Document:

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                                                                    Exhibit 10.6

                              EMPLOYMENT AGREEMENT

               THIS EMPLOYMENT AGREEMENT ("Agreement") is entered into as of
September 13, 2001, by and between Commercial Capital Bank, a federal savings
bank, with its headquarters office located in the City of Irvine, Orange County,
California (the "Bank"), and SCOTT F. KAVANAUGH, a California resident (the
"Employee").

          A.   Per the letter dated September 10, 2001, the Office of Thrift
Supervision ("OTS") has no objection to Bank entering into this Agreement, and
therefore, Employee will serve as the Executive Vice President, Chief Investment
Officer and Chief Administrative Officer of the Bank.

          B.   The parties intend by this Agreement to comply with the
requirements of Section 563.39 of the Regulations of the OTS, 12 C.F.R. Section
563.39.

          On the basis of the foregoing facts and in consideration of the mutua1
covenants and agreements contained herein, the parties agree as follows:

          1.   Term

               (a)  Subject to the provisions below, the Bank agrees to employ
Employee, and Employee agrees to be employed by the Bank, subject to the terms
and conditions of this Agreement, for a term of three (3) years ("the Term")
commencing on the date of this Agreement (the "anniversary date") unless
employment is earlier terminated pursuant to the termination provisions of this
Agreement ("the Employment Period").

               (b)  Subject to the notice provisions set forth in this
paragraph, the term of this Agreement may be renewed or extended for one (1)
additional year after review and approval by the Board of Directors on the
anniversary date of this Agreement during each calendar year. The term shall not
be extended if either party gives written notice to the other, on or before the
date which is 90 days prior to the anniversary date, that the Agreement shall
not be renewed on the next anniversary date. In the event either party gives the
other written notice as provided in this paragraph, the term of this Agreement
shall thereafter terminate on the next following anniversary date.

          2.   Duties and Authority.

               (a)  During the Employment Period, Employee shall devote all
necessary time, ability and attention to the business and affairs of the Bank
(see Exhibit A), notwithstanding that, Employee shall not directly render
service of a business, commercial or professional nature to any other person or
organization other than Commercial Capital Bancorp, the holding company for the
Bank ("Holding Company"), and Financial Institutional Partners Mortgage
Corporation, a subsidiary of the Holding Company, without the consent of the
Board of Directors of the Bank (the "Board of Directors"). However, nothing in
this paragraph prohibits Employee from, or requires the Board of Directors to
approve or consent to Employee

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serving as an advisor or Board member of a charitable or nonprofit organization
or serving as an advisor or director of any corporation which does not compete
with the business of the Bank, so long as such service does not materially
interfere with the performance of Employment duties. Employee agrees that during
the Employment Period he will use his best efforts, skill and abilities to
promote the Bank's interests and to serve as the Executive Vice President, Chief
Investment Officer and Chief Administrative Officer of the Bank. Employee shall
perform such customary, appropriate and reasonable executive duties as are
normally assigned to the Chief Investment Officer and Chief Administrative
Officer at other federal savings banks, including such duties as are delegated
to him from time to time by the Board of Directors. Employee shall report
directly to the Bank's Chairman and Chief Executive Officer. The Bank shall also
cause Employee to be nominated, and management proxies will be voted to elect
Employee as a director of both the Bank and the Holding Company during the
entire Employment Period.

               3.   Bank's Authority.

                    Employee agrees to observe and comply with the Bank's rules
and regulations as adopted by the Board of Directors regarding performance of
his duties and to carry out and to perform orders, directions and policies
stated by the Board of Directors to him periodically, either orally or in
writing.

               4.   Compensation.

                    (a) The Bank directly, or through one or more of its
affiliates, agrees to pay to Employee during each year of this Agreement an
annual base salary of $387,500, beginning on the effective date of this
Agreement and payable in accordance with the Bank's standard payment policy and
subject to such withholding as required by law or policy on the fifteenth and
last day of each month during the term of this Agreement. The base salary shall
be reviewed annually by the Board of Directors, on or before January 31 of each
year for that year, and may be changed by mutual agreement of the parties.
Employee acknowledges and agrees that all base compensation paid by the Bank to
Employee under this Agreement shall be applied toward, and credited against, any
base compensation payable to Employee by the Holding Company under any
employment agreement between Employee and the Holding Company.

                    (b) In addition to all other compensation referred to above,
the Bank may pay Employee a bonus or bonuses and may grant to Employee stock
options, in either case in such amount as and in such a manner as the Board of
Directors, in its discretion, determines is appropriate. Such compensation shall
be based upon guidelines established by, and reviewed by, the Board of Directors
that takes into consideration all measures of the Bank's performance.

                    (c) The Bank directly, or through one or more of its
affiliates, shall provide a car allowance of $1,000 per month during the
Employment Period.

                    (d) During the Employment Period, Employee shall be eligible
to participate in any retirement, pension or profit-sharing plan, including any
non-qualified, deferred compensation or salary continuation plan, or similar
employee benefit plan or retirement or bonus program of the Bank, to the extent
that he is eligible under the provisions of

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the plan and commensurate with his position in relationship to other
participants and pursuant to the terms of the Bank's plans or programs.

                    (e) Employee shall accrue vacation and sick time ("paid
time off" or "PTO") at the rate of 7.67 hours per semi-monthly pay period (for a
total of 184.00 hours or 23 days per year). Notwithstanding any terms of the
Bank's personnel policy to the contrary, any unused PTO shall carry forward to
the next year. Once Employee has accrued, or is deemed to have accrued, 276
hours of PTO (approximately 34.5 days per year) ("the cap"), he shall cease to
accrue further PTO until such time as accrued PTO falls below the cap.

                    (f) The Bank agrees to provide medical, dental and other
insurance, including key man life and disability, for Employee on the same terms
as provided for all executive officers of the Bank.

               5.   Reimbursement of Expenses.

                    The services required by the Bank will require Employee to
incur business, entertainment and community relations' expenses and the Bank
hereby agrees to provide credit cards and charge accounts for Employee's use for
such expenses. The Bank agrees to reimburse Employee for a11 out-of-pocket
expenses that are business related, upon submission of appropriate documentation
and approval by the Chairman and Chief Executive Officer of the Bank. Such
expenses shall include membership fees and dues to organizations approved by the
Board. Each expense, to be reimbursed, must be of a nature qualifying it as a
proper deduction on the income tax returns of the Bank as a business expense and
not as deductible compensation to Employee, The records and other documentary
evidence submitted by Employee to the Bank with each request for reimbursement
of such expenses shall be in the form required by applicable statutes and
regulations issued by appropriate taxing authorities for the substantiation of
such expenditures as deductible business expenses of the Bank and not as
deductible compensation to Employee.

               6.   Confidential Information.

                    Employee agrees that he shall not, without the prior written
permission of the Bank in each case, publish, disclose or make available to any
other person, firm or corporation, either during or after the termination of
this Agreement, any confidential information which Employee may obtain during
the Employment Period, or which Employee may create prior to the end of the
Employment Period relating to the business of the Bank, or to the business of
any customer or supplier of any of them; provided, however, Employee may use
such information during the Employment Period for the benefit of the Bank.
Employee agrees to execute any and all such additional agreements and
instruments that the Bank may deem reasonab1y necessary in order to protect the
confidentiality of such confidential information or otherwise to effectuate the
purpose and intent of this Section 6. Prior to or at the termination of this
Agreement, Employee shall return all documents, files, notes, writings and other
tangible evidence of such confidential information to the Bank. Notwithstanding
the above, the OTS and other federal agencies will be exempt from any
prohibition regarding disclosure of confidential information. This Section 6
shall survive the expiration or termination of this Agreement.

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          7.   Covenant Not to Solicit Customers or Fellow Employees.

               Employee agrees that for a period of eighteen (18) months
following the termination of employment with the Bank, he will not solicit,
directly or indirectly divert or attempt to divert for himself or for any third
party, the banking business of any customer with whom the Bank had done business
during the preceding one year period, Employee recognizes and acknowledges that
any customer list and financial information concerning any of the Bank's
customers, as it may exist from time to time, is a valuable, special and unique
asset of the Bank's business. Employee further agrees not to solicit, directly
or indirectly divert or attempt to divert for himself or for any third party,
the services of any officer or employee of the Bank during such 18-month period.
Employee agrees to execute any and al1 such additional agreements and
instruments that the Bank may deem reasonably necessary in order to effectuate
the purpose and intent of this Section 7. This Section 7 shall survive the
expiration or termination of this Agreement.

          8.   Remedy.

               Employee understands that, because of the unique character of the
services to be rendered by Employee hereunder, the Bank would not have any
adequate remedy at law for the breach or threatened breach by Employee of any
one or more of the covenants set forth in this Agreement and therefore expressly
agrees that the Bank in addition to any other rights or remedies which may be
available to it, shall be entitled to injunctive and other equitable relief to
prevent or remedy a breach of this Agreement by Employee.

          9.   Termination of Employee Without Cause.

               (a)  Upon the occurrence of an Event of Termination (as herein
defined) during Employee's term of employment under this Agreement, the
provisions of this Section shall apply.

               (b)  As used in this Agreement, an "Event of Termination" shall
mean and include any one or more of the following: (i) the termination by the
Bank or the Holding Company of Employee's full-time employment hereunder for any
reason other than a termination governed by Section 12 below, or termination for
Cause, as defined in Section 10(b) below; or (ii) Employee's termination with
good reason from the Bank's employ in accordance with Section 9 (c) below upon
any (A) failure to elect or reelect or to appoint or reappoint Employee as Chief
Investment Officer and Chief Administrative Officer, unless consented to by
Employee, (B) a material change in Employee's function, duties, or
responsibilities with the Bank, which change would cause Employee's position to
become one of substantially lesser responsibility, importance, or scope from the
position and attributes thereof described in Section 2 above, unless consented
to by Employee, (C) a relocation of Employee's principal place of employment by
more than 30 driving miles from its location at the effective date of this
Agreement, unless consented to by the Employee, (D) a material reduction in
the benefits and perquisites to Employee from those being provided as of the
effective date of this Agreement, unless consented to by Employee, (E) a
liquidation or dissolution of the Bank or Holding Company, or (F) breach of this
Agreement by the Bank.

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Notwithstanding the above, the event of a conservatorship or receivership is
specifically excluded from an Event of Termination.

                    (c) Upon the occurrence of any event of a type described in
clauses (ii)(A), (B), (C), (D), (E) or (F), of Section 9(b), Employee shall have
the right to terminate with good reason his employment under this Agreement by
delivering written notice to the Bank not less than sixty (60) days following
the occurrence of such event, which termination with good reason shall be
effective only if such event shall not he cured within thirty (30) days after
the Bank's receipt of such notice. The date of any Event of Termination shall be
referred to herein as the "Date of Termination".

                    (d) Upon the occurrence of an Event of Termination by the
Bank, the Bank shall pay to Employee an amount equal to his base salary for the
remaining portion of the Term (such payment, the Severance Payment), as
severance pay in lieu of and in substitution for any other claims for salary and
continued benefits hereunder (based on Employee's base salary and benefits
prevailing at the time of termination). At the election of the Employee, the
Severance Payment shall be made to Employee: (a) in a lump sum on the Date of
Termination, or (b) on a semi-monthly basis in approximately equal installments
over a period of thirty-six (36) months following the Date of Termination, or
(c) on an annual basis in approximately equal installments over a period of
thirty-six (36) months following the Date of Termination. Payment of the
Severance Payment shall be in addition to all other sums owed to Employee under
applicable law for all periods prior to the Date of Termination, including,
without limitation, sums owed in respect of accrued PTO, accrued bonus, if any,
and reimbursable expenses. Notwithstanding anything in this Agreement to the
contrary no bonus shall be deemed to have been accrued unless and until any such
bonus has been duly authorized by the Bank's Board of Directors or a duly
authorized committee thereof.

                    (e) With respect to any stock options issued to the Employee
that were outstanding on the Date of Termination, any options which were not
fully vested and exercisable on the Date of Termination shall automatically
become exercisable upon the Date of Termination, and shall remain exercisable in
full for a period of ninety (90) days following the Communication Date.

                    (f) Upon the occurrence of an Event of Termination, the Bank
will cause to be continued for the Employee and his previously covered
dependents life, medical, dental and disability coverage that the Employee
agrees is substantially equivalent to the coverage maintained by the Bank or the
Holding Company for Employee and his dependents prior to the Date of Termination
at no cost to the Employee, except to the extent such coverage may be changed in
its application to all Bank or Holding Company employees. Such coverage shall
cease upon the expiration of the remaining term of this Agreement.

               10.  Termination of Employee for Cause.

                    (a) The Bank's board of directors may terminate the
Employee's employment at any time, but any termination by the Bank's board of
directors other than termination for cause, shall not prejudice the Employee's
right to compensation or other benefits

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under the contract. The Employee shall have no right to receive compensation or
other benefits for any period after termination for cause. Termination for cause
shall include termination because of the Employee's personal dishonesty,
incompetence, willful misconduct, breach of fiduciary duty involving personal
profit, intentional failure to perform stated duties, willful violation of any
law, rule, or regulation (other than traffic violations or similar offenses) or
final cease-and-desist order, or material breach of any provision of the
contract.

               (b)  If Employee is suspended and/or temporarily prohibited from
participating in the conduct of the Bank's affairs by a notice served under
section 8 (e) (3) or (g) (1) of the Federal Deposit Insurance Act (12 U.S.C.
1818 (e) (3) and (g) (1)) the Bank's obligations under this Agreement shall be
suspended as of the date of service unless stayed by appropriate proceedings.
If the charges in the notice are dismissed, the Bank may in its discretion (i)
pay Employee all or part of the compensation withheld while its contract
obligations were suspended, and (ii) reinstate (in whole or in part) any of its
obligations which were suspended.

               (c)  If Employee is removed and/or permanently prohibited from
participating in the conduct of the Bank's affairs by an order issued under
section 8 (e) (4) or (g) (1) of the Federal Deposit Insurance Act (12 U.S.C.
1818 (e) (4) or (g) (1)), all obligations of the Bank under this Agreement shall
terminate as of the effective date of the order, but vested rights of the
contracting parties shall not be affected.

               (d)  If the Bank is in default (as defined in section 3 (x) (1)
of the Federal Deposit Insurance Act), all obligations under this Agreement
shall terminate as of the date of default but this paragraph (g) shall not
affect any vested rights of the contracting parties.

               (e)  All obligations under this Agreement shal1 be terminated,
except to the extent determined that continuation of the contract is necessary
of the continued operation of the Bank:

                    (i)  By the director of the OTS (the "Director") or his or
her designee, at the time the Federal Deposit Insurance Corporation or
Resolution Trust Corporation enters into an agreement to provide assistance to
or on behalf of the Bank under the authority contained in 13 (C) of the Federal
Deposit Insurance Act; or

                    (ii) By the Director or his or her designee, at the time the
Director or his or her designee approves a supervisory merger to resolve
problems related to operation of the Bank or when the Bank is determined by the
Director to be in an unsafe or unsound condition.

                    Any rights of the parties that have already vested, however,
     shall not be affected by such action.

               11.  Termination Upon Employee's Death; Effect of Termination on
Other Plans.

     Notwithstanding anything herein contained, if Employee shall die, this
Agreement shall terminate one (1) year from the date of Employee's death,
whereupon Employee's estate shall be entitled to receive his salary, accrued
PTO, and any bonus earned up through the date of termination. Such termination
shall not affect any rights which Employee may have at the time

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of his death pursuant to any of the Bank's plans or arrangements for insurance,
PTO or stock options, or for any other death benefit, bonus, or retirement
benefit, which accrued rights thereafter shall be enjoyed by Employee's estate
and continue to be governed by the provision of such plans and arrangements to
the extent they are not inconsistent with the terms of this Agreement. The Bank
will cause to be continued for the Employee's previously covered dependants
life, medical and dental coverage that is substantially equivalent to the
coverage maintained by the Bank or the Holding Company for Employee's dependants
prior to the Employee's death at no cost to the Employee. Such Coverage shall
cease upon the expiration of the remaining term of this Agreement.

               12.  Change in Control.

                    (a) For purposes of this Agreement, a "Change in Control" of
the Bank or Holding Company shall mean an event of a nature that: (i) would be
required to be reported in response to Item I(a) of the current report on Form
8-K, as in effect on the date hereof, pursuant to Sections 13 or 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"); or (ii)
results in a Change in Control of the Bank or the Holding Company within the
meaning of the Home Owners' Loan Act of 1933, as amended, the Federal Deposit
Insurance Act and the Rules and Regulations promulgated by the OTS (or its
predecessor agency), as in effect on the date hereof (provided, that in applying
the definition of change in control as set forth under the rules and regulations
of the OTS, the Board of Directors shall substitute its judgment for that of the
OTS); or (iii) without limitation such a Change in Control shall be deemed to
have occurred at such time as (A) any "person" (as the term is used in Sections
13(d) and 14(d) of the Exchange Act) is or becomes the "beneficial owner" (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of voting
securities of the Bank or the Holding Company representing 20% or more of the
Bank's or the Holding Company's outstanding voting securities or right to
acquire such securities except for any voting securities of the Bank purchased
by the Holding Company and any voting securities purchased by any employee
benefit plan of the Bank or the Holding Company, or (B) individuals who
constitute the Board of Directors on the date hereof (the "Incumbent Board")
cease for any reason to constitute at least a majority thereof, provided that
any person becoming a director subsequent to the date hereof whose election was
approved by a vote of at least three-quarters of the directors comprising the
Incumbent Board, or whose nomination for election by the Holding Company's
stockholders was approved by a Nominating Committee solely comprised of members
who are Incumbent Board members, shall be, for purposes of this clause (B),
considered as though he were a member of the Incumbent Board, (C) a plan of
reorganization, merger, consolidation, sale of all or substantially all the
assets of the Bank or the Holding Company or similar transaction occurs or is
effectuated in which the Bank or Holding Company is not the resulting entity;
provided, however, that such an event listed above will be deemed to have
occurred or to have been effectuated upon the receipt of all required federal
regulatory approvals not including the lapse of any statutory waiting periods,
or (D) a proxy statement shall be distributed soliciting proxies from
stockholders of the Holding Company, by someone other than the current
management of the Holding Company, seeking stockholder approval of a plan of
reorganization, merger or consolidation of the Holding Company or Bank with one
or more corporations as a result of which the outstanding shares of the class of
securities then subject to such plan or transaction are exchanged for or
converted into cash or property or securities not issued by the Rank or the
Holding Company shall be

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distributed; or (E) a tender offer is made and accepted for 20% or more of the
voting securities of the Bank or Holding Company then outstanding.

The change in composition of the Board of Directors occasioned by a
conservatorship or receivership, or by directive of the OTS (or its successor),
should not be construed as a Change in Control for the purposes of triggering
the obligations to render compensation under this Agreement.

               (b)  If a Change in Control has occurred pursuant to Section
12(a) above or the Board of Directors has determined that a Change in Control
has occurred, Employee shall be entitled to the benefits provided in paragraphs
(c), and (d) of this Section 12 upon his subsequent termination of employment at
any time during the term of this Agreement due to: (1) Employee's dismissal or
(2) Employee's voluntary resignation unless such termination is because of his
death or Termination for Cause.

               (c)  Upon Employee's entitlement to benefits pursuant to Section
12(b), the Bank shall pay Employee, or in the event of his subsequent death, his
beneficiary or beneficiaries, or his estate, as the case may be, as severance
pay or liquidated damages, or both a sum equal to the greater of: (1) the
payments due for the remaining term of the Agreement; or (2) three (3) times
Employee's highest annual compensation for the last five (5) years (such
payment, the Severance Payment). Such annual compensation shall include base
salary, commissions, bonuses, contributions or accruals on behalf of Employee to
any pension and profit sharing plans, including any non-qualified, deferred
compensation or salary continuation plans, any benefits to be paid or received
under any stock-based benefit plan, severance payments, directors or committee
fees and value of fringe benefits paid or to be paid to the Employee during such
years. At the election of the Employee, the Severance Payment shall be made to
Employee: (a) in a lump sum on the Date of Termination, or (b) on a semi-monthly
basis in approximately equal installments over a period of thirty-six (36)
months following the Date of Termination or (c) on an annual basis in
approximately equal installments over a period of thirty-six (36) months
following the Date of Termination. Payment of the Severance Payment shall be in
addition to all other sums owed to Employee under applicable law for all periods
prior to the Date of Termination, including, without limitation, sums owed in
respect of accrued PTO, accrued bonus, if any, and reimbursable expenses.
Notwithstanding anything in this Agreement to the contrary no bonus shall be
deemed to have been accrued unless and until any such bonus has been duly
authorized by the Bank's Board of Directors or a duty authorized committee
thereof. Such payments shall not be reduced in the event Employee obtains other
employment following termination of employment.

               (d)  Upon the Employee's entitlement to benefits pursuant to
Section 12(b), the Bank will cause to be continued for the Employee and his
previously covered dependents life, medical, dental and disability coverage that
the Employee agrees is substantially equivalent to the coverage maintained by
the Bank for Employee and his dependents prior to his termination at no cost to
the Employee. Such coverage and payments shall cease upon the expiration of
thirty-six (36) months following the Date of Termination.

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               13.  Parachute Payment Provision.

                    (a)  Benefit Limit. The following limitation shall apply in
the event, but only in the event, that any payment received or to be received by
Employee pursuant to this Agreement ("Payment") would constitute a parachute
payment within the meaning of Section 28OG of the Internal Revenue Code of 1986,
as amended (the "Code"):

                    The aggregate present value of those Payments shall be
limited in amount to the greater of the following dollar amounts (the "Benefit
Limit"):

                    (i)  2.99 times Executive's Average Compensation, or

                    (ii) Payments under this Agreement after taking into account
                         any excise tax imposed under Code Section 4999 on those
                         Payments.

                    The present value of the Payments will be measured as of the
Change in Control and determined in accordance with the provisions of Code
Section 280G(d)(4).

                    As used in this Section 13(a), the term "Average
Compensation" means the average of Employee's W-2 wages from the Bank for the
five (5) calendar years (or such fewer number of calendar years of employment
with the Bank) completed immediately prior to the calendar year in which the
Change of Control is effected. Any W-2 wages for a partial year of employment
will be annualized, in accordance with the frequency which such wages are paid
during such partial year before inclusion in Average Compensation.

                    (b)  Resolution Procedure. For purposes of the foregoing
Benefit Limit, in the event there is any disagreement between Employee and the
Bank as to whether one or more payments to which Employee becomes entitled under
this Agreement constitute parachute payments under Code Section 280G or as to
the determination of the present value thereof such dispute will be resolved as
follows:

                         (i)  In the event temporary, proposed or final Treasury
     Regulations in effect at the time under Code Section 280G (or applicable
     judicial decisions) specifically address the status of any such payment or
     the method of valuation therefor, the characterization afforded to such
     payment by the Regulations (or such decisions) will, together with the
     applicable valuation methodology, be controlling.

                         (ii) In the event Treasury Regulations (or applicable
     judicial decisions) do not address the status of any payment in dispute,
     the matter will be submitted for resolution to a nationally-recognized
     independent accounting firm mutually acceptable to Employee and the Bank
     ("Independent Accountant"). The resolution reached by the Independent
     Accountant will be final and controlling; provided, however, that if in the
     judgment of the Independent Accountant the status of the payment in dispute
     can be resolved through the obtainment of a private letter ruling from the
     Internal Revenue Service, a formal and proper request for such ruling will
     be prepared and submitted, and the determination made by the Internal
     Revenue Service in the issued ruling will be controlling. All expenses
     incurred in connection with the retention of the

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     Independent Accountant and (if applicable) the preparation and submission
     of the ruling request shall be borne by the Bank.

               (c)  Reduction of Benefits. To the extent the aggregate present
value of Employee's Payments pursuant to Section 12 would exceed the Benefit
Limit, the salary payments will first be reduced, and then accelerated vesting
of Employee's options would be reduced, to the extent necessary to assure that
such Benefit Limit is not exceeded.

               (d)  Notwithstanding the foregoing, any payments made to Employee
pursuant to this Agreement, or otherwise: are subject to and conditioned upon
their compliance with 12 U.S.C. (S) 1828(k) and any regulations promulgated
thereunder.

          14.  Modification.

               This Agreement sets forth the entire understanding of the parties
with respect to the subject matter hereof, supersedes all existing agreements
between them concerning such subject matter, and may be modified only by written
instrument duly executed by each party.

          15.  Notices.

               Any notice or other communication required or permitted to be
given hereunder shall be in writing and shall be mailed by certified mail,
return receipt requested or delivered against receipt to the party at the
address set forth following the signature line of this Agreement or to such
other address as the party shall have furnished in writing. Notice to the estate
of Employee shall be sufficient if addressed to Employee as provided in this
Section 15. Any notice or other communication given by certified mail shall be
deemed given at the time of certification thereof, except for a notice changing
a party's address which shall be deemed given at the time of receipt thereof.

          16.  Dispute Resolution Procedures.

               Except with respect to any claim for equitable relief (the
pursuit of which shall not be subject to the provisions of this Section 16), any
controversy or claim arising out of this Agreement or the Employee's employment
with the Bank or the termination thereof, including, but not limited to, any
claim of discrimination under state or federal law, shall be settled by binding
arbitration in accordance with the Rules of the American Arbitration
Association; and judgment upon the award rendered in such arbitration shall be
final and may be entered in any court having jurisdiction thereof. Notice of the
demand for arbitration shall be filed in writing with the other party to this
Agreement and with the American Arbitration Association. In no event shall the
demand for arbitration be made after the date when the institution of legal or
equitable proceedings based on such claim, dispute or other matter in question
would be barred by the applicable statute of limitations. This agreement to
arbitrate shall be specifically enforceable under the prevailing arbitration
law. Any party desiring to initiate arbitration procedures hereunder shall serve
written notice on the other party. The parties agree that an arbitrator shall be
selected pursuant to these provisions within thirty (30) days of the service of
the notice of arbitration. In the event of any arbitration pursuant to these
provisions, the parties shall retain the rights of all discovery provided
pursuant to the California

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Code of Civil Procedure and the Rules thereunder. Any arbitration initiated
pursuant to these provisions shall be on an expedited basis and the dispute
shall be heard within one hundred twenty (120) days following the serving of the
notice of arbitration and a written decision shall be rendered within sixty (60)
days thereafter. All rights, causes of action, remedies and defenses available
under California law and equity are available to the parties hereto and shal1 be
applicable as though in a court of law. The parties shall share equally all
costs of any such arbitration.

          17.  Miscellaneous.

               (a)  This Agreement is drawn to be effective in the State of
California and shall be construed in accordance with California laws, except to
the extent superseded by federal law. The parties specifically acknowledge that
while the restrictions contained in Section 131 of the Federal Deposit Insurance
Corporation Improvement Act of 1991, relating to the payment of bonuses and
increases for senior executive officers of institutions which are deemed
"undercapitalized", do not currently apply to the Bank, such provisions may
affect the terms of this Agreement if during its term the Bank should be deemed
undercapitalized by either the OTS or the FDIC. No amendment or variation of the
terms of this Agreement shall be valid unless made in writing and signed by
Employee and a duly authorized representative of the Bank.

               (b)  Any waiver by either party of a breach of any provision of
this Agreement shall not operate as to be construed to be a waiver of any other
breach of such provision or of any breach of any other provision of this
Agreement. The failure of a party to insist upon strict adherence to any term of
this Agreement on one or more occasions shall not be considered a waiver or
deprive that party of the right thereafter to insist upon strict adherence to
that term or any other term of this Agreement. Any waiver must be in writing.

               (c)  Employee's rights and obligations under this Agreement shall
not be transferable by assignment or otherwise, such rights shall not be subject
to commutation, encumbrance or the claims of Employee's creditors, and any
attempt to do any of the foregoing shall be void. The provisions of this
Agreement shall be binding upon and inure to the benefit of the Bank and its
successors and those who are its assigns under Section 12.

               (d)  This Agreement does not create, and shall not be construed
as creating, any rights enforceable by a person not a party to this Agreement
(except as provided in subsection (c) above).

               (e)  The headings in this Agreement are solely for the
convenience of reference and shall be given no effect on the construction or
interpretation of this Agreement.

               (f)  This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. It shall be governed by
and construed in accordance with the laws of the State of California, without
giving effect to conflict of laws, except where federal law governs.

                                       11

<PAGE>

               18.  Resignation as Director Upon Termination.

                    Upon termination of this Agreement, Employee, if he is then
serving as a director of the Bank, agrees to immediately resign his position as
a director as well as all other positions he may hold until the Bank or any
related or affiliated entity by giving written notice of his resignation to the
Chairman of the Board of Directors of the Bank.

                    IN WITNESS WHEREOF, the Bank and Employee have executed this
Agreement to be effective as of the day and year written above.

          BANK:                 Commercial Capital Bank
                                a federal savings bank

                                By:     /s/ Stephen H. Gordon
                                        --------------------------------
                                        Stephen H. Gordon
                                        Chairman and Chief Executive Officer

                                Address:________________________________________
                                        ________________________________________

          EMPLOYEE:             /s/ Scott F. Kavanaugh
                                ------------------------------------------------
                                Scott F. Kavanaugh

                                Address:________________________________________
                                        ________________________________________

                                       12

<PAGE>

                              Employment Agreement

                                    Addendum

Effective as of January 1, 2002, compensation for Scott F. Kavanaugh at
Commercial Capital Bank will be $412,500.

                                                /s/ Stephen H. Gordon
                                                --------------------------------
                                                Stephen H. Gordon
                                                Chairman & CEO<PAGE>

                                                                   EXHIBIT 10.7

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

                        AMENDED AND RESTATED DECLARATION

                                    OF TRUST

                               CCB CAPITAL TRUST I

                          Dated as of November 28, 2001

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                  PAGE
<S>                                                                                                 <C>
                                    ARTICLE I
                         INTERPRETATION AND DEFINITIONS

Section 1.1         Definitions..................................................................    2

                                   ARTICLE II
                                  ORGANIZATION

Section 2.1         Name.........................................................................    9

Section 2.2         Office.......................................................................    9

Section 2.3         Purpose......................................................................   10

Section 2.4         Authority....................................................................   10

Section 2.5         Title to Property of the Trust...............................................   10

Section 2.6         Powers and Duties of the Trustees and the Administrators.....................   10

Section 2.7         Prohibition of Actions by the Trust and the Trustees.........................   15

Section 2.8         Powers and Duties of the Institutional Trustee...............................   16

Section 2.9         Certain Duties and Responsibilities of the Trustees and Administrators.......   17

Section 2.10        Certain Rights of Institutional Trustee......................................   19

Section 2.11        Delaware Trustee.............................................................   22

Section 2.12        Execution of Documents.......................................................   22

Section 2.13        Not Responsible for Recitals or Issuance of Securities.......................   22

Section 2.14        Duration of Trust............................................................   22

Section 2.15        Mergers......................................................................   22

                                   ARTICLE III
                                     SPONSOR

Section 3.1         Sponsor's Purchase of Common Securities......................................   24

Section 3.2         Responsibilities of the Sponsor..............................................   24

                                   ARTICLE IV
                           TRUSTEES AND ADMINISTRATORS

Section 4.1         Number of Trustees...........................................................   25

Section 4.2         Delaware Trustee.............................................................   25

Section 4.3         Institutional Trustee; Eligibility...........................................   25

Section 4.4         Certain Qualifications of the Delaware Trustee Generally.....................   26

Section 4.5         Administrators...............................................................   26
</TABLE>

                                       -i-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                  PAGE
<S>                                                                                                 <C>
Section 4.6         Initial Delaware Trustee.....................................................   26

Section 4.7         Appointment, Removal and Resignation of Trustees and
                    Administrators...............................................................   26

Section 4.8         Vacancies Among Trustees.....................................................   28

Section 4.9         Effect of Vacancies..........................................................   28

Section 4.10        Meetings of the Trustees and the Administrators..............................   29

Section 4.11        Delegation of Power..........................................................   29

Section 4.12        Conversion, Consolidation or Succession to Business..........................   29

                                    ARTICLE V
                                  DISTRIBUTIONS

Section 5.1         Distributions................................................................   30

                                   ARTICLE VI
                             ISSUANCE OF SECURITIES

Section 6.1         General Provisions Regarding Securities......................................   30

Section 6.2         Paying Agent, Transfer Agent, Calculation Agent and Registrar................   31

Section 6.3         Form and Dating..............................................................   32

Section 6.4         Mutilated, Destroyed, Lost or Stolen Certificates............................   32

Section 6.5         Temporary Securities.........................................................   32

Section 6.6         Cancellation.................................................................   33

Section 6.7         Rights of Holders; Waivers of Past Defaults..................................   33

                                   ARTICLE VII
                      DISSOLUTION AND TERMINATION OF TRUST

Section 7.1         Dissolution and Termination of Trust.........................................   35

                                  ARTICLE VIII
                              TRANSFER OF INTERESTS

Section 8.1         General......................................................................   36

Section 8.2         Transfer Procedures and Restrictions.........................................   37

Section 8.3         Deemed Security Holders......................................................   39

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

Section 9.1         Liability....................................................................   40

Section 9.2         Exculpation..................................................................   40
</TABLE>

                                      -ii-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
<CAPTION>
                                                                                                  PAGE
<S>                                                                                                 <C>
Section 9.3         Fiduciary Duty...............................................................   41

Section 9.4         Indemnification..............................................................   41

Section 9.5         Outside Businesses...........................................................   44

Section 9.6         Compensation; Fee............................................................   44

                                    ARTICLE X
                                   ACCOUNTING

Section 10.1         Fiscal Year.................................................................   45

Section 10.2         Certain Accounting Matters..................................................   45

Section 10.3         Banking.....................................................................   46

Section 10.4         Withholding.................................................................   46

                                   ARTICLE XI
                             AMENDMENTS AND MEETINGS

Section 11.1        Amendments...................................................................   46

Section 11.2        Meetings of the Holders of Securities; Action by Written Consent.............   48

                                   ARTICLE XII
          REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND DELAWARE TRUSTEE

Section 12.1        Representations and Warranties of Institutional Trustee......................   50

Section 12.2        Representations and Warranties of Delaware Trustee...........................   51

                                  ARTICLE XIII
                                  MISCELLANEOUS

Section 13.1        Notices......................................................................   52

Section 13.2        Governing Law................................................................   53

Section 13.3        Submission to Jurisdiction...................................................   53

Section 13.4        Intention of the Parties.....................................................   54

Section 13.5        Headings.....................................................................   54

Section 13.6        Successors and Assigns.......................................................   54

Section 13.7        Partial Enforceability.......................................................   54

Section 13.8        Counterparts.................................................................   54
</TABLE>

                                      -iii-

<PAGE>

                              ANNEXES AND EXHIBITS

ANNEX I             Terms of Floating Rate MMCapS(SM)

EXHIBIT A-l         Form of Capital Securities Certificate

EXHIBIT A-2         Form of Common Securities Certificate

EXHIBIT B           Form of Transferee Certificate to be Executed by Transferees
                    Other than QIBs

EXHIBIT C           Form of Transferee Certificate to be Executed for QIBs

                                       iv

<PAGE>

                    AMENDED AND RESTATED DECLARATION OF TRUST

                                       OF

                               CCB CAPITAL TRUST I

                                November 28, 2001

          AMENDED AND RESTATED DECLARATION OF TRUST (this "Declaration") dated
and effective as of November 28, 2001, by the Trustees (as defined herein), the
Administrators (as defined herein), the Sponsor (as defined herein) and the
holders, from time to time, of undivided beneficial interests in the assets of
the Trust (as defined herein) to be issued pursuant to this Declaration;

          WHEREAS, certain of the Trustees, the Administrators and the Sponsor
established CCB Capital Trust I (the "Trust"), a statutory business trust under
the Business Trust Act (as defined herein) pursuant to a Declaration of Trust
dated as of October 12, 2001 (the "Original Declaration"), and a Certificate of
Trust filed with the Secretary of State of the State of Delaware on November 9,
2001, for the sole purpose of issuing and selling certain securities
representing undivided beneficial interests in the assets of the Trust and
investing the proceeds thereof in certain debentures of the Debenture Issuer (as
defined herein) in connection with the MM Community Funding II, Ltd transaction;

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

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

          NOW, THEREFORE, it being the intention of the parties hereto to
continue the Trust as a statutory business trust under the Business Trust Act
and that this Declaration constitutes the governing instrument of such statutory
business trust, the Trustees declare that all assets contributed to the Trust
will be held in trust for the benefit of the holders, from time to time, of the
securities representing undivided beneficial interests in the assets of the
Trust issued hereunder, subject to the provisions of this Declaration and, in
consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt of which is hereby acknowledged, the
parties, intending to be legally bound hereby, amend and restate in its entirety
the Original Declaration and agree as follows:

<PAGE>

                                    ARTICLE I

                         INTERPRETATION AND DEFINITIONS

     Section 1.1   Definitions.

          Unless the context otherwise requires:

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

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

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

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

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

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

          "Additional Interest" has the meaning set forth in Section 3.06 of the
Indenture.

          "Administrative Action" has the meaning set forth in paragraph 4(a) of
Annex I.

          "Administrators" means each of David S. DePillo, Stephen H. Gordon and
Christopher G. Hagerty, solely in such Person's capacity as Administrator of the
Trust created and continued hereunder and not in such Person's individual
capacity, or such Administrator's successor in interest in such capacity, or any
successor appointed as herein provided.

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

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

                                        2

<PAGE>

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

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

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

          "Business Day" means any day other than Saturday, Sunday or any other
day on which banking institutions in Wilmington, Delaware, New York City or
Irvine, California are permitted or required by any applicable law or executive
order to close.

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

          "Calculation Agent" has the meaning set forth in Section 1.01 of the
Indenture.

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

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

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

          "Certificate" means any certificate evidencing Securities.

          "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 and restated from time to time.

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

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

          "Commission" means the Securities and Exchange Commission.

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

                                        3

<PAGE>

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

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

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

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

          "Corporate Trust Office" means the office of the Institutional Trustee
at which the corporate trust business of the Institutional Trustee shall, at any
particular time, be principally administered, which office shall at all times be
located in the United States and at the date of execution of this Declaration is
located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890-0001, Attention: Corporate Trust Administration.

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

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

          "Debenture Issuer" means Commercial Capital Bancorp, Inc., a savings
and loan holding company incorporated in Nevada, in its capacity as issuer of
the Debentures under the Indenture.

          "Debenture Trustee" means Wilmington Trust Company, a Delaware banking
corporation, not in its individual capacity but solely as trustee under the
Indenture until a successor is appointed thereunder, and thereafter means such
successor trustee.

          "Debentures" means the Floating Rate Junior Subordinated Debt
Securities due 2031 to be issued by the Debenture Issuer under the Indenture.

          "Deferred Interest" means any interest on the Debentures that would
have been overdue and unpaid for more than one Distribution Payment Date but for
the imposition of an Extension Period, and the interest that shall accrue (to
the extent that the payment of such interest is legally enforceable) on such
interest at the Coupon Rate in effect for each such Extension Period, compounded
semi-annually from the date on which such Deferred Interest would otherwise have
been due and payable until paid or made available for payment.

                                        4

<PAGE>

          "Definitive Capital Securities" means any Capital Securities in
definitive form issued by the Trust.

          "Delaware Trustee" has the meaning set forth in Section 4.2.

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

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

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

          "Event of Default" means the occurrence of an Indenture Event of
Default.

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

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

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

          "Fiduciary Indemnified Person" shall mean each of the Institutional
Trustee (including in its individual capacity), the Delaware Trustee (including
in its individual capacity), any Affiliate of the Institutional Trustee or the
Delaware Trustee, and any officers, directors, shareholders, members, partners,
employees, representatives, custodians, nominees or agents of the Institutional
Trustee and the Delaware Trustee.

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

          "Guarantee" means the guarantee agreement to be dated as of November
28, 2001, of the Sponsor in respect of the Capital Securities.

          "Holder" means a Person in whose name a Certificate representing a
Security is registered on the register maintained by or on behalf of the
Registrar, such Person being a beneficial owner within the meaning of the
Business Trust Act.

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

          "Indenture" means the Indenture dated as of November 28, 2001 among
the Debenture Issuer and the Debenture Trustee, and any indenture supplemental
thereto pursuant to which the Debentures are to be issued.

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

                                        5

<PAGE>

          "Institutional Trustee" means the Trustee meeting the eligibility
requirements set forth in Section 4.3.

          "Interest" means any interest due on the Debentures, including any
Deferred Interest and Defaulted Interest (as each such term is defined in the
Indenture).

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

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

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

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

          "LIBOR Banking Day" has the meaning set forth in paragraph 2(b)(l)
of Annex I.

          "LIBOR Business Day" has the meaning set forth in paragraph 2(b)(l)
of Annex I.

          "LIBOR Determination Date" has the meaning set forth in paragraph
2(b)(l) of Annex I.

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

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

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

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

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

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

                                        6

<PAGE>

          (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.

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

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

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

          "Placement Agreement" means the Placement Agreement relating to the
offering and sale of Capital Securities.

          "PORTAL" has the meaning set forth in Section 2.6(a)(i).

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

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

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

          "QIB" means a "qualified institutional buyer" as defined under Rule
144A.

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

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

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

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

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

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

                                        7

<PAGE>

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

          "Relevant Trustee" has the meaning set forth in Section 4.7(a).

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

          "Responsible Officer" means, with respect to the Institutional
Trustee, any officer within the Corporate Trust Office of the Institutional
Trustee with direct responsibility for the administration of this Declaration,
including any vice-president, any assistant vice-president, any assistant
secretary, the treasurer, any assistant treasurer, any trust officer or other
officer of the Corporate Trust Office of the Institutional Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of that officer's
knowledge of and familiarity with the particular subject.

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

          "Rule 144A" means Rule 144A under the Securities Act.

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

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

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

          "Securities Act" means the Securities Act of 1933, as amended.

          "Sponsor" means Commercial Capital Bancorp, Inc., a savings and loan
holding company that is a U.S. Person incorporated in Nevada, or any successor
entity in a merger, consolidation or amalgamation that is a U.S. Person, in its
capacity as sponsor of the Trust.

          "Successor Delaware Trustee" has the meaning set forth in Section
4.7(a).

          "Successor Entity" has the meaning set forth in Section 2.15(b).

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

          "Successor Securities" has the meaning set forth in Section 2.15(b).

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

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

          "10% in liquidation amount of the Securities" means Holder(s) of
outstanding Securities voting together as a single class or, as the context may
require, Holders of outstanding

                                        8

<PAGE>

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

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

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

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

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

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

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

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

                                   ARTICLE II

                                  ORGANIZATION

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

     Section 2.2   Office. The address of the principal office of the Trust,
which shall be in a State of the United States or the District of Columbia, is 1
Venture, Third Floor, Irvine, California 92618. On ten Business Days written
notice to the Institutional Trustee and the Holders of the Securities, the
Administrators may designate another principal office, which shall be in a State
of the United States or the District of Columbia.

                                        9

<PAGE>

     Section 2.3   Purpose. The exclusive purposes and functions of the Trust
are (a) to issue and sell the Securities representing undivided beneficial
interests in the assets of the Trust, (b) to invest the gross proceeds from such
sale to acquire the Debentures and (c) except as otherwise limited herein, to
engage in only those other activities incidental thereto that are deemed
necessary or advisable by the Institutional Trustee, including, without
limitation, those activities specified in this Declaration. The Trust shall not
borrow money, issue debt or reinvest proceeds derived from investments, pledge
any of its assets, or otherwise undertake (or permit to be undertaken) any
activity that would cause the Trust not to be classified for United States
federal income tax purposes as a grantor trust.

     Section 2.4   Authority. Except as specifically provided in this
Declaration, the Institutional Trustee shall have exclusive and complete
authority to carry out the purposes of the Trust. An action taken by a Trustee
on behalf of the Trust and in accordance with its powers shall constitute the
act of and serve to bind the Trust. In dealing with the Trustees acting on
behalf of the Trust, no Person shall be required to inquire into the authority
of the Trustees to bind the Trust. Persons dealing with the Trust are entitled
to rely conclusively on the power and authority of the Trustees as set forth in
this Declaration. The Administrators shall have only those ministerial duties
set forth herein with respect to accomplishing the purposes of the Trust and are
not intended to be trustees or fiduciaries with respect to the Trust or the
Holders. The Institutional Trustee shall have the right, but shall not be
obligated except as provided in Section 2.6, to perform those duties assigned to
the Administrators.

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

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

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

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

                   (A) the issuance and sale of the Securities;

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<PAGE>

                   (B) to cause the Trust to enter into, and to execute, deliver
          and perform on behalf of the Trust, such agreements as may be
          necessary or desirable in connection with the purposes and function of
          the Trust, including agreements with the Paying Agent, a debenture
          subscription agreement between the Trust and the Sponsor and a common
          securities subscription agreement between the Trust and the Sponsor;

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

                   (D) if and at such time determined by the Sponsor at the
          request of the Holders, assisting in the designation of the Capital
          Securities for trading in the Private Offering, Resales and Trading
          through the Automatic Linkages ("PORTAL") system if available;

                   (E) the sending of notices (other than notices of default)
          and other information regarding the Securities and the Debentures to
          the Holders in accordance with this Declaration, including notice of
          any notice received from the Debenture Issuer of its election to defer
          payments of interest on the Debentures by extending the interest
          payment period under the Indenture;

                   (F) the appointment of a Paying Agent, Transfer Agent and
          Registrar in accordance with this Declaration;

                   (G) execution and delivery of the Securities in accordance
          with this Declaration;

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

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

                   (J) the taking of any action incidental to the foregoing as
          the Sponsor or an Administrator may from time to time determine is
          necessary or advisable to give effect to the terms of this Declaration
          for the benefit of the Holders (without consideration of the effect of
          any such action on any particular Holder);

                   (K) to establish a record date with respect to all actions to
          be taken hereunder that require a record date be established,
          including Distributions, voting rights, redemptions and exchanges, and
          to issue relevant notices to the Holders of

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<PAGE>

          Capital Securities and Holders of Common Securities as to such actions
          and applicable record dates;

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

                   (M) to negotiate the terms of, and the execution and delivery
          of, the Placement Agreement providing for the sale of the Capital
          Securities;

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

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

                   (P) to give the certificate required by Section 314(a)(4) of
          the Trust Indenture Act to the Institutional Trustee, which
          certificate may be executed by an Administrator; and

                   (Q) 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 each jurisdiction (other than the State of
          Delaware) in which such existence is necessary to protect the limited
          liability of the Holders of the Capital Securities or to enable the
          Trust to effect the purposes for which the Trust was created.

          (ii)   As among the Trustees and the Administrators, the Institutional
     Trustee shall have the power, duty and authority, and is hereby authorized,
     to act on behalf of the Trust with respect to the following matters:

                   (A) the establishment of the Property Account;

                   (B) the receipt of the Debentures;

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

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

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

                                       12

<PAGE>

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

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

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

                   (I) after any Event of Default (of which the Institutional
          Trustee has knowledge (as provided in Section 2.10(m) hereof))
          (provided, that such Event of Default is not by or with respect to the
          Institutional Trustee), the taking of any action incidental to the
          foregoing as the Institutional Trustee may from time to time determine
          is necessary or advisable to give effect to the terms of this
          Declaration and protect and conserve the Trust Property for the
          benefit of the Holders (without consideration of the effect of any
          such action on any particular Holder);

                   (J) 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 to protect the limited
          liability of the Holders of the Capital Securities or to enable the
          Trust to effect the purposes for which the Trust was created; and

                   (K) to undertake any actions set forth in Section 317(a) of
          the Trust Indenture Act.

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

          (b)      So long as this Declaration remains in effect, the Trust (or
the Trustees or Administrators acting on behalf of the Trust) shall not
undertake any business, activities or transaction except as expressly provided
herein or contemplated hereby. In particular, neither the Trustees nor the
Administrators may cause the Trust to (i) acquire any investments or engage in
any activities not authorized by this Declaration, (ii) sell, assign, transfer,
exchange, mortgage, pledge, set-off or otherwise dispose of any of the Trust
Property or interests therein, including to Holders, except as expressly
provided herein, (iii) take any action that would cause (or in the

                                       13

<PAGE>

case of the Institutional Trustee, to the actual knowledge of a Responsible
Officer 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
Institutional Trustee shall, at the sole cost and expense of the Trust subject
to reimbursement under Section 9.6(b), defend all claims and demands of all
Persons at any time claiming any lien on any of the Trust Property adverse to
the interest of the Trust or the Holders in their capacity as Holders.

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

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

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

          (iii)    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
Administrators, the Institutional Trustee and the Holders of a Majority in
liquidation amount of the Common Securities are authorized and directed to
conduct the affairs of the Trust and to operate the Trust so that (i) the Trust
will not be deemed to be an "investment company" required to be registered under
the Investment Company Act (in the case of the Institutional Trustee, to the
actual knowledge of a Responsible Officer), and (ii) the Trust will not fail to
be classified as a grantor trust for United States federal income tax
purposes (in the case of the Institutional Trustee, to the actual knowledge of a
Responsible Officer) and (iii) the Trust will not take any action inconsistent
with the treatment of the Debentures as indebtedness of the Debenture Issuer for
United States federal income tax purposes (in the case of the Institutional
Trustee, to the actual knowledge of a Responsible Officer). In this connection,
the Institutional Trustee, the Administrators and the Holders of a Majority in
liquidation amount of the Common Securities are authorized to take any action,
not inconsistent with applicable laws or this Declaration, as amended from time
to time, that each of the Institutional Trustee, the Administrators and such
Holders determine in their discretion to be necessary or desirable for such
purposes, even if such action adversely affects the interests of the Holders of
the Capital Securities.

                                       14

<PAGE>

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

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

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

          (h)      If the Institutional Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Declaration and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Institutional Trustee or to such Holder, then and in
every such case the Sponsor, the Institutional Trustee and the Holders shall,
subject to any determination in such proceeding, be restored severally and
respectively to their former positions hereunder, and thereafter all rights and
remedies of the Institutional Trustee and the Holders shall continue as though
no such proceeding had been instituted.

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

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

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

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

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

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

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

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

          (g)      other than as provided in this Declaration (including Annex
I), (i) direct the time, method and place of exercising any trust or power
conferred upon the Debenture Trustee with respect to the Debentures, (ii) waive
any past default that is waivable under the Indenture, (iii) exercise any right
to rescind or annul any declaration that the principal of all the

                                       15

<PAGE>

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 unless the Trust shall have received a written opinion
of counsel experienced in such matters to the effect that such amendment,
modification or termination will not cause the Trust to cease to be classified
as a grantor trust for United States federal income tax purposes.

     Section 2.8   Powers and Duties of the Institutional Trustee.

          (a)      The legal title to the Debentures shall be owned by and held
of record in the name of the Institutional Trustee in trust for the benefit of
the Trust. The right, title and interest of the Institutional Trustee to the
Debentures shall vest automatically in each Person who may hereafter be
appointed as Institutional Trustee in accordance with Section 4.7. Such vesting
and cessation of title shall be effective whether or not conveyancing documents
with regard to the Debentures have been executed and delivered.

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

          (c)      The Institutional Trustee shall:

          (i)      establish and maintain a segregated non-interest bearing
     trust account (the "Property Account") in the United States (as defined in
     Treasury Regulations section 301.7701-7), in the name of and under the
     exclusive control of the Institutional Trustee, and maintained in the
     Institutional Trustee's trust department, on behalf of the Holders of the
     Securities and, upon the receipt of payments of funds made in respect of
     the Debentures held by the Institutional Trustee, deposit such funds into
     the Property Account and make payments to the Holders of the Capital
     Securities and Holders of the Common Securities from the Property Account
     in accordance with Section 5.1. Funds in the Property Account shall be held
     uninvested until disbursed in accordance with this Declaration;

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

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

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

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<PAGE>

          (e)      The Institutional Trustee may bring or defend, pay, collect,
compromise, arbitrate, resort to legal action with respect to, or otherwise
adjust claims or demands of or against, the Trust (a "Legal Action") which arise
out of or in connection with an Event of Default of which a Responsible Officer
of the Institutional Trustee has actual knowledge or the Institutional Trustee's
duties and obligations under this Declaration or the Trust Indenture Act;
provided, however, that if an Event of Default has occurred and is continuing
and such event is attributable to the failure of the Debenture Issuer to pay
interest or principal on the Debentures on the date such interest or principal
is otherwise payable (or in the case of redemption, on the redemption date),
then a Holder of the Capital Securities may directly institute a proceeding for
enforcement of payment to such Holder of the principal of or interest on the
Debentures having a principal amount equal to the aggregate liquidation amount
of the Capital Securities of such Holder (a "Direct Action") on or after the
respective due date specified in the Debentures. In connection with such Direct
Action, the rights of the Holders of the Common Securities will be subrogated to
the rights of such Holder of the Capital Securities to the extent of any payment
made by the Debenture Issuer to such Holder of the Capital Securities in such
Direct Action; provided, however, that a Holder of the Capital Securities may
exercise such right of subrogation only so long as an Event of Default with
respect to the Capital Securities has occurred and is continuing.

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

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

          (ii)     a Successor Institutional Trustee has been appointed and has
     accepted that appointment in accordance with Section 4.7.

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

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

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

          (a)      The Institutional Trustee, before the occurrence of any Event
of Default (of which the Institutional Trustee has knowledge (as provided in
Section 2.10(m) hereof)) and after the curing of all Events of Default that may
have occurred, shall undertake to perform only such duties as are specifically
set forth in this Declaration and no implied covenants shall be read

                                       17

<PAGE>

into this Declaration against the Institutional Trustee. In case an Event of
Default (of which the Institutional Trustee has knowledge (as provided in
Section 2.10(m) hereof)), has occurred (that has not been cured or waived
pursuant to Section 6.7), the Institutional Trustee shall exercise such of the
rights and powers vested in it by this Declaration, and use the same degree of
care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of his or her own affairs.

          (b)      The duties and responsibilities of the Trustees and the
Administrators shall be as provided by this Declaration and, in the case of the
Institutional Trustee, by the Trust Indenture Act. Notwithstanding the
foregoing, no provision of this Declaration shall require any Trustee or
Administrator to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity satisfactory to it
against such risk or liability is not reasonably assured to it. Whether or not
therein expressly so provided, every provision of this Declaration relating to
the conduct or affecting the liability of or affording protection to the
Trustees or Administrators shall be subject to the provisions of this Article.
Nothing in this Declaration shall be construed to release a Trustee from
liability for its own negligent action, its own negligent failure to act, or its
own willful misconduct. Nothing in this Declaration shall be construed to
release an Administrator from liability for its own gross negligent action, its
own gross negligent failure to act, or its own willful misconduct. To the extent
that, at law or in equity, a Trustee or an Administrator has duties and
liabilities relating to the Trust or to the Holders, such Trustee or
Administrator shall not be liable to the Trust or to any Holder for such
Trustee's or Administrator's good faith reliance on the provisions of this
Declaration. The provisions of this Declaration, to the extent that they
restrict the duties and liabilities of the Administrators or the Trustees
otherwise existing at law or in equity, are agreed by the Sponsor and the
Holders to replace such other duties and liabilities of the Administrators or
the Trustees.

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

          (d)      No provision of this Declaration shall be construed to
relieve the Institutional Trustee from liability for its own negligent action,
its own negligent failure to act, or its own willful misconduct with respect to
matters that are within the authority of the Institutional Trustee under this
Declaration, except that:

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<PAGE>

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

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

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

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

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

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

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

          (b)      if (i) in performing its duties under this Declaration, the
Institutional Trustee is required to decide between alternative courses of
action, (ii) in construing any of the provisions of this Declaration, the
Institutional Trustee finds the same ambiguous or inconsistent with any other
provisions contained herein, or (iii) the Institutional Trustee is unsure of the
application of any provision of this Declaration, then, except as to any matter
as to which the Holders of Capital Securities are entitled to vote under the
terms of this Declaration, the

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<PAGE>

Institutional Trustee may deliver a notice to the Sponsor requesting the
Sponsor's opinion as to the course of action to be taken and the Institutional
Trustee shall take such action, or refrain from taking such action, as the
Institutional Trustee in its sole discretion shall deem advisable and in the
best interests of the Holders, in which event the Institutional Trustee shall
have no liability except for its own negligence or willful misconduct;

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

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

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

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

          (g)      the Institutional Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Declaration at the
request or direction of any of the Holders pursuant to this Declaration, unless
such Holders shall have offered to the Institutional Trustee security or
indemnity reasonably satisfactory to it against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or
direction; provided, that nothing contained in this Section 2.10(g) shall be
taken to relieve the Institutional Trustee, upon the occurrence of an Event of
Default (of which the Institutional Trustee has knowledge (as provided in
Section 2.10(m) hereof)) that has not been cured or waived, of its obligation to
exercise the rights and powers vested in it by this Declaration;

          (h)      the Institutional Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order,
approval, bond, debenture, note or other evidence of indebtedness or other paper
or document, unless requested in writing to do so by one or more Holders, but
the Institutional Trustee may make such further inquiry or investigation into
such facts or matters as it may see fit:

                                       20

<PAGE>

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

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

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

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

          (m)      the Institutional Trustee shall not be charged with knowledge
of an Event of Default unless a Responsible Officer of the Institutional Trustee
has actual knowledge of such event or the Institutional Trustee receives written
notice of such event from any Holder, except with respect to an Event of Default
pursuant to Sections 5.01 (a) or 5.01(b) of the Indenture (other than an Event
of Default resulting from the default in the payment of Additional Interest or
premium, if any, if the Institutional Trustee does not have actual knowledge or
written notice that such payment is due and payable), of which the Institutional
Trustee shall be deemed to have knowledge;

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

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

                                       21

<PAGE>

law, to perform any such act or acts, or to exercise any such right, power, duty
or obligation. No permissive power or authority available to the Institutional
Trustee shall be construed to be a duty.

     Section 2.11  Delaware Trustee. Notwithstanding any other provision of this
Declaration other than Section 4.2, the Delaware Trustee shall not be entitled
to exercise any powers, nor shall the Delaware Trustee have any of the duties
and responsibilities of any of the Trustees or the Administrators described in
this Declaration (except as may be required under the Business Trust Act).
Except as set forth in Section 4.2, the Delaware Trustee shall be a Trustee for
the sole and limited purpose of fulfilling the requirements of Section 3807 of
the Business Trust Act.

     Section 2.12  Execution of Documents. Unless otherwise determined in
writing by the Institutional Trustee, and except as otherwise required by the
Business Trust Act, the Institutional Trustee, or any one or more of the
Administrators, as the case may be, is authorized to execute and deliver on
behalf of the Trust any documents, agreements, instruments or certificates that
the Trustees or the Administrators, as the case may be, have the power and
authority to execute pursuant to Section 2.6.

     Section 2.13  Not Responsible for Recitals or Issuance of Securities. The
recitals contained in this Declaration and the Securities shall be taken as the
statements of the Sponsor, and the Trustees do not assume any responsibility for
their correctness. The Trustees make no representations as to the value or
condition of the property of the Trust or any part thereof. The Trustees make no
representations as to the validity or sufficiency of this Declaration, the
Debentures or the Securities.

     Section 2.14  Duration of Trust. The Trust, unless dissolved pursuant to
the provisions of Article VII hereof, shall have existence for thirty-five (35)
years from the Closing Date.

     Section 2.15  Mergers.

          (a)      The Trust may not consolidate, amalgamate, merge with or
into, or be replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to any corporation or other Person, except as
described in this Section 2.15(b) and (c) and except with respect to the
distribution of Debentures to Holders of Securities pursuant to Section
7.1(a)(iv) of the Declaration or Section 4 of Annex I.

          (b)      The Trust may, with the consent of the Administrators (which
consent will not be unreasonably withheld) and without the consent of the
Institutional Trustee, the Delaware Trustee or the Holders of the Capital
Securities, consolidate, amalgamate, merge with or into, or be replaced by, or
convey, transfer or lease its properties and assets as an entirety or
substantially as an entirety to a trust organized as such under the laws of any
State; provided, that:

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

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<PAGE>

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

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

          (ii)     the Sponsor expressly appoints, as the holder of the
     Debentures, a trustee of the Successor Entity that possesses the same
     powers and duties as the Institutional Trustee;

          (iii)    the Capital Securities or any Successor Securities (excluding
     any securities substituted for the Common Securities) are listed, or any
     Successor Securities will be listed upon notification of issuance, on any
     national securities exchange or with another organization on which the
     Capital Securities are then listed or quoted, if any;

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

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

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

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

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

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

                                       23

<PAGE>

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

          (viii)   the Sponsor guarantees the obligations of such Successor
     Entity under the Successor Securities to the same extent provided by the
     Guarantee, the Debentures and this Declaration; and

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

          (c)    Notwithstanding Section 2.15(b), the Trust shall not, except
with the consent of Holders of 100% in liquidation amount of the Securities,
consolidate, amalgamate, merge with or into, or be replaced by, or convey,
transfer or lease its properties and assets as an entirety or substantially as
an entirety to, any other Person or permit any other Person to consolidate,
amalgamate, merge with or into, or replace it if such consolidation,
amalgamation, merger, replacement, conveyance, transfer or lease would cause the
Trust or Successor Entity to be classified as other than a grantor trust for
United States federal income tax purposes.

                                   ARTICLE III

                                     SPONSOR

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

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

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

          (b)      to prepare for filing and request the Administrators to cause
the filing by the Trust, as may be appropriate, of an application to the PORTAL
system, for listing or quotation upon notice of issuance of any Capital
Securities, as requested by the Holders of not less than a Majority in
liquidation amount of the Capital Securities; and

                                       24

<PAGE>

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

                                   ARTICLE IV

                           TRUSTEES AND ADMINISTRATORS

     Section 4.1   Number of Trustees. The number of Trustees initially shall be
two, and:

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

          (b)      after the issuance of any Securities, the number of Trustees
may be increased or decreased by vote of the Holder of a Majority in liquidation
amount of the Common Securities voting as a class at a meeting of the Holder of
the Common Securities; provided, however, that there shall be a Delaware Trustee
if required by Section 4.2; and there shall always be one Trustee who shall be
the Institutional Trustee, and such Trustee may also serve as Delaware Trustee
if it meets the applicable requirements, in which case Section 2.11 shall have
no application to such entity in its capacity as Institutional Trustee.

     Section 4.2   Delaware Trustee. If required by the Business Trust Act, one
Trustee (the "Delaware Trustee") shall be:

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

          (b)      if not a natural person, an entity which is organized under
the laws of the United States or any State thereof or the District of Columbia,
has its principal place of business in the State of Delaware, and otherwise
meets the requirements of applicable law, including Section 3807 of the Business
Trust Act.

     Section 4.3   Institutional Trustee; Eligibility. There shall at all times
be one Trustee which shall act as Institutional Trustee which shall:

          (i)      not be an Affiliate of the Sponsor;

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

          (iii)    be a banking corporation organized and doing business under
     the laws of the United States of America or any State thereof or of the
     District of Columbia and authorized under such laws to exercise corporate
     trust powers, having a combined capital and surplus of at least fifty
     million U.S. dollars ($50,000,000), and subject to supervision or
     examination by federal, State or District of Columbia authority. If such
     corporation publishes reports of condition at least annually, pursuant to
     law or to the requirements of the supervising or examining authority
     referred to above, then for the purposes of this

                                       25

<PAGE>

     Section 4.3(a)(iii), the combined capital and surplus of such corporation
     shall be deemed to be its combined capital and surplus as set forth in its
     most recent report of condition so published.

          (b)      If at any time the Institutional Trustee shall cease to be
eligible to so act under Section 4.3(a), the Institutional Trustee shall
immediately resign in the manner and with the effect set forth in Section
4.7(a).

          (c)      If the Institutional Trustee has or shall acquire any
"conflicting interest" within the meaning of Section 310(b) of the Trust
Indenture Act, the Institutional Trustee shall either eliminate such interest or
resign, to the extent and in the manner provided by, and subject to this
Declaration.

          (d)      The initial Institutional Trustee shall be Wilmington Trust
Company.

     Section 4.4   Certain Qualifications of the Delaware Trustee Generally.
The Delaware Trustee shall be a U.S. Person and either a natural person who is
at least 21 years of age or a legal entity that shall act through one or more
Authorized Officers.

     Section 4.5   Administrators. Each Administrator shall be a U.S. Person.
There shall at all times be at least one Administrator.

          Except where a requirement for action by a specific number of
Administrators is expressly set forth in this Declaration and except with
respect to any action the taking of which is the subject of a meeting of the
Administrators, any action required or permitted to be taken by the
Administrators may be taken by, and any power of the Administrators may be
exercised by, or with the consent of, any one such Administrator acting alone.

     Section 4.6   Initial Delaware Trustee. The initial Delaware Trustee shall
be Wilmington Trust Company.

     Section 4.7   Appointment, Removal and Resignation of Trustees and
Administrators.

          (a)      No resignation or removal of any Trustee (the "Relevant
Trustee") and no appointment of a successor Trustee pursuant to this Article
shall become effective until the acceptance of appointment by the successor
Trustee in accordance with the applicable requirements of this Section 4.7.

          Subject to the immediately preceding paragraph, a Relevant Trustee may
resign at any time by giving written notice thereof to the Holders of the
Securities and by appointing a successor Relevant Trustee. Upon the resignation
of the Institutional Trustee, the Institutional Trustee shall appoint a
successor by requesting from at least three Persons meeting the eligibility
requirements, its expenses and charges to serve as the successor Institutional
Trustee on a form provided by the Administrators, and selecting the Person who
agrees to the lowest expense and charges (the "Successor Institutional
Trustee"). If the instrument of acceptance by the successor

                                       26

<PAGE>

Relevant Trustee required by Section 4.7 shall not have been delivered to the
Relevant Trustee within 60 days after the giving of such notice of resignation
or delivery of the instrument of removal, the Relevant Trustee may petition, at
the expense of the Trust, any federal, State or District of Columbia court of
competent jurisdiction for the appointment of a successor Relevant Trustee. Such
court may thereupon, after prescribing such notice, if any, as it may deem
proper, appoint a Relevant Trustee. The Institutional Trustee shall have no
liability for the selection of such successor pursuant to this Section 4.7.

          Unless an Event of Default shall have occurred and be continuing, any
Trustee may be removed at any time by an act of the Holder of a Majority in
liquidation amount of the Common Securities. If any Trustee shall be so removed,
the Holders of the Common Securities, by act of the Holders of a Majority in
liquidation amount of the Common Securities then outstanding delivered to the
Relevant Trustee, shall promptly appoint a successor Relevant Trustee, and such
successor Trustee shall comply with the applicable requirements of this Section
4.7. If an Event of Default shall have occurred and be continuing, the
Institutional Trustee or the Delaware Trustee, or both of them, may be removed
by the act of the Holders of a Majority in liquidation amount of the Capital
Securities, delivered to the Relevant Trustee (in its individual capacity and on
behalf of the Trust). If any Trustee shall be so removed, the Holders of Capital
Securities, by act of the Holders of a Majority in liquidation amount of the
Capital Securities then outstanding delivered to the Relevant Trustee, shall
promptly appoint a successor Relevant Trustee or Trustees, and such successor
Trustee shall comply with the applicable requirements of this Section 4.7. If no
successor Relevant Trustee shall have been so appointed by the Holders of a
Majority in liquidation amount of the Capital Securities and accepted
appointment in the manner required by this Section 4.7, within 30 days after
delivery of an instrument of removal, the Relevant Trustee or any Holder who has
been a Holder of the Securities for at least six months may, on behalf of
himself and all others similarly situated, petition any federal, State or
District of Columbia court of competent jurisdiction for the appointment of a
successor Relevant Trustee. Such court may thereupon, after prescribing such
notice, if any, as it may deem proper, appoint a successor Relevant Trustee or
Trustees.

          The Institutional Trustee shall give notice of each resignation and
each removal of a Trustee and each appointment of a successor Trustee to all
Holders in the manner provided in Section 4.7(b) and shall give notice to the
Sponsor. Each notice shall include the name of the successor Relevant Trustee
and the address of its Corporate Trust Office if it is the Institutional
Trustee.

          Notwithstanding the foregoing or any other provision of this
Declaration, in the event a Delaware Trustee who is a natural person dies or is
adjudged by a court to have become incompetent or incapacitated, the vacancy
created by such death, incompetence or incapacity may be filled by the
Institutional Trustee following the procedures in this Section 4.7 (with the
successor being a Person who satisfies the eligibility requirement for a
Delaware Trustee set forth in this Declaration) (the "Successor Delaware
Trustee").

          (b)      In case of the appointment hereunder of a successor Relevant
Trustee, the retiring Relevant Trustee and each successor Relevant Trustee with
respect to the Securities shall

                                       27

<PAGE>

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

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

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

          (e)      Any successor Delaware Trustee shall file an amendment to the
Certificate of Trust with the Delaware Secretary of State identifying the name
and principal place of business of such Delaware Trustee in the State of
Delaware.

     Section 4.8   Vacancies Among Trustees. If a Trustee ceases to hold office
for any reason and the number of Trustees is not reduced pursuant to Section
4.1, or if the number of Trustees is increased pursuant to Section 4.1, a
vacancy shall occur. A resolution certifying the existence of such vacancy by
the Trustees or, if there are more than two, a majority of the Trustees shall be
conclusive evidence of the existence of such vacancy. The vacancy shall be
filled with a Trustee appointed in accordance with Section 4.7.

     Section 4.9   Effect of Vacancies. The death, resignation, retirement,
removal, bankruptcy, dissolution, liquidation, incompetence or incapacity to
perform the duties of a Trustee shall not operate to dissolve, terminate or
annul the Trust or terminate this Declaration. Whenever a vacancy in the number
of Trustees shall occur, until such vacancy is filled by the appointment of a
Trustee in accordance with Section 4.7, the Institutional Trustee shall have all
the powers granted to the Trustees and shall discharge all the duties imposed
upon the Trustees by this Declaration.

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<PAGE>

     Section 4.10  Meetings of the Trustees and the Administrators. Meetings of
the Trustees or the Administrators shall be held from time to time upon the call
of any Trustee or Administrator, as applicable. Regular meetings of the Trustees
and the Administrators, respectively, may be in person in the United States or
by telephone, at a place (if applicable) and time fixed by resolution of the
Trustees or the Administrators, as applicable. Notice of any inperson meetings
of the Trustees or the Administrators shall be hand delivered or otherwise
delivered in writing (including by facsimile, with a hard copy by overnight
courier) not less than 48 hours before such meeting. Notice of any telephonic
meetings of the Trustees or the Administrators or any committee thereof shall be
hand delivered or otherwise delivered in writing (including by facsimile, with a
hard copy by overnight courier) not less than 24 hours before a meeting. Notices
shall contain a brief statement of the time, place and anticipated purposes of
the meeting. The presence (whether in person or by telephone) of a Trustee or an
Administrator, as the case may be, at a meeting shall constitute a waiver of
notice of such meeting except where a Trustee or an Administrator, as the case
may be, attends a meeting for the express purpose of objecting to the
transaction of any activity on the ground that the meeting has not been lawfully
called or convened. Unless provided otherwise in this Declaration, any action of
the Trustees or the Administrators, as the case may be, may be taken at a
meeting by vote of a majority of the Trustees or the Administrators present
(whether in person or by telephone) and eligible to vote with respect to such
matter; provided, that, in the case of the Administrators, a Quorum is present,
or without a meeting by the unanimous written consent of the Trustees or the
Administrators, as the case may be. Meetings of the Trustees and the
Administrators together shall be held from time to time upon the call of any
Trustee or Administrator.

     Section 4.11  Delegation of Power, (a) Any Trustee or any Administrator, as
the case may be, may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 that is a U.S. Person
his or her power for the purpose of executing any documents, instruments or
other writings contemplated in Section 2.6; and

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

     Section 4.12  Conversion, Consolidation or Succession to Business. Any
Person into which the Institutional Trustee or the Delaware Trustee, as the case
may be, may be merged or converted or with which either may be consolidated, or
any Person resulting from any merger, conversion or consolidation to which the
Institutional Trustee or the Delaware Trustee, as the case may be, shall be a
party, or any Person succeeding to all or substantially all the corporate trust
business of the Institutional Trustee or the Delaware Trustee, as the case may
be, shall be the successor of the Institutional Trustee or the Delaware Trustee,
as the case may be, hereunder, without the execution or filing of any paper or
any further act on the part of any of the parties hereto, provided such Person
shall be otherwise qualified and eligible under this Article and,

                                       29

<PAGE>

 provided, further, that such Person shall file an amendment to the Certificate
 of Trust with the Delaware Secretary of State as contemplated in Section
 4.7(e).
                                    ARTICLE V

                                  DISTRIBUTIONS

     Section 5.1   Distributions. Holders shall receive Distributions in
accordance with the applicable terms of the relevant Holder's Securities.
Distributions shall be made on the Capital Securities and the Common Securities
in accordance with the preferences set forth in their respective terms. If and
to the extent that the Debenture Issuer makes a payment of interest (including
any Additional Interest or Deferred Interest) and/or principal on the Debentures
held by the Institutional Trustee (the amount of any such payment being a
"Payment Amount"), the Institutional Trustee shall and is directed, to the
extent funds are available in the Property Account for that purpose, to make a
distribution (a "Distribution") of the Payment Amount to Holders.

                                   ARTICLE VI

                             ISSUANCE OF SECURITIES

     Section 6.1   General Provisions Regarding Securities.

          (a)      The Administrators shall on behalf of the Trust issue one
series of capital securities, evidenced by a certificate substantially in the
form of Exhibit A-l, representing undivided beneficial interests in the assets
of the Trust having such terms as are set forth in Annex I (the "Capital
Securities") and one series of common securities, evidenced by a certificate
substantially in the form of Exhibit A-2, representing undivided beneficial
interests in the assets of the Trust having such terms as are set forth in Annex
I (the "Common Securities"). The Trust shall issue no securities or other
interests in the assets of the Trust other than the Capital Securities and the
Common Securities. The Capital Securities rank pari passu and payment thereon
shall be made Pro Rata with the Common Securities except that, where an Event of
Default has occurred and is continuing, the rights of Holders of the Common
Securities to payment in respect of Distributions and payments upon liquidation,
redemption and otherwise are subordinated to the rights to payment of the
Holders of the Capital Securities.

          (b)      The Certificates shall be signed on behalf of the Trust by
one or more Administrators. Such signature shall be the facsimile or manual
signature of any Administrator. In case any Administrator of the Trust who shall
have signed any of the Securities shall cease to be such Administrator before
the Certificates so signed shall be delivered by the Trust, such Certificates
nevertheless may be delivered as though the person who signed such Certificates
had not ceased to be such Administrator; and any Certificate may be signed on
behalf of the Trust by such person who, at the actual date of execution of such
Security, shall be an Administrator of the Trust, although at the date of the
execution and delivery of the Declaration any such person was not such an
Administrator. A Capital Security shall not be valid until authenticated by the

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<PAGE>

manual signature of an Authorized Officer of the Institutional Trustee. Such
signature shall be conclusive evidence that the Capital Security has been
authenticated under this Declaration. Upon written order of the Trust signed by
one Administrator, the Institutional Trustee shall authenticate the Capital
Securities for original issue. The Institutional Trustee may appoint an
authenticating agent that is a U.S. Person acceptable to the Trust to
authenticate the Capital Securities. A Common Security need not be so
authenticated and shall be valid upon execution by one or more Administrators.

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

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

          (e)      Every Person, by virtue of having become a Holder in
accordance with the terms of this Declaration, shall be deemed to have expressly
assented and agreed to the terms of, and shall be bound by, this Declaration and
the Guarantee.

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

          The Trust shall also appoint a Calculation Agent, which shall
determine the Coupon Rate in accordance with the terms of the Securities. The
Trust initially appoints the Institutional Trustee, in its individual capacity
and not as Institutional Trustee, as Calculation Agent.

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<PAGE>

     Section 6.3   Form and Dating. The Capital Securities and the Institutional
Trustee's certificate of authentication thereon shall be substantially in the
form of Exhibit A-l, and the Common Securities shall be substantially in the
form of Exhibit A-2, each of which is hereby incorporated in and expressly made
a part of this Declaration. Certificates may be typed, printed, lithographed or
engraved or may be produced in any other manner as is reasonably acceptable to
the Administrators, as conclusively evidenced by their execution thereof. The
Securities may have letters, numbers, notations or other marks of identification
or designation and such legends or endorsements required by law, stock exchange
rule, agreements to which the Trust is subject, if any, or usage (provided, that
any such notation, legend or endorsement is in a form acceptable to the
Sponsor). The Trust at the direction of the Sponsor shall furnish any such
legend not contained in Exhibit A-1 to the Institutional Trustee in writing.
Each Capital Security shall be dated the date of its authentication. The terms
and provisions of the Securities set forth in Annex I and the forms of
Securities set forth in Exhibits A-1 and A-2 are part of the terms of this
Declaration and to the extent applicable, the Institutional Trustee, the
Delaware Trustee, the Administrators and the Sponsor, by their execution and
delivery of this Declaration, expressly agree to such terms and provisions and
to be bound thereby. Capital Securities will be issued only in blocks having a
stated liquidation amount of not less than $100,000.

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

     Section 6.4   Mutilated, Destroyed, Lost or Stolen Certificates. If:

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

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

     Section 6.5   Temporary Securities. Until definitive Securities are ready
for delivery, the Administrators may prepare and, in the case of the Capital
Securities, the Institutional Trustee shall authenticate, temporary Securities.
Temporary Securities shall be substantially in form of definitive Securities but
may have variations that the Administrators consider

                                       32

<PAGE>

appropriate for temporary Securities. Without unreasonable delay, the
Administrators shall prepare and, in the case of the Capital Securities, the
Institutional Trustee shall authenticate definitive Securities in exchange for
temporary Securities.

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

     Section 6.7   Rights of Holders; Waivers of Past Defaults. (a) The legal
title to the Trust Property is vested exclusively in the Institutional Trustee
(in its capacity as such) in accordance with Section 2.5, and the Holders shall
not have any right or title therein other than the undivided beneficial interest
in the assets of the Trust conferred by their Securities and they shall have no
right to call for any partition or division of property, profits or rights of
the Trust except as described below. The Securities shall be personal property
giving only the rights specifically set forth therein and in this Declaration.
The Securities shall have no, and the issuance of the Securities shall not be
subject to, preemptive or other similar rights and when issued and delivered to
Holders against payment of the purchase price therefor, the Securities will be
fully paid and nonassessable by the Trust.

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

          At any time after a declaration of acceleration with respect to the
Debentures has been made and before a judgment or decree for payment of the
money due has been obtained by the Debenture Trustee as provided in the
Indenture, if the Institutional Trustee subject to the provisions hereof fails
to annul any such declaration and waive such default, the Holders of not less
than a Majority in liquidation amount of the Capital Securities, by written
notice to the Institutional Trustee, the Sponsor and the Debenture Trustee, may
rescind and annul such declaration and its consequences if:

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

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

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

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<PAGE>

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

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

          (ii)     all Events of Default with respect to the Debentures,
     other than the nonpayment of the principal of the Debentures that has
     become due solely by such acceleration, have been cured or waived as
     provided in Section 5.07 of the Indenture.

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

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

          (c)      Except as otherwise provided in paragraphs (a) and (b) of
this Section 6.7, the Holders of not less than a Majority in liquidation amount
of the Capital Securities may, on behalf of the Holders of all the Capital
Securities, waive any past default or Event of Default and its consequences.
Upon such waiver, any such default or Event of Default shall cease to exist, and
any default or Event of Default arising therefrom shall be deemed to have been
cured, for

                                       34

<PAGE>

every purpose of this Declaration, but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon.

                                   ARTICLE VII

                      DISSOLUTION AND TERMINATION OF TRUST

     Section 7.1   Dissolution and Termination of Trust. (a) The Trust shall
dissolve on the first to occur of:

          (i)      unless earlier dissolved, on December 8, 2036, the expiration
     of the term of the Trust;

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

          (iii)    (other than in connection with a merger, consolidation or
     similar transaction not prohibited by the Indenture, this Declaration or
     the Guarantee, as the case may be) the filing of a certificate of
     dissolution or its equivalent with respect to the Sponsor or upon the
     revocation of the charter of the Sponsor and the expiration of 90 days
     after the date of revocation without a reinstatement thereof;

          (iv)     the distribution of the Debentures to the Holders of the
     Securities, upon exercise of the right of the Holders of all of the
     outstanding Common Securities to dissolve the Trust as provided in Annex I
     hereto;

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

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

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

          (b)      As soon as is practicable after the occurrence of an event
referred to in Section 7.1 (a), and after satisfaction of liabilities to
creditors of the Trust as required by applicable law, including Section 3808 of
the Business Trust Act, and subject to the terms set forth in Annex I, the
Institutional Trustee shall terminate the Trust by filing a certificate of
cancellation with the Secretary of State of the State of Delaware.

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

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<PAGE>

                                  ARTICLE VIII

                              TRANSFER OF INTERESTS

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

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

          (c)      Capital Securities may only be transferred, in whole or in
part, in accordance with the terms and conditions set forth in this Declaration
and in the terms of the Capital Securities. To the fullest extent permitted by
applicable law, any transfer or purported transfer of any Security not made in
accordance with this Declaration shall be null and void and will be deemed to be
of no legal effect whatsoever and any such transferee shall be deemed not to be
the holder of such Capital Securities for any purpose, including but not limited
to the receipt of Distributions on such Capital Securities, and such transferee
shall be deemed to have no interest whatsoever in such Capital Securities.

          (d)      The Registrar shall provide for the registration of
Securities and of transfers of Securities, which will be effected without charge
but only upon payment (with such indemnity as the Registrar may require) in
respect of any tax or other governmental charges that may be imposed in relation
to it. Upon surrender for registration of transfer of any Securities, the
Registrar shall cause one or more new Securities to be issued in the name of the
designated transferee or transferees. Any Security issued upon any registration
of transfer or exchange pursuant to the terms of this Declaration shall evidence
the same Security and shall be entitled to the same benefits under this
Declaration as the Security surrendered upon such registration of transfer or
exchange. Every Security surrendered for registration of transfer shall be
accompanied by a written instrument of transfer in form similar to Exhibits B
and C satisfactory to the Registrar duly executed by the Holder or such Holder's
attorney duly authorized in writing. Each Security surrendered for registration
of transfer shall be canceled by the Institutional Trustee pursuant to Section
6.6. A transferee of a Security shall be entitled to the rights and subject to
the obligations of a Holder hereunder upon the receipt by such transferee of a
Security. By acceptance of a Security, each transferee shall be deemed to have
agreed to be bound by this Declaration.

          (e)      Neither the Trust nor the Registrar shall be required (i) to
issue, register the transfer of, or exchange any Securities during a period
beginning at the opening of business

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<PAGE>

15 days before the day of any selection of Securities for redemption and ending
at the close of business on the earliest date on which the relevant notice of
redemption is deemed to have been given to all Holders of the Securities to be
redeemed, or (ii) to register the transfer or exchange of any Security so
selected for redemption in whole or in part, except the unredeemed portion of
any Security being redeemed in part.

     Section 8.2   Transfer Procedures and Restrictions.

          (a)      General. (i) The Capital Securities shall bear the Restricted
Securities Legend (as defined below), which shall not be removed unless there is
delivered to the Trust such satisfactory evidence, which may include an opinion
of counsel licensed to practice law in the State of New York, as may be
reasonably required by the Trust, that neither the legend nor the restrictions
on transfer set forth therein are required to ensure that transfers thereof
comply with the provisions of the Securities Act or that such Securities are not
"restricted" within the meaning of Rule 144 under the Securities Act. Upon
provision of such satisfactory evidence, the Institutional Trustee, at the
written direction of the Trust, shall authenticate and deliver Capital
Securities that do not bear the Restricted Securities Legend.

          (b)      Transfer and Exchange of Capital Securities. When Capital
Securities are presented to the Registrar (x) to register the transfer of such
Capital Securities, or (y) to exchange such Capital Securities for an equal
number of Capital Securities of another number, the Registrar shall register the
transfer or make the exchange as requested if its reasonable requirements for
such transaction are met; provided, however, that the Capital Securities
surrendered for registration of transfer or exchange shall be duly endorsed or
accompanied by a written instrument of transfer in form reasonably satisfactory
to the Trust and the Registrar, duly executed by the Holder thereof or his
attorney duly authorized in writing and (i) if such Capital Securities are being
transferred to a QIB, accompanied by a certificate of the transferee
substantially in the form set forth as Exhibit C hereto or (ii) if such Capital
Securities are being transferred otherwise than to a QIB, accompanied by a
certificate of the transferee substantially in the form set forth as Exhibit B
hereto.

          (c)      Legend. Except as permitted by Section 8.2(a), each Capital
Security shall bear a legend (the "Restricted Securities Legend") in
substantially the following form:

          THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS OR ANY
OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS
ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY ONLY
(A) TO THE DEBENTURE ISSUER OR THE TRUST, (B) PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT ("RULE 144A"), TO A PERSON THE HOLDER

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<PAGE>

REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION TO AN
"ACCREDITED INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR
(7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS
OWN ACCOUNT, OR FOR THE ACCOUNT OF AN "ACCREDITED INVESTOR," FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE DEBENTURE ISSUER'S AND THE TRUST'S RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSES (C) OR (D) TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH
OF THEM IN ACCORDANCE WITH THE AMENDED AND RESTATED DECLARATION OF TRUST, A COPY
OF WHICH MAY BE OBTAINED FROM THE DEBENTURE ISSUER OR THE TRUST. THE HOLDER OF
THIS SECURITY AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

          THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES,
REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL
RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"),
(EACH A "PLAN"), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY
REASON OF ANY PLAN'S INVESTMENT IN THE ENTITY AND NO PERSON INVESTING "PLAN
ASSETS" OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN,
UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPT1VE RELIEF AVAILABLE
UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23,
95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND
HOLDING OF THIS SECURITY IS NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER OR
HOLDER OF THIS SECURITY OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE
REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN
EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO
WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING
ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY
USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE,
OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION

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<PAGE>

406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE
STATUTORY OR ADMINISTRATIVE EXEMPTION.

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

          THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS
HAVING A LIQUIDATION AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN
EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING A
LIQUIDATION AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO
LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE
THE HOLDER OF THIS SECURITY FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE
RECEIPT OF DISTRIBUTIONS ON THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL
BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SECURITY.

          (d)      Minimum Transfers. Capital Securities may only be transferred
in minimum blocks of $100,000 aggregate liquidation amount (100 Capital
Securities) and multiples of $1,000 in excess thereof. Any attempted transfer of
Capital Securities in a block having an aggregate liquidation amount of less
than $100,000 shall be deemed to be voided and of no legal effect whatsoever.
Any such purported transferee shall be deemed not to be a Holder of such Capital
Securities for any purpose, including, but not limited to, the receipt of
Distributions on such Capital Securities, and such purported transferee shall be
deemed to have no interest whatsoever in such Capital Securities.

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

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<PAGE>

                                   ARTICLE IX

                           LIMITATION OF LIABILITY OF
                    HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

     Section 9.1   Liability. (a) Except as expressly set forth in this
Declaration, the Guarantee and the terms of the Securities, the Sponsor shall
not be:

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

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

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

          (c)      Pursuant to Section 3803(a) of the Business Trust Act, the
Holders of the Securities shall be entitled to the same limitation of personal
liability extended to stockholders of private corporations for profit organized
under the General Corporation Law of the State of Delaware; except as otherwise
specifically set forth herein.

     Section 9.2   Exculpation. (a) No Indemnified Person shall be liable,
responsible or accountable in damages or otherwise to the Trust or any Covered
Person for any loss, damage or claim incurred by reason of any act or omission
performed or omitted by such Indemnified Person in good faith on behalf of the
Trust and in a manner such Indemnified Person reasonably believed to be within
the scope of the authority conferred on such Indemnified Person by this
Declaration or by law, except that an Indemnified Person (other than an
Administrator) shall be liable for any such loss, damage or claim incurred by
reason of such Indemnified Person's negligence or willful misconduct with
respect to such acts or omissions and except that an Administrator shall be
liable for any such loss, damage or claim incurred by reason of such
Administrator's gross negligence or willful misconduct with respect to such acts
or omissions.

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

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<PAGE>

     Section 9.3   Fiduciary Duty. To the extent that, at law or in equity, an
Indemnified Person has duties (including fiduciary duties) and liabilities
relating thereto to the Trust or to any other Covered Person, an Indemnified
Person acting under this Declaration shall not be liable to the Trust or to any
other Covered Person for its good faith reliance on the provisions of this
Declaration. The provisions of this Declaration, to the extent that they
restrict the duties and liabilities of an Indemnified Person otherwise existing
at law or in equity (other than the duties imposed on the Institutional Trustee
under the Trust Indenture Act), are agreed by the parties hereto to replace such
other duties and liabilities of the Indemnified Person.

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

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

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

     Section 9.4   Indemnification. (a) (i) The Sponsor shall indemnify, to the
full extent permitted by law, any Indemnified Person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the Trust) by reason of the fact
that he is or was an Indemnified Person against expenses (including attorneys'
fees and expenses), judgments, fines and amounts paid in settlement actually and
reasonably incurred by him in connection with such action, suit or proceeding if
he acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Trust, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his conduct was
unlawful. The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that the Indemnified Person did not
act in good faith and in a manner which he reasonably believed to be in or not
opposed to the best interests of the Trust, and, with respect to any criminal
action or proceeding, had reasonable cause to believe that his conduct was
unlawful.

          (ii)     The Sponsor shall indemnify, to the full extent permitted by
     law, any Indemnified Person who was or is a party or is threatened to be
     made a party to any threatened, pending or completed action or suit by or
     in the right of the Trust to procure a judgment in its favor by reason of
     the fact that he is or was an Indemnified Person against expenses
     (including attorneys' fees and expenses) actually and reasonably incurred
     by him in connection with the defense or settlement of such action or suit
     if he acted in good faith and in a manner he reasonably believed to be in
     or not opposed to the best interests of the Trust and except that no such
     indemnification shall be made in respect of any

                                       41

<PAGE>

     claim, issue or matter as to which such Indemnified Person shall have been
     adjudged to be liable to the Trust unless and only to the extent that the
     Court of Chancery of Delaware or the court in which such action or suit was
     brought shall determine upon application that, despite the adjudication of
     liability but in view of all the circumstances of the case, such person is
     fairly and reasonably entitled to indemnity for such expenses which such
     Court of Chancery or such other court shall deem proper.

          (iii)    To the extent that an Indemnified Person shall be successful
     on the merits or otherwise (including dismissal of an action without
     prejudice or the settlement of an action without admission of liability) in
     defense of any action, suit or proceeding referred to in paragraphs (i) and
     (ii) of this Section 9.4(a), or in defense of any claim, issue or matter
     therein, he shall be indemnified, to the full extent permitted by law,
     against expenses (including attorneys' fees and expenses) actually and
     reasonably incurred by him in connection therewith.

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

          (v)      To the fullest extent permitted by law, expenses (including
     attorneys' fees and expenses) incurred by an Indemnified Person in
     defending a civil, criminal, administrative or investigative action, suit
     or proceeding referred to in paragraphs (i) and (ii) of this Section 9.4(a)
     shall be paid by the Sponsor in advance of the final disposition of such
     action, suit or proceeding upon receipt of an undertaking by or on behalf
     of such Indemnified Person to repay such amount if it shall ultimately be
     determined that he is not entitled to be indemnified by the Sponsor as
     authorized in this Section 9.4(a). Notwithstanding the foregoing, no
     advance shall be made by the Sponsor if a determination is reasonably and
     promptly made (1) in the case of a Company Indemnified Person (A) by the
     Administrators by a majority vote of a Quorum of disinterested
     Administrators, (B) if such a Quorum is not obtainable, or, even if
     obtainable, if a Quorum of disinterested Administrators so directs, by
     independent legal counsel in a written opinion or (C) by the Common
     Security Holder of the Trust, that, based upon the facts known to the
     Administrators, counsel or the Common Security Holder at the time such
     determination is made, such Indemnified Person acted in bad faith or in a
     manner that such Person did not believe to be in or not opposed to the best
     interests of the Trust, or, with respect to any criminal proceeding, that
     such Indemnified Person believed or had reasonable cause to believe his
     conduct was unlawful, or (2) in the

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<PAGE>

     case of a Fiduciary Indemnified Person, by independent legal counsel in a
     written opinion that, based upon the facts known to the counsel at the time
     such determination is made, such Indemnified Person acted in bad faith or
     in a manner that such Indemnified Person either believed to be opposed to
     or did not believe to be in the best interests of the Trust, or, with
     respect to any criminal proceeding, that such Indemnified Person believed
     or had reasonable cause to believe his conduct was unlawful. In no event
     shall any advance be made (i) to a Company Indemnified Person in instances
     where the Administrators, independent legal counsel or the Common Security
     Holder reasonably determine that such Person deliberately breached his duty
     to the Trust or its Common or Capital Security Holders or (ii) to a
     Fiduciary Indemnified Person in instances where independent legal counsel
     promptly and reasonably determines in a written opinion that such Person
     deliberately breached his duty to the Trust or its Common or Capital
     Security Holders.

          (b)      The Sponsor shall indemnify, to the fullest extent permitted
by applicable law, each Indemnified Person from and against any and all loss,
damage, liability, tax (other than taxes based on the income of such Indemnified
Person), penalty, expense or claim of any kind or nature whatsoever incurred by
such Indemnified Person arising out of or in connection with or by reason of the
creation, administration or termination of the Trust, or any act or omission
performed or omitted by such Indemnified Person in good faith on behalf of the
Trust and in a manner such Indemnified Person reasonably believed to be within
the scope of authority conferred on such Indemnified Person by this Declaration,
except that no Indemnified Person shall be entitled to be indemnified in respect
of any loss, damage, liability, tax, penalty, expense or claim incurred by such
Indemnified Person by reason of negligence or willful misconduct with respect to
such acts or omissions.

          (c)      The indemnification and advancement of expenses provided by,
or granted pursuant to, the other paragraphs of this Section 9.4 shall not be
deemed exclusive of any other rights to which those seeking indemnification and
advancement of expenses may be entitled under any agreement, vote of
stockholders or disinterested directors of the Sponsor or Capital Security
Holders of the Trust or otherwise, both as to action in his official capacity
and as to action in another capacity while holding such office. All rights to
indemnification under this Section 9.4 shall be deemed to be provided by a
contract between the Sponsor and each Indemnified Person who serves in such
capacity at any time while this Section 9.4 is in effect. Any repeal or
modification of this Section 9.4 shall not affect any rights or obligations then
existing.

          (d)      The Sponsor or the Trust may purchase and maintain insurance
on behalf of any Person who is or was an Indemnified Person against any
liability asserted against him and incurred by him in any such capacity, or
arising out of his status as such, whether or not the Sponsor would have the
power to indemnify him against such liability under the provisions of this
Section 9.4.

          (e)      For purposes of this Section 9.4, references to "the Trust"
shall include, in addition to the resulting or surviving entity, any constituent
entity (including any constituent of a constituent) absorbed in a consolidation
or merger, so that any Person who is or was a director,

                                       43

<PAGE>

trustee, officer or employee of such constituent entity, or is or was serving at
the request of such constituent entity as a director, trustee, officer, employee
or agent of another entity, shall stand in the same position under the
provisions of this Section 9.4 with respect to the resulting or surviving entity
as he would have with respect to such constituent entity if its separate
existence had continued.

          (f)      The indemnification and advancement of expenses provided by,
or granted pursuant to, this Section 9.4 shall, unless otherwise provided when
authorized or ratified, continue as to a Person who has ceased to be an
Indemnified Person and shall inure to the benefit of the heirs, executors and
administrators of such a Person.

          The provisions of this Section shall survive the termination of this
Declaration or the earlier resignation or removal of the Institutional Trustee.
The obligations of the Sponsor under this Section 9.4 to compensate and
indemnify the Trustees and to pay or reimburse the Trustees for expenses,
disbursements and advances shall constitute additional indebtedness hereunder.
Such additional indebtedness shall be secured by a lien prior to that of the
Securities upon all property and funds held or collected by the Trustees as
such, except funds held in trust for the benefit of the holders of particular
Capital Securities, provided, that the Sponsor is the holder of the Common
Securities.

     Section 9.5   Outside Businesses. Any Covered Person, the Sponsor, the
Delaware Trustee and the Institutional Trustee (subject to Section 4.3(c)) may
engage in or possess an interest in other business ventures of any nature or
description, independently or with others, similar or dissimilar to the business
of the Trust, and the Trust and the Holders of Securities shall have no rights
by virtue of this Declaration in and to such independent ventures or the income
or profits derived therefrom, and the pursuit of any such venture, even if
competitive with the business of the Trust, shall not be deemed wrongful or
improper. None of any Covered Person, the Sponsor, the Delaware Trustee or the
Institutional Trustee shall be obligated to present any particular investment or
other opportunity to the Trust even if such opportunity is of a character that,
if presented to the Trust, could be taken by the Trust, and any Covered Person,
the Sponsor, the Delaware Trustee and the Institutional Trustee shall have the
right to take for its own account (individually or as a partner or fiduciary) or
to recommend to others any such particular investment or other opportunity. Any
Covered Person, the Delaware Trustee and the Institutional Trustee may engage or
be interested in any financial or other transaction with the Sponsor or any
Affiliate of the Sponsor, or may act as depositary for, trustee or agent for, or
act on any committee or body of holders of, securities or other obligations of
the Sponsor or its Affiliates.

     Section 9.6   Compensation; Fee. The Sponsor agrees:

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

                                       44

<PAGE>

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

          The provisions of this Section 9.6 shall survive the dissolution of
the Trust and the termination of this Declaration and the removal or resignation
of any Trustee.

                                    ARTICLE X

                                   ACCOUNTING

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

     Section 10.2  Certain Accounting Matters.

          (a)      At all times during the existence of the Trust, the
Administrators shall keep, or cause to be kept at the principal office of the
Trust in the United States, as defined for purposes of Treasury regulations
section 301.7701-7, full books of account, records and supporting documents,
which shall reflect in reasonable detail each transaction of the Trust. The
books of account shall be maintained on the accrual method of accounting, in
accordance with generally accepted accounting principles, consistently applied.

          (b)      The Administrators shall either (i) cause each Form 10K and
Form 10Q prepared by the Sponsor and filed with the Commission in accordance
with the Securities Exchange Act of 1934 to be delivered to each Holder of
Securities, within 90 days after the filing of each Form 10K and within 30 days
after the filing of each Form 10Q or (ii) cause to be prepared at the principal
office of the Trust in the United States, as defined for purposes of Treasury
regulations section 301.7701-7, and delivered to each of the Holders of
Securities, within 90 days after the end of each Fiscal Year of the Trust,
annual financial statements of the Trust, including a balance sheet of the Trust
as of the end of such Fiscal Year, and the related statements of income or loss.

          (c)      The Administrators shall cause to be duly prepared and
delivered to each of the Holders of Securities Form 1099 or such other annual
United States federal income tax information statement required by the Code,
containing such information with regard to the Securities held by each Holder as
is required by the Code and the Treasury Regulations. Notwithstanding any right
under the Code to deliver any such statement at a later date, the Administrators
shall endeavor to deliver all such statements within 30 days after the end of
each Fiscal Year of the Trust.

                                       45

<PAGE>

          (d)      The Administrators shall cause to be duly prepared in the
United States, as defined for purposes of Treasury regulations section
301.7701-7, and filed an annual United States federal income tax return on a
Form 1041 or such other form required by United States federal income tax law,
and any other annual income tax returns required to be filed by the
Administrators on behalf of the Trust with any state or local taxing authority.

          (e)      So long as the only Holder of the Capital Securities is MM
Community Funding II, Ltd, the Administrators will cause the Sponsor's reports
on Form H-b(11) to be delivered to the Holder promptly following their filing
with the OTS.

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

     Section 10.4  Withholding. The Institutional Trustee or any Paying Agent
and the Administrators shall comply with all withholding requirements under
United States federal, state and local law. The Institutional Trustee or any
Paying Agent shall request, and each Holder shall provide to the Institutional
Trustee or any Paying Agent, such forms or certificates as are necessary to
establish an exemption from withholding with respect to the Holder, and any
representations and forms as shall reasonably be requested by the Institutional
Trustee or any Paying Agent to assist it in determining the extent of, and in
fulfilling, its withholding obligations. The Administrators shall file required
forms with applicable jurisdictions and, unless an exemption from withholding is
properly established by a Holder, shall remit amounts withheld with respect to
the Holder to applicable jurisdictions. To the extent that the Institutional
Trustee or any Paying Agent is required to withhold and pay over any amounts to
any authority with respect to distributions or allocations to any Holder, the
amount withheld shall be deemed to be a Distribution to the Holder in the amount
of the withholding. In the event of any claimed overwithholding, Holders shall
be limited to an action against the applicable jurisdiction. If the amount
required to be withheld was not withheld from actual Distributions made, the
Institutional Trustee or any Paying Agent may reduce subsequent Distributions by
the amount of such withholding.

                                   ARTICLE XI

                             AMENDMENTS AND MEETINGS

     Section 11.1  Amendments. (a) Except as otherwise provided in this
Declaration or by any applicable terms of the Securities, this Declaration may
only be amended by a written instrument approved and executed by

          (i)      the Institutional Trustee,

                                       46

<PAGE>

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

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

          (iv)     the Holders of a Majority in liquidation amount of the Common
     Securities.

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

          (i)      unless the Institutional Trustee shall have first received

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

                   (B) an opinion of counsel (who may be counsel to the Sponsor
          or the Trust) that such amendment is permitted by, and conforms to,
          the terms of this Declaration (including the terms of the Securities)
          and that all conditions precedent to the execution and delivery of
          such amendment have been satisfied; or

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

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

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

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

                   (D) cause the Debenture Issuer to be unable to treat an
          amount equal to the Liquidation Amount of the Debentures as "Tier 1
          Capital" or its then equivalent in the guidelines or regulations
          issued by the OTS; provided that, the Debenture Issuer shall have
          become, or pursuant to law or regulation will become within 180 days,
          subject to capital requirements.

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

                                       47

<PAGE>

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

          (e)      Sections 9.1(b) and 9.1(c) and this Section 11.1 shall not be
amended without the consent of all of the Holders of the Securities.

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

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

          (i)      cure any ambiguity;

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

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

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

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

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

          (a)      Meetings of the Holders of any class of Securities may be
called at any time by the Administrators (or as provided in the terms of the
Securities) to consider and act on any matter on which Holders of such class of
Securities are entitled to act under the terms of this

                                       48

<PAGE>

Declaration, the terms of the Securities or the rules of any stock exchange on
which the Capital Securities are listed or admitted for trading, if any. The
Administrators shall call a meeting of the Holders of such class if directed to
do so by the Holders of not less than 10% in liquidation amount of such class of
Securities. Such direction shall be given by delivering to the Administrators
one or more calls in a writing stating that the signing Holders of the
Securities wish to call a meeting and indicating the general or specific purpose
for which the meeting is to be called. Any Holders of the Securities calling a
meeting shall specify in writing the Certificates held by the Holders of the
Securities exercising the right to call a meeting and only those Securities
represented by such Certificates shall be counted for purposes of determining
whether the required percentage set forth in the second sentence of this
paragraph has been met.

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

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

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

          (iii)    unless the Business Trust Act, this Declaration, the terms of
     the Securities, the Trust Indenture Act or the listing rules of any stock
     exchange on which the Capital

                                       49

<PAGE>

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

                                   ARTICLE XII

                    REPRESENTATIONS OF INSTITUTIONAL TRUSTEE
                              AND DELAWARE TRUSTEE

     Section 12.1  Representations and Warranties of Institutional Trustee.

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

          (a)      the Institutional Trustee is a banking corporation with trust
powers, duly organized, validly existing and in good standing under the laws of
the State of Delaware with trust power and authority to execute and deliver, and
to carry out and perform its obligations under the terms of, this Declaration;

          (b)      the Institutional Trustee has a combined capital and surplus
of at least fifty million U.S. dollars ($50,000,000);

          (c)      the Institutional Trustee is not an affiliate of the Sponsor,
nor does the Institutional Trustee offer or provide credit or credit enhancement
to the Trust;

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

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

                                       50

<PAGE>

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

     Section 12.2  Representations and Warranties of Delaware Trustee. The
Trustee that acts as initial Delaware Trustee represents and warrants to the
Trust and to the Sponsor at the date of this Declaration, and each Successor
Delaware Trustee represents and warrants to the Trust and the Sponsor at the
time of the Successor Delaware Trustee's acceptance of its appointment as
Delaware Trustee that:

          (a)      if it is not a natural person, the Delaware Trustee is duly
organized, validly existing and in good standing under the laws of the State of
Delaware;

          (b)      if it is not a natural person, the execution, delivery and
performance by the Delaware Trustee of this Declaration has been duly authorized
by all necessary corporate action on the part of the Delaware Trustee. This
Declaration has been duly executed and delivered by the Delaware Trustee, and
under Delaware law (excluding any securities laws) constitutes a legal, valid
and binding obligation of the Delaware Trustee, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, reorganization,
moratorium, insolvency and other similar laws affecting creditors' rights
generally and to general principles of equity and the discretion of the court
(regardless of whether considered in a proceeding in equity or at law);

          (c)      if it is not a natural person, the execution, delivery and
performance of this Declaration by the Delaware Trustee does not conflict with
or constitute a breach of the charter or by-laws of the Delaware Trustee;

          (d)      it has trust power and authority to execute and deliver, and
to carry out and perform its obligations under the terms of, this Declaration;

          (e)      no consent, approval or authorization of, or registration
with or notice to, any state or federal banking authority governing the trust
powers of the Delaware Trustee is required for the execution, delivery or
performance by the Delaware Trustee of this Declaration; and

          (f)      the Delaware Trustee is a natural person who is a resident of
the State of Delaware or, if not a natural person, it is an entity which has its
principal place of business in the State of Delaware and, in either case, a
Person that satisfies for the Trust the requirements of Section 3807 of the
Business Trust Act.

                                       51

<PAGE>

                                  ARTICLE XIII

                                  MISCELLANEOUS

     Section 13.1  Notices. All notices provided for in this Declaration
shall be in writing, duly signed by the party giving such notice, and shall be
delivered, telecopied (which telecopy shall be followed by notice delivered or
mailed by first class mail) or mailed by first class mail, as follows:

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

                       CCB Capital Trust I
                       1 Venture, Third Floor
                       Irvine, California 92618
                       Attention: Christopher G. Hagerty
                       Telecopy: 949-585-0174
                       Telephone: 949-585-7500

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

                       Wilmington Trust Company
                       Rodney Square North
                       1100 North Market Street
                       Wilmington, Delaware 19890-0001
                       Attention: Corporate Trust Administration
                       Telecopy: (302) 651-8882
                       Telephone: (302) 651-1000

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

                       Wilmington Trust Company
                       Rodney Square North
                       1100 North Market Street
                       Wilmington, Delaware 19890-0001
                       Attention: Corporate Trust Administration
                       Telecopy: (302) 651-8882
                       Telephone: (302) 651-1000

                                       52

<PAGE>

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

                       Commercial Capital Bancorp, Inc.
                       1 Venture, Third Floor
                       Irvine, California 92618
                       Attention: Christopher G. Hagerty
                       Telecopy: 949-585-0174
                       Telephone: 949-585-7500

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

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

     Section 13.2  Governing Law. This Declaration and the rights and
obligations of the parties hereunder shall be governed by and interpreted in
accordance with the law of the State of Delaware and all rights, obligations and
remedies shall be governed by such laws without regard to the principles of
conflict of laws of the State of Delaware or any other jurisdiction that would
call for the application of the law of any jurisdiction other than the State of
Delaware.

     Section 13.3  Submission to Jurisdiction. Each of the parties hereto agrees
that any suit, action or proceeding arising out of or based upon this
Declaration, or the transactions contemplated hereby, may be instituted in any
of the courts of the State of New York and the United State District Courts, in
each case located in the Borough of Manhattan, City and State of New York, and
further agrees to submit to the jurisdiction of any competent court in the place
of its corporate domicile in respect of actions brought against it as a
defendant. In addition, each such party irrevocably waives, to the fullest
extent permitted by law, any objection which it may now or hereafter have to the
laying of the venue of such suit, action or proceeding brought in any such court
and irrevocably waives any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum and
irrevocably waives any right to which it may be entitled on account of its place
of corporate domicile. Each such party hereby irrevocably waives any and all
right to trial by jury in any legal proceeding arising out of or relating to
this Declaration or the transactions contemplated hereby. Each such party agrees
that final judgment in any proceedings brought in such a court shall be
conclusive and binding upon it and may be enforced in any court to the
jurisdiction of which it is subject by a suit upon such judgment.

          Each of the Sponsor and the Holder of the Common Securities
irrevocably consents to the service of process on it in any such suit, action or
proceeding in any such court by

                                       53

<PAGE>

the mailing thereof by registered or certified mail, postage prepaid, to it at
its address given in or pursuant to Section 13.1 hereof.

          To the extent permitted by law, nothing herein contained shall
preclude any party from effecting service of process in any lawful manner or
from bringing any suit, action or proceeding in respect of this Declaration in
any other state, country or place.

     Section 13.4  Intention of the Parties. It is the intention of the parties
hereto that the Trust be classified for United States federal income tax
purposes as a grantor trust. The provisions of this Declaration shall be
interpreted to further this intention of the parties.

     Section 13.5  Headings. Headings contained in this Declaration are inserted
for convenience of reference only and do not affect the interpretation of this
Declaration or any provision hereof.

     Section 13.6  Successors and Assigns. Whenever in this Declaration any of
the parties hereto is named or referred to, the successors and assigns of such
party shall be deemed to be included, and all covenants and agreements in this
Declaration by the Sponsor and the Trustees shall bind and inure to the benefit
of their respective successors and assigns, whether or not so expressed.

     Section 13.7  Partial Enforceability. If any provision of this Declaration,
or the application of such provision to any Person or circumstance, shall be
held invalid, the remainder of this Declaration, or the application of such
provision to persons or circumstances other than those to which it is held
invalid, shall not be affected thereby.

     Section 13.8  Counterparts. This Declaration may contain more than one
counterpart of the signature page and this Declaration may be executed by the
affixing of the signature of each of the Trustees and Administrators to any of
such counterpart signature pages. All of such counterpart signature pages shall
be read as though one, and they shall have the same force and effect as though
all of the signers had signed a single signature page.

                                       54

<PAGE>

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

                                        WILMINGTON TRUST COMPANY,
                                            as Delaware Trustee

                                        By: /s/ Denise M. Geran
                                            ------------------------------------
                                            Name: DENISE M.GERAN
                                            Title: ASSISTANT VICE PRESIDENT

                                        WILMINGTON TRUST COMPANY,
                                            as Institutional Trustee

                                        By: /s/ Denise M. Geran
                                            ------------------------------------
                                            Name: DENISE M.GERAN
                                            Title: ASSISTANT VICE PRESIDENT

                                        COMMERCIAL CAPITAL BANCORP, INC,
                                            as Sponsor

                                        By:
                                            ------------------------------------
                                            Stephen H. Gordon
                                            Chairman and Chief Executive Officer

                                            ------------------------------------
                                            Stephen H. Gordon
                                            Administrator

                                            ------------------------------------
                                            David S. DePillo
                                            Administrator

                                            ------------------------------------
                                            Christopher G. Hagerty
                                            Administrator

<PAGE>

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

                                        WILMINGTON TRUST COMPANY,
                                            as Delaware Trustee

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

                                        WILMINGTON TRUST COMPANY,
                                            as Institutional Trustee

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

                                        COMMERCIAL CAPITAL BANCORP, INC.,
                                            as Sponsor

                                        By  /s/ Stephen H. Gordon
                                            ------------------------------------
                                            Stephen H. Gordon
                                            Chairman and Chief Executive Officer

                                        By  /s/ Stephen H. Gordon
                                            ------------------------------------
                                            Stephen H. Gordon
                                            Administrator

                                        By  /s/ David S. DePillo
                                            ------------------------------------
                                            David S. DePillo
                                            Administrator

                                        By  /s/ Christopher G. Hagerty
                                            ------------------------------------
                                            Christopher G. Hagerty
                                            Administrator

<PAGE>

                                     ANNEX I

                                    TERMS OF
                             FLOATING RATE MMCapS(SM)
                        FLOATING RATE COMMON SECURITIES

          Pursuant to Section 6.1 of the Amended and Restated Declaration of
Trust, dated as of November 28, 2001 (as amended from time to time, the
"Declaration"), the designation, rights, privileges, restrictions, preferences
and other terms and provisions of the Capital Securities and the Common
Securities are set out below (each capitalized term used but not defined herein
has the meaning set forth in the Declaration):

          1.     Designation and Number.

          (a)    Capital Securities. Fifteen Thousand Capital Securities of CCB
Capital Trust I (the "Trust"), with an aggregate stated liquidation amount with
respect to the assets of the Trust of Fifteen Million Dollars ($15,000,000) and
a stated liquidation amount with respect to the assets of the Trust of $1,000
per Capital Security, are hereby designated for the purposes of identification
only as the "Floating Rate MMCapS(SM)" (the "Capital Securities"). The Capital
Security Certificates evidencing the Capital Securities shall be substantially
in the form of Exhibit A-l to the Declaration, with such changes and additions
thereto or deletions therefrom as may be required by ordinary usage, custom or
practice or to conform to the rules of any stock exchange on which the Capital
Securities are listed, if any.

          (b)    Common Securities. Four Hundred Sixty-Four Common Securities of
the Trust (the "Common Securities") will be evidenced by Common Security
Certificates substantially in the form of Exhibit A-2 to the Declaration, with
such changes and additions thereto or deletions therefrom as may be required by
ordinary usage, custom or practice. In the absence of an Event of Default, the
Common Securities will have an aggregate stated liquidation amount with respect
to the assets of the Trust of Four Hundred Sixty-Four Thousand Dollars
($464,000) and a stated liquidation amount with respect to the assets of the
Trust of $1,000 per Common Security.

          2.     Distributions. (a) Distributions payable on each Security will
be payable at a variable per annum rate of interest, reset semi-annually, equal
to LIBOR (as defined in the Declaration) plus 3.75% (the "Coupon Rate") of the
stated liquidation amount of $1,000 per Security, such rate being the rate of
interest payable on the Debentures to be held by the Institutional Trustee;
provided, that the applicable Coupon Rate may not exceed 11.0% through the
Interest Payment Date in December, 2006. Except as set forth below in respect of
an Extension Period, Distributions in arrears for more than one semi-annual
period will bear interest thereon compounded semi-annually at the applicable
Coupon Rate for each such semi-annual period (to the extent permitted by
applicable law). The term "Distributions" as used herein includes cash
distributions and any such compounded distributions payable unless otherwise
stated. A Distribution is payable only to the extent that payments are made in
respect of the

                                      A-I-1

<PAGE>

Debentures held by the Institutional Trustee and to the extent the Institutional
Trustee has funds available in the Property Account therefor. The amount of
Distributions payable for any period will be computed for any full semi-annual
period on the basis of a 360-day year and the actual number of days elapsed in
the relevant period.

          (b)    LIBOR shall be determined by the Calculation Agent in
accordance with the following provisions:

          (1)    On the second LIBOR Business Day (provided that on such day
     commercial banks are open for business (including dealings in foreign
     currency deposits) in London (a "LIBOR Banking Day"), and otherwise the
     next preceding LIBOR Business Day that is also a LIBOR Banking Day) prior
     to December 15th and June 15th (except, with respect to the first interest
     payment period, on November 26, 2001), (each such day, a "LIBOR
     Determination Date"), LIBOR shall equal the rate, as obtained by the
     Calculation Agent for six-month Eurodollar deposits in Europe which appears
     on Telerate Page 3750 (as defined in the International Swaps and
     Derivatives Association, Inc. 1991 Interest Rate and Currency Exchange
     Definitions) or such other page as may replace such Page 3750, as of 11:00
     a.m. (London time) on such LIBOR Determination Date, as reported by
     Bloomberg Financial Markets Commodities News. "LIBOR Business Day" means
     any day that is not a Saturday, Sunday or other day on which commercial
     banking institutions in New York, New York or Wilmington, Delaware, are
     authorized or obligated by law or executive order to be closed. If such
     rate is superseded on Telerate Page 3750 by a corrected rate before 12:00
     noon (London time) on the same LIBOR Determination Date, the corrected rate
     as so substituted will be the applicable LIBOR for that LIBOR Determination
     Date.

          (2)    If, on any LIBOR Determination Date, such rate does not appear
     on Telerate Page 3750 or such other page as may replace such Page 3750, the
     Calculation Agent shall determine the arithmetic mean of the offered
     quotations of the Reference Banks (as defined below) to leading banks in
     the London interbank market for six-month U.S. Dollar deposits in Europe
     (in an amount determined by the Calculation Agent) by reference to requests
     for quotations as of approximately 11:00 a.m. (New York time) on the LIBOR
     Determination Date made by the Calculation Agent to the Reference Banks.
     If, on any LIBOR Determination Date, at least two of the Reference Banks
     provide such quotations, LIBOR shall equal the arithmetic mean of such
     quotations. If, on any LIBOR Determination Date, only one or none of the
     Reference Banks provide such quotations, LIBOR shall be deemed to be the
     arithmetic mean of the offered quotations that at least two leading banks
     in The City of New York (as selected by the Calculation Agent) are quoting
     on the relevant LIBOR Determination Date for six-month U.S. Dollar deposits
     in Europe at approximately 11:00 a.m. (New York time) (in an amount
     determined by the Calculation Agent). As used herein, "Reference Banks"
     means four major banks in the London interbank market selected by the
     Calculation Agent.

                                      A-I-2

<PAGE>

          (3)    If the Calculation Agent is required but is unable to determine
     a rate in accordance with at least one of the procedures provided above,
     LIBOR shall be LIBOR in effect on the previous LIBOR Determination Date
     (whether or not LIBOR for such period was in fact determined on such LIBOR
     Determination Date).

          (c)    All percentages resulting from any calculations on the Debt
Securities will be rounded, if necessary, to the nearest one hundred-thousandth
of a percentage point, with five one-millionths of a percentage point rounded
upward (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)),
and all dollar amounts used in or resulting from such calculation will be
rounded to the nearest cent (with one-half cent being rounded upward).

          (d)    On each LIBOR Determination Date, the Calculation Agent shall
notify, in writing, the Company and the Paying Agent of the applicable Coupon
Rate in effect for the related interest payment period. The Calculation Agent
shall, upon the request of the holder of any Debt Securities, provide the Coupon
Rate then in effect. All calculations made by the Calculation Agent in the
absence of manifest error shall be conclusive for all purposes and binding on
the Company and the Holders of the Debt Securities. The Paying Agent shall be
entitled to rely on information received from the Calculation Agent or the
Company as to the Coupon Rate. The Company shall, from time to time, provide any
necessary information to the Paying Agent relating to any original issue
discount and interest on the Debt Securities that is included in any payment and
reportable for taxable income calculation purposes.

          (e)    Distributions on the Securities will be cumulative, will accrue
from the date of original issuance, and will be payable, subject to extension of
distribution payment periods as described herein, semi-annually in arrears on
June 8th and December 8th of each year, commencing on June 8, 2002 (each, a
"Distribution Payment Date"). The Debenture Issuer has the right under the
Indenture to defer payments of interest on the Debentures by extending the
interest payment period for up to 10 consecutive semi-annual periods (each, an
"Extension Period") at any time and from time to time on the Debentures, subject
to the conditions described below, during which Extension Period no interest
shall be due and payable (except any Additional Interest that may be due and
payable) although such interest would continue to accrue on the Debentures, and
interest will accrue on such Deferred Interest at an annual rate equal to the
Coupon Rate in effect for each such Extension Period, compounded semi-annually
to the extent permitted by law. No Extension Period may end on a date other than
a Distribution Payment Date. At the end of any such Extension Period the
Debenture Issuer shall pay all Deferred Interest; provided, however, that no
Extension Period may extend beyond the Maturity Date and provided, further,
that, during any such Extension Period, the Debenture Issuer may not (i) declare
or pay any dividends or distributions on, or redeem, purchase, acquire, or make
a liquidation payment with respect to, any of the Debenture Issuer's capital
stock or (ii) make any payment of principal of or interest or premium, if any,
on or repay, repurchase or redeem any debt securities of the Debenture Issuer
that rank pari passu in all respects with or junior in interest to the
Debentures (other than (a) repurchases, redemptions or other acquisitions of
shares of capital stock of the Debenture Issuer (A) in connection with any
employment contract, benefit plan or other similar arrangement with or for the
benefit of one or more employees, officers, directors or consultants, (B) in
connection with a dividend reinvestment or stockholder stock purchase plan or
(C) in connection with the issuance of capital stock of the Debenture Issuer (or

                                      A-I-3

<PAGE>

securities convertible into or exercisable for such capital stock), as
consideration in an acquisition transaction entered into prior to the applicable
Extension Period, (b) as a result of any exchange or conversion of any class or
series of the Debenture Issuer's capital stock (or any capital stock of a
subsidiary of the Debenture Issuer) for any class or series of the Debenture
Issuer's capital stock or of any class or series of the Debenture Issuer's
indebtedness for any class or series of the Debenture Issuer's capital stock,
(c) the purchase of fractional interests in shares of the Debenture Issuer's
capital stock pursuant to the conversion or exchange provisions of such capital
stock or the security being converted or exchanged, (d) any declaration of a
dividend in connection with any stockholder's rights plan, or the issuance of
rights, stock or other property under any stockholder's rights plan, or the
redemption or repurchase of rights pursuant thereto, or (e) any dividend in the
form of stock, warrants, options or other rights where the dividend stock or the
stock issuable upon exercise of such warrants, options or other rights is the
same stock as that on which the dividend is being paid or ranks pari passu with
or junior to such stock). Prior to the termination of any Extension Period, the
Debenture Issuer may further extend such period, provided, that such period
together with all such previous and further consecutive extensions thereof shall
not exceed 10 consecutive semi-annual periods, or extend beyond the Maturity
Date. Upon the termination of any Extension Period and upon the payment of all
Deferred Interest, the Debenture Issuer may commence a new Extension Period,
subject to the foregoing requirements. No interest or Deferred Interest shall be
due and payable during an Extension Period, except at the end thereof, but each
installment of interest that would otherwise have been due and payable during
such Extension Period shall bear Deferred Interest. If Distributions are
deferred, the Distributions due shall be paid on the date that the related
Extension Period terminates, or, if such date is not a Distribution Payment
Date, on the immediately following Distribution Payment Date, to Holders of the
Securities as they appear on the books and records of the Trust on the record
date immediately preceding such date. Distributions on the Securities must be
paid on the dates payable (after giving effect to any Extension Period) to the
extent that the Trust has funds available for the payment of such distributions
in the Property Account of the Trust. The Trust's funds available for
Distribution to the Holders of the Securities will be limited to payments
received from the Debenture Issuer. The payment of Distributions out of moneys
held by the Trust is guaranteed by the Guarantor pursuant to the Guarantee.

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

                                      A-I-4

<PAGE>

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

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

          3.     Liquidation Distribution Upon Dissolution. In the event of the
voluntary or involuntary liquidation, dissolution, winding-up or termination of
the Trust (each, a "Liquidation") other than in connection with a redemption of
the Debentures, the Holders of the Securities will be entitled to receive out of
the assets of the Trust available for distribution to Holders of the Securities,
after satisfaction of liabilities to creditors of the Trust (to the extent not
satisfied by the Debenture Issuer), distributions equal to the aggregate of the
stated liquidation amount of $1,000 per Security plus accrued and unpaid
Distributions thereon to the date of payment (such amount being the "Liquidation
Distribution"), unless in connection with such Liquidation, the Debentures in an
aggregate stated principal amount equal to the aggregate stated liquidation
amount of such Securities, with an interest rate equal to the Coupon Rate of,
and bearing accrued and unpaid interest in an amount equal to the accrued and
unpaid Distributions on, and having the same record date as, such Securities,
after paying or making reasonable provision to pay all claims and obligations of
the Trust in accordance with Section 3808(e) of the Business Trust Act, shall be
distributed on a Pro Rata basis to the Holders of the Securities in exchange for
such Securities.

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

          The Trust shall dissolve on the first to occur of (i) December 8,
2036, the expiration of the term of the Trust, (ii) a Bankruptcy Event with
respect to the Sponsor, Trust or the Debenture Issuer, (iii) (other than in
connection with a merger, consolidation or similar transaction not prohibited by
the Indenture, this Declaration or the Guarantee, as the case may be) the filing
of a certificate of dissolution of the Sponsor or upon the revocation of the
charter of the Sponsor and the expiration of 90 days after the date of
revocation without a reinstatement thereof, (iv) the distribution to the Holders
of the Securities of the Debentures, upon exercise of the right of the Holder of
all of the outstanding Common Securities to dissolve the Trust as described
above, (v) the entry of a decree of a judicial dissolution of the Sponsor or the
Trust, or (vi) when all of the Securities shall have been called for redemption
and the amounts necessary for redemption thereof shall have been paid to the
Holders in accordance with the terms of the Securities. As soon as practicable
after the dissolution of the Trust and upon completion of the winding up of the
Trust, the Trust shall terminate upon the filing of a certificate of
cancellation with the Secretary of State of the State of Delaware.

                                      A-I-5

<PAGE>

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

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

          Upon any such Liquidation of the Trust involving a distribution of the
Debentures, if at the time of such Liquidation, the Capital Securities were
rated by at least one nationally-recognized statistical rating organization, the
Debenture Issuer will use its reasonable best efforts to obtain from at least
one such or other rating organization a rating for the Debentures.

          After the date for any distribution of the Debentures upon dissolution
of the Trust, (i) the Securities of the Trust will be deemed to be no longer
outstanding, (ii) any certificates representing the Capital Securities will be
deemed to represent undivided beneficial interests in such of the Debentures as
have an aggregate principal amount equal to the aggregate stated liquidation
amount of, with an interest rate identical to the distribution rate of, and
bearing accrued and unpaid interest equal to accrued and unpaid distributions
on, the Securities until such certificates are presented to the Debenture Issuer
or its agent for transfer or reissuance (and until such certificates are so
surrendered, no payments of interest or principal shall be made to Holders of
Securities in respect of any payments due and payable under the Debentures) and
(iii) all rights of Holders of Securities under the Capital Securities or the
Common Securities, as applicable, shall cease, except the right of such Holders
to receive Debentures upon surrender of certificates representing such
Securities.

          4.     Redemption and Distribution.

          (a)    The Debentures will mature on December 8, 2031. The Debentures
may be redeemed by the Debenture Issuer, in whole or in part, on any June 8th or
December 8th on or after December 8, 2006, at the Redemption Price, upon not
less than 30 days nor more than 60 day's notice to Holders of such Debentures.
In addition, upon the occurrence and continuation

                                      A-I-6

<PAGE>

of a Tax Event, an Investment Company Event or a Capital Treatment Event, the
Debentures may be redeemed by the Debenture Issuer in whole but not in part, at
any time within 90 days following the occurrence of such Tax Event, Investment
Company Event or Capital Treatment Event, as the case may be (the "Special
Redemption Date"), at the Special Redemption Price, upon not less than 30 nor
more than 60 days' notice to Holders of the Debentures so long as such Tax
Event, Investment Company Event or Capital Treatment Event, as the case may be,
is continuing. In each case, the right of the Debenture Issuer to redeem the
Debentures is subject to the Debenture Issuer having received prior approval
from the OTS, if then required under applicable capital guidelines or policies
of the OTS.

          "Tax Event" means the receipt by the Debenture Issuer and the Trust of
an opinion of counsel experienced in such matters to the effect that, as a
result of any amendment to or change (including any announced prospective
change) in the laws or any regulations thereunder of the United States or any
political subdivision or taxing authority thereof or therein, or as a result of
any official administrative pronouncement (including any private letter ruling,
technical advice memorandum, regulatory procedure, notice or announcement (an
"Administrative Action")) or judicial decision interpreting or applying such
laws or regulations, regardless of whether such Administrative Action or
judicial decision is issued to or in connection with a proceeding involving the
Debenture Issuer or the Trust and whether or not subject to review or appeal,
which amendment, clarification, change, Administrative Action or decision is
enacted, promulgated or announced, in each case on or after the date of original
issuance of the Debentures, there is more than an insubstantial risk that: (i)
the Trust is, or will be within 90 days of the date of such opinion, subject to
United States federal income tax with respect to income received or accrued on
the Debentures; (ii) interest payable by the Debenture Issuer on the Debentures
is not, or within 90 days of the date of such opinion, will not be, deductible
by the Debenture Issuer, in whole or in part, for United States federal income
tax purposes; or (iii) the Trust is, or will be within 90 days of the date of
such opinion, subject to more than a de minimis amount of other taxes, duties or
other governmental charges.

          "Investment Company Event" means the receipt by the Company and the
Trust of an opinion of counsel experienced in such matters to the effect that,
as a result of a change in law or regulation or written change in interpretation
or application of law or regulation by any legislative body, court, governmental
agency or regulatory authority, there is more than an insubstantial risk that
the Trust is or, within 90 days of the date of such opinion will be, considered
an "investment company" that is required to be registered under the Investment
Company Act of 1940, as amended, which change or prospective change becomes
effective or would become effective, as the case may be, on or after the date of
the original issuance of the Debentures.

          "Capital Treatment Event" means the receipt by the Debenture Issuer
and the Trust of an opinion of counsel experienced in such matters to the effect
that, as a result of (a) any amendment to, or change in, the laws, rules or
regulations of the United States or any political subdivision thereof or
therein, or any rules, guidelines or policies of an applicable regulatory
authority for the Company or (b) any official or administrative pronouncement or
action or decision interpreting or applying such laws, rules or regulations,
which amendment or change is effective or which pronouncement, action or
decision is announced on or after the date of

                                      A-I-7

<PAGE>

original issuance of the Debentures, there is more than an insubstantial risk
that the Debenture Issuer will not, within 90 days of the date of such opinion,
be entitled to treat an amount equal to the aggregate Liquidation Amount of the
Capital Securities as "Tier 1 Capital" (or its then equivalent if the Company
were subject to such capital requirement) applied as if the Company (or its
successors) were a bank holding company for purposes of the capital adequacy
guidelines of the Federal Reserve (or any successor regulatory authority with
jurisdiction over bank holding companies), or any capital adequacy guidelines as
then in effect and applicable to the Debenture Issuer; provided, however, that
the distribution of the Debentures in connection with the Liquidation of the
Trust by the Debenture Issuer shall not in and of itself constitute a Capital
Treatment Event unless such Liquidation shall have occurred in connection with a
Tax Event or an Investment Company Event.

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

          "Redemption Price" means 100% of the principal amount of the
Debentures being redeemed plus accrued and unpaid interest on such Debentures to
the Redemption Date or, in the case of a redemption due to the occurrence of a
Special Event, to the Special Redemption Date if such Special Redemption Date is
on or after December 8, 2006.

          "Special Redemption Price" means (1) if the Special Redemption Date is
before December 8, 2006, the greater of (a) 100% of the principal amount of the
Debentures being redeemed pursuant to Section 10.02 of the Indenture or (b) as
determined by a Quotation Agent, the sum of the present values of the principal
amount payable as part of the Redemption Price with respect to a redemption as
of December 8, 2006 together with the present value of interest payments
calculated at a fixed per annum rate of interest equal to 9.95% over the
Remaining Life of such Debentures, discounted to the Special Redemption Date on
a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate plus 0.50% plus, in the case of either (a) or (b), accrued
and unpaid interest on such Debentures to the Special Redemption Date and (2) if
the Special Redemption Date is on or after December 8, 2006, the Redemption
Price for such Special Redemption Date.

          "Comparable Treasury Issue" means, with respect to any Special
Redemption Date, the United States Treasury security selected by the Quotation
Agent as having a maturity comparable to the Remaining Life that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the Remaining Life. If no United States Treasury security has a
maturity which is within a period from three months before to three months after
December 8, 2006, the two most closely corresponding United States Treasury
securities shall be used as the Comparable Treasury Issue, and the Treasury Rate
shall be interpolated or extrapolated on a straight-line basis, rounding to the
nearest month using such securities.

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

                                      A-I-8

<PAGE>

          "Primary Treasury Dealer" shall mean a primary United States
Government securities dealer in New York City.

          "Quotation Agent" means Salomon Smith Barney Inc. and its successors;
provided, however, that if the foregoing shall cease to be a Primary Treasury
Dealer, the Debenture Issuer shall substitute therefor another Primary Treasury
Dealer.

          "Redemption Date" shall mean the date fixed for the redemption of
Capital Securities, which shall be any June 8th or December 8th on or after
December 8, 2006.

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

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

          "Remaining Life" means, with respect to any Debentures the period from
the Special Redemption Date for such Debentures to December 8, 2006.

          "Treasury Rate" means (i) the yield, under the heading which
represents the average for the week immediately prior to the date of
calculation, appearing in the most recently published statistical release
designated H.I5 (519) or any successor publication which is published weekly by
the Federal Reserve and which establishes yields on actively traded United
States Treasury securities adjusted to constant maturity under the caption
"Treasury Constant Maturities", for the maturity corresponding to the Remaining
Life (if no maturity is within three months before or after the Remaining Life,
yields for the two published maturities most closely corresponding to the
Remaining Life shall be determined and the Treasury Rate shall be interpolated
or extrapolated from such yields on a straight-line basis, rounding to the
nearest month) or (ii) if such release (or any successor release) is not
published during the week preceding the calculation date or does not contain
such yields, the rate per annum equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, calculated using a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such Special Redemption Date. The
Treasury Rate shall be calculated on the third Business Day preceding the
Special Redemption Date.

          (b)    Upon the repayment in full at maturity or redemption in whole
or in part of the Debentures (other than following the distribution of the
Debentures to the Holders of the Securities), the proceeds from such repayment
or payment shall concurrently be applied to redeem Pro Rata at the applicable
Redemption Price, Securities having an aggregate liquidation amount equal to the
aggregate principal amount of the Debentures so repaid or redeemed;

                                      A-I-9

<PAGE>

provided, however, that holders of such Securities shall be given not less than
30 nor more than 60 days' notice of such redemption (other than at the scheduled
maturity of the Debentures).

          (c)    If fewer than all the outstanding Securities are to be so
redeemed, the Common Securities and the Capital Securities will be redeemed Pro
Rata and the Capital Securities to be redeemed will be as described in Section
4(e)(ii) below.

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

          (e)    Redemption or Distribution Procedures.

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

                 (ii)  In the event that fewer than all the outstanding
          Securities are to be redeemed, the Securities to be redeemed shall be
          redeemed Pro Rata from each Holder of Capital Securities.

                 (iii) If the Securities are to be redeemed and the Trust gives
          a Redemption/Distribution Notice, which notice may only be issued if
          the Debentures are redeemed as set out in this Section 4 (which notice
          will be irrevocable), then, provided, that the Institutional Trustee
          has a sufficient amount of cash in connection with the related
          redemption or maturity of the Debentures, the Institutional Trustee
          will pay the relevant Redemption Price to the Holders of such
          Securities by check mailed to the address of each such Holder
          appearing on the books and records of the Trust on the redemption
          date. If a Redemption/Distribution Notice shall have been given and
          funds deposited as required then immediately prior to the close of
          business on the date of such deposit Distributions will cease to
          accrue on the Securities so called for redemption and all rights of
          Holders of such Securities so called for redemption will cease, except
          the right of the Holders of such Securities to receive the

                                     A-I-10

<PAGE>

          applicable Redemption Price specified in Section 4(a), but without
          interest on such Redemption Price. If any date fixed for redemption of
          Securities is not a Business Day, then payment of any such Redemption
          Price payable on such date will be made on the next succeeding day
          that is a Business Day (and without any interest or other payment in
          respect of any such delay) except that, if such Business Day falls in
          the next calendar year, such payment will be made on the immediately
          preceding Business Day, in each case with the same force and effect as
          if made on such date fixed for redemption. If payment of the
          Redemption Price in respect of any Securities is improperly withheld
          or refused and not paid either by the Trust or by the Debenture Issuer
          as guarantor pursuant to the Guarantee, Distributions on such
          Securities will continue to accrue at the then applicable rate from
          the original redemption date to the actual date of payment, in which
          case the actual payment date will be considered the date fixed for
          redemption for purposes of calculating the Redemption Price. In the
          event of any redemption of the Capital Securities issued by the Trust
          in part, the Trust shall not be required to (i) issue, register the
          transfer of or exchange any Security during a period beginning at the
          opening of business 15 days before any selection for redemption of the
          Capital Securities and ending at the close of business on the earliest
          date on which the relevant notice of redemption is deemed to have been
          given to all Holders of the Capital Securities to be so redeemed or
          (ii) register the transfer of or exchange any Capital Securities so
          selected for redemption, in whole or in part, except for the
          unredeemed portion of any Capital Securities being redeemed in part.

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

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

          5.     Voting Rights - Capital Securities. (a) Except as provided
under Sections 5(b) and 7 and as otherwise required by law and the Declaration,
the Holders of the Capital Securities will have no voting rights. The
Administrators are required to call a meeting of the Holders of the Capital
Securities if directed to do so by Holders of not less than 10% in liquidation
amount of the Capital Securities.

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

                                     A-I-11

<PAGE>

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

          In the event the consent of the Institutional Trustee, as the holder
of the Debentures is required under the Indenture with respect to any amendment,
modification or termination of the Indenture, the Institutional Trustee shall
request the written direction of the Holders of the Securities with respect to
such amendment, modification or termination and shall vote with respect to such
amendment, modification or termination as directed by a Majority in liquidation
amount of the Securities voting together as a single class; provided, however,
that where a consent under the Indenture would require the consent of a Super
Majority, the Institutional Trustee may only give such consent at the written
direction of the Holders of not

                                     A-I-12

<PAGE>

less than the proportion in liquidation amount of such Securities outstanding
which the relevant Super Majority represents of the aggregate principal amount
of the Debentures outstanding. The Institutional Trustee shall not take any such
action in accordance with the written directions of the Holders of the
Securities unless the Institutional Trustee has obtained an opinion of tax
counsel to the effect that, as a result of such action, the Trust will not be
classified as other than a grantor trust for United States federal income tax
purposes.

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

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

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

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

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

          (c)    Subject to Section 6.7 of the Declaration and only after each
Event of Default (if any) with respect to the Capital Securities has been cured,
waived or otherwise eliminated and subject to the requirements of the second to
last sentence of this paragraph, the Holders of a Majority in liquidation amount
of the Common Securities, voting separately as a class, may direct the time,
method, and place of conducting any proceeding for any remedy

                                     A-I-13

<PAGE>

available to the Institutional Trustee, or exercising any trust or power
conferred upon the Institutional Trustee under the Declaration, including (i)
directing the time, method, place of conducting any proceeding for any remedy
available to the Debenture Trustee, or exercising any trust or power conferred
on the Debenture Trustee with respect to the Debentures, (ii) waive any past
default and its consequences that are waivable under the Indenture or (iii)
exercise any right to rescind or annul a declaration that the principal of all
the Debentures shall be due and payable, provided, however, that, where a
consent or action under the Indenture would require a Super Majority, the
Institutional Trustee may only give such consent or take such action at the
written direction of the Holders of not less than the proportion in liquidation
amount of the Common Securities which the relevant Super Majority represents of
the aggregate principal amount of the Debentures outstanding. Notwithstanding
this Section 6(c), the Institutional Trustee shall not revoke any action
previously authorized or approved by a vote or consent of the Holders of the
Capital Securities. Other than with respect to directing the time, method and
place of conducting any proceeding for any remedy available to the Institutional
Trustee or the Debenture Trustee as set forth above, the Institutional Trustee
shall not take any action described in clause (i), (ii) or (iii) above, unless
the Institutional Trustee has obtained an opinion of tax counsel to the effect
that for the purposes of United States federal income tax the Trust will not be
classified as other than a grantor trust on account of such action. If the
Institutional Trustee fails to enforce its rights under the Declaration, to the
fullest extent permitted by law any Holder of the Common Securities may
institute a legal proceeding directly against any Person to enforce the
Institutional Trustee's rights under the Declaration, without first instituting
a legal proceeding against the Institutional Trustee or any other Person.

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

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

          7.     Amendments to Declaration and Indenture. (a) In addition to any
requirements under Section 11.1 of the Declaration, if any proposed amendment to
the Declaration provides for, or the Trustees otherwise propose to effect, (i)
any action that would adversely affect the powers, preferences or special rights
of the Securities, whether by way of amendment to the Declaration or otherwise,
or (ii) the Liquidation of the Trust, other than as described in Section 7.1 of
the Declaration, then the Holders of outstanding Securities, voting together as
a single class, will be entitled to vote on such amendment or proposal and such
amendment or proposal shall not be effective except with the approval of the
Holders of not less

                                     A-I-14

<PAGE>

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

          (b)    In the event the consent of the Institutional Trustee as the
holder of the Debentures is required under the Indenture with respect to any
amendment, modification or termination of the Indenture or the Debentures, the
Institutional Trustee shall request the written direction of the Holders of the
Securities with respect to such amendment, modification or termination and shall
vote with respect to such amendment, modification, or termination as directed by
a Majority in liquidation amount of the Securities voting together as a single
class; provided, however, that where a consent under the Indenture would require
a Super Majority, the Institutional Trustee may only give such consent at the
written direction of the Holders of not less than the proportion in liquidation
amount of the Securities which the relevant Super Majority represents of the
aggregate principal amount of the Debentures outstanding.

          (c)    Notwithstanding the foregoing, no amendment or modification may
be made to the Declaration if such amendment or modification would (i) cause the
Trust to be classified for purposes of United States federal income taxation as
other than a grantor trust, (ii) reduce or otherwise adversely affect the powers
of the Institutional Trustee or (iii) cause the Trust to be deemed an
"investment company" which is required to be registered under the Investment
Company Act.

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

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

                                     A-I-15

<PAGE>

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

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

          11.    No Preemptive Rights. The Holders of the Securities shall have
no, and the issuance of the Securities is not subject to, preemptive or similar
rights to subscribe for any additional securities.

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

                                     A-I-16

<PAGE>

                                   EXHIBIT A-1

                      FORM OF CAPITAL SECURITY CERTIFICATE

                           [FORM OF FACE OF SECURITY]

          THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS OR ANY
OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS
ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY ONLY
(A) TO THE DEBENTURE ISSUER OR THE TRUST, (B) PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT ("RULE 144A"), TO A PERSON THE HOLDER REASONABLY BELIEVES IS A
"QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT
TO AN EXEMPTION FROM REGISTRATION TO AN "ACCREDITED INVESTOR" WITHIN THE MEANING
OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT
THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF AN
"ACCREDITED INVESTOR," FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR
OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE DEBENTURE
ISSUER'S AND THE TRUST'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSES (C) OR (D) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM IN
ACCORDANCE WITH THE AMENDED AND RESTATED DECLARATION OF TRUST, A COPY OF WHICH
MAY BE OBTAINED FROM THE DEBENTURE ISSUER OR THE TRUST. THE HOLDER OF THIS
SECURITY AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

          THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES,
REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL
RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"),
(EACH A "PLAN"), OR AN ENTITY

                                      A-1-1

<PAGE>

WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF ANY PLAN'S INVESTMENT
IN THE ENTITY AND NO PERSON INVESTING "PLAN ASSETS" OF ANY PLAN MAY ACQUIRE OR
HOLD THIS SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS
ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR
PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR
ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS NOT
PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO
SUCH PURCHASE OR HOLDING. ANY PURCHASER OR HOLDER OF THIS SECURITY OR ANY
INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING
THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF
SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS
APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT
PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE
BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE WILL NOT
RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

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

          THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS
HAVING A LIQUIDATION AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN
EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING A
LIQUIDATION AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO
LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE
THE HOLDER OF THIS SECURITY FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE
RECEIPT OF DISTRIBUTIONS ON THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL
BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SECURITY.

                                      A-1-2

<PAGE>

   Certificate Number [______]           Number of Capital Securities [_____]

                         [CUSIP NO_____________________]

                    Certificate Evidencing Capital Securities

                                       of

                               CCB Capital Trust I

                             Floating Rate MMCapS(SM)

                (liquidation amount $1,000 per Capital Security)

          CCB 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 [____________] capital securities of
the Trust representing undivided beneficial interests in the assets of the
Trust, designated the Floating Rate MMCapS(SM) (liquidation amount $1,000 per
Capital Security) (the "Capital Securities"). Subject to the Declaration (as
defined below), the Capital Securities are transferable on the books and records
of the Trust, in person or by a duly authorized attorney, upon surrender of this
Certificate duly endorsed and in proper form for transfer. The Capital
Securities represented hereby are issued pursuant to, and the designation,
rights, privileges, restrictions, preferences and other terms and provisions of
the Capital Securities shall in all respects be subject to, the provisions of
the Amended and Restated Declaration of Trust of the Trust dated as of November
28, 2001, among David S. DePillo, Stephen H. Gordon, and Christopher G. Hagerty,
as Administrators, Wilmington Trust Company, as Delaware Trustee, Wilmington
Trust Company, as Institutional Trustee, Commercial Capital Bancorp, Inc., as
Sponsor, and the holders from time to time of undivided beneficial interests in
the assets of the Trust, including the designation of the terms of the Capital
Securities as set forth in Annex I to the Declaration, as the same may be
amended from time to time (the "Declaration"). Capitalized terms used herein but
not defined shall have the meaning given them in the Declaration. The Holder is
entitled to the benefits of the Guarantee to the extent provided therein. The
Sponsor will provide a copy of the Declaration, the Guarantee, and the Indenture
to the Holder without charge upon written request to the Trust at its principal
place of business.

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

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

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

                                      A-1-3

<PAGE>

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

                                        CCB CAPITAL TRUST I

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

                                        Dated:
                                              ---------------------

                          CERTIFICATE OF AUTHENTICATION

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

                                        WILMINGTON TRUST COMPANY,
                                        not in its individual capacity but
                                        solely as the Institutional Trustee

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

                                        Dated:
                                              ---------------------

                                      A-1-4

<PAGE>

                          [FORM OF REVERSE OF SECURITY]

          Distributions payable on each Capital Security will be payable at a
variable per annum rate of interest, reset semi-annually, equal to LIBOR (as
defined in the Declaration) plus 3.75% (the "Coupon Rate") (provided, that the
applicable Coupon Rate may not exceed 1 1.0% through the Interest Payment Date
in December, 2006) of the stated liquidation amount of $1,000 per Capital
Security, such rate being the rate of interest payable on the Debentures to be
held by the Institutional Trustee. Except as set forth below in respect of an
Extension Period, Distributions in arrears for more than one semi-annual period
will bear interest thereon compounded semi-annually at the applicable Coupon
Rate for each such semi-annual period (to the extent permitted by applicable
law). The term "Distributions" as used herein includes cash distributions, any
such compounded distributions and any Additional Interest payable on the
Debentures unless otherwise stated. A Distribution is payable only to the extent
that payments are made in respect of the Debentures held by the Institutional
Trustee and to the extent the Institutional Trustee has funds available in the
Property Account therefor. The amount of Distributions payable for any period
will be computed for any full semi-annual Distribution period on the basis of a
360-day year and the actual number of days elapsed in the relevant Distribution
period.

          Except as otherwise described below, Distributions on the Capital
Securities will be cumulative, will accrue from the date of original issuance
and will be payable semi-annually in arrears on June 8th and December 8th of
each year, commencing on June 8, 2002 (each, a "Distribution Payment Date"). The
Debenture Issuer has the right under the Indenture to defer payments of interest
on the Debentures by extending the interest payment period for up to 10
consecutive semi-annual periods (each, an "Extension Period") at any time and
from time to time on the Debentures, subject to the conditions described below,
during which Extension Period no interest shall be due and payable (except any
Additional Interest that may be due and payable). During any Extension Period,
interest will continue to accrue on the Debentures, and interest on such accrued
interest (such accrued interest and interest thereon referred to herein as
"Deferred Interest") will accrue at an annual rate equal to the Coupon Rate in
effect for each such Extension Period, compounded semi-annually from the date
such Deferred Interest would have been payable were it not for the Extension
Period, to the extent permitted by law. No Extension Period may end on a date
other than a Distribution Payment Date. At the end of any such Extension Period,
the Debenture Issuer shall pay all Deferred Interest then accrued and unpaid on
the Debentures; provided, however, that no Extension Period may extend beyond
the Maturity Date. Prior to the termination of any Extension Period, the
Debenture Issuer may further extend such period, provided, that such period
together with all such previous and further consecutive extensions thereof shall
not exceed 10 consecutive semi-annual periods, or extend beyond the Maturity
Date. Upon the termination of any Extension Period and upon the payment of all
Deferred Interest, the Debenture Issuer may commence a new Extension Period,
subject to the foregoing requirements. No interest or Deferred Interest shall be
due and payable during an Extension Period, except at the end thereof, but each
installment of interest that would otherwise have been due and payable during
such Extension Period shall bear Deferred Interest. If Distributions are
deferred, the Distributions due shall be paid on the date that the related
Extension Period terminates, or, if such date is not a Distribution Payment
Date, on the immediately following Distribution Payment Date, to Holders of the
Securities as they appear on the books and records of the Trust on the record
date immediately preceding such date. Distributions on the Securities must be
paid on the dates payable (after giving effect to any

                                     A-1-5

<PAGE>

Extension Period) to the extent that the Trust has funds available for the
payment of such distributions in the Property Account of the Trust. The Trust's
funds available for Distribution to the Holders of the Securities will be
limited to payments received from the Debenture Issuer. The payment of
Distributions out of moneys held by the Trust is guaranteed by the Guarantor
pursuant to the Guarantee.

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

                                      A-1-6

<PAGE>

                                   ASSIGNMENT

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

_______________________

_______________________

_______________________

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

_______________________

_______________________

_______________________

(Insert address and zip code of assignee), and irrevocably appoints
______________________ as agent to transfer this Capital Security Certificate on
the books of the Trust. The agent may substitute another to act for it, him or
her.

          Date:
               ----------------------------

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

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

          Signature Guarantee:/1/
                                 -----------------------------------

----------
/1/  Signature must be guaranteed by an "eligible guarantor institution" that is
a bank, stockbroker, savings and loan association or credit union meeting the
requirements of the Security registrar, which requirements include membership or
participation in the Securities Transfer Agents Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Security
registrar in addition to, or in substitution for, STAMP, all in accordance with
the Securities Exchange Act of 1934, as amended.

                                      A-1-7

<PAGE>

                                   EXHIBIT A-2

                       FORM OF COMMON SECURITY CERTIFICATE

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

          EXCEPT AS SET FORTH IN SECTION 8.1(b) OF THE DECLARATION (AS DEFINED
BELOW), THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED.

                                      A-2-1

<PAGE>

Certificate Number     [_________]      Number of Common Securities [__________]

                   Certificate Evidencing Common Securities

                                       of

                               CCB Capital Trust I

          CCB 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_______________common securities of the
Trust representing undivided beneficial interests in the assets of the Trust
(the "Common Securities"). The Common Securities represented hereby are issued
pursuant to, and the designation, rights, privileges, restrictions, preferences
and other terms and provisions of the Common Securities shall in all respects be
subject to, the provisions of the Amended and Restated Declaration of Trust of
the Trust dated as of November 28, 2001, among David S. DePillo, Stephen H.
Gordon and Christopher G. Hagerty, as Administrators, Wilmington Trust Company,
as Delaware Trustee, Wilmington Trust Company, as Institutional Trustee, the
Holder, as Sponsor, and the holders from time to time of undivided beneficial
interests in the assets of the Trust, including the designation of the terms of
the Common Securities as set forth in Annex I to the Declaration, as the same
may be amended from time to time (the "Declaration"). Capitalized terms used
herein but not defined shall have the meaning given them in the Declaration. The
Sponsor will provide a copy of the Declaration and the Indenture to the Holder
without charge upon written request to the Sponsor at its principal place of
business.

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

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

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

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

                                      A-2-2

<PAGE>

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

                                        CCB CAPITAL TRUST I

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

                                      A-2-3

<PAGE>

                          [FORM OF REVERSE OF SECURITY]

          Distributions payable on each Common Security will be identical in
amount to the Distributions payable on each Capital Security, which is at a
variable per annum rate of interest, reset semi-annually, equal to LIBOR (as
defined in the Declaration) plus 3.75% (the "Coupon Rate") (provided, that the
applicable Coupon Rate may not exceed 11.0% through the Interest Payment Date in
December, 2006) of the stated liquidation amount of $1,000 per Capital Security,
such rate being the rate of interest payable on the Debentures to be held by the
Institutional Trustee. Except as set forth below in respect of an Extension
Period, Distributions in arrears for more than one semi-annual period will bear
interest thereon compounded semi-annually at the applicable Coupon Rate for each
such semi-annual period (to the extent permitted by applicable law). The term
"Distributions" as used herein includes cash distributions, any such compounded
distributions and any Additional Interest payable on the Debentures unless
otherwise stated. A Distribution is payable only to the extent that payments are
made in respect of the Debentures held by the Institutional Trustee and to the
extent the Institutional Trustee has funds available in the Property Account
therefor. The amount of Distributions payable for any period will be computed
for any full semi-annual Distribution period on the basis of a 360-day year and
the actual number of days elapsed in the relevant Distribution period.

          Except as otherwise described below, Distributions on the Common
Securities will be cumulative, will accrue from the date of original issuance
and will be payable semi-annually in arrears on June 8th and December 8th of
each year, commencing on June 8, 2002 (each, a "Distribution Payment Date"). The
Debenture Issuer has the right under the Indenture to defer payments of interest
on the Debentures by extending the interest payment period for up to 10
consecutive semi-annual periods (each, an "Extension Period") at any time and
from time to time on the Debentures, subject to the conditions described below,
during which Extension Period no interest shall be due and payable (except any
Additional Interest that may be due and payable). During any Extension Period,
interest would continue to accrue on the Debentures, and interest on such
accrued interest (such accrued interest and interest thereon referred to herein
as "Deferred Interest") will accrue at an annual rate equal to the Coupon Rate
in effect for each such Extension Period, compounded semi-annually from the date
such Deferred Interest would have been payable were it not for the Extension
Period, to the extent permitted by law. No Extension Period may end on a date
other than a Distribution Payment Date. At the end of any such Extension Period
the Debenture Issuer shall pay all Deferred Interest then accrued and unpaid on
the Debentures; provided, however, that no Extension Period may extend beyond
the Maturity Date. Prior to the termination of any Extension Period, the
Debenture Issuer may further extend such period, provided, that such period
together with all such previous and further consecutive extensions thereof shall
not exceed 10 consecutive semi-annual periods, or extend beyond the Maturity
Date. Upon the termination of any Extension Period and upon the payment of all
Deferred Interest, the Debenture Issuer may commence a new Extension Period,
subject to the foregoing requirements. No interest or Deferred Interest shall be
due and payable during an Extension Period, except at the end thereof, but each
installment of interest that would otherwise have been due and payable during
such Extension Period shall bear Deferred Interest. If Distributions are
deferred, the Distributions due shall be paid on the date that the related
Extension Period terminates, or, if such date is not a Distribution Payment
Date, on the

                                      A-2-4

<PAGE>

immediately following Distribution Payment Date, to Holders of the Securities as
they appear on the books and records of the Trust on the record date immediately
preceding such date. Distributions on the Securities must be paid on the dates
payable (after giving effect to any Extension Period) to the extent that the
Trust has funds available for the payment of such distributions in the Property
Account of the Trust. The Trust's funds available for Distribution to the
Holders of the Securities will be limited to payments received from the
Debenture Issuer. The payment of Distributions out of moneys held by the Trust
is guaranteed by the Guarantor pursuant to the Guarantee.

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

                                      A-2-5

<PAGE>

                                   ASSIGNMENT

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

_______________________

_______________________

_______________________

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

_______________________

_______________________

_______________________

          (Insert address and zip code of assignee), and irrevocably appoints
__________ as agent to transfer this Common Security Certificate on the books of
the Trust. The agent may substitute another to act for him or her.

          Date:
               ----------------------------

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

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

          Signature Guarantee:/1/
                                 -------------------------

----------
/1/  Signature must be guaranteed by an "eligible guarantor institution" that is
a bank, stockbroker, savings and loan association or credit union, meeting the
requirements of the Security registrar, which requirements include membership or
participation in the Securities Transfer Agents Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Security
registrar in addition to, or in substitution for, STAMP, all in accordance with
the Securities Exchange Act of 1934, as amended.

                                      A-2-6

<PAGE>

                                                                       EXHIBIT B

                         FORM OF TRANSFEREE CERTIFICATE
                  TO BE EXECUTED BY TRANSFEREES OTHER THAN QIBS

                                                              _____________, [ ]

Commercial Capital Bancorp, Inc.
CCB Capital Trust I
1 Venture, Third Floor
Irvine, California 92618

          Re: Purchase of $1,000 stated liquidation amount of Floating Rate
              MMCapS(SM) (the "Capital Securities") of CCB Capital Trust I

Ladies and Gentlemen:

          In connection with our purchase of the Capital Securities we confirm
that:

          1.     We understand that the Floating Rate MMCapS(SM) (the "Capital
Securities") of CCB Capital Trust I (the "Trust") (including the guarantee (the
"Guarantee") of Commercial Capital Bancorp, Inc. (the "Company") executed in
connection therewith) and the Floating Rate Junior Subordinated Debt Securities
due 2031 of the Company (the "Subordinated Debt Securities") (the Capital
Securities, the Guarantee and the Subordinated Debt Securities together being
referred to herein as "Offered Securities"), have not been registered under the
Securities Act of 1933, as amended (the "Securities Act"), and may not be
offered or sold except as permitted in the following sentence. We agree on our
own behalf and on behalf of any investor account for which we are purchasing the
Offered Securities that, if, we decide to offer, sell or otherwise transfer any
such Offered Securities, such offer, sale or transfer will be made only (a) to
the Company or the Trust, (b) pursuant to Rule 144A under the Securities Act, to
a person we reasonably believe is a qualified institutional buyer under Rule
144A (a "QIB") that purchases for its own account or for the account of a QIB
and to whom notice is given that the transfer is being made in reliance on Rule
144A, (c) pursuant to an exemption from registration to an "accredited investor"
within the meaning of subparagraph (a) (1), (2), (3) or (7) of Rule 501 under
the Securities Act that is acquiring Offered Securities for its own account or
for the account of such an accredited investor for investment purposes and not
with a view to, or for offer or sale in connection with, any distribution
thereof in violation of the Securities Act, or (d) pursuant to another available
exemption from the registration requirements of the Securities Act, and in each
of the foregoing cases in accordance with any applicable state securities laws
and any requirements of law that govern the disposition of our property. The
foregoing restrictions on resale will not apply subsequent to the date on which,
in the written opinion of counsel, the Capital Securities are not "restricted
securities" within the meaning of Rule 144 under the Securities Act. If any
resale or other transfer of the Offered Securities is proposed to be made
pursuant to clause (c) or (d) above the transferor shall deliver a letter from
the transferee substantially in the form of this letter to the Institutional
Trustee as Transfer Agent, which shall provide as applicable, among other
things, that the transferee is an "accredited investor" within

                                       B-1

<PAGE>

the meaning of subparagraph (a) (1), (2), (3) or (7) of Rule 501 under the
Securities Act that is acquiring such Securities for investment purposes and not
for distribution in violation of the Securities Act. We acknowledge on our
behalf and on behalf of any investor account for which we are purchasing
Securities that the Trust and the Company reserve the right prior to any offer,
sale or other transfer pursuant to clause (c) or (d) to require the delivery of
any opinion of counsel, certifications and/or other information satisfactory to
the Trust and the Company. We understand that the certificates for any Offered
Security that we receive will bear a legend substantially to the effect of the
foregoing.

          2.     We are an "accredited investor" within the meaning of
subparagraph (a) (1), (2), (3) or (7) of Rule 501 under the Securities Act
purchasing for our own account or for the account of such an "accredited
investor," and we are acquiring the Offered Securities for investment purposes
and not with view to, or for offer or sale in connection with, any distribution
in violation of the Securities Act, and we have such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risks of our investment in the Offered Securities, and we and any account for
which we are acting are each able to bear the economic risks of our or its
investment.

          3.     We are acquiring the Offered Securities purchased by us for our
own account (or for one or more accounts as to each of which we exercise sole
investment discretion and have authority to make, and do make, the statements
contained in this letter) and not with a view to any distribution of the Offered
Securities, subject, nevertheless, to the understanding that the disposition of
our property will at all times be and remain within our control.

          4.     In the event that we purchase any Capital Securities or any
Subordinated Debt Securities, we will acquire such Capital Securities having an
aggregate stated liquidation amount of not less than $100,000 or such
Subordinated Debt Securities having an aggregate principal amount not less than
$100,000, for our own account and for each separate account for which we are
acting.

          5.     We acknowledge that we either (A) are not a fiduciary of a
pension, profitsharing or other employee benefit plan subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") (a "Plan"), or an
entity whose assets include "plan assets" by reason of any Plan's investment in
the entity and are not purchasing the Offered Securities on behalf of or with
"plan assets" by reason of any Plan's investment in the entity and are not
purchasing the Offered Securities on behalf of or with "plan assets" of any Plan
or (B) are eligible for the exemptive relief available under one or more of the
following prohibited transaction class exemptions ("PTCEs") issued by the U.S.
Department of Labor: PTCE 96-23, 95-60, 91-38, 90-1 or 84-14.

          6.     We acknowledge that the Trust and the Company and others will
rely upon the truth and accuracy of the foregoing acknowledgments,
representations, warranties and agreements and agree that if any of the
acknowledgments, representations, warranties and agreements deemed to have been
made by our purchase of the Offered Securities are no longer accurate, we shall
promptly notify the Placement Agents. If we are acquiring any Offered Securities
as a fiduciary or agent for one or more investor accounts, we represent that we
have sole discretion with respect to each such investor account and that we have
full power to make

                                       B-2

<PAGE>

the foregoing acknowledgments, representations and agreement on behalf of each
such investor account.

                                        ________________________________________
                                           (Name of Purchaser)

                                        By:
                                           -------------------------------------

                                        Date:
                                             -----------------------------------

          Upon transfer, the Offered Securities would be registered in the name
of the new beneficial owner as follows.

Name:___________________________________

Address:________________________________

Taxpayer ID Number:_____________________

                                       B-3

<PAGE>

                                                                       EXHIBIT C

                         FORM OF TRANSFEROR CERTIFICATE
                             TO BE EXECUTED FOR QIBs

                                                              _____________, [ ]

Commercial Capital Bancorp, Inc.
CCB Capital Trust I
1 Venture, Third Floor
Irvine, California 92618

          Re: Purchase of $1,000 stated liquidation amount of Floating Rate
              MMCapS(SM) (the "Capital Securities") of CCB Capital Trust I

          Reference is hereby made to the Amended and Restated Declaration dated
as of November 28, 2001 (the "Declaration") among David S. DePillo, Stephen H.
Gordon and Christopher G. Hagerty, as Administrators, Wilmington Trust Company,
as Delaware Trustee, Wilmington Trust Company, as Institutional Trustee,
Commercial Capital Bancorp, Inc., as Sponsor, and the holders from time to time
of undivided beneficial interest in the assets of CCB Capital Trust I.
Capitalized terms used but not defined herein shall have the meanings given them
in the Declaration.

          This letter relates to $___________________________ aggregate
liquidation amount of Capital Securities which are held in the name of [name of
transferor] (the "Transferor").

          In connection with such request, and in respect to such Capital
Securities, the transferor does hereby certify that such Capital Securities are
being transferred in accordance with (i) the transfer restrictions set forth in
the Capital Securities and (ii) Rule 144A under the United States Securities Act
of 1933, as amended ("Rule 144A"), to a transferee that the Transferor
reasonably believes is purchasing the Capital Securities for its own account or
an account with respect to which the transferee exercises sole investment
discretion and the transferee and any such account is a "qualified institutional
buyer" within the meaning of Rule 144A, in a transaction meeting the
requirements of Rule 144A and in accordance with applicable securities laws of
any state of the United States or any other jurisdiction.

                                       C-1

<PAGE>

          You are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceeding or official inquiry with respect to the
matters covered hereby.

                                        ----------------------------------------
                                           (Name of Transferor)

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

                                        Date:
                                             -----------------------------------

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

                                       C-2

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