Document:

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                                                                    EXHIBIT 4.15

                          FRONT RANGE CAPITAL TRUST II

                                   $9,200,000
                     Fixed/Floating Rate Capital Securities

            Fully and Unconditionally Guaranteed as to Distributions
                              and Other Payments by
                         FRONT RANGE CAPITAL CORPORATION

                               PLACEMENT AGREEMENT

                                                                November 8, 2005

Wachovia Capital Markets, LLC
301 South College Street, DC-8
Charlotte, North Carolina 28288-0600

Ladies and Gentlemen:

          Front Range Capital Corporation, a bank holding company incorporated
in Colorado (the "Company") and Front Range Capital Trust II, a Delaware
statutory trust (the "Trust"), propose, subject to the terms and conditions
stated herein, to issue and sell 9,200 of Fixed/Floating Rate Capital Securities
of the Trust (the "Capital Securities"), having a stated liquidation amount of
$1,000 per capital security and bearing (i) a fixed distribution rate per annum
equal to 8.50% through the end of the end of the Interest Period (as defined in
the Indenture (as defined below)) with respect to the Interest Payment Date (as
defined in the Indenture) occurring in February 2011 and (ii) a variable
distribution rate per annum, reset quarterly, equal to LIBOR (as defined in the
Indenture) plus 3.45% for each Interest Period thereafter (collectively, the
"Fixed/Floating Rate"). Wachovia Capital Markets, LLC is acting as the exclusive
agent of the Company and the Trust in connection with the offering of the
Capital Securities.

          The Capital Securities will be fully and unconditionally guaranteed on
a subordinated basis by the Company with respect to distributions and amounts
payable upon liquidation, redemption or repayment (the "Guarantee") pursuant to
the Guarantee Agreement (the "Guarantee Agreement"), to be dated as of the
Closing Date specified in Section 3 hereof, and executed and delivered by the
Company and Wilmington Trust Company, as trustee (the "Guarantee Trustee"), for
the benefit of the holders from time to time of the Capital Securities. The
entire proceeds from the sale of the Capital Securities will be combined with
the entire proceeds from the sale by the Trust to the Company of its common
securities (the "Common Securities"), and will be used by the Trust to purchase
$9,485,000 in principal amount of the Fixed/Floating Rate Junior Subordinated
Debt Securities due 2036 of the Company (the

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"Subordinated Debt Securities"). The Capital Securities and the Common
Securities of the Trust will be issued pursuant to the Amended and Restated
Declaration of Trust (the "Declaration"), to be dated as of the Closing Date
among the Company, as sponsor, the Administrator(s) named therein (the
"Administrators"), Wilmington Trust Company, as Delaware trustee (the "Delaware
Trustee"), Wilmington Trust Company, as institutional trustee (the
"Institutional Trustee"), and the holders from time to time of undivided
beneficial interests in the assets of the Trust. The Subordinated Debt
Securities will be issued pursuant to an Indenture, to be dated as of the
Closing Date (the "Indenture"), between the Company and Wilmington Trust
Company, as indenture trustee (the "Indenture Trustee").

          The Capital Securities, the Common Securities and the Subordinated
Debt Securities are collectively referred to herein as the "Securities." This
Agreement, the Indenture, the Declaration, the Guarantee Agreement, the Common
Securities Subscription Agreement, the Capital Securities Subscription Agreement
and the Securities are referred to collectively as the "Operative Documents."
Capitalized terms used herein without definition have the respective meanings
specified in the Declaration.

          The Securities have not been and will not be registered under the
Securities Act of 1933, as amended (the "Securities Act").

          1. Representations and Warranties. The Company and the Trust jointly
and severally represent and warrant to, and agree with you and the Purchaser (as
defined in Section 2 hereof) as set forth below in this Section 1 (provided,
that, none of the following representations or warranties apply or relate to any
acts or omissions by you).

          (a) Neither the Company nor the Trust, nor any of their Affiliates (as
defined in Rule 501(b) of Regulation D under the Securities Act ("Regulation
D")), nor any person acting on its or their behalf has, directly or indirectly,
made offers or sales of any security, or solicited offers to buy any security,
under circumstances that would require the registration of any of the Securities
under the Securities Act.

          (b) Neither the Company nor the Trust, nor any of their Affiliates,
nor any person acting on its or their behalf has engaged in any form of general
solicitation or general advertising (within the meaning of Regulation D) in
connection with any offer or sale of any of the Securities.

          (c) The Securities satisfy the eligibility requirements of Rule
144A(d)(3) under the Securities Act.

          (d) Neither the Company nor the Trust, nor any of their Affiliates,
nor any person acting on its or their behalf, has engaged or will engage in any
directed selling efforts with respect to the Securities within the meaning of
Regulation S.

          (e) Neither the Company nor the Trust is, nor after giving effect to
the offering and sale of the Securities will be, an "investment company" or an
entity "controlled" by an "investment company," required to be registered under
the Investment Company Act of 1940, as amended (the "Investment Company Act").

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          (f) Neither the Company nor the Trust has paid or agreed to pay to any
person any compensation for soliciting another to purchase any of the Securities
(except as contemplated by this Agreement).

          (g) The Trust has been duly created and is validly existing in good
standing as a statutory trust under the Delaware Statutory Trust Act, 12 Del. C.
3801, et seq. (the "Statutory Trust Act") with the power and authority to own
property and to conduct the business it transacts and proposes to transact and
to enter into and perform its obligations under the Operative Documents. The
Trust is duly qualified to transact business as a foreign entity and is in good
standing in each jurisdiction in which such qualification is necessary, except
where the failure to so qualify or be in good standing would not have a material
adverse effect on such Trust. The Trust is not a party to or otherwise bound by
any agreement other than the Operative Documents. The Trust is and will, under
current law, be classified for federal income tax purposes as a grantor trust
and not as an association taxable as a corporation.

          (h) The Declaration has been duly authorized by the Company and, on
the Closing Date, will have been duly executed and delivered by the Company and
the Administrators of the Trust, and, assuming due authorization, execution and
delivery by the Delaware Trustee and the Institutional Trustee, be a valid and
binding obligation of the Company and such Administrators, enforceable against
them in accordance with its terms, subject to applicable bankruptcy, insolvency
and similar laws affecting creditors' rights generally and to general principles
of equity ("Bankruptcy and Equity"). Each of the Administrators of the Trust is
an employee or a director of the Company and has been duly authorized by the
Company to execute and deliver the Declaration.

          (i) Each of the Guarantee Agreement and the Indenture has been duly
authorized by the Company and, on the Closing Date will have been duly executed
and delivered by the Company, and, assuming due authorization, execution and
delivery by the Guarantee Trustee, in the case of the Guarantee, and by the
Indenture Trustee, in the case of the Indenture, be a valid and binding
obligation of the Company enforceable against it in accordance with its terms,
subject to Bankruptcy and Equity.

          (j) The Capital Securities and the Common Securities have been duly
authorized by the Declaration and, when issued and delivered against payment
therefor on the Closing Date to you, in the case of the Capital Securities, and
to the Company, in the case of the Common Securities, each in accordance with
this Agreement, the Declaration, the Capital Securities Subscription Agreement
and the Common Securities Subscription Agreement, respectively, will be validly
issued and represent undivided beneficial interests in the assets of the Trust.
The issuance of the Capital Securities or the Common Securities is not subject
to any preemptive or other similar rights. On the Closing Date, all of the
issued and outstanding Common Securities will be directly owned by the Company
free and clear of any pledge, security interest, claim, lien or other
encumbrance.

          (k) The Subordinated Debt Securities have been duly authorized by the
Company and, at the Closing Date, will have been duly executed and delivered to
the Indenture Trustee for authentication in accordance with the Indenture and
the debenture subscription agreement, and, when authenticated in the manner
provided for in the Indenture and delivered

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against payment therefor by the Trust, will constitute valid and binding
obligations of the Company entitled to the benefits of the Indenture enforceable
against the Company in accordance with their terms, subject to Bankruptcy and
Equity.

          (l) This Agreement has been duly authorized, executed and delivered by
the Company and the Trust.

          (m) The Trust is not in violation of any provision of the Statutory
Trust Act and when the Declaration is executed and delivered will not be in
violation of the Declaration. The execution, delivery and performance of the
Operative Documents to which it is a party by the Company or the Trust, and the
consummation of the transactions contemplated herein or therein, will not
conflict with or constitute a breach of, or a default under, or result in the
creation or imposition of any lien, charge or other encumbrance upon any
property or assets of the Trust, the Company or any of the Company's
subsidiaries pursuant to any contract, indenture, mortgage, loan agreement,
note, lease or other instrument to which the Trust, the Company or any of its
subsidiaries is a party or by which it or any of them may be bound, or to which
any of the property or assets of any of them is subject, except for a conflict,
breach, default, lien, charge or encumbrance which could not reasonably be
expected to have an adverse effect on the consummation of the transactions
contemplated herein or therein, nor will such action result in any violation of
the Declaration or the Statutory Trust Act or require the consent, approval,
authorization or order of any court or governmental agency or body.

          (n) The Company has been duly incorporated and is validly existing as
a corporation in good standing under the laws of Colorado, with all requisite
corporate power and authority to own its properties and conduct the business it
transacts and proposes to transact, and is duly qualified to transact business
and is in good standing as a foreign corporation in each jurisdiction where the
nature of its activities requires such qualification except where the failure of
the Company to be so qualified would not, singly or in the aggregate, have a
materially adverse effect on the condition (financial or otherwise), earnings or
business of the Company and its subsidiaries taken as a whole, whether or not
occurring in the ordinary course of business (a "Material Adverse Effect").

          (o) Each of the Company's subsidiaries is listed in Schedule 1 (the
"Subsidiaries") and has been duly incorporated and is validly existing as an
entity in good standing under the laws of the jurisdiction in which it is
chartered or organized, with all requisite corporate power and authority to own
its properties and conduct the business it transacts and proposes to transact,
and is duly qualified to transact business and is in good standing as a foreign
corporation in each jurisdiction where the nature of its activities requires
such qualification except where the failure of such Subsidiary to be so
qualified would not, singly or in the aggregate, have a Material Adverse Effect.

          (p) The Company and each of its Subsidiaries have all requisite power
and authority, and all necessary authorizations, approvals, orders, licenses,
certificates and permits of and from regulatory or governmental officials,
bodies and tribunals, to own or lease their respective properties and to conduct
their respective businesses as now being conducted, and neither the Company nor
any of the Subsidiaries has received any notice of proceedings relating to the
revocation or modification of any such authorizations, approvals, orders,
licenses,

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certificates or permits which, singly or in the aggregate, if the failure to be
so licensed or approved or if the subject of an unfavorable decision, ruling or
finding, would have a Material Adverse Effect; and the Company and its
Subsidiaries are in compliance with all applicable laws, rules, regulations and
orders and consents, the violation of which would have a Material Adverse
Effect.

          (q) The audited consolidated financial statements (including the notes
thereto) and schedules of the Company and its consolidated subsidiaries for the
year ended December 31, 2004 (the "Financial Statements") and the interim
unaudited consolidated financial statements of the Company and its consolidated
subsidiaries for the three months ended September 30, 2005 (the "Interim
Financial Statements") provided to you are the most recent available audited and
unaudited consolidated financial statements of the Company and its consolidated
subsidiaries, respectively, and fairly present in all material respects, in
accordance with generally accepted accounting principles, the financial position
of the Company and its consolidated subsidiaries, and the results of operations
and changes in financial condition as of the dates and for the periods therein
specified, subject, in the case of Interim Financial Statements, to year-end
adjustments. Such consolidated financial statements and schedules have been
prepared in accordance with generally accepted accounting principles
consistently applied throughout the periods involved (except as otherwise noted
therein).

          (r) The Company's report on form FR Y-9C dated September 30, 2005
provided to you is the most recent available such report and the information
therein fairly presents in all material respects the financial position of the
Company and its subsidiaries.

          (s) Since the respective dates of the Financial Statements, the
Interim Financial Statements and the FR Y-9C, there has been no material adverse
change or development with respect to the financial condition or earnings of the
Company and its subsidiaries, taken as a whole.

          (t) Neither the Company nor any of the Subsidiaries is in violation of
its respective charter or by-laws or similar organizational documents or in
default in the performance or observance of any obligation, agreement, covenant
or condition contained in any contract, indenture, mortgage, loan agreement,
note, lease or other agreement or instrument to which the Company or any of the
Subsidiaries is a party or by which it or any of them may be bound or to which
any of the property or assets of the Company or any of the Subsidiaries is
subject, the effect of which violation or default in performance or observance
would have a Material Adverse Effect.

          (u) The Company is duly registered as a bank holding company under the
Bank Holding Company Act of 1956, as amended (the "Bank Holding Company Act"),
and the regulations of the Board of Governors of the Federal Reserve System (the
"Federal Reserve"), and the deposit accounts of the Company's subsidiary banks
are insured by the Federal Deposit Insurance Corporation ("FDIC") to the fullest
extent permitted by law and the rules and regulations of the FDIC, and no
proceeding for the termination of such insurance is pending or to the best of
our knowledge threatened.

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          (v) No action, suit or proceeding by or before any court or
governmental agency, authority or body or any arbitrator involving the Company
or any of its Subsidiaries or its or their property is pending or, to the best
knowledge of the Company, threatened that (i) could reasonably be expected to
have a material adverse effect on the performance of this Agreement, the
Indenture, the Declaration and the Guarantee, or the consummation of any of the
transactions contemplated hereby or thereby; or (ii) could reasonably be
expected to have a Material Adverse Effect.

          (w) Neither the Company nor any of its Subsidiaries is party to or
otherwise the subject of any consent decree, memorandum of understanding,
written commitment or other written supervisory agreement or enforcement action
with the FDIC or any other Federal or state authority or agency charged with the
supervision or insurance of the Company and its subsidiaries.

          (x) Each of the Company and its Subsidiaries owns or leases all such
properties as are necessary to the conduct of its operations as presently
conducted.

          2. Sale of the Capital Securities. Subject to the terms and conditions
of this Agreement and in reliance upon the representations and warranties herein
set forth, the Company and the Trust jointly and severally hereby appoint you as
placement agent (the "Placement Agent"), and you hereby accept such appointment,
to act as the agent of the Company and the Trust, in connection with the
offering of the Capital Securities contemplated hereby, for the purpose of
soliciting offers and sales of the Capital Securities from the Purchaser (as
defined below). You agree to use your best efforts, subject to the terms and
conditions of this Agreement, on or prior to the Closing Date, to effect such
placement of the Capital Securities with an aggregate stated liquidation amount
of $9,200,000 at a purchase price equal to 100% of the stated liquidation amount
thereof.

          The Company and the Trust propose to issue and sell the Capital
Securities on the Closing Date to SCP Warehouse, a newly formed company with
limited liability established under the laws of the Cayman Islands (the
"Purchaser"), pursuant to the terms of the Capital Securities Subscription
Agreement, to be entered into on the Closing Date (the "Capital Securities
Subscription Agreement"), between the Company, the Trust and the Purchaser. The
Company and the Trust agree to execute the Capital Securities Subscription
Agreement with the Purchaser and to return the same to you. In addition, the
Company and the Trust agree that the Purchaser (and any subsequent transferee
that is an entity that holds a pool of trust preferred securities, debt
securities and/or similar securities or a trustee thereof (a "Subsequent Pooled
Trust Vehicle")) shall be entitled to the benefit of, and to rely on, the
provisions of this Agreement to the extent such provisions address or relate to
the Purchaser or the Capital Securities. No Placement Agent shall, in fulfilling
its obligations hereunder, act as an underwriter for the Capital Securities.

          If the sale and delivery of the Capital Securities as provided herein
is consummated, the Company will pay to you on the Closing Date a commission per
Capital Security equal to 0.00% of the stated liquidation amount thereof. Any
payment pursuant to this Section 2 shall be made by wire transfer in immediately
available funds to the U.S. account designated in writing by the party entitled
to receive such payment.

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          The distribution rate of the Capital Securities, as of the date
hereof, is the Fixed/Floating Rate. Under certain circumstances, the
distribution rate of the Capital Securities may be reduced pursuant to a written
agreement among you, the Purchaser and the Company made prior to the Closing
Date.

          3. Delivery and Payment. Delivery of and payment for the Capital
Securities shall be made at 10:00 a.m. New York City time, on November 8, 2005,
or such later date as you shall designate in writing, which date and time may be
postponed by agreement between you, on the one hand, and the Company and the
Trust, on the other hand (such date and time of delivery and payment for the
Capital Securities being herein called the "Closing Date"); provided, that the
Closing Date may be no later than 60 days from the date hereof.

          Delivery of the Capital Securities shall be made at such location, and
in such names and denominations, as you shall designate at least one business
day in advance of the Closing Date. The Company and the Trust agree to have the
Capital Securities available for inspection and checking by you in Washington,
D.C., not later than 1:00 p.m. on the business day prior to the Closing Date.
The closing for the purchase and sale of the Capital Securities shall occur at
the offices of Orrick, Herrington & Sutcliffe LLP, 3050 K Street, N.W.,
Washington, D.C. 20007, or such other place as the parties hereto shall agree.

          4. Representations. The Placement Agent represents to the Company and
the Trust that:

          (a) It is aware that the Securities have not been and will not be
registered under the Securities Act and may not be offered or sold within the
United States or to U.S. persons except in accordance with Rule 903 of
Regulation S under the Securities Act or pursuant to another exemption from the
registration requirements of the Securities Act. It will not offer, sell or
arrange for the offer or sale of any Securities to purchasers except in
privately negotiated transactions that will not require registration of the
Securities under the Securities Act. Terms used in the first sentence of this
Section 4 have the meanings given to them by Regulation S under the Securities
Act.

          (b) Neither it, nor any of its Affiliates, nor any person acting on
its or their behalf has engaged, or will engage, in any form of general
solicitation or general advertising (within the meaning of Regulation D) in
connection with any offer or sale of the Securities.

          (c) Neither it, nor any of its Affiliates, nor any person acting on
its or their behalf has engaged or will engage in any directed selling efforts
within the meaning of Regulation S under the Securities Act with respect to the
Securities.

          5. Agreements. The Company and the Trust agree with the Placement
Agent and the Purchaser that:

          (a) Neither the Company nor the Trust will, nor will either of them
permit any of its Affiliates to, resell any Capital Securities that have been
acquired by any of them.

          (b) Neither the Company nor the Trust will, nor will either of them
permit any of its Affiliates, nor any person acting on its or their behalf, to,
directly or indirectly, make offers

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or sales of any security, or solicit offers to buy any security, under
circumstances that would require the registration of any of the Securities under
the Securities Act, provided, however, this obligation does not apply to acts or
omissions of the Placement Agent.

          (c) Neither the Company nor the Trust will, nor will either of them
permit any of its Affiliates, nor any person acting on its or their behalf, to,
engage in any form of general solicitation or general advertising (within the
meaning of Regulation D) in connection with any offer or sale of any of the
Securities, provided, however, this obligation does not apply to acts or
omissions of the Placement Agent.

          (d) Neither the Company nor the Trust will, nor will either of them
permit any of its Affiliates, nor any person acting on its or their behalf, to,
engage in any directed selling efforts within the meaning of Regulation S under
the Securities Act with respect to the Securities, provided, however, this
obligation does not apply to acts or omissions of the Placement Agent.

          (e) So long as any of the Securities are outstanding and are
"restricted securities" within the meaning of Rule 144(a)(3) under the
Securities Act, each of the Company and the Trust will, during any period in
which it is not subject to and in compliance with Section 13 or 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act") or it is not
exempt from such reporting requirements pursuant to and in compliance with Rule
12g3-2(b) under the Exchange Act, provide to each holder of such restricted
securities and to each prospective purchaser (as designated by such holder) of
such restricted securities, upon the request of such holder or prospective
purchaser, any information required to be provided by Rule 144A(d)(4) under the
Securities Act. This covenant is intended to be for the benefit of the holders,
and the prospective purchasers designated by such holders, from time to time of
such restricted securities. The information provided by the Company and the
Trust pursuant to this Section 5(e) will not, at the date thereof, contain any
untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in the light of the circumstances under which
they were made, not misleading.

          (f) Neither the Company nor the Trust will, until 180 days following
the Closing Date, without your prior written consent, offer, sell, contract to
sell, grant any option to purchase or otherwise dispose of, directly or
indirectly, (i) any Capital Securities or other securities of the Trust other
than as contemplated by this Agreement, (ii) any securities that are
substantially similar to the Securities or (iii) any other securities
convertible into, or exercisable or exchangeable for, any of (i) or (ii), or
enter into an agreement, or announce an intention, to do any of the foregoing.

          (g) Except as set forth in the Fee Agreement dated as of the date
hereof between the Placement Agent and Wilmington Trust Company, the Company
agrees to pay (i) the costs incident to the authorization, issuance, sale and
delivery of the Capital Securities and any taxes payable in that connection and
(ii) the fees and expenses of the Institutional Trustee, the Guarantee Trustee
and the Indenture Trustee.

          6. Conditions to the Obligations of the Placement Agent. The Placement
Agent's obligations to use its best efforts to procure subscription and payment
for the Capital

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Securities and the Purchaser's obligations on the Closing Date shall be subject
to the accuracy of the representations and warranties on the part of the Company
and the Trust contained herein as of the date and time that this Agreement is
executed (the "Execution Time") and the Closing Date, to the accuracy of the
statements of the Company and the Trust made in any certificates pursuant to the
provisions hereof, to the performance by the Company and the Trust of their
obligations hereunder and to the following additional conditions:

          (a) The Company shall have furnished to you and the Purchaser the
opinion of Rothgerber Johnson & Lyons LLP, special counsel for the Company,
dated the Closing Date, addressed to you, in substantially the form set out in
Annex A hereto.

          (b) The Company shall have furnished to you and the Purchaser the
opinion of Gerrish McCreary Smith, PC, special tax counsel for the Company,
dated the Closing Date, containing such assumptions, qualifications and
limitations as shall be reasonably acceptable to you and your counsel to the
effect that for U.S. federal income tax purposes, the Subordinated Debt
Securities will constitute indebtedness of the Company, in substantially the
form set out in Annex B hereto.

          (c) You and the Purchaser shall have received the opinion of Morris,
James, Hitchens & Williams LLP, special Delaware counsel for the Company and the
Trust, dated the Closing Date, addressed to you, in substantially the form set
out in Annex C hereto.

          (d) You and the Purchaser shall have received the opinion of Morris,
James, Hitchens & Williams LLP, counsel for the Guarantee Trustee, the
Institutional Trustee, the Delaware Trustee and the Indenture Trustee, dated the
Closing Date addressed to you, in substantially the form set out in Annex D
hereto.

          (e) The Company shall have furnished to you a certificate of the
Company, signed by the President, a Vice President and by a Treasurer or Chief
Financial Officer of the Company, dated the Closing Date, to the effect that:

               (i) the representations and warranties of the Company and the
     Trust in this Agreement are true and correct in all material respects on
     and as of the Closing Date with the same effect as if made on the Closing
     Date, and the Company and the Trust have complied with all the agreements
     and satisfied all the conditions on either of their part to be performed or
     satisfied at or prior to the Closing Date; and

               (ii) since the date of the most recent financial statements
     provided to the Placement Agent, there has been no material adverse change
     in the condition (financial or other), earnings, business or properties of
     the Company and its subsidiaries, whether or not arising from transactions
     in the ordinary course of business.

          (f) Subsequent to the Execution Time there shall not have been any
change, or any development involving a prospective change, in or affecting the
business or properties of the Company and its subsidiaries the effect of which,
is, in your judgment, so material and adverse as to make it impractical or
inadvisable to proceed with the offering or delivery of the Capital Securities.

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          (g) Prior to the Closing Date, the Company and the Trust shall have
furnished to you and the Purchaser such further information, certificates and
documents as you may reasonably request.

          (h) At the Closing Date, each of the Operative Documents shall have
been duly authorized, executed and delivered by each party thereto, and copies
thereof shall have been delivered to you.

          If any of the conditions specified in this Section 6 shall not have
been fulfilled in all material respects when and as provided in this Agreement,
or if any of the opinions, certificates and documents mentioned above or
elsewhere in this Agreement shall not be in all material respects reasonably
satisfactory in form and substance to you, this Agreement and all the Placement
Agent's obligations hereunder may be canceled at, or at any time prior to, the
Closing Date by you. Notice of such cancellation shall be given to the Company
and the Trust in writing or by telephone or telegraph confirmed in writing.

          7. Reimbursement of Expenses of the Placement Agent. If the sale of
the Capital Securities provided for herein is not consummated because any
condition set forth in Section 6 hereof is not satisfied, because of any
termination pursuant to Section 9 hereof or because of any refusal, inability or
failure on the part of the Company or the Trust to perform any agreement herein
or comply with any provision hereof, the Company will reimburse the Placement
Agent upon demand for all documented out-of-pocket expenses (including
reasonable fees and disbursements of counsel) that shall have been incurred by
you in connection with the proposed offering of the Capital Securities.

          8. Indemnification and Contribution. (a) The Company and the Trust
agree jointly and severally to indemnify and hold harmless the Placement Agent
and the Purchaser and their respective directors, officers, employees and agents
and each person who controls the Placement Agent or the Purchaser within the
meaning of either the Securities Act or the Exchange Act against any and all
losses, claims, damages or liabilities, joint or several, to which they or any
of them may become subject under the Securities Act, the Exchange Act or other
Federal or state statutory law or regulation, at common law or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in any information (whether oral or
written) or documents furnished or made available to the Placement Agent or the
Purchaser by the Company or the Trust, or their respective representatives in
connection with the transactions contemplated herein, or arise out of or are
based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, and agrees to reimburse each such indemnified party, as incurred,
for any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action.
This indemnity agreement will be in addition to any liability which the Company
or the Trust may otherwise have.

          (b) The Company agrees to indemnify the Trust against all loss,
liability, claim, damage and expense whatsoever, as due from the Trust under
Section 8(a) hereunder.

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          (c) Promptly after receipt by an indemnified party under this Section
8 of notice of the commencement of any action, such indemnified party will, if a
claim in respect thereof is to be made against the indemnifying party under this
Section 8, notify the indemnifying party in writing of the commencement thereof;
but the failure so to notify the indemnifying party (i) will not relieve the
indemnifying party from liability under paragraph (a) above, unless and to the
extent that the indemnifying party did not otherwise learn of such action and
such failure results in the forfeiture by the indemnifying party of substantial
rights and defenses and (ii) will not, in any event, relieve the indemnifying
party from any obligations to any indemnified party other than the
indemnification obligation provided in paragraph (a) above. The indemnifying
party shall be entitled to appoint counsel of the indemnifying party's choice at
the indemnifying party's expense to represent the indemnified party in any
action for which indemnification is sought (in which case the indemnifying party
shall not thereafter be responsible for the fees and expenses of any separate
counsel retained by the indemnified party or parties except as set forth below);
provided, however, that such counsel shall be satisfactory to the indemnified
party. Notwithstanding the indemnifying party's election to appoint counsel to
represent the indemnified party in an action, the indemnified party shall have
the right to employ separate counsel (including local counsel), and the
indemnifying party shall bear the reasonable fees, costs and expenses of such
separate counsel if (i) the use of counsel chosen by the indemnifying party to
represent the indemnified party would present such counsel with a conflict of
interest, (ii) the actual or potential defendants in, or targets of, any such
action include both the indemnified party and the indemnifying party and the
indemnified party shall have reasonably concluded that there may be legal
defenses available to it and/or other indemnified parties which are different
from or additional to those available to the indemnifying party, (iii) the
indemnifying party shall not have employed counsel satisfactory to the
indemnified party to represent the indemnified party within a reasonable time
after notice of the institution of such action or (iv) the indemnifying party
shall authorize the indemnified party to employ separate counsel at the expense
of the indemnifying party. An indemnifying party will not, without the prior
written consent of the indemnified parties, settle or compromise or consent to
the entry of any judgment with respect to any pending or threatened claim,
action, suit or proceeding in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified parties are actual or
potential parties to such claim or action) unless such settlement, compromise or
consent includes an unconditional release of each indemnified party from all
liability arising out of such claim, action, suit or proceeding. An indemnified
party will not, without the prior written consent of the indemnifying parties,
settle or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the
indemnified parties are actual or potential parties to such claim or action).

          (d) In the event that the indemnity provided in paragraph (a), (b) or
(c) of this Section 8 is unavailable or insufficient to hold harmless an
indemnified party for any reason, the Company, the Trust and you agree to
contribute to the aggregate losses, claims, damages and liabilities (including
legal or other expenses reasonably incurred in connection with investigating or
defending same) (collectively "Losses") to which the Company, the Trust and you
may be subject in such proportion as is appropriate to reflect the relative
benefits received by the Company and the Trust on the one hand and by you on the
other from the offering of the Securities; provided, however, that in no case
shall you be responsible for any amount in excess of the total commissions
specified in Section 2 hereunder. If the allocation provided by the

                                       11

<PAGE>

immediately preceding sentence is unavailable for any reason, the Company, the
Trust and you shall contribute in such proportion as is appropriate to reflect
not only such relative benefits but also the relative fault of the Company and
the Trust on the one hand and of you on the other in connection with the
statements or omissions which resulted in such Losses, as well as any other
relevant equitable considerations. Benefits received by the Company and the
Trust shall be deemed to be equal to the total net proceeds from the offering
(before deducting expenses) received by it, and benefits received by you shall
be deemed to be equal to the total commissions specified in Section 2. Relative
fault shall be determined by reference to, among other things, whether any
untrue or any alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information provided by the
Company and the Trust on the one hand or you on the other, the intent of the
parties and their relative knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission. The Company, the Trust and
you agree that it would not be just and equitable if contribution were
determined by pro rata allocation or any other method of allocation which does
not take account of the equitable considerations referred to above.
Notwithstanding the provisions of this paragraph (d), no person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this Section 8, the
Purchaser, each person who controls the Placement Agent or the Purchaser within
the meaning of either the Securities Act or the Exchange Act and each director,
officer, employee and agent of the Placement Agent or the Purchaser shall have
the same rights to contribution as you, and each person who controls the Company
within the meaning of either the Securities Act or the Exchange Act, each
officer and director of the Company and each Administrator of the Trust shall
have the same rights to contribution as the Company, subject in each case to the
applicable terms and conditions of this paragraph (d).

          9. Termination. This Agreement shall be subject to termination in the
absolute discretion of you, by notice given to the Company and the Trust prior
to delivery of and payment for the Capital Securities, if prior to such time (i)
there has occurred any Material Adverse Effect, (ii) trading in any of the
Company's securities shall have been suspended by the Commission or the exchange
upon which the Company's securities are traded, if any, or trading in securities
generally on the New York Stock Exchange shall have been suspended or limited or
minimum prices shall have been established on such Exchange, (iii) a banking
moratorium shall have been declared either by Federal or Colorado authorities,
or (iv) there shall have occurred any outbreak or escalation of hostilities,
declaration by the United States of a national emergency or war or other
calamity or crisis the effect of which on financial markets is such as to make
it, in your judgment, impracticable or inadvisable to proceed with the offering
or delivery of the Capital Securities.

          10. Representations and Indemnities to Survive. The respective
agreements, representations, warranties, indemnities and other statements of the
Company and the Trust or their respective officers or trustees and of the
Placement Agent set forth in or made pursuant to this Agreement will remain in
full force and effect, regardless of any investigation made by or on behalf of
the Placement Agent, the Company or the Trust or any of the officers, directors
or trustees, administrators, controlling persons, and will survive delivery of
and payment for the Capital Securities. The provisions of Sections 7 and 8
hereof shall survive the termination or cancellation of this Agreement.

                                       12

<PAGE>

          11. Notices. All communications hereunder will be in writing and
effective only on receipt, and, if sent to the Placement Agent, will be mailed,
delivered or telecopied and confirmed to at 12 E 49th Street, 45th Floor, New
York, New York 10017, Attention: Michael Thompson; if sent to the Company or the
Trust, will be mailed, delivered or telecopied and confirmed to it at 390
Interlocken Crescent, Suite 600, Broomfield, Colorado 80021.

          12. Successors. This Agreement will inure to the benefit of and be
binding upon the parties hereto and their respective successors and the officers
and directors and controlling persons, and, except as set forth below, no other
person will have any right or obligation hereunder.

          The parties hereto agree that each transferee of the Capital
Securities is an express and intended third party beneficiary of this Agreement
and shall be entitled to the benefit of, and to rely on, the provisions of this
Agreement to the extent such provisions address or relate to the Capital
Securities.

          13. Applicable Law. THIS AGREEMENT WILL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO
CONFLICTS OF LAWS PRINCIPLES THEREOF.

          14. Counterparts. This Agreement may contain more than one counterpart
of the signature page and this Agreement may be executed by the affixing of the
signature of each of the Company, the Trust and you 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 signature page.

                                       13

<PAGE>

          If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us the enclosed duplicate hereof, whereupon
this letter and your acceptance shall represent a binding agreement among the
Company, the Trust and you.

                                        Very truly yours,

                                        FRONT RANGE CAPITAL CORPORATION

                                        By:
                                            ------------------------------------
                                        Name: Alice M. Voss
                                        Title: Chief Financial Officer

                                        FRONT RANGE CAPITAL TRUST II

                                        By:
                                            ------------------------------------
                                        Name: Alice M. Voss
                                        Title: Administrator

The foregoing Agreement is hereby
confirmed and accepted as of the
date first above written.

WACHOVIA CAPITAL MARKETS, LLC

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

                                       14

<PAGE>

                                                                      SCHEDULE 1

                              LIST OF SUBSIDIARIES

Front Range Capital Trust I

Heritage Bank

                                       15

<PAGE>

                                                                    EXHIBIT 4.15

                                                                         ANNEX A

          Pursuant to Section 6(a) of the Placement Agreement, special counsel
for the Company shall deliver an opinion in substantially the following form:

               (i) each of the Company and the Subsidiaries (A) has been duly
     incorporated and is validly existing as a corporation in good standing
     under the laws of the jurisdiction in which it is chartered or organized,
     with full corporate power and authority to own its properties and conduct
     the business it transacts and proposes to transact, (B) is duly qualified
     to do business as a foreign corporation and is in good standing under the
     laws of each jurisdiction which requires such qualification wherein it owns
     or leases properties or conducts business, except where the failure to be
     so qualified would not, singularly or in the aggregate, have a Material
     Adverse Effect, and (C) holds all approvals, authorizations, orders,
     licenses, certificates and permits from governmental authorities necessary
     for the conduct of its business, except where the failure to hold such
     approvals, authorizations, orders, licenses, certificates and/or permits
     would not, singularly or in the aggregate, have a Material Adverse Effect;

               (ii) no consent, approval, authorization or order of any court or
     governmental agency or body is required for the consummation of the
     transactions contemplated herein or in the Operative Documents, in
     connection with the solicitation of the purchase and sale of the Capital
     Securities by you or the purchase of the Subordinated Debt Securities by
     the Trust except such approvals (specified in such opinion) as have been
     obtained;

               (iii) neither the issue and sale of the Capital Securities or the
     Subordinated Debt Securities, the execution and delivery of the Operative
     Documents by the Company or the Trust and the consummation of any other of
     the transactions therein contemplated in any Operative Document nor the
     fulfillment of the terms thereof will conflict with, result in a breach or
     violation of, or constitute a default under any law or the charter or
     by-laws of the Company or any of its Subsidiaries, the terms of any
     indenture or other agreement or instrument known to such counsel after due
     inquiry and to which the Company or any of its Subsidiaries is a party or
     bound or any judgment, order, decree, of any court, regulatory body,
     administrative agency, governmental body or arbitrator having jurisdiction
     over the Company or any of its Subsidiaries, or any provision of applicable
     law, known to such counsel after due inquiry to be applicable to the
     Company or any of its Subsidiaries, except for such conflicts, breaches,
     violations or defaults which are not, in the aggregate, material to the
     Company and its subsidiaries taken as a whole and which do not adversely
     affect the consummation of the transactions contemplated in this Agreement
     and the Operative Documents;

               (iv) the Company is duly registered as a bank holding company
     under the Bank Holding Company Act and the regulations thereunder of the
     Federal Reserve, and the deposit accounts of the Company's banking
     subsidiaries are insured by the FDIC to the fullest extent permitted by law
     and the rules and regulations of the FDIC, and, to

<PAGE>

     the best of our knowledge no proceeding for the termination of such
     insurance is pending or threatened;

               (v) each of the Indenture and the Guarantee Agreement has been
     duly authorized, executed and delivered by the Company, and (in the case of
     the Indenture and the Guarantee, respectively, assuming it is duly
     authorized, executed and delivered by the Indenture Trustee and the
     Guarantee Trustee, respectively) constitutes a legal, valid and binding
     instrument of the Company enforceable against the Company in accordance
     with its terms, subject to Bankruptcy and Equity; the Subordinated Debt
     Securities have been duly and validly authorized and delivered to the
     Indenture Trustee for authentication in accordance with the Indenture, and
     when authenticated in accordance with the provisions of the Indenture and
     delivered to and paid for by the Trust, will constitute legal, valid and
     binding obligations of the Company entitled to the benefits of the
     Indenture and enforceable against the Company in accordance with its terms,
     subject to Bankruptcy and Equity;

               (vi) each of the Placement Agreement and the Capital Securities
     Subscription Agreement has been duly authorized, executed and delivered by
     the Company and constitutes a valid and binding instrument of the Company,
     enforceable against the Company in accordance with its terms;

               (vii) the Declaration has been duly authorized, executed and
     delivered by the Company and the Administrators;

               (viii) each of the Placement Agreement and the Capital Securities
     Subscription Agreement has been duly executed and delivered by the Trust
     and constitutes a valid and binding instrument of the Trust, enforceable
     against the Trust in accordance with its terms;

               (ix) neither the Company nor the Trust is, and, following the
     issuance of the Capital Securities and the consummation of the transactions
     contemplated by the Operative Documents and the application of the proceeds
     therefrom, neither the Company nor the Trust will be an "investment
     company" or an entity "controlled" by an "investment company," required to
     be registered under the Investment Company Act; and

               (x) assuming the accuracy of the representations and warranties
     and compliance with the agreements contained herein, no registration of any
     of the Securities under the Securities Act is required for the offer, and
     sale and delivery by the Trust to the Purchaser of the Capital Securities
     in the manner contemplated by this Agreement, and the Indenture, the
     Declaration and the Guarantee are not required to be qualified under the
     Trust Indenture Act of 1939.

In rendering such opinions, such counsel may (A) state that its opinion is
limited to the laws of New York, the corporate laws of the State of Delaware and
the Federal laws of the United States and (B) rely as to matters involving the
application of laws of any jurisdiction other than New York and Delaware or the
United States, to the extent deemed proper and specified in such opinion, upon
the opinion of other counsel of good standing believed to be reliable and who
are

                                        2

<PAGE>

satisfactory to you and as to matters of fact, and to the extent deemed proper,
upon certificates of responsible officers of the Company and public officials.
Such opinion shall provide that any Subsequent Pooled Trust Vehicle may rely on
such opinion as if it was an addressee thereof.

                                        3

<PAGE>

                                                                         ANNEX B

Pursuant to Section 6(b) of the Placement Agreement, special tax counsel for the
Company shall deliver an opinion in substantially the following form:

          We have acted as special tax counsel to Front Range Capital
Corporation, a Colorado corporation (the "Company"), in connection with the
offering by Front Range Capital Trust II (the "Trust") of 9,200 Fixed/Floating
Rate Capital Securities (liquidation amount $1,000 per capital security) (the
"Capital Securities"). The Capital Securities represent undivided beneficial
ownership interests in $9,485,000 in aggregate principal amount of
Fixed/Floating Rate Junior Subordinated Debt Securities due 2036 of the Company
(the "Subordinated Debt Securities"). This opinion letter is furnished pursuant
to Section 6(b) of the Placement Agreement dated November 8, 2005, between the
Company, the Trust and you.

          In arriving at the opinions expressed below we have examined executed
copies of (i) the Amended and Restated Declaration of Trust of the Trust dated
the date hereof (the "Declaration"), and (ii) the Indenture relating to the
issuance of the Subordinated Debt Securities dated the date hereof (the
"Indenture") (together, the "Operative Documents"). In addition, we have made
such investigations of law and fact as we have deemed appropriate as a basis for
the opinion expressed below.

          It is our opinion that, under current law and assuming the performance
of the Operative Documents in accordance with the terms described therein, the
Subordinated Debt Securities will be treated for United States federal income
tax purposes as indebtedness of the Company.

          Our opinion is based on the U.S. Internal Revenue Code of 1986, as
amended, Treasury regulations promulgated thereunder, and administrative and
judicial interpretations thereof, all as of the date hereof and all of which are
subject to change, possibly on a retroactive basis. In rendering this opinion,
we are expressing our views only as to the federal income tax laws of the United
States of America.

          Such opinion shall provide that any Subsequent Pooled Trust Vehicle
may rely on such opinion as if it was an addressee thereof.

                                        4

<PAGE>

                                                                    EXHIBIT 4.15

                                                                         ANNEX C

          Pursuant to Section 6(c) of the Placement Agreement, special Delaware
counsel for the Company and the Trust shall deliver an opinion in substantially
the following form:

          1. The Trust has been duly formed and is validly existing in good
standing as a statutory trust under the Act.

          2. The Declaration constitutes a valid and binding obligation of the
Sponsor and Trustees party thereto, enforceable against such Sponsor and
Trustees in accordance with its terms.

          3. Under the Act and the Declaration, the Trust has the requisite
trust power and authority (i) to own its properties and conduct its business,
all as described in the Declaration, (ii) to execute and deliver, and perform
its obligations under, the Trust Documents, (iii) to authorize, issue, sell and
perform its obligations under its Trust Securities, and (iv) to purchase and
hold the Debentures.

          4. The Capital Securities of the Trust have been duly authorized for
issuance by the Trust and, when issued, executed and authenticated in accordance
with the Declaration and delivered against payment therefor in accordance with
the Declaration and the Capital Subscription Securities Agreement, will be
validly issued and, subject to the qualifications set forth in paragraph 5
below, fully paid and nonassessable undivided beneficial interests in the assets
of the Trust and the Capital Security Holders will be entitled to the benefits
provided by the Declaration.

          5. Each Capital Security Holder, in such capacity, will 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. We note, however, that the Capital Security Holders may be required
to make payment or provide indemnity or security as set forth in the
Declaration.

          6. Under the Declaration and the Act, the issuance of the Trust
Securities of the Trust is not subject to preemptive rights.

          7. The Common Securities of the Trust have been duly authorized for
issuance by the Trust and, when issued and executed in accordance with the
Declaration and delivered against payment therefor in accordance with the
Declaration and the Common Securities Subscription Agreement, will be validly
issued undivided beneficial interests in the assets of the Trust and the Common
Security Holders will be entitled to the benefits provided by the Declaration.

          8. Under the Declaration and the Act, the execution and delivery by
the Trust of the Trust Documents, and the performance by the Trust of its
obligations thereunder, have been duly authorized by the requisite trust action
on the part of such Trust.

<PAGE>

          9. The issuance and sale by the Trust of its Trust Securities, the
execution, delivery and performance by the Trust of the Trust Documents, the
consummation by the Trust of the transactions contemplated by the Trust
Documents, and the compliance by the Trust with its obligations thereunder are
not prohibited by (i) the Declaration or the Certificate, or (ii) any law or
administrative regulation of the State of Delaware applicable to such Trust.

          10. No authorization, approval, consent or order of any Delaware court
or Delaware governmental authority or Delaware agency is required to be obtained
by the Trust solely in connection with the issuance and sale by the Trust of its
Trust Securities, the due authorization, execution and delivery by the Trust of
the Trust Documents or the performance by the Trust of its obligations under the
Trust Documents.

          11. The Capital Security Holders (other than those Capital Security
Holders who reside or are domiciled in the State of Delaware) will have no
liability for income taxes imposed by the State of Delaware solely as a result
of their participation in the Trust, and the Trust will not be liable for any
income tax imposed by the State of Delaware.

          Such opinion shall provide that any Subsequent Pooled Trust Vehicle
may rely on such opinion as if it was an addressee thereof.

                                        2

<PAGE>

                                                                    EXHIBIT 4.15

                                                                         ANNEX D

          Pursuant to Section 6(d) of the Placement Agreement, counsel for the
Guarantee Trustee, the Institutional Trustee, the Delaware Trustee and the
Indenture Trustee shall deliver an opinion in substantially the following form:

          1. Wilmington Trust Company ("WTC") is a Delaware banking corporation
with trust powers, duly incorporated, validly existing and in good standing
under the laws of the State of Delaware, with requisite corporate power and
authority to execute and deliver, and to perform its obligations under, the
Transaction Documents.

          2. The execution, delivery, and performance by WTC of the Transaction
Documents have been duly authorized by all necessary corporate action on the
part of WTC, and the Transaction Documents have been duly executed and delivered
by WTC.

          3. The execution, delivery and performance of the Transaction
Documents by WTC and the consummation of any of the transactions by WTC
contemplated thereby are not prohibited by (i) the Charter or Bylaws of WTC,
(ii) any law or administrative regulation of the State of Delaware or the United
States of America governing the banking and trust powers of WTC, or (iii) to our
knowledge (based and relying solely on the Officer Certificates), any agreements
or instruments to which WTC is a party or by which WTC is bound or any judgments
or order applicable to WTC.

          4. The Debentures delivered on the date hereof have been authenticated
by due execution thereof and delivered by WTC, as Debenture Trustee, in
accordance with the Corporation Order. The Capital Securities delivered on the
date hereof have been authenticated by due execution thereof and delivered by
WTC, as Institutional Trustee, in accordance with the related Trust Order.

          5. None of the execution, delivery and performance by WTC of the
Transaction Documents and the consummation of any of the transactions by WTC
contemplated thereby requires the consent, authorization, order or approval of,
the withholding of objection on the part of, the giving of notice to, the
registration with or the taking of any other action in respect of, any
governmental authority or agency, under any law or administrative regulation of
the State of Delaware or the United States of America governing the banking and
trust powers of WTC, except for the filing of the Certificate for the Trust with
the Office of the Secretary of State of the State of Delaware pursuant to the
Delaware Statutory Trust Act 12 Del.C. Section 3801, et seq. (which filing has
been duly made).

          Such opinion shall provide that any Subsequent Pooled Trust Vehicle
may rely on such opinion as if it was an addressee thereof.<PAGE>
                                                                    EXHIBIT 4.16

                              DECLARATION OF TRUST
                                       OF
                          FRONT RANGE CAPITAL TRUST II

          THIS DECLARATION OF TRUST is made as of November 2, 2005 (this
"Declaration"), by and among Front Range Capital Corporation, a Colorado
corporation, as sponsor (the "Sponsor"), and Wilmington Trust Company, a
Delaware banking corporation, as Delaware trustee (the "Trustee"). The Sponsor
and the Trustee hereby agree as follows:

          1. The trust created hereby shall be known as "Front Range Capital
Trust II" (the "Trust"), in which name the Trustee or the Sponsor, to the extent
provided herein, may conduct the business of the Trust, make and execute
contracts, and sue and be sued.

          2. The Sponsor hereby assigns, transfers, conveys and sets over to the
Trust the sum of $10. The Trustee hereby acknowledges receipt of such amount in
trust from the Sponsor, which amount shall constitute the initial trust estate.
The Trustee hereby declares that it will hold the trust estate in trust for the
Sponsor. It is the intention of the parties hereto that the Trust created hereby
constitute a statutory trust under chapter 38 of Title 12 of the Delaware Code,
12 Del. C. Section 3801, et seq. (the "Statutory Trust Act"), and that this
Declaration constitute the governing instrument of the Trust. The Trustee is
hereby authorized and directed to execute and file a certificate of trust with
the Secretary of State of the State of Delaware in the form attached to this
Declaration.

          3. The Sponsor and the Trustee will enter into an amended and restated
Declaration of Trust satisfactory to each such party to provide for the
contemplated operation of the Trust created hereby and the issuance by the Trust
of the Capital Securities and Common Securities referred to therein. Prior to
the execution and delivery of such amended and restated Declaration of Trust (i)
the Trustee shall not have any duty or obligation hereunder or with respect to
the trust estate, except as otherwise required by applicable law, and (ii) the
Sponsor shall take or cause to be taken any action as may be necessary to obtain
prior to such execution and delivery any licenses, consents or approvals
required by applicable law or otherwise. Notwithstanding the foregoing, the
Trustee may take all actions which the Sponsor deems necessary, convenient or
incidental to effect the transactions contemplated herein. The Trustee shall not
have any duty or obligation under or in connection with this Declaration or any
document contemplated hereby, except as expressly provided by the terms of this
Declaration, and no implied duties or obligations shall be read into this
Declaration against the Trustee. The right of the Trustee to perform any
discretionary act enumerated herein shall not be construed as a duty.

          4. The Sponsor hereby agrees to (i) reimburse the Trustee for all
reasonable expenses (including reasonable fees and expenses of counsel and other
experts), (ii) indemnify, defend and hold harmless the Trustee and the officers,
directors, employees and agents of the Trustee (collectively, including the
Trustee in its individual capacity, the "Indemnified Persons") from and against
any and all losses, damages, liabilities, claims, actions suits, costs,
expenses, disbursements (including the reasonable fees and expenses of counsel),
taxes and penalties of any kind and nature whatsoever (collectively,
"Expenses"), to the extent that such Expenses arise out of or are imposed upon
or asserted at any time against such Indemnified Persons with respect

<PAGE>

to the performance of this Declaration, the creation, operation, administration
or termination of the Trust, or the transactions contemplated hereby; provided,
however, that the Sponsor shall not be required to indemnify an Indemnified
Person for Expenses to the extent such Expenses result from the willful
misconduct, bad faith or gross negligence of such Indemnified Person, and (iii)
advance to each such Indemnified Person Expenses incurred by such Indemnified
Person, in defending any claim, demand, action, suit or proceeding prior to the
final disposition of such claim, demand, action, suit or proceeding upon receipt
by the Sponsor of an undertaking, by or on behalf of such Indemnified Person, to
repay such amount if it shall be determined that such Indemnified Person is not
entitled to be indemnified therefor under this Section 4. The obligations of the
Sponsor under this Section 4 shall survive the resignation or removal of the
Trustee, shall survive the termination, amendment, supplement, and/or
restatement of this Declaration, and shall survive the transfer by the Sponsor
of any or all of its interest in the Trust pursuant to Section 5 below or
otherwise.

          5. The Sponsor, as sponsor of the Trust, is hereby authorized, in its
discretion, (i) to prepare, execute and file on behalf of the Trust, such
applications, reports, surety bonds, irrevocable consents, appointments of
attorney for service of process and other papers and documents that shall be
necessary or desirable to register or establish the exemption from registration
of the Capital Securities of the Trust under the securities or "Blue Sky" laws
of such jurisdictions as the Sponsor, on behalf of the Trust, may deem necessary
or desirable; (ii) to negotiate, execute, deliver and perform on behalf of the
Trust one or more placement agent agreements, dealer/manager agreements, escrow
agreements, subscription agreements and other similar or related agreements
providing for or relating to the sale and issuance of the Capital Securities of
the Trust and/or any other interests in the Trust; (iii) to prepare, execute and
deliver on behalf of the Trust any and all documents, certificates, papers,
instruments and other writings as it deems desirable in connection with any of
the foregoing; and (iv) to prepare, execute and deliver letters or documents to,
or instruments for filing with, a depository relating to the Capital Securities
of the Trust as it deems necessary or desirable.

          In the event that any filing referred to in this Section 5 is required
by the rules and regulations of Securities and Exchange Commission (the
"Commission") or state securities or Blue Sky laws to be executed on behalf of
the Trust by a trustee, the Trustee, in its capacity as a trustee of the Trust,
so required to execute such filings is hereby authorized and directed to join in
any such filing and to execute on behalf of the Trust any and all of the
foregoing, it being understood that the Trustee, in its capacity as a trustee of
the Trust, shall not be required to join in any such filing or execute on behalf
of the Trust any such document unless required to do so by the rules and
regulations of the Commission or applicable state securities or Blue Sky laws.

          6. The Trustee is authorized to take such action or refrain from
taking such action under this Declaration as it may be directed in writing by
the Sponsor from time to time; provided, however, that the Trustee shall not be
required to take or refrain from taking any such action if it shall have been
determined, or shall have been advised by counsel, that such performance is
likely to involve the Trustee in personal liability or is contrary to the terms
of this Declaration or of any document contemplated hereby to which the Trust or
the Trustee is a party or is otherwise contrary to law. If at any time the
Trustee determines that it requires or desires guidance regarding the
application of any provision of this Declaration or any other document, or
regarding compliance with any direction it received hereunder, then the Trustee
may deliver a

                                       -2-

<PAGE>

notice to the Sponsor requesting written instructions as to the course of action
desired by the Sponsor, and such instructions shall constitute full and complete
authorization and protection for actions taken and other performance by the
Trustee in reliance thereon. Until the Trustee has received such instructions
after delivering such notice, it may refrain from taking any action with respect
to the matters described in such notice.

          7. This Declaration may be executed in two or more counterparts.

          8. The number of trustees of the Trust initially shall be one (1), and
thereafter the number of trustees of the Trust shall be such number as shall be
fixed from time to time by a written instrument signed by the Sponsor which may
increase or decrease the number of trustees of the Trust; provided, however, to
the extent required by the Statutory Trust Act, there shall at all times be one
trustee of the Trust that shall either be a natural person who is a resident of
the State of Delaware or, if not a natural person, an entity which has its
principal place of business in the State of Delaware and otherwise meets the
requirements of applicable law. Subject to the foregoing, the Sponsor is
entitled to appoint or remove without cause any trustee of the Trust at any
time. Any trustee of the Trust may resign upon thirty (30) days' prior notice to
the Sponsor.

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

                            [SIGNATURE PAGE FOLLOWS]

                                       -3-

<PAGE>

                                                                    EXHIBIT 4.16

          IN WITNESS WHEREOF, the parties hereto have caused this Declaration of
Trust to be duly executed as of the day and year first above written.

                                        FRONT RANGE CAPITAL CORPORATION
                                        as Sponsor

                                        By:
                                            ------------------------------------
                                        Name: Alice M. Voss
                                        Title: Chief Financial Officer

                                        WILMINGTON TRUST COMPANY
                                        as Trustee

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

Initial Declaration of Trust

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