<PAGE>   1
                                                                     EXHIBIT 4.7


                 TRUST PREFERRED SECURITIES GUARANTEE AGREEMENT

                                 BY AND BETWEEN

                        FRONT RANGE CAPITAL CORPORATION.

                                       AND

                            WILMINGTON TRUST COMPANY

                          DATED AS OF __________, 2000


<PAGE>   2


                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                                                                              Page
                                                                                              ----
<S>     <C>                                                                                   <C>
ARTICLE I -- DEFINITIONS AND INTERPRETATION......................................................1
        Section 1.1    Definitions and Interpretation............................................1

ARTICLE II -- TRUST INDENTURE ACT................................................................5
        Section 2.1    Trust Indenture Act; Application..........................................5
        Section 2.2    Lists of Holders of Securities............................................5
        Section 2.3    Reports by the Trust Preferred Guarantee Trustee. ........................5
        Section 2.4    Periodic Reports to Trust Preferred Guarantee Trustee.....................6
        Section 2.5    Evidence of Compliance with Conditions Precedent..........................6
        Section 2.6    Events of Default; Waiver.................................................6
        Section 2.7    Event of Default; Notice..................................................6
        Section 2.8    Conflicting Interests.....................................................6

ARTICLE III -- POWERS, DUTIES AND RIGHTS OF TRUST PREFERRED
                       GUARANTEE TRUSTEE.........................................................7
        Section 3.1    Powers and Duties of the Trust Preferred Guarantee Trustee................7
        Section 3.2    Certain Rights of Trust Preferred Guarantee Trustee.......................8
        Section 3.3    Not Responsible for Recitals or Issuance of Guarantee....................11

ARTICLE IV -- TRUST PREFERRED GUARANTEE TRUSTEE.................................................11
        Section 4.1    Trust Preferred Guarantee Trustee; Eligibility...........................11
        Section 4.2    Appointment, Removal and Resignation of Trust Preferred
                       Guarantee Trustees.......................................................11

ARTICLE V -- GUARANTEE..........................................................................12
        Section 5.1    Guarantee................................................................12
        Section 5.2    Waiver of Notice and Demand..............................................13
        Section 5.3    Obligations Not Affected.................................................13
        Section 5.4    Rights of Holders........................................................14
        Section 5.5    Guarantee of Payment.....................................................14
        Section 5.6    Subrogation..............................................................14
        Section 5.7    Independent Obligations..................................................15

ARTICLE VI -- LIMITATION OF TRANSACTIONS; SUBORDINATION.........................................15
        Section 6.1    Limitation of Transactions...............................................15
        Section 6.2    Ranking..................................................................15

ARTICLE VII -- TERMINATION......................................................................15
        Section 7.1    Termination..............................................................15
</TABLE>


                                       -i-

<PAGE>   3


<TABLE>
<S>     <C>                                                                                     <C>
ARTICLE VIII --  INDEMNIFICATION................................................................16
        Section 8.1    Exculpation..............................................................16
        Section 8.2    Indemnification..........................................................16

ARTICLE IX -- MISCELLANEOUS.....................................................................17
        Section 9.1    Successors and Assigns...................................................17
        Section 9.2    Amendments...............................................................17
        Section 9.3    Notices..................................................................17
        Section 9.4    Benefit..................................................................18
        Section 9.5    Governing Law............................................................18
        Section 9.6    Counterparts.............................................................18
</TABLE>


                                      -ii-

<PAGE>   4


                              CROSS REFERENCE TABLE



<TABLE>
<CAPTION>
Section of Trust                              Section of
Indenture Act of                              Guarantee
1939, as amended                              Agreement
----------------                              ----------
<S>                                           <C>
310(a)....................................... 1(a)
310(b)....................................... 1(c), 2.8
310(c)....................................... Not Applicable
311(a)....................................... 2.2(b)
311(b)....................................... 2.2(b)
311(c)....................................... Not Applicable
312(a)....................................... 2.2(a)
312(b)....................................... 2.2(b)
313.......................................... 2.3
314(a)....................................... 2.4
314(b)....................................... Not Applicable
314(c)....................................... 2.5
314(d)....................................... Not Applicable
314(e)....................................... 1.1, 2.5, 3.2
314(f)....................................... 2.1, 3.2
315(a)....................................... 3.1(d)
315(b)....................................... 2.7
315(c)....................................... 3.1
315(d)....................................... 3.1(d)
316(a)....................................... 1.1, 2.6, 5.4
316(b)....................................... 5.3
317(a)....................................... 3.1
317(b)....................................... Not Applicable
318(a)....................................... 1(a)
318(b)....................................... 1
318(c)....................................... 2.1(b)
</TABLE>


         Note: This Cross-Reference Table does not constitute part of this
Agreement and shall not affect the interpretation of any of its terms or
provisions.


                                      -iii-

<PAGE>   5


                 TRUST PREFERRED SECURITIES GUARANTEE AGREEMENT


        THIS TRUST PREFERRED SECURITIES GUARANTEE AGREEMENT (this "Trust
Preferred Securities Guarantee"), dated as of __________, 2000, is executed and
delivered by FRONT RANGE CAPITAL CORPORATION., a Colorado corporation (the
"Guarantor"), and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as
trustee (the "Trust Preferred Securities Guarantee Trustee"), for the benefit of
the Holders (as defined herein) from time to time of the Trust Preferred
Securities (as defined herein) of FRONT RANGE CAPITAL TRUST I, a Delaware
statutory business trust (the "Trust").

                                    RECITALS

        WHEREAS, pursuant to that certain Amended and Restated Trust Agreement
(the "Trust Agreement"), dated as of __________, 2000, among the trustees of the
Trust named therein, the Guarantor, as depositor, and the holders from time to
time of undivided beneficial interests in the assets of the Trust, the Trust is
issuing on or about the date hereof up to 600,000 preferred securities, having
an aggregate liquidation amount of $15,000,000, designated the __% Cumulative
Trust Preferred Securities (the "Trust Preferred Securities");

        WHEREAS, as incentive for the Holders to purchase the Trust Preferred
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth in this Trust Preferred Securities Guarantee, to pay to the
Holders of the Trust Preferred Securities the Guarantee Payments (as defined
herein) and to make certain other payments on the terms and conditions set forth
herein.

        NOW, THEREFORE, in consideration of the purchase by each Holder of Trust
Preferred Securities, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Trust Preferred
Securities Guarantee for the benefit of the Holders.

                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATION

SECTION 1.1       DEFINITIONS AND INTERPRETATION.

        In this Trust Preferred Securities Guarantee, unless the context
otherwise requires:

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

        (b) terms defined in the Trust Agreement as of the date of execution of
this Trust Preferred Securities Guarantee have the same meaning when used in
this Trust Preferred Securities Guarantee, unless otherwise defined in this
Trust Preferred Securities Guarantee;

         (c) a term defined anywhere in this Trust Preferred Securities
Guarantee has the same meaning throughout;


<PAGE>   6


        (d) all references to "the Trust Preferred Securities Guarantee" or
"this Trust Preferred Securities Guarantee" or are to this Guarantee as
modified, supplemented or amended from time to time;

        (e) all references in this Trust Preferred Securities Guarantee to
Articles and Sections are to Articles and Sections of this Trust Preferred
Securities Guarantee, unless otherwise specified;

        (f) a term defined in the Trust Indenture Act has the same meaning when
used in this Trust Preferred Securities Guarantee, unless otherwise defined in
this Trust Preferred Securities Guarantee or unless the context otherwise
requires; and

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

        "Affiliate" has the same meaning as given to that term in Rule 405 of
the Securities Act of 1933, as amended, or any successor rule thereunder.

        "Business Day" means any day other than a Saturday, a Sunday, a day on
which federal or state banking institutions in New York, New York or Wilmington,
Delaware are authorized or required by law, executive order or regulation to
close or a day on which the Corporate Trust Office of the Trust Preferred
Guarantee Trustee is closed for business.

        "Corporate Trust Office" means the office of the Trust Preferred
Guarantee Trustee at which the corporate trust business of the Trust Preferred
Guarantee Trustee shall, at any particular time, be principally administered,
which office at the date of execution of this Agreement is located at Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001,
Attention: Corporate Trust Administration, Front Range Capital Trust I.

        "Covered Person" means any Holder or beneficial owner of Trust Preferred
Securities.

        "Debentures" means the __% Subordinated Debentures due __________, 2030,
of the Debenture Issuer held by the Property Trustee of the Trust.

        "Debenture Issuer" means Front Range Capital Corporation, a Colorado
corporation, issuer of the Debentures under the Indenture.

        "Event of Default" means a default by the Guarantor on any of its
payment or other obligations under this Trust Preferred Securities Guarantee.

        "Guarantor" means Front Range Capital Corporation, a Colorado
corporation.

        "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Trust Preferred Securities, to the
extent not paid or made by the Trust: (i) any accumulated and unpaid
Distributions (as defined in the Trust Agreement) that are


                                      -2-
<PAGE>   7

required to be paid on such Trust Preferred Securities, to the extent the Trust
shall have funds available therefor, (ii) the redemption price, including all
accumulated and unpaid Distributions to the date of redemption (the "Redemption
Price"), to the extent the Trust has funds legally available therefor, with
respect to any Trust Preferred Securities called for redemption by the Trust,
and (iii) upon a voluntary or involuntary dissolution, winding-up or termination
of the Trust (other than in connection with the distribution of Debentures to
the Holders in exchange for Trust Preferred Securities as provided in the Trust
Agreement), the lesser of (a) the aggregate of the liquidation amount and all
accumulated and unpaid Distributions on the Trust Preferred Securities to the
date of payment, to the extent the Trust shall have funds legally available
therefor (the "Liquidation Distribution"), and (b) the amount of assets of the
Trust remaining available for distribution to Holders in liquidation of the
Trust.

        "Holder" shall mean any holder, as registered on the books and records
of the Trust, of any Trust Preferred Securities; provided, however, that, in
determining whether the holders of the requisite percentage of Trust Preferred
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor, the Trust Preferred Guarantee Trustee or any of
their respective Affiliates.

        "Indemnified Person" means the Trust Preferred Guarantee Trustee
(including in its individual capacity), any Affiliate of the Trust Preferred
Guarantee Trustee, or any officers, directors, shareholders, members, partners,
employees, representatives, nominees, custodians or agents of the Trust
Preferred Guarantee Trustee.

        "Indenture" means the Indenture dated as of __________, 2000, among the
Debenture Issuer and Wilmington Trust Company, as trustee, and any indenture
supplemental thereto pursuant to which certain subordinated debt securities of
the Debenture Issuer are to be issued to the Property Trustee of the Trust.

        "Liquidation Amount" means the stated value of $25 per Trust Preferred
Security.

        "Liquidation Distribution" has the meaning provided therefor in the
definition of Guarantee Payments.

        "List of Holders" has the meaning provided therefor in Section 2.2(a)
hereof.

        "Majority in liquidation amount of the Trust Preferred Securities" means
the Holders of more than 50% of the Liquidation Amount of all of the Trust
Preferred Securities.

        "Officers' Certificate" means, with respect to any Person, a certificate
signed by two authorized officers of such Person, at least one of whom shall be
the principal executive officer, principal financial officer, principal
accounting officer, treasurer or any vice president of such Person. Any
Officers' Certificate delivered with respect to compliance with a condition or
covenant provided for in this Trust Preferred Securities Guarantee shall
include:



                                      -3-
<PAGE>   8

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

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

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

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

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

        "Redemption Price" has the meaning provided therefor in the definition
of Guarantee Payments.

        "Responsible Officer" when used with respect to the Trust Preferred
Guarantee Trustee means any officer assigned to the Corporate Trust Office and
having direct responsibility for the administration of this Trust Preferred
Guarantee Trustee, and also, with respect to a particular matter, any other
officer of the Trust Preferred Guarantee Trustee to whom such matter is referred
because of such officer's knowledge of and familiarity with the particular
subject.

        "Successor Trust Preferred Guarantee Trustee" means a successor Trust
Preferred Guarantee Trustee possessing the qualifications to act as Trust
Preferred Guarantee Trustee under Section 4.1.

        "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended.

        "Trust Preferred Guarantee Trustee" means Wilmington Trust Company, as
trustee under this Trust Preferred Securities Guarantee, until a Successor Trust
Preferred Guarantee Trustee has been appointed and has accepted such appointment
pursuant to the terms of this Trust Preferred Securities Guarantee and
thereafter means each such Successor Trust Preferred Guarantee Trustee.


                                      -4-
<PAGE>   9

                                   ARTICLE II
                               TRUST INDENTURE ACT

SECTION 2.1       TRUST INDENTURE ACT; APPLICATION.

        (a) This Trust Preferred Securities Guarantee is subject to the
provisions of the Trust Indenture Act that are required to be part of this Trust
Preferred Securities Guarantee and shall, to the extent applicable, be governed
by such provisions.

        (b) If and to the extent that any provision of this Trust Preferred
Securities Guarantee limits, qualifies or conflicts with the duties imposed by
Section 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties
shall control.

        (c) If any provision of this Trust Preferred Securities Guarantee
modifies or excludes any provision of the Trust Indenture Act that may be so
modified or excluded, the latter provision shall be deemed to apply to this
Trust Preferred Securities Guarantee as so modified or excluded, as the case may
be.

SECTION 2.2       LISTS OF HOLDERS OF SECURITIES.

        (a) In the event the Trust Preferred Guarantee Trustee is not also
acting in the capacity of the Property Trustee under the Trust Agreement, the
Guarantor shall cause to be provided to the Trust Preferred Guarantee Trustee a
list, in such form as the Trust Preferred Guarantee Trustee may reasonably
require, of the names and addresses of the Holders of the Trust Preferred
Securities ("List of Holders") as of the date (i) within five (5) Business Days
after the last day of March, June, September and December, and (ii) at any other
time within 30 days of receipt by the Guarantor of a written request for a List
of Holders as of a date no more than 15 days before such List of Holders is
given to the Trust Preferred Guarantee Trustee; provided, that the Guarantor
shall not be obligated to provide such List of Holders at any time the List of
Holders does not differ from the most recent List of Holders caused to have been
given to the Trust Preferred Guarantee Trustee by the Guarantor. The Trust
Preferred Guarantee Trustee may destroy any List of Holders previously given to
it on receipt of a new List of Holders.

        (b) The Trust Preferred Guarantee Trustee shall comply with its
obligations under Sections 311(a), 311(b) and Section 312(b) of the Trust
Indenture Act.

SECTION 2.3       REPORTS BY THE TRUST PREFERRED GUARANTEE TRUSTEE.

        On or before July 15 of each year, the Trust Preferred Guarantee Trustee
shall provide to the Holders of the Trust Preferred Securities such reports as
are required by Section 313 of the Trust Indenture Act, if any, in the form and
in the manner provided by Section 313 of the Trust Indenture Act. The Trust
Preferred Guarantee Trustee shall also comply with the requirements of Section
313(d) of the Trust Indenture Act.


                                      -5-
<PAGE>   10

SECTION 2.4       PERIODIC REPORTS TO TRUST PREFERRED GUARANTEE
                  TRUSTEE.

        The Guarantor shall provide to the Trust Preferred Guarantee Trustee
such documents, reports and information as required by Section 314 (if any) and
the compliance certificate required by Section 314 of the Trust Indenture Act in
the form, in the manner and at the times required by Section 314 of the Trust
Indenture Act.

SECTION 2.5       EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT.

        The Guarantor shall provide to the Trust Preferred Guarantee Trustee
such evidence of compliance with any conditions precedent, if any, provided for
in this Trust Preferred Securities Guarantee that relate to any of the matters
set forth in Section 314(c) of the Trust Indenture Act. Any certificate or
opinion required to be given by an officer pursuant to Section 314(c)(1) may be
given in the form of an Officers' Certificate.

SECTION 2.6       EVENTS OF DEFAULT; WAIVER.

        The Holders of a Majority in liquidation amount of Trust Preferred
Securities may, by vote, on behalf of the Holders of all of the Trust Preferred
Securities, waive any past Event of Default and its consequences. Upon such
waiver, any such Event of Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this
Trust Preferred Securities Guarantee, but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon.

SECTION 2.7       EVENT OF DEFAULT; NOTICE.

        (a) The Trust Preferred Guarantee Trustee shall, within five (5)
Business Days after it has knowledge of the occurrence of an Event of Default,
transmit by mail, first class postage prepaid, to the Holders of the Trust
Preferred Securities, notices of all Events of Default actually known to a
Responsible Officer of the Trust Preferred Guarantee Trustee, unless such
defaults have been cured before the giving of such notice; provided, that,
except in the case of a default by Guarantor on any of its payment obligations,
the Trust Preferred Guarantee Trustee shall be protected in withholding such
notice if and so long as a Responsible Officer of the Trust Preferred Guarantee
Trustee in good faith determines that the withholding of such notice is in the
interests of the Holders of the Trust Preferred Securities.

        (b) The Trust Preferred Guarantee Trustee shall not be deemed to have
knowledge of any Event of Default unless the Trust Preferred Guarantee Trustee
shall have received written notice of such Event of Default, or a Responsible
Officer of the Trust Preferred Guarantee Trustee charged with the administration
of the Trust Agreement shall have actual knowledge thereof.

SECTION 2.8       CONFLICTING INTERESTS.

        The Trust Agreement shall be deemed to be specifically described in this
Trust Preferred Securities Guarantee for the purposes of clause (i) of the first
proviso contained in Section 310(b) of the Trust Indenture Act.


                                      -6-
<PAGE>   11

                                   ARTICLE III
         POWERS, DUTIES AND RIGHTS OF TRUST PREFERRED GUARANTEE TRUSTEE

SECTION 3.1       POWERS AND DUTIES OF THE TRUST PREFERRED GUARANTEE
                  TRUSTEE.

        (a) This Trust Preferred Securities Guarantee shall be held by the Trust
Preferred Guarantee Trustee for the benefit of the Holders of the Trust
Preferred Securities, and the Trust Preferred Guarantee Trustee shall not
transfer this Trust Preferred Securities Guarantee to any Person except a Holder
of Trust Preferred Securities exercising his or her rights pursuant to Section
5.4(b) or to a Successor Trust Preferred Guarantee Trustee on acceptance by such
Successor Trust Preferred Guarantee Trustee of its appointment to act as
Successor Trust Preferred Guarantee Trustee. The right, title and interest of
the Trust Preferred Guarantee Trustee shall automatically vest in any Successor
Trust Preferred Guarantee Trustee, and such vesting and succession of title
shall be effective whether or not conveyancing documents have been executed and
delivered pursuant to the appointment of such Successor Trust Preferred
Guarantee Trustee.

        (b) If an Event of Default actually known to a Responsible Officer of
the Trust Preferred Guarantee Trustee has occurred and is continuing, the Trust
Preferred Guarantee Trustee shall enforce this Trust Preferred Securities
Guarantee for the benefit of the Holders of the Trust Preferred Securities.

        (c) The Trust Preferred Guarantee Trustee, before the occurrence of any
Event of Default of which a Responsible Officer of the Trust Preferred Guarantee
Trustee has actual knowledge and after the curing of all Events of Default that
may have occurred, shall undertake to perform only such duties as are
specifically set forth in this Trust Preferred Securities Guarantee, and no
implied covenants or obligations shall be read into this Trust Preferred
Securities Guarantee against the Trust Preferred Guarantee Trustee. In case an
Event of Default has occurred (that has not been cured or waived pursuant to
Section 2.6) and is actually known to a Responsible Officer of the Trust
Preferred Guarantee Trustee, the Trust Preferred Guarantee Trustee shall
exercise such of the rights and powers vested in it by this Trust Preferred
Securities Guarantee, and use the same degree of care and skill in its exercise
thereof, as a prudent person would exercise or use under the circumstances in
the conduct of his or her own affairs.

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

               (i) prior to the occurrence of any Event of Default of which a
        Responsible Officer of the Trust Preferred Guarantee Trustee has actual
        knowledge and after the curing or waiving of all such Events of Default
        that may have occurred:


                                      -7-
<PAGE>   12

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

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

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

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

               (iv) no provision of this Trust Preferred Securities Guarantee
        shall require the Trust Preferred Guarantee Trustee to expend or risk
        its own funds or otherwise incur personal financial liability in the
        performance of any of its duties or in the exercise of any of its rights
        or powers, if the Trust Preferred Guarantee Trustee shall have
        reasonable grounds for believing that the repayment of such funds or
        liability is not reasonably assured to it under the terms of this Trust
        Preferred Securities Guarantee or indemnity, reasonably satisfactory to
        the Trust Preferred Guarantee Trustee, against such risk or liability is
        not reasonably assured to it.

SECTION 3.2       CERTAIN RIGHTS OF TRUST PREFERRED GUARANTEE
                  TRUSTEE.

        (a) Subject to the provisions of Section 3.1:


                                      -8-
<PAGE>   13

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

               (ii) any direction or act of the Guarantor contemplated by this
        Trust Preferred Securities Guarantee shall be sufficiently evidenced by
        an Officers' Certificate;

               (iii) whenever, in the administration of this Trust Preferred
        Securities Guarantee, the Trust Preferred Guarantee Trustee shall deem
        it desirable that a matter be proved or established before taking,
        suffering or omitting any action hereunder, the Trust Preferred
        Guarantee Trustee (unless other evidence is herein specifically
        prescribed) may, in the absence of bad faith on its part, request and
        conclusively rely upon an Officers' Certificate which, upon receipt of
        such request, shall be promptly delivered by the Guarantor;

               (iv) the Trust Preferred Guarantee Trustee shall have no duty to
        see to any recording, filing or registration of any instrument or other
        document (or any rerecording, refiling or registration thereof);

               (v) the Trust Preferred Guarantee Trustee may consult with
        counsel of its selection, and the advice or opinion of such counsel with
        respect to legal matters shall be full and complete authorization and
        protection in respect of any action taken, suffered or omitted by it
        hereunder in good faith and in accordance with such advice or opinion.
        Such counsel may be counsel to the Guarantor or any of its Affiliates
        and may include any of its employees. The Trust Preferred Guarantee
        Trustee shall have the right at any time to seek instructions concerning
        the administration of this Guarantee from any court of competent
        jurisdiction;

               (vi) the Trust Preferred Guarantee Trustee shall be under no
        obligation to exercise any of the rights or powers vested in it by this
        Guarantee at the request or direction of any Holder, unless such Holder
        shall have provided to the Trust Preferred Guarantee Trustee such
        security and indemnity, reasonably satisfactory to the Guarantee
        Trustee, against the costs, expenses (including attorneys' fees and
        expenses and the expenses of the Guarantee Trustee's agents, nominees or
        custodians) and liabilities that might be incurred by it in complying
        with such request or direction, including such reasonable advances as
        may be requested by the Guarantee Trustee; provided that, nothing
        contained in this Section 3.2(a)(vi) shall be taken to relieve the
        Guarantee Trustee, upon the occurrence of an Event of Default, of its
        obligation to exercise the rights and powers vested in it by this Trust
        Preferred Securities Guarantee;

               (vii) the Trust Preferred Guarantee Trustee shall have no
        obligation to make any investigation into the facts or matters stated in
        any resolution, certificate, statement,


                                      -9-
<PAGE>   14

        instrument, opinion, report, notice, request, direction, consent, order,
        bond, debenture, note, other evidence of indebtedness or other paper or
        document, but the Guarantee Trustee, in its discretion, may make such
        further inquiry or investigation into such facts or matters as it may
        see fit;

               (viii) the Trust Preferred Guarantee Trustee may execute any of
        the trusts or powers hereunder or perform any duties hereunder either
        directly or by or through agents, nominees, custodians or attorneys, and
        the Trust Preferred Guarantee Trustee shall not be responsible for any
        misconduct or negligence on the part of any agent or attorney appointed
        with due care by it hereunder;

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

               (x) whenever in the administration of this Trust Preferred
        Securities Guarantee the Trust Preferred Guarantee Trustee shall deem it
        desirable to receive instructions with respect to enforcing any remedy
        or right or taking any other action hereunder, the Trust Preferred
        Guarantee Trustee (i) may request instructions from the Holders of a
        Majority in liquidation amount of the Trust Preferred Securities, (ii)
        may refrain from enforcing such remedy or right or taking such other
        action until such instructions are received, and (iii) shall be
        protected in conclusively relying on or acting in accordance with such
        instructions.

               (xi) the Trust Preferred Guarantee Trustee shall not be liable
        for any action taken, suffered, or omitted to be taken by it in good
        faith, without negligence, and reasonably believed by it to be
        authorized or within the discretion or rights or powers conferred upon
        it by this Trust Preferred Securities Guarantee.

        (b) No provision of this Trust Preferred Securities Guarantee shall be
deemed to impose any duty or obligation on the Trust Preferred Guarantee Trustee
to perform any act or acts or exercise any right, power, duty or obligation
conferred or imposed on it in any jurisdiction in which it shall be illegal, or
in which the Trust Preferred Guarantee Trustee shall be unqualified or
incompetent in accordance with applicable law, to perform any such act or acts
or to exercise any such right, power, duty or obligation. No permissive power or
authority available to the Trust Preferred Guarantee Trustee shall be construed
to be a duty.


                                      -10-
<PAGE>   15

SECTION 3.3       NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF
                  GUARANTEE.

        The Recitals contained in this Trust Preferred Securities Guarantee
shall be taken as the statements of the Guarantor, and the Trust Preferred
Guarantee Trustee does not assume any responsibility for their correctness. The
Trust Preferred Guarantee Trustee makes no representation as to the validity or
sufficiency of this Trust Preferred Securities Guarantee.

                                   ARTICLE IV
                        TRUST PREFERRED GUARANTEE TRUSTEE

SECTION 4.1       TRUST PREFERRED GUARANTEE TRUSTEE; ELIGIBILITY.

        (a) There shall at all times be a Trust Preferred Guarantee Trustee
which shall:

               (i) not be an Affiliate of the Guarantor; and

               (ii) be a corporation organized and doing business under the laws
        of the United States of America or any State or Territory thereof or of
        the District of Columbia, or a corporation or Person permitted by the
        Securities and Exchange Commission to act as an institutional trustee
        under the Trust Indenture Act, authorized under such laws to exercise
        corporate trust powers, having a combined capital and surplus of at
        least $50,000,000, and subject to supervision or examination by Federal,
        State, Territorial or District of Columbia authority. If such
        corporation or other Person publishes reports of condition at least
        annually, pursuant to law or to the requirements of the supervising or
        examining authority referred to above, then, for the purposes of this
        Section 4.1(a)(ii), the combined capital and surplus of such corporation
        or other Person shall be deemed to be its combined capital and surplus
        as set forth in its most recent report of condition so published.

        (b) If at any time the Trust Preferred Guarantee Trustee shall cease to
be eligible to so act under Section 4.1(a), the Trust Preferred Guarantee
Trustee shall immediately resign in the manner and with the effect set out in
Section 4.2(c).

        (c) If the Trust Preferred Guarantee Trustee has or shall acquire any
"conflicting interest" within the meaning of Section 310(b) of the Trust
Indenture Act, the Trust Preferred Guarantee Trustee and Guarantor shall in all
respects comply with the provisions of Section 310(b) of the Trust Indenture
Act.

SECTION 4.2       APPOINTMENT, REMOVAL AND RESIGNATION OF TRUST
                  PREFERRED GUARANTEE TRUSTEES.

        (a) Subject to Section 4.2(b), the Trust Preferred Guarantee Trustee may
be appointed or removed without cause at any time by the Guarantor.

        (b) The Trust Preferred Guarantee Trustee shall not be removed in
accordance with Section 4.2(a) until a Successor Trust Preferred Guarantee
Trustee has been appointed and has


                                      -11-
<PAGE>   16

accepted such appointment by written instrument executed by such Successor Trust
Preferred Guarantee Trustee and delivered to the Guarantor.

        (c) The Trust Preferred Guarantee Trustee appointed to office shall hold
office until a Successor Trust Preferred Trust Preferred Guarantee Trustee shall
have been appointed or until its removal or resignation. The Trust Preferred
Guarantee Trustee may resign from office (without need for prior or subsequent
accounting) by an instrument in writing executed by the Trust Preferred
Guarantee Trustee and delivered to the Guarantor, which resignation shall not
take effect until a Successor Trust Preferred Trust Preferred Guarantee Trustee
has been appointed and has accepted such appointment by instrument in writing
executed by such Successor Trust Preferred Trust Preferred Guarantee Trustee and
delivered to the Guarantor and the resigning Trust Preferred Guarantee Trustee.

        (d) If no Successor Trust Preferred Guarantee Trustee shall have been
appointed and accepted as provided in this Section 4.2 within 60 days after
delivery to the Guarantor of an instrument of resignation, the resigning Trust
Preferred Guarantee Trustee may petition any court of competent jurisdiction for
appointment of a Successor Trust Preferred Guarantee Trustee. Such court may
thereupon, after prescribing such notice, if any, as it may deem proper, appoint
a Successor Trust Preferred Guarantee Trustee.

        (e) No Trust Preferred Guarantee Trustee shall be liable for the acts or
omissions to act of any Successor Trust Preferred Guarantee Trustee.

        (f) Upon termination of this Trust Preferred Securities Guarantee or
removal or resignation of the Trust Preferred Guarantee Trustee pursuant to this
Section 4.2, the Guarantor shall pay to the Trust Preferred Guarantee Trustee
all amounts then due to the Trust Preferred Guarantee Trustee accrued to the
date of such termination, removal or resignation.

                                    ARTICLE V
                                    GUARANTEE

SECTION 5.1       GUARANTEE.

        The Guarantor irrevocably and unconditionally agrees to pay in full to
the Holders the Guarantee Payments (without duplication of amounts theretofore
paid by the Trust), as and when due, regardless of any defense, right of set-off
or counterclaim that the Trust may have or assert, except the defense of
payment. The Guarantor's obligation to make a Guarantee Payment may be satisfied
by direct payment of the required amounts by the Guarantor to the Holders or by
causing the Trust to pay such amounts to the Holders.

        The Guarantor shall give prompt written notice to the Trust Preferred
Guarantee Trustee in the event it makes any direct payment hereunder.


                                      -12-
<PAGE>   17

SECTION 5.2       WAIVER OF NOTICE AND DEMAND.

        The Guarantor hereby waives notice of acceptance of this Trust Preferred
Securities Guarantee and of any liability to which it applies or may apply,
presentment, demand for payment, any right to require a proceeding first against
the Trust or any other Person before proceeding against the Guarantor, protest,
notice of nonpayment, notice of dishonor, notice of redemption and all other
notices and demands.

SECTION 5.3       OBLIGATIONS NOT AFFECTED.

        The obligations, covenants, agreements and duties of the Guarantor under
this Trust Preferred Securities Guarantee shall in no way be affected or
impaired by reason of the happening from time to time of any of the following:

        (a) the release or waiver, by operation of law or otherwise, of the
performance or observance by the Trust of any express or implied agreement,
covenant, term or condition relating to the Trust Preferred Securities to be
performed or observed by the Trust;

        (b) the extension of time for the payment by the Trust of all or any
portion of the Distributions, Redemption Price, Liquidation Distribution or any
other sums payable under the terms of the Trust Preferred Securities or the
extension of time for the performance of any other obligation under, arising out
of, or in connection with, the Trust Preferred Securities (other than an
extension of time for payment of Distributions, Redemption Price, Liquidation
Distribution or other sum payable that results from the extension of any
interest payment period on the Debentures or any extension of the maturity date
of the Debentures permitted by the Indenture);

        (c) any failure, omission, delay or lack of diligence on the part of the
Holders to enforce, assert or exercise any right, privilege, power or remedy
conferred on the Holders pursuant to the terms of the Trust Preferred
Securities, or any action on the part of the Trust granting indulgence or
extension of any kind;

        (d) the voluntary or involuntary liquidation, dissolution, sale of any
collateral, receivership, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment of debt of,
or other similar proceedings affecting, the Trust or any of the assets of the
Trust;

        (e) any invalidity of, or defect or deficiency in, the Trust Preferred
Securities;

        (f) any failure or omission to receive any regulatory approval or
consent required in connection with the Trust Preferred Securities (or the
common equity securities issued by the Trust), including the failure to receive
any approval of the Board of Governors of the Federal Reserve System required
for the redemption of the Trust Preferred Securities;

        (g) the settlement or compromise of any obligation guaranteed hereby or
hereby incurred; or


                                      -13-
<PAGE>   18

        (h) any other circumstance whatsoever that might otherwise constitute a
legal or equitable discharge or defense of a guarantor (other than payment of
the underlying obligation), it being the intent of this Section 5.3 that the
obligations of the Guarantor hereunder shall be absolute and unconditional under
any and all circumstances.

        There shall be no obligation of the Holders to give notice to, or obtain
consent of, the Guarantor with respect to the happening of any of the foregoing.

        The Guarantor expressly acknowledges that this Trust Preferred
Securities Guarantee will be deposited with the Trust Preferred Guarantee
Trustee to be held for the benefit of the Holders.

SECTION 5.4       RIGHTS OF HOLDERS.

        (a) Subject to Section 5.4(b), the Holders of a Majority in liquidation
amount of the Trust Preferred Securities have the right to direct the time,
method and place of conducting of any proceeding for any remedy available to the
Trust Preferred Guarantee Trustee in respect of this Trust Preferred Securities
Guarantee or exercising any trust or power conferred upon the Trust Preferred
Guarantee Trustee under this Trust Preferred Securities Guarantee.

        (b) Any Holder of Trust Preferred Securities may institute and prosecute
a legal proceeding directly against the Guarantor to enforce its rights under
this Trust Preferred Securities Guarantee without first instituting a legal
proceeding against the Trust, the Trust Preferred Guarantee Trustee or any other
Person.

SECTION 5.5       GUARANTEE OF PAYMENT.

        This Trust Preferred Securities Guarantee creates a guarantee of payment
and not of collection.

SECTION 5.6       SUBROGATION.

        The Guarantor shall be subrogated to all (if any) rights of the Holders
of Trust Preferred Securities against the Trust in respect of any amounts paid
to such Holders by the Guarantor under this Trust Preferred Securities
Guarantee; provided, however, that the Guarantor shall not (except to the extent
required by mandatory provisions of law) be entitled to enforce or exercise any
right that it may acquire by way of subrogation or any indemnity, reimbursement
or other agreement, in all cases as a result of payment under this Trust
Preferred Securities Guarantee, if, at the time of any such payment, any amounts
are due and unpaid under this Trust Preferred Securities Guarantee. If any
amount shall be paid to the Guarantor in violation of the preceding sentence,
the Guarantor agrees to hold such amount in trust for the Holders and to pay
over such amount to the Holders.


                                      -14-
<PAGE>   19

SECTION 5.7       INDEPENDENT OBLIGATIONS.

        The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Trust with respect to the Trust Preferred
Securities, and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Trust
Preferred Securities Guarantee notwithstanding the occurrence of any event
referred to in subsections (a) through (h), inclusive, of Section 5.3 hereof.

                                   ARTICLE VI
                    LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 6.1       LIMITATION OF TRANSACTIONS.

        So long as any Trust Preferred Securities remain outstanding, if there
shall have occurred an Event of Default under this Trust Preferred Securities
Guarantee, an event of default under the Indenture, an event of default under
the Trust Agreement or during an Extended Interest Payment Period (as defined in
the Indenture), then (a) the Guarantor shall not, and will not permit any
Subsidiary to, declare or pay any dividend on, make any distributions with
respect to, or redeem, purchase, acquire or make a liquidation payment with
respect to, any of its capital stock (other than (i) as a result of a
reclassification of its capital stock for another class of its capital stock or
(ii) declarations of payments of dividends or distributions of capital stock by
a Subsidiary of the Guarantor to the Guarantor); (b) the Guarantor shall not,
and will not permit any Subsidiary to, make any payment of interest or principal
on or repay, repurchase or redeem any debt securities (other than the
Debentures) issued by the Guarantor which rank pari passu with or junior to the
Debentures; (c) the Guarantor shall not make any guarantee payments with respect
to any guarantee by the Guarantor of the debt securities of any Subsidiary of
the Guarantor if such guarantee ranks pari passu with or junior in interest to
the Debentures; and (d) the Guarantor shall not redeem, purchase or acquire less
than all of the outstanding Debentures or any of the Trust Preferred Securities.

SECTION 6.2       RANKING.

        This Trust Preferred Securities Guarantee will constitute an unsecured
obligation of the Guarantor and will rank subordinate and junior in right of
payment to all Senior Debt, Subordinated Debt and Additional Senior Obligations,
as defined in the Indenture, of the Guarantor, to the extent and in the manner
set forth in the Indenture, and the applicable provisions of the Indenture will
apply, in all relevant respects, to the obligations of the Guarantor hereunder.

                                   ARTICLE VII
                                   TERMINATION

SECTION 7.1       TERMINATION.

        This Trust Preferred Securities Guarantee shall terminate (a) upon full
payment of the Redemption Price of all Trust Preferred Securities, (b) upon full
payment of the amounts payable in accordance with the Trust Agreement upon
liquidation of the Trust, or (c) upon distribution of


                                      -15-
<PAGE>   20

the Debentures to the Holders of the Trust Preferred Securities. Notwithstanding
the foregoing, this Trust Preferred Securities Guarantee shall continue to be
effective or shall be reinstated, as the case may be, if at any time any Holder
of Trust Preferred Securities must restore payment of any sums paid under the
Trust Preferred Securities or under this Trust Preferred Securities Guarantee.

                                  ARTICLE VIII
                                 INDEMNIFICATION

SECTION 8.1       EXCULPATION.

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

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

SECTION 8.2       INDEMNIFICATION.

        The Guarantor agrees to indemnify each Indemnified Person for, and to
hold each Indemnified Person harmless against, any and all loss, liability,
damage, action, suit, claim or expense incurred without negligence or bad faith
on its part, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder, including the costs and
expenses (including reasonable legal fees and expenses) of defending itself
against, or investigating, any claim or liability in connection with the
exercise or performance of any of its powers or duties hereunder. The obligation
to indemnify as set forth in this Section 8.2 shall survive the termination of
this Trust Preferred Securities Guarantee and shall survive the resignation,
removal or termination of the Trust Preferred Guarantee Trustee.


                                      -16-
<PAGE>   21

                                   ARTICLE IX
                                  MISCELLANEOUS

SECTION 9.1       SUCCESSORS AND ASSIGNS.

        All guarantees and agreements contained in this Trust Preferred
Securities Guarantee shall bind the successors, assigns, receivers, trustees and
representatives of the Guarantor and shall inure to the benefit of the Holders
of the Trust Preferred Securities then outstanding.

SECTION 9.2       AMENDMENTS.

        Except with respect to any changes that do not materially adversely
affect the rights of Holders (in which case no consent of Holders will be
required), this Trust Preferred Securities Guarantee may only be amended with
the prior approval of the Holders of at least a Majority in Liquidation Amount
of the Trust Preferred Securities. The provisions of Article VI of the Trust
Agreement with respect to meetings of Holders of the Trust Preferred Securities
apply to the giving of such approval; provided, however, that no amendment
hereof that affects the Trust Preferred Guarantee Trustee's rights, duties or
immunities hereunder or otherwise, shall be effective, unless such amendment is
executed by the Trust Preferred Guarantee Trustee (which shall have no
obligation to execute any such amendment, but may do so in its sole discretion).

SECTION 9.3       NOTICES.

        All notices provided for in this Trust Preferred Securities Guarantee
shall be in writing, duly signed by the party giving such notice, and shall be
delivered, telecopied or mailed by registered or certified mail, as follows:

        (a) If given to the Trust Preferred Guarantee Trustee, at the Trust
Preferred Guarantee Trustee's mailing address set forth below (or such other
address as the Trust Preferred Guarantee Trustee may give notice of to the
Holders of the Trust Preferred Securities):

               Wilmington Trust Company
               Rodney Square North
               1110 North Market Street
               Wilmington, Delaware 19890-0001
               Attention: Corporate Trust Administration, Front Range Capital
               Trust I

        (b) If given to the Guarantor, at the Guarantor's mailing address set
forth below (or such other address as the Guarantor may give notice of to the
Holders of the Trust Preferred Securities):

               Front Range Capital Corporation.
               1020 Century Drive, Suite 202
               Louisville, Colorado 80027
               Attention: Robert L. Beauprez, President

        (c) If given to any Holder of Trust Preferred Securities, at the address
set forth on the books and records of the Trust. All such notices shall be
deemed to have been given when received in person, telecopied with receipt
confirmed, or mailed by first class mail, postage


                                      -17-
<PAGE>   22

prepaid except that if a notice or other document is refused delivery or cannot
be delivered because of a changed address of which no notice was given, such
notice or other document shall be deemed to have been delivered on the date of
such refusal or inability to deliver.

SECTION 9.4       BENEFIT.

        This Trust Preferred Securities Guarantee is solely for the benefit of
the Holders of the Trust Preferred Securities and, subject to Section 3.1(a), is
not separately transferable from the Trust Preferred Securities.

SECTION 9.5       GOVERNING LAW.

        THIS TRUST PREFERRED SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF COLORADO.

SECTION 9.6       COUNTERPARTS.

        This Trust Agreement may be executed in one or more counterparts, each
of which shall be deemed an original for purposes of enforcement hereof and all
signatures hereon shall be as though signed on one document.

                            [SIGNATURE PAGE FOLLOWS]


                                      -18-
<PAGE>   23

        This Trust Preferred Securities Guarantee is executed as of the day and
year first above written.

                                      FRONT RANGE CAPITAL CORPORATION, as
                                      Guarantor


                                      By:
                                            ------------------------------------
                                      Name:
                                            ------------------------------------
                                      Its:
                                            ------------------------------------


                                      WILMINGTON TRUST COMPANY, as Trust
                                      Preferred Guarantee Trustee


                                      By:
                                            ------------------------------------
                                      Name:
                                            ------------------------------------
                                      Its:
                                            ------------------------------------


                                      -19-