities
      to
      receive payment of Distributions and payments upon liquidation, redemption
      and
      otherwise are subordinated to the rights of the Holders of the Capital
      Securities with the result that no payment of any Distribution on, or Redemption
      Price or Special Redemption Price of, any Common Security, and no other payment
      on account of redemption, liquidation or other acquisition of Common Securities,
      shall be made unless payment in full in cash of all accumulated and unpaid
      Distributions on all outstanding Capital Securities for all distribution periods
      terminating on or prior thereto, or in the case of payment of the Redemption
      Price or Special Redemption Price the full amount of such Redemption Price
      or
      the Special Redemption Price on all outstanding Capital Securities then called
      for redemption, shall have been made or provided for, and all funds immediately
      available to the Institutional Trustee shall first be applied to the payment
      in
      full in cash of all Distributions on, or the Redemption Price or the Special
      Redemption Price of, the Capital Securities then due and payable.

     

    10.  Acceptance
      of Guarantee and Indenture.
      Each
      Holder of the Capital Securities and the Common Securities, by the acceptance
      of
      such Securities, agrees to the provisions of the Guarantee, including the
      subordination provisions therein and to the provisions of the
      Indenture.

     

    
      
        
        

      

      
        A-I-15

        
          

        

      

      
        
        

      

       

    

    11.  No
      Preemptive Rights.
      The
      Holders of the Securities shall have no, and the issuance of the Securities
      is
      not subject to, preemptive or similar rights to subscribe for any additional
      securities.

     

    12.  Miscellaneous.
      These
      terms constitute a part of the Declaration. The Sponsor will provide a copy
      of
      the Declaration, the Guarantee, and the Indenture to a Holder without charge
      on
      written request to the Sponsor at its principal place of business.

     

    
      
        
        

      

      
        A-I-16

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      A-1

     

    FORM
      OF CAPITAL 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 BY ITS ACCEPTANCE HEREOF AGREES TO OFFER,
      SELL
      OR OTHERWISE TRANSFER SUCH SECURITY ONLY (A) TO THE DEBENTURE ISSUER OR THE
      TRUST, (B) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO
      A
      PERSON THE HOLDER REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER"
      AS
      DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
      OF A
      QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
      BEING
      MADE IN RELIANCE ON RULE 144A, (C) TO A "NON U.S. PERSON" IN AN "OFFSHORE
      TRANSACTION" PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (D)
      PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
      ACT TO AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (a) (1),
      (2),
      (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY
      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 (E) PURSUANT
      TO
      ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
      ACT, SUBJECT TO THE DEBENTURE ISSUER'S AND THE TRUST'S RIGHT PRIOR TO ANY SUCH
      OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) 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 BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE
      FOREGOING RESTRICTIONS.

     

    THE
      HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS
      THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY UNLESS
      SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT.

     

    
      
        
        

      

      
        A-1-1

        
          

        

      

      
        
        

      

       

    

    THE
      HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF 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 THEREIN, UNLESS SUCH PURCHASER OR HOLDER
      IS
      ELIGIBLE FOR THE EXEMPTION 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 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 THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING
      THEREOF 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 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 THE CERTIFICATE 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 BLOCKS HAVING A
      LIQUIDATION AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS
      THEREOF. ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING A LIQUIDATION
      AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT
      WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER
      OF THIS SECURITY FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT
      OF
      DISTRIBUTIONS ON THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED
      TO
      HAVE NO INTEREST WHATSOEVER IN THIS SECURITY.

     

    
      
        
        

      

      
        A-1-2

        
          

        

      

      
        
        

      

       

    

    
      
        	Certificate Number [P-001] 	Number of Capital Securities:
                5,000 

      

    

     

    Certificate
      Evidencing Capital Securities

     

    of

     

    CB
      Financial Capital Trust I

     

    TP
      Securities

     

    (liquidation
      amount $1,000 per Capital Security)

     

    CB
      Financial Capital Trust I, a statutory trust created under the laws of the
      State
      of Connecticut (the "Trust"), hereby certifies that Merrill Lynch, Pierce,
      Fenner & Smith Incorporated (the "Holder"), is the registered owner of 5,000
      capital securities of the Trust representing undivided beneficial interests
      in
      the assets of the Trust, designated the TP Securities (liquidation amount $1,000
      per Capital Security) (the "Capital Securities"). Subject to the Declaration
      (as
      defined below), the Capital 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 Capital
      Securities represented hereby are issued pursuant to, and the designation,
      rights, privileges, restrictions, preferences and other terms and provisions
      of
      the Capital Securities shall in all respects be subject to, the provisions
      of
      the Amended and Restated Declaration of Trust of the Trust, dated as of July
      12,
      2005, among Norman B. Osborn and David W. Woodard, as Administrators, U.S.
      Bank
      National Association, as Institutional Trustee, CB Financial Corporation, as
      Sponsor, 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 Capital
      Securities as set forth in Annex I to the Declaration, 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 to the extent provided therein. The
      Sponsor will provide a copy of the Declaration, the Guarantee, and the Indenture
      to the Holder without charge upon written request to the Sponsor at its
      principal place of business.

     

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

     

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

     

    This
      Capital Security is governed by, and shall be construed in accordance with,
      the
      laws of the State of Connecticut, without regard to principles of conflict
      of
      laws.

     

    
      
        
        

      

      
        A-1-3

        
          

        

      

      
        
        

      

       

    

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

     

    
      	 	 	 
	 	
              
                CB
                  Financial Capital Trust I

              

            
	 
 	 
 	 
 
	 	By:  	
            
	 	 	
              

               
	 	
              Name: 

            	 
	 	 	
              

               
	 	
              Title:

            	
              Administrator

              
                

                 

            
	 	Dated: 	  
	 	 	
              

                

    

       

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Capital Securities referred to in the within-mentioned
      Declaration.

     

    
      
        	 	 	 
	 	
                
                  U.S.
                    BANK NATIONAL ASSOCIATION, not

                  in
                    its individual capacity but solely as Institutional
                    Trustee

                

              
	 
 	 
 	 
 
	 	By:  	
              
	 	 	
                
Authorized
                Signatory 
	 	 	 
	 	Dated: 	  
	 	 	
                

                  

      

    

     

     

    
      
        
        

      

      
        A-1-4

        
          

        

      

      
        
        

      

    

     

    [FORM
      OF
      REVERSE OF SECURITY]

     

    Distributions
      payable on each Capital Security will be payable at a variable per annum rate
      of
      interest, reset quarterly, equal to LIBOR (as defined in the Declaration) plus
      1.85% (the "Coupon Rate") of the stated liquidation amount of $1,000 per Capital
      Security (provided, however, that the Coupon Rate for any Distribution Payment
      Period may not exceed the highest rate permitted by New York law, as the same
      may be modified by United States law of general applicability), such Coupon
      Rate
      being the rate of interest payable on the Debentures to be held by the
      Institutional Trustee. Distributions in arrears for more than one quarterly
      period will bear interest thereon compounded quarterly at the then applicable
      Coupon Rate for each such quarterly period (to the extent permitted by
      applicable law). The term "Distributions" as used herein includes cash
      distributions, any such compounded distributions and any Additional Interest
      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 Institutional Trustee and to the extent the Institutional Trustee has funds
      legally available in the Property Account therefor. Distributions will be
      computed on the basis of a 360-day year and the actual number of days elapsed
      in
      the relevant Distribution Payment Period.

     

    Except
      as
      otherwise described below, Distributions on the Capital 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 September 15, 2005 (each, a "Distribution Payment Date").
      Upon submission of Notice, and so long as no Event of Default pursuant to
      paragraphs (c), (e) or (f) of Section 5.01 of the Indenture has occurred
      and is continuing the Debenture Issuer has the right under the Indenture to
      defer payments of interest on the Debentures by extending the interest
      distribution period for up to 20 consecutive quarterly periods (each, an
      "Extension Period") at any time and from time to time on the Debentures, subject
      to the conditions described below, during which Extension Period no interest
      shall be due and payable (except any Additional Interest that may be due and
      payable). 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 in effect for each 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 law.
      No
      Extension Period may end on a date other than a Distribution Payment Date.
      At
      the end of any such Extension Period, the Debenture Issuer shall pay all
      Deferred Interest then accrued and unpaid on the Debentures; provided,
      however,
      that no
      Extension Period may extend beyond the Maturity Date. Prior to the termination
      of any Extension Period, the Debenture Issuer may further extend such period;
      provided,
      that
      such period together with all such previous and further consecutive extensions
      thereof shall not exceed 20 consecutive quarterly periods, or extend beyond
      the
      Maturity Date, Redemption Date (to the extent redeemed) or Special Redemption
      Date. Upon the termination of any Extension Period and upon the payment of
      all
      Deferred Interest, the Debenture Issuer may commence a new Extension Period,
      subject to the foregoing requirements. 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.
      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 record date immediately
      preceding such date. Distributions on the Securities must be paid on the dates
      payable (after giving effect to any Extension Period) to the extent that the
      Trust has funds legally available for the payment of such distributions in
      the
      Property Account of the Trust. The Trust's funds available for Distribution
      to
      the Holders of the Securities will be limited to payments received from the
      Debenture Issuer. The payment of Distributions out of moneys held by the Trust
      is guaranteed by the Guarantor pursuant to the Guarantee.

     

    
      The
        Capital Securities shall be redeemable as provided in the
        Declaration.

    

     

    
      
        
        

      

      
        A-1-5

        
          

        

      

      
        
        

      

       

    

     ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned assigns and transfers this Capital Security
      Certificate to:

     

    _______________________

     

    _______________________

     

    _______________________

     

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

     

    _______________________

     

    _______________________

     

    _______________________

     

    (Insert
      address and zip code of assignee),

    
      	 	 
	and irrevocably
              appoints  	___________________________________________________________________________ 

    

    as
      agent
      to transfer this Capital 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 other side of this Capital 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.

     

    
      
        
        

      

      
        A-1-6

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-2

     

    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 LAWS
      AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
      TO AN EXEMPTION FROM REGISTRATION.

     

    EXCEPT
      AS
      SET FORTH IN SECTION 8.1(b) OF THE DECLARATION (AS DEFINED BELOW), THIS SECURITY
      MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED.

     

    
      
        
        

      

      
        A-2-1

        
          

        

      

      
        
        

      

    

    

      
        
          	Certificate Number [C-001]	Number of Common Securities:
                  155

        

      

       

      Certificate
        Evidencing Common Securities

      of

      CB
        Financial Capital Trust I

    

     

    CB
      Financial Capital Trust I, a statutory trust created under the laws of the
      State
      of Connecticut (the "Trust"), hereby certifies that CB Financial Corporation
      (the "Holder") is the registered owner of 155 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 July 12, 2005, among Norman B. Osborn and David W. Woodard, as
      Administrators, U.S. Bank National Association, as Institutional Trustee, the
      Holder, as Sponsor, 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 Annex I to the Declaration, 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
      Sponsor will provide a copy of the Declaration and the Indenture to the Holder
      without charge upon written request to the Sponsor 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 Holders 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 Capital
      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
      Common Security is governed by, and shall be construed in accordance with,
      the
      laws of the State of Connecticut, without regard to principles of conflict
      of
      laws.

     

    
      
        
        

      

      
        A-2-2

        
          

        

      

      
        
        

      

       

    

    IN
      WITNESS WHEREOF, the Trust has executed this certificate as of this ____ day
      of
      _____________, 2005.

     

    
       

      
        	 	 	 
	 	
                CB
                  Financial Capital Trust I

              
	 
 	 
 	 
 
	 	By:  	 
	 	 	
                

                  
	 	
                Name: 

              	 
	 	 	
                

                  
	 	
                Title:

              	Administrator 
	 	 	
                

                 

      

    

     

    
      
        
        

      

      
        A-2-3

        
          

        

      

      
        
        

      

    

     

    [FORM
      OF
      REVERSE OF SECURITY]

     

    Distributions
      payable on each Common Security will be payable at a variable per annum rate
      of
      interest, reset quarterly, equal to LIBOR (as defined in the Declaration) plus
      1.85% (the "Coupon Rate") of the stated liquidation amount of $1,000 per Capital
      Security (provided, however, that the Coupon Rate for any Distribution Payment
      Period may not exceed the highest rate permitted by New York law, as the same
      may be modified by United States law of general applicability), such Coupon
      Rate
      being the rate of interest payable on the Debentures to be held by the
      Institutional Trustee. Distributions in arrears for more than one quarterly
      period will bear interest thereon compounded quarterly at the then applicable
      Coupon Rate for each such quarterly period (to the extent permitted by
      applicable law). The term "Distributions" as used herein includes cash
      distributions, any such compounded distributions and any Additional Interest
      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 Institutional Trustee and to the extent the Institutional Trustee has funds
      legally available in the Property Account therefor. Distribution will be
      computed on the basis of a 360-day year and the actual number of days elapsed
      in
      the relevant Distribution Payment Period.

     

    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 September 15, 2005 (each, a "Distribution Payment Date").
      Upon submission of Notice, and so long as no Event of Default pursuant to
      paragraphs (c), (e) or (f) of Section 5.01 of the Indenture has occurred
      and is continuing the Debenture Issuer has the right under the Indenture to
      defer payments of interest on the Debentures by extending the interest
      distribution period for up to 20 consecutive quarterly periods (each, an
      "Extension Period") at any time and from time to time on the Debentures, subject
      to the conditions described below, during which Extension Period no interest
      shall be due and payable (except any Additional Interest that may be due and
      payable). 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 in effect for each 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 law.
      No
      Extension Period may end on a date other than a Distribution Payment Date.
      At
      the end of any such Extension Period, the Debenture Issuer shall pay all
      Deferred Interest then accrued and unpaid on the Debentures; provided, however,
      that no Extension Period may extend beyond the Maturity Date, Redemption Date
      (to the extent redeemed) or Special Redemption Date. Prior to the termination
      of
      any Extension Period, the Debenture Issuer may further extend such period,
      provided, that such period together with all such previous and further
      consecutive extensions thereof shall not exceed 20 consecutive quarterly
      periods, or extend beyond the Maturity Date, Redemption Date (to the extent
      redeemed), or Special Redemption Date. Upon the termination of any Extension
      Period and upon the payment of all Deferred Interest, the Debenture Issuer
      may
      commence a new Extension Period, subject to the foregoing requirements. No
      interest or Deferred Interest (except any Additional Interest 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. 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 record date immediately preceding such date.

     

    
      
        
        

      

      
        A-2-4

        
          

        

      

      
        
        

      

       

    

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

     

    The
      Common Securities shall be redeemable as provided in the
      Declaration.

     

    
      
        
        

      

      
        A-2-5

        
          

        

      

      
        
        

      

       

    

    ASSIGNMENT

     

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

    
      _______________________

       

      _______________________

       

      _______________________

       

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

       

      _______________________

       

      _______________________

       

      _______________________

       

      (Insert
        address and zip code of assignee),

       

      and
        irrevocably appoints ________ as agent to transfer this Common Security
        Certificate on the books of the Trust. The agent may substitute another to
        act
        for him or her.

       

      
        	
                Date:

              	____________________________________ 
	 	 
	
                Signature: 

              	____________________________________ 
	 	 

      

       

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

     

    
      
        
        

      

      A-2-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]