Document:

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                                                                     EXHIBIT 4.6

                           LOCAL FINANCIAL CORPORATION

                                       AND

                              THE BANK OF NEW YORK,
                              AS INDENTURE TRUSTEE

                                    INDENTURE

                  9.00% JUNIOR SUBORDINATED DEBENTURES DUE 2031

                          DATED AS OF SEPTEMBER 20, 2001

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                                TABLE OF CONTENTS

                                                                          PAGE

ARTICLE I       DEFINITIONS.................................................2
    Section 1.1   Definitions of Terms......................................2

ARTICLE II      ISSUE, DESCRIPTION, TERMS, CONDITIONS,
                REGISTRATION AND EXCHANGE OF THE DEBENTURES.................11
    Section 2.1   Designation and Principal Amount..........................11
    Section 2.2   Maturity..................................................11
    Section 2.3   Form and Payment..........................................11
    Section 2.4   [Intentionally Left Blank]................................12
    Section 2.5   Interest..................................................12
    Section 2.6   Execution and Authentications.............................12
    Section 2.7   Registration of Transfer and Exchange.....................13
    Section 2.8   Temporary Debentures......................................14
    Section 2.9   Mutilated, Destroyed, Lost or Stolen Debentures...........15
    Section 2.10  Cancellation..............................................16
    Section 2.11  Benefit of Indenture......................................16
    Section 2.12  Authenticating Agent......................................16

ARTICLE III     REDEMPTION OF DEBENTURES....................................17
    Section 3.1   Redemption................................................17
    Section 3.2   Special Event Redemption..................................17
    Section 3.3   Optional Redemption by Company............................17
    Section 3.4   Notice of Redemption......................................18
    Section 3.5   Payment Upon Redemption...................................19
    Section 3.6   No Sinking Fund...........................................20

ARTICLE IV      EXTENSION OF INTEREST PAYMENT PERIOD........................20
    Section 4.1   Extension of Interest Payment Period......................20
    Section 4.2   Notice of Extension.......................................21
    Section 4.3   Limitation on Transactions................................21

ARTICLE V       PARTICULAR COVENANTS OF THE COMPANY.........................22
    Section 5.1   Payment of Principal and Interest.........................22
    Section 5.2   Maintenance of Agency.....................................22
    Section 5.3   Paying Agents.............................................22
    Section 5.4   Appointment to Fill Vacancy in Office of Trustee..........23
    Section 5.5   Compliance with Consolidation Provisions..................23
    Section 5.6   Limitation on Transactions................................24
    Section 5.7   Covenants as to the Trust.................................24
    Section 5.8   Covenants as to Purchases.................................25
    Section 5.9   Waiver of Usury, Stay or Extension Laws...................26
    Section 5.10  Limitation on Additional Junior Indebtedness..............26

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ARTICLE VI      DEBENTUREHOLDERS' LISTS AND REPORTS BY THE COMPANY
                AND THE TRUSTEE.............................................28
    Section 6.1   Company to Furnish Trustee Names and Addresses of
                  Debentureholders..........................................28
    Section 6.2   Preservation of Information Communications with
                  Debentureholders..........................................28
    Section 6.3   Reports by the Company....................................28
    Section 6.4   Reports by the Trustee....................................29

ARTICLE VII     REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS
                ON EVENT OF DEFAULT.........................................29
    Section 7.1   Events of Default.........................................29
    Section 7.2   Collection of Indebtedness and Suits for
                  Enforcement by Trustee....................................31
    Section 7.3   Application of Moneys Collected...........................32
    Section 7.4   Limitation on Suits.......................................33
    Section 7.5   Rights and Remedies Cumulative; Delay or
                  Omission not Waiver.......................................33
    Section 7.6   Control by Debentureholders...............................34
    Section 7.7   Undertaking to Pay Costs..................................34
    Section 7.8   Direct Action; Right of Set-Off...........................35

ARTICLE VIII    FORM OF DEBENTURE AND ORIGINAL ISSUE........................35
    Section 8.1   Form of Debenture.........................................35
    Section 8.2   Original Issue of Debentures..............................35

ARTICLE IX      CONCERNING THE TRUSTEE......................................37
    Section 9.1   Certain Duties and Responsibilities of the Trustee........37
    Section 9.2   Notice of Defaults........................................38
    Section 9.3   Certain Rights of Trustee.................................38
    Section 9.4   Trustee Not Responsible for Recitals, etc.................39
    Section 9.5   May Hold Debentures.......................................40
    Section 9.6   Moneys Held in Trust......................................40
    Section 9.7   Compensation and Reimbursement............................40
    Section 9.8   Reliance on Officers' Certificate.........................40
    Section 9.9   Disqualification:  Conflicting Interests..................41
    Section 9.10  Corporate Trustee Required; Eligibility...................41
    Section 9.11  Resignation and Removal; Appointment of Successor.........41
    Section 9.12  Acceptance of Appointment by Successor....................42
    Section 9.13  Merger, Conversion, Consolidation or Succession
                  to Business...............................................43
    Section 9.14  Preferential Collection of Claims Against the Company.....43

ARTICLE X       CONCERNING THE DEBENTUREHOLDERS.............................44
    Section 10.1  Evidence of Action by Holders. ...........................44
    Section 10.2  Proof of Execution by Debentureholders....................44
    Section 10.3  Who May be Deemed Owners .................................45

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    Section 10.4  Certain Debentures Owned by Company Disregarded ..........45
    Section 10.5  Actions Binding on Future Debentureholders ...............45

ARTICLE XI      SUPPLEMENTAL INDENTURES.....................................46
    Section 11.1  Supplemental Indentures Without the Consent of
                  Debentureholders..........................................46
    Section 11.2  Supplemental Indentures with Consent of Debentureholders..47
    Section 11.3  Effect of Supplemental Indentures.........................47
    Section 11.4  Debentures Affected by Supplemental Indentures............47
    Section 11.5  Execution of Supplemental Indentures......................48

ARTICLE XII     SUCCESSOR CORPORATION.......................................48
    Section 12.1  Company May Consolidate, etc. ............................48
    Section 12.2  Successor Corporation Substituted ........................49
    Section 12.3  Evidence of Consolidation, etc. to Trustee ...............49

ARTICLE XIII    SATISFACTION AND DISCHARGE..................................49
    Section 13.1  Satisfaction and Discharge of Indenture ..................49
    Section 13.2  Discharge of Obligations .................................50
    Section 13.3  Deposited Moneys to be Held in Trust .....................50
    Section 13.4  Payment of Monies Held by Paying Agents ..................51
    Section 13.5  Repayment to Company .....................................52

ARTICLE XIV     IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                OFFICERS AND DIRECTORS......................................52
    Section 14.1  No Recourse ..............................................52

ARTICLE XV     MISCELLANEOUS PROVISIONS.....................................53
    Section 15.1  Effect on Successors and Assigns .........................53
    Section 15.2  Actions by Successor .....................................53
    Section 15.3  Surrender of Company Powers ..............................53
    Section 15.4  Notices ..................................................53
    Section 15.5  Governing Law ............................................53
    Section 15.6  Treatment of Debentures as Debt ..........................53
    Section 15.7  Compliance Certificates and Opinions .....................54
    Section 15.8  Payments on Business Days ................................54
    Section 15.9  Conflict with Trust Indenture Act ........................54
    Section 15.10 Counterparts .............................................54
    Section 15.11 Severability .............................................54
    Section 15.12 Assignment ...............................................55
    Section 15.13 Acknowledgment of Rights .................................55

ARTICLE XVI     SUBORDINATION OF DEBENTURES.................................55
    Section 16.1  Agreement to Subordinate .................................55

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    Section 16.2  Default on Senior Debt, Subordinated Debt or Additional
                  Senior Obligations........................................56
    Section 16.3  Liquidation; Dissolution; Bankruptcy .....................56
    Section 16.4  Subrogation ..............................................57
    Section 16.5  Trustee to Effectuate Subordination ......................58
    Section 16.6  Notice by the Company ....................................58
    Section 16.7  Rights of the Trustee; Holders of Senior Indebtedness ....59
    Section 16.8  Subordination May Not be Impaired ........................59

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                              CROSS-REFERENCE TABLE

SECTION OF
TRUST INDENTURE ACT                                 SECTION OF
OF 1939, AS AMENDED                                 INDENTURE

310(a)....................................................9.10
310(b).....................................................9.9
       ...................................................9.11
310(c)..........................................Not Applicable
311(a)....................................................9.14
311(b)....................................................9.14
311(c)......................................... Not Applicable
312(a).....................................................6.1
      ..................................................6.2(a)
312(b)..................................................6.2(c)
312(c)..................................................6.2(c)
313(a)..................................................6.4(a)
313(b)..................................................6.4(b)
313(c)..................................................6.4(a)
       .................................................6.4(b)
313(d)..................................................6.4(c)
314(a)..................................................6.3(a)
314(b)..........................................Not Applicable
314(c)....................................................15.7
314(d)..........................................Not Applicable
314(e)....................................................15.7
314(f)..........................................Not Applicable
315(a)..................................................9.1(a)
       ....................................................9.3
315(b).....................................................9.2
315(c)..................................................9.1(a)
315(d)..................................................9.1(b)
315(e).....................................................7.7
316(a).....................................................1.1
       ....................................................7.6
316(b)..................................................7.4(b)
316(c).................................................10.1(b)
317(a).....................................................7.2
317(b).....................................................5.3
318(a)....................................................15.9

Note: This reconciliation and tie sheet shall not, for any purpose, be deemed to
      be a part of the Indenture

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                                    INDENTURE

      INDENTURE, dated as of September 20, 2001 between LOCAL FINANCIAL
CORPORATION, a Delaware corporation (the "Company") and THE BANK OF NEW YORK, a
New York banking corporation (the "Trustee");

                                    RECITALS

      WHEREAS, for its lawful corporate purposes, the Company has duly
authorized the execution and delivery of this Indenture to provide for the
issuance of securities to be known as its 9.00% Junior Subordinated Debentures
due 2031 (hereinafter referred to as the "Debentures"), the form and substance
of such Debentures and the terms, provisions and conditions thereof to be set
forth as provided in this Indenture;

      WHEREAS, Local Financial Capital Trust I, a Delaware statutory business
trust (the "Trust"), has offered to the public up to $35,000,000 aggregate
liquidation amount of its Preferred Securities (as defined herein) and proposes
to invest the proceeds from such offering, together with the proceeds of the
issuance and sale by the Trust to the Company of up to $1,082,475 aggregate
liquidation amount of its Common Securities (as defined herein), in up to
$36,082,475 aggregate principal amount of the Debentures;

      WHEREAS, the Company has requested that the Trustee execute and deliver
this Indenture;

      WHEREAS, all requirements necessary to make this Indenture a valid
instrument in accordance with its terms, and to make the Debentures, when
executed by the Company and authenticated and delivered by the Trustee, the
valid obligations of the Company, have been performed, and the execution and
delivery of this Indenture have been duly authorized in all respects;

      WHEREAS, to provide the terms and conditions upon which the Debentures are
to be authenticated, issued and delivered, the Company has duly authorized the
execution of this Indenture; and

      WHEREAS, all things necessary to make this Indenture a valid agreement of
the Company, in accordance with its terms, have been done.

      NOW, THEREFORE, in consideration of the premises and the purchase of the
Debentures by the holders thereof, it is mutually covenanted and agreed as
follows for the equal and ratable benefit of the holders of the Debentures:

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                                   ARTICLE I

                                   DEFINITIONS

1.1   DEFINITIONS OF TERMS.

      The terms defined in this Section 1.1 (except as in this Indenture
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 and shall include the
plural as well as the singular. All other terms used in this Indenture that are
defined in the Trust Indenture Act, or that are by reference in the Trust
Indenture Act defined in the Securities Act (except as herein otherwise
expressly provided or unless the context otherwise requires), shall have the
meanings assigned to such terms in the Trust Indenture Act and in the Securities
Act as in force at the date of the execution of this instrument. All accounting
terms used herein and not expressly defined shall have the meanings assigned to
such terms in accordance with Generally Accepted Accounting Principles.

      "Accelerated Maturity Date" means if the Company elects to accelerate the
Maturity Date in accordance with Section 2.2(c), the date selected by the
Company which is prior to the Scheduled Maturity Date, but is after September
30, 2006

      "Additional Interest" shall have the meaning set forth in Section 2.5(c).

      "Additional Junior Indebtedness" means, without duplication, (A) any
indebtedness, liabilities or obligations of the Company, or any Affiliate of the
Company, under debt securities (or guarantees in respect of debt securities)
initially issued to any trust, or a trustee of a trust, partnership or other
entity affiliated with the Company that is, directly or indirectly, a finance
subsidiary (as such term is defined in Rule 3a-5 under the Investment Company
Act) or other financing vehicle of the Company or any Affiliate of the Company
in connection with the issuance by that entity of preferred securities or other
securities that are intended to qualify for Tier 1 capital treatment (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, other than the
Debentures; PROVIDED, HOWEVER, that the inability of the Company to treat all or
any portion of the Additional Junior Indebtedness as Tier 1 capital shall not
disqualify it as Additional Junior Indebtedness 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 (including
the Debentures) in excess of the amount which may qualify for treatment as Tier
1 capital under applicable capital adequacy guidelines of the Federal Reserve,
and (B) any indebtedness, liabilities or obligations of the Company, or any
Affiliate of the Company, that is junior or otherwise subordinate in right of
payment to Senior Indebtedness of the Company and that has a maturity or is
otherwise due and payable by the Company on a date twelve (12) months or more
after its date of original issuance, other than the Debentures.

      "Additional Senior Obligations" means all indebtedness of the Company
whether incurred on or prior to the date of this Indenture or thereafter
incurred, for claims in respect of

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derivative products such as interest and foreign exchange rate contracts,
commodity contracts and similar arrangements; PROVIDED, HOWEVER, that Additional
Senior Obligations does not include claims in respect of Senior Debt or
Subordinated Debt or obligations which, by their terms, are expressly stated to
be not superior in right of payment to the Debentures or to rank PARI PASSU in
right of payment with the Debentures. For purposes of this definition, "claim"
shall have the meaning assigned thereto in Section 101(4) of the United States
Bankruptcy Code of 1978, as amended.

      "Administrative Trustees" shall have the meaning set forth in the Trust
Agreement.

      "Affiliate" means, with respect to a specified Person, (a) any Person
directly or indirectly owning, controlling or holding with power to vote 10% or
more of the outstanding voting securities or other ownership interests of the
specified Person; (b) any Person 10% or more of whose outstanding voting
securities or other ownership interests are directly or indirectly owned,
controlled or held with power to vote by the specified Person; (c) any Person
directly or indirectly controlling, controlled by, or under common control with
the specified Person; (d) a partnership in which the specified Person is a
general partner; (e) any officer or director of the specified Person; and (f) if
the specified Person is an individual, any entity of which the specified Person
is an officer, director or general partner.

      "Authenticating Agent" means an authenticating agent with respect to the
Debentures appointed by the Trustee pursuant to Section 2.12.

      "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 of the Company or any
duly authorized committee of such Board or any other duly designated officers of
the Company.

      "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.

      "Business Day" means, with respect to the Debentures, any day other than a
Saturday or a Sunday or a day on which federal or state banking institutions in
the Borough of Manhattan, The City of New York, are authorized or required by
law, executive order or regulation to close, or a day on which the Corporate
Trust Office of the Trustee or the Property Trustee is closed for business.

      "Capital Treatment Event" means the receipt by the Company and the Trust
of an Opinion of Counsel, rendered by a law firm having a recognized national
bank regulatory practice, 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
thereof or therein, or as a result of any official or administrative
pronouncement or action or judicial decision interpreting or applying such laws
or regulations, which amendment or change is effective or which pronouncement or
decision is announced on or after the date of issuance of the Preferred
Securities under the Trust Agreement, there is more

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than an insubstantial risk of impairment of the Company's ability to treat the
Preferred Securities (or any substantial portion thereof) 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 Trust or the Company shall have requested and received such an
Opinion of Counsel with regard to such matters within a reasonable period of
time after the Trust or the Company shall have become aware of the possible
occurrence of any such event; PROVIDED, HOWEVER, that the inability of the
Company to treat all or any portion of the Liquidation Amount of the Preferred
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 of the
Federal Reserve; PROVIDED, FURTHER, HOWEVER, that the distribution of Junior
Subordinated Debentures in connection with the dissolution of the Trust shall
not in and of itself constitute a Capital Treatment Event.

      "Certificate" means a certificate signed by the principal executive
officer, the principal financial officer, the principal accounting officer, the
treasurer or any vice president of the Company. The Certificate need not comply
with the provisions of Section 15.7.

      "Change in 1940 Act Law" shall have the meaning set forth in the
definition of "Investment Company Event."

      "Commission" means the Securities and Exchange Commission.

      "Common Securities" means undivided beneficial interests in the assets of
the Trust which rank PARI PASSU with the Preferred Securities; PROVIDED,
HOWEVER, that upon the occurrence of an Event of Default, the rights of holders
of Common Securities to payment in respect of distributions and payments upon
liquidation, redemption and otherwise are subordinated to the rights of holders
of Preferred Securities.

      "Company" means Local Financial Corporation, a corporation duly organized
and existing under the laws of the State of Delaware, and, subject to the
provisions of Article XII, shall also include its successors and assigns.

      "Compounded Interest" shall have the meaning set forth in Section 4.1.

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

      "Coupon Rate" shall have the meaning set forth in Section 2.5.

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

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      "Debentures" shall have the meaning set forth in the Recitals hereto.

      "Debentureholder," "holder of Debentures," "registered holder," or other
similar term, means the Person or Persons in whose name or names a particular
Debenture shall be registered on the books of the Company or the Trustee kept
for that purpose in accordance with the terms of this Indenture.

      "Debenture Register" shall have the meaning set forth in Section 2.7(b).

      "Debenture Registrar" shall have the meaning set forth in Section 2.7(b).

      "Debt" means with respect to any Person, whether recourse is to all or a
portion of the assets of such Person and whether or not contingent, (i) every
obligation of such Person for money borrowed; (ii) every obligation of such
Person evidenced by bonds, debentures, notes or other similar instruments,
including obligations incurred in connection with the acquisition of property,
assets or businesses; (iii) every reimbursement obligation of such Person with
respect to letters of credit, bankers' acceptances or similar facilities issued
for the account of such Person; (iv) every obligation of such Person issued or
assumed as the deferred purchase price of property or services (but excluding
trade accounts payable or accrued liabilities arising in the ordinary course of
business); (v) every capital lease obligation of such Person; and (vi) and every
obligation of the type referred to in clauses (i) through (v) of another Person
and all dividends of another Person the payment of which, in either case, such
Person has guaranteed or is responsible or liable, directly or indirectly, as
obligor or otherwise.

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

      "Deferred Interest" shall have the meaning set forth in Section 4.1.

      "Direct Action" shall have the meaning set forth in Section 7.8.

      "Dissolution Event" means that as a result of the occurrence and
continuation of a Special Event, the Trust is to be dissolved in accordance with
the Trust Agreement and the Debentures held by the Property Trustee are to be
distributed to the holders of the Trust Securities issued by the Trust pro rata
in accordance with the Trust Agreement.

      "Event of Default" means, with respect to the Debentures, any event
specified in Section 7.1, which has continued for the period of time, if any,
and after the giving of the notice, if any, therein designated.

      "Exchange Act," means the Securities Exchange Act of 1934, as amended, as
in effect at the date of execution of this Indenture.

      "Extended Interest Payment Period" shall have the meaning set forth in
Section 4.1.

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

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      "Generally Accepted Accounting Principles" means such accounting
principles as are generally accepted at the time of any computation required
hereunder.

      "Governmental Obligations" means securities that are (i) direct
obligations of the United States of America for the payment of which its full
faith and credit is pledged; or (ii) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of
America, the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America that, in either case, are not
callable or redeemable at the option of the issuer thereof, and shall also
include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act) as custodian with respect to any such Governmental
Obligation or a specific payment of principal of or interest on any such
Governmental Obligation held by such custodian for the account of the holder of
such depositary receipt; PROVIDED, HOWEVER, that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable
to the holder of such depositary receipt from any amount received by the
custodian in respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced by such
depositary receipt.

      "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.

      "Indenture" means this instrument as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental
hereto entered into in accordance with the terms hereof.

      "Interest Payment Date," when used with respect to any installment of
interest on the Debentures, means the date specified in the Debenture or in an
indenture supplemental hereto with respect to the Debentures as the fixed date
on which an installment of interest with respect to the Debentures is due and
payable.

      "Investment Company Act," means the Investment Company Act of 1940, as
amended, as in effect at the date of execution of this Indenture.

      "Investment Company Event" means the receipt by the Trust and the Company
of an Opinion of Counsel, rendered by a law firm having a recognized national
tax and securities law practice, to the effect that, as a result of the
occurrence of a change in law or regulation or a change in interpretation or
application of law or regulation by any legislative body, court, governmental
agency or regulatory authority (a "Change in 1940 Act Law"), the Trust is or
shall be considered an "investment company" that is required to be registered
under the Investment Company Act, which Change in 1940 Act Law becomes effective
on or after the date of original issuance of the Preferred Securities under the
Trust Agreement; PROVIDED, HOWEVER, that the Trust or the Company shall have
requested and received such an Opinion of Counsel with regard to such matters
within a reasonable period of time after the Trust or the Company shall have
become aware of the possible occurrence of any such event.

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      "Maturity Date" means the date on which the Debentures mature and on which
the principal shall be due and payable together with all accrued and unpaid
interest thereon, including Compounded Interest and Additional Interest, if any.

      "Ministerial Action" shall have the meaning set forth in Section 3.2.

      "Officers' Certificate" means a certificate signed by the President or an
Executive Vice President and by the Chief Financial Officer or the Treasurer or
an Assistant Treasurer or the Secretary or an Assistant Secretary of the Company
that is delivered to the Trustee in accordance with the terms hereof. Each such
certificate shall include the statements provided for in Section 15.7, if and to
the extent required by the provisions thereof.

      "Opinion of Counsel" means an opinion in writing of independent, outside
legal counsel for the Company that is delivered to the Trustee in accordance
with the terms hereof. Each such opinion shall include the statements provided
for in Section 15.7, if and to the extent required by the provisions thereof.

      "Outstanding," when used in reference to the Debentures, means, subject to
the provisions of Section 10.4, as of any particular time, all Debentures
theretofore authenticated and delivered by the Trustee under this Indenture,
except (a) Debentures theretofore canceled by the Trustee or any paying agent,
or delivered to the Trustee or any paying agent for cancellation or that have
previously been canceled; (b) Debentures or portions thereof for the payment or
redemption of which moneys or Governmental Obligations 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 Debentures or portions of such Debentures are to be
redeemed prior to the maturity thereof, notice of such redemption shall have
been given as in Article III PROVIDED, or provision satisfactory to the Trustee
shall have been made for giving such notice; and (c) Debentures in lieu of or in
substitution for which other Debentures shall have been authenticated and
delivered pursuant to the terms of Section 2.7; PROVIDED, HOWEVER, that in
determining whether the holders of the requisite percentage of Debentures have
given any request, notice, consent or waiver hereunder, Debentures held by the
Company or any Affiliate of the Company shall not be included; PROVIDED,
FURTHER, that the Trustee shall be protected in relying upon any request,
notice, consent or waiver unless a Responsible Officer of the Trustee shall have
actual knowledge that the holder of such Debenture is the Company or an
Affiliate thereof.

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

      "Predecessor Debenture" means every previous Debenture evidencing all or a
portion of the same debt as that evidenced by such particular Debenture; and,
for the purposes of this definition, any Debenture authenticated and delivered
under Section 2.9 in lieu of a lost, destroyed or stolen Debenture shall be
deemed to evidence the same debt as the lost, destroyed or stolen Debenture.

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      "Preferred Securities" means the 9.00% Cumulative Trust Preferred
Securities representing undivided beneficial interests in the assets of the
Trust which rank PARI PASSU with Common Securities issued by the Trust;
PROVIDED, HOWEVER, that upon the occurrence of an Event of Default, the rights
of holders of Common Securities to payment in respect of distributions and
payments upon liquidation, redemption and otherwise are subordinated to the
rights of holders of Preferred Securities.

      "Preferred Securities Guarantee" means any guarantee that the Company may
enter into with the Trustee or other Persons that operates directly or
indirectly for the benefit of holders of Preferred Securities.

      "Property Trustee" has the meaning set forth in the Trust Agreement.

      "Redemption Price" shall have the meaning set forth in Section 3.2.

      "Responsible Officer" when used with respect to the Trustee means any
officer within the Corporate Trust Office of the Trustee with direct
responsibility for the administration of this Indenture, including any vice
president, any assistant vice president, any assistant secretary or any other
officer or assistant officer of the Trustee who customarily performs functions
similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred
because of his or her knowledge of and familiarity with the particular subject.

      "Scheduled Maturity Date" means September 30, 2031

      "Securities Act," means the Securities Act of 1933, as amended, as in
effect at the date of execution of this instrument.

      "Senior Debt" means the principal of (and premium, if any) and
interest, if any (including interest accruing on or after the filing of any
petition in bankruptcy or for reorganization relating to the Company whether
or not such claim for post-petition interest is allowed in such proceeding),
on Debt, 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 in right of payment to the Debentures or to
other Debt which is PARI PASSU with, or subordinated to, the Debentures,
PROVIDED, HOWEVER, that Senior Debt shall not be deemed to include (i) any
Debt of the Company which when incurred and without respect to any election
under section 1111(b) of the United States Bankruptcy Code of 1978, as
amended, was without recourse to the Company; (ii) any Debt owed to any
employee of the Company; (iii) any Debt which by its terms is subordinated to
trade accounts payable or accrued liabilities arising in the ordinary course
of business to the extent that payments made to the holders of such Debt by
the holders of the Debentures as a result of the subordination provisions of
this Indenture would be greater than they otherwise would have been as a
result of any obligation of such holders to pay amounts over to the obligees
on such trade accounts payable or accrued liabilities arising in the ordinary
course of business as a result of

                                      -8-
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subordination provisions to which such Debt is subject; and (iv) any Debt which
constitutes Subordinated Debt.

      "Senior Indebtedness" shall have the meaning set forth in Section 16.1.

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

      "Subordinated Debt" means the principal of (and premium, if any) and
interest, if any (including interest accruing on or after the filing of any
petition in bankruptcy or for reorganization relating to the Company whether
or not such claim for post-petition interest is allowed in such proceeding),
on Debt, whether incurred on or prior to the date of this Indenture or
thereafter incurred, which is by its terms expressly provided to be junior
and subordinate to Senior Debt of the Company (other than the Debentures);
PROVIDED, HOWEVER, that Subordinated Debt will not be deemed to include (i)
any Debt of the Company which when incurred and without respect to any
election under section 1111(b) of the United States Bankruptcy Code of 1978,
as amended, was without recourse to the Company; (ii) any Debt owed to any
employee of the Company; (iii) any Debt which by its terms is subordinated to
trade accounts payable or accrued liabilities arising in the ordinary course
of business to the extent that payments made to the holders of such Debt by
the holders of the Subordinated Debentures as a result of the subordination
provisions of this Indenture would be greater than they otherwise would have
been as a result of any obligation of such holders to pay amounts over to the
obligees on such trade accounts payable or accrued liabilities arising in the
ordinary course of business as a result of subordination provisions to which
such Debt is subject; (iv) any Debt which constitutes Senior Debt; and (v)
any Debt of the Company under debt securities (and guarantees in respect of
these debt securities) initially issued to any trust, or a trustee of a
trust, partnership or other entity affiliated with the Company that is,
directly or indirectly, a financing vehicle of the Company in connection with
the issuance by that entity of preferred securities or other securities which
are intended to qualify for Tier 1 capital treatment.

      "Subsidiary" means, with respect to any Person, (i) any corporation at
least a majority of whose outstanding Voting Stock shall at the time be 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, limited liability company, joint venture, trust or similar entity,
at least a majority of whose outstanding partnership or similar interests shall
at the time be owned by such Person, or by one or more of its Subsidiaries, or
by such Person and one or more of its Subsidiaries; and (iii) any limited
partnership of which such Person or any of its Subsidiaries is a general
partner.

      "Tax Event" means the receipt by the Company and the Trust of an Opinion
of Counsel, rendered by a law firm having a recognized national tax and
securities practice, to the effect that, as a result of any amendment to, or
change (including any announced prospective change) in, the laws (or any
regulations thereunder) of the United States or any political subdivision or
taxing authority thereof or therein, or as a result of any official
administrative pronouncement or judicial decision interpreting or applying such
laws or regulations, which amendment or change

                                      -9-
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is effective or which pronouncement or decision is announced on or after the
date of issuance of the Preferred Securities under the Trust Agreement, there is
more than an insubstantial risk that (i) the Trust is, or shall be within 90
days after the date of such Opinion of Counsel, subject to United States federal
income tax with respect to income received or accrued on the Debentures; (ii)
interest payable by the Company on the Debentures is not, or within 90 days
after the date of such Opinion of Counsel, shall not be, deductible by the
Company, in whole or in part, for United States federal income tax purposes; or
(iii) the Trust is, or shall be within 90 days after the date of such Opinion of
Counsel, subject to more than a DE MINIMIS amount of other taxes, duties,
assessments or other governmental charges; PROVIDED, HOWEVER, that the Trust or
the Company shall have requested and received such an Opinion of Counsel with
regard to such matters within a reasonable period of time after the Trust or the
Company shall have become aware of the possible occurrence of any of the events
described in clauses (i) through (iii) above.

      "Trust" means Local Financial Capital Trust I, a Delaware statutory
business trust.

      "Trust Agreement" means the Amended and Restated Declaration of Trust,
dated as of September 20, 2001, of the Trust.

      "Trustee" means The Bank of New York and, subject to the provisions of
Article IX, shall also include its successors and assigns, and, if at any time
there is more than one Person acting in such capacity hereunder, "Trustee" shall
mean each such Person.

      "Trust Indenture Act," means the Trust Indenture Act of 1939, as amended,
subject to the provisions of Sections 11.1, 11.2, and 12.1, as in effect at the
date of execution of this instrument.

      "Trust Securities" means the Common Securities and Preferred Securities,
collectively.

      "Voting Stock," as applied to stock of any Person, 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.

                                   ARTICLE II

    ISSUE, DESCRIPTION, TERMS, CONDITIONS, REGISTRATION AND EXCHANGE OF THE
                                   DEBENTURES

2.1   DESIGNATION AND PRINCIPAL AMOUNT.

      There is hereby authorized Debentures designated the "9.00% Junior
Subordinated Debentures due 2031 limited in aggregate principal amount to
$36,082,475 which amount shall be as set forth in any written order of the
Company for the authentication and delivery of Debentures pursuant to Section
2.6.

                                      -10-
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2.2   MATURITY.

      (a)   The Maturity Date shall be either:

            (i)   the Scheduled Maturity Date; or

            (ii) if the Company elects to accelerate the Maturity Date to be a
      date prior to the Scheduled Maturity Date in accordance with Section
      2.2(c), the Accelerated Maturity Date.

      (b)   the Company may at any time before the day which is 90 days before
the Scheduled Maturity Date and after September 30, 2006 elect to shorten the
Maturity Date only once to the Accelerated Maturity Date, PROVIDED that the
Company has received the prior approval of the Federal Reserve if then required
under applicable capital guidelines, policies or regulations of the Federal
Reserve.

      (c)   if the Company elects to accelerate the Maturity Date in accordance
with Section 2.2(b), the Company shall give notice to the Trustee and the Trust
(unless the Trust is not the holder of the Debentures, in which case the Trustee
will give notice to the holders of the Debentures) of the acceleration of the
Maturity Date and the Accelerated Maturity Date at least 30 days and no more
than 180 days before the Accelerated Maturity Date; PROVIDED, HOWEVER that
nothing provided in this Section 2.2 shall limit the Company's rights, as
provided in Article III hereof, to redeem all or a portion of the Debentures at
such time or times on or after September 30, 2006, as the Company may so
determine, or at any time upon the occurrence of a Special Event.

2.3   FORM AND PAYMENT.

      The Debentures shall be issued in fully registered certificated form
without interest coupons. Principal and interest on the Debentures issued in
certificated form shall be payable, the transfer of such Debentures shall be
registrable and such Debentures shall be exchangeable for Debentures bearing
identical terms and provisions at the office or agency of the Trustee; PROVIDED,
HOWEVER, that payment of interest may be made at the option of the Company by
check mailed to the holder at such address as shall appear in the Debenture
Register or by wire transfer to an account maintained by the holder as specified
in the Debenture Register, PROVIDED that the holder provides proper transfer
instructions by the regular record date. Notwithstanding the foregoing, so long
as the holder of any Debentures is the Property Trustee, the payment of
principal of and interest (including Compounded Interest and Additional
Interest, if any) on such Debentures held by the Property Trustee shall be made
at such place and to such account as may be designated by the Property Trustee.

2.4   [INTENTIONALLY LEFT BLANK].

2.5   INTEREST.

      (a)   Each Debenture shall bear interest at the rate of 9.00% per annum
(the "Coupon Rate") from the original date of issuance until the principal
thereof becomes due and payable,

                                      -11-
<Page>

and on any overdue principal and (to the extent that payment of such interest is
enforceable under applicable law) on any overdue installment of interest at the
Coupon Rate, compounded quarterly, payable (subject to the provisions of Article
IV) quarterly in arrears on March 31, June 30, September 30 and December 31 of
each year (each, an "Interest Payment Date"), commencing on December 31, 2001 to
the Person in whose name such Debenture or any Predecessor Debenture is
registered, at the close of business on the regular record date for such
interest installment, which shall be the fifteenth day of the last month of the
calendar quarter.

      (b)   The amount of interest payable for any period shall be computed on
the basis of a 360-day year of twelve 30-day months. The amount of interest
payable for any period shorter than a full quarterly period for which interest
is computed, shall be computed on the basis of the number of days elapsed in a
360-day year of twelve 30-day months. In the event that any date on which
interest is payable on the Debentures is not a Business Day, then payment of
interest payable on such date shall be made on the next succeeding day which is
a Business Day (and without any interest or other payment in respect of any such
delay) except that, if such Business Day is in the next succeeding calendar
year, such payment shall be made on the immediately preceding Business Day (and
without any reduction of interest or any other payment in respect of any such
acceleration), in each case with the same force and effect as if made on the
date such payment was originally payable.

      (c)   If, at any time while the Property Trustee is the holder of any
Debentures, the Trust or the Property Trustee is required to pay any taxes,
duties, assessments or governmental charges of whatever nature (other than
withholding taxes) imposed by the United States, or any other taxing authority,
then, in any case, the Company shall pay as additional interest ("Additional
Interest") on the Debentures held by the Property Trustee, such additional
amounts as shall be required so that the net amounts received and retained by
the Trust and the Property Trustee after paying such taxes, duties, assessments
or other governmental charges shall be equal to the amounts the Trust and the
Property Trustee would have received had no such taxes, duties, assessments or
other government charges been imposed.

2.6   EXECUTION AND AUTHENTICATIONS.

      (a)   The Debentures shall be signed on behalf of the Company by its
President or one of its Vice Presidents or Chief Financial Officer or Treasurer,
attested by its Secretary or one of its Assistant Secretaries. Signatures may be
in the form of a manual or facsimile signature. The Company may use the
facsimile signature of any Person who shall have been a President or Vice
President thereof, or of any Person who shall have been a Secretary or Assistant
Secretary thereof, notwithstanding the fact that at the time the Debentures
shall be authenticated and delivered or disposed of such Person shall have
ceased to be the President or a Vice President, or the Secretary or an Assistant
Secretary, of the Company (and any such signature shall be binding on the
Company). The Debentures may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Debenture shall be dated the
date of its authentication by the Trustee.

      (b)   A Debenture shall not be valid until authenticated manually by an
authorized signatory of the Trustee, or by an Authenticating Agent. Such
signature shall be conclusive

                                      -12-
<Page>

evidence that the Debenture so authenticated has been duly authenticated and
delivered hereunder and that the holder is entitled to the benefits of this
Indenture.

      (c)   At any time and from time to time after the execution and delivery
of this Indenture, the Company may deliver Debentures executed by the Company to
the Trustee for authentication, together with a written order of the Company for
the authentication and delivery of such Debentures signed by its President or
any Vice President and its Chief Financial Officer or the Treasurer or any
Assistant Treasurer, and the Trustee in accordance with such written order shall
authenticate and deliver such Debentures.

      (d)   In authenticating such Debentures and accepting the additional
responsibilities under this Indenture in relation to such Debentures, the
Trustee shall be entitled to receive, and (subject to Section 9.1) shall be
fully protected in relying upon, an Opinion of Counsel stating that the form and
terms thereof have been established in conformity with the provisions of this
Indenture.

      (e)   The Trustee shall not be required to authenticate such Debentures if
the issue of such Debentures pursuant to this Indenture shall affect the
Trustee's own rights, duties or immunities under the Debentures and this
Indenture or otherwise in a manner that is not reasonably acceptable to the
Trustee.

2.7   REGISTRATION OF TRANSFER AND EXCHANGE.

      (a)   Debentures may be exchanged upon presentation thereof at the office
or agency of the Company designated for such purpose in the Borough of
Manhattan, The City of New York, or at the office of the Debenture Registrar,
for other Debentures and for a like aggregate principal amount in denominations
of integral multiples of $25, upon payment of a sum sufficient to cover any tax
or other governmental charge in relation thereto, all as provided in this
Section 2.7. In respect of any Debentures so surrendered for exchange, the
Company shall execute, the Trustee shall authenticate and such office or agency
shall deliver in exchange therefor the Debenture or Debentures that the
Debentureholder making the exchange shall be entitled to receive, bearing
numbers not contemporaneously outstanding.

      (b)   The Company shall keep, or cause to be kept, at its office or agency
designated for such purpose in the Borough of Manhattan, The City of New York,
or at the office of the Debenture Registrar or such other location designated by
the Company a register or registers (herein referred to as the "Debenture
Register") in which, subject to such reasonable regulations as the Debenture
Registrar (as defined below) may prescribe, the Company shall register the
Debentures and the transfers of Debentures as in this Article II PROVIDED and
which at all reasonable times shall be open for inspection by the Trustee. The
registrar for the purpose of registering Debentures and transfer of Debentures
as herein provided shall initially be the Trustee and thereafter as may be
appointed by the Company as authorized by Board Resolution (the "Debenture
Registrar"). Upon surrender for transfer of any Debenture at the office or
agency of the Company designated for such purpose, the Company shall execute,
the Trustee shall authenticate and such office or agency shall deliver in the
name of the transferee or transferees a new Debenture or Debentures for a like
aggregate principal amount. All

                                      -13-
<Page>

Debentures presented or surrendered for exchange or registration of transfer, as
provided in this Section 2.7, shall be accompanied (if so required by the
Company or the Debenture Registrar) by a written instrument or instruments of
transfer, in form satisfactory to the Company or the Debenture Registrar, duly
executed by the registered holder or by such holder's duly authorized attorney
in writing.

      (c)   No service charge shall be made for any exchange or registration of
transfer of Debentures, or issue of new Debentures in case of partial
redemption, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge in relation thereto, other than exchanges
pursuant to Section 2.8, Section 3.5(b) and Section 11.4 not involving any
transfer.

      (d)   The Company shall not be required (i) to issue, exchange or register
the transfer of any Debentures during a period beginning at the opening of
business 15 days before the day of the mailing of a notice of redemption of less
than all the Outstanding Debentures and ending at the close of business on the
day of such mailing; nor (ii) to register the transfer of or exchange any
Debentures or portions thereof called for redemption.

      (e)   Debentures may only be transferred, in whole or in part, in
accordance with the terms and conditions set forth in this Indenture. Any
transfer or purported transfer of any Debenture not made in accordance with this
Indenture shall be null and void.

2.8   TEMPORARY DEBENTURES.

      Pending the preparation of definitive Debentures, the Company may execute,
and the Trustee shall authenticate and deliver, temporary Debentures (printed,
lithographed, or typewritten). Such temporary Debentures shall be substantially
in the form of the definitive Debentures in lieu of which they are issued, but
with such omissions, insertions and variations as may be appropriate for
temporary Debentures, all as may be determined by the Company. Every temporary
Debenture shall be executed by the Company and be authenticated by the Trustee
upon the same conditions and in substantially the same manner, and with like
effect, as the definitive Debentures. Without unnecessary delay the Company
shall execute and shall furnish definitive Debentures and thereupon any or all
temporary Debentures may be surrendered in exchange therefor (without charge to
the holders), at the office or agency of the Company designated for the purpose
in the Borough of Manhattan, The City of New York, and the Trustee shall
authenticate and such office or agency shall deliver in exchange for such
temporary Debentures an equal aggregate principal amount of definitive
Debentures, unless the Company advises the Trustee to the effect that definitive
Debentures need not be executed and furnished until further notice from the
Company. Until so exchanged, the temporary Debentures shall be entitled to the
same benefits under this Indenture as definitive Debentures authenticated and
delivered hereunder.

2.9   MUTILATED, DESTROYED, LOST OR STOLEN DEBENTURES.

      (a)   In case any temporary or definitive Debenture shall become mutilated
or be destroyed, lost or stolen, the Company (subject to the next succeeding
sentence) shall execute,

                                      -14-
<Page>

and upon the Company's request the Trustee (subject as aforesaid) shall
authenticate and deliver, a new Debenture bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated Debenture, or in
lieu of and in substitution for the Debenture so destroyed, lost, stolen or
mutilated. In every case the applicant for a substituted Debenture 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 the applicant's
Debenture and of the ownership thereof. The Trustee may authenticate any such
substituted Debenture and deliver the same upon the written request or
authorization of the President or any Vice President and the Chief Financial
Officer or the Treasurer or any Assistant Treasurer of the Company. Upon the
issuance of any substituted Debenture, 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 (including the fees and expenses of
the Trustee) connected therewith. In case any Debenture that has matured or is
about to mature shall become mutilated or be destroyed, lost or stolen, the
Company may, instead of issuing a substitute Debenture, pay or authorize the
payment of the same (without surrender thereof except in the case of a mutilated
Debenture) if the applicant for such payment shall furnish to the Company and
the Trustee such security or indemnity as they may require to save them
harmless, and, in case of destruction, loss or theft, evidence to the
satisfaction of the Company and the Trustee of the destruction, loss or theft of
such Debenture and of the ownership thereof.

      (b)   Every replacement Debenture issued pursuant to the provisions of
this Section 2.9 shall constitute an additional contractual obligation of the
Company whether or not the mutilated, destroyed, lost or stolen Debenture shall
be found at any time, or be enforceable by anyone, and shall be entitled to all
the benefits of this Indenture equally and proportionately with any and all
other Debentures duly issued hereunder. All Debentures shall be held and owned
upon the express condition that the foregoing provisions are exclusive with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Debentures, and shall preclude (to the extent lawful) 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.

2.10  CANCELLATION.

      All Debentures surrendered for the purpose of payment, redemption,
exchange or registration of transfer shall, if surrendered to the Company or any
paying agent, be delivered to the Trustee for cancellation, or, if surrendered
to the Trustee, shall be canceled by it, and no Debentures shall be issued in
lieu thereof except as expressly required or permitted by any of the provisions
of this Indenture. On request of the Company at the time of such surrender, the
Trustee shall deliver to the Company canceled Debentures held by the Trustee. In
the absence of such request the Trustee may dispose of canceled Debentures in
accordance with its standard procedures and deliver a certificate of disposition
to the Company. If the Company shall otherwise acquire any of the Debentures,
however, such acquisition shall not operate as a redemption or satisfaction of
the indebtedness represented by such Debentures unless and until the same are
delivered to the Trustee for cancellation.

                                      -15-
<Page>

2.11  BENEFIT OF INDENTURE.

      Nothing in this Indenture or in the Debentures, express or implied, shall
give or be construed to give to any Person, other than the parties hereto and
the holders of the Debentures (and, with respect to the provisions of Article
XVI, the holders of Senior Indebtedness) any legal or equitable right, remedy or
claim under or in respect of this Indenture, or under any covenant, condition or
provision herein contained; all such covenants, conditions and provisions being
for the sole benefit of the parties hereto and of the holders of the Debentures
(and, with respect to the provisions of Article XVI, the holders of Senior
Indebtedness).

2.12  AUTHENTICATING AGENT.

      (a)   So long as any of the Debentures remain Outstanding there may be an
Authenticating Agent for any or all such Debentures, which Authenticating Agent
the Trustee shall have the right to appoint. Said Authenticating Agent shall be
authorized to act on behalf of the Trustee to authenticate Debentures issued
upon exchange, transfer or partial redemption thereof, and Debentures so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. All references in this Indenture to the authentication of Debentures
by the Trustee shall be deemed to include authentication by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and shall be
a corporation that has a combined capital and surplus, as most recently reported
or determined by it, sufficient under the laws of any jurisdiction under which
it is organized or in which it is doing business to conduct a trust business,
and that is otherwise authorized under such laws to conduct such business and is
subject to supervision or examination by federal or state authorities. If at any
time any Authenticating Agent shall cease to be eligible in accordance with
these provisions, it shall resign immediately.

      (b)   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 (and upon request by the Company shall) terminate the agency of any
Authenticating Agent by giving written notice of termination to such
Authenticating Agent and to the Company. Upon resignation, termination or
cessation of eligibility of any Authenticating Agent, the Trustee may appoint an
eligible successor Authenticating Agent acceptable to the Company. Any successor
Authenticating Agent, upon acceptance of its appointment hereunder, shall become
vested with all the rights, powers and duties of its predecessor hereunder as if
originally named as an Authenticating Agent pursuant hereto.

                                   ARTICLE III

                            REDEMPTION OF DEBENTURES

3.1   REDEMPTION.

      Subject to the Company having received prior approval of the Federal
Reserve, if then required under the applicable capital guidelines, policies or
regulations of the Federal Reserve,

                                      -16-
<Page>

the Company may redeem the Debentures issued hereunder on and after the dates
set forth in and in accordance with the terms of this Article III.

3.2   SPECIAL EVENT REDEMPTION.

      Subject to the Company having received the prior approval of the Federal
Reserve, if then required under the applicable capital guidelines, policies or
regulations of the Federal Reserve, if a Special Event has occurred and is
continuing, then, notwithstanding Section 3.3(a) but subject to Section 3.3(b),
the Company shall have the right upon not less than 30 days' nor more than 60
days' notice to the holders of the Debentures to redeem the Debentures, in whole
but not in part, for cash within 180 days following the occurrence of such
Special Event (the "180-Day Period") at a redemption price equal to 100% of the
principal amount to be redeemed plus any accrued and unpaid interest thereon to
the date of such redemption (the "Redemption Price"), PROVIDED that if at the
time there is available to the Company the opportunity to eliminate, within the
180-Day Period, a Tax Event by taking some ministerial action (a "Ministerial
Action"), such as filing a form or making an election, or pursuing some other
similar reasonable measure which has no adverse effect on the Company, the Trust
or the holders of the Trust Securities issued by the Trust, the Company shall
pursue such Ministerial Action in lieu of redemption, and, PROVIDED FURTHER,
that the Company shall have no right to redeem the Debentures pursuant to this
Section 3.2 while it is pursuing any Ministerial Action pursuant to its
obligations hereunder, and, PROVIDED FURTHER, that, if it is determined that the
taking of a Ministerial Action would not eliminate the Tax Event within the 180
Day Period, the Company's right to redeem the Debentures pursuant to this
Section 3.2 shall be restored and it shall have no further obligations to pursue
the Ministerial Action. The Redemption Price shall be paid prior to 12:00 noon,
New York time, on the date of such redemption or such earlier time as the
Company determines, PROVIDED that the Company shall deposit with the Trustee an
amount sufficient to pay the Redemption Price by 10:00 a.m., New York time, on
the date such Redemption Price is to be paid.

3.3   OPTIONAL REDEMPTION BY COMPANY.

      (a)   Subject to the provisions of Section 3.3(c), except as otherwise may
be specified in this Indenture, the Company shall have the right to redeem the
Debentures, in whole or in part, from time to time, on or after September 30,
2006, at a Redemption Price equal to 100% of the principal amount to be redeemed
plus any accrued and unpaid interest thereon to the date of such redemption. Any
redemption pursuant to this Section 3.3(a) shall be made upon not less than 30
days' nor more than 60 days' notice to the holder of the Debentures, at the
Redemption Price. If the Debentures are only partially redeemed pursuant to this
Section 3.3(a), the Debentures shall be redeemed pro rata or by lot or in such
other manner as the Trustee shall deem appropriate and fair in its discretion.
The Redemption Price shall be paid prior to 12:00 noon, New York time, on the
date of such redemption or at such earlier time as the Company determines
PROVIDED that the Company shall deposit with the Trustee an amount sufficient to
pay the Redemption Price by 10:00 a.m., New York time, on the date such
Redemption Price is to be paid.

                                      -17-
<Page>

      (b)   Subject to the provisions of Section 3.3(c), the Company shall have
the right to redeem Debentures at any time and from time to time in a principal
amount equal to the Liquidation Amount (as defined in the Trust Agreement) of
any Preferred Securities purchased and beneficially owned by the Company, plus
an additional principal amount of Debentures equal to the Liquidation Amount (as
defined in the Trust Agreement) of that number of Common Securities that bears
the same proportion to the total number of Common Securities then outstanding as
the number of Preferred Securities to be redeemed bears to the total number of
Preferred Securities then outstanding. Such Debentures shall be redeemed
pursuant to this Section 3.3(b) only in exchange for and upon surrender by the
Company to the Property Trustee of the Preferred Securities and a proportionate
amount of Common Securities, whereupon the Property Trustee shall cancel the
Preferred Securities and Common Securities so surrendered and a Like Amount (as
defined in the Trust Agreement) of Debentures shall be extinguished by the
Trustee and shall no longer be deemed Outstanding.

      (c)   If a partial redemption of the Debentures would result in the
delisting of the Preferred Securities issued by the Trust from The Nasdaq
National Market or any national securities exchange or other organization on
which the Preferred Securities are then listed or quoted, the Company shall not
be permitted to effect such partial redemption and may only redeem the
Debentures in whole or in part to such extent as would not cause a delisting.

3.4   NOTICE OF REDEMPTION.

      (a)   Except in the case of a redemption pursuant to Section 3.3(b), in
case the Company shall desire to exercise such right to redeem all or, as the
case may be, a portion of the Debentures in accordance with the right reserved
so to do, the Company shall, or shall cause the Trustee to upon receipt of 45
days' written notice from the Company (which notice shall, in the event of a
partial redemption, include a representation to the effect that such partial
redemption will not result in the delisting of the Preferred Securities as
described in Section 3.3(c) above), give notice of such redemption to holders of
the Debentures to be redeemed by mailing, first class postage prepaid, a notice
of such redemption not less than 30 days and not more than 60 days before the
date fixed for redemption to such holders at their last addresses as they shall
appear upon the Debenture Register unless a shorter period is specified in the
Debentures to be redeemed. Any notice that is mailed in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not
the registered holder receives the notice. In any case, failure duly to give
such notice to the holder of any Debenture designated for redemption in whole or
in part, or any defect in the notice, shall not affect the validity of the
proceedings for the redemption of any other Debentures. In the case of any
redemption of Debentures prior to the expiration of any restriction on such
redemption provided in the terms of such Debentures or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers' Certificate
evidencing compliance with any such restriction. Each such notice of redemption
shall specify the date fixed for redemption and the Redemption Price and shall
state that payment of the Redemption Price shall be made at the office or agency
of the Company in the Borough of Manhattan, The City of New York or at the
Corporate Trust Office, upon presentation and surrender of such Debentures, that
interest accrued to the date fixed for redemption shall be paid as specified in
said notice and that from and after said date interest shall cease to accrue. If
less than all the Debentures are to be redeemed, the notice to the holders of

                                      -18-
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the Debentures shall specify the particular Debentures to be redeemed. If the
Debentures are to be redeemed in part only, the notice shall state the portion
of the principal amount thereof to be redeemed and shall state that on and after
the redemption date, upon surrender of such Debenture, a new Debenture or
Debentures in principal amount equal to the unredeemed portion thereof shall be
issued.

      (b)   Except in the case of redemption pursuant to Section 3.3(b), if less
than all the Debentures are to be redeemed, the Company shall give the Trustee
at least 45 days' notice in advance of the date fixed for redemption as to the
aggregate principal amount of Debentures to be redeemed, and thereupon the
Trustee shall select, pro rata or by lot or in such other manner as it shall
deem appropriate and fair in its discretion, the portion or portions (equal to
$25 or any integral multiple thereof) of the Debentures to be redeemed and shall
thereafter promptly notify the Company in writing of the numbers of the
Debentures to be redeemed, in whole or in part. The Company may, if and whenever
it shall so elect pursuant to the terms hereof, by delivery of instructions
signed on its behalf by its Chairman, its President or any Vice President, its
Chief Financial Officer, or its Treasurer, instruct the Trustee or any paying
agent to call all or any part of the Debentures for redemption and to give
notice of redemption in the manner set forth in this Section 3.4, such notice to
be in the name of the Company or its own name as the Trustee or such paying
agent may deem advisable. In any case in which notice of redemption is to be
given by the Trustee or any such paying agent, the Company shall deliver or
cause to be delivered to, or permit to remain with, the Trustee or such paying
agent, as the case may be, such Debenture Register, transfer books or other
records, or suitable copies or extracts therefrom, sufficient to enable the
Trustee or such paying agent to give any notice by mail that may be required
under the provisions of this Section 3.4.

3.5   PAYMENT UPON REDEMPTION.

      (a)   If the giving of notice of redemption shall have been completed as
above provided, the Debentures or portions of Debentures to be redeemed
specified in such notice shall become due and payable on the date and at the
place stated in such notice at the applicable Redemption Price, and interest on
such Debentures or portions of Debentures shall cease to accrue on and after the
date fixed for redemption, unless the Company shall default in the payment of
such Redemption Price with respect to any such Debenture or portion thereof. On
presentation and surrender of such Debentures on or after the date fixed for
redemption at the place of payment specified in the notice, said Debentures
shall be paid and redeemed at the Redemption Price (but if the date fixed for
redemption is an Interest Payment Date, the interest installment payable on such
date shall be payable to the registered holder at the close of business on the
applicable record date pursuant to Section 3.3).

      (b)   Upon presentation of any Debenture that is to be redeemed in part
only, the Company shall execute and the Trustee shall authenticate and the
office or agency where the Debenture is presented shall deliver to the holder
thereof, at the expense of the Company, a new Debenture of authorized
denomination in principal amount equal to the unredeemed portion of the
Debenture so presented.

                                      -19-
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3.6   NO SINKING FUND.

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

                                   ARTICLE IV

                      EXTENSION OF INTEREST PAYMENT PERIOD

4.1   EXTENSION OF INTEREST PAYMENT PERIOD.

      The Company shall have the right, at any time and from time to time during
the term of the Debentures so long as no Event of Default has occurred and is
continuing, to defer payments of interest by extending the interest payment
period of such Debentures for a period not exceeding 20 consecutive quarters
(the "Extended Interest Payment Period"), during which Extended Interest Payment
Period no interest shall be due and payable; PROVIDED that no Extended Interest
Payment Period may extend beyond the Maturity Date or end on a date other than
an Interest Payment Date. To the extent permitted by applicable law, interest,
the payment of which has been deferred because of the extension of the interest
payment period pursuant to this Section 4.1, shall bear interest thereon at the
Coupon Rate compounded quarterly for each quarter of the Extended Interest
Payment Period ("Compounded Interest"). At the end of the Extended Interest
Payment Period, the Company shall calculate (and deliver such calculation to the
Trustee) and pay all interest accrued and unpaid on the Debentures, including
any Additional Interest and Compounded Interest (together, "Deferred Interest")
that shall be payable to the holders of the Debentures in whose names the
Debentures are registered in the Debenture Register on the first record date
after the end of the Extended Interest Payment Period. Before the termination of
any Extended Interest Payment Period, the Company may further extend such period
so long as no Event of Default has occurred and is continuing, provided that
such period together with all such further extensions thereof shall not exceed
20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or
end on a date other than an Interest Payment Date. Upon the termination of any
Extended Interest Payment Period and upon the payment of all Deferred Interest
then due, the Company may commence a new Extended Interest Payment Period,
subject to the foregoing requirements. No interest shall be due and payable
during an Extended Interest Payment Period, except at the end thereof, but the
Company may prepay at any time all or any portion of the interest accrued during
an Extended Interest Payment Period.

4.2   NOTICE OF EXTENSION.

      (a)   If the Property Trustee is the only registered holder of the
Debentures at the time the Company selects an Extended Interest Payment Period,
the Company shall give written notice to the Administrative Trustees, the
Property Trustee and the Trustee of its selection of such Extended Interest
Payment Period two Business Days before the earlier of (i) the next succeeding
date on which Distributions on the Trust Securities issued by the Trust are
payable; or (ii) the date the Trust is required to give notice of the record
date, or the date such Distributions are payable, to The Nasdaq National Market
or other applicable self-regulatory

                                      -20-
<Page>

organization or to holders of the Preferred Securities issued by the Trust, but
in any event at least one Business Day before such record date.

      (b)   If the Property Trustee is not the only holder of the Debentures at
the time the Company selects an Extended Interest Payment Period, the Company
shall give the holders of the Debentures and the Trustee written notice of its
selection of such Extended Interest Payment Period at least two Business Days
before the earlier of (i) the next succeeding Interest Payment Date; or (ii) the
date the Company is required to give notice of the record or payment date of
such interest payment to The Nasdaq National Market or other applicable
self-regulatory organization or to holders of the Debentures.

      (c)   The quarter in which any notice is given pursuant to paragraphs (a)
or (b) of this Section 4.2 shall be counted as one of the 20 quarters permitted
in the maximum Extended Interest Payment Period permitted under Section 4.1.

4.3   LIMITATION ON TRANSACTIONS.

      If (i) the Company shall exercise its right to defer payment of interest
as provided in Section 4.1, or (ii) there shall have occurred and be continuing
any event of default, then (a) the Company shall not declare or pay any dividend
on, make any distributions with respect to, or redeem, purchase, acquire or make
a liquidation payment with respect to, any of its capital stock (other than (a)
dividends or distributions in common stock of the company, or any declaration of
a non-cash dividend in connection with the implementation of a shareholder
rights plan, or the issuance of stock under any such plan in the future, or the
redemption or repurchase of any such rights pursuant thereto, (b) purchases of
common stock of the Company related to the rights under any of the Company's
benefit plans for its directors, officers or employees, or (c) as a result of a
reclassification of its capital stock for another class of its capital stock);
(b) the Company shall not make any payment of interest, principal or premium, if
any, or repay, repurchase or redeem any debt securities issued by the Company
which rank pari passu with or junior to the debentures or make any guarantee
payment with respect to any guarantee by the Company of the debt securities of
any subsidiary of the company if such guarantee ranks pari passu with or junior
to the debentures; provided, however, that notwithstanding the foregoing, the
Company may make payments pursuant to its obligations under the preferred
securities guarantee; and (c) the Company shall not redeem, purchase or acquire
less than all of the outstanding debentures or any of the preferred securities.

                                    ARTICLE V

                       PARTICULAR COVENANTS OF THE COMPANY

5.1   PAYMENT OF PRINCIPAL AND INTEREST.

      The Company shall duly and punctually pay or cause to be paid the
principal of and interest on the Debentures at the time and place and in the
manner provided herein. Each such

                                      -21-
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payment of the principal of and interest on the Debentures shall relate only to
the Debentures, shall not be combined with any other payment of the principal of
or interest on any other obligation of the Company, and shall be clearly and
unmistakably identified as pertaining to the Debentures.

5.2   MAINTENANCE OF AGENCY.

      So long as any of the Debentures remain Outstanding, the Company shall
maintain, or shall cause to be maintained, an office or agency in the Borough of
Manhattan, The City of New York, and at such other location or locations as may
be designated as provided in this Section 5.2, where (i) Debentures may be
presented for payment; (ii) Debentures may be presented as hereinabove
authorized for registration of transfer and exchange; and (iii) notices and
demands to or upon the Company in respect of the Debentures and this Indenture
may be given or served, such designation to continue with respect to such office
or agency until the Company shall, by written notice signed by its President or
an Executive Vice President and delivered to the Trustee, designate some other
office or agency for such purposes or any of them. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, notices and
demands may be made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all such
presentations, notices and demands. In addition to any such office or agency,
the Company may from time to time designate one or more offices or agencies
outside of the Borough of Manhattan, The City of New York, where the Debentures
may be presented for registration or transfer and for exchange in the manner
provided herein, and the Company may from time to time rescind such designation
as the Company may deem desirable or expedient; PROVIDED, HOWEVER, that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain any such office or agency in the Borough of Manhattan,
The City of New York, for the purposes above mentioned. The Company shall give
the Trustee prompt written notice of any such designation or rescission thereof.

5.3   PAYING AGENTS.

      (a)   The Company shall be the initial paying agent. If the Company shall
appoint one or more paying agents for the Debentures, other than the Trustee,
the Company shall cause each such paying agent to execute and deliver to the
Trustee an instrument in which such agent shall agree with the Trustee, subject
to the provisions of this Section 5.3:

            (i) that it shall hold all sums held by it as such agent for the
      payment of the principal of or interest on the Debentures (whether such
      sums have been paid to it by the Company or by any other obligor of such
      Debentures) in trust for the benefit of the Persons entitled thereto;

            (ii) that it shall give the Trustee notice of any failure by the
      Company (or by any other obligor of such Debentures) to make any payment
      of the principal of or interest on the Debentures when the same shall be
      due and payable;

                                      -22-
<Page>

            (iii) that it shall, at any time during the continuance of any
      failure referred to in the preceding paragraph (a)(ii) above, upon the
      written request of the Trustee, forthwith pay to the Trustee all sums so
      held in trust by such paying agent; and

            (iv) that it shall perform all other duties of paying agent as set
      forth in this Indenture.

      (b)   If the Company shall act as its own paying agent with respect to the
Debentures, it shall on or before each due date of the principal of or interest
on such Debentures, set aside, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay such principal or interest
so becoming due on Debentures until such sums shall be paid to such Persons or
otherwise disposed of as herein provided and shall promptly notify the Trustee
of such action, or any failure (by it or any other obligor on such Debentures)
to take such action. Whenever the Company shall have one or more paying agents
for the Debentures, it shall, prior to each due date of the principal of or
interest on any Debentures, deposit with the paying agent a sum sufficient to
pay the principal or interest so becoming due, such sum to be held in trust for
the benefit of the Persons entitled to such principal or interest, and (unless
such paying agent is the Trustee) the Company shall promptly notify the Trustee
of this action or failure so to act.

      (c)   Notwithstanding anything in this Section 5.3 to the contrary, (i)
the agreement to hold sums in trust as provided in this Section 5.3 is subject
to the provisions of Section 13.3 and 13.4; and (ii) the Company may at any
time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or direct any paying agent to pay, to
the Trustee all sums held in trust by the Company or such paying agent, such
sums to be held by the Trustee upon the same terms and conditions as those upon
which such sums were held by the Company or such paying agent; and, upon such
payment by any paying agent to the Trustee, such paying agent shall be released
from all further liability with respect to such money.

5.4   APPOINTMENT TO FILL VACANCY IN OFFICE OF TRUSTEE.

      The Company, whenever necessary to avoid or fill a vacancy in the office
of Trustee, shall appoint, in the manner provided in Section 9.11, a Trustee, so
that there shall at all times be a Trustee hereunder.

5.5   COMPLIANCE WITH CONSOLIDATION PROVISIONS.

      The Company shall not, while any of the Debentures 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 company unless the provisions of
Article XII hereof are complied with.

5.6   LIMITATION ON TRANSACTIONS.

      If Debentures are issued to the Trust or a Trustee of the Trust in
connection with the issuance of Trust Securities by the Trust and (i) there
shall have occurred any event that would constitute an Event of Default; (ii)
the Company shall be in default with respect to any of its obligations under the
Preferred Securities Guarantee relating to the Trust; or (iii) the Company shall
have given notice of its election to defer payments of interest on such
Debentures by

                                      -23-
<Page>

extending the interest payment period as provided in this Indenture and such
period, or any extension thereof, shall be continuing, then (a) the Company
shall not declare or pay any dividend on, make any distributions with respect
to, or redeem, purchase, acquire or make a liquidation payment with respect to,
any of its capital stock (other than (A) dividends or distributions in common
stock of the Company, or any declaration of a non-cash dividend in connection
with the implementation of a shareholder rights plan, or the issuance of stock
under any such plan in the future, or the redemption or repurchase of any such
rights pursuant thereto, (B) purchases of common stock of the Company related to
the rights under any of the Company's benefit plans for its directors, officers
or employees, or (C) as a result of a reclassification of its capital stock
into another class of its capital stock); and (b) the Company shall not make
any payment of interest, principal or premium, if any, or repay, repurchase
or redeem any debt securities issued by the Company which rank PARI PASSU
with or junior to the Debentures or make any guarantee payments with respect
to any guarantee by the Company of the debt securities of any subsidiary of
the Company if such guarantee ranks PARI PASSU with or junior in interest to
the Debentures; PROVIDED, HOWEVER, that notwithstanding the foregoing the
Company may make payments pursuant to its obligations under the Preferred
Securities Guarantee; and (c) the Company shall not redeem, purchase or
acquire less than all of the outstanding Debentures or any of the Preferred
Securities.

5.7   COVENANTS AS TO THE TRUST.

      For so long as such Trust Securities of the Trust remain outstanding, the
Company shall (i) maintain 100% direct or indirect ownership of the Common
Securities of the Trust; PROVIDED, HOWEVER, that any permitted successor of the
Company under this Indenture may succeed to the Company's ownership of the
Common Securities; (ii) not voluntarily terminate, wind up or liquidate the
Trust, except upon prior approval of the Federal Reserve if then so required
under applicable capital guidelines, policies or regulations of the Federal
Reserve and use its reasonable efforts to cause the Trust (a) to remain a
business trust (and to avoid involuntary termination, winding up or
liquidation), except in connection with a distribution of Debentures, the
redemption of all of the Trust Securities of the Trust or certain mergers,
consolidations or amalgamations, each as permitted by the Trust Agreement; and
(b) to otherwise continue not to be treated as an association taxable as a
corporation or partnership for United States federal income tax purposes; (iii)
use its reasonable efforts to cause each holder of Trust Securities to be
treated as owning an individual beneficial interest in the Debentures; and (iv)
the Company, and any successor to the Company, shall use best efforts to
maintain the eligibility of the Preferred Securities for quotation or listing on
any national securities exchange or other organization on which the Preferred
Securities are then quoted or listed (including, if applicable, The Nasdaq
National Market) and shall use best efforts to keep the Preferred Securities so
quoted or listed for so long as the Preferred Securities remain outstanding. In
connection with the distribution of the Debentures to the holders of the
Preferred Securities issued by the Trust upon a Dissolution Event, the Company
shall use its best efforts to list such Debentures on The Nasdaq National Market
or on such other exchange as the Preferred Securities are then listed.

5.8   COVENANTS AS TO PURCHASES.

      Except upon the exercise by the Company of its right to redeem the
Debentures pursuant to Section 3.2 upon the occurrence and continuation of a
Special Event or pursuant to

                                      -24-
<Page>

Section 3.3(b), prior to September 30, 2006, the Company shall not purchase any
Debentures, in whole or in part, from the Trust.

5.9   WAIVER OF USURY, STAY OR EXTENSION LAWS.

      The Company shall not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any usury, stay or
extension law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performances of this Indenture, and the Company (to
the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law had been
enacted.

5.10  LIMITATION ON ADDITIONAL JUNIOR INDEBTEDNESS.

      The Company shall not, and it shall not cause or permit any Affiliate of
the Company to, incur, issue or be obligated on any Additional Junior
Indebtedness, either directly or indirectly, by way of guarantee, suretyship or
otherwise, other than:

      (a)   Additional Junior Indebtedness that, by its terms, is expressly
stated to be junior and subordinate in all respects to the Debentures; or

      (b)   Additional Junior Indebtedness that, by its terms, is expressly
stated to be PARI PASSU and rank equally in all respects with the Debentures;
PROVIDED, HOWEVER, that neither the Company nor any of its Affiliates shall
incur, issue or otherwise become obligated on any Additional Junior Indebtedness
pursuant to this Section 5.10(b) unless the quotient of "X" divided by "Y" is
less than 0.60, where "X" and "Y" are calculated as described in Section 5.10(c)
and 5.10(d), respectively.

      (c)   As used in Section 5.10(b), "X" means the sum of the following:

            (i) the aggregate liquidation amount or principal amount, as the
      case may be, of the Debentures Outstanding at the time of the proposed
      issuance of such Additional Junior Indebtedness pursuant to Section
      5.10(b), plus

            (ii) the aggregate liquidation amount or principal amount, as the
      case may be, of any Additional Junior Indebtedness previously issued and
      outstanding at the time of the proposed issuance of such Additional Junior
      Indebtedness pursuant to Section 5.10(b), excluding any such Additional
      Junior Indebtedness that, by its terms, is expressly stated to be junior
      and subordinate in all respects to the Debentures, plus

            (iii) the aggregate liquidation amount or principal amount, as the
      case may be, of the Additional Junior Indebtedness proposed to be issued
      or otherwise incurred pursuant to Section 5.10(b), plus

            (iv) the principal amount of any Senior Indebtedness of the Company
      outstanding at the time of the proposed issuance of such Additional Junior
      Indebtedness

                                      -25-
<Page>

      pursuant to Section 5.10(b) and that has a maturity or is otherwise due
      and payable by the Company on a date twelve (12) months or more after the
      time of the proposed issuance of such Additional Junior Indebtedness
      pursuant to Section 5.10(b).

      (d)   As used in Section 5.10(b), "Y" means the sum of the following:

            (i) the sum of (y) the "common stockholders' equity" of the Company,
      plus (z) the "perpetual preferred stock" of the Company, each calculated
      on a consolidated basis and in accordance with Appendix A to Part 225
      (Capital adequacy guidelines for bank-holding companies; risk-based
      measure) of Federal Reserve Regulation Y (12 CFR 225, as amended, as in
      effect at the date of execution of this Indenture), without regard to
      limitations therein with respect to the inclusion of perpetual preferred
      stock (whether cumulative or noncumulative) in Tier 1 capital, determined
      as of the last day of the month immediately preceding the month during
      which the proposed issuance of the Additional Junior Indebtedness pursuant
      to Section 5.10(b) is scheduled to occur (PROVIDED, HOWEVER, that in no
      event shall any portion of the Debentures, the Additional Junior
      Indebtedness or the Senior Indebtedness described in Section 5.10(c) also
      be included in "Y" under this Section 5.10(d)), plus

            (ii) any other preferred stock of the Company that does not
      otherwise qualify as "perpetual preferred stock" and is not included in
      clause (d)(i) above, plus

            (iii) the aggregate liquidation amount or principal amount, as the
      case may be, of any Additional Junior Indebtedness, which by its terms is
      expressly stated to be junior and subordinate in all respects to the
      Debentures and which was previously issued and outstanding at the time of
      the proposed issuance of such Additional Junior Indebtedness pursuant to
      Section 5.10(b).

      (e)   Notwithstanding the foregoing, the limitations of this Section 5.10
shall not in any way preclude the Company from merging with or into, or from
acquiring or being acquired by, another Person (including by way of merger,
stock purchase or acquisition of assets) that is not an Affiliate of the Company
in an arm's length transaction entered into in good faith, even though the pro
forma consolidated balance sheet of the surviving Person immediately following
the consummation of such merger, or of the acquiror immediately following the
completion of such acquisition transaction, may include Additional Junior
Indebtedness in amounts in excess of amounts that would otherwise be permitted
by this Section 5.10; PROVIDED, HOWEVER, that thereafter the limitations on
future incurrences of Additional Junior Indebtedness in this Section 5.10 shall
continue to apply to the Company (in the event that it is the surviving
corporation in such merger transaction or the acquiror in such acquisition
transaction) and shall apply to the other Person (in the event that it is the
surviving corporation in such merger transaction or the acquiror in such
acquisition transaction) whether or not such other Person is expressly made a
party hereto.

                                      -26-
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                                   ARTICLE VI

       DEBENTUREHOLDERS' LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

6.1   COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF DEBENTUREHOLDERS.

      The Company shall furnish or cause to be furnished to the Trustee (a) on a
quarterly basis on each regular record date (as described in Section 2.5) a
list, in such form as the Trustee may reasonably require, of the names and
addresses of the holders of the Debentures as of such regular record date,
provided that the Company shall not be obligated to furnish or cause to furnish
such list at any time that the list shall not differ in any respect from the
most recent list furnished to the Trustee by the Company (in the event the
Company fails to provide such list on a quarterly basis, the Trustee shall be
entitled to rely on the most recent list provided by the Company); 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;
PROVIDED, HOWEVER, that, in either case, no such list need be furnished if the
Trustee shall be the Debenture Registrar.

6.2   PRESERVATION OF INFORMATION COMMUNICATIONS WITH DEBENTUREHOLDERS.

      (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
Debentures contained in the most recent list furnished to it as provided in
Section 6.1 and as to the names and addresses of holders of Debentures received
by the Trustee in its capacity as registrar for the Debentures (if acting in
such capacity).

      (b) The Trustee may destroy any list furnished to it as provided in
Section 6.1 upon receipt of a new list so furnished.

      (c) Debentureholders may communicate as provided in Section 312(b) of the
Trust Indenture Act with other Debentureholders with respect to their rights
under this Indenture or under the Debentures.

6.3   REPORTS BY THE COMPANY.

      (a) The Company covenants and agrees to file with the Trustee, within 15
days after the Company is required to file the same with the Commission, copies
of the annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may from time
to time by rules and regulations prescribe) that the Company may be required to
file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange
Act; or, if the Company is not required to file information, documents or
reports pursuant to either of such sections, then to file with the Trustee and
the Commission, in

                                      -27-
<Page>

accordance with the rules and regulations prescribed from time to time by the
Commission, such of the supplementary and periodic information, documents and
reports that may be required pursuant to Section 13 of the Exchange Act in
respect of a security listed and registered on a national securities exchange as
may be prescribed from time to time in such rules and regulations.

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

      (c) The Company covenants and agrees to transmit by mail, first class
postage prepaid, or reputable overnight delivery service that provides for
evidence of receipt, to the Debentureholders, as their names and addresses
appear upon the Debenture Register, within 30 days after the filing thereof with
the Trustee, such summaries of any information, documents and reports required
to be filed by the Company pursuant to subsections (a) and (b) of this Section
6.3 as may be required by rules and regulations prescribed from time to time by
the Commission.

6.4   REPORTS BY THE TRUSTEE.

      (a) On or before July 31 in each year in which any of the Debentures are
Outstanding, the Trustee shall transmit by mail, first class postage prepaid, to
the Debentureholders, as their names and addresses appear upon the Debenture
Register, a brief report dated as of the preceding June 30, if and to the extent
required under Section 313(a) of the Trust Indenture Act.

      (b) The Trustee shall comply with Section 313(b) and 313(c) of the Trust
Indenture Act.

      (c) A copy of each such report shall, at the time of such transmission to
Debentureholders, be filed by the Trustee with the Company, with each stock
exchange upon which any Debentures are listed (if so listed) and also with the
Commission. The Company agrees to notify the Trustee when any Debentures become
listed on any stock exchange.

                                   ARTICLE VII

        REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS ON EVENT OF DEFAULT

7.1   EVENTS OF DEFAULT.

      (a) Whenever used herein with respect to the Debentures, "Event of
Default" means any one or more of the following events that has occurred and is
continuing:

            (i) the Company defaults in the payment of any installment of
      interest upon any of the Debentures, as and when the same shall become due
      and payable, and

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      continuance of such default for a period of 30 days; PROVIDED, HOWEVER,
      that a valid extension of an interest payment period by the Company in
      accordance with the terms of this Indenture shall not constitute a default
      in the payment of interest for this purpose;

            (ii) the Company defaults in the payment of the principal on the
      Debentures as and when the same shall become due and payable whether at
      maturity, upon redemption, by declaration or otherwise;

            (iii) the Company fails to observe or perform any other of its
      covenants or agreements with respect to the Debentures for a period of 90
      days after the date on which written notice of such failure, requiring the
      same to be remedied and stating that such notice is a "Notice of Default"
      hereunder, shall have been given to the Company by the Trustee, by
      registered or certified mail, or to the Company and the Trustee by the
      holders of at least 25% in principal amount of the Debentures at the time
      Outstanding;

            (iv) the Company pursuant to or within the meaning of any Bankruptcy
      Law (i) commences a voluntary case; (ii) consents to the entry of an order
      for relief against it in an involuntary case; (iii) consents to the
      appointment of a Custodian of it or for all or substantially all of its
      property; or (iv) makes a general assignment for the benefit of its
      creditors;

            (v) a court of competent jurisdiction enters an order under any
      Bankruptcy Law that (i) is for relief against the Company in an
      involuntary case; (ii) appoints a Custodian of the Company for all or
      substantially all of its property; or (iii) orders the liquidation of the
      Company, and the order or decree remains unstayed and in effect for 90
      days; or

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

      (b) In each and every such case referred to in paragraph (i) through (vi)
of this Section 7.1(a), unless the principal of all the Debentures shall have
already become due and payable, either the Trustee or the holders of not less
than 25% in aggregate principal amount of the Debentures then Outstanding
hereunder, by notice in writing to the Company (and to the Trustee if given by
such Debentureholders) may declare the principal of all the Debentures to be due
and payable immediately, and upon any such declaration the same shall become and
shall be immediately due and payable, notwithstanding anything contained in this
Indenture or in the Debentures.

      (c) At any time after the principal of the Debentures 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
holders of a majority in aggregate principal

                                      -29-
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amount of the Debentures then Outstanding hereunder, by written notice to the
Company and the Trustee, may rescind and annul such declaration and its
consequences if: (i) the Company has paid or deposited with the Trustee a sum
sufficient to pay all matured installments of interest upon all the Debentures
and the principal of any and all Debentures that shall have become due otherwise
than by acceleration (with interest upon such principal, and, to the extent that
such payment is enforceable under applicable law, upon overdue installments of
interest, at the rate per annum expressed in the Debentures to the date of such
payment or deposit) and the amount payable to the Trustee under Section 9.7; and
(ii) any and all Events of Default under this Indenture, other than the
nonpayment of principal on Debentures that shall not have become due by their
terms, shall have been remedied or waived as provided in Section 7.6. No such
rescission and annulment shall extend to or shall affect any subsequent default
or impair any right consequent thereon.

      (d) In case the Trustee shall have proceeded to enforce any right with
respect to Debentures 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 and the Trustee shall be restored respectively to
their former positions and rights hereunder, and all rights, remedies and powers
of the Company and the Trustee shall continue as though no such proceedings had
been taken.

7.2   COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

      (a) The Company covenants that (1) in case it shall default in the payment
of any installment of interest on any of the Debentures, and such default shall
have continued for a period of 30 days; or (2) in case it shall default in the
payment of the principal of any of the Debentures when the same shall have
become due and payable, whether upon maturity of the Debentures or upon
redemption or upon declaration or otherwise, then, upon demand of the Trustee,
the Company shall pay to the Trustee, for the benefit of the holders of the
Debentures, the whole amount that then shall have become due and payable on all
such Debentures for principal or interest, or both, as the case may be, with
interest upon the overdue principal and (to the extent that payment of such
interest is enforceable under applicable law and, if the Debentures are held by
the Trust or a trustee of the Trust, without duplication of any other amounts
paid by the Trust or trustee in respect thereof) upon overdue installments of
interest at the rate per annum expressed in the Debentures; and, in addition
thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, and the amount payable to the Trustee under Section 9.7.

      (b) If the Company shall fail to pay such amounts set forth in Section
7.2(a) forthwith upon such demand, the Trustee, in its own name and as trustee
of an express trust, shall be entitled and empowered to institute any action 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
other obligor upon the Debentures and collect the moneys adjudged or decreed to
be payable in the manner provided by law out of the property of the Company or
other obligor upon the Debentures, wherever situated.

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      (c) In case of any receivership, insolvency, liquidation, bankruptcy,
reorganization, readjustment, arrangement, composition or judicial proceedings
affecting the Company, the Trust, or the creditors or property of either, the
Trustee shall have power to intervene in such proceedings and take any action
therein that may be permitted by the court and shall (except as may be otherwise
provided by law) be entitled to file such proofs of claim and other papers and
documents as may be necessary or advisable in order to have the claims of the
Trustee and of the holders of the Debentures allowed for the entire amount due
and payable by the Company under this Indenture at the date of institution of
such proceedings and for any additional amount that may become due and payable
by the Company after such date, and to collect and receive any moneys or other
property payable or deliverable on any such claim, and to distribute the same
after the deduction of the amount payable to the Trustee under Section 9.7; and
any receiver, assignee or trustee in bankruptcy or reorganization is hereby
authorized by each of the holders of the Debentures to make such payments to the
Trustee, and, in the event that the Trustee shall consent to the making of such
payments directly to such Debentureholders, to pay to the Trustee any amount due
it under Section 9.7.

      (d) All rights of action and of asserting claims under this Indenture, or
under any of the terms established with respect to the Debentures, may be
enforced by the Trustee without the possession of any of such Debentures, 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, after
provision for payment to the Trustee of any amounts due under Section 9.7, be
for the ratable benefit of the holders of the Debentures. 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 at law or in equity or 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. Nothing contained herein shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any
Debentureholder any plan of reorganization, arrangement, adjustment or
composition affecting the Debentures or the rights of any holder thereof or to
authorize the Trustee to vote in respect of the claim of any Debentureholder in
any such proceeding.

7.3   APPLICATION OF MONEYS COLLECTED.

      Any moneys or other assets collected by the Trustee pursuant to this
Article VII with respect to the Debentures shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the
distribution of such moneys or other assets on account of principal or interest,
upon presentation of the Debentures, and notation thereon the payment, if only
partially paid, and upon surrender thereof if fully paid:

      FIRST: To the payment of costs and expenses of collection and of all
      amounts payable to the Trustee under Section 9.7;

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<Page>

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

      THIRD: To the payment of the amounts then due and unpaid upon the
      Debentures for principal and interest, in respect of which or for the
      benefit of which such money has been collected, ratably, without
      preference or priority of any kind, according to the amounts due and
      payable on such Debentures for principal and interest, respectively.

7.4   LIMITATION ON SUITS.

      (a) Except as set forth in this Indenture, no holder of any Debenture
shall have any right by virtue or by availing of any provision of this Indenture
to institute any suit, action or proceeding in equity or at law upon or under or
with respect to this Indenture or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless (i) such holder previously shall have
given to the Trustee written notice of an Event of Default and of the
continuance thereof with respect to the Debentures specifying such Event of
Default, as hereinbefore provided; (ii) the holders of not less than 25% in
aggregate principal amount of the Debentures then Outstanding shall have made
written request upon the Trustee to institute such action, suit or proceeding in
its own name as trustee hereunder; (iii) such holder or holders shall have
offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby; (iv) 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;
and (v) during such 60 day period, the holders of a majority in principal amount
of the Debentures do not give the Trustee a direction inconsistent with the
request.

      (b) Notwithstanding anything contained herein to the contrary or any other
provisions of this Indenture, the right of any holder of the Debentures to
receive payment of the principal of and interest on the Debentures, as therein
provided, on or after the respective due dates expressed in such Debenture (or
in the case of redemption, on the redemption date), or to institute suit for the
enforcement of any such payment on or after such respective dates or redemption
date, shall not be impaired or affected without the consent of such holder and
by accepting a Debenture hereunder it is expressly understood, intended and
covenanted by the taker and holder of every Debenture with every other such
taker and holder and the Trustee, that no one or more holders of Debentures
shall have any right in any manner whatsoever by virtue or by availing of any
provision of this Indenture to affect, disturb or prejudice the rights of the
holders of any other of such Debentures, 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 Debentures. For the protection and enforcement
of the provisions of this Section 7.4, each and every Debentureholder and the
Trustee shall be entitled to such relief as can be given either at law or in
equity.

7.5   RIGHTS AND REMEDIES CUMULATIVE; DELAY OR OMISSION NOT WAIVER.

      (a) Except as otherwise provided in Section 2.9(b), all powers and
remedies given by this Article VII to the Trustee or to the Debentureholders
shall, to the extent permitted by law, be

                                      -32-
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deemed cumulative and not exclusive of any other powers and remedies available
to the Trustee or the holders of the Debentures, 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
such Debentures.

      (b) No delay or omission of the Trustee or of any holder of any of the
Debentures 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 on acquiescence
therein; and, subject to the provisions of Section 7.4, every power and remedy
given by this Article VII or by law to the Trustee or the Debentureholders may
be exercised from time to time, and as often as shall be deemed expedient, by
the Trustee or by the Debentureholders.

7.6   CONTROL BY DEBENTUREHOLDERS.

      The holders of a majority in aggregate principal amount of the Debentures
at the time Outstanding, determined in accordance with Section 10.4, shall have
the right to direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power conferred
on the Trustee; PROVIDED, HOWEVER, that such direction shall not be in conflict
with any rule of law or with this Indenture. Subject to the provisions of
Section 9.1, the Trustee shall have the right to decline to follow any such
direction if the Trustee in good faith shall, by a Responsible Officer or
Officers of the Trustee, determine that the proceeding so directed would involve
the Trustee in personal liability. The holders of a majority in aggregate
principal amount of the Debentures at the time Outstanding affected thereby,
determined in accordance with Section 10.4, may on behalf of the holders of all
of the Debentures waive any past default in the performance of any of the
covenants contained herein and its consequences, except (i) a default in the
payment of the principal of, or interest on, any of the Debentures as and when
the same shall become due by the terms of such Debentures otherwise than by
acceleration (unless such default has been cured and a sum sufficient to pay all
matured installments of interest and principal has been deposited with the
Trustee (in accordance with Section 7.1(c)); (ii) a default in the covenants
contained in Section 5.7; or (iii) in respect of a covenant or provision hereof
which cannot be modified or amended without the consent of the holder of each
Outstanding Debenture affected; PROVIDED, HOWEVER, that if the Debentures are
held by the Trust or a trustee of the Trust, such waiver or modification to such
waiver shall not be effective until the holders of a majority in liquidation
preference 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 Debenture 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 Debentures shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to
any subsequent or other default or impair any right consequent thereon.

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7.7   UNDERTAKING TO PAY COSTS.

      All parties to this Indenture agree, and each holder of any Debentures by
such holder's 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,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 7.7 shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Debentureholder, or group of
Debentureholders holding more than 10% in aggregate principal amount of the
Outstanding Debentures, or to any suit instituted by any Debentureholder for the
enforcement of the payment of the principal of or interest on the Debentures, on
or after the respective due dates expressed in such Debenture or established
pursuant to this Indenture.

7.8   DIRECT ACTION; RIGHT OF SET-OFF

      In the event that an Event of Default has occurred and is continuing and
such event is attributable to the failure of the Company to pay interest on or
principal of the Debentures on an Interest Payment Date or Maturity Date, as
applicable, then a holder of Preferred Securities may institute a legal
proceeding directly against the Company for enforcement of payment to such
holder of the principal of or interest on such Debentures having a principal
amount equal to the aggregate Liquidation Amount of the Preferred Securities of
such holders (a "Direct Action"). In connection with such Direct Action, the
Company will have a right of set-off under this Indenture to the extent of any
payment actually made by the Company to such holder of the Preferred Securities
with respect to such Direct Action.

                                  ARTICLE VIII

                      FORM OF DEBENTURE AND ORIGINAL ISSUE

8.1   FORM OF DEBENTURE.

      The Debenture and the Trustee's Certificate of Authentication to be
endorsed thereon are to be substantially in the forms contained as Exhibit A to
this Indenture, attached hereto and incorporated herein by reference.

8.2   ORIGINAL ISSUE OF DEBENTURES.

      Debentures in the aggregate principal amount of $36,082,475 may, upon
execution of this Indenture, be executed by the Company and delivered to the
Trustee for authentication. If the Underwriters exercise their Option and
there is an Option Closing Date (as such terms are defined in the
Underwriting Agreement, dated September 10, 2001, by and among the Company, the
Trust, Stifel, Nicolaus & Company, Incorporated, Legg Mason Wood Walker,
Incorporated and Friedman, Billings, Ramsey & Co., Inc. as Representatives of
the several Underwriters named therein) then, on such Option Closing

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Date, Debentures in the additional aggregate principal amount of up to
$5,412,375 may be executed by the Company and delivered to the Trustee for
authentication. The Trustee shall thereupon authenticate and deliver said
Debentures to or upon the written order of the Company, signed by its President,
or any Vice President and its Chief Financial Officer or the Treasurer or an
Assistant Treasurer, without any further action by the Company.

                                   ARTICLE IX

                             CONCERNING THE TRUSTEE

9.1   CERTAIN DUTIES AND RESPONSIBILITIES OF THE TRUSTEE.

      (a) The Trustee, prior to the occurrence of an Event of Default and after
the curing of all Events of Default that may have occurred, shall undertake to
perform with respect to the Debentures such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants shall be read
into this Indenture against the Trustee. In case an Event of Default has
occurred that 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 its exercise, as a prudent person would exercise or use under
the circumstances in the conduct of his or her own affairs.

      (b) No provision of this 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:

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

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

                        (2)   in the absence of bad faith on the part of the
                              Trustee, the Trustee may with respect to the
                              Debentures 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 that 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

                                      -35-
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                              determine whether or not they conform to the
                              requirements of this Indenture;

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

            (iii) 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 holders of not less than a majority in principal amount
      of the Debentures at the time Outstanding 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 with respect to the Debentures; and

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

9.2   NOTICE OF DEFAULTS.

      Within 90 days after actual knowledge by a Responsible Officer of the
Trustee of the occurrence of any default hereunder with respect to the
Debentures, the Trustee shall transmit by mail to all holders of the Debentures,
as their names and addresses appear in the Debenture Register, notice of such
default, unless such default shall have been cured or waived; PROVIDED, HOWEVER,
that, except in the case default in the payment of the principal or interest
(including any Additional Interest) on any Debenture, the Trustee shall be
protected in withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of the directors and/or Responsible
Officers of the Trustee determines in good faith that the withholding of such
notice is in the interests of the holders of such Debentures; and PROVIDED,
FURTHER, that in the case of any default of the character specified in Section
7.1(a)(iii), no such notice to holders of Debentures need be sent until at least
30 days after the occurrence thereof. For the purposes of this Section 9.2, the
term "default" means any event which is, or after notice or lapse of time or
both, would become, an Event of Default with respect to the Debentures.

9.3   CERTAIN RIGHTS OF TRUSTEE.

      Except as otherwise provided in Section 9.1:

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

                                      -36-
<Page>

      (b) Any request, direction, order or demand of the Company mentioned
herein shall be sufficiently evidenced by a Board Resolution or an instrument
signed in the name of the Company by its President or any Vice President and by
the Secretary or an Assistant Secretary or the Treasurer or an Assistant
Treasurer thereof (unless other evidence in respect thereof is specifically
prescribed herein);

      (c) The Trustee shall not be deemed to have knowledge of a default or an
Event of Default, other than an Event of Default specified in Section 7.1(a)(i)
or (ii), unless and until it receives written notification of such Event of
Default from the Company or by holders of at least 25% of the aggregate
principal amount of the Debentures at the time Outstanding;

      (d) The Trustee may consult with counsel and the written advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken or suffered or omitted hereunder in
good faith and in reliance thereon;

      (e) 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 Debentureholders, pursuant to the provisions of this Indenture,
unless such Debentureholders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities that may be
incurred therein or thereby; nothing contained herein shall, however, relieve
the Trustee of the obligation, upon the occurrence of an Event of Default (that
has not been cured or waived) to exercise with respect to the Debentures such of
the rights and powers vested in it by this Indenture, and to use the same degree
of care and skill in its exercise, as a prudent person would exercise or use
under the circumstances in the conduct of his or her own affairs;

      (f) The Trustee shall not be liable for any action taken or omitted to be
taken 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;

      (g) 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, security, or
other papers or documents, unless requested in writing so to do by the holders
of not less than a majority in principal amount of the Outstanding Debentures
(determined as provided in Section 10.4); 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 costs, expenses or liabilities as a condition
to so proceeding. The reasonable expense of every such examination shall be paid
by the Company or, if paid by the Trustee, shall be repaid by the Company upon
demand; and

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

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9.4   TRUSTEE NOT RESPONSIBLE FOR RECITALS, ETC.

      (a) The Recitals contained herein and in the Debentures shall be taken as
the statements of the Company, and the Trustee assumes no responsibility for the
correctness of the same.

      (b) The Trustee makes no representations as to the validity or sufficiency
of this Indenture or of the Debentures.

      (c) The Trustee shall not be accountable for the use or application by the
Company of any of the Debentures or of the proceeds of such Debentures, or for
the use or application of any moneys paid over by the Trustee in accordance with
any provision of this Indenture, or for the use or application of any moneys
received by any paying agent other than the Trustee.

9.5   MAY HOLD DEBENTURES.

      The Trustee or any paying agent or registrar for the Debentures, in its
individual or any other capacity, may become the owner or pledgee of Debentures
with the same rights it would have if it were not Trustee, paying agent or
Debenture Registrar.

9.6   MONEYS HELD IN TRUST.

      Subject to the provisions of Section 13.5, all moneys received by the
Trustee shall, until used or applied as herein provided, be held in trust for
the purposes for which they were received, but need not be segregated from other
funds except to the extent required by law. The Trustee shall be under no
liability for interest on any moneys received by it hereunder except such as it
may agree with the Company to pay thereon.

9.7   COMPENSATION AND REIMBURSEMENT.

      (a) The Company covenants and agrees to pay to the Trustee, and the
Trustee shall be entitled to, such reasonable compensation (which shall not be
limited by any provision of law in regard to the compensation of a trustee of an
express trust), as the Company and the Trustee may from time to time agree in
writing, for all services rendered by it in the execution of the trusts hereby
created and in the exercise and performance of any of the powers and duties
hereunder of the Trustee, and, except as otherwise expressly provided herein,
the Company shall 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 bad faith. The Company also
covenants to indemnify the Trustee (and its officers, agents, directors and
employees) for, and to hold it harmless against, any loss, liability or expense
incurred without negligence or bad faith on the part of the Trustee and arising
out of or in connection with the acceptance or administration of this trust,
including the costs and expenses of defending itself against any claim of
liability in the premises.

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      (b) The obligations of the Company under this Section 9.7 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
Debentures 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
Debentures.

9.8   RELIANCE ON OFFICERS' CERTIFICATE.

      Except as otherwise provided in Section 9.1, 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
suffering or omitting to take 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 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,
suffered or omitted to be taken by it under the provisions of this Indenture
upon the faith thereof.

9.9   DISQUALIFICATION: CONFLICTING INTERESTS.

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

9.10  CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

      There shall at all times be a Trustee with respect to the Debentures
issued hereunder which shall at all times be a corporation organized and doing
business under the laws of the United States of America or any state or
territory thereof or of the District of Columbia, or a corporation or other
Person permitted to act as trustee by the Commission, authorized under such laws
to exercise corporate trust powers, having a combined capital and surplus of at
least $50,000,000, 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 9.10, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. The Company may not, nor may any Person
directly or indirectly controlling, controlled by, or under common control with
the Company, serve as Trustee. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 9.10, the Trustee
shall resign immediately in the manner and with the effect specified in Section
9.11.

9.11  RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

      (a) The Trustee or any successor hereafter appointed, may at any time
resign by giving written notice thereof to the Company and by transmitting
notice of resignation by mail,

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first class postage prepaid, to the Debentureholders, as their names and
addresses appear upon the Debenture Register. Upon receiving such notice of
resignation, the Company shall promptly appoint a successor trustee with respect
to Debentures by written instrument, in duplicate, executed by order of the
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, the resigning Trustee may petition
any court of competent jurisdiction for the appointment of a successor trustee
with respect to Debentures, or any Debentureholder who has been a bona fide
holder of a Debenture or Debentures for at least six months may, subject to the
provisions of Sections 9.9 and 9.10, 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 one of the following shall occur:

            (i) the Trustee shall fail to comply with the provisions of Section
      9.9 after written request therefor by the Company or by any
      Debentureholder who has been a bona fide holder of a Debenture or
      Debentures for at least six months; or

            (ii) the Trustee shall cease to be eligible in accordance with the
      provisions of Section 9.10 and shall fail to resign after written request
      therefor by the Company or by any such Debentureholder; or

            (iii) the Trustee shall become incapable of acting, or shall be
      adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy
      proceeding, or a receiver of the Trustee or of its property shall be
      appointed or consented to, or any public officer shall take charge or
      control of the Trustee or of its property or affairs for the purpose of
      rehabilitation, conservation or liquidation.

Then, in any such case, the Company may remove the Trustee with respect to all
Debentures 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 Sections 9.9 and 9.10, unless the Trustee's
duty to resign is stayed as provided herein, any Debentureholder who has been a
bona fide holder of a Debenture or Debentures for at least six months may, on
behalf of that holder and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor trustee. Such court may thereupon after such notice, if any, as it may
deem proper and prescribe, remove the Trustee and appoint a successor trustee.

      (c) The holders of a majority in aggregate principal amount of the
Debentures at the time Outstanding may at any time remove the Trustee by so
notifying the Trustee and the Company and may appoint a successor Trustee with
the consent of the Company.

      (d) Any resignation or removal of the Trustee and appointment of a
successor trustee with respect to the Debentures pursuant to any of the
provisions of this Section 9.11 shall

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become effective upon acceptance of appointment by the successor trustee as
provided in Section 9.12.

      (e) Any successor trustee appointed pursuant to this Section 9.11 may be
appointed with respect to the Debentures, and at any time there shall be only
one Trustee with respect to the Debentures.

9.12  ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

      (a) In case of the appointment hereunder of a successor trustee with
respect to the Debentures, every successor trustee so appointed shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument
accepting such appointment, 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, trusts and duties of the retiring Trustee; but, on the request of the
Company or the successor trustee, such retiring Trustee shall, upon payment of
its charges, execute and deliver an instrument transferring to such successor
trustee all the rights, powers, and trusts of the retiring Trustee and shall
duly assign, transfer and deliver to such successor trustee all property and
money held by such retiring Trustee hereunder.

      (b) Upon request of any successor trustee, the Company shall execute any
and all instruments for more fully and certainly vesting in and confirming to
such successor trustee all such rights, powers and trusts referred to in
paragraph (a) of this Section 9.12.

      (c) No successor trustee shall accept its appointment unless at the time
of such acceptance such successor trustee shall be qualified and eligible under
this Article IX.

      (d) Upon acceptance of appointment by a successor trustee as provided in
this Section 9.12, the Company shall transmit notice of the succession of such
trustee hereunder by mail, first class postage prepaid, to the Debentureholders,
as their names and addresses appear upon the Debenture Register. If the Company
fails to transmit such notice within ten days after acceptance of appointment by
the successor trustee, the successor trustee shall cause such notice to be
transmitted at the expense of the Company.

9.13  MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

      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 the corporate trust business of the Trustee, shall be
the successor of the Trustee hereunder, provided that such corporation shall be
qualified under the provisions of Section 9.9 and eligible under the provisions
of Section 9.10, without the execution or filing of any paper or any further act
on the part of any of the parties hereto, anything herein to the contrary
notwithstanding. In case any Debentures shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and
deliver the Debentures so authenticated with the same effect as if such
successor Trustee had itself authenticated such Debentures.

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9.14  PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE COMPANY.

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

                                    ARTICLE X

                         CONCERNING THE DEBENTUREHOLDERS

10.1  EVIDENCE OF ACTION BY HOLDERS.

      (a) Whenever in this Indenture it is provided that the holders of a
majority or specified percentage in aggregate principal amount of the Debentures
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 majority or
specified percentage have joined therein may be evidenced by any instrument or
any number of instruments of similar tenor executed by such holders of
Debentures in Person or by agent or proxy appointed in writing.

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

10.2  PROOF OF EXECUTION BY DEBENTUREHOLDERS.

      Subject to the provisions of Section 9.1, proof of the execution of any
instrument by a Debentureholder (such proof shall not require notarization) or
such Debentureholder's agent or proxy and proof of the holding by any Person of
any of the Debentures shall be sufficient if made in the following manner:

      (a) The fact and date of the execution by any such Person of any
instrument may be proved in any reasonable manner acceptable to the Trustee.

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      (b) The ownership of Debentures shall be proved by the Debenture Register
of such Debentures or by a certificate of the Debenture Registrar thereof.

      (c) The Trustee may require such additional proof of any matter referred
to in this Section 10.2 as it shall deem necessary.

10.3  WHO MAY BE DEEMED OWNERS.

      Prior to the due presentment for registration of transfer of any
Debenture, the Company, the Trustee, any paying agent, any Authenticating Agent
and any Debenture Registrar may deem and treat the Person in whose name such
Debenture shall be registered upon the books of the Company as the absolute
owner of such Debenture (whether or not such Debenture shall be overdue and
notwithstanding any notice of ownership or writing thereon made by anyone other
than the Debenture Registrar) for the purpose of receiving payment of or on
account of the principal of and interest on such Debenture (subject to Section
2.3) and for all other purposes; and neither the Company nor the Trustee nor any
paying agent nor any Authenticating Agent nor any Debenture Registrar shall be
affected by any notice to the contrary.

10.4  CERTAIN DEBENTURES OWNED BY COMPANY DISREGARDED.

      In determining whether the holders of the requisite aggregate principal
amount of Debentures have concurred in any direction, consent or waiver under
this Indenture, the Debentures that are owned by the Company or any other
obligor on the Debentures or by any Person directly or indirectly controlling or
controlled by or under common control with the Company or any other obligor on
the Debentures shall be disregarded and deemed not to be Outstanding for the
purpose of any such determination, except (i) that for the purpose of
determining whether the Trustee shall be protected in relying on any such
direction, consent or waiver, only Debentures that the Trustee actually knows
are so owned shall be so disregarded; and (ii) for purposes of this Section
10.4, the Trust shall be deemed not to be controlled by the Company. The
Debentures so owned that have been pledged in good faith may be regarded as
Outstanding for the purposes of this Section 10.4, if the pledgee shall
establish to the satisfaction of the Trustee the pledgee's right so to act with
respect to such Debentures and that the pledgee is not a Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with the Company or any such other obligor. In 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.

10.5  ACTIONS BINDING ON FUTURE DEBENTUREHOLDERS.

      At any time prior to (but not after) the evidencing to the Trustee, as
provided in Section 10.1, of the taking of any action by the holders of the
majority or percentage in aggregate principal amount of the Debentures specified
in this Indenture in connection with such action, any holder of a Debenture that
is shown by the evidence to be included in the Debentures the holders of which
have consented to such action may, by filing written notice with the Trustee,
and upon proof of holding as provided in Section 10.2, revoke such action so far
as concerns such Debenture. Except as aforesaid any such action taken by the
holder of any Debenture shall

                                      -43-
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be conclusive and binding upon such holder and upon all future holders and
owners of such Debenture, and of any Debenture issued in exchange therefor, on
registration of transfer thereof or in place thereof, irrespective of whether or
not any notation in regard thereto is made upon such Debenture. Any action taken
by the holders of the majority or percentage in aggregate principal amount of
the Debentures specified in this Indenture in connection with such action shall
be conclusively binding upon the Company, the Trustee and the holders of all the
Debentures.

                                   ARTICLE XI

                             SUPPLEMENTAL INDENTURES

11.1  SUPPLEMENTAL INDENTURES WITHOUT THE CONSENT OF DEBENTUREHOLDERS.

      In addition to any supplemental indenture otherwise authorized by this
Indenture, the Company and the Trustee may from time to time and at any time
enter into an indenture or indentures supplemental hereto (which shall conform
to the provisions of the Trust Indenture Act as then in effect), without the
consent of the Debentureholders, for one or more of the following purposes:

      (a) to cure any ambiguity, defect, or inconsistency herein, or in the
Debentures;

      (b) to comply with Article X;

      (c) to provide for uncertificated Debentures in addition to or in place of
certificated Debentures;

      (d) to add to the covenants of the Company for the benefit of the holders
of all or any of the Debentures or to surrender any right or power herein
conferred upon the Company;

      (e) to add to, delete from, or revise the conditions, limitations, and
restrictions on the authorized amount, terms, or purposes of issue,
authentication, and delivery of Debentures, only as herein set forth;

      (f) to make any change that does not adversely affect the rights of any
Debentureholder in any material respect;

      (g) to provide for the issuance of and establish the form and terms and
conditions of the Debentures, to establish the form of any certifications
required to be furnished pursuant to the terms of this Indenture or of the
Debentures, or to add to the rights of the holders of the Debentures;

      (h) to qualify or maintain the qualification of this Indenture under the
Trust Indenture Act; or

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      (i) to evidence a consolidation or merger involving the Company as
permitted under Section 12.1.

The Trustee is hereby authorized to join with the Company in the execution of
any such supplemental indenture, and to make any further appropriate agreements
and stipulations that may be therein contained, but the Trustee shall not be
obligated to enter into any such supplemental indenture that affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.
Any supplemental indenture authorized by the provisions of this Section 11.1 may
be executed by the Company and the Trustee without the consent of the holders of
any of the Debentures at the time Outstanding, notwithstanding any of the
provisions of Section 11.2.

11.2  SUPPLEMENTAL INDENTURES WITH CONSENT OF DEBENTUREHOLDERS.

      With the consent (evidenced as provided in Section 10.1) of the holders of
not less than a majority in aggregate principal amount of the Debentures at the
time Outstanding, the Company, when authorized by Board Resolutions, and the
Trustee may from time to time and at any time enter into an indenture or
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as then in effect) 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 not
covered by Section 11.1 the rights of the holders of the Debentures under this
Indenture; PROVIDED, HOWEVER, that no such supplemental indenture shall without
the consent of the holders of each Debenture then Outstanding and affected
thereby, (i) extend the fixed maturity of any Debentures, reduce the principal
amount thereof, or reduce the rate or extend the time of payment of interest
thereon, without the consent of the holder of each Debenture so affected; or
(ii) reduce the aforesaid percentage of Debentures, the holders of which are
required to consent to any such supplemental indenture; PROVIDED FURTHER, that
if the Debentures are held by the Trust or a trustee of the Trust, such
supplemental indenture shall not be effective until the holders of a majority in
liquidation preference of Trust Securities of the Trust shall have consented to
such supplemental indenture; PROVIDED FURTHER, that if the consent of the holder
of each Outstanding Debenture is required, such supplemental indenture shall not
be effective until each holder of the Trust Securities of the Trust shall have
consented to such supplemental indenture. It shall not be necessary for the
consent of the Debentureholders affected thereby under this Section 11.2 to
approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such consent shall approve the substance thereof.

11.3  EFFECT OF SUPPLEMENTAL INDENTURES.

      Upon the execution of any supplemental indenture pursuant to the
provisions of this Article XI, 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 Debentures 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.

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11.4  DEBENTURES AFFECTED BY SUPPLEMENTAL INDENTURES.

      Debentures affected by a supplemental indenture, authenticated and
delivered after the execution of such supplemental indenture pursuant to the
provisions of this Article XI, may bear a notation in form approved by the
Company, provided such form meets the requirements of any exchange or automated
quotation system upon which the Debentures may be listed or quoted, as to any
matter provided for in such supplemental indenture. If the Company shall so
determine, new Debentures 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 by the Company, authenticated by
the Trustee and delivered in exchange for the Debentures then Outstanding.

11.5  EXECUTION OF SUPPLEMENTAL INDENTURES.

      (a) Upon the request of the Company, accompanied by its Board Resolutions
authorizing the execution of any such supplemental indenture, and upon the
filing with the Trustee of evidence of the consent of Debentureholders required
to consent thereto 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. The Trustee, subject to the
provisions of Sections 9.1, may receive an Opinion of Counsel as conclusive
evidence that any supplemental indenture executed pursuant to this Article XI is
authorized or permitted by, and conforms to, the terms of this Article XI and
that it is proper for the Trustee under the provisions of this Article XI to
join in the execution thereof.

      (b) Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section 11.5, the
Trustee shall transmit by mail, first class postage prepaid, a notice, setting
forth in general terms the substance of such supplemental indenture, to the
Debentureholders as their names and addresses appear upon the Debenture
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.

                                   ARTICLE XII

                              SUCCESSOR CORPORATION

12.1  COMPANY MAY CONSOLIDATE, ETC.

      Nothing contained in this Indenture or in any of the Debentures shall
prevent any consolidation or merger of the Company with or into any other
corporation or corporations (whether or not affiliated with the Company, as
the case may be), or successive consolidations or mergers in which the
Company, as the case may be, 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, as the case may be, or its
successor or successors as an entirety, or substantially as an entirety, to
any other corporation (whether or not affiliated with the Company, as the
case

                                      -46-
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may be, or its successor or successors) authorized to acquire and operate the
same; PROVIDED, HOWEVER, the Company hereby covenants and agrees that, (i)
upon any such consolidation, merger, sale, conveyance, transfer or other
disposition, the due and punctual payment, in the case of the Company, of the
principal of and interest on all of the Debentures, 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 as the
case may be, shall be expressly assumed, by supplemental indenture (which
shall conform to the provisions of the Trust Indenture Act, as then in
effect) satisfactory in form to the Trustee executed and delivered to the
Trustee by the entity formed by such consolidation, or into which the
Company, as the case may be, shall have been merged, or by the entity which
shall have acquired such property, and the ultimate parent entity of such
successor entity expressly assumes the obligations of the Company under the
related Preferred Securities Guarantee, to the extent the Preferred
Securities are then Outstanding; (ii) in case the Company consolidates with
or merges into another Person or conveys or transfers its properties and
assets substantially as an entirety to any Person, the successor Person is
organized under the laws of the United States or any state or the District of
Columbia; and (iii) immediately after giving effect thereto, no Event of
Default, and no event which, after notice or lapse of time or both, would
become an Event of Default, shall have occurred and be continuing.

12.2  SUCCESSOR CORPORATION SUBSTITUTED.

      (a) In case of any such consolidation, merger, sale, conveyance, transfer
or other disposition and upon the assumption by the successor corporation, by
supplemental indenture, executed and delivered to the Trustee and satisfactory
in form to the Trustee, of, in the case of the Company, the due and punctual
payment of the principal of and interest on all of the Debentures Outstanding
and the due and punctual performance of all of the covenants and conditions of
this Indenture to be performed by the Company, as the case may be, such
successor corporation shall succeed to and be substituted for the Company, with
the same effect as if it had been named as the Company herein, and thereupon the
predecessor corporation shall be relieved of all obligations and covenants under
this Indenture and the Debentures.

      (b) In case of any such consolidation, merger, sale, conveyance, transfer
or other disposition such changes in phraseology and form (but not in substance)
may be made in the Debentures thereafter to be issued as may be appropriate.

      (c) Nothing contained in this Indenture or in any of the Debentures shall
prevent the Company from merging into itself or acquiring by purchase or
otherwise all or any part of the property of any other Person (whether or not
affiliated with the Company).

12.3  EVIDENCE OF CONSOLIDATION, ETC. TO TRUSTEE.

      The Trustee, subject to the provisions of Section 9.1, may receive an
Opinion of Counsel as conclusive evidence that any such consolidation, merger,
sale, conveyance, transfer or other disposition, and any such assumption, comply
with the provisions of this Article XII.

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                                  ARTICLE XIII

                           SATISFACTION AND DISCHARGE

13.1  SATISFACTION AND DISCHARGE OF INDENTURE.

      If at any time: (a) the Company shall have delivered to the Trustee for
cancellation all Debentures theretofore authenticated (other than any Debentures
that shall have been destroyed, lost or stolen and that shall have been replaced
or paid as provided in Section 2.9) and all Debentures for whose payment money
or Governmental Obligations have theretofore been deposited in trust or
segregated and held in trust by the Company (and thereupon repaid to the Company
or discharged from such trust, as provided in Section 13.5); or (b) all such
Debentures not theretofore delivered to the Trustee for cancellation shall have
become due and payable, or are by their terms to become due and payable within
one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the
Company shall deposit or cause to be deposited with the Trustee as trust funds
the entire amount in moneys or Governmental Obligations sufficient or a
combination thereof, sufficient in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay at maturity or upon redemption all Debentures
not theretofore delivered to the Trustee for cancellation, including principal
and interest due or to become due to such date of maturity or date fixed for
redemption, as the case may be, and if the Company shall also pay or cause to be
paid all other sums payable hereunder by the Company; then this Indenture shall
thereupon cease to be of further effect except for the provisions of Sections
2.3, 2.7, 2.9, 5.1, 5.2, 5.3, 9.6, 9.7 and 9.10, that shall survive until the
date of maturity or redemption date, as the case may be, and Sections 9.7 and
13.5, that shall survive to such date and thereafter, and the Trustee, on demand
of the Company and at the cost and expense of the Company, shall execute proper
instruments acknowledging satisfaction of and discharging this Indenture.

13.2  DISCHARGE OF OBLIGATIONS.

      If at any time all Debentures not heretofore delivered to the Trustee for
cancellation or that have not become due and payable as described in Section
13.1 shall have been paid by the Company by depositing irrevocably with the
Trustee as trust funds moneys or an amount of Governmental Obligations
sufficient in the opinion of a nationally recognized certified public accounting
firm to pay at maturity or upon redemption all Debentures not theretofore
delivered to the Trustee for cancellation, including principal and interest due
or to become due to such date of maturity or date fixed for redemption, as the
case may be, and if the Company shall also pay or cause to be paid all other
sums payable hereunder by the Company, then after the date such moneys or
Governmental Obligations, as the case may be, are deposited with the Trustee,
the obligations of the Company under this Indenture shall cease to be of further
effect except for the provisions of Sections 2.3, 2.7, 2.9, 5.1, 5.2, 5.3, 9.6,
9.7 and 13.5 hereof that shall survive until such Debentures shall mature and be
paid. Thereafter, Sections 9.7 and 13.5 shall survive.

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13.3  DEPOSITED MONEYS TO BE HELD IN TRUST.

      All monies or Governmental Obligations deposited with the Trustee pursuant
to Sections 13.1 or 13.2 shall be held in trust and shall be available for
payment as due, either directly or through any paying agent (including the
Company acting as its own paying agent), to the holders of the Debentures for
the payment or redemption of which such moneys or Governmental Obligations have
been deposited with the Trustee.

13.4  PAYMENT OF MONIES HELD BY PAYING AGENTS.

      In connection with the satisfaction and discharge of this Indenture, all
moneys or Governmental Obligations then held by any paying agent under the
provisions of this Indenture shall, upon demand of the Company, be paid to the
Trustee and thereupon such paying agent shall be released from all further
liability with respect to such moneys or Governmental Obligations.

13.5  REPAYMENT TO COMPANY.

      Any monies or Governmental Obligations deposited with any paying agent or
the Trustee, or then held by the Company in trust, for payment of principal of
or interest on the Debentures that are not applied but remain unclaimed by the
holders of such Debentures for at least two years after the date upon which the
principal of or interest on such Debentures shall have respectively become due
and payable, shall be repaid to the Company, as the case may be, on December 31
of each year or (if then held by the Company) shall be discharged from such
trust; and thereupon the paying agent and the Trustee shall be released from all
further liability with respect to such moneys or Governmental Obligations, and
the holder of any of the Debentures entitled to receive such payment shall
thereafter, as an unsecured general creditor, look only to the Company for the
payment thereof.

                                   ARTICLE XIV

         IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

14.1  NO RECOURSE.

      No recourse under or upon any obligation, covenant or agreement of this
Indenture, or of the Debentures, or for any claim based thereon or otherwise in
respect thereof, shall be had against any incorporator, stockholder, officer or
director, past, present or future as such, of the Company or of any predecessor
or successor corporation, either directly or through the Company or any such
predecessor or successor corporation, 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 this Indenture and the obligations
issued hereunder are solely corporate obligations, and that no such personal
liability whatever shall attach to, or is or shall be incurred by, the
incorporators, stockholders, officers or directors as such, of the Company or of
any predecessor or successor corporation, or any of them, because of the
creation of the indebtedness

                                      -49-
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hereby authorized, or under or by reason of the obligations, covenants or
agreements contained in this Indenture or in any of the Debentures or implied
therefrom; and that any and all such personal liability of every name and
nature, either at common law or in equity or by constitution or statute, of, and
any and all such rights and claims against, every such incorporator,
stockholder, officer or director as such, because of the creation of the
indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any of the Debentures
or implied therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issuance
of such Debentures.

                                   ARTICLE XV

                            MISCELLANEOUS PROVISIONS

15.1  EFFECT ON SUCCESSORS AND ASSIGNS.

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

15.2  ACTIONS BY SUCCESSOR.

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

15.3  SURRENDER OF COMPANY POWERS.

      The Company by instrument in writing executed by appropriate authority of
its Board of Directors and delivered to the Trustee may surrender any of the
powers reserved to the Company, and thereupon such power so surrendered shall
terminate both as to the Company, as the case may be, and as to any successor
corporation.

15.4  NOTICES.

      Except as otherwise expressly provided herein any notice or demand that by
any provision of this Indenture is required or permitted to be given or served
by the Trustee or by the holders of Debentures to or on the Company may be given
or served by being deposited first class postage prepaid in a post-office
letterbox addressed (until another address is filed in writing by the Company
with the Trustee), as follows: Local Financial Corporation, 3601 NW 63rd Street,
Oklahoma City, Oklahoma 73116 Attention: Jan A. Norton, President. Any notice,
election, request or demand by the Company or any Debentureholder 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 Corporate Trust Office of the
Trustee.

                                      -50-
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15.5  GOVERNING LAW.

      This Indenture and each Debenture shall be deemed to be a contract made
under the internal laws of the State of Delaware and for all purposes shall be
construed in accordance with the laws of said State.

15.6  TREATMENT OF DEBENTURES AS DEBT.

      It is intended that the Debentures shall be treated as indebtedness and
not as equity for federal income tax purposes. The provisions of this Indenture
shall be interpreted to further this intention.

15.7  COMPLIANCE CERTIFICATES AND OPINIONS.

      (a) 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 all conditions
precedent 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, except that in
the case of any such application or demand as to which the furnishing of such
documents is specifically required by any provision of this Indenture relating
to such particular application or demand, no additional certificate or opinion
need be furnished.

      (b) Each certificate or opinion of the Company provided for in this
Indenture and delivered to the Trustee with respect to compliance with a
condition or covenant 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, in the opinion of such
Person, 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; PROVIDED, HOWEVER, that each such certificate shall comply
with the provisions of Section 314 of the Trust Indenture Act.

15.8  PAYMENTS ON BUSINESS DAYS.

      In any case where the date of maturity of interest or principal of any
Debenture or the date of redemption of any Debenture shall not be a Business
Day, then payment of interest or principal may be made on the next succeeding
Business Day with the same force and effect as if made on the nominal date of
maturity or redemption, and no interest shall accrue for the period after such
nominal date.

                                      -51-
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15.9  CONFLICT WITH TRUST INDENTURE ACT.

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

15.10 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.

15.11 SEVERABILITY.

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

15.12 ASSIGNMENT.

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

15.13 ACKNOWLEDGMENT OF RIGHTS.

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

                                      -52-
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                                   ARTICLE XVI

                           SUBORDINATION OF DEBENTURES

16.1  AGREEMENT TO SUBORDINATE.

      The Company covenants and agrees, and each holder of Debentures issued
hereunder by such holder's acceptance thereof likewise covenants and agrees,
that all Debentures shall be issued subject to the provisions of this Article
XVI; and each holder of a Debenture, 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 interest on all
Debentures issued hereunder shall, to the extent and in the manner hereinafter
set forth, be subordinated and junior in right of payment to the prior payment
in full of all Senior Debt, Subordinated Debt and Additional Senior Obligations
(collectively, "Senior Indebtedness") to the extent provided herein, whether
outstanding at the date of this Indenture or thereafter incurred. No provision
of this Article XVI shall prevent the occurrence of any default or Event of
Default hereunder.

16.2  DEFAULT ON SENIOR DEBT, SUBORDINATED DEBT OR ADDITIONAL SENIOR
OBLIGATIONS.

      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, 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 payments) of or interest on the Debentures.
In the event that, notwithstanding the foregoing, any payment shall be received
by the Trustee when such payment is prohibited by the preceding sentence of this
Section 16.2, such payment shall be held in trust for the benefit of, and shall
be paid over or delivered to, the holders of Senior Indebtedness or their
respective representatives, or to the trustee or trustees under any indenture
pursuant to which any of such Senior Indebtedness may have been issued, as their
respective interests may appear, but only to the extent that the holders of the
Senior Indebtedness (or their representative or representatives or a trustee)
notify the Trustee in writing within 90 days of such payment of the amounts then
due and owing on the Senior Indebtedness and only the amounts specified in such
notice to the Trustee shall be paid to the holders of Senior Indebtedness.

16.3  LIQUIDATION; DISSOLUTION; BANKRUPTCY.

      (a) 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 or interest on the Debentures; and 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, to which the holders

                                      -53-
<Page>

of the Debentures or the Trustee would be entitled to receive from the Company,
except for the provisions of this Article XVI, 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 holders of the Debentures
or by the Trustee under this Indenture if received by them or it, directly to
the holders of Senior Indebtedness of the Company (pro rata to such holders on
the basis of the respective amounts of Senior Indebtedness held by such holders,
as calculated by the Company) or their representative or representatives, or to
the trustee or trustees under any indenture pursuant to which any instruments
evidencing such Senior Indebtedness may have been issued, as their respective
interests may appear, to the extent necessary to pay 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 holders of Debentures or to the Trustee.

      (b) 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 of the Company 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, and their respective interests may appear, as calculated
by the Company, for application to the payment of all Senior Indebtedness of the
Company, as the case may be, 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.

      (c) For purposes of this Article XVI, 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 XVI with respect
to the Debentures to the payment of all Senior Indebtedness of the Company, as
the case may be, 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 XII shall not be deemed a
dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 16.3 if such other corporation shall, as a part of such consolidation,
merger, conveyance or transfer, comply with the conditions stated in Article
XII. Nothing in Section 16.2 or in this Section 16.3 shall apply to claims of,
or payments to, the Trustee under or pursuant to Section 9.7.

                                      -54-
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16.4  SUBROGATION.

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

      (b) Nothing contained in this Article XVI or elsewhere in this Indenture
or in the Debentures is intended to or shall impair, as between the Company, its
creditors (other than the holders of Senior Indebtedness of the Company), and
the holders of the Debentures, the obligation of the Company, which is absolute
and unconditional, to pay to the holders of the Debentures the principal of and
interest on the Debentures 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 Debentures and creditors of the Company, as the
case may be, other than the holders of Senior Indebtedness of the Company, as
the case may be, nor shall anything herein or therein prevent the Trustee or the
holder of any Debenture from exercising all remedies otherwise permitted by
applicable law upon default under this Indenture, subject to the rights, if any,
under this Article XVI of the holders of such Senior Indebtedness in respect of
cash, property or securities of the Company, as the case may be, received upon
the exercise of any such remedy.

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

                                      -55-
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16.5  TRUSTEE TO EFFECTUATE SUBORDINATION.

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

16.6  NOTICE BY THE COMPANY.

      (a) The Company shall give prompt written notice to a Responsible Officer
of the Trustee of any fact known to the Company that would prohibit the making
of any payment of monies to or by the Trustee in respect of the Debentures
pursuant to the provisions of this Article XVI. Notwithstanding the provisions
of this Article XVI 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
Debentures pursuant to the provisions of this Article XVI, unless and until a
Responsible Officer of the Trustee shall have received written notice thereof
from the Company or a holder or holders of Senior Indebtedness or from any
trustee therefor; and before the receipt of any such written notice, the
Trustee, subject to the provisions of Section 9.1, 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 16.6 at
least two 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 interest on any Debenture), then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power and
authority to receive such money and to apply the same to the purposes for which
they were received, and shall not be affected by any notice to the contrary that
may be received by it within two Business Days prior to such date.

      (b) The Trustee, subject to the provisions of Section 9.1, shall be
entitled to conclusively rely on the delivery to it of a written notice by a
Person representing himself to be a holder of Senior Indebtedness of the Company
(or a trustee on behalf of such holder) to establish that such notice has been
given by a holder of such Senior Indebtedness or a trustee on behalf of any such
holder or holders. In the event that the Trustee determines in good faith that
further evidence is required with respect to the right of any Person as a holder
of such Senior Indebtedness to participate in any payment or distribution
pursuant to this Article XVI, 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 XVI, 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.

16.7  RIGHTS OF THE TRUSTEE; HOLDERS OF SENIOR INDEBTEDNESS.

      (a) The Trustee in its individual capacity shall be entitled to all the
rights set forth in this Article XVI in respect of any Senior Indebtedness at
any time held by it, to the same extent

                                      -56-
<Page>

as any other holder of Senior Indebtedness, and nothing in this Indenture shall
deprive the Trustee of any of its rights as such holder. The Trustee's right to
compensation and reimbursement of expenses as set forth in Section 9.7 shall not
be subject to the subordination provisions of the Article XVI.

      (b) With respect to the holders of Senior Indebtedness of the Company, the
Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article XVI, and no implied
covenants or obligations with respect to the holders of such Senior Indebtedness
shall be read into this Indenture against the Trustee. The Trustee shall not be
deemed to owe any fiduciary duty to the holders of such Senior Indebtedness and,
subject to the provisions of Section 9.1, the Trustee shall not be liable to any
holder of such Senior Indebtedness if it shall pay over or deliver to holders of
Debentures, 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 XVI or
otherwise.

16.8  SUBORDINATION MAY NOT BE IMPAIRED.

      (a) No right of any present or future holder of any Senior Indebtedness of
the Company to enforce subordination as herein provided shall at any time in any
way be prejudiced or impaired by any act or failure to act on the part of the
Company 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.

      (b) Without in any way limiting the generality of the foregoing paragraph,
the holders of Senior Indebtedness of the Company may, at any time and from time
to time, without the consent of or notice to the Trustee or the holders of the
Debentures, without incurring responsibility to the holders of the Debentures
and without impairing or releasing the subordination provided in this Article
XVI or the obligations hereunder of the holders of the Debentures 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.

                                      -57-
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      IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed, all as of the day and year first above written.

LOCAL FINANCIAL CORPORATION

By: /s/ Richard L. Park
   --------------------------------
Name:  Richard L. Park
Title: Chief Financial Officer

THE BANK OF NEW YORK,
   AS TRUSTEE

By: /s/ Cassandra Shedd
   --------------------------------
Name:  Cassandra Shedd
Title: Assistant Vice President

                                      -58-
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                                    EXHIBIT A

                           (FORM OF FACE OF DEBENTURE)

                           LOCAL FINANCIAL CORPORATION

                       9.00% JUNIOR SUBORDINATED DEBENTURE

                             DUE SEPTEMBER 30, 2031

NO. ___                                                             $___________

                                                        CUSIP NO. 539533AE7

   Local Financial Corporation, a Delaware corporation (the "Company," which
term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to __________, or
registered assigns, the principal sum of __________________ ($___________) on
September 30, 2031 (the "Stated Maturity"), and to pay interest on said
principal sum from September 30, 2001 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, quarterly (subject to deferral as set forth
herein) in arrears on the last day of March, June, September and December of
each year commencing December 31, 2001, at the rate of 9.00% per annum 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 the same rate per annum compounded quarterly. 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. The amount of interest for any
partial period shall be computed on the basis of the number of days elapsed
in a 360-day year of twelve 30-day months. In the event that any date on
which interest is payable on this Debenture is not a business day, then
payment of interest payable on such date shall 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, payment of such interest will 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 shall, as
provided in the Indenture, be paid to the person in whose name this Debenture
(or one or more Predecessor Debentures, as defined in said Indenture) is
registered at the close of business on the regular record date for such
interest installment, which shall be the close of business on the business
day next preceding such Interest Payment Date unless otherwise provided in
the Indenture. Any such interest installment not punctually paid or duly
provided for shall forthwith cease to be payable to the registered holders on
such regular record date and may be paid to the Person in whose name this
Debenture (or one or more Predecessor Debentures) 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 thereof shall be fixed by the
Trustee for the payment of such defaulted interest, notice thereof shall be
given to the registered holders of the Debentures not less than 10 days prior
to such special record date, or may be paid at any time in any other lawful
manner not

                                      -59-
<Page>

inconsistent with the requirements of any securities exchange or quotation
system on or in which the Debentures may be listed or quoted, and upon such
notice as may be required by such exchange, all as more fully provided in the
Indenture. The principal of and the interest on this Debenture shall be payable
at the office or agency of the Trustee maintained for that purpose in any coin
or currency of the United States of America that at the time of payment is legal
tender for payment of public and private debts; PROVIDED, HOWEVER, that payment
of interest may be made at the option of the Company by check mailed to the
registered holder at such address as shall appear in the Debenture Register.
Notwithstanding the foregoing, so long as the holder of this Debenture is the
Property Trustee, the payment of the principal of and interest on this Debenture
shall be made at such place and to such account as may be designated by the
Trustee.

   The Stated Maturity may be shortened at any time by the Company to any date
not earlier than September 30, 2006, subject to the Company having received
prior approval of the Federal Reserve if then required under applicable capital
guidelines, policies or regulations of the Federal Reserve.

   The indebtedness evidenced by this Debenture 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 Debenture is issued subject to the
provisions of the Indenture with respect thereto. Each holder of this Debenture,
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 Debenture 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.

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

                                      -60-
<Page>

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

Dated ___________________, 2001.

LOCAL FINANCIAL CORPORATION

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

Attest:

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

                                      -61-
<Page>

                     [FORM OF CERTIFICATE OF AUTHENTICATION]

                          CERTIFICATE OF AUTHENTICATION

   This is one of the Debentures described in the within-mentioned Indenture.

Dated:  __________, 20__

The Bank of New York,
as Trustee or Authentication Agent

By:
    ----------------------------------------------------------------------------
    Authorized Signatory

                                      -62-
<Page>

                         [FORM OF REVERSE OF DEBENTURE]

                 9.00% JUNIOR SUBORDINATED DEBENTURE DUE 2031
                                  (CONTINUED)

   This Debenture is one of the subordinated debentures of the Company (herein
sometimes referred to as the "Debentures"), all issued or to be issued under and
pursuant to an Indenture dated as of September 20, 2001 (the "Indenture") duly
executed and delivered between the Company and The Bank of New York, as Trustee
(the "Trustee"), to which Indenture reference is hereby made for a description
of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the holders of the Debentures. The
Debentures are limited in aggregate principal amount as specified in the
Indenture.

   Because of the occurrence and continuation of a Special Event (as defined in
the Indenture), in certain circumstances, this Debenture may become due and
payable at the principal amount together with any interest accrued thereon (the
"Redemption Price"). The Redemption Price shall be paid prior to 12:00 noon,
Eastern Standard Time, on the date of such redemption or at such earlier time as
the Company determines. The Company shall have the right as set forth in the
Indenture to redeem this Debenture at the option of the Company, without premium
or penalty, in whole or in part at any time on or after September 30, 2006 (an
"Optional Redemption"), or at any time in certain circumstances upon the
occurrence of a Special Event, at a Redemption Price equal to 100% of the
principal amount hereof plus any accrued but unpaid interest hereon, to the date
of such redemption. Any redemption pursuant to this paragraph shall be made upon
not less than 30 days nor more than 60 days notice, at the Redemption Price. The
Redemption Price shall be paid at the time and in the manner provided therefor
in the Indenture. If the Debentures are only partially redeemed by the Company
pursuant to an Optional Redemption, the Debentures shall be redeemed pro rata or
by lot or by any other method utilized by the Trustee as described in the
Indenture.

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

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

   The Indenture contains provisions permitting the Company and the Trustee,
with the consent of the holders of not less than a majority in aggregate
principal amount of the Debentures at the time Outstanding (as defined in the
Indenture) to execute supplemental indentures for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Indenture or of any supplemental indenture or of modifying in any manner the
rights of the holders of the Debentures; PROVIDED, HOWEVER, that no such
supplemental indenture shall (i) extend the fixed maturity of the Debentures
except as provided in the Indenture, or

                                      -63-
<Page>

reduce the principal amount thereof, or reduce the rate or extend the time of
payment of interest thereon, without the consent of the holder of each Debenture
so affected; or (ii) reduce the aforesaid percentage of Debentures, the holders
of which are required to consent to any such supplemental indenture, without the
consent of the holders of each Debenture then Outstanding and affected thereby.
The Indenture also contains provisions permitting the holders of a majority in
aggregate principal amount of the Debentures at the time Outstanding, on behalf
of all of the holders of the Debentures, to waive any past default in the
performance of any of the covenants contained in the Indenture, or established
pursuant to the Indenture, and its consequences, except a default in the payment
of the principal of or interest on any of the Debentures. Any such consent or
waiver by the registered holder of this Debenture (unless revoked as provided in
the Indenture) shall be conclusive and binding upon such holder and upon all
future holders and owners of this Debenture and of any Debenture issued in
exchange herefor or in place hereof (whether by registration of transfer or
otherwise), irrespective of whether or not any notation of such consent or
waiver is made upon this Debenture.

   No reference herein to the Indenture and no provision of this Debenture or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal and interest on this Debenture
at the time and place and at the rate and in the money herein prescribed.

   Provided certain conditions are met, the Company shall have the right at any
time during the term of the Debentures and from time to time to extend the
interest payment period of such Debentures for up to 20 consecutive quarters
(each, an "Extended Interest Payment Period"), at the end of which period the
Company shall pay all interest then accrued and unpaid (together with interest
thereon at the rate specified for the Debentures to the extent that payment of
such interest is enforceable under applicable law). Before the termination of
any such Extended Interest Payment Period, so long as no Event of Default shall
have occurred and be continuing, the Company may further extend such Extended
Interest Payment Period, provided that such Extended Interest Payment Period
together with all such further extensions thereof shall not exceed 20
consecutive quarters, extend beyond the Stated Maturity or end on a date other
than an Interest Payment Date. At the termination of any such Extended Interest
Payment Period and upon the payment of all accrued and unpaid interest and any
additional amounts then due and subject to the foregoing conditions, the Company
may commence a new Extended Interest Payment Period.

   As provided in the Indenture and subject to certain limitations therein set
forth, this Debenture is transferable by the registered holder hereof on the
Debenture Register of the Company, upon surrender of this Debenture for
registration of transfer at the office or agency of the Trustee accompanied by a
written instrument or instruments of transfer in form satisfactory to the
Company or the Trustee duly executed by the registered holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Debentures of
authorized denominations and for the same aggregate principal amount shall be
issued to the designated transferee or transferees. No service charge shall be
made for any such transfer, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in relation
thereto.

                                      -64-
<Page>

   Prior to due presentment for registration of transfer of this Debenture, the
Company, the Trustee, any paying agent and the Debenture Registrar may deem and
treat the registered holder hereof as the absolute owner hereof (whether or not
this Debenture shall be overdue and notwithstanding any notice of ownership or
writing hereon made by anyone other than the Debenture Registrar) for the
purpose of receiving payment of or on account of the principal hereof and
interest due hereon and for all other purposes, and neither the Company nor the
Trustee nor any paying agent nor any Debenture Registrar shall be affected by
any notice to the contrary.

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

   The Debentures are issuable only in registered form without coupons in
denominations of $25 and any integral multiple thereof.

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

                                      -65-<Page>
                                                                   EXHIBIT 10.19

                         LOCAL FINANCIAL CAPITAL TRUST I

                              AMENDED AND RESTATED

                              DECLARATION OF TRUST

                                      AMONG

                   LOCAL FINANCIAL CORPORATION, AS DEPOSITOR,

                   THE BANK OF NEW YORK, AS PROPERTY TRUSTEE,

              THE BANK OF NEW YORK (DELAWARE), AS DELAWARE TRUSTEE,

                                       AND

                    THE ADMINISTRATIVE TRUSTEES NAMED HEREIN

                         DATED AS OF SEPTEMBER 20, 2001

<Page>

                                TABLE OF CONTENTS
<Table>
<Caption>
                                                                                                               PAGE

<S>                                                                                                            <C>
ARTICLE I           DEFINED TERMS................................................................................2
         Section 1.1       Definitions...........................................................................2

ARTICLE II          ESTABLISHMENT OF THE TRUST..................................................................10
         Section 2.1       Name.................................................................................10
         Section 2.2       Office of the Delaware Trustee; Principal Place of Business..........................10
         Section 2.3       Initial Contribution of Trust Property; Organizational Expenses......................11
         Section 2.4       Issuance of the Preferred Securities.................................................11
         Section 2.5       Issuance of the Common Securities; Subscription and Purchase
                           of Debentures........................................................................11
         Section 2.6       Declaration of Trust.................................................................12
         Section 2.7       Authorization to Enter into Certain Transactions.....................................12
         Section 2.8       Assets of Trust......................................................................16
         Section 2.9       Title to Trust Property..............................................................16

ARTICLE III         PAYMENT ACCOUNT.............................................................................17
         Section 3.1       Payment Account......................................................................17

ARTICLE IV          DISTRIBUTIONS; REDEMPTION...................................................................17
         Section 4.1       Distributions........................................................................17
         Section 4.2       Redemption...........................................................................18
         Section 4.3       Subordination of Common Securities...................................................21
         Section 4.4       Payment Procedures...................................................................22
         Section 4.5       Tax Returns and Reports..............................................................22
         Section 4.6       Payment of Taxes, Duties, etc. of the Trust..........................................22
         Section 4.7       Payments Under Indenture.............................................................22

ARTICLE V           TRUST SECURITIES CERTIFICATES...............................................................23
         Section 5.1       Initial Ownership....................................................................23
         Section 5.2       The Trust Securities Certificates....................................................23
         Section 5.3       Execution, Authentication and Delivery of Trust Securities Certificates..............23
         Section 5.3A      Global Preferred Security............................................................22
         Section 5.4       Registration of Transfer and Exchange of Preferred Securities Certificates...........25
         Section 5.5       Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates...................27
         Section 5.6       Persons Deemed Securityholders.......................................................27
         Section 5.7       Access to List of Securityholders' Names and Addresses...............................27
         Section 5.8       Maintenance of Office or Agency......................................................28
         Section 5.9       Appointment of Paying Agent..........................................................28
         Section 5.10      Ownership of Common Securities by Depositor..........................................29
         Section 5.11      Trust Securities Certificates........................................................29
</Table>

                                       i

<Page>

<Table>
<S>                                                                                                           <C>
         Section 5.12      Notices to Clearing Agency...........................................................29
         Section 5.13      Rights of Securityholders............................................................29

ARTICLE VI          ACTS OF SECURITYHOLDERS; MEETINGS; VOTING...................................................30
         Section 6.1       Limitations on Voting Rights.........................................................30
         Section 6.2       Notice of Meetings...................................................................31
         Section 6.3       Meetings of Preferred Securityholders................................................32
         Section 6.4       Voting Rights........................................................................32
         Section 6.5       Proxies, etc.........................................................................32
         Section 6.6       Securityholder Action by Written Consent.............................................33
         Section 6.7       Record Date for Voting and Other Purposes............................................33
         Section 6.8       Acts of Securityholders..............................................................33
         Section 6.9       Inspection of Records................................................................34

ARTICLE VII         REPRESENTATIONS AND WARRANTIES..............................................................34
         Section 7.1       Representations and Warranties of the Bank and the Property Trustee..................34
         Section 7.2       Representations and Warranties of the Delaware Bank and the Delaware Trustee.........36
         Section 7.3       Representations and Warranties of Depositor..........................................37

ARTICLE VIII        TRUSTEES....................................................................................38
         Section 8.1       Certain Duties and Responsibilities..................................................38
         Section 8.2       Certain Notices......................................................................39
         Section 8.3       Certain Rights of Property Trustee...................................................40
         Section 8.4       Not Responsible for Recitals or Issuance of Securities...............................42
         Section 8.5       May Hold Securities..................................................................43
         Section 8.6       Compensation; Indemnity; Fees........................................................43
         Section 8.7       Corporate Property Trustee Required; Eligibility of Trustees.........................44
         Section 8.8       Conflicting Interests................................................................44
         Section 8.9       Co-Trustees and Separate Trustee.....................................................44
         Section 8.10      Resignation and Removal; Appointment of Successor....................................46
         Section 8.11      Acceptance of Appointment by Successor...............................................48
         Section 8.12      Merger, Conversion, Consolidation or Succession to Business..........................48
         Section 8.13      Preferential Collection of Claims Against Depositor or Trust.........................49
         Section 8.14      Reports by Property Trustee..........................................................49
         Section 8.15      Reports to the Property Trustee......................................................49
         Section 8.16      Evidence of Compliance with Conditions Precedent.....................................49
         Section 8.17      Number of Trustees...................................................................50
         Section 8.18      Delegation of Power..................................................................50
         Section 8.19      Voting...............................................................................50

ARTICLE IX          TERMINATION, LIQUIDATION AND MERGER.........................................................51
         Section 9.1       Termination Upon Expiration Date.....................................................51
         Section 9.2       Early Termination....................................................................51
</Table>

                                       ii

<Page>

<Table>
<S>                                                                                                            <C>
         Section 9.3       Termination..........................................................................51
         Section 9.4       Liquidation..........................................................................52
         Section 9.5       Mergers, Consolidations, Amalgamations or Replacements of the Trust..................53

ARTICLE X           MISCELLANEOUS PROVISIONS....................................................................55
         Section 10.1      Limitation of Rights of Securityholders..............................................55
         Section 10.2      Amendment............................................................................55
         Section 10.3      Severability.........................................................................57
         Section 10.4      Governing Law........................................................................57
         Section 10.5      Payments Due on Non-Business Day.....................................................57
         Section 10.6      Successors...........................................................................57
         Section 10.7      Headings.............................................................................57
         Section 10.8      Reports, Notices and Demands.........................................................57
         Section 10.9      Agreement Not to Petition............................................................58
         Section 10.10     Trust Indenture Act; Conflict with Trust Indenture Act...............................58
         Section 10.11     Acceptance of Terms of Trust Agreement, Guarantee and Indenture......................59
         Section 10.12     Counterparts.........................................................................59
         Section 10.13     Exchange Act Obligations.............................................................59

EXHIBITS

         Exhibit A         Certificate of Trust
         Exhibit B         Form of Common Securities Certificate
         Exhibit C         Form of Expense Agreement
         Exhibit D         Form of Preferred Securities Certificate
         Exhibit E         Form of Preferred Securities Certificate Authentication
         Exhibit F         Certificate Depositary Agreement
</Table>

                                      iii

<Page>

                              CROSS-REFERENCE TABLE

<Table>
<Caption>
Section of
Trust Indenture Act of 1939, as amended                                  Amended and Restated Declaration of Trust

<S>                                                                                                <C>
310(a)(1).......................................................................................................807
310(a)(2).......................................................................................................807
310(a)(3).......................................................................................................807
310(a)(4)................................................................................................207(a)(ii)
310(b)..........................................................................................................808
311(a)..........................................................................................................813
311(b)..........................................................................................................813
312(a)..........................................................................................................507
312(b)..........................................................................................................507
312(c)..........................................................................................................507
313(a).......................................................................................................814(a)
313(a)(4)....................................................................................................814(b)
313(b).......................................................................................................814(b)
313(c).........................................................................................................1008
313(d).......................................................................................................814(c)
314(a)..........................................................................................................815
314(b)...............................................................................................Not Applicable
314(c)(1).......................................................................................................816
314(c)(2).......................................................................................................816
314(c)(3)............................................................................................Not Applicable
314(d)...............................................................................................Not Applicable
314(e).....................................................................................................101, 816
315(a)...............................................................................................801(a), 803(a)
315(b)....................................................................................................802, 1008
315(c).......................................................................................................801(a)
315(d).....................................................................................................801, 803
316(a)(2)............................................................................................Not Applicable
316(b)...............................................................................................Not Applicable
316(c)..........................................................................................................607
317(a)(1)............................................................................................Not Applicable
317(a)(2)............................................................................................Not Applicable
317(b)..........................................................................................................509
318(a).........................................................................................................1010
</Table>

Note: This Cross-Reference Table does not constitute part of this Agreement and
      shall not affect the interpretation of any of its terms or provisions.

                                       iv

<Page>

                  AMENDED AND RESTATED DECLARATION OF TRUST

      AMENDED AND RESTATED DECLARATION OF TRUST, dated as of September 20, 2001,
among (i) LOCAL FINANCIAL CORPORATION, a Delaware corporation (including any
successors or assigns, the "Depositor"), (ii) THE BANK OF NEW YORK, a banking
corporation duly organized and existing under the laws of the State of New
York as property trustee (the "Property Trustee" and, in its separate
corporate capacity and not in its capacity as Property Trustee, the "Bank"),
(iii) THE BANK OF NEW YORK (DELAWARE), a banking corporation duly organized
and existing under the laws of the State of Delaware, as Delaware trustee
(the "Delaware Trustee," and, in its separate corporate capacity and not in
its capacity as Delaware Trustee, the "Delaware Bank") (iv) EDWARD A.
TOWNSEND, an individual, JAN A. NORTON, an individual, and RICHARD L. PARK,
an individual, each of whose address is c/o Company (each an "Administrative
Trustee" and collectively the "Administrative Trustees") (the Property
Trustee, the Delaware Trustee and the Administrative Trustees referred to
collectively as the "Trustees"), and (v) the several Holders (as hereinafter
defined).

                                    RECITALS

      WHEREAS, the Depositor, the Delaware Trustee, and EDWARD A. TOWNSEND, JAN
A. NORTON and RICHARD L. PARK, each as an Administrative Trustee, have
heretofore duly declared and established a business trust pursuant to the
Delaware Business Trust Act by the entering into of that certain Declaration of
Trust dated as of August 17, 1999 (the "Original Trust Agreement"), and by the
execution and filing by the Delaware Trustee and the Administrative Trustees
with the Secretary of State of the State of Delaware of the Certificate of
Trust, filed on August 17, 1999, the form of which is attached as EXHIBIT A; and

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

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

                                       -1-
<Page>

                                   ARTICLE I

                                  DEFINED TERMS

      1.1   DEFINITIONS

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

            (a)   the terms defined in this Article I have the meanings assigned
                  to them in this Article I and include the plural as well as
                  the singular;

            (b)   all other terms used herein that are defined in the Trust
                  Indenture Act, either directly or by reference therein, have
                  the meanings assigned to them therein;

            (c)   unless the context otherwise requires, any reference to an
                  "Article" or a "Section" refers to an Article or a Section, as
                  the case may be, of this Trust Agreement; and

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

      "Act" has the meaning specified in Section 6.8.

      "Additional Amount" means, with respect to Trust Securities of a given
Liquidation Amount and/or a given period, the amount equal to accrued,
including compound interest, in arrears and paid by the Depositor on a Like
Amount of Debentures for such period.

      "Additional Interest" has the meaning specified in Section 1.1 of the
Indenture.

      "Administrative Trustee" means each of Edward A. Townsend, Jan A. Norton
and Richard L. Park, solely in his or her capacity as Administrative Trustee of
the Trust formed and continued hereunder and not in his or her individual
capacity, or such Administrative Trustee's successor in interest in such
capacity, or any successor trustee appointed as herein provided.

      "Affiliate" means, with respect to a specified Person, (a) any Person
directly or indirectly owning, controlling or holding with power to vote 10% or
more of the outstanding voting securities or other ownership interests of the
specified Person; (b) any Person 10% or more of whose outstanding voting
securities or other ownership interests are directly or indirectly owned,
controlled or held with power to vote by the specified Person; (c) any Person
directly or indirectly controlling, controlled by, or under common control with
the specified Person; (d) a partnership in which the specified Person is a
general partner; (e) any officer or director of the specified Person; and (f) if
the specified Person is an individual, any entity of which the specified Person
is an officer, director or general partner.

                                       -2-
<Page>

      "Authenticating Agent" means an authenticating agent with respect to the
Preferred Securities appointed by the Property Trustee pursuant to Section 5.3.

      "Bank" has the meaning specified in the Preamble to this Trust Agreement.

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

      (a) the entry of a decree or order by a court having jurisdiction in the
premises adjudging such Person a bankrupt or insolvent, or approving as properly
filed a petition seeking liquidation or reorganization of or in respect of such
Person under the United States Bankruptcy Code of 1978, as amended, or any other
similar applicable federal or state law, and the continuance of any such decree
or order unvacated and unstayed for a period of 90 days; or the commencement of
an involuntary case under the United States Bankruptcy Code of 1978, as amended,
in respect of such Person, which shall continue undismissed for a period of 90
days or entry of an order for relief in such case; or the entry of a decree or
order of a court having jurisdiction in the premises for the appointment on the
ground of insolvency or bankruptcy of a receiver, custodian, liquidator, trustee
or assignee in bankruptcy or insolvency of such Person or of its property, or
for the winding up or liquidation of its affairs, and such decree or order shall
have remained in force unvacated and unstayed for a period of 90 days; or

      (b) the institution by such Person of proceedings to be adjudicated a
voluntary bankrupt, or the consent by such Person to the filing of a bankruptcy
proceeding against it, or the filing by such Person of a petition or answer or
consent seeking liquidation or reorganization under the United States Bankruptcy
Code of 1978, as amended, or other similar applicable federal or state law, or
the consent by such Person to the filing of any such petition or to the
appointment on the ground of insolvency or bankruptcy of a receiver or custodian
or liquidator or trustee or assignee in bankruptcy or insolvency of such Person
or of its property, or shall make a general assignment for the benefit of
creditors.

      "Bankruptcy Laws" has the meaning specified in Section 10.9.

      "Board Resolution" means a copy of a resolution certified by the Secretary
of the Depositor to have been duly adopted by the Depositor's Board of
Directors, or such committee of the Board of Directors or officers of the
Depositor to which authority to act on behalf of the Board of Directors has been
delegated, and to be in full force and effect on the date of such certification,
and delivered to the appropriate Trustee.

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

      "Certificate Depositary Agreement" means the agreement among Depositor,
Trust and DTC, as the initial Clearing Agency, dated as of the Closing Date,
substantially in the form attached as EXHIBIT F as the same may be amended and
supplemented from time to time.

                                       -3-
<Page>

      "Certificate of Trust" means the certificate of trust filed with the
Secretary of State of the State of Delaware with respect to the Trust, as
amended or restated from time to time.

      "Change in 1940 Act Law" shall have the meaning set forth in the
definition of "Investment Company Event."

      "Clearing Agency" means an organization registered as a "clearing agency"
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended. DTC
shall be the initial Clearing Agency.

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

      "Closing Date" means the date of execution and delivery of this Trust
Agreement.

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

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

      "Common Security" means an undivided beneficial interest in the assets of
the Trust, having a Liquidation Amount of $10 and having the rights provided
therefor in this Trust Agreement, including the right to receive Distributions
and a Liquidation Distribution as provided herein.

      "Common Securities Certificate" means a certificate evidencing ownership
of Common Securities, substantially in the form attached as EXHIBIT B.

      "Company" means Local Financial Corporation, a Delaware corporation.

      "Corporate Trust Office" means the office at which, at any particular
time, the corporate trust business of the Property Trustee or the Debenture
Trustee, as the case may be, shall be principally administered, which office at
the date hereof, in each such case, is located at 101 Barclay Street, 21st Floor
West, New York, New York 10286.

      "Debenture Event of Default" means an "Event of Default" as defined in
Section 7.1 of the Indenture.

                                       -4-
<Page>

      "Debenture Redemption Date" means, with respect to any Debentures to be
redeemed under the Indenture, the date fixed for redemption under the Indenture.

      "Debenture Tax Event" means a "Tax Event" as specified in Section 1.1 of
the Indenture.

      "Debenture Trustee" means The Bank of New York, a banking organization
organized under the laws of the State of New York and any successor thereto, as
trustee under the Indenture.

      "Debentures" means up to $36,082,475 principal amount of the Depositor's
9.00% Junior Subordinated Debentures due 2031 issued pursuant to the Indenture.

      "Definitive Preferred Securities Certificates" means Preferred Securities
Certificates issued in certified, fully registered form as provided in Section
5.4.

      "Delaware Bank" has the meaning specified in the Preamble to this Trust
Agreement.

      "Delaware Business Trust Act" means Chapter 38 of Title 12 of the Delaware
Code, 12 Delaware Code Sections 3801 ET SEQ. as it may be amended from time to
time.

      "Delaware Trustee" means the commercial bank or trust company
identified as the "Delaware Trustee" in the Preamble to this Trust Agreement
solely in its capacity as Delaware Trustee of the Trust and not in its
individual capacity, or its successor in interest in such capacity, or any
successor trustee appointed as herein provided.

      "Depositary" means DTC or any successor thereto.

      "Depositor" has the meaning specified in the Preamble to this Trust
Agreement.

      "Distribution Date" has the meaning specified in Section 4.1(a).

      "Distributions" means amounts payable in respect of the Trust Securities
as provided in Section 4.1.

      "DTC" means The Depository Trust Company.

      "Event of Default" 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 occurrence of a Debenture Event of Default; or

      (b) default by the Trust in the payment of any Distribution when it
becomes due and payable, and continuation of such default for a period of 30
days; or

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

      (d) default in the performance, or breach, in any material respect, of any
covenant or warranty of the Trustees in this Trust Agreement (other than a
covenant or warranty a default in the performance of which or the breach of
which is dealt with in clause (b) or (c), above) and

                                       -5-
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continuation of such default or breach for a period of 60 days after there has
been given, by registered or certified mail, to the defaulting Trustee or
Trustees by the Holders of at least 25% in aggregate Liquidation Amount of the
Outstanding Preferred 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

      (e) the occurrence of a Bankruptcy Event with respect to the Property
Trustee and the failure by the Depositor to appoint a successor Property Trustee
within 60 days thereof.

      "Exchange Act" means the Securities Exchange Act of 1934, as amended.

      "Expense Agreement" means the Agreement as to Expenses and Liabilities
between the Depositor and the Trust, substantially in the form attached as
EXHIBIT C, as amended from time to time.

      "Expiration Date" has the meaning specified in Section 9.1.

      "Extended Interest Payment Period" has the meaning specified in Section
4.1 of the Indenture.

      "Global Preferred Securities Certificate" means a Preferred Securities
Certificate evidencing ownership of Global Preferred Securities.

      "Global Preferred Security" means a Preferred Security, the ownership and
transfer of which shall be made through book entries by a Clearing Agency as
described herein.

      "Guarantee" means the Preferred Securities Guarantee Agreement executed
and delivered by the Depositor and The Bank of New York, as trustee,
contemporaneously with the execution and delivery of this Trust Agreement, for
the benefit of the holders of the Preferred Securities, as amended from time to
time.

      "Indenture" means the Indenture, dated as of September 20, 2001,
between the Depositor and the Debenture Trustee, as trustee, as amended or
supplemented from time to time.

      "Investment Company Act," means the Investment Company Act of 1940, as
amended, as in effect at the date of execution of this instrument.

      "Investment Company Event" means the receipt by the Trust and the
Depositor of an Opinion of Counsel, rendered by a law firm having a recognized
national tax and securities law practice, to the effect that, as a result of the
occurrence of a change in law or regulation or a change in interpretation or
application of law or regulation by any legislative body, court, governmental
agency or regulatory authority (a "Change in 1940 Act Law"), the Trust is or
shall be considered an "investment company" that is required to be registered
under the Investment Company Act, which Change in 1940 Act Law becomes effective
on or after the date of original issuance of the Preferred Securities under this
Trust Agreement, provided, however, that the Depositor or the Trust shall have
requested and received such an Opinion of Counsel with regard

                                       -6-
<Page>

to such matters within a reasonable period of time after the Depositor or the
Trust shall have become aware of the possible occurrence of any such event.

      "Lien" means any lien, pledge, charge, encumbrance, mortgage, deed of
trust, adverse ownership interest, hypothecation, assignment, security interest
or preference, priority or other security agreement or preferential arrangement
of any kind or nature whatsoever.

      "Like Amount" means (a) with respect to a redemption of Trust Securities,
Trust Securities having an aggregate Liquidation Amount equal to the aggregate
principal amount of Debentures to be contemporaneously redeemed in accordance
with the Indenture and the proceeds of which shall be used to pay the Redemption
Price of such Trust Securities; and (b) with respect to a distribution of
Debentures to Holders of Trust Securities in connection with a termination or
liquidation of the Trust, Debentures having a principal amount equal to the
Liquidation Amount of the Trust Securities of the Holder to whom such Debentures
are distributed. Each Debenture distributed pursuant to clause (b) above shall
carry with it accrued interest in an amount equal to the accrued and unpaid
interest then due on such Debentures.

      "Liquidation Amount" means the stated amount of $25 per Trust Security.

      "Liquidation Date" means the date on which Debentures are to be
distributed to Holders of Trust Securities in connection with a dissolution and
liquidation of the Trust pursuant to Section 9.4(a).

      "Liquidation Distribution" has the meaning specified in Section 9.4(d).

      "Officers' Certificate" means a certificate signed by the President or an
Executive Vice President and by the Chief Financial Officer or the Treasurer or
the Secretary, of the Depositor, and delivered to the appropriate Trustee. One
of the officers signing an Officers' Certificate given pursuant to Section 8.16
shall be the principal executive, financial or accounting officer of the
Depositor. Any Officers' Certificate delivered with respect to compliance with a
condition or covenant provided for in this Trust Agreement shall include:

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

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

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

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

                                       -7-
<Page>

      "Opinion of Counsel" means an opinion in writing of independent, outside
legal counsel for the Trust, the Property Trustee, the Delaware Trustee or the
Depositor, who shall be reasonably acceptable to the Property Trustee.

      "Original Trust Agreement" has the meaning specified in the Recitals to
this Trust Agreement.

      "Outstanding", when used with respect to Preferred Securities, means, as
of the date of determination, all Preferred Securities theretofore executed and
delivered under this Trust Agreement, except:

      (a) Preferred Securities theretofore canceled by the Property Trustee or
delivered to the Property Trustee for cancellation;

      (b) Preferred Securities for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Property Trustee or any
Paying Agent for the Holders of such Preferred Securities; PROVIDED that, if
such Preferred Securities are to be redeemed, notice of such redemption has been
duly given pursuant to this Trust Agreement; and

      (c) Preferred Securities which have been paid or in exchange for or in
lieu of which other Preferred Securities have been executed and delivered
pursuant to Sections 5.4, 5.5 and 5.11; PROVIDED, HOWEVER, that in determining
whether the Holders of the requisite Liquidation Amount of the Outstanding
Preferred Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, Preferred Securities owned by the
Depositor, any Trustee or any Affiliate of the Depositor or any Trustee shall be
disregarded and deemed not to be Outstanding, except that (a) in determining
whether any Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Preferred Securities
that such Trustee knows to be so owned shall be so disregarded; and (b) the
foregoing shall not apply at any time when all of the outstanding Preferred
Securities are owned by the Depositor, one or more of the Trustees and/or any
such Affiliate. Preferred Securities so owned which have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Administrative Trustees the pledgee's right so to act with
respect to such Preferred Securities and the pledgee is not the Depositor or any
other Obligor upon the Preferred Securities or a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the
Depositor or any Affiliate of the Depositor.

      "Paying Agent" means any paying agent or co-paying agent appointed
pursuant to Section 5.9 and shall initially be the Bank.

      "Payment Account" means a segregated non-interest-bearing corporate trust
account maintained by the Property Trustee with the Bank in its trust department
for the benefit of the Securityholders in which all amounts paid in respect of
the Debentures shall be held and from which the Property Trustee shall make
payments to the Securityholders in accordance with Sections 4.1 and 4.2.

                                       -8-
<Page>

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

      "Preferred Security" means an undivided beneficial interest in the assets
of the Trust, having a Liquidation Amount of $25 and having the rights provided
therefor in this Trust Agreement, including the right to receive Distributions
and a Liquidation Distribution as provided herein.

      "Preferred Securities Certificate", means a certificate evidencing
ownership of Preferred Securities, substantially in the form attached as EXHIBIT
D.

      "Property Trustee" means the commercial bank or trust company
identified as the "Property Trustee," in the Preamble to this Trust Agreement
solely in its capacity as Property Trustee of the Trust and not in its
individual capacity, or its successor in interest in such capacity, or any
successor property trustee appointed as herein provided.

      "Redemption Date" means, with respect to any Trust Security to be
redeemed, the date fixed for such redemption by or pursuant to this Trust
Agreement; PROVIDED that each Debenture Redemption Date and the stated maturity
of the Debentures shall be a Redemption Date for a Like Amount of Trust
Securities.

      "Redemption Price" means, with respect to any Trust Security, the
Liquidation Amount of such Trust Security, plus accumulated and unpaid
Distributions to the Redemption Date allocated on a pro rata basis (based on
Liquidation Amounts) among the Trust Securities.

      "Relevant Trustee" shall have the meaning specified in Section 8.10.

      "Securities Register" and "Securities Registrar" have the respective
meanings specified in Section 5.4.

      "Securityholder" or "Holder" means a Person in whose name a Trust Security
is or Trust Securities are registered in the Securities Register; any such
Person is a beneficial owner within the meaning of the Delaware Business Trust
Act.

      "Trust" means the Delaware business trust created and continued hereby and
identified on the cover page to this Trust Agreement.

      "Trust Agreement" means this Amended and Restated Declaration of Trust,
as the same may be modified, amended or supplemented in accordance with the
applicable provisions hereof, including all exhibits hereto, including, for
all purposes of this Trust Agreement and any such modification, amendment or
supplement, the provisions of the Trust Indenture Act that are deemed to be a
part of and govern this Trust Agreement and any such modification, amendment
or supplement, respectively.

                                       -9-
<Page>

      "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended,
as in force at the date as of which this instrument was executed; PROVIDED,
HOWEVER, that in the event the Trust Indenture Act of 1939, as amended, is
amended after such date, "Trust Indenture Act" means, to the extent required by
any such amendment, the Trust Indenture Act of 1939 as so amended.

      "Trust Property" means (a) the Debentures; (b) any cash on deposit in,
or owing to, the Payment 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 Property Trustee pursuant to the trusts of this
Trust Agreement.

      "Trust Security" means any one of the Common Securities or the Preferred
Securities.

      "Trust Securities Certificate" means any one of the Common Securities
Certificates or the Preferred Securities Certificates.

      "Trustees" means, collectively, the Property Trustee, the Delaware Trustee
and the Administrative Trustees.

      "Underwriting Agreement" means the Underwriting Agreement, dated as of
September 10, 2001, among the Trust, the Depositor and the Underwriters named
therein.

                                   ARTICLE II

                           ESTABLISHMENT OF THE TRUST

      2.1   NAME.

      The Trust continued hereby shall be known as "Local Financial Capital
Trust I," as such name may be modified from time to time by the Administrative
Trustees following written notice to the Holders of Trust Securities and the
other Trustees, in which name the Trustees may engage in the transactions
contemplated hereby, make and execute contracts and other instruments on behalf
of the Trust and sue and be sued.

      2.2   OFFICE OF THE DELAWARE TRUSTEE; PRINCIPAL PLACE OF BUSINESS.

      The address of the Delaware Trustee in the State of Delaware is c/o The
Bank of New York (Delaware), White Clay Center, Route 273, Newark, Delaware
19711, Attn: Corporate Trust Department, or such other address in the State of
Delaware as the Delaware Trustee may designate by written notice to the
Securityholders and the Depositor. The principal executive office of the Trust
is c/o Local Financial Corporation, 3601 NW 63rd Street, Oklahoma City, Oklahoma
73116, Attn: Jan A. Norton, President.

                                       -10-
<Page>

      2.3   INITIAL CONTRIBUTION OF TRUST PROPERTY; ORGANIZATIONAL EXPENSES.

      The Trustees acknowledge receipt in trust from the Depositor in connection
with the Original Trust Agreement of the sum of $25, which constituted the
initial Trust Property. The Depositor shall pay organizational expenses of the
Trust as they arise or shall, upon request of any Trustee, promptly reimburse
such Trustee for any such expenses paid by such Trustee. The Depositor shall
make no claim upon the Trust Property for the payment of such expenses.

      2.4   ISSUANCE OF THE PREFERRED SECURITIES.

      The Depositor and an Administrative Trustee, on behalf of the Trust and
pursuant to the Original Trust Agreement, executed and delivered the
Underwriting Agreement. Contemporaneously with the execution and delivery of
this Trust Agreement, an Administrative Trustee, on behalf of the Trust,
shall execute in accordance with Section 5.2 and deliver in accordance with
the Underwriting Agreement, Preferred Securities Certificates, registered in
the name of Persons entitled thereto in an aggregate amount of 1,400,000
Preferred Securities having an aggregate Liquidation Amount of $35,000,000
against receipt of the aggregate purchase price of such Preferred Securities
of $35,000,000, which amount such Administrative Trustee shall promptly
deliver to the Property Trustee. If the underwriters exercise their
over-allotment option and there is an Option Closing Date (as such term is
defined in the Underwriting Agreement), then an Administrative Trustee, on
behalf of the Trust, shall execute in accordance with Section 5.2 and deliver
in accordance with the Underwriting Agreement, Preferred Securities
Certificates, registered in the name of the Persons entitled thereto in an
aggregate amount of up to 210,000 Preferred Securities having an aggregate
Liquidation Amount of up to $5,250,000 against receipt of the aggregate
purchase price of such Preferred Securities of up to $5,250,000, which amount
such Administrative Trustee shall promptly deliver to the Property Trustee.

      2.5   ISSUANCE OF THE COMMON SECURITIES; SUBSCRIPTION AND PURCHASE OF
            DEBENTURES.

            (a)   Contemporaneously with the execution and delivery of this
                  Trust Agreement, an Administrative Trustee, on behalf of the
                  Trust, shall execute in accordance with Section 5.2 and
                  deliver to the Depositor, Common Securities Certificates,
                  registered in the name of the Depositor, in an aggregate
                  amount of Common Securities having an aggregate Liquidation
                  Amount of $1,082,475 against payment by the Depositor of such
                  amount. Contemporaneously therewith, an Administrative
                  Trustee, on behalf of the Trust, shall subscribe to and
                  purchase from the Depositor Debentures, registered in the name
                  of the Property Trustee on behalf of the Trust and having an
                  aggregate principal amount equal to $36,082,475, and, in
                  satisfaction of the purchase price for such Debentures, the
                  Property Trustee, on behalf of the Trust, shall deliver to the
                  Depositor the sum of $36,082,475.

            (b)   If the underwriters exercise their over-allotment option and
                  there is an Option Closing Date, then an Administrative
                  Trustee, on behalf of the

                                       -11-
<Page>

                  Trust, shall execute in accordance with Section 5.2 and
                  deliver to the Depositor, Common Securities Certificates,
                  registered in the name of the Depositor, in an additional
                  aggregate amount of Common Securities having an aggregate
                  Liquidation Amount of up to $162,375 against payment by the
                  Depositor of such amount. Contemporaneously therewith, an
                  Administrative Trustee, on behalf of the Trust, shall
                  subscribe to and purchase from the Depositor, additional
                  Debentures, registered in the name of the Trust and having an
                  aggregate principal amount of up to $5,412,375, and, in
                  satisfaction of the purchase price of such Debentures, the
                  Property Trustee, on behalf of the Trust, shall deliver to the
                  Depositor up to $5,412,375, such aggregate amount to be equal
                  to the sum of the amounts received from the Depositor pursuant
                  to Section 2.5(b) and from one of the Administrative Trustees
                  pursuant to the last sentence of Section 2.4.

      2.6   DECLARATION OF TRUST.

      The exclusive purposes and functions of the Trust are (a) to issue and
sell Trust Securities and use the proceeds from such sale to acquire the
Debentures; and (b) to engage in those activities necessary, advisable or
incidental thereto. The Depositor hereby appoints the Trustees as trustees of
the Trust, to have all the rights, powers and duties to the extent set forth
herein, and the Trustees hereby accept such appointment. The Property Trustee
hereby declares that it shall hold the Trust Property in trust upon and subject
to the conditions set forth herein for the benefit of the Securityholders. The
Administrative Trustees shall have all rights, powers and duties set forth
herein and in accordance with applicable law with respect to accomplishing the
purposes of the Trust. The Delaware Trustee shall not be entitled to exercise
any powers, nor shall the Delaware Trustee have any of the duties and
responsibilities, of the Property Trustee or the Administrative Trustees set
forth herein. The Delaware Trustee shall be one of the Trustees of the Trust for
the sole and limited purpose of fulfilling the requirements of Section 3807 of
the Delaware Business Trust Act.

      2.7   AUTHORIZATION TO ENTER INTO CERTAIN TRANSACTIONS.

            (a)   The Trustees shall conduct the affairs of the Trust in
                  accordance with the terms of this Trust Agreement. Subject to
                  the limitations set forth in paragraph (b) of this Section 2.7
                  and Article VIII, and in accordance with the following
                  provisions (i) and (ii), the Administrative Trustees shall
                  have the authority to enter into all transactions and
                  agreements determined by the Administrative Trustees to be
                  appropriate in exercising the authority, express or implied,
                  otherwise granted to the Administrative Trustees under this
                  Trust Agreement, and to perform all acts in furtherance
                  thereof, including without limitation, the following:

                  (i)   As among the Trustees, each Administrative Trustee,
                        acting singly or jointly, shall have the power and
                        authority to act on behalf of the Trust with respect to
                        the following matters:

                                       -12-
<Page>

                        (A)   the issuance and sale of the Trust Securities and
                              the compliance with the Underwriting Agreement in
                              connection therewith;

                        (B)   to cause the Trust to enter into, and to execute,
                              deliver and perform on behalf of the Trust, the
                              Underwriting Agreement, the Expense Agreement and
                              such other agreements or documents as may be
                              necessary or desirable in connection with the
                              purposes and function of the Trust;

                        (C)   assisting in the registration of the Preferred
                              Securities under the Securities Act of 1933, as
                              amended, and under state securities or blue sky
                              laws, and the qualification of this Trust
                              Agreement as a trust indenture under the Trust
                              Indenture Act;

                        (D)   assisting in the listing of the Preferred
                              Securities upon The Nasdaq National Market or such
                              securities exchange or exchanges as shall be
                              determined by the Depositor, the registration of
                              the Preferred Securities under the Exchange Act,
                              the compliance with the listing requirements of
                              The Nasdaq National Market or the applicable
                              securities exchanges and the preparation and
                              filing of all periodic and other reports and other
                              documents pursuant to the foregoing;

                        (E)   the sending of notices (other than notices of
                              default) and other information regarding the Trust
                              Securities and the Debentures to the
                              Securityholders in accordance with this Trust
                              Agreement;

                        (F)   the appointment of a Paying Agent, Authenticating
                              Agent and Securities Registrar in accordance with
                              this Trust Agreement;

                        (G)   to the extent provided in this Trust Agreement,
                              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 Delaware;

                        (H)   to take all action that may be necessary or
                              appropriate for the preservation and the
                              continuation of the Trust's valid existence,
                              rights, franchises and privileges as a statutory
                              business trust under the laws of the State of
                              Delaware and of each other jurisdiction in which
                              such existence is

                                       -13-
<Page>

                               necessary to protect the limited liability of the
                               Holders of the Preferred Securities or to enable
                               the Trust to effect the purposes for which the
                               Trust was created; and

                        (I)   the taking of any action incidental to the
                              foregoing as the Administrative Trustees may from
                              time to time determine is necessary or advisable
                              to give effect to the terms of this Trust
                              Agreement for the benefit of the Securityholders
                              (without consideration of the effect of any such
                              action on any particular Securityholder).

                  (ii)  As among the Trustees, the Property 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 Payment 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 Payment Account;

                        (D)   the distribution of amounts owed to the
                              Securityholders in respect of the Trust Securities
                              in accordance with the terms of this Trust
                              Agreement;

                        (E)   the exercise of all of the rights, powers and
                              privileges of a holder of the Debentures;

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

                        (G)   the distribution of the Trust Property in
                              accordance with the terms of this Trust Agreement;

                        (H)   to the extent provided in this Trust Agreement,
                              the winding up of the affairs of and liquidation
                              of the Trust;

                        (I)   after an Event of Default, the taking of any
                              action incidental to the foregoing as the Property
                              Trustee may from time to time determine is
                              necessary or advisable to give effect to the terms
                              of this Trust Agreement and protect and conserve
                              the Trust Property for the benefit of the
                              Securityholders (without consideration of the
                              effect of any such action on any particular
                              Securityholder);

                                       -14-
<Page>

                        (J)   registering transfers of the Trust Securities in
                              accordance with this Trust Agreement; and

                        (K)   except as otherwise provided in this Section
                              2.7(a)(ii), the Property Trustee shall have none
                              of the duties, liabilities, powers or the
                              authority of the Administrative Trustees set forth
                              in Section 2.7(a)(i).

            (b)   So long as this Trust Agreement remains in effect, the Trust
                  (or the Trustees acting on behalf of the Trust) shall not
                  undertake any business, activities or transaction except as
                  expressly provided herein or contemplated hereby. In
                  particular, the Trustees shall not (i) acquire any investments
                  or engage in any activities not authorized by this Trust
                  Agreement; (ii) sell, assign, transfer, exchange, mortgage,
                  pledge, set-off or otherwise dispose of any of the Trust
                  Property or interests therein, including to Securityholders,
                  or acquire any assets, in each case, except as expressly
                  provided herein; (iii) take any action that would cause the
                  Trust to fail or cease to qualify as a "grantor trust" for
                  United States federal income tax purposes; (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
                  Administrative Trustees shall 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
                  Securityholders in their capacity as Securityholders.

            (c)   In connection with the issue and sale of the Preferred
                  Securities, the Depositor 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 Depositor in furtherance of the following prior to the
                  date of this Trust Agreement are hereby ratified and confirmed
                  in all respects):

                  (i)   the preparation and filing by the Trust with the
                        Commission and the execution on behalf of the Trust of a
                        registration statement on the appropriate form in
                        relation to the Preferred Securities, the Debentures,
                        and the Guarantee, including any amendments thereto;

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

                                       -15-
<Page>

                  (iii) the preparation for filing by the Trust and execution on
                        behalf of the Trust of an application to The Nasdaq
                        National Market or a national stock exchange or other
                        organizations for listing upon notice of issuance of any
                        Preferred Securities and to file or cause an
                        Administrative Trustee to file thereafter with such
                        exchange or organization such notifications and
                        documents as may be necessary from time to time; (iv)
                        the preparation for filing by the Trust with the
                        Commission and the execution on behalf of the Trust of a
                        registration statement on Form 8-A relating to the
                        registration of the Preferred Securities under Section
                        12(b) or 12(g) of the Exchange Act, including any
                        amendments thereto;

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

                  (v)   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 Trustees
                  are authorized and directed to conduct the affairs of the
                  Trust and to operate the Trust so that the Trust shall not be
                  deemed to be an "investment company" required to be registered
                  under the Investment Company Act, shall be classified as a
                  "grantor trust" and not as an association taxable as a
                  corporation for United States federal income tax purposes and
                  so that the Debentures shall be treated as indebtedness of the
                  Depositor for United States federal income tax purposes. In
                  this connection, subject to Section 10.2, the Depositor and
                  the Administrative Trustees are authorized to take any action,
                  not inconsistent with applicable law or this Trust Agreement,
                  that each of the Depositor and the Trustees determines in
                  their discretion to be necessary or desirable for such
                  purposes.

      2.8   ASSETS OF TRUST.

      The assets of the Trust shall consist of the Trust Property.

      2.9   TITLE TO TRUST PROPERTY.

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

                                       -16-
<Page>

                                  ARTICLE III

                                 PAYMENT ACCOUNT

      3.1   PAYMENT ACCOUNT.

            (a)   On or prior to the Closing Date, the Property Trustee shall
                  establish the Payment Account. The Property Trustee and any
                  agent of the Property Trustee shall have exclusive control and
                  sole right of withdrawal with respect to the Payment Account
                  for the purpose of making deposits and withdrawals from the
                  Payment Account in accordance with this Trust Agreement. All
                  monies and other property deposited or held from time to time
                  in the Payment Account shall be held by the Property Trustee
                  in the Payment Account for the exclusive benefit of the
                  Securityholders and for distribution as herein provided,
                  including (and subject to) any priority of payments provided
                  for herein.

            (b)   The Property Trustee shall deposit in the Payment Account,
                  promptly upon receipt, all payments of principal of or
                  interest on, and any other payments or proceeds with respect
                  to, the Debentures. Amounts held in the Payment Account shall
                  not be invested by the Property Trustee pending distribution
                  thereof.

                                   ARTICLE IV

                            DISTRIBUTIONS; REDEMPTION

      4.1   DISTRIBUTIONS.

            (a)   Distributions on the Trust Securities shall be cumulative, and
                  shall accumulate whether or not there are funds of the Trust
                  available for the payment of Distributions. Distributions
                  shall accumulate from September 20, 2001, and, except during
                  any Extended Interest Payment Period with respect to the
                  Debentures, shall be payable quarterly in arrears on the last
                  calendar day of March, June, September and December of each
                  year, commencing on December 31, 2001. If any date on which a
                  Distribution is otherwise payable on the Trust Securities is
                  not a Business Day, then the payment of such Distribution
                  shall 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 (and without any
                  reduction of interest or any other payment in respect of any
                  such acceleration), in each case with the same force and
                  effect as if made on such date (each date on which

                                       -17-
<Page>

                  distributions are payable in accordance with this Section
                  4.1(a), a "Distribution Date").

            (b)   The Trust Securities represent undivided beneficial interests
                  in the Trust Property. Distributions on the Trust Securities
                  shall be payable at a rate of 9.00% per annum of the
                  Liquidation Amount of the Trust Securities. The amount of
                  Distributions payable for any full period shall be computed on
                  the basis of a 360-day year of twelve 30-day months. The
                  amount of Distributions for any partial period shall be
                  computed on the basis of the number of days elapsed in a
                  360-day year of twelve 30-day months. During any Extended
                  Interest Payment Period with respect to the Debentures,
                  Distributions on the Preferred Securities shall be deferred
                  for a period equal to the Extended Interest Payment Period.
                  The amount of Distributions payable for any period shall
                  include the Additional Amounts if any.

            (c)   Distributions on the Trust Securities shall be made by the
                  Property Trustee solely from the Payment Account and shall be
                  payable on each Distribution Date only to the extent that the
                  Trust has funds on hand and immediately available by 12:30
                  p.m. on each Distribution Date in the Payment Account for the
                  payment of such Distributions.

            (d)   Distributions on the Trust Securities with respect to a
                  Distribution Date shall be payable to the Holders thereof as
                  they appear on the Securities Register for the Trust
                  Securities on the relevant record date, which shall be the
                  15th day of March, June, September or December for
                  Distributions payable on the last calendar day of the
                  respective month; provided, however, that for any Trust
                  Securities held in global form, Distributions shall be payable
                  to the Holder thereof as of one Business Day immediately
                  preceding the Distribution Date.

      4.2   REDEMPTION.

            (a)   On each Debenture Redemption Date and on the maturity of the
                  Debentures, the Trust shall be required to redeem a Like
                  Amount of Trust Securities at the Redemption Price.

            (b)   Notice of redemption shall be given by the Property Trustee by
                  first-class mail, postage prepaid, mailed not less than 30 nor
                  more than 60 days prior to the Redemption Date to each Holder
                  of Trust Securities to be redeemed, at such Holder's address
                  appearing in the Securities Register. The Property Trustee
                  shall have no responsibility for the accuracy of any CUSIP
                  number contained in such notice. All notices of redemption
                  shall state:

                  (i)   the Redemption Date;

                  (ii)  the Redemption Price;

                                       -18-
<Page>

                  (iii) the CUSIP number;

                  (iv)  if less than all the Outstanding Trust Securities are to
                        be redeemed, the identification and the aggregate
                        Liquidation Amount of the particular Trust Securities to
                        be redeemed;

                  (v)   that, on the Redemption Date, the Redemption Price shall
                        become due and payable upon each such Trust Security to
                        be redeemed and that Distributions thereon shall cease
                        to accumulate on and after said date, except as provided
                        in Section 4.2(d); and

                  (vi)  the place or places at which Trust Securities are to be
                        surrendered for the payment of the Redemption Price.

            (c)   The Trust Securities redeemed on each Redemption Date shall be
                  redeemed at the Redemption Price with the proceeds from the
                  contemporaneous redemption of Debentures. Redemptions of the
                  Trust Securities shall be made and the Redemption Price shall
                  be payable on each Redemption Date only to the extent that the
                  Trust has immediately available funds then on hand and
                  available in the Payment Account for the payment of such
                  Redemption Price.

            (d)   If the Property Trustee gives a notice of redemption in
                  respect of any Preferred Securities, then, by 12:00 noon, New
                  York City time, on the Redemption Date, the Property Trustee,
                  subject to Section 4.2(c), shall, with respect to Preferred
                  Securities held in global form, deposit with the Clearing
                  Agency for such Preferred Securities, to the extent available
                  therefor, funds sufficient to pay the applicable Redemption
                  Price and will give such Clearing Agency irrevocable
                  instructions and authority to pay the Redemption Price to the
                  Holders of the Preferred Securities. With respect to Trust
                  Securities that are not held in global form, the Property
                  Trustee, subject to Section 4.2(c), shall deposit with the
                  Paying Agent funds sufficient to pay the applicable Redemption
                  Price and shall give the Paying Agent irrevocable instructions
                  and authority to pay the Redemption Price to the record
                  holders thereof upon surrender of their Preferred Securities
                  Certificates. Notwithstanding the foregoing, Distributions
                  payable on or prior to the Redemption Date for any Trust
                  Securities called for redemption shall be payable to the
                  Holders of such Trust Securities as they appear on the
                  Securities Register for the Trust Securities on the relevant
                  record dates for the related Distribution Dates. If notice of
                  redemption shall have been given and funds deposited as
                  required, then upon the date of such deposit, (i) all rights
                  of Securityholders holding Trust Securities so called for
                  redemption shall cease, except the right of such
                  Securityholders to receive the Redemption Price, but without
                  interest, and (ii) such Trust Securities shall cease to be
                  Outstanding.

                                       -19-
<Page>

                  In the event that any date on which any Redemption Price is
                  payable is not a Business Day, then payment of the
                  Redemption Price payable on such date shall 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 (and without any
                  reduction of interest or any other payment in respect of
                  any such acceleration), in each case with the same force
                  and effect as if made on such date. In the event that
                  payment of the Redemption Price in respect of any Trust
                  Securities called for redemption is improperly withheld or
                  refused and not paid either by the Trust or by the
                  Depositor pursuant to the Guarantee, Distributions on such
                  Trust Securities shall continue to accumulate, at the then
                  applicable rate, from the Redemption Date originally
                  established by the Trust for such Trust Securities to the
                  date such Redemption Price is actually paid, in which case
                  the actual payment date shall be the date fixed for
                  redemption for purposes of calculating the Redemption Price.

            (e)   Payment of the Redemption Price on the Trust Securities shall
                  be made to the record holders thereof as they appear on the
                  Securities Register for the Trust Securities on the relevant
                  record date, which shall be the date 15 days prior to the
                  relevant Redemption Date.

            (f)   Subject to Section 4.3(a), if less than all the Outstanding
                  Trust Securities are to be redeemed on a Redemption Date, then
                  the aggregate Liquidation Amount of Trust Securities to be
                  redeemed shall be allocated on a pro rata basis (based on
                  Liquidation Amounts) among the Common Securities and the
                  Preferred Securities. The particular Preferred Securities to
                  be redeemed shall be selected not more than 60 days prior to
                  the Redemption Date by the Property Trustee from the
                  Outstanding Preferred Securities not previously called for
                  redemption, by such method (including, without limitation, by
                  lot) as the Property Trustee shall deem fair and appropriate
                  and which may provide for the selection for redemption of
                  portions (equal to such Liquidation Amount or an integral
                  multiple of such Liquidation

                                       -20-
<Page>

                  Amount in excess thereof) of the Liquidation Amount of
                  Preferred Securities of a denomination larger than such
                  Liquidation Amount; PROVIDED, HOWEVER, in the event the
                  redemption relates only to Preferred Securities purchased and
                  held by the Depositor being redeemed in exchange for a Like
                  Amount of Debentures, the Property Trustee shall select those
                  particular Preferred Securities for redemption. The Property
                  Trustee shall promptly notify the Securities Registrar in
                  writing of the Preferred Securities selected for redemption
                  and, in the case of any Preferred Securities selected for
                  partial redemption, the Liquidation Amount thereof to be
                  redeemed. For all purposes of this Trust Agreement, unless the
                  context otherwise requires, all provisions relating to the
                  redemption of Preferred Securities shall relate, in the case
                  of any Preferred Securities redeemed or to be redeemed only in
                  part, to the portion of the Liquidation Amount of Preferred
                  Securities which has been or is to be redeemed.

      4.3   SUBORDINATION OF COMMON SECURITIES.

            (a)   Payment of Distributions (including Additional Amounts, if
                  applicable) on, and the Redemption Price of, the Trust
                  Securities, as applicable, shall be made, subject to Section
                  4.2(f), pro rata among the Common Securities and the Preferred
                  Securities based on the Liquidation Amount of the Trust
                  Securities; PROVIDED, HOWEVER, that if on any Distribution
                  Date or Redemption Date any Event of Default resulting from a
                  Debenture Event of Default shall have occurred and be
                  continuing, no payment of any Distribution (including
                  Additional Amounts, if applicable) on, or Redemption Price of,
                  any Common Security, and no other payment on account of the
                  redemption, liquidation or other acquisition of Common
                  Securities, shall be made unless payment in full in cash of
                  all accumulated and unpaid Distributions (including Additional
                  Amounts, if applicable) on all Outstanding Preferred
                  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 Preferred Securities then called for redemption,
                  shall have been made or provided for, and all funds
                  immediately available to the Property Trustee shall first be
                  applied to the payment in full in cash of all Distributions
                  (including Additional Amounts, if applicable) on, or the
                  Redemption Price of, Preferred Securities then due and
                  payable.

            (b)   In the case of the occurrence of any Event of Default
                  resulting from a Debenture Event of Default, the Holder of
                  Common Securities shall be deemed to have waived any right to
                  act with respect to any such Event of Default under this Trust
                  Agreement until the effect of all such Events of Default with
                  respect to the Preferred Securities shall have

                                       -21-
<Page>

                  been cured, waived or otherwise eliminated. Until any such
                  Event of Default under this Trust Agreement with respect to
                  the Preferred Securities shall have been so cured, waived or
                  otherwise eliminated, the Property Trustee shall act solely on
                  behalf of the Holders of the Preferred Securities and not the
                  Holder of the Common Securities, and only the Holders of the
                  Preferred Securities shall have the right to direct the
                  Property Trustee to act on their behalf.

      4.4   PAYMENT PROCEDURES.

      Payments of Distributions (including Additional Amounts, if applicable) in
respect of the Preferred Securities shall be made by check mailed to the address
of the Person entitled thereto as such address shall appear on the Securities
Register or, if the Preferred Securities are held by a Clearing Agency, such
Distributions shall be made to the Clearing Agency in immediately available
funds, which will credit the relevant accounts on the applicable Distribution
Dates. Payments in respect of the Common Securities shall be made in such manner
as shall be mutually agreed between the Property Trustee and the Common
Securityholder.

      4.5   TAX RETURNS AND REPORTS.

      The Administrative Trustees shall prepare (or cause to be prepared), at
the Depositor's expense, and file all United States federal, state and local tax
and information returns and reports required to be filed by or in respect of the
Trust. In this regard, the Administrative Trustees shall (a) prepare and file
(or cause to be prepared and filed) the appropriate Internal Revenue Service
forms required to be filed in respect of the Trust in each taxable year of the
Trust; and (b) prepare and furnish (or cause to be prepared and furnished) to
each Securityholder the appropriate Internal Revenue Service forms required to
be furnished to such Securityholder or the information required to be provided
on such form. The Administrative Trustees shall provide the Depositor with a
copy of all such returns and reports promptly after such filing or furnishing.
The Property Trustee shall comply with United States federal withholding and
backup withholding tax laws and information reporting requirements with respect
to any payments to Securityholders under the Trust Securities.

      4.6   PAYMENT OF TAXES, DUTIES, ETC. OF THE TRUST.

      Upon receipt under the Debentures of Additional Interest, the Property
Trustee, at the direction of an Administrative Trustee or the Depositor, shall
promptly pay any taxes, duties or governmental charges of whatsoever nature
(other than withholding taxes) imposed on the Trust by the United States or any
other taxing authority.

      4.7   PAYMENTS UNDER INDENTURE.

      Any amount payable hereunder to any Holder of Preferred Securities shall
be reduced by the amount of any corresponding payment such Holder has directly
received under the Indenture pursuant to Section 5.13(b) or (c) hereof.

                                       -22-
<Page>

                                   ARTICLE V

                          TRUST SECURITIES CERTIFICATES

      5.1   INITIAL OWNERSHIP.

      Upon the creation of the Trust and the contribution by the Depositor
pursuant to Section 2.3 and until the issuance of the Trust Securities, and at
any time during which no Trust Securities are outstanding, the Depositor shall
be the sole beneficial owner of the Trust.

      5.2   THE TRUST SECURITIES CERTIFICATES.

      The Preferred Securities Certificates shall be issued in minimum
denominations of the Liquidation Amount and integral multiples of the
Liquidation Amount in excess thereof, and the Common Securities Certificates
shall be issued in denominations of the Liquidation Amount and multiples thereof
(which may, in the case of the Common Securities, include fractional amounts).
The Trust Securities Certificates shall be executed on behalf of the Trust by
manual or facsimile signature of at least one Administrative Trustee. Trust
Securities Certificates bearing the manual or facsimile signatures of
individuals who were, at the time when such signatures shall have been affixed,
authorized to sign on behalf of the Trust, shall be validly issued and entitled
to the benefits of this Trust Agreement, notwithstanding that such individuals
or any of them shall have ceased to be so authorized prior to the delivery of
such Trust Securities Certificates or did not hold such offices at the date of
delivery of such Trust Securities Certificates. A transferee of a Trust
Securities Certificate shall become a Securityholder, and shall be entitled to
the rights and subject to the obligations of a Securityholder hereunder, upon
due registration of such Trust Securities Certificate in such transferee's name
pursuant to Sections 5.4, 5.11 and 5.13.

      5.3   EXECUTION, AUTHENTICATION AND DELIVERY OF TRUST SECURITIES
            CERTIFICATES.

            (a)   On the Closing Date and on any Option Closing Date, the
                  Administrative Trustees shall cause Trust Securities
                  Certificates, in an aggregate Liquidation Amount as provided
                  in Sections 2.4 and 2.5, to be executed on behalf of the Trust
                  by at least one of the Administrative Trustees and delivered
                  to or upon the written order of the Depositor, signed by its
                  Chief Executive Officer, President, any Vice President or its
                  Treasurer without further corporate action by the Depositor,
                  in authorized denominations.

            (b)   A Preferred Securities Certificate shall not be valid until
                  authenticated by the manual signature of an authorized
                  signatory of the Property Trustee in substantially the form of
                  Exhibit E attached hereto. The signature shall be conclusive
                  evidence that the Preferred Securities Certificate has been
                  authenticated under this Trust Agreement. Each Preferred
                  Security Certificate shall be dated the date of its
                  authentication.

      Upon the written order of the Trust signed by one of the Administrative
Trustees, the Property Trustee shall authenticate and make available for
delivery the Preferred Securities Certificates.

                                       -23-
<Page>

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

      5.3A. GLOBAL PREFERRED SECURITY

            (a)   Any Global Preferred Security issued under this Trust
                  Agreement shall be registered in the name of the nominee of
                  the Clearing Agency and delivered to such custodian therefor,
                  and such Global Preferred Security shall constitute a single
                  Preferred Security for all purposes of this Trust Agreement.

            (b)   Notwithstanding any other provision in this Trust Agreement,
                  no Global Preferred Security may be exchanged for Preferred
                  Securities registered in the names of persons other than the
                  Depositary or its nominee unless (i) the Depositary notifies
                  the Debenture Trustee that it is unwilling or unable to
                  continue as a depositary for such Global Preferred Securities
                  and the Depositor is unable to locate a qualified successor
                  depositary, (ii) the Depositor executes and delivers to the
                  Debenture Trustee a written order stating that it elects to
                  terminate the book-entry system through the Depositary or
                  (iii) there shall have occurred and be continuing a Debenture
                  Event of Default.

            (c)   If a Preferred Security is to be exchanged in whole or in part
                  for a beneficial interest in a Global Preferred Security, then
                  either (i) such Global Preferred Security shall be so
                  surrendered for exchange or cancellation as provided in this
                  Article V or (ii) the Liquidation Amount thereof shall be
                  reduced or increased by an amount equal to the portion thereof
                  to be so exchanged or cancelled, or equal to the Liquidation
                  Amount of such other Preferred Securities to be so exchanged
                  for a beneficial interest therein, as the case may be, by
                  means of an appropriate adjustment made on the records of the
                  Securities Registrar, whereupon the Property Trustee, in
                  accordance with the rules and procedures of the Depositary for
                  such Global Preferred Security (the "Applicable Procedures"),
                  shall instruct the Clearing Agency or its authorized
                  representative to make a corresponding adjustment to its
                  records. Upon any such surrender or adjustment of a Global
                  Preferred Security by the Clearing Agency, accompanied by
                  registration instructions, the Administrative Trustees shall
                  execute and the Property Trustee shall, subject to Section
                  5.4(b) and as otherwise provided in this Article V,
                  authenticate and deliver any Preferred Securities issuable in
                  exchange for such Global Preferred Security (or any portion
                  thereof) in accordance with the instructions of the Clearing
                  Agency. The Property Trustee shall not be

                                       -24-
<Page>

                  liable for any delay in delivery of such instructions and may
                  conclusively rely on, and shall be fully protected in relying
                  on, such instructions.

            (d)   Every Preferred Security executed, authenticated and delivered
                  upon registration of transfer of, or in exchange for or in
                  lieu of, a Global Preferred Security or any portion thereof,
                  whether pursuant to this Article V or otherwise, shall be
                  executed, authenticated and delivered in the form of, and
                  shall be, a Global Preferred Security, unless such Global
                  Preferred Security is registered in the name of a Person other
                  than the Clearing Agency for such Global Preferred Security or
                  a nominee thereof.

            (e)   The Clearing Agency or its nominee, as the registered owner of
                  a Global Preferred Security, shall be considered the Holder of
                  the Preferred Securities represented by such Global Preferred
                  Security for all purposes under this Trust Agreement and the
                  Preferred Securities, and owners of beneficial interests in
                  such Global Preferred Security shall hold such interests
                  pursuant to the Applicable Procedures and, except as otherwise
                  provided herein, shall not be entitled to receive physical
                  delivery of any such Preferred Securities in definitive form
                  and shall not be considered the Holders thereof under this
                  Trust Agreement. Accordingly, any such owner's beneficial
                  interest in the Global Preferred Securities shall be shown
                  only on, and the transfer of such interest shall be effected
                  only through, records maintained by the Clearing Agency or its
                  nominee. Neither the Property Trustee, the Securities
                  Registrar nor the Depositor shall have any liability in
                  respect of any transfers effected by the Clearing Agency.

            (f)   The rights of owners of beneficial interests in a Global
                  Preferred Security shall be exercised only through the
                  Clearing Agency and shall be limited to those established by
                  law and agreements between such owners and the Clearing
                  Agency.

      5.4   REGISTRATION OF TRANSFER AND EXCHANGE OF PREFERRED SECURITIES
            CERTIFICATES.

            (a)   The Depositor shall keep or cause to be kept, at the office or
                  agency maintained pursuant to Section 5.8, a register or
                  registers for the purpose of registering Trust Securities
                  Certificates and, subject to the provisions of Section 5.3A,
                  transfers and exchanges of Preferred Securities Certificates
                  (herein referred to as the "Securities Register") in which the
                  registrar designated by the Depositor (the "Securities
                  Registrar"), subject to such reasonable regulations as it may
                  prescribe, shall provide for the registration of Preferred
                  Securities Certificates and Common Securities Certificates
                  (subject to Section 5.10 in the case of the Common Securities
                  Certificates) and registration of transfers and exchanges of
                  Preferred Securities Certificates as herein provided. The
                  Property Trustee shall be the initial Securities Registrar.

                                       -25-
<Page>

            (b)   Subject to the provisions of Section 5.3A, upon surrender for
                  registration of transfer of any Preferred Securities
                  Certificate at the office or agency maintained pursuant to
                  Section 5.8, the Administrative Trustees or any one of them
                  shall execute and deliver, in the name of the designated
                  transferee or transferees, one or more new Preferred
                  Securities Certificates in authorized denominations of a like
                  aggregate Liquidation Amount dated the date of execution by
                  such Administrative Trustee or Trustees. The Securities
                  Registrar shall not be required to register the transfer of
                  any Preferred Securities that have been called for redemption.
                  At the option of a Holder, Preferred Securities Certificates
                  may be exchanged for other Preferred Securities Certificates
                  in authorized denominations of the same class and of a like
                  aggregate Liquidation Amount upon surrender of the Preferred
                  Securities Certificates to be exchanged at the office or
                  agency maintained pursuant to Section 5.8.

            (c)   Every Preferred Securities Certificate presented or
                  surrendered for registration of transfer or exchange, subject
                  to the provisions of Section 5.3A, shall be accompanied by a
                  written instrument of transfer in form satisfactory to the
                  Property Trustee and the Securities Registrar duly executed by
                  the Holder or his attorney duly authorized in writing. Each
                  Preferred Securities Certificate surrendered for registration
                  of transfer or exchange shall be canceled and subsequently
                  disposed of by the Property Trustee in accordance with its
                  customary practice. The Trust shall not be required to (i)
                  issue, register the transfer of, or exchange any Preferred
                  Securities during a period beginning at the opening of
                  business 15 calendar days before the date of mailing of a
                  notice of redemption of any Preferred Securities called for
                  redemption and ending at the close of business on the day of
                  such mailing; or (ii) register the transfer of or exchange any
                  Preferred Securities so selected for redemption, in whole or
                  in part, except the unredeemed portion of any such Preferred
                  Securities being redeemed in part.

            (d)   No service charge shall be made for any registration of
                  transfer or exchange of Preferred Securities Certificates,
                  subject to the provisions of Section 5.3A, but the Securities
                  Registrar may require payment of a sum sufficient to cover any
                  tax or governmental charge that may be imposed in connection
                  with any transfer or exchange of Preferred Securities
                  Certificates.

            (e)   Preferred Securities may only be transferred, in whole or in
                  part, in accordance with the terms and conditions set forth in
                  this Trust Agreement. To the fullest extent permitted by
                  law, any transfer or purported transfer of any Preferred
                  Security not made in accordance with this Trust Agreement
                  shall be null and void. A Preferred Security that is not a
                  Global Preferred Security may be transferred, in whole or
                  in part, to a Person who takes delivery in the form of
                  another Preferred Security that is not a Global Preferred
                  Security as

                                       -26-
<Page>

                  provided in Section 5.4(a). A beneficial interest in a Global
                  Preferred Security may be exchanged for a Preferred Security
                  that is not a Global Preferred Security only as provided in
                  Section 5.3A.

      5.5   MUTILATED, DESTROYED, LOST OR STOLEN TRUST SECURITIES CERTIFICATES.

      If (a) any mutilated Trust Securities Certificate shall be surrendered to
the Securities Registrar, or if the Securities Registrar shall receive evidence
to its satisfaction of the destruction, loss or theft of any Trust Securities
Certificate; and (b) there shall be delivered to the Securities Registrar and
the Administrative Trustees such security or indemnity as may be required by
them to save each of them harmless, then in the absence of notice that such
Trust Securities Certificate shall have been acquired by a bona fide purchaser,
the Administrative Trustees, or any one of them, on behalf of the Trust shall
execute and make available for delivery, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Trust Securities Certificate, a new Trust
Securities Certificate of like class, tenor and denomination. In connection with
the issuance of any new Trust Securities Certificate under this Section 5.5, the
Administrative Trustees or the Securities Registrar may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection therewith. Any duplicate Trust Securities Certificate issued
pursuant to this Section 5.5 shall constitute conclusive evidence of an
undivided beneficial interest in the assets of the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Trust Securities
Certificate shall be found at any time.

      5.6   PERSONS DEEMED SECURITYHOLDERS.

      The Trustees, the Paying Agent and the Securities Registrar shall treat
the Person in whose name any Trust Securities Certificate shall be registered in
the Securities Register as the owner of such Trust Securities Certificate for
the purpose of receiving Distributions and for all other purposes whatsoever,
and neither the Trustees nor the Securities Registrar shall be bound by any
notice to the contrary.

      5.7   ACCESS TO LIST OF SECURITYHOLDERS' NAMES AND ADDRESSES.

      At any time when the Property Trustee is not also acting as the Securities
Registrar, the Administrative Trustees or the Depositor shall furnish or cause
to be furnished to the Property Trustee (a) within five Business Days of March
15, June 15, September 15 and December 15 of each year, a list, in such form as
the Property Trustee may reasonably require, of the names and addresses of the
Securityholders as of the most recent record date; and (b) promptly after
receipt by any Administrative Trustee or the Depositor of a request therefor
from the Property Trustee in order to enable the Property Trustee to discharge
its obligations under this Trust Agreement, in each case to the extent such
information is in the possession or control of the Administrative Trustees or
the Depositor and is not identical to a previously supplied list or has not
otherwise been received by the Property Trustee in its capacity as Securities
Registrar. The rights of Securityholders to communicate with other
Securityholders with respect to their rights under this Trust Agreement or under
the Trust Securities, and the corresponding rights of the Trustee shall be as
provided in the Trust Indenture Act. Each Holder, by receiving and holding a
Trust

                                       -27-
<Page>

Securities Certificate, and each owner shall be deemed to have agreed not
to hold the Depositor, the Property Trustee or the Administrative Trustees
accountable by reason of the disclosure of its name and address, regardless of
the source from which such information was derived.

      5.8   MAINTENANCE OF OFFICE OR AGENCY.

      The Administrative Trustees shall maintain, or cause to be maintained, in
The City of New York, or other location designated by the Administrative
Trustees, an office or offices or agency or agencies where Preferred Securities
Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Trustees in respect of the Trust
Securities Certificates may be served. The Administrative Trustees initially
designate the Corporate Trust Office of the Property Trustee, The Bank of New
York, as the principal corporate trust office for such purposes. The
Administrative Trustees shall give prompt written notice to the Depositor and to
the Securityholders of any change in the location of the Securities Register or
any such office or agency.

      5.9   APPOINTMENT OF PAYING AGENT.

      The Paying Agent shall make Distributions to Securityholders from the
Payment Account and shall report the amounts of such Distributions to the
Property Trustee and the Administrative Trustees. Any Paying Agent shall have
the revocable power to withdraw funds from the Payment Account for the purpose
of making the Distributions referred to above. The Administrative Trustees may
revoke such power and remove the Paying Agent if such Trustees determine in
their sole discretion that the Paying Agent shall have failed to perform its
obligations under this Trust Agreement in any material respect. The Paying Agent
shall initially be the Property Trustee, and any co-paying agent chosen by the
Property Trustee must be acceptable to the Administrative Trustees and the
Depositor. Any Person acting as Paying Agent shall be permitted to resign as
Paying Agent upon 30 days' written notice to the Administrative Trustees, the
Property Trustee and the Depositor. In the event that the Property Trustee shall
no longer be the Paying Agent or a successor Paying Agent shall resign or its
authority to act be revoked, the Administrative Trustees shall appoint a
successor that is acceptable to the Property Trustee and the Depositor to act as
Paying Agent (which shall be a bank or trust company). The Administrative
Trustees shall cause such successor Paying Agent or any additional Paying Agent
appointed by the Administrative Trustees to execute and deliver to the Trustees
an instrument in which such successor Paying Agent or additional Paying Agent
shall agree with the Trustees that as Paying Agent, such successor Paying Agent
or additional Paying Agent shall hold all sums, if any, held by it for payment
to the Securityholders in trust for the benefit of the Securityholders entitled
thereto until such sums shall be paid to such Securityholders. The Paying Agent
shall return all unclaimed funds to the Property Trustee and, upon removal of a
Paying Agent, such Paying Agent shall also return all funds in its possession to
the Property Trustee. The provisions of Sections 8.1, 8.3 and 8.6 shall apply to
the Property Trustee also in its role as Paying Agent, for so long as the
Property Trustee shall act as Paying Agent and, to the extent applicable, to any
other Paying Agent appointed hereunder. Any reference in this Agreement to the
Paying Agent shall include any co-paying agent unless the context requires
otherwise.

                                       -28-
<Page>

      5.10  OWNERSHIP OF COMMON SECURITIES BY DEPOSITOR.

      On the Closing Date and on any Option Closing Date, the Depositor shall
acquire and retain beneficial and record ownership of the Common Securities.
To the fullest extent permitted by law, any attempted transfer of the Common
Securities (other than a transfer in connection with a merger or
consolidation of the Depositor into another corporation pursuant to Section
12.1 of the Indenture) shall be void. The Administrative Trustees shall cause
each Common Securities Certificate issued to the Depositor to contain a
legend stating "THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT AS PROVIDED IN
THE TRUST AGREEMENT (AS DEFINED BELOW)."

      5.11  TRUST SECURITIES CERTIFICATES.

            (a)   Upon their original issuance, Preferred Securities
                  Certificates shall be issued in the form of one or more fully
                  registered Global Preferred Securities Certificates which will
                  be deposited with or on behalf of the Clearing Agency and
                  registered in the name of the Clearing Agency's nominee.
                  Unless and until it is exchangeable in whole or in part for
                  the Preferred Securities in definitive form, a global security
                  may not be transferred except as a whole by the Clearing
                  Agency to a nominee of the Clearing Agency or by a nominee of
                  the Clearing Agency to the Clearing Agency or another nominee
                  of the Clearing Agency or by the Clearing Agency or any such
                  nominee to a successor of such Clearing Agency or a nominee of
                  such successor.

            (b)   A single Common Securities Certificate representing the Common
                  Securities shall be issued to the Depositor in the form of a
                  definitive Common Securities Certificate.

      5.12  NOTICES TO CLEARING AGENCY.

      To the extent that a notice or other communication to the Holders is
required under this Trust Agreement, for so long as Preferred Securities are
represented by a Global Preferred Securities Certificate, the Trustees shall
give all such notices and communications specified herein to be given to the
Clearing Agency, and shall have no obligation to provide notice to the owners of
the beneficial interest in the Global Preferred Securities.

      5.13  RIGHTS OF SECURITYHOLDERS.

            (a)   The legal title to the Trust Property is vested exclusively in
                  the Property Trustee (in its capacity as such) in accordance
                  with Section 2.9, and the Securityholders shall not have any
                  right or title therein other than the undivided beneficial
                  interest in the assets of the Trust conferred by their Trust
                  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 Trust Securities shall be
                  personal property giving only the rights specifically set
                  forth therein and in this Trust Agreement. The Trust
                  Securities shall have no preemptive or similar rights. When
                  issued and

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                  delivered to Holders of the Preferred Securities against
                  payment of the purchase price therefor, the Preferred
                  Securities shall be fully paid and nonassessable interests in
                  the Trust. The Holders of the Preferred Securities, in their
                  capacities as such, shall be entitled to the same limitation
                  of personal liability extended to stockholders of private
                  corporations for profit organized under the General
                  Corporation Law of the State of Delaware.

            (b)   For so long as any Preferred Securities remain Outstanding,
                  if, upon a Debenture 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 at least 25% in Liquidation Amount of the Preferred
                  Securities then Outstanding shall have such right by a notice
                  in writing to the Depositor and the Debenture Trustee; and
                  upon any such declaration such principal amount of and the
                  accrued interest on all of the Debentures shall become
                  immediately due and payable, provided that the payment of
                  principal and interest on such Debentures shall remain
                  subordinated to the extent provided in the Indenture.

            (c)   For so long as any Preferred Securities remain Outstanding,
                  upon a Debenture Event of Default arising from the failure to
                  pay interest or principal on the Debentures, the Holders of
                  any Preferred Securities then Outstanding shall, to the
                  fullest extent permitted by law, have the right to directly
                  institute proceedings for enforcement of payment to such
                  Holders of principal of or interest on the Debentures having a
                  principal amount equal to the Liquidation Amount of the
                  Preferred Securities of such Holders.

                                   ARTICLE VI

                    ACTS OF SECURITYHOLDERS; MEETINGS; VOTING

      6.1   LIMITATIONS ON VOTING RIGHTS.

            (a)   Except as provided in this Section 6.1, in Sections 5.13, 8.10
                  and 10.2 and in the Indenture and as otherwise required by
                  law, no record Holder of Preferred Securities shall have any
                  right to vote or in any manner otherwise control the
                  administration, operation and management of the Trust or the
                  obligations of the parties hereto, nor shall anything herein
                  set forth, or contained in the terms of the Trust Securities
                  Certificates, be construed so as to constitute the
                  Securityholders from time to time as partners or members of an
                  association.

            (b)   So long as any Debentures are held by the Property Trustee on
                  behalf of the Trust, the Trustees shall not (i) direct the
                  time, method and place of

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                  conducting any proceeding for any remedy available to the
                  Debenture Trustee, or executing any trust or power conferred
                  on the Debenture Trustee with respect to such Debentures; (ii)
                  waive any past default which is waivable under Article VII of
                  the Indenture; (iii) exercise any right to rescind or annul a
                  declaration that the principal of all the Debentures shall be
                  due and payable; or (iv) consent to any amendment,
                  modification or termination of the Indenture or the
                  Debentures, where such consent shall be required, without, in
                  each case, obtaining the prior approval of the Holders of at
                  least a majority in Liquidation Amount of all Outstanding
                  Preferred Securities; PROVIDED, HOWEVER, that where a consent
                  under the Indenture would require the consent of each holder
                  of outstanding Debentures affected thereby, no such consent
                  shall be given by the Property Trustee without the prior
                  written consent of each Holder of Preferred Securities. The
                  Trustees shall not revoke any action previously authorized or
                  approved by a vote of the Holders of the Outstanding Preferred
                  Securities, except by a subsequent vote of the Holders of the
                  Outstanding Preferred Securities. The Property Trustee shall
                  notify each Holder of the Outstanding Preferred Securities of
                  any notice of default received from the Debenture Trustee with
                  respect to the Debentures. In addition to obtaining the
                  foregoing approvals of the Holders of the Preferred
                  Securities, prior to taking any of the foregoing actions, the
                  Trustees shall, at the expense of the Depositor, obtain an
                  Opinion of Counsel experienced in such matters to the effect
                  that the Trust shall continue to be classified as a grantor
                  trust and not as an association taxable as a corporation for
                  United States federal income tax purposes on account of such
                  action.

            (c)   If any proposed amendment to the Trust Agreement provides for,
                  or the Trustees otherwise propose to effect, (i) any action
                  that would adversely affect in any material respect the
                  powers, preferences or special rights of the Preferred
                  Securities, whether by way of amendment to the Trust Agreement
                  or otherwise; or (ii) the dissolution, winding-up or
                  termination of the Trust, other than pursuant to the terms of
                  this Trust Agreement, then the Holders of Outstanding
                  Preferred Securities as a class shall 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
                  Outstanding Preferred Securities. No amendment to this Trust
                  Agreement may be made if, as a result of such amendment, the
                  Trust would cease to be classified as a grantor trust or would
                  be classified as an association taxable as a corporation for
                  United States federal income tax purposes.

      6.2   NOTICE OF MEETINGS.

      Notice of all meetings of the Preferred Securityholders, stating the time,
place and purpose of the meeting, shall be given by the Property Trustee
pursuant to Section 10.8 to each

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Preferred Securityholder of record, at his registered address, at least 15 days
and not more than 90 days before the meeting. At any such meeting, any business
properly before the meeting may be so considered whether or not stated in the
notice of the meeting. Any adjourned meeting may be held as adjourned without
further notice.

      6.3   MEETINGS OF PREFERRED SECURITYHOLDERS.

            (a)   No annual meeting of Securityholders is required to be held.
                  The Administrative Trustees, however, shall call a meeting of
                  Securityholders to vote on any matter in respect of which
                  Preferred Securityholders are entitled to vote upon the
                  written request of the Preferred Securityholders of 25% of the
                  Outstanding Preferred Securities (based upon their aggregate
                  Liquidation Amount) and the Administrative Trustees or the
                  Property Trustee may, at any time in their discretion, call a
                  meeting of Preferred Securityholders to vote on any matters as
                  to which the Preferred Securityholders are entitled to vote.

            (b)   Preferred Securityholders of record of 50% of the Outstanding
                  Preferred Securities (based upon their aggregate Liquidation
                  Amount), present in person or by proxy, shall constitute a
                  quorum at any meeting of Securityholders.

            (c)   If a quorum is present at a meeting, an affirmative vote by
                  the Preferred Securityholders of record present, in person or
                  by proxy, holding a majority of the Preferred Securities
                  (based upon their aggregate Liquidation Amount) held by the
                  Preferred Securityholders of record present, either in
                  person or by proxy, at such meeting shall constitute the
                  action of the Securityholders, unless this Trust Agreement
                  requires a greater number of affirmative votes.

      6.4   VOTING RIGHTS.

      Securityholders shall be entitled to one vote for each $10 of Liquidation
Amount represented by their Trust Securities (with any fractional multiple
thereof rounded up or down as the case may be to the closest integral multiple)
in respect of any matter as to which such Securityholders are entitled to vote.

      6.5   PROXIES, ETC.

      At any meeting of Securityholders, any Securityholder entitled to vote
thereat may vote by proxy, provided that no proxy, shall be voted at any meeting
unless it shall have been placed on file with the Administrative Trustees, or
with such other officer or agent of the Trust as the Administrative Trustees may
direct, for verification prior to the time at which such vote shall be taken.
Only Holders shall be entitled to vote. When Trust Securities are held jointly
by several Persons, any one of them may vote at any meeting in person or by
proxy in respect of such Trust Securities, but if more than one of them shall be
present at such meeting in person or by proxy, and such joint owners or their
proxies so present disagree as to any vote to be cast, such vote

                                       -32-
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shall not be received in respect of such Trust Securities. A proxy purporting to
be executed by or on behalf of a Securityholder shall be deemed valid unless
challenged at or prior to its exercise, and, the burden of proving invalidity
shall rest on the challenger. No proxy shall be valid more than three years
after its date of execution.

      6.6   SECURITYHOLDER ACTION BY WRITTEN CONSENT.

      Any action which may be taken by Securityholders at a meeting may be
taken without a meeting and without prior notice if all Securityholders are
provided with a request for written consent and Securityholders holding a
majority of all Outstanding Trust Securities (based upon their aggregate
Liquidation Amount) entitled to vote in respect of such action (or such
larger proportion thereof as shall be required by any express provision of
this Trust Agreement) shall consent to the action in writing (based upon
their aggregate Liquidation Amount).

      6.7   RECORD DATE FOR VOTING AND OTHER PURPOSES.

      For the purposes of determining the Securityholders who are entitled to
notice of and to vote at any meeting or by written consent, or to participate in
any Distribution on the Trust Securities in respect of which a record date is
not otherwise provided for in this Trust Agreement, or for the purpose of any
other action, the Administrative Trustees or the Property Trustee may from time
to time fix a date, not more than 90 days prior to the date of any meeting of
Securityholders or the payment of Distribution or other action, as the case may
be, as a record date for the determination of the identity of the
Securityholders of record for such purposes.

      6.8   ACTS OF SECURITYHOLDERS.

            (a)   Any request, demand, authorization, direction, notice,
                  consent, waiver or other action provided or permitted by this
                  Trust Agreement to be given, made or taken by Securityholders
                  may be embodied in and evidenced by one or more instruments of
                  substantially similar tenor signed by such Securityholders in
                  person or by an agent duly appointed in writing; and, except
                  as otherwise expressly provided herein, such action shall
                  become effective when such instrument or instruments are
                  delivered to an Administrative Trustee. Such instrument or
                  instruments (and the action embodied therein and evidenced
                  thereby) are herein sometimes referred to as the "Act" of the
                  Securityholders signing such instrument or instruments. Proof
                  of execution of any such instrument or of a writing appointing
                  any such agent shall be sufficient for any purpose of this
                  Trust Agreement and (subject to Section 8.1) conclusive in
                  favor of the Trustees, if made in the manner provided in this
                  Section 6.8.

            (b)   The fact and date of the execution by any Person of any such
                  instrument or writing may be proved by the affidavit of a
                  witness of such execution or by a certificate of a notary
                  public or other officer authorized by law to take
                  acknowledgments of deeds, certifying that the individual
                  signing such instrument or writing acknowledged to him the
                  execution thereof. Where

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<Page>

                  such execution is by a signer acting in a capacity other than
                  his individual capacity, such certificate or affidavit shall
                  also constitute sufficient proof of his authority. The fact
                  and date of the execution of any such instrument or writing,
                  or the authority of the Person executing the same, may also be
                  proved in any other manner which any Trustee receiving the
                  same deems sufficient.

            (c)   The ownership of Preferred Securities shall be proved by the
                  Securities Register.

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

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

      6.9   INSPECTION OF RECORDS.

      Upon reasonable notice to the Administrative Trustees and the Property
Trustee, the records of the Trust shall be open to inspection at the principal
executive office of the Trust (as indicated in Section 2.2) by Holders of the
Trust Securities during normal business hours for any purpose reasonably related
to such Holder's interest as a Holder.

                                  ARTICLE VII

                         REPRESENTATIONS AND WARRANTIES

      7.1   REPRESENTATIONS AND WARRANTIES OF THE BANK AND THE PROPERTY TRUSTEE.

      The Bank and the Property Trustee, each severally on behalf of and as to
itself, as of the date hereof, and each successor Property Trustee at the time
of the successor Property Trustee's acceptance of its appointment as Property
Trustee hereunder (in the case of a successor Property

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Trustee, the term "Bank" as used herein shall be deemed to refer to such
successor Property Trustee in its separate corporate capacity), hereby
represents and warrants (as applicable) for the benefit of the Depositor and the
Securityholders that:

            (a)   the Bank is duly organized, validly existing and in good
                  standing under the laws of the State of New York;

            (b)   the Bank has full corporate power, authority and legal right
                  to execute, deliver and perform its obligations under this
                  Trust Agreement and has taken all necessary action to
                  authorize the execution, delivery and performance by it of
                  this Trust Agreement;

            (c)   this Trust Agreement has been duly authorized, executed and
                  delivered by the Property Trustee and constitutes the valid
                  and legally binding agreement of the Property Trustee
                  enforceable against it in accordance with its terms, subject
                  to bankruptcy, insolvency, fraudulent transfer,
                  reorganization, moratorium and similar laws of general
                  applicability relating to or affecting creditors, rights and
                  to general equity principles;

            (d)   the execution, delivery and performance by the Property
                  Trustee of this Trust Agreement have been duly authorized by
                  all necessary corporate or other action on the part of the
                  Property Trustee and do not require any approval of
                  stockholders of the Bank and such execution, delivery and
                  performance shall not (i) violate the Bank's charter or
                  by-laws; (ii) violate any provision of, or constitute, with or
                  without notice or lapse of time, a default under, or result in
                  the creation or imposition of, any Lien on any properties
                  included in the Trust Property pursuant to the provisions of,
                  any indenture, mortgage, credit agreement, license or other
                  agreement or instrument to which the Property Trustee or the
                  Bank is a party or by which it is bound; or (iii) violate any
                  law, governmental rule or regulation of the United States or
                  the State of New York, as the case may be, governing the
                  banking or trust powers of the Bank or the Property Trustee
                  (as appropriate in context) or any order, judgment or decree
                  applicable to the Property Trustee or the Bank;

            (e)   neither the authorization, execution or delivery by the
                  Property Trustee of this Trust Agreement nor the consummation
                  of any of the transactions by the Property Trustee
                  contemplated herein or therein requires the consent or
                  approval of, the giving of notice to, the registration with or
                  the taking of any other action with respect to any
                  governmental authority or agency under any existing federal
                  law governing the banking or trust powers of the Bank or the
                  Property Trustee, as the case may be, under the laws of the
                  United States or the State of New York;

                                       -35-
<Page>

            (f)   there are no proceedings pending or, to the best of the
                  Property Trustee's knowledge, threatened against or affecting
                  the Bank or the Property Trustee in any court or before any
                  governmental authority, agency or arbitration board or
                  tribunal which, individually or in the aggregate, would
                  materially and adversely affect the Trust or would question
                  the right, power and authority of the Property Trustee to
                  enter into or perform its obligations as one of the Trustees
                  under this Trust Agreement; and

            (g)   the Property Trustee is a Person eligible pursuant to the
                  Trust Indenture Act to act as such and has a combined capital
                  and surplus of at least $50,000,000.

      7.2   REPRESENTATIONS AND WARRANTIES OF THE DELAWARE BANK AND THE DELAWARE
            TRUSTEE.

      The Delaware Bank and the Delaware Trustee, each severally on behalf of
and as to itself, as of the date hereof, and each successor Delaware Trustee at
the time of the successor Delaware Trustee's acceptance of appointment as
Delaware Trustee hereunder (the term "Delaware Bank" being used to refer to such
successor Delaware Trustee in its separate corporate capacity), hereby
represents and warrants (as applicable) for the benefit of the Depositor and the
Securityholders that:

            (a)   the Delaware Bank is duly organized, validly existing and in
                  good standing under the laws of the State of Delaware;

            (b)   the Delaware Bank has full corporate power, authority and
                  legal right to execute, deliver and perform its obligations
                  under this Trust Agreement and has taken all necessary action
                  to authorize the execution, delivery and performance by it of
                  this Trust Agreement;

            (c)   this Trust Agreement has been duly authorized, executed and
                  delivered by the Delaware Trustee and constitutes the valid
                  and legally binding agreement of the Delaware Trustee
                  enforceable against it in accordance with its terms, subject
                  to bankruptcy, insolvency, fraudulent transfer,
                  reorganization, moratorium and similar laws of general
                  applicability relating to or affecting creditors, rights and
                  to general equity principles;

            (d)   the execution, delivery and performance by the Delaware
                  Trustee of this Trust Agreement have been duly authorized by
                  all necessary corporate or other action on the part of the
                  Delaware Trustee and do not require any approval of
                  stockholders of the Delaware Bank and such execution, delivery
                  and performance shall not (i) violate the Delaware Bank's
                  charter or by-laws; (ii) violate any provision of, or
                  constitute, with or without notice or lapse of time, a default
                  under, or result in the creation or imposition of, any Lien on
                  any properties included in the Trust Property pursuant to the
                  provisions of, any indenture, mortgage, credit agreement,
                  license or other agreement or instrument to which the Delaware
                  Bank or the Delaware Trustee is a party or by which it is
                  bound; or (iii) violate any law, governmental rule or
                  regulation of the United States or the State of Delaware, as
                  the case may be, governing the banking or trust powers of the
                  Delaware Bank or

                                       -36-
<Page>

                  the Delaware Trustee (as appropriate in context) or any order,
                  judgment or decree applicable to the Delaware Bank or the
                  Delaware Trustee;

            (e)   neither the authorization, execution or delivery by the
                  Delaware Trustee of this Trust Agreement nor the consummation
                  of any of the transactions by the Delaware Trustee
                  contemplated herein or therein requires the consent or
                  approval of, the giving of notice to, the registration with or
                  the taking of any other action with respect to any
                  governmental authority or agency under any existing federal
                  law governing the banking or trust powers of the Delaware Bank
                  or the Delaware Trustee, as the case may be, under the laws of
                  the United States or the State of Delaware; and

            (f)   there are no proceedings pending or, to the best of the
                  Delaware Trustee's knowledge, threatened against or affecting
                  the Delaware Bank or the Delaware Trustee in any court or
                  before any governmental authority, agency or arbitration board
                  or tribunal which, individually or in the aggregate, would
                  materially and adversely affect the Trust or would question
                  the right, power and authority of the Delaware Trustee to
                  enter into or perform its obligations as one of the Trustees
                  under this Trust Agreement.

      7.3   REPRESENTATIONS AND WARRANTIES OF DEPOSITOR.

      The Depositor hereby represents and warrants for the benefit of the
Securityholders that:

            (a)   the Trust Securities Certificates issued on the Closing Date
                  or the Option Closing Date, if applicable, on behalf of the
                  Trust have been duly authorized and, shall have been, duly and
                  validly executed, issued and delivered by the Administrative
                  Trustees pursuant to the terms and provisions of, and in
                  accordance with the requirements of, this Trust Agreement and
                  the Securityholders shall be, as of such date, entitled to the
                  benefits of this Trust Agreement; and

            (b)   there are no taxes, fees or other governmental charges payable
                  by the Trust (or the Trustees on behalf of the Trust) in
                  connection with the execution, delivery and performance by the
                  Bank, the Property Trustee or the Delaware Trustee, as the
                  case may be, of this Trust Agreement.

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                                  ARTICLE VIII

                                    TRUSTEES

      8.1   CERTAIN DUTIES AND RESPONSIBILITIES.

            (a)   The duties and responsibilities of the Trustees shall be as
                  provided by this Trust Agreement and, in the case of the
                  Property Trustee, by the Trust Indenture Act. Notwithstanding
                  the foregoing, no provision of this Trust Agreement shall
                  require the Trustees 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 they shall have reasonable grounds
                  for believing that repayment of such funds or adequate
                  indemnity against such risk or liability is not reasonably
                  assured to it. No Administrative Trustee nor the Delaware
                  Trustee shall be liable for its act or omissions hereunder
                  except as a result of its own gross negligence or willful
                  misconduct. The Property Trustee's liability shall be
                  determined under the Trust Indenture Act. Whether or not
                  therein expressly so provided, every provision of this Trust
                  Agreement relating to the conduct or affecting the liability
                  of or affording protection to the Trustees shall be subject to
                  the provisions of this Section 8.1. To the extent that, at law
                  or in equity, the Delaware Trustee or an Administrative
                  Trustee has duties (including fiduciary duties) and
                  liabilities relating thereto to the Trust or to the
                  Securityholders, the Delaware Trustee or such Administrative
                  Trustee shall not be liable to the Trust or to any
                  Securityholder for such Trustee's good faith reliance on the
                  provisions of this Trust Agreement. The provisions of this
                  Trust Agreement, to the extent that they restrict the duties
                  and liabilities of the Delaware Trustee or the Administrative
                  Trustees otherwise existing at law or in equity, are agreed by
                  the Depositor and the Securityholders to replace such other
                  duties and liabilities of the Delaware Trustee or the
                  Administrative Trustees, as the case may be.

            (b)   All payments made by the Property Trustee or a Paying Agent in
                  respect of the Trust 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 Property Trustee or a Paying
                  Agent to make payments in accordance with the terms hereof.
                  Each Securityholder, by its acceptance of a Trust Security,
                  agrees that it shall 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
                  are not personally liable to it for any amount distributable
                  in respect of any Trust Security or for any other liability in
                  respect of any Trust Security. This Section 8.1(b) does not
                  limit the liability of the Trustees expressly set forth
                  elsewhere in this Trust

                                       -38-
<Page>

                  Agreement or, in the case of the Property Trustee, in the
                  Trust Indenture Act.

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

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

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

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

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

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

      8.2   CERTAIN NOTICES.

            (a)   Within five Business Days after the occurrence of any Event of
                  Default actually known to the Property Trustee, the Property
                  Trustee shall transmit, in the manner and to the extent
                  provided in Section 10.8, notice of such Event of Default to
                  the Securityholders, the Administrative

                                       -39-
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                  Trustees and the Depositor, unless such Event of Default shall
                  have been cured or waived. For purposes of this Section 8.2
                  the term "Event of Default" means any event that is, or after
                  notice or lapse of time or both would become, an Event of
                  Default.

            (b)   The Administrative Trustees shall transmit, to the
                  Securityholders in the manner and to the extent provided in
                  Section 10.8, notice of the Depositor's election to begin or
                  further extend an Extended Interest Payment Period on the
                  Debentures (unless such election shall have been revoked) and
                  of any election by the Depositor to accelerate the Maturity
                  Date of the Debentures, as defined in the Indenture, within
                  the time specified for transmitting such notice to the holders
                  of the Debentures pursuant to the Indenture as originally
                  executed.

      8.3   CERTAIN RIGHTS OF PROPERTY TRUSTEE.

      Subject to the provisions of Section 8.1:

            (a)   the Property Trustee may rely and shall 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, 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 or
                  presented by the proper party or parties;

            (b)   if (i) in performing its duties under this Trust Agreement,
                  the Property Trustee is required to decide between alternative
                  courses of action; or (ii) in construing any of the provisions
                  of this Trust Agreement, the Property Trustee finds the same
                  ambiguous or inconsistent with other provisions contained
                  herein; or (iii) the Property Trustee is unsure of the
                  application of any provision of this Trust Agreement, then,
                  except as to any matter as to which the Preferred
                  Securityholders are entitled to vote under the terms of this
                  Trust Agreement, the Property Trustee shall deliver a notice
                  to the Depositor requesting written instructions of the
                  Depositor as to the course of action to be taken and the
                  Property Trustee shall take such action, or refrain from
                  taking such action, as the Property Trustee shall be
                  instructed in writing to take, or to refrain from taking, by
                  the Depositor; PROVIDED, HOWEVER, that if the Property Trustee
                  does not receive such instructions of the Depositor within 10
                  Business Days after it has delivered such notice, or such
                  reasonably shorter period of time set forth in such notice
                  (which to the extent practicable shall not be less than 2
                  Business Days), it may, but shall be under no duty to, take or
                  refrain from taking such action not inconsistent with this
                  Trust Agreement as it shall deem advisable and in the best
                  interests of the Securityholders, in

                                       -40-
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                  which event the Property Trustee shall have no liability
                  except for its own bad faith, negligence or willful
                  misconduct;

            (c)   any direction or act of the Depositor or the Administrative
                  Trustees contemplated by this Trust Agreement shall be
                  sufficiently evidenced by an Officers' Certificate;

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

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

            (f)   the Property Trustee may consult with counsel of its choice
                  (which counsel may be counsel to the Depositor 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, such
                  counsel may be counsel to the Depositor or any of its
                  Affiliates, and may include any of its employees; the Property
                  Trustee shall have the right at any time to seek instructions
                  concerning the administration of this Trust Agreement from any
                  court of competent jurisdiction;

            (g)   the Property Trustee shall be under no obligation to exercise
                  any of the rights or powers vested in it by this Trust
                  Agreement at the request or direction of any of the
                  Securityholders pursuant to this Trust Agreement, unless such
                  Securityholders shall have offered to the Property Trustee
                  reasonable security or indemnity against the costs, expenses
                  and liabilities which might be incurred by it in compliance
                  with such request or direction; nothing contained herein
                  shall, however, relieve the Property Trustee of the
                  obligation, upon the occurrence of any Event of Default (that
                  has not been cured or waived) to exercise such of the rights
                  and powers vested in it by this Trust Agreement, 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;

            (h)   the Property Trustee shall not be bound to make any
                  investigation into the facts or matters stated in any
                  resolution, certificate, statement, instrument,

                                       -41-
<Page>

                  opinion, report, notice, request, 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 Securityholders, but the Property Trustee may
                  make such further inquiry or investigation into such facts or
                  matters as it may see fit;

            (i)   the Property 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 Property
                  Trustee shall not be liable for the default or misconduct of
                  such other agents or attorneys; provided that the Property
                  Trustee shall be responsible for its own negligence or
                  recklessness with respect to selection of any agent or
                  attorney appointed by it hereunder;

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

            (k)   except as otherwise expressly provided by this Trust
                  Agreement, the Property Trustee shall not be under any
                  obligation to take any action that is discretionary under the
                  provisions of this Trust Agreement. No provision of this Trust
                  Agreement shall be deemed to impose any duty or obligation on
                  the Property Trustee to perform any act or acts or exercise
                  any right, power, duty or obligation conferred or imposed on
                  it, in any jurisdiction in which it shall be illegal, or in
                  which the Property Trustee shall be unqualified or incompetent
                  in accordance with applicable law, to perform any such act or
                  acts, or to exercise any such right, power, duty or
                  obligation. No permissive power or authority available to the
                  Property Trustee shall be construed to be a duty.

      8.4   NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

      The Recitals contained herein and in the Trust Securities Certificates
shall be taken as the statements of the Trust, and the Trustees do not assume
any responsibility for their correctness. The Trustees shall not be accountable
for the use or application by the Depositor of the proceeds of the Debentures.

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      8.5   MAY HOLD SECURITIES.

      Any Trustee or any other agent of any Trustee or the Trust, in its
individual or any other capacity, may become the owner or pledgee of Trust
Securities and, subject to Sections 8.8 and 8.13 and except as provided in the
definition of the term "Outstanding" in Article I, may otherwise deal with the
Trust with the same rights it would have if it were not a Trustee or such other
agent.

      8.6   COMPENSATION; INDEMNITY; FEES.

      The Depositor agrees:

            (a)   to pay to the Trustees from time to time compensation for all
                  services rendered by them hereunder (which compensation shall
                  not be limited by any provision of law in regard to the
                  compensation of a trustee of an express trust), in the case of
                  the Property Trustee, as set forth in a written agreement
                  between the Depositor and the Property Trustee;

            (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 Trust Agreement
                  (including the reasonable compensation and the expenses and
                  disbursements of its agents and counsel), except any such
                  expense, disbursement or advance as may be attributable to
                  such Trustee's negligence, bad faith or willful misconduct
                  (or, in the case of the Administrative Trustees or the
                  Delaware Trustee, any such expense, disbursement or advance as
                  may be attributable to its, his or her gross negligence, bad
                  faith or willful misconduct); and

            (c)   to indemnify each of the Trustees or any predecessor Trustee
                  for, and to hold the Trustees harmless against, any loss,
                  damage, claims, liability, penalty or expense of any kind or
                  nature whatsoever, arising out of or in connection with the
                  acceptance or administration of this Trust Agreement,
                  including the costs and expenses of defending itself against
                  any claim or liability in connection with the exercise or
                  performance of any of its powers or duties hereunder, except
                  any such expense, disbursement or advance as may be
                  attributable to such Trustee's negligence, bad faith or
                  willful misconduct for (or, in the case of the Administrative
                  Trustees or the Delaware Trustee, any such expense,
                  disbursement or advance as may be attributable to its, his or
                  her gross negligence, bad faith or willful misconduct).

      No Trustee may claim any Lien or charge on Trust Property as a result of
any amount due and unpaid pursuant to this Section 8.6.

                                       -43-
<Page>

      8.7   CORPORATE PROPERTY TRUSTEE REQUIRED; ELIGIBILITY OF TRUSTEES.

            (a)   There shall at all times be a Property Trustee hereunder with
                  respect to the Trust Securities. The Property Trustee shall be
                  a Person that is eligible pursuant to the Trust Indenture Act
                  to act as such and has a combined capital and surplus of at
                  least $50,000,000. If any such Person publishes reports of
                  condition at least annually, pursuant to law or to the
                  requirements of its supervising or examining authority, then
                  for the purposes of this Section 8.7, the combined capital and
                  surplus of such Person shall be deemed to be its combined
                  capital and surplus as set forth in its most recent report of
                  condition so published. If at any time the Property Trustee
                  with respect to the Trust Securities shall cease to be
                  eligible in accordance with the provisions of this Section
                  8.7, it shall resign immediately in the manner and with the
                  effect hereinafter specified in this Article VIII. The
                  Property Trustee and the Delaware Trustee may be the same
                  Person.

            (b)   There shall at all times be one or more Administrative
                  Trustees hereunder with respect to the Trust Securities. Each
                  Administrative Trustee shall be either a natural person who is
                  at least 21 years of age or a legal entity that shall act
                  through one or more persons authorized to bind that entity.

            (c)   There shall at all times be a Delaware Trustee with respect to
                  the Trust Securities. The Delaware Trustee shall either be (i)
                  a natural person who is at least 21 years of age and a
                  resident of the State of Delaware; or (ii) a legal entity with
                  its principal place of business in the State of Delaware and
                  that otherwise meets the requirements of applicable Delaware
                  law that shall act through one or more persons authorized to
                  bind such entity.

      8.8   CONFLICTING INTERESTS.

      If the Property Trustee has or shall acquire a conflicting interest within
the meaning of the Trust Indenture Act, the Property Trustee shall either
eliminate such interest or resign, to the extent and in the manner provided by,
and subject to the provisions of, the Trust Indenture Act and this Trust
Agreement.

      8.9   CO-TRUSTEES AND SEPARATE TRUSTEE.

            (a)   Unless a Debenture Event of Default shall have occurred and be
                  continuing, at any time or times, for the purpose of meeting
                  the legal requirements of the Trust Indenture Act or of any
                  jurisdiction in which any part of the Trust Property may at
                  the time be located, the Depositor shall have power to
                  appoint, and upon the written request of the Property Trustee,
                  the Depositor shall for such purpose join with the Property
                  Trustee in the execution, delivery and performance of all
                  instruments and agreements necessary or proper to appoint, one
                  or more Persons approved

                                       -44-
<Page>

                  by the Property Trustee either to act as co-trustee, jointly
                  with the Property Trustee, of all or any part of such Trust
                  Property, or to the extent required by law to act as separate
                  trustee of any such property, in either case with such powers
                  as may be provided in the instrument of appointment, and to
                  vest in such Person or Persons in the capacity aforesaid, any
                  property, title, right or power deemed necessary or desirable,
                  subject to the other provisions of this Section 8.9. If the
                  Depositor does not join in such appointment within 15 days
                  after the receipt by it of a request so to do, or in case a
                  Debenture Event of Default has occurred and is continuing, the
                  Property Trustee alone shall have power to make such
                  appointment. Any co-trustee or separate trustee appointed
                  pursuant to this Section 8.9 shall either be (i) a natural
                  person who is at least 21 years of age and a resident of the
                  United States; or (ii) a legal entity with its principal place
                  of business in the United States that shall act through one or
                  more persons authorized to bind such entity.

            (b)   Should any written instrument from the Depositor be required
                  by any co-trustee or separate trustee so appointed for more
                  fully confirming to such co-trustee or separate trustee such
                  property, title, right, or power, any and all such instruments
                  shall, on request, be executed, acknowledged, and delivered by
                  the Depositor.

            (c)   Every co-trustee or separate trustee shall, to the extent
                  permitted by law, but to such extent only, be appointed
                  subject to the following terms, namely:

                  (i)   The Trust Securities shall be executed and delivered and
                        all rights, powers, duties and obligations hereunder in
                        respect of the custody of securities, cash and other
                        personal property held by, or required to be deposited
                        or pledged with, the Trustees specified hereunder, shall
                        be exercised, solely by such Trustees and not by such
                        co-trustee or separate trustee.

                  (ii)  The rights, powers, duties and obligations hereby
                        conferred or imposed upon the Property Trustee in
                        respect of any property covered by such appointment
                        shall be conferred or imposed upon and exercised or
                        performed by the Property Trustee or by the Property
                        Trustee and such co-trustee or separate trustee jointly,
                        as shall be provided in the instrument appointing such
                        co-trustee or separate trustee, except to the extent
                        that under any law of any jurisdiction in which any
                        particular act is to be performed, the Property Trustee
                        shall be incompetent or unqualified to perform such act,
                        in which event such rights, powers, duties and
                        obligations shall be exercised and performed by such
                        co-trustee or separate trustee.

                                       -45-
<Page>

                  (iii) The Property Trustee at any time, by an instrument in
                        writing executed by it, with the written concurrence of
                        the Depositor, may accept the resignation of or remove
                        any co-trustee or separate trustee appointed under this
                        Section 8.9, and, in case a Debenture Event of Default
                        has occurred and is continuing, the Property Trustee
                        shall have the power to accept the resignation of, or
                        remove, any such co-trustee or separate trustee without
                        the concurrence of the Depositor. Upon the written
                        request of the Property Trustee, the Depositor shall
                        join with the Property Trustee in the execution,
                        delivery and performance of all instruments and
                        agreements necessary or proper to effectuate such
                        resignation or removal. A successor to any co-trustee or
                        separate trustee so resigned or removed may be appointed
                        in the manner provided in this Section 8.9.

                  (iv)  No co-trustee or separate trustee hereunder shall be
                        personally liable by reason of any act or omission of
                        the Property Trustee or any other trustee hereunder.

                  (v)   The Property Trustee shall not be liable by reason of
                        any act of a co-trustee or separate trustee.

                  (vi)  Any Act of Holders delivered to the Property Trustee
                        shall be deemed to have been delivered to each such
                        co-trustee and separate trustee.

      8.10  RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

            (a)   No resignation or removal of any Trustee (the "Relevant
                  Trustee") and no appointment of a successor Trustee pursuant
                  to this Article VIII shall become effective until the
                  acceptance of appointment by the successor Trustee in
                  accordance with the applicable requirements of Section 8.11.

            (b)   Subject to the immediately preceding paragraph, the Relevant
                  Trustee may resign at any time with respect to the Trust
                  Securities by giving written notice thereof to the
                  Securityholders. If the instrument of acceptance by the
                  successor Trustee required by Section 8.11 shall not have been
                  delivered to the Relevant Trustee within 30 days after the
                  giving of such notice of resignation, the Relevant Trustee may
                  petition, at the expense of the Depositor, any court of
                  competent jurisdiction for the appointment of a successor
                  Relevant Trustee with respect to the Trust Securities.

            (c)   Unless a Debenture Event of Default shall have occurred and be
                  continuing, any Trustee may be removed at any time by Act of
                  the Common Securityholder. If a Debenture Event of Default
                  shall have occurred and be continuing, the Property Trustee or
                  the Delaware Trustee,

                                       -46-
<Page>

                  or both of them, may be removed at such time by Act of the
                  Holders of a majority in Liquidation Amount of the Preferred
                  Securities, delivered to the Relevant Trustee (in its
                  individual capacity and on behalf of the Trust). An
                  Administrative Trustee may be removed by the Common
                  Securityholder at any time.

            (d)   If any Trustee shall resign, be removed or become incapable of
                  acting as Trustee, or if a vacancy shall occur in the office
                  of any Trustee for any cause, at a time when no Debenture
                  Event of Default shall have occurred and be continuing, the
                  Common Securityholder, by Act of the Common Securityholder
                  delivered to the retiring Trustee, shall promptly appoint a
                  successor Trustee or Trustees with respect to the Trust
                  Securities and the Trust, and the successor Trustee shall
                  comply with the applicable requirements of Section 8.11. If
                  the Property Trustee or the Delaware Trustee shall resign, be
                  removed or become incapable of continuing to act as the
                  Property Trustee or the Delaware Trustee, as the case may be,
                  at a time when a Debenture Event of Default shall have
                  occurred and is continuing, the Preferred Securityholders, by
                  Act of the Securityholders of a majority in Liquidation Amount
                  of the Preferred Securities then Outstanding delivered to the
                  retiring Relevant Trustee, shall promptly appoint a successor
                  Relevant Trustee or Trustees with respect to the Trust
                  Securities and the Trust, and such successor Trustee shall
                  comply with the applicable requirements of Section 8.11. If an
                  Administrative Trustee shall resign, be removed or become
                  incapable of acting as Administrative Trustee, at a time when
                  a Debenture Event of Default shall have occurred and be
                  continuing, the Common Securityholder, by Act of the Common
                  Securityholder delivered to an Administrative Trustee, shall
                  promptly appoint a successor Administrative Trustee or
                  Administrative Trustees with respect to the Trust Securities
                  and the Trust, and such successor Administrative Trustee or
                  Administrative Trustees shall comply with the applicable
                  requirements of Section 8.11. If no successor Relevant Trustee
                  with respect to the Trust Securities shall have been so
                  appointed by the Common Securityholder or the Preferred
                  Securityholders and accepted appointment in the manner
                  required by Section 8.11, any Securityholder who has been a
                  Securityholder of Trust Securities on behalf of himself and
                  all others similarly situated may petition a court of
                  competent jurisdiction for the appointment Trustee with
                  respect to the Trust Securities.

            (e)   The Property Trustee shall give notice of each resignation and
                  each removal of a Trustee and each appointment of a successor
                  Trustee to all Securityholders in the manner provided in
                  Section 10.8 and shall give notice to the Depositor. Each
                  notice shall include the name of the successor Relevant
                  Trustee and the address of its Corporate Trust office if it is
                  the Property Trustee.

                                       -47-
<Page>

            (f)   Notwithstanding the foregoing or any other provision of this
                  Trust Agreement, in the event any Administrative Trustee or a
                  Delaware Trustee who is a natural person dies or becomes, in
                  the opinion of the Depositor, incompetent or incapacitated,
                  the vacancy created by such death, incompetence or incapacity
                  may be filled by (a) the unanimous act of remaining
                  Administrative Trustees if there are at least two of them; or
                  (b) otherwise by the Depositor (with the successor in each
                  case being a Person who satisfies the eligibility requirement
                  for Administrative Trustees set forth in Section 8.7).

      8.11  ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

            (a)   In case of the appointment hereunder of a successor Relevant
                  Trustee with respect to the Trust Securities and the Trust,
                  the retiring Relevant Trustee (if requested by the
                  Depositor) and each successor Relevant Trustee with respect
                  to the Trust Securities shall execute and deliver an
                  instrument hereto wherein each successor Relevant Trustee
                  shall accept such appointment and which 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 Trust
                  Securities and the Trust and upon the execution and
                  delivery of such instrument 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 with respect to the
                  Trust Securities and the Trust; but, on request of the
                  Trust or 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 Trust Securities and
                  the Trust.

            (b)   Upon request of any such successor Relevant Trustee, the Trust
                  shall execute any and all instruments for more fully and
                  certainly vesting in and confirming to such successor Relevant
                  Trustee all such rights, powers and trusts referred to in the
                  immediately preceding paragraph, as the case may be.

            (c)   No successor Relevant Trustee shall accept its appointment
                  unless at the time of such acceptance such successor Relevant
                  Trustee shall be qualified and eligible under this Article
                  VIII.

      8.12  MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

      Any Person into which the Property Trustee, the Delaware Trustee or any
Administrative Trustee may be merged or converted or with which it may be
consolidated, or any Person

                                       -48-
<Page>

resulting from any merger, conversion or consolidation to which such Relevant
Trustee shall be a party, or any corporation succeeding to all or substantially
all the corporate trust business of such Relevant Trustee, shall be the
successor of such Relevant Trustee hereunder, provided such Person shall be
otherwise qualified and eligible under this Article VIII, without the execution
or filing of any paper or any further act on the part of any of the parties
hereto.

      8.13  PREFERENTIAL COLLECTION OF CLAIMS AGAINST DEPOSITOR OR TRUST.

      If and when the Property Trustee or the Delaware Trustee shall be or
become a creditor of the Depositor or the Trust (or any other obligor upon the
Debentures or the Trust Securities), the Property Trustee or the Delaware
Trustee, as the case may be, shall be subject to and shall take all actions
necessary in order to comply with the provisions of the Trust Indenture Act
regarding the collection of claims against the Depositor or Trust (or any such
other obligor).

      8.14  REPORTS BY PROPERTY TRUSTEE.

            (a)   On or before July 31 of each year, commencing July 31, 2002,
                  the Property Trustee shall transmit to the Securityholders
                  such reports concerning the Property Trustee, its actions
                  under this Trust Agreement and the property and funds in its
                  possession in its capacity as the Property Trustee as may be
                  required pursuant to the Trust Indenture Act in the manner
                  provided pursuant thereto.

            (b)   A copy of each such report shall, at the time of such
                  transmission to Holders, be filed by the Property Trustee with
                  The Nasdaq National Market, and each national securities
                  exchange or other organization upon which the Trust Securities
                  are listed, and also with the Commission and the Depositor.

      8.15  REPORTS TO THE PROPERTY TRUSTEE.

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

      8.16  EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT.

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

                                       -49-
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      8.17  NUMBER OF TRUSTEES.

            (a)   The number of Trustees shall be five, provided that the Holder
                  of all of the Common Securities by written instrument may
                  increase or decrease the number of Administrative Trustees.
                  The Property Trustee and the Delaware Trustee may be the same
                  Person.

            (b)   If a Trustee ceases to hold office for any reason and the
                  number of Administrative Trustees is not reduced pursuant to
                  Section 8.17(a), or if the number of Trustees is increased
                  pursuant to Section 8.17(a), a vacancy shall occur. The
                  vacancy shall be filled with a Trustee appointed in accordance
                  with Section 8.10.

            (c)   The death, resignation, retirement, removal, bankruptcy,
                  incompetence or incapacity to perform the duties of a Trustee
                  shall not operate to annul the Trust. Whenever a vacancy in
                  the number of Administrative Trustees shall occur, until such
                  vacancy is filled by the appointment of an Administrative
                  Trustee in accordance with Section 8.10, the Administrative
                  Trustees in office, regardless of their number (and
                  notwithstanding any other provision of this Agreement), shall
                  have all the powers granted to the Administrative Trustees and
                  shall discharge all the duties imposed upon the Administrative
                  Trustees by this Trust Agreement.

      8.18  DELEGATION OF POWER.

            (a)   Any Administrative Trustee may, by power of attorney
                  consistent with applicable law, delegate to any other natural
                  person over the age of 21 his or her power for the purpose of
                  executing any documents contemplated in Section 2.7(a); and

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

      8.19  VOTING.

      Except as otherwise provided in this Trust Agreement, the consent or
approval of the Administrative Trustees shall require consent or approval by not
less than a majority of the Administrative Trustees, unless there are only two,
in which case both must consent.

                                       -50-
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                                   ARTICLE IX

                       TERMINATION, LIQUIDATION AND MERGER

      9.1   TERMINATION UPON EXPIRATION DATE.

      Unless earlier dissolved, the Trust shall automatically dissolve on
September 30, 2032 (the "Expiration Date"), subject to distribution of the Trust
Property in accordance with Section 9.4.

      9.2   EARLY TERMINATION.

      The first to occur of any of the following events is an "Early Termination
Event:"

            (a)   the occurrence of a Bankruptcy Event in respect of, or the
                  dissolution or liquidation of, the Depositor;

            (b)   delivery of written direction to the Property Trustee by the
                  Depositor at any time after September 8, 2004 (which direction
                  is wholly optional and within the discretion of the Depositor,
                  subject to Depositor having received prior approval of the
                  Board of Governors of the Federal Reserve System if so
                  required under applicable guidelines, policies or regulations
                  thereof) to dissolve the Trust and distribute the Debentures
                  to Securityholders in exchange for the Preferred Securities in
                  accordance with Section 9.4;

            (c)   the redemption of all of the Preferred Securities in
                  connection with the redemption of all of the Debentures
                  (whether upon a Debenture Redemption Date or the maturity of
                  the Debenture); or

            (d)   an order for dissolution of the Trust shall have been entered
                  by a court of competent jurisdiction.

      9.3   TERMINATION.

      The respective obligations and responsibilities of the Trustees and the
Trust created and continued hereby shall terminate upon the latest to occur of
the following: (a) the distribution by the Property Trustee to Securityholders
upon the liquidation of the Trust pursuant to Section 9.4, or upon the
redemption of all of the Trust Securities pursuant to Section 4.2, of all
amounts required to be distributed hereunder upon the final payment of the Trust
Securities; (b) the payment of any expenses owed by the Trust; (c) the discharge
of all administrative duties of the Administrative Trustees, including the
performance of any tax reporting obligations with respect to the Trust or the
Securityholders; and (d) the filing of a Certificate of Cancellation by an
Administrative Trustee under the Delaware Business Trust Act.

                                       -51-
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      9.4   LIQUIDATION.

            (a)   If an Early Termination Event specified in clause (a), (b), or
                  (d) of Section 9.2 occurs or upon the Expiration Date, the
                  Trust shall be liquidated by the Trustees as expeditiously as
                  the Trustees determine to be possible by distributing, after
                  satisfaction of liabilities to creditors of the Trust as
                  provided by applicable law, to each Securityholder a Like
                  Amount of Debentures, subject to Section 9.4(d). Notice of
                  liquidation shall be given by the Property Trustee by
                  first-class mail, postage prepaid, mailed not later than 30
                  nor more than 60 days prior to the Liquidation Date to each
                  Holder of Trust Securities at such Holder's address appearing
                  in the Securities Register. All notices of liquidation shall:

                  (i)   state the Liquidation Date;

                  (ii)  state that from and after the Liquidation Date, the
                        Trust Securities shall no longer be deemed to be
                        Outstanding and any Trust Securities Certificates not
                        surrendered for exchange shall be deemed to represent a
                        Like Amount of Debentures; and

                  (iii) provide such information with respect to the mechanics
                        by which Holders may exchange Trust Securities
                        Certificates for Debentures, or, if Section 9.4(d)
                        applies, receive a Liquidation Distribution, as the
                        Administrative Trustees or the Property Trustee shall
                        deem appropriate.

            (b)   Except where Section 9.2(c) or 9.4(d) applies, in order to
                  effect the liquidation of the Trust and distribution of the
                  Debentures to Securityholders, the Property Trustee shall
                  establish a record date for such distribution (which shall be
                  not more than 45 days prior to the Liquidation Date) and,
                  either itself acting as exchange agent or through the
                  appointment of a separate exchange agent, shall establish such
                  procedures as it shall deem appropriate to effect the
                  distribution of Debentures in exchange for the Outstanding
                  Trust Securities Certificates.

            (c)   Except where Section 9.2(c) or 9.4(d) applies, after the
                  Liquidation Date, (i) the Trust Securities shall no longer be
                  deemed to be outstanding; (ii) certificates representing a
                  Like Amount of Debentures shall be issued to Holders of Trust
                  Securities Certificates upon surrender of such certificates to
                  the Administrative Trustees or their agent for exchange; (iii)
                  the Depositor shall use its reasonable efforts to have the
                  Debentures listed on the Nasdaq National Market or on such
                  other securities exchange or other organization as the
                  Preferred Securities are then listed or traded; (iv) any Trust
                  Securities Certificates not so surrendered for exchange shall
                  be deemed to represent a Like Amount of Debentures, accruing
                  interest at the rate provided for in the Debentures from the
                  last Distribution Date on

                                       -52-
<Page>

                  which a Distribution was made on such Trust Securities
                  Certificates until such certificates are so surrendered (and
                  until such certificates are so surrendered, no payments of
                  interest or principal shall be made to Holders of Trust
                  Securities Certificates with respect to such Debentures); and
                  (v) all rights of Securityholders holding Trust Securities
                  shall cease, except the right of such Securityholders to
                  receive Debentures upon surrender of Trust Securities
                  Certificates.

            (d)   In the event that, notwithstanding the other provisions of
                  this Section 9.4, whether because of an order for dissolution
                  entered by a court of competent jurisdiction or otherwise,
                  distribution of the Debentures in the manner provided herein
                  is determined by the Property Trustee not to be practical,
                  the Trust Property shall be liquidated, and the Trust shall
                  be wound-up by the Property Trustee in such manner as the
                  Property Trustee determines. In such event, on the date of the
                  winding up of the Trust, Securityholders shall be entitled to
                  receive out of the assets of the Trust available for
                  distribution to Securityholders, after satisfaction of
                  liabilities to creditors of the Trust as provided by
                  applicable law, an amount equal to the Liquidation Amount per
                  Trust Security plus accumulated and unpaid Distributions
                  thereon to the date of payment (such amount being the
                  "Liquidation Distribution"). If 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, subject to the next succeeding sentence,
                  the amounts payable by the Trust on the Trust Securities shall
                  be paid on a pro rata basis (based upon Liquidation Amounts).
                  The Holder of the Common Securities shall be entitled to
                  receive Liquidation Distributions upon any such dissolution,
                  winding-up or termination pro rata (determined as aforesaid)
                  with Holders of Preferred Securities, except that, if a
                  Debenture Event of Default has occurred and is continuing, the
                  Preferred Securities shall have a priority over the Common
                  Securities.

      9.5   MERGERS, CONSOLIDATIONS, AMALGAMATIONS OR REPLACEMENTS OF THE TRUST.

      The Trust may not merge with or into, consolidate, amalgamate, or be
replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to any corporation or other Person, except pursuant
to this 9.5. At the request of the Depositor, with the consent of the
Administrative Trustees and without the consent of the Holders of the
Preferred Securities, the Property Trustee or the Delaware Trustee, the Trust
may merge with or into, consolidate, amalgamate, be replaced by or convey,
transfer or lease its properties and assets substantially as an entirety to a
trust organized as such under the laws of any state; provided, that (i) such
successor entity either (a) expressly assumes all of the obligations of the
Trust with respect to the Preferred Securities; or (b) substitutes for the
Preferred Securities other securities having substantially the same terms as
the Preferred Securities (the "Successor Securities") so long as the
Successor Securities rank the same as the Preferred Securities rank in
priority with

                                       -53-
<Page>

respect to distributions and payments upon liquidation, redemption and
otherwise; (ii) the Depositor expressly appoints a trustee of such successor
entity possessing substantially the same powers and duties as the Property
Trustee as the holder of the Debentures; (iii) the Successor Securities are
listed or traded, or any Successor Securities shall be listed or traded upon
notification of issuance, on any national securities exchange or other
organization on which the Preferred Securities are then listed, if any; (iv)
such merger, consolidation, amalgamation, replacement, conveyance, transfer or
lease does not adversely affect the rights, preferences and privileges of the
holders of the Preferred Securities (including any Successor Securities) in any
material respect; (v) such successor entity has a purpose substantially
identical to that of the Trust; (vi) prior to such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease, the Depositor has
received an Opinion of Counsel to the effect that (a) such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does not
adversely affect the rights, preferences and privileges of the Holders of the
Preferred Securities (including any Successor Securities) in any material
respect; and (b) following such merger, consolidation, amalgamation,
replacement, conveyance, transfer or lease, neither the Trust nor such successor
entity shall be required to register as an "investment company" under the
Investment Company Act; and (vii) the Depositor owns all of the common
securities of such successor entity and guarantees the obligations of such
successor entity under the Successor Securities at least to the extent provided
by the Guarantee, the Debentures, this Trust Agreement and the Expense
Agreement. For purposes of this Section 9.5, any such consolidation, merger,
sale, conveyance, transfer or other disposition as a result of which (a) the
Company is not the surviving Person, and (b) the same Person is not both (i) the
primary obligor in respect of the Debentures and (ii) the Guarantor under that
certain Preferred Securities Guarantee Agreement of even date herewith (the
"Guarantee") between the Company and The Bank of New York, shall be deemed to
constitute a replacement of the Trust by a successor entity; provided further
that, notwithstanding the foregoing, in the event that upon the consummation of
such a consolidation, merger, sale, conveyance, transfer or other disposition,
the parent company (if any) of the Company, or its successor, is a bank holding
company or financial holding company or comparably regulated financial
institution, such parent company shall guarantee the obligations of the Trust
(and any successor thereto) under the Preferred Securities (including any
Successor Securities) at least to the extent provided by the Guarantee, the
Debentures, the Trust Agreement and the Expense Agreement. Notwithstanding the
foregoing, the Trust shall not, except with the consent of holders of 100% in
Liquidation Amount of the Preferred Securities, consolidate, amalgamate, merge
with or into, or be replaced by or convey, transfer or lease its properties and
assets substantially as an entirety to any other Person or permit any other
Person to consolidate, amalgamate, merge with or into, or replace it if such
consolidation, amalgamation, merger or replacement would cause the Trust or the
successor entity to be classified as other than a grantor trust for United
States federal income tax purposes.

                                       -54-
<Page>

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

      10.1  LIMITATION OF RIGHTS OF SECURITYHOLDERS.

      The death or incapacity of any Person having an interest, beneficial or
otherwise, in Trust Securities shall not operate to terminate this Trust
Agreement, nor entitle the legal representatives or heirs of such Person or any
Securityholder for such Person, to claim an accounting, take any action or bring
any proceeding in any court for a partition or winding-up of the arrangements
contemplated hereby, nor otherwise affect the rights, obligations and
liabilities of the parties hereto or any of them.

      10.2  AMENDMENT.

            (a)   This Trust Agreement may be amended from time to time by the
                  Trustees and the Depositor, without the consent of any
                  Securityholders, (i) as provided in Section 8.11 with respect
                  to acceptance of appointment by a successor Trustee; (ii) to
                  cure any ambiguity, correct or supplement any provision herein
                  or therein which may be inconsistent with any other provision
                  herein or therein, or to make any other provisions with
                  respect to matters or questions arising under this Trust
                  Agreement, that shall not be inconsistent with the other
                  provisions of this Trust Agreement; or (iii) to modify,
                  eliminate or add to any provisions of this Trust Agreement to
                  such extent as shall be necessary to ensure that the Trust
                  shall be classified for United States federal income tax
                  purposes as a grantor trust at all times that any Trust
                  Securities are outstanding or to ensure that the Trust shall
                  not be required to register as an "investment company" under
                  the Investment Company Act; or (iv) to reduce or increase the
                  Liquidation Amount per Trust Security and simultaneously to
                  correspondingly increase or decrease the number of Trust
                  Securities issued and Outstanding solely for the purpose of
                  maintaining the eligibility of the Preferred Securities for
                  quotation or listing on any national securities exchange or
                  other organization on which the Preferred Securities are then
                  quoted or listed (including, if applicable, the Nasdaq
                  National Market); PROVIDED, HOWEVER, that in the case of
                  clause (ii), such action shall not adversely affect in any
                  material respect the interests of any Securityholder, and
                  provided further, that in the case of clause (iv) the
                  aggregate Liquidation Amount of the Trust Securities
                  Outstanding upon completion of any such reduction must be the
                  same as the aggregate Liquidation Amount of the Trust
                  Securities Outstanding immediately prior to such reduction or
                  increase; and any amendments of this Trust Agreement shall
                  become effective when notice thereof is given to the
                  Securityholders (or in the case of an amendment pursuant to
                  clause (iv), as of the date specified in the notice).

                                       -55-
<Page>

            (b)   Except as provided in Section 6.1(c) or Section 10.2(c)
                  hereof, any provision of this Trust Agreement may be amended
                  by the Trustees and the Depositor (i) with the consent of
                  Trust Securityholders representing not less than a majority
                  (based upon Liquidation Amounts) of the Trust Securities then
                  Outstanding; and (ii) upon receipt by the Trustees of an
                  Opinion of Counsel to the effect that such amendment or the
                  exercise of any power granted to the Trustees in accordance
                  with such amendment shall not affect the Trust's status as a
                  grantor trust for United States federal income tax purposes or
                  the Trust's exemption from status of an "investment company"
                  under the Investment Company Act.

            (c)   In addition to and notwithstanding any other provision in this
                  Trust Agreement, without the consent of each affected
                  Securityholder, this Trust Agreement may not be amended to
                  (i) change the amount or timing of any Distribution on the
                  Trust Securities or otherwise adversely affect the amount of
                  any Distribution required to be made in respect of the Trust
                  Securities as of a specified date; or (ii) restrict the right
                  of a Securityholder to institute suit for the enforcement of
                  any such payment on or after such date; notwithstanding any
                  other provision herein, without the unanimous consent of the
                  Securityholders, this paragraph (c) of this Section 10.2 may
                  not be amended.

            (d)   Notwithstanding any other provisions of this Trust Agreement,
                  no Trustee shall enter into or consent to any amendment to
                  this Trust Agreement which would cause the Trust to fail or
                  cease to qualify for the exemption from status of an
                  "investment company" under the Investment Company Act or to
                  fail or cease to be classified as a grantor trust for United
                  States federal income tax purposes.

            (e)   Notwithstanding anything in this Trust Agreement to the
                  contrary, without the consent of the Depositor, this Trust
                  Agreement may not be amended in a manner which imposes any
                  additional obligation on the Depositor.

            (f)   In the event that any amendment to this Trust Agreement is
                  made, the Administrative Trustees shall promptly provide to
                  the Depositor a copy of such amendment.

            (g)   Neither the Property Trustee nor the Delaware Trustee shall be
                  required to enter into any amendment to this Trust Agreement
                  which affects its own rights, duties or immunities under this
                  Trust Agreement. The Property Trustee shall be entitled to
                  receive an Opinion of Counsel and an Officers' Certificate
                  stating that any amendment to this Trust Agreement has been
                  effected in compliance with this Trust Agreement.

                                       -56-
<Page>

      10.3  SEVERABILITY.

      In case any provision in this Trust Agreement or in the Trust Securities
Certificates shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

      10.4  GOVERNING LAW.

      THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE
SECURITYHOLDERS, THE TRUST AND THE TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT
AND THE TRUST SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES
THEREOF).

      10.5  PAYMENTS DUE ON NON-BUSINESS DAY.

      If the date fixed for any payment on any Trust Security shall be a day
that is not a Business Day, then such payment need not be made on such date but
may be made on the next succeeding day which is a 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 (and without any reduction of
interest or any other payment in respect of any such acceleration), in each case
with the same force and effect as though made on the date fixed for such
payment, and no distribution shall accumulate thereon for the period after such
date.

      10.6  SUCCESSORS.

      This Trust Agreement shall be binding upon and shall inure to the benefit
of any successor to the Depositor, the Trust or the Relevant Trustee(s),
including any successor by operation of law. Except in connection with a
consolidation, merger or sale involving the Depositor that is permitted under
Article XII of the Indenture and pursuant to which the assignee agrees in
writing to perform the Depositor's obligations hereunder, the Depositor shall
not assign its obligations hereunder.

      10.7  HEADINGS.

      The Article and Section headings are for convenience only and shall not
affect the construction of this Trust Agreement.

      10.8  REPORTS, NOTICES AND DEMANDS.

      Any report, notice, demand or other communication which by any provision
of this Trust Agreement is required or permitted to be given or served to or
upon any Securityholder or the Depositor may be given or served in writing by
deposit thereof, first-class postage prepaid, in the United States mail, hand
delivery or facsimile transmission, in each case, addressed, (a) in the case of
a Preferred Securityholder, to such Preferred Securityholder as such
Securityholder's name and address may appear on the Securities Register; and (b)
in the case of the Common Securityholder or the Depositor, to Local Financial
Corporation, 3601 NW 63rd Street, Oklahoma

                                       -57-
<Page>

City, Oklahoma 73116, Attention: Jan A. Norton, President, facsimile no: (405)
841-2289. Any notice to Preferred Securityholders shall also be given to such
owners as have, within two years preceding the giving of such notice, filed
their names and addresses with the Property Trustee for that purpose. Such
notice, demand or other communication to or upon a Securityholder shall be
deemed to have been sufficiently given or made, for all purposes, upon hand
delivery, mailing or transmission.

      Any notice, demand or other communication which by any provision of this
Trust Agreement is required or permitted to be given or served to or upon the
Trust, the Property Trustee or the Administrative Trustees shall be given in
writing addressed (until another address is published by the Trust) as follows:
(a) with respect to the Property Trustee to The Bank of New York, 101 Barclay
Street, 21st Floor West, New York, New York 10286, Attention: Corporate Trust
Trustee Administration; (b) with respect to the Delaware Trustee, to The Bank of
New York (Delaware), White Clay Center, Route 273, Newark, Delaware 19711,
Attention: Corporate Trust Department; and (c) with respect to the
Administrative Trustees, to them at the address above for notices to the
Depositor, marked "Attention: Administrative Trustees of Local Financial Trust."
Such notice, demand or other communication to or upon the Trust or the Property
Trustee shall be deemed to have been sufficiently given or made only upon actual
receipt of the writing by the Trust or the Property Trustee.

      10.9  AGREEMENT NOT TO PETITION.

      Each of the Trustees and the Depositor agree for the benefit of the
Securityholders that, until at least one year and one day after the Trust has
been terminated in accordance with Article IX, they shall not file, or join in
the filing of, a petition against the Trust under any bankruptcy, insolvency,
reorganization or other similar law (including, without limitation, the United
States Bankruptcy Code of 1978, as amended) (collectively, "Bankruptcy Laws") or
otherwise join in the commencement of any proceeding against the Trust under any
Bankruptcy Law. In the event the Depositor or any of the Trustees takes action
in violation of this Section 10.9, the Property Trustee agrees, for the benefit
of Securityholders, that at the expense of the Depositor (which expense shall be
paid prior to the filing), it shall file an answer with the bankruptcy court or
otherwise properly contest the filing of such petition by the Depositor or such
Trustee against the Trust or the commencement of such action and raise the
defense that the Depositor or such Trustee has agreed in writing not to take
such action and should be stopped and precluded therefrom. The provisions of
this Section 10.9 shall survive the termination of this Trust Agreement.

      10.10 TRUST INDENTURE ACT; CONFLICT WITH TRUST INDENTURE ACT.

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

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

                                       -58-
<Page>

            (c)   If any provision hereof limits, qualifies or conflicts with
                  another provision hereof which is required to be included in
                  this Trust Agreement by any of the provisions of the Trust
                  Indenture Act, such required provision shall control. If any
                  provision of this Trust Agreement modifies or excludes any
                  provision of the Trust Indenture Act which may be so modified
                  or excluded, the latter provision shall be deemed to apply to
                  this Trust Agreement as so modified or to be excluded, as the
                  case may be.

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

      10.11 ACCEPTANCE OF TERMS OF TRUST AGREEMENT, GUARANTEE AND INDENTURE.

      THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY
OR ON BEHALF OF A SECURITYHOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE
OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL
ACCEPTANCE BY THE SECURITYHOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN
SUCH TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND
AGREEMENT TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND
THE INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE TRUST, SUCH
SECURITYHOLDER AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS TRUST
AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND
SUCH SECURITYHOLDER AND SUCH OTHERS.

      10.12 COUNTERPARTS.

      This Trust Agreement may be executed in any number of counterparts, each
of which when so executed and delivered shall be an original, and all of which
counterparts together shall constitute one and the same agreement.

      10.13 EXCHANGE ACT OBLIGATIONS.

      For so long as the Trust Securities shall remain outstanding, Depositor
shall fulfill all reporting and filing obligations under the Securities Exchange
Act of 1934, as amended, as applicable to companies having a class of Securities
registered under Section 12(b) or 12(g) thereunder.

                            [SIGNATURE PAGE FOLLOWS]

                                       -59-
<Page>

LOCAL FINANCIAL CORPORATION

By: /s/ Richard L. Park
   ------------------------------
   Name: Richard L. Park
   Title: Chief Financial Officer

THE BANK OF NEW YORK, AS
         PROPERTY TRUSTEE

By: /s/ Cassandra Shedd
   ------------------------------
   Name: Cassandra Shedd
   Title: Assistant Vice President

THE BANK OF NEW YORK (DELAWARE), AS
         DELAWARE TRUSTEE

By: /s/ John Nichols
   ------------------------------
   Name: John Nichols
   Title: President

/s/ Edward A. Townsend
--------------------------------
Edward A. Townsend,
         as Administrative Trustee

/s/ Jan A. Norton
--------------------------------
Jan A. Norton,
         as Administrative Trustee

/s/ Richard L. Park
--------------------------------
Richard L. Park,
         as Administrative Trustee

                                       -60-
<Page>

                                                                       EXHIBIT A

                              CERTIFICATE OF TRUST

                                       OF

                         LOCAL FINANCIAL CAPITAL TRUST I

      This Certificate of Trust is being executed as of August 17, 1999 for the
purposes of organizing a business trust pursuant to the Delaware Business Trust
Act, 12 Del. C.ss.ss.3801 et seq. (the "Act").

      The undersigned hereby certifies as follows:

1.    Name. The name of the business trust is "Local Financial Capital Trust I"
      (the "Trust").

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

      The Bank of New York (Delaware)
      23 White Clay Center
      Route 273
      Newark, Delaware 19711

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

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

THE BANK OF NEW YORK (DELAWARE), AS
  DELAWARE TRUSTEE

By: /s/ Walter N. Gitlin
   ---------------------------------
   Name:  Walter N. Gitlin
   Title: Authorized Signatory

                                      A-1

<Page>

ADMINISTRATIVE TRUSTEE

/s/ Edward A. Townsend
-----------------------------------
    Name: Edward A. Townsend

ADMINISTRATIVE TRUSTEE

/s/ Jan A. Norton
-----------------------------------
    Name: Jan A. Norton

ADMINISTRATIVE TRUSTEE

/s/ Richard L. Park
---------------------------
    Name: Richard L. Park

                                      A-2

<Page>

                                                                       EXHIBIT B

                THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT AS
             DESCRIBED IN THE TRUST AGREEMENT (AS DEFINED BELOW)

CERTIFICATE NUMBER _____                      NUMBER OF COMMON SECURITIES _____

                    CERTIFICATE EVIDENCING COMMON SECURITIES
                                       OF
                         LOCAL FINANCIAL CAPITAL TRUST I

                                COMMON SECURITIES
                  (LIQUIDATION AMOUNT $25 PER COMMON SECURITY)

      LOCAL FINANCIAL CAPITAL TRUST I, a statutory business trust created
under the laws of the State of Delaware (the "Trust"), hereby certifies that
LOCAL FINANCIAL CORPORATION (the "Holder") is the registered owner of
_______________ (__________) common securities of the Trust representing
undivided beneficial interests in the assets of the Trust and designated the
Common Securities (liquidation amount $25 per Common Security) (the "Common
Securities"). Except as provided in Section 5.10 of the Trust Agreement (as
defined below), the Common Securities are not transferable and, to the
fullest extent permitted by law, any attempted prohibited transfer hereof
shall be void. The designations, rights, privileges, restrictions,
preferences, and other terms and provisions of the Common Securities are set
forth in, and this certificate and the Common Securities represented hereby
are issued and shall in all respects be subject to the terms and provisions
of, the Amended and Restated Declaration of Trust dated as of _________,
2001, as the same may be amended from time to time (the "Trust Agreement"),
including the designation of the terms of the Common Securities as set forth
therein. The Trust shall furnish a copy of the Trust Agreement to the Holder
without charge upon written request to the Trust at its principal place of
business or registered office.

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

      IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust has
executed this certificate this ___ day of ______________, 2001.

LOCAL FINANCIAL CAPITAL TRUST I

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

                                      B-1

<Page>

                                                                       EXHIBIT C

                    AGREEMENT AS TO EXPENSES AND LIABILITIES

      AGREEMENT AS TO EXPENSES AND LIABILITIES (this "Agreement") dated as of
________, 2001, between LOCAL FINANCIAL CORPORATION, a Delaware corporation (the
"Company"), and LOCAL FINANCIAL CAPITAL TRUST I, a Delaware business trust (the
"Trust").

                                    RECITALS

      WHEREAS, the Trust intends to issue its common securities (the "Common
Securities") to, and receive ____% Junior Subordinated Debentures (the
"Debentures") from, the Company and to issue and sell Local Financial Capital
Trust I ___% Cumulative Trust Preferred Securities (the "Preferred Securities")
with such powers, preferences and special rights and restrictions as are set
forth in the Amended and Restated Trust Agreement of the Trust dated as of
________, 2001, as the same may be amended from time to time (the "Trust
Agreement");

      WHEREAS, the Company shall directly or indirectly own all of the Common
Securities of the Trust and shall issue the Debentures;

      NOW, THEREFORE, in consideration of the purchase by each holder of the
Preferred Securities, which purchase the Company hereby agrees shall benefit the
Company and which purchase the Company acknowledges shall be made in reliance
upon the execution and delivery of this Agreement, the Company, including in its
capacity as holder of the Common Securities, and the Trust hereby agree as
follows:

                                    ARTICLE I

      1.1   GUARANTEE BY THE COMPANY.

      Subject to the terms and conditions hereof, the Company, including in its
capacity as holder of the Common Securities, hereby irrevocably and
unconditionally guarantees to each person or entity to whom the Trust is now or
hereafter becomes indebted or liable (the "Beneficiaries") the full payment when
and as due, of any and all Obligations (as hereinafter defined) to such
Beneficiaries. As used herein, "Obligations" means any costs, expenses or
liabilities of the Trust other than obligations of the Trust to pay to holders
of any Preferred Securities or other similar interests in the Trust the amounts
due such holders pursuant to the terms of the Preferred Securities or such other
similar interests, as the case may be. This Agreement is intended to be for the
benefit of, and to be enforceable by, all such Beneficiaries, whether or not
such Beneficiaries have received notice hereof.

                                      C-1

<Page>

      1.2   TERM OF AGREEMENT.

      This Agreement shall terminate and be of no further force and effect upon
the later of (a) the date on which full payment has been made of all amounts
payable to all holders of all the Preferred Securities (whether upon redemption,
liquidation, exchange or otherwise); and (b) the date on which there are no
Beneficiaries remaining; PROVIDED, HOWEVER, that this Agreement shall continue
to be effective or shall be reinstated, as the case may be, if at any time any
holder of Preferred Securities or any Beneficiary must restore payment of any
sums paid under the Preferred Securities, under any obligation, under the
Preferred Securities Guarantee Agreement dated the date hereof by the Company
and The Bank of New York as guarantee trustee or under this Agreement for any
reason whatsoever. This Agreement is continuing, irrevocable, unconditional and
absolute.

      1.3   WAIVER OF NOTICE.

      The Company hereby waives notice of acceptance of this Agreement and of
any obligation to which it applies or may apply, and the Company hereby waives
presentment, demand for payment, protest, notice of nonpayment, notice of
dishonor, notice of redemption and all other notices and demands.

      1.4   NO IMPAIRMENT.

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

            (a)   the extension of time for the payment by the Trust of all or
                  any portion of the Obligations or for the performance of any
                  other obligation under, arising out of, or in connection with,
                  the Obligations;

            (b)   any failure, omission, delay or lack of diligence on the part
                  of the Beneficiaries to enforce, assert or exercise any right,
                  privilege, power or remedy conferred on the Beneficiaries with
                  respect to the Obligations or any action on the part of the
                  Trust granting indulgence or extension of any kind; or

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

There shall be no obligation of the Beneficiaries to give notice to, or obtain
the consent of, the Company with respect to the happening of any of the
foregoing.

                                       C-2

<Page>

      1.5   ENFORCEMENT.

      A Beneficiary may enforce this Agreement directly against the Company, and
the Company waives any right or remedy to require that any action be brought
against the Trust or any other person or entity before proceeding against the
Company.

                                   ARTICLE II

      2.1   BINDING EFFECT.

      All guarantees and agreements contained in this Agreement shall bind the
successors, assigns, receivers, trustees and representatives of the Company and
shall inure to the benefit of the Beneficiaries.

      2.2   AMENDMENT.

      So long as there remains any Beneficiary or any Preferred Securities of
any series are outstanding, this Agreement shall not be modified or amended in
any manner adverse to such Beneficiary or to any of the holders of the Preferred
Securities.

      2.3   NOTICES.

      Any notice, request or other communication required or permitted to be
given hereunder shall be given in writing by delivering the same by facsimile
transmission (confirmed by mail), telex, or by registered or certified mail,
addressed as follows (and if so given, shall be deemed given when mailed or upon
receipt of an answer back, if sent by facsimile):

      Local Financial Capital Trust I
      c/o Local Financial Corporation
      3601 NW 63rd Street
      Oklahoma City, Oklahoma 73116
      Facsimile: (405) 841-2289
      Attention:  Jan A. Norton, Administrative Trustee

      Local Financial Corporation
      3601 NW 63rd Street
      Oklahoma City, Oklahoma 73116
      Facsimile: (405) 841-2289
      Attention:  Jan A. Norton, President

                                       C-3

<Page>

      2.4   Governing Law.

      This agreement shall be governed by and construed and interpreted in
accordance with the laws of the State of Delaware (without regard to conflict of
laws principles).

      THIS AGREEMENT is executed as of the day and year first above written.

LOCAL FINANCIAL CORPORATION

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

LOCAL FINANCIAL CAPITAL TRUST I

By:                        , as Administrative Trustee
   ------------------------
   Name:

                                       C-4

<Page>

                                                                       EXHIBIT D

CERTIFICATE NUMBER _____                     NUMBER OF PREFERRED SECURITIES_____

                   CERTIFICATE EVIDENCING PREFERRED SECURITIES
                                       OF
                         LOCAL FINANCIAL CAPITAL TRUST I

                   9.00% CUMULATIVE TRUST PREFERRED SECURITIES
                 (LIQUIDATION AMOUNT $25 PER PREFERRED SECURITY)

                                                           CUSIP NO. 539551 20 0

      Local Financial Capital Trust I, a statutory business trust created
under the laws of the State of Delaware (the "Trust"), hereby certifies that
________________ (the "Holder") is the registered owner of _____ preferred
securities of the Trust representing undivided beneficial interests in the
assets of the Trust and designated the 9.00% Cumulative Trust Preferred
Securities (liquidation amount $25 per Preferred Security) (the "Preferred
Securities"). The Preferred Securities are transferable on the books and
records of the Trust, in person or by a duly authorized attorney, upon
surrender of this Certificate duly endorsed and in proper form for transfer
as provided in Section 5.4 of the Trust Agreement (as defined herein). The
designations, rights, privileges, restrictions, preferences, and other terms
and provisions of the Preferred Securities are set forth in, and this
Certificate and the Preferred Securities represented hereby are issued and
shall in all respects be subject to the terms and provisions of, the Amended
and Restated Declaration of Trust dated as of September 20, 2001, as the same
may be amended from time to time (the "Trust Agreement"), including the
designation of the terms of Preferred Securities as set forth therein. The
Holder is entitled to the benefits of the Preferred Securities Guarantee
Agreement entered into by Local Financial Corporation, a Delaware
corporation, and The Bank of New York as guarantee trustee, dated as of
September 20, 2001, as the same may be amended from time to time (the
"Guarantee"), to the extent provided therein. The Trust shall furnish a copy
of the Trust Agreement and the Guarantee to the Holder without charge upon
written request to the Trust at its principal place of business or registered
office.

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

      Unless the Certificate of Authentication has been manually executed by the
Authentication Agent, this Certificate is not valid or effective.

                                       D-1

<Page>

      IN WITNESS WHEREOF, the Administrative Trustees of the Trust have executed
this Certificate this ___ day of ________, 2001.

LOCAL FINANCIAL CAPITAL TRUST I

By:
   -----------------------------
   Jan A. Norton

By:
   -----------------------------
   Edward A. Townsend

By:
   -----------------------------
   Richard L. Park

                                       D-2

<Page>

                                     LEGEND
                           FOR CERTIFICATES EVIDENCING
                        GLOBAL PREFERRED SECURITIES ONLY:

            Unless this certificate is presented by an authorized representative
            of The Depository Trust Company, a New York corporation ("DTC"), to
            Local Financial Capital Trust I or its agent for registration of
            transfer, exchange, or payment, and any certificate issued is
            registered in the name of Cede & Co. or in such other name as is
            requested by an authorized representative of DTC (and any payment is
            made to Cede & Co. or to such other entity as is requested by an
            authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER
            USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
            inasmuch as the registered owner hereof, Cede & Co., has an interest
            herein.

                                       D-3

<Page>

                        [FORM OF REVERSE OF CERTIFICATE]

      The Trust will furnish without charge to any registered owner of Preferred
Securities who so requests, a copy of the Trust Agreement and the Guarantee. Any
such request should be in writing and addressed to Local Financial Capital Trust
I, c/o Secretary, Local Financial Corporation, 3601 NW 63rd Street, Oklahoma
City, Oklahoma 73116, or to the Registrar named on the face of this Certificate.

      The following abbreviations, when used in the inscription on the face of
this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<Table>
<S>                                                 <C>
TEN COM -- as tenants in common                      UNIF GIFT MIN ACT -- under Uniform Gift
TEN ENT -- as tenants by the entireties                                   to Minors Act and
JT TEN --  as joint tenants with right of                                 not as tenants
           survival
</Table>

     Additional abbreviations may also be used though not in the above list.

                                   ASSIGNMENT

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
                                transfers unto:

     (Please insert social security or other identifying number of assignee)

                    (insert address and zip code of assignee)

the within Certificate and all rights and interests represented by the Preferred
Securities evidenced thereby, and hereby irrevocably constitutes and appoints

                                                                       attorney
----------------------------------------------------------------------
to transfer the said Preferred Securities on the books of the within-named Trust
with full power
of

substitution in the premises.

Dated:                                  Signature:
      ----------------------------                ------------------------------
                                                    Note: The signature(s) to
                                                    this assignment must
                                                    correspond with the
                                                    name(s) as written upon
                                                    the face of this Certificate
                                                    in every particular, without
                                                    alteration or enlargement,
                                                    or any change whatever.

Signature(s) Guaranteed:

----------------------------------------
NOTICE: Signature(s) must be guaranteed by an "eligible
guarantor institution" that is a member or participant
in a "signature guarantee program" (i.e., the Securities
Transfer Agents Medallion Program, the Stock Exchange
Medallion Program or the New York Stock Exchange, Inc.
Medallion Signature Program).

                                      D-4

<Page>

                                                                       EXHIBIT E

             FORM OF PREFERRED SECURITIES CERTIFICATE AUTHENTICATION

      This is one of the ____% Cumulative Trust Preferred Securities referred to
in the within-mentioned Amended and Restated Trust Agreement.

THE BANK OF NEW YORK,
   as Authentication Agent and Registrar

By:
    ----------------------------------------------------------------------------
         AUTHORIZED SIGNATURE

                                      E-1

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