Document:

EXHIBIT 4.1

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                        AMENDED AND RESTATED DECLARATION
                                    OF TRUST

                                  by and among

                       STATE STREET BANK AND TRUST COMPANY
                      OF CONNECTICUT, NATIONAL ASSOCIATION,
                            as Institutional Trustee,

                           MCB FINANCIAL CORPORATION,
                                   as Sponsor,

                     CHARLES O. HALL and PATRICK E. PHELAN,
                                as Administrators

                          Dated as of September 7, 2000

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<TABLE>
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                                TABLE OF CONTENTS
                                -----------------
                                                                                                                Page
                                                                                                                ----
<S>      <C>               <C>                                                                                   <C>
ARTICLE I INTERPRETATION AND DEFINITIONS..........................................................................1
         Section 1.1.      Definitions............................................................................1

ARTICLE II ORGANIZATION...........................................................................................7
         Section 2.1.      Name...................................................................................7
         Section 2.2.      Office.................................................................................7
         Section 2.3.      Purpose................................................................................7
         Section 2.4.      Authority..............................................................................8
         Section 2.5.      Title to Property of the Trust.........................................................8
         Section 2.6.      Powers and Duties of the Trustees and the Administrators...............................8
         Section 2.7.      Prohibition of Actions by the Trust and the Trustees..................................11
         Section 2.8.      Powers and Duties of the Institutional Trustee........................................12
         Section 2.9.      Certain Duties and Responsibilities of the Trustees and Administrators................13
         Section 2.10.     Certain Rights of Institutional Trustee...............................................14
         Section 2.11.     Execution of Documents................................................................16
         Section 2.12.     Not Responsible for Recitals or Issuance of Securities................................17
         Section 2.13.     Duration of Trust.....................................................................17
         Section 2.14.     Mergers...............................................................................17

ARTICLE III SPONSOR..............................................................................................18
         Section 3.1.      Sponsor's Purchase of Common Securities...............................................18
         Section 3.2.      Responsibilities of the Sponsor.......................................................18
         Section 3.3.      Expenses..............................................................................19
         Section 3.4.      Right to Proceed......................................................................19

ARTICLE IV TRUSTEES AND ADMINISTRATORS...........................................................................19
         Section 4.1.      Number of Trustees....................................................................19
         Section 4.2.      Institutional Trustee; Eligibility....................................................20
         Section 4.3.      Administrators........................................................................20
         Section 4.4.      Appointment, Removal and Resignation of Trustees and Administrators...................20
         Section 4.5.      Vacancies Among Trustees..............................................................21
         Section 4.6.      Effect of Vacancies...................................................................22
         Section 4.7.      Meetings of the Trustees and the Administrators.......................................22
         Section 4.8.      Delegation of Power...................................................................22
         Section 4.9.      Conversion, Consolidation or Succession to Business...................................22

ARTICLE V DISTRIBUTIONS..........................................................................................23
         Section 5.1.      Distributions.........................................................................23

ARTICLE VI ISSUANCE OF SECURITIES................................................................................23
         Section 6.1.      General Provisions Regarding Securities...............................................23
         Section 6.2.      Paying Agent, Transfer Agent and Registrar............................................24
         Section 6.3.      Form and Dating.......................................................................24
         Section 6.4.      Mutilated, Destroyed, Lost or Stolen Certificates.....................................24
         Section 6.5.      Temporary Securities..................................................................25
         Section 6.6.      Cancellation..........................................................................25

<PAGE>

         Section 6.7.      Rights of Holders; Waivers of Past Defaults...........................................25

ARTICLE VII DISSOLUTION AND TERMINATION OF TRUST.................................................................27
         Section 7.1.      Dissolution and Termination of Trust..................................................27

ARTICLE VIII TRANSFER OF INTERESTS...............................................................................28
         Section 8.1.      General...............................................................................28
         Section 8.2.      Transfer Procedures and Restrictions..................................................28
         Section 8.3.      Deemed Security Holders...............................................................30

ARTICLE IX LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS..................................30
         Section 9.1.      Liability.............................................................................30
         Section 9.2.      Exculpation...........................................................................30
         Section 9.3.      Fiduciary Duty........................................................................31
         Section 9.4.      Indemnification.......................................................................31
         Section 9.5.      Outside Businesses....................................................................33
         Section 9.6.      Compensation; Fee.....................................................................33

ARTICLE X ACCOUNTING.............................................................................................34
         Section 10.1.     Fiscal Year...........................................................................34
         Section 10.2.     Certain Accounting Matters............................................................34
         Section 10.3.     Banking...............................................................................34
         Section 10.4.     Withholding...........................................................................35

ARTICLE XI AMENDMENTS AND MEETINGS...............................................................................35
         Section 11.1.     Amendments............................................................................35
         Section 11.2.     Meetings of the Holders of Securities; Action by Written Consent......................36

ARTICLE XII REPRESENTATIONS OF INSTITUTIONAL TRUSTEE.............................................................38
         Section 12.1.     Representations and Warranties of Institutional Trustee...............................38

ARTICLE XIII MISCELLANEOUS.......................................................................................38
         Section 13.1.     Notices...............................................................................38
         Section 13.2.     Governing Law.........................................................................39
         Section 13.3.     Intention of the Parties..............................................................40
         Section 13.4.     Headings..............................................................................40
         Section 13.5.     Successors and Assigns................................................................40
         Section 13.6.     Partial Enforceability................................................................40
         Section 13.7.     Counterparts..........................................................................40

Annex I....................Terms of Securities
Exhibit A-I................Form of Capital Security Certificate
Exhibit A-2................Form of Common Security Certificate
Exhibit B..................Specimen of Initial Debenture
Exhibit C..................Placement Agreement

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                                       ii

<PAGE>

                              AMENDED AND RESTATED

                              DECLARATION OF TRUST

                                       OF

                              MCB STATUTORY TRUST I

                                September 7, 2000

         AMENDED AND RESTATED  DECLARATION  OF TRUST  ("Declaration")  dated and
                                                        -----------
effective  as of September 7, 2000,  by the  Trustees (as defined  herein),  the
Administrators  (as defined herein),  the Sponsor (as defined herein) and by the
holders,  from time to time, of undivided  beneficial interests in the Trust (as
defined herein) to be issued pursuant to this Declaration;

         WHEREAS,  the Trustees,  the Administrators and the Sponsor established
MCB Statutory  Trust I (the "Trust"),  a statutory  trust under the  Connecticut
                             -----
Statutory  Trust Act pursuant to a  Declaration  of Trust dated as of August 28,
2000 (the  "Original  Declaration"),  and a Certificate  of Trust filed with the
            ---------------------
Secretary of State of the State of  Connecticut on August 29, 2000, 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 (as defined herein);

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

         WHEREAS,  all of the Trustees,  the Administrators and the Sponsor,  by
this  Declaration,  amend and restate  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  trust  under the  Statutory  Trust Act (as
defined herein) and that this Declaration  constitutes the governing  instrument
of such statutory trust, the Trustees declare that all assets contributed to the
Trust will be held in trust for the benefit of the  holders,  from time to time,
of the securities  representing  undivided beneficial interests in the assets of
the Trust issued hereunder,  subject to the provisions of this Declaration.  The
parties hereto hereby agree as follows:

                                   ARTICLE I

                         INTERPRETATION AND DEFINITIONS

         Section 1.1   Definitions. Unless the context otherwise requires:
                       -----------

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

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

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

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

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

<PAGE>

         "Additional Interest" has the meaning set forth in the Indenture.
          -------------------

         "Administrators"  means each of Charles O. Hall and Patrick E.  Phelan,
          --------------
solely in such  Person's  capacity  as  Administrator  of the Trust  created and
continued  hereunder  and  not in such  Person's  individual  capacity,  or such
Administrator's  successor  in  interest  in  such  capacity,  or any  successor
appointed as herein provided.

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

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

         "Bankruptcy Event" means, with respect to any Person:
          ----------------

         (a)   a  court  having  jurisdiction  in  the  premises  shall enter  a
decree or order for  relief in  respect of such  Person in an  involuntary  case
under  any  applicable  bankruptcy,  insolvency  or  other  similar  law  now or
hereafter in effect, or appointing a receiver, liquidator,  assignee, custodian,
trustee,   sequestrator  (or  similar  official)  of  such  Person  or  for  any
substantial  part of its property,  or ordering the winding-up or liquidation of
its affairs and such decree or order shall  remain  unstayed and in effect for a
period of 90 consecutive days; or

         (b)   such   Person   shall  commence  a   voluntary  case   under  any
applicable  bankruptcy,  insolvency  or other  similar law now or  hereafter  in
effect, shall consent to the entry of an order for relief in an involuntary case
under any such law, or shall consent to the appointment of or taking  possession
by a receiver, liquidator, assignee, trustee, custodian,  sequestrator (or other
similar  official) of such Person of any  substantial  part of its property,  or
shall make any general  assignment  for the benefit of creditors,  or shall fail
generally to pay its debts as they become due.

         "Business Day" means any day other than  Saturday,  Sunday or any other
          ------------
day on which banking institutions in New York City or Hartford,  Connecticut are
permitted or required by any applicable law to close.

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

         "Capital Security Certificate" means a definitive  Certificate in fully
          ----------------------------
registered form  representing a Capital  Security  substantially  in the form of
Exhibit A-1.

         "Capital  Treatment  Event" has the meaning set forth in paragraph 4(a)
          -------------------------
of Annex I.

         "Certificate" means any certificate evidencing Securities.
          -----------

         "Closing Date" has the meaning set forth in the Placement Agreement.
          ------------

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

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

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

                                       2

<PAGE>

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

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

         "Comparable Treasury Issue" has the meaning set forth in paragraph 4(a)
          -------------------------
of Annex I.

         "Comparable Treasury Price" has the meaning set forth in paragraph 4(a)
          -------------------------
of Annex I.

         "Corporate Trust Office" means the office of the Institutional  Trustee
          ----------------------
at which the corporate trust business of the Institutional Trustee shall, at any
particular  time,  be  principally  administered,  which  office  at the date of
execution of this  Declaration is located at 225 Asylum Street,  Goodwin Square,
Hartford, Connecticut.

         "Coupon Rate" has the meaning set forth in paragraph 2(a) of Annex I.
          -----------

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

         "Creditor" has the meaning set forth in Section 3.3.
          --------

         "Debenture  Issuer"  means  MCB  Financial  Corporation,  a  California
          -----------------
corporation, in its capacity as issuer of the Debentures under the Indenture.

         "Debenture  Trustee"  means  State  Street  Bank and Trust  Company  of
          ------------------
Connecticut,  National  Association,  as  trustee  under the  Indenture  until a
successor is appointed thereunder, and thereafter means such successor trustee.

         "Debentures" means the 10.60% Junior  Subordinated  Deferrable Interest
          ----------
Debentures due 2030 to be issued by the Debenture Issuer under the Indenture.

         "Defaulted Interest" has the meaning set forth in the Indenture.
          ------------------

         "Direct Action" has the meaning set forth in Section 2.8(d).
          -------------

         "Distribution" means a distribution payable to Holders of Securities in
          ------------
accordance with Section 5.1.

         "Distribution Payment Date" has the meaning set forth in paragraph 2(b)
          -------------------------
of Annex I.

         "Event of Default" means any one of the following  events (whatever the
          ----------------
reason for such event and whether it shall be  voluntary  or  involuntary  or be
effected by operation of law or pursuant to any judgment, decree or order of any
court or any order,  rule or regulation of any  administrative  or  governmental
body):

         (a)   the occurrence of an Indenture Event of Default; or

         (b)   default by the Trust in the  payment of  any Redemption  Price of
any Security when it becomes due and payable; or

                                       3

<PAGE>

         (c)   default   in   the  performance,  or  breach,  in   any  material
respect,  of any covenant or warranty of the Trustees in this Declaration (other
than  those  specified  in clause (a) or (b)  above)  and  continuation  of such
default  or  breach  for a period of 60 days  after  there  has been  given,  by
registered  or certified  mail to the Trustees and to the Sponsor by the Holders
of at least  25% in  aggregate  liquidation  amount of the  outstanding  Capital
Securities a written notice  specifying  such default or breach and requiring it
to be remedied and stating that such notice is a "Notice of Default"  hereunder;
or

         (d)   the  occurrence  of  a  Bankruptcy  Event  with  respect  to  the
Institutional  Trustee  if  a  successor  Institutional  Trustee  has  not  been
appointed within 90 days thereof.

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

         "Extension Period" has the meaning set forth in paragraph 2(b) of Annex
          ----------------
I.

         "Federal Reserve" has the meaning set forth in paragraph 3 of Annex I.
          ---------------

         "Fiduciary  Indemnified  Person" shall mean the Institutional  Trustee,
          ------------------------------
any  Affiliate  of  the  Institutional  Trustee  and  any  officers,  directors,
shareholders,   members,  partners,  employees,   representatives,   custodians,
nominees or agents of the Institutional Trustee.

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

         "Guarantee" means the guarantee agreement to be dated as of the Closing
          ---------
Date, of the Sponsor in respect of the Capital Securities.

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

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

         "Indenture"  means the Indenture dated as of the Closing Date,  between
          ---------
the Debenture Issuer and the Debenture Trustee,  and any indenture  supplemental
thereto pursuant to which the Debentures are to be issued, as such Indenture and
any supplemental  indenture may be amended,  supplemented or otherwise  modified
from time to time.

         "Indenture  Event of Default" means an "Event of Default" as defined in
          ---------------------------
the Indenture.

         "Institutional  Trustee"  means the  Trustee  meeting  the  eligibility
          ----------------------
requirements set forth in Section 4.2.

         "Interest"  means any  interest  due on the  Debentures  including  any
          --------
Additional Interest and Defaulted Interest.

         "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 paragraph 4(a)
          -------------------------
of Annex I.

                                       4

<PAGE>

         "Legal Action" has the meaning set forth in Section 2.8(d).
          ------------

         "Liquidation" has the meaning set forth in paragraph 3 of Annex I.
          -----------

         "Liquidation  Distribution" has the meaning set forth in paragraph 3 of
          -------------------------
Annex I.

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

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

         (a)   a  statement  that  each  officer  signing  the  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 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.

         "Paying Agent" has the meaning specified in Section 6.2.
          ------------

         "Payment Amount" has the meaning set forth in Section 5.1.
          --------------

         "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.

         "Placement  Agreement"  means the Placement  Agreement  relating to the
          --------------------
offering and sale of Capital Securities in the form of Exhibit C.

         "Primary  Treasury  Dealer" has the meaning set forth in paragraph 4(a)
          -------------------------
of Annex I.

         "Property Account" has the meaning set forth in Section 2.8(c).
          ----------------

         "Pro Rata" has the meaning set forth in paragraph 8 of Annex I.
          --------

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

         "Quotation  Agent" has the meaning set forth in paragraph 4(a) of Annex
          ----------------
I.

                                       5

<PAGE>

         "Redemption/Distribution Notice" has the meaning set forth in paragraph
          ------------------------------
4(e) of Annex I.

         "Redemption Price" has the meaning set forth in paragraph 4(a) of Annex
          ----------------
I.

         "Registrar" has the meaning set forth in Section 6.2.
          ---------

         "Reference Treasury Dealer" has the meaning set forth in paragraph 4(a)
          -------------------------
of Annex I.

         "Reference  Treasury  Dealer  Quotations"  has the meaning set forth in
          ---------------------------------------
paragraph 4(a) of Annex I.

         "Relevant Trustee" has the meaning set forth in Section 4.4(a).
          ----------------

         "Remaining  Life" has the meaning set forth in paragraph  4(a) of Annex
          ---------------
I.

         "Responsible Officer" means, with respect to the Institutional Trustee,
          -------------------
any officer  within the  Corporate  Trust Office of the  Institutional  Trustee,
including  any  vice-president,  any  assistant  vice-president,  any  assistant
secretary,  the treasurer,  any assistant treasurer,  any trust officer or other
officer of the Corporate Trust Office of the Institutional  Trustee  customarily
performing  functions  similar to those performed by any of the above designated
officers 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.

         "Restricted  Securities  Legend"  has the  meaning set forth in Section
          ------------------------------
8.2(b).

         "Rule 3a-5" means Rule 3a-5 under the Investment Company Act.
          ---------

         "Rule 3a-7" means Rule 3a-7 under the Investment Company Act.
          ---------

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

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

         "Special Event" has the meaning set forth in paragraph 4(a) of Annex I.
          -------------

         "Special  Redemption  Date" has the meaning set forth in paragraph 4(a)
          -------------------------
of Annex I.

         "Special  Redemption Price" has the meaning set forth in paragraph 4(a)
          -------------------------
of Annex I.

         "Sponsor" means MCB Financial Corporation, a California corporation, or
          -------
any successor entity in a merger, consolidation or amalgamation, in its capacity
as sponsor of the Trust.

         "Statutory  Trust Act" means Chapter 615 of Title 34 of the Connecticut
          --------------------
General Statutes, Sections 500, et seq. as may be amended from time to time.

         "Successor Entity" has the meaning set forth in Section 2.14(b).
          ----------------

         "Successor  Institutional Trustee" has the meaning set forth in Section
          --------------------------------
4.4(a).

         "Successor Securities" has the meaning set forth in Section 2.14(b).
          --------------------

         "Super  Majority" has the meaning set forth in paragraph  5(b) of Annex
          ---------------
I.

                                       6

<PAGE>

         "Tax Event" has the meaning set forth in paragraph 4(a) of Annex I.
          ---------

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

         "Transfer Agent" has the meaning set forth in Section 6.2.
          --------------

         "Treasury Rate" has the meaning set forth in paragraph 4(a) of Annex I.
          -------------

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

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

         "Trust Property" means (a) the Debentures,  (b) any cash on deposit in,
          --------------
or owing to, the Property  Account and (c) all proceeds and rights in respect of
the  foregoing  and any other  property  and  assets  for the time being held or
deemed to be held by the  Institutional  Trustee  pursuant to the trusts of this
Declaration.

         "U.S. Person" means a United States Person as defined in Section
          -----------
7701(a)(30) of the Code.

                                   ARTICLE II

                                  ORGANIZATION

         Section 2.1   Name.   The  Trust  is  named "MCB Statutory Trust I," as
                       ----
such  name may be  modified  from time to time by the  Administrators  following
written notice to the Holders of the Securities.  The Trust's  activities may be
conducted under the name of the Trust or any other name deemed  advisable by the
Administrators.

         Section  2.2  Office.  The address of the principal office of the Trust
                       ------
is c/o State Street Bank and Trust Company of Connecticut, National Association,
225 Asylum Street, Goodwin Square,  Hartford,  Connecticut 06103. On at least 10
Business   Days  written   notice  to  the  Holders  of  the   Securities,   the
Administrators may designate another principal office, which shall be in a state
of the United States or in the District of Columbia.

         Section 2.3   Purpose.  The  exclusive  purposes  and  functions of the
                       -------
Trust are (a) to issue and sell the Securities representing undivided beneficial
interests in the assets of the Trust, (b) to invest the gross proceeds from such
sale to acquire the  Debentures,  (c) to  facilitate  direct  investment  in the
assets of the Trust through  issuance of the Common  Securities  and the Capital
Securities and (d) except as otherwise  limited herein,  to engage in only those
other  activities  necessary or incidental  thereto.  The Trust shall not borrow
money,  issue debt or reinvest proceeds derived from investments,  pledge any of
its

                                       7

<PAGE>

assets,  or otherwise  undertake (or permit to be undertaken)  any activity that
would cause the Trust not to be classified  for United States federal income tax
purposes as a grantor trust.

         Section   2.4 Authority.  Except as  specifically   provided   in  this
                       ---------
Declaration,  the  Institutional  Trustee  shall  have  exclusive  and  complete
authority to carry out the  purposes of the Trust.  An action taken by a Trustee
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.  The
Administrators  shall have only those  ministerial  duties set forth herein with
respect to  accomplishing  the  purposes of the Trust and are not intended to be
trustees  or  fiduciaries  with  respect  to  the  Trust  or  the  Holders.  The
Institutional Trustee shall have the right, but shall not be obligated except as
provided in Section 2.6, to perform those duties assigned to the Administrators.

         Section  2.5  Title to Property of the Trust.  Except  as  provided  in
                       ------------------------------
Section  2.8 with  respect  to the  Debentures  and the  Property  Account or as
otherwise  provided in this Declaration,  legal title to all assets of the Trust
shall be vested in the Trust. The Holders shall not have legal title to any part
of the assets of the Trust, but shall have an undivided  beneficial  interest in
the assets of the Trust.

         Section 2.6   Powers and Duties of the Trustees and the Administrators.
                       --------------------------------------------------------

         (a)   The Trustees and the Administrators  shall conduct the affairs of
the Trust in  accordance  with the  terms of this  Declaration.  Subject  to the
limitations  set forth in paragraph (b) of this Section,  and in accordance with
the following provisions (i) and (ii), the Trustees and the Administrators shall
have the authority to enter into all transactions  and agreements  determined by
the Trustees to be appropriate in exercising the authority,  express or implied,
otherwise  granted to the  Trustees or the  Administrators,  as the case may be,
under  this  Declaration,  and to  perform  all  acts  in  furtherance  thereof,
including without limitation, the following:

               (i)     Each Administrator shall have the power and  authority to
act on behalf of the Trust with respect to the following matters:

                       (A)   the issuance and sale of the Securities;

                       (B)   to cause the Trust to enter  into,  and to execute
               and deliver on behalf of the Trust, such agreements as may be
               necessary or desirable in connection  with the purposes and func-
               tion of the Trust, including agreements with the Paying Agent;

                       (C)   ensuring compliance with the Securities Act, appli-
               cable state securities or blue sky laws;

                       (D)   the sending of notices  (other than notices of
               default),  and other information regarding the Securities and the
               Debentures to the Holders in accordance with this Declaration;

                       (E)   the consent to the  appointment of a Paying  Agent,
               Transfer Agent and Registrar in accordance with this Declaration,
               which consent shall not be unreasonably withheld or delayed;

                       (F)   execution and delivery of the Securities in accord-
               ance with this Declaration;

                                       8

<PAGE>

                       (G)   execution  and delivery  of  closing  certificates,
               pursuant to the Placement  Agreement and the  application  for a
               taxpayer identification number;

                       (H)   unless  otherwise  determined  by the Holders  of a
               Majority in liquidation  amount of the Securities or as otherwise
               required by the Statutory  Trust Act, to execute on behalf of the
               Trust  (either  acting  alone or together  with any or all of the
               Administrators)  any documents that the  Administrators  have the
               power to execute pursuant to this Declaration;

                       (I)   the taking of any action  incidental  to the  fore-
               going  as  the  Institutional  Trustee  may  from  time  to  time
               determine  is  necessary or advisable to give effect to the terms
               of this  Declaration  for the  benefit  of the  Holders  (without
               consideration  of the effect of any such action on any particular
               Holder);

                       (J)   to  establish  a  record date with  respect to  all
               actions  to be taken  hereunder  that  require  a record  date be
               established, including Distributions,  voting rights, redemptions
               and exchanges,  and to issue  relevant  notices to the Holders of
               Capital  Securities  and Holders of Common  Securities as to such
               actions and applicable record dates; and

                       (K)   to  duly  prepare  and  file  all  applicable   tax
               returns and tax information reports that are required to be filed
               with respect to the Trust on behalf of the Trust.

               (ii)    As among the Trustees and the Administrators, the Insti-
tutional  Trustee  shall have the power,  duty and authority to act on behalf of
the Trust with respect to the following matters:

                       (A)   the establishment of the Property Account;

                       (B)   the receipt of the Debentures;

                       (C)   the collection of interest, principal and any other
               payments made in respect of the Debentures in the Property
               Account;

                       (D)   the  distribution  through  the  Paying  Agent   of
               amounts owed to the Holders in respect of the Securities;

                       (E)   the exercise of all of the rights, powers and  pri-
               vileges of a holder of the Debentures;

                       (F)   the   sending  of  notices  of  default  and  other
               information regarding the  Securities and the Debentures to the
               Holders in accordance with this Declaration;

                       (G)   the distribution of  the Trust Property in   accor-
               dance with the terms of this Declaration;

                       (H)   to the extent  provided in  this  Declaration,  the
               winding up of the  affairs  of  and   liquidation  of  the  Trust
               and  the preparation, execution and  filing  of  the  certificate
               of cancellation  with the  Secretary  of  State  of the  State of
               Connecticut;

                       (I)   after   any  Event  of   Default  (provided    that
                                                                --------
               such  Event  of  Default  is  not  by  or  with  respect  to  the
               Institutional Trustee) the taking of any action incidental to the

                                       9

<PAGE>

               foregoing  as the  Institutional  Trustee  may from  time to time
               determine  is  necessary or advisable to give effect to the terms
               of this  Declaration  and protect and conserve the Trust Property
               for the  benefit of the  Holders  (without  consideration  of the
               effect of any such action on any particular Holder); and

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

               (iii)   The Institutional Trustee shall have the power and autho-
rity  to  act on  behalf  of  the  Trust  with  respect  to  any of the  duties,
liabilities,  powers or the authority of the Administrators set forth in Section
2.6(a)(i)(D),  (E) and (F)  herein  but shall not have a duty to do any such act
unless specifically requested to do so in writing by the Sponsor, and shall then
be fully protected in acting pursuant to such written request;  and in the event
of a conflict  between  the action of the  Administrators  and the action of the
Institutional Trustee, the action of the Institutional Trustee shall prevail.

         (b)   So long as this Declaration remains in effect, the Trust (or  the
Trustees or  Administrators  acting on behalf of the Trust) shall not  undertake
any business,  activities or transaction  except as expressly provided herein or
contemplated hereby. In particular,  neither the Trustees nor the Administrators
may cause the Trust to (i) acquire any  investments  or engage in any activities
not  authorized by this  Declaration,  (ii) sell,  assign,  transfer,  exchange,
mortgage,  pledge,  set-off or otherwise dispose of any of the Trust Property or
interests  therein,  including to Holders,  except as expressly provided herein,
(iii) take any action that would  reasonably  be expected (x) to cause the Trust
to fail or cease to  qualify as a "grantor  trust"  for  United  States  federal
income tax  purposes or (y) to require  the Trust to  register as an  Investment
Company  under the  Investment  Company  Act,  (iv) incur any  indebtedness  for
borrowed money or issue any other debt or (v) take or consent to any action that
would  result  in the  placement  of a lien on any of the  Trust  Property.  The
Institutional  Trustee shall, at the sole cost and expense of the Trust,  defend
all claims and  demands of all Persons at any time  claiming  any lien on any of
the Trust Property  adverse to the interest of the Trust or the Holders in their
capacity as Holders.

         (c) In  connection  with the  issuance and sale of the Capital  Securi-
ties,  the Sponsor shall have the right and  responsibility  to assist the Trust
with  respect  to, or effect on behalf  of the  Trust,  the  following  (and any
actions taken by the Sponsor in furtherance  of the following  prior to the date
of this Declaration are hereby ratified and confirmed in all respects):

               (i)     the taking of any action necessary to obtain an exemption
from the Securities Act;

               (ii)    the  determination  of the States in which to take appro-
priate  action  to  qualify  or  register  for sale  all or part of the  Capital
Securities and the  determination  of any and all such acts,  other than actions
which must be taken by or on behalf of the Trust, and the advice to the Trustees
of  actions  they  must take on behalf of the  Trust,  and the  preparation  for
execution  and filing of any  documents to be executed and filed by the Trust or
on behalf of the Trust,  as the Sponsor deems necessary or advisable in order to
comply with the applicable  laws of any such States in connection  with the sale
of the Capital Securities;

                                       10

<PAGE>

               (iii)   the  negotiation of the terms of, and  the  execution and
delivery  of, the  Placement  Agreement  providing  for the sale of the  Capital
Securities; and

               (iv)    the taking of any other actions necessary or desirable to
carry out any of the foregoing activities.

         (d)   Notwithstanding  anything herein to the contrary, the Administra-
tors  and  the  Holders  of a  Majority  in  liquidation  amount  of the  Common
Securities  are  authorized and directed to conduct the affairs of the Trust and
to  operate  the  Trust  so that  the  Trust  will  not (i) be  deemed  to be an
Investment  Company required to be registered under the Investment  Company Act,
and (ii) fail to be  classified  as a grantor  trust for United  States  federal
income tax  purposes.  The  Administrators  and the  Holders  of a  Majority  in
liquidation   amount  of  the  Common  Securities  shall  not  take  any  action
inconsistent  with  the  treatment  of the  Debentures  as  indebtedness  of the
Debenture  Issuer  for  United  States  federal  income  tax  purposes.  In this
connection,  the  Administrators  and the Holders of a Majority  in  liquidation
amount  of the  Common  Securities  are  authorized  to  take  any  action,  not
inconsistent with applicable laws, the Certificate of Trust or this Declaration,
as amended from time to time, that each of the Administrators and the Holders of
a Majority in liquidation  amount of the Common  Securities  determines in their
discretion to be necessary or desirable for such purposes.

         (e)   All expenses incurred by the Administrators or  the Trustees pur-
suant to this Section 2.6 shall be reimbursed by the Sponsor,  and  the Trustees
shall have no obligations with respect to such expenses.

         (f)   The assets of the Trust shall consist of the Trust Property.

         (g)   Legal  title to   all  Trust  Property  shall be  vested  at  all
times in the  Institutional  Trustee (in its capacity as such) and shall be held
and  administered by the  Institutional  Trustee for the benefit of the Trust in
accordance with this Declaration.

         Section 2.7   Prohibition of Actions by the Trust and the Trustees.
                       ----------------------------------------------------

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

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

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

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

               (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 other
than as expressly provided herein;

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

                                       11

<PAGE>

               (vii)   carry on any "trade or business" as that  phrase is  used
in the Code; or

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

         Section 2.8   Powers and Duties of the Institutional Trustee.
                       ----------------------------------------------

         (a)   The legal  title to the  Debentures shall be owned by and held of
record in the name of the Institutional  Trustee in trust for the benefit of the
Trust and the Holders of the  Securities.  The right,  title and interest of the
Institutional  Trustee to the Debentures shall vest automatically in each Person
who may  hereafter be  appointed as  Institutional  Trustee in  accordance  with
Section 4.4. Such vesting and  cessation of title shall be effective  whether or
not conveyancing  documents with regard to the Debentures have been executed and
delivered.

         (b)   The Institutional Trustee shall not transfer its right, title and
interest in the Debentures to the Administrators.

         (c)   The Institutional Trustee shall:

               (i)     establish and maintain a segregated  non-interest bearing
trust  account (the  "Property  Account") in the name of and under the exclusive
                      -----------------
control  of the  Institutional  Trustee,  and  maintained  in the  Institutional
Trustee's trust department, on behalf of the Holders of the Securities and, upon
the receipt of payments of funds made in respect of the  Debentures  held by the
Institutional  Trustee,  deposit such funds into the  Property  Account and make
payments,  or cause the Paying  Agent to make  payments,  to the  Holders of the
Capital  Securities  and  Holders of the  Common  Securities  from the  Property
Account in accordance  with Section 5.1. Funds in the Property  Account shall be
held uninvested until disbursed in accordance with this Declaration;

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

               (iii)   upon   written   notice  of  distribution  issued by  the
Administrators  in accordance with the terms of the  Securities,  engage in such
ministerial  activities  as shall be  necessary  or  appropriate  to effect  the
distribution  of the Debentures to Holders of Securities  upon the occurrence of
certain circumstances pursuant to the terms of the Securities.

         (d)   The Institutional  Trustee  may  bring or defend,  pay,  collect,
compromise,  arbitrate,  resort to legal  action with  respect to, or  otherwise
adjust claims or demands of or against,  the Trust ("Legal Action") which arises
                                                     ------------
out of or in connection with an Event of Default of which a Responsible  Officer
of  the  Institutional  Trustee  has  actual  knowledge  or  arises  out  of the
Institutional Trustee's duties and obligations under this Declaration; provided,
                                                                       --------
however,  that if an Event of Default has  occurred and is  continuing  and such
-------
event is attributable to the failure of the Debenture  Issuer to pay interest or
principal on the  Debentures on the date such interest or principal is otherwise
payable (or in the case of redemption, on the redemption date), then a Holder of
the Capital  Securities may directly  institute a proceeding for

                                       12

<PAGE>

enforcement  of payment to such  Holder of the  principal  of or interest on the
Debentures having a principal amount equal to the aggregate  liquidation  amount
of the Capital  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 rights of the Holders of the Common Securities will be subrogated to
the rights of such Holder of the Capital Securities to the extent of any payment
made by the  Debenture  Issuer to such Holder of the Capital  Securities in such
Direct Action;  provided,  however,  that no Holder of the Common Securities may
exercise such right of  subrogation  so long as an Event of Default with respect
to the Capital Securities has occurred and is continuing.

         (e)   The Institutional Trustee shall continue  to serve as  a  Trustee
until either:

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

               (ii)    a Successor  Institutional Trustee has been appointed and
has accepted that appointment in accordance with Section 4.4.

         (f)   The Institutional  Trustee shall have the legal power to exercise
all of the rights, powers and privileges of a Holder of the Debentures under the
Indenture  and,  if  an  Event  of  Default   occurs  and  is  continuing,   the
Institutional Trustee may, for the benefit of Holders of the Securities, enforce
its rights as holder of the  Debentures  subject  to the  rights of the  Holders
pursuant  to  this  Declaration  (including  Annex  I)  and  the  terms  of  the
Securities.

         The  Institutional  Trustee must  exercise the powers set forth in this
Section 2.8 in a manner that is  consistent  with the purposes and  functions of
the Trust set out in Section 2.3, and the  Institutional  Trustee shall not take
any action that is inconsistent with the purposes and functions of the Trust set
out in Section 2.3.

         Section  2.9  Certain  Duties  and  Responsibilities  of  the  Trustees
                       ---------------------------------------------------------
and Administrators.
------------------

         (a)   The Institutional Trustee, before the occurrence of  any Event of
Default and after the curing or waiving of all such  Events of Default  that may
have occurred,  shall undertake to perform only such duties as are  specifically
set forth in this  Declaration and no implied  covenants shall be read into this
Declaration  against the Institutional  Trustee. In case an Event of Default has
occurred  (that has not been  cured or waived  pursuant  to  Section  6.7),  the
Institutional  Trustee shall exercise such of the rights and powers vested in it
by this  Declaration,  and use the  same  degree  of care  and  skill  in  their
exercise,  as a prudent person would exercise or use under the  circumstances in
the conduct of his or her own affairs.

         (b)   The duties and responsibilities of the Trustees and  the Adminis-
trators shall be as provided by this Declaration. Notwithstanding the foregoing,
no provision of this Declaration shall require the Trustees or Administrators to
expend or risk their own funds or otherwise incur any financial liability in the
performance of any of their duties hereunder, or in the exercise of any of their
rights or powers if it shall have  reasonable  grounds to believe that repayment
of such funds or  adequate  protection  against  such risk of  liability  is not
reasonably  assured to it. Whether or not therein  expressly so provided,  every
provision of this Declaration relating to the conduct or affecting the liability
of or affording protection to the Trustees or Administrators shall be subject to
the provisions of this Article.  Nothing in this Declaration  shall be construed
to relieve an  Administrator  or Trustee from  liability  for its own  negligent
failure to act, or its own willful misconduct.  To the extent that, at law or in
equity, a Trustee or an Administrator has duties and liabilities relating to the
Trust or to the Holders,  such Trustee or

                                       13

<PAGE>

Administrator  shall  not be  liable  to the  Trust  or to any  Holder  for such
Trustee's  or  Administrator's  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 the  Administrators  or the  Trustees
otherwise  existing  at law or in  equity,  are  agreed by the  Sponsor  and the
Holders to replace such other duties and  liabilities of the  Administrators  or
the Trustees.

         (c)   All payments made by the Institutional  Trustee or a Paying Agent
in respect of the  Securities  shall be made only from the revenue and  proceeds
from the Trust  Property  and only to the extent that there shall be  sufficient
revenue or proceeds from the Trust Property to enable the Institutional  Trustee
or a Paying Agent to make  payments in accordance  with the terms  hereof.  Each
Holder, by its acceptance of a Security,  agrees that it will look solely to the
revenue and proceeds from the Trust Property to the extent legally available for
distribution   to  it  as  herein   provided  and  that  the  Trustees  and  the
Administrators  are not personally liable to it for any amount  distributable in
respect of any Security or for any other  liability in respect of any  Security.
This Section  2.9(c) does not limit the liability of the Trustees  expressly set
forth elsewhere in this Declaration.

         (d)   The Institutional  Trustee shall not be liable for its  own  acts
or omissions hereunder except as a result of its own negligent  action,  its own
negligent failure to act, or its own willful misconduct, except that:

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

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

               (iii)   the  Institutional  Trustee's  sole duty with  respect to
the custody,  safekeeping  and physical  preservation  of the Debentures and the
Property  Account shall be to deal with such property in a similar manner as the
Institutional  Trustee deals with similar  property for its  fiduciary  accounts
generally,  subject to the protections and limitations on liability  afforded to
the Institutional Trustee under this Declaration;

               (iv)    the  Institutional  Trustee shall not be  liable for  any
interest on any money received by it except as it may otherwise agree in writing
with the  Sponsor;  and  money  held by the  Institutional  Trustee  need not be
segregated  from  other  funds  held by it except in  relation  to the  Property
Account  maintained by the  Institutional  Trustee pursuant to Section 2.8(c)(i)
and except to the extent otherwise required by law; and

               (v)     the  Institutional  Trustee shall not  be responsible for
monitoring  the  compliance  by the  Administrators  or the  Sponsor  with their
respective duties under this Declaration, nor shall the Institutional Trustee be
liable for any default or misconduct of the Administrators or the Sponsor.

         Section  2.10 Certain  Rights  of  Institutional  Trustee.  Subject  to
                       -------------------------------------------
the provisions of Section 2.9:

                                       14

<PAGE>

         (a)   the Institutional Trustee may conclusively  rely and  shall fully
be  protected  in acting  or  refraining  from  acting  in good  faith  upon any
resolution, opinion of counsel, certificate,  written representation of a Holder
or  transferee,  certificate  of auditors or any other  certificate,  statement,
instrument,   opinion,  report,  notice,  request,  direction,  consent,  order,
appraisal,  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;

         (b)   if (i) in  performing its  duties  under  this  Declaration,  the
Institutional  Trustee is  required  to decide  between  alternative  courses of
action,  (ii) in  construing  any of the  provisions  of this  Declaration,  the
Institutional  Trustee finds the same ambiguous or  inconsistent  with any other
provisions contained herein, or (iii) the Institutional Trustee is unsure of the
application of any provision of this Declaration,  then, except as to any matter
as to which the  Holders of Capital  Securities  are  entitled to vote under the
terms of this Declaration, the Institutional Trustee may deliver a notice to the
Sponsor requesting the Sponsor's written instructions as to the course of action
to be taken and the  Institutional  Trustee  shall take such action,  or refrain
from taking such action,  as the  Institutional  Trustee  shall be instructed in
writing, in which event the Institutional Trustee shall have no liability except
for its own negligence or willful misconduct;

         (c)   any direction or act of the Sponsor or the Administrators contem-
plated by this Declaration shall be sufficiently  evidenced by an Officers'
Certificate;

         (d)   whenever  in   the  administration  of   this   Declaration,  the
Institutional  Trustee  shall  deem it  desirable  that a matter  be  proved  or
established before undertaking,  suffering or omitting any action hereunder, the
Institutional Trustee (unless other evidence is herein specifically  prescribed)
may request and  conclusively  rely upon an Officers'  Certificate as to factual
matters which, upon receipt of such request,  shall be promptly delivered by the
Sponsor or the Administrators;

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

         (f)   the  Institutional  rustee may consult with counsel of its selec-
tion (which counsel may be counsel to the Sponsor or any of its  Affiliates) and
the  advice  of such  counsel  shall  be full  and  complete  authorization  and
protection in respect of any action  taken,  suffered or omitted by it hereunder
in good faith and in reliance  thereon and in accordance  with such advice;  the
Institutional  Trustee  shall  have the  right at any time to seek  instructions
concerning the  administration  of this  Declaration from any court of competent
jurisdiction;

         (g)   the  Institutional Trustee  shall be under no obligation to exer-
cise any of the rights or powers vested in it by this Declaration at the request
or direction  of any of the Holders  pursuant to this  Declaration,  unless such
Holders shall have offered to the  Institutional  Trustee  security or indemnity
reasonably  satisfactory to it against the costs, expenses and liabilities which
might be incurred by it in compliance with such request or direction;  provided,
that nothing  contained in this  Section  2.10(g)  shall be taken to relieve the
Institutional  Trustee,  subject to Section  2.9(b),  upon the  occurrence of an
Event of Default, to 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;

         (h) the Institutional  Trustee shall not be bound to make any investi-
gation  into  the  facts  or  matters  stated  in any  resolution,  certificate,
statement,   instrument,  opinion,  report,  notice,  request,

                                       15

<PAGE>

consent,   order,  approval,   bond,  debenture,   note  or  other  evidence  of
indebtedness or other paper or document, unless requested in writing to do so by
one or more Holders, but the Institutional Trustee may make such further inquiry
or investigation into such facts or matters as it may see fit;

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

         (j)   whenever  in the  administration of this Declaration the Institu-
tional Trustee shall deem it desirable to receive  instructions  with respect to
enforcing  any  remedy  or  right or  taking  any  other  action  hereunder  the
Institutional  Trustee  (i) may  request  instructions  from the  Holders of the
Capital  Securities  which  instructions may only be given by the Holders of the
same  proportion  in  liquidation  amount of the Capital  Securities as would be
entitled  to direct the  Institutional  Trustee  under the terms of the  Capital
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 fully  protected  in acting in
accordance with such instructions;

         (k)   except  as  otherwise   expressly   provided  in  this   Declara-
tion,  the  Institutional  Trustee shall not be under any obligation to take any
action that is discretionary under the provisions of this Declaration;

         (l)   when   the  Institutional  Trustee  incurs  expenses  or  renders
services in connection  with a Bankruptcy  Event,  such expenses  (including the
fees and  expenses of its counsel) and the  compensation  for such  services are
intended to constitute  expenses of  administration  under any bankruptcy law or
law relating to creditors rights generally;

         (m)   the Institutional Trustee shall not be charged with  knowledge of
an Event of Default unless a Responsible  Officer of the  Institutional  Trustee
obtains actual  knowledge of such event or the  Institutional  Trustee  receives
written  notice of such  event from any  Holder,  the  Sponsor or the  Debenture
Trustee;

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

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

         Section 2.11  Execution of Documents.   Unless  otherwise determined in
                       ----------------------
writing by the Institutional  Trustee,  and except as otherwise  required by the
Statutory  Trust  Act,  the  Institutional  Trustee,  or any  one or more of the
Administrators,  as the case may be, is  authorized  to execute on behalf

                                       16

<PAGE>

of the Trust any documents that the Trustees or the Administrators,  as the case
may be, have the power and authority to execute pursuant to Section 2.6.

         Section 2.12  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 2.13  Duration  of  Trust.  The  Trust,   unless  earlier  dis-
                       -------------------
solved pursuant to the  provisions of Article VII hereof,  shall be in existence
for 35 years from the Closing Date.

         Section 2.14  Mergers.
                       -------

         (a)   The  Trust  may   not  consolidate,  amalgamate,  merge  with  or
into, or be replaced by, or convey,  transfer or lease its properties and assets
substantially  as an  entirety  to any  corporation  or other  body,  except  as
described in this Section 2.14(b) and (c).

         (b)   The Trust may, with the consent of  the Institutional Trustee and
without  the  consent of the  Holders of the  Capital  Securities,  consolidate,
amalgamate,  merge with or into,  or be  replaced by a trust  organized  as such
under the laws of any state; provided that:

               (i)     if the Trust is not the surviving entity, 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 "Suc-
               cessor  Securities")  so that 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 Institutional Trustee as
the Holder of the Debentures;

               (iii)   such merger, consolidation, amalgamation  or  replacement
does not adversely affect the rights,  preferences and privileges of the Holders
of the Securities  (including any Successor  Securities) in any material respect
(other than with  respect to any  dilution  of such  Holders'  interests  in the
Successor  Entity as a result of such  merger,  consolidation,  amalgamation  or
replacement);

               (iv)    the  Institutional  Trustee receives written confirmation
from  Moody's  Investor  Services,  Inc.  or  any  other  nationally  recognized
statistical  rating  organization  that rates  securities  issued by the initial
purchase  of the  Capital  Securities  that it will not reduce or  withdraw  the
rating of any such securities because of such merger, conversion, consolidation,
amalgamation or replacement;

               (v)     such Successor Entity has a purpose substantially identi-
cal to that of the Trust;

                                       17

<PAGE>

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

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

                       (B)   following   such  merger,   consolidation,  amalga-
               mation or replacement, neither the Trust nor the Successor Entity
               will be required to register as an Investment Company; and

                       (C)   following   such  merger,   consolidation,  amalga-
               mation or replacement,  the Trust (or the Successor  Entity) will
               continue to be  classified  as a grantor  trust for United States
               federal income tax purposes;

               (vii)   the Sponsor  guarantees the obligations of such Successor
Entity under the  Successor  Securities  at least to the extent  provided by the
Guarantee;

               (viii)  the  Sponsor owns  100%  of  the common securities of any
Successor Entity; and

               (ix)    prior  to  such merger,  consolidation,  amalgamation  or
replacement,   the  Institutional  Trustee  shall  have  received  an  Officers'
Certificate of the Administrators and an opinion of counsel,  each to the effect
that all conditions  precedent  under this Section  2.14(b) to such  transaction
have been satisfied.

         (c)   Notwithstanding  Section  2.14(b),  the Trust  shall not,  except
with the  consent  of  Holders of 100% in  aggregate  liquidation  amount of the
Securities,  consolidate,  amalgamate, merge with or into, or be replaced by any
other entity or permit any other entity to consolidate,  amalgamate,  merge with
or  into,  or  replace  it  if  such  consolidation,   amalgamation,  merger  or
replacement  would cause the Trust or Successor Entity to be classified as other
than a grantor trust for United States federal income tax purposes.

                                  ARTICLE III

                                     SPONSOR

         Section 3.1   Sponsor's  Purchase of Common Securities. On the  Closing
                       ----------------------------------------
Date, the Sponsor will purchase all of the Common Securities issued by the Trust
in an amount at least equal to 3% of the capital of the Trust,  at the same time
as the Capital Securities are sold.

         Section  3.2  Responsibilities of the Sponsor. In connection  with  the
                       -------------------------------
issue and sale of the Capital  Securities,  the Sponsor shall have the exclusive
right and  responsibility  to engage in, or direct the  Administrators to engage
in, the following activities:

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

                                       18

<PAGE>

         (b)   to  negotiate  the terms of  and/or  execute  on  behalf  of  the
Trust, the Placement  Agreement,  and other related agreements providing for the
sale of the Capital Securities.

         Section 3.3   Expenses.  In  connection  with  the offering,  sale  and
                       --------
issuance of the Debentures to the  Institutional  Trustee and in connection with
the sale of the  Securities  by the  Trust,  the  Sponsor,  in its  capacity  as
Debenture Issuer, shall:

         (a)   pay all costs and expenses  relating to the  offering,  sale  and
issuance of the  Debentures,  including  compensation  of the Debenture  Trustee
under the Indenture in accordance with the provisions of the Indenture;

         (b)   be responsible for and shall pay all debts and obligations (other
than with  respect to the  Securities)  and all costs and  expenses of the Trust
(including, but not limited to, costs and expenses relating to the organization,
maintenance  and dissolution of the Trust),  the offering,  sale and issuance of
the Securities (including fees to the placement agents in connection therewith),
the fees and expenses  (including  reasonable  counsel fees and expenses) of the
Institutional Trustee and the Administrators, the costs and expenses relating to
the operation of the Trust, including, without limitation, costs and expenses of
accountants,  attorneys,  statistical  or  bookkeeping  services,  expenses  for
printing and engraving and computing or  accounting  equipment,  Paying  Agents,
Registrars,  Transfer  Agents,  duplicating,  travel  and  telephone  and  other
telecommunications  expenses and costs and expenses  incurred in connection with
the acquisition,  financing, and disposition of Trust assets and the enforcement
by the Institutional Trustee of the rights of the Holders; and

         (c)   to  pay  any  and all  taxes  (other  than  United  States  with-
holding  taxes  attributable  to the Trust or its assets)  and all  liabilities,
costs and expenses with respect to such taxes of the Trust.

         The  Sponsor's  obligations  under  this  Section  3.3 shall be for the
benefit  of,  and shall be  enforceable  by,  any  Person  to whom  such  debts,
obligations,  costs,  expenses and taxes are owed (a "Creditor")  whether or not
                                                      --------
such  Creditor has received  notice  hereof.  Any such  Creditor may enforce the
Sponsor's  obligations  under this Section 3.3 directly  against the Sponsor and
the  Sponsor  irrevocably  waives any right or remedy to  require  that any such
Creditor take any action against the Trust or any other Person before proceeding
against the Sponsor. The Sponsor agrees to execute such additional agreements as
may be necessary or desirable in order to give full effect to the  provisions of
this Section 3.3.

         Section 3.4   Right  to  Proceed.  The Sponsor acknowledges  the rights
of Holders to institute a Direct Action as set forth in Section 2.8(d)hereto.

                                   ARTICLE IV

                           TRUSTEES AND ADMINISTRATORS

         Section  4.1  Number of Trustees.   The  number  of  Trustees initially
                       ------------------
shall be one (1), 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 Capital  Securities voting as a class at a meeting of
the  Holders of the  Capital  Securities;  provided,  however,  that there shall
                                           --------   -------
always be one Trustee who shall be the Institutional Trustee.

                                       19

<PAGE>

         Section 4.2   Institutional Trustee; Eligibility.
                       ----------------------------------

         (a)   There shall at all times be one Trustee which shall act as Insti-
tutional Trustee which shall:

               (i)     not be an Affiliate of the Sponsor;

               (ii)    not offer or provide credit or credit enhancement to  the
Trust; and

               (iii)   be a banking  corporation or trust company organized  and
doing  business  under the laws of the  United  States of  America  or any state
thereof or the  District  of  Columbia,  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, 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  4.2(a)(iii),  the combined capital and surplus of such
corporation  shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published.

         (b)   If at any  time the  Institutional  Trustee  shall  cease  to  be
eligible  to so act  under  Section  4.2(a),  the  Institutional  Trustee  shall
immediately  resign in the  manner  and with the  effect  set  forth in  Section
4.4(a).

         (c)   The initial Institutional Trustee shall be State Street Bank  and
Trust Company of Connecticut, National Association.

         Section 4.3  Administrators. Each Administrator shall be a U.S. Person,
                      --------------
21  years of age or older  and  authorized  to bind  the  Sponsor.  The  initial
Administrators  shall be Charles O. Hall and Patrick E.  Phelan.  There shall at
all times be at least one  Administrator.  Except where a requirement for action
by  a  specific  number  of  Administrators  is  expressly  set  forth  in  this
Declaration  and  except  with  respect to any action the taking of which is the
subject of a meeting of the Administrators,  any action required or permitted to
be  taken  by  the  Administrators  may  be  taken  by,  and  any  power  of the
Administrators  may be  exercised  by,  or with  the  consent  of,  any one such
Administrator.

         Section 4.4   Appointment, Removal and Resignation of Trustees and
                       ----------------------------------------------------
Administrators.
--------------

         (a)   Notwithstanding anything to the contrary in  this Declaration, no
resignation  or  removal  of  any  Trustee  (the  "Relevant   Trustee")  and  no
                                                   ------------------
appointment  of a  successor  Trustee  pursuant  to this  Article  shall  become
effective  until the  acceptance  of  appointment  by the  successor  Trustee in
accordance with the applicable requirements of this Section 4.4.

         Subject to the immediately preceding paragraph,  a Relevant Trustee may
resign  at any time by giving  written  notice  thereof  to the  Holders  of the
Securities and by appointing a successor Relevant Trustee.  Upon the resignation
of  the  Institutional  Trustee,  the  Institutional  Trustee  shall  appoint  a
successor by  requesting  from at least three  Persons  meeting the  eligibility
requirements,  its expenses and charges to serve as the successor  Institutional
Trustee on a form provided by the  Administrators,  and selecting the Person who
agrees  to  the  lowest  expense  and  charges  (the  "Successor   Institutional
Trustee").  If the  instrument of acceptance by the successor  Relevant  Trustee
required  by this  Section  4.4 shall not have been  delivered  to the  Relevant
Trustee  within 60 days  after  the  giving of such  notice  of  resignation  or
delivery of the instrument of removal, the Relevant Trustee may petition, at the
expense of the Trust,  any  Federal,  state or  District  of  Columbia  court of
competent jurisdiction for the appointment of a

                                       20

<PAGE>

successor  Relevant  Trustee.  Such court may thereupon,  after prescribing such
notice,  if  any,  as it may  deem  proper,  appoint  a  Relevant  Trustee.  The
Institutional  Trustee  shall  have  no  liability  for  the  selection  of such
successor pursuant to this Section 4.4.

         The Institutional Trustee may be removed by the act of the Holders of a
Majority in  liquidation  amount of the  Capital  Securities,  delivered  to the
Relevant  Trustee (in its individual  capacity and on behalf of the Trust) if an
Event of Default shall have occurred and be continuing.  If any Trustee shall be
so  removed,  the  Holders of  Capital  Securities,  by act of the  Holders of a
Majority  in  liquidation  amount of the  Capital  Securities  then  outstanding
delivered to the Relevant Trustee,  shall promptly appoint a successor  Relevant
Trustee or Trustees, and such successor Trustee shall comply with the applicable
requirements  of this Section 4.4. If no successor  Relevant  Trustee shall have
been so  appointed  by the  Holders of a Majority in  liquidation  amount of the
Capital  Securities  and  accepted  appointment  in the manner  required by this
Section 4.4,  within 30 days after  delivery of an  instrument  of removal,  any
Holder who has been a Holder of the  Securities  for at least 6 months  may,  on
behalf of himself and all others similarly situated, petition any Federal, state
or District of Columbia court of competent jurisdiction for the appointment of a
successor  Relevant  Trustee.  Such court may thereupon,  after prescribing such
notice, if any, as it may deem proper,  appoint a successor  Relevant Trustee or
Trustees.

         The  Institutional  Trustee shall give notice of each  resignation  and
each  removal of a Trustee and each  appointment  of a successor  Trustee to all
Holders in the manner  provided in Section  13.1(d) and shall give notice to the
Sponsor.  Each notice shall include the name of the successor  Relevant  Trustee
and  the  address  of its  Corporate  Trust  Office  if it is the  Institutional
Trustee.

         (b)   In  case of  the  appointment  hereunder of a successor  Relevant
Trustee,  the retiring Relevant Trustee and each successor Relevant Trustee with
respect to the Trust  Securities  shall execute and deliver an amendment  hereto
wherein each successor  Relevant Trustee shall accept such appointment and which
(i) shall contain such provisions as shall be necessary or desirable to transfer
and confirm to, and to vest in, each successor  Relevant Trustee all the rights,
powers,  trusts and duties of the retiring  Relevant Trustee with respect to the
Securities  and the Trust and (ii) shall add to or change any of the  provisions
of this  Declaration  as shall be  necessary  to provide for or  facilitate  the
administration  of the  Trust  by more  than  one  Relevant  Trustee,  it  being
understood  that  nothing  herein or in such  amendment  shall  constitute  such
Relevant  Trustees  co-trustees  and upon the  execution  and  delivery  of such
amendment  the  resignation  or removal of the retiring  Relevant  Trustee shall
become effective to the extent provided therein and each such successor Relevant
Trustee,  without any further act, deed or conveyance,  shall become vested with
all the rights, powers, trusts and duties of the retiring Relevant Trustee; but,
on request of the Trust of any successor Relevant Trustee such retiring Relevant
Trustee  shall duly  assign,  transfer  and deliver to such  successor  Relevant
Trustee all Trust Property, all proceeds thereof and money held by such retiring
Relevant Trustee hereunder with respect to the Securities and the Trust.

         (c)  No Institutional Trustee shall be liable for the acts or omissions
to act of any Successor Institutional Trustee.

         (d)   The Holders of the Capital Securities will have no right to  vote
to appoint, remove or replace the Administrators, which voting rights are vested
exclusively in the Holder of the Common Securities.

         Section  4.5  Vacancies  Among Trustees.   If  a Trustee ceases to hold
                       -------------------------
office for any reason and the number of  Trustees  is not  reduced  pursuant  to
Section 4.1, or if the number of Trustees is increased  pursuant to Section 4.1,
a vacancy shall occur. A resolution  certifying the existence of such

                                       21

<PAGE>

vacancy  by the  Trustees  or, if there are more than  two,  a  majority  of the
Trustees  shall be conclusive  evidence of the  existence of such  vacancy.  The
vacancy shall be filled with a Trustee appointed in accordance with Section 4.4.

         Section  4.6  Effect  of Vacancies. The death, resignation, retirement,
                       --------------------
removal,  bankruptcy,  dissolution,  liquidation,  incompetence or incapacity to
perform the duties of a Trustee  shall not  operate to  dissolve,  terminate  or
annul the Trust or terminate this Declaration.  Whenever a vacancy in the number
of Trustees  shall occur,  until such vacancy is filled by the  appointment of a
Trustee in accordance with Section 4.4, the Institutional Trustee shall have all
the powers  granted to the Trustees and shall  discharge all the duties  imposed
upon the Trustees by this Declaration.

         Section  4.7  Meetings of the Trustees and the Administrators. Meetings
                       -----------------------------------------------
of the Trustees or the  Administrators  shall be held from time to time upon the
call of any Trustee or  Administrator,  as applicable.  Regular  meetings of the
Trustees  and the  Administrators,  respectively,  may be held in  person in the
United  States or by  telephone,  at a place (if  applicable)  and time fixed by
resolution of the Trustees or the Administrators,  as applicable.  Notice of any
in-person meetings of the Trustees or the Administrators shall be hand delivered
or otherwise  delivered in writing (including by facsimile,  with a hard copy by
overnight  courier)  not less than 48 hours before such  meeting.  Notice of any
telephonic  meetings of the  Trustees  or the  Administrators  or any  committee
thereof shall be hand delivered or otherwise  delivered in writing (including by
facsimile,  with a hard copy by overnight courier) not less than 24 hours before
a  meeting.  Notices  shall  contain a brief  statement  of the time,  place and
anticipated  purposes  of the  meeting.  The  presence  (whether in person or by
telephone)  of a Trustee or an  Administrator,  as the case may be, at a meeting
shall constitute a waiver of notice of such meeting except where a Trustee or an
Administrator,  as the case may be, attends a meeting for the express purpose of
objecting to the transaction of any activity on the grounds that the meeting has
not  been  lawfully  called  or  convened.  Unless  provided  otherwise  in this
Declaration,  any action of the Trustees or the Administrators,  as the case may
be,  may be taken at a meeting  by vote of a  majority  of the  Trustees  or the
Administrators  present (whether in person or by telephone) and eligible to vote
with respect to such  matter,  provided  that a Quorum is present,  or without a
meeting by the unanimous written consent of the Trustees or the  Administrators.
Meetings of the Trustees and the Administrators together shall be held from time
to time upon the call of any Trustee or Administrator.

         Section 4.8   Delegation of Power.
                       -------------------

         (a)   Any  Administrator  may, by power of attorney consistent with
applicable law,  delegate to any other natural person over the age of 21 that is
a U.S.  Person  his or her power for the  purpose  of  executing  any  documents
contemplated in Section 2.6; and

         (b)   the Administrators shall have power to delegate from time to time
to such of their  number  the doing of such  things  and the  execution  of such
instruments  either in the name of the Trust or the names of the  Administrators
or  otherwise  as the  Administrators  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  4.9  Conversion,  Consolidation  or  Succession  to Business.
                       -------------------------------------------------------
Any Person into which the  Institutional  Trustee 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 Institutional Trustee shall be a party,
or any  Person  succeeding  to all or  substantially  all  the  corporate  trust
business  of  the   Institutional   Trustee   shall  be  the  successor  of  the
Institutional  Trustee  hereunder,  provided  such  Person  shall  be  otherwise

                                       22

<PAGE>

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 V

                                  DISTRIBUTIONS

         Section   5.1 Distributions.    Holders  shall  receive   Distributions
                       -------------
in accordance  with the applicable  terms of the relevant  Holder's  Securities.
Distributions  shall be made on the Capital 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  (or any
principal on the Debentures  held by the  Institutional  Trustee) (the amount of
any such payment being a "Payment Amount"),  the Institutional Trustee shall and
is  directed,  to the extent funds are  available  for that  purpose,  to make a
distribution (a "Distribution") of the Payment Amount to Holders.

                                   ARTICLE VI

                             ISSUANCE OF SECURITIES

         Section 6.1   General Provisions Regarding Securities.
                       ---------------------------------------

         (a)   The  Administrators  shall,  on behalf  of the  Trust,  issue one
series  of  capital  securities   substantially  in  the  form  of  Exhibit  A-1
representing  undivided  beneficial  interests in the assets of the Trust having
such terms as are set forth in Annex I (the "Capital Securities") and one series
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 Capital Securities and the Common Securities.
The Capital Securities rank pari passu to, and payment thereon shall be made Pro
Rata with,  the Common  Securities  except  that,  where an Event of Default has
occurred and is  continuing,  the rights of Holders of the Common  Securities to
payment in respect of Distributions  and payments upon  liquidation,  redemption
and  otherwise are  subordinated  to the rights to payment of the Holders of the
Capital Securities as set forth in Annex I.

         (b)   The  Certificates  shall be  signed  on  behalf  of the Trust by
one or more  Administrators.  Such  signature  shall be the  facsimile or manual
signature of any Administrator. In case any Administrator of the Trust who shall
have signed any of the Securities  shall cease to be such  Administrator  before
the  Certificates so signed shall be delivered by the Trust,  such  Certificates
nevertheless may be delivered as though the person who signed such  Certificates
had not ceased to be such  Administrator,  and any  Certificate may be signed on
behalf of the Trust by such persons who, at the actual date of execution of such
Security,  shall be an Administrator  of the Trust,  although at the date of the
execution  and  delivery  of the  Declaration  any such  person  was not such an
Administrator.  A Capital Security shall not be valid until authenticated by the
manual signature of an Authorized  Officer of the  Institutional  Trustee.  Such
signature  shall be  conclusive  evidence  that the  Capital  Security  has been
authenticated under this Declaration.  Upon written order of the Trust signed by
one  Administrator,  the  Institutional  Trustee shall  authenticate the Capital
Securities  for  original  issue.  The  Institutional  Trustee  may  appoint  an
authenticating  agent  that  is  a  U.S.  Person  acceptable  to  the  Trust  to
authenticate  the  Capital  Securities.   A  Common  Security  need  not  be  so
authenticated.

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

                                       23

<PAGE>

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

         (e)   Every Person,  by virtue of having become a Holder 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
Guarantee.

         Section  6.2  Paying  Agent, Transfer Agent and Registrar.   The  Trust
                       -------------------------------------------
shall maintain in Hartford,  Connecticut,  an office or agency where the Capital
Securities  may be  presented  for payment  ("Paying  Agent"),  and an office or
                                              -------------
agency where  Securities  may be presented  for  registration  of transfer  (the
"Transfer  Agent").  The Trust  shall keep or cause to be kept at such office or
 ---------------
agency a register  for the  purpose of  registering  Securities,  transfers  and
exchanges  of  Securities,  such  register  to  be  held  by  a  registrar  (the
"Registrar").  The  Administrators  may appoint the Paying Agent, the Registrar,
 ---------
the Transfer Agent and may appoint one or more  additional  Paying Agents or one
or more co-Registrars, or one or more co-Transfer Agents in such other locations
as it shall  determine.  The term "Paying Agent" includes any additional  paying
                                   ------------
agent,  the term "Registrar"  includes any additional  registrar or co-Registrar
                  ---------
and the term  "Transfer  Agent"  includes any  additional  transfer  agent.  The
               ---------------
Administrators  may change any Paying Agent  without prior notice to any Holder.
The  Administrators  shall  notify  the  Institutional  Trustee  of the name and
address of any Paying  Agent,  Transfer  Agent and Registrar not a party to this
Declaration.  The Administrators hereby appoint the Institutional Trustee to act
as Paying Agent, Transfer Agent and Registrar for the Capital Securities and the
Common  Securities.  The  Institutional  Trustee or any of its Affiliates in the
United States may act as Paying Agent, Transfer Agent or Registrar.

         Section  6.3  Form and Dating. The Capital Securities and the Institu-
                       ---------------
tional Trustee's certificate of authentication thereon 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 may be typed, printed, lithographed or
engraved or may be produced in any other manner as is  reasonably  acceptable to
the Administrators,  as conclusively  evidenced by their execution thereof.  The
Securities may have letters, 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
Sponsor).  The Trust at the  direction  of the  Sponsor  shall  furnish any such
legend not  contained  in Exhibit A-1 to the  Institutional  Trustee in writing.
Each Capital 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  Institutional  Trustee,  the
Administrators  and  the  Sponsor,  by  their  execution  and  delivery  of this
Declaration,  expressly  agree  to such  terms  and  provisions  and to be bound
thereby.  Capital  Securities  will be  issued  only in  blocks  having a stated
liquidation  amount  of not less than  $500,000  and any  multiple  of $1,000 in
excess thereof.

         The Capital Securities are being offered and sold by the Trust pursuant
to the Placement  Agreement in definitive,  registered form without coupons with
the Restricted Securities Legend.

         Section 6.4   Mutilated, Destroyed, Lost or Stolen Certificates.
                       -------------------------------------------------

If:
         (a)   any   mutilated   Certificates   should  be  surrendered  to  the
Registrar, or if the Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Certificate; and

                                       24

<PAGE>

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

then, in the absence of notice that such Certificate shall have been acquired by
a protected  purchaser,  an  Administrator  on behalf of the Trust shall execute
(and in the case of a Capital Security  Certificate,  the Institutional  Trustee
shall  authenticate)  and  deliver,  in  exchange  for or in  lieu  of any  such
mutilated,  destroyed,  lost or stolen  Certificate,  a new  Certificate of like
denomination.  In connection with the issuance of any new Certificate under this
Section 6.4, the  Registrar or the  Administrators  may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection  therewith.  Any  duplicate  Certificate  issued  pursuant to this
Section shall  constitute  conclusive  evidence of an ownership  interest in the
relevant Securities, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.

         Section  6.5  Temporary  Securities.   Until  definitive Securities are
                       ---------------------
ready for  delivery,  the  Administrators  may  prepare  and, in the case of the
Capital  Securities,  the  Institutional  Trustee shall  authenticate  temporary
Securities.   Temporary  Securities  shall  be  substantially  in  the  form  of
definitive  Securities but may have variations that the Administrators  consider
appropriate  for  temporary   Securities.   Without   unreasonable   delay,  the
Administrators  shall  prepare and, in the case of the Capital  Securities,  the
Institutional  Trustee shall authenticate  definitive Securities in exchange for
temporary Securities.

         Section  6.6  Cancellation. The Administrators at any time may  deliver
                       ------------
Securities to the Institutional  Trustee for  cancellation.  The Registrar shall
forward  to the  Institutional  Trustee  any  Securities  surrendered  to it for
registration of transfer, redemption or payment. The Institutional Trustee shall
promptly cancel all Securities surrendered for registration of transfer, payment
replacement or cancellation and shall dispose of such canceled Securities as the
Administrators  direct.  The  Administrators  may not  issue new  Securities  to
replace  Securities  that have been  paid or that  have  been  delivered  to the
Institutional Trustee for cancellation.

         Section 6.7   Rights of Holders; Waivers of Past Defaults.
                       -------------------------------------------

         (a)   The  legal  title  to the  Trust Property is  vested  exclusively
in the  Institutional  Trustee  (in its  capacity  as such) in  accordance  with
Section 2.5,  and the Holders  shall not have any right or title  therein  other
than the undivided  beneficial  interest in the assets of the Trust conferred by
their  Securities  and they  shall  have no right to call for any  partition  or
division of property,  profits or rights of the Trust except as described below.
The Securities  shall be personal  property giving only the rights  specifically
set  forth  therein  and in  this  Declaration.  The  Securities  shall  have no
preemptive or similar rights.

         (b)   For  so  long  as  any  Capital  Securities  remain  outstanding,
if upon an  Indenture  Event of  Default,  the  Debenture  Trustee  fails or the
holders of not less than 25% in principal  amount of the outstanding  Debentures
fail to declare the principal of all of the Debentures to be immediately due and
payable,  the  Holders  of a  Majority  in  liquidation  amount  of the  Capital
Securities then  outstanding  shall have the right to make such declaration by a
notice in writing to the  Institutional  Trustee,  the Sponsor and the Debenture
Trustee.

         At any time after a  declaration  of  acceleration  with respect to the
Debentures  has been made and  before a judgment  or decree  for  payment of the
money  due has  been  obtained  by the  Debenture  Trustee  as  provided  in the
Indenture,  if the Institutional Trustee fails to annul any such declaration and
waive such  default,  the  Holders of a Majority  in  liquidation  amount of the
Capital Securities,  by written notice to the Institutional Trustee, the Sponsor
and the  Debenture  Trustee,  may  rescind  and annul such  declaration  and its
consequences if:

                                       25

<PAGE>

         (i)   the Debenture Issuer has  paid  or deposited  with  the Debenture
Trustee a sum sufficient to pay

               (A)     all  overdue  installments  of  interest on  all  of  the
         Debentures,

               (B)     any accrued Additional Interest on all of the Debentures,

               (C)     the principal of (and premium, if any, on) any Debentures
         that  have    become  due  otherwise  than   by  such   declaration  of
         acceleration  and interest and Additional  Interest thereon at the rate
         borne by the Debentures, and

               (D)     all sums paid or advanced by the Debenture  Trustee under
         the   Indenture   and    the    reasonable   compensation,    expenses,
         disbursements  and   advances   of  the  Debenture  Trustee   and   the
         Institutional Trustee, their agents and counsel; and

         (ii)  all Events  of Default  with  respect to  the  Debentures,  other
than the  non-payment  of the  principal of the  Debentures  that has become due
solely by such  acceleration,  have been cured or waived as  provided in Section
5.7 of the Indenture.

         The Holders of at least a majority in liquidation amount of the Capital
Securities  may, on behalf of the Holders of all the Capital  Securities,  waive
any past default or Event of Default  under the  Indenture,  except a default or
Event of Default in the payment of principal or interest (unless such default or
Event  of  Default  has  been  cured  and a sum  sufficient  to pay all  matured
installments  of interest and principal due otherwise than by  acceleration  has
been deposited  with the Debenture  Trustee) or a default or Event of Default in
respect of a covenant or provision  that under the Indenture  cannot be modified
or amended without the consent of the holder of each outstanding  Debenture.  No
such  rescission  shall  affect  any  subsequent  default  or  impair  any right
consequent thereon.

         Upon receipt by the  Institutional  Trustee of written notice declaring
such an  acceleration,  or rescission and annulment  thereof,  by Holders of any
part  of the  Capital  Securities,  a  record  date  shall  be  established  for
determining  Holders of outstanding  Capital Securities entitled to join in such
notice,  which  record  date  shall be at the close of  business  on the day the
Institutional  Trustee receives such notice. The Holders on such record date, or
their duly designated proxies, and only such Persons,  shall be entitled to join
in such notice,  whether or not such Holders  remain  Holders  after such record
date; provided, that unless such declaration of acceleration,  or rescission and
annulment,  as the case may be,  shall have  become  effective  by virtue of the
requisite  percentage  having  joined in such notice prior to the day that is 90
days after such record date,  such notice of  declaration  of  acceleration,  or
rescission and annulment,  as the case may be, shall  automatically  and without
further  action by any Holder be canceled and of no further  effect.  Nothing in
this  paragraph  shall  prevent a Holder,  or a proxy of a Holder,  from giving,
after  expiration of such 90-day period,  a new written notice of declaration of
acceleration,  or rescission and annulment thereof,  as the case may be, that is
identical to a written notice that has been canceled  pursuant to the proviso to
the preceding  sentence,  in which event a new record date shall be  established
pursuant to the provisions of this Section 6.7.

(c) Except as otherwise  provided in paragraphs (a) and (b) of this Section 6.7,
the  Holders  of at  least a  majority  in  liquidation  amount  of the  Capital
Securities  may, on behalf of the Holders of all the Capital  Securities,  waive
any past default or Event of Default and its consequences. Upon such waiver, any
such default or Event of Default shall cease to exist,  and any default or Event
of  Default  arising  therefrom  shall be deemed to have been  cured,  for every
purpose  of  this  Trust  Agreement,  but no

                                       26

<PAGE>

such waiver shall extend to any  subsequent or other default or Event of Default
or impair any right consequent thereon.

                                  ARTICLE VII

                      DISSOLUTION AND TERMINATION OF TRUST

         Section 7.1   Dissolution and Termination of Trust.
                       ------------------------------------

         (a)   The Trust shall dissolve on the first to occur of:

               (i)     unless earlier dissolved, on September 7, 2035, the expi-
ration of the term of the Trust;

               (ii)    upon a Bankruptcy Event with respect to the Sponsor,  the
Trust or the Debenture Issuer;

               (iii)   (other  than in  connection  with a merger, consolidation
or similar transaction not prohibited by the Indenture,  this Declaration or the
Guarantee,  as the case may be) upon the filing of a certificate  of dissolution
or its equivalent with respect to the Sponsor,  upon the consent of Holders of a
Majority in  liquidation  amount of the Securities  voting  together as a single
class to file a certificate  of  cancellation  with respect to the Trust or upon
the revocation of the charter of the Sponsor and the expiration of 90 days after
the date of revocation without a reinstatement thereof;

               (iv)    upon the distribution of the Debentures to the Holders of
the Securities;

               (v)     upon  exercise of the right  of  the Holder of all of the
outstanding  Common  Securities  to  dissolve  the Trust as  provided in Annex I
hereto;

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

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

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

         (b)   As soon  as  is  practicable  after  the  occurrence of  an event
referred  to in  Section  7.1(a),  and  after  satisfaction  of  liabilities  to
creditors of the Trust as required by applicable law, including of the Statutory
Trust  Act,  and  subject  to the terms set forth in Annex I, the  Institutional
Trustee shall terminate the Trust by filing a certificate of  cancellation  with
the Secretary of State of the State of Connecticut.

         (c)   The  provisions  of  Section 2.9 and Article IX shall survive the
termination of the Trust.

                                       27

<PAGE>

                                  ARTICLE VIII

                              TRANSFER OF INTERESTS

         Section 8.1   General.
                       -------

         (a)   Subject to Section 8.1(c), where Capital Securities are presented
to the Registrar or a  co-registrar  with a request to register a transfer or to
exchange them for an equal number of Capital Securities represented by different
certificates,  the Registrar shall register the transfer or make the exchange if
its  requirements  for such  transactions  are met. To permit  registrations  of
transfer  and  exchanges,  the Trust shall issue and the  Institutional  Trustee
shall authenticate Capital Securities at the Registrar's request.

         (b)   Upon issuance of the Common Securities, the Sponsor shall acquire
and retain  beneficial and record ownership of the Common  Securities and for so
long as the  Securities  remain  outstanding,  the Sponsor  shall  maintain 100%
ownership  of the  Common  Securities;  provided,  however,  that any  permitted
successor  of the  Sponsor,  in its  capacity  as  Debenture  Issuer,  under the
Indenture  that is a U.S.  Person may succeed to the Sponsor's  ownership of the
Common Securities.

         (c)   Capital  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 and will be deemed to be
of no legal effect  whatsoever and any such transferee shall be deemed not to be
the holder of such Capital Securities for any purpose, including but not limited
to the receipt of Distributions on such Capital Securities,  and such transferee
shall be deemed to have no interest whatsoever in such Capital Securities.

         (d)   The Registrar shall  provide for the  registration  of Securities
and of transfers of Securities,  which will be effected  without charge but only
upon payment  (with such  indemnity as the  Registrar 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  Securities,  the Registrar
shall  cause one or more new  Securities  of the same  tenor to be issued in the
name of the designated transferee or transferees. Every Security surrendered for
registration  of  transfer  shall be  accompanied  by a  written  instrument  of
transfer in form  satisfactory  to the Registrar  duly executed by the Holder or
such Holder's attorney duly authorized in writing. Each Security surrendered for
registration of transfer shall be canceled by the Institutional Trustee pursuant
to Section 6.6. A transferee  of a Security  shall be entitled to the rights and
subject  to the  obligations  of a Holder  hereunder  upon the  receipt  by such
transferee of a Security. By acceptance of a Security,  each transferee shall be
deemed to have agreed to be bound by this Declaration.

         (e)   The Trust shall not be required (i) to issue, register the trans-
fer of, or exchange any Securities  during a period  beginning at the opening of
business 15 days before the day of any  selection of Securities  for  redemption
and ending at the close of business on the  earliest  date on which the relevant
notice  of  redemption  is  deemed  to have  been  given to all  Holders  of the
Securities  to be redeemed,  or (ii) to register the transfer or exchange of any
Security so selected for  redemption in whole or in part,  except the unredeemed
portion of any Security being redeemed in part.

         Section 8.2   Transfer Procedures and Restrictions.
                       ------------------------------------

         (a)   The  Capital  Securities  shall  bear  the Restricted  Securities
Legend,  which shall not be removed  unless there is delivered to the Trust such
satisfactory  evidence,  which may  include an opinion

                                       28

<PAGE>

of counsel  licensed  to  practice  law in the State of  Connecticut,  as may be
reasonably  required by the Trust,  that neither the legend nor the restrictions
on transfer  set forth  therein are  required to ensure that  transfers  thereof
comply  with the  provisions  of the  Securities  Act.  Upon  provision  of such
satisfactory  evidence,  the Institutional  Trustee, at the written direction of
the Trust,  shall  authenticate and deliver Capital  Securities that do not bear
the legend.

         (b)   Except as permitted by  Section  8.2(a),  each  Capital  Security
shall bear a legend (the "Restricted  Securities  Legend") in substantially  the
                          ------------------------------
following  form and a  Capital  Security  shall  not be  transferred  except  in
compliance with such legend,  unless otherwise  determined by the Sponsor,  upon
the advice of counsel expert in securities  law, in accordance  with  applicable
law:

                  THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
         OF 1933, AS AMENDED (THE  "SECURITIES  ACT"), ANY STATE SECURITIES LAWS
         OR ANY OTHER  APPLICABLE  SECURITIES LAW. NEITHER THIS SECURITY NOR ANY
         INTEREST OR  PARTICIPATION  HEREIN MAY BE  REOFFERED,  SOLD,  ASSIGNED,
         TRANSFERRED,  PLEDGED,  ENCUMBERED  OR  OTHERWISE  DISPOSED  OF IN  THE
         ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM,
         OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
         THE HOLDER OF THIS SECURITY BY ITS  ACCEPTANCE  HEREOF AGREES TO OFFER,
         SELL OR OTHERWISE TRANSFER THIS SECURITY ONLY (A) TO THE SPONSOR OR THE
         TRUST,  (B) TO A  PERSON  WHOM  THE  SELLER  REASONABLY  BELIEVES  IS A
         QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS
         OF RULE 144A SO LONG AS THIS  SECURITY IS ELIGIBLE FOR RESALE  PURSUANT
         TO RULE 144A IN ACCORDANCE WITH RULE 144A, (C) TO A NON-U.S.  PERSON IN
         AN OFFSHORE  TRANSACTION  IN  ACCORDANCE  WITH RULE 903 OR RULE 904 (AS
         APPLICABLE)  OF  REGULATION  S  UNDER  THE  SECURITIES  ACT,  (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 CAPITAL SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT
         OF SUCH AN INSTITUTIONAL  ACCREDITED INVESTOR,  FOR INVESTMENT PURPOSES
         AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN  CONNECTION  WITH,  ANY
         DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (E) PURSUANT TO ANY
         OTHER  AVAILABLE  EXEMPTION FROM THE  REGISTRATION  REQUIREMENTS OF THE
         SECURITIES ACT, SUBJECT TO THE SPONSOR'S AND THE TRUST'S RIGHT PRIOR TO
         ANY SUCH OFFER,  SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN OPINION
         OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH
         OF THEM IN ACCORDANCE  WITH THE  DECLARATION  OF TRUST, A COPY OF WHICH
         MAY BE  OBTAINED  FROM THE  SPONSOR  OR THE  TRUST.  THE HOLDER OF THIS
         SECURITY AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

         (c)   To  permit  registrations  of transfers and exchanges,  the Trust
shall execute and the  Institutional  Trustee  shall authenticate Capital  Secu-
rities at the Registrar's request.

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

                                       29

<PAGE>

         (e)   All Capital  Securities issued upon any registration  of transfer
or exchange  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  Capital  Securities  surrendered  upon such  registration  of  transfer  or
exchange.

         Section  8.3 Deemed  Security Holders. The Trust,  the  Administrators,
                      ------------------------
the Trustees,  the Paying Agent,  the Transfer  Agent or the Registrar may treat
the Person in whose name any  Certificate  shall be  registered on the books and
records  of  the  Trust  as the  sole  holder  of  such  Certificate  and of the
Securities   represented   by  such   Certificate   for  purposes  of  receiving
Distributions and for all other purposes whatsoever and, accordingly,  shall not
be bound to  recognize  any  equitable  or other  claim to or  interest  in such
Certificate or in the Securities  represented by such Certificate on the part of
any Person,  whether or not the Trust,  the  Administrators,  the Trustees,  the
Paying Agent,  the Transfer  Agent or the  Registrar  shall have actual or other
notice thereof

                                   ARTICLE IX

                           LIMITATION OF LIABILITY OF
                    HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

         Section 9.1   Liability.
                       ---------

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

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

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

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

         (c)   Pursuant to the Statutory  Trust Act, the Holders of  the Capital
Securities shall be  entitled  to  the same  limitation  of  personal  liability
extended to stockholders  of private  corporations  for profit  organized  under
the General Corporation Law of the State of Connecticut.

         Section 9.2   Exculpation.
                       -----------

         (a)   No Indemnified Person shall be liable, responsible or accountable
in damages or otherwise to the Trust or any Covered Person for any loss,  damage
or claim incurred by reason of any act or omission  performed or omitted by such
Indemnified  Person in good  faith on  behalf of the Trust and in a manner  such
Indemnified  Person reasonably  believed to be within the scope of the authority
conferred on such Indemnified  Person by this 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

                                       30

<PAGE>

professional or expert  competence and, if selected by such Indemnified  Person,
has been  selected  by such  Indemnified  Person with  reasonable  care by or on
behalf of the Trust, including information,  opinions,  reports or statements as
to the value and amount of the  assets,  liabilities,  profits,  losses,  or any
other  facts  pertinent  to the  existence  and  amount  of  assets  from  which
Distributions to Holders of Securities might properly be paid.

         Section 9.3   Fiduciary Duty.
                       --------------

         (a)   To the extent that, at law or in equity,  an  Indemnified  Person
has duties (including  fiduciary duties) and liabilities relating thereto to the
Trust or to any other Covered  Person,  an Indemnified  Person acting under this
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, are agreed by the
parties hereto to replace such other duties and  liabilities of the  Indemnified
Person.

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

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

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

         Section 9.4   Indemnification.
                       ---------------

         (a)   The Sponsor  shall  indemnify,  to the full  extent  permitted by
law, any 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 an
Indemnified Person against expenses  (including  reasonable  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 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.

         (b)   The Sponsor  shall  indemnify,  to the full  extent  permitted by
law, any 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 an Indemnified Person against expenses (including  reasonable  attorneys'
fees and expenses)  actually and reasonably  incurred by him in connection  with
the defense or  settlement  of such action or suit if he acted in good faith and
in a manner he reasonably believed to be in or not opposed to the best

                                       31

<PAGE>

interests of the Trust; provided, however, that no such indemnification shall be
made in  respect  of any  claim,  issue or matter as to which  such  Indemnified
Person shall have been adjudged to be liable to the Trust unless and only to the
extent that 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 shall deem proper.

         (c)   To the extent that an  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 (a) and (b) of this Section
9.4,  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  and  expenses)  actually  and  reasonably  incurred  by him in
connection therewith.

         (d)   Any indemnification of an Administrator under paragraphs  (a) and
(b) of this Section 9.4 (unless ordered by a court) shall be made by the Sponsor
only  as   authorized   in  the  specific   case  upon  a   determination   that
indemnification of the Indemnified Person is proper in the circumstances because
he has met the  applicable  standard of conduct set forth in paragraphs  (a) and
(b). Such  determination  shall be made (i) by the  Administrators by a majority
vote of a Quorum consisting of such  Administrators who were not parties to such
action, suit or proceeding, (ii) if such a Quorum is not obtainable, or, even if
obtainable,  if  a  Quorum  of  disinterested   Administrators  so  directs,  by
independent legal counsel in a written opinion,  or (iii) by the Common Security
Holder of the Trust.

         (e)   To the fullest  extent  permitted  by  law,  expenses  (including
reasonable  attorneys' fees and expenses)  incurred by an Indemnified  Person in
defending a civil,  criminal,  administrative or investigative  action,  suit or
proceeding  referred to in  paragraphs  (a) and (b) of this Section 9.4 shall be
paid by the Sponsor in advance of the final disposition of such action,  suit or
proceeding  upon receipt of an undertaking  by or on behalf of such  Indemnified
Person to repay such amount if it shall  ultimately be determined that he is not
entitled to be  indemnified  by the Sponsor as  authorized  in this Section 9.4.
Notwithstanding  the  foregoing,  no advance  shall be made by the  Sponsor if a
determination  is reasonably  and promptly made (i) by the  Administrators  by a
majority vote of a Quorum of disinterested Administrators, (ii) if such a Quorum
is not  obtainable,  or,  even  if  obtainable,  if a  quorum  of  disinterested
Administrators so directs,  by independent legal counsel in a written opinion or
(iii) by the Common  Security  Holder of the Trust,  that,  based upon the facts
known to the  Administrators,  counsel or the Common Security Holder at the time
such  determination is made, such 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
Indemnified  Person believed or had reasonable  cause to believe his conduct was
unlawful.  In no  event  shall  any  advance  be made  in  instances  where  the
Administrators,   independent  legal  counsel  or  the  Common  Security  Holder
reasonably determine that such Indemnified Person deliberately breached his duty
to the Trust or its Common or Capital Security Holders.

         (f)   Each Trustee, at the sole cost and expense of the Sponsor,retains
the right to representation  by counsel of its own choosing in any action,  suit
or any other proceeding for which it is indemnified under paragraphs (a) and (b)
of this Section 9.4, without affecting its right to indemnification hereunder or
waiving any rights afforded to it under this Declaration or applicable law.

         (g)   The  indemnification  and  advancement  of expenses  provided by,
or granted  pursuant to, the other  paragraphs  of this Section 9.4 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

                                       32

<PAGE>

stockholders  or  disinterested  directors  of the  Sponsor or Capital  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  9.4 shall be deemed to be  provided  by a
contract  between  the Sponsor  and each  Indemnified  Person who serves in such
capacity  at any time  while  this  Section  9.4 is in  effect.  Any  repeal  or
modification of this Section 9.4 shall not affect any rights or obligations then
existing.

         (h)   The Sponsor or the Trust may purchase  and  maintain insurance on
behalf of any Person who is or was an  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 Sponsor would have the power to indemnify
him against such liability under the provisions of this Section 9.4.

         (i)   For purposes of this Section 9.4, references to "the Trust" shall
include,  in addition to the  resulting or  surviving  entity,  any  constituent
entity (including any constituent of a constituent)  absorbed in a consolidation
or  merger,  so that any Person who is or was a  director,  trustee,  officer or
employee of such constituent entity, or is or was serving at the request of such
constituent entity as a director, trustee, officer, employee or agent of another
entity,  shall stand in the same position  under the  provisions of this Section
9.4 with  respect to the  resulting  or  surviving  entity as he would have with
respect to such constituent entity if its separate existence had continued.

         (j)   The  indemnification  and  advancement  of expenses  provided by,
or granted pursuant to, this Section 9.4 shall,  unless otherwise  provided when
authorized  or  ratified,  (i)  continue  as to a Person who has ceased to be an
Indemnified  Person and shall inure to the benefit of the heirs,  executors  and
administrators of such a Person;  and (ii) survive the termination or expiration
of this  Declaration  or the earlier  removal or  resignation  of an Indemnified
Person.

         Section  9.5  Outside  Businesses.  Any Covered Person, the Sponsor and
                       -------------------
the Institutional Trustee may engage in or possess an interest in other business
ventures of any nature or description,  independently or with others, similar or
dissimilar  to the  business  of the  Trust,  and the Trust and the  Holders  of
Securities  shall  have no rights by virtue of this  Declaration  in and to such
independent ventures or the income or profits derived therefrom, and the pursuit
of any such venture,  even if competitive with the business of the Trust,  shall
not be deemed wrongful or improper.  None of any Covered Person,  the Sponsor or
the  Institutional   Trustee  shall  be  obligated  to  present  any  particular
investment or other  opportunity  to the Trust even if such  opportunity is of a
character that, if presented to the Trust,  could be taken by the Trust, and any
Covered Person,  the Sponsor and the Institutional  Trustee shall have the right
to take for its own account  (individually  or as a partner or  fiduciary) or to
recommend to others any such  particular  investment or other  opportunity.  Any
Covered Person and the Institutional  Trustee may engage or be interested in any
financial or other transaction with the Sponsor or any Affiliate of the Sponsor,
or may act as depositary  for,  trustee or agent for, or act on any committee or
body of  holders  of,  securities  or other  obligations  of the  Sponsor or its
Affiliates.

         Section 9.6   Compensation; Fee. The Sponsor 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 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 compensation and the expenses and

                                       33

<PAGE>

disbursements of their respective agents and counsel),  except any such expense,
disbursement or advance as may be  attributable to its negligence,  bad faith or
willful misconduct.

         The provisions of this Section 9.6 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 9.6.

                                   ARTICLE X

                                   ACCOUNTING

         Section  10.1 Fiscal  Year.  The fiscal year  ("Fiscal  Year")  of  the
                       ------------
Trust shall be the calendar year, or such other year as is required by the Code.

        Section 10.2   Certain Accounting Matters.
                       --------------------------

         (a)   At all times during the  existence of the Trust,  the Administra-
tors shall keep, or cause to be kept at the principal office of the Trust in the
United  States,  as  defined  for  purposes  of  Treasury   regulations  section
301.7701-7, 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,  at the Sponsor's  expense,  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 Administrators.

         (b)   The Administrators,  at the Sponsor's expense, shall cause to  be
prepared at the principal  office of the Trust in the United States,  as defined
for purposes of Treasury  regulations section 301.7701-7,  and delivered to each
of the Holders of  Securities,  within 90 days after the end of each Fiscal Year
of the Trust,  annual  financial  statements  of the Trust,  including a balance
sheet of the Trust as of the end of such Fiscal Year, and the related statements
of income or loss which  shall be  examined  by and  reported  upon by a firm of
independent certified public accountants selected by the Administrators.

         (c)   The Administrators  shall cause to be duly prepared and delivered
to each of the  Holders  of  Securities  Form 1099 or such other  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 Administrators
shall  endeavor to deliver all such  statements  within 30 days after the end of
each Fiscal Year of the Trust.

         (d)   The  Administrators,  at  the   Sponsor's  expense,  shall  cause
to be duly prepared at the principal  office of the Trust in the United  States,
as defined for purposes of Treasury regulations section 301.7701-7, and filed 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  Administrators  on behalf of the Trust
with any state or local taxing authority.

         Section 10.3  Banking.  The Trust shall maintain in the United  States,
as defined for purposes of Treasury regulations section 301.7701-7,  one or more
bank  accounts  in the name and for the sole  benefit  of the  Trust;  provided,
                                                                       --------
however,  that all  payments of funds in respect of the  Debentures  held by the
-------
Institutional  Trustee  shall be made  directly to the  Property  Account and no
other funds of the Trust

                                       34

<PAGE>

shall be  deposited  in the  Property  Account.  The sole  signatories  for such
accounts   (including   the  Property   Account)  shall  be  designated  by  the
Institutional Trustee.

         Section 10.4  Withholding.   The   Institutional  Trustee or any Paying
                       -----------
Agent and the  Administrators  shall  comply with all  withholding  requirements
under United States federal,  state and local law. The Institutional  Trustee or
any  Paying  Agent  shall  request,   and  each  Holder  shall  provide  to  the
Institutional  Trustee or any Paying Agent,  such forms or  certificates  as are
necessary to establish an exemption from withholding with respect to the Holder,
and any  representations  and  forms as shall  reasonably  be  requested  by the
Institutional Trustee or any Paying Agent to assist it in determining the extent
of, and in fulfilling,  its withholding  obligations.  The Administrators  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
Institutional  Trustee or any Paying  Agent 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  overwithholding,
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  Institutional  Trustee  or any Paying  Agent may  reduce  subsequent
Distributions by the amount of such withholding.

                                   ARTICLE XI

                             AMENDMENTS AND MEETINGS

         Section 11.1  Amendments.
                       ----------

         (a)   Except as otherwise provided in this Declaration or by any appli-
cable terms of the Securities, this Declaration may only be amended by a written
instrument approved and executed by the Institutional Trustee.

         (b)   Notwithstanding any other provision of this Article XI, no amend-
ment shall be made, and any such purported amendment shall be void and
ineffective:

               (i)     unless the Institutional Trustee shall have first
received

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

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

               (ii)    if the result of such amendment would be to

                       (A)   cause the Trust to cease to be classified for pur-
               poses of United States federal income taxation as a grantor
               trust; or

                       (B)   cause the Trust to be deemed  to be an  Investment
               Company  required  to be registered under the Investment Company
               Act.

                                       35

<PAGE>

         (c)   Except as provided in Section  11.1(d), (e) or (h), no  amendment
shall be made, and any such purported  amendment  shall be void and  ineffective
unless the Holders of a Majority in liquidation amount of the Capital Securities
shall have consented to such amendment.

         (d)   In addition to and  notwithstanding any other provision in this
Declaration,  without the consent of each affected Holder,  this Declaration may
not be amended to (i)  change  the amount or timing of any  Distribution  on the
Securities or otherwise adversely affect the amount of any Distribution required
to be made in respect of the  Securities  as of a  specified  date or change any
conversion  or exchange  provisions  or (ii)  restrict  the right of a Holder to
institute suit for the enforcement of any such payment on or after such date.

         (e)   Section  8.1 (b) and 8.1(c) and this  Section  11.1 shall not be
amended  without  the  consent of all of the Holders of the Securities.

         (f)   Article III  shall not be amended  without  the consent of the
Holders of a Majority  in  liquidation  amount of the Common Securities.

         (g)   The rights of the  Holders of the  Capital  Securities  under
Article IV 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 Capital Securities.

         (h)   This Declaration may be amended by the Institutional Trustee and
the Holders of a Majority  in the  liquidation  amount of the Common  Securities
without the consent of the Holders of the Capital Securities to:

               (i)     cure any ambiguity;

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

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

               (iv)    modify,  eliminate or add to any provision of this Decla-
ration to such  extent as may be  necessary  to  ensure  that the Trust  will be
classified  for United  States  federal  income tax  purposes  at all times as a
grantor  trust and will not be required to register as an  "investment  company"
under the Investment Company Act (including without limitation to conform to any
change in Rule 3a-5, Rule 3a-7 or any other applicable rule under the Investment
Company Act or written change in  interpretation  or application  thereof by any
legislative  body,  court,  government  agency or  regulatory  authority)  which
amendment does not have a material adverse effect on the rights,  preferences or
privileges of the Holders of Securities;

         provided,  however, that no such modification,  elimination or addition
referred to in clauses (i), (ii) or (iii) shall adversely affect in any material
respect  the  powers,  preferences  or  special  rights of  Holders  of  Capital
Securities.

         Section 11.2  Meetings of the Holders of Securities; Action by Written
                       --------------------------------------------------------
Consent.
-------

         (a)   Meetings of the Holders of any class of Securities may be called
at any  time  by  the  Administrators  (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 or the terms
of the  Securities.  The  Administrators  shall call a meeting of the Holders of
such class if directed  to do so by

                                       36

<PAGE>

the Holders of at least 10% in  liquidation  amount of such class of Securities.
Such direction  shall be given by delivering to the  Administrators  one or more
calls in a writing  stating that the signing  Holders of the Securities  wish to
call a meeting and  indicating  the  general or  specific  purpose for which the
meeting is to be called.  Any Holders of the Securities  calling a meeting shall
specify in  writing  the  Certificates  held by the  Holders  of the  Securities
exercising the right to call a meeting and only those Securities  represented by
such  Certificates  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 Secu-
rities,  the following provisions shall apply to meetings of Holders of the
Securities:

               (i)     notice of any such  meeting  shall be given to all the
Holders of the Securities having a right to vote thereat at least 7 days and not
more than 60 days before the date of such meeting.  Whenever a vote,  consent or
approval of the Holders of the  Securities  is permitted or required  under this
Declaration,  such vote,  consent or  approval  may be given at a meeting of the
Holders  of the  Securities.  Any  action  that may be taken at a meeting of the
Holders of the Securities may be taken without a meeting if a consent in writing
setting  forth the action so taken is signed by the  Holders  of the  Securities
owning not less than the minimum amount of Securities in liquidation amount that
would be  necessary  to  authorize or take such action at a meeting at which all
Holders  of the  Securities  having a right to vote  thereon  were  present  and
voting.  Prompt notice of the taking of action  without a meeting shall be given
to the  Holders of the  Securities  entitled to vote who have not  consented  in
writing. The Administrators may specify that any written ballot submitted to the
Holders of the Securities for the purpose of taking any action without a meeting
shall be returned to the Trust within the time specified by the Administrators;

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

               (iii)   unless the Statutory Trust Act, this  Declaration, or the
terms of the Securities  otherwise provides,  the Administrators,  in their sole
discretion, shall establish all other provisions relating to meetings of Holders
of Securities,  including notice of the time, place or purpose of any meeting at
which any matter is to be voted on by any Holders of the  Securities,  waiver of
any such notice,  action by consent without a meeting,  the  establishment  of a
record  date,  quorum  requirements,  voting  in person or by proxy or any other
matter  with  respect  to the  exercise  of any such  right  to vote;  provided,
however, that each meeting shall be conducted in the United States (as that term
is defined in Treasury regulations section 301.7701-7).

                                       37

<PAGE>

                                  ARTICLE XII

                    REPRESENTATIONS OF INSTITUTIONAL TRUSTEE

         Section 12.1  Representations  and Warranties of Institutional Trustee.
                       --------------------------------------------------------
The Trustee that acts as initial  Institutional  Trustee represents and warrants
to the  Trust  and to the  Sponsor  at the  date of this  Declaration,  and each
Successor  Institutional  Trustee  represents  and warrants to the Trust and the
Sponsor at the time of the Successor  Institutional  Trustee's acceptance of its
appointment as Institutional Trustee, that:

         (a)   the  Institutional  Trustee is a  national  banking  association
with trust powers,  duly  organized and validly  existing  under the laws of the
United  States of America with trust power and authority to execute and deliver,
and to  carry  out  and  perform  its  obligations  under  the  terms  of,  this
Declaration;

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

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

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

                                  ARTICLE XIII

                                  MISCELLANEOUS

         Section 13.1  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  (which telecopy shall be followed by notice delivered or
mailed by first class mail) or mailed by first class mail, as follows:

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

                            MCB Financial Corporation
                                1248 Fifth Avenue
                          San Rafael, California 94901
                              Attention: Pat Phelan
                            Telecopy: (415) 721-4808

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

                                       38

<PAGE>

         State Street Bank and Trust Company of Connecticut,National Association
         225 Asylum Street, Goodwin Square
         Hartford, Connecticut 06103
         Attention: Vice President, Corporate Trust Department
         Telecopy: 860-244-1889

         With a copy to:

         State Street Bank and Trust Company
         P.O. Box 778
         Boston, Massachusetts  02102-0778
         Attention:  Paul D. Allen, Corporate Trust Department
         Telecopy:  (617) 662-1462

         (c)   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 of to the Trust):

                  MCB Financial Corporation
                  1248 Fifth Avenue
                  San Rafael, California  94901
                  Attention:  Pat Phelan
                  Telecopy:  (415) 721-4808

         (d)   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 13.2  Governing Law. This Declaration and the rights of
                             -------------
the parties  hereunder  shall be governed by and  interpreted in accordance with
the law of the  State  of  Connecticut  and all  rights  and  remedies  shall be
governed by such laws without  regard to the  principles  of conflict of laws of
the State of  Connecticut  or any other  jurisdiction  that  would  call for the
application of the law of any jurisdiction  other than the State of Connecticut;
provided, however, that there shall not be applicable to the Trust, the Trustees
or this Declaration any provision of the laws (statutory or common) of the State
of  Connecticut  pertaining  to trusts that relate to or  regulate,  in a manner
inconsistent with the terms hereof (a) the filing with any court or governmental
body or agency of trustee accounts or schedules of trustee fees and charges, (b)
affirmative  requirements  to post  bonds  for  trustees,  officers,  agents  or
employees  of  a  trust,   (c)  the  necessity  for  obtaining  court  or  other
governmental approval concerning the acquisition, holding or disposition of real
or personal  property,  (d) fees or other sums  payable to  trustees,  officers,
agents or employees of a trust,  (e) the allocation of receipts and expenditures
to income or principal,  or (f)  restrictions  or limitations on the permissible
nature, amount or concentration of trust investments or requirements relating to
the titling, storage or other manner of holding or investing trust assets.

                                       39

<PAGE>

         Section 13.3  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 13.4  Headings.  Headings contained in this Declaration are
                       --------
inserted for convenience of reference only and do not affect the  interpretation
of this Declaration or any provision hereof.

         Section 13.5  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 or not so expressed.

         Section 13.6  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 13.7  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 and  Administrators to any
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.

                                       40

<PAGE>

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

                             STATE STREET BANK AND TRUST COMPANY OF
                             CONNECTICUT, NATIONAL ASSOCIATION,
                             as Institutional Trustee

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

                             MCB FINANCIAL CORPORATION, as Sponsor

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

                             MCB STATUTORY TRUST I

                             By:
                              --------------------------------------------------
                              Name:  CHARLES O. HALL
                              Title:  Administrator

                             By:
                              --------------------------------------------------
                              Name:  PATRICK E. PHELAN
                              Title:  Administrator

                                       41

<PAGE>

                                     ANNEX I

                               TERMS OF SECURITIES

         Pursuant   to  Section  6.1  of  the   Amended  and   Restated
Declaration  of Trust,  dated as of  September  7, 2000 (as amended from time to
time, the "Declaration"),  the designation,  rights,  privileges,  restrictions,
preferences  and other terms and  provisions of the Capital  Securities  and the
Common  Securities are set out below (each capitalized term used but not defined
herein has the meaning set forth in the Declaration):

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

               (a)     3,000 Capital  Securities of MCB Statutory  Trust I  (the
"Trust"), with an aggregate stated liquidation amount with respect to the assets
of the Trust of Three  Million  Dollars  ($3,000,000)  and a stated  liquidation
amount with  respect to the assets of the Trust of $1,000 per Capital  Security,
are hereby  designated for the purposes of  identification  only as the "Capital
                                                                         -------
Securities". The Capital Security Certificates evidencing the Capital 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.

               (b)     93  Common  Securities  of the  Trust  (the  "Common
                                                                     ------
Securities") will be evidenced by Common Security Certificates  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 payable
at an annual rate equal to 10.60% (the "Coupon Rate") of the stated  liquidation
                                        -----------
amount of $1,000 per Security,  such rate being the rate of interest  payable on
the Debentures to be held by the Institutional Trustee. Distributions in arrears
for more than one  semi-annual  period  will bear  interest  thereon  compounded
semi-annually   at  the  Coupon  Rate  (to  the  extent  permitted  by  law).  A
Distribution  is payable only to the extent that payments are made in respect of
the  Debentures  held  by  the  Institutional  Trustee  and to  the  extent  the
Institutional Trustee has funds available therefor.  The amount of Distributions
payable for any period will be computed for any full  semi-annual  period on the
basis of a 360-day year of twelve 30-day months.

               (b)     Distributions  on  the  Securities  will  be  cumulative,
will accrue from the date of original issuance, and will be payable,  subject to
extension of distribution payment periods as described herein,  semi-annually in
arrears on March 7 and September 7 of each year, commencing on September 7, 2001
(each a "Distribution  Payment Date") when, as and if available for payment. The
         --------------------------
Debenture Issuer has the right under the Indenture to defer payments of interest
on the Debentures,  so long as no Indenture Event of Default has occurred and is
continuing,  by deferring the payment of interest on the Debentures for up to 10
consecutive  semi-annual  periods (each an  "Extension  Period") at any time and
                                             -----------------
from time to time,  subject to the  conditions  described  below,  although such
interest  would  continue  to  accrue  on  the  Debentures  at the  Coupon  Rate
compounded  semi-annually  (to the extent permitted by law) during any Extension
Period. No Extension Period may end on a date other than a Distribution  Payment
Date. At the end of any such Extension Period the Debenture Issuer shall pay all
interest then accrued and unpaid on the  Debentures  (together  with  Additional
Interest thereon); provided, however, that no Extension Period may extend beyond
                   --------  -------
the  Maturity  Date and provided  further,  however,  during any such  Extension
                        --------  -------   -------
Period, the Debenture Issuer and its Affiliates shall not (i) declare or pay any
dividends or distributions

                                      I-1

<PAGE>

on, or redeem, purchase, acquire, or make a liquidation payment with respect to,
any of the  Debenture  Issuer's or its  Affiliates'  capital  stock  (other than
payments of  dividends or  distributions  to the  Debenture  Issuer) or make any
guarantee  payments with respect to the  foregoing,  or (ii) make any payment of
principal of or interest or premium,  if any, on or repay,  repurchase or redeem
any debt  securities  of the Debenture  Issuer or any  Affiliate  that rank pari
passu in all respects with or junior in interest to the Debentures  (other than,
with  respect to clauses (i) and (ii) above,  (a)  repurchases,  redemptions  or
other  acquisitions  of  shares  of  capital  stock of the  Debenture  Issuer in
connection  with  any  employment  contract,   benefit  plan  or  other  similar
arrangement  with  or  for  the  benefit  of one or  more  employees,  officers,
directors  or  consultants,  in  connection  with  a  dividend  reinvestment  or
stockholder  stock  purchase plan or in connection  with the issuance of capital
stock of the Debenture Issuer (or securities convertible into or exercisable for
such capital stock) as consideration in an acquisition  transaction entered into
prior to the  applicable  Extension  Period,  (b) as a result of any exchange or
conversion  of any class or series of the Debenture  Issuer's  capital stock (or
any capital  stock of a  subsidiary  of the  Debenture  Issuer) for any class or
series of the Debenture  Issuer's capital stock or of any class or series of the
Debenture  Issuer's  indebtedness  for any  class  or  series  of the  Debenture
Issuer's  capital stock,  (c) the purchase of fractional  interests in shares of
the  Debenture  Issuer's  capital stock  pursuant to the  conversion or exchange
provisions of such capital stock or the security  being  converted or exchanged,
(d) any  declaration of a dividend in connection with any  stockholder's  rights
plan, or the issuance of rights, stock or other property under any stockholder's
rights plan, or the redemption or repurchase of rights pursuant thereto, (e) any
dividend  in the form of stock,  warrants,  options  or other  rights  where the
dividend stock or the stock issuable upon exercise of such warrants,  options or
other  rights is the same stock as that on which the  dividend  is being paid or
ranks pari passu with or junior to such stock and any cash  payments  in lieu of
fractional  shares issued in  connection  therewith,  or (f) payments  under the
Capital Securities Guarantee). Prior to the termination of any Extension Period,
the Debenture  Issuer may further extend such period,  provided that such period
together with all such previous and further consecutive extensions thereof shall
not exceed 10  consecutive  semi-annual  periods,  or extend beyond the Maturity
Date. Upon the  termination of any Extension  Period and upon the payment of all
accrued and unpaid interest and Additional  Interest,  the Debenture  Issuer may
commence a new  Extension  Period,  subject to the  foregoing  requirements.  No
interest or  Additional  Interest  shall be due and payable  during an Extension
Period,  except at the end thereof,  but each installment of interest that would
otherwise  have been due and payable  during such  Extension  Period  shall bear
Additional Interest. If Distributions are deferred,  the Distributions due shall
be paid on the date that the related Extension Period terminates,  to Holders of
the  Securities  as they  appear on the books  and  records  of the Trust on the
record date  immediately  preceding such date.  Distributions  on the Securities
must be paid on the dates payable (after giving effect to any Extension  Period)
to the  extent  that the Trust  has  funds  available  for the  payment  of such
distributions  in the Property Account of the Trust. The Trust's funds available
for  Distribution  to the Holders of the Securities  will be limited to payments
received from the Debenture  Issuer.  The payment of Distributions out of moneys
held by the Trust is guaranteed by the Guarantor pursuant to the Guarantee.

         (c)   Distributions  on the Securities  will be payable to the  Holders
thereof as they  appear on the books and  records  of the Trust on the  relevant
record  dates.  The  relevant  record dates shall be 15 days before the relevant
Distribution Payment Date.  Distributions payable on any Securities that are not
punctually paid on any  Distribution  Payment Date, as a result of the Debenture
Issuer having failed to make a payment under the Debentures, as the case may be,
when due (taking into account any Extension Period), will cease to be payable to
the Person in whose name such  Securities are registered on the relevant  record
date, and such defaulted  Distribution  will instead be payable to the Person in
whose name such  Securities  are  registered on the special record date or other
specified date determined in accordance with the Indenture. If any 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 day
that is a Business Day (and without any interest or other  payment in respect of
any such delay) except that, if

                                      I-2

<PAGE>

such Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day, in each case with the same force
and effect as if made on such payment date.

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

         3.    Liquidation  Distribution Upon Dissolution.   In the event of the
               ------------------------------------------
voluntary or involuntary liquidation,  dissolution, winding-up or termination of
the Trust (each a  "Liquidation")  other than in connection with a redemption of
                    -----------
the Debentures, the Holders of the Securities will be entitled to receive out of
the assets of the Trust available for distribution to Holders of the Securities,
after  satisfaction  of liabilities to creditors of the Trust (to the extent not
satisfied by the Debenture Issuer), distributions equal to the lesser of (i) the
aggregate of the stated  liquidation amount of $ 1,000 per Security plus accrued
and unpaid Distributions thereon to the date of payment, to the extent the Trust
shall have funds available therefor,  and (ii) the amount of assets of the Trust
remaining  available for  distribution  to Holders in  liquidation  of the Trust
(such amount being, in either case, the "Liquidation  Distribution"),  unless in
                                         -------------------------
connection with such  Liquidation,  the Debentures in aggregate stated principal
amount equal to the aggregate stated liquidation amount of such Securities, with
an interest  rate equal to the Coupon  Rate of, and  bearing  accrued and unpaid
interest  in an amount  equal to the accrued  and unpaid  Distributions  on, and
having  the same  record  date as,  such  Securities,  after  paying  or  making
reasonable  provision  to  pay  all  claims  and  obligations  of the  Trust  in
accordance  with the Statutory  Trust Act,  shall be  distributed  on a Pro Rata
basis to the Holders of the Securities in exchange for such Securities.

         The  Sponsor,  as the Holder of all of the Common  Securities,  has the
right at any time to dissolve the Trust (including, without limitation, upon the
occurrence of a Special Event),  subject to the receipt by the Debenture  Issuer
of prior approval from the Board of Governors of the Federal Reserve System (the
"Federal  Reserve"),  if then required under  applicable  capital  guidelines or
 ----------------
policies of the Federal  Reserve  and,  after  satisfaction  of  liabilities  to
creditors of the Trust, cause the Debentures to be distributed to the Holders of
the  Securities  on a Pro Rata basis in  accordance  with the  aggregate  stated
liquidation amount thereof.

         If a Liquidation  of the Trust occurs as described in clause (i), (ii),
(iii) or (v) in Section 7.1(a) of the Declaration, the Trust shall be liquidated
by the Trustees of the Trust as expeditiously  as such Trustees  determine to be
possible by distributing,  after satisfaction of liabilities to creditors of the
Trust, to the Holders of the  Securities,  the Debentures on a Pro Rata basis to
the extent not satisfied by the Debenture  Issuer,  unless such  distribution is
determined by the Institutional Trustee not to be practical, in which event such
Holders will be entitled to receive out of the assets of the Trust available for
distribution to the Holders,  after  satisfaction of liabilities of creditors of
the Trust to the extent not satisfied by the Debenture  Issuer,  an amount equal
to the Liquidation  Distribution.  An early Liquidation of the Trust pursuant to
clause  (iv)  of  Section  7.1(a)  of  the  Declaration   shall  occur  if  the,
Institutional   Trustee   determines  that  such   Liquidation  is  possible  by
distributing,  after  satisfaction  of liabilities to creditors of Trust, to the
Holders  of the  Securities  on a Pro  Rata  basis,  the  Debentures,  and  such
distribution occurs.

         If, upon any such Liquidation the Liquidation  Distribution can be paid
only in part because the Trust has insufficient  assets available to pay in full
the aggregate Liquidation Distribution, then the amounts payable directly by the
Trust on such  Capital  Securities  shall be paid to the  Holders  of the  Trust
Securities on a Pro Rata basis,  except that if an Event of Default has occurred
and is  continuing,  the Capital  Securities  shall have a  preference  over the
Common Securities with regard to such distributions.

                                      I-3

<PAGE>

         After the date for any  distribution of the Debentures upon dissolution
of the Trust  (i) the  Securities  of the  Trust  will be deemed to be no longer
outstanding,   (ii)  the  Holders  of  the  Capital   Securities   will  receive
certificates representing the Debentures to be delivered upon such distribution,
and (iii) any certificates representing the Capital Securities still outstanding
will be  deemed  to  represent  undivided  beneficial  interests  in such of the
Debentures as have an aggregate  principal  amount equal to the aggregate stated
liquidation  amount with an interest rate identical to the distribution rate of,
and  bearing   accrued  and  unpaid   interest   equal  to  accrued  and  unpaid
distributions  on, the Securities  until such  certificates are presented to the
Debenture Issuer or its agent for transfer or reissuance.

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

         (a)   The  Debentures  will mature on September  7, 2030.  The  Deben-
tures may be redeemed by the Debenture  Issuer,  in whole or in part at any time
and from time to time on or after September 7, 2010, at the Redemption Price. In
addition,  the Debentures may be redeemed by the Debenture Issuer at the Special
Redemption Price, in whole but not in part, at any time, upon the occurrence and
continuation  of a Special Event within 90 days following the occurrence of such
Special Event at the Special  Redemption  Price,  upon not less than 30 nor more
than 60 days' notice to holders of such Debentures so long as such Special Event
is  continuing.  In each case,  the right of the Debenture  Issuer to redeem the
Debentures is subject to the Debenture  Issuer having  received  prior  approval
from the Federal Reserve,  if then required under applicable  capital guidelines
or policies of the Federal Reserve. The Sponsor shall appoint a Quotation Agent,
which initially shall be State Street Bank and Trust Company, for the purpose of
performing the services  contemplated  in, or by reference in, the definition of
Special Redemption Price. Any error in the calculation of the Special Redemption
Price by the Quotation  Agent or the  Debenture  Trustee may be corrected at any
time  by  notice  delivered  to the  Sponsor  and  the  holders  of the  Capital
Securities.  Subject to the corrective rights set forth above, all certificates,
communications, opinions, determinations, calculations, quotations and decisions
given,  expressed,  made or obtained for the purposes of the provisions relating
to the  payment and  calculation  of the  Special  Redemption  Price on the Debt
Securities or the Capital  Securities by the  Debenture  Trustee,  the Quotation
Agent or the Institutional Trustee, as the case may be, shall (in the absence of
willful default,  bad faith or manifest error) be final,  conclusive and binding
on the holders of the Debt Securities and the Capital Securities,  the Trust and
the Sponsor,  and no liability  shall attach  (except as provided  above) to the
Debenture  Trustee,  the  Quotation  Agent  or  the  Institutional   Trustee  in
connection with the exercise or non-exercise by any of them of their  respective
powers, duties and discretion.

         "Tax Event" means the receipt by the Debenture  Issuer and the Trust of
          ---------
an opinion of  counsel  experienced  in such  matters to the effect  that,  as a
result  of any  amendment  to or change  (including  any  announced  prospective
change) in the laws or any  regulations  thereunder  of the United States or any
political  subdivision or taxing authority thereof or therein, or as a result of
any official administrative  pronouncement (including any private letter ruling,
technical advice memorandum,  field service advice, regulatory procedure, notice
or  announcement  including any notice or  announcement  of intent to adopt such
procedures or regulations  (an  "Administrative  Action")) or judicial  decision
interpreting  or applying such laws or  regulations,  regardless of whether such
Administrative  Action or judicial decision is issued to or in connection with a
proceeding  involving  the  Debenture  Issuer or the Trust  and  whether  or not
subject  to  review  or  appeal,   which   amendment,   clarification,   change,
Administrative Action or decision is enacted,  promulgated or announced, in each
case on or after the date of issuance of the  Debentures,  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

                                      I-4

<PAGE>

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.

         "Investment  Company  Event" means the receipt by the Debenture  Issuer
          --------------------------
and the Trust of an opinion of counsel experienced in such matters to the effect
that, as a result of the  occurrence of a change in law or regulation or written
change  (including  any  announced  prospective  change)  in  interpretation  or
application of law or regulation by any legislative  body,  court,  governmental
agency or regulatory  authority,  there is more than an insubstantial  risk that
the Trust is or will be considered an  "Investment  Company" that is required to
be registered under the Investment  Company Act of 1940, as amended which change
or prospective  change becomes effective or would become effective,  as the case
may be, on or after the date of the issuance of the Debentures.

         "Capital Treatment Event" means the receipt by the Debenture Issuer and
          -----------------------
the Trust of an opinion of counsel  that,  as a result of the  occurrence of any
amendment to, or change  (including  any announced  prospective  change) in, the
laws of the United States or any political subdivision thereof or therein, or as
the result of any official or administrative pronouncement or action or decision
interpreting  or applying such laws,  rules or  regulations,  which amendment or
change is effective or which  pronouncement,  action or decision is announced on
or  after  the  date of  issuance  of the  Debentures,  there  is  more  than an
insubstantial  risk that the  Sponsor  will not be  entitled  to treat an amount
equal to the aggregate  liquidation amount of the Debentures as "Tier 1 Capital"
(or the then equivalent thereof) for purposes of the capital adequacy guidelines
of the  Federal  Reserve,  as then in  effect  and  applicable  to the  Sponsor;
provided, however, that the inability of the Sponsor to treat all or any portion
of the  liquidation  amount  of the  Debentures  as  Tier l  Capital  shall  not
constitute the basis for a Capital  Treatment  Event, if such inability  results
from the Sponsor  having  cumulative  preferred  stock,  minority  interests  in
consolidated subsidiaries,  or any other class of security or interest which the
Federal Reserve may now or hereinafter accord Tier 1 Capital treatment in excess
of the amount which may qualify for treatment as Tier 1 Capital under applicable
capital adequacy guidelines for the Federal Reserve;  provided further, however,
that the  distribution  of Debentures in connection  with the Liquidation of the
Trust shall not in and of itself  constitute  a Capital  Treatment  Event unless
such  Liquidation  shall  have  occurred  in  connection  with a Tax Event or an
Investment Company Event.

         "Special  Event" means a Tax Event,  an  Investment  Company Event or a
          --------------
Capital Treatment Event.

         "Redemption Price" means the price set forth in the following table for
          ----------------
any Redemption Date that occurs within the twelve-month  period beginning in the
relevant  year  indicated  below,  expressed as the  percentage of the principal
amount of the Debentures being redeemed:

           Year Beginning on                          Percentage
           -----------------                          ----------
    September 7, 2010                                 105.300%
    September 7, 2011                                 104.770%
    September 7, 2012                                 104.240%
    September 7, 2013                                 103.710%
    September 7, 2014                                 103.180%
    September 7, 2015                                 102.650%
    September 7, 2016                                 102.120%
    September 7, 2017                                 101.590%

                                      I-5

<PAGE>

    September 7, 2018                                 101.060%
    September 7, 2019                                 100.530%
    September 7, 2020 and after                       100.000%

plus accrued and unpaid interest on such Debentures to the Redemption Date.

         "Special  Redemption  Date" means a Redemption  Date on which a Special
          -------------------------
Event redemption occurs.

         "Special  Redemption Price" means (a) if the Special Redemption Date is
          -------------------------
before September 7, 2010, the greater of (i) 100% of the principal amount of the
Debentures,  plus accrued and unpaid  interest on the Debentures to such Special
Redemption  Date, or (ii) as determined by a Quotation Agent, the sum of (A) the
present value of the principal  amount of the  Debentures set forth in the above
Redemption Price table for the September 7, 2010 Redemption Date and the present
value of interest payable on the Debentures from such Special Redemption Date to
September  7,  2010 (the  "Remaining  Life"),  each  discounted  to the  Special
Redemption  Date on a semi-annual  basis  (assuming a 360-day year consisting of
twelve 30-day months at the Treasury Rate), plus (B) accrued and unpaid interest
on the  Debentures  to  such  Special  Redemption  Date,  or (b) if the  Special
Redemption  Date is on or after  September 7, 2010, the price for the Debentures
set forth in the above Redemption Price table for such Special Redemption Date.

         "Comparable   Treasury   Issue"  means  with  respect  to  any  Special
          -----------------------------
Redemption  Date the United States Treasury  security  selected by the Quotation
Agent as having a  maturity  comparable  to the  Remaining  Life  that  would be
utilized,  at the time of selection and in accordance  with customary  financial
practice,  in pricing new issues of  corporate  debt  securities  of  comparable
maturity to the  Remaining  Life. If no United  States  Treasury  security has a
maturity  which is  within  a period  from 3  months  before  to 3 months  after
September 7, 2010,  the two most closely  corresponding  United States  Treasury
securities  as selected by the Quotation  Agent shall be used as the  Comparable
Treasury Issue, and the Treasury Rate shall be interpolated or extrapolated on a
straight-line basis, rounding to the nearest month using such securities.

         "Comparable  Treasury  Price"  means  (a) the  average  of 5  Reference
          ---------------------------
Treasury Dealer Quotations for such Special Redemption Date, after excluding the
highest and lowest such  Reference  Treasury  Dealer  Quotations,  or (b) if the
Quotation Agent obtains fewer than 5 such Reference  Treasury Dealer Quotations,
the average of all such Quotations.

         "Primary  Treasury  Dealer"  shall mean either a primary  United States
          -------------------------
Government  securities  dealer or an entity of  nationally  recognized  stock in
matters  pertaining to the quotation of treasury  securities  that is reasonably
acceptable to the Sponsor and the Institutional Trustee.

         "Quotation  Agent"  means State Street Bank and Trust  Company,  or its
          ----------------
designee,  and its successors;  provided,  however,  that if the foregoing shall
cease to be a Primary  Treasury Dealer,  the Sponsor shall  substitute  therefor
another Primary Treasury Dealer.

         "Redemption  Date"  shall  mean the date  fixed for the  redemption  of
          ----------------
Capital Securities,  which shall be March 7 or September 7 commencing  September
7, 2010.

         "Reference  Treasury Dealer" means (i) the Quotation Agent and (ii) any
          --------------------------
other  Primary   Treasury  Dealer  selected  by  the  Debenture   Trustee  after
consultation with the Debenture Issuer.

                                      I-6

<PAGE>

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

         "Treasury Rate" means (i) the yield, under the heading which represents
          -------------
the average for the week immediately prior to the date of calculation, appearing
in the most recently published  statistical release designated  H.15(519) or any
successor publication which is published weekly by the Federal Reserve and which
establishes yields on actively traded United States Treasury securities adjusted
to constant maturity under the caption "Treasury Constant  Maturities",  for the
maturity  corresponding to the Remaining Life (if no maturity is within 3 months
before or after the Remaining Life,  yields for the 2 published  maturities most
closely corresponding to the Remaining Life shall be determined and the Treasury
Rate shall be interpolated  or extrapolated  from such yields on a straight-line
basis,  rounding to the nearest month) or (ii) if such release (or any successor
release) is not published during the week preceding the calculation date or does
not contain such yields, the rate per annum equal to the semi-annual  equivalent
yield to maturity of the Comparable Treasury Issue, calculated using a price for
the  Comparable  Treasury  Issue  (expressed  as a percentage  of its  principal
amount) equal to the Comparable Treasury Price for such Special Redemption Date.
The  Treasury  Rate  shall be  calculated  by the  Quotation  Agent on the third
Business Day preceding the Special Redemption Date.

         (b)   Upon the  repayment in full at maturity or redemption in whole or
in  part  of the  Debentures  (other  than  following  the  distribution  of the
Debentures to the Holders of the  Securities),  the proceeds from such repayment
or payment shall  concurrently  be applied to redeem Pro Rata at the  applicable
Redemption Price or Special  Redemption Price, as applicable,  Securities having
an aggregate  liquidation amount equal to the aggregate  principal amount of the
Debentures  so repaid or  redeemed;  provided,  however,  that  holders  of such
Securities shall be given not less than 30 nor more than 60 days' notice of such
redemption (other than at the scheduled maturity of the Debentures).

         (c)   If fewer than all the  outstanding  Securities  are to be so
redeemed,  the Common Securities and the Capital Securities will be redeemed Pro
Rata and the Capital  Securities  to be redeemed  will be redeemed Pro Rata from
each Holder of Capital Securities.

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

         (e)   Redemption or Distribution Procedures.
               -------------------------------------

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

                                      I-7

<PAGE>

shall affect the validity of the redemption or exchange proceedings with respect
to any other Holder.

               (ii)    If the Securities are to be redeemed and the Trust gives
a  Redemption/  Distribution  Notice,  which  notice  may only be  issued if the
Debentures  are  redeemed as set out in this  paragraph 4 (which  notice will be
irrevocable),  then,  provided that the  Institutional  Trustee has a sufficient
                      --------
amount of cash in  connection  with the  related  redemption  or maturity of the
Debentures,  the Institutional Trustee will pay the relevant Redemption Price or
Special  Redemption  Price, as applicable,  to the Holders of such Securities by
check  mailed to the  address  of each such  Holder  appearing  on the books and
records of the Trust on the redemption date. If a Redemption/Distribution Notice
shall have been given and funds deposited as required then immediately  prior to
the close of business on the date of such  deposit  Distributions  will cease to
accrue on the  Securities so called for  redemption and all rights of Holders of
such  Securities so called for  redemption  will cease,  except the right of the
Holders of such Securities to receive the applicable Redemption Price or Special
Redemption  Price  specified in  paragraph  4(a),  but without  interest on such
Redemption Price or Special  Redemption  Price. If any date fixed for redemption
of Securities is not a Business Day, then payment of any such  Redemption  Price
or  Special  Redemption  Price  payable  on such  date  will be made on the next
succeeding day that is a Business Day (and without any interest or other payment
in respect of any such delay)  except  that,  if such  Business Day falls in the
next  calendar  year,  such  payment will be made on the  immediately  preceding
Business  Day,  in each case with the same  force and  effect as if made on such
date  fixed for  redemption.  If  payment  of the  Redemption  Price or  Special
Redemption Price in respect of any Securities is improperly  withheld or refused
and not  paid  either  by the  Trust or by the  Debenture  Issuer  as  guarantor
pursuant to the Guarantee,  Distributions  on such  Securities  will continue to
accrue at the Coupon Rate 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 or Special
Redemption  Price.  In the event of any  redemption  of the  Capital  Securities
issued by the Trust in part,  the Trust  shall  not be  required  to (i)  issue,
register the transfer of or exchange any Security  during a period  beginning at
the  opening of  business 15 days before any  selection  for  redemption  of the
Capital  Securities  and ending at the close of business on the earliest date on
which the  relevant  notice of  redemption  is deemed to have been  given to all
Holders  of the  Capital  Securities  to be so  redeemed  or (ii)  register  the
transfer of or exchange any Capital  Securities so selected for  redemption,  in
whole or in part except for the  unredeemed  portion of any  Capital  Securities
being redeemed in part.

         (iii) Redemption/Distribution  Notices shall be sent by the Administra-
tors on behalf of the Trust to (A) in respect  of the  Capital  Securities,  the
Holders thereof and (B) in respect of the Common Securities, the Holder thereof.

         5.    Voting Rights - Capital Securities.
               ----------------------------------

               (a)     Except as provided under paragraphs 5(b) and 7 and as
otherwise  required  by law and the  Declaration,  the  Holders  of the  Capital
Securities will have no voting rights. The Administrators are required to call a
meeting of the Holders of the Capital Securities if directed to do so by Holders
of at least 10% in liquidation amount of the Capital Securities.

               (b)     Subject to the requirements of obtaining a tax opinion by
the  Institutional  Trustee  in  certain  circumstances  set  forth  in the last
sentence of this paragraph,  the Holders of a Majority in liquidation  amount of
the Capital  Securities,  voting separately as a class, have the right to direct
the  time,  method,  and  place of  conducting  any  proceeding  for any  remedy
available to the Institutional Trustee, or

                                      I-8

<PAGE>

exercising any trust or power conferred upon the Institutional Trustee under the
Declaration,  including the right to direct the Institutional Trustee, as holder
of the Debentures, to (i) exercise the remedies available under the Indenture as
the holder of the Debentures, (ii) waive any past default that is waivable under
the Indenture,  (iii) exercise any right to rescind or annul a declaration  that
the principal of all the Debentures  shall be due and payable or (iv) consent on
behalf  of  all  the  Holders  of  the  Capital  Securities  to  any  amendment,
modification  or  termination  of the  Indenture  or the  Debentures  where such
consent shall be required;  provided,  however,  that, where a consent or action
                            --------   -------
under the  Indenture  would require the consent or act of the holders of greater
than a simple  majority in aggregate  principal  amount of  Debentures (a "Super
                                                                           -----
Majority")  affected  thereby,  the  Institutional  Trustee  may only  give such
--------
consent or take such action at the written  direction of the Holders of at least
the proportion in liquidation amount of the Capital Securities outstanding which
the relevant Super Majority  represents of the aggregate principal amount of the
Debentures outstanding. If the Institutional Trustee fails to enforce its rights
under the Debentures  after the Holders of a Majority in  liquidation  amount of
such Capital  Securities  have so directed  the  Institutional  Trustee,  to the
fullest  extent  permitted  by law,  a  Holder  of the  Capital  Securities  may
institute a legal  proceeding  directly  against the Debenture Issuer to enforce
the   Institutional   Trustee's  rights  under  the  Debentures   without  first
instituting any legal proceeding against the Institutional  Trustee or any other
person or entity.  Notwithstanding  the  foregoing,  if an Event of Default  has
occurred and is continuing and such event is  attributable to the failure of the
Debenture  Issuer to pay interest or principal on the Debentures on the date the
interest or principal is payable (or in the case of  redemption,  the redemption
date), then a Holder of record of the Capital  Securities may directly institute
a proceeding  for  enforcement  of payment on or after the  respective due dates
specified  in the  Debentures,  to such Holder  directly of the  principal of or
interest on the  Debentures  having an aggregate  principal  amount equal to the
aggregate  liquidation  amount of the Capital  Securities  of such  Holder.  The
Institutional  Trustee shall notify all Holders of the Capital Securities of any
default  actually  known  to  the  Institutional  Trustee  with  respect  to the
Debentures  unless (x) such  default  has been cured prior to the giving of such
notice  or (y) the  Institutional  Trustee  determines  in good  faith  that the
withholding  of such notice is in the  interest  of the Holders of such  Capital
Securities,  except where the default  relates to the payment of principal of or
interest on any of the  Debentures.  Such notice shall state that such Indenture
Event of Default also  constitutes  an Event of Default  hereunder.  Except with
respect to directing the time, method and place of conducting a proceeding for a
remedy, the Institutional Trustee shall not take any of the actions described in
clauses (i), (ii) or (iii) above unless the  Institutional  Trustee has obtained
an opinion of tax counsel to the effect that,  as a result of such  action,  the
Trust will not be  classified  as other than a grantor  trust for United  States
federal income tax purposes.

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

         A waiver of an Indenture  Event of Default will  constitute a waiver of
the corresponding Event of Default hereunder. Any required approval or direction
of  Holders of the  Capital  Securities  may be given

                                      I-9

<PAGE>

at a separate  meeting of Holders of the Capital  Securities  convened  for such
purpose,  at a meeting of all of the Holders of the  Securities  in the Trust or
pursuant to written consent.  The  Institutional  Trustee will cause a notice of
any meeting at which Holders of the Capital  Securities are entitled to vote, or
of any matter  upon which  action by  written  consent of such  Holders is to be
taken,  to be mailed to each  Holder of record of the Capital  Securities.  Each
such notice will include a statement setting forth the following information (i)
the date of such meeting or the date by which such action is to be taken, (ii) a
description  of any  resolution  proposed  for adoption at such meeting on which
such Holders are entitled to vote or of such matter upon which  written  consent
is sought and (iii)  instructions  for the delivery of proxies or  consents.  No
vote or consent of the Holders of the Capital  Securities  will be required  for
the  Trust  to  redeem  and  cancel  Capital  Securities  or to  distribute  the
Debentures in accordance with the Declaration and the terms of the Securities.

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

         In no event will  Holders of the Capital  Securities  have the right to
vote to appoint,  remove or replace the Administrators,  which voting rights are
vested  exclusively in the Sponsor as the Holder of all of the Common Securities
of the  Trust.  Under  certain  circumstances  as more  fully  described  in the
Declaration,  Holders of Capital  Securities  have the right to vote to appoint,
remove or replace the Institutional Trustee.

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

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

               (b)     The  Holders of the Common  Securities  are  entitled,
in  accordance  with Article  IV of the  Declaration,  to vote to  appoint,
remove  or  replace  any Administrators.

               (c)     Subject  to  Section  6.7 of the  Declaration  and only
after each Event of Default (if any) with respect to the Capital  Securities has
been cured,  waived, or otherwise  eliminated and subject to the requirements of
the second to last  sentence  of this  paragraph,  the  Holders of a Majority in
liquidation amount of the Common  Securities,  voting separately as a class, may
direct the time,  method,  and place of conducting any proceeding for any remedy
available  to the  Institutional  Trustee,  or  exercising  any  trust  or power
conferred upon the  Institutional  Trustee under the Declaration,  including (i)
directing the time,  method,  place of conducting  any proceeding for any remedy
available to the Debenture  Trustee,  or exercising any trust or power conferred
on the  Debenture  Trustee with respect to the  Debentures,  (ii) waive any past
default and its  consequences  that is waivable  under the  Indenture,  or (iii)
exercise any right to rescind or annul a  declaration  that the principal of all
the  Debentures  shall be due and  payable;  provided,  however,  that,  where a
                                             --------   -------
consent  or action  under the  Indenture  would  require a Super  Majority,  the
Institutional  Trustee  may only give such  consent  or take such  action at the
written  direction  of the  Holders of at least the  proportion  in  liquidation
amount of the Common Securities which the relevant Super Majority  represents of
the aggregate  principal amount of the Debentures  outstanding.  Notwithstanding
this  paragraph  6(c),  the  Institutional  Trustee  shall not revoke any action
previously  authorized  or  approved  by a vote or consent of the Holders of the
Capital  Securities.  Other than with respect to directing the time,  method and
place of conducting any proceeding for any remedy available to the Institutional
Trustee or the Debenture Trustee as set forth above, the  Institutional  Trustee
shall not take any action  described  in (i),  (ii) or (iii)  above,  unless the
Institutional Trustee has obtained an opinion

                                      I-10

<PAGE>

of tax counsel to the effect  that for the  purposes  of United  States  federal
income tax the Trust  will not be  classified  as other than a grantor  trust on
account of such action. If the Institutional Trustee fails to enforce its rights
under the Declaration to the fullest extent  permitted by law, any Holder of the
Common  Securities may institute a legal proceeding  directly against any Person
to enforce the  Institutional  Trustee's rights under the  Declaration,  without
first instituting a legal proceeding  against the  Institutional  Trustee or any
other Person.

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

         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.
               ---------------------------------------

               (a)     In addition to any requirements  under Section 11.1 of
the Declaration,  if any proposed amendment to the Declaration  provides for, or
the Trustees,  Sponsor or Administrators  otherwise  propose to effect,  (i) any
action that would adversely affect the powers,  preferences or special rights of
the Securities,  whether by way of amendment to the Declaration or otherwise, or
(ii) the Liquidation of the Trust, other than as described in Section 7.1 of the
Declaration,  then the Holders of outstanding  Securities,  voting together as a
single  class,  will be entitled to vote on such  amendment or proposal and such
amendment  or proposal  shall not be  effective  except with the approval of the
Holders of at least a Majority in liquidation amount of the Securities, affected
thereby;  provided,  however, if any amendment or proposal referred to in clause
          --------   -------
(i) above would adversely affect only the Capital  Securities or only the Common
Securities,  then  only the  affected  class  will be  entitled  to vote on such
amendment  or proposal  and such  amendment  or proposal  shall not be effective
except with the  approval of a Majority in  liquidation  amount of such class of
Securities.

               (b)     In the event the consent of the  Institutional  Trustee
as the holder of the  Debentures is required under the Indenture with respect to
any amendment,  modification  or termination of the Indenture or the Debentures,
the Institutional  Trustee shall request the written direction of the Holders of
the Securities with respect to such  amendment,  modification or termination and
shall vote with  respect to such  amendment,  modification,  or  termination  as
directed by a Majority in liquidation  amount of the Securities  voting together
as a single class;  provided,  however, that where a consent under the Indenture
would require a Super  Majority,  the  Institutional  Trustee may only give such
consent  at  the  direction  of  the  Holders  of at  least  the  proportion  in
liquidation   amount  of  the  Securities  which  the  relevant  Super  Majority
represents of the aggregate principal amount of the Debentures outstanding.

               (c)     Notwithstanding  the foregoing,  no amendment or modifi-
cation may be made to the  Declaration if such amendment or  modification  would
(i) cause the Trust to be  classified  for  purposes  of United  States  federal
income  taxation  as other  than a  grantor  trust,  (ii)  reduce  or  otherwise
adversely

                                      I-11

<PAGE>

affect the powers of the  Institutional  Trustee or (iii)  cause the Trust to be
deemed an  Investment  Company  which is  required  to be  registered  under the
Investment Company Act.

               (d)     Notwithstanding any provision of the Declaration, the
right  of  any  Holder  of  the  Capital   Securities  to  receive   payment  of
distributions and other payments upon redemption or otherwise, on or after their
respective  due dates,  or to institute a suit for the  enforcement  of any such
payment on or after such  respective  dates,  shall not be  impaired or affected
without the consent of such Holder.  For the protection  and  enforcement of the
foregoing  provision,  each and every Holder of the Capital  Securities shall be
entitled to such relief as can be given either at law or equity.

         8.    Pro Rata.  A  reference  in these  terms of the  Securities  to
               --------
any payment,  distribution  or treatment as being "Pro Rata" shall mean pro rata
to each Holder of the Securities  according to the aggregate  liquidation amount
of the  Securities  held by the  relevant  Holder in relation  to the  aggregate
liquidation  amount of all Securities then outstanding  unless, in relation to a
payment,  an Event of Default has occurred and is continuing,  in which case any
funds  available to make such payment  shall be paid first to each Holder of the
Capital Securities Pro Rata according to the aggregate liquidation amount of the
Capital  Securities  held  by the  relevant  Holder  relative  to the  aggregate
liquidation  amount  of all  Capital  Securities  outstanding,  and  only  after
satisfaction  of all amounts owed to the Holders of the Capital  Securities,  to
each  Holder  of the  Common  Securities  Pro Rata  according  to the  aggregate
liquidation amount of the Common Securities held by the relevant Holder relative
to the aggregate liquidation amount of all Common Securities outstanding.

         9.    Ranking.  The Capital  Securities  rank pari passu with and pay-
               -------
ment  thereon  shall be made Pro Rata with the Common  Securities  except  that,
where an Event of Default has occurred and is continuing,  the rights of Holders
of the Common  Securities to receive payment of Distributions  and payments upon
liquidation,  redemption  and  otherwise are  subordinated  to the rights of the
Holders  of the  Capital  Securities  with the  result  that no  payment  of any
Distribution  on, or  Redemption  Price of,  any Common  Security,  and no other
payment on account of  redemption,  liquidation  or other  acquisition of Common
Securities,  shall be made unless payment in full in cash of all accumulated and
unpaid  Distributions on all outstanding Capital Securities for all distribution
periods  terminating  on or  prior  thereto,  or in the case of  payment  of the
Redemption  Price the full amount of such  Redemption  Price on all  outstanding
Capital Securities then called for redemption,  shall have been made or provided
for, and all funds  immediately  available to the  Institutional  Trustee  shall
first be applied to the payment in full in cash of all  Distributions on, or the
Redemption Price of, the Capital Securities then due and payable.

         10.   Acceptance of Guarantee and Indenture. Each Holder of the Capital
               -------------------------------------
Securities  and the Common  Securities,  by the  acceptance  ofsuch  Securities,
agrees  to  the  provisions  of  the  Guarantee,   including  the  subordination
provisions therein and to the provisions of the Indenture.

         11.   No  Preemptive  Rights.  The  Holders of the  Securities  shall
               ----------------------
have no preemptive or similar rights to subscribe for any additional securities.

         12.      Miscellaneous.  These terms  constitute a part of the Declara-
                  -------------
tion.  The Sponsor will provide a copy of the  Declaration,  the Guarantee, and
the Indenture to a Holder without charge on written request to the Sponsor at
its principal place of business.

                                      I-12

<PAGE>

                                   EXHIBIT A-1

                      FORM OF CAPITAL SECURITY CERTIFICATE

                           [FORM OF FACE OF SECURITY]

         THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS  AMENDED  (THE  "SECURITIES  ACT"),  ANY STATE  SECURITIES  LAWS OR ANY OTHER
APPLICABLE   SECURITIES  LAWS.   NEITHER  THIS  SECURITY  NOR  ANY  INTEREST  OR
PARTICIPATION  HEREIN MAY BE REOFFERED,  SOLD, ASSIGNED,  TRANSFERRED,  PLEDGED,
ENCUMBERED  OR  OTHERWISE  DISPOSED  OF IN THE ABSENCE OF SUCH  REGISTRATION  OR
UNLESS SUCH  TRANSACTION  IS EXEMPT  FROM,  OR NOT SUBJECT TO, THE  REGISTRATION
REQUIREMENTS  OF  THE  SECURITIES  ACT.  THE  HOLDER  OF  THIS  SECURITY  BY ITS
ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY ONLY
(A) TO THE  SPONSOR OR THE  TRUST,  (B) TO A PERSON  WHOM THE SELLER  REASONABLY
BELIEVES  IS A  QUALIFIED  INSTITUTIONAL  BUYER  IN A  TRANSACTION  MEETING  THE
REQUIREMENTS  OF RULE  144A SO LONG AS THIS  SECURITY  IS  ELIGIBLE  FOR  RESALE
PURSUANT TO RULE 144A IN ACCORDANCE WITH RULE 144A, (C) TO A NON-U.S.  PERSON IN
AN OFFSHORE  TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE)
OF REGULATION S UNDER THE SECURITIES  ACT, (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 CAPITAL  SECURITY FOR ITS OWN
ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL  ACCREDITED  INVESTOR,  FOR
INVESTMENT  PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN  CONNECTION
WITH, ANY  DISTRIBUTION  IN VIOLATION OF THE SECURITIES  ACT, OR (E) PURSUANT TO
ANY  OTHER  AVAILABLE  EXEMPTION  FROM  THE  REGISTRATION  REQUIREMENTS  OF  THE
SECURITIES ACT, SUBJECT TO THE SPONSOR'S AND THE TRUST'S RIGHT PRIOR TO ANY SUCH
OFFER,  SALE OR  TRANSFER  TO REQUIRE  THE  DELIVERY  OF AN OPINION OF  COUNSEL,
CERTIFICATION  AND/OR  OTHER  INFORMATION   SATISFACTORY  TO  EACH  OF  THEM  IN
ACCORDANCE  WITH THE  DECLARATION OF TRUST, A COPY OF WHICH MAY BE OBTAINED FROM
THE SPONSOR OR THE TRUST. THE HOLDER OF THIS SECURITY AGREES THAT IT WILL COMPLY
WITH THE FOREGOING RESTRICTIONS.

         IN  CONNECTION  WITH ANY  TRANSFER,  THE  HOLDER  WILL  DELIVER  TO THE
REGISTRAR AND TRANSFER AGENT SUCH  CERTIFICATE  AND OTHER  INFORMATION AS MAY BE
REQUIRED BY THE  DECLARATION  TO CONFIRM  THAT THE  TRANSFER  COMPLIES  WITH THE
FOREGOING RESTRICTIONS.

                                     A-1-1

<PAGE>

     Certificate Number                        Number of Capital Securities

                  Certificate Evidencing Capital Securities of

                                       of

                              MCB Statutory Trust I

                (liquidation amount $ 1,000 per Capital Security)

         MCB Statutory  Trust I, a statutory trust created under the laws of the
State of  Connecticut  (the  "Trust"),  hereby  certifies  that  Preferred  Term
Securities,  Ltd. (the  "Holder") is the  registered  owner of securities of the
Trust representing  undivided  beneficial  interests in the assets of the Trust,
(liquidation  amount $1,000 per capital  security)  (the "Capital  Securities").
Subject to the  Declaration  (as  defined  below),  the Capital  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 Capital Securities represented
hereby are issued  pursuant  to, and shall in all  respects  be subject  to, the
provisions of the Amended and Restated  Declaration  of Trust of the Trust dated
as of  September  7, 2000,  among  Charles O. Hall and  Patrick  E.  Phelan,  as
Administrators,  State Street Bank and Trust  Company of  Connecticut,  National
Association,  as Institutional Trustee, MCB Financial  Corporation,  as Sponsor,
and the  holders  from time to time of  undivided  beneficial  interests  in the
assets of the  Trust,  including  the  designation  of the terms of the  Capital
Securities  as set forth in Annex I thereto as the same may be amended from time
to time (the "Declaration"). Capitalized terms used herein but not defined shall
have the meaning  given them in the  Declaration.  The Holder is entitled to the
benefits of the  Guarantee  to the extent  provided  therein.  The Sponsor  will
provide a copy of the  Declaration,  the  Guarantee,  and the  Indenture  to the
Holder without charge upon written  request to the Trust at its principal  place
of business.

         Upon receipt of this Security,  the Holder is bound by the  Declaration
and is entitled to the benefits thereunder.

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

         This Capital Security is governed by, and construed in accordance with,
the laws of the State of  Connecticut,  without regard to principles of conflict
of laws.

         IN WITNESS WHEREOF, the Trust has duly executed this certificate.

                  MCB STATUTORY TRUST I

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

Dated: September 7, 2000

                                     A-1-2

<PAGE>

                          CERTIFICATE OF AUTHENTICATION
                          -----------------------------

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

                          STATE STREET BANK AND TRUST COMPANY OF
                          CONNECTICUT, NATIONAL ASSOCIATION,
                          as the Institutional Trustee

                          By:
                             ---------------------------------------------------
                                             Authorized Officer

                                     A-1-3

<PAGE>

                          [FORM OF REVERSE OF SECURITY]

         Distributions  payable on each Capital  Security  will be payable at an
annual rate of 10.60% (the "Coupon  Rate") of the stated  liquidation  amount of
$1,000 per Capital Security, such rate being the rate of interest payable on the
Debentures to be held by the Institutional Trustee. Distributions in arrears for
more  than  a  semi-annual   period  will  bear  interest   thereon   compounded
semi-annually  at the Coupon Rate (to the extent  permitted by applicable  law).
The term  "Distributions"  as used herein includes interest payments  (including
Additional  Interest and principal on the Debentures  held by the  Institutional
Trustee)  and any such  compounded  interest  payable on the  Debentures  unless
otherwise stated. A Distribution is payable only to the extent that payments are
made in respect of the Debentures held by the  Institutional  Trustee and to the
extent the  Institutional  Trustee has funds available  therefor.  The amount of
Distributions  payable for any period will be computed for any full  semi-annual
Distribution period on the basis of a 360-day year of twelve 30-day months.

         Except as  otherwise  described  below,  Distributions  on the  Capital
Securities  will be cumulative,  will accrue from the date of original  issuance
and will be payable  semi-annually in arrears on March 7 and September 7 of each
year,  commencing on March 7, 2001. The Debenture Issuer has the right under the
Indenture  to defer  payments of interest on the  Debentures  by  extending  the
interest  payment period for up to 10 consecutive  semi-annual  periods (each an
"Extension  Period")  on the  Debentures,  subject to the  conditions  described
below,  although such interest  would continue to accrue on the Debentures at an
annual  rate equal to the Coupon  Rate  compounded  semi-annually  to the extent
permitted by law during any Extension  Period.  No Extension Period may end on a
date other  than an  interest  Payment  Date.  At the end of any such  Extension
Period the Sponsor  shall pay all  interest  then accrued and unpaid on the Debt
Securities (together with Additional Interest thereon);  provided, however, that
no  Extension  Period  may  extend  beyond  the  Maturity  Date.  Prior  to  the
termination of any Extension Period, the Sponsor may further extend such period,
provided  that  such  period   together  with  all  such  previous  and  further
consecutive  extensions  thereof  shall not  exceed 10  consecutive  semi-annual
periods,  or extend  beyond  the  Maturity  Date.  Upon the  termination  of any
Extension  Period and upon the payment of all accrued  and unpaid  interest  and
Additional Interest, the Sponsor may commence a new Extension Period, subject to
the foregoing requirements.  No interest or Additional Interest shall be due and
payable  during  an  Extension  Period,  except  at the end  thereof,  but  each
installment  of interest that would  otherwise  have been due and payable during
such Extension  Period shall bear  Additional  Interest.  If  Distributions  are
deferred,  the  Distributions  due  shall be paid on the date  that the  related
Extension Period terminates,  to Holders of the Securities as they appear on the
books and records of the Trust on the record  date  immediately  preceding  such
date.  Distributions  on the Securities must be paid on the dates payable (after
giving  effect to any  Extension  Period) to the extent that the Trust has funds
available for the payment of such  distributions  in the Property Account of the
Trust.  The  Trust's  funds  available  for  Distribution  to the Holders of the
Securities will be limited to payments received from the Debenture  Issuer.  The
payment of  Distributions  out of moneys held by the Trust is  guaranteed by the
Guarantor pursuant to the Guarantee.

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

                                     A-1-4

<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED,  the undersigned assigns and transfers this Capital
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 Capital  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 Capital
                             Security Certificate)

         Signature Guarantee:(1)

__________________

(1) 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 Security 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 Security
registrar in addition to, or in substitution  for, STAMP, all in accordance with
the Securities Exchange Act of 1934, as amended.

                                     A-1-5

<PAGE>

                                   EXHIBIT A-2

                       FORM OF COMMON SECURITY CERTIFICATE

         THIS COMMON SECURITY HAS NOT BEEN  REGISTERED  UNDER THE SECURITIES ACT
OF  1933,  AS  AMENDED,  AND MAY NOT BE  OFFERED,  SOLD,  PLEDGED  OR  OTHERWISE
TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION.

         THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH SECTION
8.1 OF THE DECLARATION.

     Certificate Number                         Number of Common Securities

                    Certificate Evidencing Common Securities

                                       of

                              MCB Statutory Trust I

         MCB Statutory  Trust I, a statutory trust created under the laws of the
State  of  Connecticut  (the  "Trust"),  hereby  certifies  that  MCB  Financial
Corporation (the "Holder") is the registered  owner of common  securities of the
Trust  representing  undivided  beneficial  interests in the assets of the Trust
(the "Common Securities").  The designation,  rights, privileges,  restrictions,
preferences and other terms and provisions of the Common Securities  represented
hereby are issued  pursuant  to, and shall in all  respects  be subject  to, the
provisions of the Amended and Restated  Declaration  of Trust of the Trust dated
as of  September  7, 2000,  among  Charles O. Hall and  Patrick  E.  Phelan,  as
Administrators,  State Street Bank and Trust  Company of  Connecticut,  National
Association, as Institutional Trustee, MCB Financial Corporation, as Sponsor and
the holders from time to time of undivided  beneficial interest in the assets of
the Trust including the designation of the terms of the Common Securities as set
forth in Annex I to the  Declaration,  as the same may be  amended  from time to
time (the  "Declaration").  Capitalized  terms used herein but not defined shall
have the meaning  given them in the  Declaration.  The Holder is entitled to the
benefits of the  Guarantee  to the extent  provided  therein.  The Sponsor  will
provide a copy of the Declaration, the Guarantee and the Indenture to the Holder
without  charge upon written  request to the Sponsor at its  principal  place of
business.

         As set forth in the Declaration, where an Event of Default has occurred
and continuing, the rights of Holders of Common Securities to payment in respect
of  Distributions  and payments  upon  Liquidation,  redemption or otherwise are
subordinated to the rights of payment of Holders of the Capital Securities.

         Upon  receipt  of  this  Certificate,   the  Holder  is  bound  by  the
Declaration and is entitled to the benefits thereunder.

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

         This Common Security is governed by, and construed in accordance  with,
the laws of the State of  Connecticut,  without regard to principles of conflict
of laws.

                                     A-2-1

<PAGE>

         IN WITNESS  WHEREOF,  the Trust has executed this  certificate this 7th
day of September, 2000.

                             MCB STATUTORY TRUST I

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

                                     A-2-2

<PAGE>

                          [FORM OF REVERSE OF SECURITY]

         Distributions  payable on each Common  Security  will be  identical  in
amount to the  Distributions  payable on each Capital  Security,  which is at an
annual rate of 10.60% (the "Coupon  Rate") of the stated  liquidation  amount of
$1,000 per Capital Security, such rate being the rate of interest payable on the
Debentures to be held by the Institutional Trustee. Distributions in arrears for
more than one period will bear  interest  thereon  compounded at the Coupon Rate
(to the extent  permitted by applicable law). The term  "Distributions"  as used
herein includes interest payments  (including  Additional Interest and principal
on the Debentures  held by the  Institutional  Trustee) and any such  compounded
interest payable on the Debentures  unless  otherwise  stated. A Distribution is
payable only to the extent that  payments are made in respect of the  Debentures
held by the Institutional  Trustee and to the extent the  Institutional  Trustee
has funds available therefor. The amount of Distributions payable for any period
will be computed for any full semi-annual Distribution period on 360-day year of
twelve 30-day months.

         Except  as  otherwise  described  below,  Distributions  on the  Common
Securities  will be cumulative,  will accrue from the date of original  issuance
and will be payable  semi-annually in arrears on March 7 and September 7 of each
year,  commencing on March 7, 2001. The Debenture Issuer has the right under the
Indenture  to defer  payments of interest on the  Debentures  by  extending  the
interest  payment period for up to 10 consecutive  semi-annual  periods (each an
"Extension  Period")  on the  Debentures,  subject to the  conditions  described
below,  although such interest  would continue to accrue on the Debentures at an
annual  rate equal to the Coupon  Rate  compounded  semi-annually  to the extent
permitted by law during any Extension  Period.  No Extension Period may end on a
date other  than an  Interest  Payment  Date.  At the end of any such  Extension
Period the Sponsor  shall pay all  interest  then accrued and unpaid on the Debt
Securities (together with Additional Interest thereon);  provided, however, that
no  Extension  Period  may  extend  beyond  the  Maturity  Date.  Prior  to  the
termination of any Extension Period, the Sponsor may further extend such period,
provided  that  such  period   together  with  all  such  previous  and  further
consecutive  extensions  thereof  shall not  exceed 10  consecutive  semi-annual
periods,  or extend  beyond  the  Maturity  Date.  Upon the  termination  of any
Extension  Period and upon the payment of all accrued  and unpaid  interest  and
Additional Interest, the Sponsor may commence a new Extension Period, subject to
the foregoing requirements.  No interest or Additional Interest shall be due and
payable  during  an  Extension  Period,  except  at the end  thereof,  but  each
installment  of interest that would  otherwise  have been due and payable during
such Extension  Period shall bear  Additional  Interest.  If  Distributions  are
deferred,  the  Distributions  due  shall be paid on the date  that the  related
Extension Period terminates,  to Holders of the Securities as they appear on the
books and records of the Trust on the record  date  immediately  preceding  such
date.  Distributions  on the Securities must be paid on the dates payable (after
giving  effect to any  Extension  Period) to the extent that the Trust has funds
available for the payment of such  distributions  in the Property Account of the
Trust.  The  Trust's  funds  available  for  Distribution  to the Holders of the
Securities will be limited to payments received from the Debenture  Issuer.  The
payment of  Distributions  out of moneys held by the Trust is  guaranteed by the
Guarantor pursuant to the Guarantee.

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

                                     A-2-3

<PAGE>

                                   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)

         Signature:
                    -------------------------------------------

         (Sign exactly as your name appears on the other side of this common
         Security Certificate)

         Signature Guarantee(2)

__________________

(2)   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  Security  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 Security  registrar in addition to, or in substitution  for,  STAMP,  all in
accordance with the Securities Exchange Act of 1934, as amended.

                                     A-2-4

<PAGE>

                                    EXHIBIT B

                          SPECIMEN OF INITIAL DEBENTURE

                                   B-1

<PAGE>

                                    EXHIBIT C

                               PLACEMENT AGREEMENT

                                      C-1EXHIBIT 4.2

                           MCB FINANCIAL CORPORATION,
                                    AS ISSUER

                                    INDENTURE
                          DATED AS OF SEPTEMBER 7, 2000

   STATE STREET BANK AND TRUST COMPANY, OF CONNECTICUT, NATIONAL ASSOCIATION,
                                   AS TRUSTEE

               JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES

                                    DUE 2030

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS
                                                                                                        PAGE

<S>                                                                                                      <C>
ARTICLE I. DEFINITIONS....................................................................................1

         Section 1.1.      Definitions....................................................................1

ARTICLE II. DEBT SECURITIES...............................................................................8

         Section 2.1.      Authentication and Dating......................................................8
         Section 2.2.      Form of Trustee's Certificate of Authentication................................8
         Section 2.3.      Form and Denomination of Debt Securities.......................................9
         Section 2.4.      Execution of Debt Securities...................................................9
         Section 2.5.      Exchange and Registration of Transfer of Debt Securities.......................9
         Section 2.6.      Mutilated, Destroyed, Lost or Stolen Debt Securities..........................11
         Section 2.7.      Temporary Debt Securities.....................................................11
         Section 2.8.      Payment of Interest and Additional Interest...................................12
         Section 2.9.      Cancellation of Debt Securities Paid, etc.....................................13
         Section 2.10.     Computation of Interest.......................................................13
         Section 2.11.     Extension of Interest Payment Period..........................................13
         Section 2.12.     CUSIP Numbers.................................................................14

ARTICLE III. PARTICULAR COVENANTS OF THE COMPANY.........................................................14

         Section 3.1.      Payment of Principal, Premium and Interest; Agreed Treatment of the
                             Debt Securities.............................................................14
         Section 3.2.      Offices for Notices and Payments, etc.........................................15
         Section 3.3.      Appointments to Fill Vacancies in Trustee's Office............................15
         Section 3.4.      Provision as to Paying Agent..................................................15
         Section 3.5.      Certificate to Trustee........................................................16
         Section 3.6.      Additional Sums...............................................................16
         Section 3.7.      Compliance with Consolidation Provisions......................................17
         Section 3.8.      Limitation on Dividends.......................................................17
         Section 3.9.      Covenants as to the Trust.....................................................17

ARTICLE IV. SECURITYHOLDERS' LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE............................18

         Section 4.1.      Securityholders' Lists........................................................18
         Section 4.2.      Preservation and Disclosure of Lists..........................................18

ARTICLE V. REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS UPON AN EVENT OF DEFAULT..........................19

         Section 5.1.      Events of Default.............................................................19
         Section 5.2.      Payment of Debt Securities on Default; Suit Therefor..........................20
         Section 5.3.      Application of Moneys Collected by Trustee....................................22
         Section 5.4.      Proceedings by Securityholders................................................22
         Section 5.5.      Proceedings by Trustee........................................................23
         Section 5.6.      Remedies Cumulative and Continuing; Delay or Omission Not a Waiver............23

                                       i

<PAGE>

<CAPTION>

<S>                                                                                                     <C>
         Section 5.7.      Direction of Proceedings and Waiver of Defaults by Majority of
                             Securityholders.............................................................23
         Section 5.8.      Notice of Defaults............................................................24
         Section 5.9.      Undertaking to Pay Costs......................................................24

ARTICLE VI. CONCERNING THE TRUSTEE.......................................................................24

         Section 6.1.      Duties and Responsibilities of Trustee........................................24
         Section 6.2.      Reliance on Documents, Opinions, etc..........................................25
         Section 6.3.      No Responsibility for Recitals, etc...........................................26
         Section 6.4.      Trustee,  Authenticating  Agent,  Paying Agents,  Transfer Agents
                             or Registrar May Own Debt Securities........................................26
         Section 6.5.      Moneys to be Held in Trust....................................................27
         Section 6.6.      Compensation and Expenses of Trustee..........................................27
         Section 6.7.      Officers' Certificate as Evidence.............................................27
         Section 6.8.      Eligibility of Trustee........................................................28
         Section 6.9.      Resignation or Removal of Trustee.............................................28
         Section 6.10.     Acceptance by Successor Trustee...............................................29
         Section 6.11.     Succession by Merger, etc.....................................................30
         Section 6.12.     Authenticating Agents.........................................................30

ARTICLE VII. CONCERNING THE SECURITYHOLDERS..............................................................31

         Section 7.1.      Action by Securityholders.....................................................31
         Section 7.2.      Proof of Execution by Securityholders.........................................32
         Section 7.3.      Who Are Deemed Absolute Owners................................................32
         Section 7.4.      Debt Securities Owned by Company Deemed Not Outstanding.......................32
         Section 7.5.      Revocation of Consents; Future Holders Bound..................................32

ARTICLE VIII. SECURITYHOLDERS' MEETINGS..................................................................33

         Section 8.1.      Purposes of Meetings..........................................................33
         Section 8.2.      Call of Meetings by Trustee...................................................33
         Section 8.3.      Call of Meetings by Company or Securityholders................................33
         Section 8.4.      Qualifications for Voting.....................................................33
         Section 8.5.      Regulations...................................................................33
         Section 8.6.      Voting........................................................................34
         Section 8.7.      Quorum; Actions...............................................................34

ARTICLE IX. SUPPLEMENTAL INDENTURES......................................................................35

         Section 9.1.      Supplemental Indentures without Consent of Securityholders....................35
         Section 9.2.      Supplemental Indentures with Consent of Securityholders.......................36
         Section 9.3.      Effect of Supplemental Indentures.............................................37
         Section 9.4.      Notation on Debt Securities...................................................37
         Section 9.5.      Evidence of Compliance of Supplemental Indenture to be Furnished to
                           Trustee.......................................................................37

ARTICLE X. REDEMPTION OF SECURITIES......................................................................37

         Section 10.1.     Optional Redemption...........................................................37
         Section 10.2.     Special Event Redemption......................................................38
         Section 10.3.     Notice of Redemption; Selection of Debt Securities............................38

                                       ii

<PAGE>

<CAPTION>

<S>                                                                                                     <C>
         Section 10.4.     Payment of Debt Securities Called for Redemption..............................39

ARTICLE XI. CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE............................................39

         Section 11.1.     Company May Consolidate, etc., on Certain Terms...............................39
         Section 11.2.     Successor Entity to be Substituted............................................39
         Section 11.3.     Opinion of Counsel to be Given to Trustee.....................................40

ARTICLE XII. SATISFACTION AND DISCHARGE OF INDENTURE.....................................................40

         Section 12.1.     Discharge of Indenture........................................................40
         Section 12.2.     Deposited Moneys to be Held in Trust by Trustee...............................41
         Section 12.3.     Paying Agent to Repay Moneys Held.............................................41
         Section 12.4.     Return of Unclaimed Moneys....................................................41

ARTICLE XIII. IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS............................41

         Section 13.1.     Indenture and Debt Securities Solely Corporate Obligations....................41

ARTICLE XIV. MISCELLANEOUS PROVISIONS....................................................................41

         Section 14.1.     Successors....................................................................41
         Section 14.2.     Official Acts by Successor Entity.............................................41
         Section 14.3.     Surrender of Company Powers...................................................42
         Section 14.4.     Addresses for Notices, etc....................................................42
         Section 14.5.     Governing Law.................................................................42
         Section 14.6.     Evidence of Compliance with Conditions Precedent..............................42
         Section 14.7.     Non-Business Days.............................................................42
         Section 14.8.     Table of Contents, Headings, etc..............................................43
         Section 14.9.     Execution in Counterparts.....................................................43
         Section 14.10.    Separability..................................................................43
         Section 14.11.    Assignment....................................................................43
         Section 14.12.    Acknowledgment of Rights......................................................43

ARTICLE XV. SUBORDINATION OF DEBT SECURITIES.............................................................43

         Section 15.1.     Agreement to Subordinate......................................................43
         Section 15.2.     Default on Senior Indebtedness................................................44
         Section 15.3.     Liquidation, Dissolution, Bankruptcy..........................................44
         Section 15.4.     Subrogation...................................................................45
         Section 15.5.     Trustee to Effectuate Subordination...........................................46
         Section 15.6.     Notice by the Company.........................................................46
         Section 15.7.     Rights of the Trustee; Holders of Senior Indebtedness.........................46
         Section 15.8.     Subordination May Not Be Impaired.............................................47

Exhibit A         Form of Junior Subordinated Deferrable Interest Debenture

</TABLE>

                                      iii

<PAGE>

         THIS  INDENTURE,  dated as of September 7, 2000,  between MCB Financial
Corporation,   a  California  corporation   (hereinafter  sometimes  called  the
"COMPANY"),  and State Street Bank and Trust  Company of  Connecticut,  National
Association,  a national  banking  association  organized  under the laws of the
United States of America,  as debt  securities  trustee  (hereinafter  sometimes
called the "TRUSTEE"),

                                   WITNESSETH:

         WHEREAS,  for its  lawful  corporate  purposes,  the  Company  has duly
authorized the issuance of its 10.60% Junior  Subordinated  Deferrable  Interest
Debentures  due 2030 (the "DEBT  SECURITIES")  under this  Indenture to provide,
among  other  things,  for  the  execution  and  authentication,   delivery  and
administration  thereof,  the Company has duly  authorized the execution of this
Indenture; and

         WHEREAS,  all acts and things  necessary to make this Indenture a valid
agreement according to its terms, have been done and performed;

         NOW, THEREFORE, This Indenture Witnesseth:

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

                                   ARTICLE I.
                                   DEFINITIONS

         SECTION 1.1.  DEFINITIONS.  The  terms  defined  in  this  Section  1.1
(except as herein otherwise  expressly  provided or unless the context otherwise
requires) for all purposes of this  Indenture and of any indenture  supplemental
hereto  shall have the  respective  meanings  specified in this Section 1.1. All
accounting  terms used herein and not expressly  defined shall have the meanings
assigned  to  such  terms  in  accordance  with  generally  accepted  accounting
principles and the term "generally  accepted  accounting  principles" means such
accounting principles as are generally accepted in the United States at the time
of any computation. The words "herein," "hereof" and "hereunder" and other words
of similar  import refer to this  Indenture as a whole and not to any particular
Article, Section or other subdivision.

         "ADDITIONAL  INTEREST" means interest, if any, that shall accrue on any
interest  on the Debt  Securities  the payment of which has not been made on the
applicable  Interest  Payment Date and which shall accrue at the Interest  Rate,
compounded semi-annually (to the extent permitted by law).

         "ADDITIONAL SUMS" has the meaning set forth in Section 3.6.

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

         "AUTHENTICATING  AGENT" means any agent or agents of the Trustee  which
at the time shall be appointed and acting pursuant to Section 6.12.

         "BANKRUPTCY LAW" means Title 11, U.S. Code, or  any similar  federal or
state law for the relief of debtors.

         "BOARD OF  DIRECTORS"  means the board of  directors  or the  executive
committee or any other duly authorized designated officers of the Company.

                                       1

<PAGE>

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

         "BUSINESS DAY" means any day other than a Saturday, Sunday or any other
day on which banking institutions in New York City or Hartford,  Connecticut are
permitted or required by any applicable law to close.

         "CAPITAL SECURITIES" means undivided beneficial interests in the assets
of MCB Statutory Trust I which rank pari PASSU with Common  Securities issued by
the Trust;  PROVIDED,  HOWEVER,  that upon the occurrence of an Event of Default
(as defined in the Declaration), the rights of holders of such Common Securities
to payment in respect of distributions and payments upon liquidation, redemption
and  otherwise  are  subordinated  to the  rights  of  holders  of such  Capital
Securities.

         "CAPITAL  SECURITIES  GUARANTEE" means the guarantee agreement that the
Company  enters into with State  Street Bank and Trust  Company of  Connecticut,
National  Association,  as guarantee  trustee,  or other  Persons that  operates
directly or indirectly  for the benefit of holders of Capital  Securities of the
Trust.

         "CAPITAL  TREATMENT  EVENT"  means the  receipt  by the  Company  of an
opinion  of  counsel  experienced  in such  matters  that,  as a  result  of the
occurrence of any amendment to, or change  (including any announced  prospective
change) in, the laws of the United States or any political  subdivision  thereof
or therein, or as the result of any official or administrative  pronouncement or
action or decision  interpreting  or applying such laws,  rules or  regulations,
which  amendment  or  change  is  effective  or which  pronouncement,  action or
decision is announced  on or after the date of issuance of the Debt  Securities,
there is more than an  insubstantial  risk that the Company will not be entitled
to treat  an  amount  equal  to the  aggregate  Liquidation  Amount  of the Debt
Securities as "Tier 1 Capital" (or the then equivalent  thereof) for purposes of
the capital adequacy  guidelines of the Federal  Reserve,  as then in effect and
applicable to the Company; PROVIDED,  HOWEVER, that the inability of the Company
to treat all or any portion of the Liquidation  Amount of the Debt Securities as
Tier 1 Capital shall not constitute the basis for a Capital  Treatment  Event if
such  inability  results from the Company  having  cumulative  preferred  stock,
minority interests in consolidated subsidiaries,  or any other class of security
or interest which the Federal Reserve now or may hereafter accord Tier 1 Capital
treatment  in excess of the amount  which may  qualify for  treatment  as Tier 1
Capital under applicable  capital  adequacy  guidelines for the Federal Reserve;
PROVIDED  FURTHER,   HOWEVER,  that  the  distribution  of  Debt  Securities  in
connection  with  the  dissolution  of the  Trust  shall  not  in and of  itself
constitute a Capital Treatment Event unless such dissolution shall have occurred
in connection with a Tax Event or an Investment Company Event.

         "CERTIFICATE"  means a  certificate  signed by any one of the principal
executive officer,  the principal financial officer or the principal  accounting
officer of the Company.

         "COMMON SECURITIES" means undivided  beneficial interests in the assets
of the Trust which rank PARI PASSU with Capital  Securities issued by the Trust;
PROVIDED,  HOWEVER,  that upon the occurrence of an Event of Default (as defined
in the Declaration),  the rights of holders of such Common Securities to payment
in respect of  distributions  and  payments  upon  liquidation,  redemption  and
otherwise are subordinated to the rights of holders of such Capital Securities.

         "COMPANY" means MCB Financial  Corporation,  a California  corporation,
and,  subject to the  provisions of Article XI, shall include its successors and
assigns.

         "COMPARABLE   TREASURY   ISSUE"  means  with  respect  to  any  Special
Redemption  Date the United States Treasury  security  selected by the Quotation
Agent as having a  maturity  comparable  to the

                                       2

Remaining  Life  that  would  be  utilized,  at the  time  of  selection  and in
accordance with customary financial practice, in pricing new issues of corporate
debt  securities  of  comparable  maturity to the  Remaining  Life. If no United
States  Treasury  security  has a maturity  which is within a period  from three
months  before to three  months after  September  7, 2010,  the two most closely
corresponding  United States Treasury  securities,  as selected by the Quotation
Agent,  shall be used as the Comparable  Treasury  Issue,  and the Treasury Rate
shall be interpolated or extrapolated on a straight-line basis,  rounding to the
nearest month using such securities.

         "COMPARABLE  TREASURY  PRICE"  means (a) the average of five  Reference
Treasury Dealer Quotations for such Special Redemption Date, after excluding the
highest and lowest such  Reference  Treasury  Dealer  Quotations,  or (b) if the
Quotation  Agent  obtains  fewer  than  five  such  Reference   Treasury  Dealer
Quotations, the average of all such Quotations.

         "CUSTODIAN"  means any  receiver,  trustee,  assignee,  liquidator,  or
similar official under any Bankruptcy Law.

         "DEBT  SECURITY"  or "DEBT  SECURITIES"  has the meaning  stated in the
first recital of this Indenture.

         "DEBT SECURITY REGISTER" has the meaning specified in Section 2.5.

         "DECLARATION"  means the Amended and Restated  Declaration  of Trust of
the Trust, as amended or supplemented from time to time.

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

         "DEFAULTED INTEREST" has the meaning set forth in Section 2.8.

         "EVENT OF DEFAULT" means any event specified in Section 5.1,  continued
for the  period of time,  if any,  and after the giving of the  notice,  if any,
therein designated.

         "EXTENSION PERIOD" has the meaning set forth in Section 2.11.

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

         "INDENTURE" means this instrument as originally executed or, if amended
or supplemented as herein provided, as so amended or supplemented, or both.

         "INSTITUTIONAL TRUSTEE" has the meaning set forth in the Declaration.

         "INTEREST  PAYMENT DATE," means each March 7 and September 7 during the
term of this Indenture.

         "INTEREST RATE" means 10.60%.

         "INVESTMENT  COMPANY  EVENT"  means the  receipt by the Company and the
Trust of an opinion of counsel  experienced  in such matters to the effect that,
as a result of the occurrence of a change in law or regulation or written change
(including any announced prospective change) in interpretation or application of
law or  regulation  by any  legislative  body,  court,  governmental  agency  or
regulatory authority, there is more than an insubstantial risk that the Trust is
or will be considered an "investment  company" that is required to be registered
under the Investment Company Act of 1940, as amended which change or prospective
change becomes  effective or would become  effective,  as the case may be, on or
after the date of the issuance of the Debt Securities.

                                       3

<PAGE>

         "LIQUIDATION  AMOUNT"  means  the  stated  amount  of $ 1,000 per Trust
Security.

         "MATURITY DATE" means September 7, 2030.
          -------------

         "OFFICERS'  CERTIFICATE" means a certificate signed by the [Chairman of
the Board, the Vice Chairman,  the President,  any Managing Director or any Vice
President,  and by the Treasurer,  an Assistant Treasurer,  the Comptroller,  an
Assistant Comptroller,  the Secretary or an Assistant Secretary] of the Company,
and delivered to the Trustee. Each such certificate shall include the statements
provided for in Section 14.6 if and to the extent  required by the provisions of
such Section.

         "OPINION  OF  COUNSEL"  means an  opinion  in  writing  signed by legal
counsel,  who may be an employee of or counsel to the  Company,  or may be other
counsel reasonably  satisfactory to the Trustee. Each such opinion shall include
the statements provided for in Section 14.6 if and to the extent required by the
provisions of such Section.

         The term  "OUTSTANDING,"  when used with reference to Debt  Securities,
means,  subject to the provisions of Section 7.4, as of any particular time, all
Debt Securities authenticated and delivered by the Trustee or the Authenticating
Agent under this Indenture, except:

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

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

                  (c)   Debt Securities paid pursuant to Section 2.6 or in  lieu
         of or in substitution  for which other Debt Securities  shall have been
         authenticated and delivered pursuant to the terms of Section 2.6 unless
         proof satisfactory to the Company and the Trustee is presented that any
         such Debt Securities are held by bona fide holders in due course; and

                  (d)   Debt  Securities  held  in  accordance  with Section 7.4
hereof.

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

         "PREDECESSOR  SECURITY" of any  particular  Debt  Security  means every
previous  Debt  Security  evidencing  all or a portion  of the same debt as that
evidenced  by such  particular  Debt  Security;  and,  for the  purposes of this
definition,  any Debt Security  authenticated and delivered under Section 2.6 in
lieu of a lost,  destroyed or stolen Debt  Security  shall be deemed to evidence
the same debt as the lost, destroyed or stolen Debt Security.

         "PRIMARY TREASURY DEALER" means either a nationally  recognized primary
United States Government securities dealer or an entity of nationally recognized
standing in matters  pertaining to the quotation of treasury  securities that is
reasonably acceptable to the Company and the Trustee.

                                       4

<PAGE>

         "PRINCIPAL  OFFICE OF THE TRUSTEE," or other  similar  term,  means the
office of the  Trustee,  at which at any  particular  time its  corporate  trust
business shall be principally  administered,  which at the time of the execution
of  this  Indenture  shall  be 225  Asylum  Street,  Goodwin  Square,  Hartford,
Connecticut 06103.

         "QUOTATION  AGENT"  means State  Street  Bank and Trust  Company or its
designee,  and its successors;  PROVIDED,  HOWEVER,  that if the foregoing shall
cease to be a Primary  Treasury Dealer,  the Company shall  substitute  therefor
another Primary Treasury Dealer.

         "REDEMPTION DATE" has the meaning set forth in Section 10.1.

         "REDEMPTION PRICE" means the price set forth in the following table for
any Redemption Date that occurs within the twelve-month  period beginning in the
relevant  year  indicated  below,  expressed as the  percentage of the principal
amount of the Debt Securities being redeemed:

                     YEAR BEGINNING                               PERCENTAGE
                     --------------                               ----------
                     September 7, 2010                              105.300%
                                                                    -------
                     September 7, 2011                              104.770%
                                                                    -------
                     September 7, 2012                              104.240%
                                                                    -------
                     September 7, 2013                              103.710%
                                                                    -------
                     September 7, 2014                              103.180%
                                                                    -------
                     September 7, 2015                              102.650%
                                                                    -------
                     September 7, 2016                              102.120%
                                                                    -------
                     September 7, 2017                              101.590%
                                                                    -------
                     September 7, 2018                              101.060%
                                                                    -------
                     September 7, 2019                              100.530%
                                                                    -------
                     September 7, 2020 and after                    100.000%

         plus  accrued  and  unpaid  interest  on  such  Deb t Securities to the
Redemption Date.

         "REFERENCE  TREASURY DEALER" means (i) the Quotation Agent and (ii) any
other Primary  Treasury Dealer selected by the Trustee after  consultation  with
the Company.

         "REFERENCE  TREASURY  DEALER  QUOTATIONS"  means,  with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Quotation  Agent,  of the bid and asked prices for the  Comparable  Treasury
Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the Quotation  Agent by such Reference  Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such Redemption Date.

         "REMAINING LIFE" means,  with respect to any Debt Security,  the period
from the Special Redemption Date for such Debt Security to September 7, 2010.

                                       5

<PAGE>

         "RESPONSIBLE  OFFICER" means, with respect to the Trustee,  any officer
within the Principal Office of the Trustee,  including any  vice-president,  any
assistant vice-president, any secretary, any assistant secretary, the treasurer,
any  assistant  treasurer,  any trust  officer or other officer of the Principal
Trust Office of the Trustee  customarily  performing  functions similar to those
performed by any of the above designated  officers 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.

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

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

         "SENIOR  INDEBTEDNESS"  means,  with  respect to the  Company,  (i) the
principal,  premium,  if any, and interest in respect of (A) indebtedness of the
Company  for  money  borrowed  and (B)  indebtedness  evidenced  by  securities,
debentures,  notes,  bonds or other similar  instruments  issued by the Company;
(ii) all capital lease obligations of the Company;  (iii) all obligations of the
Company  issued or assumed  as the  deferred  purchase  price of  property,  all
conditional  sale  obligations of the Company and all obligations of the Company
under any title  retention  agreement  (but  excluding  trade  accounts  payable
arising in the ordinary course of business); (iv) all obligations of the Company
for the  reimbursement  of any letter of credit,  any banker's  acceptance,  any
security purchase facility, any repurchase agreement or similar arrangement, any
interest rate swap, any other hedging arrangement,  any obligation under options
or any similar  credit or other  transaction;  (v) all  obligations  of the type
referred to in clauses (i) through  (iv) above of other  Persons for the payment
of which  the  Company  is  responsible  or  liable  as  obligor,  guarantor  or
otherwise;  and (vi) all  obligations  of the type  referred  to in clauses  (i)
through (v) above of other Persons  secured by any lien on any property or asset
of the  Company  (whether  or not such  obligation  is assumed by the  Company),
whether  incurred  on or  prior  to the  date of this  Indenture  or  thereafter
incurred,  unless, in the instrument creating or evidencing the same or pursuant
to which the same is outstanding,  it is provided that such  obligations are not
superior  or PARI PASSU in right of payment to the Debt  Securities,  except for
(1) any  indebtedness  between  or  among  the  Company  and  any  non-financial
institution  Affiliate of the Company and (2) Debt Securities issued pursuant to
this  Indenture  and  guarantees  in  respect  of such Debt  Securities.  Senior
Indebtedness  shall  continue to be Senior  Indebtedness  and be entitled to the
subordination  provisions irrespective of any amendment,  modification or waiver
of any term of such Senior Indebtedness.

         "SPECIAL EVENT" means any of a Capital  Treatment  Event, an Investment
Company Event or a Tax Event.

         "SPECIAL REDEMPTION DATE" has the meaning set forth in Section 10.2.

         "SPECIAL  REDEMPTION PRICE" means (a) if the Special Redemption Date is
before September 7, 2010, the greater of (i) 100% of the principal amount of the
Debt Securities, plus accrued and unpaid interest on the Debt Securities to such
Special  Redemption Date, or (ii) as determined by a Quotation Agent, the sum of
(A) the present value of the principal  amount of the Debt  Securities set forth
in the table under the  definition  of  "Redemption  Price" for the September 7,
2010  Redemption  Date and the  present  value of  interest  payable on the Debt
Securities  from  such  Special  Redemption  Date  to  September  7,  2010  (the
"REMAINING  LIFE"),  each  discounted  to  the  Special  Redemption  Date  on  a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months at
the Treasury Rate),  plus (B) accrued and unpaid interest on the Debt Securities
to such Special  Redemption Date, or (b) if the

                                       6

<PAGE>

Special Redemption Date is on or after September 7, 2010, the price for the Debt
Securities set forth in the table under the definition of "Redemption Price" for
such Special Redemption Date.

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

         "TAX  EVENT"  means  the  receipt  by the  Company  and the Trust of an
opinion of counsel  experienced  in such matters to the effect that, as a result
of any amendment to or change  (including any announced  prospective  change) in
the laws or any  regulations  thereunder  of the United  States or any political
subdivision  or  taxing  authority  thereof  or  therein,  or as a result of any
official  administrative  pronouncement  (including  any private  letter ruling,
technical advice memorandum,  field service advice, regulatory procedure, notice
or  announcement,  including any notice or  announcement of intent to adopt such
procedures or regulations  (an  "ADMINISTRATIVE  ACTION")) or judicial  decision
interpreting  or applying such laws or  regulations,  regardless of whether such
Administrative  Action or judicial decision is issued to or in connection with a
proceeding  involving  the  Company or the Trust and  whether or not  subject to
review or appeal, which amendment, clarification,  change, Administrative Action
or decision is enacted,  promulgated or announced,  in each case on or after the
date of issuance  of the Debt  Securities,  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 Debt Securities; (ii) interest payable by the Company
on the Debt  Securities  is not, or within 90 days of the date of such  opinion,
will not be,  deductible by the Company,  in whole or in part, for United States
federal income tax purposes; or (iii) 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.

         "TREASURY RATE" means (i) the yield, under the heading which represents
the average for the week immediately prior to the date of calculation, appearing
in the most recently published  statistical release designated H.15 (519) or any
successor publication which is published weekly by the Federal Reserve and which
establishes yields on actively traded United States Treasury securities adjusted
to constant maturity under the caption "Treasury  Constant  Maturities," for the
maturity  corresponding  to the  Remaining  Life (if no maturity is within three
months  before  or  after  the  Remaining  Life,  yields  for the two  published
maturities most closely  corresponding to the Remaining Life shall be determined
and the Treasury Rate shall be interpolated or extrapolated  from such yields on
a  straight-line  basis,  rounding to the nearest month) or (ii) if such release
(or any  successor  release)  is not  published  during the week  preceding  the
calculation  date or does not contain such  yields,  the rate per annum equal to
the semi-annual  equivalent yield to maturity of the Comparable  Treasury Issue,
calculated  using a price for the  Comparable  Treasury  Issue  (expressed  as a
percentage of its principal  amount) equal to the Comparable  Treasury Price for
such Special  Redemption  Date.  The Treasury  Rate shall be  calculated  by the
Quotation Agent on the third Business Day preceding the Special Redemption Date.

         "TRUST"  shall  mean MCB  Statutory  Trust I, a  Connecticut  statutory
trust,  or any other similar  trust  created for the purpose of issuing  Capital
Securities  in  connection  with the  issuance  of Debt  Securities  under  this
Indenture, of which the Company is the sponsor.

                                       7

<PAGE>

         "TRUST SECURITIES"  means  Common  Securities and Capital Securities of
the Trust.

         "TRUSTEE"  means  the  Person  identified  as  "TRUSTEE"  in the  first
paragraph  hereof,  and,  subject to the provisions of Article VI hereof,  shall
also include its successors and assigns as Trustee hereunder.

                                  ARTICLE II.
                                 DEBT SECURITIES

         SECTION 2.1.  AUTHENTICATION  AND  DATING.   Upon  the  execution   and
delivery of this Indenture, or from time to time thereafter,  Debt Securities in
an aggregate principal amount not in excess of $3,093,000.00 may be executed and
delivered  by the  Company to the Trustee  for  authentication,  and the Trustee
shall  thereupon   authenticate  and  make  available  for  delivery  said  Debt
Securities to or upon the written order of the Company,  signed by [its Chairman
of the Board of Directors,  Vice Chairman,  the  President,  one of its Managing
Directors or one of its Vice  Presidents  and by its  Secretary,  any  Assistant
Secretary,  Treasurer or any Assistant Treasurer], without any further action by
the Company hereunder. In authenticating such Debt Securities, and accepting the
additional  responsibilities  under  this  Indenture  in  relation  to such Debt
Securities,  the Trustee  shall be entitled to receive,  and (subject to Section
6.1) shall be fully protected in relying upon:

         (a)      a copy of  any  Board Resolution or Board Resolutions relating
thereto and, if applicable,  an appropriate  record of any action taken pursuant
to such  resolution,  in each case  certified  by the  Secretary or an Assistant
Secretary of the Company as the case may be; and

         (b)      an Opinion of Counsel prepared in accordance with Section 14.6
which shall also state:

                  (1)  that  such  Debt  Securities,  when   authenticated   and
                  delivered  by the  Trustee  and issued by the  Company in each
                  case in the manner and subject to any conditions  specified in
                  such  Opinion of Counsel,  will  constitute  valid and legally
                  binding  obligations  of the Company  subject to or limited by
                  applicable     bankruptcy,     insolvency,     reorganization,
                  conservatorship,  receivership, moratorium and other statutory
                  or decisional laws relating to or affecting  creditors' rights
                  or the  reorganization of financial  institutions  (including,
                  without  limitation,  preference and fraudulent  conveyance or
                  transfer laws),  heretofore or hereafter enacted or in effect,
                  affecting the rights of creditors generally; and

                  (2)  that  all  laws  and  requirements  in  respect  of   the
                  execution and delivery by the Company of the Debt  Securities,
                  have been complied with and that  authentication  and delivery
                  of the Debt  Securities  by the  Trustee  will not violate the
                  terms of this Indenture.

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

         The definitive Debt Securities shall be typed, printed, lithographed or
engraved on steel engraved  borders or may be produced in any other manner,  all
as determined by the officers  executing such Debt  Securities,  as evidenced by
their execution of such Debt Securities.

         SECTION 2.2.  FORM OF TRUSTEE'S  CERTIFICATE  OF  AUTHENTICATION.   The
Trustee's  certificate  of  authentication  on all Debt  Securities  shall be in
substantially the following form:

                                       8

<PAGE>

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

         State   Street  Bank  and  Trust  Company  of  Connecticut,    National
Association, as Trustee

         By
           ---------------------------------------------------
         Authorized Signer

         SECTION 2.3.  FORM  AND  DENOMINATION  OF  DEBT  SECURITIES.  The  Debt
Securities  shall be in  registered,  certificated  form without  coupons and in
minimum  denominations of $500,000 and any multiple of $1,000 in excess thereof.
Any  attempted  transfer of the Debt  Securities  in a block having an aggregate
principal  amount of less than  $500,000  shall be deemed to be voided and of no
legal effect whatsoever. Any such purported transferee shall be deemed not to be
a holder of such Debt Securities for any purpose,  including, but not limited to
the receipt of payments on such Debt Securities,  and such purported  transferee
shall be deemed to have no interest whatsoever in such Debt Securities. The Debt
Securities  shall be  numbered,  lettered,  or otherwise  distinguished  in such
manner or in accordance  with such plans as the officers  executing the same may
determine  with the approval of the Trustee as evidenced  by the  execution  and
authentication thereof.

         SECTION 2.4.  EXECUTION OF DEBT SECURITIES.   The Debt Securities shall
be signed in the name and on behalf of the  Company by the  manual or  facsimile
signature of its Chairman of the Board of Directors,  Vice Chairman,  President,
one of its Managing  Directors or one of its Executive Vice  Presidents,  Senior
Vice Presidents or Vice  Presidents and by the manual or facsimile  signature of
its  Secretary,  one of its Assistant  Secretaries,  its Treasurer or one of its
Assistant  Treasurers,  under its corporate seal which may be affixed thereto or
printed,  engraved or otherwise  reproduced  thereon, by facsimile or otherwise,
and which need not be attested.  Only such Debt Securities as shall bear thereon
a certificate of authentication substantially in the form herein before recited,
executed by the Trustee or the  Authenticating  Agent by the manual signature of
an authorized signer,  shall be entitled to the benefits of this Indenture or be
valid or  obligatory  for any purpose.  Such  certificate  by the Trustee or the
Authenticating  Agent upon any Debt  Security  executed by the Company  shall be
conclusive  evidence  that the Debt  Security  so  authenticated  has been  duly
authenticated  and  delivered  hereunder  and that the holder is entitled to the
benefits of this Indenture.

         In case any  officer of the  Company  who shall have  signed any of the
Debt  Securities  shall cease to be such officer  before the Debt  Securities so
signed  shall  have been  authenticated  and  delivered  by the  Trustee  or the
Authenticating  Agent,  or  disposed  of by the  Company,  such Debt  Securities
nevertheless  may be  authenticated  and  delivered or disposed of as though the
Person who signed such Debt  Securities had not ceased to be such officer of the
Company;  and any Debt  Security  may be signed on behalf of the Company by such
Persons as, at the actual date of the execution of such Debt Security,  shall be
the proper  officers of the  Company,  although at the date of the  execution of
this Indenture any such person was not such an officer.

         Every Debt Security shall be dated the date of its authentication.

         SECTION  2.5. EXCHANGE AND REGISTRATION OF TRANSFER OF DEBT SECURITIES.
The Company shall cause to be kept, at the office or agency  maintained  for the
purpose of registration of transfer and for exchange as provided in Section 3.2,
a  register  (the  "Debt  Security  Register")  for the Debt  Securities  issued
hereunder in which, subject to such reasonable  regulations as it may prescribe,
the  Company  shall  provide  for the  registration  and  transfer  of all  Debt
Securities as in this Article II provided.  The Debt Security  Register shall be
in written  form or in any other form  capable of being  converted  into written
form within a reasonable time.

                                       9

<PAGE>

         Debt  Securities  to be exchanged may be  surrendered  at the principal
corporate  trust  office  of  the  Trustee  or at any  office  or  agency  to be
maintained  by the Company for such  purpose as provided in Section 3.2, and the
Company shall execute, the Company or the Trustee shall register and the Trustee
or the  Authenticating  Agent shall authenticate and make available for delivery
in  exchange   therefor  the  Debt  Security  or  Debt   Securities   which  the
Securityholder  making the  exchange  shall be  entitled  to  receive.  Upon due
presentment  for  registration of transfer of any Debt Security at the principal
corporate  trust office of the Trustee or at any office or agency of the Company
maintained  for such  purpose as provided  in Section  3.2,  the  Company  shall
execute,  the  Company or the  Trustee  shall  register  and the  Trustee or the
Authenticating  Agent shall  authenticate and make available for delivery in the
name of the  transferee or  transferees a new Debt Security for a like aggregate
principal amount.  Registration or registration of transfer of any Debt Security
by the Trustee or by any agent of the Company appointed pursuant to Section 3.2,
and delivery of such Debt Security, shall be deemed to complete the registration
or registration of transfer of such Debt Security.

         All Debt  Securities  presented  for  registration  of  transfer or for
exchange  or payment  shall (if so required by the Company or the Trustee or the
Authenticating  Agent)  be duly  endorsed  by,  or be  accompanied  by a written
instrument or  instruments of transfer in form  satisfactory  to the Company and
the  Trustee  or the  Authenticating  Agent duly  executed  by the holder or his
attorney duly authorized in writing.

         No service  charge  shall be made for any exchange or  registration  of
transfer of Debt Securities,  but the Company or the Trustee may require payment
of a sum sufficient to cover any tax, fee or other governmental  charge that may
be imposed in connection therewith.

         The  Company  or the  Trustee  shall not be  required  to  exchange  or
register a transfer of any Debt Security for a period of 15 days next  preceding
the date of selection of Debt Securities for redemption.

         Notwithstanding  anything  herein to the contrary,  Debt Securities may
not be transferred  except in compliance with the restricted  securities  legend
set  forth  below  (the  "Restrictive  Securities  Legend"),   unless  otherwise
determined by the Company,  upon the advice of counsel expert in securities law,
in accordance with applicable law:

         THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS  AMENDED  (THE  "SECURITIES  ACT"),  ANY STATE  SECURITIES  LAWS OR ANY OTHER
APPLICABLE   SECURITIES   LAW.   NEITHER  THIS  SECURITY  NOR  ANY  INTEREST  OR
PARTICIPATION  HEREIN MAY BE REOFFERED,  SOLD, ASSIGNED,  TRANSFERRED,  PLEDGED,
ENCUMBERED  OR  OTHERWISE  DISPOSED  OF IN THE ABSENCE OF SUCH  REGISTRATION  OR
UNLESS SUCH  TRANSACTION  IS EXEMPT  FROM,  OR NOT SUBJECT TO, THE  REGISTRATION
REQUIREMENTS  OF  THE  SECURITIES  ACT.  THE  HOLDER  OF  THIS  SECURITY  BY ITS
ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY ONLY
(A) TO THE  COMPANY,  (B) TO A PERSON WHOM THE SELLER  REASONABLY  BELIEVES IS A
QUALIFIED  INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
144A SO LONG AS THIS  SECURITY IS ELIGIBLE  FOR RESALE  PURSUANT TO RULE 144A IN
ACCORDANCE WITH RULE 144A, (C) TO A NON-U.S.  PERSON IN AN OFFSHORE  TRANSACTION
IN ACCORDANCE  WITH RULE 903 OR RULE 904 (AS  APPLICABLE)  OF REGULATION S UNDER
THE SECURITIES ACT, (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 CAPITAL  SECURITY  FOR ITS OWN ACCOUNT,  OR FOR THE
ACCOUNT OF SUCH AN INSTITUTIONAL  ACCREDITED  INVESTOR,  FOR INVESTMENT PURPOSES
AND  NOT  WITH A  VIEW  TO,  OR FOR  OFFER  OR  SALE  IN  CONNECTION  WITH,  ANY

                                       10

<PAGE>

DISTRIBUTION  IN VIOLATION OF THE  SECURITIES  ACT, OR (E) PURSUANT TO ANY OTHER
AVAILABLE  EXEMPTION FROM THE  REGISTRATION  REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE  COMPANY'S  RIGHT  PRIOR TO ANY SUCH  OFFER,  SALE OR TRANSFER TO
REQUIRE  THE  DELIVERY  OF AN OPINION OF  COUNSEL,  CERTIFICATION  AND/OR  OTHER
INFORMATION  SATISFACTORY  TO EACH OF THEM IN ACCORDANCE  WITH THE INDENTURE,  A
COPY OF WHICH MAY BE  OBTAINED  FROM THE  COMPANY.  THE HOLDER OF THIS  SECURITY
AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

         SECTION 2.6.  MUTILATED,  DESTROYED,  LOST OR  STOLEN  DEBT SECURITIES.
In case any Debt  Security  shall  become  mutilated  or be  destroyed,  lost or
stolen,  the Company  shall  execute,  and upon its written  request the Trustee
shall  authenticate  and  deliver,  a new Debt  Security  bearing  a number  not
contemporaneously  outstanding,  in exchange and  substitution for the mutilated
Debt  Security,  or in lieu of and in  substitution  for the  Debt  Security  so
destroyed,  lost or stolen.  In every case the applicant for a substituted  Debt
Security shall furnish to the Company and the Trustee such security or indemnity
as may be required by them to save each of them harmless,  and, in every case of
destruction,  loss or theft, the applicant shall also furnish to the Company and
the Trustee evidence to their satisfaction of the destruction,  loss or theft of
such Debt Security and of the ownership thereof.

         The Trustee may  authenticate  any such  substituted  Debt Security and
deliver the same upon the written request or authorization of any officer of the
Company.  Upon the issuance of any  substituted  Debt Security,  the Company may
require the payment of a sum  sufficient to cover any tax or other  governmental
charge that may be imposed in relation thereto and any other expenses  connected
therewith.  In case any Debt Security which has matured or is about to mature or
has been called for  redemption in full shall become  mutilated or be destroyed,
lost or stolen,  the Company may, instead of issuing a substitute Debt Security,
pay or authorize the payment of the same (without  surrender  thereof  except in
the case of a mutilated  Debt  Security) if the applicant for such payment shall
furnish to the Company  and the Trustee  such  security or  indemnity  as may be
required by them to save each of them harmless and, in case of destruction, loss
or  theft,  evidence  satisfactory  to the  Company  and to the  Trustee  of the
destruction, loss or theft of such Debt Security and of the ownership thereof.

         Every  substituted  Debt Security  issued pursuant to the provisions of
this Section 2.6 by virtue of the fact that any such Debt Security is destroyed,
lost or stolen shall  constitute  an  additional  contractual  obligation of the
Company,  whether or not the  destroyed,  lost or stolen Debt Security  shall be
found at any time,  and shall be entitled to all the benefits of this  Indenture
equally and  proportionately  with any and all other Debt Securities duly issued
hereunder.  All  Debt  Securities  shall  be held and  owned  upon  the  express
condition  that,  to the extent  permitted  by  applicable  law,  the  foregoing
provisions  are  exclusive  with  respect  to  the  replacement  or  payment  of
mutilated,  destroyed, lost or stolen Debt Securities and shall preclude any and
all other  rights or  remedies  notwithstanding  any law or statute  existing or
hereafter  enacted to the contrary with respect to the replacement or payment of
negotiable instruments or other securities without their surrender.

         SECTION 2.7.  TEMPORARY DEBT  SECURITIES.   Pending  the preparation of
definitive  Debt  Securities,  the Company  may  execute  and the Trustee  shall
authenticate and make available for delivery  temporary Debt Securities that are
typed,  printed or lithographed.  Temporary Debt Securities shall be issuable in
any authorized  denomination,  and  substantially  in the form of the definitive
Debt  Securities  in lieu of which  they are  issued  but with  such  omissions,
insertions and variations as may be appropriate  for temporary Debt  Securities,
all as may be  determined  by the Company.  Every such  temporary  Debt Security
shall be executed by the Company and be  authenticated  by the Trustee  upon the
same conditions and in substantially the same manner,  and with the same effect,
as the definitive Debt Securities.  Without  unreasonable delay the Company will
execute and deliver to the Trustee or the  Authenticating  Agent

                                       11

<PAGE>

definitive  Debt  Securities and thereupon any or all temporary Debt  Securities
may be surrendered in exchange therefor, at the principal corporate trust office
of the  Trustee or at any office or agency  maintained  by the  Company for such
purpose as provided in Section 3.2, and the Trustee or the Authenticating  Agent
shall  authenticate  and  make  available  for  delivery  in  exchange  for such
temporary Debt Securities a like aggregate  principal  amount of such definitive
Debt  Securities.  Such exchange shall be made by the Company at its own expense
and  without  any  charge  therefor  except  that in case of any  such  exchange
involving a  registration  of transfer the Company may require  payment of a sum
sufficient  to cover  any  tax,  fee or other  governmental  charge  that may be
imposed in relation thereto.  Until so exchanged,  the temporary Debt Securities
shall in all respects be entitled to the same benefits  under this  Indenture as
definitive Debt Securities authenticated and delivered hereunder.

         SECTION  2.8. PAYMENT OF  INTEREST  AND  ADDITIONAL  INTEREST. Interest
at the Interest  Rate and any  Additional  Interest on any Debt Security that is
payable,  and is punctually  paid or duly provided for, on any Interest  Payment
Date for Debt  Securities  shall be paid to the  Person in whose  name said Debt
Security (or one or more  Predecessor  Securities) is registered at the close of
business on the regular  record date for such interest  installment  except that
interest and any Additional  Interest payable on the Maturity Date shall be paid
to the Person to whom  principal is paid. In the event that any Debt Security or
portion  thereof is called for redemption and the redemption  date is subsequent
to a regular record date with respect to any Interest  Payment Date and prior to
such  Interest  Payment  Date,  interest on such Debt Security will be paid upon
presentation and surrender of such Debt Security.

         Any interest on any Debt Security, other than Additional Interest, that
is payable,  but is not  punctually  paid or duly  provided for, on any Interest
Payment Date (herein called  "DEFAULTED  INTEREST")  shall forthwith cease to be
payable to the registered  holder on the relevant  regular record date by virtue
of having been such holder;  and such  Defaulted  Interest  shall be paid by the
Company to the Persons in whose names such Debt Securities (or their  respective
Predecessor  Securities)  are  registered  at the close of business on a special
record date for the payment of such Defaulted Interest,  which shall be fixed in
the following  manner:  the Company shall notify the Trustee in writing at least
25 days prior to the date of the  proposed  payment  of the amount of  Defaulted
Interest  proposed  to be paid on each  such Debt  Security  and the date of the
proposed  payment,  and at the same  time the  Company  shall  deposit  with the
Trustee an amount of money equal to the aggregate  amount proposed to be paid in
respect of such Defaulted  Interest or shall make  arrangements  satisfactory to
the Trustee for such  deposit  prior to the date of the proposed  payment,  such
money when deposited to be held in trust for the benefit of the Persons entitled
to such  Defaulted  Interest as in this clause  provided.  Thereupon the Trustee
shall fix a special record date for the payment of such Defaulted Interest which
shall  not be more  than 15 nor  less  than 10  days  prior  to the  date of the
proposed  payment  and not less than 10 days after the receipt by the Trustee of
the notice of the  proposed  payment.  The  Trustee  shall  promptly  notify the
Company of such  special  record date and, in the name and at the expense of the
Company,  shall cause notice of the proposed payment of such Defaulted  Interest
and the special record date therefor to be mailed,  first class postage prepaid,
to each  Securityholder  at its  address  as it  appears  in the  Debt  Security
Register, not less than 10 days prior to such special record date. Notice of the
proposed payment of such Defaulted Interest and the special record date therefor
having been mailed as aforesaid,  such  Defaulted  Interest shall be paid to the
Persons in whose names such Debt  Securities  (or their  respective  Predecessor
Securities)  are  registered on such special  record date and shall be no longer
payable.

         The  Company  may make  payment of any  Defaulted  Interest on any Debt
Securities  in any other lawful  manner after notice given by the Company to the
Trustee of the proposed payment method;  PROVIDED,  HOWEVER,  the Trustee in its
sole discretion deems such payment method to be practical.

                                       12

<PAGE>

         Any interest  scheduled to become  payable on an Interest  Payment Date
occurring during an Extension  Period shall not be Defaulted  Interest and shall
be  payable on such  other  date as may be  specified  in the terms of such Debt
Securities.

         The term  "regular  record date" as used in this Section shall mean the
close of business on the 15th day next preceding the applicable Interest Payment
Date.

         Subject to the foregoing provisions of this Section, each Debt Security
delivered  under this Indenture upon  registration of transfer of or in exchange
for or in lieu of any other Debt  Security  shall  carry the rights to  interest
accrued  and  unpaid,  and to  accrue,  that were  carried  by such  other  Debt
Security.

         SECTION 2.9.  CANCELLATION  OF DEBT  SECURITIES  PAID,  ETC.  All  Debt
Securities  surrendered  for the  purpose of  payment,  redemption,  exchange or
registration  of transfer,  shall,  if  surrendered to the Company or any paying
agent,  be  surrendered  to the  Trustee  and  promptly  canceled  by it, or, if
surrendered  to the  Trustee  or any  Authenticating  Agent,  shall be  promptly
canceled by it, and no Debt Securities shall be issued in lieu thereof except as
expressly  permitted  by any of the  provisions  of  this  Indenture.  All  Debt
Securities  canceled  by any  Authenticating  Agent  shall be  delivered  to the
Trustee.  The Trustee  shall  destroy all canceled  Debt  Securities  unless the
Company otherwise  directs the Trustee in writing.  If the Company shall acquire
any of the Debt Securities,  however,  such  acquisition  shall not operate as a
redemption  or  satisfaction  of  the  indebtedness  represented  by  such  Debt
Securities  unless  and  until  the  same are  surrendered  to the  Trustee  for
cancellation.

         SECTION 2.10. COMPUTATION OF INTEREST.  The amount of interest  payable
for any period will be computed on the basis of a 360-day year of twelve  30-day
months.

         SECTION  2.11.EXTENSION  OF INTEREST  PAYMENT  PERIOD.   So  long as no
Event of Default has  occurred  and is  continuing,  the Company  shall have the
right,  from time to time,  and without  causing an Event of  Default,  to defer
payments of interest on the Debt  Securities by extending  the interest  payment
period on the Debt  Securities at any time and from time to time during the term
of the Debt Securities,  for up to 10 consecutive semi-annual periods (each such
extended interest payment period, an "EXTENSION PERIOD"), during which Extension
Period no interest  shall be due and payable.  No Extension  Period may end on a
date other  than an  Interest  Payment  Date.  At the end of any such  Extension
Period the Company  shall pay all  interest  then accrued and unpaid on the Debt
Securities (together with Additional Interest thereon);  PROVIDED, HOWEVER, that
no Extension  Period may extend  beyond the  Maturity  Date;  PROVIDED  FURTHER,
HOWEVER,  that during any such Extension Period, the Company shall not and shall
not permit any  Affiliate to (i) declare or pay any  dividends or  distributions
on, or redeem, purchase, acquire, or make a liquidation payment with respect to,
any of the Company's or such  Affiliate's  capital stock (other than payments of
dividends or distributions  to the Company) or make any guarantee  payments with
respect to the foregoing or (ii) make any payment of principal of or interest or
premium,  if any, on or repay,  repurchase or redeem any debt  securities of the
Company or any Affiliate  that rank PARI PASSU in all respects with or junior in
interest to the Debt Securities (other than, with respect to clauses (i) or (ii)
above, (a) repurchases,  redemptions or other  acquisitions of shares of capital
stock of the Company in connection with any employment contract, benefit plan or
other  similar  arrangement  with or for the  benefit of one or more  employees,
officers,  directors or consultants,  in connection with a dividend reinvestment
or stockholder stock purchase plan or in connection with the issuance of capital
stock of the Company (or securities  convertible  into or  exercisable  for such
capital stock) as consideration in an acquisition transaction entered into prior
to  the  applicable  Extension  Period,  (b) as a  result  of  any  exchange  or
conversion of any class or series of the Company's capital stock (or any capital
stock of a subsidiary  of the Company) for any class or series of the  Company's
capital  stock or of any class or series of the Company's  indebtedness  for any
class or series of the Company's  capital stock,  (c) the purchase of

                                       13

<PAGE>

fractional  interests in shares of the Company's  capital stock  pursuant to the
conversion or exchange  provisions  of such capital stock or the security  being
converted or exchanged, (d) any declaration of a dividend in connection with any
stockholder's  rights plan, or the issuance of rights,  stock or other  property
under any  stockholder's  rights plan, or the redemption or repurchase of rights
pursuant thereto,  (e) any dividend in the form of stock,  warrants,  options or
other rights where the dividend  stock or the stock  issuable  upon  exercise of
such  warrants,  options or other  rights is the same stock as that on which the
dividend  is being paid or ranks PARI PASSU with or junior to such stock and any
cash payments in lieu of fractional  shares issued in connection  therewith,  or
(f) payments under the Capital Securities  Guarantee).  Prior to the termination
of any Extension  Period,  the Company may further extend such period,  provided
that  such  period  together  with all such  previous  and  further  consecutive
extensions  thereof  shall not exceed 10  consecutive  semi-annual  periods,  or
extend beyond the Maturity Date.  Upon the  termination of any Extension  Period
and upon the payment of all accrued and unpaid interest and Additional Interest,
the  Company  may  commence a new  Extension  Period,  subject to the  foregoing
requirements. No interest or Additional Interest shall be due and payable during
an Extension Period, except at the end thereof, but each installment of interest
that would  otherwise  have been due and payable  during such  Extension  Period
shall bear  Additional  Interest to the extent  permitted by applicable law. The
Company  must give the Trustee  notice of its  election to begin such  Extension
Period at least 5 Business Days prior to the earlier of (i) the date interest on
the Debt  Securities  would have been  payable  except for the election to begin
such  Extension  Period or (ii) the date such  interest is  payable,  but in any
event not less than 5 Business Days prior to such record date. The Trustee shall
give notice of the  Company's  election to begin a new  Extension  Period to the
Securityholders.

         SECTION 2.12. CUSIP NUMBERS. The Company in issuing the Debt Securities
may use "CUSIP"  numbers  (if then  generally  in use),  and, if so, the Trustee
shall  use  CUSIP  numbers  in  notices  of  redemption  as  a  convenience   to
Securityholders;  PROVIDED,  HOWEVER,  that any such  notice  may state  that no
representation  is made as to the  correctness of such numbers either as printed
on the Debt  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
Debt Securities,  and any such redemption shall not be affected by any defect in
or omission of such  numbers.  The Company will  promptly  notify the Trustee in
writing of any change in the CUSIP numbers.

                                  ARTICLE III.
                       PARTICULAR COVENANTS OF THE COMPANY

         SECTION 3.1.  PAYMENT  OF  PRINCIPAL,  PREMIUM  AND  INTEREST;   AGREED
TREATMENT OF THE DEBT SECURITIES.

         (a)      The  Company covenants  and  agrees that  it  will  duly   and
punctually  pay or cause to be paid the  principal of and  premium,  if any, and
interest and any Additional Interest on the Debt Securities at the place, at the
respective  times and in the  manner  provided  in this  Indenture  and the Debt
Securities.  Each installment of interest on the Debt Securities may be paid (i)
by mailing  checks for such interest  payable to the order of the holder of Debt
Securities  entitled thereto as they appear on the registry books of the Company
if a request for a wire transfer has not been received by the Company or (ii) by
wire  transfer to any account with a banking  institution  located in the United
States  designated  in writing by such Person to the paying  agent no later than
the related record date. Notwithstanding the foregoing, so long as the holder of
this Debt Security is the Institutional Trustee, the payment of the principal of
and interest on this Debt Security will be made in immediately  available  funds
at such place and to such  account  as may be  designated  by the  Institutional
Trustee.

         (b)      The Company will treat the  Debt Securities  as  indebtedness,
and the  amounts  payable  in  respect  of the  principal  amount  of such  Debt
Securities as interest, for all United States federal income tax

                                       14

<PAGE>

purposes.  All payments in respect of such Debt Securities will be made free and
clear of United States  withholding tax to any beneficial owner thereof that has
provided an Internal Revenue Service Form W8 BEN (or any substitute or successor
form) establishing its non-United States status for United States federal income
tax purposes.

         (c)      The  Company  has  no  present intention to exercise its right
under  Section  2.11 to defer  payments of interest  on the Debt  Securities  by
commencing an Extension Period.

         (d)      The  Company  believes  that  the  likelihood  that  it  would
exercise its right under Section 2.11 to defer  payments of interest on the Debt
Securities by  commencing an Extension  Period at any time during which the Debt
Securities are outstanding is remote because of the  restrictions  that would be
imposed on the Company's  ability to declare or pay  dividends or  distributions
on, or to redeem, purchase or make a liquidation payment with respect to, any of
its  outstanding  equity and on the  Company's  ability to make any  payments of
principal of or interest on, or repurchase or redeem, any of its debt securities
that rank PARI PASSU in all  respects  with (or junior in interest  to) the Debt
Securities.

         SECTION 3.2.  OFFICES FOR NOTICES AND PAYMENTS,  ETC. So long as any of
the Debt Securities remain  outstanding,  the Company will maintain in Hartford,
Connecticut,  an office or agency where the Debt Securities may be presented for
payment,  an office or agency where the Debt  Securities  may be  presented  for
registration  of transfer and for exchange as in this Indenture  provided and an
office or agency where  notices and demands to or upon the Company in respect of
the Debt Securities or of this Indenture may be served. The Company will give to
the Trustee  written  notice of the location of any such office or agency and of
any change of location thereof.  Until otherwise designated from time to time by
the Company in a notice to the Trustee,  or specified as contemplated by Section
2.5, such office or agency for all of the above  purposes shall be the office or
agency of the  Trustee.  In case the  Company  shall fail to  maintain  any such
office or agency in Hartford,  Connecticut, or shall fail to give such notice of
the location or of any change in the location thereof, presentations and demands
may be made and notices may be served at the principal corporate trust office of
the Trustee.

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

         SECTION 3.3.  APPOINTMENTS TO FILL VACANCIES IN TRUSTEE'S  OFFICE.  The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
will appoint,  in the manner  provided in Section 6.9, a Trustee,  so that there
shall at all times be a Trustee hereunder.

         SECTION 3.4.  PROVISION AS TO PAYING AGENT.

         (a)      If  the Company shall appoint  a paying  agent other than  the
Trustee,  it will cause such paying  agent to execute and deliver to the Trustee
an instrument  in which such agent shall agree with the Trustee,  subject to the
provision of this Section 3.4,

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

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<PAGE>

                  (2)  that  it  will give  the Trustee prompt written notice of
                  any  failure by the  Company  (or by any other  obligor on the
                  Debt  Securities)  to make any payment of the principal of and
                  premium,  if any, or interest,  if any, on the Debt Securities
                  when the same shall be due and payable; and

                  (3)  that it will, at  any time during the  continuance of any
                  Event of  Default,  upon the written  request of the  Trustee,
                  forthwith pay to the Trustee all sums so held in trust by such
                  paying agent.

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

         Whenever the Company  shall have one or more paying agents for the Debt
Securities,  it will,  on or prior  to each  due  date of the  principal  of and
premium,  if any, or interest,  if any, on the Debt  Securities,  deposit with a
paying  agent a sum  sufficient  to pay the  principal,  premium or  interest so
becoming  due,  such  sum to be held in trust  for the  benefit  of the  Persons
entitled thereto and (unless such paying agent is the Trustee) the Company shall
promptly notify the Trustee in writing of its action or failure to act.

         (c)      Anything in this Section 3.4 to the contrary  notwithstanding,
the Company may, at any time,  for the purpose of obtaining a  satisfaction  and
discharge with respect to the Debt Securities,  or for any other reason, pay, or
direct  any  paying  agent to pay to the  Trustee  all sums held in trust by the
Company or any such paying  agent,  such sums to be held by the Trustee upon the
trusts herein contained.

         (d)      Anything in this Section 3.4 to the contrary  notwithstanding,
the  agreement  to hold sums in trust as provided in this Section 3.4 is subject
to Sections 12.3 and 12.4.

         SECTION 3.5.  CERTIFICATE TO TRUSTEE.  The  Company will deliver to the
Trustee on or before 120 days after the end of each fiscal year, so long as Debt
Securities are outstanding  hereunder,  a Certificate stating that in the course
of the  performance  by the  signers of their  duties as officers of the Company
they would normally have knowledge of any default during such fiscal year by the
Company in the performance of any covenants contained herein, stating whether or
not they have  knowledge of any such default  and, if so,  specifying  each such
default of which the signers have knowledge and the nature and states thereof.

         SECTION 3.6.  ADDITIONAL  SUMS.  If and for so long as the Trust is the
holder of all Debt  Securities  and the Trust is required to pay any  additional
taxes,  duties,  assessments or other governmental  charges as a result of a Tax
Event, the Company will pay such additional amounts  ("ADDITIONAL  SUMS") on the
Debt  Securities  as shall be  required  so that the net  amounts  received  and
retained  by  the  Trust  after  paying  taxes,  duties,  assessments  or  other
governmental  charges will be equal to the amounts the Trust would have received
if no such taxes,  duties,  assessments or other  governmental  charges had been
imposed.  Whenever in this Indenture or the Debt Securities there is a reference
in any  context  to  the  payment  of  principal  of or  interest  on  the  Debt
Securities,  such mention shall be deemed to include  mention of payments of the
Additional  Sums  provided for in this  paragraph  to the extent  that,  in such
context,  Additional  Sums are,  were or would be  payable  in  respect  thereof
pursuant to the provisions of this paragraph and express  mention of the payment
of  Additional  Sums (if  applicable)  in any  provisions  hereof  shall  not be
construed as excluding  Additional  Sums in those  provisions  hereof where such
express

                                       16

<PAGE>

mention is not made;  PROVIDED,  HOWEVER,  that the  deferral  of the payment of
interest during an Extension Period pursuant to Section 2.11 shall not defer the
payment of any Additional Sums that may be due and payable.

         SECTION 3.7.  COMPLIANCE WITH  CONSOLIDATION  PROVISIONS.  The  Company
will not, while any of the Debt Securities remain outstanding, consolidate with,
or merge into, or merge into itself,  or sell or convey all or substantially all
of its property to any other Person  unless the  provisions of Article XI hereof
are complied with.

         SECTION 3.8.  LIMITATION ON DIVIDENDS. If Debt Securities are initially
issued to the Trust or a trustee of such trust in  connection  with the issuance
of Trust Securities by the Trust (regardless of whether Debt Securities continue
to be held by such Trust) and (i) there shall have  occurred  and be  continuing
any event that would  constitute an Event of Default,  (ii) the Company shall be
in default  with  respect to its  payment of any  obligations  under the Capital
Securities  Guarantee,  or (iii) the  Company  shall  have  given  notice of its
election to defer  payments of interest on the Debt  Securities by extending the
interest  payment  period as provided  herein and such period,  or any extension
thereof,  shall be  continuing,  then the Company shall not, and shall not allow
any  Affiliate  of  the  Company  to,  (x)  declare  or  pay  any  dividends  or
distributions on, or redeem,  purchase,  acquire,  or make a liquidation payment
with respect to, any of the Company's  capital stock or its Affiliates'  capital
stock (other than payments of dividends or distributions to the Company) or make
any guarantee  payments with respect to the foregoing or (y) make any payment of
principal of or interest or premium,  if any, on or repay,  repurchase or redeem
any debt  securities of the Company or any Affiliate that rank PARI PASSU in all
respects  with or junior in interest to the Debt  Securities  (other than,  with
respect to clauses  (x) and (y) above,  (1)  repurchases,  redemptions  or other
acquisitions  of shares of capital stock of the Company in  connection  with any
employment  contract,  benefit plan or other similar arrangement with or for the
benefit  of one or  more  employees,  officers,  directors  or  consultants,  in
connection with a dividend reinvestment or stockholder stock purchase plan or in
connection  with the  issuance of capital  stock of the  Company (or  securities
convertible  into or exercisable for such capital stock) as  consideration in an
acquisition  transaction entered into prior to the applicable  Extension Period,
if any, (2) as a result of any exchange or  conversion of any class or series of
the  Company's  capital  stock  (or any  capital  stock of a  subsidiary  of the
Company) for any class or series of the Company's  capital stock or of any class
or series of the Company's indebtedness for any class or series of the Company's
capital  stock,  (3) the  purchase  of  fractional  interests  in  shares of the
Company's  capital stock  pursuant to the  conversion or exchange  provisions of
such  capital  stock or the  security  being  converted  or  exchanged,  (4) any
declaration of a dividend in connection with any  stockholder's  rights plan, or
the issuance of rights,  stock or other property under any stockholder's  rights
plan,  or the  redemption  or repurchase  of rights  pursuant  thereto,  (5) any
dividend  in the form of stock,  warrants,  options  or other  rights  where the
dividend stock or the stock issuable upon exercise of such warrants,  options or
other  rights is the same stock as that on which the  dividend  is being paid or
ranks PARI PASSU with or junior to such stock and any cash  payments  in lieu of
fractional  shares issued in  connection  therewith,  or (6) payments  under the
Capital Securities Guarantee).

         SECTION  3.9. COVENANTS  AS  TO  THE TRUST.  For  so long  as the Trust
Securities remain outstanding,  the Company shall maintain 100% ownership of the
Common  Securities;  PROVIDED,  HOWEVER,  that any  permitted  successor  of the
Company  under this  Indenture  may succeed to the  Company's  ownership of such
Common Securities.  The Company, as owner of the Common Securities,  shall cause
the  Trust  (a) to  remain  a  statutory  trust,  except  in  connection  with a
distribution  of  Debt  Securities  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 the
Declaration,  (b) to otherwise  continue to be classified as a grantor trust for
United States  federal income tax purposes and (c) to cause

                                       17

<PAGE>

each holder of Trust Securities to be treated as owning an undivided  beneficial
interest in the Debt Securities.

                                  ARTICLE IV.
                       SECURITYHOLDERS' LISTS AND REPORTS
                         BY THE COMPANY AND THE TRUSTEE

         SECTION 4.1.  SECURITYHOLDERS'  LISTS. The Company covenants and agrees
that it will furnish or caused to be furnished to the Trustee:

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

         (b) at such other times as the  Trustee  may request in writing, within
30 days after the receipt by the Company of any such request,  a list of similar
form and  content as of a date not more than 15 days prior to the time such list
is furnished;

except that no such lists need be  furnished  under this  Section 4.1 so long as
the Trustee is in  possession  thereof by reason of its acting as Debt  Security
registrar.

         SECTION 4.2.  PRESERVATION AND DISCLOSURE OF LISTS.

         (a)      The  Trustee  shall  preserve,  in as  current  a  form  as is
reasonably  practicable,  all  information  as to the names and addresses of the
holders of Debt Securities (1) contained in the most recent list furnished to it
as  provided  in  Section  4.1 or (2)  received  by it in the  capacity  of Debt
Securities registrar (if so acting) hereunder.  The Trustee may destroy any list
furnished  to it as  provided  in  Section  4.1  upon  receipt  of a new list so
furnished.

         (b)      In case three or more holders of Debt Securities  (hereinafter
referred to as "applicants")  apply in writing to the Trustee and furnish to the
Trustee  reasonable proof that each such applicant has owned a Debt Security for
a period of at least 6 months preceding the date of such  application,  and such
application  states that the applicants desire to communicate with other holders
of Debt  Securities  with respect to their rights under this  Indenture or under
such Debt  Securities and is accompanied by a copy of the form of proxy or other
communication which such applicants propose to transmit,  then the Trustee shall
within 5 Business Days after the receipt of such  application,  at its election,
either:

                  (1)  afford   such  applicants  access   to  the   information
                  preserved  at the time by the Trustee in  accordance  with the
                  provisions of subsection (a) of this Section 4.2, or

                  (2)  inform such  applicants  as to the approximate  number of
                  holders of Debt Securities whose names and addresses appear in
                  the  information  preserved  at the  time  by the  Trustee  in
                  accordance  with  the  provisions  of  subsection  (a) of this
                  Section 4.2, and as to the approximate cost of mailing to such
                  Securityholders the form of proxy or other  communication,  if
                  any, specified in such application.

         If the Trustee shall elect not to afford such applicants access to such
information,  the Trustee shall,  upon the written  request of such  applicants,
mail to each  Securityholder  whose name and address  appear in the  information
preserved  at the time by the  Trustee  in  accordance  with the  provisions  of
subsection  (a) of  this  Section  4.2 a copy  of the  form of  proxy  or  other
communication  which is specified in such  request  with  reasonable  promptness
after a tender to the Trustee of the  material  to be mailed and of payment,  or
provision for the payment, of the reasonable expenses of mailing,  unless within
five days

                                       18

<PAGE>

after such tender,  the Trustee shall mail to such  applicants and file with the
Securities and Exchange Commission,  if permitted or required by applicable law,
together  with a copy of the material to be mailed,  a written  statement to the
effect that,  in the opinion of the Trustee,  such mailing  would be contrary to
the best interests of the holders of all Debt Securities, as the case may be, or
would be in violation of applicable  law. Such written  statement  shall specify
the basis of such  opinion.  If said  Commission,  as  permitted  or required by
applicable law, after opportunity for a hearing upon the objections specified in
the written statement so filed,  shall enter an order refusing to sustain any of
such  objections  or if, after the entry of an order  sustaining  one or more of
such  objections,  said Commission  shall find, after notice and opportunity for
hearing,  that all the  objections so sustained have been met and shall enter an
order so  declaring,  the Trustee shall mail copies of such material to all such
Securityholders with reasonable promptness after the entry of such order and the
renewal  of  such  tender;  otherwise  the  Trustee  shall  be  relieved  of any
obligation or duty to such applicants respecting their application.

         (c)      Each  and  every  holder of  Debt Securities, by receiving and
holding the same,  agrees with  Company and the Trustee that neither the Company
nor the Trustee nor any paying agent shall be held  accountable by reason of the
disclosure of any such  information as to the names and addresses of the holders
of Debt  Securities in accordance  with the provisions of subsection (b) of this
Section 4.2,  regardless of the source from which such  information was derived,
and that the  Trustee  shall not be held  accountable  by reason of mailing  any
material pursuant to a request made under said subsection (b).

                                   ARTICLE V.
                   REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
                            UPON AN EVENT OF DEFAULT

         SECTION 5.1.  EVENTS OF DEFAULT.  "Event  of  Default,"  wherever  used
herein,  means any one of the  following  events  (whatever  the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any Court or
any order, rule or regulation of any administrative or governmental body):

         (a)      the Company  defaults in the payment of any interest  upon any
Debt  Security  when it becomes due and payable,  and fails to cure such default
for a  period  of 30  days;  PROVIDED,  HOWEVER,  that a valid  extension  of an
interest  payment  period by the  Company in  accordance  with the terms of this
Indenture  shall not  constitute  a default in the payment of interest  for this
purpose; or

         (b)      the Company  defaults in the payment of all or any part of the
principal of (or premium,  if any, on) any Debt  Securities as and when the same
shall become due and payable  either at  maturity,  upon  redemption  (including
redemption for any sinking fund),  by declaration of  acceleration or otherwise;
or

         (c)  the  Company  defaults  in the  performance of, or  breaches,  any
of its  covenants or  agreements  in this  Indenture or in the terms of the Debt
Securities  established as contemplated in this Indenture (other than a covenant
or agreement a default in whose performance or whose breach is elsewhere in this
Section  specifically dealt with), and continuance of such default or breach for
a period of 60 days after there has been given, by registered or certified mail,
to the  Company by the  Trustee or to the Company and the Trustee by the holders
of  at  least  25%  in  aggregate  principal  amount  of  the  outstanding  Debt
Securities,  a written notice specifying such default or breach and requiring it
to be remedied and stating that such notice is a "Notice of Default"  hereunder;
or

         (d)      a court of competent jurisdiction  shall  enter  a  decree  or
order for  relief in respect of the  Company  in an  involuntary  case under any
applicable  bankruptcy,  insolvency,  reorganization or other similar law now or
hereafter in effect, or appointing a receiver, liquidator,  assignee, custodian,
trustee,   sequestrator  (or  similar  official)  of  the  Company  or  for  any
substantial  part of its property,  or ordering

                                       19

<PAGE>

the  winding-up  or  liquidation  of its  affairs and such decree or order shall
remain unstayed and in effect for a period of 90 consecutive days; or

         (e)      the  Company  shall  commence  a  voluntary  case  under   any
applicable  bankruptcy,  insolvency,  reorganization or other similar law now or
hereafter  in  effect,  shall  consent to the entry of an order for relief in an
involuntary  case under any such law, or shall consent to the  appointment of or
taking  possession  by a receiver,  liquidator,  assignee,  trustee,  custodian,
sequestrator  (or other similar  official) of the Company or of any  substantial
part of its property,  or shall make any general  assignment  for the benefit of
creditors, or shall fail generally to pay its debts as they become due; or

         (f)      the Trust shall have  voluntarily or involuntarily liquidated,
dissolved, wound-up its business or otherwise terminated its existence except in
connection  with (i) the  distribution of the Debt Securities to holders of such
Trust  Securities  in  liquidation  of their  interests  in the Trust,  (ii) the
redemption of all of the outstanding  Trust Securities or (iii) certain mergers,
consolidations or amalgamations, each as permitted by the Declaration.

         If an Event of Default  occurs and is  continuing  with  respect to the
Debt Securities,  then, and in each and every such case, unless the principal of
the Debt  Securities  shall  have  already  become due and  payable,  either the
Trustee or the holders of not less than 25% in aggregate principal amount of the
Debt Securities then outstanding hereunder,  by notice in writing to the Company
(and to the  Trustee  if given  by  Securityholders),  may  declare  the  entire
principal of the Debt Securities and the interest accrued thereon, if any, to be
due and payable immediately, and upon any such declaration the same shall become
immediately due and payable.

         The foregoing  provisions,  however,  are subject to the condition that
if, at any time after the  principal of the Debt  Securities  shall have been so
declared due and  payable,  and before any judgment or decree for the payment of
the moneys due shall have been obtained or entered as hereinafter provided,  the
Company shall pay or shall deposit with the Trustee a sum  sufficient to pay all
matured  installments of interest upon all the Debt Securities and the principal
of and  premium,  if any,  on the Debt  Securities  which  shall have become due
otherwise than by  acceleration  (with interest upon such principal and premium,
if any, and Additional Interest) and such amount as shall be sufficient to cover
reasonable  compensation  to the Trustee  and each  predecessor  Trustee,  their
respective  agents,  attorneys  and  counsel,  and all other  amounts due to the
Trustee pursuant to Section 6.6, and if any and all Events of Default under this
Indenture, other than the non-payment of the principal of or premium, if any, on
Debt  Securities  which shall have become due by  acceleration,  shall have been
cured, waived or otherwise remedied as provided herein -- then and in every such
case the  holders  of a  majority  in  aggregate  principal  amount  of the Debt
Securities  then  outstanding,  by  written  notice  to the  Company  and to the
Trustee,  may waive all defaults and rescind and annul such  declaration and its
consequences,  but no such waiver or rescission and annulment shall extend to or
shall  affect  any  subsequent  default  or shall  impair  any right  consequent
thereon.

         In case the  Trustee  shall have  proceeded  to enforce any right under
this Indenture and such  proceedings  shall have been  discontinued or abandoned
because of such  rescission  or  annulment or for any other reason or shall have
been  determined  adversely  to the  Trustee,  then and in every  such  case the
Company,  the Trustee and the holders of the Debt  Securities  shall be restored
respectively to their several  positions and rights  hereunder,  and all rights,
remedies  and powers of the  Company,  the  Trustee  and the holders of the Debt
Securities shall continue as though no such proceeding had been taken.

         SECTION 5.2.  PAYMENT OF DEBT SECURITIES ON DEFAULT; SUIT THEREFOR. The
Company  covenants  that (a) in case default shall be made in the payment of any
installment  of interest  upon any of the Debt  Securities  as and when the same
shall become due and payable, and such default shall have

                                       20

<PAGE>

continued  for a period of 30 days,  or (b) in case default shall be made in the
payment of the principal of or premium, if any, on any of the Debt Securities as
and when the same shall have become due and payable,  whether at maturity of the
Debt  Securities  or  upon  redemption  or by  declaration  of  acceleration  or
otherwise  -- then,  upon demand of the  Trustee,  the  Company  will pay to the
Trustee,  for the benefit of the holders of the Debt Securities the whole amount
that then shall have become due and payable on all Debt Securities for principal
and premium,  if any, or interest,  or both, as the case may be, with Additional
Interest  accrued on the Debt  Securities  (to the extent  that  payment of such
interest is enforceable  under  applicable  law and, if the Debt  Securities are
held by the Trust or a trustee of such Trust,  without  duplication of any other
amounts  paid by the Trust or a trustee in respect  thereof);  and,  in addition
thereto,  such  further  amount  as shall be  sufficient  to cover the costs and
expenses of collection,  including a reasonable compensation to the Trustee, its
agents,  attorneys  and counsel,  and any other amounts due to the Trustee under
Section 6.6. In case the Company  shall fail  forthwith to pay such amounts upon
such demand,  the Trustee,  in its own name and as trustee of an express  trust,
shall be entitled and empowered to institute any actions or  proceedings  at law
or in equity for the collection of the sums so due and unpaid, and may prosecute
any such action or proceeding  to judgment or final decree,  and may enforce any
such  judgment or final decree  against the Company or any other obligor on such
Debt Securities and collect in the manner provided by law out of the property of
the Company or any other obligor on such Debt Securities  wherever  situated the
moneys adjudged or decreed to be payable.

         In case there shall be pending  proceedings  for the  bankruptcy or for
the  reorganization  of the Company or any other obligor on the Debt  Securities
under Bankruptcy Law, or in case a receiver or trustee shall have been appointed
for the  property  of the Company or such other  obligor,  or in the case of any
other similar judicial proceedings relative to the Company or other obligor upon
the Debt  Securities,  or to the  creditors  or  property of the Company or such
other obligor,  the Trustee,  irrespective  of whether the principal of the Debt
Securities shall then be due and payable as therein  expressed or by declaration
of acceleration or otherwise and  irrespective of whether the Trustee shall have
made any  demand  pursuant  to the  provisions  of this  Section  5.2,  shall be
entitled and empowered, by intervention in such proceedings or otherwise,

         (i)      to file and  prove a claim or claims  for the whole  amount of
                  principal and interest owing and unpaid in respect of the Debt
                  Securities and, in case of any judicial proceedings,

         (ii)     to file such proofs of claim and other  papers or documents as
                  may be  necessary  or advisable in order to have the claims of
                  the Trustee  (including any claim for reasonable  compensation
                  to  the  Trustee  and  each  predecessor  Trustee,  and  their
                  respective   agents,    attorneys   and   counsel,   and   for
                  reimbursement  of all other  amounts due to the Trustee  under
                  Section  6.6,  and  of the  Securityholders  allowed  in  such
                  judicial  proceedings  relative  to the  Company  or any other
                  obligor  on  the  Debt  Securities,  or to  the  creditors  or
                  property  of  the  Company  or  such  other  obligor,   unless
                  prohibited  by  applicable  law  and  regulations,  to vote on
                  behalf of the holders of the Debt  Securities  in any election
                  of  a  trustee   or  a   standby   trustee   in   arrangement,
                  reorganization,  liquidation or other bankruptcy or insolvency
                  proceedings  or  Person   performing   similar   functions  in
                  comparable proceedings,

         (iii)    to collect and receive any moneys or other property payable or
                  deliverable on any such claims, and

         (iv)     to distribute  the same after the deduction of its charges and
                  expenses.

Any  receiver,  assignee or trustee in bankruptcy  or  reorganization  is hereby
authorized by each of the  Securityholders to make such payments to the Trustee,
and, in the event that the Trustee  shall consent to

                                       21

<PAGE>

the  making of such  payments  directly  to the  Securityholders,  to pay to the
Trustee such amounts as shall be sufficient to cover reasonable  compensation to
the Trustee, each predecessor Trustee and their respective agents, attorneys and
counsel, and all other amounts due to the Trustee under Section 6.6.

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

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

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

         SECTION 5.3.  APPLICATION  OF MONEYS COLLECTED BY TRUSTEE.  Any  moneys
collected  by the  Trustee  pursuant  to this  Article V shall be applied in the
following  order, at the date or dates fixed by the Trustee for the distribution
of such moneys,  upon  presentation of the several Debt Securities in respect of
which  moneys have been  collected,  and stamping  thereon the payment,  if only
partially paid, and upon surrender thereof if fully paid:

         First:   To  the  payment  of  costs  and  expenses  incurred  by,  and
reasonable fees of, the Trustee,  its agents,  attorneys and counsel, and of all
other amounts due to the Trustee under Section 6.6;

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

         Third:   To the  payment of the  amounts  then due and unpaid upon Debt
Securities  for  principal  (and  premium,  if any),  and  interest  on the Debt
Securities,  in  respect  of which or for the  benefit  of which  money has been
collected, ratably, without preference or priority of any kind, according to the
amounts due on such Debt  Securities  for principal  (and  premium,  if any) and
interest, respectively; and

         Fourth:  The balance, if any, to the Company.

         SECTION 5.4.  PROCEEDINGS  BY  SECURITYHOLDERS.   No holder of any Debt
Security  shall have any right to institute any suit,  action or proceeding  for
any remedy  hereunder,  unless  such holder  previously  shall have given to the
Trustee  written  notice  of an  Event  of  Default  with  respect  to the  Debt
Securities  and unless the holders of not less than 25% in  aggregate  principal
amount of the Debt  Securities then  outstanding  shall have given the Trustee a
written  request to institute  such action,  suit or  proceeding  and shall have
offered to the Trustee such  reasonable  indemnity as it may require against the
costs,  expenses and liabilities to be incurred thereby,  and the Trustee for 60
days after its receipt of such notice, request and offer of indemnity shall have
failed to institute any such action, suit or proceeding; PROVIDED, HOWEVER, that
no holder of Debt Securities shall have any right to prejudice the rights of any
other holder of Debt  Securities,  obtain  priority or preference over any other
such  holder or  enforce  any right  under this  Indenture  except in the manner
herein provided and for the equal,  ratable and common benefit of all holders of
Debt Securities.

                                       22

<PAGE>

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

         SECTION 5.5.  PROCEEDINGS BY TRUSTEE.   In  case of an Event of Default
hereunder the Trustee may in its  discretion  proceed to protect and enforce the
rights vested in it by this Indenture by such appropriate  judicial  proceedings
as the  Trustee  shall deem most  effectual  to protect  and enforce any of such
rights,  either  by suit in  equity  or by  action  at law or by  proceeding  in
bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement  contained  in this  Indenture  or in aid of the exercise of any power
granted in this  Indenture,  or to enforce  any other legal or  equitable  right
vested in the Trustee by this Indenture or by law.

         SECTION 5.6.  REMEDIES CUMULATIVE AND CONTINUING; DELAY OR OMISSION NOT
A WAIVER.  Except as otherwise  provided in Section 2.6, all powers and remedies
given by this Article V to the Trustee or to the  Securityholders  shall, to the
extent  permitted by law, be deemed  cumulative  and not  exclusive of any other
powers  and  remedies  available  to the  Trustee  or the  holders  of the  Debt
Securities,  by judicial proceedings or otherwise, to enforce the performance or
observance  of the  covenants  and  agreements  contained  in this  Indenture or
otherwise  established  with  respect  to the Debt  Securities,  and no delay or
omission  of the  Trustee  or of any  holder  of any of the Debt  Securities  to
exercise any right or power  accruing  upon any Event of Default  occurring  and
continuing  as  aforesaid  shall  impair  any such  right or power,  or shall be
construed to be a waiver of any such default or an  acquiescence  therein;  and,
subject to the  provisions of Section 5.4,  every power and remedy given by this
Article V or by law to the Trustee or to the  Securityholders  may be  exercised
from time to time, and as often as shall be deemed expedient,  by the Trustee or
by the Securityholders.

         No delay or omission of the Trustee or any  Securityholder  to exercise
any right or remedy  accruing  upon any Event of Default  shall  impair any such
right or  remedy  or  constitute  a waiver of any such  Event of  Default  or an
acquiescence therein.  Every right and remedy given by this Article or by law to
the Trustee or to any  Securityholder may be exercised from time to time, and as
often as may be deemed expedient,  by the Trustee (in accordance with its duties
under Section 6.1 hereof) or by such holder, as the case may be.

         SECTION  5.7. DIRECTION  OF  PROCEEDINGS  AND  WAIVER OF  DEFAULTS   BY
MAJORITY OF  SECURITYHOLDERS.  The holders of a majority in aggregate  principal
amount  of the  Debt  Securities  affected  (voting  as one  class)  at the time
outstanding  shall  have the right to  direct  the  time,  method,  and place of
conducting any proceeding for any remedy available to the Trustee, or exercising
any  trust  or  power  conferred  on the  Trustee  with  respect  to  such  Debt
Securities;  PROVIDED,  HOWEVER, that (subject to the provisions of Section 6.1)
the Trustee shall have the right to decline to follow any such  direction if the
Trustee  shall   determine  that  the  action  so  directed  would  be  unjustly
prejudicial  to the holders not taking part in such  direction or if the Trustee
being  advised by counsel  determines  that the action or proceeding so directed
may not  lawfully  be taken or if a  Responsible  Officer of the  Trustee  shall
determine  that the action or  proceedings so directed would involve the Trustee
in personal liability.

                                       23

<PAGE>

         Prior  to  any  declaration  accelerating  the  maturity  of  the  Debt
Securities,  the holders of a majority in aggregate principal amount of the Debt
Securities  at the time  outstanding  may on behalf of the holders of all of the
Debt  Securities  waive (or modify any  previously  granted  waiver of) any past
default or Event of Default,  and its consequences,  except a default (a) in the
payment  of  principal  of,  premium,  if any,  or  interest  on any of the Debt
Securities,  (b) in respect of  covenants or  provisions  hereof which cannot be
modified  or amended  without  the  consent of the holder of each Debt  Security
affected, or (c) in respect of the covenants contained in Section 3.9; PROVIDED,
however,  that if the Debt Securities are held by the Trust or a trustee of such
trust,  such waiver or  modification to such waiver shall not be effective until
the holders of a majority in Liquidation Amount of Trust Securities of the Trust
shall have consented to such waiver or  modification  to such waiver,  PROVIDED,
FURTHER,  that if the consent of the holder of each outstanding Debt Security is
required,  such  waiver  shall not be  effective  until each holder of the Trust
Securities  of the Trust  shall have  consented  to such  waiver.  Upon any such
waiver, the default covered thereby shall be deemed to be cured for all purposes
of this  Indenture  and the  Company,  the  Trustee  and the holders of the Debt
Securities  shall be restored to their former  positions  and rights  hereunder,
respectively; but no such waiver shall extend to any subsequent or other default
or Event of Default or impair any right consequent thereon. Whenever any default
or Event of  Default  hereunder  shall  have been  waived as  permitted  by this
Section,  said  default or Event of Default  shall for all  purposes of the Debt
Securities  and this  Indenture  be  deemed  to have  been  cured  and to be not
continuing.

         SECTION 5.8.  NOTICE OF DEFAULTS.  The Trustee  shall,  within 90  days
after the  actual  knowledge  by a  Responsible  Officer  of the  Trustee of the
occurrence  of a  default  with  respect  to the  Debt  Securities,  mail to all
Securityholders, as the names and addresses of such holders appear upon the Debt
Security  Register,  notice of all defaults with respect to the Debt  Securities
known to the  Trustee,  unless such  defaults  shall have been cured  before the
giving of such notice (the term  "defaults"  for the purpose of this Section 5.8
being hereby  defined to be the events  specified in clauses (a),  (b), (c), (d)
and (e) of Section 5.1, not  including  periods of grace,  if any,  provided for
therein;  PROVIDED,  HOWEVER, that, except in the case of default in the payment
of the principal of, premium, if any, or interest on any of the Debt Securities,
the Trustee  shall be protected in  withholding  such notice if and so long as a
Responsible Officer of the Trustee in good faith determines that the withholding
of such notice is in the interests of the Securityholders.

         SECTION 5.9.  UNDERTAKING TO PAY COSTS.  All parties to  this Indenture
agree,  and each holder of any Debt Security by his acceptance  thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture,  or in any suit
against the Trustee for any action taken or omitted by it as Trustee, the filing
by any party  litigant in such suit of an  undertaking  to pay the costs of such
suit,  and that  such  court  may in its  discretion  assess  reasonable  costs,
including reasonable attorneys' fees and expenses, against any party litigant in
such  suit,  having  due  regard to the  merits  and good faith of the claims or
defenses made by such party litigant;  PROVIDED, HOWEVER, that the provisions of
this Section 5.9 shall not apply to any suit  instituted by the Trustee,  to any
suit instituted by any Securityholder,  or group of Securityholders,  holding in
the  aggregate  more  than  10%  in  principal  amount  of the  Debt  Securities
outstanding, or to any suit instituted by any Securityholder for the enforcement
of the payment of the principal of (or premium,  if any) or interest on any Debt
Security  against  the  Company on or after the same  shall have  become due and
payable.

                                  ARTICLE VI.
                             CONCERNING THE TRUSTEE

         SECTION 6.1.  DUTIES AND RESPONSIBILITIES OF TRUSTEE.   With respect to
the holders of Debt  Securities  issued  hereunder,  the  Trustee,  prior to the
occurrence of an Event of Default with respect to the Debt  Securities and after
the curing or waiving of all  Events of Default  which may have  occurred,  with
respect to the Debt Securities,  undertakes to perform such duties and only such
duties as are specifically

                                       24

<PAGE>

set forth in this  Indenture,  and no implied  covenants shall be read into this
Indenture  against the Trustee.  In case an Event of Default with respect to the
Debt Securities has occurred  (which has not been cured or waived),  the Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and
use the same degree of care and skill in their exercise,  as a prudent man would
exercise or use under the circumstances in the conduct of his own affairs.

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

         (a)      prior to the  occurrence of an Event of Default  with  respect
to Debt  Securities  and after the  curing or  waiving  of all Events of Default
which may have occurred

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

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

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

         (c)      the Trustee  shall not be liable  with respect  to  any action
taken or  omitted  to be  taken  by it in good  faith,  in  accordance  with the
direction of the Securityholders  pursuant to Section 5.7, relating to the time,
method and place of conducting any  proceeding  for any remedy  available to the
Trustee, or exercising any trust or power conferred upon the Trustee, under this
Indenture.

         None of the provisions  contained in this  Indenture  shall require the
Trustee to expend or risk its own funds or otherwise  incur  personal  financial
liability in the  performance  of any of its duties or in the exercise of any of
its rights or powers,  if there is ground for  believing  that the  repayment of
such funds or liability  is not assured to it under the terms of this  Indenture
or indemnity  satisfactory  to the Trustee  against such risk is not  reasonably
assured to it.

         SECTION 6.2.  RELIANCE ON DOCUMENTS, OPINIONS, ETC. Except as otherwise
provided in Section 6.1:

         (a)      the 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,  consent,  order,  bond, note,
debenture  or other paper or  document  believed by it to be genuine and to have
been signed or presented by the proper party or parties;

         (b)      any  request,  direction,  order  or  demand  of  the  Company
mentioned  herein shall be  sufficiently  evidenced by an Officers'  Certificate
(unless other evidence in respect  thereof be herein

                                       25

<PAGE>

specifically  prescribed);  and any Board  Resolution  may be  evidenced  to the
Trustee by a copy thereof  certified by the Secretary or an Assistant  Secretary
of the Company;

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

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

         (e)      the  Trustee  shall  not be  liable for any  action  taken  or
omitted by it in good faith and  believed by it to be  authorized  or within the
discretion  or rights or powers  conferred  upon it by this  Indenture;  nothing
contained herein shall, however, relieve the Trustee of the obligation, upon the
occurrence of an Event of Default with respect to the Debt Securities  (that has
not been cured or waived) to exercise  with respect to Debt  Securities  such of
the rights and powers vested in it by this Indenture, and to use the same degree
of care and skill in their  exercise,  as a prudent  man would  exercise  or use
under the circumstances in the conduct of his own affairs;

         (f)      the 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,  consent, order, approval, bond,
debenture,  coupon or other paper or document, unless requested in writing to do
so by the holders of not less than a majority in aggregate  principal  amount of
the outstanding Debt Securities affected thereby; PROVIDED, HOWEVER, that if the
payment  within a  reasonable  time to the  Trustee  of the costs,  expenses  or
liabilities  likely to be incurred by it in the making of such investigation is,
in the  opinion of the  Trustee,  not  reasonably  assured to the Trustee by the
security afforded to it by the terms of this Indenture,  the Trustee may require
reasonable  indemnity  against  such  expense or  liability as a condition to so
proceeding;

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

         (h)      with  the  exceptions  of  defaults  under  Sections 5.1(a) or
5.1(b),  the Trustee shall not be charged with knowledge of any Default or Event
of Default with respect to the Debt  Securities  unless a written notice of such
Default or Event of Default  shall have been given to the Trustee by the Company
or any  other  obligor  on the  Debt  Securities  or by any  holder  of the Debt
Securities.

         SECTION 6.3.  NO  RESPONSIBILITY  FOR  RECITALS,  ETC.   The   recitals
contained  herein  and in the Debt  Securities  (except  in the  certificate  of
authentication of the Trustee or the Authenticating Agent) shall be taken as the
statements of the Company,  and the Trustee and the Authenticating  Agent assume
no  responsibility  for  the  correctness  of the  same.  The  Trustee  and  the
Authenticating  Agent make no  representations as to the validity or sufficiency
of this Indenture or of the Debt Securities.  The Trustee and the Authenticating
Agent shall not be accountable  for the use or application by the Company of any
Debt  Securities  or the  proceeds  of any  Debt  Securities  authenticated  and
delivered  by the Trustee or the  Authenticating  Agent in  conformity  with the
provisions of this Indenture.

         SECTION 6.4.  TRUSTEE,  AUTHENTICATING  AGENT, PAYING AGENTS,  TRANSFER
AGENTS OR REGISTRAR MAY OWN DEBT Securities.  The Trustee or any  Authenticating
Agent or any paying agent or any transfer

                                       26

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

         SECTION 6.5.  MONEYS TO  BE HELD IN TRUST.  Subject to  the  provisions
of Section 12.4,  all moneys  received by the Trustee or any paying agent shall,
until used or applied as herein  provided,  be held in trust for the purpose for
which they were received,  but need not be segregated from other funds except to
the extent  required by law.  The Trustee and any paying agent shall be under no
liability for interest on any money received by it hereunder except as otherwise
agreed in writing  with the Company.  So long as no Event of Default  shall have
occurred and be  continuing,  all  interest  allowed on any such moneys shall be
paid from  time to time upon the  written  order of the  Company,  signed by the
[Chairman of the Board of Directors,  the President, a Managing Director, a Vice
President the Treasurer or an Assistant Treasurer] of the Company.

         SECTION 6.6.  COMPENSATION  AND  EXPENSES  OF  TRUSTEE.   The   Company
covenants  and agrees to pay to the Trustee  from time to time,  and the Trustee
shall be entitled to, such compensation as shall be agreed to in writing between
the Company and the Trustee  (which shall not be limited by any provision of law
in regard to the compensation of a trustee of an express trust), and the Company
will pay or reimburse the Trustee upon its request for all reasonable  expenses,
disbursements  and advances  incurred or made by the Trustee in accordance  with
any of the provisions of this Indenture  (including the reasonable  compensation
and the  expenses  and  disbursements  of its  counsel  and of all  Persons  not
regularly in its employ) except any such expense, disbursement or advance as may
arise from its negligence or willful  misconduct.  The Company also covenants to
indemnify  each of the Trustee or any  predecessor  Trustee  (and its  officers,
agents,  directors and employees) for, and to hold it harmless against,  any and
all loss, damage, claim,  liability or expense including taxes (other than taxes
based on the  income of the  Trustee)  incurred  without  negligence  or willful
misconduct on the part of the Trustee and arising out of or in  connection  with
the acceptance or administration of this trust, including the costs and expenses
of defending  itself  against any claim of  liability.  The  obligations  of the
Company  under this Section 6.6 to  compensate  and indemnify the Trustee and to
pay or reimburse  the Trustee for  expenses,  disbursements  and advances  shall
constitute additional indebtedness hereunder. Such additional indebtedness shall
be secured by a lien prior to that of the Debt  Securities upon all property and
funds held or collected  by the Trustee as such,  except funds held in trust for
the benefit of the holders of particular Debt Securities.

         Without  prejudice to any other rights  available to the Trustee  under
applicable  law,  when the  Trustee  incurs  expenses  or  renders  services  in
connection with an Event of Default specified in Section 5.1(d),  Section 5.1(e)
or Section 5.1(f),  the expenses  (including the reasonable charges and expenses
of its counsel) and the compensation for the services are intended to constitute
expenses of  administration  under any applicable  federal or state  bankruptcy,
insolvency or other similar law.

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

         Notwithstanding  anything in this Indenture or any Debt Security to the
contrary,  the Trustee shall have no  obligation  whatsoever to advance funds to
pay any  principal  of or interest on or other  amounts with respect to the Debt
Securities or otherwise advance funds to or on behalf of the Company.

         SECTION 6.7.  OFFICERS' CERTIFICATE AS EVIDENCE.   Except  as otherwise
provided  in  Sections  6.1  and  6.2,  whenever  in the  administration  of the
provisions  of this  Indenture  the Trustee shall deem it necessary or desirable
that a matter be proved or  established  prior to taking or omitting  any action
hereunder,  such matter  (unless  other  evidence  in respect  thereof be herein
specifically  prescribed)  may, in the absence of negligence or bad faith on the
part of the Trustee,  be deemed to be conclusively  proved and

                                       27

<PAGE>

established  by an Officers'  Certificate  delivered  to the  Trustee,  and such
certificate,  in the  absence  of  negligence  or bad  faith  on the part of the
Trustee, shall be full warrant to the Trustee for any action taken or omitted by
it under the provisions of this Indenture upon the faith thereof.

         SECTION 6.8.  ELIGIBILITY OF TRUSTEE.  The  Trustee  hereunder shall at
all times be a corporation  organized and doing  business  under the laws of the
United States of America or any state or territory thereof or of the District of
Columbia or a corporation or other Person authorized under such laws to exercise
corporate trust powers,  having (or whose  obligations  under this Indenture are
guaranteed by an affiliate having) a combined capital and surplus of at least 50
million U.S. dollars  ($50,000,000) and subject to supervision or examination by
federal,  state,  territorial,  or  District  of  Columbia  authority.  If  such
corporation publishes reports of condition at least annually, pursuant to law or
to the requirements of the aforesaid  supervising or examining  authority,  then
for the purposes of this  Section 6.8 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 records of condition so published.

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

         In  case  at any  time  the  Trustee  shall  cease  to be  eligible  in
accordance  with the  provisions  of this Section 6.8, the Trustee  shall resign
immediately in the manner and with the effect specified in Section 6.9.

         SECTION 6.9.  RESIGNATION OR REMOVAL OF TRUSTEE

         (a)      The Trustee, or any trustee or trustees  hereafter  appointed,
may at any time  resign by giving  written  notice  of such  resignation  to the
Company and by mailing notice thereof,  at the Company's expense, to the holders
of the Debt  Securities  at their  addresses  as they  shall  appear on the Debt
Security Register. Upon receiving such notice of resignation,  the Company shall
promptly  appoint a  successor  trustee or trustees  by written  instrument,  in
duplicate,  executed  by order  of its  Board  of  Directors,  one copy of which
instrument  shall be  delivered  to the  resigning  Trustee  and one copy to the
successor Trustee. If no successor Trustee shall have been so appointed and have
accepted  appointment  within  30 days  after  the  mailing  of such  notice  of
resignation to the affected Securityholders,  the resigning Trustee may petition
any court of competent  jurisdiction for the appointment of a successor Trustee,
or any Securityholder who has been a bona fide holder of a Debt Security or Debt
Securities  for at least six months may,  subject to the  provisions  of Section
5.9, on behalf of himself and all others similarly  situated,  petition any such
court for the  appointment  of a successor  Trustee.  Such court may  thereupon,
after  such  notice,  if any,  as it may deem  proper and  prescribe,  appoint a
successor Trustee.

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

                  (1)  the Trustee  shall fail to comply with the provisions  of
                  Section 6.8 after written  request  therefor by the Company or
                  by any  Securityholder  who has been a bona  fide  holder of a
                  Debt Security or Debt Securities for at least 6 months, or

                  (2)  the Trustee shall cease to be eligible in accordance with
                  the  provisions  of Section 6.8 and shall fail to resign after
                  written  request  therefor  by  the  Company  or by  any  such
                  Securityholder, or

                  (3)  the Trustee shall become incapable of acting, or shall be
                  adjudged a bankrupt or insolvent, or a receiver of the Trustee
                  or of its property  shall be appointed,  or any public

                                       28

<PAGE>

                  officer  shall take charge or control of the Trustee or of its
                  property  or  affairs  for  the  purpose  of   rehabilitation,
                  conservation or liquidation,

                  then, in any such case, the Company may remove the Trustee and
                  appoint  a  successor  Trustee  by  written   instrument,   in
                  duplicate,  executed by order of the Board of  Directors,  one
                  copy of which  instrument shall be delivered to the Trustee so
                  removed and one copy to the successor Trustee,  or, subject to
                  the provisions of Section 5.9, any Securityholder who has been
                  a bona fide holder of a Debt Security or Debt  Securities  for
                  at least 6 months  may,  on behalf of  himself  and all others
                  similarly   situated,   petition   any   court  of   competent
                  jurisdiction   for  the   removal  of  the   Trustee  and  the
                  appointment of a successor Trustee.  Such court may thereupon,
                  after  such  notice,  if  any,  as  it  may  deem  proper  and
                  prescribe, remove the Trustee and appoint successor Trustee.

         (c)      Upon prior written  notice to the Company and the Trustee, the
holders of a majority in aggregate  principal  amount of the Debt  Securities at
the time outstanding may at any time remove the Trustee and nominate a successor
Trustee,  which shall be deemed appointed as successor  Trustee unless within 10
Business Days after such nomination the Company objects thereto,  in which case,
or in the case of a failure by such holders to nominate a successor Trustee, the
Trustee so  removed or any  Securityholder,  upon the terms and  conditions  and
otherwise as in subsection  (a) of this Section 6.9  provided,  may petition any
court of competent jurisdiction for an appointment of a successor.

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

         SECTION 6.10. ACCEPTANCE BY SUCCESSOR TRUSTEE.  Any  successor  Trustee
appointed as provided in Section 6.9 shall execute,  acknowledge  and deliver to
the  Company  and  to its  predecessor  Trustee  an  instrument  accepting  such
appointment hereunder,  and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor  Trustee,  without any further
act, deed or conveyance, shall become vested with all the rights, powers, duties
and  obligations  with  respect  to  the  Debt  Securities  of  its  predecessor
hereunder,  with like  effect as if  originally  named as Trustee  herein;  but,
nevertheless, on the written request of the Company or of the successor Trustee,
the  Trustee  ceasing to act shall,  upon  payment  of any  amounts  then due it
pursuant to the  provisions  of Section 6.6,  execute and deliver an  instrument
transferring to such successor  Trustee all the rights and powers of the Trustee
so ceasing to act and shall duly assign,  transfer and deliver to such successor
Trustee all property and money held by such retiring  Trustee  thereunder.  Upon
request of any such  successor  Trustee,  the Company  shall execute any and all
instruments in writing for more fully and certainly vesting in and confirming to
such successor  Trustee all such rights and powers.  Any Trustee  ceasing to act
shall, nevertheless,  retain a lien upon all property or funds held or collected
by such Trustee to secure any amounts then due it pursuant to the  provisions of
Section 6.6.

         If a successor Trustee is appointed,  the Company, the retiring Trustee
and the successor  Trustee  shall execute and deliver an indenture  supplemental
hereto  which shall  contain  such  provisions  as shall be deemed  necessary or
desirable  to  confirm  that all the  rights,  powers,  trusts and duties of the
retiring Trustee with respect to the Debt Securities as to which the predecessor
Trustee is not retiring shall continue to be vested in the predecessor  Trustee,
and shall add to or change any of the  provisions of this  Indenture as shall be
necessary to provide for or facilitate the administration of the Trust hereunder
by more than one Trustee,  it being  understood  that nothing  herein or in such
supplemental  indenture shall  constitute such Trustees  co-trustees of the same
trust and that each such Trustee shall be Trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder  administered by any other
such Trustee.

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         No  successor  Trustee  shall  accept  appointment  as provided in this
Section unless at the time of such  acceptance  such successor  Trustee shall be
eligible under the provisions of Section 6.8.

         In no  event  shall a  retiring  Trustee  be  liable  for  the  acts or
omissions of any successor Trustee hereunder.

         Upon  acceptance of appointment  by a successor  Trustee as provided in
this  Section  6.10,  the Company  shall mail notice of the  succession  of such
Trustee  hereunder to the holders of Debt  Securities at their addresses as they
shall appear on the Debt  Security  Register.  If the Company fails to mail such
notice  within 10  Business  Days after the  acceptance  of  appointment  by the
successor Trustee, the successor Trustee shall cause such notice to be mailed at
the expense of the Company.

         SECTION 6.11. SUCCESSION BY MERGER, ETC. Any corporation into which the
Trustee may be merged or converted or with which it may be consolidated,  or any
corporation resulting from any merger,  conversion or consolidation to which the
Trustee shall be a party, or any corporation  succeeding to all or substantially
all of the corporate  trust  business of the Trustee,  shall be the successor of
the  Trustee  hereunder  without  the  execution  or  filing of any paper or any
further act on the part of any of the parties hereto;  PROVIDED such corporation
shall be otherwise eligible and qualified under this Article.

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

         SECTION 6.12. AUTHENTICATING  AGENTS.    There  may  be  one  or   more
Authenticating  Agents  appointed by the Trustee upon the request of the Company
with  power  to  act  on  its  behalf  and  subject  to  its  direction  in  the
authentication   and  delivery  of  Debt  Securities  issued  upon  exchange  or
registration of transfer  thereof as fully to all intents and purposes as though
any such Authenticating  Agent had been expressly authorized to authenticate and
deliver  Debt  Securities;  PROVIDED,  HOWEVER,  that the Trustee  shall have no
liability to the Company for any acts or omissions of the  Authenticating  Agent
with respect to the  authentication  and delivery of Debt  Securities.  Any such
Authenticating  Agent shall at all times be a  corporation  organized  and doing
business  under  the laws of the  United  States  or of any  state or  territory
thereof or of the  District  of  Columbia  authorized  under such laws to act as
Authenticating  Agent,  having  a  combined  capital  and  surplus  of at  least
$5,000,000 and being subject to  supervision  or examination by federal,  state,
territorial or District of Columbia  authority.  If such  corporation  publishes
reports of condition at least annually  pursuant to law or the  requirements  of
such authority,  then for the purposes of this Section 6.12 the combined capital
and surplus of such  corporation  shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published.  If at
any time an  Authenticating  Agent shall cease to be eligible in accordance with
the  provisions of this Section,  it shall resign  immediately in the manner and
with the effect herein specified in this Section.

         Any corporation  into which any  Authenticating  Agent may be merged or
converted or with which it may be  consolidated,  or any  corporation  resulting
from any merger,  consolidation or conversion to which any Authenticating  Agent
shall be a party, or any corporation  succeeding to all or substantially  all of
the corporate trust business of any Authenticating Agent, shall be the successor
of such  Authenticating

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<PAGE>

Agent hereunder,  if such successor corporation is otherwise eligible under this
Section 6.12 without the  execution or filing of any paper or any further act on
the part of the parties hereto or such Authenticating Agent.

         Any  Authenticating  Agent may at any time  resign  by  giving  written
notice of resignation to the Trustee and to the Company.  The Trustee may at any
time terminate the agency of any  Authenticating  Agent with respect to the Debt
Securities by giving written notice of termination to such Authenticating  Agent
and to the Company.  Upon  receiving such a notice of resignation or upon such a
termination,  or in case at any time any Authenticating  Agent shall cease to be
eligible  under this Section 6.12,  the Trustee may, and upon the request of the
Company shall, promptly appoint a successor  Authenticating Agent eligible under
this Section 6.12,  shall give written notice of such appointment to the Company
and shall mail notice of such  appointment to all holders of Debt  Securities as
the names and addresses of such holders  appear on the Debt  Security  Register.
Any successor  Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all rights,  powers,  duties and responsibilities  with
respect to the Debt Securities of its predecessor hereunder, with like effect as
if originally named as Authenticating Agent herein.

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

                                  ARTICLE VII.
                         CONCERNING THE SECURITYHOLDERS

         SECTION  7.1. ACTION  BY  SECURITYHOLDERS.  Whenever in this  Indenture
it is provided that the holders of a specified percentage in aggregate principal
amount of the Debt  Securities may take any action  (including the making of any
demand or request, the giving of any notice,  consent or waiver or the taking of
any  other  action)  the fact  that at the time of taking  any such  action  the
holders of such specified percentage have joined therein may be evidenced (a) by
any  instrument or any number of  instruments  of similar tenor executed by such
Securityholders  in person or by agent or proxy appointed in writing,  or (b) by
the record of such  holders of Debt  Securities  voting in favor  thereof at any
meeting of such  Securityholders  duly  called and held in  accordance  with the
provisions  of Article  VIII,  or (c) by a  combination  of such  instrument  or
instruments and any such record of such a meeting of such Securityholders or (d)
by any other method the Trustee deems satisfactory.

         If the Company  shall  solicit  from the  Securityholders  any request,
demand,  authorization,  direction,  notice,  consent, waiver or other action or
revocation  of the same,  the Company  may, at its option,  as  evidenced  by an
Officers' Certificate, fix in advance a record date for such Debt Securities for
the  determination  of  Securityholders  entitled to give such request,  demand,
authorization,  direction, notice, consent, waiver or other action or revocation
of the same, but the Company shall have no obligation to do so. If such a record
date is fixed, such request, demand, authorization,  direction, notice, consent,
waiver or other  action or  revocation  of the same may be given before or after
the record date, but only the Securityholders of record at the close of business
on the record  date shall be deemed to be  Securityholders  for the  purposes of
determining whether  Securityholders of the requisite  proportion of outstanding
Debt Securities have authorized or agreed or consented to such request,  demand,
authorization,  direction, notice, consent, waiver or other action or revocation
of the same,  and for that  purpose the  outstanding  Debt  Securities  shall be
computed as of the record date; PROVIDED,  HOWEVER,  that no such authorization,
agreement or consent by such  Securityholders on the record date shall be deemed
effective  unless it shall become  effective  pursuant to the provisions of this
Indenture not later than 6 months after the record date.

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<PAGE>

         SECTION 7.2.  PROOF  OF  EXECUTION  BY  SECURITYHOLDERS. Subject to the
provisions of Section 6.1, 6.2 and 8.5, proof of the execution of any instrument
by a  Securityholder  or his  agent or  proxy  shall  be  sufficient  if made in
accordance  with such  reasonable  rules and regulations as may be prescribed by
the  Trustee or in such  manner as shall be  satisfactory  to the  Trustee.  The
ownership of Debt Securities shall be proved by the Debt Security Register or by
a  certificate  of the Debt  Security  registrar.  The Trustee may require  such
additional  proof of any  matter  referred  to in this  Section as it shall deem
necessary.

         The  record  of any  Securityholders'  meeting  shall be  proved in the
manner provided in Section 8.6.

         SECTION  7.3. WHO ARE DEEMED ABSOLUTE OWNERS. Prior to due  presentment
for registration of transfer of any Debt Security, the Company, the Trustee, any
Authenticating Agent, any paying agent, any transfer agent and any Debt Security
registrar  may deem the  Person  in  whose  name  such  Debt  Security  shall be
registered  upon the Debt  Security  Register  to be,  and may treat him as, the
absolute owner of such Debt Security (whether or not such Debt Security shall be
overdue) for the purpose of receiving  payment of or on account of the principal
of,  premium,  if any,  and  interest  on such Debt  Security  and for all other
purposes;  and neither the Company nor the Trustee nor any Authenticating  Agent
nor any paying  agent nor any  transfer  agent nor any Debt  Security  registrar
shall be affected by any notice to the  contrary.  All such  payments so made to
any  holder  for the time being or upon his order  shall be valid,  and,  to the
extent  of the sum or sums so paid,  effectual  to  satisfy  and  discharge  the
liability for moneys payable upon any such Debt Security.

         SECTION  7.4. DEBT  SECURITIES OWNED BY COMPANY DEEMED NOT OUTSTANDING.
In determining  whether the holders of the requisite  aggregate principal amount
of Debt Securities have concurred in any direction, consent or waiver under this
Indenture,  Debt Securities  which are owned by the Company or any other obligor
on the Debt  Securities or by any Person  directly or indirectly  controlling or
controlled by or under direct or indirect common control with the Company or any
other obligor on the Debt  Securities  shall be disregarded and deemed not to be
outstanding for the purpose of any such determination;  PROVIDED,  HOWEVER, that
for the  purposes  of  determining  whether the Trustee  shall be  protected  in
relying on any such direction,  consent or waiver,  only Debt Securities which a
Responsible  Officer  of the  Trustee  actually  knows are so owned  shall be so
disregarded.  Debt Securities so owned which have been pledged in good faith may
be regarded as  outstanding  for the purposes of this Section 7.4 if the pledgee
shall  establish to the  satisfaction of the Trustee the pledgee's right to vote
such Debt  Securities  and that the pledgee is not the Company or any such other
obligor or Person  directly or indirectly  controlling or controlled by or under
direct or indirect common control with the Company or any such other obligor. In
the case of a dispute as to such right,  any decision by the Trustee  taken upon
the advice of counsel shall be full protection to the Trustee.

         SECTION 7.5.  REVOCATION OF CONSENTS; FUTURE HOLDERS BOUND. At any time
prior to (but not after) the  evidencing to the Trustee,  as provided in Section
7.1, of the taking of any action by the holders of the  percentage  in aggregate
principal  amount  of  the  Debt  Securities  specified  in  this  Indenture  in
connection with such action,  any holder (in cases where no record date has been
set pursuant to Section 7.1) or any holder as of an  applicable  record date (in
cases  where a  record  date has been set  pursuant  to  Section  7.1) of a Debt
Security  (or any  Debt  Security  issued  in whole  or in part in  exchange  or
substitution therefor) the serial number of which is shown by the evidence to be
included  in the Debt  Securities  the holders of which have  consented  to such
action may, by filing written notice with the Trustee at the Principal Office of
the Trustee and upon proof of holding as  provided in Section  7.2,  revoke such
action  so far as  concerns  such  Debt  Security  (or  so far as  concerns  the
principal  amount  represented by any exchanged or substituted  Debt  Security).
Except as  aforesaid  any such action  taken by the holder of any Debt  Security
shall be conclusive and binding upon such holder and upon all future holders and

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<PAGE>

owners of such Debt  Security,  and of any Debt  Security  issued in exchange or
substitution  therefor or on registration of transfer  thereof,  irrespective of
whether or not any notation in regard thereto is made upon such Debt Security or
any Debt Security issued in exchange or substitution therefor.

                                 ARTICLE VIII.
                            SECURITYHOLDERS' MEETINGS

         SECTION 8.1.  PURPOSES OF MEETINGS. A meeting of Securityholders may be
called  at any time and from time to time  pursuant  to the  provisions  of this
Article VIII for any of the following purposes:

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

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

         (c)      to consent to the  execution  of  an indenture or   indentures
supplemental hereto pursuant to the provisions of Section 9.2; or

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

         SECTION  8.2. CALL OF MEETINGS  BY TRUSTEE. The Trustee may at any time
call a meeting of  Securityholders  to take any action specified in Section 8.1,
to be held at such time and at such place as the Trustee shall determine. Notice
of every meeting of the Securityholders, setting forth the time and the place of
such  meeting  and in  general  terms the  action  proposed  to be taken at such
meeting,  shall be  mailed  to  holders  of Debt  Securities  affected  at their
addresses  as they shall  appear on the Debt  Securities  Register  and,  if the
Company is not a holder of Debt Securities, to the Company. Such notice shall be
mailed  not less than 20 nor more than 180 days  prior to the date fixed for the
meeting.

         SECTION 8.3.  CALL OF MEETINGS BY COMPANY OR SECURITYHOLDERS.  In  case
at any time the  Company  pursuant to a Board  Resolution,  or the holders of at
least 10% in aggregate principal amount of the Debt Securities,  as the case may
be,  then  outstanding,  shall have  requested  the Trustee to call a meeting of
Securityholders,  by written  request  setting  forth in  reasonable  detail the
action  proposed  to be taken at the  meeting,  and the  Trustee  shall not have
mailed the notice of such meeting  within 20 days after receipt of such request,
then the Company or such  Securityholders  may  determine the time and the place
for such  meeting  and may call such  meeting to take any action  authorized  in
Section 8.1, by mailing notice thereof as provided in Section 8.2.

         SECTION 8.4.  QUALIFICATIONS FOR VOTING. To be entitled to vote at  any
meeting of  Securityholders  a Person  shall (a) be a holder of one or more Debt
Securities  with  respect  to which the  meeting  is being  held or (b) a Person
appointed by an  instrument  in writing as proxy by a holder of one or more such
Debt  Securities.  The only  Persons  who shall be  entitled to be present or to
speak at any meeting of Securityholders shall be the Persons entitled to vote at
such meeting and their  counsel and any  representatives  of the Trustee and its
counsel and any representatives of the Company and its counsel.

         SECTION  8.5. REGULATIONS.   Notwithstanding any  other  provisions  of
this Indenture,  the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Securityholders,  in regard to proof of the holding
of Debt  Securities  and of the  appointment  of  proxies,  and in regard to the

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<PAGE>

appointment and duties of inspectors of votes, the submission and examination of
proxies,  certificates  and other  evidence of the right to vote, and such other
matters concerning the conduct of the meeting as it shall think fit.

         The Trustee  shall,  by an instrument  in writing,  appoint a temporary
chairman  of the  meeting,  unless the  meeting  shall  have been  called by the
Company or by  Securityholders  as  provided  in Section  8.3, in which case the
Company or the Securityholders calling the meeting, as the case may be, shall in
like manner appoint a temporary  chairman.  A permanent chairman and a permanent
secretary of the meeting shall be elected by majority vote of the meeting.

         Subject to the provisions of Section 7.4, at any meeting each holder of
Debt  Securities  with  respect  to which  such  meeting  is being held or proxy
therefor shall be entitled to one vote for each $1,000  principal amount of Debt
Securities held or represented by him; PROVIDED,  HOWEVER, that no vote shall be
cast or counted at any meeting in respect of any Debt Security challenged as not
outstanding and ruled by the chairman of the meeting to be not outstanding.  The
chairman of the meeting shall have no right to vote other than by virtue of Debt
Securities  held by him or instruments in writing as aforesaid duly  designating
him as the  Person to vote on behalf of other  Securityholders.  Any  meeting of
Securityholders duly called pursuant to the provisions of Section 8.2 or 8.3 may
be adjourned  from time to time by a majority of those  present,  whether or not
constituting  a quorum,  and the  meeting  may be held as so  adjourned  without
further notice.

         SECTION 8.6.  VOTING.  The vote upon  any resolution  submitted to  any
meeting of  holders of Debt  Securities  with  respect to which such  meeting is
being  held  shall be by  written  ballots  on which  shall  be  subscribed  the
signatures of such holders or of their  representatives  by proxy and the serial
number or  numbers  of the Debt  Securities  held or  represented  by them.  The
permanent  chairman of the meeting  shall  appoint two  inspectors  of votes who
shall count all votes cast at the meeting for or against any  resolution and who
shall make and file with the  secretary of the meeting  their  verified  written
reports in triplicate of all votes cast at the meeting. A record in duplicate of
the  proceedings  of each  meeting of  Securityholders  shall be prepared by the
secretary of the meeting and there shall be attached to said record the original
reports  of the  inspectors  of votes on any vote by ballot  taken  thereat  and
affidavits by one or more Persons having  knowledge of the facts setting forth a
copy of the notice of the  meeting  and  showing  that said notice was mailed as
provided in Section 8.2.  The record  shall show the serial  numbers of the Debt
Securities  voting in favor of or against any  resolution.  The record  shall be
signed and verified by the affidavits of the permanent chairman and secretary of
the meeting and one of the duplicates  shall be delivered to the Company and the
other to the Trustee to be preserved by the Trustee, the latter to have attached
thereto the ballots voted at the meeting.

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

         SECTION  8.7. QUORUM; ACTIONS.  The Persons entitled to vote a majority
in  principal  amount of the Debt  Securities  shall  constitute  a quorum for a
meeting of Securityholders; PROVIDED, HOWEVER, that if any action is to be taken
at such meeting  with respect to a consent,  waiver,  request,  demand,  notice,
authorization,  direction  or other  action which may be given by the holders of
not less than a specified percentage in principal amount of the Debt Securities,
the Persons  holding or  representing  such  specified  percentage  in principal
amount of the Debt  Securities  will  constitute  a quorum.  In the absence of a
quorum within 30 minutes of the time appointed for any such meeting, the meeting
shall, if convened at the request of Securityholders, be dissolved. In any other
case the  meeting  may be  adjourned  for a period  of not less  than 10 days as
determined by the permanent  chairman of the meeting prior to the adjournment of
such meeting.  In the absence of a quorum at any such  adjourned  meeting,  such
adjourned meeting may be further adjourned for a period of not less than 10 days
as determined by the permanent  chairman of the meeting prior to the adjournment
of such adjourned  meeting.  Notice of the reconvening of any adjourned

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<PAGE>

meeting shall be given as provided in Section 8.2,  except that such notice need
be given only once not less than 5 days  prior to the date on which the  meeting
is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting
shall state expressly the percentage, as provided above, of the principal amount
of the Debt Securities which shall constitute a quorum.

         Except as limited by the proviso in the first paragraph of Section 9.2,
any resolution  presented to a meeting or adjourned  meeting duly  reconvened at
which a quorum is present as aforesaid may be adopted by the affirmative vote of
the holders of a majority in principal amount of the Debt Securities;  PROVIDED,
HOWEVER,  that,  except as limited  by the  proviso  in the first  paragraph  of
Section  9.2, any  resolution  with  respect to any  consent,  waiver,  request,
demand,  notice,  authorization,  direction or other action which this Indenture
expressly  provides  may be given by the  holders  of not less than a  specified
percentage  in  principal  amount of the Debt  Securities  may be  adopted  at a
meeting or an adjourned meeting duly reconvened and at which a quorum is present
as aforesaid only by the affirmative vote of the holders of a not less than such
specified percentage in principal amount of the Debt Securities.

         Any  resolution  passed or decision  taken at any meeting of holders of
Debt  Securities  duly held in accordance  with this Section shall be binding on
all the Securityholders, whether or not present or represented at the meeting.

                                  ARTICLE IX.
                             SUPPLEMENTAL INDENTURES

         SECTION 9.1.  SUPPLEMENTAL    INDENTURES     WITHOUT     CONSENT     OF
SECURITYHOLDERS.  The Company,  when authorized by a Board  Resolution,  and the
Trustee  may from  time to time  and at any  time  enter  into an  indenture  or
indentures supplemental hereto, without the consent of the Securityholders,  for
one or more of the following purposes:

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

         (b)      to add to the covenants of the Company such further covenants,
restrictions  or conditions for the protection of the holders of Debt Securities
as the Board of Directors shall consider to be for the protection of the holders
of such Debt  Securities,  and to make the  occurrence,  or the  occurrence  and
continuance,  of a default in any of such additional covenants,  restrictions or
conditions a default or an Event of Default permitting the enforcement of all or
any of the  several  remedies  provided in this  Indenture  as herein set forth;
PROVIDED,  HOWEVER,  that in respect of any such additional covenant restriction
or condition such supplemental  indenture may provide for a particular period of
grace after default  (which period may be shorter or longer than that allowed in
the case of other  defaults)  or may provide for an immediate  enforcement  upon
such  default  or may limit the  remedies  available  to the  Trustee  upon such
default;

         (c)      to  cure  any  ambiguity  or  to  correct  or  supplemen t any
provision  contained  herein  or in  any  supplemental  indenture  which  may be
defective or inconsistent  with any other provision  contained  herein or in any
supplemental indenture, or to make such other provisions in regard to matters or
questions arising under this Indenture;  provided that any such action shall not
adversely affect the interests of the holders of the Debt Securities;

         (d)      to add to,delete from, or revise the terms of Debt Securities,
including,  without  limitation,  any terms relating to the issuance,  exchange,
registration or transfer of Debt  Securities,  including to provide for transfer
procedures and  restrictions  substantially  similar to those  applicable to the

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<PAGE>

Capital  Securities as required by Section 2.5 (for purposes of assuring that no
registration of Debt Securities is required under the Securities Act of 1933, as
amended); PROVIDED, HOWEVER, that any such action shall not adversely affect the
interests  of the  holders of the Debt  Securities  then  outstanding  (it being
understood,  for purposes of this proviso,  that transfer  restrictions  on Debt
Securities  substantially  similar  to those  that were  applicable  to  Capital
Securities  shall not be deemed to  adversely  affect  the  holders  of the Debt
Securities);

         (e)      to evidence  and  provide for the  acceptance  of  appointment
hereunder by a successor  Trustee with respect to the Debt Securities and to add
to or change any of the  provisions  of this  Indenture as shall be necessary to
provide for or facilitate  the  administration  of the trusts  hereunder by more
than one Trustee, pursuant to the requirements of Section 6.11;

         (f)      to make any change  (other than as elsewhere  provided in this
paragraph) that does not adversely  affect the rights of any  Securityholder  in
any material respect; or

         (g)      to  provide for the  issuance of and  establish  the  form and
terms  and  conditions  of the Debt  Securities,  to  establish  the form of any
certifications  required to be furnished pursuant to the terms of this Indenture
or the  Debt  Securities,  or to  add to the  rights  of  the  holders  of  Debt
Securities.

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

         Any supplemental indenture authorized by the provisions of this Section
9.1 may be executed  by the  Company and the Trustee  without the consent of the
holders of any of the Debt Securities at the time  outstanding,  notwithstanding
any of the provisions of Section 9.2.

         SECTION 9.2.  SUPPLEMENTAL  INDENTURES WITH CONSENT OF SECURITYHOLDERS.
With the consent  (evidenced  as provided in Section  7.1) of the holders of not
less than a majority in aggregate principal amount of the Debt Securities at the
time outstanding  affected by such  supplemental  indenture (voting as a class),
the Company,  when  authorized by a Board  Resolution,  and the Trustee may from
time to time and at any time enter into an indenture or indentures  supplemental
hereto for the purpose of adding any  provisions to or changing in any manner or
eliminating  any of the  provisions  of this  Indenture  or of any  supplemental
indenture  or of  modifying  in any manner the rights of the holders of the Debt
Securities; PROVIDED, HOWEVER, that no such supplemental indenture shall without
the consent of the holders of each Debt Security then  outstanding  and affected
thereby  (i)  change  the fixed  maturity  of any Debt  Security,  or reduce the
principal  amount thereof or any premium  thereon,  or reduce the rate or extend
the time of  payment  of  interest  thereon,  or reduce  any  amount  payable on
redemption  thereof or make the  principal  thereof or any  interest  or premium
thereon  payable in any coin or  currency  other than that  provided in the Debt
Securities,  or impair or affect the right of any  Securityholder  to  institute
suit for payment thereof or impair the right of repayment, if any, at the option
of the holder,  or (ii) reduce the aforesaid  percentage of Debt  Securities the
holders of which are  required  to consent to any such  supplemental  indenture;
PROVIDED FURTHER,  HOWEVER, that if the Debt Securities are held by a trust or a
trustee of such trust, such supplemental  indenture shall not be effective until
the holders of a majority in Liquidation  Amount of Trust  Securities shall have
consented to such supplemental indenture; PROVIDED FURTHER, HOWEVER, that if the
consent of the  Securityholder  of each  outstanding  Debt Security is required,
such  supplemental  indenture  shall not be  effective  until each holder of the
Trust Securities shall have consented to such supplemental indenture.

                                       36

<PAGE>

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

         Promptly  after the  execution  by the  Company  and the Trustee of any
supplemental  indenture pursuant to the provisions of this Section,  the Trustee
shall transmit by mail, first class postage prepaid,  a notice,  prepared by the
Company,  setting  forth in general  terms the  substance  of such  supplemental
indenture,  to the  Securityholders as their names and addresses appear upon the
Debt Security  Register.  Any failure of the Trustee to mail such notice, or any
defect therein,  shall not, however, in any way impair or affect the validity of
any such supplemental indenture.

         It shall not be necessary for the consent of the Securityholders  under
this Section 9.2 to approve the  particular  form of any  proposed  supplemental
indenture,  but it  shall  be  sufficient  if such  consent  shall  approve  the
substance thereof.

         SECTION  9.3. EFFECT OF  SUPPLEMENTAL  INDENTURES.  Upon the  execution
of any  supplemental  indenture  pursuant to the  provisions of this Article IX,
this  Indenture  shall be and be deemed to be modified and amended in accordance
therewith and the respective rights, limitations of rights, obligations,  duties
and immunities under this Indenture of the Trustee,  the Company and the holders
of Debt  Securities  shall  thereafter  be  determined,  exercised  and enforced
hereunder  subject in all respects to such  modifications and amendments and all
the terms and  conditions  of any such  supplemental  indenture  shall be and be
deemed to be part of the terms and  conditions of this Indenture for any and all
purposes.

         SECTION 9.4.  NOTATION   ON   DEBT   SECURITIES.      Debt   Securities
authenticated  and delivered after the execution of any  supplemental  indenture
pursuant  to the  provisions  of this  Article IX may bear a notation  as to any
matter  provided  for in such  supplemental  indenture.  If the  Company  or the
Trustee shall so determine,  new Debt  Securities so modified as to conform,  in
the opinion of the Board of  Directors of the Company,  to any  modification  of
this Indenture contained in any such supplemental  indenture may be prepared and
executed by the  Company,  authenticated  by the  Trustee or the  Authenticating
Agent and delivered in exchange for the Debt Securities then outstanding.

         SECTION 9.5.  EVIDENCE  OF  COMPLIANCE  OF SUPPLEMENTAL INDENTURE TO BE
FURNISHED TO TRUSTEE. The Trustee, subject to the provisions of Sections 6.1 and
6.2,  shall, in addition to the documents  required by Section 14.6,  receive an
Officers'  Certificate and an Opinion of Counsel as conclusive evidence that any
supplemental  indenture  executed pursuant hereto complies with the requirements
of this  Article  IX.  The  Trustee  shall  receive  an  Opinion  of  Counsel as
conclusive  evidence that any supplemental  indenture  executed pursuant to this
Article IX is  authorized  or  permitted  by, and conforms to, the terms of this
Article IX and that it is proper for the Trustee  under the  provisions  of this
Article IX to join in the execution thereof.

                                   ARTICLE X.
                            REDEMPTION OF SECURITIES

         SECTION 10.1. OPTIONAL REDEMPTION.   The Company shall have  the right,
subject  to the  receipt  by the  Company  of prior  approval  from the  Federal
Reserve, if then required under applicable capital guidelines or policies of the
Federal Reserve, to redeem the Debt Securities,  in whole or in part, but in all
cases in a principal amount with integral multiples of $1,000, on any March 7 or
September  7 on or after  September  7, 2010  (the  "REDEMPTION  DATE"),  at the
Redemption Price.

                                       37

<PAGE>

         SECTION 10.2. SPECIAL EVENT REDEMPTION.  If a Special Event shall occur
and be continuing,  the Company shall have the right,  subject to the receipt by
the Company of prior  approval from the Federal  Reserve if then required  under
applicable capital guidelines or policies of the Federal Reserve,  to redeem the
Debt Securities in whole, but not in part, at any time, within 90 days following
the  occurrence  of such Special Event (the  "SPECIAL  REDEMPTION  DATE") at the
Special  Redemption  Price. The Company shall appoint a Quotation  Agent,  which
initially  shall be State  Street  Bank and Trust  Company,  for the  purpose of
performing the services  contemplated  in, or by reference in, the definition of
Special Redemption Price. Any error in the calculation of the Special Redemption
Price by the  Quotation  Agent or the  Trustee may be  corrected  at any time by
notice delivered to the Company and the holders of the Debt Securities.  Subject
to the  corrective  rights set forth above,  all  certificates,  communications,
opinions,   determinations,   calculations,   quotations  and  decisions  given,
expressed,  made or obtained for the purposes of the provisions  relating to the
payment and calculation of the Special  Redemption  Price on the Debt Securities
by the Trustee or the Quotation Agent, as the case may be, shall (in the absence
of  willful  default,  bad faith or  manifest  error) be final,  conclusive  and
binding on the holders of the Debt Securities and the Company,  and no liability
shall attach (except as provided above) to the Trustee or the Quotation Agent in
connection with the exercise or non-exercise by any of them of their  respective
powers, duties and discretion.

         SECTION 10.3. NOTICE OF REDEMPTION;  SELECTION OF DEBT SECURITIES.   In
case the Company  shall  desire to exercise  the right to redeem all, or, as the
case may be,  any part of the Debt  Securities,  it shall  cause to be  mailed a
notice of such  redemption  at least 30 and not more  than 60 days  prior to the
Redemption Date or the Special Redemption Date to the holders of Debt Securities
so to be  redeemed  as a whole or in part at their  last  addresses  as the same
appear on the Debt Security Register. Such mailing shall be by first class mail.
The  notice  if mailed  in the  manner  herein  provided  shall be  conclusively
presumed  to have been duly  given,  whether  or not the  holder  receives  such
notice.  In any case,  failure to give such  notice by mail or any defect in the
notice to the holder of any Debt Security  designated  for redemption as a whole
or in part shall not affect the validity of the  proceedings  for the redemption
of any other Debt Security.

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

         Prior to  10:00  a.m.  New York  City  time on the  Redemption  Date or
Special  Redemption  Date,  as  applicable,  the Company  will  deposit with the
Trustee  or with one or more  paying  agents an amount  of money  sufficient  to
redeem on the Redemption Date or the Special Redemption Date, as applicable, all
the Debt Securities so called for redemption at the appropriate Redemption Price
or Special  Redemption  Price,  together with accrued interest to the Redemption
Date or Special Redemption Date, as applicable.

         If all, or less than all, the Debt  Securities are to be redeemed,  the
Company  will give the  Trustee  notice  not less than 45 nor more than 60 days,
respectively,  prior to the  Redemption  Date or  Special  Redemption  Date,  as
applicable,  as to the  aggregate  principal  amount  of Debt  Securities  to be
redeemed

                                       38

<PAGE>

and the Trustee shall select,  in such manner as in its sole discretion it shall
deem  appropriate and fair, the Debt Securities or portions thereof (in integral
multiples of $1,000) to be redeemed.

         SECTION 10.4. PAYMENT OF DEBT SECURITIES  CALLED  FOR  REDEMPTION.   If
notice of  redemption  has been  given as  provided  in Section  10.3,  the Debt
Securities or portions of Debt  Securities with respect to which such notice has
been given  shall  become  due and  payable  on the  Redemption  Date or Special
Redemption Date, as applicable, and at the place or places stated in such notice
at the applicable  Redemption Price or Special  Redemption Price,  together with
interest  accrued  to  the  Redemption  Date  or  Special  Redemption  Date,  as
applicable,  and on and after said date (unless the Company shall default in the
payment of such Debt  Securities at the Redemption  Price or Special  Redemption
Price, as applicable,  together with interest  accrued to said date) interest on
the Debt  Securities  or portions of Debt  Securities  so called for  redemption
shall cease to accrue.  On presentation and surrender of such Debt Securities at
a place of  payment  specified  in said  notice,  such  Debt  Securities  or the
specified  portions  thereof  shall be paid and  redeemed  by the Company at the
applicable  Redemption Price or Special Redemption Price, together with interest
accrued  thereon  to  the  Redemption  Date  or  Special   Redemption  Date,  as
applicable.

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

                                  ARTICLE XI.
                CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

         SECTION 11.1. COMPANY MAY CONSOLIDATE, ETC., ON CERTAIN TERMS.  Nothing
contained  in  this  Indenture  or in the  Debt  Securities  shall  prevent  any
consolidation or merger of the Company with or into any other Person (whether or
not  affiliated  with the Company) or  successive  consolidations  or mergers in
which the Company or its successor or successors shall be a party or parties, or
shall  prevent  any  sale,  conveyance,  transfer  or other  disposition  of the
property  of the Company or its  successor  or  successors  as an  entirety,  or
substantially  as an entirety,  to any other Person  (whether or not  affiliated
with the Company,  or its  successor or  successors)  authorized  to acquire and
operate the same;  PROVIDED,  HOWEVER,  that the Company  hereby  covenants  and
agrees that, upon any such  consolidation,  merger (where the Company is not the
surviving corporation), sale, conveyance, transfer or other disposition, the due
and punctual  payment of the principal of (and premium,  if any) and interest on
all of the Debt  Securities in accordance  with their terms,  according to their
tenor, and the due and punctual  performance and observance of all the covenants
and conditions of this  Indenture to be kept or performed by the Company,  shall
be  expressly  assumed by  supplemental  indenture  satisfactory  in form to the
Trustee  executed  and  delivered  to the  Trustee by the entity  formed by such
consolidation,  or into  which the  Company  shall have been  merged,  or by the
entity which shall have acquired such property.

         SECTION  11.2.SUCCESSOR  ENTITY  TO  BE  SUBSTITUTED.  In case  of  any
such consolidation,  merger, sale, conveyance, transfer or other disposition and
upon the assumption by the successor entity, by supplemental indenture, executed
and delivered to the Trustee and satisfactory in form to the Trustee, of the due
and punctual  payment of the  principal of and premium,  if any, and interest on
all of the Debt  Securities and the due and punctual  performance and observance
of all of the  covenants  and  conditions  of this  Indenture to be performed or
observed  by  the  Company,  such  successor  entity  shall  succeed  to  and be
substituted for the Company, with the same effect as if it had been named herein
as the Company,  and thereupon the  predecessor  entity shall be relieved of any
further  liability or  obligation  hereunder or upon the Debt  Securities.  Such
successor  entity  thereupon  may cause to be  signed,  and may issue in its own
name, any or all of the Debt Securities  issuable  hereunder  which  theretofore
shall not have been signed by the Company  and  delivered  to the Trustee or the
Authenticating  Agent;  and, upon the order of such

                                       39

<PAGE>

successor entity instead of the Company and subject to all the terms, conditions
and limitations in this Indenture prescribed,  the Trustee or the Authenticating
Agent shall  authenticate and deliver any Debt Securities which previously shall
have been signed and delivered by the officers of the Company, to the Trustee or
the Authenticating Agent for authentication,  and any Debt Securities which such
successor  entity  thereafter  shall  cause to be signed  and  delivered  to the
Trustee or the Authenticating Agent for that purpose. All the Debt Securities so
issued  shall in all  respects  have the same legal rank and benefit  under this
Indenture as the Debt Securities  theretofore or thereafter issued in accordance
with the terms of this Indenture as though all of such Debt  Securities had been
issued at the date of the execution hereof.

         SECTION 11.3. OPINION OF COUNSEL TO BE GIVEN TO TRUSTEE.  The  Trustee,
subject to the provisions of Sections 6.1 and 6.2, shall receive, in addition to
the  Opinion  of  Counsel  required  by  Section  9.5,  an Opinion of Counsel as
conclusive evidence that any consolidation,  merger, sale, conveyance,  transfer
or other disposition, and any assumption,  permitted or required by the terms of
this Article XI complies with the provisions of this Article XI.

                                  ARTICLE XII.
                     SATISFACTION AND DISCHARGE OF INDENTURE

SECTION 12.1.     DISCHARGE OF INDENTURE.  When

         (a)      the Company shall deliver to the Trustee for  cancellation all
                  Debt Securities theretofore authenticated (other than any Debt
                  Securities which shall have been destroyed, lost or stolen and
                  which shall have been  replaced or paid as provided in Section
                  2.6) and not theretofore canceled, or

         (b)      all the Debt Securities not theretofore  canceled or delivered
                  to the  Trustee  for  cancellation  shall have  become due and
                  payable,  or are by their  terms  to  become  due and  payable
                  within 1 year or are to be called for redemption within 1 year
                  under arrangements  satisfactory to the Trustee for the giving
                  of notice of  redemption,  and the Company  shall deposit with
                  the Trustee,  in trust,  funds, which shall be immediately due
                  and payable,  sufficient to pay at maturity or upon redemption
                  all of the Debt  Securities  (other  than any Debt  Securities
                  which  shall  have been  destroyed,  lost or stolen  and which
                  shall have been  replaced or paid as provided in Section  2.6)
                  not  theretofore  canceled  or  delivered  to the  Trustee for
                  cancellation,  including  principal  and premium,  if any, and
                  interest  due or to  become  due to such date of  maturity  or
                  redemption  date, as the case may be, but excluding,  however,
                  the amount of any moneys for the payment of principal  of, and
                  premium,  if any,  or  interest  on the  Debt  Securities  (1)
                  theretofore  repaid  to the  Company  in  accordance  with the
                  provisions of Section 12.4, or (2) paid to any state or to the
                  District of Columbia  pursuant  to its  unclaimed  property or
                  similar laws,

and if in the case of either clause (a) or clause (b) the Company shall also pay
or cause to be paid all other sums payable  hereunder by the Company,  then this
Indenture  shall  cease to be of further  effect  except for the  provisions  of
Sections  2.5,  2.6, 3.1, 3.2, 3.4, 6.6, 6.8 and 12.4 hereof shall survive until
such Debt Securities shall mature and be paid. Thereafter, Sections 6.6 and 12.4
shall  survive,  and the  Trustee,  on demand of the Company  accompanied  by an
Officers'  Certificate  and  an  Opinion  of  Counsel,  each  stating  that  all
conditions  precedent  herein  provided  for  relating to the  satisfaction  and
discharge of this Indenture have been complied with, and at the cost and expense
of the Company, shall execute proper instruments  acknowledging  satisfaction of
and discharging this Indenture.  The Company agrees to reimburse the Trustee for
any costs or expenses thereafter reasonably and properly incurred by the Trustee
in connection with this Indenture or the Debt Securities.

                                       40

<PAGE>

         SECTION 12.2. DEPOSITED  MONEYS TO BE HELD IN TRUST BY TRUSTEE. Subject
to the  provisions  of Section  12.4,  all  moneys  deposited  with the  Trustee
pursuant  to  Section  12.1  shall be held in trust  in a  non-interest  bearing
account and applied by it to the payment,  either directly or through any paying
agent (including the Company if acting as its own paying agent),  to the holders
of the particular Debt Securities for the payment of which such moneys have been
deposited  with the  Trustee,  of all sums due and to  become  due  thereon  for
principal, and premium, if any, and interest.

         SECTION  12.3 PAYING  AGENT TO REPAY MONEYS HELD. Upon the satisfaction
and discharge of this  Indenture all moneys then held by any paying agent of the
Debt Securities (other than the Trustee) shall,  upon demand of the Company,  be
repaid to it or paid to the Trustee,  and  thereupon  such paying agent shall be
released from all further liability with respect to such moneys.

         SECTION 12.4. RETURN OF UNCLAIMED MONEYS.  Any moneys deposited with or
paid to the  Trustee or any paying  agent for payment of the  principal  of, and
premium,  if any, or interest on Debt  Securities  and not applied but remaining
unclaimed  by the  holders of Debt  Securities  for 2 years  after the date upon
which  the  principal  of,  and  premium,  if any,  or  interest  on  such  Debt
Securities,  as the case may be,  shall  have  become  due and  payable,  shall,
subject to applicable  escheatment laws, be repaid to the Company by the Trustee
or such  paying  agent on  written  demand;  and the  holder  of any of the Debt
Securities  shall thereafter look only to the Company for any payment which such
holder may be  entitled  to collect,  and all  liability  of the Trustee or such
paying agent with respect to such moneys shall thereupon cease.

                                 ARTICLE XIII.
                    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                             OFFICERS AND DIRECTORS

         SECTION 13.1. INDENTURE   AND    DEBT   SECURITIES   SOLELY   CORPORATE
OBLIGATIONS. No recourse for the payment of the principal of or premium, if any,
or interest on any Debt Security, or for any claim based thereon or otherwise in
respect  thereof,  and no  recourse  under or upon any  obligation,  covenant or
agreement of the Company in this Indenture or in any supplemental  indenture, or
in any such Debt  Security,  or  because  of the  creation  of any  indebtedness
represented  thereby,  shall  be  had  against  any  incorporator,  stockholder,
employee,  officer or director, as such, past, present or future, of the Company
or of any  successor  Person of the  Company,  either  directly  or through  the
Company  or any  successor  Person  of the  Company,  whether  by  virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise,  it being expressly  understood that all such liability is
hereby  expressly  waived and released as a condition of, and as a consideration
for, the execution of this Indenture and the issue of the Debt Securities.

                                  ARTICLE XIV.
                            MISCELLANEOUS PROVISIONS

         SECTION  14.1.SUCCESSORS.  All  the  covenants, stipulations,  promises
and  agreements  in this  Indenture  contained  by the  Company  shall  bind its
successors and assigns whether so expressed or not.

         SECTION 14.2. OFFICIAL ACTS BY SUCCESSOR ENTITY.  Any act or proceeding
by any  provision  of  this  Indenture  authorized  or  required  to be  done or
performed  by any board,  committee  or officer of the Company  shall and may be
done and  performed  with like  force and effect by the like  board,  committee,
officer or other  authorized  Person of any entity that shall at the time be the
lawful successor of the Company.

                                       41

<PAGE>

         SECTION 14.3. SURRENDER OF COMPANY POWERS. The Company by instrument in
writing  executed  by  authority  of at least 2/3  (two-thirds)  of its Board of
Directors and delivered to the Trustee may surrender any of the powers  reserved
to the Company and thereupon such power so surrendered  shall  terminate both as
to the Company, and as to any permitted successor.

         SECTION  14.4.ADDRESSES  FOR  NOTICES,   ETC.    Any  notice,  consent,
direction,  request,  authorization,  waiver or demand which by any provision of
this Indenture is required or permitted to be given,  made,  furnished or served
by the  Trustee or by the  Securityholders  on or to the Company may be given or
served in writing by being deposited  postage prepaid by registered or certified
mail in a post office letter box addressed  (until  another  address is filed by
the  Company,  with the Trustee  for the  purpose)  to the  Company,  1248 Fifth
Avenue,  San  Rafael,  California  94901,  Attention:  Pat  Phelan.  Any notice,
consent,   direction,   request,   authorization,   waiver   or  demand  by  any
Securityholder  or the  Company to or upon the  Trustee  shall be deemed to have
been sufficiently  given or made, for all purposes,  if given or made in writing
at the office of the  Trustee,  addressed  to the  Trustee,  225 Asylum  Street,
Goodwin  Square,  Hartford,   Connecticut,   06103  Attention:  Vice  President,
Corporate Trust Department,  with a copy to State Street Bank and Trust Company,
P.O.  Box 778,  Boston,  Massachusetts  02102-0778,  Attention:  Paul D.  Allen,
Corporate  Trust   Department.   Any  notice,   consent,   direction,   request,
authorization,  waiver or demand on or to any Securityholder  shall be deemed to
have been  sufficiently  given or made,  for all  purposes,  if given or made in
writing at the address set forth in the Debt Security Register.

         SECTION  14.5.GOVERNING  LAW.  This  Indenture and  each  Debt Security
shall be deemed to be a  contract  made  under the law of the State of New York,
and for all purposes  shall be governed by and construed in accordance  with the
law of said State, without regard to conflict of laws principles thereof.

         SECTION  14.6.EVIDENCE OF COMPLIANCE WITH  CONDITIONS  PRECEDENT.  Upon
any application or demand by the Company to the Trustee to take any action under
any of the  provisions  of this  Indenture,  the  Company  shall  furnish to the
Trustee an Officers'  Certificate stating that in the opinion of the signers all
conditions  precedent,  if any,  provided for in this Indenture  relating to the
proposed  action have been complied with and an Opinion of Counsel stating that,
in the opinion of such counsel, all such conditions precedent have been complied
with.

         Each  certificate  or  opinion  provided  for  in  this  Indenture  and
delivered to the Trustee with respect to compliance with a condition or covenant
provided for in this  Indenture  shall  include (1) a statement  that the person
making such  certificate  or opinion has read such covenant or condition;  (2) a
brief statement as to the nature and scope of the  examination or  investigation
upon which the statements or opinions  contained in such  certificate or opinion
are based; (3) a statement that, in the opinion of such person, he has made such
examination  or  investigation  as is  necessary  to enable  him to  express  an
informed  opinion as to  whether  or not such  covenant  or  condition  has been
complied  with;  and (4) a statement as to whether or not in the opinion of such
person, such condition or covenant has been complied with.

         SECTION  14.7.NON-BUSINESS DAYS.  In any case where the date of payment
of interest on or principal of the Debt  Securities  will be a day that is not a
Business  Day,  the  payment  of  such  interest  on or  principal  of the  Debt
Securities  need not be made on such date but may be made on the next succeeding
Business  Day,  except  that,  if such  Business  Day is in the next  succeeding
calendar year, such payment shall be made on the immediately  preceding Business
Day, in each case with the same force and effect as if made on the original date
of  payment,  and no  interest  shall  accrue for the period from and after such
date.

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<PAGE>

         SECTION 14.8. TABLE OF CONTENTS,  HEADINGS,  ETC. The table of contents
and the titles and headings of the articles and sections of this  Indenture have
been inserted for convenience of reference only, are not to be considered a part
hereof,  and shall in no way modify or restrict  any of the terms or  provisions
hereof.

         SECTION 14.9. EXECUTION IN COUNTERPARTS. This Indenture may be executed
in any number of  counterparts,  each of which  shall be an  original,  but such
counterparts shall together constitute but one and the same instrument.

         SECTION 14.10.SEPARABILITY.  In  case any one or more of the provisions
contained in this  Indenture or in the Debt  Securities  shall for any reason be
held to be invalid,  illegal or unenforceable  in any respect,  such invalidity,
illegality  or  unenforceability  shall not affect any other  provisions of this
Indenture  or of  such  Debt  Securities,  but  this  Indenture  and  such  Debt
Securities  shall be construed  as if such  invalid or illegal or  unenforceable
provision had never been contained herein or therein.

         SECTION  14.11.ASSIGNMENT. The Company will have the right at all times
to assign any of its rights or  obligations  under this Indenture to a direct or
indirect wholly owned Subsidiary of the Company,  provided that, in the event of
any such  assignment,  the Company will remain liable for all such  obligations.
Subject to the  foregoing,  this  Indenture  is  binding  upon and inures to the
benefit of the parties hereto and their respective  successors and assigns. This
Indenture may not otherwise be assigned by the parties hereto.

         SECTION 14.12.ACKNOWLEDGMENT OF RIGHTS.   The Company agrees that, with
respect to any Debt Securities held by the Trust or the Institutional Trustee of
the Trust, if the Institutional Trustee of the Trust fails to enforce its rights
under this Indenture as the holder of Debt Securities held as the assets of such
Trust  after the  holders of a majority  in  Liquidation  Amount of the  Capital
Securities of such Trust have so directed such  Institutional  Trustee, a holder
of record of such Capital  Securities  may, to the fullest  extent  permitted by
law,  institute legal  proceedings  directly against the Company to enforce such
Institutional  Trustee's rights under this Indenture  without first  instituting
any legal proceedings against such trustee or any other Person.  Notwithstanding
the  foregoing,  if an Event of Default has occurred and is continuing  and such
event is attributable to the failure of the Company to pay interest (or premium,
if any) or  principal  on the Debt  Securities  on the date  such  interest  (or
premium,  if  any)  or  principal  is  otherwise  payable  (or  in the  case  of
redemption,  on the redemption date), the Company agrees that a holder of record
of Capital  Securities of the Trust may directly  institute a proceeding against
the Company for  enforcement of payment to such holder directly of the principal
of (or premium,  if any) or interest on the Debt Securities  having an aggregate
principal  amount  equal to the  aggregate  Liquidation  Amount  of the  Capital
Securities of such holder on or after the  respective  due date specified in the
Debt Securities.

                                  ARTICLE XV.
                        SUBORDINATION OF DEBT SECURITIES

         SECTION 15.1. AGREEMENT TO  SUBORDINATE.   The  Company  covenants  and
agrees, and each holder of Debt Securities by such  Securityholder's  acceptance
thereof likewise covenants and agrees,  that all Debt Securities shall be issued
subject  to the  provisions  of this  Article  XV;  and  each  holder  of a Debt
Security,  whether upon original  issue or upon transfer or assignment  thereof,
accepts and agrees to be bound by such provisions.

         The payment by the Company of the  principal  of, and premium,  if any,
and  interest  on all Debt  Securities  shall,  to the  extent and in the manner
hereinafter  set forth,  be  subordinated  and junior in right of

                                       43

<PAGE>

payment to the prior payment in full of all Senior  Indebtedness of the Company,
whether outstanding at the date of this Indenture or thereafter incurred.

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

         SECTION  15.2.DEFAULT  ON SENIOR  INDEBTEDNESS. In the event and during
the  continuation  of any default by the  Company in the  payment of  principal,
premium,  interest or any other  payment due on any Senior  Indebtedness  of the
Company  following  any grace  period,  or in the event that the maturity of any
Senior  Indebtedness of the Company has been  accelerated  because of a default,
then,  in either case,  no payment  shall be made by the Company with respect to
the principal  (including  redemption and sinking fund payments) of, or premium,
if any, or interest on the Debt Securities.

         In the event that,  notwithstanding the foregoing, any payment shall be
received  by the  Trustee  when such  payment  is  prohibited  by the  preceding
paragraph of this Section 15.2, such payment shall,  subject to Section 15.7, be
held in trust for the  benefit of, and shall be paid over or  delivered  to, the
holders of Senior  Indebtedness or their respective  representatives,  or to the
trustee or  trustees  under any  indenture  pursuant to which any of such Senior
Indebtedness may have been issued, as their respective interests may appear, but
only to the  extent  that the  holders  of the  Senior  Indebtedness  (or  their
representative  or  representatives  or a trustee) notify the Trustee in writing
within 90 days of such  payment of the amounts  then due and owing on the Senior
Indebtedness and only the amounts  specified in such notice to the Trustee shall
be paid to the holders of Senior Indebtedness.

         SECTION  15.3.LIQUIDATION,  DISSOLUTION,  BANKRUPTCY.  Upon any payment
by the  Company  or  distribution  of  assets  of the  Company  of any  kind  or
character,  whether in cash,  property  or  securities,  to  creditors  upon any
dissolution  or  winding-up or  liquidation  or  reorganization  of the Company,
whether voluntary or involuntary or in bankruptcy,  insolvency,  receivership or
other proceedings,  all amounts due upon all Senior  Indebtedness of the Company
shall  first  be paid in  full,  or  payment  thereof  provided  for in money in
accordance with its terms, before any payment is made by the Company, on account
of the principal (and premium, if any) or interest on the Debt Securities.  Upon
any such dissolution or winding-up or liquidation or reorganization, any payment
by the  Company,  or  distribution  of  assets  of the  Company  of any  kind or
character, whether in cash, property or securities, which the Securityholders or
the  Trustee  would be  entitled  to receive  from the  Company,  except for the
provisions of this Article XV, shall be paid by the Company, or by any receiver,
trustee in bankruptcy,  liquidating  trustee,  agent or other Person making such
payment or distribution,  or by the Securityholders or by the Trustee under this
Indenture  if  received  by  them  or it,  directly  to the  holders  of  Senior
Indebtedness (PRO RATA to such holders on the basis of the respective amounts of
Senior Indebtedness held by such holders, as calculated by the Company) or their
representative  or  representatives,  or to the  trustee or  trustees  under any
indenture pursuant to which any instruments  evidencing such Senior Indebtedness
may have been issued,  as their respective  interests may appear,  to the extent
necessary to pay such Senior  Indebtedness  in full, in money or money's  worth,
after giving  effect to any  concurrent  payment or  distribution  to or for the
holders of such Senior Indebtedness,  before any payment or distribution is made
to the Securityholders or to the Trustee.

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

                                       44

<PAGE>

appear,  as calculated  by the Company,  for  application  to the payment of all
Senior Indebtedness, remaining unpaid to the extent necessary to pay such Senior
Indebtedness in full in money in accordance with its terms,  after giving effect
to any concurrent  payment or  distribution to or for the benefit of the holders
of such Senior Indebtedness.

         For  purposes  of  this  Article  XV,  the  words  "cash,  property  or
securities"  shall not be deemed to  include  shares of stock of the  Company as
reorganized or readjusted, or securities of the Company or any other corporation
provided for by a plan of reorganization  or readjustment,  the payment of which
is  subordinated at least to the extent provided in this Article XV with respect
to the Debt  Securities to the payment of all Senior  Indebtedness,  that may at
the time be outstanding,  provided that (i) such Senior  Indebtedness is assumed
by the new  corporation,  if any,  resulting  from  any such  reorganization  or
readjustment, and (ii) the rights of the holders of such Senior Indebtedness are
not,  without the consent of such  holders,  altered by such  reorganization  or
readjustment.  The  consolidation  of the  Company  with,  or the  merger of the
Company into,  another  corporation  or the  liquidation  or  dissolution of the
Company following the conveyance or transfer of its property as an entirety,  or
substantially  as an  entirety,  to  another  corporation  upon  the  terms  and
conditions  provided  for in Article X of this  Indenture  shall not be deemed a
dissolution,  winding-up, liquidation or reorganization for the purposes of this
Section  if such  other  corporation  shall,  as a part  of such  consolidation,
merger,  conveyance or transfer,  comply with the conditions stated in Article X
of this  Indenture.  Nothing in Section 15.2 or in this  Section  shall apply to
claims of, or payments to, the Trustee  under or pursuant to Section 6.6 of this
Indenture.

         SECTION  15.4.SUBROGATION. Subject to the payment in full of all Senior
Indebtedness,  the  Securityholders  shall be  subrogated  to the  rights of the
holders of such Senior  Indebtedness  to receive  payments or  distributions  of
cash,  property  or  securities  of  the  Company,  applicable  to  such  Senior
Indebtedness  until the principal of (and  premium,  if any) and interest on the
Debt Securities shall be paid in full. For the purposes of such subrogation,  no
payments or  distributions  to the holders of such  Senior  Indebtedness  of any
cash,  property or securities to which the  Securityholders or the Trustee would
be entitled  except for the  provisions  of this Article XV, and no payment over
pursuant  to the  provisions  of this  Article  XV to or for the  benefit of the
holders of such Senior Indebtedness by Securityholders or the Trustee, shall, as
between the Company,  its creditors other than holders of Senior Indebtedness of
the Company, and the holders of the Debt Securities be deemed to be a payment or
distribution by the Company to or on account of such Senior Indebtedness.  It is
understood  that the  provisions of this Article XV are and are intended  solely
for  the  purposes  of  defining  the  relative  rights  of the  holders  of the
Securities, on the one hand, and the holders of such Senior Indebtedness, on the
other hand.

         Nothing  contained in this Article XV or elsewhere in this Indenture or
in the Debt  Securities is intended to or shall impair,  as between the Company,
its creditors other than the holders of Senior Indebtedness,  and the holders of
the Debt  Securities,  the  obligation  of the  Company,  which is absolute  and
unconditional,  to pay to the holders of the Debt  Securities  the  principal of
(and premium,  if any) and interest on the Debt  Securities as and when the same
shall become due and payable in accordance  with their terms,  or is intended to
or shall affect the relative  rights of the holders of the Debt  Securities  and
creditors of the  Company,  other than the holders of Senior  Indebtedness,  nor
shall anything  herein or therein  prevent the Trustee or the holder of any Debt
Security from exercising all remedies otherwise permitted by applicable law upon
default under this Indenture,  subject to the rights, if any, under this Article
XV of the holders of such Senior  Indebtedness  in respect of cash,  property or
securities of the Company, received upon the exercise of any such remedy.

         Upon any payment or distribution  of assets of the Company  referred to
in this Article XV, the Trustee, subject to the provisions of Article VI of this
Indenture,  and the Securityholders  shall be entitled to conclusively rely upon
any order or decree made by any court of  competent  jurisdiction  in which such
dissolution,  winding-up, liquidation or reorganization proceedings are pending,
or a certificate of the

                                       45

<PAGE>

receiver,  trustee in  bankruptcy,  liquidation  trustee,  agent or other Person
making  such  payment  or  distribution,  delivered  to  the  Trustee  or to the
Securityholders,  for the  purposes  of  ascertaining  the  Persons  entitled to
participate in such distribution,  the holders of Senior  Indebtedness and other
indebtedness of the Company,  the amount thereof or payable thereon,  the amount
or amounts paid or distributed  thereon and all other facts pertinent thereto or
to this Article XV.

         SECTION 15.5. TRUSTEE TO EFFECTUATE  SUBORDINATION. Each Securityholder
by such  Securityholder's  acceptance thereof authorizes and directs the Trustee
on such  Securityholder's  behalf to take such  action  as may be  necessary  or
appropriate  to  effectuate  the  subordination  provided in this Article XV and
appoints the Trustee such Securityholder's attorney-in-fact for any and all such
purposes.

         SECTION  15.6.  NOTICE BY THE  COMPANY.  The Company  shall give prompt
written notice to a Responsible  Officer of the Trustee at the Principal  Office
of the Trustee of any fact known to the Company  that would  prohibit the making
of any payment of monies to or by the Trustee in respect of the Debt  Securities
pursuant to the provisions of this Article XV. Notwithstanding the provisions of
this Article XV or any other provision of this Indenture,  the Trustee shall not
be charged with  knowledge of the existence of any facts that would prohibit the
making of any  payment  of monies to or by the  Trustee  in  respect of the Debt
Securities  pursuant to the  provisions  of this Article XV,  unless and until a
Responsible  Officer of the Trustee at the Principal Office of the Trustee shall
have received  written notice thereof from the Company or a holder or holders of
Senior Indebtedness or from any trustee therefor;  and before the receipt of any
such written  notice,  the Trustee,  subject to the  provisions of Article VI of
this  Indenture,  shall be entitled in all respects to assume that no such facts
exist; PROVIDED, HOWEVER, that if the Trustee shall not have received the notice
provided  for in this  Section at least 2  Business  Days prior to the date upon
which  by the  terms  hereof  any  money  may  become  payable  for any  purpose
(including,  without limitation, the payment of the principal of (or premium, if
any) or interest on any Debt Security),  then,  anything herein contained to the
contrary  notwithstanding,  the Trustee  shall have full power and  authority to
receive  such  money and to apply the same to the  purposes  for which they were
received,  and shall not be affected by any notice to the  contrary  that may be
received by it within 2 Business Days prior to such date.

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

         SECTION 15.7. RIGHTS OF THE TRUSTEE;  HOLDERS OF  SENIOR  INDEBTEDNESS.
The Trustee in its  individual  capacity shall be entitled to all the rights set
forth in this Article XV in respect of any Senior  Indebtedness at any time held
by it,  to the same  extent as any other  holder  of  Senior  Indebtedness,  and
nothing in this Indenture shall deprive the Trustee of any of its rights as such
holder.

         With  respect  to the  holders  of  Senior  Indebtedness,  the  Trustee
undertakes to perform or to observe only such of its  covenants and  obligations
as are  specifically  set forth in this Article XV, and no implied  covenants or
obligations  with  respect to the holders of such Senior  Indebtedness  shall be
read into

                                       46

<PAGE>

this Indenture  against the Trustee.  The Trustee shall not be deemed to owe any
fiduciary duty to the holders of such Senior  Indebtedness  and,  subject to the
provisions of Article VI of this  Indenture,  the Trustee shall not be liable to
any  holder  of such  Senior  Indebtedness  if it shall pay over or  deliver  to
Securityholders,  the Company or any other  Person  money or assets to which any
holder of such Senior  Indebtedness  shall be entitled by virtue of this Article
XV or otherwise.

         Nothing in this  Article XV shall apply to claims of, or  payments  to,
the Trustee under or pursuant to Section 6.6.

         SECTION  15.8.SUBORDINATION  MAY  NOT  BE  IMPAIRED.   No  right of any
present or future holder of any Senior Indebtedness to enforce  subordination as
herein  provided  shall at any time in any way be  prejudiced or impaired by any
act or  failure to act on the part of the  Company,  or by any act or failure to
act, in good faith, by any such holder,  or by any noncompliance by the Company,
with the terms,  provisions and covenants of this  Indenture,  regardless of any
knowledge thereof that any such holder may have or otherwise be charged with.

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

                       [SIGNATURE PAGE FOLLOWS THIS PAGE]

                                       47

<PAGE>

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

                              MCB FINANCIAL CORPORATION

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

                              STATE  STREET  BANK  AND  TRUST  COMPANY  OF
                              CONNECTICUT,   NATIONAL ASSOCIATION, as Trustee

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

                                       48
<PAGE>

                      FORM OF JUNIOR SUBORDINATED DEBENTURE

                           [FORM OF FACE OF SECURITY]

         THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS  AMENDED  (THE  "SECURITIES  ACT"),  ANY STATE  SECURITIES  LAWS OR ANY OTHER
APPLICABLE   SECURITIES   LAW.   NEITHER  THIS  SECURITY  NOR  ANY  INTEREST  OR
PARTICIPATION  HEREIN MAY BE REOFFERED,  SOLD, ASSIGNED,  TRANSFERRED,  PLEDGED,
ENCUMBERED  OR  OTHERWISE  DISPOSED  OF IN THE ABSENCE OF SUCH  REGISTRATION  OR
UNLESS SUCH  TRANSACTION  IS EXEMPT  FROM,  OR NOT SUBJECT TO, THE  REGISTRATION
REQUIREMENTS  OF  THE  SECURITIES  ACT.  THE  HOLDER  OF  THIS  SECURITY  BY ITS
ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY ONLY
(A) TO THE  COMPANY,  (B) TO A PERSON WHOM THE SELLER  REASONABLY  BELIEVES IS A
QUALIFIED  INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
144A SO LONG AS THIS  SECURITY IS ELIGIBLE  FOR RESALE  PURSUANT TO RULE 144A IN
ACCORDANCE WITH RULE 144A, (C) TO A NON-U.S.  PERSON IN AN OFFSHORE  TRANSACTION
IN ACCORDANCE  WITH RULE 903 OR RULE 904 (AS  APPLICABLE)  OF REGULATION S UNDER
THE SECURITIES ACT, (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 SECURITY FOR ITS OWN ACCOUNT,  OR FOR THE ACCOUNT OF
SUCH AN INSTITUTIONAL  ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH
A VIEW  TO,  OR FOR  OFFER  OR SALE IN  CONNECTION  WITH,  ANY  DISTRIBUTION  IN
VIOLATION  OF THE  SECURITIES  ACT,  OR (E)  PURSUANT  TO  ANY  OTHER  AVAILABLE
EXEMPTION FROM THE  REGISTRATION  REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO
THE  COMPANY'S  RIGHT PRIOR TO ANY SUCH  OFFER,  SALE OR TRANSFER TO REQUIRE THE
DELIVERY  OF AN OPINION  OF  COUNSEL,  CERTIFICATION  AND/OR  OTHER  INFORMATION
SATISFACTORY TO EACH OF THEM IN ACCORDANCE  WITH THE INDENTURE,  A COPY OF WHICH
MAY BE OBTAINED  FROM THE COMPANY.  THE HOLDER OF THIS  SECURITY  AGREES THAT IT
WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

         IN  CONNECTION  WITH ANY  TRANSFER,  THE  HOLDER  WILL  DELIVER  TO THE
REGISTRAR AND TRANSFER AGENT SUCH  CERTIFICATE  AND OTHER  INFORMATION AS MAY BE
REQUIRED  BY THE  INDENTURE  TO  CONFIRM  THAT THE  TRANSFER  COMPLIES  WITH THE
FOREGOING RESTRICTIONS.

            10.60% Junior Subordinated Deferrable Interest Debenture

                                       of

                            MCB Financial Corporation

         MCB Financial  Corporation,  a California  corporation  (the  "Company"
which  term  includes  any  successor  Person  under the  Indenture  hereinafter
referred to), for value received  promises to pay to State Street Bank and Trust
Company of Connecticut, National Association, not in its individual capacity but
solely as  Institutional  Trustee for MCB  Statutory  Trust I (the  "Holder") or
registered  assigns,  the principal sum of Three Million  Ninety Three  Thousand
Dollars  ($3,093,000.00)  on  September  7, 2030,  and to pay  interest  on said
principal sum from September 7, 2000, or from the most recent  interest  payment
date (each such date,  an "Interest  Payment  Date") to which  interest has been
paid or duly  provided  for,  semi-annually  (subject  to  deferral as set forth
herein) in arrears on March 7 and September 7 of each year

                                     A-1-1

<PAGE>

commencing  March 7, 2001, at an annual rate equal to 10.60% until the principal
hereof  shall have  become due and  payable,  and on any overdue  principal  and
(without  duplication  and to the  extent  that  payment  of  such  interest  is
enforceable  under applicable law) on any overdue  installment of interest at an
annual  rate equal to 10.60%  compounded  semi-annually.  The amount of interest
payable on any Interest Payment Date shall be computed on the basis of a 360-day
year of twelve 30-day  months.  In the event that any date on which  interest is
payable on this Debt  Security is not a Business  Day,  then payment of interest
payable on such date will be made on the next  succeeding day that is a Business
Day (and  without any  interest or other  payment in respect of any such delay),
except that, if such Business Day is in the next succeeding  calendar year, such
payment shall be made on the  immediately  preceding  Business Day, in each case
with the same force and effect as if made on such date. The interest installment
so payable,  and punctually  paid or duly provided for, on any Interest  Payment
Date will,  as  provided in the  Indenture,  be paid to the Person in whose name
this Debt Security (or one or more  Predecessor  Securities,  as defined in said
Indenture)  is  registered  at the close of business on the Record Date for such
interest installment,  which shall be the close of business on the 15th day next
preceding  such  Interest  Payment  Date.  Any  such  interest  installment  not
punctually  paid or duly provided for shall forthwith cease to be payable to the
registered  holders on such  Record  Date and may be paid to the Person in whose
name  this  Debt  Security  (or  one or more  Predecessor  Debt  Securities)  is
registered at the close of business on a special  record date to be fixed by the
Trustee for the payment of such  defaulted  interest,  notice  whereof  shall be
given to the  registered  holders of the Debt  Securities  not less than 10 days
prior to such special  record date, all as more fully provided in the Indenture.
The  principal  of and  interest on this Debt  Security  shall be payable at the
office or agency of the Trustee (or other paying agent appointed by the Company)
maintained  for that  purpose in any coin or  currency  of the United  States of
America  that at the time of payment is legal  tender for  payment of public and
private debts; PROVIDED,  HOWEVER, that payment of interest may be made by check
mailed to the  registered  holder at such  address  as shall  appear in the Debt
Security  Register if a request for a wire  transfer by such holder has not been
received  by  the  Company  or by  wire  transfer  to an  account  appropriately
designated by the holder hereof.  Notwithstanding the foregoing,  so long as the
holder of this Debt Security is the  Institutional  Trustee,  the payment of the
principal  of and  interest on this Debt  Security  will be made in  immediately
available  funds at such place and to such account as may be  designated  by the
Trustee.

         So long as no Event of Default  has  occurred  and is  continuing,  the
Company shall have the right, from time to time, and without causing an Event of
Default,  to defer payments of interest on the Debt  Securities by extending the
interest payment period on the Debt Securities at any time and from time to time
during the term of the Debt  Securities,  for up to 10  consecutive  semi-annual
periods (each such extended  interest  payment period,  an "Extension  Period"),
during which Extension Period no interest shall be due and payable. No Extension
Period may end on a date other than an Interest  Payment Date. At the end of any
such Extension Period the Company shall pay all interest then accrued and unpaid
on the Debt Securities  (together with Additional  Interest thereon);  PROVIDED,
HOWEVER,  that no Extension Period may extend beyond the Maturity Date; PROVIDED
FURTHER,  HOWEVER,  that during any such Extension Period, the Company shall not
and shall not permit  any  Affiliate  to (i)  declare  or pay any  dividends  or
distributions on, or redeem,  purchase,  acquire,  or make a liquidation payment
with respect to, any of the Company's or such  Affiliate's  capital stock (other
than  payments  of  dividends  or  distributions  to the  Company)  or make  any
guarantee  payments  with  respect to the  foregoing or (ii) make any payment of
principal of or interest or premium,  if any, on or repay,  repurchase or redeem
any debt  securities of the Company or any Affiliate that rank PARI PASSU in all
respects  with or junior in interest to the Debt  Securities  (other than,  with
respect to clauses (i) and (ii) above,  (a)  repurchases,  redemptions  or other
acquisitions  of shares of capital stock of the Company in  connection  with any
employment  contract,  benefit plan or other similar arrangement with or for the
benefit  of one or  more  employees,  officers,  directors  or  consultants,  in
connection with a dividend reinvestment or stockholder stock purchase plan or in
connection  with the  issuance of capital  stock of the  Company (or  securities
convertible  into or

                                     A-1-2

<PAGE>

exercisable  for  such  capital  stock)  as   consideration  in  an  acquisition
transaction  entered into prior to the  applicable  Extension  Period,  (b) as a
result of any  exchange or  conversion  of any class or series of the  Company's
capital  stock (or any capital  stock of a  subsidiary  of the  Company) for any
class or series of the Company's  capital stock or of any class or series of the
Company's  indebtedness for any class or series of the Company's  capital stock,
(c) the  purchase of  fractional  interests in shares of the  Company's  capital
stock pursuant to the conversion or exchange provisions of such capital stock or
the security being converted or exchanged,  (d) any declaration of a dividend in
connection with any stockholder's  rights plan, or the issuance of rights, stock
or other  property  under any  stockholder's  rights plan, or the  redemption or
repurchase of rights  pursuant  thereto,  (e) any dividend in the form of stock,
warrants, options or other rights where the dividend stock or the stock issuable
upon  exercise of such  warrants,  options or other  rights is the same stock as
that on which the  dividend  is being paid or ranks PARI PASSU with or junior to
such  stock  and any  cash  payments  in lieu of  fractional  shares  issued  in
connection therewith,  or (f) payments under the Capital Securities  Guarantee).
Prior to the termination of any Extension Period, the Company may further extend
such  period,  provided  that such period  together  with all such  previous and
further   consecutive   extensions  thereof  shall  not  exceed  10  consecutive
semi-annual periods, or extend beyond the Maturity Date. Upon the termination of
any Extension Period and upon the payment of all accrued and unpaid interest and
Additional Interest, the Company may commence a new Extension Period, subject to
the foregoing requirements.  No interest or Additional Interest shall be due and
payable  during  an  Extension  Period,  except  at the end  thereof,  but  each
installment  of interest that would  otherwise  have been due and payable during
such Extension Period shall bear Additional Interest.  The Company must give the
Trustee  notice of its  election  to begin such  Extension  Period at least five
Business  Days  prior  to the  earlier  of (i) the  date  interest  on the  Debt
Securities  would  have been  payable  except  for the  election  to begin  such
Extension Period or (ii) the date such interest is payable, but in any event not
less than five Business Days prior to such record date.

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

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

         Capitalized terms used and not defined in this Debt Security shall have
the  meanings  assigned  in the  Indenture  dated  as of the  date of this  Debt
Security between the Trustee and the Company.

                                     A-1-3

<PAGE>

         IN WITNESS WHEREOF, the Company has duly executed this certificate.

                                      MCB FINANCIAL CORPORATION

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

                          CERTIFICATE OF AUTHENTICATION

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

                                     State  Street  Bank  and  Trust  Company
                                     of Connecticut, National Association, as
                                     the Trustee

                                     By:
                                        ----------------------------------------
                                          Authorized Officer

                                     A-1-4

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