<PAGE>   1
                                                                    EXHIBIT 10.3

===============================================================================

                          FIRST WESTERN BANCORP, INC.

                         ------------------------------


                         ------------------------------


                                   INDENTURE

                         DATED AS OF FEBRUARY 11, 1997

                         ------------------------------


                            THE CHASE MANHATTAN BANK

                                   AS TRUSTEE

                         ------------------------------


               JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES

===============================================================================


<PAGE>   2



TIE-SHEET

         of provisions of Trust Indenture Act of 1939 with Indenture dated as
of February 11, 1997 between First Western Bancorp, Inc. and The Chase
Manhattan Bank, Trustee:

<TABLE>
<CAPTION>
ACT SECTION                                          INDENTURE SECTION
<S>                                                       <C>
310(a)(1)..........................................................6.09
   (a)(2) .........................................................6.09
310(a)(3)...........................................................N/A
   (a)(4)...........................................................N/A
310(a)(5)....................................................6.10, 6.11
310(b)..............................................................N/A
310(c).............................................................6.13
311(a) and (b)......................................................N/A
311(c)....................................................4.01, 4.02(a)
312(a).............................................................4.02
312(b) and (c).....................................................4.04
313(a).............................................................4.04
313(b)(1)..........................................................4.04
313(b)(2)..........................................................4.04
313(c).............................................................4.04
313(d).............................................................4.04
314(a).............................................................4.03
314(b)..............................................................N/A
314(c)(1) and (2)..................................................6.07
314(c)(3)...........................................................N/A
314(d) .............................................................N/A
314(e).............................................................6.07
314(f) .............................................................N/A
315(a)(c) and (d)..................................................6.01
315(b) ............................................................5.08
315(e) ............................................................5.09
316(a)(1) .........................................................5.07
316(a)(2) ..........................................................N/A
316(a) last sentence ..............................................2.09
316(b) ............................................................9.02
317(a) ............................................................5.05
317(b) ............................................................6.05
318(a) ...........................................................13.08
</TABLE>
--------------
         THIS TIE-SHEET IS NOT PART OF THE INDENTURE AS EXECUTED.


<PAGE>   3


                               TABLE OF CONTENTS*

<TABLE>
<CAPTION>
                                                                                                      Page
                                                                                                      ----
<S>                                                                                                      <C>
ARTICLE I                DEFINITIONS
         SECTION 1.01.              Definitions........................................................  1
         Additional Sums ..............................................................................  1
         Adjusted Treasury Rate........................................................................  2
         Affiliate.....................................................................................  2
         Authenticating Agent..........................................................................  2
         Bankruptcy Law................................................................................  2
         Board of Directors............................................................................  2
         Board Resolution..............................................................................  2
         Business Day..................................................................................  2
         Capital Securities............................................................................  2
         Capital Securities Guarantee..................................................................  3
         Commission....................................................................................  3
         Common Securities.............................................................................  3
         Common Securities Guarantee...................................................................  3
         Common Stock..................................................................................  3
         Company.......................................................................................  3
         Company Request...............................................................................  3
         Comparable Treasury Issue.....................................................................  4
         Comparable Treasury Price.....................................................................  4
         Compounded Interest...........................................................................  4
         Custodian.....................................................................................  4
         Declaration...................................................................................  4
         Default.......................................................................................  4
         Deferred Interest.............................................................................  4
         Definitive Securities.........................................................................  4
         Depositary....................................................................................  4
         Dissolution Event.............................................................................  5
         Event of Default..............................................................................  5
         Exchange Act..................................................................................  5
         Exchange Offer................................................................................  5
         Extended Interest Payment Period..............................................................  5
         Federal Reserve...............................................................................  5
         First Western Capital Trust...................................................................  5
         Global Security...............................................................................  5
         Indebtedness for Money Borrowed...............................................................  5
         Indebtedness Ranking on a Parity with the Securities..........................................  5
         Indebtedness Ranking Junior to the Securities.................................................  6
         Indenture.....................................................................................  6
         Initial Optional Redemption Date..............................................................  6
         Interest Payment Date.........................................................................  6
         Liquidated Damages............................................................................  6
         Make Whole Amount.............................................................................  6
--------                                                                                                  
*        THIS TABLE OF CONTENTS SHALL NOT, FOR ANY PURPOSE, BE
         DEEMED TO BE A PART OF THE INDENTURE.
</TABLE>


                                       i


<PAGE>   4


<TABLE>
<CAPTION>
                                                                                                      Page
                                                                                                      ----
<S>                                                                                                     <C>
         Maturity Date.................................................................................  7
         Mortgage......................................................................................  7
         Non Book-Entry Capital Securities.............................................................  7
         Officers......................................................................................  7
         Officers' Certificate.........................................................................  7
         Opinion of Counsel............................................................................  7
         Optional Redemption Price.....................................................................  7
         Other Debentures..............................................................................  7
         Other Guarantees..............................................................................  7
         outstanding...................................................................................  7
         Person........................................................................................  8
         Predecessor Security..........................................................................  8
         Principal Office of the Trustee...............................................................  8
         Purchase Agreement............................................................................  8
         Property Trustee..............................................................................  8
         Quotation Agent...............................................................................  8
         Redemption Price..............................................................................  8
         Reference Treasury Dealer.....................................................................  8
         Reference Treasury Dealer Quotations..........................................................  9
         Registration Rights Agreement.................................................................  9
         Regulatory Capital Event......................................................................  9
         Responsible Officer...........................................................................  9
         Restricted Security...........................................................................  9
         Rule 144A..................................................................................... 10
         Securities.................................................................................... 10
         Securities Act................................................................................ 10
         Securityholder................................................................................ 10
         holder of Securities.......................................................................... 10
         Security Register............................................................................. 10
         Senior Indebtedness........................................................................... 10
         Series A Securities........................................................................... 10
         Series B Securities........................................................................... 10
         Special Event................................................................................. 10
         Special Event Redemption Price................................................................ 10
         Subsidiary.................................................................................... 10
         Tax Event..................................................................................... 11
         Trustee....................................................................................... 11
         Trust Indenture Act of 1939................................................................... 11
         Trust Securities.............................................................................. 11
         U.S. Government Obligations................................................................... 11

ARTICLE II               SECURITIES
         SECTION 2.01.              Forms Generally.................................................... 12
         SECTION 2.02.              Execution and Authentication....................................... 12
         SECTION 2.03.              Form and Payment................................................... 13
         SECTION 2.04.              Legends............................................................ 13
         SECTION 2.05.              Global Security.................................................... 13
         SECTION 2.06               Interest........................................................... 15
         SECTION 2.07.              Transfer and Exchange.............................................. 16
         SECTION 2.08.              Replacement Securities............................................. 18
</TABLE>


                                       ii


<PAGE>   5


<TABLE>
<CAPTION>
                                                                                                      Page
                                                                                                      ----
<S>                      <C>                                                                            <C>
         SECTION 2.09.              Temporary Securities............................................... 19
         SECTION 2.10.              Cancellation....................................................... 19
         SECTION 2.11.              Defaulted Interest................................................. 20
         SECTION 2.12.              CUSIP Numbers...................................................... 21

ARTICLE III              PARTICULAR COVENANTS OF THE COMPANY
         SECTION 3.01.              Payment of Principal, Premium and Interest......................... 21
         SECTION 3.02.              Offices for Notices and Payments, etc.............................. 21
         SECTION 3.03.              Appointments to Fill Vacancies in Trustee's Office................. 22
         SECTION 3.04.              Provision as to Paying Agent....................................... 22
         SECTION 3.05.              Certificate to Trustee............................................. 23
         SECTION 3.06.              Compliance with Consolidation Provisions........................... 24
         SECTION 3.07.              Limitation on Dividends............................................ 24
         SECTION 3.08.              Covenants as to First Western Capital Trust........................ 25
         SECTION 3.09.              Payment of Expenses................................................ 25
         SECTION 3.10.              Payment Upon Resignation or Removal................................ 26

ARTICLE IV               SECURITYHOLDERS' LISTS AND REPORTS BY
                         THE COMPANY AND THE TRUSTEE
         SECTION 4.01.              Securityholders' Lists............................................. 26
         SECTION 4.02.              Preservation and Disclosure of Lists............................... 27
         SECTION 4.03.              Reports by Company................................................. 29
         SECTION 4.04.              Reports by the Trustee............................................. 30

ARTICLE V                REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON
                         EVENT OF DEFAULT
         SECTION 5.01.              Events of Default.................................................. 30
         SECTION 5.02.              Payment of Securities on Default; Suit Therefor.................... 33
         SECTION 5.03.              Application of Moneys Collected by Trustee......................... 35
         SECTION 5.04.              Proceedings by Securityholders..................................... 35
         SECTION 5.05.              Proceedings by Trustee............................................. 36
         SECTION 5.06.              Remedies Cumulative and Continuing................................. 37
         SECTION 5.07.              Direction of Proceedings and Waiver of
                                    Defaults by Majority of Securityholders............................ 37
         SECTION 5.08.              Notice of Defaults................................................. 38
         SECTION 5.09.              Undertaking to Pay Costs........................................... 38

ARTICLE VI               CONCERNING THE TRUSTEE
         SECTION 6.01.              Duties and Responsibilities of Trustee............................. 39
         SECTION 6.02.              Reliance on Documents, Opinions, etc............................... 40
         SECTION 6.03.              No Responsibility for Recitals, etc................................ 42
         SECTION 6.04.              Trustee, Authenticating Agent, Paying
                                    Agents, Transfer Agents or Registrar May
                                    Own Securities..................................................... 42
</TABLE>


                                      iii


<PAGE>   6


<TABLE>
<CAPTION>
                                                                                                      Page
                                                                                                      ----
<S>                      <C>                                                                            <C>
         SECTION 6.05.              Moneys to be Held in Trust......................................... 42
         SECTION 6.06.              Compensation and Expenses of Trustee............................... 43
         SECTION 6.07.              Officers' Certificate as Evidence.................................. 44
         SECTION 6.08.              Conflicting Interest of Trustee.................................... 44
         SECTION 6.09.              Eligibility of Trustee............................................. 44
         SECTION 6.10.              Resignation or Removal of Trustee.................................. 45
         SECTION 6.11.              Acceptance by Successor Trustee.................................... 46
         SECTION 6.12.              Succession by Merger, etc.......................................... 47
         SECTION 6.13.              Limitation on Rights of Trustee as a Creditor...................... 48
         SECTION 6.14.              Authenticating Agents.............................................. 48

ARTICLE VII              CONCERNING THE SECURITYHOLDERS
         SECTION 7.01.              Action by Securityholders.......................................... 49
         SECTION 7.02.              Proof of Execution by Securityholders.............................. 50
         SECTION 7.03.              Who Are Deemed Absolute Owners..................................... 50
         SECTION 7.04.              Securities Owned by Company Deemed Not Outstanding................. 51
         SECTION 7.05.              Revocation of Consents; Future Holders Bound....................... 51

ARTICLE VIII             SECURITYHOLDERS' MEETINGS
         SECTION 8.01.              Purposes of Meetings............................................... 52
         SECTION 8.02.              Call of Meetings by Trustee........................................ 52
         SECTION 8.03.              Call of Meetings by Company or Securityholders..................... 52
         SECTION 8.04.              Qualifications for Voting.......................................... 53
         SECTION 8.05.              Regulations........................................................ 53
         SECTION 8.06.              Voting............................................................. 54

ARTICLE IX               AMENDMENTS
         SECTION 9.01.              Without Consent of Securityholders................................. 54
         SECTION 9.02.              With Consent of Securityholders.................................... 56
         SECTION 9.03.              Compliance with Trust Indenture Act;
                                    Effect of Supplemental Indentures.................................. 57
         SECTION 9.04.              Notation on Securities............................................. 57
         SECTION 9.05.              Evidence of Compliance of Supplemental
                                    Indenture to be Furnished Trustee.................................. 58

ARTICLE X                CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

         SECTION 10.01.             Company May Consolidate, etc., on Certain Terms.................... 58
         SECTION 10.02.             Successor Corporation to be Substituted for Company................ 59
         SECTION 10.03.             Opinion of Counsel to be Given Trustee............................. 59
</TABLE>


                                       iv


<PAGE>   7


<TABLE>
<CAPTION>
                                                                                                      Page
                                                                                                      ----
<S>                      <C>                                                                            <C>
ARTICLE XI               SATISFACTION AND DISCHARGE OF INDENTURE

         SECTION 11.01.             Discharge of Indenture............................................. 60
         SECTION 11.02.             Deposited Moneys and U.S. Government Obligations
                                    to be Held in Trust by Trustee..................................... 60
         SECTION 11.03.             Paying Agent to Repay Moneys Held.................................. 61
         SECTION 11.04.             Return of Unclaimed Moneys......................................... 61
         SECTION 11.05.             Defeasance Upon Deposit of Moneys or
                                    U.S. Government Obligations........................................ 61

ARTICLE XII              IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS
                         AND DIRECTORS
         SECTION 12.01.             Indenture and Securities Solely Corporate Obligations.............. 63

ARTICLE XIII             MISCELLANEOUS PROVISIONS
         SECTION 13.01.             Successors......................................................... 64
         SECTION 13.02.             Official Acts by Successor Corporation............................. 64
         SECTION 13.03.             Surrender of Company Powers........................................ 64
         SECTION 13.04.             Addresses for Notices, etc......................................... 64
         SECTION 13.05.             Governing Law...................................................... 64
         SECTION 13.06.             Evidence of Compliance with Conditions Precedent................... 65
         SECTION 13.07.             Business Days...................................................... 65
         SECTION 13.08.             Trust Indenture Act to Control..................................... 65
         SECTION 13.09.             Table of Contents, Headings, etc................................... 66
         SECTION 13.10.             Execution in Counterparts.......................................... 66
         SECTION 13.11.             Separability....................................................... 66
         SECTION 13.12.             Assignment......................................................... 66
         SECTION 13.13.             Acknowledgement of Rights.......................................... 66

ARTICLE XIV              REDEMPTION OF SECURITIES  --  MANDATORY AND
                         OPTIONAL SINKING FUND......................................................... 67
         SECTION 14.01.             Special Event Redemption........................................... 67
         SECTION 14.02.             Optional Redemption by Company..................................... 67
         SECTION 14.03.             No Sinking Fund.................................................... 68
         SECTION 14.04.             Notice of Redemption; Selection of Securities...................... 68
         SECTION 14.05.             Payment of Securities Called for Redemption........................ 70

ARTICLE XV               SUBORDINATION OF SECURITIES
         SECTION 15.01.             Agreement to Subordinate........................................... 70
         SECTION 15.02.             Default on Senior Indebtedness..................................... 71
         SECTION 15.03.             Liquidation; Dissolution; Bankruptcy............................... 71
         SECTION 15.04.             Subrogation........................................................ 73
         SECTION 15.05.             Trustee to Effectuate Subordination................................ 74
         SECTION 15.06.             Notice by the Company.............................................. 74
         SECTION 15.07.             Rights of the Trustee; Holders of Senior Indebtedness.............. 75
</TABLE>


                                       v


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<TABLE>
<CAPTION>
                                                                                                      Page
                                                                                                      ----
<S>                      <C>                                                                           <C>
         SECTION 15.08.             Subordination May Not Be Impaired.................................. 76

ARTICLE XVI              EXTENSION OF INTEREST PAYMENT PERIOD
         SECTION 16.01.             Extension of Interest Payment Period................................77
         SECTION 16.02.             Notice of Extension................................................ 77

EXHIBIT A..............................................................................................A-1
</TABLE>

Testimonium
Signatures
Acknowledgements


                                       vi


<PAGE>   9



                  THIS INDENTURE, dated as of February 11, 1997, between First
Western Bancorp, Inc., a Pennsylvania corporation (hereinafter sometimes called
the "Company"), and The Chase Manhattan Bank, a New York banking corporation,
as trustee (hereinafter sometimes called the "Trustee"),

                             W I T N E S S E T H :

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

                                   ARTICLE I

                                  DEFINITIONS

                  SECTION 1.01.             Definitions.

                  The terms defined in this Section 1.01 (except as herein
otherwise expressly provided or unless the context otherwise requires) for all
purposes of this Indenture shall have the respective meanings specified in this
Section 1.01. All other terms used in this Indenture which are defined in the
Trust Indenture Act of 1939, as amended (the "Trust Indenture Act"), or which
are by reference therein defined in the Securities Act, shall (except as herein
otherwise expressly provided or unless the context otherwise requires) have the
meanings assigned to such terms in said Trust Indenture Act and in said
Securities Act as in force at the date of this Indenture as originally
executed.  The following terms have the meanings given to them in the
Declaration: (i) Clearing Agency; (ii) Delaware Trustee; (iii) Property
Trustee; (iv) Administrative Trustees; (v) Series A Capital Securities; (vi)
Series B Capital Securities; (vii) Direct Action; and (viii) Distributions. All
accounting terms used herein and not expressly defined shall have the meanings
assigned to such terms in accordance with generally accepted accounting
principles and the term "generally accepted accounting principles" means such
accounting principles as are generally accepted at the time of any computation.
The words "herein", "hereof" and "hereunder" and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section
or other subdivision. Headings are used for convenience of reference only and
do not affect interpretation. The singular includes the plural and vice versa.

                  "Additional Sums" shall have the meaning set forth in Section
2.06(c).




<PAGE>   10



                  "Adjusted Treasury Rate" means, with respect to any
redemption date pursuant to Section 14.01, the rate per annum equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such
redemption date plus (i) 3.075% if such redemption date occurs on or prior to
February 1, 1998 and (ii) 2.525% in all other cases.

                  "Affiliate" shall have the meaning given to that term in Rule
405 under the Securities Act or any successor rule thereunder.

                  "Authenticating Agent" shall mean any agent or agents of the
Trustee which at the time shall be appointed and acting pursuant to Section
6.14.

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

                  "Board of Directors" shall mean either the Board of Directors
of the Company or any duly authorized committee of that board.

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

                  "Business Day" shall mean, with respect to any series of
Securities, any day other than a Saturday or a Sunday or a day on which banking
institutions in The City of New York or Pittsburgh, Pennsylvania are authorized
or required by law or executive order to close.

                  "Capital Securities" shall mean undivided beneficial
interests in the assets of First Western Capital Trust which rank pari passu
with the Common Securities issued by First Western Capital Trust; provided,
however, that if an Event of Default has occurred and is continuing, no
payments in respect of Distributions on, or payments upon liquidation,
redemption or otherwise with respect to, the Common Securities shall be made
until the holders of the Capital Securities shall be paid in full the
Distributions and the liquidation, redemption and other payments to which they
are entitled. References to "Capital Securities" shall include collectively any
Series A Capital Securities and Series B Capital Securities.

                  "Capital Securities Guarantee" shall mean any guarantee that
the Company may enter into with The Chase Manhattan Bank or other Persons that
operates directly or indirectly for the



                                       2


<PAGE>   11



benefit of holders of Capital Securities of First Western Capital Trust and
shall include a Series A Capital Securities Guarantee and a Series B Capital
Securities Guarantee with respect to the Series A Capital Securities and the
Series B Capital Securities, respectively.

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

                  "Common Securities" shall mean undivided beneficial interests
in the assets of First Western Capital Trust which rank pari passu with Capital
Securities issued by First Western Capital Trust; provided, however, that if an
Event of Default has occurred and is continuing, no payments in respect of
Distributions on, or payments upon liquidation, redemption or otherwise with
respect to, the Common Securities shall be made until the holders of the
Capital Securities shall be paid in full the Distributions and the liquidation,
redemption and other payments to which they are entitled.

                  "Common Securities Guarantee" shall mean any guarantee that
the Company may enter into with any Person or Persons that operates directly or
indirectly for the benefit of holders of Common Securities of First Western
Capital Trust.

                  "Common Stock" shall mean the Common Stock, par value $1.00
per share, of the Company or any other class of stock resulting from changes or
reclassifications of such Common Stock consisting solely of changes in par
value, or from par value to no par value, or from no par value to par value.

                  "Company" shall mean First Western Bancorp, Inc., a
Pennsylvania corporation, and, subject to the provisions of Article X, shall
include its successors and assigns.

                  "Company Request" or "Company Order" shall mean a written
request or order signed in the name of the Company by the Chairman, the Chief
Executive Officer, the President, a Vice Chairman, a Vice President, the
Comptroller, the Secretary or an Assistant Secretary of the Company, and
delivered to the Trustee.

                  "Comparable Treasury Issue" means the United States Treasury
security selected by the Quotation Agent as having a maturity comparable to the
remaining term of the Securities to be redeemed that would be utilized, at the
time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of the Securities.



                                       3


<PAGE>   12




                  "Comparable Treasury Price" means, with respect to any
redemption date pursuant to Section 14.01, (i) the average of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) on the third Business Day preceding such
redemption date, as set forth in the daily statistical release (or any
successor release) published by the Federal Reserve Bank of New York and
designated "Composite 3:30 p.m. Quotations for U.S. Government Securities" or
(ii) if such release (or any successor release) is not published or does not
contain such prices on such Business Day, (A) the average of the Reference
Treasury Dealer Quotations for such redemption date, after excluding the
highest and lowest such Reference Treasury Dealer Quotations, or (B) if the
Trustee obtains fewer than three such Reference Treasury Dealer Quotations, the
average of all such Quotations.

                  "Compounded Interest" shall have the meaning set forth in
Section 16.01.

                  "Custodian" shall mean any receiver, trustee, assignee,
liquidator, or similar official under any Bankruptcy Law.

                  "Declaration" means the Amended and Restated Declaration of
Trust of First Western Capital Trust, dated as of February 11, 1997, as amended
from time to time.

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

                  "Defaulted Interest" shall have the same meaning set forth in
Section 2.11.

                  "Deferred Interest" shall have the meaning set forth in
Section 16.01.

                  "Definitive Securities" shall mean those securities issued in
fully registered certificated form not otherwise in global form.

                  "Depositary" shall mean, with respect to Securities, for
which the Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, New York, New York, another
clearing agency, or any successor registered as a clearing agency under the
Exchange Act or other applicable statute or regulation, which, in each case,
shall be designated by the Company pursuant to Section 2.05(d).

                  "Dissolution Event" means the liquidation of First Western
Capital Trust pursuant to the Declaration, and the distribution of the
Securities held by the Property Trustee to



                                       4


<PAGE>   13



the holders of the Trust Securities issued by First Western Capital Trust pro
rata in accordance with the Declaration.

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

                  "Exchange Act" shall mean the Securities Exchange Act of
1934, as amended.

                  "Exchange Offer" means the offer that may be made pursuant to
the Registration Rights Agreement (i) by the Company to exchange Series B
Securities for Series A Securities and to exchange a Series B Capital
Securities Guarantee for a Series A Capital Securities Guarantee and (ii) by
First Western Capital Trust to exchange Series B Capital Securities for Series
A Capital Securities.

                  "Extended Interest Payment Period" shall have the meaning set
forth in Section 16.01.

                  "Federal Reserve" shall mean the Board of Governors of the
Federal Reserve System.

                  "First Western Capital Trust" or the "Trust" shall mean First
Western Capital Trust I, a Delaware business trust created for the purpose of
issuing its undivided beneficial interests in connection with the issuance of
Securities under this Indenture.

                  "Global Security" means, with respect to the Securities, a
Security executed by the Company and delivered by the Trustee to the Depositary
or pursuant to the Depositary's instruction, all in accordance with the
Indenture, which shall be registered in the name of the Depositary or its
nominee.

                  "Indebtedness for Money Borrowed" shall mean any obligation
of, or any obligation guaranteed by, the Company for the repayment of borrowed
money, whether or not evidenced by bonds, debentures, notes or other written
instruments; provided, however, that Indebtedness for Money Borrowed shall not
include trade accounts payable or accrued liabilities in the ordinary course of
business.

                  "Indebtedness Ranking on a Parity with the Securities" shall
mean (i) Indebtedness for Money Borrowed, whether outstanding on the date of
execution of this Indenture or hereafter created, assumed or incurred, to the
extent such indebtedness specifically by its terms ranks equally with and not
prior to the Securities in the right of payment upon the happening of any
dissolution or winding up or liquidation or reorganization of the Company, (ii)
all other debt securities, and guarantees in respect of those debt securities,
issued to any trust other than



                                       5


<PAGE>   14



First Western Capital Trust, or a trustee of such trust, partnership or other
entity affiliated with the Company that is a financing vehicle of the Company
(a "financing entity") in connection with the issuance by such financing entity
of equity securities or other securities guaranteed by the Company pursuant to
an instrument that ranks pari passu with or junior in right of payment to the
Capital Securities Guarantee.

                  "Indebtedness Ranking Junior to the Securities" shall mean
any Indebtedness for Money Borrowed, whether outstanding on the date of
execution of this Indenture or hereafter created, assumed or incurred, to the
extent such indebtedness specifically by its terms ranks junior to and not
equally with or prior to the Securities (and any other Indebtedness Ranking on
a Parity with the Securities) in right of payment upon the happening of any
dissolution or winding up or liquidation or reorganization of the Company. The
securing of any Indebtedness for Money Borrowed of the Company, otherwise
constituting Indebtedness Ranking on a Parity with the Securities or
Indebtedness Ranking Junior to the Securities, as the case may be, shall not be
deemed to prevent such Indebtedness for Money Borrowed from constituting
Indebtedness Ranking on a Parity with the Securities or Indebtedness Ranking
Junior to the Securities, as the case may be.

                  "Indenture" shall mean this instrument as originally executed
or, if amended as herein provided, as so amended.

                  "Initial Optional Redemption Date" means February 1, 2007.

                  "Interest Payment Date" shall have the meaning set forth in
Section 2.06(a).

                  "Liquidated Damages" shall have the meaning set forth in the
Registration Rights Agreement.

                  "Make Whole Amount" shall mean an amount equal to the greater
of (i) 100% of the principal amount to be redeemed or (ii) the sum, as
determined by a Quotation Agent, of the present values of remaining scheduled
payments of principal and interest, discounted to the prepayment date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Adjusted Treasury Rate, plus, in the case of each of clauses (i) and
(ii) accrued and unpaid interest thereon, including Compounded Interest and
Additional Sums, if any, to the date of such redemption.

                  "Maturity Date" shall mean February 1, 2027.

                  "Mortgage" shall mean and include any mortgage, pledge, lien,
security interest, conditional sale or other title retention agreement or other
similar encumbrance.



                                       6


<PAGE>   15



                  "Non Book-Entry Capital Securities" shall have the meaning
set forth in Section 2.05(a)(ii).

                  "Officers" shall mean any of the Chairman, a Vice Chairman,
the Chief Executive Officer, the President, a Vice President, the Comptroller,
the Group Director, the Secretary or an Assistant Secretary of the Company.

                  "Officers' Certificate" shall mean a certificate signed by
two Officers and delivered to the Trustee.

                  "Opinion of Counsel" shall mean a written opinion of counsel,
who may be an employee of the Company, and who shall be acceptable to the
Trustee.

                  "Optional Redemption Price" shall have the meaning set forth
in Section 14.02(a).

                  "Other Debentures" means all junior subordinated debentures
issued by the Company from time to time and sold to trusts to be established by
the Company (if any), in each case similar to the Trust.

                  "Other Guarantees" means all guarantees to be issued by the
Company with respect to capital securities (if any) and issued to other trusts
to be established by the Company (if any), in each case similar to the Trust.

                  The term "outstanding" when used with reference to
Securities, shall, subject to the provisions of Section 7.04, mean, as of any
particular time, all Securities authenticated and delivered by the Trustee or
the Authenticating Agent under this Indenture, except

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

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


                                       7


<PAGE>   16



                  (c)      Securities in lieu of or in substitution for which
                           other Securities shall have been authenticated and
                           delivered pursuant to the terms of Section 2.08
                           unless proof satisfactory to the Company and the
                           Trustee is presented that any such Securities are
                           held by bona fide holders in due course.

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

                  "Predecessor Security" of any particular Security means every
previous Security evidencing all or a portion of the same debt and as that
evidenced by such particular Security; and, for the purposes of this
definition, any Security authenticated and delivered under Section 2.08 in lieu
of a lost, destroyed or stolen Security shall be deemed to evidence the same
debt as the lost, destroyed or stolen Security.

                  "Principal Office of the Trustee", or other similar term,
shall mean the office of the Trustee, at which at any particular time its
corporate trust business shall be administered.

                  "Purchase Agreement" shall mean the Purchase Agreement dated
February 6, 1997 among the Company, First Western Capital Trust and the initial
purchaser named therein.

                  "Property Trustee" shall have the same meaning as set forth
in the Declaration.

                  "Quotation Agent" means the Reference Treasury Dealer
appointed by the Company.

                  "Redemption Price" means the Special Event Redemption Price
or the Optional Redemption Price, as the context requires.

                  "Reference Treasury Dealer" means a nationally recognized
U.S. Government securities dealer in New York City selected by the Company.

                  "Reference Treasury Dealer Quotations" means, with respect to
each Reference Treasury Dealer and any redemption date pursuant to Section
14.01, the average, as determined by the Trustee, of the bid and asked prices
for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Trustee by such Reference
Treasury Dealer at 5:00 p.m. New York City time on the third Business Day
preceding such redemption date.


                                       8


<PAGE>   17



                  "Registration Rights Agreement" means the Registration Rights
Agreement, dated as of February 11, 1997, by and among the Company, the Trust
and the initial purchaser named therein, as such agreement may be amended,
modified or supplemented from time to time.

                  "Regulatory Capital Event" means that the Company shall have
received an opinion of independent bank regulatory counsel experienced in such
matters to the effect that, as a result of (a) any amendment to, or change
(including any announced prospective change) in, the laws (or any regulations
thereunder) of the United States or any rules, guidelines or policies of the
Federal Reserve or (b) any official administrative pronouncement or judicial
decision interpreting or applying such laws or regulations, which amendment or
change is effective or such pronouncement or decision is announced on or after
the date of original issuance of the Securities, the Capital Securities do not
constitute, or within 90 days of the date thereof, will not constitute, Tier I
Capital (or its then equivalent); provided, however, that the distribution of
the Securities in connection with the liquidation of First Western Capital
Trust by the Company, as sponsor, shall not in and of itself constitute a
Regulatory Capital Event unless such liquidation shall have occurred in
connection with a Tax Event.

                  "Responsible Officer" shall mean any officer of the Trustee
with direct responsibility for the administration of the Indenture and also
means, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his knowledge of and familiarity
with the particular subject.

                  "Restricted Security" shall mean Securities that bear or are
required to bear the legends relating to transfer restrictions under the
Securities Act set forth in Exhibit A hereto.

                  "Rule 144A" means Rule 144A under the Securities Act, as such
Rule may be amended from time to time, or under any similar rule or regulation
hereafter adopted by the Commission.

                  "Securities" means, collectively, the Series A Securities and
the Series B Securities.

                  "Securities Act" shall mean the Securities Act of 1933, as
amended.

                  "Securityholder", "holder of Securities", or other similar
terms, shall mean any Person in whose name at the time a particular Security is
registered on the register kept by the Company or the Trustee for that purpose
in accordance with the terms hereof.



                                       9


<PAGE>   18



                  "Security Register" shall mean (i) prior to a Dissolution
Event, the list of holders provided to the Trustee pursuant to Section 4.01,
and (ii) following a Dissolution Event, any security register maintained by a
security registrar for the Securities appointed by the Company following the
execution of a supplemental indenture providing for transfer procedures as
provided for in Section 2.07(a).

                  "Senior Indebtedness" shall mean all Indebtedness for Money
Borrowed, whether outstanding on the date of execution of this Indenture or
hereafter created, assumed or incurred, except Indebtedness Ranking on a Parity
with the Securities or Indebtedness Ranking Junior to the Securities, and any
deferrals, renewals or extensions of such Senior Indebtedness.

                  "Series A Securities" means the Company's 9.875% Series A
Junior Subordinated Deferrable Interest Debentures due February 1, 2027, as
authenticated and issued under this Indenture.

                  "Series B Securities" means the Company's Series B 9.875%
Junior Subordinated Deferrable Interest Debentures due February 1, 2027, as
authenticated and issued under this Indenture.

                  "Special Event" means either a Regulatory Capital Event or a
Tax Event.

                  "Special Event Redemption Price" shall mean, with respect to
any redemption of the Securities following a Special Event, an amount in cash
equal to the Make Whole Amount.

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



                                       10


<PAGE>   19




                  "Tax Event" shall mean the receipt by First Western Capital
Trust and the Company of an opinion of counsel experienced in such matters to
the effect that, as a result of any amendment to, or change (including any
announced prospective change) in, the laws or any regulations thereunder of the
United States or any political subdivision or taxing authority thereof or
therein or as a result of any official administrative pronouncement or judicial
decision interpreting or applying such laws or regulations, which amendment or
change is effective or which pronouncement or decision is announced on or after
February 11, 1997, there is more than an insubstantial risk that (i) First
Western Capital Trust is, or will be within 90 days of the date of such
opinion, subject to United States Federal income tax with respect to income
received or accrued on the Securities, (ii) interest payable by the Company on
the Securities is not, or within 90 days of the date of such opinion, will not
be, deductible by the Company, in whole or in part, for United States Federal
income tax purposes, or (iii) First Western Capital Trust is, or will be within
90 days of the date of such opinion, subject to more than a de minimis amount
of other taxes, duties or other governmental charges.

                  "Trust Indenture Act of 1939" shall mean the Trust Indenture
Act of 1939 as in force at the date of execution of this Indenture, except as
provided in Section 9.03; provided, however, that, in the event the Trust
Indenture Act of 1939 is amended after such date, "Trust Indenture Act of 1939"
shall mean, to the extent required by any such amendment, the Trust Indenture
Act of 1939 as so amended.

                  "Trustee" shall mean the Person identified as "Trustee" in
the first paragraph hereof, and, subject to the provisions of Article VI
hereof, shall also include its successors and assigns as Trustee hereunder. The
term "Trustee" as used with respect to a particular series of the Securities
shall mean the trustee with respect to that series.

                  "Trust Securities" shall mean the Capital Securities and the
Common Securities, collectively.

                  "U.S. Government Obligations" shall mean securities that are
(i) direct obligations of the United States of America for the payment of which
its full faith and credit is pledged or (ii) 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, which, in either
case under clauses (i) or (ii) 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.



                                       11


<PAGE>   20



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 or the specific payment of interest on or
principal of the U.S. Government Obligation evidenced by such depository
receipt.

                  SECTION 1.02.  Business Day Certificate.

                  On the date of execution and delivery of this Indenture (with
respect to the remainder of calendar year 1997) and thereafter, within 15 days
prior to the end of each calendar year while this Indenture remains in effect
(with respect to the succeeding calendar years), the Company shall deliver to
the Trustee an Officers' Certificate specifying the days on which banking
institutions or trust companies in Pittsburgh, Pennsylvania are authorized or
obligated by law or executive order to be closed.

                                   ARTICLE II

                                   SECURITIES

                  SECTION 2.01.             Forms Generally.

                  The Securities and the Trustee's certificate of
authentication shall be substantially in the form of Exhibit A, the terms of
which are incorporated in and made a part of this Indenture. The Securities may
have notations, legends or endorsements required by law, stock exchange rule,
agreements to which the Company is subject or usage. Each Security shall be
dated the date of its authentication. The Securities shall be issued in
denominations of $1,000 and integral multiples thereof.

                  SECTION 2.02.             Execution and Authentication.

                  Two Officers shall sign the Securities for the Company by
manual or facsimile signature. 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.

                  A Security shall not be valid until authenticated by the
manual signature of the Trustee. The signature of the Trustee shall be
conclusive evidence that the Security has been authenticated under this
Indenture. The form of Trustee's certificate of authentication to be borne by
the Securities shall be substantially as set forth in Exhibit A hereto.

                  The Trustee shall, upon a Company Order, authenticate for
original issue up to, and the aggregate principal amount of



                                       12


<PAGE>   21



Securities outstanding at any time may not exceed $25,774,000 aggregate
principal amount of the Securities, except as provided in Sections 2.07, 2.08,
2.09 and 14.05. The series of Securities to be initially issued hereunder shall
be the Series A Securities.

                  SECTION 2.03.             Form and Payment.

                  Except as provided in Section 2.05, the Securities shall be
issued in fully registered certificated form without interest coupons.
Principal of, premium, if any, and interest on the Securities issued in
certificated form will be payable, the transfer of such Securities will be
registrable and such Securities will be exchangeable for Securities bearing
identical terms and provisions at the office or agency of the Company
maintained for such purpose under Section 3.02; provided, however, that payment
of interest with respect to Securities (other than a Global Security) may be
made at the option of the Company (i) by check mailed to the holder at such
address as shall appear in the Security Register or (ii) by transfer to an
account maintained by the Person entitled thereto, provided that proper
transfer instructions have been received in writing by the relevant record
date. Notwithstanding the foregoing, so long as the holder of any Securities is
the Property Trustee, the payment of the principal of, premium, if any, and
interest (including Compounded Interest and Additional Sums, if any) and
Liquidated Damages, if any, on such Securities held by the Property Trustee
will be made at such place and to such account as may be designated by the
Property Trustee.

                  SECTION 2.04.             Legends.

                  (a) Except as permitted by subsection (b) of this Section
2.04 or as otherwise determined by the Company in accordance with applicable
law, each Security shall bear the applicable legends relating to restrictions
on transfer pursuant to the securities laws in substantially the form set forth
on Exhibit A hereto.

                  (b) In the event of an Exchange Offer, the Company shall
issue and the Trustee, upon Company Order, shall authenticate Series B
Securities in exchange for Series A Securities accepted for exchange in the
Exchange Offer, which Series B Securities shall not bear the legends required
by subsection (a) above, in each case unless the holder of such Series A
Securities is either (A) a broker dealer who purchased such Series A Securities
directly from the Company for resale pursuant to Rule 144A or any other
available exemption under the Securities Act, (B) a Person participating in the
distribution of the Series A Securities or (C) a Person who is an Affiliate of
the Company.



                                       13


<PAGE>   22




                  SECTION 2.05.             Global Security.

                  (a)  In connection with a Dissolution Event,

                           (i) if any Capital Securities are held in book-entry
         form, the related Definitive Securities shall be presented to the
         Trustee (if an arrangement with the Depositary has been maintained) by
         the Property Trustee in exchange for one or more Global Securities (as
         may be required pursuant to Section 2.07) in an aggregate principal
         amount equal to the aggregate principal amount of all outstanding
         Securities, to be registered in the name of the Depositary, or its
         nominee, and delivered by the Trustee to the Depositary for crediting
         to the accounts of its participants pursuant to the instructions of
         the Administrative Trustees; the Company upon any such presentation
         shall execute one or more Global Securities in such aggregate
         principal amount and deliver the same to the Trustee for
         authentication and delivery in accordance with this Indenture; and
         payments on the Securities issued as a Global Security will be made to
         the Depositary; and

                           (ii) if any Capital Securities are held in
         certificated form, the related Definitive Securities may be presented
         to the Trustee by the Property Trustee and any Capital Security
         certificate which represents Capital Securities other than Capital
         Securities in book-entry form ("Non Book-Entry Capital Securities")
         will be deemed to represent beneficial interests in Securities
         presented to the Trustee by the Property Trustee having an aggregate
         principal amount equal to the aggregate liquidation amount of the Non
         Book-Entry Capital Securities until such Capital Security certificates
         are presented to the Security Registrar for transfer or reissuance, at
         which time such Capital Security certificates will be cancelled and a
         Security, registered in the name of the holder of the Capital Security
         certificate or the transferee of the holder of such Capital Security
         certificate, as the case may be, with an aggregate principal amount
         equal to the aggregate liquidation amount of the Capital Security
         certificate cancelled, will be executed by the Company and delivered
         to the Trustee for authentication and delivery in accordance with this
         Indenture. Upon the issuance of such Securities, Securities with an
         equivalent aggregate principal amount that were presented by the
         Property Trustee to the Trustee will be cancelled.

                  (b) The Global Securities shall represent the aggregate
amount of outstanding Securities from time to time endorsed thereon; provided,
that the aggregate amount of outstanding Securities represented thereby may
from time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions. Any endorsement of a Global Security to reflect the



                                       14


<PAGE>   23



amount of any increase or decrease in the amount of outstanding Securities
represented thereby shall be made by the Trustee, in accordance with
instructions given by the Company as required by this Section 2.05.

                  (c) The Global Securities may be transferred, in whole but
not in part, only to the Depositary, another nominee of the Depositary, or to a
successor Depositary selected or approved by the Company or to a nominee of
such successor Depositary.

                  (d) If at any time the Depositary notifies the Company that
it is unwilling or unable to continue as Depositary or the Depositary has
ceased to be a clearing agency registered under the Exchange Act, and a
successor Depositary is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such condition, as the case
may be, the Company will execute, and the Trustee, upon receipt of a Company
Order, will authenticate and make available for delivery the Definitive
Securities, in authorized denominations, and in an aggregate principal amount
equal to the principal amount of the Global Security in exchange for such
Global Security. If there is an Event of Default, the Depositary shall have the
right to exchange the Global Securities for Definitive Securities. In addition,
the Company may at any time determine that the Securities shall no longer be
represented by a Global Security. In the event of such an Event of Default or
such a determination, the Company shall execute, and subject to Section 2.07,
the Trustee, upon receipt of an Officers' Certificate evidencing such
determination by the Company and a Company Order, will authenticate and make
available for delivery the Definitive Securities, in authorized denominations,
and in an aggregate principal amount equal to the principal amount of the
Global Security in exchange for such Global Security. Upon the exchange of the
Global Security for such Definitive Securities, in authorized denominations,
the Global Security shall be cancelled by the Trustee. Such Definitive
Securities issued in exchange for the Global Security shall be registered in
such names and in such authorized denominations as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. The Trustee shall deliver such Definitive Securities to
the Depositary for delivery to the Persons in whose names such Definitive
Securities are so registered.

                  SECTION 2.06              Interest.

                  (a) Each Security will bear interest at the rate of 9.875%
per annum (the "Coupon Rate") from the most recent date to which interest has
been paid or duly provided for or, if no interest has been paid or duly
provided for, from February 11, 1997, until the principal thereof becomes due
and payable, and at the Coupon Rate on any overdue principal (and premium, if
any) and (to the extent that payment of such interest is enforceable



                                       15


<PAGE>   24



under applicable law) on any overdue installment of interest, compounded
semi-annually, payable (subject to the provisions of Article XVI) semi-annually
in arrears on February 1 and August 1 of each year (each, an "Interest Payment
Date") commencing on August 1, 1997, to the Person in whose name such Security
or any predecessor Security is registered, at the close of business on the
regular record date for such interest installment, which shall be the fifteenth
day of the month immediately preceding the month in which the relevant Interest
Payment Date falls.

                  (b) Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. In the event that any Interest Payment Date
falls on a day that is not a Business Day, then payment of interest payable on
such date will be made on the next succeeding day which is a Business Day (and
without any interest or other payment in respect of any such delay), except
that if such next succeeding Business Day falls in the next succeeding calendar
year, then such payment shall be made on the immediately preceding Business
Day, in each case with the same force and effect as if made on such date.

                  (c) During such time as the Property Trustee is the holder of
any Securities, the Company shall pay any additional amounts on the Securities
as may be necessary in order that the amount of Distributions then due and
payable by First Western Capital Trust on the outstanding Trust Securities
shall not be reduced as a result of any additional taxes, duties and other
governmental charges to which First Western Capital Trust has become subject as
a result of a Tax Event ("Additional Sums").

                  SECTION 2.07.             Transfer and Exchange.

                  (a) Transfer Restrictions. (i) The Series A Securities, and
those Series B Securities with respect to which any Person described in Section
2.04(b)(A), (B) or (C) is the beneficial owner, may not be transferred except
in compliance with the legend contained in Exhibit A unless otherwise
determined by the Company in accordance with applicable law. Upon any
distribution of the Securities following a Dissolution Event, the Company and
the Trustee shall enter into a supplemental indenture pursuant to Section 9.01
to provide for the transfer restrictions and procedures with respect to the
Securities substantially similar to those contained in the Declaration to the
extent applicable in the circumstances existing at such time.

                           (ii)     The Securities will be issued and may be
transferred only in blocks having an aggregate principal amount of not less
than $100,000. Any such transfer of the Securities in a block having an
aggregate principal amount of less than $100,000 shall be deemed to be voided
and of no legal effect whatsoever. Any such transferee shall be deemed not to
be a holder of such Securities for any purpose, including, but not



                                       16


<PAGE>   25



limited to the receipt of payments on such Securities, and such transferee
shall be deemed to have no interest whatsoever in such Securities.

                  (b) General Provisions Relating to Transfers and Exchanges.
To permit registrations of transfers and exchanges, the Company shall execute
and the Trustee shall authenticate Definitive Securities and Global Securities
at the Security Registrar's request. All Definitive Securities and Global
Securities issued upon any registration of transfer or exchange of Definitive
Securities or Global Securities shall be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Definitive Securities or Global Securities surrendered upon
such registration of transfer or exchange.

                  No service charge shall be made to a holder for any
registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any transfer tax or similar governmental charge payable
in connection therewith.

                  The Company shall not be required to (i) issue, register the
transfer of or exchange Securities during a period beginning at the opening of
business 15 days before the day of mailing of a notice of redemption or any
notice of selection of Securities for redemption under Article XIV hereof and
ending at the close of business on the day of such mailing; or (ii) register
the transfer of or exchange any Security so selected for redemption in whole or
in part, except the unredeemed portion of any Security being redeemed in part.

                  Prior to due presentment for the registration of a transfer
of any Security, the Trustee, the Company and any agent of the Trustee or the
Company may deem and treat the Person in whose name any Security is registered
as the absolute owner of such Security for the purpose of receiving payment of
principal of and premium, if any, and interest on such Securities, neither the
Trustee, nor the Company nor any agent of the Trustee or the Company shall be
affected by notice to the contrary.

                  (c)  Exchange of Series A Securities for Series B Securities.
The Series A Securities may be exchanged for Series B Securities pursuant to
the terms of the Exchange Offer.  The Trustee shall make the exchange as
follows:

                  The Company shall present the Trustee with an Officers'
Certificate certifying the following:

                  (A)      upon issuance of the Series B Securities, the
                           transactions contemplated by the Exchange Offer have
                           been consummated; and



                                       17


<PAGE>   26



                  (B)      the principal amount of Series A Securities prop-
                           erly tendered in the Exchange Offer that are rep-
                           resented by a Global Security and the principal
                           amount of Series A Securities properly tendered in
                           the Exchange Offer that are represented by Defin-
                           itive Securities, the name of each holder of such
                           Definitive Securities, the principal amount prop-
                           erly tendered in the Exchange Offer by each such
                           holder and the name and address to which Defini-
                           tive Securities for Series B Securities shall be
                           registered and sent for each such holder.

                  The Trustee, upon receipt of (i) such Officers' Certificate,
(ii) an Opinion of Counsel (x) to the effect that the Series B Securities have
been registered under Section 5 of the Securities Act and the Indenture has
been qualified under the Trust Indenture Act and (y) with respect to the
matters set forth in Section 3(p) of the Registration Rights Agreement and
(iii) a Company Order, shall authenticate (A) a Global Security representing
Series B Securities in aggregate principal amount equal to the aggregate
principal amount of Series A Securities represented by a Global Security
indicated in such Officers' Certificate as having been properly tendered and
(B) Definitive Securities representing Series B Securities registered in the
names of, and in the principal amounts indicated in, such Officers'
Certificate.

                  If the principal amount of the Global Security for the Series
B Securities is less than the principal amount of the Global Security for the
Series A Securities, the Trustee shall make an endorsement on such Global
Security for Series A Securities indicating a reduction in the principal amount
represented thereby.

                  The Trustee shall deliver such Definitive Securities
representing Series B Securities to the holders thereof as indicated in such
Officers' Certificate.

                  SECTION 2.08.             Replacement Securities.

                  If any mutilated Security is surrendered to the Trustee, or
the Company and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of any Security, the Company shall issue and the
Trustee shall authenticate a replacement Security if the Trustee's requirements
for replacements of Securities are met. An indemnity bond must be supplied by
the holder that is sufficient in the judgment of the Trustee and the Company to
protect the Company, the Trustee, any agent thereof or any authenticating agent
from any loss that any of them may suffer if a Security is replaced. The
Company or the Trustee may charge for its expenses in replacing a Security.



                                       18


<PAGE>   27



                  Every replacement Security is an obligation of the Company
and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Securities duly issued hereunder.

                  SECTION 2.09.             Temporary Securities.

                  Pending the preparation of Definitive Securities, the Company
may execute, and upon Company Order the Trustee shall authenticate and make
available for delivery, temporary Securities that are printed, lithographed,
typewritten, mimeographed or otherwise reproduced, in any authorized
denomination, substantially of the tenor of the Definitive Securities in lieu
of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Securities
may determine, as conclusively evidenced by their execution of such Securities.

                  If temporary Securities are issued, the Company shall cause
Definitive Securities to be prepared without unreasonable delay. The Definitive
Securities shall be printed, lithographed or engraved, or provided by any
combination thereof, or in any other manner permitted by the rules and
regulations of any applicable securities exchange, all as determined by the
officers executing such Definitive Securities. After the preparation of
Definitive Securities, the temporary Securities shall be exchangeable for
Definitive Securities upon surrender of the temporary Securities at the office
or agency maintained by the Company for such purpose pursuant to Section 3.02
hereof, without charge to the Holder. Upon surrender for cancellation of any
one or more temporary Securities, the Company shall execute, and the Trustee
shall authenticate and make available for delivery, in exchange therefor the
same aggregate principal amount of Definitive Securities of authorized
denominations.  Until so exchanged, the temporary Securities shall in all
respects be entitled to the same benefits under this Indenture as Definitive
Securities.

                  SECTION 2.10.             Cancellation.

                  The Company at any time may deliver Securities to the Trustee
for cancellation. The Trustee and no one else shall cancel all Securities
surrendered for registration of transfer, exchange, payment, replacement or
cancellation and shall retain or destroy cancelled Securities in accordance
with its normal practices (subject to the record retention requirement of the
Exchange Act) unless the Company directs them to be returned to it. The Company
may not issue new Securities to replace Securities that have been redeemed or
paid or that have been delivered to the Trustee for cancellation.



                                       19


<PAGE>   28



                  SECTION 2.11.             Defaulted Interest.

                  Any interest on any Security that is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein
called "Defaulted Interest") shall forthwith cease to be payable to the holder
on the relevant regular record date by virtue of having been such holder; and
such Defaulted Interest shall be paid by the Company, at its election, as
provided in clause (a) or clause (b) below:

                  (a) The Company may make payment of any Defaulted Interest on
         Securities to the Persons in whose names such Securities (or their
         respective Predecessor Securities) are registered at the close of
         business on a special record date for the payment of such Defaulted
         Interest, which shall be fixed in the following manner: the Company
         shall notify the Trustee in writing of the amount of Defaulted
         Interest proposed to be paid on each such Security and the date of the
         proposed payment, and at the same time the Company shall deposit with
         the Trustee an amount of money equal to the aggregate amount proposed
         to be paid in respect of such Defaulted Interest or shall make
         arrangements satisfactory to the Trustee for such deposit prior to the
         date of the proposed payment, such money when deposited to be held in
         trust for the benefit of the Persons entitled to such Defaulted
         Interest as in this clause provided. Thereupon the Trustee shall fix a
         special record date for the payment of such Defaulted Interest which
         shall not be more than 15 nor less than 10 days prior to the date of
         the proposed payment and not less than 10 days after the receipt by
         the Trustee of the notice of the proposed payment. The Trustee shall
         promptly notify the Company of such special record date and, in the
         name and at the expense of the Company, shall cause notice of the
         proposed payment of such Defaulted Interest and the special record
         date therefor to be mailed, first class postage prepaid, to each
         Securityholder at his or her address as it appears in the Security
         Register, not less than 10 days prior to such special record date.
         Notice of the proposed payment of such Defaulted Interest and the
         special record date therefor having been mailed as aforesaid, such
         Defaulted Interest shall be paid to the Persons in whose names such
         Securities (or their respective Predecessor Securities) are registered
         on such special record date and shall be no longer payable pursuant to
         the following clause (b).

                  (b) The Company may make payment of any Defaulted Interest on
         any Securities in any other lawful manner not inconsistent with the
         requirements of any securities exchange on which such Securities may
         be listed, and upon such notice as may be required by such exchange,
         if, after notice given by the Company to the Trustee of the proposed
         payment



                                       20


<PAGE>   29



         pursuant to this clause, such manner of payment shall be deemed
         practicable by the Trustee.

                  SECTION 2.12.             CUSIP Numbers.

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

                                  ARTICLE III

                      PARTICULAR COVENANTS OF THE COMPANY

                  SECTION 3.01.             Payment of Principal, Premium and
                                            Interest.

                  The Company covenants and agrees for the benefit of the
holders of the Securities that it will duly and punctually pay or cause to be
paid the principal of and premium, if any, and interest on the Securities at
the place, at the respective times and in the manner provided herein. Except as
provided in Section 2.03, each installment of interest on the Securities may be
paid by mailing checks for such interest payable to the order of the holder of
Security entitled thereto as they appear in the Security Register. The Company
further covenants to pay any and all amounts, including, without limitation,
Additional Sums, as may be required pursuant to Section 2.06(c), Liquidated
Damages, if any, on the dates and in the manner required under the Registration
Rights Agreement and Compounded Interest, as may be required pursuant to
Section 16.01.

                  SECTION 3.02.             Offices for Notices and Payments,
                                            etc.

                  So long as any of the Securities remain outstanding, the
Company will maintain in the Borough of Manhattan, The City of New York, an
office or agency where the Securities may be presented for payment, an office
or agency where the Securities may be presented for registration of transfer
and for exchange as in this Indenture provided and an office or agency where
notices and demands to or upon the Company in respect of the Securities or of
this Indenture may be served. The Company will give to the Trustee written
notice of the location of any such office or agency and of any change of
location thereof.  Until otherwise



                                       21


<PAGE>   30



designated from time to time by the Company in a notice to the Trustee, any
such office or agency for all of the above purposes shall be the Principal
Office of the Trustee. In case the Company shall fail to maintain any such
office or agency in the Borough of Manhattan, The City of New York, or shall
fail to give such notice of the location or of any change in the location
thereof, presentations and demands may be made and notices may be served at the
Principal Office of the Trustee.

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

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

                  The Company, whenever necessary to avoid or fill a vacancy in
the office of Trustee, will appoint, in the manner provided in Section 6.10, a
Trustee, so that there shall at all times be a Trustee hereunder.

                  SECTION 3.04.             Provision as to Paying Agent.

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

                           (1)      that it will hold all sums held by it as
                                    such agent for the payment of the principal
                                    of and premium, if any, or interest on the
                                    Securities (whether such sums have been
                                    paid to it by the Company or by any other
                                    obligor on the Securities) in trust for the
                                    benefit of the holders of the Securities;
                                    and

                           (2)      that it will give the Trustee notice of any
                                    failure by the Company (or by any other
                                    obligor on the Securities) to make any
                                    payment of the principal of and premium or
                                    interest


                                       22


<PAGE>   31



                                    (including Additional Sums and Compounded
                                    Interest, if any) and Liquidated Damages,
                                    if any, on the Securities when the same
                                    shall be due and payable.

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

                  (c)      Anything in this Section 3.04 to the contrary
                           notwithstanding, the Company may, at any time, for
                           the purpose of obtaining a satisfaction and dis-
                           charge with respect to the Securities hereunder, or
                           for any other reason, pay or cause to be paid to the
                           Trustee all sums held in trust for such Securities
                           by the Trustee or any paying agent hereunder, as
                           required by this Section 3.04, such sums to be held
                           by the Trustee upon the trusts herein contained.

                  (d)      Anything in this Section 3.04 to the contrary
                           notwithstanding, the agreement to hold sums in trust
                           as provided in this Section 3.04 is subject to
                           Sections 11.03 and 11.04.

                  SECTION 3.05.             Certificate to Trustee.

                  The Company will deliver to the Trustee on or before 120 days
after the end of each fiscal year in each year, commencing with the first
fiscal year ending after the date hereof, so long as Securities are outstanding
hereunder, an Officers' Certificate, one of the signers of which shall be the
principal executive, principal financial or principal accounting officer of the
Company, stating that in the course of the performance by the signers of their
duties as officers of the Company they would normally have knowledge of any
default by the Company in the performance of any covenants contained herein,
stating whether or not they have knowledge of any such default and, if so,
specifying each such default of which the signers have knowledge and the nature
thereof.


                                       23


<PAGE>   32



                  SECTION 3.06.             Compliance with Consolidation
                                            Provisions.

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

                  SECTION 3.07.             Limitation on Dividends.

                  The Company will not (i) declare or pay any dividends or
distributions on, or redeem, purchase, acquire, or make a liquidation payment
with respect to, any of the Company's capital stock (which includes common and
preferred stock) (other than (a) dividends or distributions in shares of, or
options, warrants or rights to subscribe for or purchase shares of, Common
Stock of the Company, (b) any declaration of a dividend in connection with the
implementation of a stockholder's rights plan, or the issuance of stock under
any such plan in the future, or the redemption or repurchase of any such rights
pursuant thereto, (c) as a result of a reclassification of the Company's
capital stock or the exchange or the conversion of one class or series of the
Company's capital stock for another class or series of the Company's capital
stock, (d) the purchase of fractional interests in shares of the Company's
capital stock pursuant to the conversion or exchange provisions of such capital
stock or the security being converted or exchanged, and (e) purchases of Common
Stock related to the issuance of Common Stock or rights under any of the
Company's benefit plans for its directors, officers or employees or any of the
Company's dividend reinvestment plans), or (ii) make any payment of principal,
premium, if any, or interest on or repay or repurchase or redeem any debt
securities of the Company (including Other Debentures) that rank pari passu
with or junior in right of payment to the Securities or (iii) make any
guarantee payments with respect to any guarantee by the Company (other than
payments under the Capital Securities Guarantee) of the debt securities of any
Subsidiary of the Company (including Other Guarantees) if such guarantee ranks
pari passu or junior in right of payment to the Securities if at such time (1)
there shall have occurred any event of which the Company has actual knowledge
that (a) is or, with the giving of notice or the lapse of time, or both, would
constitute an Event of Default and (b) in respect of which the Company shall
not have taken reasonable steps to cure, (2) if such Securities are held by the
Property Trustee, the Company shall be in default with respect to its payment
obligations under the Capital Securities Guarantee or (3) the Company shall
have given notice of its election of the exercise of its right to extend the
interest payment period pursuant to Section 16.01 and any such extension shall
be continuing.



                                       24


<PAGE>   33



                  SECTION 3.08.             Covenants as to First Western
                                            Capital Trust

                  In the event Securities are issued to First Western Capital
Trust or a trustee of such trust in connection with the issuance of Trust
Securities by First Western Capital Trust, for so long as such Trust Securities
remain outstanding, the Company (i) will maintain 100% direct or indirect
ownership of the Common Securities of First Western Capital Trust; provided,
however, that any successor of the Company, permitted pursuant to Article X,
may succeed to the Company's ownership of such Common Securities, (ii) will not
cause, as sponsor of First Western Capital Trust, or permit, as holder of the
Common Securities, the dissolution, winding-up or termination of the Trust,
except in connection with a distribution of the Securities as provided in the
Declaration and in connection with certain mergers, consolidations or
amalgamations and (iii) will use its reasonable efforts to cause First Western
Capital Trust (a) to remain a business trust, except in connection with a
distribution of Securities to the holders of Trust Securities in liquidation of
the Trust, the redemption of all of the Trust Securities of First Western
Capital Trust or certain mergers, consolidations or amalgamations, each as
permitted by the Declaration of First Western Capital Trust, and (b) to
otherwise continue to be treated as a grantor trust and not an association
taxable as a corporation for United States federal income tax purposes.

                  SECTION 3.09.             Payment of Expenses.

                  In connection with the offering, sale and issuance of the
Securities to First Western Capital Trust and in connection with the sale of
the Trust Securities by First Western Capital Trust, the Company, in its
capacity as borrower with respect to the Securities, shall:

                  (a) pay all costs and expenses relating to the offering, sale
and issuance of the Securities, including commissions to the initial purchaser
payable pursuant to the Purchase Agreement, fees and expenses in connection
with any exchange offer, filing of a shelf registration statement or other
action to be taken pursuant to the Registration Rights Agreement and
compensation of the Trustee in accordance with the provisions of Section 6.06;

                  (b) pay all costs and expenses of the Trust (including, but
not limited to, costs and expenses relating to the organization of First
Western Capital Trust, the offering, sale and issuance of the Trust Securities
(including commissions to the initial purchaser in connection therewith), the
fees and expenses of the Property Trustee and the Delaware Trustee, the costs
and expenses relating to the operation of First Western Capital Trust,
including without limitation, costs and expenses



                                       25


<PAGE>   34



of accountants, attorneys, statistical or bookkeeping services, expenses for
printing and engraving and computing or accounting equipment, paying agent(s),
registrar(s), transfer agent(s), duplicating, travel and telephone and other
telecommunications expenses and costs and expenses incurred in connection with
the acquisition, financing, and disposition of assets of First Western Capital
Trust;

                  (c) be primarily and fully liable for any indemnification
obligations arising with respect to the Declaration;

                  (d) pay any and all taxes (other than United States
withholding taxes attributable to First Western Capital Trust or its assets)
and all liabilities, costs and expenses with respect to such taxes of the
Trust; and

                  (e) pay all other fees, expenses, debts and obligations
(other than in respect of the Trust Securities) related to First Western
Capital Trust.

                  SECTION 3.10.             Payment Upon Resignation or
Removal.

                  Upon termination of this Indenture or the removal or
resignation of the Trustee, unless otherwise stated, the Company shall pay to
the Trustee all amounts accrued and owing to the date of such termination,
removal or resignation. Upon termination of the Declaration or the removal or
resignation of the Delaware Trustee or the Property Trustee, as the case may
be, pursuant to Section 5.7 of the Declaration, the Company shall pay to the
Delaware Trustee or the Property Trustee, as the case may be, all amounts
accrued and owing to the date of such termination, removal or resignation.

                                   ARTICLE IV

                   SECURITYHOLDERS' LISTS AND REPORTS BY THE
                            COMPANY AND THE TRUSTEE

                  SECTION 4.01.             Securityholders' Lists.

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

                  (a)      on a semi-annual basis on each regular record date
                           for the Securities, a list, in such form as the
                           Trustee may reasonably require, of the names and
                           addresses of the Securityholders as of such record
                           date; and

                  (b)      at such other times as the Trustee may request in
                           writing, within 30 days after the receipt by the


                                       26


<PAGE>   35



                           Company, of any such request, a list of similar form
                           and content as of a date not more than 15 days prior
                           to the time such list is furnished,

                  except that, no such lists need be furnished so long as the
                  Trustee is in possession thereof by reason of its acting as
                  Security registrar.

                  SECTION 4.02.             Preservation and Disclosure of
                                            Lists.

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

                  (b)      In case three or more holders of Securities (here-
                           inafter referred to as "applicants") apply in
                           writing to the Trustee and furnish to the Trustee
                           reasonable proof that each such applicant has owned
                           a Security for a period of at least six months
                           preceding the date of such application, and such
                           application states that the applicants desire to
                           communicate with other holders of Securities or with
                           holders of all Securities with respect to their
                           rights under this Indenture and is accompanied by
                           a copy of the form of proxy or other communication
                           which such applicants propose to transmit, then
                           the Trustee shall within 5 Business Days after the
                           receipt of such application, at its election,
                           either:

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

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


                                       27


<PAGE>   36



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

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


                                       28


<PAGE>   37



                  SECTION 4.03.             Reports by Company.

                  (a)      The Company covenants and agrees to file with the
                           Trustee, within 15 days after the date on which the
                           Company is required to file the same with the
                           Commission, copies of the annual reports and of the
                           information, documents and other reports (or copies
                           of such portions of any of the foregoing as said
                           Commission may from time to time by rules and
                           regulations prescribe) which the Company may be
                           required to file with the Commission pursuant to
                           Section 13 or Section 15(d) of the Exchange Act; or,
                           if the Company is not required to file infor-
                           mation, documents or reports pursuant to either of
                           such sections, then to file with the Trustee and the
                           Commission, in accordance with rules and regu-
                           lations prescribed from time to time by the Com-
                           mission, such of the supplementary and periodic
                           information, documents and reports which may be
                           required pursuant to Section 13 of the Exchange Act
                           in respect of a security listed and registered on a
                           national securities exchange as may be prescribed
                           from time to time in such rules and regulations.

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

                  (c)      The Company covenants and agrees to transmit by mail
                           to all holders of Securities, as the names and
                           addresses of such holders appear upon the Security
                           Register, within 30 days after the filing thereof
                           with the Trustee, such summaries of any information,
                           documents and reports required to be filed by the
                           Company pursuant to subsections (a) and (b) of this
                           Section 4.03 as may be required by rules and
                           regulations prescribed from time to time by the
                           Commission.

                  (d)      Delivery of such reports, information and documents
                           to the Trustee is for informational purposes only
                           and the Trustee's receipt of such shall not
                           constitute constructive notice of any information
                           contained therein or determinable from information
                           contained therein, including the Company's
                           compliance with any of its covenants hereunder (as
                           to


                                       29


<PAGE>   38



                           which the Trustee is entitled to rely exclusively on
                           Officers' Certificates).

                  (e)      So long as is required for an offer or sale of the
                           Securities to qualify for an exemption under Rule
                           144A under the Securities Act, the Company shall,
                           upon request, provide the information required by
                           clause (d)(4) thereunder to each Securityholder and
                           to each beneficial owner and prospective purchaser
                           of Securities identified by each Securityholder of
                           Restricted Securities, unless such information is
                           furnished to the Commission pursuant to Section 13
                           or 15(d) of the Exchange Act.

                  SECTION 4.04.             Reports by the Trustee.

                  (a)      The Trustee shall transmit to Securityholders such
                           reports concerning the Trustee and its actions under
                           this Indenture as may be required pursuant to the
                           Trust Indenture Act at the times and in the manner
                           provided pursuant thereto. If required by Section
                           313(a) of the Trust Indenture Act, the Trustee
                           shall, within sixty days after each May 15 following
                           the date of this Indenture, commencing May 15, 1997,
                           deliver to Securityholders a brief report, dated as
                           of such May 15, which complies with the provisions
                           of such Section 313(a).

                  (b)      A copy of each such report shall, at the time of
                           such transmission to Securityholders, be filed by
                           the Trustee with each stock exchange, if any, upon
                           which the Securities are listed, with the Commission
                           and with the Company. The Company will promptly
                           notify the Trustee when the Securities are listed on
                           any stock exchange.

                                   ARTICLE V

                  REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
                              ON EVENT OF DEFAULT

                  SECTION 5.01.             Events of Default.

                  One or more of the following events of default shall
constitute an Event of Default hereunder:

                  (a)      default in the payment of any interest (including
                           Compounded Interest or Additional Sums, if any) or
                           Liquidated Damages, if any, upon any Security or any
                           Other Debentures when it becomes due and pay-


                                       30


<PAGE>   39



                           able, and continuance of such default for a period
                           of 30 days; provided, however, that a valid
                           extension of an interest payment period by the
                           Company in accordance with the terms hereof shall
                           not constitute a default in the payment of interest
                           for this purpose; or

                  (b)      default in the payment of all or any part of the
                           principal of (or premium, if any, on) any Security
                           or any Other Debentures as and when the same shall
                           become due and payable either at maturity, upon
                           redemption, by declaration of acceleration of
                           maturity or otherwise; or

                  (c)      default in the performance, or breach, of any
                           covenant or warranty of the Company in this Inden-
                           ture (other than a covenant or warranty a default in
                           whose performance or whose breach is elsewhere in
                           this Section specifically dealt with), and
                           continuance of such default or breach for a period
                           of 90 days after there has been given, by regis-
                           tered or certified mail, to the Company by the
                           Trustee or to the Company and the Trustee by the
                           holders of at least 25% in aggregate principal
                           amount of the outstanding Securities a written
                           notice specifying such default or breach and re-
                           quiring it to be remedied and stating that such
                           notice is a "Notice of Default" hereunder; or

                  (d)      a court having jurisdiction in the premises shall
                           enter a decree or order for relief in respect of the
                           Company in an involuntary case under any ap-
                           plicable bankruptcy, insolvency or other similar law
                           now or hereafter in effect, or appointing a
                           receiver, liquidator, assignee, custodian, trust-
                           ee, sequestrator (or similar official) of the
                           Company or for any substantial part of its proper-
                           ty, or ordering the winding-up or liquidation of its
                           affairs and such decree or order shall remain
                           unstayed and in effect for a period of 90 consecu-
                           tive days; or

                  (e)      the Company shall commence a voluntary case under
                           any applicable bankruptcy, insolvency or other
                           similar law now or hereafter in effect, shall
                           consent to the entry of an order for relief in an
                           involuntary case under any such law, or shall
                           consent to the appointment of or taking possession
                           by a receiver, liquidator, assignee, trustee,
                           custodian, sequestrator (or other similar offi-
                           cial) of the Company or of any substantial part of
                           its property, or shall make any general assignment



                                       31


<PAGE>   40



                           for the benefit of creditors, or shall fail
                           generally to pay its debts as they become due.

                  If an Event of Default with respect to Securities at the time
outstanding occurs and is continuing, then in every such case the Trustee or
the holders of not less than 25% in aggregate principal amount of the
Securities then outstanding may declare the principal amount of all Securities
to be due and payable immediately, by a notice in writing to the Company (and
to the Trustee if given by the holders of the outstanding Securities), and upon
any such declaration the same shall become immediately due and payable.

                  The foregoing provisions, however, are subject to the
condition that if, at any time after the principal of the Securities shall have
been so declared due and payable, and before any judgment or decree for the
payment of the moneys due shall have been obtained or entered as hereinafter
provided, (i) the Company shall pay or shall deposit with the Trustee a sum
sufficient to pay (A) all matured installments of interest (including
Compounded Interest and Additional Sums, if any) and Liquidated Damages, if
any, upon all the Securities and the principal of and premium, if any, on any
and all Securities which shall have become due otherwise than by acceleration
(with interest upon such principal and premium, if any, and, to the extent that
payment of such interest is enforceable under applicable law, on overdue
installments of interest, at the same rate as the rate of interest specified in
the Securities to the date of such payment or deposit) and (B) such amount as
shall be sufficient to cover compensation due to the Trustee and each
predecessor Trustee, their respective agents, attorneys and counsel, pursuant
to Section 6.06, and (ii) any and all Events of Default under the Indenture,
other than the non-payment of the principal of the Securities which shall have
become due solely by such declaration of acceleration, shall have been cured,
waived or otherwise remedied as provided herein, then, in every such case, the
holders of a majority in aggregate principal amount of the Securities then
outstanding, by written notice to the Company and to the Trustee, may rescind
and annul such declaration and its consequences, but no such waiver or
rescission and annulment shall extend to or shall affect any subsequent default
or shall impair any right consequent thereon.

                  In case the Trustee shall have proceeded to enforce any right
under this Indenture and such proceedings shall have been discontinued or
abandoned because of such rescission or annulment or for any other reason or
shall have been determined adversely to the Trustee, then and in every such
case the Company, the Trustee and the holders of the Securities shall be
restored respectively to their several positions and rights hereunder, and all
rights, remedies and powers of the Company, the Trustee and



                                       32


<PAGE>   41



the holders of the Securities shall continue as though no such
proceeding had been taken.

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

                  The Company covenants that (a) in case default shall be made
in the payment of any installment of interest (including Compounded Interest
and Additional Sums, if any) and Liquidated Damages, if any, upon any of the
Securities as and when the same shall become due and payable, and such default
shall have continued for a period of 30 days, or (b) in case default shall be
made in the payment of the principal of or premium, if any, on any of the
Securities as and when the same shall have become due and payable, whether at
maturity of the Securities or upon redemption or by declaration or otherwise,
then, upon demand of the Trustee, the Company will pay to the Trustee, for the
benefit of the holders of the Securities, the whole amount that then shall have
become due and payable on all such Securities for principal and premium, if
any, or interest (including Compounded Interest and Additional Sums, if any)
and Liquidated Damages, if any, or both, as the case may be, with interest upon
the overdue principal and premium, if any, and (to the extent that payment of
such interest is enforceable under applicable law and, if the Securities are
held by First Western Capital Trust or a trustee of such trust, without
duplication of any other amounts paid by First Western Capital Trust or a
trustee in respect thereof) upon the overdue installments of interest
(including Compounded Interest and Additional Sums, if any) and Liquidated
Damages, if any, at the rate borne by the Securities; and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of
collection, including a reasonable compensation to the Trustee, its agents,
attorneys and counsel, and any other amount due to the Trustee pursuant to
Section 6.06.

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

                  In case there shall be pending proceedings for the bankruptcy
or for the reorganization of the Company or any other obligor on the Securities
under Title 11, United States Code, or any other applicable law, or in case a
receiver or trustee shall have been appointed for the property of the Company
or such other



                                       33


<PAGE>   42



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

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

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



                                       34


<PAGE>   43



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

                  SECTION 5.03.             Application of Moneys Collected by
                                            Trustee.

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

                  First:  To the payment of costs and expenses of collection
applicable to the Securities and all other amounts due to the Trustee under
Section 6.06;

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

                  Third: In case the principal of the outstanding Securities in
respect of which moneys have been collected shall not have become due and be
unpaid, to the payment of the amounts then due and unpaid upon Securities for
principal of (and premium, if any) and interest (including Compounded Interest
and Additional Sums, if any) and Liquidated Damages, if any, on the Securities,
in respect of which or for the benefit of which money has been collected,
ratably, without preference of priority of any kind, according to the amounts
due on such Securities for principal (and premium, if any) and interest,
respectively; and

                  Fourth:  To the Company.

                  SECTION 5.04.             Proceedings by Securityholders.

                  No holder of any Security shall have any right by virtue of
or by availing of any provision of this Indenture to institute any suit, action
or proceeding in equity or at law upon or under or with respect to this
Indenture or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless such holder previously shall have given to the Trustee
written notice of an Event of Default and of the continuance thereof with
respect to the Securities specifying such Event of Default, as hereinbefore
provided, and unless also the holders of not less than 25% in aggregate
principal amount of the Securities then outstanding shall have made written
request upon the Trustee to institute such action, suit or proceeding in its
own name as Trustee hereunder and shall have offered to the Trustee such


                                       35


<PAGE>   44



reasonable indemnity as it may require against the costs, expenses and
liabilities to be incurred therein or thereby, and the Trustee for 60 days
after its receipt of such notice, request and offer of indemnity shall have
failed to institute any such action, suit or proceeding, it being understood
and intended, and being expressly covenanted by the taker and holder of every
Security with every other taker and holder and the Trustee, that no one or more
holders of Securities 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 holder of Securities, or to obtain or seek to
obtain priority over or preference to any other such holder, or to enforce any
right under this Indenture, except in the manner herein provided and for the
equal, ratable and common benefit of all holders of Securities.

                  Notwithstanding any other provisions in this Indenture,
however, the right of any holder of any Security to receive payment of the
principal of (premium, if any) and interest (including Compounded Interest and
Additional Sums, if any) and Liquidated Damages, if any, on such Security, on
or after the same shall have become due and payable, or to institute suit for
the enforcement of any such payment, shall not be impaired or affected without
the consent of such holder and by accepting a Security hereunder it is
expressly understood, intended and covenanted by the taker and holder of every
Security with every other such taker and holder and the Trustee, that no one or
more holders of Securities shall have any right in any manner whatsoever by
virtue or by availing of any provision of this Indenture to affect, disturb or
prejudice the rights of the holders of any other Securities, or to obtain or
seek to obtain priority over or preference to any other such holder, or to
enforce any right under this Indenture, except in the manner herein provided
and for the equal, ratable and common benefit of all holders of Securities. For
the protection and enforcement of the provisions of this Section, each and
every Securityholder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.

                  The Company and the Trustee acknowledge that pursuant to the
Declaration, the holders of Capital Securities are entitled, in the
circumstances and subject to the limitations set forth therein, to commence a
Direct Action with respect to any Event of Default under this Indenture and the
Securities.

                  SECTION 5.05.             Proceedings by Trustee.

                  In case an Event of Default occurs with respect to Securities
and is continuing, the Trustee may in its discretion proceed to protect and
enforce the rights vested in it by this Indenture by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any
of such



                                       36


<PAGE>   45



rights, either by suit in equity or by action at law or by proceeding in
bankruptcy or otherwise, whether for the specific enforcement of any covenant
or agreement contained in this Indenture or in aid of the exercise of any power
granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law.

                  SECTION 5.06.             Remedies Cumulative and Continuing.

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

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

                  The holders of a majority in aggregate principal amount of
the Securities at the time outstanding shall have the right to direct the time,
method, and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred on the Trustee; provided,
however, that (subject to the provisions of Section 6.01) the Trustee shall
have the right to decline to follow any such direction if the Trustee shall
determine that the action so directed would be unjustly prejudicial to the
holders not taking part in such direction or if the Trustee being advised by
counsel determines that the action or proceeding so directed may not lawfully
be taken or if the Trustee in good faith by its board of directors or trustees,
executive committee, or a trust committee of directors or trustees and/or
Responsible Officers shall determine that the action or proceedings so directed
would involve the Trustee in personal liability. Prior to any declaration
accelerating the maturity of the Securities, the holders of a majority in
aggregate principal amount of the Securities at the time outstanding may on
behalf of the holders of all of the Securities waive any past default or Event
of Default and its consequences except a default (a) in the payment of
principal of or premium, if any, or interest (including Compounded Interest and
Additional Sums, if



                                       37


<PAGE>   46



any) or Liquidated Damages, if any, on any of the Securities or (b) in respect
of covenants or provisions hereof which cannot be modified or amended without
the consent of the holder of each Security affected; provided, however, that if
the Securities are held by the Property Trustee, such waiver or modification to
such waiver shall not be effective until the holders of a majority in aggregate
liquidation amount of Trust Securities shall have consented to such waiver or
modification to such waiver; provided further, that if the consent of the
holder of each outstanding Security is required, such waiver shall not be
effective until each holder of the Trust Securities shall have consented to
such waiver.  Upon any such waiver, the default covered thereby shall be deemed
to be cured for all purposes of this Indenture and the Company, the Trustee and
the holders of the Securities shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any
subsequent or other default or impair any right consequent thereon. Whenever
any default or Event of Default hereunder shall have been waived as permitted
by this Section 5.07, said default or Event of Default shall for all purposes
of the Securities and this Indenture be deemed to have been cured and to be not
continuing.

                  SECTION 5.08.             Notice of Defaults.

                  (a) The Trustee shall, within 90 days after the occurrence of
a default with respect to the Securities known to a Responsible Officer of the
Trustee, mail to all Securityholders, as the names and addresses of such
holders appear upon the Security Register, notice of all defaults known to the
Trustee, unless such defaults shall have been cured before the giving of such
notice (the term "defaults" for the purpose of this Section 5.08 being hereby
defined to be the events specified in clauses (a), (b), (c), (d) and (e) of
Section 5.01, not including periods of grace, if any, provided for therein, and
irrespective of the giving of written notice specified in clause (c) of Section
5.01); and provided that, except in the case of default in the payment of the
principal of or premium, if any, or interest (including Compounded Interest or
Additional Sums, if any) or Liquidated Damages, if any, on any of the
Securities, the Trustee shall be protected in withholding such notice if and so
long as the board of directors, the executive committee, or a trust committee
of directors and/or Responsible Officers of the Trustee in good faith
determines that the withholding of such notice is in the interests of the
Securityholders; and provided further, that in the case of any default of the
character specified in Section 5.01(c) no such notice to Securityholders shall
be given until at least 60 days after the occurrence thereof but shall be given
within 90 days after such occurrence.



                                       38


<PAGE>   47



                  (b) Within five Business Days after the occurrence of any
Event of Default actually known to the Trustee, the Trustee shall transmit
notice of such Event of Default to all Securityholders, unless such Event of
Default shall have been cured or waived.

                  SECTION 5.09.             Undertaking to Pay Costs.

                  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 or omitted by it as Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable
attorneys' fees and expenses, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section 5.09 shall not apply to any
suit instituted by the Trustee, to any suit instituted by any Securityholder,
or group of Securityholders, holding in the aggregate more than 10% in
aggregate principal amount of the Securities outstanding, or to any suit
instituted by any Securityholder for the enforcement of the payment of the
principal of (or premium, if any) or interest (including Compounded Interest
and Additional Sums, if any) or Liquidated Damages, if any, on any Security
against the Company on or after the same shall have become due and payable.

                                   ARTICLE VI

                             CONCERNING THE TRUSTEE

                  SECTION 6.01.             Duties and Responsibilities of
                                            Trustee.

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

                  No provision of this Indenture shall be construed to relieve
the Trustee from liability for its own negligent action,



                                       39


<PAGE>   48



its own negligent failure to act or its own willful misconduct,
except that

                  (a)      prior to the occurrence of an Event of Default and
                           after the curing or waiving of all Events of De-
                           fault which may have occurred,

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

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

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

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

                  None of the provisions contained in this Indenture shall
require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise
of any of its rights or powers, if there is reasonable ground for believing
that the


                                       40


<PAGE>   49



repayment of such funds or liability is not reasonably assured to it under the
terms of this Indenture or adequate indemnity against such risk is not
reasonably assured to it.

                  SECTION 6.02.             Reliance on Documents, Opinions,
                                            etc.

                  Except as otherwise provided in Section 6.01:

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

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

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

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

                  (e)      the Trustee shall not be liable for any action taken
                           or omitted by it in good faith and believed by it to
                           be authorized or within the discretion or rights or
                           powers conferred upon it by this Indenture;
                           nothing contained herein shall, however, relieve the
                           Trustee of the obligation, upon the occurrence of an
                           Event of Default (that has not been cured or
                           waived), to exercise such of the rights and powers
                           vested in it by this Indenture, and to use the same
                           degree of care and skill in


                                       41


<PAGE>   50


                           their exercise, as a prudent man would exercise or
                           use under the circumstances in the conduct of his
                           own affairs;

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

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

                  (h)      the Trustee shall not be charged with knowledge of
                           any Default or Event of Default with respect to the
                           Securities unless (1) such default is a default
                           under Sections 5.01(a) (other than a default with
                           respect to the payment of Compounded Interest,
                           Liquidated Damages or Additional Sums) and 5.01(b)
                           of the Indenture, (2) a Responsible Officer shall
                           have actual knowledge of such Default or Event of
                           Default or (3) written notice of such Default or
                           Event of Default shall have been given to the
                           Trustee by the Company or any other obligor on the
                           Securities or by any holder of the Securities; and

                  (i)      the Trustee shall not be liable for any action
                           taken, suffered or omitted by it in good faith,
                           without negligence or willful misconduct and
                           believed by it to be authorized or within the
                           discretion or rights or powers conferred upon it by
                           this Indenture.


                                       42


<PAGE>   51



                  SECTION 6.03.             No Responsibility for Recitals,
etc.

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

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

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

                  SECTION 6.05.             Moneys to be Held in Trust.

                  Subject to the provisions of Section 11.04, all moneys
received by the Trustee or any paying agent shall, until used or applied as
herein provided, be held in trust for the purpose for which they were received,
but need not be segregated from other funds except to the extent required by
law. The Trustee and any paying agent shall be under no liability for interest
on any money received by it hereunder except as otherwise agreed in writing
with the Company. So long as no Event of Default shall have occurred and be
continuing, all interest allowed on any such moneys shall be paid from time to
time upon the written order of the Company, signed by the Chairman of the Board
of Directors, the President or a Vice President or the Treasurer or an
Assistant Treasurer of the Company.

                  SECTION 6.06.             Compensation and Expenses of
                                            Trustee.

                  The Company, as issuer of Securities under this Indenture,
covenants and agrees to pay to the Trustee from time to time, and the Trustee
shall be entitled to, such compensation as shall be agreed to in writing
between the Company and the Trustee (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust), and the Company will pay or reimburse the Trustee upon its request for
all reasonable expenses, disbursements and advances incurred or



                                       43


<PAGE>   52



made by the Trustee in accordance with any of the provisions of this Indenture
(including the reasonable compensation and the expenses and disbursements of
its counsel and of all persons not regularly in its employ) except any such
expense, disbursement or advance as may arise from its negligence or bad faith.
The Company also covenants to indemnify each of the Trustee or any predecessor
Trustee (and its officers, agents, directors and employees) for, and to hold it
harmless against, any and all loss, damage, claim, liability or expense
including taxes (other than taxes based on the income of the Trustee) incurred
without negligence or bad faith on the part of the Trustee and arising out of
or in connection with the acceptance or administration of this trust, including
the costs and expenses of defending itself against any claim of liability in
the premises. The obligations of the Company under this Section 6.06 to
compensate and indemnify the Trustee and to pay or reimburse the Trustee for
expenses, disbursements and advances shall constitute additional indebtedness
hereunder.  Such additional indebtedness shall be secured by a lien prior to
that of the Securities upon all property and funds held or collected by the
Trustee as such, except funds held in trust for the benefit of the holders of
particular Securities.

                  When the Trustee incurs expenses or renders services in
connection with an Event of Default specified in Section 5.01(d) or Section
5.01(e), the expenses (including the reasonable charges and expenses of its
counsel) and the compensation for the services are intended to constitute
expenses of administration under any applicable federal or state bankruptcy,
insolvency or other similar law.

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

                  SECTION 6.07.             Officers' Certificate as Evidence.

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



                                       44


<PAGE>   53



                  SECTION 6.08.             Conflicting Interest of Trustee.

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

                  SECTION 6.09.             Eligibility of Trustee.

                  The Trustee hereunder shall at all times 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 other Person permitted to act as trustee by the Commission authorized under
such laws to exercise corporate trust powers, having a combined capital and
surplus of at least 50 million U.S. dollars ($50,000,000) and subject to
supervision or examination by federal, state, territorial, or District of
Columbia authority. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section 6.09 the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published.

                  The Company may not, nor may any Person directly or
indirectly controlling, controlled by, or under common control with the
Company, serve as Trustee.

                  In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section 6.09, the Trustee shall resign
immediately in the manner and with the effect specified in Section 6.10.

                  SECTION 6.10.             Resignation or Removal of Trustee.

                  (a)      The Trustee, or any trustee or trustees hereafter
                           appointed, may at any time resign by giving writ-
                           ten notice of such resignation to the Company and by
                           mailing notice thereof to the holders of the
                           Securities at their addresses as they shall appear
                           on the Security register.  Upon receiving such
                           notice of resignation, the Company shall promptly
                           appoint a successor trustee or trustees by written
                           instrument, in duplicate, one copy of which in-
                           strument shall be delivered to the resigning Trustee
                           and one copy to the successor trustee.  If no
                           successor trustee shall have been so appointed and
                           have accepted appointment within 60 days after the
                           mailing of such notice of resignation to the
                           affected Securityholders, the resigning Trustee



                                       45


<PAGE>   54


                           may petition any court of competent jurisdiction for
                           the appointment of a successor trustee, or any
                           Securityholder who has been a bona fide holder of a
                           Security for at least six months may, subject to the
                           provisions of Section 5.09, on behalf of him- self
                           and all others similarly situated, petition any such
                           court for the appointment of a successor trustee.
                           Such court may thereupon, after such notice, if any,
                           as it may deem proper and prescribe, appoint a
                           successor trustee.

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

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

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

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

                           then, in any such case, the Company may remove the
                           Trustee and appoint a successor trustee by written
                           instrument, in duplicate, one copy of which
                           instrument shall be delivered to the Trustee so
                           removed and one copy to the successor trustee, or,
                           subject to the provisions of Section 5.09, any
                           Securityholder who has been a bona fide holder of a
                           Security for at least six months may, on behalf of
                           himself and all others similarly situated, petition
                           any court of competent jurisdiction for the removal
                           of the Trustee and the appointment of a successor
                           trustee. Such court may thereupon, after such
                           notice, if any, as it may deem proper and prescribe,
                           remove the Trustee and appoint a successor trustee.



                                       46


<PAGE>   55



                  (c)      The holders of a majority in aggregate principal
                           amount of the Securities at the time outstanding may
                           at any time remove the Trustee and nominate a
                           successor trustee, which shall be deemed appointed
                           as successor trustee unless within 10 days after
                           such nomination the Company objects thereto or if no
                           successor trustee shall have been so appointed and
                           shall have accepted appointment within 30 days after
                           such removal, in which case the Trustee so removed
                           or any Securityholder, upon the terms and conditions
                           and otherwise as in subsection (a) of this Section
                           6.10 provided, may petition any court of competent
                           jurisdiction for an appointment of a successor
                           trustee.

                  (d)      Any resignation or removal of the Trustee and
                           appointment of a successor trustee pursuant to any
                           of the provisions of this Section 6.10 shall become
                           effective upon acceptance of appointment by the
                           successor trustee as provided in Section 6.11.

                  SECTION 6.11.             Acceptance by Successor Trustee.

                  Any successor trustee appointed as provided in Section 6.10
shall execute, acknowledge and deliver to the Company and to its predecessor
trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the retiring trustee shall become effective and such
successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, duties and obligations of its predecessor
hereunder, with like effect as if originally named as trustee herein; but,
nevertheless, on the written request of the Company or of the successor
trustee, the trustee ceasing to act shall, upon payment of any amounts then due
it pursuant to the provisions of Section 6.06, execute and deliver an
instrument transferring to such successor trustee all the rights and powers of
the trustee so ceasing to act and shall duly assign, transfer and deliver to
such successor trustee all property and money held by such retiring trustee
thereunder. Upon request of any such successor trustee, the Company shall
execute any and all instruments in writing for more fully and certainly vesting
in and confirming to such successor trustee all such rights and powers. Any
trustee ceasing to act shall, nevertheless, retain a lien upon all property or
funds held or collected by such trustee to secure any amounts then due it
pursuant to the provisions of Section 6.06.

                  No successor trustee shall accept appointment as provided in
this Section 6.11 unless at the time of such acceptance such successor trustee
shall be qualified under the provisions of Section 6.08 and eligible under the
provisions of Section 6.09.



                                       47


<PAGE>   56




                  Upon acceptance of appointment by a successor trustee as
provided in this Section 6.11, the Company shall mail notice of the succession
of such trustee hereunder to the holders of Securities at their addresses as
they shall appear on the Security register. If the Company fails to mail such
notice within 10 days after the acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be mailed at the
expense of the Company.

                  SECTION 6.12.             Succession by Merger, etc.

                  Any corporation into which the Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder without the execution or filing of any paper or any further act on
the part of any of the parties hereto.

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

                  SECTION 6.13.             Limitation on Rights of Trustee as
                                            a Creditor.

                  The Trustee shall comply with Section 311(a) of the Trust
Indenture Act, excluding any creditor relationship described in Section 311(b)
of the Trust Indenture Act. A Trustee who has resigned or been removed shall be
subject to Section 311(a) of the Trust Indenture Act to the extent included
therein.

                  SECTION 6.14.             Authenticating Agents.

                  There may be one or more Authenticating Agents appointed by
the Trustee upon the request of the Company with power to act on its behalf and
subject to its direction in the authentication and delivery of Securities
issued upon exchange or transfer



                                       48


<PAGE>   57



thereof as fully to all intents and purposes as though any such Authenticating
Agent had been expressly authorized to authenticate and deliver Securities;
provided, that the Trustee shall have no liability to the Company for any acts
or omissions of the Authenticating Agent with respect to the authentication and
delivery of Securities. Any such Authenticating Agent shall at all times be a
corporation organized and doing business under the laws of the United States or
of any state or territory thereof or of the District of Columbia authorized
under such laws to act as Authenticating Agent, having a combined capital and
surplus of at least $5,000,000 and being subject to supervision or examination
by federal, state, territorial or District of Columbia authority. If such
corporation publishes reports of condition at least annually pursuant to law or
the requirements of such authority, then for the purposes of this Section 6.14
the combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent shall cease to
be eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect herein specified in this Section.

                  Any corporation into which any Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, consolidation or conversion to which any
Authenticating Agent shall be a party, or any corporation succeeding to the
corporate trust business of any Authenticating Agent, shall be the successor of
such Authenticating Agent hereunder, if such successor corporation is otherwise
eligible under this Section 6.14 without the execution or filing of any paper
or any further act on the part of the parties hereto or such Authenticating
Agent.

                  Any Authenticating Agent may at any time resign by giving
written notice of resignation to the Trustee and to the Company. The Trustee
may at any time terminate the agency of any Authenticating Agent by giving
written notice of termination to such Authenticating Agent and to the Company.
Upon receiving such a notice of resignation or upon such a termination, or in
case at any time any Authenticating Agent shall cease to be eligible under this
Section 6.14, the Trustee may, and upon the request of the Company shall,
promptly appoint a successor Authenticating Agent eligible under this Section
6.14, shall give written notice of such appointment to the Company and shall
mail notice of such appointment to all Securityholders as the names and
addresses of such holders appear on the Security Register. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all rights, powers, duties and responsibilities of its predecessor
hereunder, with like effect as if originally named as Authenticating Agent
herein.



                                       49


<PAGE>   58



                  The Company, as borrower, agrees to pay to any Authenticating
Agent from time to time reasonable compensation for its services. Any
Authenticating Agent shall have no responsibility or liability for any action
taken by it as such in accordance with the directions of the Trustee.

                                  ARTICLE VII

                         CONCERNING THE SECURITYHOLDERS

                  SECTION 7.01.             Action by Securityholders.

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

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



                                       50


<PAGE>   59



                  SECTION 7.02.             Proof of Execution by
                                            Securityholders.

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

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

                  SECTION 7.03.             Who Are Deemed Absolute Owners.

                  Prior to due presentment for registration of transfer of any
Security, the Company, the Trustee, any Authenticating Agent, any paying agent,
any transfer agent and any Security registrar may deem the person in whose name
such Security shall be registered upon the Security Register to be, and may
treat him as, the absolute owner of such Security (whether or not such Security
shall be overdue) for the purpose of receiving payment of or on account of the
principal of and premium, if any, and (subject to Section 2.06) interest on
such Security and for all other purposes; and neither the Company nor the
Trustee nor any Authenticating Agent nor any paying agent nor any transfer
agent nor any Security registrar shall be affected by any notice to the
contrary. All such payments so made to any holder for the time being or upon
his order shall be valid, and, to the extent of the sum or sums so paid,
effectual to satisfy and discharge the liability for moneys payable upon any
such Security.

                  SECTION 7.04.             Securities Owned by Company Deemed
                                            Not Outstanding.

                  In determining whether the holders of the requisite aggregate
principal amount of Securities have concurred in any direction, consent or
waiver under this Indenture, Securities which are owned by the Company or any
other obligor on the Securities or by any Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
the Company or any other obligor on the Securities shall be disregarded and
deemed not to be outstanding for the purpose of any such determination;
provided that for the purposes of determining whether the Trustee shall be
protected in relying on any such direction, consent or waiver, only Securities
which a Responsible Officer of the Trustee actually knows are so owned shall be
so disregarded. Securities so owned which have been pledged in good faith may
be regarded as outstanding for the purposes of this



                                       51


<PAGE>   60



Section 7.04 if the pledgee shall establish to the satisfaction of the Trustee
the pledgee's right to vote such Securities and that the pledgee is not the
Company or any such other obligor or Person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Company or
any such other obligor. In the case of a dispute as to such right, any decision
by the Trustee taken upon the advice of counsel shall be full protection to the
Trustee.

                  SECTION 7.05.             Revocation of Consents; Future
                                            Holders Bound.

                  At any time prior to (but not after) the evidencing to the
Trustee, as provided in Section 7.01, of the taking of any action by the
holders of the percentage in aggregate principal amount of the Securities
specified in this Indenture in connection with such action, any holder of a
Security (or any Security issued in whole or in part in exchange or
substitution therefor), subject to Section 7.01, the serial number of which is
shown by the evidence to be included in the Securities the holders of which
have consented to such action may, by filing written notice with the Trustee at
its principal office and upon proof of holding as provided in Section 7.02,
revoke such action so far as concerns such Security (or so far as concerns the
principal amount represented by any exchanged or substituted Security). Except
as aforesaid any such action taken by the holder of any Security shall be
conclusive and binding upon such holder and upon all future holders and owners
of such Security, and of any Security issued in exchange or substitution
therefor, irrespective of whether or not any notation in regard thereto is made
upon such Security or any Security issued in exchange or substitution therefor.

                                  ARTICLE VIII

                           SECURITYHOLDERS' MEETINGS

                  SECTION 8.01.             Purposes of Meetings.

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

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



                                       52


<PAGE>   61



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

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

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

                  SECTION 8.02.             Call of Meetings by Trustee.

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

                  SECTION 8.03.             Call of Meetings by Company or
                                            Securityholders.

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

                  SECTION 8.04.             Qualifications for Voting.

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



                                       53


<PAGE>   62



and its counsel and any representatives of the Company and its
counsel.

                  SECTION 8.05.             Regulations.

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

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

                  Subject to the provisions of Section 8.04, at any meeting
each holder of Securities or proxy therefor shall be entitled to one vote for
each $1,000 principal amount of Securities held or represented by him;
provided, however, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not outstanding and ruled by the chairman
of the meeting to be not outstanding. The chairman of the meeting shall have no
right to vote other than by virtue of Securities held by him or instruments in
writing as aforesaid duly designating him as the person to vote on behalf of
other Securityholders. Any meeting of Securityholders duly called pursuant to
the provisions of Section 8.02 or 8.03 may be adjourned from time to time by a
majority of those present, and the meeting may be held as so adjourned without
further notice.

                  SECTION 8.06.             Voting.

                  The vote upon any resolution submitted to any meeting of
holders of Securities shall be by written ballots on which shall be subscribed
the signatures of such holders or of their representatives by proxy and the
serial number or numbers of the Securities held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written
reports in triplicate of all votes cast at the meeting. A record in duplicate
of the proceedings of each meeting of Securityholders shall be prepared by the
secretary of the meeting and there shall be attached to said record the



                                       54


<PAGE>   63



original reports of the inspectors of votes on any vote by ballot taken thereat
and affidavits by one or more persons having knowledge of the facts setting
forth a copy of the notice of the meeting and showing that said notice was
mailed as provided in Section 8.02. The record shall show the serial numbers of
the Securities voting in favor of or against any resolution. The record shall
be signed and verified by the affidavits of the permanent chairman and
secretary of the meeting and one of the duplicates shall be delivered to the
Company and the other to the Trustee to be preserved by the Trustee, the latter
to have attached thereto the ballots voted at the meeting. The holders of the
Series A Capital Securities and the Series B Capital Securities shall vote for
all purposes as a single class.

                  Any record so signed and verified shall be conclusive
evidence of the matters therein stated.

                                   ARTICLE IX

                                   AMENDMENTS

                  SECTION 9.01.             Without Consent of Securityholders.

                  The Company, when authorized by a Board Resolution, and the
Trustee may from time to time and at any time amend the Indenture, without the
consent of the Securityholders, for one or more of the following purposes:

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

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


                                       55


<PAGE>   64



                limit the remedies available to the Trustee upon such default;

                  (c)      to provide for the issuance under this Indenture of
                           Securities in coupon form (including Securities
                           registrable as to principal only) and to provide for
                           exchangeability of such Securities with the
                           Securities issued hereunder in fully registered form
                           and to make all appropriate changes for such
                           purpose;

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

                  (e)      to evidence and provide for the acceptance of
                           appointment hereunder by a successor trustee with
                           respect to the Securities;

                  (f)      to make provision for transfer procedures, certif-
                           ication, book-entry provisions, the form of re-
                           stricted securities legends, if any, to be placed on
                           Securities, and all other matters required pursuant
                           to Section 2.07 or otherwise necessary, desirable or
                           appropriate in connection with the issuance of
                           Securities to holders of Capital Securities in the
                           event of a distribution of Securities by First
                           Western Capital Trust following a Dissolution Event;

                  (g)      to qualify or maintain qualification of this In-
                           denture under the Trust Indenture Act; or

                  (h)      to make any change that does not adversely affect
                           the rights of any Securityholder in any material
                           respect.

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


                                       56


<PAGE>   65




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

                  SECTION 9.02.             With Consent of Securityholders.

                  With the consent (evidenced as provided in Section 7.01) of
the holders of a majority in aggregate principal amount of the Securities at
the time outstanding, the Company, when authorized by a Board Resolution, and
the Trustee may from time to time and at any time amend the Indenture for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the
rights of the holders of the Securities; provided, however, that no such
amendment shall without the consent of the holders of each Security then
outstanding and affected thereby (i) change the Maturity Date of any Security,
or reduce the rate or extend the time of payment of interest thereon (except as
contemplated by Article XVI), or reduce the principal amount thereof, or reduce
any amount payable on redemption thereof, or make the principal thereof or any
interest or premium thereon payable in any coin or currency other than that
provided in the Securities, or impair or affect the right of any Securityholder
to institute suit for payment thereof, or (ii) reduce the aforesaid percentage
of Securities the holders of which are required to consent to any such
amendment to the Indenture, provided, however, that if the Securities are held
by First Western Capital Trust, such amendment shall not be effective until the
holders of a majority in liquidation amount of Trust Securities shall have
consented to such amendment; provided, further, that if the consent of the
holder of each outstanding Security is required, such amendment shall not be
effective until each holder of the Trust Securities shall have consented to
such amendment.

                  Upon the request of the Company accompanied by a copy of a
resolution of the Board of Directors certified by its Secretary or Assistant
Secretary authorizing the execution of any supplemental indenture affecting
such amendment, and upon the filing with the Trustee of evidence of the consent
of Securityholders as aforesaid, the Trustee shall join with the Company in the
execution of such supplemental indenture unless such supplemental indenture
affects the Trustee's own rights, duties or immunities under this Indenture or
otherwise, in which case the Trustee may in its discretion, but shall not be
obligated to, enter into such supplemental indenture.

                  Promptly after the execution by the Company and the Trustee
of any supplemental indenture pursuant to the provisions of this Section, the
Trustee shall transmit by mail, first class postage prepaid, a notice, prepared
by the Company, setting forth



                                       57


<PAGE>   66



in general terms the substance of such supplemental indenture, to the
Securityholders as their names and addresses appear upon the Security Register.
Any failure of the Trustee to mail such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such supplemental
indenture.

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

                  SECTION 9.03.             Compliance with Trust Indenture
                                            Act; Effect of Supplemental
                                            Indentures.

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

                  SECTION 9.04.             Notation on Securities.

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

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

                  The Trustee, subject to the provisions of Sections 6.01 and
6.02, may receive, in addition to the document required by Section 13.06, an
Officers' Certificate and an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant hereto complies with the requirements
of this Article IX.



                                       58


<PAGE>   67




                                   ARTICLE X

               CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

                  SECTION 10.01.            Company May Consolidate, etc., on
                                            Certain Terms.

                  Nothing contained in this Indenture or in any of the
Securities shall prevent any consolidation or merger of the Company with or
into any other Person (whether or not affiliated with the Company, as the case
may be), or successive consolidations or mergers in which the Company or its
successor or successors, as the case may be, shall be a party or parties, or
shall prevent any sale, conveyance, transfer or lease of the property of the
Company, or its successor or successors as the case may be, as an entirety, or
substantially as an entirety, to any other Person (whether or not affiliated
with the Company, or its successor or successors, as the case may be)
authorized to acquire and operate the same; provided, that (a) the Company is
the surviving Person, or the Person formed by or surviving any such
consolidation or merger (if other than the Company) or to which such sale,
conveyance, transfer or lease of property is made is a Person organized and
existing under the laws of the United States or any State thereof or the
District of Columbia, and (b) upon any such consolidation, merger, sale,
conveyance, transfer or lease, the due and punctual payment of the principal of
(and premium, if any) and interest on the Securities according to their tenor
and the due and punctual performance and observance of all the covenants and
conditions of this Indenture to be kept or performed by the Company shall be
expressly assumed, by supplemental indenture (which shall conform to the
provisions of the Trust Indenture Act, as then in effect) satisfactory in form
to the Trustee executed and delivered to the Trustee by the Person formed by
such consolidation, or into which the Company shall have been merged, or by the
Person which shall have acquired such property, as the case may be, and (c)
after giving effect to such consolidation, merger, sale, conveyance, transfer
or lease, no Default or Event of Default shall have occurred and be continuing.

                  SECTION 10.02.            Successor Corporation to be
                                            Substituted for Company.

                  In case of any such consolidation, merger, conveyance or
transfer and upon the assumption by the successor corporation, by supplemental
indenture, executed and delivered to the Trustee and satisfactory in form to
the Trustee, of the due and punctual payment of the principal of and premium,
if any, and interest on all of the Securities and the due and punctual
performance and observance of all of the covenants and conditions of this
Indenture to be performed or observed by the Company, such successor Person
shall succeed to and be substituted for the Company, with



                                       59


<PAGE>   68



the same effect as if it had been named herein as the party of the first part,
and the Company thereupon shall be relieved of any further liability or
obligation hereunder or upon the Securities. Such successor Person thereupon
may cause to be signed, and may issue either in its own name or in the name of
First Western Bancorp, Inc., any or all of the Securities issuable hereunder
which theretofore shall not have been signed by the Company and delivered to
the Trustee or the Authenticating Agent; and, upon the order of such successor
Person instead of the Company and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee or the Authenticating
Agent shall authenticate and deliver any Securities which previously shall have
been signed and delivered by the officers of the Company to the Trustee or the
Authenticating Agent for authentication, and any Securities which such
successor Person thereafter shall cause to be signed and delivered to the
Trustee or the Authenticating Agent for that purpose. All the Securities so
issued shall in all respects have the same legal rank and benefit under this
Indenture as the Securities theretofore or thereafter issued in accordance with
the terms of this Indenture as though all of such Indentures had been issued at
the date of the execution hereof.

                  SECTION 10.03.            Opinion of Counsel to be Given
                                            Trustee.

                  The Trustee, subject to the provisions of Sections 6.01 and
6.02, may receive an Opinion of Counsel as conclusive evidence that any
consolidation, merger, sale, conveyance, transfer or lease, and any assumption,
permitted or required by the terms of this Article X complies with the
provisions of this Article X.

                                   ARTICLE XI

                    SATISFACTION AND DISCHARGE OF INDENTURE

                  SECTION 11.01.            Discharge of Indenture.

                  When (a) the Company shall deliver to the Trustee for
cancellation all Securities theretofore authenticated (other than any
Securities which shall have been destroyed, lost or stolen and which shall have
been replaced as provided in Section 2.08) and not theretofore cancelled, or
(b) all the Securities not theretofore cancelled or delivered to the Trustee
for cancellation shall have become due and payable, or are by their terms to
become due and payable within one year or are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption, and the Company shall deposit with the Trustee, in
trust, funds sufficient to pay on the Maturity Date or upon redemption all of
the Securities (other than any Securities which shall have been destroyed, lost
or stolen and which shall have been replaced as provided in



                                       60


<PAGE>   69



Section 2.08) not theretofore cancelled or delivered to the Trustee for
cancellation, including principal and premium, if any, and interest (including
Compounded Interest and Additional Sums, if any) and Liquidated Damages, if
any, due or to become due to the Maturity Date or redemption date, as the case
may be, but excluding, however, the amount of any moneys for the payment of
principal of or premium, if any, or interest (including Compounded Interest and
Additional Sums, if any) or Liquidated Damages, if any, on the Securities (1)
theretofore repaid to the Company in accordance with the provisions of Section
11.04, or (2) paid to any State or to the District of Columbia pursuant to its
unclaimed property or similar laws, and if in either case the Company shall
also pay or cause to be paid all other sums payable hereunder by the Company,
then this Indenture shall cease to be of further effect except for the
provisions of Sections 2.02, 2.07, 2.08, 3.01, 3.02, 3.04, 6.06, 6.10 and 11.04
hereof, which shall survive until such Securities shall mature and be paid.
Thereafter, Sections 6.06, 6.10 and 11.04 shall survive, and the Trustee, on
demand of the Company accompanied by any Officers' Certificate and an Opinion
of Counsel and at the cost and expense of the Company, shall execute proper
instruments acknowledging satisfaction of and discharging this Indenture, the
Company, however, hereby agreeing to reimburse the Trustee for any costs or
expenses thereafter reasonably and properly incurred by the Trustee in
connection with this Indenture or the Securities.

                  SECTION 11.02.            Deposited Moneys and U.S.
                                            Government Obligations to be Held
                                            in Trust by Trustee.

                  Subject to the provisions of Section 11.04, all moneys and
U.S. Government Obligations deposited with the Trustee pursuant to Sections
11.01 or 11.05 shall be held in trust and applied by it to the payment, either
directly or through any paying agent (including the Company if acting as its
own paying agent), to the holders of the particular Securities for the payment
of which such moneys or U.S. Government Obligations have been deposited with
the Trustee, of all sums due and to become due thereon for principal, premium,
if any, and interest.

                  The Company shall pay and indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 11.05 or the principal and interest
received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the holders of outstanding Securities.

                  SECTION 11.03.            Paying Agent to Repay Moneys Held.

                  Upon the satisfaction and discharge of this Indenture all
moneys then held by any paying agent of the Securities (other than the Trustee)
shall, upon written demand of the Company, be



                                       61


<PAGE>   70



repaid to it or paid to the Trustee, and thereupon such paying agent shall be
released from all further liability with respect to such moneys.

                  SECTION 11.04.            Return of Unclaimed Moneys.

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

                  SECTION 11.05.            Defeasance Upon Deposit of Moneys
                                            or U.S. Government Obligations.

                  The Company shall be deemed to have been Discharged (as
defined below) from its obligations with respect to the Securities on the 91st
day after the applicable conditions set forth below have been satisfied:

                  (1)      the Company shall have deposited or caused to be
                           deposited irrevocably with the Trustee or the
                           Defeasance Agent (as defined below) as trust funds
                           in trust, specifically pledged as security for, and
                           dedicated solely to, the benefit of the holders of
                           the Securities (i) money in an amount, or (ii) U.S.
                           Government Obligations which through the payment of
                           interest and principal in respect thereof in
                           accordance with their terms will provide, not later
                           than one day before the due date of any payment,
                           money in an amount, or (iii) a combination of (i)
                           and (ii), sufficient, in the opinion (with respect
                           to (ii) and (iii)) of a nationally recognized firm
                           of independent public accountants expressed in a
                           written certification thereof delivered to the
                           Trustee and the Defeasance Agent, if any, to pay and
                           discharge each installment of principal of and
                           interest and premium, if any, on the outstanding
                           Securities on the dates such installments of
                           principal, interest or premium are due;

                  (2)      if the Securities are then listed on any national
                           securities exchange, the Company shall have deliv-



                                       62


<PAGE>   71

                           ered to the Trustee and the Defeasance Agent, if
                           any, an Opinion of Counsel to the effect that the
                           exercise of the option under this Section 11.05
                           would not cause such Securities to be delisted from
                           such exchange;

                  (3)      no Default or Event of Default with respect to the
                           Securities shall have occurred and be continuing on
                           the date of such deposit; and

                  (4)      the Company shall have delivered to the Trustee and
                           the Defeasance Agent, if any, an Opinion of Counsel
                           to the effect that holders of the Securities will
                           not recognize income, gain or loss for United States
                           federal income tax purposes as a result of the
                           exercise of the option under this Section 11.05 and
                           will be subject to United States federal income tax
                           on the same amount and in the same manner and at the
                           same times as would have been the case if such
                           option had not been exercised, and such opinion
                           shall be based on a statute so providing or be
                           accompanied by a private letter ruling to that
                           effect received from the United States Internal
                           Revenue Service or a revenue ruling pertaining to a
                           comparable form of transaction to that effect
                           published by the United States Internal Revenue
                           Service.

                  "Discharged" means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by, and obligations
under, the Securities and to have satisfied all the obligations under this
Indenture relating to the Securities (and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging the same), except (A)
the rights of holders of Securities to receive, from the trust fund described
in clause (1) above, payment of the principal of and the interest and premium,
if any, on the Securities when such payments are due; (B) the Company's
obligations with respect to the Securities under Sections 2.07, 2.08, 5.02 and
11.04; and (C) the rights, powers, trusts, duties and immunities of the Trustee
hereunder.

                  "Defeasance Agent" means another financial institution which
is eligible to act as Trustee hereunder and which assumes all of the
obligations of the Trustee necessary to enable the Trustee to act hereunder. In
the event such a Defeasance Agent is appointed pursuant to this Section, the
following conditions shall apply:

                  (1)      The Trustee shall have approval rights over the
                           document appointing such Defeasance Agent and the



                                       63


<PAGE>   72



                           document setting forth such Defeasance Agent's
                           rights and responsibilities;

                  (2)      The Defeasance Agent shall provide verification to
                           the Trustee acknowledging receipt of sufficient
                           money and/or U. S. Government Obligations to meet
                           the applicable conditions set forth in this Sec-
                           tion 11.05.

                                  ARTICLE XII

                    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                             OFFICERS AND DIRECTORS

                  SECTION 12.01.            Indenture and Securities Solely
                                            Corporate Obligations.

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

                                  ARTICLE XIII

                            MISCELLANEOUS PROVISIONS

                  SECTION 13.01.            Successors.

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

                  SECTION 13.02.            Official Acts by Successor
                                            Corporation.

                  Any act or proceeding by any provision of this Indenture
authorized or required to be done or performed by any board, committee or
officer of the Company shall and may be done and performed with like force and
effect by the like board, committee


                                       64


<PAGE>   73



or officer of any corporation that shall at the time be the
lawful sole successor of the Company.

                  SECTION 13.03.            Surrender of Company Powers.

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

                  SECTION 13.04.            Addresses for Notices, etc.

                  Any notice or demand which by any provision of this Indenture
is required or permitted to be given or served by the Trustee or by the holders
of Securities on the Company may be given or served by being deposited postage
prepaid by first class mail, registered or certified mail, overnight courier
service or conformed telecopy addressed (until another address is filed by the
Company with the Trustee for the purpose) to the Company at 101 East Washington
Street, New Castle, Pennsylvania 16101, Attention: Robert H. Young, Executive
Vice President, Secretary and Chief Financial Officer. Any notice, direction,
request or demand by any Securityholder to or upon the Trustee shall be deemed
to have been sufficiently given or made, for all purposes, if given or made in
writing at the office of the Trustee, 450 West 33rd Street, 15th Floor, New
York, New York 10001, Attention: Corporate Trust Administration Department
(unless another address is provided by the Trustee to the Company for such
purpose). Any notice or communication to a Securityholder shall be mailed by
first class mail to his or her address shown on the register kept by the
Security Registrar.

                  SECTION 13.05.            Governing Law.

                  This Indenture and each Security shall be deemed to be a
contract made under the laws of the State of New York, and for all purposes
shall be governed by and construed in accordance with the laws of said State,
without regard to conflicts of laws principles thereof.

                  SECTION 13.06.            Evidence of Compliance with
                                            Conditions Precedent.

                  Upon any application or demand by the Company to the Trustee
to take any action under any of the provisions of this Indenture, the Company
shall furnish to the Trustee an Officers' Certificate stating that in the
opinion of the signers all



                                       65


<PAGE>   74



conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that,
in the opinion of such counsel, all such conditions precedent have been
complied with.

                  Each certificate or opinion provided for in this Indenture
and delivered to the Trustee with respect to compliance with a condition or
covenant provided for in this Indenture (except certificates delivered pursuant
to Section 3.05) shall include (1) a statement that the Person making such
certificate or opinion has read such covenant or condition; (2) a brief
statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are
based; (3) 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 (4) a statement as to whether or not, in the opinion of such
person, such condition or covenant has been complied with.

                  SECTION 13.07.            Business Days.

                  In any case where the date of payment of principal of or
premium, if any, or interest on the Securities will not be a Business Day, the
payment of such principal of or premium, if any, or interest on the Securities
need not be made on such date but may be made on the next succeeding Business
Day, with the same force and effect as if made on the date of payment and no
interest shall accrue for the period from and after such date, except that if
such next succeeding Business Day falls in the next succeeding calendar year,
then such payment shall be made on the immediately preceding Business Day, in
each case with the same force and effect as if made on such date.

                  SECTION 13.08.            Trust Indenture Act to Control.

                  If and to the extent that any provision of this Indenture
limits, qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act of 1939, such imposed duties shall
control.

                  SECTION 13.09.            Table of Contents, Headings, etc.

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



                                       66


<PAGE>   75



                  SECTION 13.10.            Execution in Counterparts.

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

                  SECTION 13.11.            Separability.

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

                  SECTION 13.12.            Assignment.

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

                  SECTION 13.13.            Acknowledgement of Rights.

                  The Company acknowledges that, with respect to any Securities
held by First Western Capital Trust or a trustee of such trust, if the Property
Trustee of such Trust fails to enforce its rights under this Indenture as the
holder of the Securities held as the assets of First Western Capital Trust any
holder of Capital Securities may institute legal proceedings directly against
the Company to enforce such Property Trustee's rights under this Indenture
without first instituting any legal proceedings against such Property Trustee
or any other person or entity. Notwithstanding the foregoing, if an Event of
Default has occurred and is continuing and such event is attributable to the
failure of the Company to pay principal of or premium, if any, or interest on
the Securities when due, the Company acknowledges that a holder of Capital
Securities may directly institute a proceeding for enforcement of payment to
such holder of the principal of or premium, if any, or interest on the
Securities having a principal amount equal to the aggregate liquidation amount
of the Capital Securities of such holder on or after the respective due date
specified in the Securities.



                                       67


<PAGE>   76



                                  ARTICLE XIV

                   REDEMPTION OF SECURITIES -- MANDATORY AND
                             OPTIONAL SINKING FUND

                  SECTION 14.01.            Special Event Redemption.

                  If, prior to the Initial Optional Redemption Date, a Special
Event has occurred and is continuing then, notwithstanding Section 14.02(a) but
subject to Section 14.02(c), the Company shall have the right, at any time
within 90 days following the occurrence of such Special Event, upon (i) not
less than 45 days written notice to the Trustee and (ii) not less than 30 days
nor more than 60 days written notice to the Securityholders, to redeem the
Securities, in whole (but not in part), at the Special Event Redemption Price.
Following a Special Event, the Company shall take such action as is necessary
to promptly determine the Special Event Redemption Price, including without
limitation the appointment by the Company of a Quotation Agent. The Special
Event Redemption Price shall be paid prior to 12:00 noon, New York time, on the
date of such redemption or such earlier time as the Company determines,
provided that the Company shall deposit with the Trustee an amount sufficient
to pay the Special Event Redemption Price by 10:00 a.m., New York time, on the
date such Special Event Redemption Price is to be paid.

                  SECTION 14.02.            Optional Redemption by Company.

                  (a) Subject to the provisions of this Article XIV, the
Company shall have the right to redeem the Securities, in whole or in part,
from time to time, on or after the Initial Optional Redemption Date, at the
redemption prices set forth below (expressed as percentages of principal) plus,
in each case, accrued and unpaid interest thereon (including Compounded
Interest and Additional Sums, if any) and Liquidated Damages, if any, to the
applicable date of redemption (the "Optional Redemption Price") if redeemed
during the 12-month period beginning February 1 of the years indicated below.

<TABLE>
<CAPTION>
                   Year                               Percentage
                   ----                               ----------
                   <S>                                  <C>
                   2007                                 104.938%
                   2008                                 104.444%
                   2009                                 103.950%
                   2010                                 103.456%
                   2011                                 102.963%
                   2012                                 102.469%
                   2013                                 101.975%
                   2014                                 101.482%
                   2015                                 100.988%
                   2016                                 100.494%
                   2017 and thereafter                  100.000%
                                                        ------- 
</TABLE>


                                       68


<PAGE>   77




                  If the Securities are only partially redeemed pursuant to
this Section 14.02, the Securities to be redeemed shall be selected on a pro
rata basis not more than 60 days prior to the date fixed for redemption from
the outstanding Securities not previously called for redemption, provided,
however, that with respect to Securityholders that would be required to hold
Securities with an aggregate principal amount of less than $100,000 but more
than an aggregate principal amount of zero as a result of such pro rata
redemption, the Company shall redeem Securities of each such Securityholder so
that after such redemption such Securityholder shall hold Securities either
with an aggregate principal amount of at least $100,000 or such Securityholder
no longer holds any Securities and shall use such method (including, without
limitation, by lot) as the Company shall deem fair and appropriate, provided,
further, that any such proration may be made on the basis of the aggregate
principal amount of Securities held by each Securityholder and may be made by
making such adjustments as the Company deems fair and appropriate in order that
only Securities in denominations of $1,000 or integral multiples thereof shall
be redeemed. The Optional Redemption Price shall be paid prior to 12:00 noon,
New York time, on the date of such redemption or at such earlier time as the
Company determines, provided that the Company shall deposit with the Trustee an
amount sufficient to pay the Optional Redemption Price by 10:00 a.m., New York
time, on the date such Optional Redemption Price is to be paid.

                  (b) Notwithstanding the first sentence of Section 14.02, upon
the entry of an order for dissolution of the First Western Capital Trust by a
court of competent jurisdiction, the Securities thereafter will be subject to
optional redemption, in whole only, but not in part, on or after February 1,
2007, at the optional redemption prices set forth in Section 14.02 and
otherwise in accordance with this Article XIV.

                  (c) Any redemption of Securities pursuant to Section 14.01 or
Section 14.02 shall be subject to the Company obtaining the prior approval of
the Federal Reserve, if such approval is then required under applicable capital
guidelines or policies of the Federal Reserve, and any other required
regulatory approvals.

                  SECTION 14.03.            No Sinking Fund.

                  The Securities are not entitled to the benefit of any sinking
fund.

                  SECTION 14.04.            Notice of Redemption; Selection of
                                            Securities.

                  In case the Company shall desire to exercise the right to
redeem all, or, as the case may be, any part of the Securities in accordance
with their terms, it shall fix a date for redemp-



                                       69


<PAGE>   78



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

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

                  By 10:00 a.m. New York time on the redemption date specified
in the notice of redemption given as provided in this Section, the Company will
deposit with the Trustee or with one or more paying agents an amount of money
sufficient to redeem on the redemption date all the Securities so called for
redemption at the appropriate Redemption Price, together with accrued interest
to the date fixed for redemption.

                  The Company will give the Trustee notice not less than 45
days prior to the redemption date as to the aggregate principal amount of
Securities to be redeemed and the Trustee shall select, in such manner as in
its sole discretion it shall deem appropriate and fair, the Securities or
portions thereof (in integral multiples of $1,000, except as otherwise set
forth in the applicable form of Security) to be redeemed.

                  SECTION 14.05.            Payment of Securities Called for
                                            Redemption.

                  If notice of redemption has been given as provided in Section
14.04, the Securities or portions of Securities with



                                       70


<PAGE>   79



respect to which such notice has been given shall become due and payable on the
date and at the place or places stated in such notice at the applicable
Redemption Price, together with interest accrued to the date fixed for
redemption (subject to the rights of holders of Securities on the close of
business on a regular record date in respect of an Interest Payment Date
occurring on or prior to the redemption date), and on and after said date
(unless the Company shall default in the payment of such Securities at the
Redemption Price, together with interest accrued to said date) interest
(including Compounded Interest and Additional Sums, if any) and Liquidated
Damages, if any, on the Securities or portions of Securities so called for
redemption shall cease to accrue. On presentation and surrender of such
Securities at a place of payment specified in said notice, the said Securities
or the specified portions thereof shall be paid and redeemed by the Company at
the applicable Redemption Price, together with interest (including Compounded
Interest and Additional Sums, if any) and Liquidated Damages, if any, accrued
thereon to the date fixed for redemption (subject to the rights of holders of
Securities on the close of business on a regular record date in respect of an
Interest Payment Date occurring on or prior to the redemption date).

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

                                   ARTICLE XV

                          SUBORDINATION OF SECURITIES

                  SECTION 15.01.            Agreement to Subordinate.

                  The Company covenants and agrees, and each holder of
Securities issued hereunder likewise covenants and agrees, that the Securities
shall be issued subject to the provisions of this Article XV; and each holder
of a Security, whether upon original issue or upon transfer or assignment
thereof, accepts and agrees to be bound by such provisions.

                  The payment by the Company of the principal of, premium, if
any, and interest (including Compounded Interest and Additional Sums, if any)
and Liquidated Damages, if any, on all Securities issued hereunder shall, to
the extent and in the manner hereinafter set forth, be subordinated and junior
in right of payment to all Senior Indebtedness, whether outstanding at the date
of this Indenture or thereafter incurred.



                                       71


<PAGE>   80



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

                  SECTION 15.02.            Default on Senior Indebtedness.

                  In the event and during the continuation of any default by
the Company in the payment of principal, premium, interest or any other payment
due on any Senior Indebtedness, or in the event that the maturity of any Senior
Indebtedness has been accelerated because of a default, then, in either case,
no payment shall be made by the Company with respect to the principal
(including redemption payments) of or premium, if any, or interest on the
Securities.

                  In the event of the acceleration of the maturity of the
Securities, then no payment shall be made by the Company with respect to the
principal (including redemption payments) of or premium, if any, or interest on
the Securities until the holders of all Senior Indebtedness outstanding at the
time of such acceleration shall receive payment in full of such Senior
Indebtedness (including any amounts due upon acceleration).

                  In the event that, notwithstanding the foregoing, any payment
shall be received by the Trustee when such payment is prohibited by the
preceding paragraphs of this Section 15.02, such payment shall be held in trust
for the benefit of, and shall be paid over or delivered to, the holders of
Senior Indebtedness or their respective representatives, or to the trustee or
trustees under any indenture pursuant to which any of such Senior Indebtedness
may have been issued, as their respective interests may appear, but only to the
extent that the holders of the Senior Indebtedness (or their representative or
representatives or a trustee) notify the Trustee in writing, within 90 days of
such payment of the amounts then due and owing on such Senior Indebtedness and
only the amounts specified in such notice to the Trustee shall be paid to the
holders of such Senior Indebtedness.

                  SECTION 15.03.            Liquidation; Dissolution;
                                            Bankruptcy.

                  Upon any payment by the Company or distribution of assets of
the Company of any kind or character, whether in cash, property or securities,
to creditors upon any dissolution or winding-up or liquidation or
reorganization of the Company, whether voluntary or involuntary or in
bankruptcy, insolvency, receivership or other proceedings, all Senior
Indebtedness of the Company shall first be paid in full, or payment thereof
provided for in money in accordance with its terms, before any payment is made
by the Company on account of the principal (and premium, if any) or interest
(including Compounded Interest and Additional Sums, if any) and Liquidated
Damages, if any, on the Securities; and upon any such dissolution or winding-up
or liquidation or reorganization, any payment by the Company, or distribution
of


                                       72


<PAGE>   81



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

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

                  For purposes of this Article XV, the words "cash, property or
securities" shall not be deemed to include shares of stock of the Company as
reorganized or readjusted, or securities of the Company or any other
corporation provided for by a plan of reorganization or readjustment, the
payment of which is subordinated at least to the extent provided in this
Article XV with respect to the Securities to the payment of Senior Indebtedness
that may at the time be outstanding, provided that (i) such Senior Indebtedness
is assumed by the new corporation, if any, resulting from any such
reorganization or readjustment, and (ii) the rights of the holders of such
Senior Indebtedness are not, without the consent of such holders, altered by
such reorganization or readjustment. The consolidation of the Company with, or



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<PAGE>   82



the merger of the Company into, another Person or the liquidation or
dissolution of the Company following the sale, conveyance, transfer or lease of
its property as an entirety, or substantially as an entirety, to another Person
upon the terms and conditions provided for in Article X of this Indenture shall
not be deemed a dissolution, winding-up, liquidation or reorganization for the
purposes of this Section 15.03 if such other Person shall, as a part of such
consolidation, merger, sale, conveyance, transfer or lease, comply with the
conditions stated in Article X of this Indenture. Nothing in Section 15.02 or
in this Section 15.03 shall apply to claims of, or payments to, the Trustee
under or pursuant to Section 6.06 of this Indenture.

                  SECTION 15.04.            Subrogation.

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

                  Nothing contained in this Article XV or elsewhere in this
Indenture or in the Securities is intended to or shall impair, as between the
Company, its creditors other than the holders of Senior Indebtedness of the
Company, and the holders of the Securities, the obligation of the Company,
which is absolute and unconditional, to pay to the holders of the Securities
the principal of (and premium, if any) and interest (including Compounded
Interest and Additional Sums, if any) and Liquidated Damages, if any, on the
Securities as and when the same shall become due and payable in accordance with
their terms, or is intended to or shall affect the relative rights of the
holders of the Securities and creditors of the Company, as the case may be,
other than the holders of Senior Indebtedness of the Company, as the case may
be, nor shall anything herein or therein prevent the Trustee or the holder of
any Security from exercising all reme-



                                       74


<PAGE>   83



dies otherwise permitted by applicable law upon default under the Indenture,
subject to the rights, if any, under this Article XV of the holders of such
Senior Indebtedness in respect of cash, property or securities of the Company,
as the case may be, received upon the exercise of any such remedy.

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

                  SECTION 15.05.            Trustee to Effectuate Subordination.

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

                  SECTION 15.06.            Notice by the Company.

                  The Company shall give prompt written notice to a Responsible
Officer of the Trustee of any fact known to the Company that would prohibit the
making of any payment of monies to or by the Trustee in respect of the
Securities pursuant to the provisions of this Article XV. Notwithstanding the
provisions of this Article XV or any other provision of this Indenture, the
Trustee shall not be charged with knowledge of the existence of any facts that
would prohibit the making of any payment of monies to or by the Trustee in
respect of the Securities pursuant to the provisions of this Article XV, unless
and until a Responsible Officer of the Trustee shall have received written
notice thereof from the Company or a holder or holders of Senior Indebtedness
or from any trustee therefor; and before the receipt of any such written
notice, the Trustee, subject to the provisions of Article VI of this Indenture,
shall be entitled in all respects to assume that no such facts exist; provided,
however, that if the Trustee shall not have received the notice provided for in
this Section 15.06 at least two Business Days prior to the date upon which by
the terms hereof any money may become payable for any purpose


                                       75


<PAGE>   84



(including, without limitation, the payment of the principal of (or premium, if
any) or interest (including Compounded Interest and Additional Sums, if any)
and Liquidated Damages, if any, on any Security), then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power
and authority to receive such money and to apply the same to the purposes for
which they were received, and shall not be affected by any notice to the
contrary that may be received by it within two Business Days prior to such
date.

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

                  Upon any payment or distribution of assets of the Company
referred to in this Article XV, the Trustee and the Securityholders shall be
entitled to rely upon any order or decree entered by any court of competent
jurisdiction in which such insolvency, bankruptcy, receivership, liquidation,
reorganization, dissolution, winding up or similar case or proceeding is
pending, or a certificate of the trustee in bankruptcy, liquidating trustee,
custodian, receiver, assignee for the benefit of creditors, agent or other
person making such payment or distribution, delivered to the Trustee or to the
Securityholders, for the purpose of ascertaining the persons entitled to
participate in such payment or distribution, the holders of Senior Indebtedness
and other indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article XV.

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



                                       76


<PAGE>   85



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

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

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

                  SECTION 15.08.            Subordination May Not Be Impaired.

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

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



                                       77


<PAGE>   86



the collection of such Senior Indebtedness; and (iv) exercise or refrain from
exercising any rights against the Company, as the case may be, and any other
Person.

                                  ARTICLE XVI

                      EXTENSION OF INTEREST PAYMENT PERIOD

                  SECTION 16.01.            Extension of Interest Payment
                                            Period.

                  So long as no Event of Default has occurred and is
continuing, the Company shall have the right, at any time and from time to time
during the term of the Securities, to defer payments of interest by extending
the interest payment period of such Securities for a period not exceeding 10
consecutive semi-annual periods, including the first such semi-annual period
during such extension period (the "Extended Interest Payment Period"), during
which Extended Interest Payment Period no interest shall be due and payable;
provided that no Extended Interest Payment Period shall end on a date other
than an Interest Payment Date or extend beyond the Maturity Date. To the extent
permitted by applicable law, interest, the payment of which has been deferred
because of the extension of the interest payment period pursuant to this
Section 16.01, will bear interest thereon at the Coupon Rate compounded
semi-annually for each semi-annual period of the Extended Interest Payment
Period ("Compounded Interest"). At the end of the Extended Interest Payment
Period, the Company shall pay all interest accrued and unpaid on the
Securities, including any Additional Sums and Compounded Interest (together,
"Deferred Interest") that shall be payable to the holders of the Securities in
whose names the Securities are registered in the Security Register on the first
record date preceding the end of the Extended Interest Payment Period. Before
the termination of any Extended Interest Payment Period, the Company may
further defer payments of interest by further extending such period, provided
that such period, together with all such previous and further extensions within
such Extended Interest Payment Period, shall not exceed 10 consecutive
semi-annual periods, including the first such semi-annual period during such
Extended Interest Payment Period, end on a date other than an Interest Payment
Date or extend beyond the Maturity Date of the Securities. Upon the termination
of any Extended Interest Payment Period and the payment of all Deferred
Interest then due, the Company may commence a new Extended Interest Payment
Period, subject to the foregoing requirements. No interest shall be due and
payable during an Extended Interest Payment Period, except at the end thereof,
but the Company may prepay at any time all or any portion of the interest
accrued during an Extended Interest Payment Period.

                  SECTION 16.02.            Notice of Extension.


                                       78


<PAGE>   87




                  (a) If the Property Trustee is the only registered holder of
the Securities at the time the Company selects an Extended Interest Payment
Period, the Company shall give written notice to the Administrative Trustees,
the Property Trustee and the Trustee of its selection of such Extended Interest
Payment Period five Business Days before the earlier of (i) the next succeeding
date on which Distributions on the Trust Securities issued by First Western
Capital Trust are payable, or (ii) the date the Trust is required to give
notice of the record date, or the date such Distributions are payable, to any
national securities exchange or to holders of the Capital Securities issued by
the Trust, but in any event at least five Business Days before such record
date.

                  (b) If the Property Trustee is not the only holder of the
Securities at the time the Company selects an Extended Interest Payment Period,
the Company shall give the holders of the Securities and the Trustee written
notice of its selection of such Extended Interest Payment Period at least 10
Business Days before the earlier of (i) the next succeeding Interest Payment
Date, or (ii) the date the Company is required to give notice of the record or
payment date of such interest payment to any national securities exchange.

                  (c) The semi-annual period in which any notice is given
pursuant to paragraphs (a) or (b) of this Section 16.02 shall be counted as one
of the 10 semi-annual periods permitted in the maximum Extended Interest
Payment Period permitted under Section 16.01.



                                       79


<PAGE>   88



                  The Chase Manhattan Bank hereby accepts the trusts in this
Indenture declared and provided, upon the terms and conditions hereinabove set
forth.

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

                                            FIRST WESTERN BANCORP, INC.

                                            By /s/ THOMAS S. MANSELL
                                               -------------------------
                                                 Name:   Thomas S. Mansell
                                                 Title:  Senior Vice President

                                            THE CHASE MANHATTAN BANK,
                                            as Trustee

                                            By /s/ MARY LEWICKI
                                               -------------------------- 
                                                 Name:   Mary Lewicki
                                                 Title:  Second Vice President


<PAGE>   89



                                   EXHIBIT A

                           (FORM OF FACE OF SECURITY)

                  [IF THE SECURITY IS A GLOBAL SECURITY, INSERT: THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY.
THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A
TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

                  UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC")
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

                  THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATE SECURITIES LAWS OR
ANY OTHER APPLICABLE SECURITIES LAW. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.

                  THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES
TO OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY, PRIOR TO THE DATE (THE
"RESALE RESTRICTION TERMINATION DATE") WHICH IS THREE YEARS AFTER THE LATER OF
THE ORIGINAL ISSUANCE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY
"AFFILIATE" OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR
OF THIS SECURITY) ONLY (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) SO
LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS A
"QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A) THAT PURCHASES FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM
NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D)
PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE



                                      A-1


<PAGE>   90



THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT,
(E) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING OF
SUBPARAGRAPH (A)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT
IS ACQUIRING THIS SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW
TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF
THE SECURITIES ACT, OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE
COMPANY PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO CLAUSE (D),
(E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS
AND/OR OTHER INFORMATION SATISFACTORY TO THE COMPANY, AND (ii) PURSUANT TO
CLAUSE (E), TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON
THE REVERSE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEREE TO
THE COMPANY. SUCH HOLDER FURTHER AGREES THAT IT WILL DELIVER TO EACH PERSON TO
WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
LEGEND.

                  THE SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN
BLOCKS HAVING AN AGGREGATE PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (100
SECURITIES). ANY SUCH TRANSFER OF SECURITIES IN A BLOCK HAVING AN AGGREGATE
PRINCIPAL AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO
LEGAL EFFECT WHATSOEVER. ANY SUCH TRANSFEREE SHALL BE DEEMED NOT TO BE THE
HOLDER OF SUCH SECURITIES FOR ANY PURPOSE, INCLUDING BUT NOT LIMITED TO THE
RECEIPT OF PRINCIPAL, PREMIUM (IF ANY) OR INTEREST OF SUCH SECURITIES, AND SUCH
TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH SECURITIES.
THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS
AND WARRANTS THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA") OR (ii)
THE ACQUISITION AND HOLDING OF THIS SECURITY BY IT IS NOT PROHIBITED BY EITHER
SECTION 406 OF ERISA OR SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986,
AS AMENDED, OR EXEMPT FROM ANY SUCH PROHIBITION.

No.                                                      CUSIP No. 337501 AA 8




                                      A-2


<PAGE>   91



                          FIRST WESTERN BANCORP, INC.

9.875% SERIES A JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURE

                              DUE FEBRUARY 1, 2027

                  First Western Bancorp, Inc., a Pennsylvania corporation (the
"Company", which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to
______________________________ or registered assigns, the principal sum of
$___________ Dollars on February 1, 2027 (the "Maturity Date"), unless
previously redeemed, and to pay interest on the outstanding principal amount
hereof from February 11, 1997, or from the most recent interest payment date
(each such date, an "Interest Payment Date") to which interest has been paid or
duly provided for, semi-annually (subject to deferral as set forth herein) in
arrears on February 1 and August 1 of each year, commencing August 1, 1997, at
the rate of 9.875% per annum until the principal hereof shall have become due
and payable, and on any overdue principal and premium, if any, and (without
duplication and to the extent that payment of such interest is enforceable
under applicable law) on any overdue installment of interest at the same rate
per annum compounded semi-annually. The amount of interest payable on any
Interest Payment Date shall be computed on the basis of a 360-day year of
twelve 30-day months and, for any period less than a full calendar month, the
number of days elapsed in such month. In the event that any date on which the
principal of (or premium, if any) or interest on this Security is payable is
not a Business Day, then the payment payable on such date will be made on the
next succeeding day that is a Business Day (and without any interest or other
payment in respect of any such delay), except that if such next succeeding
Business Day falls in the next calendar year, then such payment shall be made
on the immediately preceding Business Day, in each case with the same force and
effect as if made on such date. Pursuant to the Indenture, in certain
circumstances the Company will be required to pay Additional Sums and
Compounded Interest (each as defined in the Indenture) with respect to this
Security. Pursuant to the Registration Rights Agreement, in certain limited
circumstances the Company will be required to pay Liquidated Damages (as
defined in the Registration Rights Agreement) with respect to this Security.

                  The interest installment so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities, as defined in said Indenture) is registered at the
close of business on the regular record date for such interest installment,
which shall be at the close of business on the 15th day of the month preceding
the month in which the relevant interest payment date falls. Any such interest
installment not punctually paid or duly provided for shall forthwith cease to
be payable to the holders on such regular record date and may be paid to the
Person in whose name this Security (or



                                      A-3


<PAGE>   92



one or more Predecessor Securities) is registered at the close of business on a
special record date to be fixed by the Trustee for the payment of such
defaulted interest, notice whereof shall be given to the holders of Securities
not less than 10 days prior to such special record date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the
Indenture.

                  The principal of (and premium, if any) and interest
(including Compounded Interest and Additional Sums, if any) and Liquidated
Damages, if any, on this Security shall be payable at the office or agency of
the Trustee maintained for that purpose in any coin or currency of the United
States of America that at the time of payment is legal tender for payment of
public and private debts; provided, however, that, payment of interest may be
made at the option of the Company by (i) check mailed to the holder at such
address as shall appear in the Security Register or (ii) by transfer to an
account maintained by the Person entitled thereto, provided that proper written
transfer instructions have been received by the relevant record date.
Notwithstanding the foregoing, so long as the Holder of this Security is the
Property Trustee, the payment of the principal of (and premium, if any) and
interest (including Compounded Interest and Additional Sums, if any) and
Liquidated Damages, if any, on this Security will be made at such place and to
such account as may be designated by the Property Trustee.

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

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



                                      A-4


<PAGE>   93



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

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

Dated: ________________, 1997

                                               FIRST WESTERN BANCORP, INC.

                                               By: ____________________________
                                               Name:
                                               Title:

Attest:

By: _______________________
Name:
Title:

                    (FORM OF CERTIFICATE OF AUTHENTICATION)

                         CERTIFICATE OF AUTHENTICATION

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

THE CHASE MANHATTAN BANK,
as Trustee

By____________________
  Authorized Officer


                                      A-5


<PAGE>   94



                         (FORM OF REVERSE OF SECURITY)

                  This Security is one of the Securities of the Company (herein
sometimes referred to as the "Securities"), specified in the Indenture, all
issued or to be issued under and pursuant to an Indenture, dated as of February
11, 1997 (the "Indenture"), duly executed and delivered between the Company and
The Chase Manhattan Bank, as Trustee (the "Trustee"), to which Indenture
reference is hereby made for a description of the rights, limitations of
rights, obligations, duties and immunities thereunder of the Trustee, the
Company and the holders of the Securities.

                  Upon the occurrence and continuation of a Special Event prior
to February 1, 2007 (the "Initial Optional Redemption Date"), the Company shall
have the right, at any time within 90 days following the occurrence of such
Special Event, to redeem this Security in whole (but not in part) at the
Special Event Redemption Price. "Special Event Redemption Price" shall mean,
with respect to any redemption of the Securities following a Special Event, an
amount in cash equal to the Make Whole Amount. The "Make Whole Amount" shall
mean an amount equal to the greater of (i) 100% of the principal amount to be
redeemed or (ii) the sum, as determined by a Quotation Agent, of the present
values of remaining scheduled payments of principal and interest, discounted to
the prepayment date on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Adjusted Treasury Rate, plus, in the case of
each of clauses (i) and (ii), any accrued and unpaid interest thereon
(including Compounded Interest and Additional Sums, if any) and Liquidated
Damages, if any, to the date of such redemption.

                  In addition, the Company shall have the right to redeem this
Security, in whole or in part, at any time on or after the Initial Optional
Redemption Date (an "Optional Redemption"), at the redemption prices set forth
below (expressed as percentages of principal to be redeemed) plus, in each
case, accrued and unpaid interest thereon (including Additional Sums and
Compounded Interest, if any) and Liquidated Damages, if any, to the applicable
date of redemption (the "Optional Redemption Price") if redeemed during the
12-month period beginning February 1 of the years indicated below.



                                      A-6


<PAGE>   95



<TABLE>
<CAPTION>
                Year                                 Percentage
                ----                                 ----------
                <S>                                    <C>
                2007                                   104.938%
                2008                                   104.444%
                2009                                   103.950%
                2010                                   103.456%
                2011                                   102.963%
                2012                                   102.469%
                2013                                   101.975%
                2014                                   101.482%
                2015                                   100.988%
                2016                                   100.494%
                2017 and thereafter                    100.000%
</TABLE>

                  The Optional Redemption Price or the Special Event Redemption
Price, as the case requires, shall be paid prior to 12:00 noon, New York time,
on the date of such redemption or at such earlier time as the Company
determines, provided, that the Company shall deposit with the Trustee an amount
sufficient to pay the applicable Redemption Price by 10:00 a.m., New York City,
on the date such Redemption Price is to be paid. Any redemption pursuant to
this paragraph will be made upon not less than 30 days nor more than 60 days
notice.  If the Securities are only partially redeemed by the Company pursuant
to an Optional Redemption, the particular Securities to be redeemed shall be
selected on a pro rata basis not more than 60 days prior to the date fixed for
redemption from the outstanding Securities not previously called for
redemption, provided, however, that with respect to Securityholders that would
be required to hold Securities with an aggregate principal amount of less than
$100,000 but more than an aggregate principal amount of zero as a result of
such pro rata redemption, the Company shall redeem Securities of each such
Securityholder so that after such redemption such Securityholder shall hold
Securities either with an aggregate principal amount of at least $100,000 or
such Securityholder no longer holds any Securities and shall use such method
(including, without limitation, by lot) as the Company shall deem fair and
appropriate, provided, further, that any such proration may be made on the
basis of the aggregate principal amount of Securities held by each
Securityholder thereof and may be made by making such adjustments as the
Company deems fair and appropriate in order that only Securities in
denominations of $1,000 or integral multiples thereof shall be redeemed.

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

                  Notwithstanding the foregoing, any redemption of Securities
by the Company shall be subject to the prior approval of the Board of Governors
of the Federal Reserve System (the "Federal


                                      A-7


<PAGE>   96



Reserve"), if such approval is then required under applicable capital
guidelines or policies of the Federal Reserve, and the receipt of any other
required regulatory approvals.

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

                  The Indenture contains provisions permitting the Company and
the Trustee, with the consent of the holders of a majority in aggregate
principal amount of the Securities at the time outstanding, as defined in the
Indenture, to execute supplemental indentures for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Indenture or of modifying in any manner the rights of the holders of the
Securities; provided, however, that no such supplemental indenture shall,
without the consent of each holder of Securities then outstanding and affected
thereby, (i) change the Maturity Date of any Securities, or reduce the
principal amount thereof, or reduce any amount payable on redemption thereof,
or reduce the rate or extend the time of payment of interest thereon (subject
to Article XVI of the Indenture), or make the principal of, or interest or
premium on, the Securities payable in any coin or currency other than U.S.
dollars, or impair or affect the right of any holder of Securities to institute
suit for the payment thereof, or (ii) reduce the aforesaid percentage of
Securities, the holders of which are required to consent to any such
supplemental indenture. The Indenture also contains provisions permitting the
holders of a majority in aggregate principal amount of the Securities at the
time outstanding affected thereby, on behalf of all of the holders of the
Securities, to waive any past default in the performance of any of the
covenants contained in the Indenture, or established pursuant to the Indenture,
and its consequences, except a default in the payment of the principal of or
premium, if any, or interest on any of the Securities or a default in respect
of any covenant or provision under which the Indenture cannot be modified or
amended without the consent of each holder of Securities then outstanding. Any
such consent or waiver by the holder of this Security (unless revoked as
provided in the Indenture) shall be conclusive and binding upon such Holder and
upon all future holders and owners of this Security and of any Security issued
in exchange herefor or in place hereof (whether by registration of transfer or
otherwise), irrespective of whether or not any notation of such consent or
waiver is made upon this Security.

                  No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and
premium, if any, and interest (including Compounded Interest and Additional
Sums, if any) and Liquidated



                                      A-8


<PAGE>   97



Damages, if any, on this Security at the time and place and at the rate and in
the money herein prescribed.

                  So long as no Event of Default shall have occurred and be
continuing, the Company shall have the right, at any time and from time to time
during the term of the Securities, to defer payments of interest by extending
the interest payment period of such Securities for a period not exceeding 10
consecutive semi-annual periods, including the first such semi-annual period
during such extension period, and not extending beyond the Maturity Date of the
Securities (an "Extended Interest Payment Period") or ending on a date other
than an Interest Payment Date, at the end of which period the Company shall pay
all interest then accrued and unpaid (together with interest thereon at the
rate specified for the Securities to the extent that payment of such interest
is enforceable under applicable law). Before the termination of any such
Extended Interest Payment Period, the Company may further defer payments of
interest by further extending such Extended Interest Payment Period, provided
that such Extended Interest Payment Period, together with all such previous and
further extensions within such Extended Interest Payment Period, (i) shall not
exceed 10 consecutive semi-annual periods, including the first semi-annual
period during such Extended Interest Payment Period, (ii) shall not end on any
date other than an Interest Payment Date, and (iii) shall not extend beyond the
Maturity Date of the Securities. Upon the termination of any such Extended
Interest Payment Period and the payment of all accrued and unpaid interest and
any additional amounts then due, the Company may commence a new Extended
Interest Payment Period, subject to the foregoing requirements.

                  The Company has agreed that it will not (i) declare or pay
any dividends or distributions on, or redeem, purchase, acquire, or make a
liquidation payment with respect to, any of the Company's capital stock (which
includes common and preferred stock) (other than (a) dividends or distributions
in shares of, or options, warrants or rights to subscribe for or purchase
shares of, Common Stock of the Company, (b) any declaration of a dividend in
connection with the implementation of a stockholder's rights plan, or the
issuance of stock under any such plan in the future, or the redemption or
repurchase of any such rights pursuant thereto, (c) as a result of a
reclassification of the Company's capital stock or the exchange or the
conversion of one class or series of the Company's capital stock, for another
class or series of the Company's capital stock, (d) the purchase of fractional
interests in shares of the Company's capital stock pursuant to the exchange or
conversion of such capital stock or the security being exchanged or converted,
and (e) purchases of Common Stock related to the issuance of Common Stock or
rights under any of the Company's benefit plans for its directors, officers or
employees or any of the Company's dividend reinvestment plans) or (ii) make any
payment of principal, interest or premium, if any, on or repay or repur-



                                      A-9


<PAGE>   98



chase or redeem any debt securities of the Company that rank pari passu with or
junior in right of payment to the Securities or (iii) make any guarantee
payments with respect to any guarantee (other than payments under the Capital
Securities Guarantee) by the Company of the debt securities of any Subsidiary
of the Company if such guarantee ranks pari passu or junior in right of payment
to the Securities if at such time (1) there shall have occurred any event of
which the Company has actual knowledge that (a) is or, with the giving of
notice or the lapse of time, or both, would be, an Event of Default and (b) in
respect of which the Company shall not have taken reasonable steps to cure, (2)
if the Securities are held by First Western Capital Trust, the Company shall be
in default with respect to its payment obligations under the Capital Securities
Guarantee or (3) the Company shall have given notice of its election of the
exercise of its right to extend the interest payment period and any such
extension shall be continuing.

                  Subject to (i) the prior approval of the Federal Reserve if
such approval is then required under applicable capital guidelines or policies
of the Federal Reserve and the receipt of any other required regulatory
approval, and the receipt of any other required regulatory approval, and (ii)
the receipt by the Company of an opinion of counsel to the effect that such
distribution will not be a taxable event to holders of Capital Securities, the
Company will have the right at any time to liquidate the First Western Capital
Trust and cause the Securities to be distributed to the holders of the Trust
Securities in liquidation of the Trust.

                  The Securities are issuable only in registered form without
coupons in denominations of $1,000.00 and any integral multiple thereof. As
provided in the Indenture and subject to the transfer restrictions limitations
as may be contained herein and therein from time to time, this Security is
transferable by the holder hereof on the Security Register of the Company, upon
surrender of this Security for registration of transfer at the office or agency
of the Company in the City and State of New York accompanied by a written
instrument or instruments of transfer in form satisfactory to the Company or
the Trustee duly executed by the holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of authorized
denominations and for the same aggregate principal amount and series will be
issued to the designated transferee or transferees. No service charge will be
made for any such registration of transfer, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge payable in
relation thereto.

                  Prior to due presentment for registration of transfer of this
Security, the Company, the Trustee, any authenticating agent, any paying agent,
any transfer agent and the registrar may deem and treat the holder hereof as
the absolute owner hereof (whether or not this Security shall be overdue and
notwithstanding any notice of ownership or writing hereon made by anyone other
than the



                                      A-10


<PAGE>   99


Security Registrar) for the purpose of receiving payment of or on account of
the principal hereof and premium, if any, and (subject to the Indenture)
interest due hereon and for all other purposes, and neither the Company nor the
Trustee nor any authenticating agent nor any paying agent nor any transfer
agent nor any registrar shall be affected by any notice to the contrary.

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

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

                  THE INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO CONFLICT OF LAW PROVISIONS THEREOF.



                                      A-11