Document:

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                                                                   EXHIBIT 10.11

                              AMENDED AND RESTATED

                                 TRUST AGREEMENT

                                      AMONG

                        INDYMAC BANCORP, INC., AS SPONSOR

       ROGER H. MOLVAR AND RICHARD L. SOMMERS, AS ADMINISTRATIVE TRUSTEES

                  WILMINGTON TRUST COMPANY, AS PROPERTY TRUSTEE

                  WILMINGTON TRUST COMPANY, AS DELAWARE TRUSTEE

                     THE BANK OF NEW YORK, AS PAYING AGENT,
                          REGISTRAR, TRANSFER AGENT AND
                              AUTHENTICATING AGENT

                    AND THE SEVERAL HOLDERS OF THE SECURITIES

                          DATED AS OF NOVEMBER 14, 2001

                             INDYMAC CAPITAL TRUST I

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                                TABLE OF CONTENTS

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ARTICLE I INTERPRETATION AND DEFINITIONS...................................................   1
        Section 1.1   Interpretation.......................................................   1
        Section 1.2   Definitions..........................................................   2

ARTICLE II TRUST INDENTURE ACT.............................................................  16
        Section 2.1   Trust Indenture Act; Application.....................................  16
        Section 2.2   Lists of Holders.....................................................  16
        Section 2.3   Reports by the Property Trustee......................................  17
        Section 2.4   Periodic Reports to the Property Trustee.............................  17
        Section 2.5   Evidence of Compliance with Conditions Precedent.....................  17
        Section 2.6   Trust Enforcement Events; Waiver.....................................  17
        Section 2.7   Trust Enforcement Events; Notice.....................................  18

ARTICLE III ORGANIZATION...................................................................  19
        Section 3.1   Name.................................................................  19
        Section 3.2   Office...............................................................  19
        Section 3.3   Purpose..............................................................  19
        Section 3.4   Authority............................................................  19
        Section 3.5   Title to Property of the Trust.......................................  20
        Section 3.6   Prohibition of Actions by the Trust and the Trustees.................  20
        Section 3.7   Powers and Duties of the Administrative Trustees.....................  21
        Section 3.8   Powers and Duties of the Property Trustee............................  23
        Section 3.9   Certain Duties and Responsibilities of the Property Trustee..........  25
        Section 3.10  Certain Rights of the Property Trustee...............................  27
        Section 3.11  Powers and Duties of the Delaware Trustee............................  29
        Section 3.12  Not Responsible for Recitals or Issuance of Securities...............  29
        Section 3.13  Duration of the Trust................................................  29
        Section 3.14  Mergers, Consolidations, Conversions, Amalgamations or
                      Replacements of the Trust............................................  29
        Section 3.15  Property Trustee May File Proofs of Claim............................  31

ARTICLE IV SPONSOR.........................................................................  32
        Section 4.1   Responsibilities of the Sponsor......................................  32
        Section 4.2   Indemnification and Expenses of the Trustees.........................  32
        Section 4.3   Right to Proceed.....................................................  33

ARTICLE V TRUSTEES.........................................................................  33
        Section 5.1   Number of Trustees...................................................  33
        Section 5.2   Delaware Trustee; Eligibility........................................  33
        Section 5.3   Property Trustee; Eligibility........................................  34
        Section 5.4   Qualifications of Administrative Trustees Generally..................  35
        Section 5.5   Initial Administrative Trustees......................................  35
        Section 5.6   Appointment, Removal and Resignation of Trustees.....................  35
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        Section 5.7   Vacancies among Trustees.............................................  36
        Section 5.8   Effect of Vacancies..................................................  37
        Section 5.9   Meetings.............................................................  37
        Section 5.10  Delegation of Power by the Administrative Trustees...................  37
        Section 5.11  Merger, Conversion, Consolidation or Succession to Business..........  38

ARTICLE VI THE SECURITIES..................................................................  38
        Section 6.1   General Provisions Regarding the Securities..........................  38
        Section 6.2   Execution and Authentication.........................................  39
        Section 6.3   Form and Dating......................................................  40
        Section 6.4   The Sponsor's Purchase of the Common Securities......................  41
        Section 6.5   Distributions........................................................  41
        Section 6.6   Remarketing..........................................................  44
        Section 6.7   Limited Right to Require Exchange of Preferred Securities and
                      Repurchase of Debentures.............................................  50
        Section 6.8   Change of Control Right to Require Exchange of Preferred
                      Securities and Repurchase of Debentures..............................  51
        Section 6.9   Redemption...........................................................  52
        Section 6.10  Distribution of Debentures in Exchange for Securities Upon the
                      Occurrence of a Special Event........................................  54
        Section 6.11  Voting Rights of the Preferred Securities............................  56
        Section 6.12  Voting Rights of the Common Securities...............................  58
        Section 6.13  Ranking..............................................................  59
        Section 6.14  Registrar, Paying Agent and Transfer Agent...........................  59
        Section 6.15  Paying Agent to Hold Money in Trust..................................  60
        Section 6.16  Replacement Securities...............................................  60
        Section 6.17  Outstanding Preferred Securities.....................................  61
        Section 6.18  Preferred Securities in Treasury.....................................  61
        Section 6.19  Deemed Security Holders..............................................  61
        Section 6.20  Cancellation.........................................................  61
        Section 6.21  CUSIP Numbers........................................................  62
        Section 6.22  Global Preferred Securities; Legends.................................  62

ARTICLE VII TRANSFER OF SECURITIES.........................................................  65
        Section 7.1   Transfer of Securities...............................................  65
        Section 7.2   Separation and Rejoining of Units....................................  67
        Section 7.3   Book-Entry Interests.................................................  67
        Section 7.4   Notices to Clearing Agency...........................................  68
        Section 7.5   Appointment of Successor Clearing Agency.............................  68

ARTICLE VIII DISSOLUTION AND TERMINATION OF THE TRUST......................................  68
        Section 8.1   Dissolution  and Termination of the Trust............................  68
        Section 8.2   Liquidation Distribution Upon Dissolution or Termination of the
                      Trust................................................................  69

ARTICLE IX LIMITATION OF LIABILITY OF THE HOLDERS, THE TRUSTEES OR OTHERS..................  70
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        Section 9.1   Liability............................................................  70
        Section 9.2   Exculpation..........................................................  71
        Section 9.3   Fiduciary Duty.......................................................  71
        Section 9.4   Indemnification......................................................  72
        Section 9.5   Outside Businesses...................................................  75

ARTICLE X ACCOUNTING.......................................................................  76
        Section 10.1  Fiscal Year..........................................................  76
        Section 10.2  Certain Accounting Matters...........................................  76
        Section 10.3  Banking..............................................................  76
        Section 10.4  Withholding..........................................................  76

ARTICLE XI AMENDMENTS AND MEETINGS.........................................................  77
        Section 11.1  Amendments...........................................................  77
        Section 11.2  Meetings of the Holders; Action by Written Consent...................  79

ARTICLE XII REPRESENTATIONS OF THE PROPERTY TRUSTEE AND THE DELAWARE TRUSTEE...............  80
        Section 12.1  Representations and Warranties of the Property Trustee...............  80
        Section 12.2  Representations and Warranties of The Delaware Trustee...............  81

ARTICLE XIII MISCELLANEOUS.................................................................  82
        Section 13.1  Notices..............................................................  82
        Section 13.2  Governing Law........................................................  83
        Section 13.3  Intention of the Parties.............................................  83
        Section 13.4  Headings.............................................................  83
        Section 13.5  Successors and Assigns...............................................  83
        Section 13.6  Partial Enforceability...............................................  84
        Section 13.7  Counterparts.........................................................  84
        Section 13.8  The Exchange Agent...................................................  84
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     AMENDED AND RESTATED TRUST AGREEMENT, dated as of November 14, 2001 among
(i) IndyMac Bancorp, Inc., a Delaware corporation (including any successors or
assigns, the "Sponsor"), (ii) Wilmington Trust Company, a Delaware banking
corporation, as property trustee (in such capacity, the "Property Trustee"),
(iii) Wilmington Trust Company, a Delaware banking corporation (in such
capacity, the "Delaware Trustee"), (iv) Roger H. Molvar, an individual, and
Richard L. Sommers, an individual, each of whose address is c/o IndyMac Bancorp,
Inc. 155 North Lake Avenue, Pasadena, California, 91101 (each, an
"Administrative Trustee," and together, the "Administrative Trustees"), (v) The
Bank of New York, a New York banking corporation, as Paying Agent, Registrar,
Transfer Agent and Authenticating Agent and (vi) the several Holders (as
hereinafter defined).

                                   WITNESSETH

     WHEREAS, the Sponsor and certain of the Trustees have heretofore duly
declared and established a business trust (the "Trust") pursuant to the Delaware
Business Trust Act (as hereinafter defined) by entering into that certain Trust
Agreement, dated as of August 16, 2001 (the "Original Trust Agreement"), and by
the execution and filing with the Secretary of State of Delaware of the
Certificate of Trust, filed on August 16, 2001; and

     WHEREAS, the Sponsor and the Trustees desire to amend the and restate the
Original Trust Agreement in its entirety as set forth herein to provide for,
among other things, (i) the issuance of the Common Securities (as hereinafter
defined) by the Trust to the Sponsor, (ii) the issuance and sale of the
Preferred Securities (as hereinafter defined) by the Trust pursuant to the
Underwriting Agreement, and (iii) the acquisition by the Trust from the Sponsor
of all of the right, title and interest in the Debentures (as hereinafter
defined);

     NOW, THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, each party, for the benefit of the
other parties and for the benefit of the Holders, hereby amends and restates the
Original Trust Agreement as follows:

                                    ARTICLE I
                         INTERPRETATION AND DEFINITIONS

SECTION 1.1 INTERPRETATION.

     Unless the context otherwise requires:

     (a) capitalized terms used in this Trust Agreement but not defined in the
preamble above have the respective meanings assigned to them in Section 1.2;

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

     (c) all references to "this Trust Agreement" are to this Amended and
Restated Trust Agreement as modified, supplemented or amended from time to time;

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     (d) all references in this Trust Agreement to Articles, Sections and
Exhibits are to Articles and Sections of and Exhibits to this Trust Agreement
unless otherwise specified;

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

     (f) a reference to the singular includes the plural and vice versa, and a
reference to any masculine form of a term includes the feminine form of such
term, as applicable.

SECTION 1.2 DEFINITIONS.

     The following terms have the following meanings:

     "Accreted Value" means, on the date of determination:

          (1) with respect to any Security, the Accreted Value of a Debenture
     having an aggregate principal amount equal to the aggregate stated
     liquidation amount of such Security; and

          (2) with respect to any Debenture, the sum of:

               (i)  $34.49, which is the portion of the initial purchase price
                    of a Unit that is allocated to a Preferred Security (as
                    provided under Section 3.1 of the Unit Agreement); plus

               (ii) accrual of the Discount, calculated from November 14, 2001
                    to the date of determination at an all-in-yield of 9% per
                    annum on a quarterly bond equivalent yield basis using a
                    360-day year of twelve 30-days months less $0.75 per quarter
                    until such sum equals $50 on November 14, 2031.

The "Discount" equals the difference between the principal amount of $50 payable
in respect of such Debenture on November 14, 2031 and the initial purchase price
of $34.49.

     "Administrative Trustee" has the meaning set forth in Section 5.4.

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

     "Agent" means any Paying Agent, Registrar, Authenticating Agent or Transfer
Agent.

     "Applicable Procedures" means, with respect to any transfer or exchange of
or for the beneficial interests in the Global Preferred Securities, the rules
and procedures of the Depositary that apply to such transfer or exchange.

     "Authenticating Agent" means The Bank of New York, a New York banking
corporation, and any successor thereto.

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     "Authorized Officer" of a Person means any other Person that is authorized
to legally bind such former Person.

     "Book-Entry Interest" means a beneficial interest in the Global Preferred
Securities registered in the name of a Clearing Agency or its nominee, ownership
and transfers of which shall be maintained and made through book-entries by a
Clearing Agency.

     "Business Day" means any day other than a Saturday or a Sunday or a day on
which banking institutions in (i) the Borough of Manhattan in The City of New
York, (ii) Los Angeles, California or (ii) Wilmington, Delaware are authorized
or required by law, regulation or executive order to close.

     "Calculation Agency Agreement" means the Calculation Agency Agreement,
dated as of November 14, 2001, between the Sponsor and the Calculation Agent, as
amended, supplemented or replaced from time to time.

     "Calculation Agent" means Valuation Research Corporation, as initial
Calculation Agent under the Calculation Agreement, and any successor thereto.

     "Certificate" means a Common Securities Certificate or a Preferred
Securities Certificate.

     "Change of Control" shall be deemed to have occurred if:

          (1) the acquisition (other than open market purchases on any national
     securities exchange on which the Sponsor's capital stock is traded) by any
     person, including any syndicate or group deemed to be a "person" under
     Section 13(d)(3) of the Exchange Act of beneficial ownership, directly or
     indirectly, through a purchase, merger or other acquisition transaction or
     series of purchase, merger or other acquisition transactions of shares of
     the Sponsor's capital stock entitling that person to exercise 50% or more
     of the total voting power of all shares of the Sponsor's capital stock
     entitled to vote generally in elections of directors, other than any
     acquisition by the Sponsor, any of the Sponsor's subsidiaries or any of the
     Sponsor's employee benefit plans; or

          (2) the consolidation or merger of the Sponsor with or into any other
     person, any merger of another person into the Sponsor, or any conveyance,
     transfer, sale, lease or other disposition of all or substantially all of
     the Sponsor's properties and assets to another person (which shall not
     include a bankruptcy or receivership), other than:

               (a) any transaction (1) that does not result in any
          reclassification, conversion, exchange or cancellation of outstanding
          shares of the Sponsor's capital stock and (2) notwithstanding such
          transaction, during any period of two consecutive years after such
          transaction individuals who at the beginning of such period
          constituted the Board of Directors of the Sponsor (together with any
          new directors whose election or appointment by such Board or whose
          nomination for election by the shareholders of the Sponsor was
          approved by a vote of not less than two-thirds of the Directors then
          still in office who were either directors at the beginning of such
          period or whose election or nomination for election

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          was previously so approved) continue to constitute a majority of the
          Board of Directors of the Sponsor then in office; or

               (b) any merger solely for the purpose of changing the Sponsor's
          jurisdiction of incorporation and resulting in a reclassification,
          conversion or exchange of outstanding shares of common stock solely
          into shares of common stock of the surviving entity;

provided, that a Change of Control shall not be deemed to have occurred if:

          (1) the closing sale price per share of the Sponsor's common stock for
     any five Trading Days within the period of 10 consecutive Trading Days
     ending immediately after the later of the Change of Control or the public
     announcement of the Change of Control, in the case of a Change of Control
     under the first clause above, or the period of 10 consecutive Trading Days
     ending immediately before the Change of Control, in the case of a Change of
     Control under the second clause above, equals or exceeds 110% of the
     Exercise Price of the Warrants (as adjusted at maturity; or

          (2) at least 90% of the consideration in the transaction or
     transactions constituting a Change of Control consists of shares of common
     stock traded or to be traded immediately following such Change of Control
     on a national securities exchange or the Nasdaq National Market and, as a
     result of such transaction or transactions, the warrants become exercisable
     solely into such common stock (and any rights attached thereto).

For purposes of the definition of "Change of Control", a beneficial owner shall
be determined in accordance with Rule 13d-3 promulgated by the SEC under the
Exchange Act. The term "person" includes any syndicate or group which would be
deemed to be a "person" under Section 13(d)(3) of the Exchange Act.

     "Change of Control Notice Date" has the meaning set forth in Section 6.8.

     "Change of Control Repurchase Date" means the date which is 105 days
following the Change of Control Notice Date.

     "Change of Control Repurchase Price" means the Accreted Value of the
Debentures that are exchanged for Preferred Securities upon the exercise of the
Change of Control Repurchase Right plus accrued and unpaid interest (including
deferred interest) on such Debentures to, but excluding, the Change of Control
Repurchase Date.

     "Change of Control Repurchase Right" has the meaning set forth in 6.8.

     "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 the Global Preferred Securities and which shall
undertake to effect book-entry transfers and pledges of the Preferred
Securities.

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     "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 Date" under the Underwriting Agreement.

     "Closing Price" of any security on any date of determination means:

          (1) the closing sale price (or, if no closing sale price is reported,
     the last reported sale price) of such security on the New York Stock
     Exchange on such date;

          (2) if such security is not listed for trading on the New York Stock
     Exchange on any such date, the closing sale price as reported in the
     composite transactions for the principal U.S. securities exchange on which
     such security is so listed;

          (3) if such security is not so listed on a U.S. national or regional
     securities exchange, the closing sale price as reported by the Nasdaq
     National Market;

          (4) if such security is not so reported, the last quoted bid price for
     such security in the over-the-counter market as reported by the National
     Quotation Bureau or similar organization; or

          (5) if such bid price is not available, the average of the mid-point
     of the last bid and ask prices of such security on such date from at least
     three nationally recognized independent investment banking firms retained
     for this purpose by the Company.

     "Code" means the Internal Revenue Code of 1986, as amended from time to
time, or any successor legislation. A reference to a specific section of the
Code refers not only to such specific section but also to any corresponding
provision of any federal tax statute enacted after the date of this Trust
Agreement, as such specific section or corresponding provision is in effect on
the date of application of the provisions of this Trust Agreement containing
such reference.

     "Commission" means the United States Securities and Exchange Commission as
from time to time constituted, or if at any time after the execution of this
Trust Agreement such Commission is not existing and performing the duties now
assigned to it under applicable federal securities laws, then the body
performing such duties at such time.

     "Common Securities" has the meaning set forth in Section 6.1(a).

     "Common Securities Certificate" means a certificate in fully registered
form representing Common Securities, substantially in the form of Exhibit B.

     "Common Stock" means the common stock of the Sponsor.

     "Compounded Distributions" has the meaning set forth in Section 6.5(b).

     "Corporate Trust Office" means the office of the Property Trustee at which
the corporate trust business of the Property Trustee shall, at any particular
time, be principally administered,

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which office at the date of execution of this Trust Agreement is located at
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001.

     "Coupon Rate" has the meaning set forth in Section 6.5(a).

     "Covered Person" means:

          (1) any officer, director, shareholder, partner, member,
     representative, employee or agent of (a) the Trust or (b) the Trust's
     Affiliates; and

          (2) any Holder.

     "Debenture Distribution Notice" has the meaning set forth in Section
6.10(c).

     "Debenture Issuer" means IndyMac Bancorp, Inc., a Delaware corporation, or
any successor entity resulting from any consolidation, amalgamation, merger or
other business combination, in its capacity as issuer of the Debentures under
the Indenture.

     "Debenture Issuer Indemnified Person" means:

          (1) any Administrative Trustee;

          (2) any Affiliate of any Administrative Trustee;

          (3) any officers, directors, shareholders, members, partners,
     employees, representatives or agents of any Administrative Trustee; or

          (4) any officer, employee or agent of the Trust or its Affiliates.

     "Debenture Trustee" means The Bank of New York, 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 6% Junior Subordinated Deferrable Interest
Debentures due November 14, 2031 to be issued by the Debenture Issuer pursuant
to the Indenture and to be purchased by the Trust and held by the Property
Trustee.

     "Definitive Preferred Securities" has the meaning set forth in Section 6.3.

     "Delaware Business Trust Act" means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. C. Section 3801 et seq., as it may be amended from time to time.

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

     "Depositary" means DTC until another Clearing Agency becomes its successor.

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

     "Distribution" means a distribution payable to Holders in accordance with
Section 6.5.

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     "Distribution Date" has the meaning set forth in Section 6.5(b).

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

     "Exchange Act" means the Securities Exchange Act of 1934, as amended from
time to time, or any successor legislation, and the rules and regulations
promulgated thereunder.

     "Exchange Agent" means Wilmington Trust Company in its separate capacity as
Exchange Agent, and any successor thereto.

     "Exchange Notice" has the meaning set forth in Section 8.2(c).

     "Exercise Price" has the meaning set forth in the Warrant Agreement.

     "Extension Period" has the meaning set forth in Section 6.5(c).

     "Failed Remarketing" has the meaning set forth in Section 6.6(m).

     "Failed Remarketing Date" means a Remarketing Date on which a Failed
Remarketing occurs.

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

     "Fiduciary Indemnified Person" has the meaning set forth in Section 9.4(b).

     "Fiscal Year" has the meaning set forth in Section 10.1.

     "Global Preferred Security" has the meaning set forth in Section 6.3.

     "Global Unit Certificate" has the meaning set forth in Section 6.3.

     "Guarantee" means the Guarantee Agreement, dated as of November 14, 2001,
between the Sponsor, as Guarantor in respect of the Securities, and The Bank of
New York, as Guarantee Trustee, as amended or supplemented from time to time.

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

     "Indemnified Person" means a Debenture Issuer Indemnified Person or a
Fiduciary Indemnified Person.

     "Indenture" means the original Indenture, dated as of November 14, 2001,
between the Debenture Issuer and the Debenture Trustee, as supplemented by the
First Supplemental Indenture, dated as of November 14, 2001, between the
Debenture Issuer and the Debenture Trustee, as further amended or supplemented
from time to time, pursuant to which the Debentures are to be issued.

     "Indenture Event of Default" means an Event of Default (as such term is
defined in the Indenture) under the Indenture.

                                       7
<PAGE>

     "Interest Payment Date" has the meaning set forth in the Indenture.

     "Investment Company" means an investment company as defined in the
Investment Company Act and the rules and regulations promulgated thereunder.

     "Investment Company Act" means the Investment Company Act of 1940, as
amended from time to time, or any successor legislation, and the rules and
regulations promulgated thereunder.

     "Investment Company Event" means the receipt by the Trust of an Opinion of
Counsel, rendered by an independent law firm having a recognized national
securities practice, to the effect that, as a result of the occurrence of a
change in law or regulation or a change in interpretation or application of law
or regulation by any legislative body, court, governmental agency or regulatory
authority (a "Change in Investment Company Act Law"), there is more than an
insubstantial risk that the Trust is or will be considered an Investment Company
that is required to be registered under the Investment Company Act, which Change
in Investment Company Act Law becomes effective on or after the date on which
the Preferred Securities were initially issued and sold.

     "Issuers" is a collective reference to the Sponsor and the Trust.

     "Legal Action" has the meaning set forth in Section 3.7(f).

     "Legal Cause Remarketing Event" means a Remarketing Event that occurs upon
the occurrence of:

          (1) (a) a Tax Event or an Investment Company Event, provided that
          the Administrative Trustees have been informed by an independent law
          firm that such firm, for substantive reasons, cannot deliver a No
          Recognition Opinion; or

               (b) a Regulatory Capital Event; and

          (2) the Sponsor elects to redeem the Warrants and thereby cause a
     Remarketing of the Preferred Securities to occur and causes written notice
     of its election to be given to the Holders of the Preferred Securities, the
     holders of the Units and the holders of the Warrants.

     "Legal Requirements" mean compliance with all applicable laws and
regulations, if any, including, without limitation, the Securities Act,
necessary to permit the Remarketing of the Preferred Securities (and the
subsequent exchange of Preferred Securities for Debentures if a purchaser in the
Remarketing so elects to exchange its purchased Preferred Securities for
Debentures pursuant to Section 6.6(c)), the contemporaneous modifications to the
terms of the Debentures pursuant to the Indenture and the contemporaneous
redemption of the Warrants.

                                       8
<PAGE>

     "Like Amount" means, with respect to a redemption of the Securities,
Securities having an Accreted Value equal to the Accreted Value of Debentures to
be repaid in accordance with their terms.

     "Liquidation" has the meaning set forth in Section 8.2(a).

     "Liquidation Distribution" has the meaning set forth in Section 8.2(b).

     "List of Holders" has the meaning set forth in Section 2.2(a).

     "Majority in Liquidation Amount" means, except as provided in the terms of
the Preferred Securities or by the Trust Indenture Act, Holders 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 accumulated and unpaid
Distributions to the date upon which the voting percentages are determined) of
all outstanding Securities or all outstanding Securities of the relevant class,
as the case may be.

     "Managing Underwriter" means Morgan Stanley & Co. Incorporated.

     "Maturity Remarketing Date" means September 13, 2031.

     "90 Day Period" has the meaning set forth in Section 6.10(a).

     "No Recognition Opinion" has the meaning set forth in Section 6.10(b)(i).

     "Officers' Certificate" means, when delivered by the Trust, a certificate
signed by a majority of the Administrative Trustees and, when delivered by the
Sponsor, a certificate signed by any two of the Chairman, a Vice Chairman, the
Chief Executive Officer, the President, the Chief Operating Officer, a Vice
President, the Chief Financial Officer, the Treasurer, the Chief Administrative
Officer, the Chief Accounting Officer, the Secretary or an Assistant Secretary
of the Sponsor. Any Officers' Certificate delivered with respect to compliance
with a condition or covenant provided for in this Trust Agreement shall include,
where applicable:

               (a) a statement that each officer signing the Officers'
          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 Officers'
          Certificate;

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

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

     "Opinion of Counsel" means a written opinion of counsel, rendered by an
independent law firm which shall be acceptable to the Property Trustee.

     "Option Closing Date" means the "Option Closing Date" under the
Underwriting Agreement.

     "Original Trust Agreement" has the meaning set forth in the Recitals
hereto.

     "Paying Agent" has the meaning set forth in Section 6.14.

     "Payment Amount" has the meaning set forth in Section 6.5(f).

     "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 set forth in Section 6.1(a).

     "Preferred Securities Certificate" means a certificate in fully registered
form representing Preferred Securities, substantially in the form of Exhibit A.

     "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).

     "Property Account" means a segregated non-interest bearing trust account
maintained with a banking institution, the rating on whose long-term unsecured
indebtedness is at least equal to the rating assigned to the Preferred
Securities by a "nationally recognized statistical rating organization" within
the meaning of Rule 436(g)(2) under the Securities Act.

     "Property Trustee" has the meaning set forth in Section 5.3(a).

     "Pro Rata" means pro rata to each Holder according to the aggregate stated
liquidation amount of the Securities held by such Holder in relation to the
aggregate stated liquidation amount of all Securities outstanding unless, in
relation to a payment, a Trust Enforcement Event 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
stated liquidation amount of Preferred Securities held by the relevant Holder
relative to the aggregate stated 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 stated liquidation amount of Common Securities held by the

                                       10
<PAGE>

          relevant Holder relative to the aggregate stated liquidation amount of
          all Common Securities outstanding.

     "Quorum" means a majority of the Administrative Trustees or, if there are
only two Administrative Trustees, both of them.

     "Redemption Date" has the meaning set forth in Section 6.9(a).

     "Redemption Notice" has the meaning set forth in Section 6.9(c).

     "Redemption Price" has the meaning set forth in Section 6.9(a).

     "Registrar" has the meaning set forth in Section 6.14.

     "Regular Record Date" means the date on which determination is made as to
which Holders Distributions are payable.

     "Regulatory Capital Event" means that the Sponsor shall have become, or
pursuant to law or regulation will become within 180 days, subject to capital
requirements under which, in the Opinion of Counsel, rendered by an independent
bank regulatory law firm experienced in such matters, the Preferred Securities
would not constitute Tier 1 Capital applied as if the Sponsor (or its successor)
were a bank holding company (as that concept is used in the guidelines or
regulations issued by the Federal Reserve Board (or its then equivalent)).

     "Remarketing" means the operation of the procedures for remarketing set
forth in Section 6.6.

     "Remarketing Agent" means the remarketing agent (or any successor
remarketing agent) selected by the Sponsor.

     "Remarketing Agreement" means the Remarketing Agreement to be entered into
among the Sponsor, the Trust and the Remarketing Agent, as amended or
supplemented from time to time.

     "Remarketing Date" means:

          (1) with respect to a Trading Remarketing Event, a date selected by
     the Sponsor not less than two nor more than 18 Business Days after the
     notice is given to the holders of the Units and the Holders of the
     Preferred Securities;

          (2) with respect to a Legal Cause Remarketing Event, a date selected
     by the Sponsor not less than two nor more than 18 Business Days after the
     notice is given to the holders of the Units and the Holders of the
     Preferred Securities and no more than 90 days following the occurrence of
     the Legal Cause Remarketing Event; and

          (3) the Maturity Remarketing Date.

                                       11
<PAGE>

     "Remarketing Event" means the occurrence of a Trading Remarketing Event or
a Legal Cause Remarketing Event or the Maturity Remarketing Date.

     "Remarketing Settlement Date" means, with respect to any Remarketing Date,
two Business Days following such Remarketing Date.

     "Repurchase Price" means the Accreted Value of the Debentures that are
received in exchange for Preferred Securities upon the exercise of the
Repurchase Right plus accrued and unpaid interest (including deferred interest)
on such Debentures to, but excluding, the applicable Required Repurchase Date.

     "Repurchase Right" has the meaning set forth in Section 6.7(a).

     "Required Repurchase Date" shall be the applicable January 1, February 1,
March 1, April 1, May 1, June 1, July 1, August 1, September 1, October 1,
November 1 and December 1 of each year on which the Repurchase Price shall be
payable if a Holder of a Preferred Security elects to exercise its Repurchase
Right.

     "Reset Rate" means the interest rate per annum on the Debentures (and, as a
result, the Distribution rate per annum on the Securities), that is determined
pursuant to the Remarketing of the Preferred Securities; provided that if a
Failed Remarketing occurs, the Reset Rate shall equal 12.5% per annum.

     "Responsible Officer" means, with respect to the Property Trustee, any
officer within the corporate trust department of the Property Trustee, including
any vice president, assistant vice president, assistant treasurer, trust officer
or any other officer of the Property Trustee who customarily performs functions
similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred
because of such person's knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Trust Agreement.

     "Rule 3a-5" means Rule 3a-5 under the Investment Company Act, or any
successor rule or regulation thereunder, and the rules and regulations
promulgated thereunder.

     "Securities" mean 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, and the rules and regulations promulgated
thereunder.

     "66 2/3% in Liquidation Amount" shall mean Holders 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 66 2/3% or
more of the aggregate liquidation amount (including the stated amount that would
be paid on redemption, liquidation or otherwise, plus accumulated and unpaid
Distributions to the date upon which the voting percentages are determined) of
all outstanding Securities or all outstanding Securities of the relevant class,
as the case may be.

     "Special Event" has the meaning set forth in Section 6.10(a).

                                       12
<PAGE>

     "Special Record Date" means the Remarketing Date.

     "Sponsor" means IndyMac Bancorp, Inc., a Delaware corporation, or any
success entity resulting from any merger, consolidation, amalgamation or
replacement by or conveyance, transfer or lease of its properties as an entirety
or substantially as an entirety, in its capacity as sponsor of the Trust.

     "Successor Delaware Trustee" has the meaning set forth in Section
5.6(b)(ii).

     "Successor Entity" has the meaning set forth in Section 3.14(b)(i).

     "Successor Property Trustee" has the meaning set forth in Section
5.6(b)(i).

     "Successor Securities" has the meaning set forth in Section 3.14(b)(i)(B).

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

     "Tax Event" means the receipt by the Trust of an Opinion of Counsel,
rendered by an independent law firm having a recognized national tax practice,
to the effect that, as a result of:

          (1) any amendment to, or change in or announced proposed change in,
     the laws (or any regulations thereunder) of the United States or any
     political subdivision or taxing authority thereof or therein; or

          (2) any official administrative pronouncement or judicial decision
     interpreting or applying such laws or regulations, which amendment or
     change is effective or proposed change, administrative pronouncement or
     judicial decision is announced on or after the Closing Date, there is more
     than an insubstantial risk that:

               (a) 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
          interest received or accrued on the Debentures; or

               (b) the Trust is, or will be within 90 days of the date of such
          opinion, subject to more than a de minimis amount of other taxes,
          duties or other governmental charges.

     "10% in Liquidation Amount" means, except as provided in the terms of the
Preferred Securities or by the Trust Indenture Act, Holders 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 accumulated and unpaid
Distributions to the date upon which the voting percentages are determined) of
all outstanding Securities or all outstanding Securities of the relevant class,
as the case may be.

     "Trading Day" means:

                                       13
<PAGE>

          (1) if the Common Stock or other capital stock then issuable upon
     exercise of the Warrants is listed or admitted for trading on the New York
     Stock Exchange, a day on which the New York Stock Exchange is open for
     business;

          (2) if the Common Stock or other capital stock then issuable upon
     exercise of the Warrants is not listed or admitted for trading on the New
     York Stock Exchange but is listed or admitted for trading on a national
     securities exchange, a day on which such national securities exchange is
     open for business;

          (3) if the Common Stock or other capital stock then issuable upon
     exercise of the Warrants is not listed or admitted for trading on the New
     York Stock Exchange or other national securities exchange but is quoted on
     the Nasdaq National Market, a day on which trades may be made thereon; or

          (4) if the Common Stock or other capital stock then issuable upon
     exercise of the Warrants is not so listed or admitted for trading on the
     New York Stock Exchange or other national securities exchange or quoted on
     the Nasdaq National Market, a day on which the applicable securities market
     in which such security is traded is open for business.

     "Trading Remarketing Event" means a Remarketing Event that occurs because:

          (1) on any date after November 14, 2006 but prior to September 13,
     2031, the Closing Price of a share of the Common Stock exceeds and has
     exceeded for at least 20 Trading Days within the immediately preceding 30
     consecutive Trading Days, $37.57 per share.

          (2) within ten Business Days of such date, the Sponsor elects to
     redeem the Warrants and thereby cause a Remarketing of the Preferred
     Securities to occur and causes written notice of its election to be given
     to the Holders of the Preferred Securities, the holders of the Units and
     the holders of the Warrants.

     "Transfer Agent" has the meaning set forth in Section 6.14.

     "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).

     "Trust" has the meaning set forth in the Recitals hereto.

     "Trustee" or "Trustees" means each Person who has signed this Trust
Agreement 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.

                                       14
<PAGE>

     "Trust Enforcement Event" means, with respect to the Securities, an event
of default under this Trust Agreement, which occurs upon the happening of an
Indenture Event of Default.

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

     "Underwriting Agreement" means the underwriting agreement, dated November
8, 2001, between the Sponsor, an Administrative Trustee and the Managing
Underwriter with respect to the initial offering and sale of the Units,
Preferred Securities and Warrants.

     "Unit" means the collective rights and obligations of a holder of a unit
certificate issued under the Unit Agreement in respect of a Preferred Security,
a Debenture and a Warrant.

        "Unit Agent" means The Bank of New York as initial Unit Agent under the
Unit Agreement, and any successor thereto.

     "Unit Agreement" means the Unit Agreement, dated November 14, 2001, among
the Sponsor, the Trust, Wilmington Trust Company, as Property Trustee, and The
Bank of New York, as Unit Agent and Warrant Agent, as amended or supplemented
from time to time.

     "Warrant" has the meaning set forth in the Warrant Agreement.

     "Warrant Agent" means The Bank of New York as initial Warrant Agent under
the Warrant Agreement, and any successor thereto.

     "Warrant Agreement" means the Warrant Agreement, dated November 14, 2001,
between the Sponsor, and The Bank of New York, as Warrant Agent, as amended or
supplemented from time to time.

     "Warrant Requirements" mean:

          (1) a registration statement covering the issuance and sale of Common
     Stock to the holders of Warrants upon exercise of such Warrants shall be
     effective under the Securities Act, or such issuance and sale shall be
     exempt from the registration requirements of the Securities Act;

          (2) the shares of Common Stock shall be registered, or qualified
     under, or shall be deemed to be exempt from the registration or
     notification requirements under the securities laws applicable to such
     holder of Warrants; and

          (3) a then current prospectus shall be available for delivery to
     exercising holders of the Warrants.

     "Warrant Value" has the meaning set forth in the Warrant Agreement.

                                       15
<PAGE>

                                   ARTICLE II
                               TRUST INDENTURE ACT

SECTION 2.1 TRUST INDENTURE ACT; APPLICATION.

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

     (b) The Property 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 Trust Agreement limits,
qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

     (d) The application of the Trust Indenture Act to this Trust Agreement
shall not affect the Trust's classification as a grantor trust for United States
federal income tax purposes and 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.

     (a) Except when the Property Trustee is the Registrar, each of the Sponsor
and the Administrative Trustees on behalf of the Trust shall provide the
Property Trustee a list, in such form as the Property Trustee may reasonably
require, of the names and addresses of the Holders ("List of Holders"):

          (i) as of the record date relating to the payment of any Distribution,
     at least one Business Day prior to the date for payment of such
     Distribution, except while the Preferred Securities are represented by one
     or more Global Preferred Securities, and

          (ii) at any other time, within 30 days of receipt by the Trust of a
     written request from the Property Trustee for a List of Holders as of a
     date no more than fifteen days before such List of Holders is given to the
     Property Trustee.

If at any time the List of Holders does not differ from the most recent List of
Holders provided to the Property Trustee by the Sponsor and the Administrative
Trustees on behalf of the Trust, then neither the Sponsor nor the Administrative
Trustees shall be obligated to deliver such List of Holders. The Property
Trustee shall preserve, in as current a form as is reasonably 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
Property Trustee may destroy any List of Holders previously given to it on
receipt of a new List of Holders.

          (b) The Property Trustee shall comply with its obligations under, and
     shall be entitled to the benefits of, Sections 311(a), 311(b) and 312(b) of
     the Trust Indenture Act.

                                       16
<PAGE>

SECTION 2.3 REPORTS BY THE PROPERTY TRUSTEE.

     Within 60 days after May 15 of each year (commencing with the year of the
first anniversary of the issuance of the Preferred Securities), the Property
Trustee shall provide to the Holders of the Preferred Securities such reports as
are required by Section 313 of the Trust Indenture Act, if any, in the form and
in the manner provided by Section 313 of the Trust Indenture Act. The Property
Trustee also shall comply with the requirements of Section 313(d) of the Trust
Indenture Act.

SECTION 2.4 PERIODIC REPORTS TO THE PROPERTY TRUSTEE.

     Each of the Sponsor and the Administrative Trustees on behalf of the Trust
shall provide to the Property Trustee such documents, reports and information as
are required by Section 314 of the Trust Indenture Act, if any, and the
compliance certificate required by Section 314 of the Trust Indenture Act in the
form, in the manner and at the times required by Section 314 of the Trust
Indenture Act.

SECTION 2.5 EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT.

     Each of the Sponsor and the Administrative Trustees on behalf of the Trust
shall provide to the Property Trustee annually such evidence of compliance with
any conditions precedent provided for in this Trust Agreement 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) of the Trust Indenture Act may be given in the form of an Officers'
Certificate.

SECTION 2.6 TRUST ENFORCEMENT EVENTS; WAIVER.

     (a) The Holders of a Majority in Liquidation Amount of the Preferred
Securities may waive, by vote or written consent, on behalf of the Holders of
all of the Preferred Securities, any past Trust Enforcement Events in respect of
the Preferred Securities and its consequences, provided that, if the underlying
Indenture Event of Default:

          (i) is not waivable under the Indenture, the related Trust Enforcement
     Event under this Trust Agreement also shall not be waivable; or

          (ii) requires the vote or consent of the holders of greater than a
     majority in aggregate principal amount of the Debentures (a "Super
     Majority") to be waived under the Indenture, the related Trust Enforcement
     Event under this Trust Agreement only may be waived by the vote or written
     consent of the Holders of at least the proportion in aggregate 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 Section
316(a)(1)(B) of the Trust Indenture Act and Section 316(a)(1)(B) of the Trust
Indenture Act is hereby expressly excluded from this Trust Agreement and the
Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such
Trust Enforcement Event in respect of the Preferred Securities arising therefrom
shall be deemed to have been cured for every purpose of this Trust Agreement,

                                       17
<PAGE>

but no such waiver shall extend to any subsequent or other Trust Enforcement
Event with respect to the Preferred Securities or impair any right consequent
thereon. Any waiver by the Holders of the Preferred Securities of a Trust
Enforcement Event with respect to the Preferred Securities also shall be deemed
to constitute a waiver by the Holders of the Common Securities of any such Trust
Enforcement Event with respect to the Common Securities for all purposes of this
Trust Agreement without any further act, vote or consent of the Holders of the
Common Securities.

     (b) The Holders of a Majority in Liquidation Amount of the Common
Securities may waive, by vote or written consent, on behalf of the Holders of
all of the Common Securities, any past Trust Enforcement Event in respect of the
Common Securities and its consequences, provided that, if the underlying
Indenture Event of Default is not waivable under the Indenture, except where the
Holders of the Common Securities are deemed to have waived such Trust
Enforcement Event as provided below in this Section 2.6(b), the related Trust
Enforcement Event under this Trust Agreement also shall not be waivable. The
Holders of Common Securities shall be deemed to have waived any and all Trust
Enforcement Events with respect to the Common Securities and the consequences
thereof until all Trust Enforcement Events with respect to the Preferred
Securities have been cured, waived or otherwise eliminated. Until all Trust
Enforcement Events in respect of the Preferred Securities shall have been so
cured, waived or otherwise eliminated, the Property Trustee shall be deemed to
be acting solely on behalf of the Holders of the Preferred Securities and only
the Holders of the Preferred Securities shall have the right to direct the
Property Trustee in accordance with the terms of the Securities.

     The foregoing provisions of this Section 2.6(b) shall be in lieu of Section
316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act, and Sections
316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly
excluded from this Trust Agreement and the Securities, as permitted by the Trust
Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon
such cure, waiver or other elimination, any such default shall cease to exist
and any Trust Enforcement Event with respect to the Common Securities arising
therefrom shall be deemed to have been cured for every purpose of this Trust
Agreement, but no such waiver shall extend to any subsequent or other default or
Trust Enforcement Event with respect to the Common Securities or impair any
right consequent thereon.

     (c) A waiver of an Indenture Event of Default by the Property Trustee at
the direction of the Holders of the Preferred Securities constitutes a waiver of
the related Trust Enforcement Event under this Trust Agreement. The foregoing
provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of
the Trust Indenture Act, and Section 316(a)(1)(B) of the Trust Indenture Act is
hereby expressly excluded from this Trust Agreement and the Securities, as
permitted by the Trust Indenture Act.

SECTION 2.7 TRUST ENFORCEMENT EVENTS; NOTICE.

     (a) The Property Trustee shall, within 90 days after the occurrence of a
Trust Enforcement Event actually known to a Responsible Officer, transmit by
mail, first class postage prepaid, to the Holders, notice of such Trust
Enforcement Event unless such Trust Enforcement Event has been cured before the
giving of such notice; provided that, except for a default in the payment of
principal of (or premium, if any) or interest on any of the Debentures, the
Property

                                       18
<PAGE>

Trustee shall be protected in withholding such notice if and so long as a
Responsible Officer in good faith determines that the withholding of such notice
is in the interests of the Holders.

     (b) The Property Trustee shall not be deemed to have knowledge of any Trust
Enforcement Event except for:

          (i) a default under Sections 2.10(a) and 2.10(b) of the Indenture; or

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

                                   ARTICLE III
                                  ORGANIZATION

SECTION 3.1 NAME.

     The Trust is named "IndyMac Capital Trust I", as such name may be modified
from time to time by the Administrative Trustees following written notice to the
Holders. The Trust's activities may be conducted under the name of the Trust.

SECTION 3.2 OFFICE.

     The address of the principal office of the Trust is c/o IndyMac Bancorp,
Inc., 155 North Lake Avenue, Pasadena, California 91101. On ten Business Days'
written notice to the Holders, the Administrative Trustees may designate another
principal office.

SECTION 3.3 PURPOSE.

     The exclusive purposes and functions of the Trust are:

     (a) to issue and sell the Securities;

     (b) to use the proceeds from the sale of the Securities to acquire the
Debentures; and

     (c) except as otherwise limited herein, to engage in only those other
activities necessary, advisable or incidental thereto and to the issuance of the
Units.

     By acceptance of this Trust, none of the Trustees, the Sponsor, the Holders
or the Preferred Security Beneficial Owners will take any position that is
contrary to the classification of the Trust as a grantor trust for United States
federal income tax purposes.

SECTION 3.4 AUTHORITY.

     (a) Subject to the limitations provided in this Trust Agreement and to the
specific duties of the Property Trustee, the Administrative Trustees shall have
exclusive authority to carry out the purposes of the Trust. Any action taken by
the Administrative Trustees in accordance with their powers shall constitute the
act of and shall serve to bind the Trust, and any action taken by the Property
Trustee on behalf of the Trust in accordance with its powers shall

                                       19
<PAGE>

constitute the act of and shall 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 Trust Agreement.

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

     (c) Unless otherwise determined by the Administrative Trustees and except
as otherwise required by the Delaware Business Trust Act or applicable law, any
Administrative Trustee is authorized to execute on behalf of the Trust any
documents which the Administrative Trustees have the power and authority to
cause the Trust to execute pursuant to Section 3.7.

SECTION 3.5 TITLE TO PROPERTY OF THE TRUST.

     Except as provided in Section 3.8 with respect to the Debentures and the
Property Account or as otherwise provided in this Trust Agreement, 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 PROHIBITION OF ACTIONS BY THE TRUST AND THE TRUSTEES.

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

          (i) invest any proceeds received by the Trust in connection with its
     ownership of Debentures, but shall distribute all such proceeds to Holders
     pursuant to the terms of this Trust Agreement and of the Securities;

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

          (iii) possess any power or otherwise act in such a way as to vary the
     Trust assets;

          (iv) possess property for any purpose other than a Trust purpose;

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

          (vi) mortgage or pledge any of its assets;

          (vii) possess any power or otherwise act in such a way as to vary the
     terms of the Securities in any way whatsoever (except to the extent
     expressly authorized in this Trust Agreement or by the terms of the
     Securities);

                                       20
<PAGE>

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

          (ix) other than as provided in this Trust Agreement or by the terms of
     the Securities:

               (A) direct the time, method and place of conducting any
          proceeding with respect to any remedy available to the Debenture
          Trustee, or exercising any trust or power conferred upon the Debenture
          Trustee with respect to the Debentures;

               (B) waive any past Indenture Event of Default that is waivable
          under the Indenture;

               (C) exercise any right to rescind or annul any Trust Agreement
          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 tax counsel experienced in such matters to the
          effect that such amendment, modification or termination will not cause
          more than an insubstantial risk that the Trust will not be classified
          as a grantor trust for United States federal income tax purposes;

          (x) take any action inconsistent with the status of the Trust as a
     grantor trust for United States federal income tax purposes; or

          (xi) revoke any action previously authorized or approved by vote of
     the Holders of the Preferred Securities.

SECTION 3.7 POWERS AND DUTIES OF THE ADMINISTRATIVE TRUSTEES.

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

     (a) establish the terms and forms of the Securities in the manner specified
in Section 6.1 and to issue and sell the Securities in accordance with this
Trust Agreement; provided, however, that:

          (i) the Trust may issue no more than one series of Preferred
     Securities and no more than one series of Common Securities;

          (ii) there shall be no interests in the Trust other than the
     Securities, and

          (iii) the issuance of Securities shall be limited to a simultaneous
     issuance of both Preferred Securities and Common Securities on the Closing
     Date;

                                       21
<PAGE>

     (b) acquire the Debentures with the proceeds of the sale of the Securities;
provided, however, that the Administrative Trustees shall cause legal title to
the Debentures to be held of record in the name of the Property Trustee for the
benefit of the Holders;

     (c) give the Sponsor and the Property Trustee prompt written notice of the
occurrence of a Special Event;

     (d) 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 Section 316(c) of the Trust Indenture Act,
Distributions, voting rights, redemptions and exchanges, and to issue relevant
notices to the Holders as to such actions and applicable record dates;

     (e) take all actions and perform such duties as may be required of the
Administrative Trustees or the Trust pursuant to the terms of this Trust
Agreement, the Unit Agreement, the Underwriting Agreement, the Remarketing
Agreement and the Securities;

     (f) 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(f) the Property Trustee has the
exclusive power to bring such Legal Action;

     (g) employ or otherwise engage employees and agents (who may be designated
as officers with titles) and managers, contractors, advisors and consultants to
conduct only those services that the Administrative Trustees have authority to
conduct directly, and to pay reasonable compensation for such services;

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

     (i) give to the Property Trustee the certificate required by Section
314(a)(4) of the Trust Indenture Act, which certificate may be executed by any
Administrative Trustee;

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

     (k) act as, or appoint another Person to act as, Registrar and Transfer
Agent for the Securities or to appoint a Paying Agent for the Securities as
provided in Section 6.14 or to appoint an Authenticating Agent as provided in
Section 6.2;

     (l) give prompt written notice to the Property Trustee and to Holders 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;

     (m) 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 or to enable the Trust
to effect the purposes for which the Trust was created;

                                       22
<PAGE>

     (n) take any action not inconsistent with this Trust Agreement or with
applicable law that the Administrative Trustees determine in their discretion to
be necessary or desirable in carrying out the purposes and functions of the
Trust as set forth in Section 3.3 or the activities of the Trust as set out in
this Section 3.7, as long as such action does not materially adversely affect
the interests of the Holders, including, but not limited to:

          (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 as a grantor trust for United
     States federal income tax purposes; 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;

     (o) 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 Administrative Trustees on behalf of the
Trust; and

     (p) execute all documents or instruments, including the Underwriting
Agreement, the Remarketing Agreement and the Unit Agreement, 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.

     The Administrative Trustees shall exercise the powers set forth in this
Section 3.7 in a manner that is consistent with the purposes and functions of
the Trust set out in Section 3.3, and the Administrative Trustees shall have no
power to, and 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 3.7, the Administrative Trustees shall have none of
the powers or the authority of the Property Trustee set forth in Section 3.8.

     Any expenses incurred by the Administrative Trustees pursuant to this
Section 3.7 shall be reimbursed by the Debenture Issuer.

SECTION 3.8 POWERS AND DUTIES OF THE PROPERTY TRUSTEE.

     (a) The legal title to the Debentures shall be owned by and held of record
in the name of the Property Trustee in trust for the benefit of the Trust and
the Holders. The right, title and interest of the Property Trustee to the
Debentures shall vest automatically in each Person who may hereafter be
appointed as Property Trustee in accordance with Section 5.6. 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 Property Trustee shall not transfer its right, title and interest
in the Debentures to the Administrative Trustees or to the Delaware Trustee (if
the Property Trustee does not also act as Delaware Trustee).

                                       23
<PAGE>

     (c) The Property Trustee hereby directs the Paying Agent to establish and
maintain the Property Account in the name of and under the exclusive control of
the Paying Agent on behalf of the Holders and, upon the receipt of payments of
funds made in respect of the Debentures, deposit such funds into the Property
Account and make payments to the Holders from the Property Account in accordance
with Section 6.5. In lieu of the Paying Agent, the Property Account shall be
established and maintained by the Property Trustee or such other Person directed
by the Property Trustee. Funds in the Property Account shall be held uninvested
until disbursed in accordance with this Trust Agreement;

     (d) The Property Trustee shall:

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

          (ii) upon written direction by the Sponsor to dissolve the Trust,
     engage in such ministerial activities as shall be necessary or appropriate
     to effect the distribution of the Debentures to the Holders in exchange for
     the Securities in accordance with Article VIII of this Trust Agreement

     (e) The Property Trustee shall take all actions and perform such duties as
may be specifically required of the Property Trustee pursuant to the terms of
this Trust Agreement, the Unit Agreement and the Securities.

     (f) Subject to Section 3.9(a), the Property Trustee shall take any Legal
Action which arises out of or in connection with:

          (i) a Trust Enforcement Event of which a Responsible Officer has
     actual knowledge; or

          (ii) the Property Trustee's duties and obligations under this Trust
     Agreement or the Trust Indenture Act;

provided however, that if a Trust Enforcement Event has occurred and is
continuing and such Trust Enforcement Event is attributable to the failure of
the Debenture Issuer to pay the principal of or premium, if any, or interest on
the Debentures on the date such principal, premium, if any, or interest is
otherwise payable (or in connection with a distribution of Debentures in
exchange for Preferred Securities and repurchase of Debentures under Sections
6.7 and 6.8), a Holder of Preferred Securities may institute a proceeding
directly against the Debenture Issuer to enforce payment to such Holder of the
principal of or premium, if any, or interest on the Debentures having an
aggregate 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
Debenture 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.

                                       24
<PAGE>

     (g)  The Property Trustee shall continue to serve as a Trustee until
          either:

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

          (ii) a Successor Property Trustee has been appointed and has accepted
     that appointment in accordance with Section 5.6.

     (h) The Property 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 a Trust Enforcement Event actually known to a Responsible Officer occurs and
is continuing, the Property Trustee shall enforce, for the benefit of Holders,
its rights as holder of the Debentures subject to the rights of the Holders
pursuant to the terms of such Securities.

     (i) The Property Trustee shall be authorized to undertake any actions set
forth in Section 317(a) of the Trust Indenture Act.

     (j) The Property Trustee may authorize one or more Persons to act as
additional Paying Agents and 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 Section 317(b) of the Trust Indenture
Act. Any such additional Paying Agent may be removed by the Property Trustee at
any time, and a successor Paying Agent or additional Paying Agents may be
appointed at any time by the Property Trustee.

     (k) Subject to this Section 3.8, the Property Trustee shall have none of
the duties, liabilities, powers or the authority of the Administrative Trustees
set forth in Section 3.7.

     The Property Trustee shall 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 Property Trustee shall have no power to, and
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 PROPERTY TRUSTEE.

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

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

                                       25
<PAGE>

          (i) prior to the occurrence of a Trust Enforcement Event and after the
     cure or waiver of all such Trust Enforcement Events that may have occurred:

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

               (B) in the absence of bad faith on the part of the Property
          Trustee, the Property 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 Property
          Trustee and conforming to the requirements of this Trust Agreement;
          provided, however, that in the case of any such certificates or
          opinions that by any provision hereof are specifically required to be
          furnished to the Property Trustee, the Property Trustee shall be under
          a duty to examine such certificates or opinions to determine whether
          or not they conform to the requirements of this Trust Agreement (but
          need not confirm or investigate the accuracy of mathematical
          calculations or other facts stated therein);

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

          (iii) the Property Trustee shall not be liable with respect to any
     action taken or omitted to be taken by it without negligence, 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 Property
     Trustee, or exercising any trust or power conferred upon the Property
     Trustee under this Trust Agreement;

          (iv) no provision of this Trust Agreement shall require the Property
     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;

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

          (vi) the Property 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;

                                       26
<PAGE>

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

          (viii) the Property Trustee shall not be responsible for monitoring
     the compliance by the Administrative Trustees or the Sponsor with their
     respective duties under this Trust Agreement, nor shall the Property
     Trustee be liable for any default or misconduct of the Administrative
     Trustees or the Sponsor.

SECTION 3.10 CERTAIN RIGHTS OF THE PROPERTY TRUSTEE.

     (a) Subject to the provisions of Section 3.9:

          (i) the Property 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 Administrative
     Trustees contemplated by this Trust Agreement shall be sufficiently
     evidenced by an Officers' Certificate;

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

          (iv) the Property 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 Property 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 Property Trustee shall have the right at any time to seek
     instructions concerning the administration of this Trust Agreement from any
     court of competent jurisdiction;

                                       27
<PAGE>

          (vi) the Property Trustee shall be under no obligation to exercise any
     of the rights or powers vested in it by this Trust Agreement at the request
     or direction of any Holder, unless such Holder shall have provided to the
     Property Trustee security and indemnity, reasonably satisfactory to the
     Property Trustee, against the costs, expenses (including reasonable
     attorneys' fees and expenses and the expenses of the Property 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 Property Trustee; provided, that,
     nothing contained in this Section 3.10(a)(vi) shall be taken to relieve the
     Property Trustee, upon the occurrence of an Indenture Event of Default, of
     its obligation to exercise the rights and powers vested in it by this Trust
     Agreement;

          (vii) the Property 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 Property Trustee, in its
     discretion, may make such further inquiry or investigation into such facts
     or matters as it sees fit;

          (viii) the Property 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 Property 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 Property Trustee or its agents hereunder
     shall bind the Trust and the Holders, and the signature of the Property
     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 Property Trustee to so act or as to its compliance with
     any of the terms and provisions of this Trust Agreement, both of which
     shall be conclusively evidenced by the Property Trustee's or its agent's
     taking such action;

          (x) whenever in the administration of this Trust Agreement the
     Property Trustee shall deem it desirable to receive instructions with
     respect to enforcing any remedy or right or taking any other action
     hereunder, the Property Trustee:

               (A) may request instructions from the Holders 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 Property
          Trustee under the terms of the Securities in respect of such remedy,
          right or action;

               (B) may refrain from enforcing such remedy or right or taking
          such other action until such instructions are received; and

               (C) shall be protected in conclusively relying on or acting in
          accordance with such instructions;

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<PAGE>

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

          (xii) with respect to the calculation of the Accreted Value, the
     Property Trustee may conclusively rely upon the calculation thereof
     determined by the Calculation Agent; and

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

     (b) No provision of this Trust Agreement shall be deemed to impose any duty
or obligation on the Property 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 Property 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 Property Trustee shall be
construed to be a duty.

SECTION 3.11 POWERS AND DUTIES OF THE DELAWARE TRUSTEE.

     Notwithstanding any other provision of this Trust Agreement other than
Section 5.2, the Delaware Trustee shall not be entitled to exercise any powers
of, nor shall the Delaware Trustee have any of the duties and responsibilities
of, the Administrative Trustees or the Property Trustee described in this Trust
Agreement. 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
Section 3807 of the Delaware Business Trust Act.

SECTION 3.12 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

     The recitals contained in this Trust Agreement 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 Trust
Agreement, the Securities, the Debentures or the Indenture.

SECTION 3.13 DURATION OF THE TRUST.

     The Trust, unless dissolved or terminated pursuant to the provisions of
Article VIII, shall have existence up to January 14, 2032.

SECTION 3.14 MERGERS, CONSOLIDATIONS, CONVERSIONS, AMALGAMATIONS OR REPLACEMENTS
             OF THE TRUST.

     (a) The Trust may not merge with or into, consolidate with, convert into,
amalgamate with, be replaced by or convey, transfer or lease its properties and
assets as an entirety or

                                       29
<PAGE>

substantially as an entirety to, any Person, except as described in Section
3.14(b) and 3.14(c) or Section 8.2.

     (b) At the request of the Sponsor and with the consent of the
Administrative Trustees or, if there are more than two, a majority of the
Administrative Trustees and without the consent of the Holders, the Delaware
Trustee or the Property Trustee, the Trust may merge with or into, consolidate
with, convert into, amalgamate with, be replaced by or convey, transfer or lease
its properties and assets as an entirety or substantially as an entirety to, a
trust organized as such under the laws of any state; provided that:

          (i) if the Trust is not the successor entity, such successor entity
     (the "Successor Entity") either:

               (A) expressly assumes all of the obligations of the Trust with
          respect to 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) if the Trust is not the successor entity, the Sponsor expressly
     appoints a trustee of the Successor Entity that possesses the same powers
     and duties as the Property Trustee as the holder of the Debentures;

          (iii) the Successor Securities are, or upon notification of issuance
     will be, listed (or eligible for trading) on any national securities
     exchange or with any other organization on which the Preferred Securities
     are listed or quoted (or otherwise eligible for trading) prior to such
     merger, consolidation, conversion, amalgamation, replacement, conveyance,
     transfer or lease;

          (iv) if the Preferred Securities (including any Successor Securities)
     are rated by any nationally recognized statistical rating organization
     prior to such transaction, such merger, consolidation, conversion,
     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, conversion, amalgamation, replacement,
     conveyance, transfer or lease does not adversely affect the rights,
     preferences and privileges of the Holders (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 in
     all material respects to that of the Trust;

          (vii) prior to such merger, consolidation, conversion, amalgamation,
     replacement, conveyance, transfer or lease, the Sponsor has received an
     Opinion of

                                       30
<PAGE>

     Counsel to the Trust, rendered by an independent law firm experienced in
     such matters, to the effect that:

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

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

               (C) following such merger, consolidation, conversion,
          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;

          (viii) if the Trust is not the successor entity, the Sponsor or any
     permitted successor or assignee owns all of the common securities of such
     Successor Entity and guarantees the obligations of such Successor Entity
     under the Successor Securities at least to the extent provided by the
     Guarantee; and (ix) the Successor Entity expressly assumes all of the
     obligations of the Trust.

     (c) Notwithstanding Section 3.14(b), the Trust shall not, except with the
consent of Holders of 100% in aggregate liquidation amount of the Securities,
merge with or into, consolidate with, convert into, amalgamate with, be replaced
by, or convey, transfer or acquire by conveyance, transfer or lease its
properties and assets as an entirety or substantially as an entirety to, any
other Person or permit any other Person to merge with or into, consolidate with,
convert into, amalgamate with, replace it, acquire by conveyance, transfer or
lease its properties and assets as an entirety or substantially as an entirety,
if such merger, consolidation, conversion, amalgamation, 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 or would cause each Holder of Preferred Securities not to be treated as
owning an undivided beneficial interest in the Debentures.

SECTION 3.15 PROPERTY TRUSTEE MAY FILE PROOFS OF CLAIM.

     In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
similar judicial proceeding relative to the Trust or any other obligor upon the
Securities or the property of the Trust or of such other obligor or their
creditors, the Property Trustee (irrespective of whether any Distributions on
the Securities are then due and payable as therein expressed or by Trust
Agreement or otherwise and irrespective of whether the Property Trustee has made
any demand on the Trust for the payment of any past due Distributions) shall be
entitled and empowered, to the fullest extent permitted by law, by intervention
in such proceeding or otherwise to:

                                       31
<PAGE>

     (a) file and prove a claim for the whole amount of any Distributions owing
and unpaid in respect of the Securities (or, if the Securities are original
issue discount securities, such portion of the liquidation amount as may be
specified in the terms of such securities) and to file such other papers or
documents as may be necessary or advisable in order to have the claims of the
Property Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its agents and counsel) and
of the Holders allowed in such judicial proceeding; and

     (b) collect and receive any moneys or other property payable or deliverable
on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Property Trustee and, in the event the
Property Trustee consents to the making of such payments directly to the
Holders, to pay to the Property Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Property Trustee, its
agents and counsel, and any other amounts due the Property Trustee.

     Nothing contained herein shall be deemed to authorize the Property Trustee
to authorize or consent to or accept or adopt, on behalf of any Holder, any plan
of reorganization, arrangement, adjustment or compensation affecting the
Securities or the rights of any Holder or to authorize the Property Trustee to
vote in respect of the claim of any Holder in any such proceeding.

                                   ARTICLE IV
                                     SPONSOR

SECTION 4.1 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) 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; and

     (b) if the Preferred Securities are separately traded from the Units and
the applicable exchange listing requirements are met, to prepare for execution
and filing by the Trust an application to permit the Preferred Securities to
trade or be quoted or listed in or on the New York Stock Exchange or any other
national securities exchange, quotation system or the Nasdaq National Market for
listing or quotation upon notice of issuance of the Preferred Securities.

SECTION 4.2 INDEMNIFICATION AND EXPENSES OF THE TRUSTEES.

     The Sponsor, in its capacity as Debenture Issuer, agrees to indemnify the
Property Trustee and the Delaware Trustee for, and to hold each of them harmless
against, any loss,

                                       32
<PAGE>

liability or expense incurred without negligence or bad faith on the part of the
Property Trustee or the Delaware Trustee, as the case may be, arising out of or
in connection with the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses of defending either of them against
any claim or liability in connection with the exercise or performance of any of
their respective powers or duties hereunder. The provisions of this Section 4.2
shall survive the resignation or removal of the Delaware Trustee or the Property
Trustee and the termination of this Trust Agreement.

SECTION 4.3 RIGHT TO PROCEED.

     The Sponsor acknowledges the rights of the Holders of Preferred Securities,
in the event that a failure of the Trust to pay Distributions on the Preferred
Securities is attributable to the failure of the Debenture Issuer to pay
interest or principal on the Debentures, to institute a Direct Action against
the Debenture Issuer for enforcement of its payment obligations on the
Debentures.

                                    ARTICLE V
                                    TRUSTEES

SECTION 5.1 NUMBER OF TRUSTEES.

     The number of Trustees initially shall be four, unless the Property Trustee
also acts as the Delaware Trustee, in which case the number may be three, 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 at a meeting of the Holders of the Common
Securities or by written consent in lieu of such meeting; provided, however,
that, the number of Trustees shall in no event be less than three; and provided
further that:

          (1) one Trustee shall be the Delaware Trustee;

          (2) one Trustee shall be the Property Trustee, which, for so long as
     this Trust Agreement is required to qualify as an indenture under the Trust
     Indenture Act, shall meet the requirements of applicable law; provided that
     the Property Trustee also may serve as Delaware Trustee if it meets the
     applicable requirements; and

          (3) at least one Trustee shall be an Administrative Trustee who shall
     be an employee or officer of, or shall be affiliated with, the Sponsor.

SECTION 5.2 DELAWARE TRUSTEE; ELIGIBILITY.

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

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<PAGE>

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

          (ii) 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 Property Trustee has its principal
     place of business in the State of Delaware and otherwise meets the
     requirements of applicable law, the Property Trustee also shall be the
     Delaware Trustee and Section 3.11 shall have no application.

     (b) The initial Delaware Trustee shall be:

         Wilmington Trust Company
         Rodney Square North
         1100 North Market Street
         Wilmington, Delaware  19890-0001
         Attention:  Corporate Trust Administration

SECTION 5.3 PROPERTY TRUSTEE; ELIGIBILITY.

     (a) There shall at all times be one Trustee which shall act as Property
Trustee (the "Property Trustee"). The Property Trustee 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 $50,000,000, 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 Property Trustee shall cease to be eligible to so
act under Section 5.3(a), the Property Trustee shall immediately resign in the
manner and with the effect set forth in Section 5.6(c).

     (c) If the Property Trustee has or shall acquire any "conflicting interest"
within the meaning of Section 310(b) of the Trust Indenture Act, the Property
Trustee and the Holders of the Common Securities (as if it were the obligor
referred to in Section 310(b) of the Trust Indenture Act) shall comply in all
respects with the provisions of Section 310(b) of the Trust Indenture Act.

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

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<PAGE>

     (e)  The initial Property Trustee shall be:

          Wilmington Trust Company
          Rodney Square North
          1100 North Market Street
          Wilmington, Delaware  19890-0001
          Attention:  Corporate Trust Administration

SECTION 5.4 QUALIFICATIONS OF ADMINISTRATIVE TRUSTEES GENERALLY.

     Each Administrative Trustee (each, an "Administrative 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 INITIAL ADMINISTRATIVE TRUSTEES.

     The initial Administrative Trustees shall be Roger H. Molvar and Richard L.
Sommers, the business address of each of whom is c/o IndyMac Bancorp, Inc., 155
North Lake Avenue, Pasadena, California 91101.

SECTION 5.6 APPOINTMENT, REMOVAL AND RESIGNATION OF TRUSTEES.

     (a) Subject to Sections 5.6(b) and 6.11(j) and (k), the Trustees may be
appointed or removed without cause at any time:

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

          (ii) unless a Trust Enforcement Event shall have occurred and be
     continuing after the issuance of any Securities, by vote of the Holders of
     a Majority in Liquidation Amount of the Common Securities at a meeting of
     the Holders of the Common Securities or by written consent in lieu of such
     meeting; and

          (iii) if a Trust Enforcement Event shall have occurred and be
     continuing after the issuance of the Securities, with respect to the
     Property Trustee or the Delaware Trustee, by vote of Holders of a Majority
     in Liquidation Amount of the Preferred Securities at a meeting of Holders
     of the Preferred Securities or by written consent in lieu of such meeting.

     (b)  (i) The Property Trustee shall not be removed in accordance with
Section 5.6(a) until a successor Trustee possessing the qualifications to act as
Property Trustee under Section 5.3(a) (a "Successor Property Trustee") has been
appointed and has accepted such appointment by written instrument executed by
such Successor Property Trustee and delivered to the Administrative Trustees and
the Sponsor.

          (ii) The Delaware Trustee shall not be removed in accordance with
     Section 5.6(a) until a successor Trustee possessing the qualifications to
     act as Delaware Trustee under Section 5.2(a) (a "Successor Delaware
     Trustee") has been appointed and

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<PAGE>

     has accepted such appointment by written instrument executed by such
     Successor Delaware Trustee and delivered to the Administrative Trustees and
     the Sponsor.

     (c) A Trustee appointed to office shall hold office until a successor shall
have been appointed or until death, dissolution, removal or resignation. Any
Trustee may resign from office (without need for prior or subsequent accounting)
by a written instrument signed by such Trustee and delivered to the Sponsor, the
Trust and the other Trustees, 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 Property Trustee shall be effective:

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

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

          (ii) no such resignation of the Delaware Trustee shall be effective
     until 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 Trust, the Administrative Trustees, the
     Sponsor and the resigning Delaware Trustee.

     (d) The Holders of the Common Securities or, if a Trust Enforcement Event
shall have occurred and be continuing after the issuance of the Securities, the
Holders of the Preferred Securities, shall use their best efforts to promptly
appoint a Successor Property Trustee or Successor Delaware Trustee, as the case
may be, if the Property Trustee or the Delaware Trustee delivers an instrument
of resignation in accordance with this Section 5.6.

     (e) If no Successor Property Trustee or Successor Delaware Trustee, as the
case may be, shall have been appointed and accepted appointment as provided in
this Section 5.6 within 30 days after delivery of an instrument of resignation
or removal, the Property Trustee or Delaware Trustee resigning or being removed,
as applicable, may at the expense of the Sponsor petition any court of competent
jurisdiction for appointment of a Successor Property Trustee or Successor
Delaware Trustee, as applicable. Such court may thereupon, after prescribing
such notice, if any, as it may deem proper and prescribe, appoint a Successor
Property Trustee or Successor Delaware Trustee, as the case may be.

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

SECTION 5.7 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

                                       36
<PAGE>

Administrative Trustees or, if there are more than two, a majority of the
Administrative Trustees shall be conclusive evidence of the existence of such
vacancy. The vacancy shall be filled with a Trustee appointed in accordance with
Section 5.6.

SECTION 5.8 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 or terminate this Trust
Agreement. Whenever a vacancy in the number of Administrative Trustees shall
occur, until such vacancy is filled by the appointment of an Administrative
Trustee in accordance with Section 5.6, the Administrative Trustees in office,
regardless of their number, shall have all the powers granted to the
Administrative Trustees and shall discharge all the duties imposed upon the
Administrative Trustees by this Trust Agreement.

SECTION 5.9 MEETINGS.

     If there is more than one Administrative Trustee, meetings of the
Administrative Trustees shall be held from time to time upon the call of any
Administrative Trustee. Regular meetings of the Administrative Trustees may be
held at a time and place fixed by resolution of the Administrative Trustees.
Notice of any in-person meetings of the Administrative Trustees 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 such meeting. Notice of
any telephonic meetings of the Administrative 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 an Administrative Trustee at a meeting shall constitute a waiver
of notice of such meeting except where an Administrative 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 Trust Agreement, any action of the Administrative
Trustees may be taken at a meeting by vote of a majority of the Administrative
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 Administrative Trustees. In the event
there is only one Administrative Trustee, any and all action of such
Administrative Trustee shall be evidenced by a written consent of such
Administrative Trustee.

SECTION 5.10 DELEGATION OF POWER BY THE ADMINISTRATIVE TRUSTEES.

     (a) Any Administrative Trustee may, by power of attorney consistent with
applicable law, delegate to any other natural person over the age of 21 his
power for the purpose of executing any documents which the Administrative
Trustees have power and authority to cause the Trust to execute pursuant to
Section 3.7.

     (b) The Administrative 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 Administrative Trustees or

                                       37
<PAGE>

otherwise as the Administrative 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 5.11 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

     Any Person into which the Property Trustee, the Delaware Trustee or any
Administrative Trustee that is not a natural person, as the case may be, may be
merged or converted or with which such Trustee may be consolidated, or any
Person resulting from any merger, conversion or consolidation to which such
Trustee shall be a party, or any Person succeeding to all or substantially all
the corporate trust business of such Trustee, shall be the successor of such
Trustee under this Trust Agreement without the execution or filing of any paper
or any further act on the part of any of the parties hereto, provided such
Person shall be otherwise qualified and eligible under this Article V.

                                   ARTICLE VI
                                 THE SECURITIES

SECTION 6.1 GENERAL PROVISIONS REGARDING THE SECURITIES.

     (a) The Administrative Trustees shall issue on behalf of the Trust one
class of Preferred Securities representing undivided beneficial interests in the
assets of the Trust (the "Preferred Securities") and one class of common
securities representing undivided beneficial interests in the assets of the
Trust (the "Common Securities").

          (i) The Preferred Securities of the Trust shall number 3,500,000 (or
     4,000,000 if the Managing Underwriter's over-allotment option with respect
     to the Units is exercised in full) and shall have an aggregate stated
     liquidation amount with respect to the assets of the Trust of $175,000,000
     (or $200,000,000 if the Managing Underwriter's over-allotment option with
     respect to the Units is exercised in full), a stated liquidation amount
     with respect to the assets of the Trust of $50 per Preferred Security and
     an accreted value at any time equal to the Accreted Value. The Preferred
     Securities are hereby designated for the purposes of identification only as
     the Preferred Securities. The Preferred Securities Certificates evidencing
     the Preferred Securities shall be substantially in the form of Exhibit A,
     with such changes and additions thereto or deletions therefrom as may be
     required by ordinary usage, custom or practice.

          (ii) The Common Securities of the Trust shall number 108,248 (or
     123,712 if the Managing Underwriter's over-allotment option with respect to
     the Units is exercised in full) and shall have an aggregate liquidation
     amount with respect to the assets of the Trust of $5,412,400 (or $6,185,600
     if the Managing Underwriter's over-allotment option with respect to the
     Units is exercised in full), a stated liquidation amount with respect to
     the assets of the Trust of $50 per Common Security and an accreted value at
     any time equal to the Accreted Value. The Common Securities are hereby
     designated for the purposes of identification only as the Common
     Securities. The Common Securities Certificates evidencing the Common
     Securities shall be substantially in the form of Exhibit B, with such
     changes and additions thereto or deletions therefrom as may be required by
     ordinary usage, custom or practice.

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<PAGE>

          (b) 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.

          (c) Upon issuance of the Securities as provided in this Trust
     Agreement, the Securities so issued shall be deemed to be validly issued,
     fully paid and nonassessable beneficial interests in the assets of the
     Trust.

          (d) Each Person, by virtue of having become a Holder or a Preferred
     Security Beneficial Owner in accordance with the terms of this Trust
     Agreement, shall be deemed to have expressly assented and agreed to the
     terms of, and shall be bound by, this Trust Agreement, the Guarantee, the
     Indenture and the Debentures.

          (e) Payment of Distributions on, and any payment of the Redemption
     Price upon a redemption of, the Securities shall be made on a Pro Rata
     basis based on the liquidation amount of such Securities; provided that if,
     on any date on which payment of a Distribution or the Redemption Price is
     to be made, an Indenture Event of Default has occurred and is continuing,
     then such payment shall not be made on any of the Common Securities, and no
     other payment on account of the redemption, liquidation or other
     acquisition of such Common Securities shall be made, until all accumulated
     and unpaid Distributions or payments of the Redemption Price, as the case
     may be, on all of the outstanding Preferred Securities for which
     Distributions are to be paid or that have been called for redemption, as
     the case may be, are fully paid. All funds available to the Property
     Trustee shall first be applied to the payment in full in cash of all
     Distributions on, or the Redemption Price of, the Preferred Securities then
     due and payable.

          (f) The Holders of the Securities shall not have any preemptive or
     similar rights.

SECTION 6.2 EXECUTION AND AUTHENTICATION.

     (a) Each Certificate shall be signed on behalf of the Trust by an
Administrative Trustee by manual or facsimile signature. If any Administrative
Trustee of the Trust who shall have signed any of the Securities shall cease to
be such Administrative Trustee before the Securities so signed shall be
delivered by the Trust, such Securities nevertheless may be delivered as though
the person who signed such Securities had not ceased to be such Administrative
Trustee; and any Securities may be signed on behalf of the Trust by such persons
who, at the actual date of execution of such Security, shall be the
Administrative Trustees of the Trust, although at the date of the execution and
delivery of this Trust Agreement any such person was not such an Administrative
Trustee.

     (b) A Preferred Securities Certificate shall not be valid until
authenticated by the manual or facsimile signature of an authorized signatory of
the Property Trustee. The signature shall be conclusive evidence that such
Preferred Securities Certificate has been authenticated under this Trust
Agreement.

     Upon a written order of the Trust signed by one Administrative Trustee, the
Property Trustee shall authenticate the Preferred Securities Certificates for
original issue. The aggregate

                                       39
<PAGE>

number of Preferred Securities outstanding at any time shall not exceed the
aggregate stated liquidation amount set forth in Section 6.1(a)(i).

     The Property Trustee shall have the right to decline to authenticate and
deliver any Securities under this Section if the Property Trustee, being advised
by counsel, determines that such action may not lawfully be taken or if the
Trustee in good faith shall determine that such action would expose the Property
Trustee to personal liability to existing Holders.

     The Property Trustee may appoint an Authenticating Agent acceptable to the
Trust to authenticate Preferred Securities Certificates. An Authenticating Agent
may authenticate Preferred Securities Certificates whenever the Property Trustee
may do so. Each reference in this Trust Agreement to authentication by the
Property Trustee includes authentication by such agent. An Authenticating Agent
has the same rights as the Property Trustee to deal with the Sponsor or an
Affiliate.

     The Bank of New York is hereby appointed as the initial Authenticating
Agent.

SECTION 6.3 FORM AND DATING.

     The Preferred Securities shall be substantially in the form of Exhibits A
and the Common Securities shall be substantially in the form of Exhibit B. The
Property Trustee's certificate of authentication shall be substantially in the
form set forth in Exhibit A.

     The terms and provisions of the Securities set forth in Exhibits A and B
are part of the terms of this Trust Agreement and to the extent applicable, the
Property Trustee, the Authenticating Agent and the Sponsor, by their execution
and delivery of this Trust Agreement, expressly agree to such terms and
provisions and to be bound thereby.

     The Certificates shall be printed, lithographed or engraved or may be
produced in any other manner as is reasonably acceptable to the Administrative
Trustees, as evidenced by their execution thereof. The Certificates may have
letters, CUSIP or other numbers, notations or other marks of identification or
designation and such legends or endorsements as the Administrative Trustees may
deem appropriate, or as may be required by law, stock exchange rule, agreements
to which the Trust is subject, if any, or usage (provided that any such
notation, legend or endorsement is in a form acceptable to the Trust).

     Each Security shall be dated the date of its authentication.

     Upon the execution and delivery of this Trust Agreement, the Preferred
Securities shall be issued as a component of a Unit, in fully registered form
without Distribution coupons (the "Global Unit Certificate"), substantially in
the forms set forth in Exhibit A of the Unit Agreement. The Preferred Securities
also initially shall be issued in the forms of one or more global Certificates
in fully registered form without Distribution coupons and with the appropriate
global legends (each, a "Global Preferred Security"), substantially in the forms
of Exhibit A. The Global Preferred Securities shall be registered in the name of
the Clearing Agency or a nominee of the Clearing Agency, duly executed by the
Trust and authenticated by the Property Trustee, and deposited on behalf of the
purchasers of the Preferred Securities represented thereby with the Paying
Agent, at the Corporate Trust Office, as custodian for the Clearing Agency. The

                                       40
<PAGE>

Global Preferred Securities shall represent such of the outstanding Preferred
Securities as shall be specified in the "Schedule of Increases or Decreases in
Global Preferred Security" attached thereto (or on the books and records of the
Property Trustee and the Clearing Agency or its nominee). The Global Preferred
Securities shall initially represent no Preferred Securities. Thereafter, the
number of Preferred Securities represented by the Global Preferred Securities
may from time to time be increased or decreased by adjustments made on the
"Schedule of Increases or Decreases in Global Preferred Security" attached
thereto (or books and records of the Property Trustee and the Clearing Agency or
its nominee) as hereinafter provided.

     Except as provided in Sections 6.22(e) and 6.22(f), Preferred Security
Beneficial Owners shall not be entitled to receive physical delivery of
definitive, fully registered Preferred Securities Certificates ("Definitive
Preferred Securities").

SECTION 6.4 THE SPONSOR'S PURCHASE OF THE COMMON SECURITIES.

     (a) On the Closing Date or any Option Closing Date, the Sponsor shall
purchase all of the Common Securities issued by the Trust, in an aggregate
liquidation amount equal to at least 3% of the total capital of the Trust, at
such time as the Preferred Securities are sold and issued. The aggregate stated
liquidation amount of the Common Securities outstanding at any time shall not be
less than 3% of the total capital of the Trust.

     (b) For so long as the Preferred Securities remain outstanding, the Sponsor
shall covenant:

          (i) to maintain, directly or indirectly, 100% ownership of the Common
     Securities; provided, however, that any permitted successor of the Sponsor
     (in its capacity as Debenture Issuer) under the Indenture may succeed to
     the Sponsor's ownership of such Common Securities;

          (ii) to cause the Trust to (a) remain a statutory business trust,
     except in connection with the distribution of the Debentures to the
     Holders, the redemption of all of the Securities, or certain mergers,
     consolidations, conversions or amalgamations, each as permitted by this
     Trust Agreement, (b) to the fullest extent permitted by law, not to
     voluntarily dissolve, wind up, liquidate or be terminated, except as
     permitted by this Trust Agreement and (c) otherwise continue to be
     classified as a grantor trust for United States federal income tax
     purposes;

          (iii) to use its commercially reasonable efforts to ensure that the
     Trust will not be an Investment Company required to be registered under the
     Investment Company Act; and

          (iv) not to take any action that would be reasonably likely to cause
     the Trust to be classified as an association or a publicly traded
     partnership taxable as a corporation for United States federal income tax
     purposes.

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<PAGE>

SECTION 6.5 DISTRIBUTIONS.

     (a) Holders shall be entitled to receive Distributions that shall be
payable at a rate per annum of 6% (the "Coupon Rate") of the stated liquidation
amount of $50 per Security from and including November 14, 2001 to, but
excluding, the Remarketing Date, and at the Reset Rate of the Accreted Value of
the Security on the Remarketing Date to, but excluding, the date of redemption.
At all times, the Distribution rate shall correspond to the interest rate on the
Debentures. The amount of a Distribution payable shall be computed:

          (i) for any full 90-day quarterly Distribution period, on the basis of
     a 360-day year consisting of twelve 30-day months;

          (ii) for any period shorter than a full 90-day quarterly Distribution
     period, on the basis of a 30-day month; and

          (iii) for any period shorter than a 30-day month, on the basis of the
     actual number of days elapsed in the 30-day month.

Subject to Section 6.1(e), Distributions shall be made on the Securities on a
Pro Rata basis. Distributions shall be payable on the Distribution Dates only to
the extent that payments are made to the Trust in respect of the Debentures held
by the Property Trustee and to the extent the Trust has funds available for the
payment of such Distributions in the Property Account.

     (b) Distributions on the Securities shall accumulate from the date of
original issue, shall be cumulative and shall be payable quarterly in arrears on
February 1, May 1, August 1 and November 1 of each year (each, a "Distribution
Date"), commencing on February 1, 2002, when, as and if available for payment,
except as otherwise provided in this Trust Agreement. Interest not paid on the
Debentures on the scheduled Interest Payment Dates shall accrue and compound
quarterly at the Coupon Rate of the aggregate principal amount or the Reset Rate
of the Accreted Value on the Remarketing Date, as applicable, and, as a result,
Distributions not paid on the scheduled Distribution Dates shall accumulate and
compound quarterly at the Coupon Rate of the aggregate stated liquidation amount
or the Reset Rate of the Accreted Value on the Remarketing Date, as applicable
("Compounded Distributions"). The terms "Distribution" shall mean ordinary
quarterly distributions together with any Compounded Distributions.

     (c) As long as no Indenture Event of Default has occurred and is continuing
and as long as a Failed Remarketing has not occurred, the Debenture Issuer has
the right under the Indenture to defer payments of interest on the Debentures by
extending the interest payment period, at any time and 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 date
other than an Interest Payment Date or extend beyond the stated maturity of the
Debentures. Upon the occurrence of a Failed Remarketing, any such Extension
Period shall terminate and interest shall be payable on the next Interest
Payment Date. As a consequence of such deferral, Distributions also shall be
deferred. Despite such deferral, interest on the Debentures shall continue to
accrue with additional interest thereon (to the extent permitted by applicable
law) and, as a result, Distributions shall continue to accumulate with
additional Distributions thereon

                                       42
<PAGE>

(to the extent permitted by applicable law) at the Coupon Rate of the stated
liquidation amount or at the Reset Rate of the Accreted Value on the Remarketing
Date, as the case may be, compounded quarterly during any such Extension Period.
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 of such Extension Period, may not exceed 20 consecutive quarters or
extend beyond the stated 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.

     (d) Distributions on the Securities shall be payable to the Holders as they
appear on the books and records of the Trust at the close of business on the
relevant Regular Record Dates; provided that Distributions payable on the
Remarketing Settlement Date shall be payable to the Holders as they appear on
the books and records of the Trust at the close of business on the Special
Record Date. If the Preferred Securities are represented by one or more Global
Preferred Securities, the relevant Regular Record Dates shall be the close of
business on the Business Day preceding the corresponding Distribution Date,
unless a different Regular Record Date is established or provided for the
corresponding Interest Payment Date on the Debentures. If the Preferred
Securities are not represented by one or more Global Preferred Securities, the
relevant Regular Record Dates for the Preferred Securities shall be at least one
Business Day prior to the corresponding Distribution Dates, or such other dates
as may be selected by the Administrative Trustees. The record dates for the
Common Securities shall be the same as the record dates for the Preferred
Securities. At all times, the Distribution Dates shall correspond to the
Interest Payment Dates on the Debentures.

     Distributions payable on any Securities that are not punctually paid on any
Distribution Date, as a result of the Debenture Issuer having failed to make a
payment under the Debentures, shall cease to be payable to the Person in whose
name such Securities are registered on the relevant record date, and such
defaulted Distribution instead shall 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 for payment of the corresponding
defaulted interest on the Debentures.

     (e) If any date on which a Distribution is payable on the Securities is not
a Business Day, payment of the Distribution payable on such date will be made on
the next day that is a Business Day (and without any additional Distribution or
other payment in respect of any such delay), except that if such Business Day is
in the next calendar year, such payment shall be made on the immediately
preceding Business Day with the same force and effect as if made on the date
such payment was originally payable.

     (f) If and to the extent that the Debenture Issuer makes a payment of
principal of and premium, if any, and interest on the Debentures held by the
Property Trustee (the amount of any such payment being a "Payment Amount"), the
Property Trustee shall and is directed, to the extent funds are available for
that purpose, to make a distribution of the Payment Amount to the Holders on a
Pro Rata basis, subject to Section 6.1(e).

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<PAGE>

     (g) 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 on a Pro Rata basis among the Holders subject to 6.1(e).

SECTION 6.6 REMARKETING.

     (a) In connection with a Remarketing of the Preferred Securities:

          (i) in connection with a Remarketing upon a Trading Remarketing Event
     or a Legal Cause Remarketing Event, the Accreted Value of the Debentures as
     of the end of the day on the day next preceding the Remarketing Date shall
     become due on the date which is 60 days following the Remarketing Date,
     and, as a result, the Accreted Value of the Securities as of the end of the
     day on the day next preceding the Remarketing Date shall be redeemed on the
     date which is 60 days following the Remarketing Date;

          (ii) on the Remarketing Date, the rate of interest per annum on the
     Accreted Value of the Debentures shall become the Reset Rate on the
     Accreted Value of the Securities established in the Remarketing of the
     Preferred Securities, and, as a result, the Distribution rate per annum on
     the Accreted Value of the Securities shall become the Reset Rate
     established in the Remarketing of the Preferred Securities;

          (iii) on the Remarketing Settlement Date, interest accrued and unpaid
     on the Debentures from and including the immediately preceding Interest
     Payment Date to, but excluding, the Remarketing Settlement Date shall be
     payable to the holders of the Debentures on the Special Record Date, and,
     as a result, Distributions accumulated and unpaid on the Securities from
     and including the immediately preceding Distribution Date to, but
     excluding, the Remarketing Settlement Date shall be payable to the Holders
     of the Securities on the Special Record Date;

          (iv) in connection with a Remarketing upon a Trading Remarketing Event
     or a Legal Cause Remarketing Event, the Sponsor shall be obligated to
     redeem the Warrants on the Remarketing Settlement Date at a redemption
     price per Warrant equal to the Warrant Value as of the end of the day on
     the day next preceding the Remarketing Date; and

          (v) on and after the Remarketing Date, the Warrants shall be
     exercisable at the Exercise Price.

     (b) The proceeds from the Remarketing of the Preferred Securities shall be
paid to the selling Holders, provided that, upon a Trading Remarketing Event or
a Legal Cause Remarketing Event, the proceeds from the Remarketing of the
Preferred Securities that are held pursuant to the Unit Agreement for which the
holders of such Units have elected to exercise their Warrants shall be paid
directly to the Warrant Agent to satisfy in full the Exercise Price of the
Warrants held by such holders.

     (c) In connection with a Remarketing of the Preferred Securities and at any
time thereafter, a purchaser may exchange its Preferred Securities for its pro
rata share of Debentures. In such event, the Administrative Trustees shall cause
Debentures held by the Property Trustee,

                                       44
<PAGE>

having an aggregate Accreted Value equal to the aggregate Accreted Value of the
Preferred Securities purchased by such purchaser and with accrued and unpaid
interest equal to the accumulated and unpaid Distributions on the Preferred
Securities purchased by such purchaser, to be distributed to such purchaser in
exchange for such Holders' pro rata interest in the Trust. In such event, the
Debentures held by the Trust shall decrease by the amount of Debentures
delivered to the purchaser of Preferred Securities.

     (d) Upon the occurrence of a Trading Remarketing Event, the Sponsor shall
cause a Remarketing of the Preferred Securities and select a Remarketing Date,
provided that the following conditions precedent are satisfied:

          (i) as of the date of which the Sponsor causes a Remarketing of the
     Preferred Securities, the Closing Price of a share of the Common Stock
     exceeds and has exceeded for at least 20 Trading Days within the
     immediately preceding 30 consecutive Trading Days, $37.57 per share.

          (ii) as of the date of which the Sponsor causes a Remarketing of the
     Preferred Securities and on the Remarketing Date, no Trust Enforcement
     Event or deferral of Distributions to Holders of the Preferred Securities
     shall have occurred and be continuing;

          (iii) as of the date of which the Sponsor causes a Remarketing of the
     Preferred Securities and on the Remarketing Date, a registration statement
     covering the issuance and sale of Common Stock to the holders of Warrants
     upon exercise of such Warrants shall be effective under the Securities Act,
     or the issuance and sale of Common Stock to the holders of Warrants upon
     exercise of such Warrants shall be exempt from registration requirements
     under the Securities Act; and

          (iv) on the Remarketing Date, the Legal Requirements shall have been
     satisfied.

The settlement of the Remarketing shall occur on the Remarketing Settlement
Date, provided that the following conditions precedent are satisfied on the
Remarketing Settlement Date:

               (A) the Warrant Requirements shall be satisfied; and

               (B) pursuant to the Warrant Agreement, a redemption of the
          Warrants of those holders who have not elected to exercise their
          Warrants prior to or on such date shall have been consummated.

If any of the foregoing conditions precedent are not satisfied, the Remarketing
of the Preferred Securities cannot occur and the contemporaneous redemption of
Warrants shall be canceled; provided, however, that if:

          (x) the Remarketing cannot occur because of a failure to satisfy
     either the Warrant Requirements or the Legal Requirements as of or on the
     relevant date or dates; and

                                       45
<PAGE>

          (y) the Sponsor is using its best efforts to satisfy such
     Requirements;

the Sponsor shall have the right to cause a Remarketing of the Preferred
Securities on a subsequent date which is no later than September 13, 2031,
provided that all applicable requirements and conditions precedents (including
the timely occurrence of a Trading Remarketing Event) are satisfied.

     (e) Upon the occurrence of a Legal Cause Remarketing Event, the Sponsor
shall cause a Remarketing of the Preferred Securities and select a Remarketing
Date, provided that the following conditions precedent are satisfied:

          (i) as of the date of which the Sponsor causes a Remarketing of the
     Preferred Securities and on the Remarketing Date, no Trust Enforcement
     Event shall have occurred and be continuing;

          (ii) as of the date of which the Sponsor causes a Remarketing of the
     Preferred Securities and on the Remarketing Date, a registration statement
     covering the issuance and sale of Common Stock to the holders of Warrants
     upon exercise of such Warrants shall be effective under the Securities Act,
     or the issuance and sale of Common Stock to the holders of Warrants upon
     exercise of such Warrants shall be exempt from registration requirements
     under the Securities Act; and

          (iii) on the Remarketing Date, the Legal Requirements shall have been
     satisfied.

The settlement of the Remarketing shall occur on the Remarketing Settlement
Date, provided that the following conditions precedent are satisfied on the
Remarketing Settlement Date:

               (A) the Warrant Requirements shall be satisfied; and

               (B) a redemption of the Warrants of those holders who have not
          elected to exercise their Warrants prior to or on such date shall have
          been consummated pursuant to the Warrant Agreement.

If any of the foregoing conditions precedent are not satisfied, the Remarketing
cannot occur and the contemporaneous redemption of Warrants shall be canceled;
provided, however, that if:

          (x) the Remarketing cannot occur because of a failure to satisfy
     either the Warrant Requirements or the Legal Requirements as of or on the
     relevant date or dates; and

          (y) the Sponsor is using its best efforts to satisfy such
     Requirements;

the Sponsor shall have the right to cause a Remarketing of the Preferred
Securities on a subsequent date which is no later than September 13, 2031,
provided that all applicable requirements and conditions precedents (including
the timely occurrence of a Legal Cause Remarketing Event) are satisfied.

                                       46
<PAGE>

     (f) On the Maturity Remarketing Date, a Remarketing of the Preferred
Securities shall occur, provided that on such date, the Legal Requirements (to
the extent applicable) shall have been satisfied.

     If, for any reason, a Remarketing of the Preferred Securities does not
occur on the Maturity Remarketing Date, the Administrative Trustees shall give
notice thereof to all Holders of Preferred Securities (whether or not held
pursuant to the Unit Agreement) prior to the close of business on the following
Business Day. In such event:

          (i) the rate of interest per annum on the Accreted Value of the
     Debentures (which, on the Maturity Remarketing Date, shall be equal to the
     principal amount of the Debentures) shall become the Reset Rate, and, as a
     result, the rate of Distribution per annum on the Accreted Value of the
     Securities (which, on the Maturity Remarketing Date, shall be equal to the
     stated liquidation amount of the Securities) shall become the Reset Rate;
     and

          (ii) pursuant to the Indenture, the Debenture Issuer no longer shall
     have the option to defer payments of interest on the Debentures.

     (g) Upon the occurrence of a Trading Remarketing Event or a Legal Cause
Remarketing Event and the election by the Sponsor to cause a Remarketing of the
Preferred Securities, or upon the Maturity Remarketing Date, as long as the
Preferred Securities are evidenced by Global Preferred Securities, deposited
with the Clearing Agency, the Sponsor shall request, not later than four nor
more than 20 days prior to the Remarketing Date, that the Clearing Agency notify
the Holders of the Preferred Securities of the Remarketing of the Preferred
Securities and of the procedures that must be followed if such Holder of
Preferred Securities wishes to elect not to participate in the Remarketing of
the Preferred Securities.

     (h) Upon the occurrence of a Remarketing Event, all of the Preferred
Securities (excluding the Preferred Securities as to which the Holders thereof
have elected not to participate in the Remarketing) shall be remarketed by the
Remarketing Agent. Not later than 5:00 p.m. (New York City time) on the Business
Day preceding the Remarketing Date, each Holder of Preferred Securities may
elect not to have the Preferred Securities held by such Holder remarketed in the
Remarketing. Holders of Preferred Securities that are not held pursuant to the
Unit Agreement shall give such notice to the Property Trustee, and Holders of
Preferred Securities that are held pursuant to the Unit Agreement shall give
such notice to the Unit Agent. Holders of Preferred Securities that are not held
pursuant to the Unit Agreement and Holders of Preferred Securities that are held
pursuant to the Unit Agreement that do not give notice of their intention not to
participate in the Remarketing shall be deemed to have consented to the
disposition of their Preferred Securities in the Remarketing. Any such notice
shall be irrevocable and may not be conditioned upon the level at which the
Reset Rate is established in the Remarketing.

     Not later than 5:00 p.m. (New York City time) on the Business Day preceding
the Remarketing Date, the Property Trustee and the Unit Agent, as applicable,
based on the notices received by it prior to such time, shall notify the Trust,
the Sponsor and the Remarketing Agent of the number of Preferred Securities to
be tendered for purchase in the Remarketing.

                                       47
<PAGE>

     (i) The right of each Holder to have Preferred Securities tendered for
purchase shall be limited to the extent that:

          (i) the Remarketing Agent conducts a Remarketing pursuant to the terms
     of the Remarketing Agreement;

          (ii) the Remarketing Agent is able to find a purchaser or purchasers
     for the Preferred Securities deemed tendered; and

          (iii) such purchaser or purchasers deliver the purchase price therefor
     to the Remarketing Agent.

     (j) On the Remarketing Date, the Remarketing Agent shall use commercially
reasonable efforts to remarket the Preferred Securities deemed tendered for
purchase at a price equal to:

          (i) in connection with a Remarketing upon a Trading Remarketing Event
     or a Legal Cause Remarketing Event, 100% of the aggregate Accreted Value as
     of the end of the day on the day next preceding the Remarketing Date; and

          (ii) on the Maturity Remarketing Date, 100% of the stated liquidation
     amount.

     (k) If, as a result of the efforts described in 6.6(j), the Remarketing
Agent determines that it will be able to remarket all of the Preferred
Securities deemed tendered for purchase at the purchase price set forth in
Section 6.6(j) prior to 4:00 p.m. (New York City time) on the Remarketing Date,
the Remarketing Agent shall determine the Reset Rate, which shall be the rate
per annum (rounded to the nearest one-thousandth (0.001) of 1% per annum) that
the Remarketing Agent determines, in its sole judgment, to be the lowest rate
per annum that will enable it to remarket all of the Preferred Securities deemed
tendered for Remarketing.

     (l) If none of the Holders of the Preferred Securities or the holders of
the Units elects to have their Preferred Securities remarketed in the
Remarketing, the Reset Rate shall equal the rate determined by the Remarketing
Agent, in its sole discretion, as the rate that would have been established had
a Remarketing been held on the Remarketing Date, and the related modifications
to the other terms of the Preferred Securities and to the terms of the
Debentures and the Warrants shall be effective as of the Remarketing Date.

     (m) If, by 4:00 p.m. (New York City time) on the Remarketing Date, the
Remarketing Agent is unable to remarket all of the Preferred Securities deemed
tendered for purchase, a "Failed Remarketing" shall be deemed to have occurred
and the Remarketing Agent shall so advise by telephone the Clearing Agency, the
Property Trustee, the Debenture Trustee, the Administrative Trustees on behalf
of the Trust and the Sponsor. The Administrative Trustees shall then give notice
of the Failed Remarketing to the Holders of the Preferred Securities prior to
the close of business on the Business Day following the Failed Remarketing Date.
In the event of a Failed Remarketing:

          (i) the Accreted Value of the Debentures as of the end of the day on
     the day next preceding the Remarketing Date shall become due on the date
     which is 60 days

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<PAGE>

     following the Failed Remarketing Date, and, as a result, the Accreted Value
     of the Securities as of the end of the day on the day next preceding the
     Remarketing Date shall be redeemed on the date which is 60 days following
     the Failed Remarketing Date;

          (ii) the rate of interest per annum on the Accreted Value of the
     Debentures shall become the Reset Rate, and, as a result, the rate of
     Distribution per annum on the Accreted Value of the Securities shall become
     the Reset Rate; and

          (iii) pursuant to the Indenture, the Debenture Issuer no longer shall
     have the option to defer payments of interest on the Debentures.
     Notwithstanding a Failed Remarketing, subject to the satisfaction of the
     Legal Requirements, the Warrants shall be redeemed at the Warrant Value and
     a holder of Warrants shall have the option to exercise its Warrants in lieu
     of such redemption, as provided in the Unit Agreement and the Warrant
     Agreement.

     (n) By approximately 4:30 p.m. (New York City time) on the Remarketing
Date, provided that there has not been a Failed Remarketing, the Remarketing
Agent shall advise, by telephone:

          (i) the Clearing Agency, the Property Trustee, the Debenture Trustee,
     the Trust and the Sponsor of the Reset Rate determined in the Remarketing
     and the number of Preferred Securities sold in the Remarketing;

          (ii) each purchaser (or the Clearing Agency Participant thereof) of
     the Reset Rate and the number of Preferred Securities such purchaser is to
     purchase; and

          (iii) each purchaser to give instructions to its Clearing Agency
     Participant to pay the purchase price on the Remarketing Settlement Date in
     same day funds against delivery of the Preferred Securities purchased
     through the facilities of the Clearing Agency.

     (o) In accordance with the Clearing Agency's normal procedures, on the
Remarketing Settlement Date, the transactions described above with respect to
each Preferred Security deemed tendered for purchase and sold in the Remarketing
shall be executed through the Clearing Agency, and the accounts of the
respective Clearing Agency Participants shall be debited and credited and such
Preferred Securities delivered by book-entry as necessary to effect purchases
and sales of such Preferred Securities. The Clearing Agency shall make payment
in accordance with its normal procedures.

     (p) If any Holder of the Preferred Securities selling such Preferred
Securities (or any holder of Units selling the Preferred Securities that are
held pursuant to the Unit Agreement) in the Remarketing fails to deliver such
Preferred Securities, the Clearing Agency Participant of such selling holder and
of any other Person that was to have purchased Preferred Securities in the
Remarketing may deliver to any such other Person a number of Preferred
Securities that is less than the number of Preferred Securities that otherwise
was to be purchased by such Person. In such event, the number of Preferred
Securities to be so delivered shall be determined by such Clearing Agency
Participant, and delivery of such lesser number of Preferred Securities shall
constitute good delivery.

                                       49
<PAGE>

     (q) The Remarketing Agent is not obligated to purchase any Preferred
Securities that otherwise would remain unsold in the Remarketing. Neither the
Trust, any Trustee, the Sponsor nor the Remarketing Agent shall be obligated in
any case to provide funds to make payment upon tender of the Preferred
Securities for Remarketing.

     (r) Under the Remarketing Agreement, the Sponsor, in its capacity as
Debenture Issuer, shall be liable for, and shall pay, any and all costs and
expenses incurred in connection with the Remarketing, and the Trust shall not
have any liabilities for such costs and expenses.

     (s) The tender and settlement procedures set in this Section 6.6, including
provisions for payment by purchasers of the Preferred Securities in the
Remarketing, shall be subject to modification to the extent required by the
Clearing Agency or if the book-entry system is no longer available for the
Preferred Securities at the time of the Remarketing, to facilitate the tendering
and remarketing of the Preferred Securities in definitive form. In addition, the
Remarketing Agent may modify the settlement procedures set forth herein in order
to facilitate the settlement process.

SECTION 6.7 LIMITED RIGHT TO REQUIRE EXCHANGE OF PREFERRED SECURITIES AND
            REPURCHASE OF DEBENTURES.

     (a) Upon the exercise of Warrants by a holder of Units on a date other than
a Remarketing Settlement Date, such Holder shall have the right (the "Repurchase
Right"), on the next Required Repurchase Date which is no less than 60 days
following the exercise date of such Warrants, to require the Trust to exchange
the Preferred Securities for Debentures having an Accreted Value on the date of
exchange equal to the Accreted Value of such Preferred Securities on such
exchange date plus accumulated and unpaid distributions (including deferred
distributions), and to require the Debenture Issuer to repurchase such
Debentures on the applicable Required Repurchase Date.

     (b) To exercise its Repurchase Right, a Unit holder shall:

          (i) provide the Administrative Trustees and the Debenture Issuer with
     notice of its election to exercise its Repurchase Right no less than 30
     days prior to the Required Repurchase Date on which such repurchase is to
     be effected;

          (ii) specify the number of Preferred Securities to be exchanged for
     Debentures by the Trust; and

          (iii) certify to the Administrative Trustees and the Debenture Issuer
     that such holder (A) has exercised the Warrants that are held pursuant to
     the Unit Agreement, each of which has an Exercise Price no less than the
     Accreted Value of the Preferred Security sought to be exchanged, and (B) is
     the beneficial owner of the Preferred Securities to be exchanged.

     (c) No less than three Business Days prior to the applicable Required
Repurchase Date:

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<PAGE>

          (i) if the Preferred Securities to be exchanged are represented by a
     Global Preferred Security, the Property Trustee shall make, in accordance
     with the instructions of the Exchange Agent, the necessary endorsement to
     the "Schedule of Increases or Decreases in Global Preferred Security"
     attached to the Global Preferred Security to reduce the amount of Preferred
     Securities represented thereby and shall instruct the Debenture Trustee to
     transfer to the Exchange Agent a corresponding Accreted Value of
     Debentures; and

          (ii) if the Preferred Securities to be exchanged are represented by
     Definitive Preferred Securities, (x) the Holder of such Preferred
     Securities shall present such Definitive Preferred Securities to the
     Property Trustee for cancellation and the Property Trustee shall so notify
     the Registrar and (y) the Property Trustee shall instruct the Debenture
     Trustee to deliver to such Holder, definitive Debentures having an Accreted
     Value equal to the Accreted Value of the cancelled Preferred Securities of
     such Holder.

     (d) On the applicable Required Repurchase Date, the Debenture Issuer shall
repurchase, pursuant to the Indenture, the Debentures which were the subject of
an exchange notice received by the Debenture Issuer pursuant to Section 6.7(b)
at the Repurchase Price.

SECTION 6.8 CHANGE OF CONTROL RIGHT TO REQUIRE EXCHANGE OF PREFERRED SECURITIES
            AND REPURCHASE OF DEBENTURES.

     (a) Upon the occurrence of a Change of Control, each Holder of a Preferred
Security shall have the right (a "Change of Control Repurchase Right") to
exchange any or all of such Holder's Preferred Securities for Debentures having
an Accreted Value on the date of exchange equal to the Accreted Value of such
Preferred Securities on such exchange date, and to require the Debenture Issuer
to repurchase such Debentures on the Change of Control Repurchase Date.

     (b) Within 30 days after the occurrence of a Change of Control, the Sponsor
shall give notice to each Holder of a Preferred Security and the Property
Trustee of the transaction that constitutes the Change of Control, identifying
such transaction as constituting a Change of Control and setting forth the
resulting repurchase right (the date of such notice, the "Change of Control
Notice Date").

     (c) To exercise its Change of Control Repurchase Right, a Holder of
Preferred Securities shall:

          (i) provide the Trust, the Debenture Issuer, the Property Trustee and
     the Exchange Agent with irrevocable notice of its election to exercise its
     Change of Control Repurchase Right no earlier than 60 days and no later
     than 90 days following the Change of Control Notice Date; and

          (ii) specify the number of Preferred Securities to be exchanged for
     Debentures by the Trust.

     (d) No less than three Business Days prior to the Change of Control
Repurchase Date:

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<PAGE>

          (i) if the Preferred Securities to be exchanged are represented by a
     Global Preferred Security, the Property Trustee shall make, in accordance
     with the instructions of the Exchange Agent, the necessary endorsement to
     the "Schedule of Increases or Decreases in Global Preferred Security"
     attached to the Global Preferred Security to reduce the amount of Preferred
     Securities represented thereby and shall instruct the Debenture Trustee to
     transfer to the Exchange Agent a corresponding Accreted Value of
     Debentures; and

          (ii) if the Preferred Securities to be exchanged are represented by
     Definitive Preferred Securities, (x) the Holder of such Preferred
     Securities shall present such Definitive Preferred Securities to the
     Property Trustee for cancellation and the Property Trustee shall so notify
     the Registrar and (y) the Property Trustee shall instruct the Debenture
     Trustee to deliver to such Holder, definitive Debentures having an Accreted
     Value equal to the Accreted Value of the cancelled Preferred Securities of
     such Holder.

     (e) On the Change of Control Repurchase Date, the Debenture Issuer shall
repurchase, pursuant to the Indenture, the Debentures which were the subject of
an exchange notice received by the Debenture Issuer pursuant to Section 6.8(c)
at the Change of Control Repurchase Price.

SECTION 6.9 REDEMPTION.

     (a) Except as provided in Sections 6.7 and 6.8, upon the repayment of the
Debentures held by the Trust, in whole or in part, whether at Stated Maturity
(as adjusted in connection with a Remarketing, if applicable) or otherwise, the
proceeds from such repayment shall be simultaneously applied by the Property
Trustee (subject to the Property Trustee having received notice no later than 45
days prior to such repayment) to redeem a Like Amount of the Securities at a
redemption price equal to the redemption price in respect of the Debentures plus
an amount equal to accumulated and unpaid Distributions on the Securities
through the date of redemption (the "Redemption Price"). The Redemption Price
shall be payable on the date of redemption (the "Redemption Date") only to the
extent that the Trust has sufficient funds available for the payment of such
Redemption Price.

     (b) If the Debentures are repaid in part, the Securities shall be redeemed
in part. Except as provided in Section 6.13, the proceeds from such repayment of
Debentures shall be allocated on a Pro Rata basis to the redemption of the
Securities.

     (c) The procedure with respect to redemptions of Securities shall be as
follows:

          (i) Notice of any redemption of Securities (a "Redemption Notice"),
     which notice shall be irrevocable, shall be given by the Trust by mail to
     each Holder of Securities to be redeemed not fewer than 30 nor more than 60
     days before the Redemption Date, which shall be the date fixed for
     repayment of the Debentures. A Redemption Notice shall be deemed to be
     given on the day such notice is first mailed by first-class mail, postage
     prepaid, to Holders. No defect in the Redemption Notice or in the mailing
     of the Redemption Notice with respect to any Holder shall affect the
     validity of the redemption proceedings with respect to any other Holder.

                                       52
<PAGE>

          (ii) Each Redemption Notice shall be sent by the Property Trustee on
     behalf of the Trust to:

               (A) in respect of the Preferred Securities, the Clearing Agency
          or its nominee (or any successor Clearing Agency or its nominee) if
          the Global Preferred Securities have been issued or, the Holders
          thereof if Definitive Preferred Securities have been issued, and

               (B) in respect of the Common Securities, the Holder (or Holders)
          thereof.

          (iii) Once the Trust gives a Redemption Notice:

               (A) with respect to Preferred Securities issued in book-entry
          form, by 12:00 noon (New York City time) on the Redemption Date of
          such Preferred Securities, provided that the Debenture Issuer has paid
          the Property Trustee a sufficient amount of cash in connection with
          the related repayment of the Debentures by 10:00 a.m. (New York City
          time) on the maturity date, the Property Trustee shall deposit
          irrevocably with the Clearing Agency or its nominee (or successor
          Clearing Agency or its nominee) funds sufficient to pay the applicable
          Redemption Price with respect to such Global Preferred Securities and
          shall give the Clearing Agency irrevocable instructions and authority
          to pay the Redemption Price to the relevant Clearing Agency
          Participants, and

               (B) with respect to Preferred Securities issued in definitive
          form and Common Securities, by 12:00 noon (New York City time) on the
          Redemption Date of such Securities, provided that the Debenture Issuer
          has paid the Property Trustee a sufficient amount of cash in
          connection with the related repayment of the Debentures by 10:00 a.m.
          (New York City time) on the maturity date, the Property Trustee shall
          deposit irrevocably with the Paying Agent funds sufficient to pay the
          applicable Redemption Price with respect to such Definitive Preferred
          Securities and Common Securities and shall give the Paying Agent
          irrevocable instructions and authority to pay the Redemption Price to
          the relevant Holders upon surrender of their Certificates evidencing
          their Securities.

          (iv) If a Redemption Notice shall have been given and funds deposited
     as required, then, immediately prior to the close of business on the
     Redemption Date, Distributions shall cease to accumulate on the Securities
     called for redemption and all rights of Holders of Securities called for
     redemption, except the right of such Holders to receive the Redemption
     Price (but without interest on such Redemption Price), shall cease, and
     such Securities shall cease to be outstanding.

          (v) Payment of accumulated and unpaid Distributions on the Redemption
     Date of the Securities shall be subject to the rights of Holders on the
     close of business on a Regular Record Date in respect of a Distribution
     Date occurring prior to or on such Redemption Date.

                                       53
<PAGE>

          (vi) If any Redemption Date is not a Business Day, payment of the
     Redemption Price payable on such Redemption Date shall be made on the next
     day that is a Business Day (and without any interest or other payment in
     respect of any such delay) except that, if such next Business Day falls in
     the next calendar year, such payment shall be made on the immediately
     preceding Business Day, in each case with the same force and effect as if
     made on the date such payment was originally payable.

          (vii) If payment of the Redemption Price in respect of any Securities
     called for redemption is improperly withheld or refused and not paid either
     by the Property Trustee or by the Sponsor pursuant to the Guarantee,
     Distributions on such Securities shall continue to accumulate from the
     redemption date originally established by the Trust to the date such
     Redemption Price is actually paid, in which case the actual payment date
     shall be the Redemption Date for purposes of calculating the Redemption
     Price.

          (viii) Subject to the foregoing and applicable law (including, without
     limitation, United States federal securities laws and banking laws), 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.

SECTION 6.10 DISTRIBUTION OF DEBENTURES IN EXCHANGE FOR SECURITIES UPON THE
             OCCURRENCE OF A SPECIAL EVENT.

     (a) If at any time either a Tax Event or an Investment Company Act Event
occurs (each, a "Special Event") and certain conditions set forth in Section
6.10(b) are satisfied, the Administrative Trustees may dissolve the Trust and,
after satisfaction of liabilities to creditors of the Trust as provided by
applicable law, cause the Debentures held by the Property Trustee to be
distributed to the Holders in liquidation of such Holders' interests in the
Trust on a Pro Rata basis, upon not less than 30 nor more than 60 days notice,
within the 90 days following the occurrence of such Special Event (the "90 Day
Period"), and, simultaneous with such distribution, to cause a Like Amount of
the Securities to be exchanged by the Trust on a Pro Rata basis.

     (b) The dissolution of the Trust and distribution of the Debentures
pursuant to Section 6.10(a) shall be permitted only upon satisfaction of the
following three conditions:

          (i) the receipt by the Administrative Trustees of an Opinion of
     Counsel, rendered by an independent law firm having a recognized national
     tax practice, to the effect that the Holder shall not recognize any gain or
     loss for United States federal income tax purposes as a result of the
     dissolution of the Trust and the distribution of the Debentures (a "No
     Recognition Opinion"); provided that if a Special Event occurs and the
     Administrative Trustees are informed by an independent counsel that such
     counsel cannot deliver a No Recognition Opinion to the Trust, and thus a
     dissolution of the Trust and distribution of the Debentures shall not be
     permitted, the Debenture Issuer shall have the right to cause a Remarketing
     of the Preferred Securities as set forth in Section 6.6 within the 90 Day
     Period;

                                       54
<PAGE>

          (ii) neither the Trust nor the Debenture Issuer being able to
     eliminate, which elimination shall be complete within the 90 Day Period,
     such Special Event by taking some ministerial action (such as filing a
     form, making an election or pursuing some other reasonable measure) that:

               (A) has no material adverse effect on the Trust, the Debenture
          Issuer or the Holders; or

               (B) does not subject any of them to more than de minimis
          regulatory requirements; and

          (iii) the receipt by the Administrative Trustees of the prior written
     consent of the Debenture Issuer.

     (c) Notice of any distribution of Debentures in exchange for the Securities
(a "Debenture Distribution Notice"), which notice shall be irrevocable, shall be
given by the Trust by mail to each Holder of Securities not fewer than 30 nor
more than 60 days before the date of distribution of the Debentures. A Debenture
Distribution Notice shall be deemed to be given on the day such notice is first
mailed by first-class mail, postage prepaid, to Holders. No defect in the
Debenture Distribution Notice or in the mailing of the Debenture Distribution
Notice with respect to any Holder shall affect the validity of the exchange
proceedings with respect to any other Holder.

     Each Debenture Distribution Notice shall be sent by the Property Trustee on
behalf of the Trust to:

          (i) in respect of the Preferred Securities, the Clearing Agency or its
     nominee (or any successor Clearing Agency or its nominee) if the Global
     Preferred Securities have been issued or, the Holders thereof if Definitive
     Preferred Securities have been issued, and

          (ii) in respect of the Common Securities, the Holder (or Holders)
     thereof.

     (d) On and from the date fixed by the Property Trustee for any distribution
of Debentures and liquidation of the Trust:

          (i) the Securities no longer shall be deemed to be outstanding;

          (ii) the Clearing Agency or its nominee (or any successor Clearing
     Agency or its nominee), as the Holder of the Preferred Securities, will
     receive a registered global certificate or certificates representing the
     Debentures to be delivered upon such distribution; and

          (iii) any certificates representing Securities not held by the
     Clearing Agency or its nominee (or any successor Clearing Agency or its
     nominee) shall be deemed to represent Debentures having an aggregate
     principal amount equal to the aggregate liquidation amount of such
     Securities and bearing accrued and unpaid interest in an amount equal to
     the accumulated and unpaid Distributions on such Securities, until such

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<PAGE>

     certificates are presented for cancellation, at which time the Debenture
     Issuer shall issue, and the Debenture Trustee shall authenticate, a
     certificate representing such Debentures.

     (e) In the event of a dissolution of the Trust and a distribution of the
Debentures, pursuant to the Indenture, the Debenture Issuer shall have the same
rights, and shall be subject to the same terms and conditions, to cause a
Remarketing of the Debentures as the Sponsor has and is subject to under Section
6.6 to cause a Remarketing of the Preferred Securities.

SECTION 6.11 VOTING RIGHTS OF THE PREFERRED SECURITIES.

     (a) Except as provided under this Section 6.11 and 11.1 and as otherwise
required by the Delaware Business Trust Act, this Trust Agreement and other
applicable law, the Holders of the Preferred Securities shall have no voting
rights.

     (b) Subject to the requirement of the Property Trustee obtaining a tax
opinion in certain circumstances set forth in Section 6.11(d), the Holders of a
Majority in Liquidation Amount of the Preferred Securities, voting separately as
a class, shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Property Trustee, or to direct
the exercise of any trust or power conferred upon the Property Trustee under
this Trust Agreement, including the right to direct the Property Trustee, as
Holder of the Debentures, to:

          (i) exercise the remedies available to it under the Indenture;

          (ii) consent to any amendment or modification of the Indenture or the
     Debentures where such consent is required; or

          (iii) waive any past default and its consequences that are waivable
     under Section 2.11 of the Indenture;

provided that if an Indenture Event of Default has occurred and is continuing,
the Holders of at least 25% of the aggregate stated liquidation amount of the
Preferred Securities may direct the Property Trustee to declare the principal of
and premium, if any, and interest on the Debentures due and payable; and
provided further that where a consent or action under the Indenture would
require the consent or act of the Holders of a Super Majority of the aggregate
principal amount of Debentures affected thereby, the Property Trustee may give
such consent or take such action only at the written direction of the Holders of
at least the proportion in aggregate liquidation amount of the Preferred
Securities that the relevant Super Majority represents of the aggregate
principal amount of the Debentures outstanding.

     (c) If the Property Trustee fails to enforce its rights under the
Debentures after a Holder of Preferred Securities has made a written request,
such Holder of Preferred Securities may institute, to the fullest extent
permitted by law, a legal proceeding directly against the Debenture Issuer to
enforce the Property Trustee's rights under the Indenture without first
instituting any legal proceeding against the Property Trustee or any other
Person. In addition, if a Trust Enforcement Event has occurred and is continuing
and such event is attributable to the failure of the Debenture Issuer to make
any interest, principal or other required payments when

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<PAGE>

due under the Indenture, then a Holder of Preferred Securities may institute a
Direct Action against the Debenture Issuer on or after the respective due date
specified in the Debentures.

     (d) The Property Trustee shall notify all Holders of the Preferred
Securities of any notice of any Indenture Event of Default received from the
Debenture Issuer with respect to the Debentures. Such notice shall state that
such Indenture Event of Default also constitutes a Trust Enforcement Event.
Except with respect to directing the time, method and place of conducting a
proceeding for a remedy, the Property Trustee shall be under no obligation to
take any of the actions described in clauses (i) and (ii) of Section 6.10(b),
unless the Property Trustee has obtained an Opinion of Counsel, rendered by an
independent law firm experienced in such matters, to the effect that the Trust
will not fail to be classified as a grantor trust for United States federal
income tax purposes as a result of such action, and that each Holder of
Preferred Securities shall be treated as owning an undivided beneficial interest
in the Debentures.

     (e) If the consent of the Property Trustee, as the Holder of the
Debentures, is required under the Indenture with respect to any amendment or
modification of the Indenture, the Property Trustee shall request the direction
of the Holders with respect to such amendment or modification and shall vote
with respect to such amendment or modification as directed by a Majority in
Liquidation Amount of the Securities voting together as a single class; provided
that where a consent under the Indenture would require the consent of the
Holders of a Super Majority of the aggregate principal amount of the Debentures,
the Property Trustee may give such consent only at the direction of the Holders
of at least the proportion in aggregate liquidation amount of the Securities
that the relevant Super Majority represents of the aggregate principal amount of
the Debentures outstanding. The Property Trustee shall not take any such action
in accordance with the directions of the Holders of the Securities unless the
Property Trustee has obtained an Opinion of Counsel, rendered by an independent
law firm experienced in such matters, to the effect that the Trust will not fail
to be classified as a grantor trust for United States federal income tax
purposes as a result of such action, and that each Holder of Securities will be
treated as owning an undivided beneficial interest in the Debentures.

     (f) A waiver of an Indenture Event of Default with respect to the
Debentures shall constitute a waiver of the corresponding Trust Enforcement
Event.

     (g) Any required approval or direction of the Holders of the Preferred
Securities may be given at a separate meeting of the Holders of the Preferred
Securities convened for such purpose, at a meeting of all of the Holders of the
Securities or pursuant to written consent. The Administrative Trustees shall
cause a notice of any meeting at which Holders of the Preferred Securities are
entitled to vote to be mailed to each Holder of record of Preferred Securities.
Each such notice shall include a statement setting forth:

          (i) the date of such meeting;

          (ii) a description of any resolution proposed for adoption at such
     meeting on which such Holders are entitled to vote; and

          (iii) instructions for the delivery of proxies.

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<PAGE>

     (h) No vote or consent of the Holders of the Preferred Securities shall be
required for the Trust to redeem and cancel the Preferred Securities or
distribute the Debentures in accordance with this Trust Agreement and the terms
of the Securities.

     (i) Notwithstanding that the Holders of the Preferred Securities are
entitled to vote or consent under any of the circumstances described above, any
of the Preferred Securities that are owned at such time by the Sponsor, the
Trustees or any Affiliate of the Sponsor or any Trustee shall not be entitled to
vote or consent and shall be treated, for purposes of such vote or consent, as
if such Preferred Securities were not outstanding.

     (j) Except as provided under Section 6.11(k), the Holders of the Preferred
Securities shall have no rights to appoint or remove the Trustees, who may be
appointed, removed or replaced solely by the Holders of the Common Securities.

     (k) If an Indenture Event of Default has occurred and is continuing, the
Property Trustee and the Delaware Trustee may be removed and replaced by a
Majority in Liquidation Amount of the Preferred Securities.

SECTION 6.12 VOTING RIGHTS OF THE COMMON SECURITIES.

     (a) Except as provided in Section 5.1(b), this Section 6.12 and Section
11.1 and as otherwise required by the Delaware Business Trust Act, the Trust
Indenture Act or other applicable law, the Holders of the Common Securities
shall have no voting rights.

     (b) Subject to Section 6.11(k), the Holders of the Common Securities shall
be entitled to vote to appoint, remove or replace any Trustee or to increase or
decrease the number of Trustees in accordance with Article V.

     (c) Subject to Section 2.6 and only after all Trust Enforcement Events with
respect to the Preferred Securities have been cured, waived or otherwise
eliminated and subject to the requirement of the Property Trustee obtaining an
Opinion of Counsel, rendered by an independent law firm experienced in such
matters, in certain circumstances set forth in this Section 6.12(c), the Holders
of the Common Securities shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Property
Trustee, or to direct the exercise of any trust or power conferred upon the
Property Trustee under this Trust Agreement, including the right to direct the
Property Trustee, as the holder of the Debentures, to:

          (i) exercise the remedies available to it under the Indenture;

          (ii) consent to any amendment or modification of the Indenture or the
     Debentures where such consent is required; or

          (iii) waive any past default and its consequences that are waivable
     under Section 2.11 of the Indenture;

provided that where a consent or action under the Indenture would require the
consent or act of the Holders of a Super Majority of the aggregate principal
amount of Debentures affected

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<PAGE>

thereby, only the Holders of at least the proportion in aggregate liquidation
amount of the Common Securities that the relevant Super Majority represents of
the aggregate principal amount of the Debentures may direct the Property Trustee
to give such consent or take such action. Except with respect to directing the
time, method and place of conducting a proceeding for a remedy, the Property
Trustee shall be under no obligation to take any of the actions described in
clauses (i) and (ii) of this Section 6.11(c) unless the Property Trustee has
obtained an Opinion of Counsel, rendered by an independent law firm experienced
in such matters, to the effect that the Trust will not fail to be classified as
a grantor trust for United States federal income tax purposes as a result of
such action, and each Holder will be treated as owning an undivided beneficial
interest in the Debentures.

     (d) If the Property Trustee fails to enforce its rights under the
Debentures after the Holders of the Common Securities have made a written
request pursuant to Section 6.11(c), the Holders of the Common Securities may
institute, to the fullest extent permitted by law, a legal proceeding directly
against the Debenture Issuer to enforce the Property Trustee's rights under the
Debentures without first instituting any legal proceeding against the Property
Trustee or any other Person.

     (e) A waiver of an Indenture Event of Default with respect to the
Debentures shall constitute a waiver of the corresponding Trust Enforcement
Event.

     (f) Any required approval or direction of the Holders of the Common
Securities may be given at a separate meeting of the Holders of the Common
Securities convened for such purpose, at a meeting of all of the Holders of the
Securities or pursuant to written consent. The Administrative Trustees shall
cause a notice of any meeting at which the Holders of the Common Securities are
entitled to vote to be mailed to the Holders of the Common Securities. Such
notice shall include a statement setting forth:

          (i) the date of such meeting;

          (ii) a description of any resolution proposed for adoption at such
     meeting on which the Holders of the Common Securities are entitled to vote;
     and

          (iii) instructions for the delivery of proxies.

     (g) No vote or consent of the Holders of the Common Securities shall be
required for the Trust to redeem and cancel the Common Securities or to
distribute the Debentures in accordance with this Trust Agreement and the terms
of the Securities.

SECTION 6.13 RANKING.

     The Preferred Securities rank pari passu with the Common Securities and
payment thereon shall be made on a Pro Rata basis with the Common Securities,
except that, if a Trust Enforcement Event occurs and is continuing, no payments
in respect of Distributions on, or payments upon liquidation, redemption or
otherwise with respect to, the Common Securities shall be made until the Holders
of the Preferred Securities shall be paid in full the Distributions, Redemption
Price, Liquidation Distribution and other payments to which they are entitled at
such time.

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<PAGE>

SECTION 6.14 REGISTRAR, PAYING AGENT AND TRANSFER AGENT.

     The Trust shall maintain in the Borough of Manhattan, The City of New York
or such other place as the Sponsor may designate:

          (i) an office or agency where Preferred Securities may be presented
     for registration of transfer ("Registrar"),

          (ii) an office or agency where Definitive Preferred Securities may be
     presented for payment, if any Preferred Securities are not represented by
     one or more Global Preferred Securities ("Paying Agent"); and

          (iii) an office or agency where Securities may be presented for
     transfer and exchange ("Transfer Agent").

     The Registrar shall keep a register of the Preferred Securities and of
their transfer. The term "Registrar" includes any additional registrar, "Paying
Agent" includes any additional paying agent and the term "Transfer Agent"
includes any additional transfer agent. The Administrative Trustees on behalf of
the Trust may appoint the Registrar, the Paying Agent and the Transfer Agent. If
the Administrative Trustees fail to appoint or maintain another entity as
Registrar, Paying Agent or Transfer Agent, the Property Trustee shall act as
such. The Trust or any of its Affiliates may act as Paying Agent, Registrar, or
Transfer Agent. The Administrative Trustees on behalf of the Trust may change
any Registrar, Paying Agent or Transfer Agent without prior notice to any
Holder. The Paying Agent shall be permitted to resign as Paying Agent upon 30
days' written notice to the Administrative Trustees. The Administrative Trustees
on behalf of the Trust shall notify the Property Trustee and the Holders of any
change in the location of the office or agency of any Agent.

     The Trust shall act as Registrar and Transfer Agent, and initially appoints
The Bank of New York as Paying Agent, for the Common Securities.

     The Trust initially appoints The Bank of New York as Registrar, Paying
Agent and Transfer Agent for the Preferred Securities.

SECTION 6.15 PAYING AGENT TO HOLD MONEY IN TRUST.

     The Trust shall require each Paying Agent other than the Property Trustee
to agree in writing that the Paying Agent will hold in trust for the benefit of
Holders or the Property Trustee all money held by the Paying Agent for the
payment of Distributions, Redemption Price or Liquidation Amounts, and will
notify the Property Trustee if there are insufficient funds for such purpose.
While any such insufficiency continues, the Property Trustee may require a
Paying Agent to pay all money held by it to the Property Trustee. The Trust at
any time may require a Paying Agent to pay all money held by it to the Property
Trustee and to account for any money disbursed by it. Upon payment over to the
Property Trustee, the Paying Agent (if other than the Trust or an Affiliate of
the Trust) shall have no further liability for the money. If the Trust or the
Sponsor or any Affiliate of the Trust or the Sponsor acts as Paying Agent, it
shall segregate and hold in a separate trust fund for the benefit of the Holders
all money held by it as Paying Agent.

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SECTION 6.16 REPLACEMENT SECURITIES.

     If a Holder claims that a Security owned by it has been lost, destroyed or
wrongfully taken or if such Security is mutilated and is surrendered to the
Trust or in the case of the Preferred Securities to the Property Trustee, the
Trust shall issue and the Property Trustee shall, upon written order of the
Trust, authenticate a replacement Security if the Property Trustee's and the
Trust's requirements, as the case may be, are met. An indemnity bond must be
provided by the Holder which, in the judgment of the Property Trustee, is
sufficient to protect the Trustees, the Sponsor, the Trust or any Authenticating
Agent from any loss which any of them may suffer if a Security is replaced. The
Trust may charge such Holder for its expenses in replacing a Security.

SECTION 6.17 OUTSTANDING PREFERRED SECURITIES.

     The Preferred Securities outstanding at any time are all the Preferred
Securities authenticated by the Property Trustee and, in the case of the Global
Preferred Securities, specified in the "Schedule of Increases or Decreases in
Global Preferred Security" attached thereto (or on the books and records of the
Property Trustee and the Clearing Agency or its nominee), except for those
canceled by it, those delivered to it for cancellation, and those described in
this Section as not outstanding.

     A Preferred Security does not cease to be outstanding because the Sponsor,
one of the Trustees or any Affiliate of the Sponsor or any of the Trustees owns
the Security.

SECTION 6.18 PREFERRED SECURITIES IN TREASURY.

     In determining whether the Holders of the required amount of Securities
have concurred in any direction, waiver or consent, Preferred Securities owned
by the Sponsor, the Trustees or any Affiliate of the Sponsor or any Trustees, as
the case may be, shall be disregarded and deemed not to be outstanding, except
that for the purposes of determining whether the Property Trustee shall be fully
protected in relying on any such direction, waiver or consent, only Securities
which a Responsible Officer of the Property Trustee actually knows are so owned
shall be so disregarded.

SECTION 6.19 DEEMED SECURITY HOLDERS.

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

SECTION 6.20 CANCELLATION.

The Trust at any time may deliver Preferred Securities to the Property Trustee
for cancellation. The Registrar, Paying Agent and Transfer Agent shall forward
to the Property Trustee any Preferred Securities surrendered to them for
registration of transfer, redemption, exchange or payment. The Property Trustee
shall promptly cancel all Preferred Securities

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<PAGE>

surrendered for registration of transfer, redemption, exchange, payment,
replacement or cancellation and shall dispose of cancelled Preferred Securities
as the Trust directs in writing, provided that the Property Trustee shall not be
obligated to destroy Preferred Securities. The Trust may not issue new Preferred
Securities to replace Preferred Securities that it has paid or that have been
delivered to the Property Trustee for cancellation or that any Holder has
exchanged.

SECTION 6.21 CUSIP NUMBERS.

     The Trust in issuing the Preferred Securities may use "CUSIP" numbers (if
then generally in use), and, if so, the Property Trustee shall use "CUSIP"
numbers in Redemption Notices, Distribution Notices and notices of Remarketing
or as a convenience to Holders of Preferred Securities; provided that any such
notice may state that no representation is made as to the correctness of such
numbers either as printed on the Preferred Securities or as contained in any
notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Preferred Securities, and any such
redemption shall not be affected by any defect in or omission of such numbers.
The Sponsor will promptly notify the Property Trustee of any change in the CUSIP
numbers.

SECTION 6.22 GLOBAL PREFERRED SECURITIES; LEGENDS

     (a) Preferred Securities shall be issued initially in the form of one or
more permanent global notes in registered form without interest coupons, in
substantially the form set forth in Exhibit A (a "Global Preferred Security"),
deposited with the Paying Agent, as custodian for the Clearing Agency, and
registered in the name of the Clearing Agency or a nominee of the Clearing
Agency, duly executed by each Issuer and authenticated by the Property Trustee
as hereinafter provided.

     (b) Every Global Preferred Security authenticated, executed on behalf of
the Holders and delivered hereunder shall bear a legend in substantially the
following form:

     "THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE UNIT
     AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
     DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (THE "DEPOSITARY"), OR A
     NOMINEE OF THE DEPOSITARY. THIS CERTIFICATE IS EXCHANGEABLE FOR
     CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY
     OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE UNIT
     AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE (OTHER THAN A TRANSFER OF
     THIS CERTIFICATE 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.

                                       62
<PAGE>

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
     DEPOSITARY FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
     CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
     NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND
     ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
     REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER,
     PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
     WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
     HEREIN.

     (c) An Administrative Trustee shall execute, and the Property Trustee shall
authenticate and deliver, one or more Global Preferred Securities that:

          (i) shall be registered in the name of the Clearing Agency or the
     nominee of such Clearing Agency; and

          (ii) shall be delivered by the Property Trustee to such Clearing
     Agency or pursuant to such Clearing Agency's instructions.

The Global Preferred Securities shall represent such of the outstanding
Preferred Securities as shall be specified in the "Schedule of Increases or
Decreases in Global Preferred Security" attached thereto (or on the books and
records of the Property Trustee and the Clearing Agency or its nominee). The
Global Preferred Securities shall initially represent no Preferred Securities
and shall not, at any time, represent more than 3,500,000 (or 4,000,000 if the
Managing Underwriter's over-allotment option with respect to the Units is
exercised in full) Preferred Securities with a maximum liquidation value of
$175,000,000 (or $200,000,000 if the Managing Underwriter's over-allotment
option with respect to the Units is exercised in full).

     In addition, Global Preferred Securities shall bear a legend substantially
to the following effect:

     "This Preferred Security is a Global Preferred Security within the meaning
     of the Trust Agreement hereinafter referred to and is registered in the
     name of The Depository Trust Company, a New York corporation (the "Clearing
     Agency"), or a nominee of the Clearing Agency. This Preferred Security is
     exchangeable for Preferred Securities registered in the name of a person
     other than the Clearing Agency or its nominee only in the limited
     circumstances described in the Trust Agreement, and no transfer of this
     Preferred Security (other than a transfer of this Preferred Security as a
     whole by the Clearing Agency to a nominee of the Clearing Agency or by a
     nominee of the Clearing Agency to the Clearing Agency or another nominee of
     the Clearing Agency) may be registered except in limited circumstances.
     Unless this certificate is presented by an authorized representative of the
     Clearing Agency to IndyMac Capital Trust I or its agent for registration of
     transfer, exchange or payment, and any certificate issued is registered in
     the name

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<PAGE>

     of Cede & Co. or such other name as requested by an authorized
     representative of the Clearing Agency (and any payment hereon is made to
     Cede & Co. or to such other entity as is requested by an authorized
     representative of the Clearing Agency), and except as otherwise provided in
     the Trust Agreement, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
     OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner
     hereof, Cede & Co., has an interest herein."

     (d) Preferred Securities not represented by a Global Preferred Security
issued in exchange for all or a part of a Global Preferred Security pursuant to
this Section 6.22 shall be registered in such names and in such authorized
denominations as the Clearing Agency, pursuant to instructions from its direct
or indirect participants or otherwise, shall instruct the Property Trustee. Upon
execution and authentication, the Property Trustee shall deliver any Preferred
Securities not represented by a Global Preferred Security to the Persons in
whose names such Definitive Preferred Securities are so registered.

     (e) At such time as all interests in Global Preferred Securities have been
redeemed, repurchased or canceled, such Global Preferred Securities shall be
canceled, upon receipt thereof, by the Property Trustee in accordance with
standing procedures of the Clearing Agency. At any time prior to such
cancellation, if any interest in a Global Preferred Security is exchanged for
Preferred Securities not represented by a Global Preferred Security, redeemed,
canceled or transferred to a transferee who receives Preferred Securities not
represented by a Global Preferred Security, or if any Preferred Security not
represented by a Global Preferred Security is exchanged or transferred for part
of a Global Preferred Security, then, in accordance with the standing procedures
of the Clearing Agency, the aggregate stated liquidation amount of such Global
Preferred Security shall be reduced or increased, as the case may be, and an
endorsement shall be made on such Global Preferred Security by the Property
Trustee to reflect such reduction or increase in the "Schedule of Increases or
Decreases in Global Preferred Security" attached thereto.

     (f) The Trust and the Property Trustee, as the authorized representative of
the Holders of the Preferred Securities, may deal with the Clearing Agency for
all purposes of this Trust Agreement, including the making of payments due on
the Preferred Securities and exercising the rights of Holders of the Preferred
Securities hereunder. The rights of any Preferred Security Beneficial Owners
shall be limited to those established by law and agreements between such owners
and Clearing Agency Participants; provided that no such agreement shall give to
any Person any rights against the Trust or the Property Trustee without the
written consent of the parties so affected. Multiple requests and directions
from and votes of the Clearing Agency as the Holder of the Preferred Securities
represented by Global Preferred Securities with respect to any particular matter
shall not be deemed inconsistent to the extent they do not represent an amount
of Preferred Securities in excess of those held in the name of the Clearing
Agency or its nominee.

     (g) If at any time the Clearing Agency notifies the Trust that it is
unwilling or unable to continue as Clearing Agency for the Preferred Securities
or if at any time the Clearing Agency no longer is eligible to serve as Clearing
Agency, the Administrative Trustees shall appoint a successor Clearing Agency
with respect to the Preferred Securities. If a successor Clearing

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<PAGE>

Agency is not appointed by the Trust within 90 days after the Trust receives
such notice or becomes aware of such ineligibility, the Trust's election that
the Preferred Securities be represented by one or more Global Preferred
Securities shall no longer be effective, and an Administrative Trustee shall
execute, and the Property Trustee shall authenticate and deliver, Definitive
Preferred Securities, in any authorized denominations, in an aggregate stated
liquidation amount equal to the aggregate stated liquidation amount of the
Global Preferred Securities representing the Preferred Securities, in exchange
for such Global Preferred Securities. An Administrative Trustee also shall
execute, and the Property Trustee also shall authenticate and deliver,
Definitive Preferred Securities, in any authorized denominations, in an
aggregate stated liquidation amount equal to the aggregate stated liquidation
amount of the Global Preferred Securities representing the Preferred Securities,
in exchange for such Global Preferred Securities, if (1) the Sponsor in its sole
discretion elects to cause the issuance of the Preferred Securities in
definitive form or (2) there shall have occurred and be continuing any event
which after notice or lapse of time or both would be a Trust Enforcement Event.

     (h) The Administrative Trustees at any time and in their sole discretion
may determine that the Preferred Securities issued in the form of one or more
Global Preferred Securities shall no longer be represented by Global Preferred
Securities. In such event an Administrative Trustee on behalf of the Trust shall
execute, and the Property Trustee shall authenticate and deliver, Definitive
Preferred Securities, in any authorized denominations, in an aggregate stated
liquidation amount equal to the aggregate stated liquidation amount of the
Global Preferred Securities representing the Preferred Securities, in exchange
for such Global Preferred Securities.

     (i) Notwithstanding any other provisions of this Trust Agreement (other
than the provisions set forth in Section 7.1), Global Preferred Securities may
not be transferred as a whole except by the Clearing Agency to a nominee of the
Clearing Agency or by a nominee of the Clearing Agency to the Clearing Agency or
another nominee of the Clearing Agency or by the Clearing Agency or any such
nominee to a successor Clearing Agency or a nominee of such successor Clearing
Agency.

     (j) Interests of Preferred Security Beneficial Owners may be transferred or
exchanged for Preferred Securities not represented by a Global Preferred
Security, and Preferred Securities not represented by a Global Preferred
Security may be transferred or exchanged for a Global Preferred Security or
Securities, in accordance with rules of the Clearing Agency and the provisions
of Section 7.1.

     The Registrar shall retain for at least two years copies of all letters,
notices and other written communications received pursuant to this Section 7.1.
The Issuers shall have the right to inspect and make copies of all such letters,
notices or other written communications at any reasonable time upon the giving
of reasonable written notice to the Registrar.

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<PAGE>

                                   ARTICLE VII
                             TRANSFER OF SECURITIES

SECTION 7.1 TRANSFER OF SECURITIES.

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

     (b) Subject to this Section 7.1 and Section 6.22, the Preferred Securities
shall be freely transferable.

     (c) The Common Securities shall not be transferable except as provided in
the Indenture.

     (d) The Trust shall cause to be kept at the Corporate Trust Office the
books and records in which, subject to such reasonable regulations as it may
prescribe, the Trust shall provide for the registration of Preferred Securities
and of transfers of Preferred Securities.

     (e) Upon surrender for registration of transfer of any Preferred Securities
at an office or agency of the Trust designated for such purpose, an
Administrative Trustee shall execute, and the Property Trustee shall
authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Preferred Securities of any authorized
denominations and of a like aggregate principal amount.

     (f) At the option of the Holder, Preferred Securities may be exchanged for
other Preferred Securities of any authorized denominations and of a like
aggregate stated liquidation amount, upon surrender of the Preferred Securities
to be exchanged at such office or agency. Whenever any Preferred Securities are
so surrendered for exchange, an Administrative Trustee shall execute, and the
Property Trustee shall authenticate and deliver, the Preferred Securities that
the Holder making the exchange is entitled to receive.

     (g) If so required by the Property Trustee, every Preferred Security
presented or surrendered for registration of transfer or for exchange shall be
duly endorsed, or accompanied by a duly executed written instrument of transfer
in form satisfactory to the Property Trustee and the Registrar, by the Holder
thereof or his attorney duly authorized in writing.

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

     (i) If the Preferred Securities are to be redeemed in part, neither the
Administrative Trustees nor the Trust shall be required to register the transfer
of or exchange any Preferred Securities:

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          (i) during a period beginning on the opening of business 15 days
     before the day of the mailing of a Redemption Notice or any notice of
     selection of Securities for redemption; or

          (ii) so selected for redemption, except the unredeemed portion of any
     such Preferred Securities being redeemed in part.

SECTION 7.2 SEPARATION AND REJOINING OF UNITS.

     At any time after issuance, the Preferred Security and Warrant components
of any Unit may be separated by the holder and thereafter transferred
separately. In the event of any separation of the components of a Unit:

          (a) if such Unit is represented by a definitive certificate, the
     holder shall present such definitive certificate to the Unit Agent for
     cancellation and the Unit Agent shall so notify the Unit registrar and
     shall return the Preferred Security component of such Unit to the Property
     Trustee with an instruction to countersign and deliver to, or upon the
     instruction of, such holder a separated Preferred Security bearing the
     separate "CUSIP" number assigned to the Preferred Security; and

          (b) if such Unit is represented by a global certificate, the Unit
     Agent shall make the necessary endorsement to the "Schedule of Exchanges of
     Interests of Global Preferred Security" attached to the global unit
     certificate or otherwise comply with its procedures to reduce the amount of
     Units represented thereby and shall instruct the Property Trustee to effect
     a corresponding increase in the Preferred Securities represented by the
     Global Preferred Securities bearing a separate "CUSIP" number.

     Once separated, a Preferred Security and Warrant may be rejoined to form a
Unit. In the event a holder of a Preferred Security and a Warrant desires to
rejoin a Unit:

          (i) if the constituent components are represented by definitive
     certificates, the holder shall present (A) the Preferred Security to the
     Property Trustee and (B) the Warrant to the Warrant Agent, in each case for
     cancellation and the Property Trustee and the Warrant Agent shall so notify
     the Unit Agent, who shall in turn so notify the Unit registrar with an
     instruction for the Unit registrar to countersign and deliver to, or upon
     the instruction of, such holder a Unit certificate bearing the separate
     "CUSIP" number assigned to the Units; and

          (ii) if the constituent components are represented by global
     certificates, each of the Property Trustee and the Warrant Agent shall make
     the necessary endorsement to their respective global certificates or
     otherwise comply with their procedures to reduce the amount of Preferred
     Securities and Warrants, respectively, represented thereby and shall
     instruct the Unit Agent to effect a corresponding increase in the Units
     represented by the global unit certificate bearing a separate "CUSIP"
     number. The Property Trustee shall make such other necessary endorsements
     to the Global Preferred Securities consistent with the terms of this
     agreement to reflect the appropriate number of Units and Preferred
     Securities, as appropriate, represented thereby.

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SECTION 7.3 BOOK-ENTRY INTERESTS.

     Unless Definitive Preferred Securities have been issued to the Preferred
Security Beneficial Owners pursuant to Sections 6.21(e) and 6.21(f):

          (a) the provisions of this Section 7.3 shall be in full force and
     effect;

          (b) to the extent that the provisions of this Section 7.3 conflict
     with any other provisions of this Trust Agreement, the provisions of this
     Section 7.3 shall control;

          (c) the Trust, the Sponsor and the Trustees shall be entitled to deal
     with the Clearing Agency for all purposes of this Trust Agreement
     (including the payment of Distributions on the Global Preferred Securities
     and receiving approvals, votes or consents hereunder) as the Holder of the
     Preferred Securities and the absolute owner of the Global Preferred
     Securities for all purposes whatsoever and shall have no obligation to the
     Preferred Security Beneficial Owners; 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. The Clearing Agency shall make book-entry transfers among the
     Clearing Agency Participants and shall receive and transmit payments of
     Distributions on the Global Preferred Securities to such Clearing Agency
     Participants; provided that solely for the purposes of determining whether
     the Holders of the requisite liquidation amount of Preferred Securities
     have voted on any matter provided for in this Trust Agreement, so long as
     Definitive Preferred Securities have not been issued and the Preferred
     Securities remain in the form of one or more Global Preferred Securities,
     the Trustees may rely conclusively on, and shall be protected in relying
     on, any written instrument (including a proxy) delivered to the Trustees by
     the Clearing Agency setting forth the votes of the Preferred Security
     Beneficial Owners or assigning the right to vote on any matter to any other
     Persons either in whole or in part.

SECTION 7.4 NOTICES TO CLEARING AGENCY.

     Whenever a notice or other communication to the Preferred Security Holders
is required under this Trust Agreement, the Trustees shall give all such notices
and communications specified herein to be given to the Holders of Global
Preferred Securities to the Clearing Agency, and shall have no notice
obligations to the Preferred Security Beneficial Owners.

SECTION 7.5 APPOINTMENT OF SUCCESSOR CLEARING AGENCY.

     If any Clearing Agency elects to discontinue its services as securities
depositary with respect to the Preferred Securities, the Administrative Trustees
may, in their sole discretion, appoint a successor Clearing Agency with respect
to such Preferred Securities.

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                                  ARTICLE VIII
                    DISSOLUTION AND TERMINATION OF THE TRUST

SECTION 8.1 DISSOLUTION AND TERMINATION OF THE TRUST.

     (a)  The Trust shall automatically dissolve upon the earliest to occur of:

          (i) the bankruptcy of the Sponsor;

          (ii) the filing of a certificate of dissolution or its equivalent with
     respect to the Sponsor; or the revocation of the Sponsor's charter and the
     expiration of 90 days after the date of revocation without a reinstatement
     thereof;

          (iii) the entry of a decree of judicial dissolution of the Sponsor or
     the Trust by a court of competent jurisdiction;

          (iv) the time 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;

          (v) the written notice from the Sponsor directing the Property Trustee
     to distribute the Debentures to the Holders in exchange for all of the
     Securities; provided that the Sponsor has provided to the Property Trustee
     an Opinion of a Counsel experienced in such matters to the effect that the
     Holders will not recognize any gain or loss for United States federal
     income tax purposes as a result of the distribution of Debentures and the
     dissolution of the Trust;

          (vi) the time when all of the Administrative Trustees and the Sponsor
     have consented to the dissolution of the Trust, provided that such action
     is taken before the issuance of any Securities; and

          (vii) the expiration of the term of the Trust provided in Section
     3.13.

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

     (c) The provisions of Section 4.2 and Article IX shall survive the
termination of the Trust.

SECTION 8.2 LIQUIDATION DISTRIBUTION UPON DISSOLUTION OR TERMINATION OF THE
            TRUST.

     (a) In the event of any voluntary or involuntary dissolution or termination
of the Trust pursuant to Section 8.1(a)(i), 8.1(a)(ii), 8.1(a)(iii) or 8.1(a)(v)
(each a "Liquidation"), the Trust shall be liquidated by the Administrative
Trustees as expeditiously as the Administrative Trustees determine to be
possible by distributing to the Holders, after satisfaction of liabilities to

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creditors of the Trust, if any, as provided by applicable law, Debentures in an
aggregate principal amount equal to the aggregate stated liquidation amount of,
with an interest rate identical to the Distribution rate of, and accrued and
unpaid interest equal to accumulated and unpaid Distributions on, such
Securities in exchange for such Securities.

     (b) If, notwithstanding the other provisions of this Section 8.2,
distribution of the Debentures in the manner set forth in Section 8.2(a)(i) is
determined by the Property Trustee not to be practical, the assets of the Trust
shall be liquidated, and the Trust shall be wound-up by the Administrative
Trustees in such manner as the Administrative Trustees determine. In such event,
the Holders shall be entitled to receive out of the assets of the Trust
available for distribution to the Holders, after satisfaction of liabilities to
creditors of the Trust as provided by applicable law, an amount equal to the
Accreted Value of the Securities plus accumulated and unpaid Distributions
thereon to the date of payment (such amount being the "Liquidation
Distribution"). If, upon any such Liquidation, the Liquidation Distribution can
be paid only in part because the Trust has insufficient assets available to pay
the aggregate Liquidation Distribution in full, then the amounts payable
directly by the Trust on the Securities shall be paid on a Pro Rata basis,
provided that if an Indenture Event of Default has occurred and is continuing,
then the Preferred Securities shall have a preference over the Common Securities
with regard to the Liquidation Distribution.

     (c) Notice of any distribution of Debentures in exchange for the Securities
(an "Exchange Notice"), which notice shall be irrevocable, shall be given by the
Administrative Trustees on behalf of the Trust by mail to each Holder at least
30 but no more than 60 days before the date fixed for such distribution. For
purposes of the calculation of the date of distribution and the dates on which
notices are given pursuant to this Section 8.2(c), an Exchange Notice shall be
deemed to be given on the day such notice is first mailed by first-class mail,
postage prepaid, to the Holders. Each Exchange Notice shall be addressed to the
Holders at the address of each such Holder appearing on the books and records of
the Trust. No defect in the Exchange Notice or in the mailing of either thereof
with respect to any Holder shall affect the validity of the distribution
proceedings with respect to any other Holder.

     (d) On and from the date fixed for any distribution of Debentures upon
dissolution of the Trust:

          (i) the Securities no longer shall be deemed to be outstanding;

          (ii) the Clearing Agency or its nominee (or any successor Clearing
     Agency or its nominee), as the Holder of the Preferred Securities, will
     receive a registered global certificate or certificates representing the
     Debentures to be delivered upon such distribution; and

          (iii) any certificates representing Securities not held by the
     Clearing Agency or its nominee (or any successor Clearing Agency or its
     nominee) shall be deemed to represent Debentures having an aggregate
     principal amount equal to the aggregate liquidation amount of such
     Securities and bearing accrued and unpaid interest in an amount equal to
     the accumulated and unpaid Distributions on such Securities, until such

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     certificates are presented for cancellation, at which time the Debenture
     Issuer shall issue, and the Debenture Trustee shall authenticate, a
     certificate representing such Debentures.

                                   ARTICLE IX
             LIMITATION OF LIABILITY OF THE HOLDERS, THE TRUSTEES OR
                                     OTHERS

SECTION 9.1 LIABILITY.

     (a) Except as expressly set forth in this Trust Agreement, the Guarantee
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 which shall be made
     solely from assets of the Trust; and

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

     (b) The Sponsor, in its capacity as Debenture Issuer, shall be liable for
all of the debts and obligations of the Trust (other than in respect of the
Securities) to the extent such debts and obligations are not satisfied out of
the Trust's assets.

     (c) Pursuant to Section 3803(a) of the Delaware Business Trust Act, the
Holders 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.

SECTION 9.2 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 Trust Agreement 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, in the
case of the Property Trustee, negligence) or willful misconduct with respect to
such acts or omissions.

     (b) Each 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 such
Indemnified Person reasonably believes to be within such other Person's
professional or expert competence and who has been selected 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 might properly be paid.

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SECTION 9.3 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
Trust Agreement shall not be liable to the Trust or to any other Covered Person
for its good faith reliance on the provisions of this Trust Agreement. The
provisions of this Trust Agreement, 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 Property 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 a Covered
     Person and an Indemnified Person; or

          (ii) whenever this Trust Agreement 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,

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 Trust Agreement 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 Trust Agreement 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 Trust Agreement
     or by applicable law.

SECTION 9.4 INDEMNIFICATION.

     (a) (i) Pursuant to the Indenture, the Debenture Issuer shall indemnify, to
the fullest extent permitted by law, any Debenture Issuer 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 Debenture Issuer Indemnified

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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 Debenture Issuer 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.

          (ii) The Debenture Issuer shall indemnify, to the fullest extent
     permitted by law, any Debenture Issuer 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 Debenture
     Issuer 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 Debenture
     Issuer 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 Debenture Issuer 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 9.4(a), or in defense of any claim,
     issue or matter therein, he shall be indemnified, to the fullest extent
     permitted by law, against expenses (including attorneys' fees and expenses)
     actually and reasonably incurred by him in connection therewith.

          (iv) Any indemnification under paragraphs (i) and (ii) of this Section
     9.4(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 Debenture Issuer 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:

               (A) by a majority vote of a Quorum of the Administrative Trustees
          who were not parties to such action, suit or proceeding;

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               (B) if such a Quorum is not obtainable, or, even if obtainable,
          if a Quorum of disinterested Administrative Trustees so directs, by
          independent legal counsel in a written opinion; or

               (C) by the Holders of the Common Securities.

          (v) Expenses (including attorneys' fees and expenses) incurred by a
     Debenture Issuer Indemnified Person in defending a civil, criminal,
     administrative or investigative action, suit or proceeding referred to in
     paragraphs (i) and (ii) of this Section 9.4(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
     Debenture Issuer 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 9.4(a). Notwithstanding the
     foregoing, no advance shall be made by the Debenture Issuer if a
     determination is reasonably and promptly made:

               (A) by a majority vote of a Quorum of disinterested
          Administrative Trustees;

               (B) if such a Quorum is not obtainable, or, even if obtainable,
          if a Quorum of disinterested Administrative Trustees so directs, by
          independent legal counsel in a written opinion; or

               (C) the Holder of the Common Securities,

that, based upon the facts known to the Administrative Trustees, independent
legal counsel or Holders of the Common Securities at the time such determination
is made, such Debenture Issuer 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
Debenture Issuer 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 Administrative
Trustees, independent legal counsel or Holders of the Common Securities
reasonably determine that such person deliberately breached his duty to the
Trust or the Holders.

          (vi) The indemnification and advancement of expenses provided by, or
     granted pursuant to, the other paragraphs of this Section 9.4(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 Holders of the Preferred Securities 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
     9.4(a) shall be deemed to be provided by a contract between the Debenture
     Issuer and each Debenture Issuer Indemnified Person who serves in such
     capacity at any time while this Section 9.4(a) is in effect. Any repeal or
     modification of this Section 9.4(a) shall not affect any rights or
     obligations then existing.

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          (vii) The Debenture Issuer or the Trust may purchase and maintain
     insurance on behalf of any person who is or was a Debenture Issuer
     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 9.4(a).

          (viii) For purposes of this Section 9.4(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 9.4(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.

          (ix) The indemnification and advancement of expenses provided by, or
     granted pursuant to, this Section 9.4(a) shall, unless otherwise provided
     when authorized or ratified, continue as to a person who has ceased to be a
     Debenture Issuer 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:

          (i) the Property Trustee;

          (ii) the Delaware Trustee;

          (iii) any Agent;

          (iv) any Affiliate of the Property Trustee, the Delaware Trustee or
     any Agent; and

          (v) any officers, directors, shareholders, members, partners,
     employees, representatives, custodians, nominees or agents of the Property
     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 gross
negligence (or, in the case of the Property Trustee, 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 9.4(b) shall survive the satisfaction and discharge of this Trust
Agreement.

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SECTION 9.5 OUTSIDE BUSINESSES.

          Any Covered Person, the Sponsor, the Delaware Trustee, the Property
     Trustee and any Agent (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 shall have no rights by virtue of this
     Trust Agreement 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, the
     Property Trustee or Agent 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, the Property
     Trustee and any Agent 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, the Property Trustee and any Agent 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.

                                    ARTICLE X
                                   ACCOUNTING

SECTION 10.1 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 10.2 CERTAIN ACCOUNTING MATTERS.

     (a) At all times during the existence of the Trust, the Administrative
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 books of account and the records of the Trust shall be
examined by and reported upon as of the end of each Fiscal Year of the Trust by
a firm of independent certified public accountants selected by the
Administrative Trustees.

     (b) The Administrative Trustees shall cause to be prepared and delivered to
each Holder, within 90 days after the end of each Fiscal Year of the Trust,
annual financial statements of the Trust, including a balance sheet of the Trust
as of the end of such Fiscal Year, and the related statements of income or loss.

     (c) The Administrative Trustees shall cause to be duly prepared and
delivered to each Holder, an 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 Administrative Trustees shall endeavor to deliver
all such information statements within 30 days after the end of each Fiscal Year
of the Trust.

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     (d) The Administrative Trustees shall cause to be duly prepared and filed
with the appropriate taxing authority an annual United States federal income tax
return, on 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 on behalf
of the Trust with any state or local taxing authority.

SECTION 10.3 BANKING.

     The Trust may 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 Property Trustee shall be made directly to
the Property Account and no other funds of the Trust shall be deposited in the
Property Account. The sole signatories for such accounts shall be designated by
the Administrative Trustees; provided, however, that the Property Trustee (or
the Paying Agent) shall designate the signatories for the Property Account.

SECTION 10.4 WITHHOLDING.

     The Trust and the Administrative Trustees shall comply with all withholding
requirements under United States federal, state and local law. The
Administrative Trustees 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 Administrative Trustees to assist them
in determining the extent of, and in fulfilling, the Trust's withholding
obligations. The Administrative 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 such Holder. In the event of
any claimed over-withholding, the Holder 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 XI
                             AMENDMENTS AND MEETINGS

SECTION 11.1 AMENDMENTS.

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

          (i) the Sponsor;

          (ii) the Administrative Trustees (or if there are more than two
     Administrative Trustees a majority of the Administrative Trustees);

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

                                       77
<PAGE>

          (iv) 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, in the case of any proposed amendment, the Property
     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 Trust Agreement (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 Trust Agreement (including the terms of the Securities)
          and that all conditions precedent, if any, in this Trust Agreement to
          the execution and delivery of such amendment have been satisfied; and

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

               (A) cause the Trust to be classified other than as a grantor
          trust for purposes of United States federal income taxation;

               (B) reduce or otherwise adversely affect the powers of the
          Property 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) This Trust Agreement shall not be amended without the consent of the
Sponsor, a majority of the Administrative Trustees and the Holders of at least a
66 2/3% in Liquidation Amount of the Securities if such amendment would:

               (A) adversely affect the powers, preferences or special rights of
          the Securities, whether by way of amendment to this Trust Agreement or
          otherwise; or

               (B) result in the dissolution, winding-up or termination of the
          Trust other than pursuant to the terms of this Trust Agreement;

provided that if any amendment referred to in clause (A) above would adversely
affect only the Preferred Securities or the Common Securities, then only the
Holders of the affected class will be entitled to vote on such amendment, and
such amendment shall not be effective except with the approval of a 66 2/3% in
Liquidation Amount of the Holders of the class of Securities affected thereby.

                                       78
<PAGE>

     (d) Neither Article IV nor the rights of the holders of the Common
Securities under Article V and Article VI to increase or decrease the number of,
and appoint and remove, Trustees shall be amended without the consent of the
Holders of a Majority in Liquidation Amount of the Common Securities.

     (e) This Section 11.1 shall not be amended without the consent of all of
the Holders.

     (f) This Trust Agreement may not be amended without the consent of each
Holder affected thereby to:

          (i) change the amount or timing of any Distribution of the Securities
     or otherwise adversely affect the amount of any Distribution required to be
     made in respect of the Securities as of a specified date;

          (ii) restrict the right of a Holder to institute suit for the
     enforcement of any such payment on or after the due date of such payment;
     or

          (iii) change the Repurchase Right of any holder of a Unit.

     (g) This Trust Agreement may be amended by the Administrative Trustees
without the consent of any other Person, including the Holders to:

          (i) cure any ambiguity;

          (ii) correct or supplement any provision in this Trust Agreement that
     may be inconsistent with any other provision of this Trust Agreement;

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

          (iv) 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 rights, preferences or privileges of the
     holders of the Securities;

          (v) modify, eliminate or add to any provisions of this Trust Agreement
     to such extent as shall be necessary to ensure that the Trust will be
     classified as a grantor trust for United States federal income tax purposes
     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; or

          (vi) facilitate the tendering, remarketing and settlement of the
     Preferred Securities as contemplated by Section 6.6(s).

provided, however, that none of the foregoing actions shall adversely affect in
any material respect the interests of the Holders, and any such amendments of
this Trust Agreement shall become effective when notice thereof is given to the
Holders.

                                       79
<PAGE>

SECTION 11.2 MEETINGS OF THE HOLDERS; ACTION BY WRITTEN CONSENT.

     (a) Meetings of the Holders of any class of Securities may be called at any
time by the Administrative Trustees to consider and act on any matter on which
Holders of such class of Securities are entitled to act under the terms of this
Trust Agreement, or the rules of any stock exchange on which the Preferred
Securities are listed or admitted for trading. The Administrative 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 Administrative Trustees one or
more notices in writing stating that the signing Holders wish to call a meeting
and indicating the general or specific purpose for which the meeting is to be
called. Any Holder or Holders calling a meeting shall specify in writing the
Securities held by the Holder or Holders 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.

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

          (i) Notice of any such meeting shall be given to all the Holders
     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 is permitted or required under this Trust Agreement 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. Any action that may be taken at a meeting of the
     Holders may be taken without a meeting and without prior notice if a
     consent in writing setting forth the action so taken is signed by the
     Holders 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 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 entitled to vote who have not consented in
     writing. The Administrative Trustees may specify that any written ballot
     submitted to the Holders for the purpose of taking any action without a
     meeting shall be returned to the Trust within the time specified by the
     Administrative Trustees.

          (ii) Each Holder may authorize any Person to act for it by proxy on
     any and all matters in which such Holder 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 eleven months from
     the date thereof unless otherwise provided in the proxy. Every proxy shall
     be revocable at the pleasure of the Holder executing such proxy. 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
     were stockholders of a Delaware corporation.

          (iii) Each meeting of the Holders shall be conducted by the
     Administrative Trustees or by such other Person that the Administrative
     Trustees may designate.

                                       80
<PAGE>

          (iv) Unless the Delaware Business Trust Act, this Trust Agreement, 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
     Administrative Trustees, in their sole discretion, shall establish all
     other provisions relating to meetings of Holders, including notice of the
     time, place or purpose of any meeting at which any matter is to be voted on
     by any Holders, waiver of any such notice, action by consent without a
     meeting, the 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 XII
                 REPRESENTATIONS OF THE PROPERTY TRUSTEE AND THE
                                DELAWARE TRUSTEE

SECTION 12.1 REPRESENTATIONS AND WARRANTIES OF THE PROPERTY TRUSTEE.

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

          (a) the Property Trustee is a banking corporation duly organized,
     validly existing and in good standing under the laws of the jurisdiction of
     its organization, with trust powers and authority to execute and deliver,
     and to carry out and perform its obligations under the terms of, this Trust
     Agreement;

          (b) the Property Trustee satisfies the requirements set forth in
     Section 5.3(a);

          (c) the execution, delivery and performance by the Property Trustee of
     this Trust Agreement have been duly authorized by all necessary corporate
     action on the part of the Property Trustee; this Trust Agreement has been
     duly executed and delivered by the Property Trustee and constitutes a
     legal, valid and binding obligation of the Property 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);

          (d) the execution, delivery and performance of this Trust Agreement by
     the Property Trustee do not conflict with, or constitute a breach of, the
     charter or by-laws of the Property Trustee; and

          (e) no consent, approval or authorization of, or registration with or
     notice to, any federal or state banking authority is required for the
     execution, delivery or performance by the Property Trustee of this Trust
     Agreement.

                                       81
<PAGE>

SECTION 12.2 REPRESENTATIONS AND WARRANTIES OF THE DELAWARE TRUSTEE.

     The initial Delaware Trustee represents and warrants to the Trust and to
the Sponsor at the date of this Trust Agreement, 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, if not a natural person, a corporation
     duly organized, validly existing and in good standing under the laws of the
     State of Delaware, with trust power and authority to execute and deliver,
     and to carry out and perform its obligations under the terms of, this Trust
     Agreement;

          (b) the Delaware Trustee satisfies the requirements set forth in
     Section 5.2(a);

          (c) the execution, delivery and performance by the Delaware Trustee of
     this Trust Agreement have been duly authorized, if the Delaware Trustee is
     not a natural person, by all necessary corporate action on the part of the
     Delaware Trustee; this Trust Agreement has been duly executed and delivered
     by the Delaware Trustee and 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);

          (d) the execution, delivery and performance of this Trust Agreement by
     the Delaware Trustee, if not a natural person, do not conflict with, or
     constitute a breach of, the charter or by-laws of the Delaware Trustee; and

          (e) no consent, approval or authorization of, or registration with or
     notice to, any federal or state banking authority is required for the
     execution, delivery or performance by the Delaware Trustee of this Trust
     Agreement.

                                  ARTICLE XIII
                                  MISCELLANEOUS

SECTION 13.1 NOTICES.

     All notices provided for in this Trust Agreement 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 or the Administrative Trustees, at the
     Trust's mailing address set forth below (or such other address as the Trust
     may give notice of to the Property Trustee, the Delaware Trustee and the
     Holders):

               IndyMac Capital Trust I
               c/o IndyMac Bancorp, Inc.
               155 North Lake Avenue

                                       82
<PAGE>

               Pasadena, California  91101
               Attention: Administrative Trustee

               Facsimile No.: (626) 535-8203

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

               Wilmington Trust Company
               Rodney Square North
               1100 North Market Street
               Wilmington, Delaware 19890-0001
               Attention:  Corporate Trust Administration
               Facsimile No.: (302) 651-8937

          (c) if given to the Property Trustee, at the Property Trustee's
     mailing address set forth below (or such other address as the Property
     Trustee may give notice of to the Administrative Trustees, the Delaware
     Trustee and the Holders):

               Wilmington Trust Company
               Rodney Square North
               1100 North Market Street
               Wilmington, Delaware 19890-0001
               Attention:  Corporate Trust Administration
               Facsimile No.: (302) 651-8937

          (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 Property Trustee, the
     Delaware Trustee and the Trust):

               IndyMac Bancorp, Inc.
               155 North Lake Avenue
               Pasadena, California  91101
               Attention: Chief Financial Officer
               Facsimile No.: (626) 535-5063

          (e) if given to any Holder of Preferred Securities, to the Clearing
     Agency, and if Definitive Preferred Securities have been issued, at such
     Holder's 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.

                                       83
<PAGE>

SECTION 13.2 GOVERNING LAW.

     This Trust Agreement shall be governed by, and construed in accordance
with, the laws of the State of Delaware.

SECTION 13.3 INTENTION OF THE PARTIES.

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

SECTION 13.4 HEADINGS.

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

SECTION 13.5 SUCCESSORS AND ASSIGNS.

     Whenever in this Trust Agreement 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 Trust Agreement by the
Sponsor and the Trustees shall bind and inure to the benefit of their respective
successors and assigns, whether so expressed.

SECTION 13.6 PARTIAL ENFORCEABILITY.

     If any provision of this Trust Agreement or the application of such
provision to any Person or circumstance shall be held invalid, the remainder of
this Trust Agreement, 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 13.7 COUNTERPARTS.

     This Trust Agreement may contain more than one counterpart of the signature
page and this Trust Agreement 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.

SECTION 13.8 THE EXCHANGE AGENT.

     The Exchange Agent undertakes to perform, with respect to the Preferred
Securities, such duties and only such duties as are specifically set forth in
this Trust Agreement, and no implied covenants or obligations shall be read into
this Trust Agreement against the Exchange Agent. In the performance of such
duties, the Exchange Agent shall be entitled to the same rights and powers as
are granted to the Property Trustee, except that the Exchange Agent shall act as
agent solely for the Holders of the Preferred Securities who seek to exchange
such Preferred Securities pursuant to Sections 6.7 and 6.8.

                                       84
<PAGE>

     IN WITNESS WHEREOF, the undersigned have caused this Amended and Restated
Trust Agreement to be executed as of the day and year first above written.

                                        INDYMAC BANCORP, INC., as Sponsor and
                                        Debenture Issuer

                                        By:
                                           -------------------------------------
                                        Name:
                                        Title:

                                        ----------------------------------------
                                        Roger H. Molvar, as Administrative
                                        Trustee

                                        ----------------------------------------
                                        Richard L. Sommers, as Administrative
                                        Trustee

                                        WILMINGTON TRUST COMPANY, as Property
                                        Trustee

                                        By:
                                           -------------------------------------
                                        Name:
                                        Title:

                                        WILMINGTON TRUST COMPANY, as Delaware
                                        Trustee

                                        By:
                                           -------------------------------------
                                        Name:
                                        Title:

                                        THE BANK OF NEW YORK, as Paying
                                        Agent, Registrar, Transfer Agent and
                                        Authenticating Agent

                                        By:
                                           -------------------------------------
                                        Name:
                                        Title:

<PAGE>

                                                                       EXHIBIT A

                    {FORM OF PREFERRED SECURITY CERTIFICATE}

     This Preferred Security is a Global Preferred Security within the meaning
of the Trust Agreement hereinafter referred to and is registered in the name of
The Depository Trust Company, a New York corporation (the "Clearing Agency"), or
a nominee of the Clearing Agency. This Preferred Security is exchangeable for
Preferred Securities registered in the name of a person other than the Clearing
Agency or its nominee only in the limited circumstances described in the Trust
Agreement, and no transfer of this Preferred Security (other than a transfer of
this Preferred Security as a whole by the Clearing Agency to a nominee of the
Clearing Agency or by a nominee of the Clearing Agency to the Clearing Agency or
another nominee of the Clearing Agency) may be registered except in limited
circumstances. Unless this certificate is presented by an authorized
representative of the Clearing Agency to IndyMac Capital Trust I or its agent
for registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or such other name as requested by an
authorized representative of the Clearing Agency (and any payment hereon is made
to Cede & Co. or to such other entity as is requested by an authorized
representative of the Clearing Agency), and except as otherwise provided in the
Trust Agreement, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede &
Co., has an interest herein.

<PAGE>

                   CERTIFICATE EVIDENCING PREFERRED SECURITIES

                                       of

                             INDYMAC CAPITAL TRUST I

                             6% Preferred Securities

             (stated liquidation amount $50 per Preferred Security)

Certificate No.:                          Number of Preferred Securities _______

                                                            CUSIP No.: 45660W303

     IndyMac Capital Trust I, a statutory business trust created under the laws
of the State of Delaware (the "Trust"), hereby certifies that Cede & Co. (the
"Holder") is the registered owner of _________________ preferred securities of
the Trust representing undivided beneficial interests in the assets of the Trust
designated the Preferred Securities (stated liquidation amount $50 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 as provided in the Trust Agreement (as defined below).
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
Trust Agreement of the Trust, dated as of November 14, 2001 (as the same may be
amended from time to time (the "Trust Agreement"), among IndyMac Bancorp, Inc.,
as Sponsor, Roger H. Molvar and Richard L. Sommers, as Administrative Trustees,
Wilmington Trust Company, as Property Trustee, Wilmington Trust Company, as
Delaware Trustee, The Bank of New York, as Paying Agent, Registrar, Transfer
Agent and Authenticating Agent, and the holders, from time to time, of undivided
beneficial interests in the assets of the Trust. Capitalized terms used but not
defined herein shall have the meaning given them in the Trust Agreement. The
Holder is entitled to the benefits of the Guarantee Agreement, dated as of
November 14, 2001, (as the same may be amended from time to time) between
IndyMac Bancorp, Inc., as Guarantor, and The Bank of New York, as Guarantee
Trustee, in respect of the Preferred Securities. The Sponsor will provide a copy
of the Trust Agreement, the Guarantee Agreement and the Indenture (including any
supplemental indenture) to a Holder without charge upon written request to the
Sponsor at its principal place of business.

     Upon receipt of this certificate, the Holder is bound by the Trust
Agreement and is entitled to the benefits thereunder.

     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 undivided beneficial interests in the Debentures.

                                  Exhibit A-1
<PAGE>

     IN WITNESS WHEREOF, the Trust has executed this certificate this _____ day
of ___________, 2001.

                                        INDYMAC CAPITAL TRUST I

                                        By:
                                           -------------------------------------
                                        Name:
                                        Administrative Trustee

CERTIFICATE OF
AUTHENTICATION

This is one of the Preferred
Securities referred to in the
within-mentioned Trust Agreement.

Dated:  ___________, 2001

THE BANK OF NEW YORK, as
Authenticating Agent

By: __________________________
        Authorized Signatory

                                  Exhibit A-2
<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 and records of the Trust. The agent may
substitute another to act for him.

Date:__________________

Signature:________________________
(Sign exactly as your name appears on the 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 Exchange Act of 1934, as amended.

                                  Exhibit A-3
<PAGE>

                      SCHEDULE OF INCREASES OR DECREASES IN
                           GLOBAL PREFERRED SECURITY(1)

     This Global Preferred Security shall represent 0 Preferred Securities
unless otherwise indicated below.

----------
(1) Insert in Global Preferred Securities only.

                                  Exhibit A-4
<PAGE>

     The following increases or decreases in this Global Preferred Security have
been made:

<TABLE>
<CAPTION>
                                    Amount of increase    Number of Preferred
             Amount of decrease     in Number of          Securities evidenced
             in Number of           Preferred             by this Global
             Preferred Securities   Securities            Preferred
             evidenced by this      evidenced by this     Security              Signature of
             Global Preferred       Global Preferred      following such        authorized
Date         Security               Security              decrease or increase  officer of Agent
------------------------------------------------------------------------------------------------
<S>          <C>                    <C>                   <C>                   <C>
</TABLE>

                                  Exhibit A-5
<PAGE>

                                                                       EXHIBIT B

                      {FORM OF COMMON SECURITY CERTIFICATE}

             THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT AS PROVIDED
                    IN THE TRUST AGREEMENT (AS DEFINED BELOW)
                    CERTIFICATE EVIDENCING COMMON SECURITIES
                                       of
                             INDYMAC CAPITAL TRUST I
                              6% Common Securities
               (stated liquidation amount $50 per Common Security)

Certificate No.:                             Number of Common Securities _______

     IndyMac Capital Trust I, a statutory business trust created under the laws
of the State of Delaware (the "Trust"), hereby certifies that IndyMac Bancorp,
Inc. (the "Holder") is the registered owner of ___________ common securities of
the Trust representing undivided beneficial interests in the assets of the Trust
designated the Common Securities (stated liquidation amount $50 per Common
Security) (the "Common Securities"). Except as provided in the Trust Agreement
(as defined below), the Common Securities are not transferable, and to the
fullest extent permitted by law, any attempted transfer thereof shall be void.
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 Trust
Agreement of the Trust, dated as of November 14, 2001 (as the same may be
amended from time to time (the "Trust Agreement"), among IndyMac Bancorp, Inc.,
as Sponsor, Roger H. Molvar and Richard L. Sommers, as Administrative Trustees,
Wilmington Trust Company, as Property Trustee, Wilmington Trust Company, as
Delaware Trustee, The Bank of New York, as Paying Agent, Registrar, Transfer
Agent and Authenticating Agent, and the holders, from time to time, of undivided
beneficial interests in the assets of the Trust. Capitalized terms used but not
defined herein shall have the meaning given them in the Trust Agreement. The
Holder is entitled to the benefits of the Guarantee Agreement, dated as of
November 14, 2001 (as the same may be amended from time to time), between
IndyMac Bancorp, Inc., as Guarantor, and The Bank of New York, as Guarantee
Trustee, in respect of the Common Securities. The Sponsor will provide a copy of
the Trust Agreement, the Guarantee Agreement and the Indenture (including any
supplemental indenture) to a Holder without charge upon written request to the
Sponsor at its principal place of business.

     Upon receipt of this certificate, the Holder is bound by the Trust
Agreement and the Guarantee and is entitled to the benefits thereunder.

     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 undivided beneficial interests in the Debentures.

                                  Exhibit B-1
<PAGE>

     IN WITNESS WHEREOF, the Trust has executed this certificate this _____ day
of _____________, 2001.

                                        INDYMAC CAPITAL TRUST I

                                        By:
                                           -------------------------------------
                                        Name:
                                        Administrative Trustee

                                  Exhibit B-2<PAGE>
                                                                   Exhibit 10.12

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

                              INDYMAC BANCORP, INC.
                             INDYMAC CAPITAL TRUST I

                                       and

                              THE BANK OF NEW YORK,
                                as Warrant Agent

                            WILMINGTON TRUST COMPANY,
                               as Property Trustee

                              THE BANK OF NEW YORK,
                                    as Agent

                                 UNIT AGREEMENT

                          Dated as of November 14, 2001

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                         Page
                                                                                         ----
<S>     <C>           <C>                                                                <C>
ARTICLE I  Definitions and Other Provisions of General Applications.........................2
        Section 1.1.  Definitions...........................................................2
        Section 1.2.  Compliance Certificates and Opinions..................................9
        Section 1.3.  Form of Documents Delivered to Agent..................................9
        Section 1.4.  Acts of Holders; Record Dates........................................10
        Section 1.5.  Notices..............................................................11
        Section 1.6.  Notice to Holders; Waiver............................................12
        Section 1.7.  Effect of Headings and Table of Contents.............................13
        Section 1.8.  Successors and Assigns...............................................13
        Section 1.9.  Separability Clause..................................................13
        Section 1.10. Benefits of Agreement................................................13
        Section 1.11. Governing Law........................................................13
        Section 1.12. Legal Holidays.......................................................13
        Section 1.13. Counterparts.........................................................13
        Section 1.14. Inspection of Agreement..............................................14

ARTICLE II   Certificate Forms.............................................................14
        Section 2.1.  Forms of Certificates Generally; Legends.............................14
        Section 2.2.  Form of Agent's Certificate of Authentication........................15

ARTICLE III   The Securities...............................................................15
        Section 3.1.  Amount; Form and Denominations.......................................15
        Section 3.2.  Rights and Obligations Evidenced by the Certificates.................15
        Section 3.3.  Execution, Authentication, Delivery and Dating.......................15
        Section 3.4.  Temporary Certificates...............................................17
        Section 3.5.  Registration; Registration of Transfer and Exchange..................17
        Section 3.6.  Separation and Rejoining of Units....................................19
        Section 3.7.  Book-Entry Interests.................................................20
        Section 3.8.  Notices to Holders...................................................21
        Section 3.9.  Appointment of Successor Clearing Agency.............................21
        Section 3.10. Definitive Certificates..............................................21
        Section 3.11. Mutilated, Destroyed, Lost and Stolen Certificates...................21
        Section 3.12. Persons Deemed Owners................................................22
        Section 3.13. Cancellation.........................................................23
        Section 3.14. CUSIP Numbers........................................................23
        Section 3.15. Special Transfer Provisions..........................................23

ARTICLE IV   The Preferred Securities......................................................24
        Section 4.1.  Payment of Distribution; Rights to Distributions Preserved;
                      Distribution Rate Reset............................................  24
        Section 4.2.  Notice and Voting....................................................24
        Section 4.3.  Distribution of Debentures...........................................25

</TABLE>

                                       i

<PAGE>

<TABLE>
<S>     <C>           <C>                                                                <C>

ARTICLE V   Remarketing and Redemption; Early Exercise.....................................25
        Section 5.1.  Remarketing and Redemption...........................................25
        Section 5.2.  Early Exercise of Warrants; Exchange of Preferred Securities and
                      Repurchase of Debentures.............................................28
        Section 5.3.  Change in Control....................................................28
        Section 5.4.  Certain Rights Following a Remarketing...............................29

ARTICLE VI  Remedies.......................................................................29
        Section 6.1.  Unconditional Right of Holders to Receive Payments and to Purchase
                      Common Stock.........................................................29
        Section 6.2.  Restoration of Rights and Remedies...................................30
        Section 6.3.  Rights and Remedies Cumulative.......................................30
        Section 6.4.  Delay or Omission Not Waiver.........................................30
        Section 6.5.  Undertaking for Costs................................................30
        Section 6.6.  Waiver of Stay or Extension Laws.....................................30

ARTICLE VII   The Agent....................................................................31
        Section 7.1.  Certain Duties and Responsibilities..................................31
        Section 7.2.  Notice of Default....................................................32
        Section 7.3.  Certain Rights of Agent..............................................32
        Section 7.4.  Not Responsible for Recitals or Issuance of Securities...............33
        Section 7.5.  May Hold Securities..................................................33
        Section 7.6.  Money Held in Custody................................................33
        Section 7.7.  Compensation and Reimbursement.......................................34
        Section 7.8.  Corporate Agent Required; Eligibility................................34
        Section 7.9.  Resignation and Removal; Appointment of Successor....................35
        Section 7.10. Acceptance of Appointment by Successor...............................36
        Section 7.11. Merger, Conversion, Consolidation or Succession to Business..........36
        Section 7.12. Preservation of Information; Communications to Holders...............37
        Section 7.13. No Obligations of Agent..............................................37
        Section 7.14. Tax Compliance.......................................................37

ARTICLE VIII   Supplemental Agreements.....................................................38
        Section 8.1.  Supplemental Agreements Without Consent of Holders...................38
        Section 8.2.  Supplemental Agreements With Consent of Holders; Other Fiduciaries...38
        Section 8.3.  Execution of Supplemental Agreements.................................39
        Section 8.4.  Effect of Supplemental Agreements....................................39
        Section 8.5.  Reference to Supplemental Agreements.................................40

ARTICLE IX   Consolidation, Merger, Sale or Conveyance.....................................40
        Section 9.1.  Covenant Not to Merge, Consolidate, Sell or Convey Property Except
                      Under Certain Conditions.............................................40
        Section 9.2.  Rights and Duties of Successor Corporation...........................40
        Section 9.3.  Opinion of Counsel Given to Agent....................................41

ARTICLE X   Covenants 41
        Section 10.1. Performance Under Agreements.........................................41

</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>     <C>           <C>                                                                <C>

        Section 10.2. Maintenance of Office or Agency......................................41
        Section 10.3. Statements of Officers of IndyMac Bancorp as to Compliance...........42
        Section 10.4. ERISA. 42
        Section 10.5. Statement by Officers as to Default..................................42
        Section 10.6. Calculation of Original Issue Discount...............................42

ARTICLE XI   Representations and Warranties of the Agent...................................42
        Section 11.1. Representations and Warranties of the Agent..........................42

ARTICLE XII   The Warrant Agent and The Property Trustee...................................43
        Section 12.1. Certain Duties and Responsibilities..................................43

</TABLE>

EXHIBIT A  Form of Certificate

EXHIBIT B  Instruction to Disregard Remarketing

EXHIBIT C  Notice of Electing Remarketing Holder

EXHIBIT D  Notice of Change of Control Redemption Election

EXHIBIT E  Notice of Change of Control Exchange and Repurchase

                                      iii

<PAGE>

        UNIT AGREEMENT, dated as of November 14, 2001 among IndyMac Bancorp,
Inc., a Delaware corporation ("IndyMac Bancorp"), IndyMac Capital Trust I, a
statutory Delaware business trust, Wilmington Trust Company, as Property Trustee
for the Trust, The Bank of New York, as Warrant Agent, and The Bank of New York,
acting as unit agent for the Holders of the Securities from time to time (the
"Agent").

                                    RECITALS:

        WHEREAS, the Issuers desire to issue Warrants and Income Redeemable
Equity Securities ("WIRES") Units consisting of:

                (i) Preferred Securities (stated liquidation amount $50 per
        preferred security) issued by the Trust pursuant to the Trust Agreement
        and guaranteed by IndyMac Bancorp, to the extent set forth in the
        Guarantee Agreement (the "Guarantee," and, together with the Preferred
        Securities, the "Trust Securities"); and

                (ii) Warrants issued by IndyMac Bancorp pursuant to the Warrant
        Agreement;

        WHEREAS, concurrently with the issuance of the Trust Securities, the
Trust will invest the proceeds thereof (together with the proceeds of the
issuance of the common securities of the Trust to IndyMac Bancorp) in
Debentures;

        WHEREAS the Issuers have duly authorized the execution and delivery of
this Agreement and the Certificates evidencing the Trust Securities and the
Warrants;

        WHEREAS, all things necessary to make the Preferred Securities, when the
Certificates are executed by the Trust and authenticated, executed on behalf of
the Trust and delivered by the Agent, as provided in this Agreement, the valid
obligations of the Trust, and to constitute these presents a valid agreement of
the Trust, in accordance with its terms, have been done; and

        WHEREAS, all things necessary to make the Warrants and the Debentures,
when the Certificates are executed by IndyMac Bancorp and authenticated,
executed on behalf of the Trust and delivered by the Agent, as provided in this
Agreement, the valid obligations of IndyMac Bancorp, and to constitute these
presents a valid agreement of IndyMac Bancorp, in accordance with its terms,
have been done.

                              W I T N E S S E T H:

        NOW, THEREFORE, for and in consideration of the premises and the
purchase of the Securities by the Holders thereof, it is mutually agreed as
follows:

                                       1

<PAGE>

                                    ARTICLE I

            DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATIONS

SECTION 1.1. DEFINITIONS

        For all purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires:

                (a) the terms defined in this Article have the meanings assigned
        to them in this Article and include the plural as well as the singular,
        and nouns and pronouns of the masculine gender include the feminine and
        neutral genders;

                (b) all accounting terms not otherwise defined herein have the
        meanings assigned to them in accordance with generally accepted
        accounting principles in the United States;

                (c) the words "herein," "hereof" and "hereunder" and other words
        of similar import refer to this Agreement as a whole and not to any
        particular Article, Section, Exhibit or other subdivision;

                (d) the following terms have the meanings given to them in this
        Section 1.1(d):

        "Accreted Value" has the meaning given to it in the Trust Agreement.

        "Act," when used with respect to any Holder, has the meaning given to it
in Section 1.4.

        "Action Expiration Date" has the meaning given to it in Section 1.4(e).

        "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

        "Agent" means the Person named as the "Agent" in the first paragraph of
this instrument until a successor Agent shall have become such pursuant to the
applicable provisions of this Agreement, and thereafter "Agent" shall mean such
Person.

        "Agreement" means this instrument as originally executed or as it may
from time to time be supplemented or amended by one or more agreements
supplemental hereto entered into pursuant to the applicable provisions hereof.

        "Applicable Procedures" means, with respect to any transfer or exchange
of or for the beneficial interests in the Global Units, the rules and procedures
of the Depositary that apply to such transfer or exchange.

                                       2

<PAGE>

        "Bankruptcy Code" means title 11 of the United States Code, or any other
law of the United States that from time to time provides a uniform system of
bankruptcy laws.

        "Beneficial Owner" means, with respect to a Global Unit, 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).

        "Board of Directors" means the board of directors of IndyMac Bancorp or
a duly authorized committee of that board.

        "Board Resolution" means one or more resolutions of the Board of
Directors, a copy of which has been certified by the Secretary or an Assistant
Secretary of IndyMac Bancorp to have been duly adopted by the Board of Directors
and to be in full force and effect on the date of such certification and
delivered to the Agent.

        "Book-Entry Interest" means a beneficial interest in a Global Unit,
ownership and transfers of which shall be maintained and made through book
entries by a Clearing Agency as described in Section 3.7.

        "Business Day" means any day other than a Saturday or Sunday or a day on
which banking institutions in The City of New York, New York, the City of Los
Angeles, California or Wilmington, Delaware are authorized or required by law or
executive order to remain closed or a day on which the Indenture Trustee, or the
principal office of the Property Trustee under the Trust Agreement, is closed
for business.

        "Calculation Agent" means Valuation Research Corporation under the
Calculation Agreement, and any successor thereto.

        "Calculation Agreement" means the Calculation Agency Agreement dated as
of November 14, 2001 between IndyMac Bancorp and the Calculation Agent, as
amended, supplemented or replaced from time to time.

        "Certificate" means a certificate evidencing the rights and obligations
of a Holder in respect of the number of Securities specified on such
Certificate, substantially in the form of Exhibit A hereto.

        "Change of Control" has the meaning given to it in the Trust Agreement.

        "Change of Control Notice Date" has the meaning given to it in Section
5.3.

        "Change of Control Redemption Right" has the meaning given to it in
Section 5.3.

        "Change of Control Repurchase Right" has the meaning given to it in
Section 5.3.

        "Clearing Agency" means an organization registered as a "Clearing
Agency" pursuant to Section 17A of the Exchange Act that is acting as a
depositary for the Securities and in whose

                                       3

<PAGE>

name, or in the name of a nominee of that organization, shall be registered a
Global Unit and which shall undertake to effect book entry transfers and pledges
of the 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.

        "Code" means the Internal Revenue Code of 1986, as amended.

        "Common Stock" means the common stock, par value $.01 per share, of
IndyMac Bancorp together, for the duration of the Company's Rights Plan, with
the associated rights to acquire shares of the Company's Series A Junior
Participating Preferred Stock.

        "Corporate Trust Office" means the principal corporate trust office of
the Agent at which, at any particular time, its corporate trust business shall
be administered, which office at the date hereof is located at 101 Barclay
Street, 21 West, New York, New York 10286 Attention: Corporate Trust
Administration.

        "Coupon Rate" means the percentage rate per annum at which each
Debenture will bear interest initially which rate, on and after the Remarketing
Date, will be the Reset Rate established in the Remarketing on the Remarketing
Date.

        "Debenture Certificates" has the meaning given to it in Section 3.10.

        "Debentures" means the 6% Junior Subordinated Deferrable Interest
Debentures due November 14, 2031 to be issued by IndyMac Bancorp pursuant to the
Indenture.

        "Definitive Certificates" means definitive, physical fully registered
Certificates delivered in accordance with Section 3.10.

        "Depositary" means DTC until another Clearing Agency becomes its
successor.

        "Distribution Rate" has the meaning given to it in Section 5.1.

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

        "Electing Remarketing Holder" has the meaning given to it in Section
5.1.

        "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

        "Exchange Act" means the Securities Exchange Act of 1934 and any statute
successor thereto, in each case as amended from time to time, and the rules and
regulations promulgated thereunder.

        "Exchange Agent" has the meaning given to it in the Trust Agreement.

        "Exercise Price" has the meaning given to it in the Warrant Agreement.

        "Expiration Date" has the meaning given to it in the Warrant Agreement.

                                       4

<PAGE>

        "Global Unit" means a Certificate that evidences all or part of the
Securities and is registered in the name of a Clearing Agency or a nominee
thereof.

        "Guarantee" has the meaning assigned to it in the Recitals hereto.

        "Guarantee Agreement" means the Guarantee Agreement dated as of November
__, 2001 between IndyMac Bancorp and the Guarantee Trustee, as amended or
supplemented from time to time.

        "Guarantee Trustee" means The Bank of New York, as trustee under the
Guarantee Agreement, or any successor thereto

        "Holder," when used with respect to a Security, means the Person in
whose name the Security evidenced by a Certificate is registered in the
Register; provided, however, that in determining whether the Holders of the
requisite number of Securities have voted on any matter, and for the purpose of
such determination only (and not for any other purpose hereunder), if the
Security remains in the form of one or more Global Units and if the Clearing
Agency which is the holder of such Global Unit or Global Units has sent an
omnibus proxy assigning voting rights to the Clearing Agency Participants to
whose accounts the Securities are credited on the record date, the term "Holder"
shall mean such Clearing Agency Participants acting at the direction of the
Beneficial Owners.

        "Indenture" means the Indenture, dated as of November 14, 2001, between
IndyMac Bancorp and the Indenture Trustee, as supplemented by the First
Supplemental Indenture, dated as of November 14, 2001, between IndyMac and the
Indenture Trustee, and as further amended and supplemented (including any
provisions of the TIA that are deemed incorporated therein), pursuant to which
the Debentures are to be issued.

        "Indenture Trustee" means The Bank of New York, as trustee under the
Indenture, or any successor thereto.

        "IndyMac Bancorp" means IndyMac Bancorp, Inc., a Delaware corporation,
until there shall be a successor thereto pursuant to the applicable provision of
this Agreement, and thereafter "IndyMac Bancorp" shall mean such successor.

        "Issuer Order" or "Issuer Request" means a written order or request
signed in the name of IndyMac Bancorp by its President or a Vice Chair or a
Senior Executive Vice President and by its Treasurer, its Secretary or an
Assistant Secretary, and delivered to the Agent.

        "Issuers" means, collectively, IndyMac Bancorp and the Trust.

        "Legal Cause Remarketing Event" has the meaning given to it in the Trust
Agreement.

        "Maturity Remarketing Date" has the meaning given to it in the Trust
Agreement.

        "Notice of Remarketing" means a Notice of Remarketing delivered pursuant
to the Trust Agreement.

                                       5

<PAGE>

        "Officers' Certificate" means a certificate signed by the Chief
Executive Officer, the President, the Chief Operating Officer, a Vice President,
the Chief Financial Officer, the Treasurer, the Chief Administrative Officer,
the Chief Accounting Officer and by the Secretary or an Assistant Secretary, of
IndyMac Bancorp, and delivered to the Agent. Any Officers' Certificate delivered
with respect to compliance with a condition or covenant provided for in this
Agreement shall include:

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

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

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

        "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for IndyMac Bancorp (and who may be an employee of IndyMac Bancorp), and
who shall be reasonably acceptable to the Agent. An opinion of counsel may rely
on certificates as to matters of fact.

        "Outstanding Securities" means, with respect to any Security, as of the
date of determination, all Securities evidenced by Certificates theretofore
authenticated, executed and delivered under this Agreement, except:

                (i) Securities evidenced by Certificates theretofore cancelled
        by the Agent or delivered to the Agent for cancellation or deemed
        cancelled pursuant to the provisions of this Agreement; and

                (ii) Securities evidenced by Certificates in exchange for or in
        lieu of which other Certificates have been authenticated, executed on
        behalf of the Holder and delivered pursuant to this Agreement, other
        than any such Certificate in respect of which there shall have been
        presented to the Agent proof satisfactory to it that such Certificate is
        held by a bona fide purchaser in whose hands the Security evidenced by
        such Certificate are valid obligations of IndyMac Bancorp;

provided, however, that in determining whether the Holders of the requisite
number of the Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, Securities owned by IndyMac
Bancorp or any Affiliate of IndyMac Bancorp shall be disregarded and deemed not
to be Outstanding Securities, except that, in determining whether the Agent
shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Securities which a Responsible
Officer of the Agent knows to be so owned shall be so disregarded. Securities so
owned which have been pledged in good faith

                                       6

<PAGE>

may be regarded as Outstanding Securities if the pledgee establishes to the
satisfaction of the Agent the pledgee's right so to act with respect to such
Securities and that the pledgee is not IndyMac Bancorp or any Affiliate of
IndyMac Bancorp.

        "Party" or "Parties" have the respective meanings given to such terms in
Section 12.1.

        "Payment Date" means each February 1, May 1, August 1 and November 1,
commencing February 1, 2002.

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

        "Plan" means an employee benefit plan that is subject to ERISA, a plan
or individual retirement account that is subject to Section 4975 of the Code or
any entity whose assets are considered assets of any such plan.

        "Predecessor Certificate" of any particular Certificate means every
previous Certificate evidencing all or a portion of the rights and obligations
of the Issuers and the Holder under the Securities evidenced thereby; and, for
the purposes of this definition, any Certificate authenticated and delivered
under Section 3.11 in exchange for or in lieu of a mutilated, destroyed, lost or
stolen Certificate shall be deemed to evidence the same rights and obligations
of the Issuers and the Holder as the mutilated, destroyed, lost or stolen
Certificate.

        "Preferred Securities" means the Preferred Securities of the Trust, each
having a stated liquidation amount of $50, representing preferred undivided
beneficial ownership interests in the assets of the Trust.

        "Property Trustee" means Wilmington Trust Company, as property trustee
under the Trust Agreement, or any successor thereto.

        "Record Date" with respect to any Payment Date, means the Business Day
immediately preceding such Payment Date.

        "Register" and "Registrar" have the respective meanings given to them in
Section 3.5.

        "Remarketing" has the meaning given to it in the Trust Agreement.

        "Remarketing Agent" means the remarketing agent under the Remarketing
Agreement.

        "Remarketing Agreement" means a Remarketing Agreement to be entered into
among IndyMac Bancorp, the Trust and the Remarketing Agent.

        "Remarketing Date" has the meaning given to it in the Trust Agreement.

        "Remarketing Event" has the meaning given to it in the Trust Agreement.

                                       7

<PAGE>

        "Remarketing Settlement Date" with respect to any Remarketing, means the
date which is two Business Days following the applicable Remarketing Date.

        "Required Repurchase Date" has the meaning given to it in the Trust
Agreement.

        "Reset Rate" has the meaning given to it in the Trust Agreement.

        "Responsible Officer," when used with respect to the Agent, means any
officer within the corporate trust department of the Agent, including any vice
president, assistant vice president, assistant secretary, assistant treasurer,
trust officer or any other officer of the Agent who customarily performs
functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred
because of such person's knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Agreement.

        "Rights Plan" means the Rights Agreement, dated as of October 17, 2001,
between the Company and The Bank of New York, as Rights Agent, or any other
similar agreement.

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

        "Security" means the collective rights and obligations of a Holder of a
Certificate in respect of a Preferred Security, a Debenture and a Warrant.

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

        "Trading Remarketing Event" has the meaning given to it in the Trust
Agreement.

        "Trust" means IndyMac Capital Trust I, a statutory business trust formed
under the laws of the State of Delaware, or any successor thereto by merger or
consolidation.

        "Trust Agreement" means the Amended and Restated Trust Agreement of
IndyMac Capital Trust I, dated as of November 14, 2001, among IndyMac Bancorp,
as the sponsor and debenture issuer, the trustees named therein and the holders
from time to time of undivided beneficial interests in the Trust.

        "Trust Securities" has the meaning given to it in the Recitals hereto.

        "Vice President" means any vice president, whether or not designated by
a number or a word or words added before or after the title "vice president."

        "Warrant" means the Warrants issued by IndyMac Bancorp pursuant to the
Warrant Agreement representing the right to purchase Common Stock.

        "Warrant Agent" means The Bank of New York, as warrant agent under the
Warrant Agreement, or any successor thereto.

                                       8

<PAGE>

        "Warrant Agreement" means the Warrant Agreement dated as of November 14,
2001 between IndyMac Bancorp and the Warrant Agent, as amended and supplemented,
pursuant to which the Warrants are issued.

        "Warrant Value" has the meaning given to it in the Warrant Agreement.

SECTION 1.2. COMPLIANCE CERTIFICATES AND OPINIONS.

        Except as otherwise expressly provided by this Agreement, upon any
application or request by IndyMac Bancorp to the Agent to take any action in
accordance with any provision of this Agreement, IndyMac Bancorp shall furnish
to the Agent an Officers' Certificate stating that all conditions precedent, if
any, provided for in this Agreement relating to the proposed action have been
complied with and, if requested by the Agent, an Opinion of Counsel stating
that, in the opinion of such counsel, all such conditions precedent, if any,
have been complied with, except that in the case of any such application or
request as to which the furnishing of such documents is specifically required by
any provision of this Agreement relating to such particular application or
request, no additional certificate or opinion need be furnished.

        Every certificate or opinion with respect to compliance with a condition
or covenant provided for in this Agreement shall include:

                (1) a statement that each individual signing such certificate or
        opinion has read such condition or covenant and the definitions herein
        relating thereto;

                (2) a brief statement as to the nature and scope of the
        examination or investigation upon which the statements or opinions
        contained in such certificate or opinion are based;

                (3) a statement that, in the opinion of each such individual, he
        or she has made such examination or investigation as is necessary to
        enable such individual to express an informed opinion as to whether or
        not such condition or covenant has been complied with; and

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

SECTION 1.3. FORM OF DOCUMENTS DELIVERED TO AGENT.

        In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

        Any certificate or opinion of an officer of IndyMac Bancorp may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or

                                       9

<PAGE>

opinion or representations with respect to the matters upon which his
certificate or opinion is based are erroneous. Any such certificate or Opinion
of Counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of
IndyMac Bancorp stating that the information with respect to such factual
matters is in the possession of IndyMac Bancorp unless such counsel knows that
the certificate or opinion or representations with respect to such matters are
erroneous.

        Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Agreement, they may, but need not, be consolidated and
form one instrument.

SECTION 1.4. ACTS OF HOLDERS; RECORD DATES.

        (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered
to the Agent and, where it is hereby expressly required, to IndyMac Bancorp.
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
Agreement and (subject to Section 7.1) conclusive in favor of the Agent and
IndyMac Bancorp, if made in the manner provided in this Section.

        (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved in any manner which the Agent deems
sufficient.

        (c) The ownership of Securities shall be proved by the Register.

        (d) Any request, demand, authorization, direction, notice, consent,
waiver or other Act of the Holder of any Certificate shall bind every future
Holder of the same Certificate and the Holder of every Certificate 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 Agent or
IndyMac Bancorp in reliance thereon, whether or not notation of such action is
made upon such Certificate.

        (e) IndyMac Bancorp may set any day as a record date for the purpose of
determining the Holders of Outstanding Securities entitled to give, make or take
any request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Agreement to be given, made or taken by
Holders of Securities. If any record date is set pursuant to this paragraph, the
Holders of the Outstanding Securities, on such record date, and no other
Holders, shall be entitled to take the relevant action with respect to the
Securities, whether or not such Holders remain Holders after such record date;
provided that no such action shall be effective hereunder unless taken on or
prior to the applicable Action Expiration Date by Holders of the requisite
number of Outstanding Securities on such record date. Nothing in this paragraph
shall be construed to prevent IndyMac Bancorp from setting a new record date for
any action for

                                       10

<PAGE>

which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no action
by any Person be cancelled and be of no effect), and nothing in this paragraph
shall be construed to render ineffective any action taken by Holders of the
requisite number of Outstanding Securities on the date such action is taken.
Promptly after any record date is set pursuant to this paragraph, IndyMac
Bancorp, at its own expense, shall cause notice of such record date, the
proposed action by Holders and the applicable Expiration Date to be given to the
Agent in writing and to each Holder of Securities in the manner set forth in
Section 1.6.

        With respect to any record date set pursuant to this Section, IndyMac
Bancorp may designate any date as the "Action Expiration Date" and from time to
time may change the Expiration Date to any earlier or later day; provided that
no such change shall be effective unless notice of the proposed new Action
Expiration Date is given to the Agent in writing, and to each Holder of
Securities in the manner set forth in Section 1.6, on or prior to the existing
Action Expiration Date. If an Action Expiration Date is not designated with
respect to any record date set pursuant to this Section, IndyMac Bancorp shall
be deemed to have initially designated the 180th day after such record date as
the Action Expiration Date with respect thereto, subject to its right to change
the Action Expiration Date as provided in this paragraph. Notwithstanding the
foregoing, no Action Expiration Date shall be later than the 180th day after the
applicable record date.

SECTION 1.5. NOTICES.

        Any notice or communication is duly given if in writing and delivered in
Person or mailed by first class mail (registered or certified, return receipt
requested), telecopier (with receipt confirmed) or overnight air courier
guaranteeing next day delivery, to the others' address; provided that notice
shall be deemed given to the Agent only upon receipt thereof:

If to the Agent:
        The Bank of New York
        101 Barclay Street
        New York, New York 10286
        Telecopier No.: 212-815-5915
        Attention: Corporate Trust
        Administration

If to IndyMac Bancorp:

IndyMac Bancorp, Inc.
        155 North Lake Avenue
        Pasadena, California  91101
        Telecopier No.: (626) 535-5063
        Attention: Chief Financial Officer

If to the Trust:

        c/o IndyMac Bancorp, Inc.
        155 North Lake Avenue

                                       11

<PAGE>

        Pasadena, California  91101
        Telecopier No(626) 535-5063
        Attention: Chief Financial Officer

If to the Warrant Agent:
        The Bank of New York
        101 Barclay Street
        New York, New York 10286
        Telecopier No.: 212-815-5915
        Attention: Corporate Trust Administration

If to the Property Trustee:
        Wilmington Trust Company
        Rodney Square North
        1100 North Market Street
        Wilmington, Delaware  19890
        Attention:  Corporate Trust Administration

If to the Indenture Trustee:
        The Bank of New York
        101 Barclay Street
        New York, New York 10286
        Telecopier No.: 212-815-5915
        Attention: Corporate Trust Administration

SECTION 1.6. NOTICE TO HOLDERS; WAIVER.

        Where this Agreement provides for notice to Holders of any event, such
notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to each Holder affected
by such event, at its address as it appears in the Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Holders is given by mail, neither
the failure to mail such notice, nor any defect in any notice so mailed to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders. Where this Agreement provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Holders shall be filed with the Agent, but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

        In case by reason of the suspension of regular mail service or by reason
of any other cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Agent shall
constitute a sufficient notification for every purpose hereunder.

                                       12

<PAGE>

SECTION 1.7. EFFECT OF HEADINGS AND TABLE OF CONTENTS.

        The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.

SECTION 1.8. SUCCESSORS AND ASSIGNS.

        All covenants and agreements in this Agreement by IndyMac Bancorp shall
bind its successors and assigns, whether so expressed or not.

SECTION 1.9. SEPARABILITY CLAUSE.

        In case any provision in this Agreement or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions hereof and thereof shall not in any way be affected or
impaired thereby.

SECTION 1.10. BENEFITS OF AGREEMENT.

        Nothing in this Agreement or in the Securities, express or implied,
shall give to any Person, other than the parties hereto and their successors
hereunder and, to the extent provided hereby, the Holders, any benefits or any
legal or equitable right, remedy or claim under this Agreement. The Holders from
time to time shall be beneficiaries of this Agreement and shall be bound by all
of the terms and conditions hereof and of the Securities evidenced by their
Certificates by their acceptance of delivery of such Certificates.

SECTION 1.11. GOVERNING LAW.

        This Agreement and the Securities shall be governed by and construed in
accordance with the laws of the State of New York, without regard to principles
of conflicts of laws.

SECTION 1.12. LEGAL HOLIDAYS.

        In any case where any Payment Date shall not be a Business Day, then
(notwithstanding any other provision of this Agreement or the Certificates)
payment of any amounts otherwise payable on such date shall not be made on such
date, but such payments shall be made on the next succeeding Business Day with
the same force and effect as if made on such Payment Date, provided that no
interest shall accrue or be payable for the period from and after any such
Payment Date, except that, if such next succeeding Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately
preceding Business Day with the same force and effect as if made on such Payment
Date.

SECTION 1.13. COUNTERPARTS.

        This Agreement may be executed in any number of counterparts by the
parties hereto on separate counterparts, each of which, when so executed and
delivered, shall be deemed an original, but all such counterparts shall together
constitute one and the same instrument.

                                       13

<PAGE>

SECTION 1.14.  INSPECTION OF AGREEMENT.

        A copy of this Agreement shall be available at all reasonable times
during normal business hours at the Corporate Trust Office for inspection by any
Holder or Beneficial Owner.

                                   ARTICLE II

                                CERTIFICATE FORMS

SECTION 2.1. FORMS OF CERTIFICATES GENERALLY; LEGENDS.

        (a) Each Security will consist of one Preferred Security and one
Warrant. The Certificates shall be printed, lithographed or engraved on steel
engraved borders or may be produced in any other manner, all as determined by
the officers of IndyMac Bancorp executing the Securities evidenced by such
Certificates, consistent with the provisions of this Agreement, as evidenced by
their execution thereof.

        (b) Every Global Unit authenticated, executed on behalf of the Holders
and delivered hereunder shall bear a legend in substantially the following form:

        "THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE UNIT
        AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
        DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (THE "DEPOSITARY"), OR
        A NOMINEE OF THE DEPOSITARY. THIS CERTIFICATE IS EXCHANGEABLE FOR
        CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
        DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
        THE UNIT AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE (OTHER THAN A
        TRANSFER OF THIS CERTIFICATE 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 CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
        THE DEPOSITARY FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
        ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
        OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
        DEPOSITARY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH
        OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
        DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

                                       14

<PAGE>

        Every certificate (whether a Global Unit or a definitive certificate)
representing a Security shall bear a legend to the following effect:

        THE CONSTITUENT COMPONENTS OF THIS UNIT MUST BE SEPARATED PRIOR TO
        TRANSFER (EXCEPT AS PART OF A UNIT) AS PROVIDED IN THE UNIT AGREEMENT."

        The Warrants and Preferred Securities which constitute components of the
        Securities shall bear additional legends (including restrictions on
        transferability) as described in the constituent documents for such
        securities.

SECTION 2.2. FORM OF AGENT'S CERTIFICATE OF AUTHENTICATION.

        The form of the Agent's certificate of authentication of the Securities
shall be in substantially the form set forth on the form of the Certificates.

                                   ARTICLE III

                                 THE SECURITIES

SECTION 3.1. AMOUNT; FORM AND DENOMINATIONS.

        The aggregate number of Securities evidenced by Certificates
authenticated, executed on behalf of the Holders and delivered hereunder is
limited to 3,500,000 (or 4,000,000 if the Underwriter's over-allotment option is
exercised) except for Certificates authenticated, executed and delivered upon
registration of transfer of, in exchange for, or in lieu of, other Certificates
pursuant to Section 3.4, 3.5, 3.10, 3.13 or 8.5.

        The Certificates shall be issuable only in registered form and only in
denominations of a single Security and any integral multiple thereof.

        On the date of issuance of the Units, IndyMac Bancorp shall allocate
$34.49 of the purchase price thereof to the Preferred Securities and $15.51 of
the purchase price to the Warrants.

SECTION 3.2. RIGHTS AND OBLIGATIONS EVIDENCED BY THE CERTIFICATES.

        Each Certificate shall evidence the number of Securities specified
therein, with each such Security representing the ownership by the Holder
thereof of a beneficial interest in a Preferred Security (or a Debenture upon a
dissolution and liquidation of the Trust) and a Warrant and entitled to the
benefits of the Trust Agreement, the Indenture, the Warrant Agreement and all
agreements ancillary thereto.

SECTION 3.3. EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

        Subject to the provisions of Section 3.6 hereof, upon the execution and
delivery of this Agreement, and at any time and from time to time thereafter,
IndyMac Bancorp and the Trust may deliver Certificates executed by IndyMac
Bancorp and an Administrative Trustee on behalf

                                       15

<PAGE>

of the Trust to the Agent for authentication, execution and delivery, together
with its Issuer Order for authentication of such Certificates, and the Agent in
accordance with such Issuer Order shall authenticate, execute on behalf of the
Holders and deliver such Certificates. In authenticating such Securities, and
accepting the additional responsibilities under this Indenture in relation to
such Securities, the Agent shall be entitled to receive, and, shall be fully
protected in relying upon:

                (a) a copy of the Board Resolution or Board Resolutions in or
        pursuant to which the terms and form of the Securities were established,
        certified by the Secretary or an Assistant Secretary of the Company to
        have been duly adopted by the Board of Directors and to be in full force
        and effect as of the date of such certificate, and if the terms and form
        of such Securities are established by an Officers' Certificate pursuant
        to general authorization of the Board of Directors, such Officers'
        Certificate;

                (b) an Officers' Certificate delivered in accordance with
        Section 1.3; and

                (c) an Opinion of Counsel which shall state:

                        (1) that the terms of such Securities have been
                established in accordance with Section 2.1 and in conformity
                with the other provisions of this Agreement;

                        (2) that such Securities, when authenticated and
                delivered by the Agent and issued by the Company in the manner
                and subject to any conditions specified in such Opinion of
                Counsel, will constitute valid and legally binding obligations
                of the Company, enforceable in accordance with their terms,
                subject to bankruptcy, insolvency, reorganization and other laws
                of general applicability relating to or affecting the
                enforcement of creditors' rights and to general equity
                principles; and

                        (3) that all laws and requirements in respect of the
                execution and delivery by the Company of such Securities have
                been complied with.

        The Agent shall have the right to decline to authenticate and deliver
any Securities under this Section if the Agent, being advised by counsel,
determines that such action may not lawfully be taken or if the Agent in good
faith shall determine that such action would expose the Agent to personal
liability to existing Holders.

        The Certificates shall be executed on behalf of IndyMac Bancorp (in
respect of the Warrants) any two of the Chairman, a Vice Chairman, the Chief
Executive Officer, the President, the Chief Operating Officer, a Vice President,
the Chief Financial Officer, the Treasurer, the Chief Administrative Officer,
the Chief Accounting Officer, the Secretary or an Assistant Secretary of the
Sponsor), and shall be executed on behalf of the Trust (in respect of the
Preferred Securities) by an Administrative Trustee. The signature of any of
these officers on the Certificates may be manual or facsimile.

        Certificates bearing the manual or facsimile signatures of individuals
who were at any time the proper officers of IndyMac Bancorp shall bind IndyMac
Bancorp, notwithstanding that

                                       16

<PAGE>

such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Certificates or did not hold such offices at
the date of such Certificates. Certificates bearing the manual or facsimile
signatures of individuals who were at any time Administrative Trustees of the
Trust shall bind the Trust, notwithstanding that such individuals or any of them
have ceased to hold such offices prior to the authentication and delivery of
such Certificates or did not hold such offices at the date of such Certificates.

        Each Certificate shall be dated the date of its authentication.

        No Certificate shall be entitled to any benefit under this Agreement or
be valid or obligatory for any purpose unless there appears on such Certificate
a certificate of authentication substantially in the form provided for herein
executed by an authorized signatory of the Agent by manual signature, and such
certificate upon any Certificate shall be conclusive evidence, and the only
evidence, that such Certificate has been duly authenticated and delivered
hereunder.

SECTION 3.4. TEMPORARY CERTIFICATES.

        Pending the preparation of definitive Certificates, IndyMac Bancorp
shall execute and deliver to the Agent, and the Agent shall authenticate,
execute on behalf of the Holders, and deliver, in lieu of such definitive
Certificates, temporary Certificates which are in substantially the form set
forth in Exhibit A hereto, with such letters, numbers or other marks of
identification or designation and such legends or endorsements printed,
lithographed or engraved thereon as may be required by the rules of any
securities exchange on which the Securities are listed, or as may, consistently
herewith, be determined by the officers of IndyMac Bancorp executing such
Certificates, as evidenced by their execution of the Certificates.

        If temporary Certificates are issued, IndyMac Bancorp shall cause
definitive Certificates to be prepared without unreasonable delay. After the
preparation of definitive Certificates, the temporary Certificates shall be
exchangeable for definitive Certificates upon surrender of the temporary
Certificates at the Corporate Trust Office, at the expense of IndyMac Bancorp
and without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Certificates, IndyMac Bancorp shall execute and deliver to the
Agent, and the Agent shall authenticate, execute on behalf of the Holder, and
deliver in exchange therefor, one or more definitive Certificates of like tenor
and denominations and evidencing a like number of Securities as the temporary
Certificate or Certificates so surrendered. Until so exchanged, the temporary
Certificates shall in all respects evidence the same benefits and the same
obligations with respect to the Securities evidenced thereby as definitive
Certificates.

SECTION 3.5. REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE.

        The Agent shall keep at the Corporate Trust Office a register (the
"Register") in which, subject to such reasonable regulations as it may
prescribe, the Agent shall provide for the registration of Certificates and of
transfers of Certificates (the Agent, in such capacity, the "Registrar").

        No beneficial interest in a Warrant or a Preferred Security that is a
component of a Security represented by a Certificate may be transferred or
exchanged until such components

                                       17

<PAGE>

have been separated in accordance with Section 3.6 hereof, and each Certificate
shall bear a legend to that effect.

        Upon surrender for registration of transfer of any Certificate at the
Corporate Trust Office, IndyMac Bancorp and the Trust shall execute and deliver
to the Agent, and the Agent shall authenticate, execute on behalf of the
designated transferee or transferees, and deliver, in the name of the designated
transferee or transferees, one or more new Certificates of any authorized
denominations, like tenor, and evidencing a like number of Securities.

        At the option of the Holder, Certificates may be exchanged for other
Certificates, of any authorized denominations and evidencing a like number of
Securities upon surrender of the Certificates to be exchanged at the Corporate
Trust Office. Whenever any Certificates are so surrendered for exchange, IndyMac
Bancorp and the Trust shall execute and deliver to the Agent, and the Agent
shall authenticate, execute on behalf of the Holder, and deliver the
Certificates which the Holder making the exchange is entitled to receive.

        All Certificates issued upon any registration of transfer or exchange of
a Certificate shall evidence the ownership of the same number of Securities, and
be entitled to the same benefits and subject to the same obligations, under this
Agreement as the Securities evidenced by the Certificate surrendered upon such
registration of transfer or exchange.

        Every Certificate presented or surrendered for registration of transfer
or for exchange shall (if so required by the Agent) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to IndyMac
Bancorp, the Trust and the Agent duly executed, by the Holder thereof or its
attorney duly authorized in writing.

        No service charge shall be made for any registration of transfer or
exchange of a Certificate, but IndyMac Bancorp and the Agent may require payment
from the Holder of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Certificates, other than any exchanges pursuant to Sections 3.6, 3.7
and 8.5 not involving any transfer and the Trust.

        Notwithstanding the foregoing, IndyMac Bancorp and the Trust shall not
be obligated to execute and deliver to the Agent, and the Agent shall not be
obligated to authenticate, execute on behalf of the Holder and deliver any
Certificate in exchange for any other Certificate presented or surrendered for
registration of transfer or for exchange on or after the Business Day
immediately preceding the Expiration Date. In lieu of delivery of a new
Certificate, upon satisfaction of the applicable conditions specified above in
this Section and receipt of appropriate registration or transfer instructions
from such Holder, the Agent shall deliver the consideration received on such
Expiration Date (which may be shares of Common Stock issuable in respect of the
exercise of Warrants forming a part of the Securities evidenced by such other
Certificate, Warrant Value receivable upon a redemption of such Warrants or
Remarketing Proceeds receivable upon a contemporaneous remarketing of the
Preferred Securities forming a part of the Securities evidenced by such other
Certificate), subject to the applicable conditions and in accordance with the
applicable provisions of Article Five hereof.

                                       18

<PAGE>

SECTION 3.6. SEPARATION AND REJOINING OF UNITS.

        Each Global Unit shall represent such of the outstanding Securities as
shall be specified in the "Schedule of Exchanges of Interests of Global Unit"
attached thereto or otherwise in accordance with the Applicable Procedures. At
any time after issuance, the Preferred Security and Warrant components of any
Security may be separated by the Holder and thereafter transferred separately
and (i) in the event of an election to exercise the Warrant component prior to
the Remarketing Settlement Date (as provided in Section 5.2), (ii) in the event
of an election to have Warrants redeemed or Preferred Securities repurchased
upon a Change of Control (in each case, pursuant to Section 5.3) or (iii) in the
event of a Remarketing, the Preferred Security and Warrant components of any
Security shall be separated. In the event of any separation of the components of
a Security, (i) if such Security is represented by a Definitive Certificate, the
Holder shall present such Definitive Certificate to the Agent for cancellation
and the Agent shall so notify the Registrar and shall return the Preferred
Security and Warrant components of such Security to the Registrar and Transfer
Agent for the Preferred Securities pursuant to the Trust Agreement (the "Trust
Agreement Registrar") and Warrant Agent, respectively, with an instruction for
them to countersign and deliver to, or upon the instruction of, such Holder a
separated Preferred Security and a separated Warrant, bearing the separate CUSIP
number assigned to the Preferred Security and the Warrant, respectively, and
(ii) if such Security is represented by the Global Unit, the Agent shall make
the necessary endorsement to the "Schedule of Exchanges of Interests of Global
Unit attached to the Global Unit or otherwise comply with the Applicable
Procedures to reduce the amount of Securities represented thereby and shall
instruct the Trust Agreement Registrar and the Warrant Agent to effect a
corresponding increase in the Preferred Securities and the Warrants,
respectively, represented by global certificates bearing separate CUSIP numbers.
The Agent shall make such other necessary endorsements to the Global Unit
consistent with the terms of this agreement to reflect the appropriate number of
Securities represented thereby.

        Following a Remarketing of the Preferred Securities component of a
Security, (i) if such Security is represented by a Definitive Certificate, the
Holder shall present such Definitive Certificate to the Agent for cancellation
and the Agent shall so notify the Registrar and shall return the Preferred
Security and Warrant components of such Security to the Trust Agreement
Registrar with an instruction for it to countersign and deliver to, or upon the
instruction of the Remarketing Agent a Preferred Security bearing the separate
CUSIP number assigned to the Preferred Security and (ii) if such Security is
represented by the Global Unit, the Agent shall, in accordance with the
instructions of the Remarketing Agent, make the necessary endorsement to the
"Schedule of Exchanges of Interests of Global Unit" attached to the Global Unit
or otherwise comply with the Applicable Procedures to reduce the amount of
Securities represented thereby and shall instruct the Trust Agreement Registrar
to effect a corresponding increase in the Preferred Securities represented by
global certificates bearing the separate CUSIP number. The Agent shall make such
other necessary endorsements to the Global Unit consistent with the terms of
this agreement to reflect the appropriate number of Securities represented
thereby.

        Once separated in accordance with Section 5.2, a Preferred Security and
a Warrant may be joined to form a Security, whether or not such securities were
at one time components of the same Security. In the event a holder of a
Preferred Security and a Warrant desires to join them and create a Security, (i)
if the constituent components are represented by Definitive Certificates,

                                       19

<PAGE>

the holder shall present (x) the Preferred Security to the Trust Agreement
Registrar and (y) the Warrant to the Warrant Agent, in each case for
cancellation and the Trust Agreement Registrar and the Warrant Agent shall so
notify the Agent, who shall in turn so notify the Registrar with an instruction
for the Registrar to countersign and deliver to, or upon the instruction of,
such holder a Security bearing the separate CUSIP number assigned to the
Securities, respectively, and (ii) if the constituent components are represented
by global certificates, each of the Trust Agreement Registrar and the Warrant
Agent shall make the necessary endorsement to their respective global
certificates or otherwise comply with the Applicable Procedures to reduce the
amount of Preferred Securities and Warrants, respectively, represented thereby
and shall instruct Agent to effect a corresponding increase in the Securities
represented by the Global Unit bearing separate CUSIP number. The Agent, the
Trust Agreement Registrar, and the Warrant Agent shall make such other necessary
endorsements to their respective global certificates consistent with the terms
of this agreement to reflect the appropriate number of Securities, Preferred
Securities and Warrants, as appropriate, represented thereby.

        The Agent is authorized to deliver such further directions to the Trust
Agreement Registrar, the Warrant Agent, the Exchange Agent and others, and to
take such further actions as shall be necessary to effect the exchanges,
separations, transfer and recreations contemplated by Section 3.5 and 3.6. If no
Trust Agreement Registrar has been appointed under the Trust Agreement, the
Property Trustee shall act as Trust Agreement Registrar for the purposes of this
Section 3.6.

SECTION 3.7. BOOK-ENTRY INTERESTS.

        The Certificates, on original issuance, will be issued in the form of
one or more fully registered Global Units, to be delivered to the Depositary by,
or on behalf of, IndyMac Bancorp and the Trust. Such Global Unit shall initially
be registered on the books and records of IndyMac Bancorp and the Trust (in
respect of the Warrant and Preferred Securities components of the Securities,
respectively) in the name of Cede & Co., the nominee of the Depositary, and no
Beneficial Owner will receive a Definitive Certificate representing such
Beneficial Owner's interest in such Global Unit, except as provided in Section
3.10. The Agent shall enter into an agreement with the Depositary if so
requested by IndyMac Bancorp. Unless and until Definitive Certificates have been
issued to Beneficial Owners pursuant to Section 3.10:

                (a) the provisions of this Section 3.7 shall be in full force
        and effect;

                (b) IndyMac Bancorp shall be entitled to deal with the Clearing
        Agency for all purposes of this Agreement as the Holder of the
        Securities and the sole holder of the Global Unit(s) and shall have no
        obligation to the Beneficial Owners;

                (c) to the extent that the provisions of this Section 3.7
        conflict with any other provisions of this Agreement, the provisions of
        this Section 3.7 shall control; and

                (d) the rights of the Beneficial Owners shall be exercised only
        through the Clearing Agency and shall be limited to those established by
        law and agreements between such Beneficial Owners and the Clearing
        Agency and/or the Clearing Agency Participants.

                                       20

<PAGE>

SECTION 3.8. NOTICES TO HOLDERS.

        Whenever a notice or other communication to the Holders is required to
be given under this Agreement, IndyMac Bancorp or IndyMac Bancorp's agent shall
give such notices and communications to the Holders and, with respect to any
Securities registered in the name of a Clearing Agency or the nominee of a
Clearing Agency, IndyMac Bancorp or IndyMac Bancorp's agent shall, except as set
forth herein, have no obligations to the Beneficial Owners.

SECTION 3.9. APPOINTMENT OF SUCCESSOR CLEARING AGENCY.

        If any Clearing Agency elects to discontinue its services as securities
depositary with respect to the Securities, IndyMac Bancorp may, in its sole
discretion, appoint a successor Clearing Agency with respect to the Securities.

SECTION 3.10. DEFINITIVE CERTIFICATES.

        If (i) a Clearing Agency elects to discontinue its services as
securities depositary with respect to the Securities and a successor Clearing
Agency is not appointed within 90 days after such discontinuance pursuant to
Section 3.9 or (ii) there shall have occurred and be continuing a default by
IndyMac Bancorp in respect of its obligations under the Warrant Agreement, the
Indenture, the Trust Agreement or this Agreement, upon surrender of the Global
Units representing the Securities by the Clearing Agency, accompanied by
registration instructions, IndyMac Bancorp and the Trust shall cause Definitive
Certificates to be delivered to Beneficial Owners in accordance with the
instructions of the Clearing Agency. IndyMac Bancorp shall not be liable for any
delay in delivery of such instructions and may conclusively rely on and shall be
protected in relying on, such instructions.

SECTION 3.11. MUTILATED, DESTROYED, LOST AND STOLEN CERTIFICATES.

        If any mutilated Certificate is surrendered to the Agent, IndyMac
Bancorp and the Trust shall execute and deliver to the Agent, and the Agent
shall authenticate, execute on behalf of the Holder, and deliver in exchange
therefor, a new Certificate, evidencing the same number of Securities and
bearing a Certificate number not contemporaneously outstanding.

        If there shall be delivered to IndyMac Bancorp, the Trust and the Agent
(i) evidence to their satisfaction of the destruction, loss or theft of any
Certificate, and (ii) such security or indemnity as may be required by them to
hold each of them and any agent of any of them harmless, then, in the absence of
notice to IndyMac Bancorp and the Trust or the Agent that such Certificate has
been acquired by a bona fide purchaser, IndyMac Bancorp and the Trust shall
execute and deliver to the Agent, and the Agent shall authenticate, execute on
behalf of the Holder, and deliver to the Holder, in lieu of any such destroyed,
lost or stolen Certificate, a new Certificate, evidencing the same number of
Securities and bearing a Certificate number not contemporaneously outstanding.

        Notwithstanding the foregoing, neither IndyMac Bancorp nor the Trust
shall be obligated to execute and deliver to the Agent, and the Agent shall not
be obligated to authenticate, execute on behalf of the Holder, and deliver to
the Holder, a Certificate on or after the Business Day immediately preceding the
Expiration Date. In lieu of delivery of a new Certificate, upon

                                       21

<PAGE>

satisfaction of the applicable conditions specified above in this Section and
receipt of appropriate registration or transfer instructions from such Holder,
the Agent shall deliver the consideration received on such Expiration Date
(which may be (i) shares of Common Stock issuable in respect of the exercise of
Warrants pursuant to the Warrant Agreement, (ii) the Warrant Value receivable
upon a redemption of such Warrants pursuant to the Warrant Agreement or (iii)
proceeds of a Remarketing receivable upon a contemporaneous remarketing of the
Preferred Securities forming a part of the Securities evidenced by such other
Certificate as provided in the Trust Agreement).

        Upon the issuance of any new Certificate under this Section, IndyMac
Bancorp, the Trust and the Agent may require the payment by the Holder of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Agent) connected therewith.

        Every new Certificate issued pursuant to this Section in lieu of any
destroyed, lost or stolen Certificate shall constitute an original additional
contractual obligation of IndyMac Bancorp and the Trust and of the Holder in
respect of the Security evidenced thereby, whether or not the destroyed, lost or
stolen Certificate (and the Securities evidenced thereby) shall be at any time
enforceable by anyone, and shall be entitled to all the benefits and be subject
to all the obligations of this Agreement equally and proportionately with any
and all other Certificates delivered hereunder.

        The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Certificates.

SECTION 3.12. PERSONS DEEMED OWNERS.

        Prior to due presentment of a Certificate for registration of transfer,
IndyMac Bancorp, the Trust and the Agent, and any agent of IndyMac Bancorp, the
Trust or the Agent, may treat the Person in whose name such Certificate is
registered as the owner of the Security evidenced thereby, for the purpose of
receiving payments on the Preferred Securities, the Debentures or the Warrants
and for all other purposes whatsoever, whether or not any payments on the
Preferred Securities, the Debentures or the Warrants shall be overdue and
notwithstanding any notice to the contrary, and none of IndyMac Bancorp, the
Trust, the Agent, or any agent of IndyMac Bancorp or the Agent, shall be
affected by notice to the contrary.

        Notwithstanding the foregoing, with respect to any Global Unit, nothing
herein shall prevent IndyMac Bancorp, the Agent or any agent of IndyMac Bancorp,
the Trust or the Agent, from giving effect to any written certification, proxy
or other authorization furnished by any Clearing Agency (or its nominee), as a
Holder, with respect to such Global Unit or impair, as between such Clearing
Agency and owners of beneficial interests in such Global Unit, the operation of
customary practices governing the exercise of rights of such Clearing Agency (or
its nominee) as Holder of such Global Unit.

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SECTION 3.13. CANCELLATION.

        All Certificates surrendered (i) for separation as provided in Section
3.6 hereof, (ii) in connection with a remarketing and redemption as provided in
the Trust Agreement, the Warrant Agreement and Article V hereof or (iii) upon
the transfer of Preferred Securities, Debentures or Warrants upon the
registration of a transfer or exchange of a Security or any of its components
shall, if surrendered to any Person other than the Agent, be delivered to the
Agent and, if not already cancelled, shall be promptly cancelled by it. IndyMac
Bancorp and the Trust may at any time deliver to the Agent for cancellation any
Certificates previously authenticated, executed and delivered hereunder which
IndyMac Bancorp and the Trust may have acquired in any manner whatsoever, and
all Certificates so delivered shall, upon Issuer Order, be promptly cancelled by
the Agent. No Certificates shall be authenticated, executed on behalf of the
Holder and delivered in lieu of or in exchange for any Certificates cancelled as
provided in this Section, except as expressly permitted by this Agreement. All
cancelled Certificates held by the Agent shall be held by the Agent or returned
to IndyMac Bancorp pursuant to an Issuer Order.

        If IndyMac Bancorp, the Trust or any Affiliate of IndyMac Bancorp shall
acquire any Certificate, such acquisition shall not operate as a cancellation of
such Certificate unless and until such Certificate is delivered to the Agent
cancelled or for cancellation.

SECTION 3.14. CUSIP NUMBERS.

        IndyMac Bancorp, in issuing the Securities, may use CUSIP numbers (if
then generally in use), and, if so, the Agent shall use CUSIP numbers in notices
of redemption as a convenience to Holders; provided that any such notice may
state that no representation is made as to the correctness of such numbers
either as printed on the Securities or as contained in any notice of a
redemption and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such numbers. IndyMac Bancorp will promptly
notify the Agent of any change in the CUSIP numbers.

SECTION 3.15. SPECIAL TRANSFER PROVISIONS.

        Upon any exchange or transfer of all or a portion of any Global Unit for
a certificated Security, the Global Unit from which an interest is to be so
exchanged or transferred will be marked to reflect the reduction of its
principal amount or number, as applicable, by the aggregate principal amount or
number of such certificated Security. Until so exchanged or transferred in full,
such Global Unit will in all respects be entitled to the same benefits under
this Indenture as the Units authenticated and delivered hereunder.

        The Registrar shall retain for at least two years copies of all letters,
notices and other written communications received pursuant to Section 2.16
hereof or this Section 2.17. The Issuers shall have the right to inspect and
make copies of all such letters, notices or other written communications at any
reasonable time upon the giving of reasonable written notice to the Registrar.

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                                   ARTICLE IV

                            THE PREFERRED SECURITIES

SECTION 4.1. PAYMENT OF DISTRIBUTION; RIGHTS TO DISTRIBUTIONS PRESERVED;
             DISTRIBUTION RATE RESET.

        Distributions on the Preferred Securities which are made on any Payment
Date shall, subject to receipt thereof by the Agent, be payable to the Holders
as they appear on the books and records of the Agent at the close of business on
the relevant Record Dates. Distributions on the Preferred Securities which are
made on any Remarketing Settlement Date shall, subject to receipt thereof by the
Agent, be payable to (or, in the case of Section 5.1, for the account of) the
Holders as they appear on the books and records of the Agent at the close of
business on the Remarketing Date. If the Securities are represented by one or
more Global Units, the relevant Record Dates shall be the close of business on
the Business Day preceding the corresponding Payment Date, unless a different
Record Date is established or provided for the corresponding distributions on
the Preferred Securities. If the Securities are not represented by one or more
Global Units, the relevant Record Dates shall be at least one Business Day prior
to the corresponding Payment Dates, or such other dates as may be selected by
the Agent.

        Each Certificate evidencing Preferred Securities (or Debentures)
delivered under this Agreement upon registration of transfer of or in exchange
for or in lieu of any other Certificate shall carry the rights to distributions
accumulated and unpaid, and to accumulate distributions, which were carried by
the Preferred Securities (or Debentures) underlying such other Certificate.

        The applicable Coupon Rate on the Debentures on and after the
Remarketing Date shall be equal to the Reset Rate established in the Remarketing
on such date.

SECTION 4.2. NOTICE AND VOTING.

        The Agent shall be entitled to exercise the voting and any other
consensual rights pertaining to the Preferred Securities, Debentures and
Warrants, as the case may be, but only to the extent instructed in writing by
the Holders as described below and in Article V. Upon receipt of notice of any
meeting at which holders of Preferred Securities, Debentures or Warrants are
entitled to vote or upon any solicitation of consents, waivers or proxies of
holders of Preferred Securities, Debentures or Warrants, the Agent shall, as
soon as practicable thereafter, mail to the Holders of Securities a notice (a)
containing such information as is contained in the notice or solicitation, (b)
stating that each Holder on the record date set by the Agent therefor (which, to
the extent possible, shall be the same date as the record date for determining
the holders of Preferred Securities, Debentures or Warrants, as the case may be,
entitled to vote) shall be entitled to instruct the Agent as to the exercise of
the voting rights pertaining to such Preferred Securities, Debentures or
Warrants underlying their Security and (c) stating the manner in which such
instructions may be given. Upon the written request of the Holders of Securities
on such record date received by the Agent at least six days prior to such
meeting, the Agent shall endeavor insofar as practicable to vote or cause to be
voted, in accordance with the instructions set forth in such requests, the
maximum number of Preferred Securities, Debentures or Warrants, as the case may
be, as to which any particular voting instructions are received. In the absence
of

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<PAGE>

specific instructions from the Holder of a Security, the Agent shall abstain
from voting the Preferred Securities, Debentures or Warrants underlying such
Security. IndyMac Bancorp hereby agrees to solicit Holders of Securities to
timely instruct the Agent in order to enable the Agent to vote such Preferred
Securities, Debentures or Warrants and the Trust shall covenant to such effect
in the Trust Agreement.

SECTION 4.3. DISTRIBUTION OF DEBENTURES.

        Upon the dissolution and liquidation of the Trust in accordance with the
Trust Agreement, a principal amount at maturity of Debentures constituting the
assets of the Trust and underlying the Preferred Securities equal to the
aggregate stated liquidation amount of the Preferred Securities shall be
delivered to the Agent in exchange for the Preferred Securities. Thereafter, the
Debentures will be substituted for the Preferred Securities as a component of
the Securities. Following the dissolution and liquidation of the Trust, the
Holders shall have such rights and obligations with respect to the Debentures as
the Holders had with respect to the Preferred Securities. IndyMac Bancorp may
cause to be made in any Certificates thereafter to be issued such change in
phraseology and form (but not in substance) as may be appropriate to reflect the
dissolution and liquidation of the Trust and the substitution of Debentures for
Preferred Securities.

                                    ARTICLE V

                   REMARKETING AND REDEMPTION; EARLY EXERCISE

SECTION 5.1. REMARKETING AND REDEMPTION.

        Pursuant to a Remarketing Agreement to be entered into, IndyMac Bancorp
will engage a Remarketing Agent to sell the Preferred Securities (or, if the
Debentures have been distributed upon liquidation of the Trust, the Debentures)
upon the occurrence of a Remarketing Event. In connection with a Remarketing of
the Preferred Securities:

                (i) upon a Trading Remarketing Event or a Legal Cause
        Remarketing Event, the Accreted Value of the Debentures as of the end of
        the day on the day next preceding the Remarketing Date shall become due
        on the date which is 60 days following the Remarketing Date, and, as a
        result, the Accreted Value of the Preferred Securities as of the end of
        the day on the day next preceding the Remarketing Date shall be redeemed
        on the date which is 60 days following the Remarketing Date;

                (ii) on the Remarketing Date, the rate of interest per annum on
        the Accreted Value of the Debentures shall be changed to the Reset Rate
        established in the Remarketing of the Preferred Securities, and the
        "Distribution Rate" per annum on the Accreted Value of the Preferred
        Securities shall be changed to the Reset Rate established in the
        Remarketing;

                (iii) on the Remarketing Settlement Date, interest accrued and
        unpaid on the Debentures from and including the immediately preceding
        Interest Payment Date to, but excluding, the Remarketing Settlement Date
        shall be payable to the holders of the Debentures, and Distributions
        accumulated and unpaid on the Securities from and

                                       25

<PAGE>

        including the immediately preceding Distribution Date to, but excluding,
        the Remarketing Settlement Date shall be payable to the Holders of the
        Securities;

                (iv) in connection with a Remarketing upon a Trading Remarketing
        Event or a Legal Cause Remarketing Event, IndyMac Bancorp shall be
        obligated to redeem the Warrants on the Remarketing Settlement Date at a
        redemption price per Warrant equal to the Warrant Value as of the end of
        the day on the day next preceding the Remarketing Date; and

                (v) on and after the Remarketing Date, the Warrants shall be
        exercisable at the Exercise Price.

        Upon receipt from IndyMac Bancorp of a Notice of Remarketing as provided
in the Trust Agreement and of a notice of a Redemption as provided in the
Warrant Agreement, the Agent shall, as soon as practicable thereafter, mail to
the Holders of Securities a notice of such receipt, together with a copy of each
such notice.

        IN THE ABSENCE OF AN AFFIRMATIVE ELECTION NOT TO PARTICIPATE IN THE
        REMARKETING, EACH HOLDER WILL BE DEEMED TO HAVE ELECTED TO PARTICIPATE
        IN SUCH REMARKETING AND, IF APPLICABLE, TO HAVE ITS WARRANTS REDEEMED ON
        THE RELATED REMARKETING SETTLEMENT DATE AT THE WARRANT VALUE.

        Each Holder of a Security who desires NOT to participate in the
Remarketing shall notify the Agent of such intention by use of a notice in
substantially the form of Exhibit B hereto. Such notice shall be given to the
Agent prior to 5:00 p.m., New York City time, on the Business Day immediately
preceding the Remarketing Date specified in the Notice of Remarketing. A Holder
of a Security must affirmatively elect NOT to participate in a Remarketing on or
prior to 5:00 p.m. New York City time on the Business Day immediately preceding
the Remarketing Date. Subject to the next paragraph, an election by a Holder NOT
to participate in the Remarketing will not alter the deemed election by such
Holder to have its Warrants redeemed on the Remarketing Settlement Date. Any
such notice shall be irrevocable and may not be conditioned upon the level at
which the Reset Rate is established in the Remarketing. The Agent, based on such
notices, shall notify the Remarketing Agent, promptly after 5:00 p.m., New York
City time (or such other time as may be agreed by the Agent, IndyMac Bancorp,
the Trust and the Remarketing Agent), on the Business Day immediately preceding
the Remarketing Date, of the aggregate number of Preferred Securities (or, if
the Debentures have been distributed in connection with a liquidation of the
Trust, the Debentures) that are a component of Securities to be remarketed. Upon
receipt of such notice from the Agent, the Remarketing Agent shall, on the
Remarketing Date, use commercially reasonable efforts to remarket such Preferred
Securities (or Debentures) on such date at a price equal to: (i) in connection
with a Remarketing upon a Trading Remarketing Event or a Legal Cause Remarketing
Event, 100% of the aggregate Accreted Value of such Preferred Securities (or
Debentures) as of the end of the day on the day next preceding the Remarketing
Date; and (ii) on the Maturity Remarketing Date, 100% of the stated liquidation
amount (or principal amount).

                                       26

<PAGE>

        Each Holder of a Security who desires to exercise its Warrants on the
Remarketing Settlement Date at the Exercise Price per Warrant described in
clause (v) above in this Section 5.1, instead of having such Warrants redeemed
on such date, shall notify the Agent and the Warrant Agent of such intention by
use of a notice in substantially the form of Exhibit C hereto. Such notice shall
be given to the Agent and the Warrant Agent prior to 5:00 p.m., New York City
time, on the Business Day immediately preceding the Remarketing Settlement Date
specified in the related Notice of Remarketing. As provided above, any Holder
who does not notify the Agent and the Warrant Agent of an election to exercise
its Warrants on the Warrant Settlement Date shall be deemed to have elected to
have such Warrants redeemed. Upon receipt of the foregoing notices the Agent
shall provide notice to the Warrant Agent, promptly after 5:00 p.m., New York
City time(or such other time as may be agreed by the Agent, IndyMac Bancorp, the
Trust and the Remarketing Agent), on the Business Day immediately preceding the
related Remarketing Settlement Date specified in the related Notice of
Remarketing, of the number of Warrants to be exercised and shall, promptly after
5:00 p.m., New York City time, on the Remarketing Settlement Date, deliver to
the Warrant Agent a duly completed form of election to purchase set forth on the
reverse side of the Warrant Certificate, a form of which is attached to the
Global Unit, together with the proceeds of the Remarketing referred to in the
following paragraph. Upon receipt of the Common Stock deliverable upon exercise
of the Warrants, the Warrant Agent shall deliver such shares to or upon the
order of the Agent.

        Each Holder who elects to participate in the Remarketing and to exercise
its Warrants on the related Remarketing Settlement Date is referred to as an
"Electing Remarketing Holder." The Agent shall instruct the Remarketing Agent to
deliver the proceeds from the Remarketing of Preferred Securities of each
Electing Remarketing Holder to the Warrant Agent, and the Warrant Agent shall
apply such amounts to satisfy in full such Holders' obligation to pay the
Exercise Price for the Common Stock under the related Warrants on the
Remarketing Settlement Date. Any Holder (other than an Electing Remarketing
Holder) of a Security affirmatively electing to exercise Warrants on the
Remarketing Settlement Date may do so by following the procedures set forth in
Section 5.2 and in the Warrant Agreement. The proceeds from a redemption of the
Warrants which form a part of the Securities shall be paid to the Holders of
such Securities.

        The Trust Agreement provides that if, by 4:00 p.m., New York City time,
on a Remarketing Date, the Remarketing Agent is unable to remarket all of the
Preferred Securities deemed tendered for purchase, a "Failed Remarketing" shall
be deemed to have occurred and the Remarketing Agent shall so advise by
telephone the Clearing Agency, the Property Trustee, the Warrant Agent, the
Indenture Trustee, the Administrative Trustees on behalf of the Trust and
IndyMac Bancorp. IndyMac Bancorp shall then give notice of the Failed
Remarketing to the Agent no later than 12:00 noon, New York City time, on the
Business Day following the Failed Remarketing and the Agent will, in turn, give
notice to the Holders of the Preferred Securities prior to the close of business
on the Business Day following the Failed Remarketing. Notice of a Failed
Remarketing shall be deemed to constitute a withdrawal of each previously
delivered election to exercise Warrants on the related Remarketing Settlement
Date. Following any such withdrawal a holder may still elect to exercise its
Warrants in accordance with the procedures specified in Section 3.6 hereof and
in the Warrant Agreement.

        Upon the occurrence of a Trading Remarketing Event or a Legal Cause
Remarketing Event and the election by IndyMac Bancorp to cause a Remarketing of
the Preferred Securities,

                                       27

<PAGE>

and on the Maturity Remarketing Date, as long as the Securities are evidenced by
one or more Global Units, deposited with the Clearing Agency, IndyMac Bancorp
shall request, not later than four nor more than 20 days prior to the
Remarketing Date, that the Clearing Agency notify the Holders of the Securities
of the Remarketing of the Preferred Securities and of the procedures that must
be followed if such Holder of Securities wishes to elect not to participate in
the Remarketing of the Preferred Securities.

SECTION 5.2. EARLY EXERCISE OF WARRANTS; EXCHANGE OF PREFERRED SECURITIES AND
             REPURCHASE OF DEBENTURES.

        A Holder of a Security may elect to exercise the Warrants which form a
part of such Security at any time in accordance with the terms of the Warrant
Agreement. Each Holder, other than an Electing Remarketing Holder, who desires
to exercise its Warrants shall, prior to any such exercise, separate the Warrant
and the Preferred Security components of the Security in accordance with Section
3.6. In no event may a Holder satisfy its obligation to pay the Exercise Price
by tendering Preferred Securities.

        Following the exercise of a Warrant on a day other than the Remarketing
Settlement Date, the Holder of the Security of which such Warrant formed a part
may require the Trust to exchange the Preferred Securities which formed the
other part of such Security for Debentures having an Accreted Value equal to the
Accreted Value of the Preferred Securities being exchanged and to require
IndyMac Bancorp to repurchase such Debentures on the applicable Required
Repurchase Date which is no less than 60 days from such exercise date, as
specified in the Trust Agreement.

SECTION 5.3. CHANGE IN CONTROL.

        (a) Following a Change in Control, each Holder will have the right to
(i) require the Trust to distribute to such Holder Debentures having an Accreted
Value equal to Accreted Value of the Preferred Securities components of such
Holder's Securities in exchange for its Preferred Securities and (ii) cause
IndyMac Bancorp to repurchase (a "Change of Control Repurchase Right") such
Holder's Debentures and redeem (a "Change of Control Redemption Right") such
Holder's Warrants at the amounts and on the dates specified in the Warrant
Agreement, the Trust Agreement and the Indenture, as applicable.

        (b) Upon receipt from IndyMac Bancorp of notice of a Change of Control
(as provided in the Trust Agreement and the Warrant Agreement), the Agent shall,
as soon as practicable thereafter, mail to the Holders of Securities a notice of
such receipt, together with a copy of such notice of Change of Control. The date
specified in the notice from IndyMac Bancorp will be the "Change of Control
Notice Date."

        (c) The following procedures shall apply to the exercise, if any, of a
Change of Control Repurchase Right or Change of Control Redemption Right:

                (i) Warrants. To exercise the Change of Control Redemption
        Right, a Holder must deliver to the Agent, prior to the 30th day
        following the Change of Control Notice Date, irrevocable written notice
        in the form of Exhibit D hereto, of such Holder's election to have
        Warrants redeemed on the date specified in the Warrant Agreement. The
        Agent,

                                       28

<PAGE>

        based on such notices, shall notify the Warrant Agent no later than the
        30th day following the Change in Control Notice Date of the aggregate
        number of Warrants to be redeemed. An election to have Warrants redeemed
        shall also constitute an election to separate the related Securities
        into their component parts and the Agent and the Warrant Agent shall
        follow the procedures specified in Section 3.6.

                (ii) Preferred Securities. To exercise the Change of Control
        Repurchase Right, a Holder who has not separated its Securities pursuant
        to clause (a) above must deliver to the Agent, no earlier than the 60th
        and no later than the 90th day following the Change of Control Notice
        Date, irrevocable written notice in the form of Exhibit E hereto, of
        such Holder's election to have Preferred Securities components of its
        Securities exchanged for an equivalent Accreted Value of Debentures and
        to have such Debentures repurchased on the date specified in the
        Indenture. The Agent, based on such notices, shall notify the Trust,
        IndyMac Bancorp, the Property Trustee and the Exchange Agent, no later
        than the 90th day following the Change of Control Notice Date of the
        aggregate number of Preferred Securities to be exchanged for Debentures
        by the Trust and to be repurchased by IndyMac Bancorp. An election to
        exchange Preferred Securities for Debentures and to have such Debentures
        repurchased by IndyMac Bancorp shall also constitute an election to
        separate the related Securities into their component parts and the
        Agent, the Exchange Agent and the Property Trustee shall follow the
        procedures specified in Section 3.6 hereof and Section 6.8 of the Trust
        Agreement.

SECTION 5.4. CERTAIN RIGHTS FOLLOWING A REMARKETING.

        Following a Remarketing Settlement Date (unless there has been a "Failed
Remarketing" under the Trust Agreement) and a Redemption or exercise of the
Warrants (including the delivery of all shares of Common Stock pursuant to the
exercise of a Warrant or the payment of the Warrant Value payable upon the
related Redemption and the payment of any amounts payable upon the related
Remarketing), a Security shall thereafter represent the right to receive the
Preferred Securities (or if the Debentures have been distributed upon
dissolution and liquidation of the Trust, the Debentures) forming a component
part of such Securities.

                                   ARTICLE VI

                                    REMEDIES

SECTION 6.1. UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PAYMENTS AND TO PURCHASE
             COMMON STOCK.

        The Holder of any Security shall have all the rights provided to a
holder of Preferred Securities under the Trust Agreement and to a holder of
Warrants under the Warrant Agreement, including the right to institute suit for
the enforcement of any such payments or obligations thereunder, and such rights
shall not be impaired except as provided in the Trust Agreement and the Warrant
Agreement.

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<PAGE>

SECTION 6.2. RESTORATION OF RIGHTS AND REMEDIES.

        If any Holder has instituted any proceeding to enforce any right or
remedy under this Agreement and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to such Holder, then
and in every such case, subject to any determination in such proceeding, IndyMac
Bancorp and such Holder shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of such Holder
shall continue as though no such proceeding had been instituted.

SECTION 6.3. RIGHTS AND REMEDIES CUMULATIVE.

        Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Certificates in the last paragraph of
Section 3.11, no right or remedy herein conferred upon or reserved to the
Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

SECTION 6.4. DELAY OR OMISSION NOT WAIVER.

        No delay or omission of any Holder to exercise any right or remedy upon
a default shall impair any such right or remedy or constitute a waiver of any
such right. Every right and remedy given by this Article or by law to the
Holders may be exercised from time to time, and as often as may be deemed
expedient, by such Holders.

SECTION 6.5. UNDERTAKING FOR COSTS.

        All parties to this Agreement agree, and each Holder of a Security, by
its acceptance of such Security shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or
remedy under this Agreement, or in any suit against the Agent for any action
taken, suffered or omitted by it as Agent, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court
may in its discretion assess reasonable costs, including reasonable attorneys'
fees, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; provided
that the provisions of this Section shall not apply to any suit instituted by
IndyMac Bancorp, to any suit instituted by the Agent, to any suit instituted by
any Holder, or group of Holders, holding in the aggregate more than 10% of the
Outstanding Securities, or to any suit instituted by any Holder for the
enforcement of distributions on any Preferred Securities on or after the
respective Payment Date therefor in respect of any Security held by such Holder,
or for enforcement of the right to purchase shares of Common Stock under the
Warrants constituting part of any Security held by such Holder.

SECTION 6.6. WAIVER OF STAY OR EXTENSION LAWS.

        IndyMac Bancorp covenants (to the extent that it may lawfully do so)
that it will not at any time insist upon, or plead, or in any manner whatsoever
claim or take the benefit or

                                       30

<PAGE>

advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, which may affect the covenants or the performance of this
Agreement; and IndyMac Bancorp (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law and covenants that it
will not hinder, delay or impede the execution of any power herein granted to
the Agent or the Holders, but will suffer and permit the execution of every such
power as though no such law had been enacted.

                                   ARTICLE VII

                                    THE AGENT

SECTION 7.1. CERTAIN DUTIES AND RESPONSIBILITIES.

                (a) The Agent undertakes to perform, with respect to the
        Securities, such duties and only such duties as are specifically set
        forth in this Agreement, and no implied covenants or obligations shall
        be read into this Agreement against the Agent; and

                        (1) in the absence of bad faith or negligence on its
                part, the Agent may, with respect to the Securities,
                conclusively rely, as to the truth of the statements and the
                correctness of the opinions expressed therein, upon certificates
                or opinions furnished to the Agent and conforming to the
                requirements of this Agreement but in the case of any
                certificates or opinions which by any provision hereof are
                specifically required to be furnished to the Agent, the Agent
                shall be under a duty to examine the same to determine whether
                or not they conform to the requirements of this Agreement (but
                need not confirm or investigate the accuracy of mathematical
                calculations or other facts stated therein).

                (b) No provision of this Agreement shall be construed to relieve
        the Agent from liability for its own negligent action, its own negligent
        failure to act, or its own willful misconduct, except that

                        (1) this Subsection shall not be construed to limit the
                effect of Subsection (a) of this Section;

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

                        (3) no provision of this Agreement shall require the
                Agent to expend or risk its own funds or otherwise incur any
                financial liability in the performance of any of its duties
                hereunder, or in the exercise of any of its rights or powers, if
                adequate indemnity is not provided to it; and

                        (4) no provision of this Agreement shall require the
                Agent to expend or risk its own funds or otherwise incur any
                financial liability in the performance of any of its duties
                hereunder, or in the exercise of any of its rights or powers, if
                it shall have reasonable grounds for believing that repayment of
                such funds or adequate indemnity against such risk or liability
                is not reasonably assured to it.

                                       31

<PAGE>

                (c) Whether or not therein expressly so provided, every
        provision of this Agreement relating to the conduct or affecting the
        liability of or affording protection to the Agent shall be subject to
        the provisions of this Section.

SECTION 7.2. NOTICE OF DEFAULT.

        Within 30 days after the occurrence of any default by IndyMac Bancorp
hereunder of which a Responsible Officer of the Agent has actual knowledge, the
Agent shall transmit by mail to IndyMac Bancorp and the Holders of Securities,
as their names and addresses appear in the Register, notice of such default
hereunder, unless such default shall have been cured or waived.

SECTION 7.3. CERTAIN RIGHTS OF AGENT.

        Subject to the provisions of Section 7.1:

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

                (b) any request or direction of IndyMac Bancorp mentioned herein
        shall be sufficiently evidenced by an Officers' Certificate, Issuer
        Order or Issuer Request, and any resolution of the Board of Directors of
        IndyMac Bancorp may be sufficiently evidenced by a Board Resolution;

                (c) whenever in the administration of this Agreement the Agent
        shall deem it desirable that a matter be proved or established prior to
        taking, suffering or omitting any action hereunder, the Agent (unless
        other evidence be herein specifically prescribed) may, in the absence of
        bad faith on its part, rely upon an Officers' Certificate of IndyMac
        Bancorp;

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

                (e) the Agent 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 Agent, in its discretion, may make reasonable further
        inquiry or investigation into such facts or matters as it may see fit,
        and, if the Agent shall determine to make such further inquiry or
        investigation, it shall be given a reasonable opportunity to examine the
        books, records and premises of IndyMac Bancorp, personally or by agent
        or attorney at the sole cost of IndyMac Bancorp, and shall incur no
        liability or additional liability of any kind by reason of such inquiry
        or investigation;

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                (f) the Agent may execute any of the powers hereunder or perform
        any duties hereunder either directly or by or through agents or
        attorneys or an Affiliate and the Agent shall not be responsible for any
        misconduct or negligence on the part of any agent or attorney or an
        Affiliate appointed with due care by it hereunder;

                (g) with respect to the calculation of the Accreted Value and
        the Warrant Value, the Agent may conclusively rely upon the calculations
        thereof determined by the Calculation Agent;

                (h) the Agent 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 Agreement;

                (i) the Agent shall not be deemed or have notice of any Default
        or Event of Default unless a Responsible Officer of the Agent has actual
        knowledge thereof or unless written notice of any event which is in fact
        such a default is received by the Agent at the Corporate Trust Office of
        the Agent, and such notice references the Securities and this Agreement;
        and

                (j) the rights, privileges, protections, immunities and benefits
        given to the Agent, including, without limitation, its right to be
        indemnified, are extended to, and shall be enforceable by, the Agent in
        each of its capacities hereunder including, without limitation, in its
        capacities as Warrant Agent and as Agent hereunder, and to each agent,
        custodian and other Person employed to act hereunder.

SECTION 7.4. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

        The recitals contained herein and in the Certificates shall be taken as
the statements of IndyMac Bancorp, and the Agent assumes no responsibility for
their accuracy. The Agent makes no representations as to the validity or
sufficiency of either this Agreement or of the Securities.

        The Agent shall not be accountable for the use or application by IndyMac
Bancorp of Securities or the proceeds thereof.

SECTION 7.5. MAY HOLD SECURITIES.

        Any Registrar or any other agent of IndyMac Bancorp, or the Agent and
its Affiliates, in their individual or any other capacity, may become the owner
or pledgee of Securities and may otherwise deal with IndyMac Bancorp or any
other Person with the same rights it would have if it were not Registrar or such
other agent, or the Agent.

SECTION 7.6. MONEY HELD IN CUSTODY.

        Money held by the Agent in custody hereunder need not be segregated from
the other funds except to the extent required by law or provided herein. The
Agent shall be under no obligation to invest or pay interest on any money
received by it hereunder except as otherwise agreed in writing with IndyMac
Bancorp.

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SECTION 7.7. COMPENSATION AND REIMBURSEMENT.

        IndyMac Bancorp agrees:

                (1) to pay to the Agent from time to time such compensation as
        shall from time to time be agreed to in writing by IndyMac Bancorp and
        the Agent for all services rendered by it hereunder;

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

                (3) to indemnify the Agent and any predecessor Agent for, and to
        hold it harmless against, any loss, liability or expense, including
        taxes (other than taxes based upon, measured by or determined by the
        income of the Agent) incurred without negligence or bad faith on its
        part, arising out of or in connection with the acceptance or
        administration of its duties hereunder, including the costs and expenses
        of defending itself against any claim or liability in connection with
        the exercise or performance of any of its powers or duties hereunder.

        The Agent shall have a lien prior to the Securities as to all property
and funds held by it hereunder for any amount owing it or any predecessor Agent
pursuant to this Section 7.7, except with respect to funds held in trust for the
benefit of the Holders of particular Securities.

        The provisions of this Section shall survive the termination of this
Agreement and the resignation or removal of the Agent.

SECTION 7.8. CORPORATE AGENT REQUIRED; ELIGIBILITY.

        There shall at all times be an Agent hereunder which shall be a
corporation organized and doing business under the laws of the United States of
America, any State thereof or the District of Columbia, authorized under such
laws to exercise corporate trust powers, having (or being a member of a bank
holding company having) a combined capital and surplus of at least $50,000,000,
subject to supervision or examination by Federal or State authority and having a
Corporate Trust Office in the Borough of Manhattan, The City of New York, if
there be such a corporation in the Borough of Manhattan, The City of New York,
qualified and eligible under this Article and willing to act on reasonable
terms. If such corporation 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 corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at
any time the Agent shall cease to be eligible in accordance with the provisions
of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.

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SECTION 7.9. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

                (a) No resignation or removal of the Agent and no appointment of
        a successor Agent pursuant to this Article shall become effective until
        the acceptance of appointment by the successor Agent in accordance with
        the applicable requirements of Section 7.10.

                (b) The Agent may resign at any time by giving written notice
        thereof to IndyMac Bancorp 60 days prior to the effective date of such
        resignation. If the instrument of acceptance by a successor Agent
        required by Section 7.10 shall not have been delivered to the Agent
        within 30 days after the giving of such notice of resignation, the
        resigning Agent may petition any court of competent jurisdiction for the
        appointment of a successor Agent.

                (c) The Agent may be removed at any time by Act of the Holders
        of a majority in number of the Outstanding Securities delivered to the
        Agent and IndyMac Bancorp.

                (d) If at any time

                        (1) the Agent fails to comply with Section 310(b) of the
                TIA, as if the Agent were an indenture trustee under an
                indenture qualified under the TIA, after written request
                therefor by IndyMac Bancorp or by any Holder who has been a bona
                fide Holder of a Security for at least six months, or

                        (2) the Agent shall cease to be eligible under Section
                7.8 and shall fail to resign after written request therefor by
                IndyMac Bancorp or by any such Holder, or

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

then, in any such case, (i) IndyMac Bancorp by a Board Resolution may remove the
Agent, or (ii) any Holder who has been a bona fide Holder of a Security for at
least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Agent and
the appointment of a successor Agent.

                (e) If the Agent shall resign, be removed or become incapable of
        acting, or if a vacancy shall occur in the office of Agent for any
        cause, IndyMac Bancorp, by a Board Resolution, shall promptly appoint a
        successor Agent and shall comply with the applicable requirements of
        Section 7.10. If no successor Agent shall have been so appointed by
        IndyMac Bancorp and accepted appointment in the manner required by
        Section 7.10, any Holder who has been a bona fide Holder of a Security
        for at least six months may, on behalf of itself and all others
        similarly situated, petition any court of competent jurisdiction for the
        appointment of a successor Agent.

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<PAGE>

                (f) IndyMac Bancorp shall give, or shall cause such successor
        Agent to give, notice of each resignation and each removal of the Agent
        and each appointment of a successor Agent by mailing written notice of
        such event by first-class mail, postage prepaid, to all Holders as their
        names and addresses appear in the applicable Register. Each notice shall
        include the name of the successor Agent and the address of its Corporate
        Trust Office.

SECTION 7.10. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

                (a) In case of the appointment hereunder of a successor Agent,
        every such successor Agent so appointed shall execute, acknowledge and
        deliver to IndyMac Bancorp and to the retiring Agent an instrument
        accepting such appointment, and thereupon the resignation or removal of
        the retiring Agent shall become effective and such successor Agent,
        without any further act, deed or conveyance, shall become vested with
        all the rights, powers, agencies and duties of the retiring Agent; but,
        on the request of IndyMac Bancorp or the successor Agent, such retiring
        Agent shall, upon payment of its charges, execute and deliver an
        instrument transferring to such successor Agent all the rights, powers
        and trusts of the retiring Agent and shall duly assign, transfer and
        deliver to such successor Agent all property and money held by such
        retiring Agent hereunder. If an instrument of acceptance by a successor
        Agent shall not have been delivered to the Agent within 30 days after
        the giving of such notice of removal, the Agent being removed may
        petition, at the expense of IndyMac Bancorp, any court of competent
        jurisdiction for the appointment of a successor Agent with respect to
        the Securities of such series.

                (b) Upon request of any such successor Agent, IndyMac Bancorp
        shall execute any and all instruments for more fully and certainly
        vesting in and confirming to such successor Agent all such rights,
        powers and agencies referred to in paragraph (a) of this Section.

                (c) No successor Agent shall accept its appointment unless at
        the time of such acceptance such successor Agent shall be qualified and
        eligible under this Article.

SECTION 7.11. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

        Any corporation into which the 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 the Agent shall be a party, or any
corporation succeeding to all or substantially all the corporate trust business
of the Agent, shall be the successor of the Agent hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article, with
the execution or filing of any paper or any further act on the part of any of
the parties hereto. In case any Certificates shall have been authenticated and
executed on behalf of the Holders, but not delivered, by the Agent then in
office, any successor by merger, conversion or consolidation to such Agent may
adopt such authentication and execution and deliver the Certificates so
authenticated and executed with the same effect as if such successor Agent had
itself authenticated and executed such Securities.

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SECTION 7.12. PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.

                (a) The Agent shall preserve, in as current a form as is
        reasonably practicable, the names and addresses of Holders received by
        the Agent in its capacity as Registrar.

                (b) If three or more Holders (herein referred to as
        "applicants") apply in writing to the Agent, and furnish to the Agent
        reasonable proof that each such applicant has owned a Security for a
        period of at least six months preceding the date of such application,
        and such application states that the applicants desire to communicate
        with other Holders with respect to their rights under this Agreement or
        under the Securities and is accompanied by a copy of the form of proxy
        or other communication which such applicants propose to transmit, then
        the Agent shall mail to all the Holders copies of the form of proxy or
        other communication which is specified in such request, with reasonable
        promptness after a tender to the Agent of the materials to be mailed and
        of payment, or provision for the payment, of the reasonable expenses of
        such mailing.

SECTION 7.13. NO OBLIGATIONS OF AGENT.

        Except to the extent otherwise expressly provided in this Agreement, the
Agent assumes no obligations and shall not be subject to any liability under
this Agreement in respect of the obligations of the Holder of any Security
hereunder. IndyMac Bancorp agrees, and each Holder of a Certificate, by his
acceptance thereof, shall be deemed to have agreed, that the Agent's execution
of the Certificates on behalf of the Holders shall be solely as agent and
attorney-in-fact for the Holders, and that the Agent shall have no obligation
thereunder except to the extent expressly provided in Article Five hereof.
Anything in this Agreement to the contrary notwithstanding, in no event shall
the Agent or its officers, employees or agents be liable under this Agreement to
any third party for indirect, special, punitive, or consequential loss or damage
of any kind whatsoever, including lost profits, whether or not the likelihood of
such loss or damage was known to the Agent, incurred without any act or deed
that is found to be attributable to gross negligence or willful misconduct on
the part of the Agent.

SECTION 7.14. TAX COMPLIANCE.

                (a) IndyMac Bancorp will comply with all applicable
        certification, information reporting and withholding (including "backup"
        withholding) requirements imposed by applicable tax laws, regulations or
        administrative practice with respect to (i) any payments made with
        respect to the Securities or (ii) the issuance, delivery, holding,
        transfer, redemption or exercise of rights under the Securities. Such
        compliance shall include, without limitation, the preparation and timely
        filing of required returns and the timely payment of all amounts
        required to be withheld to the appropriate taxing authority or its
        designated agent.

                (b) The Agent shall comply in accordance with the terms hereof
        with any written direction received from IndyMac Bancorp with respect to
        the execution or certification of any required documentation and the
        application of such requirements to particular payments or Holders or in
        other particular circumstances, and may for purposes

                                       37

<PAGE>

        of this Agreement conclusively rely on any such direction in accordance
        with the provisions of Section 7.1(a)(2) hereof.

                (c) The Agent shall maintain all appropriate records documenting
        compliance with such requirements, and shall make such records
        available, on written request, to IndyMac Bancorp or its authorized
        representative within a reasonable period of time after receipt of such
        request.

                                  ARTICLE VIII

                             SUPPLEMENTAL AGREEMENTS

SECTION 8.1. SUPPLEMENTAL AGREEMENTS WITHOUT CONSENT OF HOLDERS.

        Without the consent of any Holders or any other party hereto, IndyMac
Bancorp, the Trust and the Agent, at any time and from time to time, may enter
into one or more agreements supplemental hereto, in form satisfactory to IndyMac
Bancorp, the Trust and the Agent, for any of the following purposes:

                        (1) to evidence the succession of another Person to
                IndyMac Bancorp or the Trust, and the assumption by any such
                successor of the covenants of IndyMac Bancorp herein and in the
                Certificates; or

                        (2) to add to the covenants of IndyMac Bancorp or the
                Trust for the benefit of the Holders, or to surrender any right
                or power herein conferred upon IndyMac Bancorp or the Trust; or

                        (3) to evidence and provide for the acceptance of
                appointment hereunder by a successor Agent; or

                        (4) to cure any ambiguity, to cure, correct or
                supplement any provisions herein which may be inconsistent with
                any other provisions herein, or to make any other provisions
                with respect to such matters or questions arising under this
                Agreement that IndyMac Bancorp, the Trust and the Agent may deem
                necessary or desirable, provided such action shall not adversely
                affect the interests of the Holders.

SECTION 8.2. SUPPLEMENTAL AGREEMENTS WITH CONSENT OF HOLDERS; OTHER FIDUCIARIES.

        With the consent of the Holders of not less than a majority in number of
the Outstanding Securities voting together as one class, by Act of said Holders
delivered to IndyMac Bancorp and the Agent, IndyMac Bancorp, when authorized by
a Board Resolution, the Trust and the Agent may enter into an agreement or
agreements supplemental hereto for the purpose of modifying in any manner the
provisions of this Agreement or the rights of the Holders in respect of the
Securities; provided, however, that, except as contemplated herein, no such
supplemental agreement shall, without the unanimous consent of the Holders of
each Outstanding Security affected thereby,

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<PAGE>

                        (1) materially and adversely affect such Holder's rights
                under a Security; or

                        (2) reduce the percentage of the Outstanding Securities
                the consent of whose Holders is required for any such
                supplemental agreement;

provided, further, however, that any modification of the Trust Agreement or
Warrant Agreement in accordance with the terms thereof shall be binding on the
rights of the Holders under this Agreement without the need for any further
consent.

        It shall not be necessary for any Act of Holders under this Section to
approve the particular form of any proposed supplemental agreement, but it shall
be sufficient if such Act shall approve the substance thereof.

        No agreement supplemental hereto shall modify in any way any of the
rights, duties or obligations of the Agent, the Property Trustee, the Indenture
Trustee, the Warrant Agent or the Remarketing Agent without such Person's
consent.

        IndyMac Bancorp may, but shall not be obligated to, fix a record date
for the purpose of determining the Persons entitled to consent to any agreement
supplemental hereto. If a record date is fixed, the Holders on such record date,
or their duly designated proxies, and only such Persons, shall be entitled to
consent to such agreement supplemental hereto, whether or not such Holders
remain Holders after such record date; provided, that unless such consent shall
have become effective by virtue of the requisite percentage having been obtained
prior to the date which is 90 days after such record date, any such consent
previously given shall automatically and without further action by any Holder be
canceled and of no further effect.

SECTION 8.3. EXECUTION OF SUPPLEMENTAL AGREEMENTS.

        In executing, or accepting the additional agencies created by, any
supplemental agreement permitted by this Article or the modifications thereby of
the agencies created by this Agreement, the Agent shall be entitled to receive,
and (subject to Section 7.1) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental agreement is
authorized or permitted by this Agreement. The Agent may, but shall not be
obligated to, enter into any such supplemental agreement which affects the
Agent's own rights, duties or immunities under this Agreement or otherwise.

SECTION 8.4. EFFECT OF SUPPLEMENTAL AGREEMENTS.

        Upon the execution of any supplemental agreement under this Article,
this Agreement shall be modified in accordance therewith, and such supplemental
agreement shall form a part of this Agreement for all purposes; and every Holder
of Certificates theretofore or thereafter authenticated, executed on behalf of
the Holders and delivered hereunder, shall be bound thereby.

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<PAGE>

SECTION 8.5. REFERENCE TO SUPPLEMENTAL AGREEMENTS.

        Certificates authenticated, executed on behalf of the Holders and
delivered after the execution of any supplemental agreement pursuant to this
Article may, and shall if required by the Agent, bear a notation in form
approved by the Agent as to any matter provided for in such supplemental
agreement. If IndyMac Bancorp shall so determine, new Certificates so modified
as to conform, in the opinion of the Agent and IndyMac Bancorp, to any such
supplemental agreement may be prepared and executed by IndyMac Bancorp and
authenticated, executed on behalf of the Holders and delivered by the Agent in
exchange for Certificates representing Outstanding Securities.

                                   ARTICLE IX

                    CONSOLIDATION, MERGER, SALE OR CONVEYANCE

SECTION 9.1. COVENANT NOT TO MERGE, CONSOLIDATE, SELL OR CONVEY PROPERTY EXCEPT
             UNDER CERTAIN CONDITIONS.

        IndyMac Bancorp covenants that it will not merge or consolidate with any
other Person or sell, assign, transfer, lease or convey all or substantially all
of its properties and assets to any Person or group of affiliated Persons in one
transaction or a series of related transactions, unless (i) either IndyMac
Bancorp shall be the continuing corporation, or the successor (if other than
IndyMac Bancorp) shall be a corporation organized and existing under the laws of
the United States of America or a State thereof or the District of Columbia and
such corporation shall expressly assume all the obligations of IndyMac Bancorp
under this Agreement by one or more supplemental agreements in form reasonably
satisfactory to the Agent, executed and delivered to the Agent by such
corporation and (ii) IndyMac Bancorp or such successor corporation, as the case
may be, shall not, immediately after such merger or consolidation, or such sale,
assignment, transfer, lease or conveyance, be in default in the performance of
any covenant or condition hereunder or under any of the Securities (including
the component parts thereof).

SECTION 9.2. RIGHTS AND DUTIES OF SUCCESSOR CORPORATION.

        In the case of any consolidation, merger, sale, assignment, transfer,
lease or conveyance referred to in Section 9.1 and upon any assumption of
obligations hereunder by a successor corporation in accordance with Section 9.1,
such successor corporation shall succeed to and be substituted for IndyMac
Bancorp with the same effect as if it had been named herein as IndyMac Bancorp.
Such successor corporation thereupon may cause to be signed, and may issue
either in its own name or in the name of IndyMac Bancorp, any or all of the
Certificates evidencing Securities issuable hereunder which theretofore shall
not have been signed by IndyMac Bancorp and delivered to the Agent; and, upon
the order of such successor corporation, instead of IndyMac Bancorp, and subject
to all the terms, conditions and limitations in this Agreement prescribed, the
Agent shall authenticate and execute on behalf of the Holders and deliver any
Certificates which previously shall have been signed and delivered by the
officers of IndyMac Bancorp to the Trust and the Agent for execution and
authentication, and any Certificate evidencing Securities which such successor
corporation thereafter shall cause to be signed and delivered to the Agent for
that purpose. All the Certificates so issued shall in all respects have

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<PAGE>

the same legal rank and benefit under this Agreement as the Certificates
theretofore or thereafter issued in accordance with the terms of this Agreement
as though all of such Certificates had been issued at the date of the execution
hereof.

        In the case of such consolidation, merger, sale, assignment, transfer,
lease or conveyance referred to in Section 9.1 such change in phraseology and
form (but not in substance) may be made in the Certificates evidencing
Securities thereafter to be issued as may be appropriate.

SECTION 9.3. OPINION OF COUNSEL GIVEN TO AGENT.

        The Agent, subject to Sections 7.1 and 7.3, shall receive an Opinion of
Counsel as conclusive evidence that any consolidation, merger, sale, assignment,
transfer, lease or conveyance referred to in Section 9.1, and any related
assumption required by Section 9.2, complies with the provisions of this Article
and that all conditions precedent to the consummation of any such consolidation,
merger, sale, assignment, transfer, lease or conveyance have been met.

                                    ARTICLE X

                                    COVENANTS

SECTION 10.1. PERFORMANCE UNDER AGREEMENTS.

        IndyMac Bancorp covenants and agrees for the benefit of the Holders from
time to time of the Securities that it will duly and punctually perform its
obligations under the Warrant Agreement and the Trust Agreement in accordance
with the terms thereof and this Agreement.

SECTION 10.2. MAINTENANCE OF OFFICE OR AGENCY.

        IndyMac Bancorp will maintain in the Borough of Manhattan, The City of
New York an office or agency where Certificates may be presented or surrendered
for registration of transfer or exchange, separation or re-establishment of a
Security and where notices and demands to or upon IndyMac Bancorp in respect of
the Securities and this Agreement may be served. IndyMac Bancorp will give
prompt written notice to the Agent of the location, and any change in the
location, of such office or agency. If at any time IndyMac Bancorp shall fail to
maintain any such required office or agency or shall fail to furnish the Agent
with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the Corporate Trust Office, and IndyMac Bancorp hereby
appoints the Agent as its agent to receive all such presentations, surrenders,
notices and demands.

        IndyMac Bancorp may also from time to time designate one or more other
offices or agencies where Certificates may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner
relieve IndyMac Bancorp of its obligation to maintain an office or agency in the
Borough of Manhattan, The City of New York for such purposes. IndyMac Bancorp
will give prompt written notice to the Agent of any such designation or
rescission and of any change in the location of any such other office or agency.
IndyMac Bancorp hereby

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<PAGE>

designates as the place of payment for the Securities the Corporate Trust Office
and appoints the Agent at its Corporate Trust Office as paying agent in such
city.

SECTION 10.3. STATEMENTS OF OFFICERS OF INDYMAC BANCORP AS TO COMPLIANCE.

        IndyMac Bancorp will deliver to the Agent, within 120 days after the end
of each fiscal year of IndyMac Bancorp (which as of the date hereof is December
31) ending after the date hereof, an Officers' Certificate (one of the signers
of which shall be the principal executive officer, principal financial officer
or principal accounting officer of IndyMac Bancorp), stating whether or not to
the best knowledge of the signers thereof IndyMac Bancorp is in default in the
performance and observance of any of the terms, provisions and conditions
hereof, and if IndyMac Bancorp shall be in default, specifying all such defaults
and the nature and status thereof of which they may have knowledge.

SECTION 10.4. ERISA.

        Each Holder from time to time of a Security which is a Plan hereby
represents that such acquisition of the Security and the holding of the same
satisfies the applicable fiduciary requirements of ERISA and that it is entitled
to exemption relief from the prohibited transaction provisions of ERISA and the
Code in accordance with one or more prohibited transaction exemptions or
otherwise will not result in a nonexempt prohibited transaction.

SECTION 10.5. STATEMENT BY OFFICERS AS TO DEFAULT.

        IndyMac Bancorp shall deliver to the Agent, as soon as possible and in
any event within five days after IndyMac Bancorp becomes aware of the occurrence
of any Event of Default or an event which, with notice or the lapse of time or
both, would constitute an Event of Default, an Officers' Certificate setting
forth the details of such Event of Default or default and the action which the
IndyMac Bancorp proposes to take with respect thereto.

SECTION 10.6. CALCULATION OF ORIGINAL ISSUE DISCOUNT.

        IndyMac Bancorp shall provide to the Agent on a timely basis such
information as the Agent requires to enable the Agent to prepare and file any
form required to be submitted by IndyMac Bancorp with the Internal Revenue
Service and Holders of Securities relating to original discount, including,
without limitation, Form 1099-OID or any successor form.

                                   ARTICLE XI

                   REPRESENTATIONS AND WARRANTIES OF THE AGENT

SECTION 11.1. REPRESENTATIONS AND WARRANTIES OF THE AGENT.

        The initial Agent represents and warrants to the Trust and to IndyMac
Bancorp at the date of this Agreement, and each successor Agent represents and
warrants to the Trust and IndyMac Bancorp at the time of the successor Agent's
acceptance of its appointment as Agent, that:

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<PAGE>

                (a) the Agent is a banking corporation duly organized, validly
        existing and in good standing under the laws of the State of New York,
        with trust powers and authority to execute and deliver, and to carry out
        and perform its obligations under the terms of, this Agreement;

                (b) the Agent satisfies the requirements set forth in Section
        7.8;

                (c) the execution, delivery and performance by the Agent of this
        Agreement has been duly authorized by all necessary corporate action on
        the part of the Agent; this Agreement has been duly executed and
        delivered by the Agent and constitutes a legal, valid and binding
        obligation of the Agent 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);

                (d) the execution, delivery and performance of this Agreement by
        the Agent does not conflict with, or constitute a breach of, the charter
        or by-laws of the Agent; and

                (e) 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 Agent of this
        Agreement.

                                   ARTICLE XII

                   THE WARRANT AGENT AND THE PROPERTY TRUSTEE

SECTION 12.1. CERTAIN DUTIES AND RESPONSIBILITIES.

                (a) (1) The Warrant Agent and the Property Trustee (each, a
        "Party", and together, the "Parties") undertake to perform, with respect
        to this Agreement, such duties and only such duties as are specifically
        set forth in this Agreement, and no implied covenants or obligations
        shall be read into this Agreement against any Party. The provisions
        regarding the appointment, removal, resignation, vacancies, meetings,
        delegation of power and merger, conversion, consolidation or succession
        to business applicable to such Party in the Trust Agreement or Warrant
        Agreement, as to which such Person is a party, shall apply to the
        performance of such Persons duties and obligations hereunder.

        Without limiting the foregoing,

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

                                       43

<PAGE>

               (b) No provision of this Agreement shall be construed to relieve
        any Party from liability for its own negligent action, its own negligent
        failure to act, or its own willful misconduct, except that

                        (1) this Subsection shall not be construed to limit the
                effect of Subsection (a) of this Section;

                        (2) no Party shall be liable for any error of judgment
                made in good faith by a Responsible Officer, unless it shall be
                proved that such Party was negligent in ascertaining the
                pertinent facts; and

                        (3) no provision of this Agreement shall require any
                Party to expend or risk its own funds or otherwise incur any
                financial liability in the performance of any of its duties
                hereunder, or in the exercise of any of its rights or powers, if
                adequate indemnity is not provided to it.

                (c) Whether or not therein expressly so provided, every
        provision of this Agreement relating to the conduct or affecting the
        liability of or affording protection to the Parties shall be subject to
        the provisions of this Section.

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

                (e) Any request or direction of IndyMac Bancorp mentioned herein
        shall be sufficiently evidenced by an Officers' Certificate, Issuer
        Order or Issuer Request, and any resolution of the Board of Directors of
        IndyMac Bancorp may be sufficiently evidenced by a Board Resolution;

                (f) Whenever in the administration of this Agreement any Party
        shall deem it desirable that a matter be proved or established prior to
        taking, suffering or omitting any action hereunder, such Party (unless
        other evidence be herein specifically prescribed) may, in the absence of
        bad faith on its part, rely upon an Officers' Certificate of IndyMac
        Bancorp;

                (g) Any Party may consult with counsel of its selection and the
        advice of such counsel or any Opinion of Counsel shall be full and
        complete authorization and protection in respect of any action taken,
        suffered or omitted by it hereunder in good faith and in reliance
        thereon;

                (h) No Party shall 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 any Party, in its discretion, may make reasonable further
        inquiry or investigation into such facts or matters as it may see fit,
        and, if such Party shall determine to make such further inquiry or
        investigation, it shall be given a reasonable

                                       44

<PAGE>

        opportunity to examine the books, records and premises of IndyMac
        Bancorp, personally or by agent or attorney at the sole cost of IndyMac
        Bancorp and shall incur no liability or additional liability of any kind
        by reason of such inquiry or investigation;

                (i) Any Party may execute any of the powers hereunder or perform
        any duties hereunder either directly or by or through agents or
        attorneys or an Affiliate and no Party shall be responsible for any
        misconduct or negligence on the part of any agent or attorney or an
        Affiliate appointed with due care by it hereunder;

                (j) No Party shall 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 Agreement;

                (k) No Party shall be deemed or have notice of any default or
        event of default unless an officer in the corporate trust department of
        such Party has actual knowledge thereof or unless written notice of any
        event which is in fact such a default is received by such Party at its
        address identified in this Agreement, and such notice references the
        Securities and this Agreement;

                (l) The rights, privileges, protections, immunities and benefits
        given to each Party, including, without limitation, its right to be
        indemnified, are extended to, and shall be enforceable by, such Party in
        each of its capacities hereunder, and to each agent, custodian and other
        Person employed to act hereunder;

                (m) The recitals contained herein and in the Certificates shall
        be taken as the statements of IndyMac Bancorp, and no Party assumes any
        responsibility for their accuracy. No Party makes any representations as
        to the validity or sufficiency of either this Agreement or of the
        Securities;

                (n) Any Party in its individual or any other capacity, may
        become the owner or pledgee of Securities and may otherwise deal with
        IndyMac Bancorp or any other Person with the same rights it would have
        if it were not a Party;

                (o) IndyMac Bancorp agrees to pay each Party such compensation,
        and to reimburse each Party for such expenses, as shall be provided from
        time to time in the Trust Agreement and the Warrant Agreement to which
        such Party is a signatory;

                (p) The provisions of this Section shall survive the termination
        of this Agreement; and

                (q) No Party shall be accountable for the use or application by
        IndyMac Bancorp of Securities or the proceeds thereof.

                                       45

<PAGE>

        IN WITNESS WHEREOF, the parties hereto have caused this Unit Agreement
to be duly executed as of the day and year first above written.

                                           INDYMAC BANCORP, INC.

                                         By:
                                             -----------------------------------
                                                Name:
                                                Title:

                                         THE BANK OF NEW YORK, as Agent

                                         By:
                                            -----------------------------------
                                                Name:
                                                Title:

                                         THE BANK OF NEW YORK, as Warrant Agent

                                          By:
                                            -----------------------------------
                                                Name:
                                                Title:

                                          WILMINGTON TRUST COMPANY, as Property
                                          Trustee

                                           By:
                                            -----------------------------------
                                                Name:
                                                Title:

                                           INDYMAC CAPITAL TRUST I

                                           By:
                                             -----------------------------------
                                                Name:
                                                Title:

                                       46

<PAGE>

                                                                       EXHIBIT A

                               FACE OF CERTIFICATE

        "THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE UNIT
AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (THE "DEPOSITARY"), OR A
NOMINEE OF THE DEPOSITARY. THIS CERTIFICATE IS EXCHANGEABLE FOR CERTIFICATES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE UNIT AGREEMENT AND NO TRANSFER OF
THIS CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE 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 CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITARY FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        THE CONSTITUENT COMPONENTS OF THIS UNIT MUST BE SEPARATED PRIOR TO
TRANSFER (EXCEPT AS PART OF A UNIT) AS PROVIDED IN THE UNIT AGREEMENT."

        NO EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO TITLE I OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") (EACH, A "PLAN"), NO
ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF ANY PLAN'S
INVESTMENT IN THE ENTITY (A "PLAN ASSET ENTITY"), AND NO PERSON INVESTING "PLAN
ASSETS" OF ANY PLAN, MAY ACQUIRE OR HOLD THIS UNIT CERTIFICATE OR ANY INTEREST
HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF
AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION
("PTCE") 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION WITH
RESPECT TO SUCH PURCHASE OR HOLDING OR THE REQUIREMENTS OF U.S. DEPARTMENT OF
LABOR REGULATION SECTION 2550.401c-1 ARE SATISFIED SUCH THAT THIS UNIT
CERTIFICATE HELD BY THE PURCHASER OR HOLDER DOES NOT CONSTITUTE "PLAN ASSETS".
ANY PURCHASER OR HOLDER OF THIS UNIT CERTIFICATE OR

                                      A-1

<PAGE>

ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND
HOLDING HEREOF THAT IT EITHER (A) IS NOT A PLAN OR A PLAN ASSET ENTITY AND IS
NOT PURCHASING SUCH SECURITIES ON BEHALF OF OR WITH "PLAN ASSETS" OF ANY PLAN,
OR (B) IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER PTCE 96-23, 95-60,
91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION WITH RESPECT TO SUCH
PURCHASE OR HOLDING OR U.S. DEPARTMENT OF LABOR REGULATION SECTION 2550.401c-1.

                                      A-2

<PAGE>

Certificate No.:
CUSIP No.:

Number:

                              INDYMAC BANCORP, INC.
                             INDYMAC CAPITAL TRUST I
                                  Unit Security

        This Certificate certifies that Cede & Co. is the registered Holder of
the number of Securities set forth above. Each Security consists of (i)
beneficial ownership by the Holder of one Preferred Security (the "Preferred
Security") of IndyMac Capital Trust I, a Delaware statutory business trust (the
"Trust"), having a stated liquidation amount of $50, the form of which is
attached as Annex A hereto and (ii) the rights and obligations of the Holder
under one Warrant to purchase shares of common stock of IndyMac Bancorp, Inc., a
Delaware corporation (the "Company"), the form of which is attached as Annex B
hereto. All capitalized terms used herein which are defined in the Unit
Agreement (as defined on the reverse hereof) have the meaning set forth therein.

        Distributions on any Preferred Security forming part of a Security
evidenced hereby, which are payable quarterly in arrears on February 1, May 1,
August 1, and November 1 of each year, commencing on February 1, 2002 (a
"Payment Date"), shall, subject to receipt thereof by the Agent, be paid to the
Person in whose name this Certificate (or a Predecessor Certificate) is
registered at the close of business on the Record Date for such Payment Date,
except that the proceeds of a Remarketing will be paid to the Warrant Agent in
satisfaction of each Electing Remarketing Holder's obligations to pay the
Exercise Price of Warrants constituting a part of this Security.

        Distributions on the Preferred Securities will be payable at the office
of the Agent in The City of New York or, at the option of IndyMac Bancorp, by
check mailed to the address of the Person entitled thereto as such address
appears on the Register.

        Reference is hereby made to the further provisions set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

        Unless the certificate of authentication hereon has been executed by the
Agent by manual signature, this Certificate shall not be entitled to any benefit
under the Unit Agreement, the Warrant Agreement or the Trust Agreement or be
valid or obligatory for any purpose.

                                      A-1

<PAGE>

        IN WITNESS WHEREOF, the undersigned have caused this instrument to be
duly executed.

                                           INDYMAC BANCORP, INC.

                                           By:
                                             -----------------------------------
                                                Name:
                                                Title:

                                           INDYMAC CAPITAL TRUST I

                                           By:
                                             -----------------------------------
                                                Name:
                                                Title: Administrative Trustee

                                      A-2

<PAGE>

                      AGENT'S CERTIFICATE OF AUTHENTICATION

        This is one of the Certificates referred to in the within mentioned Unit
Agreement.

                                           By:  THE BANK OF NEW YORK, as Agent

                                           By:
                                             -----------------------------------
                                                Authorized Signatory

                                      A-3

<PAGE>

                        (FORM OF REVERSE OF CERTIFICATE)

        Each Security evidenced hereby is governed by a Unit Agreement, dated as
of November 14, 2001 (as may be supplemented from time to time, the "Unit
Agreement"), among IndyMac Bancorp, IndyMac Capital Trust I (the "Trust"), The
Bank of New York, as unit agent (including its successors hereunder, the
"Agent"), The Bank of New York, as Warrant Agent, and Wilmington Trust Company,
as Property Trustee, to which Agreement and supplemental agreements thereto
reference is hereby made for a description of the respective rights, limitations
of rights, obligations, duties and immunities thereunder of the Agent, IndyMac
Bancorp, the Trust, and the Holders and of the terms upon which the Certificates
are, and are to be, executed and delivered. Pursuant to the Unit Agreement, the
rights, limitations or rights, obligations, duties and immunities of the Agent,
IndyMac Bancorp, the Trust, and the Holders, and the Certificates include the
rights, obligations, duties and immunities set forth in the Warrant Agreement
and the Trust Agreement, to which reference is further made for a description
thereof.

        Each Security evidenced hereby consists of (i) beneficial ownership by
the Holder of one Preferred Security of IndyMac Capital Trust I having a stated
liquidation amount of $50, the form of which is attached as Annex A hereto and
(ii) the rights and obligations of the Holder under one Warrant to purchase
shares of common stock of IndyMac Bancorp, the form of which is attached as
Annex B hereto.

        IndyMac Bancorp may, under the circumstances described in the Trust
Agreement, cause a Remarketing of the outstanding Preferred Securities which
form a part of this Security. In connection therewith, IndyMac Bancorp may, as
described in the Warrant Agreement and the Unit Agreement, redeem all Warrants
which form a part of this Security.

        In no event may a Holder pay the Exercise Price of a Warrant by
tendering a Preferred Security. In accordance with the terms of the Trust
Agreement and the Unit Agreement, the Holder of this Certificate may pay the
Exercise Price for the shares of Common Stock purchased pursuant to each Warrant
constituting a part of this Security by applying the proceeds of a remarketing
of the related Preferred Securities.

        A Holder of a Security who does not affirmatively elect NOT to
participate in a Remarketing on or prior to 5:00 p.m., New York City time on the
Business Day immediately preceding the Remarketing Date, will be deemed to have
consented to participation in such Remarketing. A Holder of a Security who does
not affirmatively elect on or prior to 5:00 p.m. on the Business Day preceding a
Remarketing Settlement Date to exercise the Warrants related to such Security
will be deemed to have consented to a redemption of such Warrants on the
Remarketing Settlement Date. A Remarketing sale will be made by the Remarketing
Agent pursuant to the terms of the Remarketing Agreement on the Remarketing
Date.

        A holder may exercise the Warrants which form a part of the Securities
evidenced by this Certificate at any time upon compliance with the procedures
specified in the Warrant Agreement. A Holder of a Security evidenced by this
Certificate who elects to exercise Warrants prior to the Remarketing Settlement
Date and who is not participating in a Remarketing shall have the right

                                      A-4

<PAGE>

to require the Trust to exchange the related Preferred Securities for Debentures
having an Accreted Value equal to the Accreted Value of such Preferred
Securities and to require IndyMac Bancorp to repurchase such Debentures on the
next Required Repurchase Date which is no less than 60 days after the applicable
exercise date.

        Upon receipt of notice of any meeting at which holders of Preferred
Securities are entitled to vote or upon the solicitation of consents, waivers or
proxies of holders of Preferred Securities, the Agent shall, as soon as
practicable thereafter, mail to the Holders a notice (a) containing such
information as is contained in the notice or solicitation, (b) stating that each
Holder on the record date set by the Agent therefor (which, to the extent
possible, shall be the same date as the record date for determining the holders
of Preferred Securities entitled to vote) shall be entitled to instruct the
Agent as to the exercise of the voting rights pertaining to the Preferred
Securities constituting a part of such Holder's Security and (c) stating the
manner in which such instructions may be given. Upon the written request of the
Holders on such record date, the Agent shall endeavor insofar as practicable to
vote or cause to be voted, in accordance with the instructions set forth in such
requests, the maximum number of Preferred Securities as to which any particular
voting instructions are received. In the absence of specific instructions from
the Holder of a Security, the Agent shall abstain from voting the Preferred
Security evidenced by such Security.

        Upon the liquidation of the Trust, a principal amount of the Debentures
constituting the assets of the Trust and underlying the Preferred Securities
equal to the aggregate Accreted Value of the Preferred Securities shall be
delivered to the Agent in exchange for the Preferred Securities. Thereafter, the
Holders shall have such rights and obligations with respect to the Debentures as
the Holders had in respect of the Preferred Securities and any reference herein
to the Preferred Securities shall be deemed to be a reference to the Debentures.

        The Certificates are issuable only in registered form and only in
denominations of a single Security and any integral multiple thereof. The
transfer of any Certificate will be registered and Certificates may be exchanged
as provided in the Unit Agreement. The Registrar may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents
permitted by the Unit Agreement. No service charge shall be required for any
such registration of transfer or exchange, but IndyMac Bancorp and the Agent may
require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith. A Security shall be separable into its
components, and Securities may be recreated as provided in the Unit Agreement;
provided, however, this Certificate shall not represent more than 4,000,000
Securities. All such adjustments to the equivalent aggregate principal amount of
this Certificate shall be duly recorded by placing an appropriate notation on
the Schedule attached hereto.

        The Holder of this Certificate, by its acceptance hereof, expressly
withholds any consent to the assumption (i.e., affirmance) of the Warrant
Agreement or the Warrants by IndyMac Bancorp or its trustee in the event that
IndyMac Bancorp becomes the subject of a case under the Bankruptcy Code.

                                      A-5

<PAGE>

        The Holder of this Certificate, by its acceptance hereof, expressly
agrees to be bound by the terms and provisions of the Unit Agreement, the
Warrant Agreement and the Trust Agreement.

        Subject to certain exceptions, the provisions of the Unit Agreement may
be amended with the consent of the Holders of a majority in number of the
Securities.

        IndyMac Bancorp, the Agent and its Affiliates and any agent of IndyMac
Bancorp or the Agent may treat the Person in whose name this Certificate is
registered as the owner of the Security evidenced hereby for the purpose of
receiving payments of distributions payable quarterly on the Preferred
Securities and for all other purposes whatsoever, whether or not any payments in
respect thereof be overdue and notwithstanding any notice to the contrary, and
neither IndyMac Bancorp, the Agent nor any such agent shall be affected by
notice to the contrary.

        The Warrants shall not, prior to the exercise thereof, entitle the
Holder to any of the rights of a holder of shares of Common Stock.

        A copy of the Unit Agreement, the Warrant Agreement, the Trust Agreement
and all exhibits to each such agreement is available for inspection at the
offices of the Agent.

        This Security shall be governed by the laws of the State of New York,
without regard to principles of conflicts of law.

                                      A-6

<PAGE>

                                  ABBREVIATIONS

        The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM-                                as tenants in common
UNIF GIFT MIN ACT-
                                        -------------------------------------
                                                    Custodian

TEN ENT-                                [Under Uniform Gifts to Minors Acts of]
JT TEN-
                                        -------------------------------------
                                        as tenants by the entireties as joint
                                        tenants with right of survivorship
                                        and not as tenants in common

        Additional abbreviations may also be used though not in the above list.

        FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

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

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

      (Please insert Social Security or Taxpayer I.D. or other Identifying
                              Number of Assignee)

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

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

  (Please Print or Type Name and Address Including Postal Zip Code of Assignee)

the within Certificates and all rights thereunder, hereby irrevocably
constituting and appointing attorney to transfer said Certificates on the books
of (Name of Company) with full power of substitution in the premises.

Dated:                                     -------------------------------------
     ----------------------                Signature

                                           NOTICE: The signature to this
                                           assignment must correspond with the
                                           name as it appears upon the face of
                                           the within Certificates in every
                                           particular, without alteration or
                                           enlargement or any change whatsoever.

Signature Guarantee:

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

                                      A-7

<PAGE>

                     (TO BE ATTACHED TO GLOBAL CERTIFICATES)
            SCHEDULE OF INCREASES OR DECREASES IN GLOBAL CERTIFICATE

        This Global Unit shall represent [__________] Securities unless
otherwise indicated below.

        The following increases or decreases in this Global Unit have been made:

<TABLE>
<CAPTION>

                 AMOUNT OF          AMOUNT OF
                DECREASE IN        INCREASE IN
                 NUMBER OF          NUMBER OF          NUMBER OF SECURITIES
                SECURITIES          SECURITIES       EVIDENCED BY THIS GLOBAL     SIGNATURE OF
             EVIDENCED BY THE    EVIDENCED BY THE       UNIT FOLLOWING SUCH        AUTHORIZED
  DATE          GLOBAL UNIT        GLOBAL UNIT         DECREASE OR INCREASE     OFFICER OF AGENT
---------    ----------------    ----------------    -----------------------    ----------------
<S>          <C>                 <C>                 <C>                        <C>

</TABLE>

                                      A-8

<PAGE>

                                                                         ANNEX A

                    (FORM OF PREFERRED SECURITY CERTIFICATE)

        This Preferred Security is a Global Preferred Security within the
meaning of the Trust Agreement hereinafter referred to and is registered in the
name of The Depository Trust Company, a New York corporation (the "Clearing
Agency"), or a nominee of the Clearing Agency. This Preferred Security is
exchangeable for Preferred Securities registered in the name of a person other
than the Clearing Agency or its nominee only in the limited circumstances
described in the Trust Agreement, and no transfer of this Preferred Security
(other than a transfer of this Preferred Security as a whole by the Clearing
Agency to a nominee of the Clearing Agency or by a nominee of the Clearing
Agency to the Clearing Agency or another nominee of the Clearing Agency) may be
registered except in limited circumstances. Unless this certificate is presented
by an authorized representative of the Clearing Agency to IndyMac Capital Trust
I or its agent for registration of transfer, exchange or payment, and any
certificate issued is registered in the name of Cede & Co. or such other name as
requested by an authorized representative of the Clearing Agency (and any
payment hereon is made to Cede & Co. or to such other entity as is requested by
an authorized representative of the Clearing Agency), and except as otherwise
provided in the Trust Agreement, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.(1)

        NO EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO TITLE I OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") (EACH, A "PLAN"), NO
ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF ANY PLAN'S
INVESTMENT IN THE ENTITY (A "PLAN ASSET ENTITY"), AND NO PERSON INVESTING "PLAN
ASSETS" OF ANY PLAN, MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY CERTIFICATE OR
ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE
EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION
CLASS EXEMPTION ("PTCE") 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER
APPLICABLE EXEMPTION WITH RESPECT TO SUCH PURCHASE OR HOLDING OR THE
REQUIREMENTS OF U.S. DEPARTMENT OF LABOR REGULATION SECTION 2550.401c-1 ARE
SATISFIED SUCH THAT THIS PREFERRED SECURITY CERTIFICATE HELD BY THE PURCHASER OR
HOLDER DOES NOT CONSTITUTE "PLAN ASSETS". ANY PURCHASER OR HOLDER OF THIS
PREFERRED SECURITY CERTIFICATE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE
REPRESENTED BY ITS PURCHASE AND HOLDING HEREOF THAT IT EITHER (A) IS NOT A PLAN
OR A PLAN ASSET ENTITY AND IS NOT PURCHASING SUCH SECURITIES ON BEHALF OF OR
WITH "PLAN ASSETS" OF ANY PLAN, OR (B) IS ELIGIBLE FOR THE EXEMPTIVE RELIEF
AVAILABLE UNDER PTCE 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE
EXEMPTION WITH RESPECT TO SUCH PURCHASE OR HOLDING OR U.S. DEPARTMENT OF LABOR
REGULATION SECTION 2550.401c-1.

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

(1) Insert in Global Preferred Securities only.

                                      A-9
<PAGE>
                   CERTIFICATE EVIDENCING PREFERRED SECURITIES

                                       of

                             INDYMAC CAPITAL TRUST I

                             6% Preferred Securities

             (stated liquidation amount $50 per Preferred Security)

Certificate No.:                                  Number of Preferred Securities

                                                  CUSIP No.:

        IndyMac Capital Trust I, a statutory business trust created 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 ownership
interests in the assets of the Trust designated the Preferred Securities (stated
liquidation amount $50 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 as provided in the Trust Agreement. 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 Trust
Agreement, dated as of November 14, 2001 (as the same may be amended from time
to time (the "Trust Agreement"), among IndyMac Bancorp, Inc., as Sponsor, Roger
H. Molvar and Richard L. Sommers, as Administrative Trustees, Wilmington Trust
Company, as Property Trustee, and Wilmington Trust Company, as Delaware Trustee
and the holders, from time to time, of undivided beneficial interests in the
assets of the Trust. Capitalized terms used but not defined herein shall have
the meaning given them in the Trust Agreement. The Holder is entitled to the
benefits of the Guarantee Agreement, dated as of November 14, 2001, (as the same
may be amended from time to time) between IndyMac Bancorp, Inc., as Guarantor
and Wilmington Trust Company, as Guarantee Trustee, in respect of the Preferred
Securities. The Sponsor will provide a copy of the Trust Agreement, the
Guarantee Agreement and the Indenture (including any supplemental indenture) to
a Holder without charge upon written request to the Sponsor at its principal
place of business.

        Upon receipt of this certificate, the Holder is bound by the Trust
Agreement and is entitled to the benefits thereunder.

        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 undivided indirect beneficial ownership interests in the
Debentures.

                                      A-10

<PAGE>

        IN WITNESS WHEREOF, the Trust has executed this certificate this 14th
day of November, 2001.

                             INDYMAC CAPITAL TRUST I

                              By:
                                 -----------------------------------------------
                              Name:
                              Administrative Trustee

PROPERTY TRUSTEE'S CERTIFICATE OF
AUTHENTICATION

This is one of the Preferred Securities referred to in the within-mentioned
Trust Agreement.

Dated: November 14, 2001

WILMINGTON TRUST COMPANY, as
Property Trustee

By:
   ------------------------------
       Authorized Signatory

                                      A-11

<PAGE>

                                   ASSIGNMENT

        FOR VALUE RECEIVED, the undersigned assigns and transfers this Preferred
Security(ies) 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(ies) Certificate on the books and records of the Trust. The
agent may substitute another to act for him.

Date:

Signature:
(Sign exactly as your name appears on the Preferred Security(ies) 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 Exchange Act of 1934, as amended.

                                      A-12

<PAGE>

                       SCHEDULE OF INCREASES OR DECREASES
                          IN GLOBAL PREFERRED SECURITY(1)

        This Global Preferred Security shall represent _________________
Preferred Securities unless otherwise indicated below.

        The following increases or decreases in this Global Preferred Security
have been made:

<TABLE>
<CAPTION>

                 AMOUNT OF          AMOUNT OF
                DECREASE IN        INCREASE IN
                 NUMBER OF          NUMBER OF
                 PREFERRED          PREFERRED         NUMBER OF PREFERRED
                SECURITIES          SECURITIES      SECURITIES EVIDENCED BY
            EVIDENCED BY THE    EVIDENCED BY THE     THIS GLOBAL PREFERRED      SIGNATURE OF
             GLOBAL PREFERRED    GLOBAL PREFERRED   SECURITY FOLLOWING SUCH      AUTHORIZED
   DATE          SECURITY            SECURITY         DECREASE OR INCREASE     OFFICER OF AGENT
---------   ----------------    -----------------   ------------------------   ----------------
<S>         <C>                 <C>                 <C>                        <C>

</TABLE>

(1) Insert in Global Preferred Securities only.

                                      A-13

<PAGE>

                                                                         ANNEX B
                          (FORM OF WARRANT CERTIFICATE)

THE WARRANTS REPRESENTED BY THIS CERTIFICATE WERE INITIALLY ISSUED AS PART OF AN
ISSUANCE OF UNITS, EACH OF WHICH CONSISTS OF A WARRANT TO PURCHASE SHARES
(SUBJECT TO ANTI-DILUTION ADJUSTMENTS) OF COMMON STOCK OF THE COMPANY AT THE
EXERCISE PRICE SET FORTH IN THE BELOW-REFERENCED WARRANT AGREEMENT AND A
PREFERRED SECURITY OF INDYMAC CAPITAL TRUST I (THE "TRUST"). THE WARRANTS AND
THE PREFERRED SECURITIES MAY BE SEPARATED AND TRANSFERRED SEPARATELY, AND
RE-ATTACHED, IN ACCORDANCE WITH THE PROVISIONS OF THE UNIT AGREEMENT.

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

(TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE WARRANT
AGREEMENT.)

NO EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") (EACH, A "PLAN"), NO
ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF ANY PLAN'S
INVESTMENT IN THE ENTITY (A "PLAN ASSET ENTITY"), AND NO PERSON INVESTING "PLAN
ASSETS" OF ANY PLAN, MAY ACQUIRE OR HOLD THIS WARRANT CERTIFICATE OR ANY
INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE
RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS
EXEMPTION ("PTCE") 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE
EXEMPTION WITH RESPECT TO SUCH PURCHASE OR HOLDING OR THE REQUIREMENTS OF U.S.
DEPARTMENT OF LABOR REGULATION SECTION 2550.401c-1 ARE SATISFIED SUCH THAT THIS
WARRANT CERTIFICATE HELD BY THE PURCHASER OR HOLDER DOES NOT CONSTITUTE "PLAN
ASSETS". ANY PURCHASER OR HOLDER OF THIS WARRANT CERTIFICATE OR ANY INTEREST
HEREIN WILL BE DEEMED TO HAVE

                                      A-14

<PAGE>

REPRESENTED BY ITS PURCHASE AND HOLDING HEREOF THAT IT EITHER (A) IS NOT A PLAN
OR A PLAN ASSET ENTITY AND IS NOT PURCHASING SUCH SECURITIES ON BEHALF OF OR
WITH "PLAN ASSETS" OF ANY PLAN, OR (B) IS ELIGIBLE FOR THE EXEMPTIVE RELIEF
AVAILABLE UNDER PTCE 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE
EXEMPTION WITH RESPECT TO SUCH PURCHASE OR HOLDING OR U.S. DEPARTMENT OF LABOR
REGULATION SECTION 2550.401c-1.

No.  (  )
                            Certificate for Warrants
                                                                       CUSIP No.

                                            Certificate for ___________ Warrants
                                                                      CUSIP No.:

                      WARRANTS TO PURCHASE COMMON STOCK OF
                              INDYMAC BANCORP, INC.

        THIS CERTIFIES THAT , or its registered assigns, is the registered
holder of the number of Warrants set forth above (the "Warrants"). Each Warrant
entitles the holder thereof (the "Holder"), at its option and subject to the
provisions contained herein and in the Warrant Agreement referred to below, to
purchase from IndyMac Bancorp, Inc., a Delaware corporation ("the Company"),
1.5972 shares (subject to certain adjustments as set forth in the Warrant
Agreement) of common stock of the Company (the "Common Stock") at the Exercise
Price. This Warrant Certificate shall terminate and become void, and the related
Warrants shall expire, as of 5:00 p.m., New York time, on the earlier of (i)
September 15, 2031 subject to certain changes or (ii) the date the Warrants are
redeemed by the Company pursuant to the terms of the Warrant Agreement, as
described below (the "Expiration Date"), or upon the earlier exercise hereof as
to all the shares of Common Stock subject hereto. The number of shares issuable
upon exercise of the Warrants shall be subject to adjustment from time to time
as set forth in the Warrant Agreement.

        This Warrant Certificate is issued under and in accordance with a
Warrant Agreement dated as of November 14, 2001 (the "Warrant Agreement"),
between the Company and The Bank of New York, as warrant agent (the "Warrant
Agent", which term includes any successor Warrant Agent under the Warrant
Agreement), and is subject to the terms and provisions contained in the Warrant
Agreement, to all of which terms and provisions the Holder of this Warrant
Certificate consents by acceptance hereof. The Warrant Agreement is hereby
incorporated herein by reference and made a part hereof. Reference is hereby
made to the Warrant Agreement for a full statement of the respective rights,
limitations of rights, duties and obligations of the Company, the Warrant Agent
and the Holders of the Warrants. Capitalized terms used but not defined herein
shall have the meanings ascribed thereto in the Warrant Agreement. A copy of the
Warrant Agreement may be obtained for inspection by the Holder hereof upon
written request to the Warrant Agent at its address for notices specified in the
Warrant Agreement.

                                      A-15

<PAGE>

        Subject to redemption as described below, the Holder of this Warrant
Certificate shall have the right, prior to the Expiration Date, at such Holder's
option, to exercise the related Warrant and purchase the Exercise Amount
(subject to certain adjustments set forth in the Warrant Agreement) of Common
Stock at the Exercise Price, provided that the Exercise Conditions are met as of
such date. If the Warrant evidenced by this Warrant Certificate is not exercised
at or before 5:00 p.m., New York time, on its Expiration Date, such Warrant
shall become void, and all rights of the Holder of this Warrant Certificate
hereunder and under the Warrant Agreement shall cease. The Warrant or Warrants
evidenced by this Warrant Certificate may be exercised by giving notice to the
Warrant Agent no later than 5:00 p.m., New York time, on the Business Day
preceding the proposed date of exercise of such Warrants and completing the form
of election to purchase set forth on the reverse hereof, and delivering the
same, together with this Warrant Certificate (if this Warrant Certificate shall
then be held in definitive form), to the Warrant Agent no later than 5:00 p.m.,
New York time, on the date of such exercise, together with a Cash Payment
(unless, in accordance with the Warrant Agreement, a Remarketing Payment is to
be made). In no event may a Holder satisfy its obligation to pay the Exercise
Price by tendering Preferred Securities.

        On the date of exercise of the Warrant or Warrants evidenced by this
Warrant Certificate, the Company shall issue, and the Warrant Agent shall
deliver, to or upon the order of the Holder hereof, the Exercise Amount of
Common Stock to which such Holder is entitled, registered in such name or names
as may be directed by such Holder. The date on which this Warrant Certificate
and payment are received by the Warrant Agent as aforesaid shall be deemed to be
the date on which the related Warrant is exercised and the related Common Stock
is issued.

        Notwithstanding anything to the contrary in this Warrant Certificate or
in the Warrant Agreement, (i) no fractional shares of Common Stock shall be
issued by the Company upon the exercise of any Warrant, (ii) if more than one
Warrant shall be exercised at the same time by the same Holder, the number of
shares of Common Stock issuable in connection with such exercise shall be
computed on the basis of the aggregate Exercise Amount of the Warrants so
exercised and (iii) on the date a Holder exercises such Holder's Warrant, the
Company shall pay such Holder an amount in cash equal to the then-current Market
Price (multiplied by the related fraction) of Common Stock for such fractional
shares, computed to the nearest whole cent.

        If fewer than all of the Warrants evidenced by this Warrant Certificate
are exercised, the Company shall execute, and an authorized officer of the
Warrant Agent shall countersign and deliver, a new Warrant Certificate
evidencing the number of Warrants remaining unexercised.

        The "Exercise Conditions" require that, with respect to any Warrant on
any date on which such Warrant is or is proposed to be exercised by the Holder
thereof, that (i) (a) the Company shall have a registration statement in effect
under the Securities Act covering the issuance and sale of the related Exercise
Amount of Common Stock upon exercise of such Warrant, or (b) the sale of such
shares of Common Stock shall be exempt from the registration requirements of the
Securities Act, (ii) such shares of Common Stock shall have been registered or
qualified or shall be deemed to be exempt from the registration or qualification
requirements of, the securities laws of the state of residence of the exercising
Holder and (iii) a then-current prospectus relating to the Common Stock shall be
delivered to such exercising Holder.

                                      A-16

<PAGE>

        As provided in the Warrant Agreement, the number of shares of Common
Stock issuable upon the exercise of the Warrants is subject to an anti-dilution
adjustment upon the happening of certain events. The Warrant Agreement also
provides for certain adjustments and/or distributions in the event of certain
events relating to a merger or combination of the Company and similar events.

        Subject to satisfaction of the Exercise Conditions and certain other
conditions, the Company may elect to cause a redemption of the Warrants and a
contemporaneous remarketing of the Preferred Securities , for cash, in an amount
equal to the Warrant Value as of the day next preceding the Remarketing Date, in
accordance with the Warrant Agreement and related agreements.

        A Holder (i) may elect to exercise a Warrant in lieu of Redemption, if
(A) such Warrant is held pursuant to the Unit Agreement, and such Holder has
opted out of participating in the Remarketing, by notice given to the Warrant
Agent and the Unit Agent; or (B) such Warrant is not held pursuant to the Unit
Agreement, by notice given to the Warrant Agent, in each case prior to 5:00
p.m., New York time, on the Business Day prior to the related Redemption Date;
and (ii) as provided in the Unit Agreement, shall be deemed to have elected to
exercise such Warrant in lieu of Redemption, if such Warrant is held pursuant to
the Unit Agreement and such Holder has not opted out of participating in the
Remarketing. In the absence of an election to exercise a Warrant in lieu of a
Redemption, including a deemed election pursuant to clause (ii) of the preceding
sentence, a Holder will be deemed to have elected to have its Warrants redeemed
on the Redemption Date.

        If a Holder elects or is deemed to have elected to exercise a Warrant
pursuant to the preceding paragraph, then such Holder must tender the Exercise
Price for such Warrant as a Cash Payment, and must follow certain procedures set
forth in the Warrant Agreement; provided, however, that if (i) such Warrant is,
on the Remarketing Date, held pursuant to the Unit Agreement, (ii) such Holder
has not opted out of participating in the Remarketing, and (iii) a Successful
Remarketing shall have occurred, then the Exercise Price of such Warrant will be
deemed to have been paid by a Remarketing Payment, and the Remarketing Agent
will, in connection with such Remarketing Payment, apply the proceeds of the
Remarketing of the related Preferred Security in accordance with the terms of
the Remarketing Agreement and the Unit Agreement.

        Any Warrant so redeemed or exercised will, upon such redemption or
exercise, cease to be outstanding.

        If a Redemption cannot occur because of an inability, following the
Company's best efforts, to satisfy the Redemption Conditions, the Company will
promptly notify the Warrant Agent and each Holder (at its address specified in
the Warrant Register) thereof. Such event will not constitute a default under
the Warrant Agreement so long as the Company is not otherwise in violation
thereof; and the Company may, under such circumstances, subsequently seek to
remarket the Preferred Securities and contemporaneously redeem the Warrants.

        The Company will, contemporaneously with the giving of notice of
Remarketing, furnish notice of Redemption to the Warrant Agent, which will,
within two (2) Business Days after

                                      A-17

<PAGE>

receipt thereof, furnish notice of such Redemption to the Holders of Definitive
Warrants, and the Company will request, not later than four nor more than 20
business days prior to the Remarketing Date, that DTC notify its Participants
holding Warrants of the Remarketing.

        The Company may require payment of a sum sufficient to pay all taxes,
assessments or other governmental charges in connection with the transfer or
exchange of the Warrant Certificates pursuant to the Warrant Agreement, but not
for any exchange or original issuance (not involving a transfer) with respect to
temporary Warrant Certificates, the exercise of the Warrants or the issuance of
the Common Stock.

        This Warrant Certificate may be exchanged at the office of the Warrant
Agent by presenting this Warrant Certificate properly endorsed with a request to
exchange this Warrant Certificate for other Warrant Certificates evidencing an
equal number of Warrants, in accordance with the Warrant Agreement.

        All shares of Common Stock issuable by the Company upon the exercise of
the Warrants shall, upon such issue, be duly and validly issued and fully paid
and non-assessable.

        The holder in whose name this Warrant Certificate is registered may be
deemed and treated by the Company and the Warrant Agent as the absolute owner of
this Warrant Certificate for all purposes whatsoever and neither the Company nor
the Warrant Agent shall be affected by notice to the contrary.

                                      A-18

<PAGE>

        Neither this Warrant Certificate, nor the Warrant evidenced hereby,
entitles the Holder hereof to any of the rights of a stockholder of the Company.

        This Warrant Certificate shall not be valid or obligatory for any
purpose until it shall have been countersigned by the Warrant Agent.

                                            INDYMAC BANCORP, INC.

                                            By:
                                               ---------------------------------
                                               Name:
                                               Title:

DATED: November 14, 2001

Countersigned:

THE BANK OF NEW YORK,
as Warrant Agent

By:
   ----------------------------
Authorized Signatory

                                      A-19

<PAGE>

                        {REVERSE OF WARRANT CERTIFICATE}
                    FORM OF ELECTION TO PURCHASE COMMON STOCK
                 (to be executed only upon exercise of Warrants)

                              INDYMAC BANCORP, INC.

        The undersigned hereby irrevocably elects to exercise Warrants at an
Exercise Price of $ per Warrant to acquire the Exercise Amount (as determined
pursuant to the Warrant Agreement) per Warrant of Common Stock of IndyMac
Bancorp, Inc. on the terms and conditions specified within this Warrant
Certificate and the Warrant Agreement therein referred to, surrenders this
Warrant Certificate and all right, title and interest therein and directs that
the shares of Common Stock deliverable upon such exercise be registered or
placed in the name and at the address specified below and delivered thereto.

        The signature below must correspond with the name as written upon the
face of the within Warrant Certificate in every particular, without alteration
or enlargement or any change whatsoever, and must be guaranteed.

        Dated:

                                        ----------------------------------------
                                        (Signature of Holder)

                                        ----------------------------------------
                                        (Street Address)

                                        ----------------------------------------
                                        (City)                (State) (Zip Code)

                                        ----------------------------------------
                                        Signature Guaranteed by:

                                        ----------------------------------------
                                        (Signature must be guaranteed by an
                                        eligible guarantor institution
                                        (banks, stock brokers, savings and
                                        loan associations and credit unions)
                                        with membership in an approved
                                        guarantee medallion program pursuant
                                        to Securities Exchange Commission
                                        Rule 17Ad-5)

Common Stock to be issued to:

Please insert social security or identifying number:

Name:
     ---------------------------------------------------------------------------

Street Address:
               -----------------------------------------------------------------

                                      A-20

<PAGE>

--------------------------------------------------------------------------------
City, State and Zip Code:

--------------------------------------------------------------------------------
Any unexercised Warrants represented by the Warrant Certificate to be issued to:

Please insert social security or identifying number:

Name:
     ---------------------------------------------------------------------------

Street Address:
               -----------------------------------------------------------------

--------------------------------------------------------------------------------
City, State and Zip Code:

        Any unexercised Warrants represented by the Warrant Certificate to be
issued to:

        Please insert social security or identifying number:

Name:
                            -----------------------
Street Address:
                            -----------------------
City, State and Zip Code:
                            -----------------------

                                      A-21

<PAGE>

                     (TO BE ATTACHED TO GLOBAL CERTIFICATES)
            SCHEDULE OF INCREASES OR DECREASES IN GLOBAL CERTIFICATE

        This Global Unit shall represent [____]Warrants unless otherwise
indicated below.

        The following increases or decreases in this Global Unit have been made:

<TABLE>
<CAPTION>
                 AMOUNT OF          AMOUNT OF
                DECREASE IN        INCREASE IN
                 NUMBER OF          NUMBER OF          NUMBER OF WARRANTS
                 WARRANTS            WARRANTS        EVIDENCED BY THIS GLOBAL     SIGNATURE OF
             EVIDENCED BY THE    EVIDENCED BY THE      UNIT FOLLOWING SUCH        AUTHORIZED
   DATE         GLOBAL UNIT        GLOBAL UNIT         DECREASE OR INCREASE     OFFICER OF AGENT
---------    ----------------    ----------------    -------------------------  ----------------
<S>          <C>                 <C>                 <C>                        <C>

</TABLE>

                                      A-22

<PAGE>

                                                                       EXHIBIT B

                      INSTRUCTION TO DISREGARD REMARKETING

THE BANK OF NEW YORK
101 Barclay Street
Floor 21 West
New York, New York 10286
Attention: Corporate Trust Administration

        Re:  Warrant and Income Redeemable Equity Securities ("WIRES") Units
             ("Securities") of IndyMac Bancorp, Inc. and IndyMac Capital Trust I

        The undersigned Holder hereby advises you that it has elected NOT to
participate in the Remarketing set forth below with respect to the corresponding
number of Preferred Securities that are a component of Securities of which the
undersigned is the beneficial owner:

Remarketing Settlement

Date:
                        ---------------------------
Number of Preferred
Securities NOT to
Remarket:
                        ---------------------------

                                      B-1

<PAGE>

        The notification to the Remarketing Agent to be sent by you on the
Business Day immediately preceding the above Remarketing Date shall NOT include
the aggregate number of Preferred Securities set forth above. Unless otherwise
defined herein, terms defined in the Unit Agreement dated November ____, 2001
with IndyMac Bancorp, Inc. and IndyMac Capital Trust I are used herein as
defined therein. This notice is being delivered pursuant to Section 5.1 of the
Unit Agreement relating to the Securities.

Date:                                    ---------------------------------------
     ------------------------                           Signature

                                         Signature Guarantee:

Please print name and address of Registered Holder:

-----------------------------             --------------------------------------
Name                                        Social Security of other Taxpayer
                                              Identification Number, if any

Address

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

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

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

                                      B-2

<PAGE>

                                                                       EXHIBIT C

                      NOTICE OF ELECTING REMARKETING HOLDER

THE BANK OF NEW YORK
101 Barclay Street
Floor 21 West
New York, New York 10286
Attention: Corporate Trust Administration

MORGAN STANLEY INCORPORATED

(Address)

Attention:

    Re:

        Warrant and Income Redeemable Equity Securities ("WIRES") Units
        ("Securities") of IndyMac Bancorp, Inc. and IndyMac Capital Trust I

        Reference is made to IndyMac Bancorp, Inc.'s notice of Redemption dated
__________, 200___ notifying Holders of the Securities of the redemption of the
Warrants on ___________, 200___ . This notice constitutes an election by the
undersigned NOT to redeem the Warrants identified below. The undersigned hereby
advises you of its election to exercise the following number of Warrants which
constitute component parts of Securities beneficially owned by the undersigned:

Number of Warrants
to
Be Exercised:
             --------------

                                      C-1

<PAGE>

        Unless otherwise defined herein, terms defined in the Unit Agreement
dated __________, 2001 with IndyMac Bancorp, Inc. and IndyMac Capital Trust I
are used herein as defined therein. This notice is being delivered pursuant to
Section 5.1 of the Unit Agreement.

Date:                                   ----------------------------------------
     ---------------------------                       Signature

                                                  Signature Guarantee:

Please print name and address of Registered Holder:

--------------------------------        ----------------------------------------
Name                                       Social Security of other Taxpayer
                                             Identification Number, if any

Address

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

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

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

                                      C-2

<PAGE>

                                                                       EXHIBIT D

                 NOTICE OF CHANGE OF CONTROL REDEMPTION ELECTION

THE BANK OF NEW YORK
101 Barclay Street
Floor 21 West
New York, New York 10286
Attention: Corporate Trust Administration

        Re: Warrant and Income Redeemable Equity Securities ("WIRES") Units
            ("Securities") of IndyMac Bancorp, Inc. and IndyMac Capital Trust I

        Reference is made to IndyMac Bancorp, Inc.'s notice of a Change of
Control dated ____________, 200___ . The undersigned hereby advises you of its
election to have the following number of Warrants which constitute component
parts of Securities beneficially owned by the undersigned redeemed pursuant to
the aforementioned notice:

Number of Warrants to Be Redeemed.______________________________________________

        Unless otherwise defined herein, terms defined in the Unit Agreement
dated November __, 2001 with IndyMac Bancorp, Inc., and IndyMac Capital Trust I
are used herein as defined therein. This notice is being delivered pursuant to
Section 5.3 of the Unit Agreement.

Date:                                         ----------------------------------
     ------------------------                             Signature

                                              Signature Guarantee:

                                              ----------------------------------
Please print name and address of Registered Holder:

                                              ----------------------------------
Name                                          Social Security of other Taxpayer
    -------------------------                    Identification Number, if any

Address

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

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

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

                                      D-1

<PAGE>

                                                                       EXHIBIT E

               NOTICE OF CHANGE OF CONTROL EXCHANGE AND REPURCHASE

THE BANK OF NEW YORK
101 Barclay Street
Floor 21 West
New York, New York 10286
Attention: Corporate Trust Administration

      Re:   Warrant and Income Redeemable Equity Securities ("WIRES") Units
            ("Securities") of IndyMac Bancorp, Inc.  and IndyMac Capital Trust I

        Reference is made to IndyMac Bancorp, Inc.'s notice of a Change of
Control dated ___________, 200___ . The undersigned Holder hereby advises you
that it has elected (i) to have the number of Preferred Securities set forth
below exchanged for an equivalent Accreted Value of Debentures and (ii) to have
such Debentures repurchased by IndyMac Bancorp, Inc., or its successor, as
provided in the Unit Agreement, the Trust Agreement and the Indenture:

Number of Preferred Securities to Exchange:
                                           -------------------------------------
Number of Debentures to Repurchase:
                                           -------------------------------------

        Unless otherwise defined herein, terms defined in the Unit Agreement
dated November __, 2001 with IndyMac Bancorp, Inc., and IndyMac Capital Trust I
(the "Unit Agreement") are used herein as defined therein. This notice is being
delivered pursuant to Section 5.3 of the Unit Agreement.

Date: ----------------------------       ---------------------------------------
                                                         Signature

                                         Signature Guarantee:

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

Please print name and address of Registered Holder:

----------------------------------       ---------------------------------------
Name                                        Social Security of other Taxpayer
                                            Identification Number, if any

Address

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

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

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

                                      I-1

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