<SEC-DOCUMENT>0001206774-16-007236.txt : 20160923
<SEC-HEADER>0001206774-16-007236.hdr.sgml : 20160923
<ACCEPTANCE-DATETIME>20160923165745
ACCESSION NUMBER:		0001206774-16-007236
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20160923
DATE AS OF CHANGE:		20160923

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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-213260
		FILM NUMBER:		161900370

	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/A
<SEQUENCE>1
<FILENAME>connectone3139221-s3a.htm
<DESCRIPTION>PRE-EFFECTIVE AMENDMENT
<TEXT>

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<P align=center><B><FONT face="Times New Roman" size=2>As filed with the
Securities and Exchange Commission on September 23, 2016</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>Registration No.
333-213260</FONT></B></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></P>
<P align=center><B><FONT face="Times New Roman">AMENDMENT NO. 1<BR>
TO<BR>
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>
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  <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>
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  <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>
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 <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
SEPTEMBER 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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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 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>
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  <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>
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  <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>
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    <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>
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    <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>
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    <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>
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  <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>
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  <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>
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  <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>
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  <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>
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  <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 Proxy Statement on Schedule 14A filed on April 26, 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 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, August 2, 2016, September 9, 2016, and September 21, 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 Senior Debt Indenture**</FONT></TD></TR>

  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.11</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>
    <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 Depositary Receipt (to be included in
      Exhibit 4.11)*</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.13</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>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>5.1</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>Opinion of Windels Marx Lane &amp; Mittendorf,
      LLP**</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <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>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>23.1</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>Consent of Crowe Horwath LLP****</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <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>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>23.3</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>Consent of Windels Marx Lane &amp; Mittendorf
      LLP (included in Exhibit 5.1)</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <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>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>25.1</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>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 STYLE="background-color: Silver">
    <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;</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>
      <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>Previously filed</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 Amendment No. 1 to the 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 September, 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 Amendment No. 1 to the registration
statement has been signed by the following persons in the capacities indicated
on the 23rd day of September, 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 style="TEXT-ALIGN: center" noWrap width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Exhibit</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: justify" align=left width="96%"></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 style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" align=center width="96%"><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 face="Times New Roman" size=2>&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 face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#c0c0c0><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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%"><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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#c0c0c0><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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%"><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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#c0c0c0><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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%"><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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#c0c0c0><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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%"><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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#c0c0c0><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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%"><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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form of Trust
      Indenture****</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: right" noWrap width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: right" noWrap align=right width="1%" bgColor=#ffffff><FONT size=2>4.10</FONT></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" width="96%" bgColor=#ffffff><FONT size=2>Form of Senior Debt Indenture**</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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#c0c0c0><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=#ffffff></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>4.12</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Form of Depositary
      Receipt (to be included in Exhibit 4.11)*</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>4.13</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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#c0c0c0><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=#ffffff></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>5.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#ffffff><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%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>12.1</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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#c0c0c0><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=#ffffff></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>23.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#ffffff><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%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23.2</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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#c0c0c0><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=#ffffff></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>23.3</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#ffffff><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%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>24.1</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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#c0c0c0><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=#ffffff></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>25.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#ffffff><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%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>25.2</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 style="TEXT-ALIGN: justify" vAlign=top align=left width="96%" bgColor=#c0c0c0><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>                               <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: right"><FONT face="Times New Roman" size=2>****</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; text-align: justify"><FONT face="Times New Roman" size=2>Previously filed</font></TD></TR>
</TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>II-6</FONT></P>
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<DOCUMENT>
<TYPE>EX-4.10
<SEQUENCE>2
<FILENAME>connectone3139221-ex410.htm
<DESCRIPTION>FORM OF SENIOR DEBT INDENTURE
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<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
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<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
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<P align=center><B><FONT face="Times New Roman" size=2>CONNECTONE BANCORP, INC.
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SENIOR DEBT
INDENTURE</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DATED AS
OF&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 20</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
TRUSTEE</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
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<P align=center><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P>
<P align=center><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P>
<P align=center><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>TABLE OF
CONTENTS</FONT></B><FONT face="Times New Roman" size=2> </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="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>Page Number</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>ARTICLE I</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DEFINITIONS AND INCORPORATION BY
      REFERENCE</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1.1</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Definitions</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1.2</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Other Definitions</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1.3</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Incorporation by Reference of
      Trust Indenture Act</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1.4</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Rules of Construction</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%" colSpan=2><FONT face="Times New Roman" size=2>ARTICLE II</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>THE SECURITIES</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 2.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Issuable in Series</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">4</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 2.2</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Establishment of Terms of Series
      of Securities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">5</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 2.3</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Execution and Authentication</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">6</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 2.4</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Registrar and Paying
    Agent</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">7</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 2.5</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Paying Agent to Hold Money in Trust</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">7</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 2.6</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Securityholder Lists</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">7</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 2.7</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Transfer and Exchange</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">7</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 2.8</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Mutilated, Destroyed, Lost and
      Stolen Securities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">8</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 2.9</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Outstanding Securities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">8</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 2.10</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Treasury Securities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">8</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 2.11</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Temporary Securities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">9</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 2.12</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Cancellation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">9</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 2.13</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Defaulted Interest</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">9</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 2.14</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Global Securities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">9</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 2.15</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>CUSIP Numbers</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10</FONT></TD></TR>
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    <TD noWrap align=left width="4%" colSpan=2><FONT face="Times New Roman" size=2>ARTICLE III</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>REDEMPTION</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">10</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 3.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Notice to Trustee</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 3.2</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Selection of Securities to be
      Redeemed</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">10</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 3.3</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Notice of Redemption</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 3.4</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Effect of Notice of
      Redemption</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">11</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 3.5</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Deposit of Redemption Price</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">11</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 3.6</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Securities Redeemed in
    Part</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>ARTICLE IV</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>COVENANTS</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">11</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 4.1</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Payment of Principal and
      Interest</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">11</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 4.2</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>SEC
      Reports</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">11</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 4.3</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Compliance Certificate</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">11</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 4.4</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Stay, Extension and Usury Laws</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">12</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 4.5</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Corporate Existence</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">12</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 4.6</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Taxes</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%" colSpan=2><FONT face="Times New Roman" size=2>ARTICLE V</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>SUCCESSORS</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">12</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 5.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>When
      Company May Merge, Etc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">12</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 5.2</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Successor Corporation
      Substituted</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>ARTICLE VI</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DEFAULTS AND REMEDIES</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">13</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 6.1</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Events of Default</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">13</FONT></TD></TR>
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    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 6.2</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Acceleration of Maturity; Rescission and
      Annulment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 6.3</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Collection of Indebtedness and
      Suits for Enforcement by Trustee</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 6.4</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Trustee May File Proofs of Claim</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 6.5</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Trustee May Enforce Claims Without
      Possession of Securities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 6.6</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Application of Money Collected</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 6.7</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Limitation on Suits</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 6.8</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Unconditional Right of Holders to Receive
      Principal and Interest</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 6.9</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Restoration of Rights and
      Remedies</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">16</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 6.10</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Rights and Remedies Cumulative</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">16</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 6.11</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Delay or Omission Not
    Waiver</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">16</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 6.12</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Control by Holders</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">16</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 6.13</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Waiver of Past Defaults</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">16</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 6.14</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Undertaking For Costs</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">16</FONT></TD></TR></TABLE><BR>
<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="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>Page Number</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>ARTICLE VII</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>TRUSTEE</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">17</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 7.1</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Duties of Trustee</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">17</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 7.2</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Rights of Trustee</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">18</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 7.3</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Individual Rights of
    Trustee</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">18</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 7.4</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Trustee&#146;s Disclaimer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">18</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 7.5</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Notice of Defaults</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">18</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 7.6</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Reports by Trustee to Holders</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">18</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 7.7</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Compensation and
    Indemnity</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">19</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 7.8</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Replacement of Trustee</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">19</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 7.9</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Successor Trustee by Merger,
      Etc.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">20</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 7.10</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Eligibility; Disqualification</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">20</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 7.11</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Referential Collection of Claims
      Against Company</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">20</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>ARTICLE VIII</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>SATISFACTION AND DISCHARGE; DEFEASANCE</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">20</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 8.1</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Satisfaction and Discharge of
      Indenture</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">20</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 8.2</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Application of Trust Funds; Indemnification</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">21</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 8.3</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Legal Defeasance of Securities of
      Any Series</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">21</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 8.4</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Covenant Defeasance</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">22</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 8.5</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Repayment to Company</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>ARTICLE IX</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>AMENDMENTS AND WAIVERS</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 9.1</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Without Consent of
    Holders</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 9.2</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>With
      Consent of Holders</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 9.3</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Limitations</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 9.4</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Compliance with Trust Indenture Act</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 9.5</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Revocation and Effect of
      Consents</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 9.6</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Notation on or Exchange of Securities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 9.7</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Trustee Protected</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>ARTICLE X</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" 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="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 10.1</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Trust Indenture Act
    Controls</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 10.2</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Notices</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">25</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 10.3</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Communication by Holders with
      Other Holders</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">25</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 10.4</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Certificate and Opinion as to Conditions Precedent</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">25</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 10.5</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Statements Required in Certificate
      or Opinion</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">25</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 10.6</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Rules by Trustee and Agents</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 10.7</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Legal Holidays</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 10.8</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>No
      Recourse Against Others</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 10.9</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Counterparts</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 10.10</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Governing Laws</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 10.11</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>No Adverse Interpretation of Other
      Agreements</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 10.12</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Successors</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 10.13</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Severability</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 10.14</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Table of Contents, Headings, Etc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%" colSpan=2><FONT face="Times New Roman" size=2>ARTICLE XI</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>SINKING FUNDS</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 11.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Applicability of Article</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 11.2</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Satisfaction of Sinking Fund
      Payments with Securities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2 face="Times New Roman">27</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 11.3</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Redemption of Securities for Sinking Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">27</FONT></TD></TR></TABLE><BR>
<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>CROSS REFERENCE
TABLE</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><B><FONT face="Times New Roman" size=1>Trust</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><B><FONT face="Times New Roman" size=1>Indenture Act</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Indenture</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><B><FONT face="Times New Roman" size=1>Section</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>Section</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 310</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(a)(1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7.10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(a)(2)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7.10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(a)(3)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(a)(4)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(a)(5)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7.10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7.10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Section 311</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7.11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7.11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 312</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.3</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.3</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Section 313</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7.6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(b)(1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7.6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(b)(2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7.6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(c)(1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7.6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7.6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 314</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.2,
      10.5</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(c)(1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(c)(2)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(c)(3)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(e)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.5</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(f)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Section 315</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7.1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7.5</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7.1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7.1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(e)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>6.14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 316</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(a)(1)(A)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6.12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(a)(1)(B)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6.13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6.8</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Section 317</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(a)(1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>6.3</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(a)(2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>6.4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2.5</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 318</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.1</FONT></TD></TR></TABLE></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>*&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>This Cross Reference
      Table shall not, for any purpose, be deemed to be part of the
      Indenture.</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>Senior Debt Indenture dated as
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 20&nbsp;&nbsp; between</FONT><B><FONT face="Times New Roman" size=2> ConnectOne Bancorp,
Inc.</FONT></B><FONT face="Times New Roman" size=2>, a New Jersey corporation
(&#147;Company&#148;),
and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, as trustee (&#147;Trustee&#148;). </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each party agrees as follows
for the benefit of the other party and for the equal and ratable benefit of the
Holders of the Securities issued under this Indenture: </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
I<BR></FONT></B><B><FONT face="Times New Roman" size=2>DEFINITIONS AND
INCORPORATION BY REFERENCE</FONT></B><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1.1 </FONT><U><FONT face="Times New Roman" size=2>Definitions</FONT></U><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Additional Amounts&#148; means any
additional amounts which are required hereby or by any Security, under
circumstances specified herein or therein, to be paid by the Company in respect
of certain taxes imposed on Holders specified herein or therein and which are
owing to such Holders. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Affiliate&#148; of any specified
person means 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; (including, with correlative
meanings, the terms &#147;controlled by&#148; and &#147;under common control with&#148;), as used
with respect to any person, shall mean the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of
such person, whether through the ownership of voting securities or by agreement
or otherwise. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Agent&#148; means any Registrar,
Paying Agent or Service Agent. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Authorized Newspaper&#148; means a
newspaper in an official language of the country of publication customarily
published at least once a day for at least five days in each calendar week and
of general circulation in the place in connection with which the term is used.
If it shall be impractical in the opinion of the Trustee to make any publication
of any notice required hereby in an Authorized Newspaper, any publication or
other notice in lieu thereof that is made or given by the Trustee shall
constitute a sufficient publication of such notice. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Bearer Security&#148; means any
Security, including any interest coupon appertaining thereto, that does not
provide for the identification of the Holder thereof. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Board of Directors&#148; means the
Board of Directors of the Company or any duly authorized committee thereof.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Board Resolution&#148; means a
copy of a resolution certified by the Secretary or an Assistant Secretary of the
Company to have been adopted by the Board of Directors or pursuant to
authorization by the Board of Directors and to be in full force and effect on
the date of the certificate and delivered to the Trustee. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Business Day&#148; means, unless
otherwise provided by Board Resolution, Officers&#146; Certificate or supplemental
indenture hereto for a particular Series, any day except a Saturday, Sunday or a
legal holiday in the ________, , on which banking institutions are authorized or
required by law, regulation or executive order to close. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Capital Stock&#148; means any and
all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Company&#148; means the party
named as such above until a successor replaces it and thereafter means the
successor. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Company Order&#148; means a
written order signed in the name of the Company by two Officers, one of whom
must be the Company&#146;s principal executive officer, principal financial officer
or principal accounting officer.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1&nbsp;</FONT></P>
<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>&#147;Company Request&#148; means a
written request signed in the name of the Company by its Chief Executive
Officer, the President or a Vice President, and by its Treasurer, an Assistant
Treasurer, its Secretary or an Assistant Secretary, and delivered to the
Trustee. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Corporate Trust Office&#148; means
the office of the Trustee at which at any particular time its corporate trust
business shall be principally administered. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Default&#148; means any event
which is, or after notice or passage of time or both would be, an Event of
Default. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Depository&#148; means, with
respect to the Securities of any Series issuable or issued in whole or in part
in the form of one or more Global Securities, the person designated as
Depository for such Series by the Company, which Depository shall be a clearing
agency registered under the Exchange Act; and if at any time there is more than
one such person, &#147;Depository&#148; as used with respect to the Securities of any
Series shall mean the Depository with respect to the Securities of such Series.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Discount Security&#148; means any
Security that provides for an amount less than the stated principal amount
thereof to be due and payable upon declaration of acceleration of the Stated
Maturity thereof pursuant to Section 6.2. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Dollars&#148; and &#147;$&#148; means the
currency of the United States of America. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Exchange Act&#148; means the
Securities Exchange Act of 1934, as amended. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;GAAP&#148; means generally
accepted accounting principles set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession, which are in
effect as of the date of determination. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Global Security&#148; or &#147;Global
Securities&#148; means a Security or Securities, as the case may be, in the form
established pursuant to Section 2.2 evidencing all or part of a Series of
Securities, issued to the Depository for such Series or its nominee, and
registered in the name of such Depository or nominee. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Holder&#148; or &#147;Securityholder&#148;
means a person in whose name a Security is registered or the holder of a Bearer
Security. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Indenture&#148; means this Senior
Debt Indenture as amended or supplemented from time to time and shall include
the form and terms of particular Series of Securities established as
contemplated hereunder. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;interest&#148; with respect to any
Discount Security which by its terms bears interest only after Maturity, means
interest payable after Maturity. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Maturity,&#148; when used with
respect to any Security or installment of principal thereof, means the date on
which the principal of such Security or such installment of principal becomes
due and payable as therein or herein provided, whether at the Stated Maturity or
by declaration of acceleration, call for redemption, or otherwise. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Officer&#148; means the Chief
Executive Officer, the President, any Vice President, the Treasurer, the
Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Officers&#146; Certificate&#148; means
a certificate signed by two Officers, one of whom must be the Company&#146;s
principal executive officer, principal financial officer or principal accounting
officer. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Opinion of Counsel&#148; means a
written opinion of legal counsel who is reasonably acceptable to the Trustee.
The counsel may be an employee of or counsel to the Company.</FONT></P>
<P ALIGN="CENTER" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>2&nbsp;</FONT></P>
<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>&#147;person&#148; means any individual,
corporation, partnership, joint venture, association, limited liability company,
joint-stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;principal&#148; or &#147;principal
amount&#148; of a Security means the principal amount of the Security plus, when
appropriate, the premium, if any, on, and any Additional Amounts in respect of,
the Security. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Responsible Officer&#148; means
any officer of the Trustee in its Corporate Trust Office and also means, with
respect to a particular corporate trust matter, any other officer to whom any
corporate trust matter is referred because of his or her knowledge of and
familiarity with a particular subject. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;SEC&#148; means the Securities and
Exchange Commission. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Securities&#148; means the
debentures, notes or other debt instruments of the Company of any Series
authenticated and delivered under this Indenture. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Series&#148; or &#147;Series of
Securities&#148; means each series of debentures, notes or other debt instruments of
the Company created pursuant to Sections 2.1 and 2.2 hereof. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Stated Maturity&#148; when used
with respect to any Security or any installment of principal thereof or interest
thereon, means the date specified in such Security as the fixed date on which
the principal of such Security or such installment of principal or interest is
due and payable. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Subsidiary&#148; of any specified
person means any corporation, association or other business entity of which more
than 50% of the total voting power of shares of Capital Stock entitled (without
regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by such person or one or more of the other Subsidiaries
of that person or a combination thereof. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;TIA&#148; means the Trust
Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the
date of this Indenture; provided, however, that in the event the Trust Indenture
Act of 1939 is amended after such date, &#147;TIA&#148; means, to the extent required by
any such amendment, the Trust Indenture Act as so amended. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Trustee&#148; means the person
named as the &#147;Trustee&#148; in the first paragraph of this instrument until a
successor Trustee shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter &#147;Trustee&#148; shall mean each person who is then a
Trustee hereunder, and if at any time there is more than one such person,
&#147;Trustee&#148; as used with respect to the Securities of any Series shall mean the
Trustee with respect to Securities of that Series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;U.S. Government Obligations&#148;
means securities which are (a) direct obligations of the United States of
America for the payment of which its full faith and credit is pledged or (b)
obligations of a person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United
States of America, and which in the case of (a) and (b) are not callable or
redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect
to any such U.S. Government Obligation or a specific payment of interest on or
principal of any such U.S. Government Obligation held by such custodian for the
account of the holder of a depository receipt, provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by the
custodian in respect of the U.S. Government Obligation evidenced by such
depository receipt.</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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1.2 </FONT><U><FONT face="Times New Roman" size=2>Other Definitions.</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><B><FONT face="Times New Roman" size=1>Term</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%"><B><FONT face="Times New Roman" size=1>Defined in Section</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#147;Bankruptcy Law&#148;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6.1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>&#147;Custodian&#148;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>6.1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#147;Event of Default&#148;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6.1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>&#147;Legal Holiday&#148;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>10.7</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#147;mandatory sinking fund payment&#148;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11.1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>&#147;optional sinking fund payment&#148;</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>11.1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#147;Paying Agent&#148;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>&#147;Registrar&#148;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2.4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#147;Service Agent&#148;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>&#147;successor person</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>5.1</FONT></TD></TR></TABLE></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1.3 </FONT><U><FONT face="Times New Roman" size=2>Incorporation by Reference of Trust Indenture
Act</FONT></U><FONT face="Times New Roman" size=2>. Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in
and made a part of this Indenture. The following TIA terms used in this
Indenture have the following meanings: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Commission&#148; means the SEC.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;indenture securities&#148; means
the Securities. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;indenture security holder&#148;
means a Securityholder. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;indenture to be qualified&#148;
means this Indenture. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;indenture trustee&#148; or
&#147;institutional trustee&#148; means the Trustee. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;obligor&#148; on the indenture
securities means the Company and any successor obligor upon the Securities.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All other terms used in this
Indenture that are defined by the TIA, defined by TIA reference to another
statute or defined by SEC rule under the TIA and not otherwise defined herein
are used herein as so defined. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 1.4 </FONT><U><FONT face="Times New Roman" size=2>Rules Of Construction</FONT></U><FONT face="Times New Roman" size=2>. Unless the context otherwise requires:
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) a term has the meaning
assigned to it; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) an accounting term not
otherwise defined has the meaning assigned to it in accordance with generally
accepted accounting principles; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) references to &#147;generally
accepted accounting principles&#148; and &#147;GAAP&#148; shall mean generally accepted
accounting principles, consistently applied, in effect as of the time when and
for the period as to which such accounting principles are to be applied;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) &#147;or&#148; is not exclusive;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(e) words in the singular
include the plural, and in the plural include the singular; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(f) provisions apply to
successive events and transactions. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
II</FONT></B><FONT face="Times New Roman" size=2> <BR></FONT><B><FONT face="Times New Roman" size=2>THE SECURITIES</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.1 </FONT><U><FONT face="Times New Roman" size=2>Issuable In Series</FONT></U><FONT face="Times New Roman" size=2>. The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited. The
Securities may be issued in one or more Series. All Securities of a Series shall
be identical except as may be set forth or determined in the manner provided in
a Board Resolution, supplemental indenture or Officers&#146; Certificate detailing
the adoption of the terms thereof pursuant to authority granted under a Board
Resolution. In the case of Securities of a Series to be issued from time to
time, the Board Resolution, Officers&#146; Certificate or supplemental indenture
detailing the adoption of the terms thereof pursuant to authority granted under
a Board Resolution may provide for the method by which specified terms (such as
interest rate, maturity date, record date or date from which interest shall
accrue) are to be determined. Securities may differ between Series in respect of
any matters, provided that all Series of Securities shall be equally and ratably
entitled to the benefits of the Indenture.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4&nbsp;</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.2 </FONT><U><FONT face="Times New Roman" size=2>Establishment Of Terms Of Series Of
Securities</FONT></U><FONT face="Times New Roman" size=2>. At or prior to the
issuance of any Securities within a Series, the following shall be established
(as to the Series generally, in the case of Subsection 2.2(a) and either as to
such Securities within the Series or as to the Series generally, in the case of
Subsections 2.2(b) through 2.2(q)) by or pursuant to a Board Resolution, and set
forth or determined in the manner provided in a Board </FONT><FONT face="Times New Roman" size=2>Resolution, supplemental indenture or an Officers&#146;
Certificate: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) the title of the Series
(which shall distinguish the Securities of that particular Series from the
Securities of any other Series); </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) the price or prices
(expressed as a percentage of the principal amount thereof) at which the
Securities of the Series will be issued; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) any limit upon the
aggregate principal amount of the Securities of the Series which may be
authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8,
2.11, 3.6 or 9.6); </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) the date or dates on which
the principal of the Securities of the Series is payable; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(e) the rate or rates (which
may be fixed or variable) per annum or, if applicable, the method used to
determine such rate or rates (including, but not limited to, any commodity,
commodity index, stock exchange index or financial index) at which the
Securities of the Series shall bear interest, if any, the date or dates from
which such interest, if any, shall accrue, the date or dates on which such
interest, if any, shall commence and be payable and any regular record date for
the interest payable on any interest payment date; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(f) the place or places where
the principal of and interest, if any, on the Securities of the Series shall be
payable, where the Securities of such Series may be surrendered for registration
of transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of such Series and this Indenture may be served, and
the method of such payment, if by wire transfer, mail or other means;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(g) if applicable, the period
or periods within which, the price or prices at which and the terms and
conditions upon which the Securities of the Series may be redeemed, in whole or
in part, at the option of the Company; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(h) the obligation, if any, of
the Company to redeem or purchase the Securities of the Series pursuant to any
sinking fund or analogous provisions or at the option of a Holder thereof and
the period or periods within which, the price or prices at which and the terms
and conditions upon which Securities of the Series shall be redeemed or
purchased, in whole or in part, pursuant to such obligation; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(i) the dates, if any, on
which and the price or prices at which the Securities of the Series will be
repurchased by the Company at the option of the Holders thereof and other
detailed terms and provisions of such repurchase obligations; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(j) if other than
denominations of $1,000 and any integral multiple thereof, the denominations in
which the Securities of the Series shall be issuable; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(k) the forms of the
Securities of the Series in bearer or fully registered form (and, if in fully
registered form, whether the Securities will be issuable as Global Securities);
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(l) if other than the entire
principal amount thereof, the portion of the principal amount of the Securities
of the Series that shall be payable upon declaration of acceleration of the
maturity thereof pursuant to Section 6.2; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(m) the provisions, if any,
relating to any lien, security or encumbrance provided for the Securities of the
Series;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5&nbsp;</FONT></P>
<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>(n) any addition to or change
in the Events of Default which applies to any Securities of the Series and any
change in the right of the Trustee or the requisite Holders of such Securities
to declare the principal amount thereof due and payable pursuant to Section 6.2;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(o) any addition to or change
in the covenants set forth in Articles IV or V which applies to Securities of
the Series; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(p) any other terms of the
Securities of the Series (which may modify or delete any provision of this
Indenture insofar as it applies to such Series); and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(q) any depositories, interest
rate calculation agents, exchange rate calculation agents or other agents with
respect to Securities of such Series if other than those appointed herein.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All Securities of any one
Series need not be issued at the same time and may be issued from time to time,
consistent with the terms of this Indenture, if so provided by or pursuant to
the Board Resolution, supplemental indenture hereto or Officers&#146; Certificate
referred to above, and the authorized principal amount of any Series may not be
increased to provide for issuances of additional Securities of such Series,
unless otherwise provided in such Board Resolution, supplemental indenture or
Officers&#146; Certificate. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.3 </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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Two Officers shall sign the
Securities for the Company by manual or facsimile signature. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If an Officer whose signature
is on a Security no longer holds that office at the time the Security is
authenticated, the Security shall nevertheless be valid. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A Security shall not be valid
until authenticated by the manual signature of the Trustee or an authenticating
agent. Such a signature shall be conclusive evidence that the Security has been
authenticated under this Indenture. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee shall at any time,
and from time to time, authenticate Securities for original issue in the
principal amount provided in the Board Resolution, supplemental indenture hereto
or Officers&#146; Certificate, upon receipt by the Trustee of a Company Order. Such
Company Order may authorize authentication and delivery pursuant to oral or
electronic instructions from the Company or its duly authorized agent or agents,
which oral instructions shall be promptly confirmed in writing. Each Security
shall be dated the date of its authentication unless otherwise provided by a
Board Resolution, a supplemental indenture hereto or an Officers&#146; Certificate.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The aggregate principal amount
of Securities of any Series outstanding at any time may not exceed any limit
upon the maximum principal amount for such Series set forth in the Board
Resolution, supplemental indenture hereto or Officers&#146; Certificate delivered
pursuant to Section 2.2, except as provided in Section 2.8. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Prior to the issuance of
Securities of any Series, the Trustee shall have received and (subject to
Section 7.2) shall be fully protected in relying on: (a) the Board Resolution,
supplemental indenture hereto or Officers&#146; Certificate establishing the form of
the Securities of that Series or of Securities within that Series and the terms
of the Securities of that Series or of Securities within that Series, (b) an
Officers&#146; Certificate complying with Section 10.4, and (c) an Opinion of Counsel
complying with Section 10.4. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee shall have the
right to decline to authenticate and deliver any Securities of such Series: (a)
if the Trustee, being advised by counsel, determines that such action may not be
taken lawfully; or (b) if the Trustee in good faith by its board of directors or
trustees, executive committee or a trust committee of directors and/or Vice
Presidents shall determine that such action would expose the Trustee to personal
liability to Holders of any then outstanding Series of Securities. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee may appoint an
authenticating agent acceptable to the Company to authenticate Securities. An
authenticating agent may authenticate Securities whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights as an
Agent to deal with the Company or an Affiliate of the Company.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>6&nbsp;</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.4 </FONT><U><FONT face="Times New Roman" size=2>Registrar and Paying Agent</FONT></U><FONT face="Times New Roman" size=2>. The Company shall maintain, with respect to each
Series of Securities, at the place or places specified with respect to such
Series pursuant to Section 2.2, an office or agency where Securities of such
Series may be presented or surrendered for payment (&#147;Paying Agent&#148;), where
Securities of such Series may be surrendered for registration of transfer or
exchange (&#147;Registrar&#148;) and where notices and demands to or upon the Company in
respect of the Securities of such Series and this Indenture may be served
(&#147;Service Agent&#148;). The Registrar shall keep a register with respect to each
Series of Securities and to their transfer and exchange. The Company will give
prompt written notice to the Trustee of the name and address, and any change in
the name or address, of each Registrar, Paying Agent or Service Agent. If at any
time the Company shall fail to maintain any such required Registrar, Paying
Agent or Service Agent or shall fail to furnish the Trustee with the name and
address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, and the Company hereby
appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may also from time
to time designate one or more co-registrars, additional paying agents or
additional service agents and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligations to maintain a Registrar, Paying Agent and
Service Agent in each place so specified pursuant to Section 2.2 for Securities
of any Series for such purposes. The Company will give prompt written notice to
the Trustee of any such designation or rescission and of any change in the name
or address of any such co-registrar, additional paying agent or additional
service agent. The term &#147;Registrar&#148; includes any co-registrar; the term &#147;Paying
Agent&#148; includes any additional paying agent; and the term &#147;Service Agent&#148;
includes any additional service agent. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company hereby appoints
the Trustee as the initial Registrar, Paying Agent and Service Agent for each
Series unless another Registrar, Paying Agent or Service Agent, as the case may
be, is appointed prior to the time Securities of that Series are first issued.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.5 </FONT><U><FONT face="Times New Roman" size=2>Paying Agent to Hold Money in
Trust</FONT></U><FONT face="Times New Roman" size=2>. The Company shall require
each Paying Agent other than the Trustee to agree in writing that the Paying
Agent will hold in trust, for the benefit of Securityholders of any Series of
Securities, or the Trustee, all money held by the Paying Agent for the payment
of principal of or interest on the Series of Securities, and will notify the
Trustee of any default by the Company in making any such payment. While any such
default continues, the Trustee may require a Paying Agent to pay all money held
by it to the Trustee. The Company at any time may require a Paying Agent to pay
all money held by it to the Trustee. Upon payment over to the Trustee, the
Paying Agent (if other than the Company or a Subsidiary of the Company) shall
have no further liability for the money. If the Company or a Subsidiary of the
Company acts as Paying Agent, it shall segregate and hold in a separate trust
fund for the benefit of Securityholders of any Series of Securities all money
held by it as Paying Agent. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.6 </FONT><U><FONT face="Times New Roman" size=2>Securityholder Lists</FONT></U><FONT face="Times New Roman" size=2>. The Trustee shall preserve in as current a form
as is reasonably practicable the most recent list available to it of the names
and addresses of Securityholders of each Series of Securities and shall
otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar,
the Company shall furnish to the Trustee at least ten days before each interest
payment date and at such other times as the Trustee may request in writing a
list, in such form and as of such date as the Trustee may reasonably require, of
the names and addresses of Securityholders of each Series of Securities.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.7 </FONT><U><FONT face="Times New Roman" size=2>Transfer and Exchange</FONT></U><FONT face="Times New Roman" size=2>. Where Securities of a Series are presented to
the Registrar or a co-registrar with a request to register a transfer or to
exchange them for an equal principal amount of Securities of the same Series,
the Registrar shall register the transfer or make the exchange if its
requirements for such transactions are met. To permit registrations of transfers
and exchanges, the Trustee shall authenticate Securities at the Registrar&#146;s
request. No service charge shall be made for any registration of transfer or
exchange (except as otherwise expressly permitted herein), but the Company may
require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such
transfer tax or similar governmental charge payable upon exchanges pursuant to
Sections 2.11, 3.6 or 9.6). </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Neither the Company nor the
Registrar shall be required (a) to issue, register the transfer of, or exchange
Securities of any Series for the period beginning at the opening of business 15
days immediately preceding the mailing of a notice of redemption of Securities
of that Series selected for redemption and ending at the close of business on
the day of such mailing, or (b) to register the transfer of or exchange
Securities of any Series selected, called or being called for redemption as a
whole or the portion being redeemed of any such Securities selected, called or
being called for redemption in part.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7&nbsp;</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.8 </FONT><U><FONT face="Times New Roman" size=2>Mutilated, Destroyed, Lost and Stolen
Securities</FONT></U><FONT face="Times New Roman" size=2>. If any mutilated
Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and make available for delivery in exchange therefor
a new Security of the same Series and of like tenor and principal amount and
bearing a number not contemporaneously outstanding. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If there shall be delivered to
the Company and the Trustee (a) evidence to their satisfaction of the
destruction, loss or theft of any Security and (b) such security or indemnity as
may be required by them to save each of them and any agent of either of them
harmless, then, in the absence of notice to the Company or the Trustee that such
Security has been acquired by a bona fide purchaser, the Company shall execute
and upon its request the Trustee shall authenticate and make available for
delivery, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same Series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new Security,
pay such Security. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon the issuance of any new
Security under this Section, the Company may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Trustee) connected therewith. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Every new Security of any
Series issued pursuant to this Section in lieu of any destroyed, lost or stolen
Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any
time enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of that
Series duly issued hereunder. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The provisions of this Section
are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.9 </FONT><U><FONT face="Times New Roman" size=2>Outstanding Securities</FONT></U><FONT face="Times New Roman" size=2>. The Securities outstanding at any time are all
the Securities authenticated by the Trustee except for those canceled by it,
those delivered to it for cancellation, those reductions in the interest on a
Global Security effected by the Trustee in accordance with the provisions hereof
and those described in this Section as not outstanding. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If a Security is replaced
pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives
proof satisfactory to it that the replaced Security is held by a bona fide
purchaser. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the Paying Agent (other
than the Company, a Subsidiary of the Company or an Affiliate of the Company)
holds on the Maturity of Securities of a Series money sufficient to pay such
Securities payable on that date, then on and after that date such Securities of
the Series cease to be outstanding and interest on them ceases to accrue (to the
extent of the Maturity of such Security if less than the entire principal amount
is due and payable on such date of Maturity). </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A Security does not cease to
be outstanding because the Company or an Affiliate of the Company holds the
Security. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In determining whether the
Holders of the requisite principal amount of outstanding Securities have given
any request, demand, authorization, direction, notice, consent or waiver
hereunder, the principal amount of a Discount Security that shall be deemed to
be outstanding for such purposes shall be the amount of the principal thereof
that would be due and payable as of the date of such determination upon a
declaration of acceleration of the Maturity thereof pursuant to Section 6.2.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.10 </FONT><U><FONT face="Times New Roman" size=2>Treasury Securities</FONT></U><FONT face="Times New Roman" size=2>. In determining whether the Holders of the
required principal amount of Securities of a Series have concurred in any
request, demand, authorization, direction, notice, consent or waiver, Securities
of a Series owned by the Company shall be disregarded, except that for the
purposes of determining whether the Trustee shall be protected in relying on any
such request, demand, authorization, direction, notice, consent or waiver, only
Securities of a Series that the Trustee knows are so owned shall be so
disregarded.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>8 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.11 </FONT><U><FONT face="Times New Roman" size=2>Temporary Securities</FONT></U><FONT face="Times New Roman" size=2>. Until definitive Securities are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary
Securities upon a Company Order. Temporary Securities shall be substantially in
the form of definitive Securities but may have variations that the Company
considers appropriate for temporary Securities. Without unreasonable delay, the
Company shall prepare and the Trustee upon request shall authenticate definitive
Securities of the same Series and Stated Maturity in exchange for temporary
Securities. Until so exchanged, temporary Securities shall have the same rights
under this Indenture as the definitive Securities. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.12 </FONT><U><FONT face="Times New Roman" size=2>Cancellation</FONT></U><FONT face="Times New Roman" size=2>. The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and the Paying Agent shall
forward to the Trustee any Securities surrendered to them for registration of
transfer, exchange or payment. The Trustee shall cancel all Securities
surrendered for transfer, exchange, payment, replacement or cancellation and
deliver such canceled Securities to the Company, unless the Company otherwise
directs; provided that the Trustee shall not be required to destroy Securities.
The Company may not issue new Securities to replace Securities that it has paid
or delivered to the Trustee for cancellation. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.13 </FONT><U><FONT face="Times New Roman" size=2>Defaulted Interest</FONT></U><FONT face="Times New Roman" size=2>. If the Company defaults in a payment of interest
on a Series of Securities, it shall pay the defaulted interest, plus, to the
extent permitted by law, any interest payable on the defaulted interest, to the
persons who are Securityholders of the Series on a subsequent special record
date. The Company shall fix the record date and payment date. At least 10 days
before the record date, the Company shall mail to the Trustee and to each
Securityholder of the Series a notice that states the record date, the payment
date and the amount of interest to be paid. The Company may pay defaulted
interest in any other lawful manner. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.14 </FONT><U><FONT face="Times New Roman" size=2>Global Securities</FONT></U><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) </FONT><I><FONT face="Times New Roman" size=2>Terms Of Securities</FONT></I><FONT face="Times New Roman" size=2>. A Board Resolution, a supplemental indenture
hereto or an Officers&#146; Certificate shall establish whether the Securities of a
Series shall be issued in whole or in part in the form of one or more Global
Securities and the Depository for such Global Security or Securities.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) </FONT><I><FONT face="Times New Roman" size=2>Transfer And Exchange</FONT></I><FONT face="Times New Roman" size=2>. Notwithstanding any provisions to the contrary
contained in Section 2.7 hereof and in addition thereto, any Global Security
shall be exchangeable pursuant to Section 2.7 hereof for Securities registered
in the names of Holders other than the Depository for such Security or its
nominee only if (i) such Depository notifies the Company that it is unwilling or
unable to continue as Depository for such Global Security or if at any time such
Depository ceases to be a clearing agency registered under the Exchange Act,
and, in either case, the Company fails to appoint a successor Depository
registered as a clearing agency under the Exchange Act within 90 days of such
event, (ii) the Company executes and delivers to the Trustee an Officers&#146;
Certificate to the effect that such Global Security shall be so exchangeable or
(iii) an Event of Default with respect to the Securities represented by such
Global Security shall have happened and be continuing. Any Global Security that
is exchangeable pursuant to the preceding sentence shall be exchangeable for
Securities registered in such names as the Depository shall direct in writing in
an aggregate principal amount equal to the principal amount of the Global
Security with like tenor and terms. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as provided in this
Section 2.14(b), a Global Security may not be transferred except as a whole by
the Depository with respect to such Global Security to a nominee of such
Depository, by a nominee of such Depository to such Depository or another
nominee of such Depository or by the Depository or any such nominee to a
successor Depository or a nominee of such a successor Depository. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) </FONT><I><FONT face="Times New Roman" size=2>Legend</FONT></I><FONT face="Times New Roman" size=2>. Any Global Security issued hereunder shall bear a legend in
substantially the following form: </FONT></P>
<P style="padding-left: 60pt" align=left><FONT face="Times New Roman" size=2>&#147;This Security is a Global
Security within the meaning of the Indenture hereinafter referred to and is
registered in the name of the Depository or a nominee of the Depository. This
Security is exchangeable for Securities registered in the name of a person other
than the Depository or its nominee only in the limited circumstances described
in the Indenture, and may not be transferred except as a whole by the Depository
to a nominee of the Depository, by a nominee of the Depository to the Depository
or another nominee of the Depository or by the Depository or any such nominee to
a successor Depository or a nominee of such a successor Depository.&#148;</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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) </FONT><I><FONT face="Times New Roman" size=2>Acts Of Holders</FONT></I><FONT face="Times New Roman" size=2>. The Depository, as a Holder, may appoint agents
and otherwise authorize participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder
is entitled to give or take under the Indenture. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(e) </FONT><I><FONT face="Times New Roman" size=2>Payments</FONT></I><FONT face="Times New Roman" size=2>. Notwithstanding the other provisions of this Indenture, unless
otherwise specified as contemplated by Section 2.2, payment of the principal of
and interest, if any, on any Global Security shall be made to the Holder
thereof. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(f) </FONT><I><FONT face="Times New Roman" size=2>Consents, Declaration And
Directions</FONT></I><FONT face="Times New Roman" size=2>. Except as provided in
Section 2.14(e), the Company, the Trustee and any Agent shall treat a person as
the Holder of such principal amount of outstanding Securities of such Series
represented by a Global Security as shall be specified in a written statement of
the Depository with respect to such Global Security, for purposes of obtaining
any consents, declarations, waivers or directions required to be given by the
Holders pursuant to this Indenture. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 2.15 </FONT><U><FONT face="Times New Roman" size=2>CUSIP Numbers</FONT></U><FONT face="Times New Roman" size=2>. The Company in issuing the Securities may use
&#147;CUSIP&#148; numbers (if then generally in use), and, if so, the Trustee shall use
&#147;CUSIP&#148; numbers in notices of redemption as a convenience to Holders; provided
that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Securities or as contained
in any notice of a redemption and that reliance may be placed only on the other
elements of identification printed on the Securities, and any such redemption
shall not be affected by any defect in or omission of such numbers. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
III</FONT></B><FONT face="Times New Roman" size=2> <BR></FONT><B><FONT face="Times New Roman" size=2>REDEMPTION</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 3.1 </FONT><U><FONT face="Times New Roman" size=2>Notice To Trustee</FONT></U><FONT face="Times New Roman" size=2>. The Company may, with respect to any Series of
Securities, reserve the right to redeem and pay the Series of Securities or may
covenant to redeem and pay the Series of Securities or any part thereof prior to
the Stated Maturity thereof at such time and on such terms as provided for in
such Securities. If a Series of Securities is redeemable and the Company wants
or is obligated to redeem prior to the Stated Maturity thereof all or part of
the Series of Securities pursuant to the terms of such Securities, it shall
notify the Trustee of the redemption date and the principal amount of Series of
Securities to be redeemed. The Company shall give the notice at least 45 days
before the redemption date (or such shorter notice as may be acceptable to the
Trustee). </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 3.2 </FONT><U><FONT face="Times New Roman" size=2>Selection of Securities to be
Redeemed</FONT></U><FONT face="Times New Roman" size=2>. Unless otherwise
indicated for a particular Series by a Board Resolution, a supplemental
indenture or an Officers&#146; Certificate, if less than all the Securities of a
Series are to be redeemed, the Trustee shall select the Securities of the Series
to be redeemed in any manner that the Trustee deems fair and appropriate. The
Trustee shall make the selection from Securities of the Series outstanding not
previously called for redemption. The Trustee may select for redemption portions
of the principal of Securities of the Series that have denominations larger than
$1,000. Securities of the Series and portions of them it selects shall be in
amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of
any Series issuable in other denominations pursuant to Section 2.2(j), the
minimum principal denomination for each Series and integral multiples thereof.
Provisions of this Indenture that apply to Securities of a Series called for
redemption also apply to portions of Securities of that Series called for
redemption. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 3.3 </FONT><U><FONT face="Times New Roman" size=2>Notice of Redemption</FONT></U><FONT face="Times New Roman" size=2>. Unless otherwise indicated for a particular
Series by Board Resolution, a supplemental indenture hereto or an Officers&#146;
Certificate, at least 30 days but not more than 60 days before a redemption
date, the Company shall mail a notice of redemption by first-class mail to each
Holder whose Securities are to be redeemed and, if any Bearer Securities are
outstanding, publish on one occasion a notice in an Authorized Newspaper.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The notice shall identify the
Securities of the Series to be redeemed and shall state: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) the redemption date;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) the redemption price;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) the name and address of
the Paying Agent;</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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) that Securities of the
Series called for redemption must be surrendered to the Paying Agent to collect
the redemption price; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(e) that interest on
Securities of the Series called for redemption ceases to accrue on and after the
redemption date; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(f) the CUSIP number, if any;
and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(g) any other information as
may be required by the terms of the particular Series or the Securities of a
Series being redeemed. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>At the Company&#146;s request, the
Trustee shall give the notice of redemption in the Company&#146;s name and at its
expense. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 3.4 </FONT><U><FONT face="Times New Roman" size=2>Effect of Notice of Redemption</FONT></U><FONT face="Times New Roman" size=2>. Once notice of redemption is mailed or published
as provided in Section 3.3, Securities of a Series called for redemption become
due and payable on the redemption date and at the redemption price. A notice of
redemption may not be conditional. Upon surrender to the Paying Agent, such
Securities shall be paid at the redemption price plus accrued interest to the
redemption date, provided that installments of interest whose Stated Maturity is
on or prior to the redemption date shall be payable to the Holders of such
Securities (or one or more predecessor Securities) registered at the close of
business on the relevant record date therefor according to their terms and the
terms of this Indenture. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 3.5 </FONT><U><FONT face="Times New Roman" size=2>Deposit of Redemption Price</FONT></U><FONT face="Times New Roman" size=2>. On or before the redemption date, the Company
shall deposit with the Paying Agent money sufficient to pay the redemption price
of and accrued interest, if any, on all Securities to be redeemed on that date.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 3.6 </FONT><U><FONT face="Times New Roman" size=2>Securities Redeemed in Part</FONT></U><FONT face="Times New Roman" size=2>. Upon surrender of a Security that is redeemed in
part, the Trustee shall authenticate for the Holder a new Security of the same
Series and the same maturity equal in principal amount to the unredeemed portion
of the Security surrendered. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
IV</FONT></B><FONT face="Times New Roman" size=2> <BR></FONT><B><FONT face="Times New Roman" size=2>COVENANTS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 4.1 </FONT><U><FONT face="Times New Roman" size=2>Payment of Principal and Interest</FONT></U><FONT face="Times New Roman" size=2>. The Company covenants and agrees for the benefit
of the Holders of each Series of Securities that it will duly and punctually pay
the principal of and interest, if any, on the Securities of that Series in
accordance with the terms of such Securities and this Indenture. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 4.2 </FONT><U><FONT face="Times New Roman" size=2>SEC Reports</FONT></U><FONT face="Times New Roman" size=2>. The Company shall deliver to the Trustee within 15 days after it files
them with the SEC copies of the annual reports and of the information,
documents, and other reports (or copies of such portions of any of the foregoing
as the SEC may by rules and regulations prescribe) which the Company is required
to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The
Company also shall comply with the other provisions of TIA Section 314(a).
Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee&#146;s receipt of such shall 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 an Officers&#146; Certificate). </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 4.3 </FONT><U><FONT face="Times New Roman" size=2>Compliance Certificate</FONT></U><FONT face="Times New Roman" size=2>. The Company shall deliver to the Trustee, within
120 days after the end of each fiscal year of the Company, an Officers&#146;
Certificate stating that a review of the activities of the Company and its
Subsidiaries during the preceding fiscal year has been made under the
supervision of the signing Officers with a view to determining whether the
Company has kept, observed, performed and fulfilled its obligations under this
Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his/her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this
Indenture and is not in default in the performance or observance of any of the
terms, provisions and conditions hereof (or, if a Default or Event of Default
shall have occurred, describing all such Defaults or Events of Default of which
he may have knowledge).</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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will, so long as
any of the Securities are outstanding, deliver to the Trustee, forthwith upon
becoming aware of any Default or Event of Default, an Officers&#146; Certificate
specifying such Default or Event of Default and what action the Company is
taking or proposes to take with respect thereto. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 4.4 </FONT><U><FONT face="Times New Roman" size=2>Stay, Extension and Usury Laws</FONT></U><FONT face="Times New Roman" size=2>. The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension
or usury law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture or the Securities and
the Company (to the extent it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law and covenants that it will not, by resort
to any such law, hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law has been enacted. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 4.5 </FONT><U><FONT face="Times New Roman" size=2>Corporate Existence</FONT></U><FONT face="Times New Roman" size=2>. Subject to Article V, the Company will do or
cause to be done all things necessary to preserve and keep in full force and
effect its corporate existence and the rights (charter and statutory), licenses
and franchises of the Company; provided, however, that the Company shall not be
required to preserve any such right, license or franchise if the Board of
Directors shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Company and its Subsidiaries taken as a
whole and that the loss thereof is not adverse in any material respect to the
Holders. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 4.6 </FONT><U><FONT face="Times New Roman" size=2>Taxes</FONT></U><FONT face="Times New Roman" size=2>. The Company shall pay prior to delinquency all taxes, assessments and
governmental levies, except as contested in good faith and by appropriate
proceedings. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE V</FONT></B><FONT face="Times New Roman" size=2> <BR></FONT><B><FONT face="Times New Roman" size=2>SUCCESSORS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 5.1 </FONT><U><FONT face="Times New Roman" size=2>When Company May Merge, Etc.</FONT></U><FONT face="Times New Roman" size=2> The Company shall not consolidate with or merge
with or into, or convey, transfer or lease all or substantially all of its
properties and assets to, any person (a &#147;successor person&#148;) unless: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) the Company is the
surviving corporation or the successor person (if other than the Company) is a
corporation organized and validly existing under the laws of any U.S. domestic
jurisdiction and expressly assumes the Company&#146;s obligations on the Securities
and under this Indenture; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) immediately after giving
effect to the transaction, no Default or Event of Default shall have occurred
and be continuing. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company shall deliver to
the Trustee prior to the consummation of the proposed transaction an Officers&#146;
Certificate to the foregoing effect and an Opinion of Counsel stating that the
proposed transaction and any supplemental indenture comply with this Indenture.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 5.2 </FONT><U><FONT face="Times New Roman" size=2>Successor Corporation Substituted</FONT></U><FONT face="Times New Roman" size=2>. Upon any consolidation or merger, or any sale,
lease, conveyance or other disposition of all or substantially all of the assets
of the Company in accordance with Section 5.1, the successor corporation formed
by such consolidation or into or with which the Company is merged or to which
such sale, lease, conveyance or other disposition is made shall 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 has been named
as the Company herein; provided, however, that the predecessor Company in the
case of a sale, conveyance or other disposition (other than a lease) shall be
released from all obligations and covenants under this Indenture and the
Securities. </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=center><B><FONT face="Times New Roman" size=2>ARTICLE
VI<BR></FONT></B><B><FONT face="Times New Roman" size=2>DEFAULTS AND
REMEDIES</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 6.1 </FONT><U><FONT face="Times New Roman" size=2>Events of Default</FONT></U><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Event of Default,&#148; wherever
used herein with respect to Securities of any Series, means any one of the
following events, unless in the establishing Board Resolution, supplemental
indenture or Officers&#146; Certificate, it is provided that such Series shall not
have the benefit of said Event of Default: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) default in the payment of
any interest on any Security of that Series when it becomes due and payable, and
continuance of such default for a period of 30 days (unless the entire amount of
such payment is deposited by the Company with the Trustee or with a Paying Agent
prior to the expiration of such period of 30 days); </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) default in the payment of
principal of any Security of that Series at its Maturity; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) default in the deposit of
any sinking fund payment, when and as due in respect of any Security of that
Series; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) default in the performance
or breach of any covenant or warranty of the Company in this Indenture (other
than a covenant or warranty for which the consequences of nonperformance or
breach are addressed elsewhere in this Section 6.1 and other than a covenant or
warranty that has been included in this Indenture solely for the benefit of
Series of Securities other than that Series), which default continues uncured
for a period of 60 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of not less than a majority in principal amount of the outstanding
Securities of that Series a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a &#147;Notice of
Default&#148; hereunder; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(e) the Company pursuant to or
within the meaning of any Bankruptcy Law: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>i. commences a voluntary case,
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>ii. consents to the entry of
an order for relief against it in an involuntary case, </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>iii. consents to the
appointment of a Custodian of it or for all or substantially all of its
property, </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>iv. makes a general assignment
for the benefit of its creditors, or </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>v. generally is unable to pay
its debts as the same become due; or </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(f) a court of competent
jurisdiction enters an order or decree under any Bankruptcy Law that:</FONT></P>

<P STYLE="text-align: left; text-indent: 30pt"><FONT face="Times New Roman" size=2>i. is for
relief against the Company in an involuntary case,</FONT></P>

<P STYLE="text-align: left; text-indent: 30pt"><FONT face="Times New Roman" size=2>ii. appoints a Custodian of
the Company or for all or substantially all of its property, or</FONT></P>

<P STYLE="text-align: left; text-indent: 30pt"><FONT face="Times New Roman" size=2>iii. orders the
liquidation of the Company, and the order or decree remains unstayed and in
effect for 60 days; or</FONT></P>

<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(g) any other Event of Default provided with respect to
Securities of that Series, which is specified in a Board Resolution, a
supplemental indenture hereto or an Officers&#146; Certificate, in accordance with
Section 2.2(n). </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The term &#147;Bankruptcy Law&#148;
means title 11, U.S. Code or any similar Federal or State law for the relief of
debtors. The term &#147;Custodian&#148; means any receiver, trustee, assignee, liquidator
or similar official under any Bankruptcy Law. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 6.2 </FONT><U><FONT face="Times New Roman" size=2>Acceleration of Maturity; Rescission and
Annulment</FONT></U><FONT face="Times New Roman" size=2>. If an Event of Default
with respect to Securities of any Series at the time outstanding occurs and is
continuing (other than an Event of Default referred to in Section 6.1(e) or
(f)), then in every such case the Trustee or the Holders of not less than a
majority in principal amount of the outstanding Securities of that Series may
declare the principal amount (or, if any Securities of that Series are Discount
Securities, such portion of the principal amount as may be specified in the
terms of such Securities) of and accrued and unpaid interest, if any, on all of
the Securities of that Series to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by Holders), and upon any
such declaration such principal amount (or portion thereof) and accrued and
unpaid interest, if any, shall become immediately due and payable. If an Event
of Default specified in Section 6.1(e) or (f) shall occur, the principal amount
(or portion thereof) of and accrued and unpaid interest, if any, on all
outstanding Securities shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any
Holder.</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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>At any time after such a
declaration of acceleration with respect to any Series has been made and before
a judgment or decree for payment of the money due has been obtained by the
Trustee as hereinafter in this Article provided, the Holders of a majority in
principal amount of the outstanding Securities of that Series, by written notice
to the Company and the Trustee, may rescind and annul such declaration and its
consequences if all Events of Default with respect to Securities of that Series,
other than the non-payment of the principal and interest, if any, of Securities
of that Series which have become due solely by such declaration of acceleration,
have been cured or waived as provided in Section 6.13. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No such rescission shall
affect any subsequent Default or impair any right consequent thereon.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 6.3 </FONT><U><FONT face="Times New Roman" size=2>Collection Of Indebtedness And Suits For
Enforcement By Trustee</FONT></U><FONT face="Times New Roman" size=2>. The
Company covenants that if: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) default is made in the
payment of any interest on any Security when such interest becomes due and
payable and such default continues for a period of 30 days, </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) default is made in the
payment of principal of any Security at the Maturity thereof, or </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) default is made in the
deposit of any sinking fund payment when and as due by the terms of a Security,
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>then, the Company will, upon
demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities, the whole amount then due and payable on such Securities for
principal and interest and, to the extent that payment of such interest shall be
legally enforceable, interest on any overdue principal and any overdue interest
at the rate or rates prescribed therefor in such Securities, and, in addition
thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the Company fails to pay
such amounts forthwith upon such demand, the Trustee, in its own name and as
trustee of an express trust, may institute a judicial proceeding for the
collection of the sums so due and unpaid, may prosecute such proceeding to
judgment or final decree and may enforce the same against the Company or any
other obligor upon such Securities and collect the moneys adjudged or deemed to
be payable in the manner provided by law out of the property of the Company or
any other obligor upon such Securities, wherever situated. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If an Event of Default with
respect to any Securities of any Series occurs and is continuing, the Trustee
may in its discretion proceed to protect and enforce its rights and the rights
of the Holders of Securities of such Series by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any
such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 6.4 </FONT><U><FONT face="Times New Roman" size=2>Trustee May File Proofs Of Claim</FONT></U><FONT face="Times New Roman" size=2>. In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to the Company or any other
obligor upon the Securities or the property of the Company or of such other
obligor or their creditors, the Trustee (irrespective of whether the principal
of the Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made
any demand on the Company for the payment of overdue principal or interest)
shall be entitled and empowered, by intervention in such proceeding or
otherwise, (a) to file and prove a claim for the whole amount of principal and
interest owing and unpaid in respect of the Securities and to file such other
papers or documents as may be necessary or advisable in order to have the claims
of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the
Holders allowed in such judicial proceeding, and (b) to collect and receive any
moneys or other property payable or deliverable on any such claims and to
distribute the same, and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event
that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.7.</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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Nothing herein contained shall
be deemed to authorize the Trustee to authorize or consent to or accept or adopt
on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 6.5 </FONT><U><FONT face="Times New Roman" size=2>Trustee May Enforce Claims Without Possession Of
Securities</FONT></U><FONT face="Times New Roman" size=2>. All rights of action
and claims under this Indenture or the Securities may be prosecuted and enforced
by the Trustee without the possession of any of the Securities or the production
thereof in any proceeding relating thereto, and any such proceeding instituted
by the Trustee shall be brought in its own name as trustee of an express trust,
and any recovery of judgment shall, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, be for the ratable benefit of the Holders of the
Securities in respect of which such judgment has been recovered. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 6.6 </FONT><U><FONT face="Times New Roman" size=2>Application of Money Collected</FONT></U><FONT face="Times New Roman" size=2>. Any money collected by the Trustee pursuant to
this Article shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such money on account of
principal or interest, upon presentation of the Securities and the notation
thereon of the payment if only partially paid and upon surrender thereof if
fully paid: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>First: To the payment of all
amounts due the Trustee under Section 7.7; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Second: To the payment of the
amounts then due and unpaid for principal of and interest on the Securities in
respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal and interest, respectively; and
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Third: To the Company.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 6.7 </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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No Holder of any Security of
any Series shall have any right to institute any proceeding, judicial or
otherwise, with respect to this Indenture, or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) such Holder has previously
given written notice to the Trustee of a continuing Event of Default with
respect to the Securities of that Series; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) the Holders of at least a
majority in principal amount of the outstanding Securities of that Series shall
have made written request to the Trustee to institute proceedings in respect of
such Event of Default in its own name as Trustee hereunder; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) such Holder or Holders
have offered to the Trustee reasonable indemnity against the costs, expenses and
liabilities to be incurred in compliance with such request; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) the Trustee for 60 days
after its receipt of such notice, request and offer of indemnity has failed to
institute any such proceeding; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(e) no direction inconsistent
with such written request has been given to the Trustee during such 60-day
period by the Holders of a majority in principal amount of the outstanding
Securities of that Series; </FONT></P>
<P ALIGN="LEFT"><FONT face="Times New Roman" size=2>it being understood and
intended that no one or more of such Holders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other of such Holders, or to
obtain or to seek to obtain priority or preference over any other of such
Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and ratable benefit of all such Holders.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 6.8 </FONT><U><FONT face="Times New Roman" size=2>Unconditional Right of Holders to Receive
Principal and Interest</FONT></U><FONT face="Times New Roman" size=2>.
Notwithstanding any other provision in this Indenture, the Holder of any
Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Security on the Stated
Maturity or Stated Maturities expressed in such Security (or, in the case of
redemption, on the redemption date) and to institute suit for the enforcement of
any such payment, and such rights shall not be impaired without the consent of
such Holder.</FONT></P>
<P ALIGN="CENTER" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>15 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV STYLE="page-break-before: always; text-indent: 15pt"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 6.9 </FONT><U><FONT face="Times New Roman" size=2>Restoration of Rights and Remedies</FONT></U><FONT face="Times New Roman" size=2>. If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder, then and in every such
case, subject to any determination in such proceeding, the Company, the Trustee
and the Holders shall be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustee and
the Holders shall continue as though no such proceeding had been instituted.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 6.10 </FONT><U><FONT face="Times New Roman" size=2>Rights and Remedies Cumulative</FONT></U><FONT face="Times New Roman" size=2>. Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in
Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee
or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not, to the extent permitted by
law, prevent the concurrent assertion or employment of any other appropriate
right or remedy. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 6.11 </FONT><U><FONT face="Times New Roman" size=2>Delay or Omission Not Waiver</FONT></U><FONT face="Times New Roman" size=2>. No delay or omission of the Trustee or of any
Holder of any Securities to exercise any right or remedy accruing upon any Event
of Default shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein. Every right and remedy given
by this Article or by law to the Trustee or to the Holders may be exercised from
time to time, and as often as may be deemed expedient, by the Trustee or by the
Holders, as the case may be. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 6.12 </FONT><U><FONT face="Times New Roman" size=2>Control by Holders</FONT></U><FONT face="Times New Roman" size=2>. The Holders of a majority in principal amount of
the outstanding Securities of any Series shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred on the Trustee, with
respect to the Securities of such Series, provided that:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) such direction shall
not be in conflict with any rule of law or with this Indenture; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) the Trustee may take any
other action deemed proper by the Trustee which is not inconsistent with such
direction; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) subject to the provisions
of Section 6.1, the Trustee shall have the right to decline to follow any such
direction if the Trustee in good faith shall, by a Responsible Officer of the
Trustee, determine that the proceeding so directed would involve the Trustee in
personal liability. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 6.13 </FONT><U><FONT face="Times New Roman" size=2>Waiver Of Past Defaults</FONT></U><FONT face="Times New Roman" size=2>. The Holders of not less than a majority in
principal amount of the outstanding Securities of any Series may on behalf of
the Holders of all the Securities of such Series waive any past Default
hereunder with respect to such Series and its consequences, except a Default (a)
in the payment of the principal of or interest on any Security of such Series
(provided, however, that the Holders of a majority in principal amount of the
outstanding Securities of any Series may rescind an acceleration and its
consequences, including any related payment default that resulted from such
acceleration) or (b) in respect of a covenant or provision hereof which cannot
be modified or amended without the consent of the Holder of each outstanding
Security of such Series affected. Upon any such waiver, such Default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have
been cured, for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other Default or impair any right consequent thereon.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 6.14 </FONT><U><FONT face="Times New Roman" size=2>Undertaking For Costs</FONT></U><FONT face="Times New Roman" size=2>. All parties to this Indenture agree, and each
Holder of any Security by his acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of
any right or remedy under this Indenture, or in any suit against the Trustee for
any action taken, suffered or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that
such court may in its discretion assess reasonable costs, including reasonable
attorneys&#146; fees, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by the
Company, to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the outstanding Securities of any Series, or to any suit instituted by
any Holder for the enforcement of the payment of the principal of or interest on
any Security on or after the Stated Maturity or Stated Maturities expressed in
such Security (or, in the case of redemption, on the redemption
date).</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
VII<BR></FONT></B><B><FONT face="Times New Roman" size=2>TRUSTEE</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 7.1 </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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) If an Event of Default has
occurred and is continuing, the Trustee shall exercise the rights and powers
vested in it by this Indenture and use the same degree of care and skill in
their exercise as a prudent man would exercise or use under the circumstances in
the conduct of his own affairs. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) Except during the
continuance of an Event of Default: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>i. The Trustee need perform
only those duties that are specifically set forth in this Indenture and no
others. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>ii. In the absence of bad
faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon Officers&#146;
Certificates or Opinions of Counsel furnished to the Trustee and conforming to
the requirements of this Indenture; however, in the case of any such Officers&#146;
Certificates or Opinions of Counsel which by any provisions hereof are
specifically required to be furnished to the Trustee, the Trustee shall examine
such Officers&#146; Certificates and Opinions of Counsel to determine whether or not
they conform to the requirements of this Indenture. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) The Trustee may not be
relieved from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct, except that: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>i. This paragraph does not
limit the effect of paragraph (b) of this Section. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>ii. The Trustee shall not be
liable for any error of judgment made in good faith by a Responsible Officer,
unless it is proved that the Trustee was negligent in ascertaining the pertinent
facts. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>iii. The Trustee shall not be
liable with respect to any action taken, suffered or omitted to be taken by it
with respect to Securities of any Series in good faith in accordance with the
direction of the Holders of a majority in principal amount of the outstanding
Securities of such Series relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred upon the Trustee, under this Indenture with respect to the
Securities of such Series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) Every provision of this
Indenture that in any way relates to the Trustee is subject to paragraph (a),
(b) and (c) of this Section. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(e) The Trustee may refuse to
perform any duty or exercise any right or power at the request or direction of
any Holder unless it receives indemnity satisfactory to it against any loss,
liability or expense. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(f) The Trustee shall not be
liable for interest on any money received by it except as the Trustee may agree
in writing with the Company. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(g) No provision of this
Indenture shall require the Trustee to risk its own funds or otherwise incur any
financial liability in the performance of any of its duties, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
is not reasonably assured to it. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(h) The Paying Agent, the
Registrar and any authenticating agent shall be entitled to the protections,
immunities and standard of care as are set forth in paragraphs (a), (b) and (c)
of this Section with respect to the Trustee. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>17 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 7.2 </FONT><U><FONT face="Times New Roman" size=2>Rights of Trustee</FONT></U><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) The Trustee may rely on
and shall be protected in acting or refraining from acting upon any document
believed by it to be genuine and to have been signed or presented by the proper
person. The Trustee need not investigate any fact or matter stated in the
document. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) Before the Trustee acts or
refrains from acting, it may require an Officers&#146; Certificate. The Trustee shall
not be liable for any action it takes or omits to take in good faith in reliance
on such Officers&#146; Certificate. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) The Trustee may act
through agents and shall not be responsible for the misconduct or negligence of
any agent appointed with due care. No Depository shall be deemed an agent of the
Trustee and the Trustee shall not be responsible for any act or omission by any
Depository. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) The Trustee shall not be
liable for any action it takes or omits to take in good faith which it believes
to be authorized or within its rights or powers, provided that the Trustee&#146;s
conduct does not constitute negligence or willful misconduct. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(e) The Trustee may consult
with counsel and the advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder without negligence and in good faith and in
reliance thereon. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(f) The Trustee shall be under
no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders of Securities unless
such Holders shall have offered to the Trustee reasonable security or indemnity
against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(g) The Trustee may consult
with counsel of its selection and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted by it hereunder without negligence and in
good faith and in reliance thereon. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(h) The Trustee shall not be
bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice,
request, 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. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(i) The Trustee shall not be
deemed to have notice of any Default or Event of Default unless a Responsible
Officer of the Trustee has actual knowledge thereof or unless written notice of
any event which is in fact such a default is received by the Trustee at the
Corporate Trust Office of the Trustee, and such notice references the Securities
generally or the Securities of a particular Series and this Indenture
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 7.3 </FONT><U><FONT face="Times New Roman" size=2>Individual Rights of Trustee</FONT></U><FONT face="Times New Roman" size=2>. The Trustee in its individual or any other
capacity may become the owner or pledgee of Securities and may otherwise deal
with the Company or an Affiliate of the Company with the same rights it would
have if it were not Trustee. Any Agent may do the same with like rights. The
Trustee is also subject to Sections 7.10 and 7.11. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 7.4 </FONT><U><FONT face="Times New Roman" size=2>Trustee&#146;s Disclaimer</FONT></U><FONT face="Times New Roman" size=2>. The Trustee makes no representation as to the
validity or adequacy of this Indenture or the Securities, it shall not be
accountable for the Company&#146;s use of the proceeds from the Securities, and it
shall not be responsible for any statement in the Securities other than its
authentication. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 7.5 </FONT><U><FONT face="Times New Roman" size=2>Notice Of Defaults</FONT></U><FONT face="Times New Roman" size=2>. If a Default or Event of Default occurs and is
continuing with respect to the Securities of any Series and if it is known to a
Responsible Officer of the Trustee, the Trustee shall mail to each
Securityholder of the Securities of that Series and, if any Bearer Securities
are outstanding, publish on one occasion in an Authorized Newspaper, notice of a
Default or Event of Default within 90 days after it occurs or, if later, after a
Responsible Officer of the Trustee has knowledge of such Default or Event of
Default. Except in the case of a Default or Event of Default in payment of
principal of or interest on any Security of any Series, the Trustee may withhold
the notice if and so long as its corporate trust committee or a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interests of Securityholders of that Series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 7.6 </FONT><U><FONT face="Times New Roman" size=2>Reports by Trustee to Holders</FONT></U><FONT face="Times New Roman" size=2>. Within 60 days after May 15 in each year, the
Trustee shall transmit by mail to all Securityholders, as their names and
addresses appear on the register kept by the Registrar and, if any Bearer
Securities are outstanding, publish in an Authorized Newspaper, a brief report
dated as of such May 15, in accordance with, and to the extent required under,
TIA Section 313.</FONT></P>
<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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A copy of each report at the
time of its mailing to Securityholders of any Series shall be filed with the SEC
and each stock exchange, if any, on which the Securities of that Series are
listed. The Company shall promptly notify the Trustee when Securities of any
Series are listed on any stock exchange. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 7.7 </FONT><U><FONT face="Times New Roman" size=2>Compensation and Indemnity</FONT></U><FONT face="Times New Roman" size=2>. The Company shall pay to the Trustee from time
to time compensation for its services as the Company and the Trustee shall from
time to time agree upon in writing. The Trustee&#146;s compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Company
shall reimburse the Trustee upon request for all reasonable out-of-pocket
expenses incurred by it. Such expenses shall include the reasonable compensation
and expenses of the Trustee&#146;s agents and counsel. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company shall indemnify
each of the Trustee and any predecessor Trustee (including the cost of defending
itself) against any loss, liability or expense, including taxes (other than
taxes based upon, measured by or determined by the income of the Trustee)
incurred by it except as set forth in the next paragraph in the performance of
its duties under this Indenture as Trustee or Agent. The Trustee shall notify
the Company promptly of any claim for which it may seek indemnity. The Company
shall defend the claim and the Trustee shall cooperate in the defense. The
Trustee may have one separate counsel and the Company shall pay the reasonable
fees and expenses of such counsel. The Company need not pay for any settlement
made without its consent, which consent shall not be unreasonably withheld. This
indemnification shall apply to officers, directors, employees, shareholders and
agents of the Trustee. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company need not reimburse
any expense or indemnify against any loss or liability incurred by the Trustee
or by any officer, director, employee, shareholder or agent of the Trustee
through negligence or willful misconduct. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>To secure the Company&#146;s
payment obligations in this Section, the Trustee shall have a lien prior to the
Securities of any Series on all money or property held or collected by the
Trustee, except that held in trust to pay principal of and interest on
particular Securities of that Series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>When the Trustee incurs
expenses or renders services after an Event of Default specified in Section
6.1(e) or (f) occurs, the expenses and the compensation for the services are
intended to constitute expenses of administration under any Bankruptcy Law.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The provisions of this Section
shall survive the termination of this Indenture. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 7.8 </FONT><U><FONT face="Times New Roman" size=2>Replacement of Trustee</FONT></U><FONT face="Times New Roman" size=2>. A resignation or removal of the Trustee and
appointment of a successor Trustee shall become effective only upon the
successor Trustee&#146;s acceptance of appointment as provided in this Section.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee may resign with
respect to the Securities of one or more Series by so notifying the Company at
least 30 days prior to the date of the proposed resignation. The Holders of a
majority in principal amount of the Securities of any Series may remove the
Trustee with respect to that Series by so notifying the Trustee and the Company.
The Company may remove the Trustee with respect to Securities of one or more
Series if: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) the Trustee fails to
comply with Section 7.10; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) the Trustee is adjudged a
bankrupt or an insolvent or an order for relief is entered with respect to the
Trustee under any Bankruptcy Law; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) a Custodian or public
officer takes charge of the Trustee or its property; or </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) the Trustee becomes
incapable of acting. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the Trustee resigns or is
removed or if a vacancy exists in the office of Trustee for any reason, the
Company shall promptly appoint a successor Trustee. Within one year after the
successor Trustee takes office, the Holders of a majority in principal amount of
the then outstanding Securities may appoint a successor Trustee to replace the
successor Trustee appointed by the Company.&nbsp;</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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If a successor Trustee with
respect to the Securities of any one or more Series does not take office within
60 days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Company or the Holders of at least a majority in principal amount of the
Securities of the applicable Series may petition any court of competent
jurisdiction for the appointment of a successor Trustee. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A successor Trustee shall
deliver a written acceptance of its appointment to the retiring Trustee and to
the Company. Immediately after that, the retiring Trustee shall transfer all
property held by it as Trustee to the successor Trustee subject to the lien
provided for in Section 7.7, the resignation or removal of the retiring Trustee
shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee with respect to each Series of Securities for
which it is acting as Trustee under this Indenture. A successor Trustee shall
mail a notice of its succession to each Securityholder of each such Series and,
if any Bearer Securities are outstanding, publish such notice on one occasion in
an Authorized Newspaper. Notwithstanding replacement of the Trustee pursuant to
this Section 7.8, the Company&#146;s obligations under Section 7.7 hereof shall
continue for the benefit of the retiring Trustee with respect to expenses and
liabilities incurred by it prior to such replacement. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 7.9 </FONT><U><FONT face="Times New Roman" size=2>Successor Trustee by Merger, Etc.</FONT></U><FONT face="Times New Roman" size=2> If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all of its corporate trust
business to, another person, the successor person without any further act shall
be the successor Trustee. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 7.10 </FONT><U><FONT face="Times New Roman" size=2>Eligibility; Disqualification</FONT></U><FONT face="Times New Roman" size=2>. This Indenture shall always have a Trustee who
satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee
shall always have a combined capital and surplus of at least $25,000,000 as set
forth in its most recent published annual report of condition. The Trustee shall
comply with TIA Section 310(b). </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 7.11 </FONT><U><FONT face="Times New Roman" size=2>Referential Collection of Claims Against
Company</FONT></U><FONT face="Times New Roman" size=2>. The Trustee is subject
to TIA </FONT><FONT face="Times New Roman" size=2>Section 311(a), excluding any
creditor relationship listed in TIA Section 311(b). A Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
VIII<BR></FONT></B><B><FONT face="Times New Roman" size=2>SATISFACTION AND
DISCHARGE; DEFEASANCE</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 8.1 </FONT><U><FONT face="Times New Roman" size=2>Satisfaction and Discharge of
Indenture</FONT></U><FONT face="Times New Roman" size=2>. This Indenture shall
upon Company Order cease to be of further effect (except as hereinafter provided
in this Section 8.1), and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) either: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>i. all Securities theretofore
authenticated and delivered (other than Securities that have been destroyed,
lost or stolen and that have been replaced or paid) have been delivered to the
Trustee for cancellation; or </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>ii. all such Securities not
theretofore delivered to the Trustee for cancellation </FONT></P>
<P style="padding-left: 60pt" align=left><FONT face="Times New Roman" size=2>(1) have become due and
payable, or </FONT></P>
<P style="padding-left: 60pt" align=left><FONT face="Times New Roman" size=2>(2) will become due and
payable at their Stated Maturity within one year, or </FONT></P>
<P style="padding-left: 60pt" align=left><FONT face="Times New Roman" size=2>(3) are to be called for
redemption within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the name, and at the
expense, of the Company; or </FONT></P>
<P style="padding-left: 60pt" align=left><FONT face="Times New Roman" size=2>(4) are deemed paid and
discharged pursuant to Section 8.3, as applicable; </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>and the Company, in the case
of (1), (2) and (3) above, has irrevocably deposited or caused to be deposited
with the Trustee as trust funds in trust an amount sufficient for the purpose of
paying and discharging the entire indebtedness on such Securities not
theretofore delivered to the Trustee for cancellation, for principal and
interest to the date of such deposit (in the case of Securities which have
become due and payable on or prior to the date of such deposit) or to the Stated
Maturity or redemption date, as the case may be;</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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) the Company has paid or
caused to be paid all other sums payable hereunder by the Company; and
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) 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 complied with. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to
the Trustee under Section 7.7, and, if money shall have been deposited with the
Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4,
2.7, 2.8, 8.1, 8.2 and 8.5 shall survive. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 8.2 </FONT><U><FONT face="Times New Roman" size=2>Application of Trust Funds;
Indemnification</FONT></U><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) Subject to the provisions
of Section 8.5, all money deposited with the Trustee pursuant to Section 8.1,
all money and U.S. Government Obligations deposited with the Trustee pursuant to
Section 8.3 or 8.4 and all money received by the Trustee in respect of U.S.
Government Obligations deposited with the Trustee pursuant to Section 8.3 or
8.4, shall be held in trust and applied by it, in accordance with the provisions
of the Securities and this Indenture, to the payment, either directly or through
any Paying Agent (other than the Company acting as its own Paying Agent) as the
Trustee may determine, to the persons entitled thereto, of the principal and
interest for whose payment such money has been deposited with or received by the
Trustee or to make mandatory sinking fund payments or analogous payments as
contemplated by Sections 8.3 or 8.4. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) The Company shall pay and
shall indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against U.S. Government Obligations deposited pursuant to Sections 8.3
or 8.4 or the interest and principal received in respect of such obligations
other than any payable by or on behalf of Holders. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) The Trustee shall deliver
or pay to the Company from time to time upon Company Request any U.S. Government
Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the
opinion of a nationally recognized firm of independent certified public
accountants expressed in a written certification thereof delivered to the
Trustee, are then in excess of the amount thereof which then would have been
required to be deposited for the purpose for which such U.S. Government
Obligations or money were deposited or received. This provision shall not
authorize the sale by the Trustee of any U.S. Government Obligations held under
this Indenture. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 8.3 </FONT><U><FONT face="Times New Roman" size=2>Legal Defeasance of Securities of any
Series</FONT></U><FONT face="Times New Roman" size=2>. Unless this Section 8.3
is otherwise specified, pursuant to Section 2.2(p), to be inapplicable to
Securities of any Series, the Company shall be deemed to have paid and
discharged the entire indebtedness on all the outstanding Securities of any
Series on the 91st day after the date of the deposit referred to in subparagraph
(c) hereof, and the provisions of this Indenture, as it relates to such
outstanding Securities of such Series, shall no longer be in effect (and the
Trustee, at the expense of the Company, shall, at Company Request, execute
proper instruments acknowledging the same), except as to: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) the rights of Holders of
Securities of such Series to receive, from the trust funds described in
subparagraph (c) hereof, (i) payment of the principal of and each installment of
principal of and interest on the outstanding Securities of such Series on the
Stated Maturity of such principal or installment of principal or interest and
(ii) the benefit of any mandatory sinking fund payments applicable to the
Securities of such Series on the day on which such payments are due and payable
in accordance with the terms of this Indenture and the Securities of such
Series; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) the provisions of Sections
2.4, 2.7, 2.8, 8.2, 8.3, and 8.5; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) the rights, powers, trust
and immunities of the Trustee hereunder; provided that, the following conditions
shall have been satisfied: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>i. the Company shall have
deposited or caused to be irrevocably deposited (except as provided in Section
8.2(c)) with the Trustee as trust funds in trust for the purpose of making the
following payments, specifically pledged as security for and dedicated solely to
the benefit of the Holders of such Securities, cash in Dollars and/or U.S.
Government Obligations, which through the payment of interest and principal in
respect thereof in accordance with their terms, will provide (and without
reinvestment and assuming no tax liability will be imposed on such Trustee), not
later than one day before the due date of any payment of money, an amount in
cash, sufficient, in the opinion of a regionally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge each installment of principal of and interest, if
any, on and any mandatory sinking fund payments in respect of all the Securities
of such Series on the dates such installments of interest or principal and such
sinking fund payments are due;</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="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>ii. such deposit will not
result in a breach or violation of, or constitute a default under, this
Indenture or any other agreement or instrument to which the Company is a party
or by which it is bound; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>iii. no Default or Event of
Default with respect to the Securities of such Series shall have occurred and be
continuing on the date of such deposit or during the period ending on the 91st
day after such date; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>iv. the Company shall have
delivered to the Trustee an Officers&#146; Certificate and an Opinion of Counsel to
the effect that (A) the Company has received from, or there has been published
by, the Internal Revenue Service a ruling, or (B) since the date of execution of
this Indenture, there has been a change in the applicable Federal income tax
law, in either case to the effect that, and based thereon such Opinion of
Counsel shall confirm that, the Holders of the Securities of such Series will
not recognize income, gain or loss for Federal income tax purposes as a result
of such deposit, defeasance and discharge and will be subject to Federal income
tax on the same amounts and in the same manner and at the same times as would
have been the case if such deposit, defeasance and discharge had not occurred;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>v. the Company shall have
delivered to the Trustee an Officers&#146; Certificate stating that the deposit was
not made by the Company with the intent of preferring the Holders of the
Securities of such Series over any other creditors of the Company or with the
intent of defeating, hindering, delaying or defrauding any other creditors of
the Company; and</FONT></P>

<P STYLE="text-align: left; text-indent: 30pt"><FONT face="Times New Roman" size=2>vi. the Company shall have delivered to the Trustee an
Officers&#146; Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for relating to the defeasance contemplated by
this Section have been complied with. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 8.4 </FONT><U><FONT face="Times New Roman" size=2>Covenant Defeasance</FONT></U><FONT face="Times New Roman" size=2>. Unless this Section 8.4 is otherwise specified
pursuant to Section 2.2(p) to be inapplicable to Securities of any Series, on
and after the 91st day after the date of the deposit referred to in subparagraph
(a) hereof, the Company may omit to comply with respect to the Securities of any
Series with any term, provision or condition set forth under Sections 4.2, 4.3,
4.4, 4.6, and 5.1 as well as any additional covenants specified in a
supplemental indenture for such Series of Securities or a Board Resolution or an
Officers&#146; Certificate delivered pursuant to Section 2.2(p) (and the failure to
comply with any such covenants shall not constitute a Default or Event of
Default with respect to such Series under Section 6.1) and the occurrence of any
event specified in a supplemental indenture for such Series of Securities or a
Board Resolution or an Officers&#146; Certificate delivered pursuant to Section
2.2(n) and designated as an Event of Default shall not constitute a Default or
Event of Default hereunder, with respect to the Securities of such Series,
provided that the following conditions shall have been satisfied: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) With reference to this
Section 8.4, the Company has deposited or caused to be irrevocably deposited
(except as provided in Section 8.2(c)) with the Trustee as trust funds in trust
for the purpose of making the following payments specifically pledged as
security for, and dedicated solely to, the benefit of the Holders of such
Securities, cash in Dollars and/or U.S. Government Obligations, which through
the payment of interest and principal in respect thereof in accordance with
their terms, will provide (and without reinvestment and assuming no tax
liability will be imposed on such Trustee), not later than one day before the
due date of any payment of money, an amount in cash, sufficient, in the opinion
of a regionally recognized firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
and discharge each installment of principal of and interest, if any, on and any
mandatory sinking fund payments in respect of the Securities of such Series on
the dates such installments of interest or principal and such sinking fund
payments are due; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) Such deposit will not
result in a breach or violation of, or constitute a default under, this
Indenture or any other agreement or instrument to which the Company is a party
or by which it is bound; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) No Default or Event of
Default with respect to the Securities of such Series shall have occurred and be
continuing on the date of such deposit or during the period ending on the 91st
day after such date;</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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) The Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that Holders of the
Securities of such Series will not recognize income, gain or loss for federal
income tax purposes as a result of such deposit and covenant defeasance and will
be subject to federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such deposit and covenant
defeasance had not occurred; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(e) The Company shall have
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
covenant defeasance contemplated by this Section have been complied with.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 8.5 </FONT><U><FONT face="Times New Roman" size=2>Repayment to Company</FONT></U><FONT face="Times New Roman" size=2>. The Trustee and the Paying Agent shall pay to
the Company upon request any money held by them for the payment of principal and
interest that remains unclaimed for six months. After that, Securityholders
entitled to the money must look to the Company for payment as general creditors
unless an applicable abandoned property law designates another person.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
IX<BR></FONT></B><B><FONT face="Times New Roman" size=2>AMENDMENTS AND
WAIVERS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 9.1 </FONT><U><FONT face="Times New Roman" size=2>Without Consent of Holders</FONT></U><FONT face="Times New Roman" size=2>. The Company and the Trustee may amend or
supplement this Indenture or the Securities of one or more Series without the
consent of any Securityholder: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) to cure any ambiguity,
defect or inconsistency; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) to comply with Article V;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) to provide for
uncertificated Securities in addition to or in place of certificated Securities;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) to make any change that
does not adversely affect the rights of any Securityholder; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(e) to provide for the
issuance of and establish the form and terms and conditions of Securities of any
Series as permitted by this Indenture; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(f) to evidence and provide
for the acceptance of appointment hereunder by a successor Trustee with respect
to the Securities of one or more Series and to add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee; or
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(g) to comply with
requirements of the SEC in order to effect or maintain the qualification of this
Indenture under the TIA. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 9.2 </FONT><U><FONT face="Times New Roman" size=2>With Consent of Holders</FONT></U><FONT face="Times New Roman" size=2>. The Company and the Trustee may enter into a
supplemental indenture with the written consent of the Holders of at least a
majority in principal amount of the outstanding Securities of each Series
affected by such supplemental indenture (including consents obtained in
connection with a tender offer or exchange offer for the Securities of such
Series), for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of any supplemental
indenture or of modifying in any manner the rights of the Securityholders of
each such Series. Except as provided in Section 6.13, the Holders of at least a
majority in principal amount of the outstanding Securities of any Series by
notice to the Trustee (including consents obtained in connection with a tender
offer or exchange offer for the Securities of such Series) may waive compliance
by the Company with any provision of this Indenture or the Securities with
respect to such Series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>It shall not be necessary for
the consent of the Holders of Securities under this Section 9.2 to approve the
particular form of any proposed supplemental indenture or waiver, but it shall
be sufficient if such consent approves the substance thereof. After a
supplemental indenture or waiver under this section becomes effective, the
Company shall mail to the Holders of Securities affected thereby and, if any
Bearer Securities affected thereby are outstanding, publish on one occasion in
an Authorized Newspaper, a notice briefly describing the supplemental indenture
or waiver. Any failure by the Company to mail or publish such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture or waiver. </FONT></P>

<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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 9.3 </FONT><U><FONT face="Times New Roman" size=2>Limitations</FONT></U><FONT face="Times New Roman" size=2>. Without the consent of each Securityholder affected, an amendment or
waiver may not:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) reduce the amount of
Securities whose Holders must consent to an amendment, supplement or waiver;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) reduce the rate of or
extend the time for payment of interest (including default interest) on any
Security; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) reduce the principal or
change the Stated Maturity of any Security or reduce the amount of, or postpone
the date fixed for, the payment of any sinking fund or analogous obligation;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) reduce the principal
amount of Discount Securities payable upon acceleration of the maturity thereof;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(e) waive a Default or Event
of Default in the payment of the principal of or interest, if any, on any
Security (except a rescission of acceleration of the Securities of any Series by
the Holders of at least a majority in principal amount of the outstanding
Securities of such Series and a waiver of the payment default that resulted from
such acceleration); </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(f) make the principal of or
interest, if any, on any Security payable in any currency other than that stated
in the Security; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(g) make any change in
Sections 6.8, 6.13, or 9.3 (this sentence); or</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(h) waive a redemption payment
with respect to any Security. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 9.4 </FONT><U><FONT face="Times New Roman" size=2>Compliance With Trust Indenture
Act</FONT></U><FONT face="Times New Roman" size=2>. Every amendment to this
Indenture or the Securities of one or more Series shall be set forth in a
supplemental indenture hereto that complies with the TIA as then in effect.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 9.5 </FONT><U><FONT face="Times New Roman" size=2>Revocation and Effect of Consents</FONT></U><FONT face="Times New Roman" size=2>. Until an amendment is set forth in a
supplemental indenture or a waiver becomes effective, a consent to it by a
Holder of a Security is a continuing consent by the Holder and every subsequent
Holder of a Security or portion of a Security that evidences the same debt as
the consenting Holder&#146;s Security, even if notation of the consent is not made on
any Security. However, any such Holder or subsequent Holder may revoke the
consent as to his Security or portion of a Security if the Trustee receives the
notice of revocation before the date of the supplemental indenture or the date
the waiver becomes effective. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any amendment or waiver once
effective shall bind every Securityholder of each Series affected by such
amendment or waiver unless it is of the type described in any of clauses (a)
through (h) of Section 9.3. In that case, the amendment or waiver shall bind
each Holder of a Security who has consented to it and every subsequent Holder of
a Security or portion of a Security that evidences the same debt as the
consenting Holder&#146;s Security. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 9.6 </FONT><U><FONT face="Times New Roman" size=2>Notation on or Exchange of
Securities</FONT></U><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee may place an
appropriate notation about an amendment or waiver on any Security of any Series
thereafter authenticated. The Company in exchange for Securities of that Series
may issue and the Trustee shall authenticate upon request new Securities of that
Series that reflect the amendment or waiver. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 9.7 </FONT><U><FONT face="Times New Roman" size=2>Trustee Protected</FONT></U><FONT face="Times New Roman" size=2>. In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee shall
be entitled to receive, and (subject to Section 7.1) shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture. The Trustee
shall sign all supplemental indentures, except that the Trustee need not sign
any supplemental indenture that adversely affects its rights. </FONT></P>
<P ALIGN="CENTER" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>ARTICLE X</FONT></B><FONT face="Times New Roman" size=2> <BR></FONT><B><FONT face="Times New Roman" size=2>MISCELLANEOUS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 10.1 </FONT><U><FONT face="Times New Roman" size=2>Trust Indenture Act Controls</FONT></U><FONT face="Times New Roman" size=2>. If any provision of this Indenture limits,
qualifies, or conflicts with another provision which is required or deemed to be
included in this Indenture by the TIA, such required or deemed provision shall
control.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>24 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 10.2 </FONT><U><FONT face="Times New Roman" size=2>Notices</FONT></U><FONT face="Times New Roman" size=2>. Any notice or communication by the Company or the Trustee to the other,
or by a Holder to the Company or the Trustee, is duly given if in writing and
delivered in person or mailed by first-class mail: </FONT></P>
<P style="padding-left: 15pt" align=left><FONT face="Times New Roman" size=2>if to the Company: </FONT></P>
<P style="padding-left: 15pt" align=left><FONT face="Times New Roman" size=2>ConnectOne Bancorp,
Inc.<BR></FONT><FONT face="Times New Roman" size=2>301 Sylvan Avenue<BR>
Englewood Cliffs, NJ 07632 <BR>Attention: Chief Executive Officer <BR>Telephone:
(201) 816-8900 </FONT></P>
<P style="padding-left: 15pt" align=left><FONT face="Times New Roman" size=2>if to the Trustee: </FONT></P>
<P align=left><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P ALIGN="LEFT" 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any notice or communication to
a Securityholder shall be mailed by first-class mail to his address shown on the
register kept by the Registrar and, if any Bearer Securities are outstanding,
published in an Authorized Newspaper. Failure to mail a notice or communication
to a Securityholder of any Series or any defect in it shall not affect its
sufficiency with respect to other Securityholders of that or any other Series.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If a notice or communication
is mailed or published in the manner provided above, within the time prescribed,
it is duly given, whether or not the Securityholder receives it. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the Company mails a notice
or communication to Securityholders, it shall mail a copy to the Trustee and
each Agent at the same time. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 10.3 </FONT><U><FONT face="Times New Roman" size=2>Communication by Holders with Other
Holders</FONT></U><FONT face="Times New Roman" size=2>. Securityholders of any
Series may communicate pursuant to TIA Section 312(b) with other Securityholders
of that Series or any other Series with respect to their rights under this
Indenture or the Securities of that Series or all Series. The Company, the
Trustee, the Registrar and anyone else shall have the protection of TIA Section
312(c). </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 10.4 </FONT><U><FONT face="Times New Roman" size=2>Certificate and Opinion as to Conditions
Precedent</FONT></U><FONT face="Times New Roman" size=2>. Upon any request or
application by the Company to the Trustee to take any action under this
Indenture, the Company shall furnish to the Trustee: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) an Officers&#146; Certificate
stating that, in the opinion of the signers, all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been
complied with; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) an Opinion of Counsel
stating that, in the opinion of such counsel, all such conditions precedent have
been complied with. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 10.5 </FONT><U><FONT face="Times New Roman" size=2>Statements Required in Certificate or
Opinion</FONT></U><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this
Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4))
shall comply with the provisions of TIA Section 314(e) and shall include:
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) a statement that the
person making such certificate or opinion has read such covenant or condition;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) a brief statement as to
the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are
based;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>25 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) a statement that, in the
opinion of such person, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such
covenant or condition has been complied with; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) a statement as to whether
or not, in the opinion of such person, such condition or covenant has been
complied with. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 10.6 </FONT><U><FONT face="Times New Roman" size=2>Rules by Trustee and Agents</FONT></U><FONT face="Times New Roman" size=2>. The Trustee may make reasonable rules for action
by, or a meeting of, Securityholders of one or more Series. Any Agent may make
reasonable rules and set reasonable requirements for its functions. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 10.7 </FONT><U><FONT face="Times New Roman" size=2>Legal Holidays</FONT></U><FONT face="Times New Roman" size=2>. Unless otherwise provided by Board Resolution,
Officers&#146; Certificate or supplemental indenture hereto for a particular Series,
a &#147;Legal Holiday&#148; is any day that is not a Business Day. If a payment date is a
Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue
for the intervening period. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 10.8 </FONT><U><FONT face="Times New Roman" size=2>No Recourse Against Others</FONT></U><FONT face="Times New Roman" size=2>. A director, officer, employee or stockholder, as
such, of the Company shall not have any liability for any obligations of the
Company under the Securities or the Indenture or for any claim based on, in
respect of or by reason of such obligations or their creation. Each
Securityholder by accepting a Security waives and releases all such liability.
The waiver and release are part of the consideration for the issue of the
Securities. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 10.9 </FONT><U><FONT face="Times New Roman" size=2>Counterparts</FONT></U><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Indenture may be executed
in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 10.10 </FONT><U><FONT face="Times New Roman" size=2>Governing Laws</FONT></U><FONT face="Times New Roman" size=2>. THIS INDENTURE AND THE SECURITIES SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND
TO BE </FONT><FONT face="Times New Roman" size=2>PERFORMED IN SUCH STATE,
WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 10.11 </FONT><U><FONT face="Times New Roman" size=2>No Adverse Interpretation of Other
Agreements</FONT></U><FONT face="Times New Roman" size=2>. This Indenture may
not be used to interpret another indenture, loan or debt agreement of the
Company or a Subsidiary of the Company. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 10.12 </FONT><U><FONT face="Times New Roman" size=2>Successors</FONT></U><FONT face="Times New Roman" size=2>. All agreements of the Company in this Indenture and the Securities
shall bind its successor. All agreements of the Trustee in this Indenture shall
bind its successor. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 10.13 </FONT><U><FONT face="Times New Roman" size=2>Severability</FONT></U><FONT face="Times New Roman" size=2>. In case any provision in this Indenture or in
the Securities shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 10.14 </FONT><U><FONT face="Times New Roman" size=2>Table of Contents, Headings, Etc</FONT></U><FONT face="Times New Roman" size=2>. The Table of Contents, Cross-Reference Table,
and headings of the Articles and Sections of this Indenture have been inserted
for convenience of reference only, are not to be considered a part hereof, and
shall in no way modify or restrict any of the terms or provisions hereof.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
XI</FONT></B><FONT face="Times New Roman" size=2> <BR></FONT><B><FONT face="Times New Roman" size=2>SINKING FUNDS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 11.1 </FONT><U><FONT face="Times New Roman" size=2>Applicability of Article</FONT></U><FONT face="Times New Roman" size=2>. The provisions of this Article shall be
applicable to any sinking fund for the retirement of the Securities of a Series,
except as otherwise permitted or required by any form of Security of such Series
issued pursuant to this Indenture.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>26 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The minimum amount of any
sinking fund payment provided for by the terms of the Securities of any Series
is herein referred to as a &#147;mandatory sinking fund payment&#148; and any other amount
provided for by the terms of Securities of such Series is herein referred to as
an &#147;optional sinking fund payment.&#148; If provided for by the terms of Securities
of any Series, the cash amount of any sinking fund payment may be subject to
reduction as provided in Section 11.2. Each sinking fund payment shall be
applied to the redemption of Securities of any Series as provided for by the
terms of the Securities of such Series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 11.2 </FONT><U><FONT face="Times New Roman" size=2>Satisfaction Of Sinking Fund Payments With
Securities</FONT></U><FONT face="Times New Roman" size=2>. The Company may, in
satisfaction of all or any part of any sinking fund payment with respect to the
Securities of any Series to be made pursuant to the terms of such Securities (a)
deliver outstanding Securities of such Series to which such sinking fund payment
is applicable (other than any of such Securities previously called for mandatory
sinking fund redemption) and (b) apply as credit Securities of such Series to
which such sinking fund payment is applicable and which have been repurchased by
the Company or redeemed either at the election of the Company pursuant to the
terms of such Series of Securities (except pursuant to any mandatory sinking
fund) or through the application of permitted optional sinking fund payments or
other optional redemptions pursuant to the terms of such Securities, provided
that such Securities have not been previously so credited. Such Securities shall
be received by the Trustee, together with an Officers&#146; Certificate with respect
thereto, not later than 15 days prior to the date on which the Trustee begins
the process of selecting Securities for redemption, and shall be credited for
such purpose by the Trustee at the price specified in such Securities for
redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly. If as a result of the delivery or
credit of Securities in lieu of cash payments pursuant to this Section 11.2, the
principal amount of Securities of such Series to be redeemed in order to exhaust
the aforesaid cash payment shall be less than $100,000, the Trustee need not
call Securities of such Series for redemption, except upon receipt of a Company
Order that such action be taken, and such cash payment shall be held by the
Trustee or a Paying Agent and applied to the next succeeding sinking fund
payment, provided, however, that the Trustee or such Paying Agent shall from
time to time upon receipt of a Company Order pay over and deliver to the Company
any cash payment so being held by the Trustee or such Paying Agent upon delivery
by the Company to the Trustee of Securities of that Series purchased by the
Company having an unpaid principal amount equal to the cash payment required to
be released to the Company. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 11.3 </FONT><U><FONT face="Times New Roman" size=2>Redemption Of Securities For Sinking
Fund</FONT></U><FONT face="Times New Roman" size=2>. Not less than 45 days
(unless otherwise indicated in the Board Resolution, supplemental indenture or
Officers&#146; Certificate in respect of a particular Series of Securities) prior to
each sinking fund payment date for any Series of Securities, the Company will
deliver to the Trustee an Officers&#146; Certificate specifying the amount of the
next ensuing mandatory sinking fund payment for that Series pursuant to the
terms of that Series, the portion thereof, if any, which is to be satisfied by
payment of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting of Securities of that Series pursuant to Section 11.2,
and the optional amount, if any, to be added in cash to the next ensuing
mandatory sinking fund payment, and the Company shall thereupon be obligated to
pay the amount therein specified. Not less than 30 days (unless otherwise
indicated in the Board Resolution, Officers&#146; Certificate or supplemental
indenture in respect of a particular Series of Securities) before each such
sinking fund payment date the Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 3.2 and
cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 3.3. Such notice having
been duly given, the redemption of such Securities shall be made upon the terms
and in the manner stated in Sections 3.4, 3.5 and 3.6.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>27 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>IN WITNESS WHEREOF, the
parties hereto have caused this Indenture to be duly executed as of the day and
year first above written. </FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><B><FONT face="Times New Roman" size=2>ConnectOne Bancorp, Inc,</FONT></B></TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>By:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Title:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><B><FONT face="Times New Roman" size=2>[TRUSTEE]</FONT></B></TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>By:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Title:</FONT></TD></TR></TABLE></DIV><BR>
    <P align=center><FONT face="Times New Roman" size=2>28</FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>connectone3139221-ex51.htm
<DESCRIPTION>OPINION OF WINDELS MARX LANE ? MITTENDORF, LLP
<TEXT>

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<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></P>
<P align=right><FONT face="Times New Roman" size=2>September 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></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>
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  <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>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
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  <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>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
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  <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 constitute valid and legally binding obligations of the company, enforceable against the company in accordance with their terms, and 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>
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<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>
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  <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>
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