Document:

<PAGE>

                                                                    Exhibit 4.30

                       AMENDED AND RESTATED DECLARATION

                                   OF TRUST

                              BANK ONE CAPITAL V

                         Dated as of January 30, 2001
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                   Page
<S>                                                                                                <C>
                                                  ARTICLE I

                                        INTERPRETATION AND DEFINITIONS

SECTION 1.1  Definitions............................................................................  2

                                                  ARTICLE II

                                              TRUST INDENTURE ACT

SECTION 2.1  Trust Indenture Act; Application......................................................  10
SECTION 2.2  Lists of Holders of Securities........................................................  11
SECTION 2.3  Reports by the Institutional Trustee..................................................  11
SECTION 2.4  Periodic Reports to Institutional Trustee.............................................  11
SECTION 2.5  Evidence of Compliance with Conditions Precedent......................................  12
SECTION 2.6  Events of Default; Waiver.............................................................  12
SECTION 2.7  Event of Default; Notice..............................................................  14

                                                  ARTICLE III

                                                 ORGANIZATION

SECTION 3.1  Name..................................................................................  14
SECTION 3.2  Office................................................................................  15
SECTION 3.3  Purpose...............................................................................  15
SECTION 3.4  Authority.............................................................................  15
SECTION 3.5  Title to Property of the Trust........................................................  15
SECTION 3.6  Powers and Duties of the Regular Trustees.............................................  16
SECTION 3.7  Prohibition of Actions by the Trust and the Trustees..................................  19
SECTION 3.8  Powers and Duties of the Institutional Trustee........................................  20
SECTION 3.9  Certain Duties and Responsibilities of the Institutional Trustee......................  22
SECTION 3.10  Certain Rights of Institutional Trustee..............................................  24
SECTION 3.11  Delaware Trustee.....................................................................  26
SECTION 3.12  Execution of Documents...............................................................  27
SECTION 3.13  Not Responsible for Recitals or Issuance of Securities...............................  27
SECTION 3.14  Duration of Trust....................................................................  27
SECTION 3.15  Mergers..............................................................................  27
</TABLE>
                                     -i-
<PAGE>

<TABLE>
<S>                                                                                                <C>
                                               ARTICLE IV

                                                 SPONSOR

SECTION 4.1  Sponsor's Purchase of Common Securities...............................................  29
SECTION 4.2  Responsibilities of the Sponsor.......................................................  29

                                               ARTICLE V

                                               TRUSTEES

SECTION 5.1  Number of Trustees....................................................................  30
SECTION 5.2  Delaware Trustee......................................................................  30
SECTION 5.3  Institutional Trustee; Eligibility....................................................  31
SECTION 5.4  Certain Qualifications of Regular Trustees and Delaware Trustee  Generally............  32
SECTION 5.5  Regular Trustees......................................................................  32
SECTION 5.6  Delaware Trustee......................................................................  32
SECTION 5.7  Appointment, Removal and Resignation of Trustees......................................  33
SECTION 5.8  Vacancies among Trustees..............................................................  34
SECTION 5.9  Effect of Vacancies...................................................................  34
SECTION 5.10  Meetings.............................................................................  35
SECTION 5.11  Delegation of Power..................................................................  35
SECTION 5.12  Merger, Conversion, Consolidation or Succession to Business..........................  36
SECTION 5.13  Appointment of Authenticating Agent..................................................  36

                                               ARTICLE VI

                                              DISTRIBUTIONS

SECTION 6.1  Distributions.........................................................................  38

                                               ARTICLE VII

                                          ISSUANCE OF SECURITIES

SECTION 7.1  General Provisions Regarding Securities...............................................  38
SECTION 7.2  Execution and Delivery of Securities Certificates.....................................  39
SECTION 7.3  Paying Agent..........................................................................  39
</TABLE>

                                     -ii-
<PAGE>

<TABLE>
<S>                                                                                                     <C>
                                                     ARTICLE VIII

                                                 TERMINATION OF TRUST

SECTION 8.1  Termination of Trust..................................................................     40

                                                      ARTICLE IX

                                                 TRANSFER OF INTERESTS

SECTION 9.1  Transfer of Securities................................................................     41
SECTION 9.2  Transfer of Certificates..............................................................     41
SECTION 9.3  Deemed Security Holders...............................................................     42
SECTION 9.4  Book Entry Interests..................................................................     43
SECTION 9.5  Notices to Clearing Agency............................................................     43
SECTION 9.6  Appointment of Successor Clearing Agency..............................................     44
SECTION 9.7  Definitive Preferred Security Certificates............................................     44
SECTION 9.8  Mutilated, Destroyed, Lost or Stolen Certificates.....................................     45
SECTION 9.9  Maintenance of Office or Agency.......................................................     45

                                                       ARTICLE X

                                   LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES,
                                                  TRUSTEES OR OTHERS

SECTION 10.1  Liability............................................................................     46
SECTION 10.2  Exculpation..........................................................................     46
SECTION 10.3  Fiduciary Duty.......................................................................     47
SECTION 10.4  Indemnification......................................................................     48
SECTION 10.5  Outside Businesses...................................................................     51
SECTION 10.6  Compensation; Fees...................................................................     51

                                                      ARTICLE XI

                                                      ACCOUNTING

SECTION 11.1  Fiscal Year..........................................................................     51
SECTION 11.2  Certain Accounting Matters...........................................................     52
SECTION 11.3  Banking..............................................................................     52

                                                      ARTICLE XII

                                                AMENDMENTS AND MEETINGS

SECTION 12.1  Amendments...........................................................................     53
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                                     -iii-
<PAGE>

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<S>                                                                                                     <C>
SECTION 12.2  Meetings of the Holders of Securities; Action by Written Consent.....................     55

                                                     ARTICLE XIII

                                       REPRESENTATIONS OF INSTITUTIONAL TRUSTEE
                                                 AND DELAWARE TRUSTEE

SECTION 13.1  Representations and Warranties of Institutional Trustee..............................     56
SECTION 13.2  Representations and Warranties of Delaware Trustee...................................     57

                                                     ARTICLE XIV

                                                    MISCELLANEOUS

SECTION 14.1  Notices..............................................................................     58
SECTION 14.2  Governing Law........................................................................     59
SECTION 14.3  Intention of the Parties.............................................................     59
SECTION 14.4  Headings.............................................................................     59
SECTION 14.5  Successors and Assigns...............................................................     59
SECTION 14.6  Partial Enforceability...............................................................     60
SECTION 14.7  Counterparts.........................................................................     60

ANNEX I           TERMS OF SECURITIES.............................................................     I-1
EXHIBIT A-1       FORM OF PREFERRED SECURITY CERTIFICATE..........................................    A1-1
EXHIBIT A-2       FORM OF COMMON SECURITY CERTIFICATE.............................................    A2-1
EXHIBIT B         SPECIMEN OF DEBENTURE...........................................................     B-1
EXHIBIT C         UNDERWRITING AGREEMENT..........................................................     C-1
</TABLE>

                                     -iv-
<PAGE>

                            CROSS-REFERENCE TABLE*
<TABLE>
<CAPTION>
Section of
Trust Indenture Act                                                                     Section of
of 1939, as amended                                                                     Declaration
-------------------                                                                     -----------
<S>                                                                                     <C>
310(a)..................................................................................            5.3(a)
310(c)..................................................................................      Inapplicable
311(c)..................................................................................      Inapplicable
312(a)..................................................................................            2.2(a)
312(b)..................................................................................            2.2(b)
313.....................................................................................               2.3
314(a)..................................................................................               2.4
314(b)..................................................................................      Inapplicable
314(c)..................................................................................               2.5
314(d)..................................................................................      Inapplicable
314(f)..................................................................................      Inapplicable
315(a)..................................................................................            3.9(b)
315(c)..................................................................................            3.9(a)
315(d)..................................................................................            3.9(a)
316(a)..................................................................................           Annex I
316(c)..................................................................................            3.6(e)
</TABLE>

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

*        This Cross-Reference Table does not constitute part of the Declaration
         and shall not affect the interpretation of any of its terms or
         provisions.

                                      -v-
<PAGE>

                             AMENDED AND RESTATED
                             DECLARATION OF TRUST
                                      OF
                              BANK ONE CAPITAL V

                               January 30, 2001

          AMENDED AND RESTATED DECLARATION OF TRUST ("Declaration") dated and
                                                      -----------
effective as of January 30, 2001 by the Trustees (as defined herein), the
Sponsor (as defined herein) and by the holders, from time to time, of undivided
beneficial interests in the assets of the  Trust to be issued pursuant to this
Declaration;

          WHEREAS, the Delaware Trustee, the Regular Trustees and the Sponsor
created BANK ONE Capital V (the "Trust"), a business trust under the Delaware
                                 -----
Business Trust Act pursuant to a Declaration of Trust dated as of June 17, 1999
(the "Original Declaration"), and a Certificate of Trust, dated June 17, 1999,
      --------------------
filed with the Secretary of State of the State of Delaware on June 16, 1999 (the
"Original Certificate"), for the sole purpose of issuing and selling certain
securities representing undivided beneficial interests in the assets of the
Trust and investing the proceeds thereof in certain Debentures of the Debenture
Issuer;

          WHEREAS, the Original Certificate was amended and restated and such
amended and restated Certificate of Trust was filed with the Secretary of State
of Delaware on August 1,  2000;

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

          WHEREAS, the parties hereto, by this Declaration, amend and restate
each and every term and provision of the Original Declaration; and

          NOW, THEREFORE, it being the intention of the parties hereto to
continue the Trust as a business trust under the Business Trust Act and that
this Declaration constitute the governing instrument of such business trust, the
Trustees declare that all assets contributed to the Trust will be held in trust
for the benefit of the holders, from time to time, of the securities
representing undivided beneficial interests in the assets of the Trust issued
hereunder, subject to the provisions of this Declaration.
<PAGE>

                                   ARTICLE I
                        INTERPRETATION AND DEFINITIONS

SECTION 1.1  Definitions.
             -----------

          Unless the context otherwise requires:

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

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

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

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

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

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

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

          "Agent" means any Paying Agent.
           -----

          "Authenticating Agent" has the meaning set forth in Section 5.13.
           --------------------

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

          "Bank" means BANK ONE Trust Company, N.A., a national banking
           ----
association, and any successor thereto.

          "Book Entry Interest" means a beneficial interest in a Global
           -------------------
Certificate, ownership and transfers of which shall be maintained and made
through book entries by a Clearing Agency as described in Section 9.4.
<PAGE>

          "Business Day" means a day other than (a) a Saturday or Sunday, (b) a
           ------------
day on which banking institutions in The City of New York or the City of Chicago
are authorized or required by law or executive order to remain closed, or (c) a
day on which the Institutional Trustee's Corporate Trust Office or the Corporate
Trust Office of the Debenture Trustee is closed for business.

          "Business Trust Act" means Chapter 38 of Title 12 of the Delaware
           ------------------
Code, 12 Del. Code '3801 et seq., as it may be amended from time to time, or any
      ------------       -- ---
successor legislation.

          "Capital Treatment Event" has the meaning set forth in Annex I hereto.
           -----------------------                               -------

          "Certificate" means a Common Security Certificate or a Preferred
           -----------
Security Certificate.

          "Clearing Agency" means an organization registered as a "Clearing
           ---------------
Agency" pursuant to Section 17A of the Exchange Act that is acting as depositary
for the Preferred Securities and in whose name or in the name of a nominee of
that organization shall be registered a Global Certificate and which shall
undertake to effect book entry transfers and pledges of the Preferred
Securities.

          "Clearing Agency Participant" means a broker, dealer, bank, other
           ---------------------------
financial institution or other Person for whom from time to time the Clearing
Agency effects book entry transfers and pledges of securities deposited with the
Clearing Agency.

          "Closing Date" means the "Closing Time" and each "Date of Delivery"
           ------------             ------------            ----------------
under the Underwriting Agreement.

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

          "Commission" means the Securities and Exchange Commission.
           ----------

          "Common Securities" has the meaning specified in Section 7.1.(a).
           -----------------

          "Common Securities Guarantee" means the guarantee agreement to be
           ---------------------------
dated as of January 30, 2001, of the Sponsor in respect of the Common
Securities.

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

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

          "Corporate Trust Office" means (i) when used with respect to the
           ----------------------
Institutional Trustee, the principal corporate trust office of the Institutional
Trustee located in New York, New York which on the date of this Declaration is
450 West 33rd Street, New York, New York 10001 - Attention:  Institutional Trust
Services, (ii) when used with respect to the Debenture Trustee, its Principal
Corporate Trust Office as defined in the Indenture, and (iii) when used with
respect to the Bank, the principal office of the Bank located in Chicago,
Illinois which on the date of this Declaration is 1 Bank One Plaza, Chicago,
Illinois 60670 - Attention:  Corporate Trust Administration.

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

          "Debenture Issuer" means BANK ONE CORPORATION, a Delaware corporation,
           ----------------
or any successor entity resulting from any consolidation, amalgamation, merger,
conversion or other business combination, in its capacity as issuer of the
Debentures under the Indenture.

          "Debenture Trustee" means The Chase Manhattan Bank, a New York banking
           -----------------
corporation, as trustee under the Indenture until a successor is appointed
thereunder, and thereafter means such successor trustee.

          "Debentures" means the series of Debentures to be issued by the
           ----------
Debenture Issuer under the Indenture to be held by the Institutional Trustee, a
specimen certificate for such series of Debentures being Exhibit B.
                                                         ---------

          "Delaware Trustee" has the meaning set forth in Section 5.2.
           ----------------

          "Definitive Preferred Security Certificates" has the meaning set forth
           ------------------------------------------
in Section 9.4.

          "Direct Action" has the meaning set forth in Section 3.8(e).
           -------------

          "Distribution" means a distribution payable to Holders of Securities
           ------------
in accordance with Section 6.1.

          "DTC" means The Depository Trust Company, the initial Clearing Agency.
           ---

          "Event of Default" or "Declaration Event of Default" in respect of the
           ----------------      ----------------------------
Securities means an Event of Default (as defined in the Indenture) has occurred
and is continuing in respect of the Debentures.
<PAGE>

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

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

          "Fiduciary Indemnified Person" has the meaning set forth in Section
           ----------------------------
10.4(b).

          "Fiscal Year" has the meaning set forth in Section 11.1.
           -----------

          "Fixed Rate Declaration" means that certain Amended and Restated
           ----------------------
Declaration of Trust relating to BANK ONE Capital III, dated as of August 30,
2000, by and among the Sponsor, The Chase Manhattan Bank, as Institutional
Trustee, Chase Manhattan Bank USA, National Association, as Delaware Trustee,
and the Regular Trustees named therein.

          "Fixed Rate Guarantee" means that certain Preferred Securities
           --------------------
Guarantee Agreement relating to BANK ONE Capital III, dated as of August 30,
2000, by and between the Sponsor and The Chase Manhattan Bank, as Trustee.

          "Floating Rate Declaration" means that certain Amended and Restated
           -------------------------
Declaration of Trust relating to BANK ONE Capital IV, dated as of August 30,
2000, by and among the Sponsor, The Chase Manhattan Bank ,as Institutional
Trustee, Chase Manhattan Bank USA, National Association, as Delaware Trustee,
and the Regular Trustees named therein.

          "Floating Rate Guarantee" means that certain Preferred Securities
           -----------------------
Guarantee Agreement Relating to BANK ONE Capital IV, dated as of August 30,
2000, by and between the Sponsor and The Chase Manhattan Bank, as Trustee.

          "Global Certificate" has the meaning set forth in Section 9.4.
           ------------------

          "Holder" means a Person in whose name a Certificate representing a
           ------
Security is registered, such Person being a beneficial owner within the meaning
of the Business Trust Act.

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

          "Indenture" means the Indenture dated as of January 1, 1997, among the
           ---------
Debenture Issuer and the Debenture Trustee, and any indenture supplemental
thereto pursuant to which the Debentures are to be issued.
<PAGE>

          "Institutional Trustee" means the Trustee meeting the eligibility
           ---------------------
requirements set forth in Section 5.3.

          "Institutional Trustee Account" has the meaning set forth in Section
           -----------------------------
3.8(c).

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

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

          "Investment Company Event" has the meaning set forth in Annex I
           ------------------------                               -------
hereto.

          "Legal Action" has the meaning set forth in Section 3.6(g).
           ------------

          "List of Holders" has the meaning set forth in Section 2.2.
           ---------------

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

          "1999 Declaration" means that certain Amended and Restated Declaration
           ----------------
of Trust relating to BANK ONE Capital I, dated as of September 20, 1999, by and
among the Sponsor, The Chase Manhattan Bank, as Institutional Trustee, Chase
Manhattan Bank USA, National Association (successor to Chase Manhattan Bank
Delaware), as Delaware Trustee, and the Regular Trustees named therein.

          "1999 Guarantee" means that certain Preferred Securities Guarantee
           --------------
Agreement, dated as of September 20, 1999, by and between the Sponsor and The
Chase Manhattan Bank, as Trustee.

          "1997 Declaration" means that certain Amended and Restated Declaration
           ----------------
of Trust relating to First Chicago NBD Capital I, dated as of January 31, 1997,
by and among the Sponsor, The Chase Manhattan Bank, as Institutional Trustee,
Chase Manhattan Bank USA, National Association (successor to Chase Manhattan
Bank Delaware), as Delaware Trustee, and the Regular Trustees named therein.

          "1997 Guarantee" means that certain Preferred Securities Guarantee
           --------------
Agreement dated as of January 31, 1997, by and between the Sponsor and The Chase
Manhattan Bank, as trustee.
<PAGE>

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

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

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

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

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

          "Option" has the meaning set forth in Annex I hereto.
           ------                               -------

          "Paying Agent" has the meaning specified in Section 3.8(h).
           ------------

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

          "Preferred Securities" has the meaning specified in Section 7.1(a).
           --------------------

          "Preferred Securities Guarantee" means the guarantee agreement to be
           ------------------------------
dated as of January 30, 2001, of the Sponsor in respect of the Preferred
Securities.

          "Preferred Security Beneficial Owner" means, with respect to a Book
           -----------------------------------
Entry Interest, a Person who is the beneficial owner of such Book Entry
Interest, as reflected on the books of the Clearing Agency, or on the books of a
Person maintaining an account with such Clearing Agency (directly as a Clearing
Agency Participant or as an indirect participant, in each case in accordance
with the rules of such Clearing Agency).

          "Preferred Security Certificate" means a certificate representing a
           ------------------------------
Preferred Security substantially in the form of Exhibit A-1.
                                                -----------

          "Quorum" means a majority of the Regular Trustees or, if there are
           ------
only two Regular Trustees, both of them.
<PAGE>

          "Regular Trustee" has the meaning set forth in Section 5.1.
           ---------------

          "Related Party" means, with respect to the Sponsor, any direct or
           -------------
indirect wholly owned subsidiary of the Sponsor or any other Person that owns,
directly or indirectly, 100% of the outstanding voting securities of the
Sponsor.

          "Responsible Officer" means, when used with respect to the
           -------------------
Institutional Trustee or the Delaware Trustee, as the case may be, any officer
assigned to the Corporate Trust Office of the Institutional Trustee or the
corporate trust office of the Delaware Trustee, as the case may be, including
any managing director, vice president, assistant vice president, senior trust
officer, trust officer, assistant treasurer, assistant secretary or any other
officer of the Institutional Trustee or the Delaware Trustee, as the case may
be, customarily performing functions similar to those performed by any of the
above designated officers, and also, with respect to a particular matter, any
other officer, to whom such matter is referred because of such officer's
knowledge of and familiarity with the particular subject.

          "Rule 3a-5" means Rule 3a-5 under the Investment Company Act or any
           ---------
successor rule or regulation.

          "Securities" means the Common Securities and the Preferred Securities.
           ----------

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

          "Securities Guarantees" means the Common Securities Guarantee and the
           ---------------------
Preferred Securities Guarantee.

          "Securities Register" has the meaning set forth in Section 9.2.
           -------------------

          "Securities Registrar" has the meaning set forth Section 9.2.
           --------------------

          "Series A Declaration" means that certain Amended and Restated Trust
           --------------------
Agreement relating to First Chicago NBD Institutional Capital A, dated as of
December 3, 1996, by and among, the Sponsor, The Chase Manhattan Bank, as
property trustee, and Chase Manhattan Bank Delaware, as Delaware trustee.

          "Series B Declaration" means that certain Amended and Restated Trust
           --------------------
Agreement relating to First Chicago NBD Institutional Capital B, dated as of
December 5, 1996, by and among, the Sponsor, The Chase Manhattan Bank, as
property trustee, and Chase Manhattan Bank Delaware, as Delaware trustee.

          "Series A Guarantee" means that certain Guarantee Agreement, dated as
           ------------------
of December 3, 1996, by and between the Sponsor and The Chase Manhattan Bank, as
trustee.
<PAGE>

          "Series B Guarantee" means that certain Guarantee Agreement, dated as
           ------------------
of December 5, 1996, by and between the Sponsor and The Chase Manhattan Bank, as
trustee.

          "Special Event" has the meaning set forth in Annex I hereto.
           -------------                               -------

          "Sponsor" means BANK ONE CORPORATION, a Delaware corporation, or any
           -------
successor entity resulting from any merger, consolidation, amalgamation,
conversion or other business combination, in its capacity as sponsor of the
Trust.

          "Successor Entity" has the meaning set forth in Section 3.15(b).
           ----------------

          "Successor Institutional Trustee" has the meaning set forth in Section
           -------------------------------
3.8(f)(ii).

          "Successor Securities" has the meaning set forth in Section 3.15(b).
           --------------------

          "Super Majority" has the meaning set forth in Section 2.6(a)(ii).
           --------------

          "Tax Event" has the meaning set forth in Annex I hereto.
           ---------

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

          "Treasury Regulations" means the income tax regulations, including
           --------------------
temporary and proposed regulations, promulgated under the Code by the United
States Treasury, as such regulations may be amended from time to time (including
corresponding provisions of succeeding regulations).

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

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

          "2000 Declaration" means that certain Amended and Restated Declaration
           ----------------
of Trust relating to BANK ONE Capital II, dated as of August 8 ,2000, by and
among the Sponsor, The Chase Manhattan Bank, as Institutional Trustee, Chase
Manhattan Bank USA, National Association, as Delaware Trustee and the Regular
Trustees named therein.

          "2000 Guarantee" means that certain Preferred Securities Guarantee
           --------------
Agreement relating to BANK ONE Capital II, dated as of August 8, 2000, by and
between the Sponsor and The Chase Manhattan Bank, as Trustee.

          "Underwriting Agreement" means the Underwriting Agreement for the
           ----------------------
offering and sale of Preferred Securities substantially in the form of Exhibit
                                                                       -------
C.
-

                                  ARTICLE II
                              TRUST INDENTURE ACT

SECTION 2.1  Trust Indenture Act; Application.
             --------------------------------

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

             (b)  The Institutional Trustee shall be the only Trustee which is a
Trustee for the purposes of the Trust Indenture Act.

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

             (d)  The application of the Trust Indenture Act to this Declaration
shall not affect the nature of the Securities as equity securities representing
undivided beneficial interests in the assets of the Trust.

SECTION 2.2  Lists of Holders of Securities.
             ------------------------------

             (a)  Each of the Sponsor and the Regular Trustees on behalf of the
Trust shall provide the Institutional Trustee (i) within 14 days after each
record date for payment of Distributions, a list, in such form as the
Institutional Trustee may reasonably require, of the names and addresses of the
Holders of the Securities ("List of Holders") as of such record date, provided
                            ---------------                           --------
that neither the Sponsor nor the Regular Trustees on behalf of the Trust shall
----
be obligated to provide such List of Holders at any time the List of Holders
does not differ from the most recent List of Holders given to the Institutional
Trustee by the Sponsor and the Regular Trustees on behalf of the Trust, and (ii)
at any other time, within 30 days of receipt by the Trust of a written request
for a List of Holders as of a date no more than 14 days before such List of
Holders is given to the Institutional Trustee.  The Institutional Trustee shall
preserve, in as current a form as is reasonably
<PAGE>

practicable, all information contained in Lists of Holders given to it or which
it receives in the capacity as Paying Agent (if acting in such capacity)
provided that the Institutional Trustee may destroy any List of Holders
-------- ----
previously given to it on receipt of a new List of Holders.

             (b) The Institutional Trustee shall comply with its obligations
under "311(a), 311(b) and 312(b) of the Trust Indenture Act.

SECTION 2.3  Reports by the Institutional Trustee.
             ------------------------------------

             Within 60 days after November 15 of each year commencing in 2001,
the Institutional Trustee shall provide to the Holders of the Preferred
Securities such reports as are required by ' 313(a) of the Trust Indenture Act,
if any, in the form and in the manner provided by ' 313 of the Trust Indenture
Act. The Institutional Trustee shall also comply with the other requirements of
' 313 of the Trust Indenture Act. The Sponsor shall promptly notify the
Institutional Trustee when the Preferred Securities are listed on any stock
exchange.

SECTION 2.4  Periodic Reports to Institutional Trustee.
             -----------------------------------------

             Each of the Sponsor and the Regular Trustees on behalf of the Trust
shall provide to the Institutional Trustee such documents, reports and
information as required by ' 314 of the Trust Indenture Act (if any) and the
compliance certificate required by ' 314(a)(4) of the Trust Indenture Act in the
form, in the manner and at the times required by ' 314(a)(4) of the Trust
Indenture Act, such compliance certificate to be delivered annually on or before
120 days after the end of each fiscal year of the Sponsor.

SECTION 2.5  Evidence of Compliance with Conditions Precedent.
             ------------------------------------------------

             Each of the Sponsor and the Regular Trustees on behalf of the Trust
shall provide to the Institutional Trustee such evidence of compliance with any
conditions precedent, if any, provided for in this Declaration that relate to
any of the matters set forth in ' 314(c) of the Trust Indenture Act.  Any
certificate or opinion required to be given by an officer pursuant to
' 314(c)(1) of the Trust Indenture Act may be given in the form of an Officers'
Certificate.

SECTION 2.6  Events of Default; Waiver.
             -------------------------

             (a) The Holders of a Majority in liquidation amount of Preferred
Securities may, by vote, on behalf of the Holders of all of the Preferred
Securities, waive any past Event of Default in respect of the Preferred
Securities and its consequences, provided that, if the underlying Event of
                                 -------- ----
Default under the Indenture:

             (i) is not waivable under the Indenture, the Event of Default under
     the Declaration shall also not be waivable; or
<PAGE>

             (ii) requires the consent or vote of greater than a majority in
     principal amount of the holders of the Debentures (a "Super Majority") to
                                                           --------------
     be waived under the Indenture, the Event of Default under the Declaration
     may only be waived by the vote of the Holders of at least the proportion in
     liquidation amount of the Preferred Securities that the relevant Super
     Majority represents of the aggregate principal amount of the Debentures
     outstanding.

The foregoing provisions of this Section 2.6(a) shall be in lieu of
' 316(a)(1)(B) of the Trust Indenture Act and such ' 316(a)(1)(B) of the Trust
Indenture Act is hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act.  Upon such waiver, any such
default shall cease to exist, and any Event of Default with respect to the
Preferred Securities arising therefrom shall be deemed to have been cured, for
every purpose of this Declaration, but no such waiver shall extend to any
subsequent or other default or an Event of Default with respect to the Preferred
Securities or impair any right consequent thereon.  Any waiver by the Holders of
the Preferred Securities of an Event of Default with respect to the Preferred
Securities shall also be deemed to constitute a waiver by the Holders of the
Common Securities of any such Event of Default with respect to the Common
Securities for all purposes of this Declaration without any further act, vote,
or consent of the Holders of the Common Securities.

          The Holders of a Majority in liquidation amount of the Securities
shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Institutional Trustee or to direct
the exercise of any trust or power conferred upon the Institutional Trustee,
including the right to direct the Institutional Trustee to exercise the remedies
available to it as a holder of the Debentures; provided, however, that (subject
                                               --------  -------
to the provisions of Section 3.9) the Institutional Trustee shall have the right
to decline to follow any such direction if the Institutional Trustee shall
determine that the action so directed would be unjustly prejudicial to the
Holders not taking part in such direction or if the Institutional Trustee, being
advised by counsel, determines that the action or proceeding so directed may not
lawfully be taken or if the Institutional 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
proceeding so directed would involve the Institutional Trustee in personal
liability.

          (b) The Holders of a Majority in liquidation amount of the Common
Securities may, by vote, on behalf of the Holders of all of the Common
Securities, waive any past Event of Default with respect to the Common
Securities and its consequences, provided that, if the underlying Event of
                                 -------- ----
Default under the Indenture:

          (i) is not waivable under the Indenture, except where the Holders of
     the Common Securities are deemed to have waived such Event of Default under
<PAGE>

     the Declaration as provided below in this Section 2.6(b), the Event of
     Default under the Declaration shall also not be waivable; or

          (ii) requires the consent or vote of a Super Majority to be waived,
     except where the Holders of the Common Securities are deemed to have waived
     such Event of Default under the Declaration as provided below in this
     Section 2.6(b), the Event of Default under the Declaration may only be
     waived by the vote of the Holders of at least the proportion in liquidation
     amount of the Common Securities that the relevant Super Majority represents
     of the aggregate principal amount of the Debentures outstanding;

provided further, each Holder of Common Securities will be deemed to have waived
-------- -------
any such Event of Default and all Events of Default with respect to the Common
Securities and its consequences until all Events of Default with respect to the
Preferred Securities have been cured, waived or otherwise eliminated, and until
such Events of Default have been so cured, waived or otherwise eliminated, the
Institutional Trustee will be deemed to be acting solely on behalf of the
Holders of the Preferred Securities and only the Holders of the Preferred
Securities will have the right to direct the Institutional Trustee in accordance
with the terms of the Securities.  The foregoing provisions of this Section
2.6(b) shall be in lieu of '' 316(a)(1)(A) and 316(a)(1)(B) of the Trust
Indenture Act and such '' 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture
Act are hereby expressly excluded from this Declaration and the Securities, as
permitted by the Trust Indenture Act.  Subject to the foregoing provisions of
this Section 2.6(b), upon such waiver, any such default shall cease to exist and
any Event of Default with respect to the Common Securities arising therefrom
shall be deemed to have been cured for every purpose of this Declaration, but no
such waiver shall extend to any subsequent or other default or Event of Default
with respect to the Common Securities or impair any right consequent thereon.

          (c) A waiver of an Event of Default under the Indenture by the
Institutional Trustee at the direction of the Holders of the Preferred
Securities, constitutes a waiver of the corresponding Event of Default under
this Declaration.  The foregoing provisions of this Section 2.6(c) shall be in
lieu of ' 316(a)(1)(B) of the Trust Indenture Act and such ' 316(a)(1)(B) of the
Trust Indenture Act is hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act.
<PAGE>

SECTION 2.7  Event of Default; Notice.
             ------------------------

          (a) The Institutional Trustee shall, within 90 days after the
occurrence of an Event of Default, transmit by mail, first class postage
prepaid, to the Holders of the Securities, notices of all defaults with respect
to the Securities actually known to a Responsible Officer of the Institutional
Trustee, unless such defaults have been cured before the giving of such notice
(the term "defaults" for the purposes of this Section 2.7(a) being hereby
           --------
defined to be an Event of Default as defined in the Indenture, not including any
periods of grace provided for therein and irrespective of the giving of any
notice provided therein); provided that, except for a default in the payment of
                          -------- ----
principal of (or premium, if any) or interest on any of the Debentures or in the
payment of any sinking fund installment established for the Debentures, the
Institutional Trustee shall be protected in withholding such notice if and so
long as a Responsible Officer of the Institutional Trustee in good faith
determines that the withholding of such notice is in the interests of the
Holders of the Securities.

          (b)  The Institutional Trustee shall not be deemed to have knowledge
of any default except:

          (i)  so long as the Institutional Trustee is a Paying Agent, a default
     under Sections 7.01(i) and 7.01(ii) of the Indenture; or

          (ii) any default as to which the Institutional Trustee shall have
     received written notice or of which a Responsible Officer of the
     Institutional Trustee charged with the administration of the Declaration
     shall have actual knowledge.

                                  ARTICLE III
                                 ORGANIZATION

SECTION 3.1  Name.
             ----

             The Trust is named "BANK ONE Capital V", as such name may be
modified from time to time by the Regular Trustees following written notice to
the Holders of Securities. The Trust's activities may be conducted under the
name of the Trust or any other name deemed advisable by the Regular Trustees.

SECTION 3.2  Office.
             ------

             The address of the principal office of the Trust is c/o BANK ONE
CORPORATION, 1 Bank One Plaza, Chicago, Illinois 60670.  On ten Business Days
written notice to the Holders of Securities, the Regular Trustees may designate
another principal office.
<PAGE>

SECTION 3.3  Purpose.
             -------

             The exclusive purposes and functions of the Trust are (a) to issue
and sell Securities and use the proceeds from such sale to acquire the
Debentures, and (b) except as otherwise limited herein, to engage in only those
other activities necessary, or incidental thereto. The Trust shall not borrow
money, issue debt or reinvest proceeds derived from investments, pledge any of
its assets, or otherwise undertake (or permit to be undertaken) any activity
that would cause the Trust not to be classified for United States federal income
tax purposes as a grantor trust.

SECTION 3.4  Authority.
             ---------

             Subject to the limitations provided in this Declaration and to the
specific duties of the Institutional Trustee, the Regular Trustees shall have
exclusive and complete authority to carry out the purposes of the Trust.  An
action taken by the Regular Trustees in accordance with their powers shall
constitute the act of and serve to bind the Trust and an action taken by the
Institutional Trustee on behalf of the Trust in accordance with its powers shall
constitute the act of and serve to bind the Trust.  In dealing with the Trustees
acting on behalf of the Trust, no Person shall be required to inquire into the
authority of the Trustees to bind the Trust.  Persons dealing with the Trust are
entitled to rely conclusively on the power and authority of the Trustees as set
forth in this Declaration.

SECTION 3.5  Title to Property of the Trust.
             ------------------------------

             Except as provided in Section 3.8 with respect to the Debentures
and the Institutional Trustee Account or as otherwise provided in this
Declaration, legal title to all assets of the Trust shall be vested in the
Trust. The Holders shall not have legal title to any part of the assets of the
Trust, but shall have an undivided beneficial interest in the assets of the
Trust.

SECTION 3.6  Powers and Duties of the Regular Trustees.
             -----------------------------------------

             The Regular Trustees shall have the exclusive power, duty and
authority to cause the Trust to engage in the following activities:

             (a) to issue and sell the Preferred Securities and the Common
     Securities in accordance with this Declaration; provided, however, that the
                                                     --------  -------
     Trust may issue no more than one series of Preferred Securities and no more
     than one series of Common Securities, and, provided further, that there
                                                -------- -------
     shall be no interests in the Trust other than the Securities, and the
     issuance of Securities shall be limited to a simultaneous issuance of both
     Preferred Securities and Common Securities on the Closing Date and the date
     of closing of the Option;

             (b) in connection with the issue and sale of the Preferred
     Securities, at the direction of the Sponsor, to:
<PAGE>

               (i)    execute and file with the Commission the registration
          statement on Form S-3 prepared by the Sponsor, including any
          amendments thereto, pertaining to the Preferred Securities;

               (ii)   execute and file any documents prepared by the Sponsor, or
          take any acts as determined by the Sponsor to be necessary in order to
          qualify or register all or part of the Preferred Securities in any
          State in which the Sponsor has determined to qualify or register such
          Preferred Securities for sale;

               (iii)  execute and file an application, prepared by the Sponsor,
          to the New York Stock Exchange, Inc. or any other national stock
          exchange or the Nasdaq Stock Market's National Market for listing upon
          notice of issuance of any Preferred Securities;

               (iv)   execute and file with the Commission a registration
          statement on Form 8-A, including any amendments thereto, prepared by
          the Sponsor, relating to the registration of the Preferred Securities
          under Section 12(b) of the Exchange Act;

               (v)    execute and enter into the Underwriting Agreement
          providing for the sale of the Preferred Securities; and

               (vi)   to execute and file any agreement, certificate or other
          document which such Regular Trustee deems necessary or appropriate in
          connection with the issuance and sale of the Preferred Securities;

          (c)  to acquire the Debentures with the proceeds of the sale of the
     Preferred Securities and the Common Securities; provided, however, that the
                                                     --------  -------
     Regular Trustees shall cause legal title to the Debentures to be held of
     record in the name of the Institutional Trustee for the benefit of the
     Holders of the Preferred Securities and the Holders of Common Securities.

          (d)  to give the Sponsor and the Institutional Trustee prompt written
     notice of the occurrence of a Special Event;

          (e)  to establish a record date with respect to all actions to be
     taken hereunder that require a record date be established, including and
     with respect to, for the purposes of '316(c) of the Trust Indenture Act,
     Distributions, voting rights, redemptions and exchanges, and to issue
     relevant notices to the Holders of Preferred Securities and Holders of
     Common Securities as to such actions and applicable record dates;
<PAGE>

          (f) to take all actions and perform such duties as may be required of
     the Regular Trustees pursuant to the terms of the Securities;

          (g) to bring or defend, pay, collect, compromise, arbitrate, resort to
     legal action, or otherwise adjust claims or demands of or against the Trust
     ("Legal Action"), unless pursuant to Section 3.8(e), the Institutional
       ------------
     Trustee has the exclusive power to bring such Legal Action;

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

          (i) to cause the Trust to comply with the Trust's obligations under
     the Trust Indenture Act;

          (j) to give the certificate required by ' 314(a)(4) of the Trust
     Indenture Act to the Institutional Trustee, which certificate may be
     executed by any Regular Trustee;

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

          (l) if duly appointed pursuant to the provisions herein, to act as
     registrar, transfer agent or Paying Agent for the Securities;

          (m) to give prompt written notice to the Holders of the Securities of
     any notice received from the Debenture Issuer of its election to defer
     payments of interest on the Debentures by extending the interest payment
     period under the Indenture;

          (n) to execute all documents or instruments, perform all duties and
     powers, and do all things for and on behalf of the Trust in all matters
     necessary or incidental to the foregoing;

          (o) to take all action that may be necessary or appropriate for the
     preservation and the continuation of the Trust's valid existence, rights,
     franchises and privileges as a statutory business trust under the laws of
     the State of Delaware and of each other jurisdiction in which such
     existence is necessary to protect the limited liability of the Holders of
     the Preferred Securities or to enable the Trust to effect the purposes for
     which the Trust was created;

          (p) to take any action, not inconsistent with this Declaration or with
     applicable law, that the Regular Trustees determine in their discretion to
     be necessary or desirable in carrying out the activities of the Trust as
     set out in this Section 3.6, including, but not limited to:
<PAGE>

               (i)   causing the Trust not to be deemed to be an Investment
          Company required to be registered under the Investment Company Act;

               (ii)  causing the Trust to be classified for United States
          federal income tax purposes as a grantor trust; and

               (iii) cooperating with the Debenture Issuer to ensure that the
          Debentures will be treated as indebtedness of the Debenture Issuer for
          United States federal income tax purposes,

provided that such action does not adversely affect the interests of Holders;
-------- ----
and

          (q)  to take all action necessary to cause all applicable tax returns
     and tax information reports that are required to be filed with respect to
     the Trust to be duly prepared and filed by the Regular Trustees, on behalf
     of the Trust.

          The Regular Trustees must exercise the powers set forth in this
Section 3.6 in a manner that is consistent with the purposes and functions of
the Trust set out in Section 3.3, and the Regular Trustees shall not take any
action that is inconsistent with the purposes and functions of the Trust set
forth in Section 3.3.

          Subject to this Section 3.6, the Regular Trustees shall have none of
the powers or the authority of the Institutional Trustee set forth in Section
3.8.

          Any expenses incurred by the Regular Trustees pursuant to this Section
3.6 shall be reimbursed by the Debenture Issuer.
          The Regular Trustees shall take all actions on behalf of the Trust
that are not specifically required by this Declaration to be taken by any other
Trustee.

SECTION 3.7  Prohibition of Actions by the Trust and the Trustees.
             ----------------------------------------------------

          (a)   The Trust shall not, and the Trustees (including the
Institutional Trustee) shall not, engage in any activity other than as required
or authorized by this Declaration. In particular, the Trust shall not and the
Trustees (including the Institutional Trustee) shall cause the Trust not to:

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

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

          (iii) possess Trust property for other than a Trust purpose;
<PAGE>

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

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

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

          (vii) other than as provided in this Declaration or Annex I, (A)
                                                              -------
direct the time, method and place of exercising any trust or power conferred
upon the Debenture Trustee with respect to the Debentures, (B) waive any past
default that is waivable under the Indenture, (C) exercise any right to rescind
or annul any declaration that the principal of all the Debentures shall be due
and payable, or (D) consent to any amendment, modification or termination of the
Indenture or the Debentures where such consent shall be required unless the
Trust shall have received an opinion of a nationally recognized independent
counsel experienced in such matters to the effect that such modification will
not cause more than an insubstantial risk that for United States federal income
tax purposes the Trust will not be classified as a grantor trust.

SECTION 3.8  Powers and Duties of the Institutional Trustee.
             ----------------------------------------------

          (a)   The legal title to the Debentures shall be owned by and held of
record in the name of the Institutional Trustee in trust for the benefit of the
Holders of the Securities.  The right, title and interest of the Institutional
Trustee to the Debentures shall vest automatically in each Person who may
hereafter be appointed as Institutional Trustee in accordance with Section 5.7.
Such vesting and cessation of title shall be effective whether or not
conveyancing documents with regard to the Debentures have been executed and
delivered.

          (b)   The Institutional Trustee shall not transfer its right, title
and interest in the Debentures to the Regular Trustees or to the Delaware
Trustee (if the Institutional Trustee does not also act as Delaware Trustee).
<PAGE>

          (c)   The Institutional Trustee shall:

          (i)   establish and maintain a segregated non-interest bearing trust
     account (the "Institutional Trustee Account") in the name of and under the
                   -----------------------------
     exclusive control of the Institutional Trustee on behalf of the Holders of
     the Securities and, upon the receipt of payments of funds made in respect
     of the Debentures held by the Institutional Trustee, deposit or cause to be
     deposited such funds into the Institutional Trustee Account and make or
     cause to be made payments to the Holders of the Preferred Securities and
     Holders of the Common Securities from the Institutional Trustee Account in
     accordance with Section 6.1.  Funds in the Institutional Trustee Account
     shall be held uninvested until disbursed in accordance with this
     Declaration.  The Institutional Trustee Account shall be maintained with
     the Bank in its trust department so long as the Bank is a Paying Agent; if
     the Bank is not a Paying Agent, the Institutional Trustee Account will be
     maintained at the Institutional Trustee or at its direction.  The
     Institutional Trustee shall not be liable to any Person for the acts or
     omissions of the Bank in connection with the administration of the
     Institutional Trustee Account, unless such acts or omissions were taken or
     made at the express instructions of the Institutional Trustee.  The Sponsor
     shall cause the Bank to (i) promptly advise the Institutional Trustee of
     all deposits and withdrawals from the Institutional Trustee Account and of
     any failure by the Bank to receive from the Debenture Issuer any payments
     on the Debentures when due, (ii) provide the Institutional Trustee with
     monthly reports as to the activity in the Institutional Trustee Account and
     (iii) permit the Institutional Trustee to have access to the Bank's records
     with respect to the Institutional Trustee Account upon reasonable request
     therefor;

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

          (iii) upon written notice of distribution issued by the Regular
     Trustees in accordance with the terms of the Securities, engage in such
     ministerial activities as shall be necessary or appropriate to effect the
     distribution of the Debentures to Holders of Securities upon the occurrence
     of certain special events (as may be defined in the terms of the
     Securities) arising from a change in law or a change in legal
     interpretation or other specified circumstances pursuant to the terms of
     the Securities.

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

          (e)   The Institutional Trustee may take any Legal Action which arises
out of or in connection with an Event of Default of which a Responsible Officer
of the Institutional Trustee has knowledge or the Institutional Trustee's duties
and obligations
<PAGE>

under this Declaration or the Trust Indenture Act and if such Institutional
Trustee shall have failed to take such Legal Action after a written request from
a Holder of the Preferred Securities, then such Holder of the Preferred
Securities may, to the fullest extent permitted by law, take such Legal Action,
to the same extent as if such Holders of Preferred Securities held a principal
amount of Debentures equal to the liquidation amount of such Preferred
Securities, without first proceeding against the Institutional Trustee or the
Trust; provided, however, that if an Event of Default has occurred and is
       --------  -------
continuing and such event is attributable to the failure of the Debenture Issuer
to pay interest or principal on the Debentures on the date such interest or
principal is otherwise payable (or in the case of redemption, on the redemption
date), then a Holder of Preferred Securities may directly institute a proceeding
for enforcement of payment to such Holder of the principal of or interest on the
Debentures having a principal amount equal to the aggregate liquidation amount
of the Preferred Securities of such Holder (a "Direct Action") on or after the
                                               -------------
respective due date specified in the Debentures. In connection with such Direct
Action, the Holders of the Common Securities will be subrogated to the rights of
such Holder of Preferred Securities to the extent of any payment made by the
Issuer to such Holder of Preferred Securities in such Direct Action. Except as
provided in the preceding sentences, the Holders of Preferred Securities will
not be able to exercise directly any other remedy available to the holders of
the Debentures.

          (f)  The Institutional Trustee shall not resign as a Trustee unless
     either:

          (i)  the Trust has been completely liquidated and the proceeds of the
     liquidation distributed to the Holders of Securities pursuant to the terms
     of the Securities; or

          (ii) a successor Institutional Trustee has been appointed and has
     accepted that appointment in accordance with Section 5.7 (a "Successor
                                                                  ---------
     Institutional Trustee").
     ---------------------

          (g)  The Institutional Trustee shall have the legal power to exercise
all of the rights, powers and privileges of a holder of Debentures under the
Indenture and, if an Event of Default actually known to a Responsible Officer of
the Institutional Trustee occurs and is continuing, the Institutional Trustee
shall, for the benefit of Holders of the Securities, enforce its rights as
holder of the Debentures subject to the rights of the Holders pursuant to the
terms of such Securities.

          (h)  The Institutional Trustee may authorize one or more Persons
(each, a "Paying Agent") to pay Distributions, redemption payments or
          ------------
liquidation payments on behalf of the Trust with respect to all securities and
any such Paying Agent shall comply with ' 317(b) of the Trust Indenture Act. Any
Paying Agent may be removed by the Institutional Trustee at any time and a
successor Paying Agent or additional Paying Agents may be appointed at any time
by the Institutional Trustee.
<PAGE>

          (i)  Subject to this Section 3.8, the Institutional Trustee shall have
none of the duties, liabilities, powers or the authority of the Regular Trustees
set forth in Section 3.6.

          The Institutional Trustee must exercise the powers set forth in this
Section 3.8 in a manner that is consistent with the purposes and functions of
the Trust set out in Section 3.3, and the Institutional Trustee shall not take
any action that is inconsistent with the purposes and functions of the Trust set
out in Section 3.3.

SECTION 3.9  Certain Duties and Responsibilities of the Institutional Trustee.
             ----------------------------------------------------------------

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

          (b)  No provision of this Declaration shall be construed to relieve
the Institutional Trustee from liability for its own negligent action, its own
negligent failure to act, or its own wilful misconduct, except that:

          (i)  prior to the occurrence of an Event of Default and after the
     curing or waiving of all such Events of Default that may have occurred:

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

               (B)  in the absence of bad faith on the part of the Institutional
          Trustee, the Institutional 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
          Institutional Trustee and conforming to the requirements of this
          Declaration; but in the case of any such certificates or opinions that
          by any provision hereof are specifically required to be furnished to
          the Institutional
<PAGE>

          Trustee, the Institutional Trustee shall be under a duty to examine
          the same to determine whether or not they conform to the requirements
          of this Declaration;

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

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

          (iv)   no provision of this Declaration shall require the
     Institutional 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 it shall have reasonable
     grounds for believing that the repayment of such funds or liability is not
     reasonably assured to it under the terms of this Declaration or indemnity
     reasonably satisfactory to the Institutional Trustee against such risk or
     liability is not reasonably assured to it;

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

          (vi)   the Institutional Trustee shall have no duty or liability for
     or with respect to the value, genuineness, existence or sufficiency of the
     Debentures or the payment of any taxes or assessments levied thereon or in
     connection therewith;

          (vii)  the Institutional Trustee shall not be liable for any interest
     on any money received by it except as it may otherwise agree in writing
     with the Sponsor.  Money held by the Institutional Trustee need not be
     segregated from other funds held by it except in relation to the
     Institutional Trustee Account maintained by the Institutional Trustee
     pursuant to Section 3.8(c)(i) and except to the extent otherwise required
     by law; and

          (viii) the Institutional Trustee shall not be responsible for
     monitoring the compliance by the Regular Trustees or the Sponsor with their
     respective duties under this Declaration, nor shall the Institutional
     Trustee be liable for any default or misconduct of the Regular Trustees or
     the Sponsor.
<PAGE>

SECTION 3.10  Certain Rights of Institutional Trustee.
              ---------------------------------------

          (a)   Subject to the provisions of Section 3.9:

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

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

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

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

          (v)   the Institutional Trustee may consult with counsel or other
     experts of its selection and the advice or opinion of such counsel and
     experts with respect to legal matters or advice within the scope of such
     experts' area of expertise shall be full and complete authorization and
     protection in respect of any action taken, suffered or omitted by it
     hereunder in good faith and in accordance with such advice or opinion, such
     counsel may be counsel to the Sponsor or any of its Affiliates, and may
     include any of its employees. The Institutional Trustee shall have the
     right at any time to seek instructions concerning the administration of
     this Declaration from any court of competent jurisdiction;

          (vi)  the Institutional Trustee shall be under no obligation to
     exercise any of the rights or powers vested in it by this Declaration at
     the request or direction of any Holder, unless such Holder shall have
     provided to the Institutional Trustee security and indemnity, reasonably
     satisfactory to the Institutional Trustee, against the costs, expenses
     (including attorneys' fees and expenses and the expenses of the
     Institutional Trustee's agents, nominees or
<PAGE>

     custodians) and liabilities that might be incurred by it in complying with
     such request or direction, including such reasonable advances as may be
     requested by the Institutional Trustee provided, that, nothing contained in
     this Section 3.10(a)(vi) shall be taken to relieve the Institutional
     Trustee, upon the occurrence of an Event of Default, of its obligation to
     exercise the rights and powers vested in it by this Declaration;

          (vii)  the Institutional Trustee shall not be bound to make any
     investigation into the facts or matters stated in any resolution,
     certificate, statement, instrument, opinion, report, notice, request,
     direction, consent, order, bond, debenture, note, other evidence of
     indebtedness or other paper or document, but the Institutional Trustee, in
     its discretion, may make such further inquiry or investigation into such
     facts or matters as it may see fit;

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

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

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

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

          (xii)  the Institutional Trustee shall not be liable for any action
     taken, suffered, or omitted to be taken by it in good faith and reasonably
     believed by it to
<PAGE>

     be authorized or within the discretion or rights or powers conferred upon
     it by this Declaration.

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

SECTION 3.11  Delaware Trustee.
              ----------------

          Notwithstanding any other provision of this Declaration other than
Section 5.2, the Delaware Trustee shall not be entitled to exercise any powers,
nor shall the Delaware Trustee have any of the duties and responsibilities of
the Regular Trustees or the Institutional Trustee described in this Declaration.
Except as set forth in Section 5.2, the Delaware Trustee shall be a Trustee for
the sole and limited purpose of fulfilling the requirements of ' 3807 of the
Business Trust Act. It is expressly understood and agreed by the parties hereto
that in fulfilling its obligations as Delaware Trustee hereunder on behalf of
the Trust (i) any agreements or instruments executed and delivered by Chase
Manhattan Bank USA, National Association are executed and delivered not in its
individual capacity but solely as Delaware Trustee under this Declaration in the
exercise of the powers and authority conferred and vested in it, (ii) each of
the representations, undertakings and agreements herein made on the part of the
Trust is made and intended not as representations, warranties, covenants,
undertakings and agreements by Chase Manhattan Bank USA, National Association in
its individual capacity but is made and intended for the purpose of binding only
the Trust, and (iii) under no circumstances shall Chase Manhattan Bank USA,
National Association in its individual capacity be personally liable for the
payment of any indebtedness or expenses of the Trust or be liable for the breach
or failure of any obligation, representation, warranty or covenant made or
undertaken by the Trust under this Declaration, except if such breach or failure
is due to any gross negligence or wilful misconduct of the Delaware Trustee.

SECTION 3.12  Execution of Documents.
              ----------------------

          Except as otherwise required by the Business Trust Act or provided
herein, any Regular Trustee is authorized to execute on behalf of the Trust any
documents that the Regular Trustees have the power and authority to execute
pursuant to Section 3.6.
<PAGE>

SECTION 3.13  Not Responsible for Recitals or Issuance of Securities.
              ------------------------------------------------------

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

SECTION 3.14  Duration of Trust.
              -----------------

          The Trust, unless dissolved pursuant to the provisions of Article VIII
hereof, shall have existence for fifty-five (55) years from the Closing Date.

SECTION 3.15  Mergers.
              -------

          (a)   The Trust may not consolidate, amalgamate, merge with or into,
or be replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to any corporation or other body, except as
described in Section 3.15(b) and (c) or Sections 3 and 4 of Annex I attached
hereto.

          (b)   The Trust may, with the consent of the Regular Trustees or, if
there are more than two, a majority of the Regular Trustees and without the
consent of the Holders of the Securities, the Delaware Trustee or the
Institutional Trustee, consolidate, amalgamate, merge with or into, or be
replaced by, or convey, transfer or lease its property and assets substantially
as an entirety, a trust organized as such under the laws of any State; provided
                                                                       --------
that:
----

          (i)   such successor entity (the "Successor Entity") either:
                                            ----------------

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

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

          (ii)  the Debenture Issuer expressly acknowledges a trustee of the
     Successor Entity that possesses the same powers and duties as the
     Institutional Trustee as the holder of the Debentures;

          (iii) the Preferred Securities or any Successor Securities are listed,
     or any Successor Securities will be listed upon notification of issuance,
     on any
<PAGE>

     national securities exchange or with another organization on which the
     Preferred Securities are then listed or quoted;

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

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

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

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

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

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

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

          (viii) the Sponsor guarantees the obligations of such Successor Entity
     under the Successor Securities at least to the extent provided by the
     Preferred Securities Guarantee and the Common Securities Guarantee.

          (c)    Notwithstanding Section 3.15(b), the Trust shall not, except
with the consent of Holders of 100% in liquidation amount of the Securities,
consolidate, amalgamate, merge with or into, or be replaced by or convey,
transfer or lease its properties and assets substantially as an entirety to any
other entity or permit any other
<PAGE>

entity to consolidate, amalgamate, merge with or into, or replace it if such
consolidation, amalgamation, merger, replacement, conveyance, transfer or lease
would cause the Trust or the Successor Entity to be classified as other than a
grantor trust for United States federal income tax purposes.

                                  ARTICLE IV
                                    SPONSOR

SECTION 4.1  Sponsor's Purchase of Common Securities.
             ---------------------------------------

             On the Closing Date, and the date of the closing of the Option
defined in Annex I hereto, the Sponsor will purchase all of the Common
Securities issued by the Trust, which, on either date, will be in an amount at
least equal to 3% of the capital of the Trust on such date. Such purchases will
occur at the same time as the Preferred Securities are sold.

SECTION 4.2  Responsibilities of the Sponsor.
             -------------------------------

             In connection with the issue and sale of the Preferred Securities,
the Sponsor shall have the exclusive right and responsibility to engage in the
following activities:

             (a) at the sole discretion of the Sponsor, to prepare for filing by
     the Trust with the Commission a registration statement on Form S-3 in
     relation to the Preferred Securities, including any amendments thereto;

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

             (c) at the sole discretion of the Sponsor, to prepare for filing by
     the Trust an application to the New York Stock Exchange or any other
     national stock exchange or the Nasdaq National Market for listing upon
     notice of issuance of any Preferred Securities;

             (d) to prepare for filing by the Trust with the Commission a
     registration statement on Form 8-A relating to the registration of the
     Preferred Securities under Section 12(b) of the Exchange Act, including any
     amendments thereto; and
<PAGE>

          (e)  to negotiate the terms of the Underwriting Agreement providing
     for the sale of the Preferred Securities.

                                   ARTICLE V
                                   TRUSTEES

SECTION 5.1  Number of Trustees.
             ------------------

             The number of Trustees initially shall be five (5), and:

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

             (b)  after the issuance of any Securities, the number of Trustees
     may be increased or decreased by vote of the Holders of a Majority in
     liquidation amount of the Common Securities voting as a class at a meeting
     of the Holders of the Common Securities; provided, however, that, the
                                              --------  -------
     number of Trustees shall in no event be less than two (2); provided further
                                                                -------- -------
     that (1) one Trustee, in the case of a natural person, shall be a person
     who is a resident of the State of Delaware or that, if not a natural
     person, is an entity which has its principal place of business in the State
     of Delaware (the "Delaware Trustee"); (2) there shall be at least one
                       ----------------
     Trustee who is an employee or officer of, or is affiliated with the Sponsor
     (a "Regular Trustee"); and (3) one Trustee shall be the Institutional
         ---------------
     Trustee for so long as this Declaration is required to qualify as an
     indenture under the Trust Indenture Act, and such Trustee may also serve as
     Delaware Trustee if it meets the applicable requirements.

SECTION 5.2  Delaware Trustee.
             ----------------

             If required by the Business Trust Act, one Trustee (the "Delaware
                                                                      --------
Trustee") shall be:
-------

             (a)  a natural person who is a resident of the State of Delaware;
or

             (b)  if not a natural person, an entity which has its principal
     place of business in the State of Delaware, and otherwise meets the
     requirements of applicable law,

provided that, if the Institutional Trustee has its principal place of business
-------- ----
in the State of Delaware and otherwise meets the requirements of applicable law,
then the Institutional Trustee shall also be the Delaware Trustee and Section
3.11 shall have no application.
<PAGE>

SECTION 5.3  Institutional Trustee; Eligibility.
             ----------------------------------

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

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

             (ii) be a corporation organized and doing business under the laws
     of the United States of America or any State or Territory thereof or of the
     District of Columbia, or a corporation or Person permitted by the
     Commission to act as an institutional trustee under the Trust Indenture
     Act, authorized under such laws to exercise corporate trust powers, having
     a combined capital and surplus of at least 50 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 supervising or examining authority referred to above,
     then for the purposes of this Section 5.3(a)(ii), 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.

             (b)  If at any time the Institutional Trustee shall cease to be
eligible to so act under Section 5.3(a), the Institutional Trustee shall
immediately resign in the manner and with the effect set forth in Section
5.7(c).

             (c)  If the Institutional Trustee has or shall acquire any
"conflicting interest" within the meaning of ' 310(b) of the Trust Indenture
Act, the Institutional Trustee and the Holders of the Common Securities (as if
it were the obligor referred to in ' 310(b) of the Trust Indenture Act) shall in
all respects comply with the provisions of ' 310(b) of the Trust Indenture Act.
To the extent permitted by the Trust Indenture Act, the Institutional Trustee
shall not be deemed to have a conflicting interest with respect to the
Securities of any series by virtue of being Institutional Trustee with respect
to the Securities of any particular series of Securities other than that series
or by virtue of being trustee under the Indentures originally dated as of
November 15, 1996 and January 1, 1997, between the Sponsor and the Institutional
Trustee.

             (d)  The Preferred Securities Guarantee, the Series A Declaration,
the Series B Declaration, the 1997 Declaration, the 1999 Declaration, the 2000
Declaration, the Fixed Rate Declaration, the Floating Rate Declaration, the
Series A Guarantee, the Series B Guarantee, the 1997 Guarantee, the 1999
Guarantee, the 2000 Guarantee, the Fixed Rate Guarantee and the Floating Rate
Guarantee shall be deemed to be specifically described in this Declaration for
purposes of clause (i) of the first proviso contained in Section 310(b) of the
Trust Indenture Act.
<PAGE>

             (e)   The initial Institutional Trustee shall be:

                   The Chase Manhattan Bank

SECTION 5.4  Certain Qualifications of Regular Trustees and Delaware Trustee
             ---------------------------------------------------------------
Generally.
---------

Each Regular Trustee and the Delaware Trustee (unless the Institutional Trustee
also acts as Delaware Trustee) shall be either a natural person who is at least
21 years of age or a legal entity that shall act through one or more Authorized
Officers.

SECTION 5.5  Regular Trustees.
             ----------------

             The initial Regular Trustees shall be:

                         Laurence Goldman
                         M. Eileen Kennedy
                         Charles W. Scharf

             (a)   Except as expressly set forth in this Declaration and except
if a meeting of the Regular Trustees is called with respect to any matter over
which the Regular Trustees have power to act, any power of the Regular Trustees
may be exercised by, or with the consent of, any one such Regular Trustee.

             (b)   Except as otherwise required by the Business Trust Act or
applicable law, any Regular Trustee is authorized to execute on behalf of the
Trust any documents which the Regular Trustees have the power and authority to
cause the Trust to execute pursuant to Section 3.6; and

             (c)   A Regular Trustee may, by power of attorney consistent with
applicable law, delegate to any other natural person over the age of 21 his or
her power for the purposes of signing any documents which the Regular Trustees
have power and authority to cause the Trust to execute pursuant to Section 3.6.

SECTION 5.6  Delaware Trustee.
             -----------------

             The Delaware Trustee shall be:

             Chase Manhattan Bank USA, National Association

SECTION 5.7  Appointment, Removal and Resignation of Trustees.
             -------------------------------------------------

             (a)   Subject to Section 5.7(b), Trustees may be appointed or
removed without cause at any time except during an event of default:
<PAGE>

          (i)    until the issuance of any Securities, by written instrument
     executed by the Sponsor; and

          (ii)   after the issuance of any Securities, by vote of the Holders of
     a Majority in liquidation amount of the Common Securities voting as a class
     at a meeting of the Holders of the Common Securities.

          (b)(i) The Trustee that acts as Institutional Trustee shall not be
removed in accordance with Section 5.7(a) until a Successor Institutional
Trustee has been appointed and has accepted such appointment by written
instrument executed by such Successor Institutional Trustee and delivered to the
Regular Trustees and the Sponsor; and

          (ii)   the Trustee that acts as Delaware Trustee shall not be removed
     in accordance with this Section 5.7(a) until a successor Trustee possessing
     the qualifications to act as Delaware Trustee under Sections 5.2 and 5.4 (a
     "Successor Delaware Trustee") has been appointed and has accepted such
      --------------------------
     appointment by written instrument executed by such Successor Delaware
     Trustee and delivered to the Regular Trustees and the Sponsor.

          (c)    A Trustee appointed to office shall hold office until his
successor shall have been appointed or until his death, removal or resignation.
Any Trustee may resign from office (without need for prior or subsequent
accounting) by an instrument in writing signed by the Trustee and delivered to
the Sponsor and the Trust, which resignation shall take effect upon such
delivery or upon such later date as is specified therein; provided, however,
                                                          --------  -------
that:

          (i)    No such resignation of the Trustee that acts as the
     Institutional Trustee shall be effective:

                 (A) until a Successor Institutional Trustee has been appointed
          and has accepted such appointment by instrument executed by such
          Successor Institutional Trustee and delivered to the Trust, the
          Sponsor and the resigning Institutional Trustee; or

                 (B) until the assets of the Trust have been completely
          liquidated and the proceeds thereof distributed to the holders of the
          Securities; and

          (ii)   no such resignation of the Trustee that acts as the Delaware
     Trustee shall be effective until a Successor Delaware Trustee has been
     appointed and has accepted such appointment by instrument executed by such
     Successor Delaware Trustee and delivered to the Trust, the Sponsor and the
     resigning Delaware Trustee.
<PAGE>

             (d)  The Holders of the Common Securities shall use their best
efforts to promptly appoint a Successor Delaware Trustee or Successor
Institutional Trustee as the case may be if the Institutional Trustee or the
Delaware Trustee delivers an instrument of resignation in accordance with this
Section 5.7.

             (e)  If no Successor Institutional Trustee or Successor Delaware
Trustee shall have been appointed and accepted appointment as provided in this
Section 5.7 within 60 days after delivery of an instrument of resignation or
removal, the Institutional Trustee or Delaware Trustee resigning or being
removed, as applicable, may petition any court of competent jurisdiction for
appointment of a Successor Institutional Trustee or Successor Delaware Trustee.
Such court may thereupon, after prescribing such notice, if any, as it may deem
proper and prescribe, appoint a Successor Institutional Trustee or Successor
Delaware Trustee, as the case may be.

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

SECTION 5.8  Vacancies among Trustees.
             ------------------------

            If a Trustee ceases to hold office for any reason and the number of
Trustees is not reduced pursuant to Section 5.1, or if the number of Trustees is
increased pursuant to Section 5.1, a vacancy shall occur.  A resolution
certifying the existence of such vacancy by the Regular Trustees or, if there
are more than two, a majority of the Regular Trustees shall be conclusive
evidence of the existence of such vacancy.  The vacancy shall be filled with a
Trustee appointed in accordance with Section 5.7.

SECTION 5.9  Effect of Vacancies.
             -------------------

             The death, resignation, retirement, removal, bankruptcy,
dissolution, liquidation, incompetence or incapacity to perform the duties of a
Trustee shall not operate to dissolve, terminate or annul the Trust. Whenever a
vacancy in the number of Regular Trustees shall occur, until such vacancy is
filled by the appointment of a Regular Trustee in accordance with Section 5.7,
the Regular Trustees in office, regardless of their number, shall have all the
powers granted to the Regular Trustees and shall discharge all the duties
imposed upon the Regular Trustees by this Declaration.

SECTION 5.10  Meetings.
              --------

            If there is more than one Regular Trustee, meetings of the Regular
Trustees may be held from time to time upon the call of any Regular Trustee.
Regular meetings of the Regular Trustees may be held at a time and place fixed
by resolution of the Regular Trustees.  Notice of any in-person meetings of the
Regular Trustees shall be hand delivered or otherwise delivered in writing
(including by facsimile, with a hard copy by overnight courier) not less than 48
hours before such meeting.  Notice of any
<PAGE>

telephonic meetings of the Regular Trustees or any committee thereof shall be
hand delivered or otherwise delivered in writing (including by facsimile, with a
hard copy by overnight courier) not less than 24 hours before a meeting. Notices
shall contain a brief statement of the time, place and anticipated purposes of
the meeting. The presence (whether in person or by telephone) of a Regular
Trustee at a meeting shall constitute a waiver of notice of such meeting except
where a Regular Trustee attends a meeting for the express purpose of objecting
to the transaction of any activity on the ground that the meeting has not been
lawfully called or convened. Unless provided otherwise in this Declaration, any
action of the Regular Trustees may be taken at a meeting by vote of a majority
of the Regular Trustees present (whether in person or by telephone) and eligible
to vote with respect to such matter, provided that a Quorum is present, or
without a meeting by the unanimous written consent of the Regular Trustees.
Notwithstanding the foregoing, any action which may be taken at a meeting of the
Regular Trustees (or a committee thereof) may be taken pursuant to a unanimous
written consent of the Regular Trustees (or committee thereof), the execution of
such consent to be deemed a waiver by such Regular Trustee of any prior notice
required in connection with such action. In the event there is only one Regular
Trustee, any and all action of such Regular Trustee shall be evidenced by a
written consent of such Regular Trustee.

SECTION 5.11  Delegation of Power.
              -------------------

            (a) Any Regular Trustee may, by power of attorney consistent with
applicable law, delegate to any other natural person over the age of 21 his or
her power for the purpose of executing any documents contemplated in Section
3.6, including any registration statement or amendment thereto filed with the
Commission, or making any other governmental filing; and

            (b) the Regular Trustees shall have power to delegate from time to
time to such of their number or to officers of the Trust the doing of such
things and the execution of such instruments either in the name of the Trust or
the names of the Regular Trustees or otherwise as the Regular Trustees may deem
expedient, to the extent such delegation is not prohibited by applicable law or
contrary to the provisions of the Trust, as set forth herein.

SECTION 5.12  Merger, Conversion, Consolidation or Succession to Business.
              -----------------------------------------------------------

            Any corporation into which the Institutional Trustee or the Delaware
Trustee, as the case may be, may be merged or converted or with which either may
be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Institutional Trustee or the Delaware Trustee, as the
case may be, shall be a party, or any corporation succeeding to all or
substantially all the corporate trust business of the Institutional Trustee or
the Delaware Trustee, as the case may be, shall be the successor of the
Institutional Trustee or the Delaware Trustee, as the case may be, hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any
<PAGE>

of the parties hereto (other than, in the case of the Successor Delaware
Trustee, the filing of a certificate of amendment of the Certificate of Trust of
the Trust in the office of the Secretary of State of the State of Delaware).

SECTION 5.13  Appointment of Authenticating Agent.
              -----------------------------------

            The Institutional Trustee may appoint an authenticating agent or
agents (each, an "Authenticating Agent"), which may include any Affiliate of the
Sponsor, with respect to the Securities which shall be authorized to act on
behalf of the Institutional Trustee to authenticate the Securities issued upon
original issue and upon exchange, registration of transfer or partial redemption
thereof or pursuant to Section 9.2, and Securities so authenticated shall be
entitled to the benefits of this Declaration and shall be valid and obligatory
for all purposes as if authenticated by the Institutional Trustee hereunder.
Wherever reference is made in this Declaration to the authentication and
delivery of the Securities by the Institutional Trustee or the Institutional
Trustee's certificate of authentication, such reference shall be deemed also to
include authentication and delivery on behalf of the Institutional Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Sponsor and shall at all times be a corporation organized and doing business
under the laws of the United States of America, or of any State or Territory or
the District of Columbia, authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section the combined capital and surplus of such
Authenticating Agent 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, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

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

            An Authenticating Agent may resign at any time by giving written
notice thereof to the Institutional Trustee and to the Sponsor. The
Institutional Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and to the
Sponsor. Upon receiving such a notice of resignation or upon such a termination,
or in case at any time such Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, the
<PAGE>

Institutional Trustee may appoint a successor Authenticating Agent which shall
be acceptable to the Sponsor and shall give notice of such appointment in the
manner provided in Section 14.1 to all holders of Securities. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers and duties of its predecessor hereunder, with
like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless eligible under the provision of
this Section.

             The Sponsor agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section.

             If an appointment is made pursuant to this Section, the Securities
may have endorsed thereon, in addition to the Institutional Trustee's
certificate of authentication, an alternative certificate of authentication in
the following form:

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

Dated:

                                           ___________________________________
                                            As Institutional Trustee

                                           By:________________________________
                                            As Authenticating Agent

                                           By:________________________________
                                            Authorized Officer

                                  ARTICLE VI
                                 DISTRIBUTIONS

SECTION 6.1  Distributions.
             -------------

             Holders shall receive Distributions (as defined herein) in
accordance with the applicable terms of the relevant Holder's Securities.
Distributions shall be made on the Preferred Securities and the Common
Securities in accordance with the preferences set forth in their respective
terms. If and to the extent that the Debenture Issuer makes a payment of
interest (including Compounded Interest (as defined in the Indenture) and
Additional Sums (as defined in the Indenture)), premium and/or principal on the
Debentures held by the Institutional Trustee (the amount of any such payment
being a "Payment Amount"), the Institutional Trustee shall and is directed, to
         --------------
the extent funds are available for that purpose, to make or cause to be made a
distribution (a "Distribution") of the Payment Amount to Holders.
                 ------------
<PAGE>

                                  ARTICLE VII
                            ISSUANCE OF SECURITIES

SECTION 7.1  General Provisions Regarding Securities.
             ---------------------------------------

             (a) The Regular Trustees shall on behalf of the Trust issue one
class of preferred securities representing undivided beneficial interests in the
assets of the Trust having such terms as are set forth in Annex I (the
                                                          -------
"Preferred Securities") and one class of common securities representing
---------------------
undivided beneficial interests in the assets of the Trust having such terms as
are set forth in Annex I (the "Common Securities"). The Trust shall issue no
                 -------       -----------------
securities or other interests in the assets of the Trust other than the
Preferred Securities and the Common Securities.

             (b) The Certificates shall be signed on behalf of the Trust by a
Regular Trustee. Such signature shall be the manual or facsimile signature of
any present or any future Regular Trustee. In case any Regular Trustee of the
Trust who shall have signed (either by manual or facsimile signature) any of the
Securities shall cease to be such Regular Trustee before the Certificates so
signed shall be delivered by the Trust, such Certificates nevertheless may be
delivered as though the person who signed such Certificates had not ceased to be
such Regular Trustee; and any Certificate may be signed on behalf of the Trust
by such persons who, at the actual date of execution of such Security, shall be
the Regular Trustees of the Trust, although at the date of the execution and
delivery of the Declaration any such person was not such a Regular Trustee.
Certificates shall be printed, lithographed or engraved or may be produced in
any other manner as is reasonably acceptable to the Regular Trustees, as
evidenced by their execution thereof, and may have such letters, numbers or
other marks of identification or designation and such legends or endorsements as
the Regular Trustees may deem appropriate, or as may be required to comply with
any law or with any rule or regulation of any stock exchange on which Securities
may be listed, or to conform to usage.

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

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

             (e) Every Person, by virtue of having become a Holder or a
Preferred Security Beneficial Owner in accordance with the terms of this
Declaration, shall be deemed to have expressly assented and agreed to the terms
of, and shall be bound by, this Declaration.
<PAGE>

SECTION 7.2  Execution and Delivery of Securities Certificates.
             -------------------------------------------------

             At the time of delivery of the Securities, the Regular Trustees
shall cause Certificates to be authenticated by the Institutional Trustee on
behalf of the Trust and delivered to or upon the written order of the Trust,
signed by two Regular Trustees without further corporate action by the Sponsor,
in authorized denominations.

             A Security shall not be valid until authenticated by the manual
signature of an authorized officer of the Institutional Trustee. Such signature
shall be conclusive evidence that the Security has been authenticated under this
Declaration. The Institutional Trustee's certificates of authentication shall be
substantially in the form set forth in Exhibits A-1 and A-2.
                                       ------------     ---

SECTION 7.3  Paying Agent.
             ------------

             The Paying Agent shall make Distributions to Holders from the
Institutional Trustee Account and shall report the amounts of such Distributions
to the Institutional Trustee and the Regular Trustees. Any Paying Agent shall
have the revocable power to withdraw funds from the Institutional Trustee
Account for the purpose of making the Distributions referred to above. The
Institutional Trustee may revoke such power and remove the Paying Agent in its
sole discretion. The Paying Agent shall initially be the Bank, and any co-paying
agent chosen by the Bank, and reasonably acceptable to the Regular Trustees. Any
Person acting as Paying Agent shall be permitted to resign as Paying Agent upon
30 days' written notice to the Regular Trustees and the Institutional Trustee.
In the event that the Bank shall no longer be the Paying Agent or a successor
Paying Agent shall resign or its authority to act be revoked, the Institutional
Trustee shall appoint a successor that is reasonably acceptable to the Regular
Trustees to act as Paying Agent (which shall be a bank or trust company). Such
successor Paying Agent or any additional Paying Agent shall execute and deliver
to the Trustees an instrument in which such successor Paying Agent or additional
Paying Agent shall agree with the Trustees that as Paying Agent, such successor
Paying Agent or additional Paying Agent will hold all sums, if any, held by it
for payment to the Holders in trust for the benefit of the Holders of Securities
entitled thereto until such sums shall be paid to such Holders, will give the
Institutional Trustee notice of any default by the Trust (or any other obligor
on the Securities) in the making of any payment on the Securities and will, at
any time during the continuance of any such default, upon the written request of
the Institutional Trustee, forthwith pay to the Institutional Trustee all sums
so held in trust by such Paying Agent. The Paying Agent shall return all
unclaimed funds to the Institutional Trustee and upon removal of a Paying Agent
such Paying Agent shall also return all funds in its possession to the
Institutional Trustee. The provisions of Sections 3.9, 3.10 and 10.4 herein
shall also apply to the Bank in its role as Paying Agent, for so long as the
Bank shall act as Paying Agent and, to the extent applicable, to any other
Paying Agent appointed hereunder. Any reference in this Declaration to the
Paying Agent shall include any co-paying agent unless the context requires
otherwise.
<PAGE>

                                 ARTICLE VIII
                             TERMINATION OF TRUST

SECTION 8.1  Termination of Trust.
             --------------------

             (a)    The Trust shall dissolve:

             (i)    upon the bankruptcy of the Sponsor;

             (ii)   upon the filing of a certificate of dissolution or its
     equivalent with respect to the Sponsor; upon having obtained the consent of
     a Majority in liquidation amount of the Securities affected thereby voting
     together as a single class to dissolve the Trust or the revocation of the
     Sponsor's charter and the expiration of 90 days after the date of
     revocation without a reinstatement thereof;

             (iii)  upon the dissolution of the Trust in accordance with the
     terms of the Securities and the distribution of all of the Debentures
     endorsed thereon in exchange for all of the Securities;

             (iv)   upon the entry of a decree of judicial dissolution of the
     Holder of the Common Securities, the Sponsor or the Trust;

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

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

             (b)    As soon as is practicable after the occurrence of an event
referred to in Section 8.1(a) and completion of the winding up of the Trust, the
Trustees shall file a certificate of cancellation with the Secretary of State of
the State of Delaware.

             (c)    The provisions of Section 3.9 and Article X shall survive
the dissolution and termination of the Trust.
<PAGE>

                                  ARTICLE IX
                             TRANSFER OF INTERESTS

SECTION 9.1  Transfer of Securities.
             ----------------------

             (a) Securities may only be transferred, in whole or in part, in
accordance with the terms and conditions set forth in this Declaration and in
the terms of the Securities. Any transfer or purported transfer of any Security
not made in accordance with this Declaration shall, to the fullest extent
permitted by law, be null and void.

             (b) Subject to this Article IX, Preferred Securities shall be
freely transferable.

             (c) Except in connection with the transactions permitted by Article
Ten of the Indenture, the Sponsor may not transfer the Common Securities.

SECTION 9.2  Transfer of Certificates.
             ------------------------

             The Institutional Trustee shall keep or cause to be kept, at the
office or agency maintained pursuant to Section 9.9, a register or registers for
the purpose of registering Certificates and transfers and exchanges of Preferred
Securities Certificates (the "Securities Register") in which, the registrar
                              -------------------
designated by the Institutional Trustee (the "Securities Registrar") with the
                                              --------------------
reasonable consent of the Regular Trustees, subject to such reasonable
regulations as it may prescribe, shall provide for the registration of Preferred
Securities Certificates and Common Securities Certificates (subject to Section
9.1(c) in the case of the Common Securities Certificates) and registration of
transfers and exchanges of Preferred Securities Certificates as herein provided.
The Bank shall be the initial Securities Registrar.

             Upon surrender for registration of transfer of any Preferred
Securities Certificate at the office or agency maintained pursuant to Section
9.9, the Regular Trustees or any one of them shall execute, and the
Institutional Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Preferred Securities
Certificates in authorized denominations of a like aggregate liquidation amount
dated the date of such authentication.

             The Preferred Securities Certificates shall be dated the date of
their authentication.

             The Securities Registrar shall not be required to register the
transfer of (i) any Preferred Securities beginning at the opening of business 15
days before the day of mailing of a notice of redemption and ending at the close
of business on the day of such mailing or (ii) any Preferred Securities selected
for redemption except the unredeemed portion of any Preferred Security being
redeemed in part. At the option of a Holder, Preferred Securities Certificates
may be exchanged for other Preferred Securities
<PAGE>

Certificates in authorized denominations of the same class and of a like
aggregate liquidation amount upon surrender of the Preferred Securities
Certificates to be exchanged at the office or agency maintained pursuant to
Section 9.9.

             Every Preferred Securities Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Securities Registrar duly
executed by the Holder or his attorney duly authorized in writing.  Each
Preferred Securities Certificate surrendered for registration of transfer or
exchange shall be cancelled and subsequently disposed of by the Institutional
Trustee in accordance with its customary practice.

             No service charge shall be made for any registration of transfer or
exchange of Preferred Securities Certificates, but the Securities Registrar may
require payment of a sum sufficient to cover any tax or governmental charge that
may be imposed in connection with any transfer or exchange Preferred Securities
Certificates.

             The provisions of Sections 3.9, 3.10 and 10.4 herein shall also
apply to the Bank in its role as Securities Registrar, for so long as the Bank
shall act as Securities Registrar.

SECTION 9.3  Deemed Security Holders.
             -----------------------

             The Trustees and the Securities Registrar may treat the Person in
whose name any Certificate shall be registered on the books and records of the
Trust as the sole holder of such Certificate and of the Securities represented
by such Certificate for purposes of receiving Distributions and for all other
purposes whatsoever and, accordingly, shall not be bound to recognize any
equitable or other claim to or interest in such Certificate or in the Securities
represented by such Certificate on the part of any Person, whether or not the
Trust, the Trustees or the Securities Registrar shall have actual or other
notice thereof.

SECTION 9.4  Book Entry Interests.
             --------------------

             Unless otherwise specified in the terms of the Preferred
Securities, the Preferred Securities Certificates, on original issuance, will be
issued in the form of one or more, fully registered, global Preferred Security
Certificates (each a "Global Certificate"), to be delivered to DTC, the initial
                      ------------------
Clearing Agency, or its custodian, by, or on behalf of, the Trust. Such Global
Certificates shall initially be registered on the books and records of the Trust
in the name of Cede & Co., the nominee of DTC, and no Preferred Security
Beneficial Owner will receive a definitive Preferred Security Certificate
representing such Preferred Security Beneficial Owner's interests in such Global
Certificates, except as provided in Section 9.7. Unless and until definitive,
fully registered Preferred Security Certificates (the "Definitive Preferred
                                                       --------------------
Security Certificates") have been issued to the Preferred Security Beneficial
---------------------
Owners pursuant to Section 9.7:
<PAGE>

             (a) the provisions of this Section 9.4 shall be in full force and
     effect;

             (b) the Trust, the Trustees, the Securities Registrar and the
     Paying Agent shall be entitled to deal with the Clearing Agency for all
     purposes of this Declaration (including the payment of Distributions on the
     Global Certificates and receiving approvals, votes or consents hereunder)
     as the Holder of the Preferred Securities and the sole holder of the Global
     Certificates and shall have no obligation to the Preferred Security
     Beneficial Owners;

             (c) to the extent that the provisions of this Section 9.4 conflict
     with any other provisions of this Declaration, the provisions of this
     Section 9.4 shall control; and

             (d) the rights of the Preferred Security Beneficial Owners shall be
     exercised only through the Clearing Agency and shall be limited to those
     established by law and agreements between such Preferred Security
     Beneficial Owners and the Clearing Agency and/or the Clearing Agency
     Participants and the Clearing Agency shall receive and transmit payments of
     Distributions on the Global Certificates to such Clearing Agency
     Participants.  DTC will make book entry transfers among the Clearing Agency
     Participants.

SECTION 9.5  Notices to Clearing Agency.
             --------------------------

             Whenever a notice or other communication to the Preferred Security
Holders is required under this Declaration, unless and until Definitive
Preferred Security Certificates shall have been issued to the Preferred Security
Beneficial Owners pursuant to Section 9.7, the Trustees shall give all such
notices and communications specified herein to be given to the Preferred
Security Holders to the Clearing Agency, and shall have no notice obligations to
the Preferred Security Beneficial Owners.

SECTION 9.6  Appointment of Successor Clearing Agency.
             ----------------------------------------

             If any Clearing Agency elects to discontinue its services as
securities depositary with respect to the Preferred Securities or is no longer
able to properly discharge its functions, the Regular Trustees may, in their
sole discretion, appoint a successor Clearing Agency with respect to such
Preferred Securities.

SECTION 9.7  Definitive Preferred Security Certificates.
             ------------------------------------------

             If:

             (a) a Clearing Agency elects to discontinue its services or is no
     longer able to properly discharge its functions as securities depositary
     with respect to the Preferred Securities and a successor Clearing Agency is
     not appointed within 90
<PAGE>

     days after such discontinuance or after the Regular Trustees become aware
     of such inability pursuant to Section 9.6; or

             (b) the Regular Trustees elect after consultation with the Sponsor
     to terminate the book entry system through the Clearing Agency with respect
     to the Preferred Securities,

then:

             (c) Definitive Preferred Security Certificates shall be prepared by
     the Regular Trustees on behalf of the Trust with respect to such Preferred
     Securities; and

             (d) upon surrender of the Global Certificates by the Clearing
     Agency, accompanied by registration instructions, the Regular Trustees
     shall cause Definitive Certificates to be delivered to Preferred Security
     Beneficial Owners in accordance with the instructions of the Clearing
     Agency. Neither the Trustees nor the Trust, or any agents thereof shall be
     liable for any delay in delivery of such instructions and each of them may
     conclusively rely on and shall be protected in relying on, said
     instructions of the Clearing Agency. The Definitive Preferred Security
     Certificates shall be printed, lithographed or engraved or may be produced
     in any other manner as is reasonably acceptable to the Regular Trustees, as
     evidenced by their execution thereof, and may have such letters, numbers or
     other marks of identification or designation and such legends or
     endorsements as the Regular Trustees may deem appropriate, or as may be
     required to comply with any law or with any rule or regulation made
     pursuant thereto or with any rule or regulation of any stock exchange on
     which Preferred Securities may be listed, or to conform to usage.

SECTION 9.8  Mutilated, Destroyed, Lost or Stolen Certificates.
             -------------------------------------------------

             If:

             (a) any mutilated Certificates should be surrendered to the
     Institutional Trustee or the Securities Registrar or if the Institutional
     Trustee or the Securities Registrar shall receive evidence to their
     satisfaction of the destruction, loss or theft of any Certificate; and

             (b) there shall be delivered to the Institutional Trustee, the
     Securities Registrar and the Regular Trustees such security or indemnity as
     may be required by them to keep each of them harmless,

then, in the absence of notice that such Certificate shall have been acquired by
a bona fide purchaser, any Regular Trustee on behalf of the Trust shall execute,
and upon any Regular Trustee's request, the Institutional Trustee shall
authenticate and deliver, in
<PAGE>

exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like denomination. In connection with the
issuance of any new Certificate under this Section 9.8, the Regular Trustees,
Institutional Trustee or Securities Registrar may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith. Any duplicate Certificate issued pursuant to this Section
shall constitute conclusive evidence of an ownership interest in the relevant
Securities, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.

SECTION 9.9  Maintenance of Office or Agency.
             -------------------------------

             The Institutional Trustee shall designate, with the consent of the
Regular Trustees, which consent shall not be unreasonably withheld, an office or
offices or agency or agencies where Preferred Securities Certificates may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Trustees in respect of the Securities may be served.  The
Corporate Trust Office of the Bank is initially designated the office for such
purpose.  The Regular Trustees or the Institutional Trustee shall give prompt
written notice to the Sponsor and to the Holders of any change in the location
of the Securities Register or any such office or agency.

                                   ARTICLE X
                          LIMITATION OF LIABILITY OF
                   HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

SECTION 10.1 Liability.
             ---------

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

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

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

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

             (c)  Pursuant to ' 3803(a) of the Business Trust Act, the Holders
of the Preferred Securities shall be entitled to the same limitation of personal
liability extended to stockholders of private corporations for profit organized
under the General Corporation Law of the State of Delaware.
<PAGE>

SECTION 10.2  Exculpation.
              -----------

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

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

SECTION 10.3  Fiduciary Duty.
              --------------

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

          (b)  Unless otherwise expressly provided herein:

          (i)  whenever a conflict of interest exists or arises between any
     Covered Persons and any Indemnified Person; or

          (ii) whenever this Declaration or any other agreement contemplated
     herein or therein provides that an Indemnified Person shall act in a manner
     that is, or provides terms that are, fair and reasonable to the Trust or
     any Holder of Securities,
<PAGE>

the Indemnified Person shall resolve such conflict of interest, take such action
or provide such terms, considering in each case the relative interest of each
party (including its own interest) to such conflict, agreement, transaction or
situation and the benefits and burdens relating to such interests, any customary
or accepted industry practices, and any applicable generally accepted accounting
practices or principles.  In the absence of bad faith by the Indemnified Person,
the resolution, action or term so made, taken or provided by the Indemnified
Person shall not constitute a breach of this Declaration or any other agreement
contemplated herein or of any duty or obligation of the Indemnified Person at
law or in equity or otherwise.

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

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

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

SECTION 10.4  Indemnification.
              ---------------

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

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

          (iii)  To the extent that a Company Indemnified Person shall be
     successful on the merits or otherwise (including dismissal of an action
     without prejudice or the settlement of an action without admission of
     liability) in defense of any action, suit or proceeding referred to in
     paragraphs (i) and (ii) of this Section 10.4(a), or in defense of any
     claim, issue or matter therein, he shall be indemnified, to the full extent
     permitted by law, against expenses (including attorneys' fees) actually and
     reasonably incurred by him in connection therewith.

          (iv)   Any indemnification under paragraphs (i) and (ii) of this
     Section 10.4(a) (unless ordered by a court) shall be made by the Debenture
     Issuer only as authorized in the specific case upon a determination that
     indemnification of the Company Indemnified Person is proper in the
     circumstances because he has met the applicable standard of conduct set
     forth in paragraphs (i) and (ii). Such determination shall be made (1) by
     the Regular Trustees by a majority vote of a quorum consisting of such
     Regular Trustees who were not parties to such action, suit or proceeding,
     (2) if such a quorum is not obtainable, or, even if obtainable, if a quorum
     of disinterested Regular Trustees so directs, by independent legal counsel
     in a written opinion, or (3) by the Common Security Holder of the Trust.

          (v)    Expenses (including attorneys' fees and expenses) incurred by a
     Company Indemnified Person in defending a civil, criminal, administrative
     or investigative action, suit or proceeding referred to in paragraphs (i)
     and (ii) of this Section 10.4(a) shall be paid by the Debenture Issuer in
     advance of the final disposition of such action, suit or proceeding upon
     receipt of an undertaking by or on behalf of such Company Indemnified
     Person to repay such amount if it shall ultimately be determined that he is
     not entitled to be indemnified by the Debenture Issuer as authorized in
     this Section 10.4(a).  Notwithstanding the foregoing, no advance shall be
     made by the Debenture Issuer if a determination is reasonably
<PAGE>

     and promptly made (i) by the Regular Trustees by a majority vote of a
     quorum of disinterested Regular Trustees, (ii) if such a quorum is not
     obtainable, or, even if obtainable, if a quorum of disinterested Regular
     Trustees so directs, by independent legal counsel in a written opinion or
     (iii) the Common Security Holder of the Trust, that, based upon the facts
     known to the Regular Trustees, counsel or the Common Security Holder at the
     time such determination is made, such Company Indemnified Person acted in
     bad faith or in a manner that such Person did not believe to be in or not
     opposed to the best interests of the Trust, or, with respect to any
     criminal proceeding, that such Company Indemnified Person believed or had
     reasonable cause to believe his conduct was unlawful. In no event shall any
     advance be made in instances where the Regular Trustees, independent legal
     counsel or Common Security Holder reasonably determine that such person
     deliberately breached his duty to the Trust or its Common or Preferred
     Security Holders.

          (vi)   The indemnification and advancement of expenses provided by, or
     granted pursuant to, the other paragraphs of this Section 10.4(a) shall not
     be deemed exclusive of any other rights to which those seeking
     indemnification and advancement of expenses may be entitled under any
     agreement, vote of stockholders or disinterested directors of the Debenture
     Issuer or Preferred Security Holders of the Trust or otherwise, both as to
     action in his official capacity and as to action in another capacity while
     holding such office.  All rights to indemnification under this Section
     10.4(a) shall be deemed to be provided by a contract between the Debenture
     Issuer and each Company Indemnified Person who serves in such capacity at
     any time while this Section 10.4(a) is in effect.  Any repeal or
     modification of this Section 10.4(a) shall not affect any rights or
     obligations then existing.

          (vii)  The Debenture Issuer or the Trust may purchase and maintain
     insurance on behalf of any person who is or was a Company Indemnified
     Person against any liability asserted against him and incurred by him in
     any such capacity, or arising out of his status as such, whether or not the
     Debenture Issuer would have the power to indemnify him against such
     liability under the provisions of this Section 10.4(a).

          (viii) For purposes of this Section 10.4(a), references to "the Trust"
     shall include, in addition to the resulting or surviving entity, any
     constituent entity (including any constituent of a constituent) absorbed in
     a consolidation or merger, so that any person who is or was a director,
     trustee, officer or employee of such constituent entity, or is or was
     serving at the request of such constituent entity as a director, trustee,
     officer, employee or agent of another entity, shall stand in the same
     position under the provisions of this Section 10.4(a) with respect to the
     resulting or surviving entity as he would have with respect to such
     constituent entity if its separate existence had continued.
<PAGE>

          (ix) The indemnification and advancement of expenses provided by, or
     granted pursuant to, this Section 10.4(a) shall, unless otherwise provided
     when authorized or ratified, continue as to a person who has ceased to be a
     Company Indemnified Person and shall inure to the benefit of the heirs,
     executors and administrators of such a person.

          (b)  The Debenture Issuer agrees to indemnify the (i) Institutional
Trustee, (ii) the Delaware Trustee, (iii) any Affiliate of the Institutional
Trustee and the Delaware Trustee, and (iv) any officers, directors,
shareholders, members, partners, employees, representatives, custodians,
nominees or agents of the Institutional Trustee and the Delaware Trustee (each
of the Persons in (i) through (iv) being referred to as a "Fiduciary Indemnified
                                                           ---------------------
Person") for, and to hold each Fiduciary Indemnified Person harmless against,
------
any and all loss, liability, damage, claim or expense including taxes (other
than taxes based on the income of such Fiduciary Indemnified Person) incurred
without negligence or bad faith on its part, arising out of or in connection
with the acceptance or administration or the trust or trusts hereunder,
including the costs and expenses (including reasonable legal fees and expenses)
of defending itself against or investigating any claim or liability in
connection with the exercise or performance of any of its powers or duties
hereunder.  The obligation to indemnify as set forth in this Section 10.4(b)
shall survive the satisfaction and discharge of this Declaration.

SECTION 10.5  Outside Businesses.
              ------------------

          Any Covered Person, the Sponsor, the Delaware Trustee and the
Institutional Trustee (subject to Section 5.3 (c))  may engage in or possess an
interest in other business ventures of any nature or description, independently
or with others, similar or dissimilar to the business of the Trust, and the
Trust and the Holders of Securities shall have no rights by virtue of this
Declaration in and to such independent ventures or the income or profits derived
therefrom, and the pursuit of any such venture, even if competitive with the
business of the Trust, shall not be deemed wrongful or improper.  No Covered
Person, the Sponsor, the Delaware Trustee, or the Institutional Trustee shall be
obligated to present any particular investment or other opportunity to the Trust
even if such opportunity is of a character that, if presented to the Trust,
could be taken by the Trust, and any Covered Person, the Sponsor, the Delaware
Trustee and the Institutional Trustee shall have the right to take for its own
account (individually or as a partner or fiduciary) or to recommend to others
any such particular investment or other opportunity.  Any Covered Person, the
Delaware Trustee and the Institutional Trustee may engage or be interested in
any financial or other transaction with the Sponsor or any Affiliate of the
Sponsor, or may act as depositary for, trustee or agent for, or act on any
committee or body of holders of, securities or other obligations of the Sponsor
or its Affiliates.
<PAGE>

SECTION 10.6  Compensation; Fees.
              ------------------

          The Sponsor agrees:

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

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

                                  ARTICLE XI
                                  ACCOUNTING

SECTION 11.1  Fiscal Year.
              -----------

     The fiscal year ("Fiscal Year") of the Trust shall be the calendar year, or
                       -----------
such other year as is required by the Code.
SECTION 11.2  Certain Accounting Matters.
              --------------------------

           (a)  At all times during the existence of the Trust, the Regular
Trustees shall keep, or cause to be kept, full books of account, records and
supporting documents, which shall reflect in reasonable detail, each transaction
of the Trust. The books of account shall be maintained on the accrual method of
accounting, in accordance with generally accepted accounting principles,
consistently applied. The Trust shall use the accrual method of accounting for
United States federal income tax purposes.

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

           (c)  The Regular Trustees shall cause to be duly prepared and filed
with the appropriate taxing authority, an annual United States federal income
tax return, on a Form 1041 or such other form required by United States federal
income tax law, and any other annual income tax returns required to be filed by
the Regular Trustees on behalf of the Trust with any state or local taxing
authority.
<PAGE>

SECTION 11.3  Banking.
              -------

          The Trust shall maintain one or more bank accounts in the name and for
the sole benefit of the Trust; provided, however, that all payments of funds in
                               --------  -------
respect of the Debentures held by the Institutional Trustee shall be made
directly to the Institutional Trustee Account and no other funds of the Trust
shall be deposited in the Institutional Trustee Account.  The sole signatories
for such accounts shall be designated by the Regular Trustees; provided,
                                                               --------
however, that the Institutional Trustee shall designate the signatories for the
-------
Institutional Trustee Account.

SECTION 11.4  Withholding.
              -----------

          The Trust, the Regular Trustees and the Paying Agent shall comply with
all withholding requirements under United States federal, state and local law.
The Trust shall request, and the Holders shall provide to the Trust, such forms
or certificates as are necessary to establish an exemption from withholding with
respect to each Holder, and any representations and forms as shall reasonably be
requested by the Trust to assist it in determining the extent of, and in
fulfilling, its withholding obligations.  The Regular Trustees shall file
required forms with applicable jurisdictions and, unless an exemption from
withholding is properly established by a Holder, shall remit amounts withheld
with respect to the Holder to applicable jurisdictions.  To the extent that the
Trust is required to withhold and pay over any amounts to any authority with
respect to distributions or allocations to any Holder, the amount withheld shall
be deemed to be a distribution in the amount of the withholding to the Holder.
In the event of any over withholding, Holders shall be limited to an action
against the applicable jurisdiction.  If the amount required to be withheld was
not withheld from actual Distributions made, the Trust may reduce subsequent
Distributions by the amount of such withholding.

                                  ARTICLE XII
                            AMENDMENTS AND MEETINGS

SECTION 12.1  Amendments.
              ----------

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

          (i)  the Regular Trustees (or, if there are more than two Regular
     Trustees a majority of the Regular Trustees);

          (ii) if the amendment affects the rights, powers, duties, obligations
     or immunities of the Institutional Trustee, the Institutional Trustee; and
<PAGE>

          (iii)  if the amendment affects the rights, powers, duties,
     obligations or immunities of the Delaware Trustee, the Delaware Trustee;

          (b)    no amendment shall be made, and any such purported amendment
shall be void and ineffective:

          (i)    unless the Institutional Trustee shall have first received:

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

                 (B) an opinion of counsel (who may be counsel to the Sponsor or
          the Trust) that such amendment is permitted by, and conforms to, the
          terms of this Declaration (including the terms of the Securities); and

          (ii)   to the extent the result of such amendment would be to:

                 (A) cause the Trust to fail to continue to be classified for
          purposes of United States federal income taxation as a grantor trust;
               (B) reduce or otherwise adversely affect the powers of the
          Institutional Trustee in contravention of the Trust Indenture Act; or

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

          (c) at such time after the Trust has issued any Securities that remain
outstanding, any amendment that would adversely affect the rights, privileges or
preferences of any Holder of Securities may be effected only with such
additional requirements as may be set forth in the terms of such Securities;

          (d) Section 9.1(c) and this Section 12.1 shall not be amended without
the consent of all of the Holders of the Securities;

          (e) Article IV shall not be amended without the consent of the Holders
of a Majority in liquidation amount of the Securities;

          (f) the rights of the holders of the Common Securities under Article V
to increase or decrease the number of, and appoint and remove Trustees shall not
be amended without the consent of the Holders of a Majority in liquidation
amount of the Securities; and
<PAGE>

          (g)   notwithstanding Section 12.1(c), this Declaration may be amended
without the consent of the Holders of the Securities to:

          (i)   cure any ambiguity;

          (ii)  correct or supplement any provision in this Declaration that may
     be defective or inconsistent with any other provision of this Declaration
     or to make any other provisions with respect to matters or questions
     arising under this Declaration, which shall not be inconsistent with other
     provisions of this Declaration;

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

          (iv)  to conform to any change in Rule 3a-5 or written change in
     interpretation or application of Rule 3a-5 by any legislative body, court,
     government agency or regulatory authority which amendment does not have a
     material adverse effect on the right, preferences or privileges of the
     Holders; and

          (v)   to modify, eliminate or add to any provisions of this
     Declaration to such extent as shall be necessary to ensure that the Trust
     will be classified for United States Federal income tax purposes as a
     grantor trust at all times that any Securities are outstanding or to ensure
     that the Trust will not be required to register as an investment company
     under the Investment Company Act.

          (h)   The Institutional Trustee and the Delaware Trustee may, but
shall not be obligated to, sign any amendment which affects their respective
rights, powers, duties, obligations or immunities under this Declaration or
otherwise.

SECTION 12.2  Meetings of the Holders of Securities; Action by Written Consent.
              ----------------------------------------------------------------

          (a)   Meetings of the Holders of any class of Securities may be called
at any time by the Regular Trustees (or as provided in the terms of the
Securities) to consider and act on any matter on which Holders of such class of
Securities are entitled to act under the terms of this Declaration, the terms of
the Securities or the rules of any stock exchange on which the Preferred
Securities are listed or admitted for trading.  The Regular Trustees shall call
a meeting of the Holders of such class if directed to do so by the Holders of at
least 10% in liquidation amount of such class of Securities.  Such direction
shall be given by delivering to the Regular Trustees one or more notices in a
writing stating that the signing Holders of Securities wish to call a meeting
and indicating the general or specific purpose for which the meeting is to be
called.  Any Holders of Securities calling a meeting shall specify in writing
the Security Certificates held by the Holders of Securities exercising the right
to call a meeting and only those Securities specified shall be counted for
purposes of determining whether the required percentage set forth in the second
sentence of this paragraph has been met.
<PAGE>

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

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

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

          (iii) each meeting of the Holders of the Securities shall be
     conducted by the Regular Trustees or by such other Person that the Regular
     Trustees may designate; and

          (iv)  unless the Business Trust Act, this Declaration, the terms of
     the Securities, the Trust Indenture Act or the listing rules of any stock
     exchange on which the Preferred Securities are then listed or trading,
     otherwise provides, the Regular Trustees, in their sole discretion, shall
     establish all other provisions relating to meetings of Holders of
     Securities, including notice of the time, place or purpose of any meeting
     at which any matter is to be voted on by any Holders of Securities, waiver
     of any such notice, action by consent without a meeting, the
<PAGE>

     establishment of a record date, quorum requirements, voting in person or by
     proxy or any other matter with respect to the exercise of any such right to
     vote.

                                  ARTICLE XIII
                    REPRESENTATIONS OF INSTITUTIONAL TRUSTEE
                              AND DELAWARE TRUSTEE

SECTION 13.1  Representations and Warranties of Institutional Trustee.
              -------------------------------------------------------

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

          (a) the Institutional Trustee is a New York banking corporation with
     trust powers and authority under the laws of the State of New York to
     execute and deliver, and to carry out and perform its obligations under the
     terms of, this Declaration;

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

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

          (d) no consent, approval or authorization of, or registration with or
     notice to, any New York State or federal banking authority is required for
     the execution, delivery or performance by the Institutional Trustee, of
     this Declaration.
<PAGE>

SECTION 13.2  Representations and Warranties of Delaware Trustee.
              --------------------------------------------------

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

          (a)  The Delaware Trustee is duly organized, validly existing and in
     good standing under the laws of the United States of America, with trust
     power and authority to execute and deliver, and to carry out and perform
     its obligations under the terms of, this Declaration.

          (b)  The Delaware Trustee has authorized the performance of its
     obligations under the Certificate of Trust and the Declaration.  The
     Declaration under Delaware law constitutes a legal, valid and binding
     obligation of the Delaware Trustee, enforceable against it in accordance
     with its terms, subject to applicable bankruptcy, reorganization,
     moratorium, insolvency, and other similar laws affecting creditors' rights
     generally and to general principles of equity and the discretion of the
     court (regardless of whether the enforcement of such remedies is considered
     in a proceeding in equity or at law).

          (c)  No consent, approval or authorization of, or registration with or
     notice to, any  federal banking authority is required for the execution,
     delivery or performance by the Delaware Trustee, of this Declaration.

          (d)  The Delaware Trustee is a natural person who is a resident of the
     State of Delaware or, if not a natural person, an entity which has its
     principal place of business in the State of Delaware.

                                  ARTICLE XIV
                                 MISCELLANEOUS

SECTION 14.1  Notices.
              -------

          All notices provided for in this Declaration shall be in writing, duly
signed by the party giving such notice, and shall be delivered, telecopied or
mailed by first class mail, as follows:

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

               BANK ONE Capital V
               c/o BANK ONE CORPORATION
<PAGE>

               1 Bank One Plaza
               Chicago, Illinois  60670
               Attention:  Treasurer
               Telecopy:  (312) 732-3366

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

               Chase Manhattan Bank USA, National Association
               1201 Market Street
               Wilmington, Delaware  19801
               Attention:  Institutional Trust Services

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

               The Chase Manhattan Bank
               450 West 33rd Street
               New York, New York  10001
               Attention:  Institutional Trust Services

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

               BANK ONE CORPORATION
               1 Bank One Plaza
               Chicago, Illinois  60670
               Attention:  Treasurer

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

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

SECTION 14.2  Governing Law.
              -------------

          This Declaration and the rights of the parties hereunder shall be
governed by and interpreted in accordance with the laws of the State of Delaware
and all rights and remedies shall be governed by such laws without regard to
principles of conflict of laws.

SECTION 14.3  Intention of the Parties.
              ------------------------

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

SECTION 14.4  Headings.
              --------

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

SECTION 14.5  Successors and Assigns.
              ----------------------

          Whenever in this Declaration any of the parties hereto is named or
referred to, the successors and assigns of such party shall be deemed to be
included, and all covenants and agreements in this Declaration by the Sponsor
and the Trustees shall bind and inure to the benefit of their respective
successors and assigns, whether so expressed.

SECTION 14.6  Partial Enforceability.
              ----------------------

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

SECTION 14.7  Counterparts.
              ------------

          This Declaration may contain more than one counterpart of the
signature page and this Declaration may be executed by the affixing of the
signature of each of the Trustees to one of such counterpart signature pages.
All of such counterpart signature pages shall be read as though one, and they
shall have the same force and effect as though all of the signers had signed a
single signature page.
<PAGE>

          IN WITNESS WHEREOF, the undersigned has caused these presents to be
executed as of the day and year first above written.

                              ___________________________________________
                              Laurence Goldman, as Regular Trustee

                              ___________________________________________
                              M. Eileen Kennedy, as Regular Trustee

                              ___________________________________________
                              Charles W. Scharf, as Regular Trustee

                              CHASE MANHATTAN BANK USA,
                              NATIONAL ASSOCIATION
                              as Delaware Trustee

                              By: _______________________________________
                                  Name:
                                  Title:

THE CHASE MANHATTAN BANK,
as Institutional Trustee

By:_____________________________
   Name:
   Title:

BANK ONE CORPORATION,
as Sponsor and Debenture Issuer

By:_____________________________
   Name:  Charles W. Scharf
   Title: Chief Financial Officer and Executive
          Vice President
<PAGE>

                                    ANNEX I

                                    TERMS OF
                            8% PREFERRED SECURITIES
                              8% COMMON SECURITIES

          Pursuant to Section 7.1 of the Amended and Restated Declaration of
Trust, dated as of January 30, 2001 (as amended from time to time, the
"Declaration"), the designation, rights, privileges, restrictions, preferences
 -----------
and other terms and provisions of the Preferred Securities and the Common
Securities are set out below (each capitalized term used but not defined herein
has the meaning set forth in the Declaration or, if not defined in such
Declaration, as defined in the Prospectus referred to below):

          1.   Designation and Number.
               ----------------------

          (a)  Preferred Securities.  Preferred Securities of the Trust with an
               --------------------
aggregate liquidation amount with respect to the assets of the Trust of three
hundred million dollars  ($300,000,000) (including exercise of the over-
allotment option with respect to the Preferred Securities (the "Option")
                                                                ------
described in the Underwriting Agreement) and a liquidation amount with respect
to the assets of the Trust of $25 per preferred security, are hereby designated
for the purposes of identification only as "8% Preferred Securities" (the
"Preferred Securities").  The Preferred Security Certificates evidencing the
---------------------
Preferred Securities shall be substantially in the form of Exhibit A-1 to the
                                                           -----------
Declaration, with such changes and additions thereto or deletions therefrom as
may be required by ordinary usage, custom or practice or to conform to the rules
of any stock exchange on which the Preferred Securities are listed.

          (b)  Common Securities.  Common Securities of the Trust with an
               -----------------
aggregate liquidation amount with respect to the assets of the Trust of nine
million two hundred seventy-eight thousand three hundred seventy-five dollars
($9,278,375) (including exercise of the Option) and a liquidation amount with
respect to the assets of the Trust of $25 per common security, are hereby
designated for the purposes of identification only as "Common Securities" (the
"Common Securities").  The Common Security Certificates evidencing the Common
------------------
Securities shall be substantially in the form of Exhibit A-2 to the Declaration,
with such changes and additions thereto or deletions therefrom as may be
required by ordinary usage, custom or practice.
<PAGE>

          2.   Distributions.
               -------------

          (a)  Distributions payable on each Security will be at a fixed rate
per annum of 8% (the "Distribution Rate") of the stated liquidation amount of
                      -----------------
$25 per Security. Distributions in arrears for more than one quarter will bear
interest thereon compounded quarterly at the Distribution Rate (to the extent
permitted by applicable law). The term "Distributions" as used herein includes
                                        -------------
such cash distributions and any such interest payable unless otherwise stated. A
Distribution is payable only to the extent that payments are made in respect of
the Debentures held by the Institutional Trustee and to the extent the
Institutional Trustee has funds available therefor. The amount of Distributions
payable for any period will be computed for any full quarterly Distribution
period on the basis of a 360-day year of twelve 30-day months, and for any
period shorter than a full quarterly Distribution period for which Distributions
are computed, Distributions will be computed on the basis of the actual number
of days elapsed per 90-day quarter.

          (b)  Distributions on the Securities will be cumulative, will accrue
from  January 30, 2001, and will be payable quarterly in arrears, on January 30,
April 30, July 30 and October 30 of each year, commencing on April 30, 2001,
except as otherwise described below (each, a "Distribution Date").  The
                                              -----------------
Debenture Issuer has the right under the Indenture to defer payments of interest
by extending the interest payment period from time to time on the Debentures for
a period not exceeding 20 consecutive quarters (each an "Extension Period"),
                                                         ----------------
during which Extension Period no interest shall be due and payable on the
Debentures, provided that no Extension Period shall end on a day other than an
            -------- ----
interest payment date for the Debentures or shall extend beyond the date of
maturity of the Debentures.  As a consequence of such deferral, Distributions
will also be deferred.  Despite such deferral, quarterly Distributions will
continue to accrue with interest thereon (to the extent permitted by applicable
law) at the Distribution Rate compounded quarterly during any such Extension
Period.  At the end of the Extension Period, all accrued and unpaid
Distributions (but only to the extent payments are made in respect of the
Debentures held by the Institutional Trustee and to the extent the Institutional
Trustee has funds available therefor) will be payable to the Holders of the
Securities in whose names the Securities are registered in the Security Register
on the record date relating to the Distribution Date on which the Extension
Period ends.  Prior to the termination of any such Extension Period, the
Debenture Issuer may further defer payments of interest by further extending
such Extension Period; provided that such Extension Period together with all
                       -------- ----
such previous and further extensions thereof may not exceed 20 consecutive
quarters or extend beyond the maturity date of the Debentures.  Upon the
termination of any Extension Period and the payment of all amounts then due, the
Debenture Issuer may commence a new Extension Period, subject to the above
requirements.  The Regular Trustees will give notice to each Holder of any
Extension Period upon their receipt of notice thereof from the Debenture Issuer.

          (c)  Distributions on the Securities will be payable to the Holders
thereof as they appear on the books and records of the Trust on the relevant
record dates.
<PAGE>

While the Preferred Securities remain in book-entry only form, the relevant
record dates shall be one Business Day prior to the relevant payment dates which
payment dates correspond to the interest payment dates on the Debentures.
Subject to any applicable laws and regulations and the provisions of the
Declaration, each such payment in respect of the Preferred Securities will be
made as described under the heading "Description of the Preferred Securities B
Book-Entry Only Issuance B The Depository Trust Company" in the Prospectus
Supplement dated January 30, 2001 to the Prospectus dated October 11, 2000
(together, the "Prospectus"), of the Trust included in the Registration
                ----------
Statement on Form S-3 of the Sponsor, the Trust and certain other business
trusts. The relevant record dates for the Common Securities shall be the same
record date as for the Preferred Securities when the Preferred Securities are
not in book-entry only form. If the Preferred Securities shall not continue to
remain in book-entry only form, the relevant record dates for the Preferred
Securities shall be January 15, April 15, July 15 and October 15, as the case
may be. Payments in respect of Preferred Securities held in certificated form
will be made by check mailed to the Holder entitled thereto. Distributions
payable on any Securities that are not punctually paid on any Distribution
payment date, as a result of the Debenture Issuer having failed to make a
payment under the Debentures, will cease to be payable to the Person in whose
name such Securities are registered on the relevant record date, and such
defaulted Distribution will instead be payable to the Person in whose name such
Securities are registered on the special record date or other specified date
determined in accordance with the Indenture. If any Distribution Date is not a
Business Day, then payment of the Distribution payable on such date will be made
on the next succeeding day that is a Business Day, in each case with the same
force and effect as if made on such date.

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

          3.   Liquidation Distribution Upon Dissolution.
               -----------------------------------------

          In the event of any voluntary or involuntary dissolution, winding-up
or termination of the Trust, the Holders of the Securities on the date of the
dissolution, winding-up or termination, as the case may be, will be entitled to
receive out of the assets of the Trust available for distribution to Holders of
Securities after satisfaction of liabilities of creditors an amount equal to the
aggregate of the stated liquidation amount of $25 per Security plus accrued and
unpaid Distributions thereon to the date of payment (such amount being the
"Liquidation Distribution"), unless, in connection with such dissolution,
-------------------------
winding-up or termination, Debentures in an aggregate stated principal amount
equal to the aggregate stated liquidation amount of such Securities, with an
interest rate equal to the Distribution Rate of, and bearing accrued and unpaid
interest in an amount equal to the accrued and unpaid Distributions on, such
Securities, shall be distributed on a Pro Rata basis to the Holders of the
Securities in exchange for such Securities.  Prior to any such Liquidation
Distribution, the Debenture Issuer will obtain any required regulatory approval.
<PAGE>

          If, upon any such dissolution, the Liquidation Distribution can be
paid only in part because the Trust has insufficient assets available to pay in
full the aggregate Liquidation Distribution, then the amounts payable directly
by the Trust on the Securities shall be paid on a Pro Rata basis.

          4.   Redemption and Distribution.
               ---------------------------

          (a)  Upon the repayment of the Debentures in whole or in part, whether
at maturity or upon redemption (either at the option of the Debenture Issuer, in
accordance with the Indenture, or pursuant to a Special Event as described
below), the proceeds from such repayment or payment shall be simultaneously
applied to redeem Securities having an aggregate liquidation amount equal to the
aggregate principal amount of the Debentures so repaid or redeemed at a
redemption price of $25 per Security plus an amount equal to accrued and unpaid
Distributions thereon at the date of the redemption, payable in cash (the
"Redemption Price").  Holders will be given not less than 30 nor more than 60
-----------------
days notice of such redemption.  Prior to any such redemption, the Debenture
Issuer will obtain any required regulatory approval.

          (b)  In the case of an optional redemption, if fewer than all the
outstanding Securities are to be so redeemed, the Common Securities and the
Preferred Securities will be redeemed Pro Rata and the Preferred Securities to
be redeemed will be as described in Section 4(f)(ii) below.

          (c)  Subject to the prior approval of the Federal Reserve if such
approval is then required under applicable law, rules, guidelines or policies of
the Federal Reserve, the Regular Trustees at any time shall have the right to
dissolve the Trust and, after satisfaction of the claims of creditors, cause the
Debentures held by the Institutional Trustee, having an aggregate principal
amount equal to the aggregate stated liquidation amount of, with an interest
rate identical to the Coupon Rate of, and accrued on unpaid interest equal to
accrued and unpaid distributions on, and having the same record date for payment
as the Securities, to be distributed to the Holders of the Securities in
liquidation of such Holders' interests in the trust on a Pro Rata basis.

          (d)  If, at any time, a Tax Event, an Investment Company Event or a
Capital Treatment Event (each as defined below and each a "Special Event") shall
                                                           -------------
occur and be continuing, the Debenture Issuer shall have the right at any time,
upon not less than 30 nor more than 60 days notice, to redeem the Debentures in
whole or in part for cash within 90 days following the occurrence of such
Special Event (or, if the approval of the Federal Reserve Board is then required
for such redemption, on such later date as promptly as practicable after such
approval is obtained), and, following such redemption, Securities with an
aggregate liquidation amount equal to the aggregate principal amount of the
Debentures so redeemed shall be redeemed by the Trust at the Redemption Price on
a Pro Rata basis.
<PAGE>

          A "Tax Event" means the receipt by the Trust of an opinion of counsel
             ---------
to the Sponsor 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 the date of issuance of
the Preferred Securities under the Declaration, there is more than an
insubstantial risk that (i) the Trust is, or will be within 90 days of the date
of such opinion, subject to United States federal income tax with respect to
income received or accrued on the Debentures, (ii) interest payable by the
Sponsor on the Debentures is not, or within 90 days of such opinion, will not
be, deductible by the Sponsor, in whole or in part, for United States federal
income tax purposes or (iii) the Trust is, or will be within 90 days of the date
of the opinion, subject to more than a de minimis amount of other taxes, duties
or other governmental charges.

          "Investment Company Event"  means that the Regular Trustees shall have
           ------------------------
received an opinion of a nationally recognized independent counsel experienced
in practice under the Investment Company Act (an "Investment Company Event
                                                  ------------------------
Opinion") to the effect that, as a result of the occurrence of a change in law
-------
or regulation or a written change in interpretation or application of law or
regulation by any legislative body, court, governmental agency or regulatory
authority (a "Change in 1940 Act Law"), there is a more than an insubstantial
              ----------------------
risk that the Trust is or will be considered an Investment Company which is
required to be registered under the Investment Company Act, which Change in 1940
Act Law becomes effective on or after the date of issuance of the Preferred
Securities.

          A "Capital Treatment Event" means the reasonable determination by the
             -----------------------
Sponsor that, as a result of the occurrence 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 thereof or
therein, or as a result of any official or administrative pronouncement or
action or judicial decision interpreting or applying such laws or regulations,
which amendment or change is effective or such pronouncement, action or decision
is announced on or after the date of issuance of the Preferred Securities under
the Declaration, there is more than an insubstantial risk that the Sponsor will
not be entitled to treat an amount equal to the liquidation amount of the
Preferred Securities as "Tier I Capital" (or the then equivalent thereof) for
purposes of the capital adequacy guidelines of the Federal Reserve, as then in
effect and applicable to the Sponsor.

          On and from the date fixed by the Regular Trustees for any
distribution of Debentures and dissolution of the Trust:  (i) the Securities
will no longer be deemed to be outstanding, (ii) The Depository Trust Company
(the "Depository") or its nominee (or any successor Clearing Agency or its
      ----------
nominee), as the record Holder of the Preferred Securities, will receive a
registered global certificate or certificates representing the
<PAGE>

Debentures to be delivered upon such distribution and any certificates
representing Securities, except for certificates representing Preferred
Securities held by the Depository or its nominee (or any successor Clearing
Agency or its nominee), will be deemed to represent beneficial interests in the
Debentures having an aggregate principal amount equal to the aggregate stated
liquidation amount of, with an interest rate identical to the Coupon Rate of,
and accrued and unpaid interest equal to accrued and unpaid Distributions on
such Securities until such certificates are presented to the Debenture Issuer or
its agent for transfer or reissue.

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

          (f)  If the Debentures are distributed to the Holders of the
Securities, pursuant to the terms of the Indenture, the Debenture Issuer will
use its best efforts to cause the Debentures to be listed on the New York Stock
Exchange or on such other exchanges as the Preferred Securities were listed
immediately prior to the distribution of the Debentures.

          (g)  If a partial redemption of the Debentures would result in the
delisting of the Preferred Securities issued by the Trust from any national
securities exchange or other organization on which the Preferred Securities are
then listed, the Debenture Issuer shall not be permitted to effect such partial
redemption and may only redeem the Debentures in whole.

          (h)  The procedure with respect to redemptions and distributions of
Debentures shall be as follows:

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

          (ii)  All notices of redemption shall state:

                (a)  the redemption date;
                (b)  the Redemption Price;

                (c)  the CUSIP number;

                (d)  if fewer than all the outstanding Securities are to be
          redeemed, the identification and the total liquidation amount of the
          particular Securities to be redeemed; and

                (e)  that on the redemption date the Redemption Price will
          become due and payable upon each such Security to be redeemed and that
          Distributions thereon will cease to accrue on and after said date.

          (iii) In the event that fewer than all the outstanding Securities are
     to be redeemed, the Securities to be redeemed shall be redeemed Pro Rata
     from each Holder of Preferred Securities, it being understood that, in
     respect of Preferred Securities registered in the name of and held of
     record by the Depository or its nominee (or any successor Clearing Agency
     or its nominee) or any nominee, the distribution of the proceeds of such
     redemption will be made to each Clearing Agency Participant (or Person on
     whose behalf such nominee holds such securities) in accordance with the
     procedures applied by such agency or nominee.

          (iv)  If Securities are to be redeemed and the Trust gives a
     Redemption/Distribution Notice, which notice may only be issued if the
     Debentures are to be redeemed as set out in this Section 4 (which notice
     will be irrevocable), then (A) while the Preferred Securities are in book-
     entry only form, with respect to the Preferred Securities, by 12:00 noon,
     New York City time, on the redemption date, provided that by 10 a.m. New
     York City time, on that date the Debenture Issuer has paid the
     Institutional Trustee or other holder of the Institutional Trustee Account
     a sufficient amount of cash in connection with the related redemption or
     maturity of the Debentures, the Institutional Trustee or the Paying Agent
     will deposit irrevocably with the Depository or its nominee (or successor
     Clearing Agency or its nominee) funds sufficient to pay the applicable
     Redemption Price with respect to the Preferred Securities and will give the
     Depository irrevocable instructions and authority to pay the Redemption
     Price to the Holders of the Preferred Securities, and (B) with respect to
     Preferred Securities issued in definitive form and Common Securities,
     provided that the Debenture Issuer has paid the Institutional Trustee or
     the holder of the Institutional Trustee Account a sufficient amount of cash
     in connection with the related redemption or maturity of the Debentures,
     the Institutional Trustee or the Paying Agent will pay the relevant
     Redemption Price to the Holders of such Securities by check mailed to the
     address of the relevant Holder appearing on the books and records of the
     Trust on the redemption date. If a
<PAGE>

     Redemption/Distribution Notice shall have been given and funds deposited as
     required, if applicable, then on and after the redemption date,
     Distributions will cease to accrue on the Securities so called for
     redemption and all rights of Holders of such Securities so called for
     redemption will cease, except the right of the Holders of such Securities
     to receive the Redemption Price, but without interest on such Redemption
     Price. Neither the Regular Trustees nor the Trust shall be required to
     register or cause to be registered the transfer of (i) any Securities
     beginning on the opening of business 15 days before the day of mailing of a
     notice of redemption and ending at the close of business on the day of such
     mailing or (ii) any Securities selected for redemption except the
     unredeemed portion of any Security being redeemed in part. If any date
     fixed for redemption of Securities is not a Business Day, then payment of
     the Redemption Price 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 Business Day
     falls in the next calendar year, such payment will be made on the
     immediately preceding Business Day, in each case with the same force and
     effect as if made on such date fixed for redemption. If payment of the
     Redemption Price in respect of any Securities is improperly withheld or
     refused and not paid either by the Institutional Trustee or by the Sponsor
     as guarantor pursuant to the relevant Securities Guarantee, Distributions
     on such Securities will continue to accrue from the original redemption
     date to the actual date of payment, in which case the actual payment date
     will be considered the date fixed for redemption for purposes of
     calculating the Redemption Price.

          (v)   Redemption/Distribution Notices shall be sent by the Regular
     Trustees on behalf of the Trust to (A) in respect of the Preferred
     Securities, the Depository or its nominee (or any successor Clearing Agency
     or its nominee) if the Global Certificates have been issued or, if
     Definitive Preferred Security Certificates have been issued, to the Holder
     thereof, and (B) in respect of the Common Securities to the Holder thereof.

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

          (vii) Upon presentation of any Security redeemed in part only, the
     Regular Trustee on behalf of the Trust shall execute and the Institutional
     Trustee shall authenticate and deliver to the Holder thereof a new Security
     in aggregate liquidation amount equal to the unredeemed portion of the
     Security so presented and having the same original issue date, stated
     maturity and terms.
<PAGE>

          5.   Voting Rights - Preferred Securities.
               ------------------------------------

          (a)  Except as provided under Sections 5(b) and 7 and as otherwise
required by law and the Declaration, the Holders of the Preferred Securities
will have no voting rights.

          (b)  Subject to the requirements set forth in this paragraph and
Section 2.6(a), the Holders of a majority in aggregate liquidation amount of the
Preferred Securities, voting separately as a class may direct the time, method,
and place of conducting any proceeding for any remedy available to the
Institutional Trustee, or exercising any trust or power conferred upon the
Institutional Trustee under the Declaration, including the right to direct the
Institutional Trustee, as holder of the Debentures, to (i) exercise the remedies
available under the Indenture to holders of the Debentures, including the right
to direct the time method and place of conducting any proceeding for any remedy
available to the Debenture Trustee, or exercising any trust or power conferred
on the Debenture Trustee with respect to the Debentures, (ii) waive any past
default and its consequences that is waivable under Section 7.13 of the
Indenture, (iii) exercise any right to rescind or annul a declaration that the
principal of all the Debentures shall be due and payable, or (iv) consent to any
amendment, modification or termination of the Indenture or the Debentures where
such consent of the holders of the Debentures would be required, provided,
                                                                 --------
however, that, where a consent under the Indenture would require the consent or
-------
act of the Holders of greater than a majority of the Holders in principal amount
of Debentures affected thereby, (a "Super Majority"), the Institutional Trustee
                                    --------------
may only give such consent or take such action at the written direction of the
Holders of at least the proportion in liquidation amount of the Preferred
Securities which the relevant Super Majority represents of the aggregate
principal amount of the Debentures outstanding.  The Institutional Trustee shall
not revoke any action previously authorized or approved by a vote of the Holders
of the Preferred Securities.  Other than with respect to directing the time,
method and place of conducting any remedy available to the Institutional Trustee
or the Debenture Trustee as set forth above, the Institutional Trustee shall not
take any action in accordance with the directions of the Holders of the
Preferred Securities under this paragraph unless the Institutional Trustee has
obtained an opinion of nationally recognized independent tax counsel experienced
in such matters to the effect that for the purposes of United States federal
income tax the Trust will not be classified as other than a grantor trust on
account of such action.  If a Declaration Event of Default has occurred and is
continuing and such event is attributable to the failure of the Debenture Issuer
to pay interest or principal on the Debentures on the date such interest or
principal is otherwise payable (or in the case of redemption, on the redemption
date), then a holder of Preferred Securities may directly institute a proceeding
for enforcement of payment to such Holder of the principal of or interest on the
Debentures having a principal amount equal to the aggregate liquidation amount
of the Preferred Securities of such holder (a "Direct Action") on or after the
                                               -------------
respective due date specified in the Debentures.  In connection with such Direct
Action, the Common Securities Holder will be subrogated to the rights of such
holder of Preferred Securities to the extent of any payment made by the Issuer
to such holder of Preferred Securities in such Direct Action.  Except as
provided in the preceding sentences and Section 3.8 (e) of
<PAGE>

the Declaration, the Holders of Preferred Securities will not be able to
exercise directly any other remedy available to the holders of the Debentures.
Any amount payable pursuant to the Declaration to any Holder of a Preferred
Security shall be reduced by the amount of any corresponding payment such Holder
has directly received pursuant to such Direct Action.

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

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

          Notwithstanding that Holders of Preferred Securities are entitled to
give, make or take requests, demands, authorizations, directions, notices,
consents, waivers or other actions under any of the circumstances described in
this Declaration, any of the Preferred Securities that are owned by the Sponsor
or any Affiliate of the Sponsor shall not be entitled to give, make or take any
such action and shall, for purposes of such action, be treated as if they were
not outstanding, except that (a) in determining whether any Trustee shall be
protected in relying on any such request, demand, authorization, direction,
notice, consent or waiver, only Securities that a Responsible Officer of such
Trustee actually knows to be so owned shall be so disregarded and (b) the
foregoing shall not apply at any time when all of the outstanding Securities are
owned by the Sponsor or any Affiliate.

          Any request, demand, authorization, direction, notice, consent, waiver
or other action provided or permitted by this Declaration to be given, made or
taken by Holders of Preferred Securities may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing; and, except as otherwise
expressly provided herein, such action shall become effective when such
instrument or instruments are delivered to the Institutional Trustee.  Such
instrument or instruments (and the  action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Holders signing
such instrument or instruments.  Proof of execution of any such instrument or of
a writing appointing any such agent shall be sufficient for any purpose of this
Declaration
<PAGE>

and (subject to Section 3.9) conclusive in favor of the Trustees, if made in the
manner provided herein.

          The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. Where such
execution is by a signer acting in a capacity other than his individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved
in any other manner which any Trustee receiving the same deems sufficient.

          The ownership of Securities shall be proved by the Securities
Register.

          Any request, demand, authorization, direction, notice, consent, waiver
or other Act of the Holder of any Preferred Security shall bind every future
Holder of the same Preferred Security and the Holder of every Preferred Security
issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof in respect of anything done, omitted or suffered to be done by the
Trustees or the Trust in reliance thereon, whether or not notation of such
action is made upon such Preferred Security.

          Without limiting the foregoing, a Holder entitled hereunder to take
any action hereunder with regard to any particular Preferred Security may do so
with regard to all or any part of the liquidation amount of such Preferred
Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such liquidation
amount.

          If any dispute shall arise between the Holders of Preferred Securities
and Trustees or among such Holders or Trustees with respect to the authenticity,
validity or binding nature of any request, demand, authorization, direction,
consent, waiver or other Act of such Holder or Trustee hereunder, then the
determination of such matter by the Institutional Trustee shall be conclusive
with respect to such matter.

          6.   Voting Rights - Common Securities.
               ---------------------------------

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

          (b)  The Holders of the Common Securities are entitled, in accordance
with Article V of the Declaration, to vote to appoint, remove or replace any
Trustee or to increase or decrease the number of Trustees.
<PAGE>

          (c)  Subject to Section 2.6 of the Declaration and only after the
Event of Default with respect to the Preferred Securities has been cured,
waived, or otherwise eliminated and subject to the requirements of the second to
last sentence of this paragraph, the Holders of a Majority in liquidation amount
of the Common Securities, voting separately as a class, may direct the time,
method, and place of conducting any proceeding for any remedy available to the
Institutional Trustee, or exercising any trust or power conferred upon the
Institutional Trustee under the Declaration, including (i) directing the time,
method, place of conducting any proceeding for any remedy available to the
Debenture Trustee, or exercising any trust or power conferred on the Debenture
Trustee with respect to the Debentures, (ii) waive any past default and its
consequences that is waivable under Section 7.13 of the Indenture, (iii)
exercise any right to rescind or annul a declaration that the principal of all
the Debentures shall be due and payable, or (iv) consent to any amendment,
modification or termination of the Indenture or the Debentures where such
consent of the holders of the Debentures would be required, provided that, where
                                                            -------- ----
a consent or action under the Indenture would require the consent or act of the
Holders of a Super Majority, the Institutional Trustee may only give such
consent or take such action at the written direction of the Holders of at least
the proportion in liquidation amount of the Common Securities which the relevant
Super Majority represents of the aggregate principal amount of the Debentures
outstanding.  Pursuant to this Section 6(c), the Institutional Trustee shall not
revoke any action previously authorized or approved by a vote of the Holders of
the Preferred Securities.  Other than with respect to directing the time, method
and place of conducting any remedy available to the Institutional Trustee or the
Debenture Trustee as set forth above, the Institutional Trustee shall not take
any action in accordance with the directions of the Holders of the Common
Securities under this paragraph unless the Institutional Trustee has obtained an
opinion of nationally recognized independent tax counsel experienced in such
matters to the effect that for the purposes of United States federal income tax
the Trust will not be classified as other than a grantor trust on account of
such action.  If the Institutional Trustee fails to enforce its rights under the
Declaration, any Holder of Common Securities may, to the fullest extent
permitted by law institute a legal proceeding directly against any Person to
enforce the Institutional Trustee's rights under the Declaration, without first
instituting a legal proceeding against the Institutional Trustee or any other
Person.

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

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

          Any request, demand, authorization, direction, notice, consent, waiver
or other action provided or permitted by this Declaration to be given, made or
taken by Holders of Common Securities may be embodied in and evidenced by one or
more instruments of substantially similar tenor signed by such Holders or in
person or by an agent duly appointed in writing, and except as otherwise
expressly provided herein, such action shall become effective when such
instrument or instruments are delivered to the Institutional Trustee.  Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Holders signing
                                                  ---
such instrument or instruments.  Proof of execution of any such instrument or of
a writing appointing any such agent shall be sufficient for any purpose of this
Declaration and (subject to Section 3.9) conclusive in favor of the Trustees, if
made in the manner provided herein.

          The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof.  Where
such execution is by a signer acting in a capacity other than his individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his authority.  The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved
in any other manner which any Trustee receiving the same deems sufficient.

          The ownership of Securities shall be proved by the Securities
Register.

          Any request, demand, authorization, direction, notice, consent, waiver
or other Act of the Holder of any Common Security shall bind every future Holder
of the same Common Security and the Holder of every Common Security issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done by the Trustees or
the Trust in reliance thereon, whether or not notation of such action is made
upon Common Security.

          Without limiting the foregoing, a Holder entitled hereunder to take
any action hereunder with regard to any particular Common Security may do so
with regard to all or any part of the liquidation amount of such Common Security
or by one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such liquidation amount.

          If any dispute shall arise between the Holders of Common Securities
and the Trustees or among such Holders or Trustees with respect to the
authenticity, validity
<PAGE>

or binding nature of any request, demand, authorization, direction, consent,
waiver or other Act of such Holder or Trustee hereunder, then the determination
of such matter by the Institutional Trustee shall be conclusive with respect to
such matter.

          7.   Amendments to Declaration and Indenture.
               ---------------------------------------

          (a)  In addition to any requirements under Section 12.1 of the
Declaration, if any proposed amendment to the Declaration provides for, or the
Regular Trustees otherwise propose to effect, (i) any action that would
adversely affect the powers, privileges, preferences or special rights of the
Securities, whether by way of amendment to the Declaration or otherwise, or (ii)
the dissolution, winding-up or termination of the Trust, other than as described
in Section 8.1 of the Declaration, then the Holders of Securities voting
together as a single class, will be entitled to vote on such amendment or
proposal (but not on any other amendment or proposal) and such amendment or
proposal shall not be effective except with the approval of the Holders of at
least a Majority in liquidation amount of the Securities, affected thereby;

provided, however, that if any amendment or proposal referred to in clause (i)
--------  -------
above would adversely affect only the Preferred Securities or only the Common
Securities, then only the affected class will be entitled to vote on such
amendment or proposal and such amendment or proposal shall not be effective
except with the approval of a Majority in liquidation amount of such class of
Securities.

          (b)  In the event the consent of the Institutional Trustee as the
holder of the Debentures is required under the Indenture with respect to any
amendment, modification or termination of the Indenture or the Debentures, the
Institutional Trustee shall request the written direction of the Holders of the
Securities with respect to such amendment, modification or termination and shall
vote with respect to such amendment, modification or termination as directed by
a Majority in liquidation amount of the Securities voting together as a single
class; provided, however, that where a consent under the Indenture would require
       --------  -------
the consent of the holders of a Super Majority, the Institutional Trustee may
only give such consent at the direction of the Holders of at least the
proportion in liquidation amount of the Securities which the relevant Super
Majority represents of the aggregate principal amount of the Debentures
outstanding; provided, further, that the Institutional Trustee shall not take
             --------  -------
any action in accordance with the directions of the Holders of the Securities
under this Section 7(b) unless the Institutional Trustee has obtained an opinion
of nationally recognized independent tax counsel experienced in such matters to
the effect that for the purposes of United States federal income tax the Trust
will not be classified as other than a grantor trust on account of such action.

          8.   Pro Rata.
               --------

          A reference in these terms of the Securities to any payment,
distribution or treatment as being "Pro Rata" shall mean pro rata to each Holder
of Securities according to the aggregate liquidation amount of the Securities
held by the relevant Holder in relation to the aggregate liquidation amount of
all Securities outstanding unless, in
<PAGE>

relation to a payment, an Event of Default under the Declaration has occurred
and is continuing, in which case any funds available to make such payment shall
be paid first to each Holder of the Preferred Securities pro rata according to
the aggregate liquidation amount of Preferred Securities held by the relevant
Holder relative to the aggregate liquidation amount of all Preferred Securities
outstanding, and only after satisfaction of all amounts owed to the Holders of
the Preferred Securities, to each Holder of Common Securities pro rata according
to the aggregate liquidation amount of Common Securities held by the relevant
Holder relative to the aggregate liquidation amount of all Common Securities
outstanding. In any such proration the Trust may make such adjustments as may be
appropriate in order that only Securities in authorized denominations shall be
redeemed.

          9.   Ranking.
               -------

          The Preferred Securities rank pari passu with the Common Securities
and payment thereon shall be made Pro Rata with the Common Securities except
that, if an Event of Default under the Declaration occurs and is continuing the
rights of Holders of the Common Securities to payment in respect of
Distributions and payments upon liquidation, redemption and otherwise are
subordinated to the rights to payment of the Holders of the Preferred
Securities.

          10.  Listing.
               -------

          The Regular Trustees shall use their best efforts to cause the
Preferred Securities to be listed on the New York Stock Exchange.

          11.  Acceptance of Securities Guarantee and Indenture.
               ------------------------------------------------

          Each Holder of Preferred Securities and Common Securities, by the
acceptance thereof, agrees to the provisions of the Preferred Securities
Guarantee and the Common Securities Guarantee, respectively, including the
subordination provisions therein and to the provisions of the Indenture.

          12.  No Preemptive Rights.
               --------------------

          The Holders of the Securities shall have no preemptive or similar
rights to subscribe for any additional securities.

          13.  Miscellaneous.
               -------------

          These terms constitute a part of the Declaration.
<PAGE>

          The Sponsor will provide a copy of the Declaration, the Preferred
Securities Guarantee or the Common Securities Guarantee (as may be appropriate),
and the Indenture to a Holder without charge on written request to the Sponsor
at its principal place of business.
<PAGE>

                                  EXHIBIT A-1

                    FORM OF PREFERRED SECURITY CERTIFICATE

          [This Preferred Security is a Global Certificate within the meaning of
the Declaration hereinafter referred to and is registered in the name of The
Depository Trust Company (the "Depositary") or a nominee of the Depositary.
                               ----------
This Preferred Security is exchangeable for Preferred Securities registered in
the name of a person other than the Depositary or its nominee only in the
limited circumstances described in the Declaration and no transfer of this
Preferred Security (other than a transfer of this Preferred 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 Preferred Security is presented by an authorized
representative of The Depository Trust Company (55 Water Street, New York, New
York) to the Trust or its agent for registration of transfer, exchange or
payment, and any Preferred Security issued is registered in the name of Cede &
Co. or such other name as requested by an authorized representative of The
Depository Trust Company and any payment hereon is made to Cede & Co., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS
WRONGFUL since the registered owner hereof, Cede & Co., has an interest
herein.]/1/

_________________________
/1/  Insert in Global Certificates only.
<PAGE>

          THIS SECURITY IS NOT A SAVINGS OR DEPOSIT ACCOUNT OR OTHER OBLIGATION
OF A BANK AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY.

Certificate Number                                          Preferred Securities

                                                                       CUSIP NO.

                  Certificate Evidencing Preferred Securities

                                      of

                              BANK ONE CAPITAL V

                            8% Preferred Securities

               (liquidation amount $ 25 per Preferred Security)
          BANK ONE CAPITAL V, a statutory business trust formed under the laws
of the State of Delaware (the "Trust"), hereby certifies that ______________
                               -----
(the "Holder") is the registered owner of _________________ preferred securities
      ------
of the Trust representing undivided beneficial interests in the assets of the
Trust designated the 8% Preferred Securities (liquidation amount $25 per
Preferred Security) (the "Preferred Securities").  The Preferred Securities are
                          --------------------
transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in
proper form for transfer.  The designation, rights, privileges, restrictions,
preferences and other terms and provisions of the Preferred Securities
represented hereby are issued and shall in all respects be subject to the
provisions of the Amended and Restated Declaration of Trust of the Trust dated
as of January 30, 2001, as the same may be amended from time to time (the
"Declaration"), including the designation of the terms of the Preferred
 -----------
Securities as set forth in Annex I to the Declaration.  Capitalized terms used
herein but not defined shall have the meaning given them in the Declaration.
The Holder is entitled to the benefits of the Preferred Securities Guarantee to
the extent provided therein.  The Sponsor will provide a copy of the
Declaration, the Preferred Securities Guarantee and the Indenture to a Holder
without charge upon written request to the Trust at its principal place of
business.

          Upon receipt of this certificate, the Holder is bound by the
Declaration and is entitled to the benefits thereunder.
<PAGE>

          By acceptance, the Holder agrees to treat, for United States federal
income tax purposes, the Debentures as indebtedness and the Preferred Securities
as evidence of indirect beneficial ownership in the Debentures.

          IN WITNESS WHEREOF, the Trust has executed this certificate this
day of               .

                                                   BANK ONE CAPITAL V

                                                   By:_________________________
                                                      Name:  Charles W. Scharf
                                                      Title: Regular Trustee
<PAGE>

                         CERTIFICATE OF AUTHENTICATION

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

Dated:

THE CHASE MANHATTAN BANK,
 as Institutional Trustee

By:__________________________________
   Authorized Officer
<PAGE>

                         [FORM OF REVERSE OF SECURITY]

          Distributions will be payable on each Preferred Security at a fixed
rate per annum of 8% (the "Distribution Rate") of the stated liquidation amount
                           -----------------
of $25 per Preferred Security.  Distributions in arrears for more than one
quarter will bear interest thereon compounded quarterly at the Distribution Rate
(to the extent permitted by applicable law).  The term "Distributions" as used
                                                        -------------
herein includes such cash distributions and any such interest payable unless
otherwise stated.  A Distribution is payable only to the extent that payments
are made in respect of the Debentures held by the Institutional Trustee and to
the extent the Institutional Trustee has funds available therefor.  The
Distribution Amount payable for each Distribution Period will be calculated as
provided in the Declaration.

          Except as otherwise described below, distributions on the Preferred
Securities will be cumulative, will accrue from January 30, 2001, and will be
payable quarterly in arrears, on January 30, April 30, July 30 and October 30 of
each year, commencing on April 30, 2001 to the Holders thereof as they appear on
the books and records of the Trust on the relevant record dates.  While the
Preferred Securities remain in book-entry only form, the relevant record dates
shall be one Business Day prior to the relevant payment dates.  If the Preferred
Securities shall not continue to remain in book-entry only form, the relevant
record dates for the Preferred Securities shall be January 15, April 15, July 15
and October 15 of each year, as the case may be.  The Debenture Issuer has the
right under the Indenture to defer payments of interest by extending the
interest payment period from time to time on the Debentures for a period not
exceeding 20 consecutive quarters (each an "Extension Period"), provided that no
                                            ----------------    -------- ----
Extension Period shall end on a day other than an interest payment date for the
Debentures or shall extend beyond the date of the maturity of the Debentures.
As a consequence of such deferral, Distributions will also be deferred.  Despite
such deferral, quarterly Distributions will continue to accrue with interest
thereon (to the extent permitted by applicable law) at the Distribution Rate
compounded quarterly during any such Extension Period.  At the end of the
Extension Period, all accrued and unpaid Distributions (but only to the extent
payments are made in respect of the Debentures held by the Institutional Trustee
and to the extent the Institutional Trustee has funds available therefor) will
be payable to the Holders of the Securities in whose names the Securities are
registered in the Security Register on the record date relating to the
Distribution Date on which the Extension Period ends.  Prior to the termination
of any such Extension Period, the Debenture Issuer may further defer payments of
interest by further extending such Extension Period; provided that such
                                                     -------- ----
Extension Period together with all such previous and further extensions thereof
may not exceed 20 consecutive quarters or extend beyond the maturity date of the
Debentures.  Upon the termination of any Extension Period and the payment
<PAGE>

of all amounts then due, the Debenture Issuer may commence a new Extension
Period, subject to the above requirements.

          Subject to the prior approval of the Federal Reserve if such approval
is then required under applicable law, rules, guidelines or policies of the
Federal Reserve, the Regular Trustees shall have the right at any time to
dissolve the Trust and cause, after satisfaction of the creditors of the Trust,
the Debentures to be distributed to the holders of the Securities in liquidation
of the Trust.

The Preferred Securities shall be redeemable as provided in the Declaration.
<PAGE>

                             _____________________

                                  ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Preferred
Security Certificate to:

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

       (Insert assignee's social security or tax identification number)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

_________________________________________
                   (Insert address and zip code of assignee)

and irrevocably appoints

________________________________________________________________________________

________________________________________________________________________________

_________________________________________ agent to transfer this Preferred
Security Certificate on the books of the Trust. The agent may substitute another
to act for him or her.

Date: _______________________

Signature: __________________
(Sign exactly as your name appears on the other side of this Preferred Security
Certificate)

Signature Guarantee **:  ___________________________________

________________________

**   [Signature must be guaranteed by an "eligible guarantor institution" that
     is a bank, stockbroker, savings and loan association or credit union
     meeting the requirements of the Registrar, which requirements include
     membership or participation in the Securities Transfer Agents Medallion
     Program ("STAMP") or such other "signature guarantee program" as may be
     determined by the Registrar in addition to, or in substitution for, STAMP,
     all in accordance with the Securities and Exchange Act of 1934, as
     amended.]
<PAGE>

                                  EXHIBIT A-2

                      FORM OF COMMON SECURITY CERTIFICATE

           EXCEPT AS PROVIDED IN THE DECLARATION (AS DEFINED BELOW),
                     THIS CERTIFICATE IS NOT TRANSFERABLE

Certificate Number                                           Common Securities

                   Certificate Evidencing Common Securities

                                      of

                              BANK ONE CAPITAL V

                             8% Common Securities
                 (liquidation amount $25 per Common Security)

                  BANK ONE CAPITAL V, a statutory business trust formed under
the laws of the State of Delaware (the "Trust"), hereby certifies that BANK ONE
                                        -----
CORPORATION (the "Holder") is the registered owner of ______ common securities
                  ------
of the Trust representing undivided beneficial interests in the assets of the
Trust designated the 8% Common Securities (liquidation amount $25 per Common
Security) (the "Common Securities"). Except as provided in the Declaration (as
                -----------------
defined below), the Common Securities are not transferable. The designation,
rights, privileges, restrictions, preferences and other terms and provisions of
the Common Securities represented hereby are issued and shall in all respects be
subject to the provisions of the Amended and Restated Declaration of Trust of
the Trust dated as of January 30, 2001, as the same may be amended from time to
time (the "Declaration"), including the designation of the terms of the Common
           -----------
Securities as set forth in Annex I to the Declaration. Capitalized terms used
herein but not defined shall have the meaning given them in the Declaration. The
Holder is entitled to the benefits of the Common Securities Guarantee to the
extent provided therein. The Sponsor will provide a copy of the Declaration, the
Common Securities Guarantee and the Indenture to a Holder without charge upon
written request to the Sponsor at its principal place of business.

                  Upon receipt of this certificate, the Sponsor is bound by the
Declaration and is entitled to the benefits thereunder.
<PAGE>

                  THIS SECURITY IS NOT A SAVINGS OR DEPOSIT ACCOUNT OR OTHER
OBLIGATION OF A BANK AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

                  By acceptance, the Holder agrees to treat, for United States
federal income tax purposes, the Debentures as indebtedness and the Common
Securities as evidence of indirect beneficial ownership in the Debentures.

                  IN WITNESS WHEREOF, the Trust has executed this certificate
this day of

                                                     BANK ONE CAPITAL V

                                                 By:___________________________
                                                     Name: Charles W. Scharf
                                                     Title: Regular Trustee

                         CERTIFICATE OF AUTHENTICATION

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

Dated:

THE CHASE MANHATTAN BANK,
 as Institutional Trustee

By:________________________
    Authorized Officer
<PAGE>

                         [FORM OF REVERSE OF SECURITY]

                  Distributions will be payable on each Common Security at a
fixed rate per annum of 8% (the "Distribution Rate") of the stated liquidation
                                 -----------------
amount of $25 per Common Security. Distributions in arrears for more than one
quarter will bear interest thereon compounded quarterly at the Distribution Rate
(to the extent permitted by applicable law). The term "Distributions" as used
                                                       -------------
herein includes such cash distributions and any such interest payable unless
otherwise stated. A Distribution is payable only to the extent that payments are
made in respect of the Debentures held by the Institutional Trustee and to the
extent the Institutional Trustee has funds available therefor. The Distribution
Amount payable for each Distribution Period will be calculated as provided in
the Declaration.

                  Except as otherwise described below, distributions on the
Common Securities will be cumulative, will accrue from January 30, 2001, and
will be payable quarterly in arrears, on January 30, April 30, July 30 and
October 30 of each year, commencing on April 30, 2001 to the Holders thereof as
they appear on the books and records of the Trust on the relevant record dates.
While the Common Securities remain in book-entry only form, the relevant record
dates shall be one Business Day prior to the relevant payment dates. If the
Common Securities shall not continue to remain in book-entry only form, the
relevant record dates for the Common Securities shall be January 15, April 15,
July 15 and October 15 of each year, as the case may be. The Debenture Issuer
has the right under the Indenture to defer payments of interest by extending the
interest payment period from time to time on the Debentures for a period not
exceeding 20 consecutive quarters (each an "Extension Period"), provided that no
                                            ----------------    -------- ----
Extension Period shall end on a day other than an interest payment date for the
Debentures or shall extend beyond the date of the maturity of the Debentures. As
a consequence of such deferral, Distributions will also be deferred. Despite
such deferral, quarterly Distributions will continue to accrue with interest
thereon (to the extent permitted by applicable law) at the Distribution Rate
compounded quarterly during any such Extension Period. At the end of the
Extension Period, all accrued and unpaid Distributions (but only to the extent
payments are made in respect of the Debentures held by the Institutional Trustee
and to the extent the Institutional Trustee has funds available therefor) will
be payable to the Holders of the Securities in whose names the Securities are
registered in the Security Register on the record date relating to the
Distribution Date on which the Extension Period ends. Prior to the termination
of any such Extension Period, the Debenture Issuer may further defer payments of
interest by further extending such Extension Period; provided that such
                                                     -------- ----
Extension Period together with all such previous and further extensions thereof
may not exceed 20 consecutive quarters or extend beyond the maturity date of the
Debentures. Upon the termination of any Extension Period and the payment
<PAGE>

of all amounts then due, the Debenture Issuer may commence a new Extension
Period, subject to the above requirements.

                  Subject to the prior approval of the Federal Reserve if such
approval is then required under applicable law, rules, guidelines or policies of
the Federal Reserve, the Regular Trustees shall have the right at any time to
dissolve the Trust and cause, after satisfaction of creditors of the Trust, the
Debentures to be distributed to the holders of the Securities in liquidation of
the Trust.

The Common Securities shall be redeemable as provided in the Declaration.
<PAGE>

                                   EXHIBIT B

                             SPECIMEN OF DEBENTURE
<PAGE>

                                    EXHIBIT C

                             UNDERWRITING AGREEMENT

                                     ., 2001<PAGE>

                                                                    Exhibit 4.31

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

                   PREFERRED SECURITIES GUARANTEE AGREEMENT

                              BANK ONE CAPITAL V

                         Dated as of January 30, 2001

               ================================================
<PAGE>

                               TABLE OF CONTENTS
                               -----------------

<TABLE>
<CAPTION>
                                                                                               Page
                                                                                               ----
<S>                                                                                            <C>
                                                ARTICLE I

                                    DEFINITIONS AND INTERPRETATION

SECTION 1.1  Definitions and Interpretation....................................................   2

                                               ARTICLE II

                                           TRUST INDENTURE ACT

SECTION 2.1  Trust Indenture Act; Application..................................................   5
SECTION 2.2  Lists of Holders of Securities....................................................   5
SECTION 2.3  Reports by the Preferred Guarantee Trustee........................................   6
SECTION 2.4  Periodic Reports to Preferred Guarantee Trustee...................................   6
SECTION 2.5  Evidence of Compliance with Conditions Precedent..................................   6
SECTION 2.6  Events of Default; Waiver.........................................................   6
SECTION 2.7  Event of Default; Notice..........................................................   6
SECTION 2.8  Conflicting Interests.............................................................   7

                                               ARTICLE III

                           POWERS, DUTIES AND RIGHTS OF PREFERRED GUARANTEE

SECTION 3.1  Powers and Duties of the Preferred Guarantee Trustee..............................   7
SECTION 3.2  Certain Rights of Preferred Guarantee Trustee.....................................   9
SECTION 3.3  Not Responsible for Recitals or Issuance of
                        Preferred Securities Guarantee.........................................  11

                                               ARTICLE IV

                                        PREFERRED GUARANTEE TRUSTEE

SECTION 4.1  Preferred Guarantee Trustee; Eligibility..........................................  11
SECTION 4.2  Appointment, Removal and Resignation of Preferred Guarantee Trustee...............  12
</TABLE>
<PAGE>

<TABLE>
<S>                                                                         <C>
                                   ARTICLE V

                                   GUARANTEE

SECTION 5.1  Guarantee..................................................... 13
SECTION 5.2  Waiver of Notice and Demand................................... 13
SECTION 5.3  Obligations Not Affected...................................... 13
SECTION 5.4  Rights of Holders............................................. 14
SECTION 5.5  Guarantee of Payment.......................................... 15
SECTION 5.6  Subrogation................................................... 15
SECTION 5.7  Independent Obligations....................................... 16

                                  ARTICLE VI

                  LIMITATION OF TRANSACTIONS, SUBORDINATION

SECTION 6.1  Limitation of Transactions.................................... 16
SECTION 6.2  Subordination................................................. 16
SECTION 6.3  Pari Passu Guarantees......................................... 16

                               ARTICLE VII

                               TERMINATION

SECTION 7.1  Termination................................................... 17

                                 ARTICLE VIII

                               INDEMNIFICATION

SECTION 8.1  Exculpation................................................... 17
SECTION 8.2  Indemnification............................................... 18
SECTION 8.3  Compensation and Reimbursement................................ 18

                                 ARTICLE IX

                                 MISCELLANEOUS

SECTION 9.1  Successors and Assigns........................................ 19
SECTION 9.2  Amendments.................................................... 19
SECTION 9.3  Notices....................................................... 19
SECTION 9.4  Benefit....................................................... 20
SECTION 9.5  Governing Law................................................. 20
</TABLE>
<PAGE>

                   PREFERRED SECURITIES GUARANTEE AGREEMENT

          This GUARANTEE AGREEMENT (the "Preferred Securities Guarantee"), dated
as of January 30, 2001, is executed and delivered by BANK ONE CORPORATION, a
Delaware corporation (the "Guarantor"), and The Chase Manhattan Bank, as trustee
(the "Preferred Guarantee Trustee"), for the benefit of the Holders (as defined
herein) from time to time of the Preferred Securities (as defined herein) of
BANK ONE Capital V, a Delaware statutory business trust (the "Issuer").

          WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of January 30, 2001, among the trustees of the Issuer
named therein, the Guarantor, as sponsor, and the holders from time to time of
undivided beneficial interests in the assets of the Issuer, the Issuer is
issuing on the date hereof 12,000,000 preferred securities, having an aggregate
liquidation amount of $300,000,000, designated the 8% Preferred Securities (the
"Preferred Securities") (including exercise of the underwriters' over-allotment
option);

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

          WHEREAS, the Guarantor is also executing and delivering a guarantee
agreement (the "Common Securities Guarantee") in substantially identical terms
to this Preferred Securities Guarantee for the benefit of the holders of the
Common Securities (as defined herein), except that if an Event of Default (as
defined in the Indenture), has occurred and is continuing, the rights of holders
of the Common Securities to receive Guarantee Payments under the Common
Securities Guarantee are subordinated to the rights of Holders of Preferred
Securities to receive Guarantee Payments under this Preferred Securities
Guarantee.

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

                                   ARTICLE I
                        DEFINITIONS AND INTERPRETATION

SECTION 1.1 Definitions and Interpretation
            ------------------------------

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

            (1) Capitalized terms used in this Preferred Securities Guarantee
     but not defined in the preamble above have the respective meanings assigned
     to them in this Section 1.1 or in the Declaration, as the case may be;

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

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

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

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

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

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

            "Business Day" means a day other than (a) a Saturday or Sunday, (b)
             ------------
a day on which banking institutions in The City of New York or the City of
Chicago are authorized or required by law or executive order to remain closed or
(c) a day on which the Institutional Trustee's Corporate Trust Office or the
Corporate Trust Office of the Debenture Trustee is closed for business.

            "Common Securities" means the securities representing common
             -----------------
undivided beneficial interests in the assets of the Issuer.

            "Corporate Trust Office" means (i) when used with respect to the
             ----------------------
Preferred Guarantee Trustee, the principal corporate office of the Preferred
Guarantee Trustee located in New York, New York which on the date of this
Trustee Agreement is 450 West 33rd Street, New York, New York 10001 -Attention:
Institutional Trust Services, (ii) when used with respect to the Debenture
Trustee, its Principal Corporate Trust Office as defined in the
<PAGE>

Indenture, and (iii) when used with respect to the Institutional Trustee, its
Corporate Trust Office as defined in the Declaration.

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

          "Debentures" means the series of junior subordinated debt securities
           ----------
of the Guarantor designated the 8% Junior Subordinated Deferrable Interest
Debentures due January 30, 2031, held by the Institutional Trustee (as defined
in the Declaration) of the Issuer.

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

          "Guarantee Payments" means the following payments or distributions,
           ------------------
without duplication, with respect to the Preferred Securities, to the extent not
paid or made by the Issuer:  (i) any accrued and unpaid Distributions (as
defined in the Declaration) that are required to be paid on such Preferred
Securities to the extent the Issuer shall have funds available therefor, (ii)
the redemption price, including all accrued and unpaid Distributions to the date
of redemption (the "Redemption Price") to the extent the Issuer has funds
available therefor, with respect to any Preferred Securities called for
redemption by the Issuer, and (iii) upon a voluntary or involuntary dissolution,
winding-up or termination of the Issuer (other than in connection with the
distribution of Debentures to the Holders in exchange for Preferred Securities
as provided in the Declaration), the lesser of (a) the aggregate of the
liquidation amount and all accrued and unpaid Distributions on the Preferred
Securities to the date of payment, to the extent the Issuer shall have funds
available therefor, and (b) the amount of assets of the Issuer remaining
available for distribution to Holders in liquidation of the Issuer (in either
case, the "Liquidation Distribution").  If an event of default under the
Indenture has occurred and is continuing, the rights of holders of the Common
Securities to receive payments under the Common Securities Guarantee Agreement
are subordinated to the rights of Holders of Preferred Securities to receive
Guarantee Payments.

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

          "Indemnified Person" means the Preferred Guarantee Trustee, any
           ------------------
Affiliate of the Preferred Guarantee Trustee, or any officers, directors,
shareholders, members, partners, employees, representatives, nominees,
custodians or agents of the Preferred Guarantee Trustee.

          "Indenture" means the Indenture dated as of January 1, 1997, among the
           ---------
Guarantor (the "Debenture Issuer") and The Chase Manhattan Bank, as trustee, and
any
<PAGE>

indenture supplemental thereto pursuant to which certain subordinated debt
securities of the Debenture Issuer are to be issued to the Institutional Trustee
of the Issuer.

          "Majority in liquidation amount of the Securities" means, except as
           ------------------------------------------------
provided by the Trust Indenture Act, a vote by Holder(s) of Preferred
Securities, voting separately as a class, of more than 50% of the liquidation
amount (including the stated amount that would be paid on redemption,
liquidation or otherwise, plus accrued and unpaid Distributions to the date upon
which the voting percentages are determined) of all Preferred Securities.

          "Officers' Certificate" means, with respect to any Person, a
           ---------------------
certificate signed by two Authorized Officers of such Person.  Any Officers'
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Preferred Securities Guarantee (other than pursuant to
Section 314(a)(4) of the Trust Indenture Act) shall include:

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

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

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

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

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

          "Preferred Guarantee Trustee" means The Chase Manhattan Bank, until a
           ---------------------------
Successor Preferred Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Preferred Securities Guarantee and
thereafter means each such Successor Preferred Guarantee Trustee.

          "Responsible Officer" means, when used with respect to the Preferred
           -------------------
Guarantee Trustee, any officer assigned to the Corporate Trust Office of the
Preferred Guarantee Trustee, including any managing director, vice president,
assistant vice president, senior trust officer, trust officer, assistant
treasurer, assistant secretary or any other officer of the Preferred Guarantee
Trustee, customarily performing functions similar to those performed by any of
the above designated officers, and also, with respect to a particular
<PAGE>

corporate trust matter, any other officer, to whom such matter is referred
because of such officer's knowledge of and familiarity with the particular
subject.

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

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

            "Trust Securities" means the Common Securities and the Preferred
             ----------------
Securities.

                                  ARTICLE II
                              TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act; Application
            --------------------------------

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

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

SECTION 2.2 Lists of Holders of Securities
            ------------------------------

            (1) The Guarantor shall provide the Preferred Guarantee Trustee with
     a list, in such form as the Preferred Guarantee Trustee may reasonably
     require, of the names and addresses of the Holders ("List of Holders"), (i)
     within 14 days after each record date for payment of Distributions (as
     defined in the Declaration) as of such record date, and (ii) at any other
     time within 30 days of receipt by the Guarantor of a written request for a
     List of Holders as of a date no more than 14 days before such List of
     Holders is given to the Preferred Guarantee Trustee provided, that the
     Guarantor shall not be obligated to provide such List of Holders at any
     time the List of Holders does not differ from the most recent List of
     Holders given to the Preferred Guarantee Trustee by the Guarantor. The
     Preferred Guarantee Trustee may destroy any List of Holders previously
     given to it on receipt of a new List of Holders.

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

SECTION 2.3 Reports by the Preferred Guarantee Trustee
            ------------------------------------------

            Within 60 days after November 15 of each year commencing in 2001,
the Preferred Guarantee Trustee shall provide to the Holders such reports as are
required by Section 313(a) of the Trust Indenture Act, if any, in the form and
in the manner provided by Section 313 of the Trust Indenture Act. The Preferred
Guarantee Trustee shall also comply with the other requirements of Section 313
of the Trust Indenture Act.

SECTION 2.4 Periodic Reports to Preferred Guarantee Trustee
            -----------------------------------------------

            The Guarantor shall provide to the Preferred Guarantee Trustee such
documents, reports and information as required by Section 314 (if any) and the
compliance certificate required by Section 314(a)(4) of the Trust Indenture Act
in the form, in the manner and at the times required by Section 314(a)(4) of the
Trust Indenture Act, provided that such compliance certificate shall be
delivered on or before 120 days after the end of each fiscal year of the
Guarantor.

SECTION 2.5 Evidence of Compliance with Conditions Precedent
            ------------------------------------------------

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

SECTION 2.6 Events of Default; Waiver
            -------------------------

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

SECTION 2.7 Event of Default; Notice
            ------------------------

            (1) The Preferred Guarantee Trustee shall, within 90 days after the
     occurrence of an Event of Default, transmit by mail, first class postage
     prepaid, to the Holders, notices of all Events of Default actually known to
     a Responsible Officer of the Preferred Guarantee Trustee, unless such
     defaults have been cured before the giving of such notice, provided, that,
     the Preferred Guarantee Trustee shall be protected in withholding such
     notice if and so long as a Responsible Officer of the Preferred Guarantee
     Trustee in good faith determines that the withholding of such notice is in
     the interests of the Holders of the Preferred Securities.
<PAGE>

            (2) The Preferred Guarantee Trustee shall not be deemed to have
     knowledge of any Event of Default unless the Preferred Guarantee Trustee
     shall have received written notice thereof from the Guarantor or a Holder,
     or a Responsible Officer of the Preferred Guarantee Trustee charged with
     the administration of the Declaration shall have obtained actual knowledge
     thereof.

SECTION 2.8 Conflicting Interests
            ---------------------

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

                                  ARTICLE III
                         POWERS, DUTIES AND RIGHTS OF
                          PREFERRED GUARANTEE TRUSTEE

SECTION 3.1    Powers and Duties of the Preferred Guarantee Trustee
               ----------------------------------------------------

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

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

            (3) The Preferred Guarantee Trustee, before the occurrence of any
     Event of Default and after the curing of all Events of Default that may
     have occurred, shall undertake to perform only such duties as are
     specifically set forth in this Preferred Securities Guarantee, and no
     implied covenants shall be read into this Preferred Securities Guarantee
     against the Preferred Guarantee Trustee.  In case an Event of Default has
     occurred (that has not been cured or waived pursuant to Section 2.6) and is
     actually known to a Responsible Officer of the Preferred Guarantee Trustee,
     the Preferred Guarantee Trustee shall exercise such of the rights and
     powers vested in it by this Preferred Securities Guarantee, and use the
     same degree of care and skill in
<PAGE>

     its exercise thereof, as a prudent person would exercise or use under the
     circumstances in the conduct of his or her own affairs.

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

               (1) prior to the occurrence of any Event of Default and after the
          curing or waiving of all such Events of Default that may have
          occurred:

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

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

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

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

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

SECTION 3.2         Certain Rights of Preferred Guarantee Trustee
                    ---------------------------------------------

          (1) Subject to the provisions of Section 3.1:

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

              (2) Any direction or act of the Guarantor contemplated by this
          Preferred Securities Guarantee shall be sufficiently evidenced by an
          Officers' Certificate.

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

              (4) The Preferred Guarantee Trustee shall have no duty to see to
          any recording, filing or registration of any instrument (or any
          rerecording, refiling or registration thereof).

              (5) The Preferred Guarantee Trustee may consult with counsel of
          its selection, and the advice or opinion of such counsel with respect
          to legal matters shall be full and complete authorization and
          protection in respect of any action taken, suffered or omitted by it
          hereunder in good faith and in accordance with such advice or opinion.
          Such counsel may be counsel to the Guarantor or any of its Affiliates
          and may include any of its employees.  The Preferred Guarantee Trustee
          shall have the right at any time to seek
<PAGE>

          instructions concerning the administration of this Preferred
          Securities Guarantee from any court of competent jurisdiction.

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

               (7)  The Preferred Guarantee Trustee shall not be bound to make
          any investigation into the facts or matters stated in any resolution,
          certificate, statement, instrument, opinion, report, notice, request,
          direction, consent, order, bond, debenture, note, other evidence of
          indebtedness or other paper or document, but the Preferred Guarantee
          Trustee, in its discretion, may make such further inquiry or
          investigation into such facts or matters as it may see fit.

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

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

               (10) Whenever in the administration of this Preferred Securities
          Guarantee the Preferred Guarantee Trustee shall deem it desirable to
          receive instructions with respect to enforcing any remedy or right or
          taking any other action hereunder, the Preferred Guarantee Trustee (i)
          may request instructions from the Holders of a Majority in liquidation
          amount of the Preferred
<PAGE>

          Securities, (ii) may refrain from enforcing such remedy or right or
          taking such other action until such instructions are received, and
          (iii) shall be protected in conclusively relying on or acting in
          accordance with such instructions.

               (11) The Preferred Guarantee Trustee shall not be liable for any
          action taken, suffered or omitted to be taken by it in good faith and
          reasonably believed by it to be authorized or within the discretion or
          rights or powers conferred upon it by this Preferred Securities
          Guarantee.

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

SECTION 3.3    Not Responsible for Recitals or Issuance of Preferred Securities
               ----------------------------------------------------------------
Guarantee
---------

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

                                  ARTICLE IV
                          PREFERRED GUARANTEE TRUSTEE

SECTION 4.1    Preferred Guarantee Trustee; Eligibility
               ----------------------------------------

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

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

               (2) be a corporation organized and doing business under the laws
          of the United States of America or any State or Territory thereof or
          of the District of Columbia, or a corporation or Person permitted by
          the Securities and Exchange Commission to act as an institutional
          trustee under the Trust Indenture Act, authorized under such laws to
          exercise corporate trust powers, having a combined capital and surplus
          of at least fifty 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
<PAGE>

          of the supervising or examining authority referred to above, then, for
          the purposes of this Section 4.1(a)(ii), the combined capital and
          surplus of such corporation shall be deemed to be its combined capital
          and surplus as set forth in its most recent report of condition so
          published.

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

          (3) If the Preferred Guarantee Trustee has or shall acquire any
     "conflicting interest" within the meaning of Section 310(b) of the Trust
     Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all
     respects comply with the provisions of Section 310(b) of the Trust
     Indenture Act, subject to the penultimate paragraph thereof.  To the extent
     permitted by the Trust Indenture Act, the Preferred Guarantee Trustee shall
     not be deemed to have a conflicting interest with respect to the Preferred
     Securities Guarantee by virtue of being trustee under the Indentures
     originally dated as of November 15, 1996 and January 1, 1997, between the
     Company and the Preferred Guarantee Trustee or by virtue of being (i) a
     trustee on the Series A Declaration, the Series B Declaration, the 1997
     Declaration, the 1999 Declaration, the 2000 Declaration, the Fixed Rate
     Declaration and the Floating Rate Declaration (each as defined in the
     Declaration), (ii) a trustee on the Series A Guarantee, the Series B
     Guarantee, the 1997 Guarantee, the 1999 Guarantee, the 2000 Guarantee, the
     Fixed Rate Guarantee or the Floating Rate Guarantee (each as defined in the
     Declaration), or (iii) a trustee on the Declaration.

SECTION 4.2   Appointment, Removal and Resignation of Preferred Guarantee
              -----------------------------------------------------------
Trustee
-------

          (1) Subject to Section 4.2(b), the Preferred Guarantee Trustee may be
     appointed or removed without cause at any time by the Guarantor except
     during an Event of Default.

          (2) The Preferred Guarantee Trustee shall not be removed in accordance
     with Section 4.2(a) until a Successor Preferred Guarantee Trustee has been
     appointed and has accepted such appointment by written instrument executed
     by such Successor Preferred Guarantee Trustee and delivered to the
     Guarantor.

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

     by such Successor Preferred Guarantee Trustee and delivered to the
     Guarantor and the resigning Preferred Guarantee Trustee.

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

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

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

                                   ARTICLE V
                                   GUARANTEE

SECTION 5.1   Guarantee
              ---------

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

SECTION 5.2   Waiver of Notice and Demand
              ---------------------------

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

SECTION 5.3   Obligations Not Affected
              ------------------------

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

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

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

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

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

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

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

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

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

SECTION 5.4   Rights of Holders
              -----------------

          (1) The Issuer expressly acknowledges that (i) this Preferred
     Securities Guarantee will be deposited with the Preferred Guarantee Trustee
     to be held for the benefit of the Holders and (ii) the Preferred Guarantee
     Trustee has the right to enforce this Preferred Securities Guarantee on
     behalf of the Holders.

          (2) The Holders of a Majority in liquidation amount of the Preferred
     Securities have the right to direct the time, method and place of
     conducting of any proceeding for any remedy available to the Preferred
     Guarantee Trustee in respect of this Preferred Securities Guarantee or
     exercising any trust or power conferred upon the Preferred Guarantee
     Trustee under this Preferred Securities Guarantee; provided, however, that,
     subject to Section 3.1, the Preferred Guarantee Trustee shall have the
     right to decline to follow any such direction if the Preferred Guarantee
     Trustee shall determine that the action so directed would be unjustly
     prejudicial to the Holders not taking part in such direction or if the
     Preferred Guarantee Trustee being advised by counsel determines that the
     action or proceeding so directed may not lawfully be taken or if the
     Preferred Guarantee 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
     proceeding so directed would involve the Preferred Guarantee Trustee in
     personal liability.

          (3) If the Preferred Guarantee Trustee fails to enforce such Preferred
     Securities Guarantee, any Holder may institute a legal proceeding directly
     against the Guarantor to enforce the Preferred Guarantee Trustee's rights
     under this Preferred Securities Guarantee, without first instituting a
     legal proceeding against the Issuer, the Preferred Guarantee Trustee or any
     other person or entity.  The Guarantor waives any right or remedy to
     require that any action be brought first against the Issuer or any other
     person or entity before proceeding directly against the Guarantor.

SECTION 5.5   Guarantee of Payment
              --------------------

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

SECTION 5.6   Subrogation
              -----------

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

preceding sentence, the Guarantor agrees to hold such amount in trust for the
Holders and to pay over such amount to the Holders.

SECTION 5.7    Independent Obligations
               -----------------------

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

                                  ARTICLE VI
                   LIMITATION OF TRANSACTIONS, SUBORDINATION

SECTION 6.1    Limitation of Transactions
               --------------------------

          So long as any Preferred Securities remain outstanding, if there shall
have occurred an Event of Default, then the Guarantor shall not and it shall not
permit any subsidiary to, (a) declare or pay any dividends or distributions on,
or redeem, purchase, acquire or make a liquidation payment with respect to, any
shares of the Guarantor's capital stock, or (b) make any payment of principal of
or interest or premium, if any, on or repay, repurchase or redeem any debt
securities of the Guarantor that rank pari passu in all respects with or junior
in interest to the Debentures or make any guarantee payments with respect to any
guarantee by the Guarantor of debt securities of any subsidiary of the Guarantor
if such guarantee ranks pari passu with or junior in interest to the Debentures
(other than (a) dividends or distributions in common stock of the Guarantor, (b)
any declaration of a dividend in connection with the implementation of a Rights
Plan (as defined in the Indenture), or the issuance of stock under any such
Rights Plan in the future, or the redemption or repurchase of any such rights
pursuant thereto, (c) payments under this Preferred Securities Guarantee, (d)
purchases of common stock related to the issuance of common stock or rights
under any of the Guarantor's benefit plans for its directors, officers or
employees and (e) obligations under any dividend reinvestment and stock purchase
plan).

SECTION 6.2    Subordination.
               --------------

          The obligations of the Guarantor under this Preferred Securities
Guarantee will constitute unsecured obligations of the Guarantor and will rank
subordinate and junior in right of payments to the Senior Indebtedness and
General Obligations (each as defined in the Indenture) to the extent and in the
manner set forth in the Indenture.  The obligations of the Guarantor under this
Preferred Securities Guarantee do not constitute Senior Indebtedness or General
Obligations.
<PAGE>

SECTION 6.3    Pari Passu Guarantees
               ---------------------

          The obligations of the Guarantor under this Preferred Securities
Guarantee shall rank pari passu with the obligations of the Guarantor under (i)
any similar Bank One Guarantee (as defined in the Indenture) issued by the
Guarantor on behalf of the holders of preferred or capital securities issued by
any Bank One Capital Trust (as defined in the Indenture) and (ii) the Series A
Guarantee, the Series B Guarantee, the 1997 Guarantee, the 1999 Guarantee, the
2000 Guarantee, the Fixed Rate Guarantee and the Floating Rate Guarantee.

                                  ARTICLE VII
                                  TERMINATION

SECTION 7.1    Termination
               -----------

          This Preferred Securities Guarantee shall terminate upon (i) full
payment of the Redemption Price of all Preferred Securities, (ii) upon the
distribution of the Debentures to the Holders of all of the Preferred Securities
or (iii) upon full payment of the amounts payable in accordance with the
Declaration upon liquidation of the Issuer.  Notwithstanding the foregoing, this
Preferred Securities Guarantee will continue to be effective or will be
reinstated, as the case may be, if at any time any Holder must restore payment
of any sums paid under the Preferred Securities or under this Preferred
Securities Guarantee.

                                 ARTICLE VIII
                                INDEMNIFICATION

SECTION 8.1    Exculpation
               -----------

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

          (2)  An Indemnified Person shall be fully protected in relying in good
     faith upon the records of the Guarantor and upon such information,
     opinions, reports or statements presented to the Guarantor by any Person as
     to matters the Indemnified Person reasonably believes are within such other
     Person's professional or expert competence, including information,
     opinions, reports or statements as to the value
<PAGE>

     and amount of the assets, liabilities, profits, losses or any other facts
     pertinent to the existence and amount of assets from which Distributions to
     Holders might properly be paid.

SECTION 8.2     Indemnification
                ---------------

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

SECTION 8.3     Compensation and Reimbursement
                ------------------------------

          The Guarantor agrees:

          (1) to pay to the Preferred Guarantee Trustee from time to time
reasonable compensation for all services rendered by it hereunder in such
amounts as the Guarantor and the Preferred Guarantee Trustee shall agree from
time to time (which compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust); and

          (2) to reimburse the Preferred Guarantee Trustee upon its request for
all reasonable expenses, disbursements and advances incurred or made by the
Preferred Guarantee Trustee in accordance with any provision of this Preferred
Securities Guarantee (including the reasonable compensation and the expenses and
disbursements or its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its negligence or bad faith.

          The obligations of the Guarantor under this Section 8.3 shall survive
the termination of this Preferred Securities Guarantee or the earlier
resignation or removal of the Preferred Guarantee Trustee.

          To secure the Guarantor's payment obligations in this Section and in
Section 8.2, the Guarantor and the Holders agree that the Preferred Guarantee
Trustee shall have a lien prior to the Preferred Securities on all money or
property held or collection by the Guarantee Trustee.  Such lien shall survive
the termination of this Preferred Securities Guarantee.
<PAGE>

                                  ARTICLE IX
                                 MISCELLANEOUS

SECTION 9.1    Successors and Assigns
               ----------------------

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

SECTION 9.2    Amendments
               ----------

          Except with respect to any changes that do not adversely affect the
rights of Holders (in which case no consent of Holders will be required), this
Preferred Securities Guarantee may only be amended with the prior approval of
the Holders of at least a Majority in liquidation amount (including the stated
amount that would be paid on redemption, liquidation or otherwise, plus accrued
and unpaid Distributions to the date upon which the voting percentages are
determined) of all the outstanding Preferred Securities.  The provisions of the
Declaration with respect to consents to amendments thereof (whether at a meeting
or otherwise) of Holders of the Securities shall apply to the giving of such
approval.

SECTION 9.3    Notices
               -------

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

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

               The Chase Manhattan Bank
               450 West 33rd Street
               New York, New York 10001
               Attention: Institutional Trust Services
               Telecopy:  (212) 946-8159/8160
<PAGE>

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

               BANK ONE CORPORATION
               1 Bank One Plaza
               Chicago, Illinois 60670
               Attention: Treasurer
               Telecopy:  (312) 732-3366

          (3)  If given to any Holder, at the address set forth on the books and
     records of the Issuer.

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

SECTION 9.4    Benefit
               -------

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

SECTION 9.5    Governing Law
               -------------

          THIS PREFERRED SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
<PAGE>

          THIS PREFERRED SECURITIES GUARANTEE is executed as of the day and year
first above written.

                                        BANK ONE CORPORATION,
                                        as Guarantor

                                        By:_____________________________
                                           Name:  Charles W. Scharf
                                           Title: Executive Vice President and
                                           Chief  Financial Officer

                                        THE CHASE MANHATTAN BANK,
                                        as Preferred Guarantee Trustee

                                        By:______________________________
                                           Name:
                                           Title:

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