Document:

<PAGE>

                                                                     EXHIBIT 4.4

                             CERTIFICATE OF TRUST
                                      OF
                       EAST WEST BANCORP CAPITAL TRUST I

          This Certificate of Trust is being executed as of _____ __,  2000 for
the purposes of organizing a business trust pursuant to the Delaware Business
Trust Act, 12 Del.  C. Sections 3801 et seq. (the "Act").
              --------               -- ----

          The undersigned hereby certifies as follows:

          1.  Name.  The name of the business trust is "East West Bancorp
              ----
Capital Trust I" (the "Trust").

          2.  Delaware Trustee.  The name and business address of the Delaware
              ----------------
trustee of the Trust meeting the requirements of Section 3807 of the Act are as
follows:

          ______________
          ______________
          ______________
          ______________

          3.  Effective.  This Certificate of Trust shall be effective
              ---------
immediately upon filing in the Office of the Secretary of State of the State of
Delaware.

     IN WITNESS WHEREOF, the undersigned being all of the trustees of the Trust,
have duly executed this Certificate of Trust as of the day and year first above
written.

                         _____________________________,
                           as Delaware Trustee

                         By:  __________________________________
                              Name:_____________________________
                              Title:____________________________

                         ADMINISTRATIVE TRUSTEES

                         ______________________
                         Name: Dominic Ng

                         _____________________
                         Name: Julia Gouw

                         _______________________
                         Name: Douglas Krause<PAGE>

                                                                     EXHIBIT 4.5

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

                              AMENDED AND RESTATED
                              DECLARATION OF TRUST

                                       OF

                       EAST WEST BANCORP CAPITAL TRUST I

                        Dated as of    _______ __ , 2000

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

                               TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                              Page
                                                                              ----
<S>                                                                           <C>
                                   ARTICLE I
                         INTERPRETATION AND DEFINITIONS

SECTION 1.1      Definitions..................................................   1
                 -----------
                                   ARTICLE II
                              TRUST INDENTURE ACT

SECTION 2.1      Trust Indenture Act; Application.............................   8
                 --------------------------------
SECTION 2.2      Lists of Holders of Securities...............................   8
                 ------------------------------
SECTION 2.3      Reports by the Property Trustee..............................   9
                 -------------------------------
SECTION 2.4      Periodic Reports to Property Trustee.........................   9
                 ------------------------------------
SECTION 2.5      Evidence of Compliance with Conditions Precedent.............   9
                 ------------------------------------------------
SECTION 2.6      Events of Default; Waiver....................................   9
                 -------------------------
SECTION 2.7      Event of Default; Notice.....................................  11
                 ------------------------

                                  ARTICLE III
                                  ORGANIZATION
SECTION 3.1       Name........................................................  11
                  ----
SECTION 3.2       Office......................................................  12
                  ------
SECTION 3.3       Purpose.....................................................  12
                  -------
SECTION 3.4       Authority...................................................  12
                  ---------
SECTION 3.5       Title to Property of the Trust..............................  12
                  ------------------------------
SECTION 3.6       Powers and Duties of the Administrative Trustees............  13
                  ------------------------------------------------
SECTION 3.7       Prohibition of Actions by the Trust and the Trustees........  15
                  ----------------------------------------------------
SECTION 3.8       Powers and Duties of the Property Trustee...................  16
                  -----------------------------------------
SECTION 3.9       Certain Duties and Responsibilities of the Property Trustee.  19
                  -----------------------------------------------------------
SECTION 3.10      Certain Rights of Property Trustee..........................  21
                   ---------------------------------
SECTION 3.11      Delaware Trustee............................................  23
                  ----------------
SECTION 3.12      Execution of Documents......................................  23
                  ----------------------
SECTION 3.13      Not Responsible for Recitals or Issuance of Securities......  24
                  ------------------------------------------------------
SECTION 3.14      Duration of Trust...........................................  24
                  -----------------
SECTION 3.15      Mergers.....................................................  24
                  ------
SECTION 3.16      Property Trustee May File Proofs of Claim...................  26
                  -----------------------------------------
                                   ARTICLE IV
                                    SPONSOR

SECTION 4.1      Sponsor's Purchase of Common Securities......................  27
                 ---------------------------------------
SECTION 4.2      Responsibilities of the Sponsor..............................  27
                 ------------------------------
SECTION 4.3      Right to Proceed.............................................  27
                 ----------------
SECTION 4.4      Right to Dissolve Trust......................................  28
                 -----------------------
</TABLE>
                                       i
<PAGE>

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                                           ARTICLE V
                                           TRUSTEES

SECTION 5.1       Number of Trustees: Appointment of Co-Trustee.........................   28
                  ---------------------------------------------
SECTION 5.2       Delaware Trustee......................................................   28
                  ----------------
SECTION 5.3       Property Trustee; Eligibility.........................................   29
                  -----------------------------
SECTION 5.4       Certain Qualifications of Administrative Trustees and Delaware Trustee
                  ----------------------------------------------------------------------
                      Generally.........................................................   30
                      ---------
SECTION 5.5       Administrative Trustees...............................................   30
                  -----------------------
SECTION 5.6       Delaware Trustee......................................................   31
                  ----------------
SECTION 5.7       Appointment, Removal and Resignation of Trustees......................   31
                  ------------------------------------------------
SECTION 5.8       Vacancies among Trustees..............................................   33
                  ------------------------
SECTION 5.9       Effect of Vacancies...................................................   33
                  -------------------
SECTION 5.10      Meetings..............................................................   33
                  --------
SECTION 5.11      Delegation of Power...................................................   34
                  ------------------
SECTION 5.12      Merger, Conversion, Consolidation or Succession to Business...........   34
                  -----------------------------------------------------------

                                           ARTICLE VI
                                          DISTRIBUTIONS

SECTION 6.1       Distributions........................................................    34
                  -------------

                                           ARTICLE VII
                                      ISSUANCE OF SECURITIES

SECTION 7.1       General Provisions Regarding Securities..............................    35
                  ---------------------------------------
SECTION 7.2       Execution and Authentication.........................................    35
                  ----------------------------
SECTION 7.3       Form and Dating......................................................    36
                  ---------------
SECTION 7.4       Registrar and Paying Agent...........................................    37
                  --------------------------
SECTION 7.5       Paying Agent to Hold Money in Trust..................................    38
                  -----------------------------------
SECTION 7.6       Replacement Securities...............................................    38
                  ----------------------
SECTION 7.7       Outstanding Preferred Securities.....................................    38
                  --------------------------------
SECTION 7.8       Preferred Securities in Treasury.....................................    38
                  --------------------------------
SECTION 7.9       Definitive Securities................................................    39
                  ---------------------
SECTION 7.10      Cancellation.........................................................    39
                  ------------
SECTION 7.11      CUSIP Numbers........................................................    40
                  -------------
                                           ARTICLE VIII
                                      TERMINATION OF TRUST

SECTION 8.1       Dissolution and Termination of Trust.................................    40
                  ------------------------------------
</TABLE>
                                      ii
<PAGE>

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                                   ARTICLE IX
                             TRANSFER OF INTERESTS

SECTION 9.1      Transfer of Securities....................................    41
                 ----------------------
SECTION 9.2      Transfer Procedures and Restrictions......................    42
                 ------------------------------------
SECTION 9.3      Deemed Security Holders...................................    45
                 -----------------------
SECTION 9.4      Book Entry Interests......................................    45
                 --------------------
SECTION 9.5      Notices to Clearing Agency................................    46
                 --------------------------
SECTION 9.6      Appointment of Successor Clearing Agency..................    46
                 ----------------------------------------

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

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

                                   ARTICLE XI
                                   ACCOUNTING

SECTION 11.1      Fiscal Year..............................................    52
                  ----------
SECTION 11.2      Certain Accounting Matters...............................    52
                  --------------------------
SECTION 11.3      Banking..................................................    52
                  -------
SECTION 11.4      Withholding..............................................    52
                  -----------

                                  ARTICLE XII
                            AMENDMENTS AND MEETINGS

SECTION 12.1      Amendments...............................................    53
                  ----------
SECTION 12.2      Meetings of the Holders; Action by Written Consent.......    55
                  --------------------------------------------------

                                  ARTICLE XIII
                      REPRESENTATIONS OF PROPERTY TRUSTEE
                              AND DELAWARE TRUSTEE

SECTION 13.1     Representations and Warranties of Property Trustee........    56
                 --------------------------------------------------
SECTION 13.2     Representations and Warranties of Delaware Trustee........    57
                 --------------------------------------------------
</TABLE>
                                      iii
<PAGE>

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                                  ARTICLE XIV
                                 MISCELLANEOUS

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

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

</TABLE>
                                      iv
<PAGE>

                             CROSS-REFERENCE TABLE*

<TABLE>
<CAPTION>
     Section of
     Trust Indenture Act
     of 1939, as amended                           Section of Declaration
     -------------------                           ----------------------
<S>                                                <C>
     310(a)...........................................    5.3
     310(b)...........................................    5.3(c), 5.3(d)
     311(a)...........................................    2.2(b)
     311(b)...........................................    2.2(b)
     312(a)...........................................    2.2(a)
     312(b)...........................................    2.2(b)
     313..............................................    2.3
     314(a)...........................................    2.4; 3.6(j)
     314(c)...........................................    2.5
     315(a)...........................................    3.9
     315(b)...........................................    2.7(a)
     315(c)...........................................    3.9(a)
     315(d)...........................................    3.9(b)
     316(a)...........................................    2.6
     316(c)...........................................    3.6(e)
     317(a)...........................................    3.8(e); 3.8(h)
     317(b)...........................................    3.8(i); 7.5
</TABLE>

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

                                       v
<PAGE>

                   AMENDED AND RESTATED DECLARATION OF TRUST
                                       OF
                       EAST WEST BANCORP CAPITAL TRUST I

                              __________ __, 2000

          AMENDED AND RESTATED DECLARATION OF TRUST, including Annex I and all
exhibits attached hereto (this "Declaration"), dated and effective as of
________ __, 2000, by the Trustees (as defined herein), the Sponsor (as defined
herein) and by the holders, from time to time, of undivided beneficial interests
in the assets of the Trust to be issued pursuant to this Declaration;

          WHEREAS, the Trustees (other than the Property Trustee (as defined
herein)) and the Sponsor established East West Bancorp Capital Trust I(the
"Trust"), a trust formed under the Business Trust Act (as defined herein)
pursuant to a Declaration of Trust dated as of _______ __, 2000 (the "Original
Declaration"), and a Certificate of Trust filed with the Secretary of State of
the State of Delaware on ________ __, 2000 (the "Certificate of Trust"), for the
sole purpose of issuing and selling certain securities representing undivided
beneficial interests in the assets of the Trust and investing the proceeds
thereof in certain Debentures of the Debenture Issuer (each as hereinafter
defined), and engaging in only those other activities that are necessary or
incidental thereto; and

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

          WHEREAS, all of the Trustees and the Sponsor, by this Declaration,
amend and restate in its entirety each and every term and provision of the
Original Declaration;

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

                                   ARTICLE I
                         INTERPRETATION AND DEFINITIONS

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

              Unless the context otherwise requires:

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

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

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

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

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

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

              "Administrative Trustee" has the meaning set forth in Section
               ----------------------
5.1(b).

              "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 or Registrar.
               -----

              "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 a Global
               -------------------
Certificate 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 as described in Section 9.4.

              "Business Day" means any day other than a Saturday or a Sunday or
               ------------
a day on which banking institutions in the cities of New York, New York, or San
Marino, California are authorized or required by law or executive order to
close.

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

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

                                       2
<PAGE>

          "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 Time" means the "Closing Date" under the Underwriting
           ------------
Agreement, including pursuant to the exercise of any over-allotment option
granted to the underwriter thereunder.

          "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 Declaration,
as such specific section or corresponding provision is in effect on the date of
application of the provisions of this Declaration containing such reference.

          "Commission" means the United States Securities and Exchange
           ----------
Commission as from time to time constituted, or if any time after the execution
of this Declaration 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 specified in Section 7.1(a).
           -----------------

          "Common Securities Guarantee" means the guarantee agreement dated as
           ---------------------------
of ________ __, 2000 of the Sponsor in respect of the Common Securities.

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

          "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, which office at the date of
execution of this Agreement is located at _______________________,
________________, _____________________.

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

          "Debentures" means the ____% Junior Subordinated Deferrable
           -----------
Interest Debentures due ________ __, ____ of the Debenture Issuer issued
pursuant to the Indenture.

          "Debenture Issuer" means East West 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.

                                       3
<PAGE>

          "Debenture Trustee" means _______________________, a __________
           -----------------
banking corporation, as trustee under the Indenture until a successor is
appointed thereunder, and thereafter means such successor trustee.

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

          "Definitive Preferred Securities" shall have the meaning set forth
           -------------------------------
in Section 7.3(c).

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

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

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

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

          "Event of Default" in respect of the Securities means an Event of
           ----------------
Default (as defined in the Indenture) that has occurred and is continuing in
respect of the Debentures.

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

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

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

          "Global Preferred Security" has the meaning set forth in Section
           -------------------------
7.3(a).

          "Holder" means a Person in whose name a Security is registered, such
           ------
Person being a beneficial owner within the meaning of the Business Trust Act;
provided, however, that in determining whether the Holders of the requisite
liquidation amount of Preferred Securities have voted on any matter provided for
in this Declaration, then for the purpose of such determination only (and not
for any other purpose hereunder), if the Preferred Securities remain in the form
of one or more Global Certificates, the term "Holders" shall mean the holder of
the Global Certificate acting at the direction of the Preferred Security
Beneficial Owners.

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

          "Indenture" means the Indenture dated, as of ___________ __, 2000,
           ---------
between the Debenture Issuer and the Debenture Trustee, as amended or
supplemented from time to time.

                                       4
<PAGE>

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

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

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

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

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

          "Majority in liquidation amount" means, with respect to the Trust
           ------------------------------
Securities, except as provided in the terms of the Preferred Securities or by
the Trust Indenture Act, Holder(s) of outstanding Trust 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 of all outstanding Securities of the relevant
class.

          "Officers' Certificate" means, with respect to any Person, a
           ---------------------
certificate signed by any two of the following:  the Chairman, a Vice Chairman,
the Chief Executive Officer, the President, the Chief Financial Officer, a Vice
President, the Comptroller, the Secretary or an Assistant Secretary of such
Person.  Any Officers' Certificate delivered by the Trust shall be signed by at
least one Administrative Trustee.  Any Officers' Certificate delivered with
respect to compliance with a condition or covenant provided for in this
Declaration shall include:

          (a) a statement that each officer signing the 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

          (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 (except
           ------------------
as specifically provided to the contrary herein by reference to "independent
counsel") may be an employee of the Sponsor, and who shall be acceptable to the
Property Trustee.

          "Paying Agent" has the meaning specified in Section 7.4.
           ------------

                                       5
<PAGE>

          "Payment Amount" has the meaning specified in Section 6.1.
           --------------

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

          "Preferred Securities" means the _____% Cumulative Trust Preferred
           --------------------
Securities.

          "Preferred Securities Guarantee" means the guarantee agreement dated
           ------------------------------
as of ________ __, 2000 of the Sponsor in respect of the Preferred Securities.

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

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

          "Prospectus" has the meaning set forth in Section 3.6(b)(i).
           ----------

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

          "Registrar" has the meaning set forth in Section 7.4.
           ---------

          "Registration Statement" has the meaning set forth in Section
           ----------------------
3.6(b)(i).

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

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

          "Responsible Officer" means any officer within the Corporate Trust
           -------------------
Office of the Property Trustee with direct responsibility for the administration
of this Declaration and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of that
officer's knowledge of and familiarity with the particular subject.

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

                                       6
<PAGE>

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

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

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

            "Special Event" has the meaning set forth in Section 4(c) of Annex I
             -------------
hereto.

            "Sponsor" means East West Bancorp, Inc., a Delaware corporation, or
             -------
any successor entity resulting from any merger, consolidation, amalgamation or
other business combination, in its capacity as sponsor of the Trust.

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

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

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

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

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

            "10% in liquidation amount" means, with respect to the Trust
             -------------------------
Securities, except as provided in the terms of the Preferred Securities or by
the Trust Indenture Act, Holder(s) of outstanding Trust 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 of all outstanding Securities of the relevant
class.

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

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

            "Trustee" or "Trustees" means each Person who has signed this
             -------      --------
Declaration as a trustee, so long as such Person shall continue as a trustee 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.

                                       7
<PAGE>

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

                                  ARTICLE II
                              TRUST INDENTURE ACT

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

            (a) This Declaration is subject to the provisions of the Trust
Indenture Act that are required to be part of this Declaration in order for this
Declaration to be qualified under the Trust Indenture Act and shall, to the
extent applicable, be governed 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 Declaration
conflicts with the duties imposed by (S)(S) 310 to 317, inclusive, of the Trust
Indenture Act, such imposed duties shall control.

            (d) The application of the Trust Indenture Act to this Declaration
shall not affect the Trust's classification as a grantor trust for United States
federal income tax purposes or the nature of the Securities as equity securities
representing undivided beneficial interests in the assets of the Trust.

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

            (a) Each of the Sponsor and the Administrative Trustees on behalf of
the Trust shall provide the Property Trustee, unless the Property Trustee is
Registrar for the Securities, (i) within 10 Business Days after each record date
for payment of Distributions, a list, in such form as the Property Trustee may
reasonably require, of the names and addresses of the Holders ("List of
Holders") as of such record date, provided that neither the Sponsor nor the
                                  -------- ----
Administrative Trustees on behalf of the Trust shall be obligated to provide
such List of Holders at any time that the List of Holders does not differ from
the most recent List of Holders given to the Property Trustee by the Sponsor and
the Administrative Trustees on behalf of the Trust, and (ii) at any other time,
within 30 days of receipt by the Trust of a written request for a List of
Holders as of a date no more than 14 days before such List of Holders is given
to the Property Trustee.  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
(S)(S) 311(a), 311(b) and 312(b) of the Trust Indenture Act.

                                       8
<PAGE>

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

             Within 60 days after May 15 of each year, commencing May 15, 2000,
the Property Trustee shall provide to the Holders of the Preferred Securities
such reports dated as of such May 15 as are required by (S) 313 of the Trust
Indenture Act, if any, in the form and in the manner provided by (S) 313 of the
Trust Indenture Act. The Property Trustee shall also comply with the
requirements of (S) 313(d) of the Trust Indenture Act.

SECTION 2.4  Periodic Reports to 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 (S) 314 of the Trust Indenture Act (if any) and
the compliance certificate required by (S) 314 of the Trust Indenture Act in the
form, in the manner and at the times required by (S) 314(a)(4) of the Trust
Indenture Act, such compliance certificate to be delivered annually on or before
120 days after the end of each fiscal year of the Sponsor. Delivery of such
documents, reports and information to the Property Trustee is for informational
purposes only and the Property Trustee's receipt of such shall not constitute
constructive notice of any information contained therein or determinable from
information contained therein, including the Sponsor's compliance with any of
its covenants hereunder (as to which the Property Trustee is entitled to rely
exclusively on Officers' Certificates).

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 such evidence of compliance with
any conditions precedent provided for in this Declaration that relate to any of
the matters set forth in (S) 314(c) of the Trust Indenture Act. Any certificate
or opinion required to be given by an officer pursuant to (S) 314(c)(1) of the
Trust Indenture Act may be given in the form of an Officers' Certificate.

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

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

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

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

                                       9
<PAGE>

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

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

              (i)  is not waivable under the Indenture, except where the
      Holders of the Common Securities are deemed to have waived such Event of
      Default under the Declaration as provided below in this Section 2.6(b),
      the Event of Default under the Declaration shall also not be waivable; or

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

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

                                      10
<PAGE>

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

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

             (a)  The Property Trustee shall, within 90 days after the
occurrence of a Default (as such term is defined in the Indenture) actually
known to a Responsible Officer, transmit by mail, first class postage prepaid,
to the Holders of the Preferred Securities, the Administrative Trustees and the
Sponsor, notices of all Defaults with respect to the Securities actually known
to a Responsible Officer, unless such Defaults have been cured before the giving
of such notice; provided that, except for a default in the payment of principal
                -------- ----
of or interest (including Compounded Interest and Additional Sums (as such terms
are defined in the Indenture) if any, on any of the Debentures, the Property
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. The Sponsor and the Administrative Trustees
shall file annually with the Property Trustee a certification as to whether or
not they are in compliance with all the conditions and covenants applicable to
them under this Declaration.

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

                  (i)  a default under Sections 5.01(a) (other than the payment
      of Compounded Interest and Additional Sums, each as defined in the
      Indenture) and 5.01(b) of the Indenture provided that the Property Trustee
      is the Paying Agent under the Indenture; or

                  (ii) any default as to which the Property Trustee shall have
      received written notice at the corporate trust office of the Property
      Trustee and such notice references the Preferred Securities and this
      Declaration or of which a Responsible Officer charged with the
      administration of the Declaration shall have actual knowledge.

                                  ARTICLE III
                                 ORGANIZATION

SECTION 3.1  Name.
             ----

             The Trust is named "East West Bancorp Capital Trust I" as such name
may be modified from time to time by the Administrative Trustees following
written notice to the Delaware Trustee, the Property Trustee and the Holders.
The Trust's activities may be conducted under the name of the Trust or any other
name deemed advisable by the Administrative Trustees.

                                      11
<PAGE>

SECTION 3.2  Office.
             ------

             The address of the principal office of the Trust is c/o East West
Bancorp, Inc., 415 Huntington Drive, San Marino, California  91108.  On ten
Business Days written notice to the Delaware Trustee, the Property Trustee and
the Holders of Securities, 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) 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 that are necessary or incidental thereto. The Trust
shall not borrow money, issue debt or reinvest proceeds derived from
investments, mortgage or pledge any of its assets, or otherwise undertake (or
permit to be undertaken) any activity that would cause the Trust not to be
classified for United States federal income tax purposes as a grantor trust.

             The Trust will be classified as a grantor trust for United States
federal income tax purposes under Subpart E of Subchapter J of the Code,
pursuant to which the owners of the Preferred Securities and the Common
Securities will be the owners of the Trust for United States federal income tax
purposes, and such owners will include directly in their gross income the
income, gain, deduction or loss of the Trust as if the Trust did not exist.  By
the acceptance of this Trust, none of the Trustees, the Sponsor or the Holders
of the Securities will take any position which is contrary to the classification
of the Trust as a grantor trust for United States federal income tax purposes.

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

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

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

             Except as may be otherwise provided in this Declaration, legal
title to all assets of the Trust shall be vested in the Property Trustee for the
benefit of the Trust and the Holders. 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.

                                      12
<PAGE>

SECTION 3.6  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:

             (a) to execute, enter into and deliver the Common Securities
Subscription Agreement and to execute, deliver, issue and sell the Securities in
accordance with this Declaration and pursuant to the Underwriting Agreement;
provided, however, that except as contemplated in Section 7.1(a), (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 the Preferred Securities and Common Securities at
the Closing Time;

             (b) in connection with the issuance and sale of the Preferred
Securities, to:

                 (i)   prepare and execute a Prospectus (the "Prospectus") in
      preliminary and final form prepared by the Sponsor, in relation to the
      offering and sale of the Preferred Securities and to execute and file with
      the Commission a registration statement on Form S-3(the "Registration
      Statement"), including any amendments thereto, for the offering and sale
      of the Preferred Securities;

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

                 (iii) execute and file an application, prepared by the Sponsor,
      to permit the Preferred Securities to trade or be quoted or listed in or
      on the Nasdaq National Market or any other securities exchange or
      quotation system.

                 (iv)  execute and deliver letters, documents or instruments
      with DTC and other Clearing Agencies relating to the Preferred Securities;

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

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

             (c) to execute, enter into and deliver the Debenture Subscription
Agreement and to acquire the Debentures with the proceeds of the sale of the
Preferred Securities and the Common 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;

                                      13
<PAGE>

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

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

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

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

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

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

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

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

          (l) to act as, or appoint another Person to act as, Registrar for the
Securities or to appoint a Paying Agent for the Securities as provided in
Section 7.4 except for such time as such power to appoint a Paying Agent is
vested in the Property Trustee;

          (m) to 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;

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

                                      14
<PAGE>

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

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

                 (ii)  causing the Trust to be classified for United States
      federal income tax purposes as a grantor trust or causing each Holder to
      be treated as owning an undivided beneficial interest in the Debentures;
      and

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

provided that such action does not adversely affect the interest of the Holders;

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

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

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

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

             The Administrative Trustees may take all actions on behalf of the
Trust that are not specifically required by this Declaration to be taken by any
other Trustee.

             Any expenses incurred by the Administrative Trustees pursuant to
this Section 3.6 shall be reimbursed by the Debenture Issuer.

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

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

                                      15
<PAGE>

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

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

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

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

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

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

                 (vii)  other than as provided in this Declaration or Annex I,
      (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 default that is waivable under the
      Indenture or (C) exercise any right to rescind or annul any declaration
      that the principal of all the Debentures shall be due and payable; or

                 (viii) 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 (A) an opinion of tax counsel (who
      shall not be an employee of the Sponsor or the Trust) experienced in such
      matters to the effect that such amendment, modification or termination
      will not cause more than an insubstantial risk that for United States
      federal income tax purposes the Trust will not be classified as a grantor
      trust, and (B) an Opinion of Counsel from a firm experienced in such
      matters, to the effect that the amendment, modification or termination
      will not cause more than an insubstantial risk that the Trust will be
      deemed to be an investment company required to be registered under the
      Investment Company Act of 1940, as amended.

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
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 5.7.  Such vesting and
cessation of title shall be effective whether or not conveyancing documents with
regard to the Debentures have been executed and delivered.

                                      16
<PAGE>

          (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).

          (c)   The Property Trustee shall:

                (i)   establish and maintain a segregated non-interest bearing
      trust account (the "Property Trustee Account") in the name of and under
      the exclusive control of the Property Trustee on behalf of the Holders
      and, upon the receipt of payments of funds made in respect of the
      Debentures held by the Property Trustee, deposit such funds into the
      Property Trustee Account and make payments or cause the Paying Agent to
      make payments to the Holders from the Property Trustee Account in
      accordance with Section 6.1.  Funds in the Property Trustee Account shall
      be held uninvested until disbursed in accordance with this Declaration.
      The Property Trustee Account shall be an account that is maintained with a
      banking institution the rating on whose long-term unsecured indebtedness
      is rated in one of four highest rating categories by a "nationally
      recognized statistical rating organization", as that term is defined for
      purposes of Rule 436(g)(2) under the Securities Act;

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

                (iii) upon written notice of distribution issued by the
      Administrative Trustees in accordance with the terms of the Securities,
      engage in such ministerial activities as shall be necessary or appropriate
      to effect the distribution of the Debentures to Holders upon the
      occurrence of certain events set forth in Sections 2.7 and 8.1 hereof.

          (d)   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 Declaration and the Securities.

          (e)   Subject to Section 3.9(a), the Property Trustee shall take any
Legal Action which arises out of or in connection with an Event of Default of
which a Responsible Officer has actual knowledge or the Property Trustee's
duties and obligations under this Declaration or the Trust Indenture Act and if
the Property Trustee shall have failed to take such Legal Action following a
written request and offer of indemnity or security, satisfactory to the Property
Trustee, from the Holders, the Holders of the Preferred Securities may, to the
fullest extent permitted by law, take such Legal Action, to the same extent as
if such Holders of Preferred Securities held an aggregate principal amount of
Debentures equal to the aggregate liquidation amount of such Preferred
Securities, without first proceeding against the Property Trustee or the Trust;
provided, however, that if an Event of Default has occurred and is continuing
--------  -------
and such event is attributable to the failure of the Debenture Issuer to pay the
principal of or interest (including Compounded Interest and Additional Sums
(each as defined in Indenture), if any) on the Debentures on the date such
principal or interest (including Compounded Interest and Additional Sums, if
any) is otherwise payable (or in the case of redemption, on the redemption
date), then a Holder of Preferred Securities may directly

                                      17
<PAGE>

institute a proceeding for enforcement of payment to such Holder of the
principal of or interest (including Compounded Interest and Additional Sums, if
any), if any, on the Debentures having a principal amount equal to the aggregate
liquidation amount of the Preferred Securities of such Holder (a "Direct
Action") on or after the respective due date specified in the Debentures. In
connection with such Direct Action, the Holders of the Common Securities will be
subrogated to the rights of such Holder of Preferred Securities to the extent of
any payment made by the Debenture Issuer to such Holder of Preferred Securities
in such Direct Action. If the Property Trustee fails to declare the principal of
all of the Debentures due and payable upon an Event of Default (as defined in
the Indenture), so long as the Property Trustee is holding the Debentures on
behalf of the Trust, the Holders of at least 25% in liquidation amount of the
Preferred Securities then outstanding will have the right to declare the
Debentures immediately due and payable. Except as provided in this Section
3.8(e), the Holders of Preferred Securities will not be able to exercise
directly any other remedy available to the holders of the Debentures.

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

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

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

            (g)  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 an Event of Default actually known to a Responsible Officer
occurs and is continuing, the Property Trustee shall, for the benefit of
Holders, enforce its rights, including without limitation, its rights under the
Indenture as holder of the Debentures, subject to the rights of the Holders
pursuant to the terms of such Securities.

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

            (i)  For such time as the Property Trustee is the Paying Agent, 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 the Property
Trustee remains as Paying Agent and a successor Paying Agent or additional
Paying Agents may be (but are not required to be) appointed at any time by the
Property Trustee while the Property Trustee is so acting as Paying Agent.

            (j)  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 3.6.

            Notwithstanding anything expressed or implied to the contrary in
this Declaration or any Annex or Exhibit hereto, (i) the Property Trustee must
exercise the powers set forth in this

                                      18
<PAGE>

Section 3.8 in a manner that is consistent with the purposes and functions of
the Trust set out in Section 3.3 and (ii) the Property Trustee shall not take
any action that is inconsistent with the purposes and functions of the Trust set
out in Section 3.3.

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

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

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

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

                      (A) the duties and obligations of the Property Trustee
            shall be determined solely by the express provisions of this
            Declaration 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 Declaration and in the
            Securities, and no implied covenants or obligations shall be read
            into this Declaration or the Securities 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
            Declaration; 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 the same to
            determine whether or not they conform to the require  ments of this
            Declaration (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 upon which such judgment was made;

                                      19
<PAGE>

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

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

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

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

                (vi)   the Property Trustee shall not be responsible for
      monitoring the compliance by the Administrative Trustees or the Sponsor
      with their respective duties under this Declaration, nor shall the
      Property Trustee be liable for any act, omission, default or misconduct of
      the Administrative Trustees or the Sponsor; and

                (ix)   the Property Trustee shall not be deemed to have notice
      of any Event of Default unless a Responsible Officer of the Property
      Trustee has actual knowledge thereof or unless written notice of any event
      which is in fact such a default is received by the Property Trustee at the
      Corporate Trust Office of the Property Trustee.

                                      20
<PAGE>

 SECTION 3.10  Certain Rights of 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 Declaration may be
      sufficiently evidenced by an Officers' Certificate;

                   (iii) whenever in the administration of this Declaration, 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, in the absence of bad faith on its part, request and conclusively
      rely upon an Officers' Certificate which, upon receipt of such request,
      shall be promptly delivered by the Sponsor or the 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 Declaration from any court of competent jurisdiction;

                   (vi)  the Property Trustee shall be under no obligation to
      exercise any of the rights or powers vested in it by this Declaration at
      the request or direction of any Holder, unless such Holder shall have
      provided to the Property Trustee security or 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
      Event of Default, of its obligation to exercise the rights and powers
      vested in it by this Declaration;

                                      21
<PAGE>

                   (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 may see fit, and, if the Property Trustee shall determine
      to make such further inquiry or investigation, it shall be entitled to
      examine the books, records and premises of the Trust, personally or by
      agent or attorney at the sole cost of the Sponsor and shall incur no
      liability or additional liability of any kind by reason of such inquiry or
      investigation;

                   (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, custodian, nominee or attorney appointed with due care by it
      hereunder;

                   (ix)   any authorized or required 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 Declaration, 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 Declaration 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 (i) 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, (ii) may refrain from enforcing such
      remedy or right or taking such other action until such instructions are
      received and (iii) shall be protected in conclusively relying on or acting
      in or accordance with such instructions;

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

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

                   (xiii) the rights, privileges, protections, immunities and
      benefits given to the  Property Trustee, including, without limitation,
      its right to be indemnified, are

                                      22
<PAGE>

extended to, and shall be enforceable by, the Property Trustee in each of its
capacities hereunder, and to each agent, custodian and other Person employed to
act hereunder; and

                   (xiv)  If no Event of Default has occurred and is continuing
and the Property Trustee is required to decide between alternative causes of
action, construe ambiguous provisions in this Declaration or is unsure of the
application of any provision of this Declaration, and the matter is not one on
which the Holders are, under this Declaration, entitled to vote, then the
Property Trustee may take the action as is directed by, and, if not so directed,
may take action as it deems advisable and in the best interests of, the Holders
and will have no liability except for its own bad faith, negligence or willful
misconduct.

          (b) No provision of this Declaration 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  Delaware Trustee.
               ----------------

          Notwithstanding any other provision of this Declaration other than
Section 5.2, the Delaware Trustee shall not be entitled to exercise any powers,
nor shall the Delaware Trustee have any of the duties and responsibilities of
the Administrative Trustees or the Property Trustee described in this
Declaration, or any other duties or responsibilities except as expressly stated
in this Section 3.11. 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 Business Trust Act; provided that, the
                                                        -------- ----
Delaware Trustee shall have the power and authority and is hereby authorized to
execute and file with the Secretary of State of the State of Delaware any
certificate required to be filed under the Business Trust Act, except as
provided in Section 8.1(b). In the event the Delaware Trustee shall at any time
be required to take any action or perform any duty hereunder, the Delaware
Trustee shall be entitled to the benefits of Section 3.9(b)(ii)-(viii) and
Section 3.10. No implied covenants or obligations shall be read into this
Declaration against the Delaware Trustee.

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

          Except as otherwise required by the Business Trust Act or this
Declaration, each Administrative Trustee, individually, is authorized to execute
on behalf of the Trust any documents that the Administrative Trustees have the
power and authority to execute pursuant to Section 3.6; provided that the
                                                        -------- ----
Registration Statement, including any amendments thereto, shall be signed by all
of the Administrative Trustees.

                                      23
<PAGE>

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

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

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

          The Trust, unless dissolved pursuant to the provisions of Article VIII
hereof, shall continue without dissolution until _________ __, 2031.

 SECTION 3.15  Mergers.
               -------

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

               (b) The Trust may, at the request of the Sponsor, 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, merge with or into, consolidate,
amalgamate or 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)   such successor entity (the "Successor Entity") either:

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

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

                   (ii)  the 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 Preferred Securities or the Successor Securities
      are listed, or any Successor Securities will be listed upon notification
      of issuance, on any national securities exchange or with another
      organization on which the Preferred Securities are then listed or quoted,
      if any;

                                      24
<PAGE>

                    (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,
      amalgamation, replacement, conveyance, transfer or lease does not cause
      the Preferred Securities (including any Successor Securities), or if the
      Debentures are so rated, the Debentures, to be downgraded by any
      nationally recognized statistical rating organization;

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

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

                    (vii) prior to such merger, consolidation, amalgamation,
      replacement, conveyance, transfer or lease, the Sponsor has received an
      opinion of an independent counsel to the Trust (who shall not be an
      employee of the Sponsor or the Trust) experienced in such matters to the
      effect that:

                          (A) such merger, consolidation, amalgamation,
            replacement, conveyance, transfer or lease does not adversely affect
            the rights, preferences and privileges of the Holders (including the
            holders of 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,
            amalgamation, replacement, conveyance, transfer or lease, neither
            the Trust nor the Successor Entity will be required to register as
            an Investment Company; and

                          (C) the Trust will continue to be, or the Successor
      Entity will be, classified as a grantor trust for United States federal
      income tax purposes;

                   (viii) 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 Preferred Securities Guarantee and the
      Common Securities Guarantee; and

                   (ix)   there shall have been furnished to the Property
      Trustee an Officer's Certificate and an Opinion of Counsel, each to the
      effect that all conditions precedent in this Declaration to such
      transaction have been satisfied.

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

                                      25
<PAGE>

substantially as an entirety to, any other Person or permit any other Person to
consolidate, amalgamate, merge with or into, or replace it if such
consolidation, amalgamation, merger, replacement, conveyance, transfer or lease
would cause the Trust or the Successor Entity not to be classified as a grantor
trust for United States federal income tax purposes.

SECTION 3.16  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 shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Property Trustee shall
have 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:

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Property Trustee and, in the event the
Property Trustee shall consent 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 herein contained 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 thereof or to authorize the Property
Trustee to vote in respect of the claim of any Holder in any such proceeding.

                                      26
<PAGE>

                                  ARTICLE IV
                                    SPONSOR

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

          At the Closing Time, the Sponsor will purchase all of the Common
Securities then issued by the Trust, in an amount equal to at least 3% of the
total capital of the Trust, at the same time as the Preferred Securities are
issued and sold.

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

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

          (a) to prepare the Prospectus in preliminary and final form, and to
prepare and file the Registration Statement and any other necessary documents
with the Commission, including any amendments thereto and to pay any
registration fees in connection therewith;

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

          (c) if deemed necessary or advisable by the Sponsor, to prepare for
filing by the Trust an application to permit the Preferred Securities to trade
or be quoted or listed in or on the National Market System or any other
securities exchange or quotation system;

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

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

 SECTION 4.3  Right to Proceed.
              ----------------

          The Sponsor acknowledges the rights of the Holders of Preferred
Securities under Section 3.8(e) of the Declaration and Section 5(b) of Annex I,
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 proceeding directly
against the Debenture Issuer for enforcement of its payment obligations on the
Debentures and the Sponsor irrevocably waives any right or remedy to require
that any such Holder take any action against the Trust or any other Person
before proceeding against the Sponsor.

                                      27
<PAGE>

SECTION 4.4 Right to Dissolve Trust
            -----------------------

          The Sponsor will have the right to any time to dissolve the Trust and
after satisfaction of liabilities to creditors of the Trust as required by
applicable law, to cause the Debentures to be distributed to the Holders in
liquidation of the Trust.  Such right is subject to the Sponsor's having
received (i) an Opinion of Counsel to the effect that such distribution will not
cause the Holder of Preferred Securities to recognize gain or loss for United
States federal income tax purposes and (ii) all required regulatory approvals.

                                   ARTICLE V
                                   TRUSTEES

 SECTION 5.1  Number of Trustees: Appointment of Co-Trustee.
              ---------------------------------------------

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

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

          (b) after the issuance of any Securities, the number of Trustees may
be increased or decreased by vote of the Holders of a Majority in liquidation
amount of the Common Securities voting as a class at a meeting of the Holders of
the Common Securities; provided, however, that, the number of Trustees shall in
                       --------  -------
no event be less than two (2); provided further that (1) one Trustee shall
                               -------- -------
satisfy the requirements of the Delaware Trustee pursuant to Section 5.2; (2)
there shall be at least one Trustee who is an officer of the Sponsor (an
"Administrative Trustee"); and (3) one Trustee shall be the Property Trustee for
so long as this Declaration is required to qualify as an indenture under the
Trust Indenture Act, and such Trustee may also serve as Delaware Trustee if it
meets the applicable requirements.  Notwithstanding the above, unless an Event
of Default shall have occurred and be continuing, at any time or times, for the
purpose of meeting the legal requirements of the Trust Indenture Act or of any
jurisdiction in which any part of the Trust's property may at the time be
located, the Holders of a Majority in liquidation amount of the Common
Securities acting as a class at a meeting of the Holders of the Common
Securities, and the Administrative Trustees shall have power to appoint one or
more Persons either to act as a co-trustee, jointly with the Property Trustee,
of all or any part of the Trust's property, or to act as separate trustee of any
such property, in either case with such powers as may be provided in the
instrument of appointment, and to vest in such Person or Persons in such
capacity any property, title, right or power deemed necessary or desirable,
subject to the provisions of this Declaration.  In case an Event of Default has
occurred and is continuing, the Property Trustee alone shall have power to make
any such appointment of a co-trustee.

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

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

                                      28
<PAGE>

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

          (b) if not a natural person, an entity which has its principal place
of business in the State of Delaware, and otherwise meets the requirements of
Section 3807(a) of the Business Trust Act and any other 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, then the
Property Trustee shall also be the Delaware Trustee, the Person theretofore
serving as Delaware Trustee (if other than the Property Trustee) automatically
shall cease to be a Trustee, the Property Trustee promptly shall provide to the
Person theretofore serving as Delaware Trustee written notice of the same (in
relying on which the Person theretofore serving as Delaware Trustee shall be
fully justified and protected), the number of Trustees automatically shall be
reduced by one (1), the Property Trustee promptly shall cause the certificate of
trust of the Trust to be amended as necessary, and Section 3.11 shall have no
application.

 SECTION 5.3  Property Trustee; Eligibility.
              -----------------------------

          (a) There shall at all times be one Trustee (the "Property Trustee")
which shall act as Property Trustee which shall:

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

              (ii)  be a corporation organized and doing business under the
      laws of the United States of America or any State or Territory thereof or
      of the District of Columbia, or a corporation or Person permitted by the
      Commission to act as an institutional trustee under the Trust Indenture
      Act, authorized under such laws to exercise corporate trust powers, having
      a combined capital and surplus of at least 50 million U.S. dollars
      ($50,000,000), and subject to supervision or examination by Federal,
      State, Territorial or District of Columbia authority.  If such corporation
      publishes reports of condition at least annually, pursuant to law or to
      the requirements of the supervising or examining authority referred to
      above, then for the purposes of this Section 5.3(a)(ii), the combined
      capital and surplus of such corporation shall be deemed to be its combined
      capital and surplus as set forth in its most recent report of condition so
      published.

          (b) If at any time the 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 5.7(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 Holder of the Common Securities (as if it were the
obligor referred to in Section 310(b) of the Trust Indenture Act) shall in all
respects comply with the provisions of Section 310(b) of the Trust Indenture
Act.

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

                                      29
<PAGE>

          (e) The initial Property Trustee shall be:

               __________________
               __________________
               ______________
               __________________
               Attention: Corporate Trust Trustee Administration

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

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

 SECTION 5.5  Administrative Trustees.
              -----------------------

          The initial Administrative Trustees shall be:

                       Dominic Ng
                       Julia Gouw
                       Douglas Krause

          (a) Except as expressly set forth in this Declaration 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.

          (b) An Administrative Trustee shall have the authority set forth in
Section 3.12 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 3.6; provided that the Registration Statement,
                                 -------- ----
including any amendment thereto, shall be signed by all of the Administra  tive
Trustees.

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

                                      30
<PAGE>

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

          The initial Delaware Trustee shall be:

          _________________
          _________________
          ________
          _________________
          Attention:       Corporate Trust Department

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

          (a) Subject to Section 5.7(b) of this Declaration and to Section 6(b)
of Annex I hereto, 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 an Event of Default 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 voting as a
      class at a meeting of the Holders of the Common Securities; and

              (iii) if an Event of Default 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 voting as a class at a
      meeting of Holders of the Preferred Securities.

          (b)       (i)   The Trustee that acts as Property Trustee shall not be
removed in accordance with Section 5.7(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 Administrative Trustees
and the Sponsor; and

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

          (c) A Trustee appointed to office shall hold office until its or his
successor shall have been appointed or until his death or its dissolution, or
until his or its removal or resignation.  Any Trustee may resign from office
(without need for prior or subsequent accounting) by an instrument in writing
signed by the Trustee and delivered to the Sponsor and the Trust, which

                                      31
<PAGE>

resignation shall take effect upon such delivery or upon such later date as is
specified therein; provided, however, that:
                   --------  -------

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

                         (A) until a Successor Property Trustee has been
            appointed and has accepted such appointment by instrument executed
            by such Successor Property Trustee and delivered to the Trust, 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 Trustee that acts as the
      Delaware Trustee shall be effective until a Successor Delaware Trustee has
      been appointed and has accepted such appointment by instrument executed by
      such Successor Delaware Trustee and delivered to the Trust, the Sponsor
      and the resigning Delaware Trustee.

          (d) The Holders of the Common Securities or, if an Event of Default
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 Delaware Trustee or Successor Property Trustee, as the case
may be, if the Property Trustee or the Delaware Trustee delivers an instrument
of resignation in accordance with this Section 5.7.

          (e) If no Successor Property Trustee or Successor Delaware Trustee
shall have been appointed and accepted appointment as provided in this Section
5.7 within 60 days after delivery of an instrument of resignation or removal,
the 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 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.

          (g) At the time of resignation or removal of the Property Trustee or
the Delaware Trustee, the Debenture Issuer shall pay to such Trustee any amounts
that may be owed to such Trustee pursuant to Section 10.4.

          (h) Any successor to an Administrative Trustee shall be an officer,
director, employee or Affiliate of the Sponsor.

                                      32
<PAGE>

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

          If a Trustee ceases to hold office for any reason and the number of
Trustees is not reduced pursuant to Section 5.1 or Section 5.2, 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 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 5.7.

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

          The death, resignation, retirement, removal, bankruptcy, dissolution,
liquidation, incompetence or incapacity to perform the duties of a Trustee shall
not operate to dissolve, terminate or annul the Trust.  Whenever a vacancy in
the number of Administrative Trustees shall occur, until such vacancy is filled
by the appointment of an Administrative Trustee in accordance with Section 5.7,
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 Declaration.

 SECTION 5.1  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,
provided, however, that meetings of the Administrative Trustees shall not be
--------  -------
held in any jurisdiction which would subject the Trust to taxation under the
laws of such jurisdiction.  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
Declaration, 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 and without notice 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.

                                      33
<PAGE>

 SECTION 5.1  Delegation of Power.
              -------------------

              (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 or her power for the purpose of executing any documents
contemplated in Section 3.6, including any registration statement or amendment
thereto filed with the Commission, or making any other governmental filing; and

              (b) the 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 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 5.1  Merger, Conversion, Consolidation or Succession to Business.
              -----------------------------------------------------------

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

                                  ARTICLE VI
                                 DISTRIBUTIONS

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

          Holders shall receive Distributions in accordance with the applicable
terms of the relevant Holder's Securities.  Distributions shall be made on the
Preferred Securities and the Common Securities in accordance with the
preferences set forth in their respective terms.  If and to the extent that the
Debenture Issuer makes a payment of interest (including Compounded Interest and
Additional Sums, each as defined in the Indenture) or principal on the
Debentures held by the Property Trustee or any other payments with respect to
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 (a
"Distribution") of the Payment Amount to Holders.

                                      34
<PAGE>

                                  ARTICLE VII
                            ISSUANCE OF SECURITIES

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

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

          (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 Declaration,
the Securities so issued shall be deemed to be validly issued, fully paid and
non-assessable undivided beneficial interests in the assets of the Trust.

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

 SECTION 7.2  Execution and Authentication.
              ----------------------------

          (a) The Securities shall be signed on behalf of the Trust by an
Administrative Trustee by manual or facsimile signature.  In case 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 the Declaration any such person was not such an Administrative
Trustee.

          (b) One Administrative Trustee shall sign the Preferred Securities for
the Trust by manual or facsimile signature.  Unless otherwise determined by the
Administrative Trustees, such signature shall, in the case of Common Securities,
be a manual signature.

          A Preferred Security shall not be valid until authenticated by the
manual signature of an authorized signatory of the Property Trustee.  The
signature shall be conclusive evidence that the Preferred Security has been
authenticated under this Declaration.

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

                                      35
<PAGE>

of Preferred Securities outstanding at any time shall not exceed the number set
forth in the terms in Annex I hereto except as provided in Section 7.6.

          The Property Trustee may appoint an authenticating agent acceptable to
the Trust to authenticate Preferred Securities.  An authenticating agent may
authenticate Preferred Securities whenever the Property Trustee may do so.  Each
reference in this Declaration 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.

 SECTION 7.3  Form and Dating.
              ---------------

          The Preferred Securities and the Property Trustee's certificate of
authentication shall be substantially in the form of Exhibit A-1 and the Common
Securities shall be substantially in the form of Exhibit A-2, each of which is
hereby incorporated in and expressly made a part of this Declaration.
Certificates representing the Securities may 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
Securities may have letters, CUSIP or other numbers, notations or other marks of
identification or designation and such legends or endorsements 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).  The Trust at the direction of the Sponsor shall furnish any such
legend to the Property Trustee in writing.  Each Preferred Security shall be
dated the date of its authentication.  The terms and provisions of the
Securities set forth in Annex I and the forms of Securities set forth in
Exhibits A-1 and A-2 are part of the terms of this Declaration and to the extent
applicable, the Property Trustee and the Sponsor, by their execution and
delivery of this Declaration, expressly agree to such terms and provisions and
to be bound thereby.

          (a) Global Securities.  The Preferred Securities shall be issued in
              -----------------
the form of one or more permanent global Securities in definitive, fully
registered form without distribution coupons as set forth in Exhibit A-1 hereto
(a "Global Preferred Security"), which shall be deposited on behalf of the
purchasers of the Preferred Securities represented thereby with the Property
Trustee, 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 the Trust
and authenticated by the Property Trustee as hereinafter provided.  The number
of Preferred Securities represented by a Global Preferred Security may from time
to time be increased or decreased by adjustments made on the records of the
Property Trustee and the Clearing Agency or its nominee as hereinafter provided.

          (b) Book-Entry Provisions.  This Section 7.3(b) shall apply only to
              ---------------------
the Global Preferred Securities and such other Preferred Securities in global
form as may be authorized by the Trust to be deposited with or on behalf of the
Clearing Agency.

          The Trust shall execute and the Property Trustee shall, in accordance
with this Section 7.3, authenticate and make available for delivery initially
one or more Global Preferred Securities that (i) shall be registered in the name
of Cede & Co. or other nominee of such Clearing Agency and (ii) shall be
delivered by the Property Trustee to such Clearing Agency or pursuant to

                                      36
<PAGE>

such Clearing Agency's written instructions or held by the Property Trustee as
custodian for the Clearing Agency.

          Members of, or participants in, the Clearing Agency ("Participants")
shall have no rights under this Declaration with respect to any Global Preferred
Security held on their behalf by the Clearing Agency or by the Property Trustee
as the custodian of the Clearing Agency or under such Global Preferred Security,
and the Clearing Agency may be treated by the Trust, the Property Trustee and
any agent of the Trust or the Property Trustee as the absolute owner of such
Global Preferred Security  for all purposes whatsoever.  Notwithstanding the
foregoing, nothing herein shall prevent the Trust, the Property Trustee or any
agent of the Trust or the Property Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Clearing Agency or
impair, as between the Clearing Agency and its Participants, the operation of
customary practices of such Clearing Agency governing the exercise of the rights
of a holder of a beneficial interest in any Global Preferred Security.

          (c) Definitive Preferred Securities.  Except as provided in Section
              -------------------------------
7.9 or 9.2(d), owners of beneficial interests in a Global Preferred Security
will not be entitled to receive physical delivery of certificated Preferred
Securities ("Definitive Preferred Securities").

          (d) Authorized Denominations.  The Preferred Securities are issuable
              ------------------------
only in denominations of  and any integral multiple thereof.

 SECTION 7.4  Registrar and Paying Agent.
              --------------------------

          The Trust shall maintain in the Borough of Manhattan, The City of New
York, (i) an office or agency where Preferred Securities may be presented for
registration of transfer ("Registrar") and (ii) an office or agency where
Preferred Securities may be presented for payment ("Paying Agent").  The
Registrar shall keep a register of the Preferred Securities and of their
transfer. The Administrative Trustees on behalf of the Trust may appoint the
Registrar and the Paying Agent and may appoint one or more co-registrars and one
or more additional paying agents in such other locations as it shall determine.
The term "Registrar" includes any additional registrar and "Paying Agent"
includes any additional paying agent.  The Administrative Trustees on behalf of
the Trust may change any Paying Agent, Registrar or co-registrar without prior
notice to any Holder.  The Paying Agent or Registrar shall be permitted to
resign as Paying Agent or Registrar, as the case may be, upon 30 days' written
notice to the Administrative Trustees.  The Administrative Trustees on behalf of
the Trust shall notify the Property Trustee of the name and address of any Agent
not a party to this Declaration.  If the Administrative Trustees on behalf of
the Trust fails to appoint or maintain another entity as Registrar or Paying
Agent, the Property Trustee shall act as such.  The Trust or any of its
Affiliates may act as Paying Agent or Registrar.  The Trust shall act as Paying
Agent and Registrar for the Common Securities.

            The Trust initially appoints the Property Trustee as Registrar and
Paying Agent for the Preferred Securities.

                                      37
<PAGE>

 SECTION 7.5  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 liquidation amounts or Distributions, 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 monies previously held by it.  If the
Trust or the Sponsor or an 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.

 SECTION 7.6  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 7.7  Outstanding Preferred Securities.
              --------------------------------

          The Preferred Securities outstanding at any time are all the Preferred
Securities authenticated by the Property Trustee except for those canceled by
it, those delivered to it for cancellation and those described in this Section
as not outstanding.

          If a Preferred Security is replaced, paid or purchased pursuant to
Section 7.6 hereof, it ceases to be outstanding unless the Property Trustee
receives proof satisfactory to it that the replaced, paid or purchased Preferred
Security is held by a protected purchaser.

          If Preferred Securities are considered paid in full in accordance with
the terms of this Declaration, they cease to be outstanding and Distributions on
them shall cease to accumulate.

          Except as provided in Section 7.8, a Preferred Security does not cease
to be outstanding because one of the Trust, the Sponsor or an Affiliate of the
Sponsor holds the Security.

 SECTION 7.8  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 Trust, the Sponsor

                                      38
<PAGE>

or an Affiliate of the Sponsor, 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 7.9  Definitive Securities.
              ---------------------

          (a) A Global Preferred Security deposited with the Clearing Agency or
with the Property Trustee as custodian for the Clearing Agency pursuant to
Section 7.3 shall be transferred to the beneficial owners thereof in the form of
Definitive Preferred Securities only if such transfer complies with Section 9.2
and (i) the Clearing Agency notifies the Sponsor that it is unwilling or unable
to continue as Clearing Agency for such Global Preferred Security or if at any
time such Clearing Agency ceases to be a "clearing agency" registered under the
Exchange Act and a clearing agency is not appointed by the Sponsor within 90
days of such notice, (ii) a Default or an Event of Default has occurred and is
continuing or (iii) the Trust at its sole discretion elects to cause the
issuance of Definitive Preferred Securities.

          (b) Any Global Preferred Security that is transferable to the
beneficial owners thereof in the form of Definitive Preferred Securities
pursuant to this Section 7.9 shall be surrendered by the Clearing Agency to the
Property Trustee located in the Borough of Manhattan, The City of New York, to
be so transferred, in whole or from time to time in part, without charge, and
the Property Trustee shall authenticate and make available for delivery, upon
such transfer of each portion of such Global Preferred Security, an equal
aggregate liquidation amount of Preferred Securities of authorized denominations
in the form of certificated Preferred Securities.  Any portion of a Global
Preferred Security so transferred pursuant to this Section 7.9(b) shall be
registered in such names as the Clearing Agency shall direct.

          (c) Subject to the provisions of Section 7.9(b), the Holder of a
Global Preferred Security may grant proxies and otherwise authorize any Person,
including Participants and Persons that may hold interests through Participants,
to take any action which such Holder is entitled to take under this Declaration
or the Securities.

          (d) In the event of the occurrence of any of the events specified in
Section 7.9(a), the Trust will promptly make available to the Property Trustee a
reasonable supply of certificated Preferred Securities in fully registered form
without distribution coupons.

          (e) Payments on the Preferred Securities that are not held by the
Depositary will be made by check mailed to the address of the holder certified
thereto at the address which appears on the register.

 SECTION 7.10  Cancellation.
               ------------

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

                                      39
<PAGE>

Trustee shall promptly cancel all Preferred Securities, surrendered for
registration of transfer, redemption, payment, replacement or cancellation and
shall dispose of canceled Preferred Securities in accordance with its customary
procedures unless the Trust otherwise directs. 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.

 SECTION 7.11  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 notices of redemption 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.

                                  ARTICLE VII
                     DISSOLUTION AND TERMINATION OF TRUST

 SECTION 8.1  Dissolution and Termination of Trust.
              ------------------------------------

          (a) The Trust shall automatically dissolve and be wound up in
accordance with applicable law:

              (i)    upon the occurrence of an Event of Default with respect to
      the Sponsor as described in Section 5.01(d) or (e) of the Indenture;

              (ii)   upon the filing of a certificate of dissolution or
      liquidation 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)  based upon an election by the Sponsor to dissolve the
      Trust, following the distribution of the Debentures from the Trust to the
      Holders in exchange for all of the Securities, provided, that the Property
                                                     --------
      Trustee has received written notice from the Sponsor directing the
      Property Trustee to dissolve the Trust (which election is optional, and
      except as otherwise expressly provided below, within the discretion of the
      Sponsor), and provided, further, that such direction and such distribution
                   ---------  -------
      is conditioned on (a) the receipt by the Sponsor of any and all required
      regulatory approvals, and (b) the Sponsor's receipt and delivery to the
      Administrative Trustees of an opinion of independent tax counsel
      experienced in such matters (who shall not be an employee of the Sponsor
      or the Trust) to the effect that the Holders of the Preferred Securities
      will 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 Debentures;

                                      40
<PAGE>

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

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

                   (vi)   upon redemption or repayment of the Debentures or at
      such time as no Debentures are outstanding; or;

                   (vii)  the expiration of the term of the Trust provided in
      Section 3.14.

          (b) As soon as is practicable after the occurrence of an event
referred to in Section 8.1(a), but within 30 days of such event, notice of such
dissolution shall be given to the Holders and upon completion of the winding up
of Trust, the Administrative Trustees shall file a certificate of cancellation
with the Secretary of State of the State of Delaware and the Trust shall
terminate.

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

                                  ARTICLE IX
                             TRANSFER OF INTERESTS

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

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

          (b) The Administrative Trustees shall provide for the registration of
Preferred Securities and of the transfer of Preferred Securities, which will be
effected without charge but only upon payment (with such indemnity as the
Administrative Trustees may require) in respect of any tax or other governmental
charges that may be imposed in relation to it.  Upon surrender for registration
of transfer of any Preferred Securities, the Administrative Trustees shall cause
one or more new Preferred Securities to be issued in the name of the designated
transferee or transferees. Every Preferred Security surrendered for registration
of transfer shall be accompanied by a written instrument of transfer in form
satisfactory to the Administrative Trustees and the Registrar or co-registrar,
duly executed by the Holder or such Holder's attorney duly authorized in
writing.  Each Preferred Security surrendered for registration of transfer shall
be canceled by the Property Trustee. A transferee of a Preferred Security shall
be entitled to the rights and subject to the obligations of a Holder hereunder
upon the receipt by such transferee of a Preferred Security.  By acceptance of a
Preferred Security, each transferee shall be bound by this Declaration.

                                      41
<PAGE>

          (c) The Holder of the Common Securities may not transfer the Common
Securities except (a) in connection with transactions permitted under Section
10.01 of the Indenture, or (b) to the Sponsor or an Affiliate thereof in
compliance with applicable law (including the Securities Act and applicable
state securities and blue sky laws); provided that, any such transfer is subject
                                     -------- ----
to the condition precedent that the transferor obtain the written opinion of
qualified independent counsel experienced in such matters that such transfer
would not cause more than an insubstantial risk that:

                (i)  the Trust would not be classified for United States federal
      income tax purposes as a grantor trust and each Holder of Securities would
      not be treated as owning an undivided beneficial interest in the
      Debentures; and

                (ii) the Trustee would be an Investment Company or the
      transferee would become an Investment Company.

To the fullest extent permitted by law, any attempted transfer of the Common
Securities other than as set forth in the immediately preceding sentence shall
be void.  For so long as the Trust Securities remain outstanding, the Sponsor
will covenant (i) to directly or indirectly maintain 100% direct or indirect
ownership of the Common Securities of the Trust; provided, however, that any
                                                 --------  -------
permitted successor of the Sponsor under the Indenture may succeed to the
Sponsor's ownership of such Common Securities, (ii) to use its reasonable
efforts to cause the Trust (a) to remain a business trust, except in connection
with the distribution of Debentures to the Holders of Trust Securities in
liquidation of the Trust, the redemption of all of the Trust Securities, or
certain mergers, consolidations or amalgamations, each as permitted by this
Declaration, and (b) to otherwise continue to be classified as a grantor trust
for United States federal income tax purposes and (iii) to use its reasonable
efforts to cause each holder of Trust Securities to be treated as owning an
undivided beneficial interest in the Debentures.

 SECTION 9.2  Transfer Procedures and Restrictions.
              ------------------------------------

          (a) Transfer and Exchange of Definitive Preferred Securities.  When
              --------------------------------------------------------
Definitive Preferred Securities are presented to the Registrar or co-registrar

                  (x) to register the transfer of such Definitive Preferred
                      Securities; or

                  (y) to exchange such Definitive Preferred Securities which
      became mutilated, destroyed, defaced, stolen or lost, for an equal number
      of Definitive Preferred Securities,

the Registrar or co-registrar shall register the transfer or make the exchange
as requested if its reasonable requirements for such transaction are met;
provided, however, that the Definitive Preferred Securities surrendered for
--------  -------
registration of transfer or exchange shall be duly endorsed or accompanied by a
written instrument of transfer in form reasonably satisfactory to the
Administrative Trustees and the Registrar or co-registrar, duly executed by the
Holder thereof or his attorney duly authorized in writing;

                                      42
<PAGE>

          (b) Transfer and Exchange of Global Preferred Securities.  The
              ----------------------------------------------------
transfer and exchange of Global Preferred Securities or beneficial interests
therein shall be effected through the Clearing Agency, in accordance with this
Declaration (including applicable restrictions on transfer set forth herein, if
any) and the procedures of the Clearing Agency therefor.

          (c) Restrictions on Transfer and Exchange of Global Preferred
              ---------------------------------------------------------
Securities. Notwithstanding any other provisions of this Declaration (other than
----------
the provisions set forth in this Section 9.2 and subsection (a) of Section 7.9),
a Global Preferred Security may not be transferred as a whole except by the
Clearing Agency to a nominee of 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.

          (d) Authentication of Definitive Preferred Securities.  If at any
              -------------------------------------------------
time:

              (i)   the Clearing Agency notifies the Sponsor that it is
      unwilling or unable to continue as Clearing Agency for such Global
      Preferred Security or if at any time such Clearing Agency ceases to be a
      "clearing agency" registered under the Exchange Act and a clearing agency
      is not appointed by the Sponsor within 90 days of such notice;

              (ii)  there occurs a Default or an Event of Default which is
      continuing, or

              (iii) the Trust (by the Administrative Trustees), in its sole
      discretion, notifies the Property Trustee in writing that it elects to
      cause the issuance of Definitive Preferred Securities under this
      Declaration,

then an Administrative Trustee on behalf of the Trust will execute, and the
Property Trustee, upon receipt of a written order of the Trust signed by one
Administrative Trustee requesting the authentication and delivery of Definitive
Preferred Securities to the Persons designated by the Trust, will authenticate
and make available for delivery Definitive Preferred Securities, equal in number
to the number of Preferred Securities represented by the Global Preferred
Securities, in exchange for such Global Preferred Securities.

          (e) Cancellation or Adjustment of Global Preferred Security.  At such
              -------------------------------------------------------
time as all beneficial interests in a Global Preferred Security have either been
exchanged for Definitive Preferred Securities to the extent permitted by this
Declaration or redeemed, repurchased or canceled in accordance with the terms of
this Declaration, such Global Preferred Security shall be canceled by the
Property Trustee.  At any time prior to such cancellation, if any beneficial
interest in a Global Preferred Security is exchanged for Definitive Preferred
Securities, Preferred Securities represented by such Global Preferred Security
shall be reduced and an adjustment shall be made on the books and records of the
Clearing Agency and the Registrar, to reflect such reduction.

                                      43
<PAGE>

            (f) Obligations with Respect to Transfers of Preferred Securities.
                -------------------------------------------------------------

                (i)    To permit registrations of transfers, an Administrative
      Trustee on behalf of the Trust shall execute and the Property Trustee
      shall authenticate Definitive Preferred Securities and Global Preferred
      Securities at the Registrar's or co-registrar's request in accordance with
      the terms of this Declaration.

                (ii)   Registrations of transfers will be effected without
      charge, but only upon payment (with such indemnity as the Trust or the
      Sponsor may require) in respect of any tax or other governmental charge
      that may be imposed in relation to it.

                (iii)  The Registrar or co-registrar shall not be required to
      register the transfer of (a) Preferred Securities during a period
      beginning at the opening of business 15 days before the day of mailing of
      a notice of redemption or any notice of selection of Preferred Securities
      for redemption and ending at the close of business on the day of such
      mailing; or (b) any Preferred Security so selected for redemption in whole
      or in part, except the unredeemed portion of any Preferred Security being
      redeemed in part.

                (iv)   Prior to the due presentation for registration of
      transfer of any Preferred Security, the Trust, the Property Trustee, the
      Paying Agent, the Registrar or any co-registrar may deem and treat the
      Person in whose name a Preferred Security is registered as the absolute
      owner of such Preferred Security for the purpose of receiving
      Distributions on such Preferred Security (subject to Section 2(c) of Annex
      I) and for all other purposes whatsoever, and none of the Trust, the
      Property Trustee, the Paying Agent, the Registrar or any co-registrar
      shall be affected by notice to the contrary.

                (v)    All Preferred Securities issued upon any registration of
      transfer pursuant to the terms of this Declaration shall evidence the same
      security and shall be entitled to the same benefits under this Declaration
      as the Preferred Securities surrendered upon such registration of
      transfer.

            (g) No Obligation of the Property Trustee.
                -------------------------------------

                (i)    The Property Trustee shall have no responsibility or
      obligation to any beneficial owner of a Global Preferred Security, a
      Clearing Agency Participant in the Clearing Agency or other Person with
      respect to the accuracy of the records of the Clearing Agency or its
      nominee or of any Clearing Agency Participant thereof, with respect to any
      ownership interest in the Preferred Securities or with respect to the
      delivery to any Clearing Agency Participant, beneficial owner or other
      Person (other than the Clearing Agency) of any notice (including any
      notice of redemption) or the payment of any amount, under or with respect
      to such Preferred Securities.  All notices and communications to be given
      to the Holders and all payments to be made to Holders under the Preferred
      Securities shall be given or made only to or upon the order of the
      registered Holders (which shall be the Clearing Agency or its nominee in
      the case of a Global Preferred Security).  The rights of beneficial owners
      in any Global Preferred Security shall be exercised only through the

                                      44
<PAGE>

      Clearing Agency subject to the applicable rules and procedures of the
      Clearing Agency. The Property Trustee may conclusively rely and shall be
      fully protected in relying upon information furnished by the Clearing
      Agency or any agent thereof with respect to its Clearing Agency
      Participants and any beneficial owners.

                (ii)   The Property Trustee and the Registrar shall have no
      obligation or duty to monitor, determine or inquire as to compliance with
      any restrictions on transfer imposed under this Declaration or under
      applicable law with respect to any transfer of any interest in any
      Preferred Security (including any transfers between or among Clearing
      Agency Participants or beneficial owners in any Global Preferred Security)
      other than to require delivery of such certificates and other
      documentation or evidence as are expressly required by, and to do so if
      and when expressly required by, the terms of this Declaration, and to
      examine the same to determine substantial compliance as to form with the
      express requirements hereof.

 SECTION 9.3  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 (subject to the definition of "Holder" contained herein) and,
accordingly, 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 9.4  Book Entry Interests.
              --------------------

          Global Preferred Securities shall initially be registered on the books
and records of the Trust in the name of Cede & Co., the nominee of the Clearing
Agency, and no Preferred Security Beneficial Owner will receive a definitive
Preferred Security Certificate representing such Preferred Security Beneficial
Owner's interests in such Global Preferred Securities, except as provided in
Section 7.9 and Section 9.2.  Unless and until definitive, fully registered
Preferred Securities certificates have been issued to the Preferred Security
Beneficial Owners pursuant to Section 7.9 or Section 9.2:

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

            (b) the Trust and the Trustees shall be entitled to deal with the
      Clearing Agency for all purposes of this Declaration (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 sole holder of the Global Certificates and shall have
      no obligation to the Preferred Security Beneficial Owners;

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

                                      45
<PAGE>

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

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

               Whenever a notice or other communication to the Preferred
Security Holders is required under this Declaration, unless and until
definitive, fully registered Preferred Securities certificates have been issued
to the Preferred Security Beneficial Owners pursuant to Section 7.9 or Section
9.2, 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 9.6   Appointment of Successor Clearing Agency.
               ----------------------------------------

               If any Clearing Agency ceases to continue 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.

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

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

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

                   (i)  personally liable for the return of any portion of the
      capital contributions (or any return thereon) of the Holders 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 or termination of the Trust or otherwise.

               (b) The Debenture Issuer shall be liable for all of the debts and
obligations of the Trust (other than in respect of the payment of principal and
interest on the Securities) to the extent not satisfied out of the Trust's
assets.

                                      46
<PAGE>

               (c) Pursuant to Section 3803(a) of the 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 10.2  Exculpation.
               -----------

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

               (b) An Indemnified Person shall be fully protected in relying in
good faith upon the records of the Trust and upon such information, opinions,
reports or statements presented to the Trust by any Person as to matters the
Indemnified Person reasonably believes are within such other Person's
professional or expert competence and, if selected by such Indemnified Person,
has been selected by such Indemnified Person with reasonable care 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.

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

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

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

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

                                      47
<PAGE>

conflict, agreement, transaction or situation and the benefits and burdens
relating to such interests, any customary or accepted industry practices, and
any applicable generally accepted accounting practices or principles. In the
absence of bad faith by the Indemnified Person, the resolution, action or term
so made, taken or provided by the Indemnified Person shall not constitute a
breach of this Declaration or any other agreement contemplated herein or of any
duty or obligation of the Indemnified Person at law or in equity or otherwise.

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

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

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

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

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

                    (ii) The Debenture Issuer shall indemnify, to the full
      extent permitted by law, any Company Indemnified Person who was or is a
      party or is threatened to be made a party to any threatened, pending or
      completed action or suit by or in the right of the Trust to procure a
      judgment in its favor by reason of the fact that he is or was a Company
      Indemnified Person against expenses (including attorneys' fees and
      expenses) actually and reasonably incurred by him in connection with the
      defense or settlement of such action or suit if he acted in good faith and
      in a manner he reasonably believed to be in or not

                                      48
<PAGE>

      opposed to the best interests of the Trust and except that no such
      indemnification shall be made in respect of any claim, issue or matter as
      to which such Company Indemnified Person shall have been adjudged to be
      liable to the Trust unless and only to the extent that the Court of
      Chancery of Delaware or the court in which such action or suit was brought
      shall determine upon application that, despite the adjudication of
      liability but in view of all the circumstances of the case, such Person is
      fairly and reasonably entitled to indemnity for such expenses which such
      Court of Chancery or such other court shall deem proper.

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

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

                (v)    Expenses (including attorneys' fees and expenses)
      incurred by a Company Indemnified Person in defending a civil, criminal,
      administrative or investigative action, suit or proceeding referred to in
      paragraphs (i) and (ii) of this Section 10.4(a) shall be paid by the
      Debenture Issuer in advance of the final disposition of such action, suit
      or proceeding upon receipt of an undertaking by or on behalf of such
      Company Indemnified Person to repay such amount if it shall ultimately be
      determined that he is not entitled to be indemnified by the Debenture
      Issuer as authorized in this Section 10.4(a). Notwithstanding the
      foregoing, no advance shall be made by the Debenture Issuer if a
      determination is reasonably and promptly made (i) by the Administrative
      Trustees by a majority vote of a Quorum of disinterested Administrative
      Trustees, (ii) 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 (iii) the Common
      Security Holder of the Trust, that, based upon the facts known to the
      Administrative Trustees, counsel or the Common Security Holder at the time
      such determination is made, such Company Indemnified Person acted in bad
      faith or in a manner that such person did not believe to be in or not
      opposed to the best interests of the Trust, or, with respect to any
      criminal proceeding, that such Company Indemnified Person believed or had
      reasonable cause to believe his conduct was unlawful. In no event shall
      any advance be made in

                                      49
<PAGE>

      instances where the Administrative Trustees, independent legal counsel or
      Common Security Holder reasonably determine that such person deliberately
      breached his duty to the Trust or its Common or Preferred Security
      Holders.

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

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

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

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

          (b)   To the fullest extent permitted by law, ti he Debenture Issuer
agrees to indemnify the (i) Property Trustee, (ii) the Delaware Trustee, (iii)
any Affiliate of the Property Trustee or the Delaware Trustee, and (iv) any
officers, directors, shareholders, members, partners, employees,
representatives, custodians, nominees or agents of the Property Trustee or the
Delaware Trustee (each of the Persons in (i) through (iv) being referred to as a
"Fiduciary Indemnified Person") for, and to hold each Fiduciary Indemnified
Person harmless against, any and all loss, liability, damage, claim or expense
including taxes (other than taxes based on the income of such Fiduciary
Indemnified Person) incurred without negligence or bad faith on its part,
arising out of or in

                                      50
<PAGE>

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 10.4(b)
shall survive the resignation or removal of the Property Trustee or the Delaware
Trustee, the dissolution of the Trust and the satisfaction and discharge of this
Declaration.

 SECTION 10.  Outside Businesses.
              ------------------

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

 SECTION 10.  Compensation; Fees.
              ------------------

      The Debenture Issuer agrees:

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

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

              The provisions of this Section 10.6 shall survive the dissolution
of the Trust and the termination of this Declaration and the removal or
resignation of any Trustee.

              No Trustee may claim any lien or charge on any property of the
Trust as a result of any amount due pursuant to this Section 10.6.

                                      51
<PAGE>

                                  ARTICLE XI
                                  ACCOUNTING

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

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

 SECTION 11.2  Certain Accounting Matters.
               --------------------------

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

               (c) 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 a Form 1041 or such other form required by United States
federal income tax law, and any other annual income tax returns required to be
filed by the Administrative Trustees on behalf of the Trust with any state or
local taxing authority.

 SECTION 11.3  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 Trustee Account and no other funds of the Trust shall be
deposited in the Property Trustee Account. The sole signatories for such
accounts shall be designated by the Administrative Trustees; provided, however,
                                                             --------  -------
that the Property Trustee shall designate the signatories for the Property
Trustee Account.

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

               The Trust and the Administrative Trustees shall comply with all
withholding requirements under United States federal, state and local law. The
Trust shall request, and the

                                      52
<PAGE>

Holders shall provide to the Trust, such forms or certificates as are necessary
to establish an exemption from withholding with respect to each Holder, and any
representations and forms as shall reasonably be requested by the Trust to
assist it in determining the extent of, and in fulfilling, its withholding
obligations. The 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 the Holder. In the event of any
claimed over withholding, Holders shall be limited to an action against the
applicable jurisdiction. If the amount required to be withheld was not withheld
from actual Distributions made, the Trust may reduce subsequent Distributions by
the amount of such withholding.

                                  ARTICLE XII
                            AMENDMENTS AND MEETINGS

 SECTION 12.  Amendments.
              ----------

              (a) Except as otherwise provided in this Declaration (including
Section 7 of Annex I hereto) or by any applicable terms of the Securities, this
Declaration may only be amended by a written instrument approved and executed
by:

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

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

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

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

                  (i) unless the 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 Declaration (including the terms of the
            Securities) and that the interests of any Holder of Securities will
            not be materially affected by such amendment; and

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

                                      53
<PAGE>

            conditions precedent, if any, in this Declaration to the execution
            and delivery of such amendment have been satisfied,

      provided, however, that the Property Trustee shall not be required to sign
      --------  -------
      any such amendment which affects the rights, powers, duties, obligations
      or immunities of the Property Trustee; and

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

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

                        (B) reduce or otherwise adversely affect the powers of
            the Property Trustee in contravention of the Trust Indenture Act;

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

                        (D)  cause a Tax Event.

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

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

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

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

            (g) Notwithstanding Section 12.1(c), this Declaration may be amended
by the Sponsor, the Property Trustee and the Administrative Trustees without the
consent of the Holders to:

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

                                      54
<PAGE>

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

provided, however, that in each case such action shall not adversely affect the
--------  -------
interests of the Holders, and any such amendments of this Declaration shall
become effective when notice thereof is given to the Holders.

 SECTION 12.  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 (or as provided in the terms
of the Securities) to consider and act on any matter on which Holders of such
class of Securities are entitled to act under the terms of this Declaration, the
terms of the Securities or the rules of any stock exchange on which the
Preferred Securities are listed or admitted for trading. The 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 Holders calling a meeting shall specify in writing
the Securities held by the 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 there 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 Declaration or
      the rules of any stock exchange on which the Preferred Securities are
      listed or admitted for trading, such vote, consent or approval may be
      given at a meeting of the Holders. 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 any action without
      a meeting shall be given to Holders entitled to vote who have not
      consented to such action in writing. The Administrative Trustees may
      specify that any written ballot submitted to the Holder of Securities for
      the purpose of taking any action without a meeting shall be returned to
      the Trust within the time specified by the Administrative Trustees;

                                      55
<PAGE>

              (ii)   each Holder may authorize any Person to act for it by proxy
      on all matters in which a 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 11 months from the date
      thereof unless otherwise provided in the proxy. Every proxy shall be
      revocable at the pleasure of the Holder executing it.  Except as otherwise
      provided herein, all matters relating to the giving, voting or validity of
      proxies shall be governed by the General Corporation Law of the State of
      Delaware relating to proxies, and judicial interpretations thereunder, as
      if the Trust were a Delaware corporation and the Holders were stockholders
      of a Delaware corporation;

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

              (iv)   unless the Business Trust Act, this Declaration, the terms
      of the Securities, the Trust Indenture Act or the listing rules of any
      stock exchange on which the Preferred Securities are then listed or
      trading, otherwise provides, the 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 and without prior notice, 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, provided, however, the meetings of Holders shall not be
                     --------  -------
      held in any jurisdiction which would subject the Trust to taxation under
      the laws of such jurisdiction.

                                 ARTICLE XIII
                      REPRESENTATIONS OF PROPERTY TRUSTEE
                              AND DELAWARE TRUSTEE

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

               The Trustee that acts as initial Property Trustee represents and
warrants to the Trust, to the Holders of Securities and to the Sponsor at the
date of this Declaration, and each Successor Property Trustee represents and
warrants to the Trust, to the Holders of Securities, and to 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 New York banking corporation, a
national banking association or a bank or trust company duly organized, validly
existing and in good standing under the laws of any State of the United States
or the District of Columbia, in any case with trust powers and authority to
execute and deliver, and to carry out and perform its obligations under the
terms of, this Declaration;

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

                                      56
<PAGE>

               (c) The execution, delivery and performance by the Property
Trustee of this Declaration has been duly authorized by all necessary corporate
action on the part of the Property Trustee. This Declaration 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 Declaration
by the Property Trustee does 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 state or federal banking authority is required for the
execution, delivery or performance by the Property Trustee of this Declaration.

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

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

               (a) The Delaware Trustee satisfies the requirements set forth in
Section 5.2 and, if it is not a natural person, is duly organized, validly
existing and in good standing under the laws of the State of Delaware or the
United States, with trust power and authority to execute and deliver, and to
carry out and perform its obligations under the terms of, this Declaration;

               (b) The execution, delivery and performance by the Delaware
Trustee of this Declaration has been duly authorized by all necessary corporate
action on the part of the Delaware Trustee. This Declaration 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);

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

                                      57
<PAGE>

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

                                  ARTICLE XIV
                                 MISCELLANEOUS

 SECTION 14.1  Notices.
               -------

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

               (a) if given to the Trust, in care of the Administrative Trustees
at the 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):

                   East West Bancorp Capital Trust I
                   c/o East West Bancorp, Inc.
                   415 Huntington Drive
                   San Marino, California  91108
                   Attention: Julia Gouw
                              Administrative Trustee
                   Telecopy:  (626) 799-2799

               (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 and the Property Trustee):

                   __________________
                   __________________
                   _________
                   ___________________
                   Attention: Corporate Trust Department
                   Telecopy:    __________

               (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):

                                      58
<PAGE>

                  _______________
                  _______________
                  __________
                  _______________
                  Attention: Corporate Trust Trustee Administration
                  Telecopy:    ___________

              (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 and the
Trust):

                  East West Bancorp, Inc.
                  415 Huntington Drive
                  San Marino, California  91108
                  Attention: Julia Gouw
                             Chief Financial Officer
                  Telecopy:  (626) 799-2799

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

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

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

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

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

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

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

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

                                      59
<PAGE>

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

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

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

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

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

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

                                      60
<PAGE>

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

                              EAST WEST BANCORP CAPITAL TRUST I

                              _______________________________________________
                              Dominic Ng, as Administrative Trustee

                              _______________________________________________
                              Julia Gouw, as Administrative Trustee

                              _______________________________________________
                              Douglas Krause, as Administrative Trustee

                              ________________________________,
                              as Delaware Trustee

                              By:____________________________________________
                                 Name:
                                 Title:

                              _________________________________,
                              as Property Trustee

                              By:____________________________________________
                                 Name:
                                 Title:

                              EAST WEST BANCORP, INC.
                              as Sponsor and Debenture Issuer

                              By:____________________________________________
                                 Julia Gouw
                                 Chief Financial Officer

                                      61
<PAGE>

                                    ANNEX I

                                    TERMS OF
                  _____% CUMULATIVE TRUST PREFERRED SECURITIES
                            ____% COMMON SECURITIES

          Pursuant to Section 7.1 of the Amended and Restated Declaration of
Trust, dated as of _________ __, 2000 (as amended from time to time, the
"Declaration"), the designation, rights, privileges, restrictions, preferences
and other terms and provisions of the Securities are set out below (each
capitalized term used but not defined herein has the meaning set forth in the
Declaration or, if not defined in such Declaration, as defined in the Prospectus
referred to below in Section 2(c) of this Annex I):

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

             (a) Preferred Securities. ____________ ___% Cumulative Trust
                 --------------------
Preferred Securities of the Trust with an aggregate liquidation amount with
respect to the assets of the Trust of ____________________ dollars
($___________) and each with a liquidation amount with respect to the assets of
the Trust of per security are hereby designated for the purposes of
identification only as Preferred Securities. The certificates evidencing the
Preferred Securities shall be substantially in the form of Exhibit A-1 to the
Declaration, with such changes and additions thereto or deletions therefrom as
may be required by ordinary usage, custom or practice or to conform to the rules
of any exchange or quotation system on or in which the Preferred Securities are
listed, traded or quoted.

             (b) Common Securities. ________ Common Securities of the Trust with
                 -----------------
an aggregate liquidation amount with respect to the assets of the Trust of
_____________________ dollars ($____________), and a liquidation amount with
respect to the assets of the Trust of  per security (if the underwriters
exercise their Option are hereby designated for the purposes of identification
only as Common Securities.  The certificates evidencing the Common Securities
shall be substantially in the form of Exhibit A-2 to the Declaration, with such
changes and additions thereto or deletions therefrom as may be required by
ordinary usage, custom or practice.

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

             (a) Distributions payable on each Security will be fixed at a rate
per annum of ____% (the "Coupon Rate") of the liquidation amount of per Security
(the "Liquidation Amount"), such rate being the rate of interest payable on the
Debentures to be held by the Property Trustee. Distributions in arrears for more
than one quarterly period will bear additional distributions thereon compounded
quarterly at the Coupon Rate (to the extent permitted by applicable law). A
Distribution is payable only to the extent that payments are made in respect of
the Debentures held by the Property Trustee and to the extent the Property
Trustee has funds on hand legally available therefor.

             (b) Distributions on the Securities will be cumulative, will
accumulate from the most recent date to which Distributions have been paid or
duly provided for or, if no Distributions have been paid or duly provided for,
from __________ __, 2000, and will be payable quarterly in arrears on the last
day of March, June, September and December of each year,

                                      I-1
<PAGE>

commencing on ________ __, ____ (each, a "Distribution Date"), except as
otherwise described below. Distributions will be computed on the basis of a 360-
day year consisting of twelve 30-day months and for any period less than a full
calendar quarter on the basis of the actual number of days elapsed in such 90-
day quarter based on 30-day months. As long as no Event of Default has occurred
and is continuing under the Indenture, 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 for a period not
exceeding 20 consecutive quarterly periods, including the first such quarterly
period during such period (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 for the
Debentures or extend beyond the Maturity Date of the Debentures. As a
consequence of such deferral, Distributions will also be deferred. Despite such
deferral, Distributions will continue to accrue with interest thereon (to the
extent permitted by applicable law) at the Coupon Rate 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 further deferment shall only
                                 -------- ----
be permitted to the extent that such Extension Period, together with all
extensions occurring both before and after such deferment, does not exceed 20
consecutive quarterly periods, including the first quarterly period during such
Extension Period, or extend beyond the Maturity Date of the Debentures. Payments
of deferred Distributions will be payable to Holders of record as they appear on
the books and records of the Trust on the record date for Distributions due at
the end of such Extension Period. 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.

          (c) Distributions on the Securities will be payable to the Holders
thereof as they appear on the books and records of the Trust which for so long
as the Securities remain in book entry form, will be one Business Day prior to
the relevant Distribution Date and, in the event the Securities are not in book
entry form, will be the close of business on the 15th day of the month in which
the relevant Distribution Date occurs.  Subject to any applicable laws and
regulations and the provisions of the Declaration, each such payment in respect
of the Global Preferred Securities will be made as described under the heading
"Description of Trust Preferred Securities -- Global Trust Preferred Securities"
and "Book-Entry Issuance" in the Prospectus dated _________ __, 2000, of the
Debenture Issuer and the Trust relating to the Securities and the Debentures.
Payments in respect of Preferred Securities held in certificated form will be
made by check mailed or by wire to the Holder entitled thereto.  The relevant
record dates for the Common Securities shall be the same as the record dates for
the Preferred Securities.  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, will cease to be payable
to the Holder on the relevant record date, and such defaulted Distribution will
instead be payable to the Person in whose name such Securities are registered on
the special record date or other specified date determined in accordance with
the Indenture.  If any date on which Distributions are payable on the Securities
is not a Business Day, then payment of the Distribution payable on such date
will be made on the next succeeding Business Day (and without any interest or
other payment in respect of any such delay), 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 date.

                                      I-2
<PAGE>

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

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

          In the event of any voluntary or involuntary dissolution or
termination of the Trust or the Sponsor otherwise gives notice of its election
to dissolve the Trust pursuant to Section 8.1(a)(iii) of the Declaration, the
Trust shall be liquidated by the Administrative Trustees as expeditiously as the
Administrative Trustees determine to be possible by distributing, after
satisfaction of liabilities to creditors of the Trust as provided by applicable
law, to the Holders a Like Amount (as defined below) of the Debentures, unless
such distribution is determined by the Property Trustee not to be practicable,
in which event such Holders will be entitled to receive Pro Rata out of the
assets of the Trust legally available for distribution to Holders, after
satisfaction of liabilities to creditors of the Trust as provided by applicable
law, an amount equal to the aggregate of the liquidation amount of  per Security
plus accumulated and unpaid Distributions thereon to the date of payment (such
amount being the "Liquidation Distribution").

          "Like Amount" means (i) with respect to a redemption of the
Securities, Securities having a Liquidation Amount equal to that portion of
principal amount of Debentures to be contemporaneously redeemed in accordance
with their terms allocated to the Common Securities and the Preferred Securities
based upon the relative Liquidation Amounts of such classes and the proceeds of
which will be used to pay the redemption price of such Securities and (ii) with
respect to a distribution of Debentures upon the dissolution or liquidation of
the Trust, Debentures having a principal amount equal to the Liquidation Amount
of the Securities of the Holder to whom such Debentures are distributed.

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

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

          (a) Upon the repayment of the Debentures in whole or in part, at
maturity or upon early redemption (either at the option of the Debenture Issuer
or pursuant to a Special Event, as de  scribed below), the proceeds from such
repayment shall be simultaneously applied by the Property Trustee (subject to
the Property Trustee having received written 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 accrued and unpaid interest on the Securities to be so
redeemed to the date fixed for redemption, plus 100% of the principal amount
thereof (the "Redemption Price").

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

                                      I-3
<PAGE>

          The Debenture Issuer shall have the right (subject to the conditions
in the Indenture) to elect to redeem the Debentures in whole or in part at any
time on or after _________ __, 2005, upon not less than 30 days and not more
than 60 days written notice, at the Redemption Price and, simultaneous with such
redemption, to cause a Like Amount of the Securities to be redeemed by the Trust
at the Redemption Price on a Pro Rata basis or such other method as the Property
Trustee shall deem appropriate, subject to the receipt of prior approval of any
applicable regulatory agency if it is then required under applicable regulatory
requirements.

          (c) If at any time an Investment Company Event, a Tax Event or a
Regulatory Capital Event (each as defined below, and each a "Special Event")
occurs and shall be continuing, the Debenture Issuer shall have the right
(subject to the conditions set forth in the Indenture) upon not less than 30 nor
more than 60 days written notice, to redeem the Debentures in whole, but not in
part, within the 90 days following the occurrence of such Special Event (the "90
Day Period"), and, simultaneous with such redemption, to cause a Like Amount of
the Securities to be redeemed by the Trust at the Redemption Price on a Pro Rata
basis or such other method as the Property Trustee shall deem appropriate, in
each case subject to the receipt of prior approval of any applicable regulatory
agency if it is then required under applicable regulatory requirements.

          " Investment Company Event" means the receipt by the Sponsor of an
Opinion of Counsel, rendered by a law firm experienced in such matters, to the
effect that, as a result of 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, the Trust is or will be
considered an "investment company" that is required to be registered under the
Investment Company Act of 1940, as amended, which change becomes effective on or
after the date of original issuance of the Preferred Securities of East West
Bancorp Capital Trust I.

          A "Regulatory Capital Event" shall occur at any time that the Sponsor
shall have re  ceived an opinion of independent bank regulatory counsel (who
shall not be an employee of the Sponsor or the Trust) experienced in such
matters to the effect that, as a result of (a) any amendment to, or change
(including any announced prospective change) in, the laws (or any regulations
thereunder) of the United States or any rules, guidelines or policies of
applicable regulatory agencies or (b) any official administrative pronouncement
or judicial decision interpreting or applying such laws or regulations, which
amendment or change is effective or such pronouncement or decision is announced
on or after the date of Declaration, the Preferred Securities do not constitute,
or within 90 days of the date thereof, will not constitute, Tier 1 Capital (or
its then equivalent) applied as if the Sponsor (or its successor) were a bank
holding company for purposes of  the capital adequacy guidelines of the Board of
Governors of the Federal Reserve (or any successor regulatory authority with
jurisdiction over bank holding companies), or any capital adequacy guidelines as
then in effect and applicable to the Sponsor; provided, however, that the
                                              --------  -------
distribution of the Junior Subordinated Debentures in connection with a
termination of the Trust by the Sponsor shall not in and of itself constitute a
Regulatory Capital Event.

          "Tax Event" shall occur upon receipt by the Sponsor and the Trust of
an Opinion of Counsel from counsel experienced in such matters to the effect
that, as a result of any amendment to, or change (including any announced
prospective change) in, the laws or any regulations thereunder of the United
States or any political subdivision or taxing authority thereof or therein, or

                                      I-4
<PAGE>

as a result of any official administrative pronouncement or judicial decision
interpreting or applying such laws or regulations, which amendment or change is
effective or which pronouncement or decision is announced on or after the date
of the Declaration, there is more than an insubstantial risk that (i) the Trust
is, or will be within 90 days of the date of such opinion, subject to United
States federal income tax with respect to income received or accrued on the
Debentures, (ii) interest payable by the Debenture Issuer on the Debentures is
not, or within 90 days of the date of such opinion, will not be, deductible by
the Debenture Issuer, in whole or in part, for United States federal income tax
purposes, or (iii) the Trust is, or will be within 90 days of the date of such
opinion, subject to more than a de minimis amount of other taxes, duties or
other governmental charges.

          (d)  On and from the date fixed by the Administrative Trustees for any
distribution of Debentures and liquidation of the Trust:  (i) the Securities
will no longer be deemed to be out  standing, (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 repre  senting Securities not held by the Clearing
Agency or its nominee (or any successor Clearing Agency or its nominee) will be
deemed to represent beneficial interests in a Like Amount of Debentures until
such certificates are presented to the Debenture Issuer or its agent for
transfer or reissue.

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

          (f) The procedure with respect to redemptions or distributions of
Securities shall be as follows:

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

          (ii) In the event that fewer than all the outstanding Securities are
     to be redeemed, the particular Securities to be redeemed shall be selected
     on a Pro Rata basis (based upon Liquidation Amounts), or such other method
     as the Property Trustee shall deem appropriate, not more than 60 days prior
     to the date fixed for redemption from the outstanding Preferred Securities
     not previously called for redemption, provided, however, that with respect
     to Holders that would be required to hold less than 100 but more than zero
     Securities as a result of such pro rata redemption, the Trust shall redeem
     Securities of each such Holder so that

                                      1-5
<PAGE>

     after such redemption such Holder shall hold either 100 Securities or such
     Holder no longer holds any Securities and shall use such method (including,
     without limitation, by lot) as the Property Trustee shall deem fair and
     appropriate, provided, further, that any such proration may be made on the
     basis of the aggregate Liquidation Amount of Securities held by each Holder
     thereof and may be made by making such adjustments as the Property Trustee
     deems fair and appropriate in order that only Securities in denominations
     of or integral multiples thereof shall be redeemed. In respect of Preferred
     Securities registered in the name of and held of record by the Clearing
     Agency or its nominee (or any successor Clearing Agency or its nominee) or
     any nominee, the distribution of the proceeds of such redemption will be
     made to the Clearing Agency and disbursed by such Clearing Agency in
     accordance with the procedures applied by such agency or nominee.

          (iii)  If Securities are to be redeemed and the Trust gives a
     Redemption/Distribution Notice (which notice will be irrevocable), then (A)
     with respect to Preferred Securities issued in book-entry form, by 12:00
     noon, New York City time, on the redemption date, provided that the
     Debenture Issuer has paid the Property Trustee a sufficient amount of cash
     in con  nection with the related redemption or maturity of the Debentures
     by 10:00 a.m., New York City time, on the maturity date or the date of
     redemption, as the case requires, the Property Trustee will deposit
     irrevocably with the Clearing Agency or its nominee (or successor Clearing
     Agency or its nominee) funds sufficient to pay the Redemption Price with
     respect to such Preferred Securities and will 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 certificated form and Common Securities, pro  vided
     that the Debenture Issuer has paid the Property Trustee a sufficient amount
     of cash in connection with the related redemption or maturity of the
     Debentures, the Property Trustee will pay the Redemption Price to the
     Holders by check mailed to the address of the relevant Holder appearing on
     the books and records of the Trust on the redemption date, provided, that
     any such payment shall become due only upon surrender by the Holder of the
     related certificated Preferred Securities.  If a Redemption/Distribution
     Notice shall have been given and funds deposited as required, if
     applicable, then immediately prior to the close of business on the date of
     such deposit, or on the redemption date, as applicable, Distributions will
     cease to accumulate on the Securities so called for redemption and all
     rights of Holders so called for redemption will cease, except the right of
     the Holders of such Securities to receive the Redemption Price, but without
     interest on such Redemption Price, and such Securities shall cease to be
     outstanding.

          (iv)   Payment of accumulated and unpaid Distributions on the
     Redemption Date of the Securities will be subject to the rights of Holders
     on the close of business on a regular record date in respect of a
     Distribution Date occurring on or prior to such Redemption Date. Neither
     the Administrative Trustees nor the Trust shall be required to register or
     cause to be registered the transfer of (i) any Securities beginning on the
     opening of business 15 days before the day of mailing of a notice of
     redemption and ending at the close of business on the day of such mailing
     or (ii) any Securities selected for redemption except the unredeemed
     portion of any Security being redeemed. If any date fixed for redemption of
     Securities is not a Business Day, then payment of the Redemption Price
     payable on such date will be made on the next succeeding day that is a
     Business Day (and without any interest or other payment

                                      I-6
<PAGE>

     in respect of any such delay) except that, if such next succeeding Business
     Day falls 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 such date fixed for redemption. If payment of the Redemption Price
     in respect of any Securities is improperly withheld or refused and not paid
     by the Sponsor as guarantor pursuant to the relevant Securities Guarantee,
     Distributions on such Securities will continue to accumulate from the
     original redemption date to the actual date of payment, in which case the
     actual payment date will be considered the date fixed for redemption for
     purposes of calculating the Redemption Price.

          (v)  Redemption/Distribution Notices shall be sent by the 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 Certificates have been issued or, if
     Definitive Preferred Security Certificates have been issued, to the Holder
     there  of, and (B) in respect of the Common Securities to the Holder
     thereof.

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

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

             (g) Except as provided under Sections 5(b), 6(b) and 7 and as
otherwise required by law and the Declaration, the Holders of the Preferred
Securities will have no voting rights.

             (h) So long as any Debentures are held by the Property Trustee,
subject to the requirement of the Property Trustee obtaining a tax opinion in
certain circumstances set forth in the last sentence of this paragraph, the
Holders of a majority in Liquidation Amount of the Preferred Securities have the
right to (i) direct the time, method and place of conducting any proceeding for
any remedy available to the Debenture Trustee, or direct the exercise of any
trust or power conferred on such Debenture Trustee with respect to the
Debentures, (ii) waive any past default that is waivable under Section 5.07 of
the Indenture, (iii) exercise any right to rescind or annul a declaration of
acceleration of the maturity of the principal of the Debentures or (iv) consent
to any amendment, modification or termination of the Indenture or the
Debentures, where such consent shall be required, however, where a consent under
the Indenture would require the consent of each holder of Debentures affected
thereby, no such consent shall be given by the Property Trustee without the
prior approval of each Holder of the Preferred Securities.  The Trustees shall
not revoke any action previously authorized or approved by a vote of the Holders
of the Preferred Securities except by subsequent vote of such Holders.  Subject
to Section 2.7 of the Declaration, the Property Trustee shall notify each Holder
of Preferred Securities of any notice of default with respect to the Debentures.
In addition to obtaining the foregoing approvals of such Holders of the
Preferred Securities, prior to taking any of the foregoing actions, except with
respect to directing the time, method and place of conducting a proceeding for a
remedy, the Trustees shall obtain an opinion of

                                      I-7
<PAGE>

counsel experienced in such matters to the effect that the Trust will not be
classified as an association taxable as a corporation for United States federal
income tax purposes on account of such action.

          If an Event of Default under the Declaration has occurred and is
continuing and such event is attributable to the failure of the Debenture Issuer
to pay principal of or interest on the Debentures on the due date (or in the
case of redemption, on the redemption date), then a Holder of Preferred
Securities may directly institute a proceeding for enforcement of payment to
such Holder of the principal of or interest on a Like Amount of Debentures (a
"Direct Action") on or after the respective due date specified in the
Debentures, and the amount of the payment will be based on the Holder's pro rata
share of the amount due and owing on all Preferred Securities.  In connection
with such Direct Action, the Common Securities Holder will be subrogated to the
rights of such Holder of Preferred Securities to the extent of any payment made
by the Debenture Issuer to such Holder of Preferred Securities in such Direct
Action.  Except as provided in the second preceding  sentence, the Holders of
Preferred Securities will not be able to exercise directly any other remedy
available to the holders of the Debentures.

          Any approval or direction of Holders of Preferred Securities may be
given at a separate meeting of Holders of Preferred Securities convened for such
purpose, at a meeting of all of the Holders of Securities in the Trust or
pursuant to written consent and without prior notice.  The Administrative
Trustees will cause a notice of any meeting at which Holders of Preferred
Securities are entitled to vote, to be mailed to each Holder of record of
Preferred Securities.  Each such notice will include a statement setting forth
(i) the date of such meeting, (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.

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

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

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

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

             (b) Unless an Event of Default shall have occurred and be
continuing, any Trustee may be removed at any time by the holder of the Common
Securities. If an Event of Default has occurred and is continuing, the Property
Trustee and the Delaware Trustee may be removed at such time by the holders of a
Majority in liquidation amount of the outstanding Preferred Securities. In no
event will the holders of the Preferred Securities have the right to vote to
appoint, remove or replace, or increase or decrease the number of, the
Administrative Trustees, which voting rights are

                                      I-8
<PAGE>

vested exclusively in the Holder of the Common Securities. No resignation or
removal of a Trustee and no appointment of a successor trustee shall be
effective until the acceptance of appointment by the successor trustee in
accordance with the provisions of the Declaration.

          (c) So long as any Debentures are held by the Property Trustee,
subject to Section 2.6 of the Declaration and only after any Event of Default
with respect to the Preferred Securities has been cured, waived or otherwise
eliminated, the Trustees shall not (i) direct the time, method and place of
conducting any proceeding for any remedy available to the Debenture Trustee, or
executing any trust or power conferred on such Debenture Trustee with respect to
the Debentures, (ii) waive any past default that is waivable under Section 5.07
of the Indenture, (iii) exercise any right to rescind or annul a declaration of
acceleration of the maturity of the principal of the Debentures or (iv) consent
to any amendment, modification or termination of the Indenture or the
Debentures, where such consent shall be required, without, in each case,
obtaining the prior approval of the Holders of a Majority in liquidation amount
of all outstanding Common Securities; provided, however, that where a consent
                                      --------  -------
under the Indenture would require the consent of each holder of Debentures
affected thereby, no such consent shall be given by the Property Trustee without
the prior approval of each Holder of the Common Securities.  The Trustees shall
not revoke any action previously authorized or approved by a vote of the Holders
of the Common Securities except by subsequent vote of such Holders.  Subject to
Section 2.7 of the Declaration, the Property Trustee shall notify each Holder of
Common Securities of any notice of default with respect to the Debentures.  In
addition to obtaining the foregoing approvals of such Holders of the Common
Securities, prior to taking any of the foregoing actions, the Trustees shall
obtain an opinion of counsel experienced in such matters to the effect that the
Trust will not be classified as an association taxable as a corporation for
United States federal income tax purposes on account of such action.

          If an Event of Default under the Declaration has occurred and is
continuing and such event is attributable to the failure of the Debenture Issuer
to pay principal of or interest on the Debentures on the due date (or in the
case of redemption, on the redemption date), then a Holder of Common Securities
may institute a Direct Action for enforcement of payment to such Holder of the
principal of or interest on a Like Amount of Debentures on or after the
respective due date specified in the Debentures.  In connection with Direct
Action, the rights of the Common Securities Holder will be subordinated to the
rights of such Holder of Preferred Securities to the extent of any payment made
by the Debenture Issuer to such Holder of Common Securities in such Direct
Action.  Except as provided in the second preceding sentence, the Holders of
Common Securities will not be able to exercise directly any other remedy
available to the holders of the Debentures.

          Any approval or direction of Holders of Common Securities may be given
at a separate meeting of Holders of Common Securities convened for such purpose,
at a meeting of all of the Holders of Securities in the Trust or pursuant to
written consent without prior notice.  The Administrative Trustees will cause a
notice of any meeting at which Holders of Common Securities are entitled to vote
to be mailed to each Holder of record of Common Securities.  Each such notice
will include a statement setting forth (i) the date of such meeting, (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.

                                      I-9
<PAGE>

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

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

          In addition to the requirements set out in Section 12.1 of the
Declaration, the Declaration may be amended from time to time by the Sponsor,
the Property Trustee and the Administrative Trustees, without the consent of the
Holders (i) to cure any ambiguity, correct or supplement any provisions in the
Declaration that may be inconsistent with any other provisions, or to make any
other provisions with respect to matters or questions arising under the
Declaration which shall not be inconsistent with the other provisions of the
Declaration or (ii) to modify, eliminate or add to any provisions of the
Declaration to such extent as shall be necessary to ensure that the Trust will
be classified for United States federal income tax purposes as a grantor trust
at all times that any Securities are outstanding or to ensure that the Trust
will not be required to register as an "Investment Company" under the Investment
Company Act provided, however, that in each case such action shall not adversely
            --------  -------
affect the interests of any Holder.  Any amendments of the Declaration pursuant
to the immediately preceding sentence shall become effective when notice thereof
is given to the Holders.  Under the circumstances referred to in Section 12.1(c)
of the Declaration, the Declaration also may be amended by the Trustees and the
Sponsor with (i) the consent of Holders representing a Majority in liquidation
amount of all outstanding Securities, and (ii) receipt by the Trustees of an
Opinion of Counsel to the effect that such amendment or the exercise of any
power granted to the Trustees in accordance with such amendment will not affect
the Trust's status as a grantor trust for United States federal income tax
purposes or the Trust's exemption from status as an Investment Company under the
Investment Company Act, provided that, without the consent of each Holder of
                        -------- ----
Trust Securities, the Declaration may not be amended to (i) change the amount or
timing of any Distribution on the Trust Securities or otherwise adversely affect
the amount of any Distribution required to be made in respect of the Trust
Securities as of a specified date or (ii) restrict the right of a Holder of
Trust Securities to institute suit for the enforcement of any such payment on or
after such date.

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

          A reference in these terms of the Securities to any payment,
distribution or treatment as being "Pro Rata" shall mean pro rata to each Holder
according to the aggregate liquidation amount of the Securities held by the
relevant Holder in relation to the aggregate liquidation amount of all
Securities outstanding unless, in relation to a payment, an Event of Default
under the Declaration has occurred and is continuing, in which case any funds
available to make such payment shall be paid first to each Holder of the
Preferred Securities pro rata according to the aggregate liquidation amount of
Preferred Securities held by the relevant Holder relative to the aggregate
liquidation amount of all Preferred Securities outstanding, and only after
satisfaction of all amounts owed to the Holders of the Preferred Securities, to
each Holder of Common Securities pro rata according to the aggregate liquidation
amount of Common Securities held by the relevant Holder relative to the
aggregate liquidation amount of all Common Securities outstanding.  In any such
proration, the Property Trustee on behalf of the Trust may make such adjustments
as may be appropriate in order that only securities in authorized denominations
shall be redeemed.

                                      I-9
<PAGE>

          9. Ranking.
             -------

          The Preferred Securities rank pari passu with the Common Securities
                                        ---- -----
and payment thereon shall be made Pro Rata with the Common Securities, except
that, if an Event of Default under the Declaration occurs and is continuing, 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.

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

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

          11. No Preemptive Rights.
              --------------------

          The Holders shall have no preemptive or similar rights to subscribe
for any additional securities in the Trust.  The issuance of the Securities is
not subject to any preemptive or similar rights.

          12. Miscellaneous.
              -------------

          These terms constitute a part of the Declaration.

          The Sponsor will provide a copy of the Declaration, the Preferred
Securities Guarantee, the Common Securities Guarantee (as may be appropriate)
and the Indenture (including any supplemental indenture) to a Holder without
charge upon written request to the Sponsor at its principal place of business.

                                     I-11
<PAGE>

                                  EXHIBIT A-1

         FORM OF ____% CUMULATIVE TRUST PREFERRED SECURITY CERTIFICATE

                               [FACE OF SECURITY]

[if issued as a Global Security insert:

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE DECLARATION
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY.  THIS SECURITY IS EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE DECLARATION AND MAY NOT BE
TRANSFERRED EXCEPT 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.

     UNLESS THIS PREFERRED SECURITY CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY TO THE TRUST OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY 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 AUTHO  RIZED
REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSONS IS WRONGFUL SINCE THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

                                     A1-1
<PAGE>

Number of
Preferred Securities:                                   CUSIP NO.

          Certificate Evidencing _____% Cumulative Trust Preferred Securities

                                       of

                       East West Bancorp Capital Trust I

                  _____% Cumulative Trust Preferred Securities
                (liquidation amount ___ per Preferred Security)

          East West Bancorp 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 (as defined below) ($________ in aggregate liquidation amount of
Preferred Securities) of the Trust representing undivided beneficial interests
in the assets of the Trust designated the ____% Cumulative Trust Preferred
Securities (liquidation amount  per Preferred Security) (the "Preferred
Securities").  Subject to the Declaration (as defined below), the Preferred
Securities are transferable on the books and records of the Trust, in person or
by a duly authorized attorney, upon surrender of this certificate duly endorsed
and in proper form for transfer.  The designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Preferred
Securities represented hereby are issued and shall in all respects be subject to
the provisions of the Amended and Restated Declaration of Trust of the Trust
dated as of __________ __, 2000, as the same may be amended from time to time
(the "Declaration"), including the designation of the terms of the Preferred
Securities as set forth in Annex I to the Declaration. Capitalized terms used
but not defined herein shall have the meaning given them in the Declaration. The
Sponsor will provide a copy of the Declaration, the Preferred Securities
Guarantee, the Common Securities Guarantee (as may be appropriate), 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
Declaration and is entitled to the benefits thereunder and to the benefits of
the Preferred Securities Guarantee to the extent provided therein.

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

          This Certificate shall be governed by and construed in accordance with
the laws of the State of Delaware, without regard to principles of conflict of
laws.

                                     A1-2
<PAGE>

          IN WITNESS WHEREOF, the Trust has duly executed this certificate this
___  day of _______ 2000.

                         EAST WEST BANCORP CAPITAL TRUST I

                         By:__________________________________________
                            Julia Gouw
                            Administrative Trustee

          PROPERTY TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                         ________________________,
                         as Property Trustee

Dated:

                         By:__________________________________________
                            Authorized Signatory

                                     A1-3
<PAGE>

                         [FORM OF REVERSE OF SECURITY]

          Distributions payable on each Preferred Security will be fixed at a
rate per annum of ____% (the "Coupon Rate") of the liquidation amount of  per
Preferred Security, such rate being the rate of interest payable on the
Debentures to be held by the Property Trustee.  Distributions in arrears for
more than one quarterly period will bear interest thereon compounded quarterly
at the Coupon Rate (to the extent permitted by applicable law).  A Distribution
is payable only to the extent that payments are made in respect of the
Debentures held by the Property Trustee and to the extent the Property Trustee
has funds on hand legally available therefor.

          Distributions on the Preferred Securities will be cumulative, will
accumulate from the most recent date to which Distributions have been paid or
duly provided for, if no Distributions have been paid or duly provided for, from
_________ __, 2000 and will be payable quarterly in arrears, on the last day of
March, June, September and December of each year, commencing on ________ __,
____, except as otherwise described below.  Distributions will be computed on
the basis of a 360-day year consisting of twelve 30-day months and, for any
period less than a full calendar quarter, the number of days elapsed in such 90-
day quarter based on 30-day months.  As long as no Event of Default has occurred
and is continuing under the Indenture, the Debenture Issuer has the right under
the Indenture to defer payments of interest by extending the interest payment
period at any time and from time to time on the Debentures for a period not
exceeding 20 consecutive calendar quarterly periods, including the first such
quarterly period during such extension period (each an "Extension Period"),
provided that no Extension Period shall end on a date other than an Interest
-------- ----
Payment Date for the Debentures or extend beyond the Maturity Date of the
Debentures.  As a consequence of such deferral, Distributions also will be
deferred.  Despite such deferral, quarterly Distributions will continue to
accumulate with interest thereon (to the extent permitted by applicable law) at
the Coupon Rate 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 further deferment shall only be permitted to the extent that such
----
Extension Period, together with all extensions occurring both before and after
such deferment, does not exceed 20 consecutive quarterly periods, including the
first quarterly period during such Extension Period, end on a date other than an
Interest Payment Date for the Debentures or extend beyond the Maturity Date of
the Debentures. Payments of accumulated Distributions will be payable to Holders
as they appear on the books and records of the Trust on the first record date
after the end of the Extension Period.  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.

          Subject to the receipt of any required regulatory approval and to
certain other conditions set forth in the Declaration and the Indenture, the
Property Trustee may, at the direction of the Sponsor, at any time dissolve the
Trust and cause the Debentures to be distributed to the holders of the
Securities in liquidation of the Trust or, simultaneous with any redemption of
the Debentures, cause a Like Amount of the Securities to be redeemed by the
Trust.

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

                                     A1-4
<PAGE>

                             _____________________

                                   ASSIGNMENT

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

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

______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
                   (Insert address and zip code of assignee)

and irrevocably appoints
_______________________________________________________________________________
_______________________________________________________________________________

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

Date: _______________________

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

Signature Guarantee/*/:  ______________________________

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

                                     A1-5
<PAGE>

                                 Schedule A***

     The initial number of Preferred Securities evidenced by the Certificate to
which this Schedule is attached is ________ (having an aggregate liquidation
amount of $________).  The notations in the following table evidence decreases
and increases in the number of Preferred Securities evidenced by such
Certificate.

<TABLE>
<CAPTION>
                                               Number of Preferred
Decrease in Number     Increase in Number      Securities Remaining      Notation
 of Preferred             of Preferred        after such Decrease or        by
  Securities              Securities                Increase             Registrar
------------------------------------------------------------------------------------
<S>                    <C>                    <C>                        <C>
</TABLE>

*  Append to Global Preferred Securities only.

                                     A1-6
<PAGE>

                              EXHIBIT A-2

                     [FORM OF COMMON SECURITY CERTIFICATE]

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

          THE HOLDER OF THIS COMMON SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO
OFFER, SELL OR OTHERWISE TRANSFER THIS COMMON SECURITY, PRIOR TO THE DATE (THE
"RESALE RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS AFTER THE LATER OF THE
ORIGINAL ISSUANCE DATE HEREOF AND THE LAST DATE ON WHICH EAST WEST BANCORP, INC.
(THE "COMPANY") OR ANY "AFFILIATE" OF THE COMPANY WAS THE OWNER OF THIS SECURITY
(OR ANY PREDECESSOR OF THIS SECURITY) ONLY (A) TO THE COMPANY, (B) PURSUANT TO A
REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) SO LONG AS THIS COMMON SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE
144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES
IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A) THAT PURCHASES
FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO
WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(D) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH
(A)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING
THIS COMMON SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITU
TIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR
FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE
TRUST AND THE COMPANY PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO
CLAUSE (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (ii)
PURSUANT TO CLAUSE (D), TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM
APPEARING ON THE REVERSE OF THIS COMMON SECURITY IS COMPLETED AND DELIVERED BY
THE TRANSFEREE TO THE TRUST.  SUCH HOLDER FURTHER AGREES THAT IT WILL DELIVER TO
EACH PERSON TO WHOM THIS COMMON SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY
TO THE EFFECT OF THIS LEGEND.

                                     A2-1
<PAGE>

     THIS COMMON SECURITY IS NOT TRANSFERABLE EXCEPT AS SET FORTH IN SECTION
9.1(c) OF THE AMENDED AND RESTATED DECLARATION OF TRUST OF EAST WEST BANCORP
CAPITAL TRUST I, DATED AS OF __________ __, 2000, AS THE SAME MAY BE AMENDED
FROM TIME TO TIME.

                                     A2-2
<PAGE>

Certificate No. 1

                    Certificate Evidencing Common Securities

                                       of

                       East West Bancorp Capital Trust I

                            ____% Common Securities
                 (liquidation amount ___  per Common Security)

          East West Bancorp Capital Trust I, a statutory business trust formed
under the laws of the State of Delaware (the "Trust"), hereby certifies that
East West 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 (liquidation amount
per Common Security) (the "Common Securities").  Subject to the limitations in
Section 9.1(c) of the Declaration (as defined below), the Common Securities are
transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in
proper form for transfer.  The designation, rights, privileges, restrictions,
preferences and other terms and provisions of the Common Securities represented
hereby are issued and shall in all respects be subject to the provisions of the
Amended and Restated Declaration of Trust of the Trust dated as of _______ __,
2000, as the same may be amended from time to time (the "Declaration"),
including the designation of the terms of the Common Securities as set forth in
Annex I to the Declaration.  Capitalized terms used but not defined herein shall
have the meaning given them in the Declaration.  The Sponsor will provide a copy
of the Declaration, the Common Securities Guarantee, the Preferred Securities
Guarantee (as may be appropriate) 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
Declaration and is entitled to the benefits thereunder and to the benefits of
the Common Securities Guarantee to the extent provided therein.

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

          This Certificate shall be governed by and construed in accordance with
the laws of the State of Delaware, without regard to principles of conflicts of
laws.

                                     A2-3
<PAGE>

          IN WITNESS WHEREOF, the Trust has executed this certificate this _____
day of ________ 2000.

                              EAST WEST BANCORP CAPITAL TRUST I

                              By:___________________________________
                                 Julia Gouw
                                 Administrative Trustee

                                     A2-4
<PAGE>

                         [FORM OF REVERSE OF SECURITY]

          Distributions payable on each Common Security will be fixed at a rate
per annum of _____% (the "Coupon Rate") of the liquidation amount of  per Common
Security, such rate being the rate of interest payable on the Debentures to be
held by the Property Trustee.  Distributions in arrears for more than one
quarterly period will bear interest thereon compounded quarterly at the Coupon
Rate (to the extent permitted by applicable law).  A Distribution is payable
only to the extent that payments are made in respect of the Debentures held by
the Property Trustee and to the extent the Property Trustee has funds available
therefor.

          Distributions on the Common Securities will be cumulative, will accrue
from the most recent date to which Distributions have been paid or duly provided
for or, if no Distributions have been paid or duly provided for, from _________
__, 2000 and will be payable quarterly in arrears, on the last day of March,
June, September and December of each year, commencing on __________ __, ____,
except as otherwise described below.  Distributions will be computed on the
basis of a 360-day year consisting of twelve 30-day months and, for any period
less than a full calendar quarter, the number of days elapsed in such 90-day
quarter based on 30-day months.  As long as no Event of Default has occurred and
is continuing under the Indenture, the Debenture Issuer has the right under the
Indenture to defer payments of interest by extending the interest payment period
at any time and from time to time on the Debentures for a period not exceeding
20 consecutive calendar quarterly periods, including the first such quarterly
period during such extension period (each an "Extension Period"), provided that
                                                                  -------- ----
no Extension Period shall end on a date other than an Interest Payment Date for
the Debentures or extend beyond the Maturity Date of the Debentures.  As a
consequence of such deferral, Distributions also will be deferred.  Despite such
deferral, Distributions will continue to accumulate with interest thereon (to
the extent permitted by applicable law) at the Coupon Rate 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 further deferment
                                         -------- ----
shall only be permitted to the extent that such Extension Period, together with
all extensions occurring both before and after such deferment, does not exceed
20 consecutive quarterly periods, including the first quarterly period during
such Extension Period, or end on a date other than an Interest Payment Date for
the Debentures or extend beyond the Maturity Date of the Debentures.  Payments
of accrued Distributions will be payable to Holders as they appear on the books
and records of the Trust on the first record date after the end of the Extension
Period.  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.

          Subject to the receipt of any required regulatory approval and to
certain other conditions set forth in the Declaration and the Indenture, the
Property Trustee may, at the direction of the Sponsor, at any time dissolve the
Trust and cause the Debentures to be distributed to the holders to the
Securities in liquidation of the Trust or, simultaneous with any redemption of
the Debentures, cause a Like Amount of the Securities to be redeemed by the
Trust.

                                     A2-5
<PAGE>

          Under certain circumstances, the right of the holders of the Common
Securities shall be subordinate to the rights of the holders of the Preferred
Securities (as defined in the Declaration), as provided in the Declaration.

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

                             _____________________

                                  ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Common 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 Common Security Certificate on the books of the Trust.  The agent may
substitute another to act for him or her.

Date: _______________________

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

                                     A2-6
<PAGE>

                                   EXHIBIT B

                             SPECIMEN OF DEBENTURE

                                      B-1
<PAGE>

                                   EXHIBIT C

                             UNDERWRITING AGREEMENT

                                      C-1

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