<SEC-DOCUMENT>0001206774-16-007006.txt : 20160823
<SEC-HEADER>0001206774-16-007006.hdr.sgml : 20160823
<ACCEPTANCE-DATETIME>20160823135844
ACCESSION NUMBER:		0001206774-16-007006
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20160823
DATE AS OF CHANGE:		20160823

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ConnectOne Bancorp, Inc.
		CENTRAL INDEX KEY:			0000712771
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				521273725
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-213260
		FILM NUMBER:		161846949

	BUSINESS ADDRESS:	
		STREET 1:		301 SYLVAN AVENUE
		CITY:			ENGLEWOOD CLIFFS
		STATE:			NJ
		ZIP:			07632
		BUSINESS PHONE:		2018168900

	MAIL ADDRESS:	
		STREET 1:		301 SYLVAN AVENUE
		CITY:			ENGLEWOOD CLIFFS
		STATE:			NJ
		ZIP:			07632

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTER BANCORP INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>connectone3118661_1-s3.htm
<DESCRIPTION>REGISTRATION STATEMENT FOR SPECIFIED TRANSACTIONS BY CERTAIN ISSUERS
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>
<P align=center><B><FONT face="Times New Roman" size=2>As filed with the
Securities and Exchange Commission on August 23, 2016</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>Registration No.
333-</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>UNITED STATES SECURITIES
AND EXCHANGE COMMISSION</FONT></B><FONT face="Times New Roman" size=2><BR></FONT><B><FONT face="Times New Roman" size=2>Washington, D.C.
20549</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman">FORM S-3</FONT></B><FONT face="Times New Roman"> <BR></FONT><B><FONT face="Times New Roman" size=2>REGISTRATION STATEMENT<BR>UNDER <BR></FONT></B><B><FONT face="Times New Roman" size=2>THE SECURITIES ACT OF 1933</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=5>CONNECTONE BANCORP, INC.
<BR></FONT></B><FONT face="Times New Roman" size=2>(Exact name of registrant as
specified in its charter) </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="49%"><B><FONT face="Times New Roman" size=2>New Jersey</FONT></B></TD>
    <TD noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%"><B><FONT face="Times New Roman" size=2>52-1273725</FONT></B></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="49%"><I><FONT face="Times New Roman" size=2>(State or other jurisdiction</FONT></I></TD>
    <TD noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%"><I><FONT face="Times New Roman" size=2>(I.R.S. Employer</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="49%"><I><FONT face="Times New Roman" size=2>of incorporation)</FONT></I></TD>
    <TD noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%"><I><FONT face="Times New Roman" size=2>Identification
No.)</FONT></I></TD></TR></TABLE></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>301 Sylvan
Avenue</FONT></B><FONT face="Times New Roman" size=2><BR></FONT><B><FONT face="Times New Roman" size=2>Englewood Cliffs, New Jersey 07632</FONT></B><FONT face="Times New Roman" size=2><BR></FONT><B><FONT face="Times New Roman" size=2>(201) 816-8900</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><I><FONT face="Times New Roman" size=2>(Address, including zip
code, and telephone number,<BR>including area code, of registrant&#146;s principal
executive offices)</FONT></I><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>Frank Sorrentino
III</FONT></B><FONT face="Times New Roman" size=2><BR></FONT><B><FONT face="Times New Roman" size=2>Chairman and Chief Executive
Officer</FONT></B><FONT face="Times New Roman" size=2><BR></FONT><B><FONT face="Times New Roman" size=2>ConnectOne Bancorp, Inc.</FONT></B><FONT face="Times New Roman" size=2> <BR></FONT><B><FONT face="Times New Roman" size=2>301 Sylvan Avenue</FONT></B><FONT face="Times New Roman" size=2><BR></FONT><B><FONT face="Times New Roman" size=2>Englewood Cliffs, New
Jersey 07632</FONT></B><FONT face="Times New Roman" size=2><BR></FONT><B><FONT face="Times New Roman" size=2>(201) 816-8900</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><I><FONT face="Times New Roman" size=2>(Name, address, including
zip code, and telephone number<BR>including area code, of agent for
service)</FONT></I><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>Please send copies of all
notices, orders and communications to</FONT></B><FONT face="Times New Roman" size=2>: </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>Robert A. Schwartz,
Esq.<BR>Windels Marx Lane &amp; Mittendorf, LLP <BR></FONT></B><B><FONT face="Times New Roman" size=2>120 Albany Street Plaza, FL 6<BR>New Brunswick,
New Jersey 08901</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Approximate date of
commencement of proposed sale to the public: </FONT></B><FONT face="Times New Roman" size=2>From time to time after the effective date of this
Registration Statement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the only securities being
registered on this Form are being offered pursuant to dividend or interest
reinvestment plans, please check the following box: <FONT size=2 face="Times New Roman">&#9744;</FONT></FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>i</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any of the securities being
registered on this Form are to be offered on a delayed or continuous basis
pursuant to Rule 415 under the Securities Act of 1933, other than securities
offered only in connection with dividend or interest reinvestment plans, check
the following box: <FONT size=2 face="Times New Roman">&#9745;</FONT></FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If this Form is filed to
register additional securities for an offering pursuant to Rule 462(b) under the
Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. <FONT size=2 face="Times New Roman">&#9744;</FONT></FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If this Form is a
post-effective amendment filed pursuant to Rule 462(c) under the Securities Act,
check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering.
<FONT size=2 face="Times New Roman">&#9744;</FONT></FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If this Form is a registration
statement pursuant to General Instruction I.D. or a post-effective amendment
thereto that shall become effective upon filing with the Commission pursuant to
Rule 462(e) under the Securities Act, check the following box:&nbsp;<FONT size=2 face="Times New Roman">&#9744;</FONT></FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If this Form is a
post-effective amendment to a registration statement filed pursuant to General
Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the
following box:&nbsp;<FONT size=2 face="Times New Roman">&#9744;</FONT></FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Indicate by check mark whether
the Registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of
&#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148;
in Rule 12b-2 of the Exchange Act. </FONT></P>
<TABLE style="LINE-HEIGHT: 12pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face="Times New Roman" size=2>Large accelerated filer <FONT size=2 face="Times New Roman">&#9744;</FONT></FONT></TD>
    <TD noWrap align=left width="25%"><FONT face="Times New Roman" size=2>Accelerated filer <FONT size=2 face="Times New Roman">&#9745;</FONT></FONT></TD>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Non-accelerated filer <FONT size=2 face="Times New Roman">&#9744;</FONT></FONT></TD>
    <TD noWrap align=left width="18%"><FONT face="Times New Roman" size=2>Smaller Reporting</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"></TD>
    <TD noWrap align=left width="25%"></TD>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>(Do
      not check if a smaller</FONT></TD>
    <TD noWrap align=left width="18%"><FONT size=2 face="Times New Roman">Company
      </FONT><FONT size=2 face="Times New Roman">&#9744;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"></TD>
    <TD noWrap align=left width="25%"></TD>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>reporting company)</FONT></TD>
    <TD noWrap align=left width="18%"></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=2>CALCULATION OF
REGISTRATION FEE </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center; width: 29%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center; width: 17%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Proposed</FONT></B></TD>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Proposed</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; border-top: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 29%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 17%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Maximum</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Maximum</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 29%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Amount to
      be</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 17%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Offering
      Price</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Aggregate</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Amount of</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 29%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Title of Each Class
      of</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Registered</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 17%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Per</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Offering</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Registration</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center; width: 29%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Securities to be Registered</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>(1)(2)</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center; width: 17%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Unit (1)(2)</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Price (1)(2)(3)</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center; width: 18%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Fee (4)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 29%; padding-right: 6pt; padding-left: 6pt"><FONT face="Times New Roman" size=2>Common Stock, no par value
      per</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 17%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 29%; padding-right: 6pt; padding-left: 6pt"><FONT face="Times New Roman" size=2>share (5)(6)</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 17%; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 29%; padding-right: 6pt; padding-left: 6pt"><FONT face="Times New Roman" size=2>Preferred Stock, no par value
      per</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 17%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 29%; padding-right: 6pt; padding-left: 6pt"><FONT face="Times New Roman" size=2>share(5)</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 17%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 29%; padding-right: 6pt; padding-left: 6pt"><FONT face="Times New Roman" size=2>Warrants</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 17%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 29%; padding-right: 6pt; padding-left: 6pt"><FONT face="Times New Roman" size=2>Debt
      Securities(5)(7)</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 17%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 29%; padding-right: 6pt; padding-left: 6pt"><FONT face="Times New Roman" size=2>Depositary Shares(5)(8)</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 17%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 29%; padding-right: 6pt; padding-left: 6pt"><FONT face="Times New Roman" size=2>Units(9)</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 17%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 29%; padding-right: 6pt; padding-left: 6pt"><B><FONT face="Times New Roman" size=2>Total:</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 18%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; TEXT-ALIGN: justify; width: 17%; padding-right: 6pt; padding-left: 6pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: right; width: 18%; padding-right: 6pt; padding-left: 6pt"><FONT face="Times New Roman" size=2>$50,000,000.00</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: right; width: 18%; padding-right: 6pt; padding-left: 6pt"><FONT face="Times New Roman" size=2>$5,035.00</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The amount to be
      registered and the proposed maximum aggregate offering price per unit are
      not specified as to each class of securities to be registered pursuant to
      General Instruction II.D. of Form S-3 under the Securities Act of 1933, as
      amended (the &#147;Securities Act&#148;). The securities covered by this
      Registration Statement may be sold or otherwise distributed separately or
      together with any other securities covered by this Registration
      Statement.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Such indeterminate
      principal amount, liquidation amount or number of each identified class of
      securities may from time to time be issued at indeterminate prices. The
      aggregate maximum offering price of all securities issued by ConnectOne
      Bancorp, Inc. pursuant to this Registration Statement shall not have a
      maximum aggregate offering price that exceeds $50,000,000 in U.S. dollars
      or the equivalent at the time of offering in any other currency. Also
      includes such indeterminate principal amount, liquidation amount or number
      of identified classes of securities as may be issued upon conversion or
      exchange of any debt securities, preferred stock or warrants that provide
      for conversion or exchange into other securities. No separate
      consideration will be received for such securities that are issued upon
      exchange or conversion of debt securities, preferred stock or
      warrants.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>ii</FONT><FONT face=Arial size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Estimated solely for
      purposes of calculating the registration fee under Rule 457 under the
      Securities Act.</FONT></TD></TR>
  <TR>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Calculated pursuant
      to Rule 457(o) under the Securities Act.</FONT></TD></TR>
  <TR>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Shares of preferred
      stock, depositary shares or common stock may be issuable upon conversion
      of debt securities registered hereunder. No separate consideration will be
      received for such preferred stock, depositary shares or common
      stock.</FONT></TD></TR>
  <TR>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Shares of common
      stock may be issuable upon conversion of shares of preferred stock
      registered hereunder. No separate consideration will be received for such
      shares of common stock</FONT></TD></TR>
  <TR>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT face="Times New Roman" size=2>(7)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>If any debt
      securities are issued at an original issue discount, then such greater
      amount as may be sold for an initial aggregate offering price up to the
      proposed maximum aggregate offering price.</FONT></TD></TR>
  <TR>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT face="Times New Roman" size=2>(8)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>In the event that
      ConnectOne Bancorp, Inc. elects to offer to the public fractional
      interests in shares of preferred stock registered hereunder, depositary
      shares, evidenced by depositary receipts issued pursuant to a deposit
      agreement, will be distributed to those persons purchasing such fractional
      interests, and the shares of preferred stock will be issued to the
      depositary under any such agreement.</FONT></TD></TR>
  <TR>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT face="Times New Roman" size=2>(9)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Each unit will be
      issued under a unit agreement or indenture and will represent an interest
      in two or more securities, which may or may not be separable from one
      another.</FONT></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>The Registrant hereby
amends this Registration Statement on such date or dates as may be necessary to
delay its effective date until the registrant shall file a further amendment
which specifically states that this Registration Statement shall thereafter
become effective in accordance with Section 8(a) of the Securities Act of 1933
or until the Registration Statement shall become effective on such date as the
Commission, acting pursuant to said Section 8(a), may determine. </FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>iii</FONT><FONT face=Arial size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT size=2 face="Times New Roman"><FONT color=#ff0000>The information in this
prospectus is not complete and may be changed. We may not sell these securities
until the registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell these
securities and it is not soliciting an offer to buy these securities in any
state where the offer or sale is not permitted.</FONT></FONT></B><FONT size=2 face="Times New Roman"></FONT></P>
<P align=center><B><FONT size=2 face="Times New Roman"><FONT color=#ff0000>SUBJECT TO COMPLETION, DATED
AUGUST 23, 2016</FONT></FONT></B><FONT size=2 face="Times New Roman"></FONT></P>
<P align=center><B><FONT size=2 face="Times New Roman">PROSPECTUS</FONT></B><FONT size=2 face="Times New Roman"></FONT></P>
<P align=center><B><FONT size=2 face="Times New Roman">CONNECTONE BANCORP, INC.</FONT></B><FONT size=2 face="Times New Roman"></FONT></P>
<P align=center><B><FONT size=2 face="Times New Roman">$50,000,000</FONT></B><FONT size=2 face="Times New Roman"></FONT></P>
<P align=center><B><FONT size=2 face="Times New Roman">Common Stock</FONT></B><FONT size=2 face="Times New Roman"></FONT><BR><B><FONT size=2 face="Times New Roman">Preferred Stock</FONT></B><FONT size=2 face="Times New Roman"></FONT><BR><B><FONT size=2 face="Times New Roman">Warrants</FONT></B><FONT size=2 face="Times New Roman"></FONT><BR><B><FONT size=2 face="Times New Roman">Debt Securities</FONT></B><FONT size=2 face="Times New Roman"></FONT><BR><B><FONT size=2 face="Times New Roman">Depositary Shares</FONT></B><FONT size=2 face="Times New Roman"></FONT><BR><B><FONT size=2 face="Times New Roman">Units</FONT></B><FONT size=2 face="Times New Roman"></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">ConnectOne Bancorp, Inc. may offer, issue and sell
from time to time, together or separately, in one or more offerings, any
combination of (i) our common stock, (ii) our preferred stock, which we may
issue in one or more series, (iii) warrants, (iv) senior or subordinated debt
securities, (v) depositary shares and (vi) units, up to a maximum aggregate
offering price of $50,000,000. The debt securities may consist of debentures,
notes, or other types of debt. The debt securities, preferred stock and warrants
may be convertible into, or exercisable or exchangeable for, common or preferred
stock or other securities of ours. The preferred stock may be represented by
depositary shares. The units may consist of any combination of the securities
listed above.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">We may offer and sell these securities in amounts, at
prices and on terms determined at the time of the offering. We will provide the
specific terms of these securities in supplements to this prospectus. You should
read this prospectus and the accompanying prospectus supplement, as well as the
documents incorporated or deemed incorporated by reference in this prospectus,
carefully before you make your investment decision. Our common stock is quoted
on the NASDAQ Global Select Market System under the symbol &#147;CNOB.&#148; On August 22,
2016, the last reported sale price of our common stock on the NASDAQ Global
Select Market System was $17.32 per share. You are urged to obtain
current market quotations of the common stock. Each prospectus supplement will
indicate if the securities offered thereby will be listed on any securities
exchange.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">This prospectus may not be used to sell securities
unless accompanied by a prospectus supplement.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">We may offer to sell these securities on a continuous
or delayed basis, through agents, dealers or underwriters, or directly to
purchasers. The prospectus supplement for each offering of securities will
describe in detail the plan of distribution for that offering. If our agents or
any dealers or underwriters are involved in the sale of the securities, the
applicable prospectus supplement will set forth the names of the agents, dealers
or underwriters and any applicable commissions or discounts. Our net proceeds
from the sale of securities will also be set forth in the applicable prospectus
supplement. For general information about the distribution of securities
offered, please see &#147;Plan of Distribution&#148; in this prospectus.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT size=2 face="Times New Roman">Investing in these securities involves substantial
risks. See &#147;Risk Factors&#148; on page 5 herein and in our most recent Annual Report
on Form 10-K, which is incorporated by reference herein, updated and
supplemented by our periodic reports and other information filed by us with the
Securities and Exchange Commission and incorporated by reference herein. The
prospectus supplement applicable to each type or series of securities we offer may contain a discussion of additional
risks applicable to an investment in us and the particular type of securities we
are offering under that prospectus supplement.</FONT></B></P>
<P align=center><FONT face=Arial size=2><FONT face="Times New Roman">1</FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>NEITHER THE SECURITIES AND
EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION OR REGULATORY BODY HAS
APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS
TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>THE SECURITIES ARE NOT
SAVINGS ACCOUNTS, DEPOSITS OR OBLIGATIONS OF ANY BANK AND ARE NOT INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL
AGENCY.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>The date of this prospectus
is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2016. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>TABLE OF CONTENTS
</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>PROSPECTUS
      SUMMARY</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><B><FONT face="Times New Roman" size=2>SPECIAL NOTE REGARDING FORWARD-LOOKING
    STATEMENTS</FONT></B></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>RISK
      FACTORS</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><B><FONT face="Times New Roman" size=2>USE OF PROCEEDS</FONT></B></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>DESCRIPTIONS OF
      SECURITIES WE MAY OFFER</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DESCRIPTION OF COMMON
      STOCK</FONT></B></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>6</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DESCRIPTION OF PREFERRED
      STOCK</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DESCRIPTION OF
      WARRANTS</FONT></B></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>9</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DESCRIPTION OF DEBT
      SECURITIES</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DESCRIPTION OF
      DEPOSITARY SHARES</FONT></B></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>21</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DESCRIPTION OF
      UNITS</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><B><FONT face="Times New Roman" size=2>PLAN OF DISTRIBUTION</FONT></B></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>INCORPORATION OF
      CERTAIN DOCUMENTS BY REFERENCE</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>27</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><B><FONT face="Times New Roman" size=2>LEGAL MATTERS</FONT></B></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>28</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>EXPERTS</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>28</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><B><FONT face="Times New Roman" size=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></B></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>28</FONT></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>We have not authorized any
person to give any information or make any statement that differs from what is
in this prospectus. If any person does make a statement that differs from what
is in this prospectus, you should not rely on it. This prospectus is not an
offer to sell, nor is it a solicitation of an offer to buy, these securities in
any state in which the offer or sale is not permitted. The information in this
prospectus is complete and accurate as of its date, but the information may
change after that date. You should not assume that the information in this
prospectus is accurate as of any date after its date. </FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>2</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="100%"><B><FONT face="Times New Roman" size=2>PROSPECTUS
      SUMMARY</FONT></B></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus is a part of a
registration statement that we filed with the Securities and Exchange
Commission, or the SEC, utilizing a &#147;shelf&#148; registration process. Under this
shelf registration process, we may, from time to time, sell any combination of
the securities described in this prospectus in one or more offerings.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The registration statement
containing this prospectus, including the exhibits to the registration
statement, provides additional information about us and the securities offered
under this prospectus. You should read the registration statement and the
accompanying exhibits for further information. The registration statement,
including the exhibits and the documents incorporated or deemed incorporated
herein by reference, can be read and are available to the public on the SEC&#146;s
website at </FONT><I><FONT face="Times New Roman" size=2>http://www.sec.gov</FONT></I><FONT face="Times New Roman" size=2> as
described under the heading &#147;Where You Can Find More Information&#148; on page 28.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each time we sell securities
pursuant to this prospectus, we will provide a prospectus supplement containing
specific information about the terms of a particular offering by us. That
prospectus supplement may include a discussion of any risk factors or other
special considerations that apply to those securities. The prospectus supplement
may add, update or change information in this prospectus. If the information in
the prospectus is inconsistent with a prospectus supplement, you should rely on
the information in that prospectus supplement. You should read both this
prospectus and, if applicable, any prospectus supplement. See &#147;Where You Can
Find More Information&#148; on page 28 for more information. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We have not authorized any
dealer, salesman or other person to give any information or to make any
representation other than those contained or incorporated by reference in this
prospectus or any prospectus supplement. You must not rely upon any information
or representation not contained or incorporated by reference in this prospectus
or any prospectus supplement. This prospectus and any prospectus supplement do
not constitute an offer to sell or the solicitation of an offer to buy any
securities other than the registered securities to which they relate, nor do
this prospectus and any prospectus supplement constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction to any person to
whom it is unlawful to make such offer or solicitation in such jurisdiction. You
should not assume that the information contained in this prospectus or any
prospectus supplement is accurate on any date subsequent to the date set forth
on the front of such document or that any information we have incorporated by
reference is correct on any date subsequent to the date of the document
incorporated by reference, even though this prospectus and any prospectus
supplement is delivered or securities are sold on a later date. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face="Times New Roman" size=2>Unless this prospectus
indicates otherwise or the context otherwise requires, the terms &#147;we,&#148; &#147;our,&#148;
&#147;us,&#148; &#147;ConnectOne,&#148; &#147;ConnectOne Bancorp&#148; or the &#147;Company&#148; as used in this
prospectus refer to ConnectOne Bancorp, Inc. and its subsidiaries, including
ConnectOne Bank, which we sometimes refer to as the &#147;Bank,&#148; except that such
terms refer to only ConnectOne Bancorp, Inc. and not its subsidiaries in the
sections entitled &#147;Description of Common Stock,&#148; &#147;Description of Preferred
Stock,&#148; &#147;Description of Warrants,&#148; &#147;Description of Debt Securities,&#148;
&#147;Description of Depositary Shares&#148; and &#147;Description of Units.&#148; </FONT></I><FONT face="Times New Roman" size=2></FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Company
Overview</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>ConnectOne Bancorp, Inc., (the
&#147;Company&#148; and with ConnectOne Bank, &#147;we&#148; or &#147;us&#148;) a one-bank holding company,
was incorporated in the state of New Jersey on November 12, 1982 as Center
Bancorp, Inc. and commenced operations on May 1, 1983 upon the acquisition of
all outstanding shares of capital stock of Union Center National Bank, its then
principal subsidiary.</FONT><FONT face="Times New Roman" size=4></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On January 20, 2014, the
Company entered into an Agreement and Plan of Merger (the &#147;Merger Agreement&#148;) with ConnectOne
Bancorp, Inc., a New Jersey corporation (&#147;Legacy ConnectOne&#148;). Effective July 1,
2014, the Company completed the merger contemplated by the Merger Agreement (the
&#147;Merger&#148;) with Legacy ConnectOne merging with and into the Company, with the
Company as the surviving corporation. Also at closing, the Company changed its
name to &#147;ConnectOne Bancorp, Inc.&#148; and changed its NASDAQ trading symbol to
&#147;CNOB&#148;. Immediately following the consummation of the Merger, Union Center
National Bank merged with and into ConnectOne Bank, a New Jersey-chartered
commercial bank (&#147;ConnectOne Bank&#148; or the &#147;Bank&#148;) and a wholly-owned subsidiary
of Legacy ConnectOne, with ConnectOne Bank continuing as the surviving bank.
Subject to the terms and conditions of the
Merger Agreement, each share of common stock, no par value per share, of Legacy
ConnectOne was converted into 2.6 shares of the Company&#146;s common
stock.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Bank offers a broad range
of deposit and loan products and services to the general public and, in
particular, to small and mid-sized businesses, local professionals and
individuals residing, working and conducting business in our trade area.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>While we expect the bulk of
our future growth to be organic, we continue to take an opportunistic approach
to acquisitions, considering opportunities to purchase whole institutions,
branches or lines of business that complement our existing. While we may open
new offices in the counties contained in our broader trade area discussed below,
we do not believe that we need to establish a physical location in each market
that we serve. We believe that advances in technology have created new delivery
channels which allow us to service customers and maintain business relationships
without a physical presence, and that these customers can also be serviced
through a regional office. We believe the key to customer acquisition and
retention is establishing quality teams of lenders and business relationship
officers who will frequently go to the customer, rather than having the customer
come into the branch. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We emphasize superior customer
service and relationship banking. The Bank offers high-quality service by
minimizing personnel turnover and by providing more direct, personal attention
than we believe is offered by competing financial institutions, the majority of
which are branch offices of banks headquartered outside our primary trade area.
By emphasizing the need for a professional, responsive and knowledgeable staff,
we offer a superior level of service to our customers. As a result of senior
management&#146;s availability for consultation, we believe we offer customers a
quicker response on loan applications and other banking transactions than
competitors, whose decisions may be made in distant headquarters. We believe
that this response time results in a pricing advantage to us, in that we
frequently may exceed competitors&#146; loan pricing and still win customers. We also
provide state-of-the-art banking technology, including remote deposit capture,
internet banking and mobile banking, to provide our customers with the most
choices and maximum flexibility. We believe that this combination of quick,
responsive and personal service and advanced technology provides the Bank&#146;s
customers with a superior banking experience. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Bank operates seven
banking offices in Bergen County, NJ, consisting of one office each in Englewood
Cliffs, Englewood, Cresskill, Fort Lee, Hackensack, Ridgewood and Saddle River;
eight banking offices in Union County, NJ, consisting of four offices in Union
Township, and one office each in Springfield Township, Berkeley Heights, and
Summit; three banking offices in Morris County, NJ, consisting of one office
each in Boonton, Madison and Morristown; one office in Newark in Essex County,
NJ; one office in West New York in Hudson County, NJ; one office in Princeton in
Mercer County, NJ, and one office in Holmdel in Monmouth County, NJ. The Bank
also operates a branch office in the borough of Manhattan in New York City. The
Bank&#146;s principal office is located at 301 Sylvan Avenue, Englewood Cliffs, NJ.
The principal office is a three-story leased building constructed in 2008.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As of June 30, 2016, we had
total consolidated assets of $4.26 billion, total deposits of $3.20 billion and
total stockholders' equity of $484.41 million. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We are subject to examination
by the Federal Reserve Board. The Bank is a state chartered commercial bank
subject to supervision and examination by the FDIC and the New Jersey Department
of Banking and Insurance (&#147;DOBI&#148;). Regulations of the Federal Deposit Insurance
Corporation, or FDIC, and the DOBI govern most aspects of the Bank&#146;s business,
including reserves against deposits, loans, investments, mergers and
acquisitions, borrowings, dividends and location of branch offices. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our principal executive
offices are located at 301 Sylvan Avenue, Englewood Cliffs, New Jersey 07632,
and our telephone number is (201) 816-8900. Our Internet address is </FONT><FONT face="Times New Roman" size=2>www.cnob.com</FONT><FONT face="Times New Roman" size=2>. Please note that our website is provided as an inactive textual
reference and the information on our website is not incorporated by reference in
this prospectus. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>SPECIAL NOTE REGARDING
FORWARD-LOOKING STATEMENTS </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus, including the
documents that we incorporate by reference, contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Any statements about our expectations,
beliefs, plans, objectives, assumptions or future events or performance are not
historical facts and may be forward-looking. These statements are often, but not
always, made through the use of words or phrases such as &#147;anticipate,&#148;
&#147;estimate,&#148; &#147;plans,&#148; &#147;projects,&#148; &#147;continuing,&#148; &#147;ongoing,&#148; &#147;expects,&#148; &#147;management
believes,&#148; &#147;we believe,&#148; &#147;we intend&#148; and similar words or phrases. Accordingly,
these statements involve estimates, assumptions and uncertainties, which could
cause actual results to differ materially from those expressed in them. Any
forward-looking statements are qualified in their entirety by reference to the
risk factors discussed in this prospectus or discussed in documents incorporated
by reference in this prospectus. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Forward-looking statements are
subject to known and unknown risks and uncertainties, which change over time,
and are based on management&#146;s expectations and assumptions at the time the
statements are made, and are not guarantees of future results. Our actual
results may differ materially from those expressed or anticipated in the
forward-looking statements for many reasons, including the factors described in
the section entitled &#147;Risk Factors&#148; in this prospectus, in any risk factors
described in a supplement to this or in other filings. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>You should not unduly rely on
these forward-looking statements, which speak only as of the date on which they
are made. We undertake no obligation to publicly revise any forward-looking
statement to reflect circumstances or events after the date of this prospectus
or to reflect the occurrence of unanticipated events. You should, however,
review the factors and risks we describe in the reports we file from time to
time with the SEC after the date of this prospectus. We undertake no obligation
to revise or update the forward-looking statements contained in this prospectus
at any time. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>RISK
FACTORS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>An investment in our
securities involves risks. Before making an investment decision, you should
carefully consider the risks described under &#147;Risk Factors&#148; in the applicable
prospectus supplement and in our most recent Annual Report on Form 10-K, and in
our updates to those Risk Factors in our Quarterly Reports on Form 10-Q
following the most recent Form 10-K, and in all other information appearing in
this prospectus or incorporated by reference into this prospectus and any
applicable prospectus supplement. The material risks and uncertainties that
management believes affect us will be described in those documents. In addition
to those risk factors, there may be additional risks and uncertainties of which
management is not aware or focused on or that management deems immaterial. Our
business, financial condition or results of operations could be materially
adversely affected by any of these risks. The trading price of our securities
could decline due to any of these risks, and you may lose all or part of your
investment. This prospectus is qualified in its entirety by these risk
factors.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>USE OF PROCEEDS
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise provided in
the applicable prospectus supplement to this prospectus used to offer specific
securities, we expect to use the net proceeds from any offering of securities by
us for general corporate purposes, which may include acquisitions, capital
expenditures, investments, (investments in subsidiaries) and the repayment,
redemption or refinancing of all or a portion of any indebtedness or other
securities outstanding at a particular time. Pending the application of the net
proceeds, we expect to invest the proceeds in short-term, interest-bearing
instruments or other investment-grade securities. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTIONS OF
SECURITIES WE MAY OFFER </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus contains
summary descriptions of the common stock, preferred stock, warrants, debt
securities, depositary shares and units that we may offer and sell from time to
time. We may issue the debt securities as exchangeable and/or convertible debt
securities exchangeable for or convertible into shares of common stock or
preferred stock. The preferred stock may also be exchangeable for and/or
convertible into shares of common stock or another series of preferred stock.
When one or more of these securities are offered in the future, a prospectus
supplement will explain the particular terms of the securities and the extent to
which these general provisions may apply.
These summary descriptions and any summary descriptions in the applicable
prospectus supplement do not purport to be complete descriptions of the terms
and conditions of each security and are qualified in their entirety by reference
to our restated certificate of incorporation, our by-laws and by applicable New
Jersey law and any other documents referenced in such summary descriptions and
from which such summary descriptions are derived. If any particular terms of a
security described in the applicable prospectus supplement differ from any of
the terms described herein, then the terms described herein will be deemed
superseded by the terms set forth in that prospectus supplement.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may issue securities in
book-entry form through one or more depositaries, such as The Depository Trust
Company, Euroclear or Clearstream, named in the applicable prospectus
supplement. Each sale of a security in book-entry form will settle in
immediately available funds through the applicable depositary, unless otherwise
stated. We will issue the securities only in registered form, without coupons,
although we may issue the securities in bearer form if so specified in the
applicable prospectus supplement. If any securities are to be listed or quoted
on a securities exchange or quotation system, the applicable prospectus
supplement will say so. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF COMMON
STOCK </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>General</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our restated certification of
incorporation provides that we may issue up to 55,000,000 shares of capital
stock, of which 50,000,000 shares are designated as common stock, no par value,
and 5,000,000 shares are designated as preferred stock, no par value. Our board
of directors is authorized to issue the preferred stock from time to time in one
or more classes or series, with such designations, preferences, rights and
limitations as the board shall determine. We may increase our authorized shares
of capital stock subsequent to the date of this prospectus. As of December 31,
2015, there were 30,085,663 shares of our common stock outstanding and 11,250
shares of our Series B preferred stock issued and outstanding. We redeemed the
outstanding shares of Senior Non-Cumulative Perpetual Preferred Stock, Series B
on or about March 11, 2016, and there are now no shares of our preferred stock
outstanding. All outstanding shares of our common stock are fully paid and
non-assessable. Our common stock is listed on the NASDAQ Global Select Market
under the symbol &#147;CNOB.&#148; </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Dividend
Rights</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The ConnectOne Bancorp is a
legal entity separate and distinct from the Bank. Virtually all of the revenue
of the ConnectOne Bancorp available for payment of dividends on its capital
stock will result from amounts paid to the ConnectOne Bancorp by the Bank. All
such dividends are subject to the laws of the state of New Jersey, the Banking
Act, the Federal Deposit Insurance Act (&#147;FDIA&#148;) and the regulation of the DOBI
and of the FDIC. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Under the New Jersey
Corporation Act, the ConnectOne Bancorp is permitted to pay cash dividends
provided that the payment does not leave us insolvent. As a bank holding company
under the BHCA, we would be prohibited from paying cash dividends if we are not
in compliance with any capital requirements applicable to us. However, as a
practical matter, for so long as our major operations consist of ownership of
the Bank, the Bank will remain our source of dividend payments, and our ability
to pay dividends will be subject to any restrictions applicable to the Bank.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Under the New Jersey Banking
Act of 1948, as amended, dividends may be paid by the Bank only if, after the
payment of the dividend, the capital stock of the Bank will be unimpaired and
either the Bank will have a surplus of not less than 50% of its capital stock or
the payment of the dividend will not reduce the Bank&#146;s surplus. The payment of
dividends is also dependent upon the Bank&#146;s ability to maintain adequate capital
ratios pursuant to applicable regulatory requirements. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The FRB has issued a policy
statement regarding the payment of dividends by bank holding companies. In
general, the FRB&#146;s policies provide that dividends should be paid only out of
current earnings and only if the prospective rate of earnings retention by the
bank holding company appears consistent with the organization&#146;s capital needs,
asset quality and overall financial condition. FRB regulations also require that
a bank holding company serve as a source of financial strength to its subsidiary
banks by standing ready to use available resources to provide adequate capital
funds to those banks during periods of financial stress or adversity and by
maintaining the financial flexibility and
capital-raising capacity to obtain additional resources for assisting its
subsidiary banks where necessary. Under the prompt corrective action laws, the
ability of a bank holding company to pay dividends may be restricted if a
subsidiary bank becomes undercapitalized, and under regulations implementing the
Basel III accord, a bank holding company&#146;s ability to pay cash dividends may be
impaired if it fails to satisfy certain capital buffer requirements. These
regulatory policies could affect the ability of the Company to pay dividends or
otherwise engage in capital distributions.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>6</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Voting
Rights</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each outstanding share of our
common stock entitles the holder to one vote on all matters submitted to a vote
of our shareholders, except as otherwise required by law. The quorum for
shareholders&#146; meetings is a majority of the outstanding shares. Generally,
actions and authorizations to be taken or given by shareholders require the
approval of a majority of the votes cast by holders of our common stock at a
meeting at which a quorum is present. There is no cumulative voting. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Liquidation
Rights</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In the event of liquidation,
dissolution or winding up of ConnectOne Bancorp, holders of our common stock are
entitled to share equally and ratably in assets available for distribution after
payment of debts and liabilities, subject to the rights of the holders of our
preferred stock described below. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Assessment and
Redemption</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All outstanding shares of our
common stock are fully paid and non-assessable. Our common stock is not
redeemable at the option of the issuer or the holders thereof. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Other
Matters</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Certain provisions in our
restated certificate of incorporation, applicable New Jersey corporate law and
applicable federal banking law may have the effect of discouraging a change of
control of ConnectOne Bancorp, even if such a transaction is favored by some of
our shareholders and could result in shareholders receiving a substantial
premium over the current market price of our shares. The primary purpose of
these provisions is to encourage negotiations with our management by persons
interested in acquiring control of our corporation. These provisions may also
tend to perpetuate present management and make it difficult for shareholders
owning less than a majority of the shares to be able to elect even a single
director. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Broadridge Corporate Issuer
Solutions is presently the transfer agent and registrar for our common stock.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF PREFERRED
STOCK </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&#147;Blank Check&#148; Preferred
Stock</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The 5,000,000 unissued shares
of preferred stock are typically referred to as &#147;blank check&#148; preferred stock.
This term refers to stock for which the rights and restrictions are determined
by the board of directors of a corporation. In general, our restated certificate
of incorporation, authorizes our board of directors to issue new shares of our
common stock or preferred stock without further shareholder action, provided
that there are sufficient authorized shares. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The issuance of additional
common or preferred stock may be viewed as having adverse effects upon the
holders of common stock. Holders of our common stock do not have preemptive
rights with respect to any newly issued stock. Our board could adversely affect
the voting power of holders of our common stock by issuing shares of preferred
stock with certain voting, conversion and/or redemption rights. In the event of
a proposed merger, tender offer or other attempt to gain control of ConnectOne
Bancorp that the board of directors does not believe to be in the best interests
of its shareholders, the board could issue additional preferred stock which
could make any such takeover attempt more
difficult to complete. Our board of directors does not intend to issue any
preferred stock except on terms that the board deems to be in the best interests
of our company and our shareholders. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Terms of the Preferred
Stock That We May Offer and Sell to You</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We summarize below some of the
provisions that will apply to the preferred stock that we may offer to you
unless the applicable prospectus supplement provides otherwise. This summary may
not contain all information that is important to you. The complete terms of the
preferred stock will be contained in the prospectus supplement. You should read
the prospectus supplement, which will contain additional information and which
may update or change some of the information below. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our board of directors has the
authority, without further action by the shareholders, to issue preferred stock
in one or more series and to fix the number of shares, dividend rights,
conversion rights, voting rights, redemption rights, liquidation preferences,
sinking funds, and any other rights, preferences, privileges and restrictions
applicable to each such series of preferred stock. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Prior to the issuance of a new
series of preferred stock, we will further amend our restated certificate of
incorporation, designating the stock of that series and the terms of that
series. The issuance of any preferred stock could adversely affect the rights of
the holders of common stock and, therefore, reduce the value of the common
stock. The ability of our board of directors to issue preferred stock could
discourage, delay or prevent a takeover or other corporate action. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The terms of any particular
series of preferred stock will be described in the prospectus supplement
relating to that particular series of preferred stock, including, where
applicable: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the designation, stated
      value and liquidation preference of such preferred stock and the amount of
      stock offered; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the offering price;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the dividend rate or rates (or method of
      calculation), the date or dates from which dividends shall accrue, and
      whether such dividends shall be cumulative or noncumulative and, if
      cumulative, the dates from which dividends shall commence to
  cumulate;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any redemption or sinking fund
provisions;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the amount that shares of such series shall be
      entitled to receive in the event of our liquidation, dissolution or
      winding-up;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the terms and conditions, if any, on which
      shares of such series shall be convertible or exchangeable for shares of
      our stock of any other class or classes, or other series of the same
    class;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the voting rights, if any, of shares of such
      series;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the status as to reissuance or sale of shares
      of such series redeemed, purchased or otherwise reacquired, or surrendered
      to us on conversion or exchange;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the conditions and restrictions, if any, on the
      payment of dividends or on the making of other distributions on, or the
      purchase, redemption or other acquisition by us or any subsidiary, of the
      common stock or of any other class of our shares ranking junior to the
      shares of such series as to dividends or upon liquidation;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the conditions and restrictions, if any, on the
      creation of indebtedness by us or by any subsidiary, or on the issuance of
      any additional stock ranking on a parity with or prior to the shares of
      such series as to dividends or upon liquidation; and</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any additional dividend, liquidation,
      redemption, sinking or retirement fund and other rights, preferences,
      privileges, limitations and restrictions of such preferred
  stock.</TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>8</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The description of the terms
of a particular series of preferred stock in the applicable prospectus
supplement will not be complete. You should refer to the applicable amendment to
our restated certificate of incorporation for complete information regarding a
series of preferred stock. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The preferred stock will, when
issued against payment of the consideration payable therefore, be fully paid and
nonassessable. Unless otherwise specified in the applicable prospectus
supplement, each series of preferred stock will, upon issuance, rank senior to
the common stock and on a parity in all respects with each other outstanding
series of preferred stock. The rights of the holders of our preferred stock will
be subordinate to that of our general creditors. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF WARRANTS
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We summarize below some of the
provisions that will apply to the warrants unless the applicable prospectus
supplement provides otherwise. This summary may not contain all information that
is important to you. The complete terms of the warrants will be contained in the
applicable warrant certificate and warrant agreement. These documents have been
or will be included or incorporated by reference as exhibits to the registration
statement of which this prospectus is a part. You should read the warrant
certificate and the warrant agreement. You should also read the prospectus
supplement, which will contain additional information and which may update or
change some of the information below. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>General</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may issue, together with
other securities or separately, warrants to purchase debt securities, common
stock, preferred stock or other securities. We may issue the warrants under
warrant agreements to be entered into between us and a bank or trust company, as
warrant agent, all as set forth in the applicable prospectus supplement. The
warrant agent would act solely as our agent in connection with the warrants of
the series being offered and would not assume any obligation or relationship of
agency or trust for or with any holders or beneficial owners of warrants.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The applicable prospectus
supplement will describe the following terms, where applicable, of warrants in
respect of which this prospectus is being delivered: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the title of the warrants;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the designation, amount and terms of the
      securities for which the warrants are exercisable and the procedures and
      conditions relating to the exercise of such warrants;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the designation and terms of the other
      securities, if any, with which the warrants are to be issued and the
      number of warrants issued with each such security;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the price or prices at which the warrants will
      be issued;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the aggregate number of warrants;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any provisions for adjustment of the number or
      amount of securities receivable upon exercise of the warrants or the
      exercise price of the warrants;</TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>&nbsp;</FONT><FONT face="Times New Roman" size=2>9</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the price or prices at which the securities
      purchasable upon exercise of the warrants may be purchased;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">if applicable, the date on and after which the
      warrants and the securities purchasable upon exercise of the warrants will
      be separately transferable;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">if applicable, a discussion of the material
      U.S. federal income tax considerations applicable to the warrants;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any other terms of the warrants, including
      terms, procedures and limitations relating to the exchange and exercise of
      the warrants;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the date on which the right to exercise the
      warrants shall commence and the date on which the right shall
expire;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">if applicable, the maximum or minimum number of
      warrants which may be exercised at any time;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the identity of the warrant agent;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any mandatory or optional redemption
    provision;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">whether the warrants are to be issued in
      registered or bearer form;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">whether the warrants are extendible and the
      period or periods of such extendibility;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">information with respect to book-entry
      procedures, if any; and</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any other terms of the
warrants.</TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Before exercising their
warrants, holders of warrants will not have any of the rights of holders of the
securities purchasable upon such exercise, including the right to receive
dividends, if any, or payments upon our liquidation, dissolution or winding-up
or to exercise voting rights, if any. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Exercise of
Warrants</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each warrant will entitle the
holder thereof to purchase the amount of such principal amounts of debt
securities or such number of shares of common stock or preferred stock or other
securities at the exercise price as will in each case be set forth in, or be
determinable as set forth in, the applicable prospectus supplement. Warrants may
be exercised at any time up to the close of business on the expiration date set
forth in the applicable prospectus supplement. After the close of business on
the expiration date, unexercised warrants will become void. Warrants may be
exercised as set forth in the applicable prospectus supplement relating to the
warrants offered thereby. Upon receipt of payment and the warrant certificate
properly completed and duly executed at the corporate trust office of the
warrant agent or any other office indicated in the applicable prospectus
supplement, we will, as soon as practicable, forward the purchased securities.
If less than all of the warrants represented by the warrant certificate are
exercised, a new warrant certificate will be issued for the remaining warrants.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Enforceability of Rights of
Holders of Warrants</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each warrant agent will act
solely as our agent under the applicable warrant agreement and will not assume
any obligation or relationship of agency or trust with any holder of any
warrant. A single bank or trust company may act as warrant agent for more than
one issue of warrants. A warrant agent will have no duty or responsibility in
case of any default by us under the applicable warrant agreement or warrant,
including any duty or responsibility to initiate any proceedings at law or
otherwise, or to make any demand upon us. Any holder of a warrant may, without
the consent of the related warrant agent or
the holder of any other warrant, enforce by appropriate legal action its right
to exercise, and receive the securities purchasable upon exercise of, that
holder&#146;s warrant(s). </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Modification of the Warrant
Agreement</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The warrant agreement will
permit us and the warrant agent, without the consent of the warrant holders, to
supplement or amend the agreement in the following circumstances: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">to cure any ambiguity;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">to correct or supplement any provision which
      may be defective or inconsistent with any other provisions; or</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">to add new provisions regarding matters or
      questions that we and the warrant agent may deem necessary or desirable
      and which do not adversely affect the interests of the warrant
  holders.</TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>&nbsp;</FONT><B><FONT face="Times New Roman" size=2>DESCRIPTION OF DEBT SECURITIES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We summarize below some of the
provisions that will apply to the debt securities unless the applicable
prospectus supplement provides otherwise. This summary may not contain all
information that is important to you. The complete terms of the debt securities
will be contained in the applicable notes. The notes will be included or
incorporated by reference as exhibits to the registration statement of which
this prospectus is a part. You should read the provisions of the notes. You
should also read the prospectus supplement, which will contain additional
information and which may update or change some of the information below.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>General</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus describes
certain general terms and provisions of the debt securities. The debt securities
will be issued under an indenture between us and a trustee to be designated
prior to the issuance of the debt securities. When we offer to sell a particular
series of debt securities, we will describe the specific terms of the securities
in a supplement to this prospectus. The prospectus supplement will also indicate
whether the general terms and provisions described in this prospectus apply to a
particular series of debt securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may issue, from time to
time, debt securities, in one or more series, that will consist of either our
senior debt (&#147;senior debt securities&#148;), our senior subordinated debt (&#147;senior
subordinated debt securities&#148;), our subordinated debt (&#147;subordinated debt
securities&#148;) or our junior subordinated debt (&#147;junior subordinated debt
securities&#148; and, together with the senior subordinated debt securities and the
subordinated debt securities, the &#147;subordinated securities&#148;). Debt securities,
whether senior, senior subordinated, subordinated or junior subordinated, may be
issued as convertible debt securities or exchangeable debt securities.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We have summarized herein
certain terms and provisions of the form of indenture (the &#147;indenture&#148;). The
summary is not complete and is qualified in its entirety by reference to the
actual text of the indenture. The indenture is an exhibit to the registration
statement of which this prospectus is a part. You should read the indenture for
the provisions which may be important to you. The indenture is subject to and
governed by the Trust Indenture Act of 1939, as amended. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>11</FONT><FONT face=Arial size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The indenture does not limit
the amount of debt securities which we may issue. We may issue debt securities
up to an aggregate principal amount as we may authorize from time to time, which
securities may be in any currency or currency unit designated by us. The terms
of each series of debt securities will be established by or pursuant to (a) a
supplemental indenture, (b) a resolution of our board of directors, or (c) an
officers&#146; certificate pursuant to authority granted under a resolution of our
board of directors. The prospectus supplement will describe the terms of any
debt securities being offered, including: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the title of the debt securities;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the limit, if any, upon the aggregate principal
      amount or issue price of the debt securities of a series;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">ranking of the specific series of debt
      securities relative to other outstanding indebtedness, including any debt
      of any of our subsidiaries;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the price or prices at which the debt
      securities will be issued;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the designation, aggregate principal amount and
      authorized denominations of the series of debt securities;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the issue date or dates of the series and the
      maturity date of the series;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">whether the securities will be issued at par or
      at a premium over or a discount from their face amount;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the interest rate, if any, and the method for
      calculating the interest rate and basis upon which interest shall be
      calculated;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the right, if any, to extend interest payment
      periods and the duration of the extension;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the interest payment dates and the record dates
      for the interest payments;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any mandatory or optional redemption terms or
      prepayment, conversion, sinking fund or exchangeability or convertibility
      provisions;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the currency of denomination of the
    securities;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the place where we will pay principal, premium,
      if any, and interest, if any, and the place where the debt securities may
      be presented for transfer;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">if payments of principal of, premium, if any,
      or interest, if any, on the debt securities will be made in one or more
      currencies or currency units other than that or those in which the debt
      securities are denominated, the manner in which the exchange rate with
      respect to these payments will be determined;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">if other than denominations of $1,000 or
      multiples of $1,000, the denominations the debt securities will be issued
      in;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">whether the debt securities will be issued in
      the form of global securities or certificates;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the applicability of and additional provisions,
      if any, relating to the defeasance of the debt securities;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the portion of principal amount of the debt
      securities payable upon declaration of acceleration of the maturity date,
      if other than the entire principal amount;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the currency or currencies, if other than the
      currency of the United States, in which principal and interest will be
      paid;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the dates on which premium, if any, will be
      paid;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any addition to or change in the &#147;Events of
      Default&#148; described in this prospectus or in the indenture with respect to
      the debt securities and any change in the acceleration provisions
      described in this prospectus or in the indenture with respect to the debt
      securities;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any addition to or change in the covenants
      described in the prospectus or in the indenture with respect to the debt
      securities;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">our right, if any, to defer payment of interest
      and the maximum length of this deferral period; and</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">other specific terms, including any additional
      events of default or covenants.</TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>&nbsp;</FONT><FONT face="Times New Roman" size=2>12</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may issue debt securities
at a discount below their stated principal amount. Even if we do not issue the
debt securities below their stated principal amount, for United States federal
income tax purposes the debt securities may be deemed to have been issued with a
discount because of certain interest payment characteristics. We will describe
in any applicable prospectus supplement the United States federal income tax
considerations applicable to debt securities issued at a discount or deemed to
be issued at a discount, and will describe any special United States federal
income tax considerations that may be applicable to the particular debt
securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may structure one or more
series of subordinated securities so that they qualify as capital under federal
regulations applicable to bank holding companies. We may adopt this structure
whether or not those regulations may be applicable to us at the time of
issuance. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The debt securities will
represent our general unsecured obligations. We are a holding company and
ConnectOne Bancorp&#146;s operating assets are owned by our subsidiaries. We rely
primarily on dividends from such subsidiaries to meet our obligations. We are a
legal entity separate and distinct from our subsidiaries. The principal sources
of our income are dividends and interest from the Bank. The Bank is subject to
restrictions imposed by federal law on any extensions of credit to, and certain
other transactions with, us and certain other affiliates, and on investments in
stock or other securities thereof. In addition, payment of dividends to us by
the Bank is subject to ongoing review by banking regulators. Because we are a
holding company, our right to participate in any distribution of assets of any
subsidiary upon the subsidiary&#146;s liquidation or reorganization or otherwise is
subject to the prior claims of creditors of the subsidiary, except to the extent
we may ourselves be recognized as a creditor of that subsidiary. Accordingly,
the debt securities will be effectively subordinated to all existing and future
liabilities, including deposits, of our subsidiaries, and holders of the debt
securities should look only to our assets for payments on the debt securities.
The indenture does not limit the incurrence or issuance of our secured or
unsecured debt including senior indebtedness. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Senior Debt</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Senior debt securities will
rank equally and pari passu with all of our other unsecured and unsubordinated
debt from time to time outstanding. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Subordinated
Debt</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The indenture does not limit
our ability to issue subordinated debt securities. Any subordination provisions
of a particular series of debt securities will be set forth in the supplemental
indenture, board resolution or officers&#146; certificate related to that series of
debt securities and will be described in the relevant prospectus supplement.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If this prospectus is being
delivered in connection with a series of subordinated debt securities, the
accompanying prospectus supplement or the information incorporated by reference
in this prospectus will set forth the approximate amount of senior indebtedness
outstanding as of the end of the most recent fiscal quarter. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>13</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Conversion or Exchange
Rights</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Debt securities may be
convertible into or exchangeable for our other securities or property. The terms
and conditions of conversion or exchange will be set forth in the supplemental
indenture, board resolution or officers&#146; certificate related to that series of
debt securities and will be described in the relevant prospectus supplement. The
terms will include, among others, the following: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the conversion or
      exchange price;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>the
      conversion or exchange period; </FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">provisions regarding our ability or the ability
      of the holder to convert or exchange the debt securities;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">events requiring adjustment to the conversion
      or exchange price; and</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">provisions affecting conversion or exchange in
      the event of our redemption of the debt securities.</TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2>Merger, Consolidation or
Sale of Assets</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The indenture prohibits us
from merging into or consolidating with any other person or selling, leasing or
conveying substantially all of our assets and the assets of our subsidiaries,
taken as a whole, to any person, unless: </FONT></P>
<P align=justify>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>either we are the
      continuing corporation or the successor corporation or the person which
      acquires by sale, lease or conveyance substantially all our or our
      subsidiaries&#146; assets is a corporation organized under the laws of the
      United States, any state thereof, or the District of Columbia, and
      expressly assumes the due and punctual payment of the principal of, and
      premium, if any, and interest, if any, on all the debt securities and the
      due performance of every covenant of the indenture to be performed or
      observed by us, by supplemental indenture satisfactory to the trustee,
      executed and delivered to the trustee by such
      corporation;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>immediately after giving
      effect to such transactions, no Event of Default described under the
      caption &#147;Events of Default and Remedies&#148; below or event which, after
      notice or lapse of time or both would become an Event of Default, has
      happened and is continuing; and</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>we have delivered to the
      trustee an officers&#146; certificate and an opinion of counsel each stating
      that such transaction and such supplemental indenture comply with the
      indenture provisions relating to merger, consolidation and sale of
      assets.</FONT></P></TD></TR></TABLE></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon any consolidation or
merger with or into any other person or any sale, conveyance, lease, or other
transfer of all or substantially all of our or our subsidiaries&#146; assets to any
person, the successor person shall succeed, and be substituted for, us under the
indenture and each series of outstanding debt securities, and we shall be
relieved of all obligations under the indenture and each series of outstanding
debt securities to the extent we were the predecessor person. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Events of Default and
Remedies</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>When we use the term &#147;Event of
Default&#148; in the indenture with respect to the debt securities of any series, we
mean: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1) default in paying interest
on the debt securities when it becomes due and the default continues for a
period of 30 days or more; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2) default in paying
principal, or premium, if any, on the debt securities when due; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3) default is made in the
payment of any sinking or purchase fund or analogous obligation when the same
becomes due, and such default continues for 30 days or more; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4) default in the
performance, or breach, of any covenant or warranty in the indenture (other than
defaults specified in clause (1), (2) or (3) above) and the default or breach
continues for a period of 60 days or more after we receive written notice of
such default from the trustee or we and the trustee receive notice from the
holders of at least 25% in aggregate principal amount of the outstanding debt
securities of the series; </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(5) certain events of
bankruptcy, insolvency, reorganization, administration or similar proceedings
with respect to us have occurred; and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(6) any other Event of Default
provided with respect to debt securities of that series that is set forth in the
applicable prospectus supplement accompanying this prospectus. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No Event of Default with
respect to a particular series of debt securities (except as to certain events
of bankruptcy, insolvency or reorganization) necessarily constitutes an Event of
Default with respect to any other series of debt securities. The occurrence of
certain Events of Default or an acceleration under the indenture may constitute
an event of default under certain of our other indebtedness that we may have
outstanding from time to time. Unless otherwise provided by the terms of an
applicable series of debt securities, if an Event of Default under the indenture
occurs with respect to the debt securities of any series and is continuing, then
the trustee or the holders of not less than 51% of the aggregate principal
amount of the outstanding debt securities of that series may by written notice
require us to repay immediately the entire principal amount of the outstanding
debt securities of that series (or such lesser amount as may be provided in the
terms of the securities), together with all accrued and unpaid interest and
premium, if any. In the case of an Event of Default resulting from certain
events of bankruptcy, insolvency or reorganization, the principal (or such
specified amount) of and accrued and unpaid interest, if any, on all outstanding
debt securities will become and be immediately due and payable without any
declaration or other act on the part of the trustee or any holder of outstanding
debt securities. We refer you to the prospectus supplement relating to any
series of debt securities that are discount securities for the particular
provisions relating to acceleration of a portion of the principal amount of such
discount securities upon the occurrence of an Event of Default. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>After a declaration of
acceleration, the holders of a majority in aggregate principal amount of
outstanding debt securities of any series may rescind this accelerated payment
requirement if all existing Events of Default, except for nonpayment of the
principal on the debt securities of that series that has become due solely as a
result of the accelerated payment requirement, have been cured or waived and if
the rescission of acceleration would not conflict with any judgment or decree.
The holders of a majority in aggregate principal amount of the outstanding debt
securities of any series also have the right to waive past defaults, except a
default in paying principal or interest on any outstanding debt security, or in
respect of a covenant or a provision that cannot be modified or amended without
the consent of all holders of the debt securities of that series. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No holder of any debt security
may seek to institute a proceeding with respect to the indenture unless such
holder has previously given written notice to the trustee of a continuing Event
of Default, the holders of not less than 51% in aggregate principal amount of
the outstanding debt securities of the series have made a written request to the
trustee to institute proceedings in respect of the Event of Default, the holder
or holders have offered reasonable indemnity to the trustee and the trustee has
failed to institute such proceeding within 60 days after it received this
notice. In addition, within this 60-day period the trustee must not have
received directions inconsistent with this written request by holders of a
majority in aggregate principal amount of the outstanding debt securities of
that series. These limitations do not apply, however, to a suit instituted by a
holder of a debt security for the enforcement of the payment of principal,
interest or any premium on or after the due dates for such payment. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>During the existence of an
Event of Default actually known to a responsible officer of the trustee, the
trustee is required to exercise the rights and powers vested in it under the
indenture and use the same degree of care and skill in its exercise as a prudent
person would under the circumstances in the conduct of that person&#146;s own
affairs. If an Event of Default has occurred and is continuing, the trustee is
not under any obligation to exercise any of its rights or powers at the request
or direction of any of the holders unless the holders have offered to the
trustee security or indemnity reasonably satisfactory to the trustee. Subject to
certain provisions, the holders of a majority in aggregate principal amount of
the outstanding debt securities of any series 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. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The trustee will, within 90
days after receiving notice of any default, give notice of the default to the
holders of the debt securities of that series, unless the default was already
cured or waived. Unless there is a default in paying principal, interest or any
premium when due, the trustee can withhold giving notice to the holders if it
determines in good faith that the withholding of notice is in the interest of
the holders. In the case of a default specified in clause (4) above describing Events of Default, no notice of
default to the holders of the debt securities of that series will be given until
60 days after the occurrence of the event of default. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>15</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The indenture requires us,
within 120 days after the end of our fiscal year, to furnish to the trustee a
statement as to compliance with the indenture. The indenture provides that the
trustee may withhold notice to the holders of debt securities of any series of
any Event of Default (except in payment on any debt securities of that series)
with respect to debt securities of that series if it in good faith determines
that withholding notice is in the interest of the holders of those debt
securities. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Modification and
Waiver</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The indenture may be amended
or modified without the consent of any holder of debt securities in order to:
</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>evidence a successor to
      the trustee; </FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">cure ambiguities, defects or inconsistencies;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">provide for the assumption of our obligations in the case of
      a merger or consolidation or transfer of all or substantially all of our
      assets that complies with the covenant described under &#147;&#151; Merger,
      Consolidation or Sale of Assets&#148;;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">make any change that would provide any additional rights or
      benefits to the holders of the debt securities of a series;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">add guarantors or co-obligors with respect to the debt
      securities of any series;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">secure the debt securities of a series;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">establish the form or forms of debt securities of any
    series;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">add additional Events of Default with respect to the debt
      securities of any series;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">add additional provisions as may be expressly permitted by
      the Trust Indenture Act;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">maintain the qualification of the indenture under the Trust
      Indenture Act; or</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">make any change that does not adversely affect in any
      material respect the interests of any holder.</TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Other amendments and
modifications of the indenture or the debt securities issued may be made with
the consent of the holders of not less than a majority in aggregate principal
amount of the outstanding debt securities of each series affected by the
amendment or modification. However, no modification or amendment may, without
the consent of the holder of each outstanding debt security affected:
</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">change the maturity date or the stated payment
      date of any payment of premium or interest payable on the debt
    securities;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>reduce the
      principal amount, or extend the fixed maturity, of the debt
      securities;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">change the method of computing the amount of
      principal or any interest of any debt security;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">change or waive the redemption or repayment
      provisions of the debt securities;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">change the currency in which principal, any
      premium or interest is paid or the place of payment; </TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>16</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>reduce the percentage in
      principal amount outstanding of debt securities of any series which must
      consent to an amendment, supplement or waiver or consent to take any
      action; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>impair the
      right to institute suit for the enforcement of any payment on the debt
      securities;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">waive a payment default with respect to the
      debt securities;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">reduce the interest rate or extend the time for
      payment of interest on the debt securities;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">adversely affect the ranking or priority of the
      debt securities of any series; or</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>release any
      guarantor or co-obligor from any of its obligations under its guarantee or
      the indenture, except in compliance with the terms of the indenture.
      </FONT></TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2>Satisfaction, Discharge and
Covenant Defeasance</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may terminate our
obligations under the indenture with respect to the outstanding debt securities
of any series, when: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">either:</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR></TABLE>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">all debt securities of any series issued that
      have been authenticated and delivered have been delivered to the trustee
      for cancellation; or</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>all the
      debt securities of any series issued that have not been delivered to the
      trustee for cancellation have become due and payable, will become due and
      payable within one year, or are to be called for redemption within one
      year and we have made arrangements satisfactory to the trustee for the
      giving of notice of redemption by such trustee in our name and at our
      expense, and in each case, we have irrevocably deposited or caused to be
      deposited with the trustee sufficient funds to pay and discharge the
      entire indebtedness on the series of debt securities; and </FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR></TABLE>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">we have paid or caused to be paid all other
      sums then due and payable under the indenture; and </TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">we have delivered to the trustee an officers&#146;
      certificate and an opinion of counsel, each stating that all conditions
      precedent under the indenture relating to the satisfaction and discharge
      of the indenture have been complied with.</TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may elect to have our
obligations under the indenture discharged with respect to the outstanding debt
securities of any series (&#147;legal defeasance&#148;). Legal defeasance means that we
will be deemed to have paid and discharged the entire indebtedness represented
by the outstanding debt securities of such series under the indenture, except
for: </FONT></P>
<P align=justify>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the rights of holders of
      the debt securities to receive principal, interest and any premium when
      due;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>our
      obligations with respect to the debt securities concerning issuing
      temporary debt securities, registration of transfer of debt securities,
      mutilated, destroyed, lost or stolen debt securities and the maintenance
      of an office or agency for payment for security payments held in
      trust;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the rights, powers, trusts, duties and
      immunities of the trustee; and </TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the defeasance provisions of the indenture.
  </TD></TR></TABLE></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In addition, we may elect to
have our obligations released with respect to certain covenants in the indenture
</FONT><FONT face="Times New Roman" size=2>(&#147;covenant defeasance&#148;). If we so
elect, any failure to comply with these obligations will not constitute a
default or an event of default with respect to the debt securities of any series. In the event covenant defeasance occurs, certain
events, not including non-payment, bankruptcy and insolvency events, described under &#147;Events of Default and
Remedies,&#148; will no longer constitute an event of default for that series.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>17</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<!--PART 02-->
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In order to exercise either
legal defeasance or covenant defeasance with respect to outstanding debt
securities of any series, we must irrevocably have deposited or caused to be
deposited with the trustee as trust funds for the purpose of making the
following payments, specifically pledged as security for, and dedicated solely
to the benefits of the holders of the debt securities of a series: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>money in an amount;
      or<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>U.S. government
      obligations (or equivalent government obligations in the case of debt
      securities denominated in other than U.S. dollars or a specified currency)
      that will provide, not later than one day before the due date of any
      payment, money in an amount; or<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>a combination of
      money and U.S. government obligations (or equivalent government
      obligations, as applicable), </FONT></P></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2>in each case sufficient, in
the written opinion (with respect to U.S. or equivalent government obligations
or a combination of money and U.S. or equivalent government obligations, as
applicable) of a nationally recognized firm of independent public accountants to
pay and discharge, and which shall be applied by the trustee to pay and
discharge, all of the principal (including mandatory sinking fund payments),
interest and any premium at due date or maturity; </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>in the case of legal
      defeasance, we have delivered to the trustee an opinion of counsel stating
      that, under then applicable federal income tax law, the holders of the
      debt securities of that series will not recognize income, gain or loss for
      federal income tax purposes as a result of the deposit, defeasance and
      discharge to be effected and will be subject to the same federal income
      tax as would be the case if the deposit, defeasance and discharge did not
      occur;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>in the case of
      covenant defeasance, we have delivered to the trustee an opinion of
      counsel to the effect that the holders of the debt securities of that
      series will not recognize income, gain or loss for federal income tax
      purposes as a result of the deposit and covenant defeasance to be effected
      and will be subject to the same federal income tax as would be the case if
      the deposit and covenant defeasance did not
  occur;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>no event of default
      or default with respect to the outstanding debt securities of that series
      has occurred and is continuing at the time of such deposit after giving
      effect to the deposit or, in the case of legal defeasance, no default
      relating to bankruptcy or insolvency has occurred and is continuing at any
      time on or before the 91st day after the date of such deposit, it being
      understood that this condition is not deemed satisfied until after the
      91st day;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the legal defeasance
      or covenant defeasance will not cause the trustee to have a conflicting
      interest within the meaning of the Trust Indenture Act, assuming all debt
      securities of a series were in default within the meaning of such
      Act;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the legal defeasance
      or covenant defeasance will not result in a breach or violation of, or
      constitute a default under, any other agreement or instrument to which we
      are a party;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>if prior to the
      stated maturity date, notice shall have been given in accordance with the
      provisions of the indenture;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the legal defeasance
      or covenant defeasance will not result in the trust arising from such
      deposit constituting an investment company within the meaning of the
      Investment Company Act of 1940, as amended, unless the trust is registered
      under such Act or exempt from registration; and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>we have delivered to
      the trustee an officers&#146; certificate and an opinion of counsel stating
      that all conditions precedent with respect to the legal defeasance or
      covenant defeasance have been complied
with.</FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Covenants</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will set forth in the
applicable prospectus supplement any restrictive covenants applicable to any
issue of debt securities. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Paying Agent and
Registrar</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The trustee will initially
act as paying agent and registrar for all debt securities. We may change the
paying agent or registrar for any series of debt securities without prior
notice, and we or any of our subsidiaries may act as paying agent or registrar.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Forms of
Securities</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each debt security will be
represented either by a certificate issued in definitive form to a particular
investor or by one or more global securities representing the entire issuance of
the series of debt securities. Certificated securities will be issued in
definitive form and global securities will be issued in registered form.
Definitive securities name you or your nominee as the owner of the security, and
in order to transfer or exchange these securities or to receive payments other
than interest or other interim payments, you or your nominee must physically
deliver the securities to the trustee, registrar, paying agent or other agent,
as applicable. Global securities name a depositary or its nominee as the owner
of the debt securities represented by these global securities. The depositary
maintains a computerized system that will reflect each investor&#146;s beneficial
ownership of the securities through an account maintained by the investor with
its broker/dealer, bank, trust company or other representative, as we explain
more fully below. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Global
Securities</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may issue the registered
debt securities in the form of one or more fully registered global securities
that will be deposited with a depositary or its custodian identified in the
applicable prospectus supplement and registered in the name of that depositary
or its nominee. In those cases, one or more registered global securities will be
issued in a denomination or aggregate denominations equal to the portion of the
aggregate principal or face amount of the securities to be represented by
registered global securities. Unless and until it is exchanged in whole for
securities in definitive registered form, a registered global security may not
be transferred except as a whole by and among the depositary for the registered
global security, the nominees of the depositary or any successors of the
depositary or those nominees. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If not described below, any
specific terms of the depositary arrangement with respect to any securities to
be represented by a registered global security will be described in the
prospectus supplement relating to those securities. We anticipate that the
following provisions will apply to all depositary arrangements. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Ownership of beneficial
interests in a registered global security will be limited to persons, called
participants, that have accounts with the depositary or persons that may hold
interests through participants. Upon the issuance of a registered global
security, the depositary will credit, on its book-entry registration and
transfer system, the participants&#146; accounts with the respective principal or
face amounts of the securities beneficially owned by the participants. Any
dealers, underwriters or agents participating in the distribution of the
securities will designate the accounts to be credited. Ownership of beneficial
interests in a registered global security will be shown on, and the transfer of
ownership interests will be effected only through, records maintained by the
depositary, with respect to interests of participants, and on the records of
participants, with respect to interests of persons holding through participants.
The laws of some states may require that some purchasers of securities take
physical delivery of these securities in definitive form. These laws may impair
your ability to own, transfer or pledge beneficial interests in registered
global securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>So long as the depositary,
or its nominee, is the registered owner of a registered global security, that
depositary or its nominee, as the case may be, will be considered the sole owner
or holder of the securities represented by the registered global security for
all purposes under the indenture. Except as described below, owners of
beneficial interests in a registered global security will not be entitled to
have the securities represented by the registered global security registered in
their names, will not receive or be entitled to receive physical delivery of the
securities in definitive form and will not be considered the owners or holders
of the securities under the indenture. Accordingly, each person owning a
beneficial interest in a registered global security must rely on the procedures
of the depositary for that registered global security and, if that person is not
a participant, on the procedures of the participant through which the person
owns its interest, to exercise any rights of a holder under the indenture. We
understand that under existing industry practices, if we request any action of
holders or if an owner of a beneficial interest in a registered global security
desires to give or take any action that a holder is entitled to give or take
under the indenture, the depositary for the registered global security would
authorize the participants holding the relevant beneficial interests to give or
take that action, and the participants would authorize beneficial owners owning
through them to give or take that action or would otherwise act upon the
instructions of beneficial owners holding through them. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Principal, premium, if any,
and interest payments on debt securities represented by a registered global
security registered in the name of a depositary or its nominee will be made to
the depositary or its nominee, as the case may be, as the registered owner of
the registered global security. Neither we nor the trustee or any other agent of
ours or the trustee will have any responsibility or liability for any aspect of
the records relating to payments made on account of beneficial ownership
interests in the registered global security or for maintaining, supervising or
reviewing any records relating to those beneficial ownership interests.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We expect that the
depositary for any of the securities represented by a registered global
security, upon receipt of any payment of principal, premium, interest or other
distribution of underlying securities or other property to holders on that
registered global security, will immediately credit participants&#146; accounts in
amounts proportionate to their respective beneficial interests in that
registered global security as shown on the records of the depositary. We also
expect that payments by participants to owners of beneficial interests in a
registered global security held through participants will be governed by
standing customer instructions and customary practices, as is now the case with
the securities held for the accounts of customers in bearer form or registered
in &#147;street name,&#148; and will be the responsibility of those participants.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the depositary for any
of these securities represented by a registered global security is at any time
unwilling or unable to continue as depositary or ceases to be a clearing agency
registered under the Exchange Act, and a successor depositary registered as a
clearing agency under the Exchange Act is not appointed by us within 90 days, we
will issue securities in definitive form in exchange for the registered global
security that had been held by the depositary. Any securities issued in
definitive form in exchange for a registered global security will be registered
in the name or names that the depositary gives to the trustee or other relevant
agent of ours or theirs. It is expected that the depositary&#146;s instructions will
be based upon directions received by the depositary from participants with
respect to ownership of beneficial interests in the registered global security
that had been held by the depositary. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless we state otherwise
in a prospectus supplement, the Depository Trust Company (&#147;DTC&#148;) will act as
depositary for each series of debt securities issued as global securities. DTC
has advised us that DTC is a limited-purpose trust company created to hold
securities for its participating organizations (collectively, the
&#147;Participants&#148;) and to facilitate the clearance and settlement of transactions
in those securities between Participants through electronic book-entry changes
in accounts of its Participants. The Participants include securities brokers and
dealers, banks, trust companies, clearing corporations and certain other
organizations. Access to DTC&#146;s system is also available to other entities such
as banks, brokers, dealers and trust companies that clear through or maintain a
custodial relationship with a Participant, either directly or indirectly
(collectively, the &#147;Indirect Participants&#148;). Persons who are not Participants
may beneficially own securities held by or on behalf of DTC only through the
Participants or the Indirect Participants. The ownership interests in, and
transfers of ownership interests in, each security held by or on behalf of DTC
are recorded on the records of the Participants and the Indirect Participants.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Governing
Law</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The indenture and each
series of debt securities are governed by, and construed in accordance with, the
laws of the State of New York. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>20</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF DEPOSITARY
SHARES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We summarize below some of
the provisions that will apply to depositary shares unless the applicable
prospectus supplement provides otherwise. This summary may not contain all
information that is important to you. The complete terms of the depositary
shares will be contained in the depositary agreement and depositary receipt
applicable to any depositary shares. These documents have been or will be
included or incorporated by reference as exhibits to the registration statement
of which this prospectus is a part. You should read the depositary agreement and
the depositary receipt. You should also read the prospectus supplement, which
will contain additional information and which may update or change some of the
information below. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>General</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may offer fractional
shares of preferred stock, rather than full shares of preferred stock. If we do
so, we may issue receipts for depositary shares that each represent a fraction
of a share of a particular series of preferred stock. The prospectus supplement
will indicate that fraction. The shares of preferred stock represented by
depositary shares will be deposited under a depositary agreement between us and
a bank or trust company that meets certain requirements and is selected by us,
which we refer to as the &#147;bank depositary.&#148; Each owner of a depositary share
will be entitled to all the rights and preferences of the preferred stock
represented by the depositary share. The depositary shares will be evidenced by
depositary receipts issued pursuant to the depositary agreement. Depositary
receipts will be distributed to those persons purchasing the fractional shares
of preferred stock in accordance with the terms of the offering. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following summary
description of certain common provisions of a depositary agreement and the
related depositary receipts and any summary description of the depositary
agreement and depositary receipts in the applicable prospectus supplement do not
purport to be complete and are qualified in their entirety by reference to all
of the provisions of such depositary agreement and depositary receipts. The
forms of the depositary agreement and the depositary receipts relating to any
particular issue of depositary shares will be filed with the SEC each time we
issue depositary shares, and you should read those documents for provisions that
may be important to you. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Dividends and Other
Distributions</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If we pay a cash
distribution or dividend on a series of preferred stock represented by
depositary shares, the bank depositary will distribute such dividends to the
record holders of such depositary shares. If the distributions are in property
other than cash, the bank depositary will distribute the property to the record
holders of the depositary shares. However, if the bank depositary determines
that it is not feasible to make the distribution of property, the bank
depositary may, with our approval, sell such property and distribute the net
proceeds from such sale to the record holders of the depositary shares.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Redemption of Depositary
Shares</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If we redeem a series of
preferred stock represented by depositary shares, the bank depositary will
redeem the depositary shares from the proceeds received by the bank depositary
in connection with the redemption. The redemption price per depositary share
will equal the applicable fraction of the redemption price per share of the
preferred stock. If fewer than all the depositary shares are redeemed, the
depositary shares to be redeemed will be selected by lot or pro rata as the bank
depositary may determine. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Voting the Preferred
Stock</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon receipt of notice of
any meeting at which the holders of the preferred stock represented by
depositary shares are entitled to vote, the bank depositary will mail the notice
to the record holder of the depositary shares relating to such preferred stock.
Each record holder of these depositary shares on the record date, which will be
the same date as the record date for the preferred stock, may instruct the bank
depositary as to how to vote the preferred stock represented by such holder&#146;s
depositary shares. The bank depositary will endeavor, insofar as practicable, to
vote the amount of the preferred stock represented by such depositary shares in
accordance with such instructions, and we will take all action that the bank
depositary deems necessary in order to enable the bank depositary to do so. The
bank depositary will abstain from voting shares of the preferred stock to the
extent it does not receive specific instructions from the holders of depositary
shares representing such preferred stock. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>21</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Amendment and
Termination of the Depositary Agreement</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise provided
in the applicable prospectus supplement or required by law, the form of
depositary receipt evidencing the depositary shares and any provision of the
depositary agreement may be amended by agreement between the bank depositary and
us. The depositary agreement may be terminated by the bank depositary or us only
if: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>all outstanding
      depositary shares have been redeemed, or<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>there has been a
      final distribution in respect of the preferred stock in connection with
      the liquidation, dissolution or winding up of our company, and such
      distribution has been distributed to the holders of depositary receipts.
      </FONT></P></TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2>Charges of Bank
Depositary</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will pay all transfer
and other taxes and governmental charges arising solely from the existence of
the depositary arrangements. We will pay charges of the bank depositary in
connection with the initial deposit of the preferred stock and any redemption of
the preferred stock. Holders of depositary receipts will pay other transfer and
other taxes and governmental charges and any other charges, including a fee for
the withdrawal of shares of preferred stock upon surrender of depositary
receipts, as are expressly provided in the depositary agreement for their
accounts. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Withdrawal of Preferred
Stock</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as may be provided
otherwise in the applicable prospectus supplement, upon surrender of depositary
receipts at the principal office of the bank depositary, subject to the terms of
the deposit agreement, the owner of the depositary shares may demand delivery of
the number of whole shares of preferred stock and all money and other property,
if any, represented by those depositary shares. Partial or fractional shares of
preferred stock will not be issued. If the depositary receipts delivered by the
holders evidence a number of depositary shares in excess of the number of
depositary shares representing the number of whole shares of preferred stock to
be withdrawn, the bank depositary will deliver to such holder at the same time a
new depositary receipt evidencing the excess number of depositary shares.
Holders of preferred stock thus withdrawn may not thereafter deposit those
shares under the depositary agreement or receive depositary receipts evidencing
depositary shares therefor. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Miscellaneous</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The bank depositary will
forward to holders of depositary receipts all reports and communications from us
that are delivered to the bank depositary and that we are required to furnish to
the holders of the preferred stock. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Neither the bank depositary
nor we will be liable if we are prevented or delayed by law or any circumstance
beyond our control in performing our obligations under the depositary agreement.
The obligations of the bank depositary and us under the depositary agreement
will be limited to performance in good faith of our duties thereunder, and we
will not be obligated to prosecute or defend any legal proceeding in respect of
any depositary shares or preferred stock unless satisfactory indemnity is
furnished. We may rely upon written advice of counsel or accountants, or upon
information provided by persons presenting preferred stock for deposit, holders
of depositary receipts or other persons believed to be competent and on
documents believed to be genuine. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Resignation and Removal
of Bank Depositary</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The bank depositary may
resign at any time by delivering to us notice of its election to do so, and we
may at any time remove the bank depositary. Any such resignation or removal will
take effect upon the appointment of a successor bank depositary and its
acceptance of such appointment. The successor bank depositary must be appointed
within 60 days after delivery of the notice of resignation or removal and must
be a bank or trust company meeting the requirements of the depositary agreement.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>22</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF UNITS
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may issue units
comprised of one or more of the other securities described in this prospectus in
any combination. Each unit will be issued so that the holder of the unit is also
the holder of each security included in the unit. Thus, the holder of a unit
will have the rights and obligations of a holder of each included security. The
unit agreement under which a unit is issued may provide that the securities
included in the unit may not be held or transferred separately, at any time or
at any time before a specified date. The applicable prospectus supplement may
describe: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the designation and
      terms of the units and of the securities comprising the units, including
      whether and under what circumstances those securities may be held or
      transferred separately;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>any provisions for
      the issuance, payment, settlement, transfer or exchange of the units or of
      the securities comprising the units;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the terms of the unit
      agreement governing the units;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>United States federal
      income tax considerations relevant to the units;
    and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>whether the units
      will be issued in fully registered global form.
</FONT></P></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This summary of certain
general terms of units and any summary description of units in the applicable
prospectus supplement do not purport to be complete and are qualified in their
entirety by reference to all provisions of the applicable unit agreement and, if
applicable, collateral arrangements and depositary arrangements relating to such
units. The forms of the unit agreements and other documents relating to a
particular issue of units will be filed with the SEC each time we issue units,
and you should read those documents for provisions that may be important to you.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>PLAN OF DISTRIBUTION
</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Initial Offering and
Sale of Securities</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise set forth
in a prospectus supplement accompanying this prospectus, we, and certain holders
of our securities, may sell the securities being offered hereby, from time to
time, by one or more of the following methods: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>to or through
      underwriting syndicates represented by managing
      underwriters;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>through one or more
      underwriters without a syndicate for them to offer and sell to the
      public;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>through dealers or
      agents; and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>to investors directly
      in negotiated sales or in competitively bid transactions.
  </FONT></P></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Offerings of securities
covered by this prospectus also may be made into an existing trading market for
those securities in transactions at other than a fixed price, either:
</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>on or through the
      facilities of the NASDAQ or any other securities exchange or quotation or
      trading service on which those securities may be listed, quoted, or traded
      at the time of sale; and/or<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>to or through a
      market maker otherwise than on the securities exchanges or quotation or
      trading services set forth above. </FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>23</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Those at-the-market
offerings, if any, will be conducted by underwriters acting as principal or
agent of the Company, who may also be third-party sellers of securities as
described above. The prospectus supplement with respect to the offered
securities will set forth the terms of the offering of the offered securities,
including: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the name or names of
      any underwriters, dealers or agents;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the purchase price of
      the offered securities and the proceeds to us from such
      sale;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>any underwriting
      discounts and commissions or agency fees and other items constituting
      underwriters&#146; or agents&#146; compensation, provided that such compensation
      shall not exceed 8% of any offering proceeds as calculated pursuant to
      applicable rules of the Financial Industry Regulatory Authority, or
      FINRA;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>any initial public
      offering price and any discounts or concessions allowed or reallowed or
      paid to dealers; and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>any securities
      exchange on which such offered securities may be listed.
  </FONT></P></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any underwriter, agent or
dealer involved in the offer and sale of any series of the securities will be
named in the prospectus supplement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The distribution of the
securities may be effected from time to time in one or more
transactions:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>at fixed prices,
      which may be changed;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>at market prices
      prevailing at the time of the sale;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>at varying prices
      determined at the time of sale; or<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>at negotiated prices.
      </FONT></P></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each prospectus supplement
will set forth the manner and terms of an offering of securities
including:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>whether that offering
      is being made by us, or certain holders of our
      securities;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>whether that offering
      is being made to underwriters or through agents or
      directly;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the rules and
      procedures for any auction or bidding process, if
      used;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the securities&#146;
      purchase price or initial public offering price;
    and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the proceeds we
      anticipate from the sale of the securities, if any.
  </FONT></P></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In addition, we may enter
into derivative or hedging transactions with third parties, or sell securities
not covered by this prospectus to third parties in privately negotiated
transactions. If the applicable prospectus supplement indicates, in connection
with such a transaction, the third parties may sell securities covered by and
pursuant to this prospectus and an applicable prospectus supplement. If so, the
third party may use securities pledged by us or borrowed from us or others to
settle such sales and may use securities received from us to close out any
related short positions. We may also loan or pledge securities covered by this
prospectus and an applicable prospectus supplement to third parties, who may
sell the loaned securities or, in an event of default in the case of a pledge,
sell the pledged securities pursuant to this prospectus and the applicable
prospectus supplement. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>24</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Sales Through
Underwriters</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If underwriters are used in
the sale of some or all of the securities covered by this prospectus, the
underwriters will acquire the securities for their own account. The underwriters
may resell the securities, either directly to the public or to securities
dealers, at various times in one or more transactions, including negotiated
transactions, at a fixed public offering price or at varying prices determined
at the time of sale. The obligations of the underwriters to purchase the
securities will be subject to certain conditions. Unless indicated otherwise in
a prospectus supplement, the underwriters will be obligated to purchase all the
securities of the series offered if any of the securities are purchased.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any initial public offering
price and any concessions allowed or reallowed to dealers may be changed
intermittently. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Sales Through
Agents</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise indicated
in the applicable prospectus supplement, when securities are sold through an
agent, the designated agent will agree, for the period of its appointment as
agent, to use its best efforts to sell the securities for our account and will
receive commissions from us as will be set forth in the applicable prospectus
supplement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Securities bought in
accordance with a redemption or repayment under their terms also may be offered
and sold, if so indicated in the applicable prospectus supplement, in connection
with a remarketing by one or more firms acting as principals for their own
accounts or as agents for us. Any remarketing firm will be identified and the
terms of its agreement, if any, with us and its compensation will be described
in the prospectus supplement. Remarketing firms may be deemed to be underwriters
in connection with the securities remarketed by them. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If so indicated in the
applicable prospectus supplement, we may authorize agents, underwriters or
dealers to solicit offers by certain specified institutions to purchase
securities at a price set forth in the prospectus supplement pursuant to delayed
delivery contracts providing for payment and delivery on a future date specified
in the prospectus supplement. These contracts will be subject only to those
conditions set forth in the applicable prospectus supplement, and the prospectus
supplement will set forth the commissions payable for solicitation of these
contracts. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Direct
Sales</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may also sell offered
securities directly to institutional investors or others. In this case, no
underwriters or agents would be involved. The terms of such sales will be
described in the applicable prospectus supplement. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>General
Information</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Broker-dealers, agents or
underwriters may receive compensation in the form of discounts, concessions or
commissions from us and/or the purchasers of securities for whom such
broker-dealers, agents or underwriters may act as agents or to whom they sell as
principal, or both (this compensation to a particular broker-dealer might be in
excess of customary commissions). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Underwriters, dealers and
agents that participate in any distribution of the offered securities may be
deemed &#147;underwriters&#148; within the meaning of the Securities Act, so any discounts
or commissions they receive in connection with the distribution may be deemed to
be underwriting compensation. Those underwriters and agents may be entitled,
under their agreements with us, to indemnification by us against certain civil
liabilities, including liabilities under the Securities Act, or to contribution
by us to payments that they may be required to make in respect of those civil
liabilities. Certain of those underwriters or agents may be customers of, engage
in transactions with, or perform services for, us or our affiliates in the
ordinary course of business. We will identify any underwriters or agents, and
describe their compensation, in a prospectus supplement. Any institutional
investors or others that purchase offered securities directly from us, and then
resell the securities, may be deemed to be underwriters, and any discounts or
commissions received by them from us and any profit on the resale of the
securities by them may be deemed to be underwriting discounts and commissions
under the Securities Act. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>25</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will file a supplement
to this prospectus, if required, pursuant to Rule 424(b) under the Securities
Act, if we enter into any material arrangement with a broker, dealer, agent or
underwriter for the sale of securities through a block trade, special offering,
exchange distribution or secondary distribution or a purchase by a broker or
dealer. Such prospectus supplement will disclose: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the name of any
      participating broker, dealer, agent or
  underwriter;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the number and type
      of securities involved;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the price at which
      such securities were sold;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>any securities
      exchanges on which such securities may be
  listed;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the commissions paid
      or discounts or concessions allowed to any such broker, dealer, agent or
      </FONT><FONT face="Times New Roman" size=2>underwriter where applicable;
      and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>other facts material
      to the transaction. </FONT></P></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In order to facilitate the
offering of certain securities under this prospectus or an applicable prospectus
supplement, certain persons participating in the offering of those securities
may engage in transactions that stabilize, maintain or otherwise affect the
price of those securities during and after the offering of those securities.
Specifically, if the applicable prospectus supplement permits, the underwriters
of those securities may over-allot or otherwise create a short position in those
securities for their own account by selling more of those securities than have
been sold to them by us and may elect to cover any such short position by
purchasing those securities in the open market. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In addition, the
underwriters may stabilize or maintain the price of those securities by bidding
for or purchasing those securities in the open market and may impose penalty
bids, under which selling concessions allowed to syndicate members or other
broker-dealers participating in the offering are reclaimed if securities
previously distributed in the offering are repurchased in connection with
stabilization transactions or otherwise. The effect of these transactions may be
to stabilize or maintain the market price of the securities at a level above
that which might otherwise prevail in the open market. The imposition of a
penalty bid may also affect the price of securities to the extent that it
discourages resales of the securities. No representation is made as to the
magnitude or effect of any such stabilization or other transactions. Such
transactions, if commenced, may be discontinued at any time. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In order to comply with the
securities laws of certain states, if applicable, the securities must be sold in
such jurisdictions only through registered or licensed brokers or dealers. In
addition, in certain states the securities may not be sold unless they have been
registered or qualified for sale in the applicable state or an exemption from
the registration or qualification requirement is available and is complied with.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Rule 15c6-1 under the
Securities Exchange Act of 1934 generally requires that trades in the secondary
market settle in three business days, unless the parties to any such trade
expressly agree otherwise. Your prospectus supplement may provide that the
original issue date for your securities may be more than three scheduled
business days after the trade date for your securities. Accordingly, in such a
case, if you wish to trade securities on any date prior to the third business
day before the original issue date for your securities, you will be required, by
virtue of the fact that your securities initially are expected to settle in more
than three scheduled business days after the trade date for your securities, to
make alternative settlement arrangements to prevent a failed settlement.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus, the
applicable prospectus supplement and any applicable pricing supplement in
electronic format may be made available on the Internet sites of, or through
other online services maintained by, us and/or one or more of the agents and/or
dealers participating in an offering of securities, or by their affiliates. In
those cases, prospective investors may be able to view offering terms online
and, depending upon the particular agent or dealer, prospective investors may be
allowed to place orders online. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>26</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Other than this prospectus,
the applicable prospectus supplement and any applicable pricing supplement in
electronic format, the information on our or any agent&#146;s or dealer&#146;s website and
any information contained in any other website maintained by any agent or
dealer: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>is not part of this
      prospectus, the applicable prospectus supplement and any applicable
      pricing supplement or the registration statement of which they form a
      part;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>has not been approved
      or endorsed by us or by any agent or dealer in its capacity as an agent or
      dealer, except, in each case, with respect to the respective website
      maintained by such entity; and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>should not be relied
      upon by investors. </FONT></P></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>There can be no assurance
that we will sell all or any of the securities offered by this prospectus.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus may also be
used in connection with any issuance of common stock or preferred stock upon
exercise of a warrant if such issuance is not exempt from the registration
requirements of the Securities Act. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In addition, we may issue
the securities as a dividend or distribution or in a subscription rights
offering to our existing security holders. In some cases, we or dealers acting
with us or on our behalf may also purchase securities and reoffer them to the
public by one or more of the methods described above. This prospectus may be
used in connection with any offering of our securities through any of these
methods or other methods described in the applicable prospectus supplement.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>INCORPORATION OF CERTAIN
DOCUMENTS BY REFERENCE </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The SEC allows us to
&#147;incorporate by reference&#148; into this prospectus the information we have filed
with the SEC, which means that we can disclose important information to you by
referring you to those documents. Any information that we file subsequently with
the SEC will automatically update this prospectus. We incorporate by reference
into this prospectus the information contained in the documents listed below,
which is considered to be a part of this prospectus: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>our Annual Report on
      Form 10-K for the year ended December 31, 2015;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>our Quarterly Reports
      on Form 10-Q for the quarters ended March 31, 2016 and June 30,
      2016;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>our Current Reports
      on Form 8-K filed with the SEC on January 28, 2016, January 28, 2016,
      March 8, 2016, March 25, 2016, March 29, 2016, April 27, 2016, April 28,
      2016, May 5, 2016, May 6, 2016, May 19, 2016, June 29, 2016, July 25,
      2016, and August 2, 2016 (except for the disclosures made under Item 2.02
      or Item 7.01 of any such Current Report on Form 8-K, including the related
      exhibits, which are deemed furnished, and not filed, in accordance with
      the SEC&#146;s regulations); and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the description of
      our common stock contained in the Registration Statement on Form 8-A filed
      on June 5, 1996 pursuant to Section 12(g) of the Exchange Act, and any
      further amendment or report filed thereafter for the purpose of updating
      such description. </FONT></P></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We also incorporate by
reference all documents we file under Sections 13(a), 13(c), 14 or 15(d) of the
Exchange Act (a) after the initial filing date of the registration statement of
which this prospectus is a part and before the effectiveness of the registration
statement and (b) after the effectiveness of the registration statement and
before the filing of a post-effective amendment that indicates that the
securities offered by this prospectus have been sold or that deregisters the
securities covered by this prospectus then remaining unsold. The most recent
information that we file with the SEC automatically updates and supersedes older
information. The information contained in any such filing will be deemed to be a
part of this prospectus, commencing on the date on which the document is filed.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>27</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>You may request a copy of
the information incorporated by reference, at no cost, by writing or telephoning
us at the following address: </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>ConnectOne Bancorp,
Inc.<BR>Attention: Investor Relations<BR>301 Sylvan Avenue<BR>Englewood Cliffs,
NJ 07632<BR>(201) 816-8900 </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>LEGAL MATTERS
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise indicated
in the applicable prospectus supplement, the validity of the securities offered
hereby will be passed upon for us by Windels Marx Lane &amp; Mittendorf, LLP,
New Brunswick, New Jersey. If the validity of the securities offered hereby in
connection with offerings made pursuant to this prospectus are passed upon by
counsel for the underwriters, dealers or agents, if any, such counsel will be
named in the prospectus supplement relating to such offering.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>EXPERTS </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our consolidated financial
statements as of December 31, 2015 and 2014, and for each of the years then
ended, and the effectiveness of our internal control over financial reporting as
of December 31, 2015, have been audited by Crowe Horwath LLP, an independent
registered public accounting firm, as set forth in its report thereon and
incorporated herein by reference. Such consolidated financial statements are
incorporated herein by reference in reliance upon such report given upon the
authority of such firm as experts in accounting and auditing. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our consolidated financial
statements as of December 31, 2013 and for the period then ended included in our
Annual Report on Form 10-K for the year ended December 31, 2015, have been
audited by BDO USA, LLP, independent registered public accounting firm, as set
forth in its report thereon and incorporated therein and herein by reference.
Such consolidated financial statements are incorporated herein by reference in
reliance upon such report given upon the authority of such firm as experts in
accounting and auditing.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>WHERE YOU CAN FIND MORE
INFORMATION </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We have filed with the SEC
a registration statement on Form S-3, including exhibits, under the Securities
Act with respect to the securities being offered under this prospectus. This
prospectus does not contain all of the information set forth in the registration
statement. This prospectus contains descriptions of certain agreements or
documents that are exhibits to the registration statement. The statements as to
the contents of such exhibits, however, are brief descriptions and are not
necessarily complete, and each statement is qualified in all respects by
reference to such agreement or document. For further information about us,
please refer to the registration statement and the documents incorporated by
reference in this prospectus. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>28</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We file annual, quarterly
and special reports, proxy statements and other information with the SEC. Our
SEC filings are available to the public over the Internet at the SEC&#146;s website
at </FONT><I><FONT face="Times New Roman" size=2>http://www.sec.gov</FONT></I><FONT face="Times New Roman" size=2>. The
SEC&#146;s website contains reports, proxy statements and other information regarding
issuers, such as ConnectOne Bancorp, Inc., that file electronically with the
SEC. You may also read and copy any document we file with the SEC at the SEC&#146;s
Public Reference Room, located at 100 F Street, N.E., Washington, D.C. 20549.
Please call the SEC at 1-800-SEC-0330 for further information on the operation
of its Public Reference Room. We make available free of charge through our web
site our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K, Proxy Statements on Schedule 14A and all amendments to
those reports as soon as reasonably practicable after such material is
electronically filed with or furnished to the SEC. Our website address is
</FONT><I><U><FONT face="Times New Roman" size=2>http://www.cnob.com</FONT></U></I><FONT face="Times New Roman" size=2>.
Please note that our website address is provided as an inactive textual
reference only. Information contained on or accessible through our website is
not part of this prospectus or the prospectus supplement, and is therefore not
incorporated by reference unless such information is otherwise specifically
referenced elsewhere in this prospectus or the prospectus supplement.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>You should rely only on the
information contained or incorporated by reference in this prospectus. No one
has been authorized to provide you with different information. If anyone
provides you with different or inconsistent information, you should not rely on
it. We are not making an offer to sell these securities in any jurisdiction
where the offer or sale is not permitted. You should assume that the information
appearing in this prospectus, as well as information we filed with the SEC and
incorporated by reference, is accurate as of the date of those documents only.
Our business, financial condition and results of operations described in those
documents may have changed since those dates. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>29</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>PART II</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>INFORMATION NOT REQUIRED
IN THE PROSPECTUS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Item 14.</FONT></B><FONT face="Times New Roman" size=2> </FONT><B><FONT face="Times New Roman" size=2>Other Expenses of Issuance and Distribution.</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Expenses payable in
connection with the registration and distribution of the securities being
registered hereunder, all of which will be borne by the Registrant, are as
follows. All amounts are estimates, except the Commission registration fee.
</FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Registration
      Statement filing fee</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5,035.00</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Printing
      fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Legal fees
      and expenses</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Accounting
      fees and expenses</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Miscellaneous</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><B><FONT face="Times New Roman" size=2>Total</FONT></B></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5,035.00</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>*These fees and expenses
depend on the securities offered and the number of securities issuances and
cannot be estimated at this time. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The amounts set forth above
do not include expenses of preparing and printing any accompanying prospectus
supplements, listing fees, trustee fees and expenses, warrant or unit agent fees
and expenses, transfer agent fees and other expenses related to offerings of
particular securities from time to time. Estimated fees and expenses associated
with future offerings will be provided in the applicable prospectus
supplement.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Item 15.</FONT></B><FONT face="Times New Roman" size=2> </FONT><B><FONT face="Times New Roman" size=2>Indemnification of Directors and Officers.</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>Subsection (2) of Section
3-5, Title 14A of the New Jersey Business Corporation Act empowers a corporation
to indemnify a corporate agent 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, arbitrative or investigative (other
than an action by or in the right of the corporation) against reasonable costs
(including attorneys' fees), judgments, fines, penalties and amounts paid in
settlement incurred by him in connection with such action, suit or proceeding if
he acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the corporation, and, with respect to any
criminal proceeding, had no reasonable cause to believe his conduct was
unlawful. For purposes of the New Jersey Business Corporation Act, a &#147;corporate
agent&#148; means any person who is or was a director, officer, employee or agent of
the corporation or a person serving at the request of the corporation as a
director, officer, trustee, employee or agent of another corporation or
enterprise. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>Subsection (3) of Section
3-5 empowers a corporation to indemnify a corporate agent against reasonable
costs (including attorneys' fees) incurred by him in connection with any
proceeding by or in the right of the corporation to procure a judgment in its
favor which involves such corporate agent by reason of the fact that he is or
was a corporate agent if he acted in good faith and in a manner reasonably
believed to be in or not opposed to the best interests of the corporation,
except that no indemnification may be made in respect of any claim, issue or
matter as to which such person shall have been adjudged to be liable to the
corporation unless and only to the extent that the Superior Court of New Jersey
or the court in which such action or suit was brought shall determine that
despite the adjudication of liability, such person is fairly and reasonably
entitled to indemnity for such expenses which the court shall deem proper.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>Subsection (4) of Section
3-5 provides that to the extent that a corporate agent has been successful in
the defense of any action, suit or proceeding referred to in subsections (2) and
(3) or in the defense of any claim, issue or matter therein, he shall be
indemnified against expenses (including attorneys' fees) incurred by him in
connection therewith. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>Subsection (5) of Section
3-5 provides that a corporation may indemnify a corporate agent in a specific
case if it is determined that indemnification is proper because the corporate
agent met the applicable standard of conduct, and such determination is made by
any of the following: (a) the board of directors or a committee thereof, acting
by a majority vote of a quorum consisting of disinterested directors; (b)
independent legal counsel, if there is no quorum of disinterested directors or
if the disinterested directors empowers counsel to make the determination; or
(c) the shareholders. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>II-1</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>Subsection (8) of Section
3-5 provides that the indemnification provisions in the law shall not exclude
any other rights to indemnification that a director or officer may be entitled
to under a provision of the certificate of incorporation, a by-law, an
agreement, a vote of shareholders, or otherwise. That subsection explicitly
permits indemnification for liabilities and expenses incurred in proceedings
brought by or in the right of the corporation (derivative proceedings). The only
limit on indemnification of directors and officers imposed by that subsection is
that a corporation may not indemnify a director or officer if a judgment has
established that the director's or officer's acts or omissions were a breach of
his or her duty of loyalty, not in good faith, involved a knowing violation of
the law, or resulted in receipt by the corporate agent of an improper personal
benefit. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>Subsection (9) of Section
3-5 provides that a corporation is empowered to purchase and maintain insurance
on behalf of a director or officer against any expenses or liabilities incurred
in any proceeding by reason of that person being or having been a director or
officer, whether or not the corporation would have the power to indemnify that
person against expenses and liabilities under other provisions of the law.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>The Registrant's Restated
Certificate of Incorporation contains the following provision: </FONT></P>
<P style="MARGIN-LEFT: 30pt" align=justify><FONT face="Times New Roman" size=2>"</FONT><FONT face="Times New Roman" size=2>Every person who is or was a director, officer,
employee, or agent of the corporation or any of corporation which he served as
such at the request of the corporation, shall be indemnified by the corporation
to the fullest extent permitted by law against all expenses and liabilities
reasonably incurred by or imposed upon him, in connection with any proceeding to
which he may be made, or threatened to be made, a party, or in which he may
become involved by reason of his being or having been a director, officer,
employee or agent of the corporation, or of such other corporation, whether or
not he is a director, officer, employee or agent of the corporation or such
other corporation at the time the expenses or liabilities are incurred."
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Item 16.</FONT></B><FONT face="Times New Roman" size=2> </FONT><B><FONT face="Times New Roman" size=2>List of Exhibits</FONT></B><FONT face="Times New Roman" size=2>
</FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Exhibit</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Number</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="CENTER" WIDTH="96%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><B><FONT face="Times New Roman" size=2>Description</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of Underwriting Agreement for common
      stock*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1.2</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of
      Underwriting Agreement for preferred stock*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.3</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of Underwriting Agreement for debt
      securities*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Registrant's
      Restated Certificate of Incorporation is incorporated by reference to
      Exhibit 3.1 of Registrant's Current Report on Form 8-K, filed on July 1,
      2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.2</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Registrant's Amended and Restated Bylaws are
      incorporated by reference to Exhibit 3.2 of Registrant's Current Report on
      Form 8-K, filed on filed on July 1, 2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.3</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of
      certificate of amendment of the Registrant&#146;s Restated Certificate of
      Incorporation, with respect to any preferred stock issued
    hereunder*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.5</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of Warrant Agreement*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.6</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of
      Warrant Certificate (to be included in Exhibit 4.5)*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.7</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Specimen of Preferred Stock
    Certificate*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.8</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Specimen of
      Debt Security*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.9</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of Trust Indenture**</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.10</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of
      Depositary Agreement*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.11</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of Depositary Receipt (to be included in
      Exhibit 4.10)*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.12</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of Unit
      Agreement*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Opinion of Windels Marx Lane &amp; Mittendorf,
      LLP**</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>12.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Statement of
      Ratios of Earnings to Fixed Charges incorporated by reference to Exhibit 12.1 of the Registrant's Annual Report on Form 10-K filed on March 4, 2016</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Consent of Crowe Horwath LLP**</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>23.2</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Consent of
      BDO USA, LLP**</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23.3</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Consent of Windels Marx Lane &amp; Mittendorf
      LLP (included in Exhibit 5.1)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>24.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Power of
      Attorney**</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>25.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form T-1 Statement of Eligibility under the
      Trust Indenture Act of 1939, as amended, of the Trustee under the
      Indenture (for Debt Securities)***</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>25.2</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form T-1
      Statement of Eligibility under the Trust Indenture Act of 1939, as
      amended, of the Trustee under the Indenture (for Subordinated Debt
      Securities)***</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD vAlign=top align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>To be filed
      subsequently by an amendment to the Registration Statement or by a Current
      Report on Form 8-K of the Registrant that is incorporated by reference in
      the Registration Statement or any such amendment.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>**</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Filed
      herewith.</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>***</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Where
      applicable, to be incorporated by reference to a subsequent filing in
      accordance with Section 305 (b)(2) of the Trust Indenture Act of 1939, as
      amended.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>II-2</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Item 17.</FONT></B><FONT face="Times New Roman" size=2> </FONT><B><FONT face="Times New Roman" size=2>Undertakings.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(a) The undersigned
registrant hereby undertakes: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) To file, during any
period in which offers or sales are being made, a post-effective amendment to
this registration statement: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(i) to include any
prospectus required by Section 10(a)(3) of the Securities Act of 1933;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(ii) to reflect in the
prospectus any facts or event arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the
effective registration statement; and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(iii) to include any
material information with respect to the plan of distribution not previously
disclosed in the registration statement or any material change to such
information in the registration statement; </FONT></P>
<P style="MARGIN-LEFT: 30pt" align=justify><I><FONT face="Times New Roman" size=2>provided, however</FONT></I><FONT face="Times New Roman" size=2>, that
paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the
registration statement is on Form S-3 or Form F-3 and the information required
to be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement, or is contained in a
form of prospectus filed pursuant to Rule 424(b) that is part of the
registration statement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) That, for the purpose
of determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(3) To remove from
registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(4) That, for purposes of
determining liability under the Securities Act of 1933 to any purchaser:
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>II-3</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(i) Each prospectus filed
by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the
registration statement as of the date the filed prospectus was deemed part of
and included in the registration statement; and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(ii) Each prospectus
required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a
registration statement in reliance on Rule 430B relating to an offering made
pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the
information required by section 10(a) of the Securities Act of 1933 shall be
deemed to be part of and included in the registration statement as of the
earlier of the date such form of prospectus is first used after effectiveness or
the date of the first contract of sale of securities in the offering described
in the prospectus. As provided in Rule 430B, for liability purposes of the
issuer and any person that is at that date an underwriter, such date shall be
deemed to be a new effective date of the registration statement relating to the
securities in the registration statement to which that prospectus relates, and
the offering of such securities at that time shall be deemed to be the initial
</FONT><I><FONT face="Times New Roman" size=2>bona fide </FONT></I><FONT face="Times New Roman" size=2>offering thereof. </FONT><I><FONT face="Times New Roman" size=2>Provided, however</FONT></I><FONT face="Times New Roman" size=2>, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a
document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a
purchaser with a time of contract of sale prior to such effective date,
supersede or modify any statement that was made in the registration statement or
prospectus that was part of the registration statement or made in any such
document immediately prior to such effective date. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(5) That, for the purpose
of determining liability of a registrant under the Securities Act of 1933 to any
purchaser in the initial distribution of the securities: the undersigned
registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of
the underwriting method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the
following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such
purchaser: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(i) any preliminary
prospectus or prospectus of the undersigned registrant relating to the offering
required to be filed pursuant to Rule 424; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(ii) any free writing
prospectus relating to the offering prepared by or on behalf of the undersigned
registrant or used or referred to by the undersigned registrant; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(iii) the portion of any
other free writing prospectus relating to the offering containing material
information about the undersigned registrant or its securities provided by or on
behalf of the undersigned Registrant; and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(iv) any other
communication that is an offer in the offering made by the undersigned
registrant to the purchaser. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(b) The undersigned
registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant&#146;s annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of
1934 (and, where applicable, each filing of an employee benefit plan&#146;s annual
report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(c) Insofar as
indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions or otherwise, the registrant has been
advised that in the opinion of the SEC such indemnification is against public
policy as expressed in the Securities Act of 1933 and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question of whether such indemnification by it is against
public policy as expressed in the Act, and will be governed by the final
adjudication of such issue. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(d) The undersigned
registrant hereby undertakes to file an application for the purpose of
determining the eligibility of the trustee to act under subsection (a) of
section 310 of the Trust Indenture Act (&#147;Act&#148;) in accordance with the rules and
regulations prescribed by the Commission under section 305(b)2 of the Act.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>II-4</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>SIGNATURES</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing
on Form S-3 and has duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in Englewood Cliffs, State
of New Jersey, on the 23rd day of August, 2016. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2><B><FONT face="Times New Roman" size=2>CONNECTONE BANCORP, INC.</FONT></B></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"><I><FONT face="Times New Roman" size=2>/s/ Frank Sorrentino III</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Frank Sorrentino III</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Chairman and Chief Executive
Officer</FONT></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Pursuant to the
requirements of the Securities Act of 1933, as amended, this registration
statement has been signed by the following persons in the capacities indicated
on the 23rd day of August, 2016. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Frank Sorrentino III</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Chairman of the Board &amp; Chief Executive Officer
      (principal executive officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Frank Sorrentino III</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ William S. Burns</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Executive Vice President &amp; Chief Financial Officer
      (principal financial and accounting officer)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>William S. Burns</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2></FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Stephen Boswell*</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Stephen Boswell</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/Frank Baier*</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Frank Baier</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Alexander
      Bol*</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Alexander Bol</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/Frank Huttle III *</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Frank Huttle III</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Michael Kempner*</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Michael Kempner</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Joseph Parisi, Jr.*</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Joseph Parisi, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Frederick S. Fish*</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Frederick S.
      Fish</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Nicholas Minoia*</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Nicholas
      Minoia</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Harold Schechter*</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Harold
      Schechter</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ William A. Thompson*</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>William A.
      Thompson</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">*By:&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"><FONT face="Times New Roman" size=2>/s/ </FONT><I><FONT face="Times New Roman" size=2>Frank Sorrentino
      III</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>Frank Sorrentino III</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>Attorney-in-fact</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>II-5</FONT></P>
<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>EXHIBIT
INDEX</FONT></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Exhibit</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Number</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="CENTER" WIDTH="96%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><B><FONT face="Times New Roman" size=2>Description</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of Underwriting Agreement for common
      stock*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1.2</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of
      Underwriting Agreement for preferred stock*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.3</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of Underwriting Agreement for debt
      securities*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Registrant's
      Restated Certificate of Incorporation is incorporated by reference to
      Exhibit 3.1 of Registrant's Current Report on Form 8-K, filed on July 1,
      2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.2</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Registrant's Amended and Restated Bylaws are
      incorporated by reference to Exhibit 3.2 of Registrant's Current Report on
      Form 8-K, filed on filed on July 1, 2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.3</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of
      certificate of amendment of the Registrant&#146;s Restated Certificate of
      Incorporation, with respect to any preferred stock issued
    hereunder*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.5</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of Warrant Agreement*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.6</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of
      Warrant Certificate (to be included in Exhibit 4.5)*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.7</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Specimen of Preferred Stock
    Certificate*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.8</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Specimen of
      Debt Security*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.9</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of Trust Indenture**</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.10</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of
      Depositary Agreement*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.11</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of Depositary Receipt (to be included in
      Exhibit 4.10)*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.12</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of Unit
      Agreement*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Opinion of Windels Marx Lane &amp; Mittendorf,
      LLP**</FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>12.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Statement of
      Ratios of Earnings to Fixed Charges incorporated by reference to Exhibit 12.1 of the Registrant's Annual Report on Form 10-K filed on March 4, 2016</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Consent of Crowe Horwath LLP**</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>23.2</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Consent of
      BDO USA, LLP**</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23.3</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Consent of Windels Marx Lane &amp; Mittendorf
      LLP (included in Exhibit 5.1)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>24.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Power of
      Attorney**</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>25.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form T-1 Statement of Eligibility under the
      Trust Indenture Act of 1939, as amended, of the Trustee under the
      Indenture (for Debt Securities)***</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>25.2</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form T-1
      Statement of Eligibility under the Trust Indenture Act of 1939, as
      amended, of the Trustee under the Indenture (for Subordinated Debt
      Securities)***</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>To be filed
      subsequently by an amendment to the Registration Statement or by a Current
      Report on Form 8-K of the Registrant that is incorporated by reference in
      the Registration Statement or any such amendment.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>**</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Filed
      herewith.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>***</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Where
      applicable, to be incorporated by reference to a subsequent filing in
      accordance with Section 305 (b)(2) of the Trust Indenture Act of 1939, as
      amended.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>II-6</FONT></P>
<HR align=center width="100%" noShade size="2">



</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.9
<SEQUENCE>2
<FILENAME>connectone3118661_1-ex49.htm
<DESCRIPTION>FORM OF TRUST INDENTURE
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>
<P align=center><B><FONT face="Times New Roman" size=2>CONNECTONE BANCORP,
INC.</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>As Issuer, </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>and </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>[</FONT></B><B><I><FONT face="Times New Roman" size=2>INSERT NAME OF TRUSTEE</FONT></I></B><B><FONT face="Times New Roman" size=2>]</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>As Trustee </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>INDENTURE </FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>Dated as of ___________,
20__ </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>Providing for the Issuance
of Debt Securities</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>TABLE OF CONTENTS
</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0 colSpan=5><B><FONT face="Times New Roman" size=2>ARTICLE I DEFINITIONS AND INCORPORATION BY
      REFERENCE</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>1</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Definitions.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>102</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Compliance
      Certificates and Opinions.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Form of Documents
      Delivered to Trustee.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>104</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Acts of
      Holders.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>105</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Required Notices
      or Demands.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>106</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Language of
      Notices.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>107</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Incorporation by
      Reference of Trust Indenture Act; Conflicts.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>108</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Effect of
      Headings and Table of Contents.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>109</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Successors and
      Assigns.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>110</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Severability.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>111</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Benefits of
      Indenture.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>112</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Governing
      Law.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>113</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Legal
      Holidays.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>114</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Counterparts;
      Electronic Transmission.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>115</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Immunity of
      Certain Persons.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>116</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Waiver of Jury
      Trial.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>117</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Force
      Majeure.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>118</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>USA Patriot
      Act.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>119</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>No Sinking
      Fund.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>120</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Rules of
      Construction.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>16</FONT></TD></TR>
  <TR>
    <TD width="1%" bgColor=#c0c0c0></TD>
    <TD width="99%" bgColor=#c0c0c0 colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#ffffff colSpan=5><B><FONT face="Times New Roman" size=2>ARTICLE II THE SUBORDINATED NOTES</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><B><FONT face="Times New Roman" size=2>16</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>201</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Forms
      Generally.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>16</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>202</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Definitive
      Subordinated Notes.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>17</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>203</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Global
      Subordinated Notes.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>17</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>204</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Restricted
      Subordinated Notes.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>17</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>205</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Execution and
      Authentication.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>18</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>206</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Registrar and
      Paying Agent.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>18</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>207</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Registration of
      Transfer and Exchange.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>208</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Exchange
      Offer.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>209</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Mutilated,
      Destroyed, Lost and Stolen Subordinated Notes.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>210</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Payment of
      Interest; Rights to Interest Preserved.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>211</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Persons Deemed
      Owners.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>25</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>212</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Cancellation.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>213</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Computation of
      Interest.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>214</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>CUSIP
      Numbers.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>26</FONT></TD></TR>
  <TR>
    <TD width="1%" bgColor=#ffffff></TD>
    <TD width="99%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0 colSpan=5><B><FONT face="Times New Roman" size=2>ARTICLE III SATISFACTION AND DISCHARGE OF
      INDENTURE</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>27</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>301</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Satisfaction and
      Discharge.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>27</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>302</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Defeasance and
      Covenant Defeasance.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>28</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>303</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Application of
      Trust Money.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>30</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>304</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Reinstatement.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>31</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>305</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="95%"><FONT face="Times New Roman" size=2>Effect on
      Subordination Provisions.</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>31</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>i </FONT></P>

<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0 colSpan=5><B><FONT face="Times New Roman" size=2>ARTICLE IV REMEDIES</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>32</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>401</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Events of
      Default; Acceleration.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>32</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>402</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Failure to Make
      Payments.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>403</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Trustee May File
      Proofs of Claim.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>34</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>404</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Trustee May
      Enforce Claims Without Possession of Subordinated</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Notes.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>34</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>405</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Application of
      Money Collected.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>35</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>406</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Limitation on
      Suits.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>35</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>407</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Unconditional
      Right of Holders to Payments.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>36</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>408</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Restoration of
      Rights and Remedies.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>36</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>409</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Rights and
      Remedies Cumulative.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>36</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>410</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delay or Omission
      Not Waiver.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>36</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>411</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Control by
      Holders.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>37</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>412</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Waiver of Past
      Defaults.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>37</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>413</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Undertaking for
      Costs.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>37</FONT></TD></TR>
  <TR>
    <TD width="1%" bgColor=#ffffff></TD>
    <TD width="98%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0 colSpan=5><B><FONT face="Times New Roman" size=2>ARTICLE V THE TRUSTEE</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>38</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>501</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Duties of
      Trustee.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>38</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>502</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Certain Rights of
      Trustee.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>38</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>503</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Notice of
      Defaults.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>40</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>504</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Not Responsible
      for Recitals or Issuance of Subordinated Notes.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>40</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>505</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>May Hold
      Subordinated Notes.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>41</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>506</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Money Held in
      Trust.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>41</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>507</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Compensation and
      Reimbursement.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>41</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>508</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Corporate Trustee
      Required; Eligibility.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>42</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>509</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Resignation and
      Removal; Appointment of Successor.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>42</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>510</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Acceptance of
      Appointment by Successor.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>44</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>511</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Merger,
      Conversion, Consolidation or Succession to Business.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>45</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>512</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Appointment of
      Authenticating Agent.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>45</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>513</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Preferred
      Collection of Claims against Company.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>47</FONT></TD></TR>
  <TR>
    <TD width="1%" bgColor=#ffffff></TD>
    <TD width="98%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0 colSpan=5><B><FONT face="Times New Roman" size=2>ARTICLE VI HOLDERS LISTS AND REPORTS BY TRUSTEE
      AND COMPANY</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>47</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>601</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Holder
      Lists.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>47</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>602</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Preservation of
      Information; Communications to Holders.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>47</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>603</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Reports by
      Trustee.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>47</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>604</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Reports by
      Company.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>48</FONT></TD></TR>
  <TR>
    <TD width="1%" bgColor=#c0c0c0></TD>
    <TD width="98%" bgColor=#c0c0c0 colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#ffffff colSpan=5><B><FONT face="Times New Roman" size=2>ARTICLE VII SUCCESSORS</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face="Times New Roman" size=2>49</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>701</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Merger,
      Consolidation or Sale of All or Substantially All Assets.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>49</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>702</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Successor Person
      Substituted for Company.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>49</FONT></TD></TR>
  </TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>ii </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0 colSpan=5><B><FONT face="Times New Roman" size=2>ARTICLE VIII SUPPLEMENTAL
    INDENTURES</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>50</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>801</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Supplemental
      Indentures without Consent of Holders.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>50</FONT></TD></TR>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>802</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Supplemental
      Indentures with Consent of Holders.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>51</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>803</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Execution of
      Supplemental Indentures.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>52</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>804</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Effect of
      Supplemental Indentures.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>52</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>805</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Reference in
      Subordinated Notes to Supplemental Indentures.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>52</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>806</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Effect on Senior
      Indebtedness.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>52</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>807</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Conformity with
      Trust Indenture Act.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>52</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0 colSpan=5><B><FONT face="Times New Roman" size=2>ARTICLE IX COVENANTS</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>52</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0 colSpan=5>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>901</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Payment of
      Principal and Interest.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>52</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>902</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Maintenance of
      Office.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>53</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>903</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Money for
      Subordinated Notes Payments to Be Held in Trust.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>53</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>904</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Corporate
      Existence.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>55</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>905</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Maintenance of
      Properties.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>55</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>906</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Waiver of Certain
      Covenants.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>55</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>907</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Company Statement
      as to Compliance.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>55</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0 colSpan=5><B><FONT face="Times New Roman" size=2>ARTICLE X REDEMPTION OF
      SECURITIES</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>56</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0 colSpan=5>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1001</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Applicability of
      Article.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>56</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1002</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Election to
      Redeem; Notice to Trustee.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>56</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1003</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Selection by
      Trustee of Subordinated Notes to be Redeemed.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>56</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1004</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Notice of
      Redemption.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>57</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1005</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Deposit of
      Redemption Price.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>58</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1006</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Subordinated
      Notes Payable on Redemption Date.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>58</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1007</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Subordinated
      Notes Redeemed in Part.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>59</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0 colSpan=5><B><FONT face="Times New Roman" size=2>ARTICLE XI SUBORDINATION OF
      SECURITIES</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>59</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0 colSpan=5>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1101</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Agreement to
      Subordinate.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>59</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1102</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Distribution of
      Assets.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>59</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1103</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Default With
      Respect to Senior Indebtedness.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>62</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1104</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>No
      Impairment.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>62</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1105</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Effectuation of
      Subordination Provisions.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>62</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1106</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Notice to
      Trustee.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>63</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1107</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Trustee Knowledge
      of Senior Indebtedness.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>63</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1108</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Senior
      Indebtedness to Trustee.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>64</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1109</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Subordination Not
      Applicable to Trustee Compensation.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>64</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>iii </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><U><FONT face="Times New Roman" size=2>CROSS-REFERENCE
TABLE</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="53%" colSpan=2><FONT face="Times New Roman" size=2>Trust Indenture Act Section</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="46%" colSpan=2><FONT face="Times New Roman" size=2>Indenture Section</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&#167;310</FONT></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)(1)</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>508</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)(2)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>508</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)(5)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>508</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>508,
      509</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&#167;311</FONT></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>505</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>505</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&#167;312</FONT></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>601</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>602</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>602</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&#167;313</FONT></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>603</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(b)(2)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>603</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>603</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>603</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&#167;314</FONT></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>604</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)(4)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>907</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(c)(1)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>102</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(c)(2)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>102</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(e)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>102</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&#167;315</FONT></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>501, 502</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>503</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>501</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>501, 502</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(e)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>413</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&#167;316</FONT></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)
      (last sentence)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>101</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)(1)(A)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>402, 411</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)(1)(B)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>411, 412</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>407</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>104</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&#167;317&nbsp; </FONT></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)(1)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>402</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)(2)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>403</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>903</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&#167;318</FONT></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>107</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>107</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%"><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="45%"><FONT face="Times New Roman" size=2>107</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>Note: This Cross-Reference
table will not, for any purpose, be deemed part of this Indenture. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>iv</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>INDENTURE </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This INDENTURE dated as of
_____, 201__ is between ConnectOne Bancorp, Inc., a New Jersey corporation (the
&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Company</FONT></U></I><FONT face="Times New Roman" size=2>&#148;), and [<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT></FONT><FONT face="Times New Roman" size=2>, a [</FONT><FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>], as trustee (the
&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Trustee</FONT></U></I><FONT face="Times New Roman" size=2>&#148;).</FONT><I><FONT face="Times New Roman" size=2>
</FONT></I></P>
<P STYLE="text-align: center"><B><U><FONT face="Times New Roman" size=2>RECITALS</FONT></U></B><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<P STYLE="text-align: justify; text-indent: 15pt"><FONT face="Times New Roman" size=2>WHEREAS, The Company has
duly authorized the execution and delivery of this Indenture to provide for the
issuance of its unsecured debentures, notes, bonds, and other evidences of
indebtedness, to be issued in one or more fully registered series. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>NOW, THEREFORE, in order to
declare the terms and conditions upon which the Subordinated Notes are
authenticated, issued and delivered, and in consideration of the premises, and
of the purchase and acceptance of the Subordinated Notes by the Holders thereof,
the Company and the Trustee agree as follows for the benefit of each other and
for the benefit of the respective Holders from time to time of the Subordinated
Notes. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
I</FONT></B><B><FONT face="Times New Roman" size=2> <BR></FONT></B><B><FONT face="Times New Roman" size=2>DEFINITIONS AND INCORPORATION BY REFERENCE
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 101</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Definitions.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise
expressly provided in this Indenture or unless the context otherwise requires,
the terms defined in this Section for all purposes of this Indenture, any
Company Order, any Board Resolution, and any indenture supplemental hereto will
have the respective meanings specified in this Section. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Act,&#148; when used with
respect to any Holders, is defined in Section 104. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Additional Interest&#148; has
the meaning set forth in the Registration Rights Agreement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Affiliate&#148; means, with
respect to any specified Person, any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person. For the purposes of this definition, &#147;control,&#148; when used
with respect to any specified Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise; and the terms
&#147;controlling&#148; and &#147;controlled&#148; have meanings correlative to the foregoing.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Applicable Procedures&#148;
means, with respect to any transfer or exchange of or for beneficial interests
in any Global Subordinated Note, the rules and procedures of the Depositary that
apply to such transfer or exchange. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Authenticating Agent&#148;
means any Person authorized by the Trustee in accordance with Section 512 to act
on behalf of the Trustee to authenticate Subordinated Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Authorized Newspaper&#148;
means a newspaper, in an official language of the place of publication or in the
English language, customarily published on each day that is a Business Day in
the place of publication, whether or not published on days that are not Business
Days in the place of publication, and of general circulation in each place in
connection with which the term is used or in the financial community of each
such place. Where successive publications are required to be made in Authorized
Newspapers, the successive publications may be made in the same or in different
newspapers in the same place meeting the foregoing requirements and in each case
on any day that is a Business Day in the place of publication.</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Authorized Officer&#148; means
each of the Chairman of the Board, the Chief Executive Officer, the President,
any Senior Executive Vice President and the Chief Financial Officer of the
Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Bankruptcy Laws&#148; mean
Title 11, United States Code (11 U.S.C. &#167;&#167;101 et seq.) or any similar federal or
state law for the relief of debtors. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Board of Directors&#148; means,
as to any Person, the board of directors, or similar governing body, of such
Person or any duly authorized committee thereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Board Resolution&#148; means
one or more resolutions, 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, delivered to the
Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Business Day&#148; means any
day other than a Saturday, Sunday or other day on which banking institutions in
the City of </FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT> </FONT><FONT face="Times New Roman" size=2>are authorized or
obligated by law, regulation or executive order to close. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Commission&#148; means the U.S.
Securities and Exchange Commission, as from time to time constituted, or, if at
any time after the execution of this Indenture such Commission is not existing
and performing the duties now assigned to it under the Trust Indenture Act, then
the body performing such duties at such time. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Common Stock&#148; means any
and all shares of the common stock, no par value per share, of the Company,
whether outstanding on the date of this Indenture or issued thereafter, and
includes, without limitation all series and classes of such common stock.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Company&#148; is defined in the
preamble to this Indenture, </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Company Request&#148; and
&#147;Company Order&#148; mean, respectively, a written request or order, as the ease may
be, signed on behalf of the Company by an Authorized Officer and delivered to
the Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Corporate Trust Office&#148;
means the address of the Trustee specified in Section 105 or such other address
as the Trustee may designate from time to time by notice to the Holders and the
Company, or the designated address of any successor Trustee (or such other
address as such successor Trustee may designate from time to time by notice to
the Holders and the Company). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Covenant Defeasance&#148; is
defined in Section 302(3). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Defaulted Interest&#148; is
defined in Section 210. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Definitive Subordinated
Notes&#148; means, individually and collectively, each Restricted Definitive
Subordinated Note and each Unrestricted Definitive Subordinated Note,
substantially in the form of </FONT><U><FONT face="Times New Roman" size=2>Exhibit A-l</FONT></U><FONT face="Times New Roman" size=2> hereto, issued
under this Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Depositary&#148; means, with
respect to any Subordinated Note issuable or issued in whole or in part in
global form, the Person designated as depositary by the Company in accordance
with this Indenture, and any and all successors thereto appointed as Depositary
under this Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Dollars&#148; or &#147;$&#148; means a
dollar or other equivalent unit of legal tender for payment of public or private
debts in the United States. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Event of Default&#148; is
defined in Section 401. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Exchange Act&#148; means the
Securities Exchange Act of 1934, as amended, or any successor statute thereto.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Exchange Notes&#148; means the
Subordinated Notes issued in the Exchange Offer in accordance with Section 208.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Exchange Offer&#148; has the
meaning set forth in the Registration Rights Agreement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Exchange Offer
Registration Statement&#148; has the meaning set forth in the Registration Rights
Agreement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Federal Reserve Board&#148;
means the Board of Governors of the Federal Reserve System or any successor
regulatory authority with jurisdiction over bank holding companies. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Fixed Interest Payment Date</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means </FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT> and [<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT> of each year, but excluding [<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT> beginning [<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT>.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Floating Interest Payment Date</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means </FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT></FONT><FONT face="Times New Roman" size=2>, [<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT></FONT><FONT face="Times New Roman" size=2>, [<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT> and [<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT> of each year to Stated Maturity,
beginning [<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT>.</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>GAAP</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means generally accepted accounting principles in the United States set
forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants, the statements and
pronouncements of the Financial Accounting Standards Board and such other
statements by such other entities (including the Commission) as have been
accepted by a significant segment of the accounting profession, which are
applicable at the date of this Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Global Subordinated Notes</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means, individually and collectively, each
Restricted Global Subordinated Note and each Unrestricted Global Subordinated
Note, substantially in the form of </FONT><U><FONT face="Times New Roman" size=2>Exhibit A-2</FONT></U><FONT face="Times New Roman" size=2> hereto, issued
under this Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Government Obligations</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means securities which are direct obligations of
the United States in each case where the payment or payments thereunder are
supported by the full faith and credit of the United States. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Holder</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means the Person in whose name the Subordinated Note is registered in
the Subordinated Note Register. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Indenture</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means this Indenture, as amended and
supplemented from time to time in accordance with its terms. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Initial Notes</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means the $</FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT></FONT><FONT face="Times New Roman" size=2> in aggregate
principal amount of the Company&#146;s </FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT></FONT><FONT face="Times New Roman" size=2>% Subordinated Notes
due 20___ issued under this Indenture on the date hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Interest Payment Date</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means </FONT><FONT face="Times New Roman" size=2><STRONG>[</STRONG></FONT><FONT face="Times New Roman" size=2><STRONG>[</STRONG>&#9679;<STRONG>] and [</STRONG>&#9679;<STRONG>] of each year to
Stated Maturity, beginning [</STRONG>&#9679;<STRONG>]</STRONG></FONT><FONT face="Times New Roman" size=2><STRONG>,
20[</STRONG>&#9679;<STRONG>].</STRONG></FONT><FONT face="Times New Roman" size=2><STRONG>] </STRONG></FONT><FONT face="Times New Roman" size=2>or
</FONT><B><FONT face="Times New Roman" size=2>[</FONT></B><B><FONT face="Times New Roman" size=2>either a Fixed Interest Payment Date or a Floating
Interest Payment Date, as applicable.] </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Interest Period</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means each three-month period beginning on a
scheduled Interest Payment Date.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Investment Company Event</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means the receipt by the Company of a legal
opinion from counsel experienced in such matters to the effect that there is
more than an insubstantial risk that the Company is or, within 90 days of the
date of such legal opinion will be, considered an &#147;investment company&#148; that is
required to be registered under the Investment Company Act of 1940, as amended.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Legal Defeasance</FONT></U></I><FONT face="Times New Roman" size=2>&#148; is defined in Section 302(2). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Letter of Transmittal</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means the letter of transmittal to be prepared
by the Company and sent to all Holders for use by such Holders in connection
with an Exchange Offer. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>LIBOR</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means the rate as published by Bloomberg (or other commercially
available source providing quotations of such rate as selected by the Paying
Agent from time to time) at approximately 11:00 a.m., London time, two Business
Days prior to the commencement of an Interest Period, as the rate for Dollar
deposits in the London interbank market with a three-month maturity. If such
rate is not available at such time from such source for any reason, then the
rate for that Interest Period will be determined by such alternate method as
reasonably selected by the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Maturity</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means the date on which the principal of a
Subordinated Note or an installment of principal becomes due and payable as
provided in or under this Indenture or such Subordinated Note, whether at the
Stated Maturity or by an acceleration of the maturity of such Subordinated Note
in accordance with the terms of such Subordinated Note, upon redemption at the
option of the Company, upon repurchase or repayment or otherwise, and includes a
Redemption Date for such Subordinated Note and a date fixed for the repurchase
or repayment of such Subordinated Note at the option of the Holder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Officer</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means, with respect to any Person, the chairman of the board, vice
chairman of the board, the chief executive officer, the president, the chief
operating officer, the chief financial officer, the treasurer, any assistant
treasurer, the controller, the secretary or any Vice President of such Person.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Officers&#146; Certificate</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means a certificate signed on behalf of the
Company by two Officers of the Company, one of whom must be the principal
executive officer, the principal financial officer or the principal accounting
officer of the Company, that complies with the requirements of Section 102 and
is delivered to the Trustee.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Opinion of Counsel</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means a written opinion from legal counsel who
is reasonably acceptable to the Trustee, which opinion meets the requirements of
Section 102. The counsel may be an employee of or counsel to the Company or any
Subsidiary of the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Outstanding</FONT></U></I><FONT face="Times New Roman" size=2>,&#148; when used with respect to any Subordinated
Notes, means, as of the date of determination, all such Subordinated Notes
theretofore authenticated and delivered under this Indenture, except (1) any
such Subordinated Note theretofore cancelled by the Trustee or the Registrar or
delivered to the Trustee or the Registrar for cancellation; (2) any such
Subordinated Note for whose payment at the Maturity thereof money in the
necessary amount has been theretofore deposited in accordance with this
Indenture (other than in accordance with Section 302) with the Trustee or any
Paying Agent (other than the Company) in trust or set aside and segregated in
trust by the Company (if the Company will act as its own Paying Agent) for the
Holders of such Subordinated Notes, provided that, if such Subordinated Notes
are to be redeemed, notice of such redemption has been duly given in accordance
with this Indenture or provision therefor satisfactory to the Trustee has been
made; (3) any such Subordinated Note with respect to which the Company has
effected Legal Defeasance or Covenant Defeasance in accordance with Section 302,
except to the extent provided is Section 302; and (4) any such Subordinated Note
that has been paid in accordance with Section 209 or in exchange for or in lieu
of which other Subordinated Notes have been authenticated and delivered under
this Indenture, unless there will have been presented to the Trustee proof
satisfactory to the Trustee that such Subordinated Note is held by a bona fide
purchaser in whose hands such Subordinated Note is a valid obligation of the
Company; provided, however, in all cases, that in determining whether the
Holders of the requisite principal amount of Outstanding Subordinated Notes have
given any request, demand, authorization, direction, notice, consent or waiver
hereunder. Subordinated Notes owned by the Company or any Affiliate of the
Company will be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee will be protected in making any such
determination or relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Subordinated Notes that a Responsible
Officer of the Trustee actually knows to be so owned will be so disregarded.
Subordinated Notes so owned that will have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee&#146;s right so to act with respect to such Subordinated Notes
and that the pledgee is not the Company or an Affiliate of the Company.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Participating Broker-Dealer</FONT></U></I><FONT face="Times New Roman" size=2>&#148; has the meaning set forth in the Registration
Rights Agreement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Paying Agent</FONT></U></I><FONT face="Times New Roman" size=2>&#148; is defined in Section 206. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Person</FONT></U></I><FONT face="Times New Roman" size=2>&#148; mean any individual, corporation, partnership, association, limited
liability company, other company, statutory trust, business trust, joint
venture, joint-stock company, trust, unincorporated organization or government
or any agency or political subdivision thereof. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Place of Payment</FONT></U></I><FONT face="Times New Roman" size=2>,&#148; with respect to any Subordinated Note, means
the place or places where the principal of, or interest on, such Subordinated
Note are payable as provided in or under this Indenture or such Subordinated
Note. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Private Placement Legend</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means the legend set forth in Section 204 of
this Indenture to be placed on all Subordinated Notes issued under this
Indenture, except where otherwise permitted by the provisions of this Indenture.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Purchase Agreement</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means the Subordinated Note Purchase Agreement
concerning the Subordinated Notes, dated as of </FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT></FONT><FONT face="Times New Roman" size=2>, 201___, by and among the Company and the purchasers identified therein.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Redemption Date</FONT></U></I><FONT face="Times New Roman" size=2>&#148; with respect to any Subordinated Note or portion
thereof to be redeemed, means the date fixed for such redemption by or under
this Indenture or such Subordinated Note. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Redemption Price</FONT></U></I><FONT face="Times New Roman" size=2>&#148; with respect to any Subordinated Note or portion
thereof to be redeemed, means the price at which it is to be redeemed as
determined by or under this Indenture or such Subordinated Note. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Registrar</FONT></U></I><FONT face="Times New Roman" size=2>&#148; is defined in Section 206. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Registration Rights Agreement</FONT></U></I><FONT face="Times New Roman" size=2>&#148;</FONT><B><FONT face="Times New Roman" size=2>
</FONT></B><FONT face="Times New Roman" size=2>means the Registration Rights
Agreement in the form attached as </FONT><U><FONT face="Times New Roman" size=2>Exhibit B</FONT></U><FONT face="Times New Roman" size=2> to the Purchase
Agreement with respect to the Subordinated Notes, dated as of the date of this
Indenture, by and among the Company and the purchasers of the Initial Notes
identified therein. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Regular Record Date</FONT></U></I><FONT face="Times New Roman" size=2>,&#148; with respect to any Interest Payment date,
means the first calendar day of the month in which the Interest Payment Date
occurs, without regard to whether the Regular Record Date is a Business Day.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Responsible Officer</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means, when used with respect to the Trustee,
any officer within the corporate trust department of the Trustee, including any
vice president, assistant vice president, assistant secretary, assistant
treasurer, trust officer or any other officer of the Trustee who customarily
performs functions similar to those performed by the Persons who at the time
will be such officers, respectively, or to whom any corporate trust matter is
referred because of such Person&#146;s knowledge of and familiarity with the
particular subject and who will have direct responsibility for the
administration of this Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Restricted Definitive Subordinated
Note</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means a Definitive
Subordinated Note bearing, or that is required to bear, the Private Placement
Legend. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Restricted Global Subordinated
Note</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means a Global
Subordinated Note bearing, or that is required to bear, the Private Placement
Legend, </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Restricted Subordinated Note</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means a Restricted Global Subordinated Note or a
Restricted Definitive Subordinated Note. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>6 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Rule 144</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means Rule 144 promulgated under the Securities
Act. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Rule 144A</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means Rule 144A promulgated under the Securities
Act. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Securities Act</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means the Securities Act of 1933, as amended, or
any successor statute thereto. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Senior Indebtedness</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means the principal of, and premium, if any, and
interest, including interest accruing after the commencement of any bankruptcy
proceeding relating to the Company, on, or substantially similar payments the
Company makes in respect of the following categories of debt, whether that debt
was outstanding on the date of execution of this Indenture or thereafter
incurred, created or assumed: (1) indebtedness of the Company evidenced by
notes, debentures, or bonds or other securities issued under the provisions of
any indenture, fiscal agency agreement, debenture or note purchase agreement or
other agreement, including any senior debt securities that may be offered; (2)
indebtedness of the Company for money borrowed or represented by purchase money
obligations, as defined below; (3) the Company&#146;s obligations as lessee under
leases of property whether made as part of a sale and leaseback transaction to
which it is a party or otherwise; (4) indebtedness, obligations and liabilities
of others in respect of which the Company is liable contingently or otherwise to
pay or advance money or property or as guarantor, endorser or otherwise or which
it has agreed to purchase or otherwise acquire and indebtedness of partnerships
and joint ventures that is included in the Company&#146;s consolidated financial
statements; (5) reimbursement and other obligations relating to letters of
credit, bankers&#146; acceptances and similar obligations; (6) obligations under
various hedging arrangements and agreements, including interest rate and
currency hedging agreements and swap and non-swap forward agreements; (7) all of
the Company&#146;s obligations issued or assumed as the deferred purchase price of
property or services, but excluding trade accounts payable and accrued
liabilities arising in the ordinary course of business; and (8) deferrals,
renewals or extensions of any of the indebtedness or obligations described in
clauses (1) through (7) above. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>However, clauses (1)
through (8) above exclude: (x) any indebtedness, obligation or liability
referred to in clauses (1) through (8) above as to which, in the instrument
creating or evidencing that indebtedness, obligation or liability, it is
expressly provided that the indebtedness, obligation or liability is not senior
in right of payment, is junior in right of payment to, or ranks equally in right
of payment with, other specified types of indebtedness, obligations and
liabilities of the Company, which other specified types of indebtedness,
obligations and liabilities of the Company include the Subordinated Notes; (y)
any indebtedness, obligation or liability that is subordinated to indebtedness,
obligations or liabilities of the Company to substantially the same extent as or
to a greater extent than the Subordinated Notes are subordinated; and (z) the
Subordinated Notes and, unless expressly provided in the terms thereof, any
indebtedness of the Company to its Subsidiaries. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As used above, the term
&#147;purchase money obligations&#148; means indebtedness, obligations evidenced by a
note, debenture, bond or other instrument, whether or not secured by a lien or
other security interest, issued to evidence the obligation to pay or a guarantee
of the payment of, and any deferred obligation for the payment of, the purchase
price of property but excluding indebtedness or obligations for which recourse
is limited to the property purchased, issued or assumed as all or a part of the
consideration for the acquisition of property or services, whether by purchase,
merger, consolidation or otherwise, but does not include any trade accounts
payable.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Significant Subsidiary</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means any Subsidiary of the Company that is a
&#147;significant subsidiary&#148; as defined in Rule 1-02 of Regulation S-X promulgated
by the Commission (as such rule is in effect on the date of this Indenture).
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Special Record Date</FONT></U></I><FONT face="Times New Roman" size=2>&#148; for the payment of any Defaulted Interest on any
Subordinated Note means a date fixed in accordance with Section 210. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Stated Maturity</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means </FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT> [<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT></FONT><FONT face="Times New Roman" size=2>, 20__. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Subordinated Note</FONT></U></I><FONT face="Times New Roman" size=2>&#148; or &#147;</FONT><I><U><FONT face="Times New Roman" size=2>Subordinated Notes</FONT></U></I><FONT face="Times New Roman" size=2>&#148;
means the Initial Notes and the Exchange Notes and, more particularly, any
Subordinated Note authenticated and delivered under this Indenture, including
those Subordinated Notes issued or authenticated upon transfer, replacement or
exchange. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Subordinated Note Register</FONT></U></I><FONT face="Times New Roman" size=2>&#148; is defined in Section 206. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Subordination Provisions</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means the provisions contained in Article XI or
any provisions with respect to subordination contained in the Subordinated
Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Subsidiary</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means a corporation, a partnership, business or
statutory trust or a limited liability company, a majority of the outstanding
voting equity securities or a majority of the voting membership or partnership
interests, as the case may be, of which is owned or controlled, directly or
indirectly, by the Company or by one or more other Subsidiaries of the Company.
For the purposes of this definition, &#147;voting equity securities&#148; means securities
having voting power for the election of directors, managers, managing partners
or trustees, as the case may be, whether at all times or only so Jong as no
senior class of stock has voting power by reason of any contingency. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Tax Event</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means the receipt by the Company of a legal
opinion from counsel experienced in such matters to the effect that there is
more than an insubstantial risk that interest paid by the Company on the
Subordinated Notes is not, or, within 90 days of the date of such legal opinion,
will not be, deductible by the Company, in whole or in part, for United States
federal income tax purposes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Tier 2 Capital</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means Tier 2 Capital for purposes of capital
adequacy guidelines of the Federal Reserve Board, as then in effect and
applicable to the Company.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Tier 2 Capital Event</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means the receipt by the Company of a legal
opinion from counsel experienced in such matters to the effect that there is
more than an insubstantial risk that the Subordinated Notes do not constitute,
or within 90 days of the date of such legal opinion will not constitute, Tier 2
Capital (or its then equivalent if the Company were subject to such capital
requirement).</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Trust Indenture Act</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means the Trust Indenture Act of 1939, as
amended. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>8 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Trustee</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means </FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT></FONT><FONT face="Times New Roman" size=2>, as trustee, until a
successor replaces it in accordance with the provisions of this Indenture and
thereafter means the successor serving hereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>United States</FONT></U></I><FONT face="Times New Roman" size=2>,&#148; means the United States of America (including
the states thereof and the District of Columbia), its territories, its
possessions and other areas subject to its jurisdiction. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Unrestricted Definitive Subordinated
Note</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means a Definitive
Subordinated Note that does not bear, and is not required to bear, the Private
Placement Legend. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Unrestricted Global Subordinated
Note</FONT></U></I><FONT face="Times New Roman" size=2>&#148; means a Global
Subordinated Note that does not bear, and is not required to bear, the Private
Placement Legend. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 102</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Compliance
Certificates and Opinions.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise
expressly provided in or under this Indenture, upon any application or request
by the Company to the Trustee to take any action under any provision of this
Indenture, the Company will furnish to the Trustee an Officers&#146; Certificate in
form and substance reasonably satisfactory to the Trustee stating that, in the
opinion of the signers, all conditions precedent (including covenants compliance
with which constitutes a condition precedent), if any, provided for in this
Indenture relating to the proposed action have been complied with and an Opinion
of Counsel in form and substance reasonably satisfactory to the Trustee stating
that, in the opinion of such counsel, all such conditions precedent (including
covenants compliance with which constitutes a condition precedent), if any, have
been complied with, except that in the case of any such application or request
as to which the furnishing of such documents or any of them is specifically
required by any provision of this Indenture relating to such particular
application or request, no additional certificate or opinion need be furnished.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each certificate or opinion
with respect to which compliance with a condition provided for in this Indenture
(other than an Officers&#146; Certificate provided under Section 907) must comply
with the provisions of Section 314(e) of the Trust Indenture Act and must
include: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>a statement that the person
making such certificate or opinion has read such covenant or condition;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>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; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>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 condition has been satisfied; and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>a statement as to whether or
not, in the opinion of such person, such condition has been satisfied.
</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>9 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>


<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 103</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Form of
Documents Delivered to Trustee.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In any case where several
matters are required to be certified by, or covered by an opinion of, any
specified Person, it is not necessary that all such matters be certified by, or
covered by the opinion of, only one such Person, or that they be so certified or
covered by only one document, but one such Person may certify or give an opinion
with respect to some matters and one or more other such Persons as to other
matters, and any such Person may certify or give an opinion as to such matters
in one or several documents. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any certificate or opinion
of an officer of the Company may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to the matters
upon which his certificate or opinion is based is erroneous. Any such
certificate or opinion of counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company stating that the information with respect to such
factual matters is in the possession of the Company unless such counsel knows,
or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to such matters are erroneous.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Where any Person is
required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture or
any Subordinated Note, they may, but need not, be consolidated and form one
instrument. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 104</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Acts of
Holders.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by or
under this Indenture to be made, given or taken by Holders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed
by such Holders in person or by an agent duly appointed in writing. Except as
herein otherwise expressly provided, such action will become effective when such
instrument or instruments or record or both are delivered to the Trustee and,
where it is hereby expressly required, to the Company. Such instrument or
instruments and any such record (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the &#147;Act&#148; of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agent, or of the holding by any Person of a
Subordinated Note, will be sufficient for any purpose of this Indenture and
(subject to Section 501) conclusive in favor of the Trustee and the Company and
any agent of the Trustee or the Company, if made in the manner provided in this
Section. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The fact and date of the
execution by any Person of any such instrument or writing may be proved in any
reasonable manner that the Trustee deems sufficient and in accordance with such
reasonable rules as the Trustee may determine, and the Trustee may in any
instance require further proof with respect to any of the matters referred to in
this Section. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The ownership, principal
amount and serial numbers of Subordinated Notes held by any Person, and the date
of the commencement and the date of the termination of holding the same, will be
proved by the Subordinated Note Register. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Company may, in the
circumstances permitted by the Trust Indenture Act, set a record date for
purposes of determining the identity of Holders entitled to give any request,
demand, authorization, direction, notice, consent, waiver or take any other act
authorized or permitted to be given or taken by Holders. Unless otherwise
specified, if not set by the Company prior to the first solicitation of a Holder
made by any Person in respect of any such action, any such record date will be
the later of 30 days prior to the first solicitation of such consent or the date
of the most recent list of Holders furnished to the Trustee prior to such
solicitation. If a record date is fixed, the Holders on such record date, and
only such Persons, will be entitled to make, give or take such request, demand,
authorization, direction, notice, consent, waiver or other action, whether or
not such Holders remain Holders after such record date. No such request, demand,
authorization, direction, notice, consent, waiver or other action will be valid
or effective if made, given or taken more than 90 days after such record date.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(5)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Any effective request,
demand, authorization, direction, notice, consent, waiver or other Act by the
Holder of any Subordinated Note will bind every future Holder of the same
Subordinated Note and the Holder of every Subordinated Note issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done or suffered to be done by the Trustee, any Registrar,
any Paying Agent or the Company in reliance thereon, whether or not notation of
such Act is made upon such Subordinated Note. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(6)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Without limiting the
foregoing, a Holder entitled to take any action hereunder with regard to any
particular Note may do so with regard to all or any part of the principal amount
of such Note or by one or more duly appointed agents, each of which may do so in
accordance with such appointment with regard to all or any part of such
principal amount. Any notice given or action taken by a Holder or its agents
with regard to different parts of such principal amount in accordance with this
paragraph will have the same effect as if given or taken by separate Holders of
each such different part. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(7)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Without limiting the
generality of this Section 104, a Holder, including a Depositary that is a
Holder of a Global Subordinated Note, may make, give or take, by a proxy or
proxies, duly appointed in writing, any request, demand, authorization,
direction, notice, consent, waiver or other Act provided in or under this
Indenture or the Subordinated Notes to be made, given or taken by Holders, and a
Depositary that is a Holder of a Global Subordinated Note may provide its proxy
or proxies to the beneficial owners of interests in any such Global Subordinated
Note through such Depositary&#146;s Applicable Procedures. The Company may fix a
record date for the purpose of determining the Persons who are beneficial owners
of interests in any Global Subordinated Note entitled under the Applicable
Procedures of such Depositary to make, give or take, by a proxy or proxies duly
appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in this Indenture to be made, given or
taken by Holders. If such a record date is fixed, the Holders on such record
date or their duly appointed proxy or proxies, and only such Persons, will be
entitled to make, give or take such request, demand, authorization, direction,
notice, consent, waiver or other action, whether or not such Holders remain
Holders after such record date. No such request, demand, authorization,
direction, notice, consent, waiver or other action will be valid or effective if
made, given or taken more than 90 days after such record date. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Promptly upon any record
date being set in accordance with this Section 104, the Company, at its own
expense, will cause notice of the record date, the proposed action by Holders
and the expiration date to be given to the Trustee in writing and the Holders in
the manner set forth in Section 105. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 105</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Required
Notices or Demands.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any notice or communication
by the Company or the Trustee to the other is duly given if in writing and
delivered in Person or mailed by registered or certified mail (return receipt
requested), facsimile or overnight air courier guaranteeing next day delivery,
to the other&#146;s address: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If to the Company;
</FONT></P>
<P style="padding-left: 30pt" align=justify><FONT face="Times New Roman" size=2>ConnectOne Bancorp, Inc.
<BR></FONT><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>301 Sylvan Avenue</FONT><FONT face="Times New Roman" size=2> <BR></FONT><FONT face="Times New Roman" size=2>Englewood Cliffs, New Jersey 07362</FONT><FONT face="Times New Roman" size=2> <BR>Attention: <BR>
Facsimile: </FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT> </FONT></P>
<P style="padding-left: 30pt" align=justify><FONT face="Times New Roman" size=2>With a copy (which shall
not constitute notice to):</FONT><FONT face="Times New Roman" size=2>
</FONT></P>
<P style="padding-left: 30pt" align=justify><FONT face="Times New Roman" size=2>Windels Marx</FONT><FONT face="Times New Roman" size=2> <BR></FONT><FONT face="Times New Roman" size=2>120 Albany Street Plaza</FONT><FONT face="Times New Roman" size=2>
<BR></FONT><FONT face="Times New Roman" size=2>Sixth Floor <BR></FONT><FONT face="Times New Roman" size=2>New Brunswick, New Jersey 08901</FONT><FONT face="Times New Roman" size=2> <BR>Attention: </FONT><FONT face="Times New Roman" size=2>Robert A. Schwartz, Esq. <BR></FONT><FONT face="Times New Roman" size=2>Facsimile: </FONT><FONT face="Times New Roman" size=2>(732) 846-8877 </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If to the Trustee:
</FONT></P>
<P style="padding-left: 30pt" align=justify><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT></FONT><FONT face="Times New Roman" size=2>, as Trustee
<BR></FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT></FONT><FONT face="Times New Roman" size=2> <BR></FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT></FONT><FONT face="Times New Roman" size=2> <BR></FONT><FONT face="Times New Roman" size=2>Attention: </FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT></FONT><FONT face="Times New Roman" size=2> <BR>Facsimile:
</FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT></FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company or the Trustee
by notice to the other may designate additional or different addresses for
subsequent notices or communications. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All notices and
communications will be deemed to have been duly given: at the time delivered by
hand, if personally delivered; five Business Days after being deposited in the
mail, postage prepaid, if mailed; on the first Business Day after being sent, if
sent by facsimile and the sender receives confirmation of successful
transmission; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any notice required or
permitted to be given to a Holder under the provisions of this Indenture will be
deemed to be properly mailed by being deposited postage prepaid in a post office
letter box in the United States addressed to such Holder at the address of such
Holder as shown on the Subordinated Note Register. Any report in accordance with
Section 313 of the Trust Indenture Act will be transmitted in compliance with
subsection (c) therein. If the Company mails a notice or communication to
Holders, the Company will mail a copy to the Trustee at the same
time.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>12 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In any case where notice to
Holders of Subordinated Notes is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder of a
Subordinated Note will affect the sufficiency of such notice with respect to
other Holders of Subordinated Notes. Any notice that is mailed in the manner
herein provided will be conclusively presumed to have been duly given or
provided. In the case by reason of the suspension of regular mail service or by
reason of any other cause it will be impracticable to give such notice by mail,
then such notification as will be made with the approval of the Trustee will
constitute a sufficient notification for every purpose hereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Where this Indenture
provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and
such waiver will be the equivalent of such notice. Waivers of notice by Holders
of Subordinated Notes will be filed with the Trustee, but such filing will not
be a condition precedent to the validity of any action taken in reliance upon
such waiver. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notwithstanding any other
provision herein, where this Indenture provides for notice to any Holder of a
Global Subordinated Note, or of an interest therein, such notice will be
sufficiently given if given to the Depositary for such Global Subordinated Note
(or its designee) according to the applicable procedures of such Depositary
prescribed for giving such notice. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 106</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Language of
Notices.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any request, demand,
authorization, direction, notice, consent or waiver or other Act required or
permitted under this Indenture will be in the English language, except that, if
the Company so elects, any published notice may be in an official language of
the country of publication. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 107</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Incorporation
by Reference of Trust Indenture Act; Conflicts.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Whenever this Indenture
refers to a provision of the Trust Indenture Act, the provision is incorporated
by reference in and made a part of this Indenture. The Trust Indenture Act term
&#147;</FONT><I><FONT face="Times New Roman" size=2>obligor</FONT></I><FONT face="Times New Roman" size=2>&#148; used in this Indenture means the Company and any
successor obligor upon the Subordinated Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All other terms used in
this Indenture that are defined by the Trust Indenture Act, defined by Trust
Indenture Act reference to another statute or defined by Commission rule under
the Trust Indenture Act have the meanings so assigned to them as of the date of
this Indenture. If and to the extent that any provision of this Indenture
limits, qualifies or conflicts with another provision included in this Indenture
that is required to be included in this Indenture by any of Sections 310 to 317,
inclusive, of the Trust Indenture Act, such required provision will control If
any provision of this Indenture limits, qualifies or conflicts with the duties
imposed by Section 318(c) of the Trust Indenture Act, the duties imposed by
Section 318(c) of the Trust Indenture Act will control. If any provision of this
Indenture modifies or excludes any provision of the Trust Indenture Act that may
be so modified or excluded, the provisions of the Trust Indenture Act will be
deemed to apply to this Indenture as so modified or will be excluded, as the
case may be.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>13 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 108</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Effect of
Headings and Table of Contents.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Article and Section
headings in this Indenture and the Table of Contents are for convenience only
and will not affect the construction of this Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 109</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Successors and
Assigns.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All the covenants,
stipulations, promises and agreements in this Indenture by or on behalf of the
Company or the Trustee will bind its respective successors and permitted
assigns, whether so expressed or not. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 110</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Severability.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In case any provision in
this Indenture or any Subordinated Note will be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions will not, to the fullest extent permitted by law, in any way be
affected or impaired thereby. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 111</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Benefits of
Indenture.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Nothing in this Indenture
or any Subordinated Note, express or implied, will give to any Person, other
than the parties hereto, any Registrar, any Paying Agent and their respective
successors hereunder and the Holders of Subordinated Notes, and the holders of
Senior Indebtedness, any benefit or any legal or equitable right, remedy or
claim under this Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 112</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Governing
Law.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Indenture and the
Subordinated Notes will be governed by and construed in accordance with the laws
of the State of </FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT> </FONT><FONT face="Times New Roman" size=2>applicable to
agreements made or instruments entered into and, in each case, performed in said
State (without reference to principles of conflicts of law). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 113</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Legal
Holidays.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise specified
in or under this Indenture or any Subordinated Notes, in any case where any
Interest Payment Date, Stated Maturity or Maturity of, or any other day on which
a payment is due with respect to, any Subordinated Note will be a day that is
not a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture or any Subordinated Note other than a provision in
any Subordinated Note or in the Board Resolution, Officers&#146; Certificate or
supplemental indenture establishing the terms of any Subordinated Note that
specifically states that such provision will apply in lieu hereof) payment need
not be made at such Place of Payment on such date, but such payment may be made
on the next succeeding day that is a Business Day at such Place of Payment with
the same force and effect as if made on the Interest Payment Date, at the Stated
Maturity or Maturity or on any such other payment date, as the case may be, and
no interest will accrue on the amount payable on such date or at such time for
the period from and after such Interest Payment Date, Stated Maturity, Maturity
or other payment date, as the case may be, to the next succeeding Business Day,
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 114</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Counterparts;
Electronic Transmission.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Indenture may be
executed in several counterparts, each of which will be an original and all of
which will constitute but one and the same instrument. Any facsimile or
electronically transmitted copies hereof or signature hereon will, for all
purposes, be deemed originals. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 115</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Immunity of
Certain Persons.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No recourse under or upon
any obligation, covenant or agreement contained in this Indenture, or in any
Subordinated Note, or because of any indebtedness evidenced thereby, will be had
against any past, present or future shareholder, employee, officer or director,
as such, of the Company or of any predecessor or successor, either directly or
through the Company or any predecessor or successor, under any rule of law,
statute or constitutional provision or by the enforcement of any assessment or
by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance of the Subordinated Notes by the
Holders and as part of the consideration for the issue of the Subordinated
Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 116</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Waiver of Jury
Trial.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>EACH PARTY HERETO
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SUBORDINATED NOTES OR THE
TRANSACTIONS CONTEMPLATED HEREBY. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 117</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Force
Majeure.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In no event will the
Trustee be responsible or liable for any failure or delay in the performance of
its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware)
services; it being understood that the Trustee will use reasonable efforts that
are consistent with accepted practices in the banking industry to resume
performance as soon as practicable under the circumstances. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 118</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>USA Patriot
Act.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee hereby notifies
the Company that in accordance with the requirements of the USA Patriot Act, it
is required to obtain, verify and record information that identifies the
Company, which information includes the name and address of the Company and
other information that will allow the Trustee to identify the Company in
accordance with the USA Patriot Act. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 119</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>No Sinking
Fund.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Subordinated Notes are
not entitled to the benefit of any sinking fund. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>15 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 120</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Rules of
Construction.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless the context
otherwise requires: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>a term has the meaning
assigned to it; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>an accounting term not
otherwise defined has the meaning assigned to it in accordance with GAAP;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>&#147;or&#148; is not exclusive;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>words in the singular include
the plural, and in the plural include the singular; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(5)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>&#147;including&#148; means including
without limitation; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(6)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>&#147;will&#148; will be
interpreted to express a command; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(7)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>provisions apply to successive events and transactions; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(8)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>references to sections of, or
rules under, the Securities Act will be deemed to include substitute,
replacement or successor sections or rules adopted by the Commission from time
to time; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(9)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>unless the context otherwise
requires, any reference to an &#147;Article,&#148; &#147;Section&#148; or &#147;clause&#148; refers to an
Article, Section or clause, as the case may be, of this Indenture; and
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(10)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the words &#147;herein,&#148; &#147;hereof
and &#147;hereunder&#148; and other words of similar import refer to this Indenture as a
whole and not any particular Article, Section, clause or other subdivision.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
II</FONT></B><B><FONT face="Times New Roman" size=2> <BR></FONT></B><B><FONT face="Times New Roman" size=2>THE SUBORDINATED NOTES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 201</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Forms
Generally.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Subordinated Notes and
the Trustee&#146;s certificate of authentication will be substantially in the form of
</FONT><U><FONT face="Times New Roman" size=2>Exhibit A-l</FONT></U><FONT face="Times New Roman" size=2> and </FONT><U><FONT face="Times New Roman" size=2>Exhibit A-2</FONT></U><FONT face="Times New Roman" size=2>, as
applicable, which are a part of this Indenture. The Subordinated Notes may have
notations, legends or endorsements required by law, stock exchange rule or usage
(provided that any such notation, legend or endorsement is in a form acceptable
to the Company). The Company will provide any such notations, legends or
endorsements to the Trustee in writing. Each Subordinated Note will be dated the
date of its authentication. The terms and provisions contained in the
Subordinated Notes will constitute, and are hereby expressly made a part of this
Indenture and the Company and the Trustee, by their execution and delivery of
this Indenture, agree to such terms and provisions and to be bound thereby.
However, to the extent any provision of any Subordinated Note irreconcilably
conflicts with the express provisions of this Indenture, the provisions of this
Indenture will govern and be controlling. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>16 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 202</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Definitive
Subordinated Notes.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Initial Notes will be
issued initially in the form of one or more Definitive Subordinated Notes. The
Exchange Notes will also be issued initially in the form of one or more
Definitive Subordinated Notes, unless, before the issuance of such Exchange
Notes, the Company has determined that the Subordinated Notes may be represented
by Global Subordinated Notes and has so notified the Trustee, in which event the
Exchange Notes will be issued in the form of one or more Global Subordinated
Notes. Except as provided in Section 207, Holders of Definitive Subordinated
Notes will not be entitled to transfer Definitive Subordinated Notes in exchange
for beneficial interests in Global Subordinated Notes, and owners of beneficial
interests in Global Subordinated Notes will not be entitled to receive physical
delivery of Definitive Subordinated Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 203</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Global
Subordinated Notes.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Global Subordinated
Note issued under this Indenture will be deposited with the Trustee at its
Corporate Trust Office, as custodian for the Depositary, and registered in the
name of the Depositary or the nominee thereof, duly executed by the Company and
authenticated by the Trustee as hereinafter provided. The aggregate principal
amount of any Global Subordinated Note may from time to time be increased or
decreased by adjustments made on the records of the Trustee and the Depositary
as hereinafter provided. Any adjustment of the aggregate principal amount of a
Global Subordinated Note to reflect the amount of any increase or decrease in
the amount of outstanding Subordinated Notes represented thereby will be made by
the Trustee in accordance with instructions given by the Holder thereof as
required by Section 207 hereof and will be made on the records of the Trustee
and the Depositary. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 204</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Restricted
Subordinated Notes.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Restricted
Subordinated Note and Global Restricted Note will bear a Private Placement
Legend in substantially the following form: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>THE SECURITIES EVIDENCED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
(THE &#147;</FONT></B><B><I><U><FONT face="Times New Roman" size=2>SECURITIES
ACT</FONT></U></I></B><B><FONT face="Times New Roman" size=2>&#148;) OR UNDER ANY
APPLICABLE STATE SECURITIES LAW, THESE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY, IF REQUESTED, OR (II) UNLESS SOLD IN
ACCORDANCE WITH RULE 144 UNDER SAID ACT.&#148; </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Private Placement
Legend set forth above will be removed and a new Subordinated Note of like tenor
and principal amount without such Private Placement Legend will be executed by
the Company, and upon written request of the Company (together with an Officers&#146;
Certificate and an Opinion of Counsel) given at least three Business Days prior
to the proposed authentication date, the Trustee will authenticate and deliver
such new Subordinated Note to the respective Holder, if legal counsel to the
Holder or owner of beneficial interests requesting the removal of such Private
Placement Legend deliver to
the Trustee, any Registrar and Paying Agent (if a different Person than the
Trustee) and the Company an opinion of counsel in compliance with this Indenture
and additionally opining that the Subordinated Note is eligible for immediate
resale, without any remaining holding period, under Rule 144 without regard to
the requirement for the Company to be in compliance with the current public
information required under Rule 144 as to such securities. </FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>17 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 205</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Execution and
Authentication.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subordinated Notes will be
executed on behalf of the Company by any Authorized Officer and may (but need
not) have the Company&#146;s corporate seal or a facsimile thereof reproduced
thereon. The signature of an Authorized Officer on the Subordinated Notes may be
manual or facsimile. Subordinated Notes bearing the manual or facsimile
signatures of individuals who were at the time of execution Authorized Officers
of the Company will, to the fullest extent permitted by law, bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Subordinated Notes or
did not hold such offices at the date of such Subordinated Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee or an
Authenticating Agent will authenticate and deliver the Initial Notes for
original issue in an aggregate principal amount of up to $</FONT><FONT face="Times New Roman" size=2>[<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT> </FONT><FONT face="Times New Roman" size=2>upon one or more Company Orders and an Opinion of Counsel. In addition,
the Trustee or an Authenticating Agent will upon receipt of a Company Order
authenticate and deliver any Exchange Notes for an aggregate principal amount
not to exceed $</FONT><FONT face="Times New Roman" size=2>[&#9679;] </FONT><FONT face="Times New Roman" size=2>specified in such Company Order for Exchange Notes
issued hereunder. The aggregate principal amount of Outstanding Subordinated
Notes at any time may not exceed the amount set forth in the foregoing sentence,
except as provided in Section 209. The Subordinated Notes will be issued only in
registered form without coupons and in minimum denominations of $1,000 and any
integral multiple of $1,000 in excess thereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee will not be
required to authenticate any Subordinated Notes if the issue of such
Subordinated Notes under this Indenture will affect the Trustee&#146;s own rights,
duties or immunities under the Subordinated Notes and this Indenture or
otherwise in a manner that is not reasonably acceptable to the Trustee or if the
Trustee, being advised by counsel, determines that such action may not lawfully
be taken. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No Subordinated Note will
be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose, unless there appears on such Subordinated Note a certificate of
authentication substantially in the form provided for herein executed by or on
behalf of the Trustee or by the Authenticating Agent by the manual signature of
one of its authorized signatories. Such certificate upon any Subordinated Note
will be conclusive evidence, and the only evidence, that such Subordinated Note
has been duly authenticated and delivered hereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 206</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Registrar and
Paying Agent.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will maintain
an office or agency where Subordinated Notes may be presented for registration
of transfer or for exchange (&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Registrar</FONT></U></I><FONT face="Times New Roman" size=2>&#148;) and an
office or agency where Subordinated Notes may be presented for payment
&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Paying
Agent</FONT></U></I><FONT face="Times New Roman" size=2>&#148;). The Registrar will
keep a register of the Subordinated Notes (&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Subordinated Note Register</FONT></U></I><FONT face="Times New Roman" size=2>&#148;) and of their transfer and exchange. The
registered Holder of a Subordinated Note will be treated as the owner of the
Subordinated Note for all purposes. The Company may appoint one or more
co-registrars and one or more additional paying agents. The term &#147;Registrar&#148;
includes any co-registrar and the term &#147;Paying Agent&#148; includes any additional
paying agent. The Company may change any Paying Agent or Registrar without prior
notice to any Holder; provided that no such removal or replacement will be
effective until a successor Paying Agent or Registrar will have been appointed
by the Company and will have accepted such appointment. The Company will notify
the Trustee in writing of the name and address of any Registrar or Paying Agent
not a party to this Indenture. If the Company fails to appoint or maintain
another entity as Registrar or Paying Agent, the Trustee will act as such. The
Company or any of its Subsidiaries may act as Paying Agent or
Registrar.</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>18 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company initially
appoints the Trustee to act as the Paying Agent and Registrar for the
Subordinated Notes and, in the event that any Subordinated Notes are issued in
global form, to initially act as custodian with respect to the Global
Subordinated Notes. In the event that the Trustee will not be or will cease to
be Registrar with respect the Subordinated Notes, it will have the right to
examine the Subordinated Note Register at all reasonable times. There will be
only one Subordinated Note Register. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 207</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Registration of
Transfer and Exchange</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Except as otherwise provided
in or under this Indenture, upon surrender for registration of transfer of any
Subordinated Note, the Company will execute, and the Trustee will authenticate
and deliver, in the name of the designated transferee or transferees, one or
more new Subordinated Notes denominated as authorized in or under this
Indenture, of a like aggregate principal amount bearing a number not
contemporaneously outstanding and containing identical terms and provisions.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise
provided in or under this Indenture, at the option of the Holder, Subordinated
Notes may be exchanged for other Subordinated Notes containing identical terms
and provisions, in any authorized denominations (minimum denominations of $1,000
and any integral multiple of $1,000 in excess thereof), and of a like aggregate
principal amount, upon surrender of the Subordinated Notes to be exchanged at
any office or agency for such purpose. Whenever any Subordinated Notes are so
surrendered for exchange, the Company will execute, and the Trustee will
authenticate and deliver, the Subordinated Notes that the Holder making the
exchange is entitled to receive. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All Subordinated Notes
issued upon any registration of transfer or exchange of Subordinated Notes will
be the valid obligations of the Company evidencing the same debt and entitling
the Holders thereof to the same benefits under this Indenture as the
Subordinated Notes surrendered upon such registration of transfer or exchange.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Every Subordinated Note
presented or surrendered for registration of transfer or for exchange or
redemption will (if so required by the Company or the Registrar for such
Subordinated Note) be duly endorsed, or be accompanied by a written instrument
of transfer in form satisfactory to the Company and the Registrar for such
Subordinated Note duly executed by the Holder thereof or his attorney duly
authorized in writing. </FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>19 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No service charge will be
made for any registration of transfer or exchange of Subordinated Notes, or any
redemption or repayment of Subordinated Notes, or any conversion or exchange of
Subordinated Notes for other types of securities or property, but the Company
may require payment of a sum sufficient to pay all taxes, assessments or other
governmental charges that may be imposed in connection with the transfer or
exchange of the Subordinated Notes from the Holder requesting such transfer or
exchange. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise
provided in or under this Indenture, the Company will not be required (i) to
issue, register the transfer of or exchange any Subordinated Notes during a
period beginning at the opening of business 15 days before the day of the
selection for redemption of Subordinated Notes under Section 1003 and ending at
the close of business on the day of such selection, or (ii) to register the
transfer of or exchange any Subordinated Note, or portion thereof, so selected
for redemption, except in the case of any Subordinated Note to be redeemed in
part, the portion thereof not to be redeemed. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any Registrar appointed in
accordance with Section 206 hereof will provide to the Trustee such information
as the Trustee may reasonably require in connection with the delivery by such
Registrar of Subordinated Notes upon transfer or exchange of Subordinated Notes.
No Registrar will be required to make registrations of transfer or exchange of
Subordinated Notes during any periods designated in the Subordinated Notes or in
this Indenture as periods during which such registration of transfers and
exchanges need not be made. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee will have no
obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law
with respect to any transfer of any interest in any Subordinated Note (including
any transfers between or among Depositary participants or beneficial owners of
interests in any Global Subordinated Note) other than to require delivery of
such certificates and other documentation or evidence as are expressly required
by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the
express requirements hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Neither the Trustee nor any
Paying Agent will have any responsibility for any actions taken or not taken by
the Depositary. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>When Definitive Subordinated
Notes are presented by a Holder to the Registrar with a request to register the
transfer of such Definitive Subordinated Notes or to exchange such Definitive
Subordinated Notes for an equal principal amount of Definitive Subordinated
Notes of other authorized denominations, the Registrar will register the
transfer or make the exchange as requested if its reasonable requirements for
such transaction are met; provided, however, that the Definitive Subordinated
Notes surrendered for transfer or exchange will be duly endorsed or accompanied
by a written instrument of transfer in form reasonably satisfactory to the
Company and the Registrar, duly executed by the Holder thereof or such Holder&#146;s
attorney duly authorized in writing. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>A Global Subordinated Note
may not be transferred except by the Depositary to a nominee of the Depositary,
by a nominee of the Depositary to the Depositary or to another nominee of the
Depositary, or by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary. All Global Subordinated Notes will be
exchanged by the Company for Definitive Subordinated Notes if: (i) the
Depositary has notified the Company that it is unwilling or unable to continue
as Depositary for such Global Subordinated Note or such Depositary has ceased to
be a &#147;clearing agency&#148; registered under the Exchange Act, and a successor
depositary is not appointed by the Company within 90 days, (ii) the Company
determines that the Subordinated Notes are no longer to be represented by Global
Subordinated Notes and so notifies the Trustee, or (iii) an Event of Default has
occurred and is continuing with respect to the Subordinated Notes and the
Depositary or its participant(s) has requested the issuance of Definitive
Subordinated Notes.</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>20 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any Global Subordinated
Note exchanged in accordance with clause (i) or (ii) above will be so exchanged
in whole and not in part, and any Global Subordinated Note exchanged in
accordance with clause (iii) above may be exchanged in whole or from time to
time in part as directed by the Depositary. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon the occurrence of any
of the preceding events in (i), (ii) or (iii) above, Definitive Subordinated
Notes will be issued in fully registered form, without interest coupons, will
have an aggregate Principal Amount equal to that of the Global Subordinated Note
or portion thereof to be so exchanged, will be registered in such names and be
in such authorized denominations as the Depositary will instruct the Trustee in
writing and will bear such legends as provided herein. Global Subordinated Notes
also may be exchanged or replaced, in whole or in part, as provided in Section
209 hereof. Every Subordinated Note authenticated and delivered in exchange for,
or in lieu of, a Global Subordinated Note or any portion thereof, in accordance
with this Section 207 or Section 209 hereof, will be authenticated and delivered
in the form of, and will be, a Global Subordinated Note, except as otherwise
provided herein. A Global Subordinated Note may not be exchanged for another
Subordinated Note other than as provided in this Section 207(3); however,
beneficial interests in a Global Subordinated Note may be transferred and
exchanged as provided in Section 207(4) hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any Global Subordinated
Note to be exchanged in whole will be surrendered by the Depositary to the
Trustee, as Registrar. With regard to any Global Subordinated Note to be
exchanged in part, either such Global Subordinated Note will be so surrendered
for exchange or, if the Trustee is acting as custodian for the Depository or its
nominee with respect to such Global Subordinated Note, the principal amount
thereof will be reduced, by an amount equal to the portion thereof to be so
exchanged, by means of an appropriate adjustment made on the records of the
Trustee. Upon any such surrender or adjustment, the Trustee will authenticate
and deliver the Subordinated Note issuable on such exchange to or upon the order
of the Depositary or an authorized representative thereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The transfer and exchange of
beneficial interests in the Global Subordinated Notes will be effected through
the Depositary in accordance with the Applicable Procedures and this Section
207. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(5)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>A Definitive Subordinated
Note may not be exchanged for a beneficial interest in a Global Subordinated
Note unless the Company determines that the Subordinated Notes may be
represented by Global Subordinated Notes and so notifies the Trustee. After the
Company has determined that the Subordinated Notes may be represented by Global
Subordinated Notes and so notifies the Trustee, then upon receipt by the Trustee
of a Definitive Subordinated Note, duly endorsed or accompanied by appropriate
instruments of transfer, in form satisfactory to the Trustee, together with
written instructions from such Holder directing the Trustee to make, or to
direct the Registrar to make, an adjustment on its books and records with
respect to such Global Subordinated Note to reflect an increase in the aggregate
principal amount of the Subordinated Notes represented by the Global
Subordinated Note, such instructions to contain information regarding the
Depositary account to be credited with such increase, the Trustee will cancel
such Definitive Subordinated Note and cause, or direct the Registrar to cause,
in accordance with the standing instructions and procedures existing between the
Depositary and the Registrar, the aggregate principal amount of Subordinated
Notes represented by the Global Subordinated Note to be increased by the
aggregate principal amount of the Definitive Subordinated Note to be exchanged,
and will credit or cause to be credited to the account of the Person specified
in such instructions a beneficial interest in the Global Subordinated Note equal
to the principal amount of the Definitive Subordinated Note so cancelled. If no
Global Subordinated Notes are then outstanding, the Company will issue and the
Trustee will authenticate, upon Company Order, a new Global Subordinated Note in
the appropriate principal amount.</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>21 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(6)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>At such time as all
beneficial interests in a particular Global Subordinated Note have been
exchanged for Definitive Subordinated Notes or a particular Global Subordinated
Note has been repurchased or canceled in whole and not in part, each such Global
Subordinated Note will be returned to or retained and canceled by the Trustee in
accordance with Section 212 hereof. At any time prior to such cancellation, if
any beneficial interest in a Global Subordinated Note is exchanged for or
transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Subordinated Note or for Definitive
Subordinated Notes, the principal amount of Subordinated Notes represented by
such Global Subordinated Note will be reduced accordingly by adjustments made on
the records of the Trustee to reflect such reduction; and if the beneficial
interest is being exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global
Subordinated Note, such other Global Subordinated Note will be increased
accordingly by adjustments made on the records of the Trustee to reflect such
increase. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(7)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>No Restricted Subordinated
Note will be transferred or exchanged except in compliance with the Private
Placement Legend or as provided in accordance with Section 208. In addition to
the provisions for transfer and exchange set forth in this Section 207, the
Trustee, any Registrar and Paying Agent (if a different Person than the Trustee)
and the Company may, prior to effecting any requested transfer or exchange of
any Restricted Subordinated Notes, other than an exchange in accordance with
Section 208, require that legal counsel to the Holder or owner of beneficial
interests requesting such transfer or exchange deliver to the Trustee, any
Registrar and Paying Agent (if a different Person than the Trustee) and the
Company, an Opinion of Counsel in compliance with this Indenture and
additionally opining that the transfer or exchange is in compliance with the
requirements of the Private Placement Legend and that the Subordinated Note
issued to the transferee or in exchange for the Restricted Subordinated Note may
be issued free of the Private Placement Legend. Any untransferred or unexchanged
balance of a Restricted Subordinated Note will be reissued to the Holder with
the Private Placement Legend, unless the Private Placement Legend may be omitted
in accordance with Section 204, as evidenced by the Opinion of Counsel.
</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>22 </FONT></P>
<HR align=center width="100%" noShade size="2">
<DIV STYLE="PAGE-BREAK-BEFORE: ALWAYS"></DIV><BR><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 208</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Exchange Offer.</FONT></U><FONT size=2 face="Times New Roman"> </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Upon the occurrence of an Exchange Offer in accordance with the Registration Rights Agreement, the Company will issue and, upon receipt of a Company Order in accordance with Section 205 hereof, the Trustee will authenticate (i) Unrestricted Definitive Subordinated Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Subordinated Notes tendered in such Exchange Offer for acceptance by Persons that certify in the applicable Letters of Transmittal that (x) they are not Participating Broker-Dealers, (y) they are not participating in a distribution of the applicable Exchange Notes and (z) they are not Affiliates of the Company, and accepted for exchange in such Exchange Offer or, if permitted by the Company, (ii) one or more Unrestricted Global Subordinated Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Subordinated Notes tendered in such Exchange Offer for acceptance by Persons that certify in the applicable Letters of Transmittal that (x) they are not Participating Broker-Dealers, (y) they are not participating in a distribution of the applicable Exchange Notes and (z) they are not Affiliates of the Company, and accepted for exchange in such Exchange Offer. Concurrently with the issuance of such Unrestricted Global Subordinated Notes upon exchange of Restricted Global Subordinated Notes, the Trustee will cause the aggregate principal amount of the applicable Restricted Global Subordinated Notes to be reduced accordingly, and the Company will execute and the Trustee will authenticate and mail to the Persons designated by the Holders of Restricted Definitive Subordinated Notes so accepted Unrestricted Definitive Subordinated Notes in the applicable principal amount. Any Subordinated Notes that remain outstanding after the consummation of such Exchange Offer, and Exchange Notes issued in connection with such Exchange Offer, will be treated as a single class of securities under this Indenture. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 209</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Mutilated, Destroyed, Lost and Stolen Subordinated Notes.</FONT></U><FONT size=2 face="Times New Roman"> </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">If any mutilated Subordinated Note is surrendered to the Trustee, subject to the provisions of this Section 209, the Company will execute and the Trustee will authenticate and deliver in exchange therefor a new Subordinated Note containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">If there be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Subordinated Note, and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Subordinated Note has been acquired by a bona fide purchaser, the Company will execute and, upon the Company&#146;s request the Trustee will authenticate and deliver, in exchange for or in lieu of any such destroyed, lost or stolen Subordinated Note, a new Subordinated Note containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Notwithstanding the foregoing provisions of this Section 209, in case the outstanding principal balance of any mutilated, destroyed, lost or stolen Subordinated Note has become or is about to become due and payable, or is about to be redeemed by the Company pursuant to Article X hereof, the Company in its discretion may, instead of issuing a new Subordinated Note, pay or redeem such Subordinated Note, as the case may be. </font></P><P STYLE="text-align: center"><FONT size=2 face="Times New Roman">23 </font></P><HR NOSHADE ALIGN="CENTER" WIDTH="100%">
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon the issuance of any
new Subordinated Note under this Section, the Company may require the payment of
a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and
expenses of the Trustee) connected therewith. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Every new Subordinated Note
issued in accordance with this Section in lieu of any destroyed, lost or stolen
Subordinated Note will constitute a separate obligation of the Company, whether
or not the destroyed, lost or stolen Subordinated Note will be at any time
enforceable by anyone, and will be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Subordinated Notes
duly issued hereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The provisions of this
Section, as amended or supplemented in accordance with this Indenture with
respect to particular Subordinated Notes or generally, will (to the extent
lawful) be exclusive and will preclude (to the extent lawful) all other rights
and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Subordinated Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 210</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Payment of
Interest; Rights to Interest Preserved.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any interest on any
Subordinated Note that will be payable, and punctually paid or duly provided
for, on any Interest Payment Date will be paid to the Person in whose name such
Subordinated Note is registered as of the close of business on the Regular
Record Date for such interest. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any interest on any
Subordinated Note that will be payable, but will not be punctually paid or duly
provided for, on any Interest Payment Date for such Subordinated Note (herein
called &#147;</FONT><I><U><FONT face="Times New Roman" size=2>Defaulted
Interest</FONT></U></I><FONT face="Times New Roman" size=2>&#148;) will cease to be
payable to the Holder thereof on the relevant Regular Record Date by virtue of
having been such Holder; and such Defaulted Interest may be paid by the Company,
at its election in each case, as provided in clause (1) or (2) below:
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Company may elect to make
payment of any Defaulted Interest to the Person in whose name such Subordinated
Note will be registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest, which will be fixed in the following
manner. The Company will notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on such Subordinated Note and the date of
the proposed payment, and at the same time the Company will deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or will make arrangements satisfactory to the
Trustee for such deposit on or prior to the date of the proposed payment, such
money when so deposited to be held in trust for the benefit of the Person
entitled to such Defaulted Interest as in this clause provided. Thereupon, the
Company will fix or cause to be fixed a Special Record Date for the payment of
such Defaulted Interest, which will be not more than 15 days and not less than
10 days prior to the date of the proposed payment and not less than 10 days
after the receipt by the Trustee of the notice of the proposed payment. The
Company (or, upon the written request of the Company, the Trustee in the name
and at the expense of the Company), will cause notice of the proposed payment of
such Defaulted Interest and the Special Record Date therefor to be mailed,
first-class postage prepaid, to the Holder of such Subordinated Note at the
Holder&#146;s address as it appears in the Subordinated Note Register not less than
10 days prior to such Special Record Date. The Company may, in its discretion,
in the name and at the expense of the Company cause a similar notice to be
published at least once in an Authorized Newspaper of general circulation in the
City of [<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT>, [<FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>]</FONT>, but such
publication will not be a condition precedent to the establishment of 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 will be paid to the Person in whose name such Subordinated
Note will be registered at the close of business on such Special Record Date and
will no longer be payable under the following clause (2).</FONT></P>


<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>24 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Company may make payment
of any Defaulted Interest in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Subordinated Note may be
listed, and upon such notice as may be required by such exchange, if, after
notice given by the Company to the Trustee of the proposed payment under this
Clause, such payment will be deemed practicable by the Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise provided
in or under this Indenture or the Subordinated Notes, at the option of the
Company, interest on Subordinated Notes may be paid by mailing a check to the
address of the Person entitled thereto as such address will appear in the
Subordinated Note Register or by transfer to an account maintained by the payee
with a bank located in the United States. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subject to the foregoing
provisions of this Section and Section 207, each Subordinated Note delivered
under this Indenture upon registration of transfer of or in exchange for or in
lieu of any other Subordinated Note will carry the rights to interest accrued
and unpaid, and to accrue, which were carried by such other Subordinated Note.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 211</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Persons Deemed
Owners.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Prior to due presentment of
a Subordinated Note for registration of transfer, the Company, the Trustee and
any agent of the Company or the Trustee may treat the Person in whose name such
Subordinated Note is registered in the Subordinated Note Register as the owner
of such Subordinated Note for the purpose of receiving payment of principal of,
and (subject to Section 207 and Section 210) interest on, such Subordinated Note
and for all other purposes whatsoever, whether or not any payment with respect
to such Subordinated Note will be overdue, and neither the Company, the Trustee
or any agent of the Company or the Trustee will be affected by notice to the
contrary. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No holder of any beneficial
interest in any Global Subordinated Note held on its behalf by a Depositary will
have any rights under this Indenture with respect to such Global Subordinated
Note, and such Depositary may be treated by the Company, the Trustee, and any
agent of the Company or the Trustee as the owner of such Global Subordinated
Note for all purposes whatsoever. None of the Company, the Trustee, any Paying
Agent or the Registrar will have any responsibility or liability for any aspect
of the records relating to or payments made on account of beneficial ownership
interests of a Global Subordinated Note or for maintaining, supervising or
reviewing any records relating to such beneficial ownership interests.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notwithstanding the
foregoing, nothing herein will prevent the Company, the Trustee, any Paying
Agent or the Registrar from giving effect to any written certification, proxy or
other authorization furnished by the applicable Depositary, as a Holder, with
respect to a Global Subordinated Note or impair, as between such Depositary and
the owners of beneficial interests in such Global Subordinated Note, the
operation of customary practices governing the exercise of the rights of such
Depositary (or its nominee) as the Holder of such Global Subordinated
Note.</FONT></P>


<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>25 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 212</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Cancellation.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All Subordinated Notes
surrendered for payment, redemption, registration of transfer or exchange will,
if surrendered to any Person other than the Trustee, be delivered to the
Trustee, and any such Subordinated Note, as well as Subordinated Notes
surrendered directly to the Trustee for any such purpose, will be cancelled
promptly by the Trustee. The Company may at any time deliver to the Trustee for
cancellation any Subordinated Notes previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and all
Subordinated Notes so delivered will be cancelled promptly by the Trustee, No
Subordinated Notes will be authenticated in lieu of or in exchange for any
Subordinated Notes cancelled as provided in this Section, except as expressly
permitted by or under this Indenture. All cancelled Subordinated Notes held by
the Trustee will be disposed of in accordance with its procedure for the
disposition of cancelled Subordinated Notes, and the Trustee upon the written
request of the Company will deliver to the Company a certificate of such
disposition, unless by a Company Order the Company shall direct that cancelled
Subordinated Notes shall be returned to the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 213</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Computation of
Interest.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>[Interest on the
Subordinated Notes will be computed on the basis of a 360 day year of twelve 30
day months and, for any period less than a full month, on the number of days
actually elapsed.]</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><STRONG>[From and including
the original issue date of the Subordinated Notes to but excluding
[</STRONG><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>&#9679;<STRONG>]</STRONG></FONT></FONT></FONT><FONT face="Times New Roman" size=2><STRONG>, 20[</STRONG></FONT><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>&#9679;<STRONG>]</STRONG></FONT></FONT><FONT face="Times New Roman" size=2><STRONG>, the rate at which the Subordinated Notes
shall bear interest shall be [</STRONG><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>&#9679;<STRONG>]</STRONG></FONT></FONT></FONT><FONT face="Times New Roman" size=2><STRONG>% per annum, computed on the basis of a
360-day year consisting of twelve 30-day months and payable semi-annually in
arrears on Fixed Interest Payment Dates. From and including [</STRONG><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>&#9679;<STRONG>]</STRONG></FONT></FONT></FONT><FONT face="Times New Roman" size=2><STRONG>, 20[</STRONG><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>&#9679;<STRONG>]</STRONG></FONT></FONT><STRONG> to but
excluding the Stated Maturity, the rate at which the Subordinated Notes shall
bear interest shall be a floating rate equal to LIBOR determined on the
determination date of the applicable Interest Period plus [</STRONG><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>&#9679;<STRONG>]</STRONG></FONT></FONT><STRONG> basis points, computed on the
basis of a 360-day year and the actual number of days elapsed and payable
quarterly in arrears on Floating Interest Payment Dates. Any payment of
principal of or interest on the Subordinated Notes that would otherwise become
due and payable on a day which is not a Business Day will become due and payable
on the next succeeding Business Day, with the same force and effect as if made
on the date for payment of such principal or interest, and no interest will
accrue in respect of such payment for the period after such
day.]</STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 214</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>CUSIP
Numbers.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may issue the
Subordinated Notes with one or more &#147;CUSIP&#148; numbers (if then generally in use).
The Company will promptly notify the Trustee of any change in the CUSIP numbers.
The Trustee may use &#147;CUSIP&#148; numbers in notices (including but not limited to
notices of redemption or exchange) as a convenience to Holders; provided that
any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Subordinated Notes or as contained in
any notice (including any notice of redemption or exchange) and that reliance
may be placed only on the other identification numbers printed on the
Subordinated Notes, and any such notice will not be affected by any defect in or
omission of such numbers.</FONT></P>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>26 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
III</FONT></B><B><FONT face="Times New Roman" size=2> <BR></FONT></B><B><FONT face="Times New Roman" size=2>SATISFACTION AND DISCHARGE OF INDENTURE
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 301</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Satisfaction
and Discharge.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Indenture will cease
to be of further effect, and the Trustee, on receipt of a Company Order, at the
expense of the Company, will execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>either </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(a)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>all Subordinated Notes
theretofore authenticated and delivered (other than (i) Subordinated Notes that
have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 209 and (ii) Subordinated Notes for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the
Company and thereafter repaid to the Company or discharged from such trust, as
provided in Section 903) have been delivered to the Trustee for cancellation; or
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(b)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>all Subordinated Notes that
have not been delivered to the Trustee for cancellation (i) have become due and
payable, or (ii) will become due and payable at their Stated Maturity within one
year, or (iii) if redeemable at the option of the Company, are to be called for
redemption within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the name, and at the
expense, of the Company, and the Company, in the case of (i), (ii) or (iii)
above, has deposited or caused to be deposited with the Trustee as trust funds
in trust for such purpose, an amount sufficient to pay and discharge the entire
indebtedness on such Subordinated Notes not theretofore delivered to the Trustee
for cancellation, including the principal of, and interest on, such Subordinated
Notes, to the date of such deposit (in the case of Subordinated Notes which have
become due and payable) or to the Maturity thereof, as the case may be;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Company has paid or
caused to be paid all other sums payable hereunder by the Company with respect
to the Outstanding Subordinated Notes; and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Company has delivered to
the Trustee an Officers&#146; 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 satisfied </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notwithstanding the
satisfaction and discharge of this Indenture with respect to the Subordinated
Notes, the obligations of the Company to the Trustee under Section 507 and, if
money will have been deposited with the Trustee in accordance with Section
301(1)(b), the obligations of the Company and the Trustee with respect to the
Subordinated Notes under Section 303 and Section 903 will survive.</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>27 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 302</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Legal
Defeasance and Covenant Defeasance.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Company may at its option
and at any time, elect to have Section 302(2) or Section 302(3) be applied to
such Outstanding Subordinated Notes upon compliance with the conditions set
forth below in this Section 302. Legal Defeasance and Covenant Defeasance may be
effected only with respect to all, and not less than all, of the Outstanding
Subordinated Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Upon the Company&#146;s exercise
of the above option applicable to this Section 302(2), the Company will be
deemed to have been discharged from its obligations with respect to such
Outstanding Subordinated Notes on the date the conditions set forth in clause
(4) of this Section 302 are satisfied (&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Legal Defeasance</FONT></U></I><FONT face="Times New Roman" size=2>&#148;). For this purpose. Legal Defeasance means that
the Company will be deemed to have paid and discharged the entire indebtedness
represented by such Outstanding Subordinated Notes, which will thereafter be
deemed to be &#147;Outstanding&#148; only for the purposes of Section 302(5) and the other
Sections of this Indenture referred to in clauses (i) through (iv) of this
paragraph, and to have satisfied all of its other obligations under such
Subordinated Notes and this Indenture insofar as such Subordinated Notes are
concerned (and the Trustee, at the expense of the Company, will execute proper
instruments acknowledging the same), except for the following which will survive
until otherwise terminated or discharged hereunder: (i) the rights of Holders of
such Outstanding Subordinated Notes to receive, solely from the trust fund
described in Section 302(4)(a) and as more fully set forth in this Section 302
and Section 303, payments in respect of the principal of and interest, if any,
on, such Subordinated Notes when such payments are due, (ii) the obligations of
the Company and the Trustee with respect to such Subordinated Notes under
Section 207, Section 209, Section 902 and Section 903, (iii) the rights, powers,
trusts, duties and immunities of the Trustee hereunder and (iv) this Section
</FONT><I><FONT face="Times New Roman" size=2>302 </FONT></I><FONT face="Times New Roman" size=2>and Section 303. The Company may exercise its
option under this Section 302(2) notwithstanding the prior exercise of its
option under Section 302(3) with respect to such Subordinated Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Upon the Company&#146;s exercise
of the above option applicable to this Section 302(3), the Company will be
released from its obligations under clauses (ii) and (iii) of Section 904 and
under Section 905, Section 906 and Section 907 on and after the date the
conditions set forth in Section 302(4) are satisfied (&#147;</FONT><I><U><FONT face="Times New Roman" size=2>Covenant Defeasance</FONT></U></I><FONT face="Times New Roman" size=2>&#148;), and such Subordinated Notes will thereafter be
deemed to be not &#147;Outstanding&#148; for the purposes of any direction, waiver,
consent or declaration or Act of Holders (and the consequences of any thereof)
in connection with any such covenant, but will continue to be deemed
&#147;Outstanding&#148; for all other purposes hereunder. For this purpose, such Covenant
Defeasance means that with respect to such Outstanding Subordinated Notes, the
Company may omit to comply with, and will have no liability in respect of. any
term, condition or limitation set forth in any such Section or any such other
covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such Section or such other covenant or by reason of reference in
any such Section or such other covenant to any other provision herein or in any
other document and such omission to comply will not constitute a default, but,
except as specified above, the remainder of this Indenture and such Subordinated
Notes will be unaffected thereby. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>28 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The following will be the
conditions to application of Section 302(2) or Section 302(3) to any Outstanding
Subordinated Notes: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(a)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Company will irrevocably
have deposited or caused to be deposited with the Trustee (or another trustee
satisfying the requirements of Section 508 who will agree to comply with the
provisions of this Section 302 applicable to it) as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for,
and dedicated solely to, the benefit of the Holders, (i) an amount in Dollars,
(ii) Government Obligations that through the scheduled payment of principal and
interest in respect thereof in accordance with their terms will provide, not
later than one day before the due date of any payment of principal of and
interest, if any, on such Subordinated Notes, money or (iii) a combination
thereof, in any case, in an amount, sufficient, without consideration of any
reinvestment of such principal and interest, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which
will be applied by the Trustee (or other qualifying trustee) to pay and
discharge, the principal of and interest, if any, on, such Outstanding
Subordinated Notes on the Stated Maturity of such principal or installment of
principal or interest or the applicable Redemption Date, as the case may be.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(b)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Such Legal Defeasance or
Covenant Defeasance will not result in a breach or violation of, or constitute a
default under, this Indenture or any other material agreement or instrument to
which the Company or any Subsidiary is a party or by which it is bound.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(c)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>No Event of Default or event
which with notice or lapse of time or both would become an Event of Default with
respect to such Subordinated Notes will have occurred and be continuing on the
date of such deposit, and, solely in the case of Legal Defeasance under Section
302(2), no Event of Default, or event which with notice or lapse of time or both
would become an Event of Default, under Section 401 will have occurred and be
continuing at any time during the period ending on and including the
91<SUP>st</SUP> day after the date of such deposit (it being understood that
this condition to Legal Defeasance under Section 302(2) will not be deemed
satisfied until the expiration of such period), </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(d)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>In the case of Legal
Defeasance, the Company will have delivered to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee stating that (i) the Company has received
from, or there has been published by, the Internal Revenue Service a ruling or
(ii) since the date of this Indenture there has been a change in applicable
federal income tax law, in either case to the effect that, and based thereon
such opinion of independent counsel will confirm that, the Holders of such
Outstanding Subordinated Notes will not recognize income, gain or loss for
federal income tax purposes as a result of such Legal Defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such Legal Defeasance had not
occurred. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(e)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>In the case of Covenant
Defeasance, the Company will have delivered to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee to the effect that the Holders of such
Outstanding Subordinated Notes will not recognize income, gain or loss for
federal income tax purposes as a result of such Covenant Defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such Covenant Defeasance had not
occurred.</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>29 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(f)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Company will have
delivered to the Trustee an Officers&#146; Certificate and an Opinion of Counsel,
each stating that all conditions precedent to the Legal Defeasance or Covenant
Defeasance, as the case may be, under this Indenture have been satisfied.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(g)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>If the moneys or Government
Obligations or combination thereof, as the case may be, deposited under Section
302(4)(a) above are sufficient to pay the principal of, and interest, if any,
on, such Subordinated Notes provided such Subordinated Notes are redeemed on a
particular Redemption Date, the Company will have given the Trustee irrevocable
instructions to redeem such Subordinated Notes on such date and to provide
notice of such redemption to Holders as provided in or under this Indenture.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(h)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Trustee will have
received such other documents, assurances and Opinions of Counsel as the Trustee
will have reasonably required. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(5)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Subject to the provisions of
the last paragraph of Section 903, all money and Government Obligations
deposited with the Trustee (or other qualifying trustee, collectively for
purposes of this Section 302(5), the &#147;</FONT><I><U><FONT face="Times New Roman" size=2>Trustee</FONT></U></I><FONT face="Times New Roman" size=2>&#148;) in
accordance with Section 302(4)(a) in respect of any Outstanding Subordinated
Notes will be held in trust and applied by the Trustee, in accordance with the
provisions of such Subordinated Notes and this Indenture, to the payment, either
directly or through any Paying Agent (other than the Company or any Subsidiary
or Affiliate of the Company acting as Paying Agent) as the Trustee may
determine, to the Holders of all sums due and to become due thereon in respect
of principal and interest but such money and Government Obligations need not be
segregated from other funds, except to the extent required by law. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will pay and
indemnify the Trustee against any tax, fee or other charge, imposed on or
assessed against the Government Obligations deposited in accordance with this
Section 302 or the principal or interest received in respect thereof other than
any such tax, fee or other charge which by law is for the account of the Holders
of the Outstanding Subordinated Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 303</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Application of
Trust Money.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subject to the provisions
of the last paragraph of Section 903, all money and Government Obligations
deposited with the Trustee in accordance with Section 301 or Section 302 will be
held in trust and applied by the Trustee, in accordance with the provisions of
such Subordinated Notes subject to discharge under Section 301 or Legal
Defeasance or Covenant Defeasance under Section 302, and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company,
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal and interest for whose payment such money has
or Government Obligations have been deposited with or received by the Trustee;
but such money and Government Obligations need not be segregated from other
funds, except to the extent required by law. </FONT></P>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>30 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 304</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Reinstatement.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the Trustee (or other
qualifying trustee appointed in accordance with Section 302(4)(a)) or any Paying
Agent is unable to apply any moneys or Government Obligations deposited in
accordance with Section 301(1) or Section 302(4)(a) to pay any principal of, or
interest, if any, on, the Subordinated Notes by reason of any legal proceeding
or any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Company&#146;s
obligations under this Indenture and the Subordinated Notes will be revived and
reinstated as though no such deposit had occurred, until such time as the
Trustee (or other qualifying trustee) or Paying Agent is permitted to apply all
such moneys and Government Obligations to pay the principal of, and interest, if
any, on the Subordinated Notes as contemplated by Section 301 or Section 302 as
the case may be; provided, however, that if the Company makes any payment of the
principal of, or interest if any on, the Subordinated Notes following the
reinstatement of its obligations as aforesaid, the Company will be subrogated to
the rights of the Holders of such Subordinated Notes to receive such payment
from the funds held by the Trustee (or other qualifying trustee) or Paying
Agent. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 305</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Effect on
Subordination Provisions.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The provisions of Article
XI are expressly made subject to the provisions for, and to the right of the
Company to effect, the satisfaction and discharge of all of the Subordinated
Notes as set forth in and in accordance with Section 301 and the provisions for,
and to the right of the Company to effect, Legal Defeasance and Covenant
Defeasance of all of the Subordinated Notes as set forth in and in accordance
with Section 302. As a result, and anything herein to the contrary
notwithstanding, if the Company complies with the provisions of Section 301 to
effect the satisfaction and discharge of the Subordinated Notes or complies with
the provisions of Section 302 to effect the Legal Defeasance or Covenant
Defeasance, upon the effectiveness of such satisfaction and discharge in
accordance with Section 301 or of Legal Defeasance or Covenant Defeasance in
accordance with Section 302, in the case of satisfaction and discharge in
accordance with Section 301, or, in the case of Legal Defeasance or Covenant
Defeasance in accordance with Section 302, the Subordinated Notes as to which
Legal Defeasance or Covenant Defeasance, as the case may be, will have become
effective will thereupon cease to be so subordinated in right of payment to the
Senior Indebtedness and will no longer be subject to the provisions of Article
XI and, without limitation to the foregoing, all moneys and Government
Obligations deposited with the Trustee (or other qualifying trustee) in trust in
connection with such satisfaction and discharge. Legal Defeasance or Covenant
Defeasance, as the case may be, and all proceeds therefrom may be applied to pay
the principal of, and interest, if any, on, such Subordinated Notes as and when
the same will become due and payable notwithstanding the provisions of Article
XI without regard to whether any or all of the Senior Indebtedness then
outstanding will have been paid or otherwise provided for. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>31 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
IV</FONT></B><B><FONT face="Times New Roman" size=2> <BR>REMEDIES
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 401</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Events of
Default; Acceleration.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>An &#147;Event of Default&#148; means
any one of the following events (whatever the reason for such Event of Default
and whether it will be voluntary or involuntary or be effected by operation of law or in accordance with any judgment, decree, or order of any court or
any order, rule, or regulation of any administrative or governmental body):
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the entry of a decree or
order for relief in respect of the Company by a court having jurisdiction in the
premises in an involuntary case or proceeding under any applicable bankruptcy,
insolvency, or reorganization law, now or hereafter in effect of the United
States or any political subdivision thereof, and such decree or order will have
continued unstayed and in effect for a period of 60 consecutive days;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the commencement by the
Company of a voluntary case under any applicable bankruptcy, insolvency or
reorganization law, now or hereafter in effect of the United States or any
political subdivision thereof, or the consent by the Company to the entry of a
decree or order for relief in an involuntary case or proceeding under any such
law; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the failure of the Company to
pay any installment of interest on any of the Subordinated Notes as and when the
same will become due and payable, and the continuation of such failure for a
period of 30 days; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the failure of the Company to
pay all or any part of the principal of any of the Subordinated Notes as and
when the same will become due and payable under this Indenture; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(5)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the failure of the Company to
perform any other covenant or agreement on the part of the Company contained in
the Subordinated Notes or in this Indenture, and the continuation of such
failure for a period of 60 days after the date on which notice specifying such
failure, stating that such notice is a &#147;Notice of Default&#148; hereunder and
demanding that the Company remedy the same, will have been given, in the manner
set forth in Section 105, to the Company by the Trustee, or to the Company and
the Trustee by the Holders of at least </FONT><FONT face="Times New Roman" size=2>[&#9679;]</FONT><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2>% in aggregate
principal amount of the Subordinated Notes at the time Outstanding; or the
default by the Company under any bond, debenture, note or other evidence of
indebtedness for money borrowed by the Company having an aggregate principal
amount outstanding of at least $</FONT><FONT face="Times New Roman" size=2>[&#9679;]</FONT><FONT face="Times New Roman" size=2>, whether such indebtedness now exists or is
created or incurred in the future, which default (i) constitutes a failure to
pay any portion of the principal of such indebtedness when due and payable after
the expiration of any applicable grace period or (ii) results in such
indebtedness becoming due or being declared due and payable prior to the date on
which it otherwise would have become due and payable without, in the case of
clause (i), such indebtedness having been discharged or, in the case of clause
(ii), without such indebtedness having been discharged or such acceleration
having been rescinded or annulled. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon becoming aware of any
Event of Default, the Company will promptly deliver to the Trustee a written
statement specifying the Event of Default. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If an Event of Default
described in Section 401(1) or Section 401(2) occurs, then the principal amount
of all of the Outstanding Subordinated Notes, and accrued and unpaid interest,
if any, on all Outstanding Subordinated Notes will become and be immediately due
and payable without any declaration or other act on the part of the Trustee or
any Holder, and the Company waives demand, presentment for payment, notice of
nonpayment, notice of protest, and all other notices. Notwithstanding the
foregoing, because the Company will treat the Subordinated Notes as Tier 2
Capital, upon the occurrence of an Event of Default other than an Event of
Default described in Section 401(1) or Section 401(2), neither the Trustee nor
any Holder may accelerate the Maturity of the Subordinated Notes and make the
principal of, and any accrued and unpaid interest on, the Subordinated Notes,
immediately due and payable.</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>32 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any Event of Default
occurs and is continuing, the Trustee may also pursue any other available remedy
to collect the payment of principal of, and interest on, the Subordinated Notes
or to enforce the performance of any provision of the Subordinated Notes or this
Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 402</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Failure to Make
Payments.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If an Event of Default
described in Section 401(3) or Section 401(4) occurs, the Company will, upon
demand of the Trustee, pay to the Trustee, for the benefit of the Holders of
such Subordinated Notes, the whole amount then due and payable with respect to
such Subordinated Notes, with interest upon the overdue principal, and, to the
extent permitted by applicable law, upon any overdue installments of interest at
the rate or respective rates, as the case may be, provided for or with respect
to such Subordinated Notes or, if no such rate or rates are so provided, at the
rate or respective rates, as the case may be, of interest borne by such
Subordinated Notes, and, in addition thereto, such further amount of money as
will be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel and all other amounts due to the Trustee under Section
507. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the Company fails to pay
the money it is required to pay the Trustee upon such demand, the Trustee, in
its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, may prosecute .such
proceeding to judgment or final decree, and may enforce the same against the
Company or any other obligor upon such Subordinated Notes and collect the moneys
adjudged or decreed to be payable in the manner provided by law out of the
property of the Company, wherever situated. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee may in its
discretion proceed to protect and enforce its rights and the rights of the
Holders of Subordinated Notes by such appropriate judicial proceedings as the
Trustee will deem most effectual to protect and enforce any such rights, whether
for the specific enforcement of any covenant or agreement in this Indenture or
in aid of the exercise of any power granted in this Indenture, or to enforce any
other proper remedy. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon the occurrence of a
failure by the Company to make any required payment of principal or interest on
the Subordinated Notes, the Company may not declare or pay any dividends or
distributions on, or redeem, purchase, acquire, or make a liquidation payment
with respect to, any of the Company&#146;s capital stock, make any payment of
principal or interest or premium, if any, on or repay, repurchase or redeem any
debt securities of the Company that rank equal with or junior to the
Subordinated Notes, or make any payments under any guarantee that ranks equal
with or junior to the Subordinated Notes, other than: (i) any dividends or
distributions in shares of, or options, warrants or rights to subscribe for or
purchase shares of, any class of Company&#146;s common stock; (ii) any declaration of
a dividend in connection with the implementation of a shareholders&#146; rights plan,
or the issuance of stock under any such plan in the future, or the redemption or
repurchase of any such rights pursuant thereto; (iii) as a result of a
reclassification of Company&#146;s capital stock or the exchange or conversion of one
class or series of Company&#146;s capital stock for another class or series of
Company&#146;s capital stock; (iv) the purchase of fractional interests in shares of
Company&#146;s capital stock in accordance with the conversion or exchange provisions
of such capital stock or the security being converted or exchanged; or (v)
purchases of any class of Company&#146;s common stock related to the issuance of
common stock or rights under any benefit plans for Company&#146;s directors, officers
or employees or any of Company&#146;s dividend reinvestment plans.</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>33 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 403</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Trustee May
File Proofs of Claim.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In case of any judicial
proceeding relative to the Company (or any other obligor upon the Subordinated
Notes), its property or its creditors, the Trustee will be entitled and
empowered, by intervention in such proceeding or otherwise, to take any and all
actions authorized under the Trust Indenture Act in order to have claims of the
Holders and the Trustee allowed in any such proceeding. In particular, the
Trustee will be authorized to</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>file and prove a claim for
the whole amount, or such lesser amount as may be provided for in the
Subordinated Notes, of the principal and interest owing and unpaid in respect of
such Subordinated Notes and to file such other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents or counsel) and of the Holders of such Subordinated
Notes allowed in such judicial proceeding, and</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>collect and receive any
moneys or other property payable or deliverable on any such claims and to
distribute the same; </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>and any custodian,
receiver, assignee, trustee, liquidator, sequestrator, or other similar official
in any such judicial proceeding is authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee will consent to the
making of such payments directly to the Holders and to pay to the Trustee any
amount due it for the reasonable compensation, expenses, disbursements, and
advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 507. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No provision of this
Indenture will be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment, or composition affecting the Subordinated Notes or the rights of any
Holder or to authorize the Trustee to vote in respect of the claim of any Holder
in any such proceeding; provided, however, the Trustee may vote on behalf of the
Holders for the election of a trustee in bankruptcy or similar official and may
be a member of a creditors, or other similar committee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 404</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Trustee May
Enforce Claims Without Possession of Subordinated Notes.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All rights of action and
claims under this Indenture or the Subordinated Notes may be prosecuted and
enforced by the Trustee without the possession of any of the Subordinated Notes
or the production of such Subordinated Notes in any related proceeding, and any
such proceeding instituted by the Trustee will be brought in its own name as
trustee of an express trust, and any recovery of judgment will, after provision
for the payment of the reasonable compensation, expenses, disbursements, and
advances of the Trustee, its agents, and counsel, be for the ratable benefit of
the Holders in respect of which such judgment has been recovered.</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>34 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 405</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Application of
Money Collected.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any money collected by the
Trustee in accordance with this Article IV or, after an Event of Default, any
money or other property distributable in respect of the Company&#146;s obligations
under this Indenture will be applied in the following order, at the date or
dates fixed by the Trustee and, in case of the distribution of such money on
account of principal or any interest, upon presentation of the Subordinated
Notes and the notation on such Subordinated Notes of the payment if only
partially paid and upon surrender of such Subordinated Notes if fully paid:
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>FIRST: To the payment of
all amounts due the Trustee (including any predecessor trustee) under Section
507; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECOND: To the payment of
amounts then due and unpaid to the holders of Senior Indebtedness, to the extent
required under the Subordination Provisions established with respect to the
Subordinated Notes; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>THIRD: To the payment of
the amounts then due and unpaid for principal of and any interest on the
Subordinated Notes in respect of which or for the benefit of which such money
has been collected, ratably, without preference or priority of any kind,
according to the aggregate amounts due and payable on such Subordinated Notes
for principal and interest, respectively; and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>FOURTH: The balance, if
any, to the Person or Persons entitled thereto. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 406</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Limitation on
Suits.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No Holder of any
Subordinated Note will have any right to institute any proceeding, judicial or
otherwise, with respect to this Indenture, or for the appointment of a receiver
or trustee, or for any other remedy under this Indenture, unless: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>such Holder has previously
given written notice to the Trustee of a continuing Event of Default with
respect to the Subordinated Notes; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Holders of not less than
</FONT>[<FONT size=2 face="Times New Roman">&#9679;</FONT>]<B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2>% in aggregate principal amount of the Outstanding
Subordinated Notes will have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee under
the Indenture; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>such Holder or Holders have
offered to the Trustee indemnity reasonably satisfactory to the Trustee against
the costs, expenses, and liabilities to be incurred in compliance with such
request; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Trustee for 60 days after
its receipt of such notice, request, and offer of indemnity has failed to
institute any such proceeding; and </FONT></P>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>35 </FONT></P>
<HR align=center width="100%" noShade size="2">
<DIV STYLE="PAGE-BREAK-BEFORE: ALWAYS"></DIV><BR><P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT size=2 face="Times New Roman">(5)</FONT><FONT size=2 face="Arial"> </font><FONT size=2 face="Times New Roman">no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in the aggregate principal amount of the Outstanding Subordinated Notes; </font></P><P align="justify"><FONT size=2 face="Times New Roman">it being understood and intended that no one or more of such Holders will have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb, or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner provided in this Indenture and for the equal and ratable benefit of all of such Holders. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 407</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Unconditional Right of Holders to Payments.</FONT></U><FONT size=2 face="Times New Roman"> </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Notwithstanding any other provision in this Indenture, the Holder of any Subordinated Note will have the right, which is absolute and unconditional, to receive payment of the principal of and (subject to Section 207 and Section 210) any interest on such Subordinated Note on the respective Stated Maturity or Maturities expressed in such Subordinated Note (or, in the case of redemption, on the Redemption Date), and to institute suit for the enforcement of any such payment and such rights will not be impaired without the consent of such Holder. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 408</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Restoration of Rights and Remedies.</FONT></U><FONT size=2 face="Times New Roman"> </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders will be restored severally and respectively to their former positions under this Indenture, and thereafter all rights and remedies of the Trustee and the Holders will continue as though no such proceeding had been instituted. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 409</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Rights and Remedies Cumulative.</FONT></U><FONT size=2 face="Times New Roman"> </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Subordinated Notes in the last paragraph of Section 209, no right or remedy conferred in this Indenture upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy will, to the extent permitted by law, be cumulative and in addition to every other right and remedy given under this Indenture or now or in the future existing at law or in equity or otherwise. The assertion or employment of any right or remedy under this Indenture, or otherwise, will not prevent the concurrent assertion or employment of any other appropriate right or remedy. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 410</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Delay or Omission Not Waiver.</FONT></U><FONT size=2 face="Times New Roman"> </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">No delay or omission of the Trustee or of any Holder of any Subordinated Notes to exercise any right or remedy accruing upon any Event of Default will impair any such right or remedy or constitute a waiver of or acquiescence in any such Event of Default. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. </font></P><P STYLE="text-align: center"><FONT size=2 face="Times New Roman">36 </font></P><HR NOSHADE ALIGN="CENTER" WIDTH="100%">
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 411</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Control by
Holders.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Holders of a majority
in aggregate principal amount of the Outstanding Subordinated Notes will have
the right to direct the time, method, and place of conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power conferred
on the Trustee, with respect to the Subordinated Notes, provided that
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>such direction will not
violate any rule of law or this Indenture or the Subordinated Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Trustee may take any
other action deemed proper by the Trustee which is not inconsistent with such
direction, and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Trustee will have the
right to decline to follow any such direction if the Trustee in good faith will,
by a Responsible Officer or Officers of the Trustee, determine that the
proceeding so directed would involve the Trustee in personal liability.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 412</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Waiver of Past
Defaults.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Holders of not less
than a majority in aggregate principal amount of the Outstanding Subordinated
Notes may on behalf of the Holders of all the Subordinated Notes waive any past
default under this Indenture and its consequences, except a default in the
payment of the principal of, or interest on, any Subordinated Note, or in
respect of a covenant or provision of this Indenture which under Article VIII
cannot be modified or amended without the consent of the Holder of each
Outstanding Subordinated Note. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon any such waiver, such
default will cease to exist, and any Event of Default arising from such default
will be deemed to have been cured, for every purpose of this Indenture; but no
such waiver will extend to any subsequent or other default or impair any
consequent right. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 413</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Undertaking for
Costs.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All parties to this
Indenture agree, and each Holder of any Subordinated Notes by his acceptance of
such Subordinated Notes will be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken,
suffered, or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in
its discretion assess reasonable costs, including reasonable attorney&#146;s fees and
expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but
the provisions of this Section 413 will not apply to any suit instituted by the
Company, to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than </FONT><FONT face="Times New Roman" size=2>[&#9679;]</FONT><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2>% in principal
amount of the Outstanding Subordinated Notes, or to any suit instituted by any
Holder for the enforcement of the payment of the principal of or interest, if
any, on any Subordinated Notes on or after the Stated Maturity or Maturities
expressed in such Subordinated Notes (or, in the case of redemption, on or after
the Redemption Date). </FONT></P>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>37 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
V</FONT></B><B><FONT face="Times New Roman" size=2> <BR>THE TRUSTEE
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 501</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Duties of
Trustee.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>If an Event of Default has
occurred and is continuing, the Trustee will exercise such of the rights and
powers vested in it hereby, and use the same degree of care and skill in its
exercise, as a prudent person would exercise or use under the circumstances in
the conduct of such person&#146;s own affairs. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Except during the continuance
of an Event of Default: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(a)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the duties of the Trustee
will be determined solely by the express provisions hereof and the Trustee need
perform only those duties that are specifically set forth herein and no others,
and no implied covenants or obligations will be read into this Indenture against
the Trustee; and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(b)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>in the absence of bad faith
on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the
requirements hereof; however, the Trustee will examine the certificates and
opinions to determine whether or not they conform to the requirements hereof
(but need not confirm or investigate the accuracy of mathematical calculations
or other facts stated therein). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Whether or not therein
expressly so provided, every provision hereof that in any way relates to the
Trustee is subject to paragraphs (1) and (2) of this Section 501 and to Section
502. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>No provision hereof will
require the Trustee to expend or risk its own funds or incur any liability. The
Trustee will be under no obligation to exercise any of its rights and powers
under this Indenture at the request of any Holders, unless such Holder has
offered to the Trustee security and indemnity reasonably satisfactory to it
against any loss, liability or expense. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(5)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Trustee will not be
liable for interest on any money received by it except as the Trustee may agree
in writing with the Company. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 502</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Certain Rights
of Trustee.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subject to Section 315(a)
through Section 315(d) of the Trust Indenture Act: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Trustee may conclusively
rely and will be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document reasonably believed by it to be genuine
and to have been signed or presented by the proper party or parties; </FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>38 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>any request or direction of
the Company mentioned herein will be sufficiently evidenced by a Company Request
or a Company Order (unless other evidence in respect therof be herein
specifically prescribed) and any resolution of the Board of Directors may be
sufficiently evidenced by a Board Resolution; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>whenever in the
administration of this Indenture the Trustee will deem it desirable that a
matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence will be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an Officers&#146;
Certificate or Opinion of Counsel, or both, which will comply with Section 102;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>before the Trustee acts or
refrains from acting, it may require an Officers&#146; Certificate or an Opinion of
Counsel or both. The Trustee will not be liable for any action it takes or omits
to take in good faith in reliance on such Officers&#146; Certificate or Opinion of
Counsel. The Trustee may consult with counsel and the written advice of such
counsel or any Opinion of Counsel will be full and complete authorization and
protection from liability in respect of any action taken, suffered or omitted by
it hereunder in good faith and in reliance thereon. The Trustee may act through
its attorneys and agents and will not be responsible for the misconduct or
negligence of any agent appointed with due care. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(5)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Trustee will be under no
obligation to exercise any of the rights or powers vested in it by or under this
Indenture at the request or direction of any Holder(s) under this Indenture,
unless such Holder(s) will have offered to the Trustee security or indemnity
satisfactory to the Trustee against the costs, expenses and liabilities that
might be incurred by it in compliance with such request or direction;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(6)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Trustee will not be bound
to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit, and, if
the Trustee will determine to make such further inquiry or investigation, it
will be entitled to examine, during business hours and upon reasonable notice,
the books, records and premises of the Company, personally or by agent or
attorney, at the sole cost of the Company and will incur no liability or
additional liability of any kind by reason of such inquiry or investigation;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(7)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Trustee may execute any
of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys and the Trustee will not be
responsible for any misconduct or negligence on the part of any agent or
attorney appointed with due care by it hereunder; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(8)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Trustee will not be
liable for any action taken, suffered or omitted to be taken 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; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(9)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>in no event will the Trustee
be responsible or liable for special, indirect or consequential loss or damage
of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action;</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>39 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(10)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Trustee will not be
required to take notice or be deemed to have notice of any Event of Default,
except failure by the Company to pay or cause to be made any of the payments
required to be made to the Trustee, unless a Responsible Officer will be
specifically notified by a writing of such default by the Company or by the
Holders of at least </FONT><FONT face="Times New Roman" size=2>[<FONT size=2 face="Times New Roman">&#9679;</FONT>]</FONT><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2>% in aggregate
principal amount of the then Outstanding Subordinated Notes delivered to the
Corporate Trust Office of the Trustee and in the absence of such notice so
delivered the Trustee may conclusively assume no Event of Default exists;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(11)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the rights, privileges,
protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and will be
enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed or appointed to act hereunder; and
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(12)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Trustee may request that
the Company deliver a certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions under this
Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 503</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Notice of
Defaults.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Within 90 days after the
Trustee is notified of the occurrence of any default hereunder with respect to
the Subordinated Notes, the Trustee will transmit by mail to all Holders
entitled to receive reports in accordance with Section 603(3), notice of such
default hereunder known to the Trustee, unless such default will have been cured
or waived; provided, however, that, except in the case of a default in the
payment of the principal of or interest, if any, on, any Subordinated Note, the
Trustee will be protected in withholding such notice if and so long as the Board
of Directors and/or Responsible Officers of the Trustee in good faith determine
that the withholding of such notice is in the best interest of the Holders. For
the purpose of this Section, the term &#147;default&#148; means any event that is, or
after notice or lapse of time or both would become, an Event of Default with
respect to Subordinated Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 504</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Not Responsible
for Recitals or Issuance of Subordinated Notes.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The recitals contained
herein and in the Subordinated Notes, except the Trustee&#146;s certificate of
authentication, will be taken as the statements of the Company and neither the
Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Subordinated Notes, except that the
Trustee represents that it is duly authorized to execute and deliver this
Indenture, authenticate the Subordinated Notes and perform its obligations
hereunder and that the statements made by it in any Statement of Eligibility on
Form T-1 supplied to the Company are true and accurate, subject to the
qualifications set forth therein. Neither the Trustee nor any Authenticating
Agent will be accountable for the use or application by the Company of the
Subordinated Notes or the proceeds thereof. The Trustee will not be responsible
for and makes no representation as to the validity or adequacy of this Indenture
or the Subordinated Notes, it will not be accountable for the Company&#146;s use of
the proceeds from the Subordinated Notes or any money paid to the Company or
upon the Company&#146;s direction under any provision hereof, it will not be
responsible for the use or application of any money received by any Paying Agent
other than the Trustee, and it will not be responsible for any statement or
recital herein or any statement in the Subordinated Notes or any other document
in connection with the sale of the Subordinated Notes or under this Indenture
other than its certificate of authentication.</FONT></P>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>40 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 505</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>May Hold
Subordinated Notes.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee, any
Authenticating Agent, any Paying Agent, any Registrar or any other Person that
may be an agent of the Trustee or the Company, in its individual or any other
capacity, may become the owner or pledgee of Subordinated Notes and, subject to
Section 310(b) and Section 311 of the Trust Indenture Act, may otherwise deal
with the Company with the same rights that it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Registrar or such other Person. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 506</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Money Held in
Trust.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as provided in
Section 302(5), Section 303 and Section 903, money held by the Trustee in trust
hereunder need not be segregated from other funds except to the extent required
by law and will be held uninvested. The Trustee will be under no liability for
interest on any money received by it hereunder except as otherwise agreed in
writing with the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 507</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Compensation
and Reimbursement.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company agrees:
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>to pay to the Trustee from
time to time reasonable compensation for all services rendered by the Trustee
hereunder (which compensation will not be limited by any provision of law in
regard to the compensation of a trustee of an express trust); </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>except as otherwise expressly
provided herein, to reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in
accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel),
except any such expense, disbursement or advance as may be attributable to the
Trustee&#146;s negligence or bad faith; and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>to indemnify each of the
Trustee or any predecessor Trustee and their agents for, and to hold them
harmless against, any loss, liability or expense (including, without limitation,
the reasonable fees and disbursements of the Trustee&#146;s agents, legal counsel,
accountants and experts) and including taxes (other than taxes based upon,
measured by or determined by the income of the Trustee), arising out of or in
connection with the acceptance or administration of its duties hereunder,
including the costs and expenses of enforcing this Indenture against the Company
(including this Section 507) and defending itself against any claim (whether
asserted by the Company, or any Holder or any other Person) or liability in
connection with the exercise or performance of any of their powers or duties
hereunder, or in connection with enforcing the provisions of this Section,
except to the extent that any such loss, liability or expense was due to the
Trustee&#146;s negligence or bad faith. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>41 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The obligations of the
Company under this Section 507 will survive the satisfaction and discharge of
this Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As security for the
performance of the obligations of the Company under this Section, the Trustee
will have a lien prior to the Subordinated Notes upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the
payment of principal of, or interest on. Subordinated Notes. Such lien will
survive the satisfaction and discharge hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any compensation or expense
incurred by the Trustee after a default specified by Section 401 is intended to
constitute an expense of administration under any then applicable bankruptcy or
insolvency law. &#147;Trustee&#148; for purposes of this Section 507 will include any
predecessor Trustee, but the negligence or bad faith of any Trustee will not
affect the rights of any other Trustee under this Section 507. The provisions of
this Section 507 will, to the extent permitted by law, survive any termination
of this Indenture (including, without limitation, termination in accordance with
any Bankruptcy Laws) and the resignation or removal of the Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 508</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Corporate
Trustee Required; Eligibility.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>There will at all times be a
Trustee hereunder that is a corporation, organized and doing business under the
laws of the United States, any state thereof or the District of Columbia,
eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee
under an indenture qualified under the Trust Indenture Act and that has a
combined capital and surplus (computed in accordance with Section 310(a)(2) of
the Trust Indenture Act) of at least $50,000,000 and is subject to supervision
or examination by federal or state authority. The Trustee will also satisfy the
requirements of Section 310(a)(5) of the Trust Indenture Act. If at any time the
Trustee will cease to be eligible in accordance with the provisions of this
Section, it will resign immediately in the manner and with the effect
hereinafter specified in this Article, </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Trustee will comply with
Section 310(b) of the Trust Indenture Act; provided, however, that there will be
excluded from the operation of Section 310(b)(1) of the Trust Indenture Act this
Indenture or any indenture or indentures under which other securities or
certificates of interest or participation in other securities of the Company are
outstanding if the requirements for such exclusion set forth in Section
310(b)(1) of the Trust Indenture Act are met. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 509</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Resignation and
Removal; Appointment of Successor.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>No resignation or removal of
the Trustee and no appointment of a successor Trustee in accordance with this
Article V will become effective until the acceptance of appointment by the
successor Trustee in accordance with Section 510. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Trustee may resign at any
time with respect to the Subordinated Notes by giving written notice thereof to
the Company. If the instrument of acceptance by a successor Trustee required by
Section 510 will not have been delivered to the Trustee within 30 days after the
giving of such notice of resignation, the resigning Trustee may, at the
Company&#146;s expense, petition any court of competent jurisdiction for the
appointment of a successor Trustee. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>42 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Trustee may be removed at
any time with respect to the Subordinated Notes by Act of the Holders of a
majority in principal amount of the Outstanding Subordinated Notes, delivered to
the Trustee and the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If at any time: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(a)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Trustee will fail to
comply with the obligations imposed upon it under Section 310(b) of the Trust
Indenture Act with respect to Subordinated Notes after written request therefor
by the Company or any Holder who has been a bona fide Holder for at least six
months, </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(b)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Trustee will cease to be
eligible under Section 508 and will fail to resign after written request
therefor by the Company or any such Holder, or </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(c)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Trustee will become
incapable of acting or will be adjudged a bankrupt or insolvent or a receiver of
the Trustee or of its property will be appointed or any public officer will take
charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation, </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>then, in any such case, (i)
the Company, by or in accordance with a Board Resolution, may remove the Trustee
with respect to the Subordinated Notes, or (ii) subject to Section 315(e) of the
Trust Indenture Act, any Holder who has been a bona fide Holder for at least six
months may, on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee with respect to
all Subordinated Notes and the appointment of a successor Trustee or Trustees.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>If the Trustee will resign,
be removed or become incapable of acting, or if a vacancy will occur in the
office of Trustee for any cause, with respect to the Subordinated Notes, the
Company, by or in accordance with a Board Resolution, will promptly appoint a
successor Trustee or Trustees with respect to the Subordinated Notes and will
comply with the applicable requirements of Section 510. If, within one year
after such resignation, removal or incapability, or the occurrence of such
vacancy, a successor Trustee with respect to the Subordinated Notes will be
appointed by Act of the Holders of a majority in principal amount of the
Outstanding Subordinated Notes delivered to the Company and the retiring
Trustee, the successor Trustee so appointed will, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements of Section
510, become the successor Trustee with respect to the Subordinated Notes and to
that extent supersede the successor Trustee appointed by the Company. If no
successor Trustee with respect to the Subordinated Notes will have been so
appointed by the Company or the Holders and accepted appointment in the manner
required by Section 510, any Holder who has been a bona fide Holder for at least
six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Subordinated Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(5)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Company will give notice
of each resignation and each removal of the Trustee with respect to the
Subordinated Notes and each appointment of a successor Trustee with respect to
the Subordinated Notes by mailing written notice of such event by first-class
mail, postage prepaid, to the Holders as their names and addresses appear in the
Subordinated Note Register. Each notice will include the name of the successor
Trustee with respect to the Subordinated Notes and the address of its Corporate
Trust Office.</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>43 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 510</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Acceptance of
Appointment by Successor.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Upon the appointment
hereunder of any successor Trustee with respect to all Subordinated Notes, such
successor Trustee so appointed will execute, acknowledge and deliver to the
Company and the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee will become
effective and such successor Trustee, without any further act, deed or
conveyance, will become vested with all the rights, powers, trusts and duties
hereunder of the retiring Trustee; but, on the request of the Company or such
successor Trustee, such retiring Trustee, upon payment of its charges, will
execute and deliver an instrument transferring to such successor Trustee all the
rights, powers and trusts of the retiring Trustee and, subject to Section 903,
will duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder, subject nevertheless to its
claim, if any, provided for in Section 507. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Upon the appointment
hereunder of any successor Trustee with respect to the Subordinated Notes, the
Company, the retiring Trustee and such successor Trustee will execute and
deliver an indenture supplemental hereto wherein each successor Trustee will
accept such appointment and which (i) will contain such provisions as will be
necessary or desirable to transfer and confirm to, and to vest in. such
successor Trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Subordinated Notes, (ii) if the retiring Trustee is
not retiring with respect to all Subordinated Notes, will contain such
provisions as will be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Subordinated Notes will continue to be vested in the retiring Trustee, and (iii)
will add to or change any of the provisions of this Indenture as will be
necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or
in such supplemental indenture will constitute such Trustees co-trustees of the
same trust, that each such Trustee will be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee and that no Trustee will be responsible for any notice
given to, or received by, or any act or failure to act on the part of any other
Trustee hereunder, and, upon the execution and delivery of such supplemental
indenture, the resignation or removal of the retiring Trustee will become
effective to the extent provided therein, such retiring Trustee will have no
further responsibility for the exercise of rights and powers or for the
performance of the duties and obligations vested in the Trustee under this
Indenture with respect to the Subordinated Notes other than as hereinafter
expressly set forth, and such successor Trustee, without any further act, deed
or conveyance, will become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Subordinated Notes; but, on request
of the Company or such successor Trustee, such retiring Trustee, upon payment of
its charges with respect to the Subordinated Notes and subject to Section 903
will duly assign, transfer and deliver to such successor Trustee, to the extent
contemplated by such supplemental indenture, the property and money held by such
retiring Trustee hereunder with respect to the Subordinated Notes, subject to
its claim, if any, provided for in Section 507. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Upon request of any Person
appointed hereunder as a successor Trustee, the Company will execute any and all
instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts referred to in paragraph
(1) or (2) of this Section, as the case may be.</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>44 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>No Person will accept its
appointment hereunder as a successor Trustee unless at the time of such
acceptance such successor Person will be qualified and eligible under this
Article. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 511</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Merger,
Conversion, Consolidation or Succession to Business.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any corporation into which
the Trustee may be merged or converted or with which it may be consolidated, or
any corporation resulting from any merger, conversion or consolidation to which
the Trustee will be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of the Trustee, will be the
successor of the Trustee hereunder (provided that such corporation will
otherwise be qualified and eligible under this Article), without the execution
or filing of any paper or any further act on the part of any of the parties
hereto. In case any Subordinated Notes will have been authenticated but not
delivered by the Trustee then in office, any such successor to such
authenticating Trustee may adopt such authentication and deliver the
Subordinated Notes so authenticated with the same effect as if such successor
Trustee had itself authenticated such Subordinated Notes. In case any
Subordinated Notes will not have been authenticated by such predecessor Trustee,
any such successor Trustee may authenticate and deliver such Subordinated Notes
in either its own name or that of its predecessor Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 512</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Appointment of
Authenticating Agent.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee may appoint one
or more Authenticating Agents acceptable to the Company with respect to the
Subordinated Notes which will be authorized to act on behalf of the Trustee to
authenticate Subordinated Notes issued upon original issue, exchange,
registration of transfer, partial redemption, partial repayment, or in
accordance with Section 209, and Subordinated Notes so authenticated will be
entitled to the benefits of this Indenture and will be valid and obligatory for
all purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in this Indenture to the authentication and delivery of Subordinated Notes
by the Trustee or the Trustee&#146;s certificate of authentication, such reference
will be deemed to include authentication and delivery on behalf of the Trustee
by an Authenticating Agent and a certificate of authentication executed on
behalf of the Trustee by an Authenticating Agent. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Authenticating Agent
will be reasonably acceptable to the Company and, except as provided in or under
this Indenture, will at all times be a corporation that would be permitted by
the Trust Indenture Act to act as trustee under an indenture qualified under the
Trust Indenture Act, is authorized under applicable law and by its charter to
act as an Authenticating Agent and has a combined capital and surplus (computed
in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least
$</FONT><FONT face="Times New Roman" size=2>[&#9679;]</FONT><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>and is subject to supervision or examination by federal or state
authority. If at any time an Authenticating Agent will cease to be eligible in
accordance with the provisions of this Section, it will resign immediately in
the manner and with the effect specified in this Section. </FONT></P>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>45 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any corporation into which
an Authenticating Agent may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which such Authenticating Agent will be a party, or any
corporation succeeding to all or substantially all of the corporate agency or
corporate trust business of an Authenticating Agent, will be the successor of
such Authenticating Agent hereunder, provided such corporation will be otherwise
eligible under this Section, without the execution or filing of any paper or any
further act on the part of the Trustee or the Authenticating Agent. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>An Authenticating Agent may
resign at any time by giving written notice thereof to the Trustee and the
Company. The Trustee may at any time terminate the agency of an</FONT><I><FONT face="Times New Roman" size=2> </FONT></I><FONT face="Times New Roman" size=2>Authenticating Agent by giving written notice thereof to such
Authenticating Agent and the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent will cease to be eligible in accordance with the provisions
of this Section, the Trustee may appoint a successor Authenticating Agent that
will be acceptable to the Company and will mail written notice of such
appointment by first-class mail, postage prepaid, to all Holders with respect to
which such Authenticating Agent will serve, as their names and addresses appear
in the Subordinated Note Register. Any successor Authenticating Agent, upon
acceptance of its appointment hereunder, will become vested with all the rights,
powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent No successor Authenticating Agent
will be appointed unless eligible under the provisions of this Section 512.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company agrees to pay
each Authenticating Agent from time to time reasonable compensation for its
services under this Section. If the Trustee makes such payments, it will be
entitled to be reimbursed for such payments, subject to the provisions of
Section 507. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The provisions of Section
211, Section 504 and Section 505 will be applicable to each Authenticating
Agent. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If an Authenticating Agent
is appointed under this Section, the Subordinated Notes may have endorsed
thereon, in addition to or in lieu of the Trustee&#146;s certificate of
authentication, an alternate certificate of authentication in substantially the
following form: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This is one of the
Subordinated Notes designated herein referred to in the within-mentioned
Indenture. </FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;<BR>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>As
    Trustee</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD></TR></TABLE></DIV><BR>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 1pt solid"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>As Authenticating
      Agent</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD></TR></TABLE></DIV><BR>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR></TABLE></DIV><BR>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>46 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 513</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Preferred
Collection of Claims against Company.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If and when the Trustee
will be or become a creditor of the Company (or any other obligor upon the
Subordinated Notes), the Trustee will be subject to the provisions of the Trust
Indenture Act regarding the collection of claims against the Company (or any
such other obligor). </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
VI</FONT></B><B><FONT face="Times New Roman" size=2> <BR></FONT></B><B><FONT face="Times New Roman" size=2>HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 601</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Holder
Lists.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee will preserve
in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of the Holders. If the Trustee is not the
Registrar, the Company will cause to be furnished to the Trustee at least
semiannually on January 1 and July 1 a listing of the Holders dated within 10
days of the date on which the list is furnished and at such other times as the
Trustee may request in writing a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of the Holders.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 602</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Preservation of
Information; Communications to Holders.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee will comply
with the obligations imposed upon it in accordance with Section 312 of the Trust
Indenture Act. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Every Holder of
Subordinated Notes, by receiving and holding the same, agrees with the Company
and the Trustee that neither the Company, the Trustee, any Paying Agent or any
Registrar will be held accountable by reason of the disclosure of any such
information as to the names and addresses of the Holders of Subordinated Notes
in accordance with Section 312(c) of the Trust Indenture Act, regardless of the
source from which such information was derived, and that the Trustee will not be
held accountable by reason of mailing any material in accordance with a request
made under Section 312(b) of the Trust Indenture Act. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 603</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Reports by
Trustee.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Within 60 days after July 15
of each year commencing with the first July 15 following the date of this
Indenture, if required by Section 313(a) of the Trust Indenture Act, the Trustee
will transmit, in accordance with Section 313(c) of the Trust Indenture Act, a
brief report dated as of such July 15 with respect to any of the events
specified in said Section 313(a) and Section 313(b)(2) that may have occurred
since the later of the immediately preceding July 15 and the date of this
Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Trustee will transmit the
reports required by Section 313(a) of the Trust Indenture Act at the times
specified therein. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Reports under this Section
will be transmitted in the manner and to the Persons required by Section 313(c)
and Section 313(d) of the Trust Indenture Act. </FONT></P>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>47 </FONT></P>
<HR align=center width="100%" noShade size="2">
<DIV STYLE="PAGE-BREAK-BEFORE: ALWAYS"></DIV><BR>


<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 604</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Reports by
Company.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT size=2 face="Times New Roman">(1) The Company, in accordance with Section 314(a) of the Trust Indenture Act, will: </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 60pt"><FONT size=2 face="Times New Roman">(a)</FONT><FONT size=2 face="Arial"> </font><FONT size=2 face="Times New Roman">file with the Trustee, within 15 days after the Company files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with the Commission in accordance with Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports in accordance with either of said Sections, then it will file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports that may be required in accordance with Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 60pt"><FONT size=2 face="Times New Roman">(b)</FONT><FONT size=2 face="Arial"> </font><FONT size=2 face="Times New Roman">file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional certificates, information, documents and reports with respect to compliance by the Company, with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 60pt"><FONT size=2 face="Times New Roman">(c)</FONT><FONT size=2 face="Arial"> </font><FONT size=2 face="Times New Roman">transmit to the Holders within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company in accordance with paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee&#146;s receipt of such will not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company&#146;s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers&#146; Certificates). </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT size=2 face="Times New Roman">(2) The Company intends to file the reports referred to in Section 604(1) with the Commission in electronic form in accordance with Regulation S-T of the Commission using the Commission&#146;s Electronic Data Gathering, Analysis and Retrieval system. Compliance with the foregoing, or any successor electronic system approved by the Commission, will constitute delivery by the Company of such reports to the Trustee and Holders in compliance with the provision of Section 604( 1) and Trust Indenture Act Section 314(a). Notwithstanding anything to the contrary herein, the Trustee will have no duty to search for or obtain any electronic or other filings that the Company makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise. Delivery of the reports, information and documents to the Trustee in accordance with this Section 604(2) will be solely for the purposes of compliance with this Section 604(2) and with Trust Indenture Act Section 314(a). The Trustee&#146;s receipt of such reports, information and documents is for informational purposes only and the Trustee&#146;s receipt of such will not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company&#146;s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers&#146; Certificates). </font></P>



<P STYLE="text-align: center"><FONT size=2 face="Times New Roman">48 </font></P><HR NOSHADE ALIGN="CENTER" WIDTH="100%">
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>


<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
VII</FONT></B><B><FONT face="Times New Roman" size=2> <BR>SUCCESSORS
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 701</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Merger,
Consolidation or Sale of All or Substantially All Assets.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will not, in
any transaction or series of related transactions, consolidate with or merge
into any Person or sell, assign, transfer, lease or otherwise convey all or
substantially all its properties and assets to any Person, unless: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>either the Company will be
the continuing Person (in the case of a merger), or the successor Person (if
other than the Company) formed by such consolidation or into which the Company
is merged or which acquires by sale, assignment, transfer, lease or other
conveyance all or substantially all the properties and assets of the Company
will be a corporation organized and existing under the laws of the United
States, any state thereof or the District of Columbia and will expressly assume,
by an indenture (or indentures, if at such time there is more than one Trustee)
supplemental hereto, executed by such successor corporation and delivered to the
Trustee, in form satisfactory to the Trustee, the due and punctual payment of
the principal of, and interest on, all the Outstanding Subordinated Notes and
the due and punctual performance and observance of every obligation in this
Indenture and the Outstanding Subordinated Notes on the part of the Company to
be performed or observed; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>immediately after giving
effect to such transaction and treating any indebtedness that becomes an
obligation of the Company or any Subsidiary as a result of that transaction as
having been incurred by the Company or any Subsidiary at the time of the
transaction, no Event of Default, and no event which, after notice or lapse of
time, or both, would become an Event of Default, will have occurred and be
continuing; and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>either the Company or the
successor Person will have delivered to the Trustee an Officers&#146; Certificate and
an Opinion of Counsel, each stating that such consolidation, merger, sale,
assignment, transfer, lease or other conveyance and, if a supplemental indenture
is required in connection with such transaction, such supplemental indenture
comply with this Article VII and that all conditions precedent herein provided
for relating to such transaction have been complied with. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For purposes of the
foregoing, any sale, assignment, transfer. lease or other conveyance of all or
any of the properties and assets of one or more Subsidiaries of the Company
(other than to the Company or another Subsidiary), which, if such properties and
assets were directly owned by the Company, would constitute all or substantially
all of the Company&#146;s properties and assets, will be deemed to be the transfer of
all or substantially all of the properties and assets of the Company.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 702</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Successor
Person Substituted for Company.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon any consolidation by
the Company with or merger of the Company into any other Person or any sale,
assignment, transfer, lease or conveyance of all or substantially all of the
properties and assets of the Company to any Person in accordance with Section
701, the successor Person formed by such consolidation or into which the Company
is merged or to which such sale, assignment, transfer, lease or other conveyance
is made will succeed to, and be substituted for, and may exercise every right
and power of, the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein; and thereafter, except in
the case of a lease, the predecessor Person will be released from all
obligations and covenants under this Indenture and the Subordinated
Notes.</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>49 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
VIII</FONT></B><B><FONT face="Times New Roman" size=2> <BR></FONT></B><B><FONT face="Times New Roman" size=2>SUPPLEMENTAL INDENTURES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 801</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Supplemental
Indentures without Consent of Holders.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Without the consent of any
Holders of Subordinated Notes, the Company (when authorized by or in accordance
with a Board Resolution) and the Trustee, at any time and from time to time, may
enter into one or more indentures supplemental hereto, in form satisfactory to
the Trustee, for any of the following purposes: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>to evidence the succession of
another Person to the Company, and the assumption by any such successor of the
covenants of the Company contained herein and in the Subordinated Notes;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>to add to the covenants of
the Company for the benefit of the Holders (as will be specified in such
supplemental indenture or indentures) or to surrender any right or power herein
conferred upon the Company with respect to the Subordinated Notes issued under
this Indenture (as will be specified in such supplemental indenture or
indentures); </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>to permit or facilitate the
issuance of Subordinated Notes in uncertificated or global form, provided any
such action will not adversely affect the interests of the Holders; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>to evidence and provide for
the acceptance of appointment hereunder by a successor Trustee with respect to
the Subordinated Notes and to add to or change any of the provisions of this
Indenture as will be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, in accordance with the
requirements of Section 510; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(5)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>to cure any ambiguity or to
correct or supplement any provision herein that may be defective or that may be
inconsistent with any other provision herein; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(6)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>to make any other provisions
with respect to matters or questions arising under this Indenture that will not
adversely affect the interests of the Holders of then Outstanding Subordinated
Notes; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(7)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>to add any additional Events
of Default (as will be specified in such supplemental indenture); </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(8)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>to supplement any of the
provisions of this Indenture to such extent as will be necessary to permit or
facilitate the Legal Defeasance, Covenant Defeasance and/or satisfaction and
discharge of the Subordinated Notes in accordance with Article III, provided
that any such action will not adversely affect the interests of any Holder;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(9)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>to provide for the issuance
of Exchange Notes; </FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>50 </FONT></P>
<HR align=center width="100%" noShade size="2">
<DIV STYLE="PAGE-BREAK-BEFORE: ALWAYS"></DIV><BR><P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT size=2 face="Times New Roman">(10)</FONT><FONT size=2 face="Arial"> </font><FONT size=2 face="Times New Roman">to conform any provision in this Indenture to the requirements of the Trust Indenture Act; or </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT size=2 face="Times New Roman">(11)</FONT><FONT size=2 face="Arial"> </font><FONT size=2 face="Times New Roman">to make any change that does not adversely affect the legal rights under this Indenture of any Holder. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 802</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Supplemental Indentures with Consent of Holders.</FONT></U><FONT size=2 face="Times New Roman"> </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">With the consent of the Holders of not less than a majority in principal amount of the Outstanding Subordinated Notes, by Act of said Holders delivered to the Company and the Trustee, the Company (when authorized by or in accordance with a Board Resolution), and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of the Subordinated Notes or of modifying in any manner the rights of the Holders under this Indenture; provided, that no such supplemental indenture, without the consent of the Holder of each Outstanding Subordinated Note affected thereby, will </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT size=2 face="Times New Roman">(1)</FONT><FONT size=2 face="Arial"> </font><FONT size=2 face="Times New Roman">reduce the rate of or change the time for payment of interest, including Defaulted Interest, on any Subordinated Notes; </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT size=2 face="Times New Roman">(2)</FONT><FONT size=2 face="Arial"> </font><FONT size=2 face="Times New Roman">reduce the principal of or change the Stated Maturity of any Subordinated Notes, or change the date on which any Subordinated Notes may be subject to redemption or reduce the Redemption Price therefore; </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT size=2 face="Times New Roman">(3)</FONT><FONT size=2 face="Arial"> </font><FONT size=2 face="Times New Roman">make any Subordinated Note payable in money other than Dollars; </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT size=2 face="Times New Roman">(4)</FONT><FONT size=2 face="Arial"> </font><FONT size=2 face="Times New Roman">make any change in provisions of this Indenture protecting the right of each Holder to receive payment of principal of and interest on such Subordinated Note on or after the due date thereof or to bring suit to enforce such payment, </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT size=2 face="Times New Roman">(5)</FONT><FONT size=2 face="Arial"> </font><FONT size=2 face="Times New Roman">reduce the percentage in principal amount of the Outstanding Subordinated Notes, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in Section 412 or Section 906 of this Indenture, or </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT size=2 face="Times New Roman">(6)</FONT><FONT size=2 face="Arial"> </font><FONT size=2 face="Times New Roman">modify any of the provisions of this Section 802, Section 412 or Section 906, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Subordinated Note affected thereby. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">It will not be necessary for any Act of Holders under this Section 802 to approve the particular form of any proposed supplemental indenture, but it will be sufficient if such Act will approve the substance thereof. </font></P><P STYLE="text-align: center"><FONT size=2 face="Times New Roman">51 </font></P><HR NOSHADE ALIGN="CENTER" WIDTH="100%">
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 803</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Execution of Supplemental Indentures.</FONT></U><FONT size=2 face="Times New Roman"> </font></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As a condition to
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article VIII or the modifications thereby of the
trust created by this Indenture, the Trustee will be entitled to receive, and
(subject to Section 501) will be fully protected in relying upon, an Officers&#146;
Certificate and an Opinion of Counsel to the effect that the execution of such
supplemental indenture is authorized or permitted by this Indenture and that
such supplemental indenture has been duly authorized, executed and delivered by,
and is a valid, binding and enforceable obligation of, the Company, subject to
customary exceptions. The Trustee may, but will not be obligated to, enter into
any such supplemental indenture which affects the Trustee&#146;s own rights, duties
or immunities under this Indenture or otherwise. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 804</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Effect of
Supplemental Indentures.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon the execution of any
supplemental indenture under this Article VIII, this Indenture will be modified
in accordance therewith, and such supplemental indenture will form a part of
this Indenture for all purposes; and every Holder theretofore or thereafter
authenticated and delivered hereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 805</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Reference in
Subordinated Notes to Supplemental Indentures.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subordinated Notes
authenticated and delivered after the execution of any supplemental indenture in
accordance with this Article VIII may, and will if required by the Company, bear
a notation in form approved by the Company as to any matter provided for in such
supplemental indenture. If the Company will so determine, new Subordinated Notes
so modified as to conform, in the opinion of the Company, to any such
supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for Outstanding
Subordinated Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 806</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Effect on
Senior Indebtedness.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No supplemental indenture
will directly or indirectly modify or eliminate the Subordination Provisions or
the definition of &#147;Senior Indebtedness&#148; applicable with respect to the
Subordinated Notes in any manner that might terminate or impair the
subordination of such Subordinated Notes to such Senior Indebtedness without the
prior written consent of each of the holders of such Senior Indebtedness,
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 807</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Conformity with
Trust Indenture Act.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Every supplemental
indenture executed in accordance with this Article will conform to the
requirements of the Trust Indenture Act as then in effect. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
IX</FONT></B><B><FONT face="Times New Roman" size=2> <BR>COVENANTS
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 901</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Payment of
Principal and Interest.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company covenants and
agrees for the benefit of the Holders that it will duly and punctually pay the
principal of, and interest on, the Subordinated Notes, in accordance with the
terms thereof and this Indenture. Principal and interest will be considered paid
on the date due if the Paying Agent, if other than the Company or a Subsidiary
thereof, holds as of 11:00 a.m., [&#9679;],[&#9679;] time, on any Interest Payment Date,
an amount in immediately available funds provided by the Company that is
designated for and sufficient to pay all principal and interest then due. The
Company will pay all Additional Interest, if any, on the dates and in the
amounts set forth in the Registration Rights Agreement.</FONT></P>



<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>52 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If Additional Interest is
payable by the Company in accordance with the Registration Rights Agreement and
paragraph 2 of the Subordinated Notes, the Company will deliver to the Trustee a
certificate to that effect stating (i) the amount of such Additional Interest
that is payable and (ii) the date on which such Additional Interest is payable.
Unless and until a Responsible Officer of the Trustee receives such a
certificate or instruction or direction from the Holders in accordance with the
terms of this Indenture, the Trustee may assume without inquiry that no
Additional Interest is payable. The foregoing will not prejudice the rights of
the Holders with respect to their entitlement to Additional Interest as
otherwise set forth in this Indenture or the Subordinated Notes and pursuing any
action against the Company directly or otherwise directing the Trustee to take
such action in accordance with the terms of this Indenture and the Subordinated
Notes. If the Company has paid Additional Interest directly to persons entitled
to it, the Company will deliver to the Trustee a certificate setting forth the
particulars of such payment. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 902</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Maintenance of
Office.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will maintain
an office or agency in the Borough of Manhattan, </FONT><FONT face="Times New Roman" size=2>New York</FONT><FONT face="Times New Roman" size=2>, New York or the City of </FONT><FONT face="Times New Roman" size=2>[&#9679;]</FONT><FONT face="Times New Roman" size=2>, </FONT><FONT face="Times New Roman" size=2>[&#9679;] </FONT><FONT face="Times New Roman" size=2>(which may be an office of the Trustee or an Affiliate of the Trustee or
Registrar) where Subordinated Notes may be surrendered for registration of
transfer or for exchange and where notices and demands to or upon the Company in
respect of the Subordinated Notes and this Indenture may be served. The Company
will give prompt written notice to the Trustee of the location, and any change
in the location, of such office or agency. If at any time the Company fails to
maintain any such required office or agency or fails to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may also from
time to time designate one or more other offices or agencies where the
Subordinated Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided that no such
designation or recission will in any manner relieve the Company of its
obligation to maintain an office or agency in Borough of Manhattan, New York,
New York or the City of </FONT><FONT face="Times New Roman" size=2>[&#9679;]</FONT><FONT face="Times New Roman" size=2>, </FONT><FONT face="Times New Roman" size=2>[&#9679;]</FONT><FONT face="Times New Roman" size=2>.
The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other
office or agency. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company hereby
designates the Corporate Trust Office of the Trustee as one such office or
agency of the Company in accordance with Section 902. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 903</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Money for
Subordinated Notes Payments to Be Held in Trust.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the Company will at any
time act as its own Paying Agent, it will, on or before each due date of the
principal of, or interest on, any of the Subordinated Notes, segregate and hold
in trust for the benefit of the Persons entitled thereto a sum in Dollars
sufficient to pay the principal and interest, as the case may be, so becoming
due until such sums will be paid to such Persons or otherwise disposed of as
herein provided, and will promptly notify the Trustee of its action or failure
so to act.</FONT></P>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>53 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Whenever the Company will
have one or more Paying Agents, it will, on or prior to each due date of the
principal of, or interest on. any Subordinated Notes, deposit with any Paying
Agent a sum in Dollars sufficient to pay the principal and interest, as the case
may be, 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 will promptly notify the Trustee of its action or failure so to act.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will cause each
Paying Agent other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent will agree with the Trustee, subject to
the provisions of this Section that such Paying Agent will: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>hold all sums held by it for
the payment of the principal of, or interest on, the Subordinated Notes in trust
for the benefit of the Persons entitled thereto until such sums will be paid to
such Persons or otherwise disposed of as provided in or under this Indenture;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>give the Trustee notice of
any default by the Company in the making of any payment of principal, or
interest on, the Subordinated Notes; and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>at any time during the
continuance of any such default, upon the written request of the Trustee, pay to
the Trustee all sums so held in trust by such Paying Agent. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may at any
time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such
Paying Agent, such sums to be held by the Trustee upon the same terms as those
upon which such sums were held by the Company or such Paying Agent; and, upon
such payment by any Paying Agent to the Trustee, such Paying Agent will be
released from all further liability with respect to such sums. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any money deposited with
the Trustee or any Paying Agent, or then held by the Company, in trust for the
payment of the principal of, or interest on, any Subordinated Note and remaining
unclaimed for two years after such principal or interest will have become due
and payable will be paid to the Company upon a Company Request, or (if then held
by the Company) will be discharged from such trust; and the Holder of such
Subordinated Note will thereafter, as an unsecured general creditor, look only
to the Company for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company
as trustee thereof, will thereupon cease; provided, however, that the Trustee or
such Paying Agent, before being required to make any such repayment, may, not
later than 30 days after the Company&#146;s request for such repayment, at the
expense of the Company cause to be published once, in an Authorized Newspaper in
each Place of Payment or to be mailed to such Holders of Subordinated Notes, or
both, notice that such money remains unclaimed and that, after a date specified
therein, which will not be less than 30 days from the date of such publication
or mailing nor will it be earlier than two years after such principal and or
interest will have become due and payable, any unclaimed balance of such money
then remaining will be repaid to the Company. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>54 </FONT></P>
<HR align=center width="100%" noShade size="2">
<DIV STYLE="PAGE-BREAK-BEFORE: ALWAYS"></DIV><BR><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 904</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Corporate Existence.</FONT></U><FONT size=2 face="Times New Roman"> </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Subject to Article VII, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect (i) the corporate existence of the Company, (ii) the existence (corporate or other) of each Significant Subsidiary and (iii) the rights (charter and statutory), licenses and franchises of the Company and each of its Significant Subsidiaries; provided, however, that the Company will not be required to preserve the existence (corporate or other) of any of its Significant Subsidiaries or any such right, license or franchise of the Company or any of its Significant Subsidiaries if the Board of Directors of the Company determines that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Significant Subsidiaries taken as a whole and that the loss thereof will not be disadvantageous in any material respect to the Holders. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 905</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Maintenance of Properties.</FONT></U><FONT size=2 face="Times New Roman"> </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">The Company will, and will cause each Significant Subsidiary to, cause all its properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section will prevent the Company or any Significant Subsidiary from discontinuing the operation and maintenance of any of their respective properties if such discontinuance is, in the judgment of the Board of Directors of the Company or of any Significant Subsidiary, as the case may be desirable in the conduct of its business. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 906</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Waiver of Certain Covenants.</FONT></U><FONT size=2 face="Times New Roman"> </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">The Company may omit in any particular instance to comply with any term, provision or condition set forth in Section 902 to Section 905, inclusive, with respect to the Subordinated Notes if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Subordinated Notes, by Act of such Holders, either will waive such compliance in such instance or generally will have waived compliance with such term, provision or condition, but no such waiver will extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver will become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition will remain in full force and effect. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 907</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Company Statement as to Compliance.</FONT></U><FONT size=2 face="Times New Roman"> </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">The Company will deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers&#146; Certificate covering the preceding calendar year, stating whether or not, to the best of his or her knowledge, the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to notice requirements or periods of grace) and if the Company will be in default, specifying all such defaults and the nature and status thereof of which he or she may have knowledge. </font></P><P STYLE="text-align: center"><FONT size=2 face="Times New Roman">55 </font></P><HR NOSHADE ALIGN="CENTER" WIDTH="100%">
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
X</FONT></B><B><FONT face="Times New Roman" size=2> <BR></FONT></B><B><FONT face="Times New Roman" size=2>REDEMPTION OF SECURITIES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1001</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Applicability
of Article.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Except as provided in this
Section 1001, the Subordinated Notes are not subject to redemption at the option
of the Company. The Subordinated Notes are not subject to redemption at the
option of the Holders. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Subject to the receipt of any
required regulatory approvals, the Company at any time or from time to time on
or after </FONT><FONT face="Times New Roman" size=2>[&#9679;]</FONT><FONT face="Times New Roman" size=2> [&#9679;]</FONT><FONT face="Times New Roman" size=2>,
20[&#9679;] </FONT><FONT face="Times New Roman" size=2>may redeem all or
a portion of the Subordinated Notes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Subject to the receipt of any
required regulatory approvals, the Company may, at its option, redeem all, but
not a portion, of the Outstanding Subordinated Notes at any time upon an
Investment Company Event, a Tax Event or a Tier 2 Capital Event. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Redemption Price with
respect to any redemption permitted under this Indenture will be equal to 100%
of the principal amount of the Subordinated Notes to be redeemed, plus accrued
but unpaid interest and Additional Interest, if any, thereon to, but excluding,
the Redemption Date. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1002</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Election to
Redeem; Notice to Trustee.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The election of the Company
to redeem any Subordinated Notes will be evidenced by a Company Order. In case
of any redemption of less than all of the Subordinated Notes, the Company will,
at least 60 days prior to the Redemption Date fixed by the Company (unless a
shorter notice will be satisfactory to the Trustee, but in any event not less
than 45 days prior to the Redemption Date), notify the Trustee, of such
Redemption Date and of the principal amount of Subordinated Notes to be
redeemed. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In the case of any
redemption of Subordinated Notes (i) prior to the expiration of any restriction
on such redemption provided in the terms of such Subordinated Notes or elsewhere
in this Indenture or (ii) in accordance with an election of the Company that is
subject to a condition specified in the terms of such Subordinated Notes or
elsewhere in this Indenture, the Company will furnish to the Trustee an
Officers&#146; Certificate evidencing compliance with such restriction or condition.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1003</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Selection by
Trustee of Subordinated Notes to be Redeemed.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If less than all of the
Subordinated Notes are to the</FONT><I><FONT face="Times New Roman" size=2>
</FONT></I><FONT face="Times New Roman" size=2>redeemed, the particular
Subordinated Notes to be redeemed will be selected not more than 45 days prior
to the Redemption Date by the Trustee from the Outstanding Subordinated Notes
not previously called for redemption unless otherwise required by law or
applicable depositary requirements, on a pro rata basis, by lot or such method
as the Trustee will deem fair and appropriate and which may provide for the
selection for redemption of portions of the principal amount of Subordinated
Notes; provided, however, that no such partial redemption will reduce the
portion of the principal amount of a Subordinated Note not redeemed to less than
the minimum denomination for a Subordinated Note established in or under this
Indenture.</FONT></P>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>56 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee will promptly
notify the Company and the Registrar (if other than itself) in writing of the
Subordinated Notes selected for redemption and, in the case of any Subordinated
Notes selected for partial redemption, the principal amount thereof to be
redeemed. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For all purposes of this
Indenture, unless the context otherwise requires, all provisions relating to the
redemption of Subordinated Notes will relate, in the case of any Subordinated
Notes redeemed or to be redeemed only in part, to the portion of the principal
of such Subordinated Notes which has been or is to be redeemed. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1004</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Notice of
Redemption.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notice of redemption will
be given in the manner provided in Section 105, not less than 30 nor more than
60 days prior to the Redemption Date to the Holders of Subordinated Notes to be
redeemed. Failure to give notice by mailing in the manner herein provided to the
Holder of any Subordinated Notes designated for redemption as a whole or in
part, or any defect in the notice to any such Holder, will not affect the
validity of the proceedings for the redemption of any other Subordinated Notes
or portions thereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any notice that is mailed
to the Holder of any Subordinated Notes in the manner herein provided will be
conclusively presumed to have been duly given, whether or not such Holder
receives the notice. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All notices of redemption
will state: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Redemption Date,
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Redemption Price,
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(3)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>if less than all Outstanding
Subordinated Notes are to be redeemed, the identification (and, in the case of
partial redemption, the principal amount) of the particular Subordinated Note or
Subordinated Notes to be redeemed, </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(4)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>that, in case any
Subordinated Note is to be redeemed in part only, on and after the Redemption
Date, upon surrender of such Subordinated Note, the Holder of such Subordinated
Note will receive, without charge, a new Subordinated Note or Subordinated Notes
of authorized denominations for the principal amount thereof remaining
unredeemed, </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(5)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>that, on the Redemption Date,
the Redemption Price will become due and payable upon each such Subordinated
Note or portion thereof to be redeemed, together (if applicable) with accrued
and unpaid interest and Additional Interest, if any, thereon (subject, if
applicable, to the provisos to the first paragraph of Section 1006), and, if
applicable, that interest thereon will cease to accrue on and after said date,
</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>57 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(6)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the place or places where
such Subordinated Notes are to be surrendered for payment of the Redemption
Price and any accrued interest pertaining thereto, and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(7)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the authority for such
redemption. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The notice of redemption
may include the CUSIP number reference numbers of such Subordinated Notes, if
any (or any other numbers used by a Depositary to identify such Subordinated
Notes). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notice of redemption of
Subordinated Notes to be redeemed at the election of the Company will be given
by the Company or, at the Company&#146;s request delivered at least 10 days before
the date such notice is to be given (unless a shorter period will be acceptable
to the Trustee), by the Trustee in the name and at the expense of the Company.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1005</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Deposit of
Redemption Price.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On or prior to 11:00 am.,
</FONT><FONT face="Times New Roman" size=2>[&#9679;]</FONT><FONT face="Times New Roman" size=2>,</FONT><FONT face="Times New Roman" size=2>
[&#9679;]</FONT><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2>time, on any Redemption Date, the Company will
deposit, with respect to the Subordinated Notes called for redemption in
accordance with Section 1004, with the Trustee or with a Paying Agent (or, if
the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 903) an amount sufficient to pay the Redemption Price of,
and (except if the Redemption Date will be an Interest Payment Date) any accrued
interest on, all such Subordinated Notes or portions thereof which are to be
redeemed on that date. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1006</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Subordinated
Notes Payable on Redemption Date.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notice of redemption having
been given as provided above, the Subordinated Notes so to be redeemed will, on
the Redemption Date, become due and payable at the Redemption Price therein
specified, together with accrued and unpaid interest and Additional Interest, if
any, thereon and from and after such date (unless the Company will default in
the payment of the Redemption Price and accrued interest, if any) such
Subordinated Notes will cease to bear interest. Upon surrender of any such
Subordinated Note for redemption in accordance with said notice, such
Subordinated Note will be paid by the Company at the Redemption Price, together
with any accrued and unpaid interest and Additional Interest, if any, thereon to
but excluding the Redemption Date; provided, however, that installments of
interest on Subordinated Notes whose Stated Maturity is on or prior to the
Redemption Date will be payable to the Holders of such Subordinated Notes
registered as such at the close of business on the Regular Record Dates therefor
according to their terms and the provisions of Section 210. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any Subordinated Note
called for redemption will not be so paid upon surrender thereof for redemption,
the principal, until paid, will bear interest from the Redemption Date at the
rate prescribed therefor in the Subordinated Note or, if no rate is prescribed
therefor in the Subordinated Note, at the rate of interest, if any, borne by
such Subordinated Note, </FONT></P>


<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>58 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1007</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Subordinated
Notes Redeemed in Part.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any Subordinated Note which
is to be redeemed only in part will be surrendered at any office or agency for
such Subordinated Note (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or his attorney
duly authorized in writing) and the Company will execute and the Trustee will
authenticate and deliver to the Holder of such Subordinated Note without service
charge, a new Subordinated Note or Subordinated Notes, containing identical
terms and provisions, of any authorized denomination as requested by such Holder
in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Subordinated Note so surrendered. If a Global
Subordinated Note is so surrendered, the Company will execute, and the Trustee
will authenticate and deliver to the Depositary for such Global Subordinated
Note as will be specified in the Company Order with respect thereto to the
Trustee, without service charge, a new Global Subordinated Note in a
denomination equal to and in exchange for the unredeemed portion of the
principal of the Global Subordinated Note so surrendered. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon surrender of a
Subordinated Note that is redeemed in part, the Company will issue and the
Trustee will authenticate for the Holder at the expense of the Company a new
Subordinated Note equal in principal amount to the unredeemed portion of the
Note surrendered representing the same indebtedness to the extent not redeemed.
Notwithstanding anything in this Indenture to the contrary, only a Company Order
and not an Opinion of Counsel or an Officers&#146; Certificate of the Company is
required for the Trustee to authenticate such new Subordinated Note. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
XI</FONT></B><B><FONT face="Times New Roman" size=2> <BR></FONT></B><B><FONT face="Times New Roman" size=2>SUBORDINATION OF SECURITIES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1101</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Agreement to
Subordinate.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company, for itself,
its successors and assigns, covenants and agrees, and each Holder of
Subordinated Notes by the Holder&#146;s acceptance thereof, likewise covenants and
agrees, that the payment of the principal of and interest on each and all of the
Subordinated Notes is and will be expressly subordinated in right of payment to
the prior payment in full of all Senior Indebtedness. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1102</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Distribution of
Assets.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Upon any distribution of
assets of the Company upon any termination, winding up. liquidation or
reorganization of the Company, whether in bankruptcy, insolvency, reorganization
or receivership proceedings or upon an assignment for the benefit of creditors
or any other marshalling of the assets and liabilities of the Company or
otherwise (subject to the power of a court of competent jurisdiction to make
other equitable provision reflecting the rights conferred upon the Senior
Indebtedness and the holders thereof with respect to the Subordinated Notes and
the Holders thereof by a lawful plan of reorganization under applicable
bankruptcy law): </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(a)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>holders of all Senior
Indebtedness will</FONT><I><FONT face="Times New Roman" size=2> </FONT></I><FONT face="Times New Roman" size=2>first be entitled to receive payment in full in
accordance with the terms of such Senior Indebtedness of the principal thereof,
premium, if any, and the interest due thereon (including interest accruing
subsequent to the commencement of any proceeding for the bankruptcy or
reorganization of the Company under any applicable bankruptcy, insolvency or
similar law now or hereafter in effect) before the Holders of the Subordinated
Notes are entitled to receive any payment upon the principal of or interest on
indebtedness evidenced by the Subordinated Notes;</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>59 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(b)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>any payment or distribution
of assets of the Company of any kind or character, whether in cash, property or
securities, to which the Holders would be entitled except for the provisions of
this Article XI, including any such payment or distribution that may be payable
or deliverable by reason of the payment of any other indebtedness of the Company
being subordinated to the payment of the Subordinated Notes, will be paid by the
liquidating Trustee or agent or other Person making such payment or
distribution, whether a Trustee in bankruptcy, a receiver or liquidating trustee
or otherwise, directly to the holders of Senior Indebtedness or their
representative or representatives or to the trustee or trustees under any
indenture under which any instruments evidencing any of such Senior Indebtedness
may have been issued, in accordance with the priorities then existing among
holders of Senior Indebtedness for payment of the aggregate amounts remaining
unpaid on account of the principal, premium, if any, and interest (including
interest accruing subsequent to the commencement of any proceeding for the
bankruptcy or reorganization of the Company under any applicable bankruptcy,
insolvency or similar law now or hereafter in effect) on the Senior Indebtedness
held or represented by each, to the extent necessary to make payment in full of
all Senior Indebtedness remaining unpaid, after giving effect to any concurrent
payment or distribution to the holders of such Senior Indebtedness; it being
understood that if the Holders fail to file a proper claim in the form required
by any proceeding referred to in this Section 1102(1)(b) prior to 30 days before
the expiration of the time to file such claim or claims, then the holders of
Senior Indebtedness are hereby authorized to file an appropriate claim or claims
for and on behalf of the Holders, in the form required in any such proceeding;
and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><FONT face="Times New Roman" size=2>(c)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>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,
including any such payment or distribution that may be payable or deliverable by
reason of the payment of any other indebtedness of the Company being subordinate
to the payment of the Subordinated Notes will be received by the Trustee or the
Holders before all Senior Indebtedness is paid in full, such payment or
distribution will be paid over to the Trustee in bankruptcy, receiver,
liquidating trustee, custodian, assignee, agent or other Person making payment
of assets of the Company for all Senior Indebtedness remaining unpaid until all
such Senior Indebtedness will have been paid in full, after giving effect to any
concurrent payment or distribution to the holders of such Senior Indebtedness,
</FONT></P>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>60 </FONT></P>
<HR align=center width="100%" noShade size="2">
<DIV STYLE="PAGE-BREAK-BEFORE: ALWAYS"></DIV><BR>

<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Subject to the payment in
full of all Senior Indebtedness, the Holders will be subrogated to the rights of
the holders of Senior Indebtedness to receive payments or distributions of cash,
property or securities of the Company applicable to the Senior Indebtedness
until the principal of and interest on the Subordinated Notes will be paid in
full and no such payments or distributions to holders of such Senior
Indebtedness to which the Holders would be entitled except for the provisions
hereof of cash, property or securities otherwise distributable to the holders of
Senior Indebtedness will, as between the Company, its creditors, other than the
holders of Senior Indebtedness, and the Holders, be deemed to be a payment by
the Company to or on account of the Senior Indebtedness. It is understood that
the provisions of this Article XI are intended solely for the purpose of
defining the relative rights of the Holders of the Subordinated Notes, on the
one hand, and the holders of Senior Indebtedness, on the other hand. Nothing
contained in this </FONT><FONT size=2 face="Times New Roman">Article XI or elsewhere in this Indenture or any supplemental indenture issued in accordance with Article VIII of this Indenture or in the Subordinated Notes is intended to or will impair, as between the Company, its creditors, other than the holders of Senior Indebtedness, and the Holders, the obligation of the Company, which is unconditional and absolute, to pay to the Holders the principal of and interest on the Subordinated Notes as</FONT><I><FONT size=2 face="Times New Roman"> </font></I><FONT size=2 face="Times New Roman">and when the same will become due and payable in accordance with their terms or to affect the relative rights of the Holders and creditors of the Company, other than the holders of the Senior Indebtedness, nor, except as otherwise expressly provided in this Indenture and the Subordinated Notes with respect to the limitation on the rights of the Trustee and the Holders, to accelerate the maturity of the Subordinated Notes and pursue remedies upon such an acceleration, will anything herein or in the Subordinated Notes prevent the Trustee or any Holder from exercising all remedies otherwise permitted by applicable law upon any Event of Default under the Indenture occurring, subject to the rights, if any, under this Article XI of the holders of 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 XI, the Trustee and the Holders will be entitled to rely upon any order or decree of a court of competent jurisdiction in which such termination, winding up, liquidation or reorganization proceeding is pending or upon a certificate of the liquidating trustee or agent or other Person making any distribution to the Trustee or to the Holders for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount hereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article XI.  In the absence of any such liquidating Trustee, agent or other person, the Trustee will be entitled to rely upon a written notice by a Person representing itself to be a holder of Senior Indebtedness (or a Trustee or representative on behalf of such holder) as evidence that such Person is a holder of Senior Indebtedness (or is such a trustee or representative). If the Trustee determines, in good faith, that further evidence is required with respect to the right of any Person, as a holder of Senior Indebtedness, to participate in any payment or distribution in accordance with this Article XI, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, as to the extent to which such Person is entitled to participation in such payment or distribution, and as to other facts pertinent to the rights of such Person under this Article XI, 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. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations with respect to the holders of Senior Indebtedness will be read into this Indenture against the Trustee. The Trustee, however, will not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness by reason of the execution of this Indenture, or any other supplemental indenture entered into in accordance with Article VIII of this Indenture, and will not be liable to any such holders if it will in good faith mistakenly pay over or distribute to or on behalf of the Holders or the Company moneys or assets to which any holders of Senior Indebtedness will be entitled by virtue of this Article XI or otherwise. </font></P><P STYLE="text-align: center"><FONT size=2 face="Times New Roman">61 </font></P><HR NOSHADE ALIGN="CENTER" WIDTH="100%"><DIV STYLE="PAGE-BREAK-BEFORE: ALWAYS"></DIV><BR><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 1103</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Default With Respect to Senior Indebtedness.</FONT></U><FONT size=2 face="Times New Roman"> </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">In the event and during the continuation of any default in the payment of principal of, or premium, if any, or interest on, any Senior Indebtedness, beyond any applicable grace period, or if any event of default with respect to any Senior Indebtedness will have occurred and be continuing, or would occur as a result of the payment referred to hereinafter, permitting the holders of such Senior Indebtedness (or a trustee on behalf of the holders thereof) to accelerate the maturity thereof, then, unless and until such default or event of default will have been cured or waived or will have ceased to exist, no payment or principal of or interest on the Subordinated Notes, or in respect of any retirement, purchase or other acquisition of any of the Subordinated Notes, will be made by the Company. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 1104</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">No Impairment.</FONT></U><FONT size=2 face="Times New Roman"> </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Nothing contained in this Indenture, any other supplemental indenture entered into in accordance with Article VIII of this Indenture, or in any of the Subordinated Notes will: (i) impair, as between the Company and the Holders, the obligations of the Company, to make, or prevent the Company from making, at any time except as provided in Section 1102 and Section 1103, payments of principal of, or interest (including interest accruing subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency, or similar law now or hereafter in effect) on, the Subordinated Notes, as and when the same will become due and payable in accordance with the terms of the Subordinated Notes; (ii) affect the relative rights of the Holders and creditors of the Company other than the holders of the Senior Indebtedness; (iii) except as otherwise expressly provided in this Indenture and the Subordinated Notes with respect to the limitation on the rights of the Trustee and the Holders, to accelerate the maturity of the Subordinated Notes and pursue remedies upon such an acceleration, prevent the Holder of any Subordinated Notes or the Trustee from exercising all remedies otherwise permitted by applicable law upon default thereunder, subject to the rights, if any, under this Article XI of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of such remedy; or (iv) prevent the application by the Trustee or any Paying Agent of any moneys deposited with it hereunder to the payment of or on account of the principal of, or interest on, the Subordinated Notes or prevent the receipt by the Trustee or any Paying Agent of such moneys, if, prior to the third Business Day prior to such deposit, the Trustee or such Paying Agent did not have written notice of any event prohibiting the making of such deposit by the Company. </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 1105</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Effectuation of Subordination Provisions.</FONT></U><FONT size=2 face="Times New Roman"> </font></P><P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Each Holder by his acceptance of any Notes authorizes and expressly directs the Trustee on such Holder&#146;s behalf to take such action as may be necessary or appropriate to effectuate the Subordination Provisions, and appoints the Trustee such Holder&#146;s attorney-in-fact for such purposes, including, in the event of any termination, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or upon an assignment for the benefit of creditors by the Company, a marshalling of the assets and liabilities of the Company or otherwise) tending toward the liquidation of the property and assets of the Company, the filing of a claim for the unpaid balance of the Subordinated Notes in the form required in those proceedings. </font></P><P STYLE="text-align: center"><FONT size=2 face="Times New Roman">62 </font></P><HR NOSHADE ALIGN="CENTER" WIDTH="100%">
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 1106</FONT><FONT size=2 face="Arial"> </font><U><FONT size=2 face="Times New Roman">Notice to Trustee.</FONT></U><FONT size=2 face="Times New Roman"> </font></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will give
prompt written notice to the Trustee of any fact known to the Company that would
prohibit the Company from making any payment to or by the Trustee in respect of
the Subordinated Notes in accordance with the provisions of this Article XI. The
Trustee will not be charged with the knowledge of the existence of any default
or event of default with respect to any Senior Indebtedness or of any other
facts that would prohibit the making of any payment to or by the Trustee unless
and until the Trustee will have received notice in writing at its Corporate
Trust Office to that effect signed by an Authorized Officer, or by a holder of
Senior Indebtedness or a Trustee or agent thereof; and prior to the receipt of
any such written notice, the Trustee will, subject to Article V of this
Indenture, be entitled to assume that no such facts exist; provided that, if the
Trustee will not have received the notice provided for in this Section 1106 at
least two Business Days prior to the date upon which, by the terms of the
Indenture, any monies will become payable for any purpose (including, without
limitation, the payment of the principal of or interest on any Subordinated
Note), then, notwithstanding anything herein to the contrary, the Trustee will
have full power and authority to receive any monies from the Company and to
apply the same to the purpose for which they were received, and will not be
affected by any notice to the contrary that may be received by it on or after
such prior date except for an acceleration of the Subordinated Notes prior to
such application. The foregoing will not apply if the Paying Agent is the
Company. The Trustee will be entitled to rely on the delivery to it of a written
notice by a Person representing himself or itself to be a holder of any Senior
Indebtedness (or a trustee on behalf of, or agent of, such holder) to establish
that such notice has been given by a holder of such Senior Indebtedness or a
trustee or agent on behalf of any such holder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In the event that the
Trustee determines in good faith that any evidence is required with respect to
the right of any Person as a holder of Senior Indebtedness to participate in any
payment or distribution in accordance with this Article XI, the Trustee may
request such Person to furnish evidence to the reasonable satisfaction of the
Trustee as to the amount of Senior Indebtedness held by such Person, 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 XI
and, if such evidence is not furnished to the Trustee, the Trustee may defer any
payment to such Person pending such evidence being furnished to the Trustee or a
judicial determination that such Person has the right to receive such payment.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1107</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Trustee
Knowledge of Senior Indebtedness.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notwithstanding the
provisions of this Article XI or any other provisions of this Indenture or any
other supplemental indenture issued in accordance with Article VIII of this
Indenture, neither the Trustee nor any Paying Agent will be charged with
knowledge of the existence of any Senior Indebtedness or of any event that would
prohibit the making of any payment of moneys to or by the Trustee or such Paying
Agent, unless and until a Responsible Officer of the Trustee or such Paying
Agent will have received written notice thereof from the Company or from the
holder of any Senior Indebtedness or from the representative of any such holder.
</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>63 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1108</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Senior
Indebtedness to Trustee.</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee will be
entitled to all of the rights set forth in this Article XI in respect of any
Senior Indebtedness at any time held by it in its individual capacity to the
same extent as any other holder of such Senior Indebtedness, and nothing in this
Indenture or any other supplemental indenture issued in accordance with
Article VIII of this Indenture will be construed to deprive the Trustee of any
of its rights as such holder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1109</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Subordination
Not Applicable to Trustee Compensation.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Nothing contained in this
Article XI will apply to the claims of, or payments to, the Trustee under
Section 507 of this Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee hereby accepts
the trusts in this Indenture upon the terms and conditions set forth herein.
</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>[Signature Page Follows]
</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>64 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>IN WITNESS WHEREOF, the
parties hereto have caused this Indenture to be duly signed as of the date first
written above. </FONT></P>

<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

        <TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><P align=justify><FONT face="Times New Roman" size=2>ConnectOne Bancorp,
Inc.</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=2>&nbsp;<BR>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=2><P align=justify><FONT face="Times New Roman" size=2>[&#9679;]</FONT><FONT face="Times New Roman" size=2> <BR>As Trustee
      </FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade size="2">

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>connectone3118661_1-ex51.htm
<DESCRIPTION>OPINION OF WINDELS MARX LANE & MITTENDORF, LLP
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>
<P align=right><B><U><FONT face="Times New Roman" size=2>Exhibit
5.1</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>OPINION OF WINDELS MARX
LANE &amp; MITTENDORF, LLP</FONT></B><FONT face="Times New Roman" size=2>
</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>August 23, 2016 </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>ConnectOne Bancorp,
Inc.<BR>301 Sylvan Avenue<BR>Englewood Cliffs, NJ 07632 </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>Re: Shelf Registration
Statement of ConnectOne Bancorp, Inc. on Form S-3</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Ladies and Gentlemen:
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We have acted as counsel to
ConnectOne Bancorp, Inc., a New Jersey corporation (the &#147;Company&#148;), in
connection with its filing of a shelf registration statement on Form S-3 (the
&#147;Registration Statement&#148;), including the prospectus constituting a part thereof
(the &#147;Prospectus&#148;), to which this opinion is attached, filed with the Securities
and Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;). We have been requested by the Company to render
this opinion in connection with the filing of the Registration Statement.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Prospectus provides that
it will be supplemented in the future by one or more supplements to the
Prospectus (each a &#147;Prospectus Supplement&#148;). The Prospectus, as supplemented by
various Prospectus Supplements, will provide for the registration by the Company
of up to $50,000,000 aggregate offering price of (i) secured or unsecured debt
securities, in one or more series, which may be either senior debt securities,
senior subordinated debt securities, subordinated debt securities or junior
subordinated securities (the &#147;Debt Securities&#148;) to be issued pursuant to an
Indenture between the Company and a trustee or bank to be named (the &#147;Trustee&#148;),
which may be supplemented for any series of Debt Securities (the &#147;Indenture&#148;),
(ii) shares of preferred stock, no par value per share, in one or more series or
classes (the &#147;Preferred Stock&#148;), (iii) shares of common stock, no par value per
share, (the &#147;Common Stock&#148;), (iv) warrants to purchase Common Stock, Preferred
Stock or Debt Securities (the &#147;Warrants&#148;), (v) depositary shares (evidenced by
depositary receipts) representing fractional interests in shares of Preferred
Stock (the &#147;Depositary Shares&#148;), or (vi) units composed of the foregoing (the
&#147;Units&#148;). The Debt Securities, Preferred Stock, Common Stock, Warrants,
Depositary Shares and the Units are collectively referred to herein as the
&#147;Securities.&#148; Any Debt Securities may be exchangeable and/or convertible into
shares of Common Stock or Preferred Stock or Depository Shares. The Preferred
Stock may also be exchangeable for and/or convertible into shares of Common
Stock or another series of Preferred Stock. The Units may be exchangeable and/or
settled into the Securities comprising the Units. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In rendering our opinion, we
have reviewed the Registration Statement and the exhibits thereto. We have also
reviewed such corporate documents and records of the Company, such certificates
of public officials and officers of the Company and such other matters as we
have deemed necessary or appropriate for purposes of this opinion. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except to the extent we opine
as to the binding effect of certain documents as set forth in paragraphs 1, 4, 5
and 6 below, we have assumed that all documents referenced below are the valid
and binding obligations of and enforceable against the parties thereto. We have
also assumed the authenticity of all documents submitted to us as originals, the
genuineness of all signatures, the conformity to authentic original documents of
all documents submitted to us as certified, conformed or photostatic copies and
the legal capacities of all natural persons. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Based on the foregoing, and
subject to the assumptions, limitations and qualifications set forth herein, we
are of the opinion that: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>(a) When the Debt
      Securities have been duly established in accordance with the Indenture
      (including, without limitation, the adoption by the Board of Directors of
      the Company of a resolution duly authorizing the issuance and delivery of
      the Debt Securities), duly authenticated by the Trustee and duly executed
      and delivered on behalf of the Company against payment therefor in
      accordance with the terms and provisions of such Indenture and as
      contemplated by the Registration Statement, the Prospectus and the related
      Prospectus Supplement(s), and (b) when the Registration Statement and any
      required post-effective amendment thereto and any and all Prospectus
      Supplement (s) required by applicable laws have all become effective under
      the Securities Act, and (c) assuming that the terms of the Debt Securities
      as executed and delivered are as described in the Registration Statement,
      the Prospectus and the related Prospectus Supplement(s), and (d) assuming
      that the Debt Securities as executed and delivered do not violate any law
      applicable to the Company or result in a default under or breach of any
      agreement or instrument binding upon the Company, and (e) assuming that
      the Debt Securities as executed and delivered comply with all requirements
      and restrictions, if any, applicable to the Company, whether imposed by
      any court or governmental or regulatory body having jurisdiction over the
      Company, and (f) assuming that the Debt Securities are then issued and
      sold as contemplated in the Registration Statement, the Prospectus and the
      related Prospectus Supplement(s), then the Debt Securities (including any
      Debt Securities issued in exchange or in settlement of Units that are
      exchangeable or settled into Debt Securities) will constitute valid and
      binding obligations of the Company.</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>(a) When a new class
      or series of Preferred Stock has been duly established in accordance with
      the terms of the restated certificate of incorporation of the Company
      (&#147;Charter&#148;), the by-laws of the Company (&#147;Bylaws&#148;) and applicable law (in
      the event that the Preferred Stock is a new class or series of Preferred
      Stock), and upon adoption by the Board of Directors of the Company of a
      resolution in form and content as required by applicable law, and (b)
      assuming that appropriate certificates of amendment to the Company&#146;s
      Charter relating to such class or series of Preferred Stock have been duly
      approved by the Company&#146;s Board of Directors and been filed with and
      accepted for record by the State of New Jersey, and (c) assuming that the
      Registration Statement and any required post-effective amendment(s)
      thereto and any and all Prospectus Supplement (s) required by applicable
      laws have become effective under the Securities Act, and (d) assuming that
      upon the issuance of such Preferred Stock, the total number of issued and
      outstanding shares of the applicable class or series of Preferred Stock
      will not exceed the total number of shares of Preferred Stock or the
      number of shares of such class or series of Preferred Stock that the
      Company is then authorized to issue under its Charter, then upon issuance
      and delivery of and payment for such shares in the manner contemplated by
      the Registration Statement, the Prospectus and the related Prospectus
      Supplement(s) and by such resolution, such shares of such class or series
      of Preferred Stock (including any Preferred Stock duly issued upon (i) the
      exchange or conversion of any shares of Preferred Stock that are
      exchangeable or convertible into another class or series of Preferred
      Stock, (ii) the exercise of any duly issued Warrants exercisable for
      Preferred Stock, (iii) the exchange or conversion of Debt Securities that
      are exchangeable or convertible into Preferred Stock or (iv) the exchange
      or settlement of Units that are exchangeable or able to be settled for
      Preferred Stock), will be validly issued, fully paid and non-assessable.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>(a) Upon adoption by
      the Board of Directors of the Company of a resolution in form and content
      as required by applicable law authorizing the issuance and sale of Common
      Stock, and (b) assuming that the Registration Statement and any required
      post-effective amendment(s) thereto and any and all Prospectus
      Supplement(s) required by applicable laws have become effective under the
      Securities Act, and (c) assuming that upon the issuance of such Common
      Stock, the total number of issued and outstanding shares of Common Stock
      will not exceed the total number of shares of Common Stock that the
      Company is then authorized to issue under its Charter, then upon issuance
      and delivery of and payment for such shares in the manner contemplated by
      the Registration Statement, the Prospectus and the related Prospectus
      Supplement(s) and by such resolution, such shares of Common Stock being
      issued by the Company (including any Common Stock duly issued upon (i) the
      exchange or conversion of any shares of Preferred Stock that are
      exchangeable or convertible into Common Stock, (ii) the exercise of any
      duly issued Warrants exercisable for Common Stock, (iii) the exchange or
      conversion of Debt Securities that are exchangeable or convertible into
      Common Stock, or (iv) the exchange or settlement of Units that are
      exchangeable or able to be settled for Common Stock), will be validly
      issued, fully paid and non-assessable.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>4.</FONT></TD>
    <TD noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>(a) When a warrant
      agreement relating to the Warrants has been duly authorized (the &#147;Warrant
      Agreement&#148;), executed and delivered and the Warrants and the securities of
      the Company for which the Warrants will be exercisable have been duly
      authorized by the Company&#146;s Board of Directors, and (b) assuming that the
      terms of the Warrants and of their issuance and sale have been duly
      established in conformity with the Company&#146;s Charter and Bylaws and the
      Warrant Agreement, and (c) assuming that the Registration Statement and
      any required post-effective amendment thereto and any and all Prospectus
      Supplement(s) required by applicable laws have all become effective under
      the Securities Act, and (d) assuming that the terms of the Warrants as
      executed and delivered are as described in the Registration Statement, the
      Prospectus and the related Prospectus Supplement(s), and (e) assuming that
      the Warrants, as executed and delivered, do not violate any law applicable
      to the Company or result in a default under or breach of any agreement or
      instrument binding upon the Company, and (f) assuming that the Warrants as
      executed and delivered comply with all requirements and restrictions, if
      any, applicable to the Company, whether imposed by any court or
      governmental or regulatory body having jurisdiction over the Company, and
      (g) assuming that the Warrants are then issued and sold as contemplated in
      the Registration Statement, the Prospectus and the Prospectus
      Supplement(s), then upon issuance of and delivery of and payment for such
      Warrants in the manner contemplated by the Registration Statement, the
      Prospectus and the related Prospectus Supplement and the Warrant Agreement
      and by such resolution, the Warrants (including any Warrants issued upon
      the exchange or settlement of Units that are exchangeable or able to be
      settled for Warrants) will constitute valid and binding obligations of the
      Company.</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>5.</FONT></TD>
    <TD noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>(a) When a depositary
      agreement relating to the Depositary Shares has been duly authorized (the
      &#147;Depositary Agreement&#148;), executed and delivered and the Depositary Shares
      have been duly authorized by the Company&#146;s Board of Directors, and (b)
      assuming that the terms of the Depositary Shares and of their issuance and
      sale have been duly established in conformity with the Company&#146;s Charter
      and Bylaws and the Depositary Agreement, and (c) assuming that the
      Registration Statement and any required post-effective amendment thereto
      and any and all Prospectus Supplement(s) required by applicable laws have
      all become effective under the Securities Act, and (d) assuming that the
      terms of the Depositary Shares as executed and delivered are as described
      in the Registration Statement, the Prospectus and the related Prospectus
      Supplement(s), and (e) assuming that the Depositary Shares, as executed
      and delivered, do not violate any law applicable to the Company or result
      in a default under or breach of any agreement or instrument binding upon
      the Company, and (f) assuming that the Depositary Shares as executed and
      delivered comply with all requirements and restrictions, if any,
      applicable to the Company, whether imposed by any court or governmental or
      regulatory body having jurisdiction over the Company, and (g) assuming the
      depositary receipts evidencing the Depositary Shares have been duly issued
      against the deposit of the Preferred Stock in accordance with the
      Depositary Agreement and issued and sold as contemplated in the
      Registration Statement, the Prospectus and the Prospectus Supplement(s),
      then upon issuance of and delivery of and payment for such Depositary
      Shares in the manner contemplated by the Registration Statement, the
      Prospectus and the related Prospectus Supplement and by such resolution,
      the depositary receipts evidencing Depositary Shares (including any
      depositary receipts evidencing Depositary Shares issued upon the exchange
      or settlement of Units exchangeable or able to be settled for Depositary
      Shares) will entitle holders thereof to the rights specified in the
      Depositary Agreement.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>6.</FONT></TD>
    <TD noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>(a) When a unit
      agreement relating to the Units has been duly authorized (the &#147;Unit
      Agreement&#148;), executed and delivered and the Units have been duly
      authorized by the Company&#146;s Board of Directors, and (b) assuming that the
      terms of the Units and of their issuance and sale have been duly
      established in conformity with the Unit Agreement, and (c) assuming that
      the Registration Statement and any required post-effective amendment
      thereto and any and all Prospectus Supplement(s) required by applicable
      laws have all become effective under the Securities Act, and (d) assuming
      that the terms of the Units as executed and delivered are as described in
      the Registration Statement, the Prospectus and the related Prospectus
      Supplement(s), and (e) assuming that the Units, as executed and delivered,
      do not violate any law applicable to the Company or result in a default
      under or breach of any agreement or instrument binding upon the Company,
      and (f) assuming that the Units as executed and delivered comply with all
      requirements and restrictions, if any, applicable to the Company, whether
      imposed by any court or governmental or regulatory body having
      jurisdiction over the Company, and (g) assuming that the Units are then
      issued and sold as contemplated in the Registration Statement, the
      Prospectus and the Prospectus Supplement(s), then upon issuance of and
      delivery of and payment for such Units in the manner contemplated by the
      Registration Statement, the Prospectus and the related Prospectus
      Supplement and the Unit Agreement and by such resolution, the Units will
      constitute valid and binding obligations of the
  Company.</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The opinions set forth in
paragraphs 1, 4, 5 and 6 above are subject to the following exceptions,
limitations and qualifications: (i) the effect of bankruptcy, insolvency,
reorganization, arrangement, moratorium, fraudulent conveyance, fraudulent
transfer and other similar laws relating to or affecting the rights of
creditors; (ii) the effect of general principles of equity (including, without
limitation, concepts of materiality, reasonableness, good faith and fair dealing
and the possible unavailability of specific performance, injunctive relief and
other equitable remedies), regardless of whether considered in a proceeding at
law or in equity, (iii) the effect of public policy considerations that may
limit the rights of the parties to obtain further remedies, (iv) we express no
opinion with respect to the enforceability of provisions relating to choice of
law, choice of venue, jurisdiction or waivers of jury trial, and (v) we express
no opinion with respect to the enforceability of any waiver of any usury
defense. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>To the extent that the
obligations of the Company with respect to the Securities may be dependent on
such matters, we assume for purposes of this opinion that the other party under
the Indenture for any Debt Securities, under the Warrant Agreement for any
Warrants, under the Unit Agreement for any Units and under the Deposit Agreement
for any Depository Shares, namely, the Trustee, the warrant agent, the unit
agent or the depositary, respectively, is duly organized, validly existing and
in good standing under the laws of its jurisdiction of organization; that such
other party is duly qualified to engage in the activities contemplated by such
Indenture, Warrant Agreement, Unit Agreement or Deposit Agreement, as
applicable; that such Indenture, Warrant Agreement, Unit Agreement or Deposit
Agreement has been duly authorized, executed and delivered by such other party
and constitutes the legally valid, binding and enforceable obligation of such
other party, enforceable against such other party in accordance with its terms;
that such other party is in compliance, generally and with respect to
performance of its obligations under such Indenture, Warrant Agreement, Unit
Agreement, or Deposit Agreement, as applicable, with all applicable laws and
regulations; and that such other party has the requisite organizational and
legal power and authority to perform its obligations under such Indenture,
Warrant Agreement, Unit Agreement or Deposit Agreement, as applicable.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our opinion is limited to the
federal laws of the United States, the laws of the State of New Jersey and the
laws of the State of New York. We express no opinion as to the effect of the law
of any other jurisdiction. Our opinion is rendered as of the date hereof, and we
assume no obligation to advise you of changes in law or fact (or the effect
thereof on the opinions expressed herein) that hereafter may come to our
attention. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We hereby consent to the
filing of this opinion with the Commission as an exhibit to the Registration
Statement in accordance with the requirements of Item 601(b)(5) of Regulation
S-K under the Securities Act and to the use of our name therein and in the
related Prospectus and any Prospectus Supplement under the caption &#147;Legal
Matters.&#148; In giving such consent, we do not thereby admit that we are in the
category of persons whose consent is required under Section 7 of the Securities
Act or the Rules and Regulations of the Commission promulgated thereunder.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Very truly yours, </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>WINDELS MARX LANE &amp;
MITTENDORF LLP </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><FONT face="Times New Roman" size=2>/s/ Windels Marx Lane &amp;
    Mittendorf LLP</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>connectone3118661_1-ex231.htm
<DESCRIPTION>CONSENT OF CROWE HORWATH LLP
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>
<P align=center><B><FONT face="Times New Roman" size=2>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B></P>

<P align=justify><FONT face="Times New Roman" size=2>We consent to the incorporation by reference
in this Registration Statement on Form S-3 of ConnectOne Bancorp, Inc. of our report dated March 4, 2016, relating to the 2015
and 2014 consolidated financial statements and the effectiveness of internal control over financial reporting as of December 31,
2015 appearing in the Annual Report on Form 10-K of ConnectOne Bancorp, Inc. for the year ended December 31, 2015, and to the reference
to us under the heading &quot;Experts&quot; in the prospectus.</FONT></P>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>/s/ Crowe Horwath LLP</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Crowe Horwath LLP</FONT></TD></TR></TABLE>

<P align=justify><FONT face="Times New Roman" size=2>Livingston, New Jersey<BR>August 23, 2016</FONT><FONT face="Times New Roman" size=2>
</FONT></P>
<HR align=center width="100%" noShade size="2">

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>connectone3118661_1-ex232.htm
<DESCRIPTION>CONSENT OF BDO USA, LLP
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>
<P align=center><B><FONT face="Times New Roman" size=2>Consent of Independent
Registered Public Accounting Firm</FONT></B><FONT face="Times New Roman" size=2>
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>ConnectOne Bancorp, Inc.
(formerly Center Bancorp, Inc.)<BR>Englewood Cliffs, NJ</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>We hereby consent to the
incorporation by reference in the Prospectus constituting a part of this
Registration Statement of our report dated March 4, 2014, relating to the
consolidated statements of income, comprehensive income, changes in
stockholders&#146; equity, and cash flows for the year ended December 31, 2013 of
ConnectOne Bancorp, Inc. appearing in the Company's Form 10-K for the year ended
December 31, 2015.</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>We also consent to the
reference to us under the caption "Experts" in the Prospectus.</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>/s/ BDO, USA LLP<BR>BDO, USA LLP<BR>Philadelphia,
Pennsylvania<BR>August 23, 2016</FONT><FONT face="Times New Roman" size=2>
</FONT></P>
<HR align=center width="100%" noShade size="2">

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>6
<FILENAME>connectone3118661_1-ex241.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>

<P align=center><B><FONT face="Times New Roman" size=2>Exhibit 24.1<BR>POWER OF
ATTORNEY </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each person whose signature
appears below hereby makes, constitutes and appoints Frank Sorrentino III, and
William S. Burns, each of them with full power to act without the other, his or
her true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for him or her and in his or her name, place and stead, in
any and all capacities to sign any and all amendments to this Registration
Statement, including post-effective amendments and registration statements filed
pursuant to Rule 462 under the Securities Act of 1933, and to file the same,
with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and
agents, and each of them, full power and authority to do and perform each and
every act and thing requisite or necessary to be done in connection therewith,
as fully to all intents and purposes as he or she might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents or
any of them, or any substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Pursuant to the
requirements of the Securities Act of 1933, this Registration Statement has been
signed on August 23, 2016, by the following persons in the capacities
indicated.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Stephen Boswell</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Stephen
      Boswell</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/Frank Baier</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Frank
      Baier</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="68%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Alexander Bol</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Alexander
      Bol</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/Frank Huttle III</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Frank Huttle
      III</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Michael Kempner</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Michael
      Kempner</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Joseph Parisi, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Joseph
      Parisi, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Frederick S. Fish</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Frederick S.
      Fish</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Nicholas Minoia</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Nicholas
      Minoia</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ Harold Schechter</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>Harold
      Schechter</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/ William A. Thompson</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>William A.
      Thompson</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">




</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
