Document:

Exhibit 10.6

                        AMENDED AND RESTATED DECLARATION

                                    OF TRUST

                             Valley Commerce Trust I

                           Dated as of March 27, 2003

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                                TABLE OF CONTENTS

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ARTICLE I
INTERPRETATION AND DEFINITIONS
     SECTION 1.1. Definitions                                                                      1
ARTICLE II
ORGANIZATION
     SECTION 2.1.   Name                                                                           8
     SECTION 2.2.   Office                                                                         8
     SECTION 2.3.   Purpose                                                                        8
     SECTION 2.4.   Authority                                                                      9
     SECTION 2.5.   Title to Property of the Trust                                                 9
     SECTION 2.6.   Powers and Duties of the Trustees and the Administrators                       9
     SECTION 2.7.   Prohibition of Actions by the Trust and the Trustees                          14
     SECTION 2.8.   Powers and Duties of the Institutional Trustee                                15
     SECTION 2.9.   Certain Duties and Responsibilities of the Trustees and the Administrators    16
     SECTION 2.10.  Certain Rights of Institutional Trustee                                       18
     SECTION 2.11.  Delaware Trustee                                                              20
     SECTION 2.12.  Execution of Documents                                                        20
     SECTION 2.13.  Not Responsible for Recitals or Issuance of Securities                        21
     SECTION 2.14.  Duration of Trust                                                             21
     SECTION 2.15.  Mergers                                                                       21
ARTICLE III
SPONSOR
     SECTION 3.1.   Sponsor's Purchase of Common Securities                                       23
     SECTION 3.2.   Responsibilities of the Sponsor                                               23
ARTICLE IV
TRUSTEES AND ADMINISTRATORS
     SECTION 4.1.   Number of Trustees                                                            23
     SECTION 4.2.   Delaware Trustee                                                              24
     SECTION 4.3.   Institutional Trustee; Eligibility                                            24
     SECTION 4.4.   Certain Qualifications of the Delaware Trustee Generally                      24
     SECTION 4.5.   Administrators                                                                25
     SECTION 4.6.   Initial Delaware Trustee                                                      25
     SECTION 4.7.   Appointment, Removal and Resignation of the Trustees and the Administrators   25
     SECTION 4.8.   Vacancies Among Trustees                                                      27
     SECTION 4.9.   Effect of Vacancies                                                           27
     SECTION 4.10.  Meetings of the Trustees and the Administrators                               27
     SECTION 4.11.  Delegation of Power                                                           28
     SECTION 4.12.  Merger, Conversion, Consolidation or Succession to Business                   28
ARTICLE V
DISTRIBUTIONS
     SECTION 5.1.   Distributions                                                                 28
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ARTICLE VI
ISSUANCE OF SECURITIES
     SECTION 6.1.   General Provisions Regarding Securities                                       28
     SECTION 6.2.   Paying Agent, Transfer Agent, Calculation Agent and Registrar                 29
     SECTION 6.3.   Form and Dating                                                               30
     SECTION 6.4.   Mutilated, Destroyed, Lost or Stolen Certificates                             30
     SECTION 6.5.   Temporary Securities                                                          31
     SECTION 6.6.   Cancellation                                                                  31
     SECTION 6.7.   Rights of Holders; Waivers of Past Defaults                                   31
ARTICLE VII
DISSOLUTION AND TERMINATION OF TRUST
     SECTION 7.1.   Dissolution and Termination of Trust                                          33
ARTICLE VIII
TRANSFER OF INTERESTS
     SECTION 8.1.   General                                                                       34
     SECTION 8.2.   Transfer Procedures and Restrictions                                          35
     SECTION 8.3.   Deemed Security Holders                                                       38
ARTICLE IX
LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS
     SECTION 9.1.   Liability                                                                     38
     SECTION 9.2.   Exculpation                                                                   39
     SECTION 9.3.   Fiduciary Duty                                                                39
     SECTION 9.4.   Indemnification                                                               40
     SECTION 9.5.   Outside Businesses                                                            43
     SECTION 9.6.   Compensation; Fee                                                             43
ARTICLE X
ACCOUNTING
     SECTION 10.1.  Fiscal Year                                                                   43
     SECTION 10.2.  Certain Accounting Matters                                                    43
     SECTION 10.3.  Banking                                                                       44
     SECTION 10.4.  Withholding                                                                   44
ARTICLE XI
AMENDMENTS AND MEETINGS
     SECTION 11.1.  Amendments                                                                    45
     SECTION 11.2.  Meetings of the Holders of the Securities; Action by Written Consent          47
ARTICLE XII
REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND DELAWARE TRUSTEE
     SECTION 12.1.  Representations and Warranties of Institutional Trustee                       48
     SECTION 12.2.  Representations and Warranties of Delaware Trustee                            49
ARTICLE XIII
MISCELLANEOUS
     SECTION 13.1.  Notices                                                                       50
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     SECTION 13.2.  Governing Law                                                                 51
     SECTION 13.3.  Submission to Jurisdiction                                                    51
     SECTION 13.4.  Intention of the Parties                                                      52
     SECTION 13.5.  Headings                                                                      52
     SECTION 13.6.  Successors and Assigns                                                        52
     SECTION 13.7.  Partial Enforceability                                                        52
     SECTION 13.8.  Counterparts                                                                  52
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                                TABLE OF CONTENTS
                                   (continued)

ANNEXES AND EXHIBITS

ANNEX I      Terms of TP Securities and Common Securities

EXHIBIT A-1  Form of Capital Security Certificate
EXHIBIT A-2  Form of Common Security Certificate
EXHIBIT B    Form of Transferee Certificate to be Executed by Transferees Other
             than QIBs
EXHIBIT C    Form of Transferor Certificate to be Executed for QIBs

                                      -iv-
<PAGE>

                    AMENDED AND RESTATED DECLARATION OF TRUST

                                       OF

                             Valley Commerce Trust I

                                 March 27, 2003

      AMENDED AND RESTATED DECLARATION OF TRUST (this "Declaration"), dated and
effective as of March 27, 2003, 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 Valley Commerce Trust I (the "Trust"), a statutory trust under the
Statutory Trust Act (as defined herein), pursuant to a Declaration of Trust,
dated as of March 19, 2003, (the "Original Declaration"), and a Certificate of
Trust filed with the Secretary of State of the State of Delaware on March 19,
2003, for the sole purpose of issuing and selling certain securities
representing undivided beneficial interests in the assets of the Trust and
investing the proceeds thereof in certain debentures of the Debenture Issuer (as
defined herein);

      WHEREAS, as of the date hereof, no interests in the 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 trust under the Statutory Trust Act and that this
Declaration constitutes the governing instrument of such statutory trust, and
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:

                                    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;

<PAGE>

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

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

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

      (e) a term defined in the Trust Indenture Act (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 Donald A. Gilles and Roy O. Estridge,
solely in such Person's capacity as Administrator of the Trust continued
hereunder and not in such Person's individual capacity, or such Administrator's
successor in interest in such capacity, or any successor appointed as herein
provided.

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

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

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

      (a) a court having jurisdiction in the premises 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.

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

      "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 registered
in the name of the Holder representing a Capital Security substantially in the
form of Exhibit A-1.

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

      "Certificate" means any certificate evidencing Securities.

      "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 Purchase Agreement.

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

      "Commission" means the United States Securities and Exchange Commission.

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

      "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.

      "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 919 Market Street Suite 700 Wilmington, DE 19801, Attention:
Corporate Trust Division.

      "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 Valley Commerce Bancorp, a bank holding company
incorporated in California, in its capacity as issuer of the Debentures under
the Indenture.

                                      -3-
<PAGE>

      "Debenture Trustee" means Wells Fargo Bank, National Association, a
national banking association with its principal place of business in the State
of Delaware, 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 Junior Subordinated Debt Securities due April 7,
2033 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
quarterly from the date on which such Deferred Interest would otherwise have
been due and payable until paid or made available for payment.

      "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(e) 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(e) of Annex I.

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

      "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 or the Delaware Trustee.

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

      "Guarantee" means the Guarantee Agreement, dated as of March 27, 2003, of
the Sponsor in respect of the Capital Securities.

                                      -4-
<PAGE>

      "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
Statutory Trust Act.

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

      "Indenture" means the Indenture, dated as of March 27, 2003, 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.

      "Indenture" means the Person that acquires the Capital Securities upon the
original issuance thereof by the Trust.

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

      "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" means the London Interbank Offered Rate for U.S. Dollar deposits
in Europe as determined by the Calculation Agent according to paragraph 2(b) of
Annex I.

      "LIBOR Banking Day" has the meaning set forth in paragraph 2(b)(1) of
Annex I.

      "LIBOR Business Day" has the meaning set forth in paragraph 2(b)(1) of
Annex I.

      "LIBOR Determination Date" has the meaning set forth in paragraph 2(b)(1)
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 Holders 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.

                                      -5-
<PAGE>

      "Maximum Rate Increase" means that for the period of time from the date
hereof to the fourth quarterly Distribution Payment Date and during each
twelve-month period covering each subsequent four quarterly Distribution Payment
Dates (each a "Measured Period"), up to and including the 20th quarterly
Distribution Payment Date, the applicable Coupon Rate shall not exceed the sum
of (i)(A) for the first Measured Period, the Coupon Rate in effect on the first
Distribution Payment Date and (B) for each subsequent Measured Period, the
Coupon Rate in effect on the last quarterly Distribution Payment Date of the
immediately preceding Measured Period, plus (ii) 2.75%.

      "Notice" has the meaning set forth in Section 2.11 of the Indenture.

      "Officers' Certificate" 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
in this Declaration shall include:

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

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

      (e) 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

      (f) 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 set forth 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.

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

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

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

                                      -6-
<PAGE>

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

      "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.

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

      "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 secretary, 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 from time to
time, or any successor legislation.

      "Sponsor" means Valley Commerce Bancorp, a bank holding company that is a
U.S. Person incorporated in California, or any successor entity in a merger,
consolidation or amalgamation that is a U.S. Person, in its capacity as sponsor
of the Trust.

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

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

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

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

      "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.

                                      -7-
<PAGE>

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

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

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

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

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

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

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

                                   ARTICLE II
                                  ORGANIZATION

SECTION 2.1. Name. The Trust is named "Valley Commerce 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 200 S.
Court St., Visalia, California 93291. 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.

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

                                       -8-
<PAGE>

invest the gross proceeds from such sale in 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 such Trustee's 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
2.6(g) and 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;

                  (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

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<PAGE>

                  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 and applicable
                  state securities or blue sky laws;

                  (D) if and at such time determined solely 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 Purchase 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 Statutory Trust Act, to execute on behalf of
                  the Trust (either acting alone or together with any or all of
                  the Administrators) any documents that the Administrators have
                  the power to execute pursuant to this Declaration;

                  (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
                  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;

                                      -10-
<PAGE>

                  (M) to negotiate the terms of, and the execution and delivery
                  of, the Purchase 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 ss. 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
                  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;

                  (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;

                                      -11-
<PAGE>

                  (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
                  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 ss. 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 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,
      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):

                                      -12-
<PAGE>

            (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.

      (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

                                      -13-
<PAGE>

      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 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

                                      -14-
<PAGE>

      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 ss. 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.

      (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

                                      -15-
<PAGE>

      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 Common Securities may exercise such right of subrogation only if no
      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.

      (h) 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 the
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 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

                                      -16-
<PAGE>

      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 the 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:

            (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;

                                      -17-
<PAGE>

            (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 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,

                                      -18-
<PAGE>

      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;

      (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

                                      -19-
<PAGE>

      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 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 Statutory 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 ss. 3807 of the
Statutory Trust Act.

                                      -20-
<PAGE>

SECTION 2.12. Execution of Documents. Unless otherwise determined in writing by
the Institutional Trustee, and except as otherwise required by the Statutory
Trust Act, the Institutional Trustee, or any one or more of the Administrators,
as the case may be, is authorized to execute 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 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:

                  (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
            quoted, or any Successor Securities will be listed or quoted upon
            notification of issuance, on any

                                      -21-
<PAGE>

            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' interests 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

                  (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.

                                      -22-
<PAGE>

      (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 and sole decision 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

      (c) to negotiate the terms of and/or execute and deliver on behalf of the
      Trust, the Purchase 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

                                      -23-
<PAGE>

      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 Statutory 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 ss.3807 of the
      Statutory Trust Act.

SECTION 4.3. Institutional Trustee; Eligibility.

      (a) 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 or national association 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 or
            national association publishes reports of condition at least
            annually, pursuant to law or to the requirements of the supervising
            or examining authority referred to above, then for the purposes of
            this Section 4.3(a)(iii), the combined capital and surplus of such
            corporation or national association 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.

      (c) If the Institutional Trustee has or shall acquire any "conflicting
      interest" within the meaning of ss. 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 Wells Fargo Bank, National
      Association.

                                      -24-
<PAGE>

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
Wells Fargo Delaware Trust Company.

SECTION 4.7. Appointment, Removal and Resignation of the Trustees and the
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.

      (b) Subject to Section 4.7(a), 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 their expenses and charges to serve as the successor
      Institutional Trustee on a form provided by the Administrators, and
      selecting the Person who agrees to the lowest expense and charges (the
      "Successor Institutional Trustee"). If the instrument of acceptance by the
      successor Relevant Trustee required by this Section 4.7 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.

      (c) Unless an Event of Default shall have occurred and be continuing, any
      Trustee may be removed at any time by an act of the Holders 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 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

                                      -25-
<PAGE>

      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.

      (d) 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 and 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.

      (e) 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 (provided the Institutional Trustee satisfies
      the requirements of a Delaware Trustee as set forth in Section 4.2)
      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").

      (f) 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 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

                                      -26-
<PAGE>

      subject to the payment of all unpaid fees, expenses and indemnities of
      such retiring Relevant Trustee.

      (g) 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.

      (h) 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.

      (i) Any successor Delaware Trustee shall file an amendment to the
      Certificate of Trust with the Secretary of State of the State of Delaware
      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.

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 in-person meetings
of the Trustees or the Administrators shall be hand delivered or otherwise
delivered in writing (including by facsimile, with a hard copy by overnight
courier) not less than 48 hours before such meeting. Notice of any telephonic
meetings of the Trustees or the Administrators or any committee thereof shall be
hand delivered or otherwise delivered in writing (including by facsimile, with a
hard copy by overnight courier) not less than 24 hours before a meeting. Notices
shall contain a brief statement of the time, place and anticipated purposes of
the meeting. The presence (whether in person or by telephone) of a Trustee or an
Administrator, as the case may be, at a meeting shall constitute a waiver of
notice of such meeting except where a Trustee or an Administrator, as the case
may be, attends a meeting for the express purpose of objecting to the
transaction of any activity on the 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

                                      -27-
<PAGE>

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.

      (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. Merger, Conversion, Consolidation or Succession to Business. Any
Person into which the Institutional Trustee or the Delaware Trustee, as the case
maybe, 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, provided,
further, that such Person shall file an amendment to the Certificate of Trust
with the Secretary of State of the State of Delaware as contemplated in Section
4.7(i).

                                    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. For the avoidance of doubt,
funds in the Property Account shall not be distributed to Holders to the extent
of any taxes payable by the Trust, in the case of withholding taxes, as
determined by the Institutional Trustee or any Paying Agent and, in the case of
taxes other than withholding tax taxes, as determined by the Administrators in a
written notice to the Institutional Trustee.

                                      -28-
<PAGE>

                                   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-1, representing undivided beneficial interests in the assets
      of the Trust and 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 and 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. 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 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.

                                      -29-
<PAGE>

      (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.

      (a) 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, 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 or co-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.

      (b) 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 as Calculation
      Agent.

SECTION 6.3. Form and Dating.

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

                                      -30-
<PAGE>

      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.

      (b) The Capital Securities are being offered and sold by the Trust
      pursuant to the Purchase 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 bona fide 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 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.

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<PAGE>

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.

      (c) 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;

                  (C) all payments 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 non-payment of the principal of the Debentures that has
            become due solely by

                                      -32-
<PAGE>

            such acceleration, have been cured or waived as provided in Section
            5.07 of the Indenture.

      (d) 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.

      (e) 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.

      (f) Except as otherwise provided in 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
      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

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<PAGE>

            (i) unless earlier dissolved, on March 27, 2038, 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
      Statutory Trust Act, and subject to the terms set forth in Annex I, the
      Institutional Trustee shall terminate the Trust by filing a certificate of
      cancellation with the Secretary of State of the State of Delaware.

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

                                  ARTICLE VIII
                              TRANSFER OF INTERESTS

SECTION 8.1. General. (a) Where Capital Securities are presented to the
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 transfers 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

                                      -34-
<PAGE>

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

SECTION 8.2. Transfer Procedures and Restrictions.

      (a) The Capital Securities shall bear the Restricted Securities Legend (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 reasonably acceptable to the Institutional Trustee, 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

                                      -35-
<PAGE>

      "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) 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 represented by
      different Certificates, 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, other than in
      connection with a transfer by the Initial Purchaser, 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 transferor 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) 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 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 THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT 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

                                      -36-
<PAGE>

(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 BY ITS ACCEPTANCE
HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

      THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS
AND WARRANTS THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS
SECURITY UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT.

      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 EXEMPTION 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 OF TRUST 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

                                      -37-
<PAGE>

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) 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 void 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.

      (e) Each party hereto understands and hereby agrees that the Initial
      Purchaser is intended solely to be an interim holder of the Capital
      Securities and is purchasing such securities to facilitate consummation of
      the transactions contemplated herein and in the documents ancillary
      hereto. Notwithstanding any provision in this Declaration to the contrary,
      the Initial Purchaser shall have the right upon notice (a "Transfer
      Notice") to the Institutional Trustee and the Sponsor to transfer title in
      and to the Capital Securities, provided the Initial Purchaser shall take
      reasonable steps to ensure that such transfer is exempt from registration
      under the Securities Act of 1933, as amended, and rules promulgated
      thereunder. Any Transfer Notice delivered to the Institutional Trustee and
      Sponsor pursuant to the preceding sentence shall indicate the aggregate
      liquidation amount of Capital Securities being transferred, the name and
      address of the transferee thereof (the "Transferee") and the date of such
      transfer. Notwithstanding any provision in this Declaration to the
      contrary, the transfer by the Initial Purchaser of title in and to the
      Capital Securities pursuant to a Transfer Notice shall not be subject to
      any requirement relating to Opinions of Counsel, Certificates of Transfer
      or any other Opinion or Certificate applicable to transfers hereunder and
      relating to Capital Securities. To facilitate transfers by the Initial
      Purchaser pursuant to this Section 8.2(e), an Administrator shall cause to
      be delivered to the Institutional Trustee on the Closing Date a number of
      Capital Securities Certificates executed in blank equal to the number of
      Capital Securities Certificates delivered to Initial Purchaser upon the
      Closing Date (the "Blank Certificates") to be held by the Institutional
      Trustee pending receipt by the Institutional Trustee of one or more
      Transfer Notices from the Initial Purchaser. Upon receipt of any such
      Transfer Notice from the Initial Purchaser, the Institutional Trustee is
      hereby and thereby authorized to, and shall thereupon, complete a Blank
      Certificate with the information provided in such Transfer Notice and
      hereby and thereby is authorized to, and shall thereupon, authenticate the
      Capital Security Certificate so completed and cause the same to be
      delivered to the Transferee.

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

                                      -38-
<PAGE>

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

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

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

            (i) personally liable for the return of any portion of the capital
            contributions (or any return thereon) of the Holders of the
            Securities which shall be made solely from assets of the Trust; 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 ss. 3803(a) of the Statutory 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

                                      -39-
<PAGE>

      statements as to the value and amount of the assets, liabilities, profits,
      losses or any other facts pertinent to the existence and amount of assets
      from which Distributions to Holders of Securities might properly be paid.

SECTION 9.3. Fiduciary Duty. (a) To the extent that, at law or in equity, an
Indemnified Person has duties (including fiduciary duties) and liabilities
relating thereto to the Trust or to any other Covered Person, an Indemnified
Person acting under this Declaration shall not be liable to the Trust or to any
other Covered Person for its good faith reliance on the provisions of this
Declaration. The provisions of this Declaration, to the extent that they
restrict the duties and liabilities of an Indemnified Person otherwise existing
at law or in equity (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.

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

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

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

SECTION 9.4. Indemnification. (a) (i) The Sponsor shall indemnify, to the
fullest 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 such Person 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 such Person in connection with such action,
suit or proceeding if such Person acted in good faith and in a manner such
Person 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 such 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 such
Person 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 such conduct was unlawful.

            (ii) The Sponsor shall indemnify, to the fullest 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 such Person

                                      -40-
<PAGE>

            is or was an Indemnified Person against expenses (including
            attorneys' fees and expenses) actually and reasonably incurred by
            such Person in connection with the defense or settlement of such
            action or suit if such Person acted in good faith and in a manner
            such Person 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 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, such Person shall be
            indemnified, to the fullest extent permitted by law, against
            expenses (including attorneys' fees and expenses) actually and
            reasonably incurred by such Person 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 such Person 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 such Person 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,

                                      -41-
<PAGE>

            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 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 such conduct was unlawful, or (2) in the 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 such 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
            such Person's 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 such Person's
            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 of 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 such Person's 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 such Person and incurred by such Person in any such
      capacity, or arising out of such

                                      -42-
<PAGE>

      Person's status as such, whether or not the Sponsor would have the power
      to indemnify such Person 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,
      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 such Person 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.

      (g) The provisions of this Section 9.4 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.

                                      -43-
<PAGE>

SECTION 9.6. Compensation; Fee. (a) The Sponsor agrees:

            (i) 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

            (ii) 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.

      (b) 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 ss.
      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 10-K and Form 10-Q
      prepared by the Sponsor and filed with the Commission in accordance with
      the Exchange Act to be delivered to each Holder of Securities, within 90
      days after the filing of each Form 10-K and within 30 days after the
      filing of each Form 10-Q or (ii) cause to be prepared at the principal
      office of the Trust in the United States, as defined for purposes of
      Treasury Regulations ss. 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

                                      -44-
<PAGE>

      later date, the Administrators shall endeavor to deliver all such
      statements within 30 days after the end of each Fiscal Year of the Trust.

      (d) The Administrators shall cause to be duly prepared in the United
      States, as defined for purposes of Treasury Regulations ss. 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 Bear Stearns
      Securities Corp., the Administrators will cause the Sponsor's reports on
      Form FRY-9SP to be delivered to the Holder promptly following their filing
      with the Federal Reserve.

SECTION 10.3. Banking. The Trust shall maintain one or more bank accounts in the
United States, as defined for purposes of Treasury Regulations ss. 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,

                                      -45-
<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 for purposes of the capital
                  adequacy guidelines of the Federal Reserve; 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.

      (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

                                      -46-
<PAGE>

      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; or

            (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 the Securities; Action by Written
Consent.

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

                                      -47-
<PAGE>

      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 Statutory 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 Securities are then listed for
            trading, if any, otherwise provides, the Administrators, in their
            sole discretion, shall establish all other provisions

                                      -48-
<PAGE>

            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 ss.
            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 or national
      association with trust powers, duly organized, validly existing and in
      good standing under the laws of the State of Delaware or the United States
      of America, respectively, 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 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

      (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.

                                      -49-
<PAGE>

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 Statutory Trust Act.

                                  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):

                                      -50-
<PAGE>

                           Valley Commerce Trust I
                           c/o Valley Commerce Bancorp
                           200 S. Court St.
                           Visalia, California 93291
                           Attention: Roy O. Estridge
                           Telecopy: (559) 740-0747
                           Telephone: (559) 622-9000

      (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):

                           Wells Fargo Delaware Trust Company
                           919 Market Street Suite 700
                           Wilmington, DE 19801
                           Attention: Corporate Trust Division
                           Telecopy: 302-575-2006
                           Telephone: 302-575-2005

      (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):

                           Wells Fargo Bank, National Association
                           919 Market Street Suite 700
                           Wilmington, DE 19801
                           Attention: Corporate Trust Division
                           Telecopy: 302-575-2006
                           Telephone: 302-575-2005

      (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):

                           Valley Commerce Bancorp
                           200 S. Court St.
                           Visalia, California 93291
                           Attention: Roy O. Estridge
                           Telecopy: (559) 740-0747
                           Telephone: (559) 622-9000

      (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

                                      -51-
<PAGE>

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.

      (a) 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 the United States District Courts and in each case located in
      the Borough of Manhattan, City and State of New York, and further agrees
      to submit to the jurisdiction of Delaware, and to any actions that are
      instituted in state or Federal court in Wilmington, Delaware and 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.

      (b) Each of the Sponsor, the Trustees, the Administrators and the Holder
      of the Common Securities irrevocably consents to the service of process on
      it in any such suit, action or proceeding by the mailing thereof by
      registered or certified mail, postage prepaid, to it at its address given
      in or pursuant to Section 13.1 hereof.

      (c) 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.

                                      -52-
<PAGE>

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.

                                      -53-
<PAGE>

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

                                          WELLS FARGO DELAWARE TRUST
                                             COMPANY,
                                             as Delaware Trustee

                                          By:/s/ Edward L. Truitt, Jr.
                                             -------------------------
                                             Edward L. Truitt, Jr.
                                             Vice President

                                          WELLS FARGO BANK, NATIONAL
                                             ASSOCIATION,
                                             as Institutional Trustee

                                          By: /s/ Edward L. Truitt, Jr.
                                              -------------------------
                                              Edward L. Truitt, Jr.
                                              Vice President

                                          Valley Commerce Bancorp
                                              as Sponsor

                                          By: /s/ Donald A. Gilles
                                              --------------------
                                              Donald A. Gilles
                                              President and CEO

                                          By:/s/ Donald A. Gilles
                                             --------------------
                                             Donald A. Gilles
                                             Administrator

                                          By:/s/ Roy O. Estridge
                                             -------------------
                                             Roy O. Estridge
                                             Administrator

                                      -54-
<PAGE>

                                     ANNEX I

                                    TERMS OF
                                TP SECURITIES AND
                                COMMON SECURITIES

      Pursuant to Section 6.1 of the Amended and Restated Declaration of Trust,
dated as of March 27, 2003 (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. 3,000 Capital Securities of Valley
                  Commerce Trust I (the "Trust"), with an aggregate stated
                  liquidation amount with respect to the assets of the Trust of
                  Three Million Dollars ($3,000,000) and a stated liquidation
                  amount with respect to the assets of the Trust of $1,000 per
                  Capital Security, are hereby designated for the purposes of
                  identification only as the "TP Securities" (the "Capital
                  Securities"). The Capital Security Certificates evidencing the
                  Capital Securities shall be substantially in the form of
                  Exhibit A-1 to the Declaration, with such changes and
                  additions thereto or deletions therefrom as may be required by
                  ordinary usage, custom or practice or to conform to the rules
                  of any stock exchange on which the Capital Securities are
                  listed, if any.

            (b)   Common Securities. 93 Common Securities of the Trust (the
                  "Common Securities") will be evidenced by Common Security
                  Certificates substantially in the form of Exhibit A-2 to the
                  Declaration, with such changes and additions thereto or
                  deletions therefrom as may be required by ordinary usage,
                  custom or practice. 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 Ninety Three
                  Thousand Dollars ($93,000) 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 quarterly,
            equal to LIBOR, as determined on the LIBOR Determination Date, plus
            3.30% (subject to the Maximum Rate Increase) (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 12.5% through the Distribution Payment Date on July
            7, 2003. Except as set forth below in respect of an Extension
            Period, Distributions in arrears for more than one quarterly period
            will bear interest thereon compounded quarterly at the applicable
            Coupon Rate for each such quarterly 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

                                      A-I-1
<PAGE>

            are made in respect of the Debentures held by the Institutional
            Trustee and to the extent the Institutional Trustee has funds
            legally available in the Property Account therefor. The amount of
            Distributions payable for any period will be computed for any full
            quarterly Distribution period on the basis of a 360-day year and the
            actual number of days elapsed in the relevant Distribution period;
            provided, however, that upon the occurrence of a Special Event
            redemption pursuant to paragraph 4(a) below the amounts payable
            pursuant to this Declaration shall be calculated as set forth in the
            definition of Special Redemption Price.

            (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 January 15, April 15, July 15 and October 15
            (except, with respect to the first interest payment period, on March
            25, 2003), (each such day, a "LIBOR Determination Date"), LIBOR
            shall equal the rate, as obtained by the Calculation Agent for
            three-month U.S. Dollar 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
            Telerate Page 3750, as of 11:00 a.m. (London time) on such LIBOR
            Determination Date, as reported by Bloomberg Financial Markets
            Commodities News; provided, however, that in the case of the first
            interest payment period, LIBOR will be interpolated from LIBOR for
            three-month U.S. Dollar deposits in Europe and LIBOR for four-month
            U.S. Dollar deposits in Europe on a straightline basis. "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 as reported by Bloomberg Financial Markets
            Commodities News or such other page as may replace such Telerate
            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 three-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. (London 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 a

                                      A-I-2
<PAGE>

            quotation, 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 three-month U.S. Dollar
            deposits in Europe at approximately 11:00 a.m. (London 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.

      (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
                  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 Sponsor and the Paying Agent of the
                  applicable Coupon Rate in effect for the related Distribution
                  payment period. The Calculation Agent shall, upon the request
                  of the Holder of any 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 Sponsor and the Holders of the
                  Securities. The Paying Agent shall be entitled to rely on
                  information received from the Calculation Agent or the Sponsor
                  as to the Coupon Rate. The Sponsor shall, from time to time,
                  provide any necessary information to the Paying Agent relating
                  to any original issue discount and interest on the 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, quarterly in arrears on January 7, April
                  7, July 7 and October 7 of each year, commencing July 7, 2003
                  (each, a "Distribution Payment Date"). Subject to prior
                  Submission of Notice (as defined in the Indenture), the
                  Debenture Issuer has the right under the Indenture to defer
                  payments of interest on the Debentures by extending the
                  interest payment period for up to 20 consecutive quarterly
                  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 quarterly 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

                                      A-I-3
<PAGE>

                  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
                  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 due 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 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 20 consecutive
                  quarterly 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
                  Deferred Interest shall accrue upon each installment of
                  interest that would otherwise have been due and payable during
                  such Extension Period until such installment is paid. 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

                                      A-I-4
<PAGE>

                  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
                  legally 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 except that, if such Business Day is in the next
                  succeeding calendar year, such payment shall be made on the
                  immediately preceding Business Day, in each case with the same
                  force and effect as if made on such 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 Statutory Trust Act, shall be
            distributed on a Pro Rata basis to the Holders of the Securities in
            exchange for such Securities.

                                      A-I-5
<PAGE>

      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 Board of Governors of the Federal Reserve System (the "Federal Reserve"), if
then required under applicable capital guidelines or policies of the Federal
Reserve and, after satisfaction of liabilities to creditors of the Trust, cause
the Debentures to be distributed to the Holders of the Securities on a Pro Rata
basis in accordance with the aggregate stated liquidation amount thereof.

      The Trust shall dissolve on the first to occur of (i) March 27, 2038, 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 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.

      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-

                                      A-I-6
<PAGE>

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 April 7, 2033. The Debentures
                  may be redeemed by the Debenture Issuer, in whole or in part,
                  on any January 7, April 7, July 7 or October 7 on or after
                  April 7, 2008 at the Redemption Price, upon not less than 30
                  nor more than 60 days' notice to Holders of such Debentures.
                  In addition, upon the occurrence and continuation 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 Federal Reserve, if then required
                  under applicable capital guidelines or policies of the Federal
                  Reserve.

      "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

                                      A-I-7
<PAGE>

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 (including withholding taxes), duties, assessments or other
governmental charges.

      "Investment Company Event" means the receipt by the Debenture Issuer and
the Trust of an opinion of counsel experienced in such matters to the effect
that, as a result of 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, 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 any amendment to, or change in, the laws, rules or
regulations of the United States or any political subdivision thereof or
therein, or as the result of any official or administrative pronouncement or
action or decision interpreting or applying such laws, rules or regulations,
which amendment or change is effective or which pronouncement, action or
decision is announced on or after the date of 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 the then equivalent thereof) for purposes of the capital
adequacy guidelines of the Federal Reserve (or any successor regulatory
authority with jurisdiction over bank holding companies), 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 April 7, 2008.

      "Special Redemption Price" means (1) if the Special Redemption Date is
before April 7, 2008, One Hundred Seven and One Half Percent (107.5%) of the
principal amount to be redeemed plus any accrued and unpaid interest thereon to
the date of such redemption and (2) if the Special Redemption Date is on or
after April 7, 2008, the Redemption Price for such Special Redemption Date.

                                      A-I-8
<PAGE>

      "Redemption Date" means the date fixed for the redemption of Capital
Securities, which shall be any January 7, April 7, July 7 or October 7 on or
after April 7, 2008.

            (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; 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 quarterly
                  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

                                      A-I-9
<PAGE>

                        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 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 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-I-10
<PAGE>

            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 Institutional Trustee under
                  the Declaration, including the right to direct the
                  Institutional Trustee, as holder of the Debentures, to (i)
                  exercise the remedies available under the Indenture as the
                  holder of the Debentures, (ii) waive any past default that is
                  waivable under the Indenture, (iii) exercise any right to
                  rescind or annul a declaration that the principal of all the
                  Debentures shall be due and payable or (iv) consent on behalf
                  of all the Holders of the Capital Securities to any amendment,
                  modification or termination of the Indenture or the Debentures
                  where such consent shall be required; provided, however, that,
                  where a consent or action under the Indenture would require
                  the consent or act of the holders of greater than a simple
                  majority in 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 Capital Securities of any
                  default actually known to the Institutional Trustee with
                  respect to the Debentures unless (x) such default has been
                  cured prior to the giving of such notice or (y) the
                  Institutional Trustee determines in good faith that the
                  withholding of such notice is in the interest of the Holders
                  of such Capital Securities, except where the default relates
                  to the payment of principal of or interest on any of the
                  Debentures. Such notice shall state that such Indenture Event
                  of Default also constitutes an Event of Default hereunder.
                  Except with respect to directing the time, method and place of
                  conducting a proceeding for a remedy, the Institutional

                                     A-I-11
<PAGE>

                  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 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.

                                     A-I-12
<PAGE>

      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 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) waiving any past
                  default and its consequences that are waivable under the
                  Indenture, or (iii) exercising 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

                                     A-I-13
<PAGE>

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 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

                                     A-I-14
<PAGE>

                  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.

      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-15
<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 THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT 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 BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE
FOREGOING RESTRICTIONS.

      THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS
AND WARRANTS THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS
SECURITY UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT.

      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

                                      A-1-1
<PAGE>

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 EXEMPTION 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 OF TRUST 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 [P-001]                    Number of Capital Securities 3,000

                    Certificate Evidencing Capital Securities

                                       of

                             Valley Commerce Trust I

                                  TP Securities

                (liquidation amount $1,000 per Capital Security)

      Valley Commerce Trust I, a statutory trust created under the laws of the
State of Delaware (the "Trust"), hereby certifies that Bear Stearns Securities
Corp. (the "Holder") is the registered owner of 3,000 capital securities of the
Trust representing undivided beneficial interests in the assets of the Trust,
designated the TP Securities (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 March 27, 2003, (the
"Declaration") among Donald A. Gilles and Roy O. Estridge, as Administrators,
Wells Fargo Delaware Trust Company, as Delaware Trustee, Wells Fargo Bank,
National Association, as Institutional Trustee, Valley Commerce Bancorp, 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. Capitalized terms used herein but not defined shall
have the meaning given them in the Declaration. The Holder is entitled to the
benefits of the Guarantee to the extent provided therein. The Sponsor will
provide a copy of the Declaration, the Guarantee, and the Indenture to the
Holder without charge upon written request to the Sponsor at its principal place
of business.

      By acceptance 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.

                                     Valley Commerce Trust I

                                     By:___________________________________
                                        Name:______________________________
                                        Title: Administrator

                                     Dated:________________________________

                          CERTIFICATE OF AUTHENTICATION

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

                                     WELLS FARGO BANK, NATIONAL
                                        ASSOCIATION,
                                     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 quarterly, equal to LIBOR (as defined
in the Declaration) plus 3.30% (subject to the Maximum Rate Increase) (the
"Coupon Rate") of the stated liquidation amount of $1,000 per Capital Security,
such rate being the rate of interest payable on the Debentures to be held by the
Institutional Trustee (provided, that the applicable Coupon Rate may not exceed
12.5% through the Distribution Payment Date on April 7, 2008). Except as set
forth below in respect of an Extension Period, Distributions in arrears for more
than one quarterly period will bear interest thereon compounded quarterly at the
applicable Coupon Rate for each such quarterly 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
legally available in the Property Account therefor. The amount of Distributions
payable for any period will be computed for any full quarterly 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 quarterly in arrears on January 7, April 7 and July 7 and
October 7 of each year, commencing on July 7, 2003 (each, a "Distribution
Payment Date"). Upon submission of Notice, 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 20 consecutive quarterly 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 quarterly 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 20 consecutive quarterly
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 Deferred Interest shall
accrue upon each installment of interest that would otherwise have been due and
payable during such Extension Period until such installment is paid. If
Distributions are deferred, the Distributions due shall be paid on the date that
the related Extension Period terminates to Holders of the Securities as they
appear on the books and records of the Trust on the record date immediately
preceding such date. Distributions on the Securities must be paid on the dates
payable (after giving effect to any

                                      A-1-5
<PAGE>

Extension Period) to the extent that the Trust has funds legally 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 [C-001]                        Number of Common Securities 93

                    Certificate Evidencing Common Securities
                                       of
                             Valley Commerce Trust I

      Valley Commerce Trust I, a statutory trust created under the laws of the
State of Delaware (the "Trust"), hereby certifies that Valley Commerce Bancorp
(the "Holder") is the registered owner of 93 common securities of the Trust
representing undivided beneficial interests in the assets of the Trust
(liquidation amount $1,000 per Common Security)(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 March 27, 2003, among Donald A. Gilles and Roy O. Estridge, as
Administrators, Wells Fargo Delaware Trust Company, as Delaware Trustee, Wells
Fargo Bank, National Association, 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.

      By acceptance 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 March 27,
2003.

                                        Valley Commerce Trust I

                                        By:___________________________________
                                           Name:______________________________
                                           Title: 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 quarterly, equal to LIBOR (as defined in the
Declaration) plus 3.30% (subject to the Maximum Rate Increase) (the "Coupon
Rate") of the stated liquidation amount of $1,000 per Capital Security, such
rate being the rate of interest payable on the Debentures to be held by the
Institutional Trustee (provided, that the applicable Coupon Rate may not exceed
12.5% through the Distribution Payment Date on April 7, 2008). Except as set
forth below in respect of an Extension Period, Distributions in arrears for more
than one quarterly period will bear interest thereon compounded quarterly at the
applicable Coupon Rate for each such quarterly 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
legally available in the Property Account therefor. The amount of Distributions
payable for any period will be computed for any full quarterly 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 quarterly in arrears on January 7, April 7, July 7 and
October 7 of each year, commencing on July 7, 2003 (each, a "Distribution
Payment Date"). Upon submission of Notice, 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 20 consecutive quarterly 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 quarterly 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 20 consecutive quarterly
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 Deferred Interest shall
accrue upon each installment of interest that would otherwise have been due and
payable during such Extension Period until such installment is paid. If
Distributions are deferred, the Distributions due shall be paid on the date that
the related Extension Period terminates to Holders of the Securities as they
appear on the books and records of the Trust on the record date immediately
preceding such date.

                                      A-2-4
<PAGE>

      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
legally available for the payment of such distributions in the Property Account
of the Trust. The Trust's funds legally 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:(2)
                                      ---------------------------

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

<PAGE>

                                                                       EXHIBIT B

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

Valley Commerce Bancorp
Valley Commerce Trust I
200 S. Court St.
Visalia, California 93291

Re:   Purchase of $1,000 stated liquidation amount of TP Securities
      (the "Capital Securities") of Valley Commerce Trust I

Ladies and Gentlemen:

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

      1. We understand that the TP Securities (the "Capital Securities") of
Valley Commerce Trust I (the "Trust") (including the guarantee (the "Guarantee")
of Valley Commerce Bancorp (the "Company") executed in connection therewith) and
the Junior Subordinated Debt Securities due April 7, 2033 of the Company (the
"Subordinated Debt Securities") (the Capital Securities, the Guarantee and the
Subordinated Debt Securities together being referred to herein as the "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 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

                                      B-1
<PAGE>

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

                                      B-2
<PAGE>

                                        ____________________________________
                                        (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

                                                                   ________, [ ]

Valley Commerce Bancorp
Valley Commerce Trust I
200 S. Court St.
Visalia, California 93291

Re:   Purchase of $1,000 stated liquidation amount of TP Securities
      (the "Capital Securities") of Valley Commerce Trust I

      Reference is hereby made to the Amended and Restated Declaration of Trust
of Valley Commerce Trust I, dated as of March 27, 2003 (the "Declaration"),
among Donald A. Gilles and Roy O. Estridge, as Administrators, Wells Fargo
Delaware Trust Company, as Delaware Trustee, Wells Fargo Bank, National
Association, as Institutional Trustee, Valley Commerce Bancorp, as Sponsor, and
the holders from time to time of undivided beneficial interests in the assets of
Valley Commerce 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 accordance with Section 8.2(b) of the Declaration, 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 Securities Act ("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.

      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-1Exhibit 10.7

                             Valley Commerce Bancorp
                                    as Issuer

                                    INDENTURE
                           Dated as of March 27, 2003

                     WELLS FARGO BANK, NATIONAL ASSOCIATION
                                   As Trustee

                       JUNIOR SUBORDINATED DEBT SECURITIES

                                DUE April 7, 2033

<PAGE>

<TABLE>
<S>                                                                                    <C>
                                    ARTICLE I
                                   DEFINITIONS

SECTION 1.01.    Definitions...........................................................1

    Additional Interest................................................................1

    Additional Provisions..............................................................1

    Authenticating Agent...............................................................1

    Bankruptcy Law.....................................................................1

    Board of Directors.................................................................2

    Board Resolution...................................................................2

    Business Day.......................................................................2

    Calculation Agent..................................................................2

    Capital Securities.................................................................2

    Capital Securities Guarantee.......................................................2

    Capital Treatment Event............................................................2

    Certificate........................................................................2

    Common Securities..................................................................2

    Company............................................................................3

    Debt Security......................................................................3

    Debt Security Registrar............................................................3

    Declaration........................................................................3

    Default............................................................................3

    Defaulted Interest.................................................................3

    Deferred Interest..................................................................3

    Event of Default...................................................................3

    Extension Period...................................................................3

    Federal Reserve....................................................................3

    Indenture..........................................................................3

    Initial Purchaser..................................................................3

    Institutional Trustee..............................................................3

    Interest Payment Date..............................................................3

    Interest Rate......................................................................3

    Investment Company Event...........................................................3

    LIBOR..............................................................................4
</TABLE>

                                       -i-
<PAGE>

<TABLE>
<S>                                                                                    <C>
    LIBOR Banking Day..................................................................4

    LIBOR Business Day.................................................................4

    LIBOR Determination Date...........................................................4

    Liquidation Amount.................................................................4

    Maturity Date......................................................................4

    Maximum Rate Increase..............................................................4

    Notice.............................................................................4

    Officers' Certificate..............................................................4

    Opinion of Counsel.................................................................4

    outstanding,.......................................................................4

    Paying Agent.......................................................................5

    Person.............................................................................5

    Predecessor Security...............................................................5

    Principal Office of the Trustee....................................................5

    Redemption Date....................................................................5

    Redemption Price...................................................................5

    Responsible Officer................................................................5

    Securityholder.....................................................................6

    Senior Indebtedness................................................................6

    Special Event......................................................................6

    Special Redemption Date............................................................6

    Special Redemption Price...........................................................6

    Subsidiary.........................................................................6

    Tax Event..........................................................................7

    Trust..............................................................................7

    Trust Indenture Act................................................................7

    Trust Securities...................................................................7

    Trustee............................................................................7

    United States......................................................................7

    U.S. Person........................................................................7

                                   ARTICLE II
                                 DEBT SECURITIES

SECTION 2.01.    Authentication and Dating.............................................7
</TABLE>

                                      -ii-
<PAGE>

<TABLE>
<S>                                                                                   <C>
SECTION 2.02.    Form of Trustee's Certificate of Authentication.......................8

SECTION 2.03.    Form and Denomination of Debt Securities..............................8

SECTION 2.04.    Execution of Debt Securities..........................................8

SECTION 2.05.    Exchange and Registration of Transfer of Debt Securities..............9

SECTION 2.06.    Mutilated, Destroyed, Lost or Stolen Debt Securities.................12

SECTION 2.07.    Temporary Debt Securities............................................13

SECTION 2.08.    Payment of Interest..................................................13

SECTION 2.09.    Cancellation of Debt Securities Paid, etc............................14

SECTION 2.10.    Computation of Interest..............................................15

SECTION 2.11.    Extension of Interest Payment Period.................................16

SECTION 2.12.    CUSIP Numbers........................................................17

                                   ARTICLE III
                       PARTICULAR COVENANTS OF THE COMPANY

SECTION 3.01.    Payment of Principal, Premium and Interest; Agreed Treatment of
                 the Debt Securities..................................................17

SECTION 3.02.    Offices for Notices and Payments, etc................................18

SECTION 3.03.    Appointments to Fill Vacancies in Trustee's Office...................19

SECTION 3.04.    Provision as to Paying Agent.........................................19

SECTION 3.05.    Certificate to Trustee...............................................20

SECTION 3.06.    Additional Interest..................................................20

SECTION 3.07.    Compliance with Consolidation Provisions.............................20

SECTION 3.08.    Limitation on Dividends..............................................21

SECTION 3.09.    Covenants as to the Trust............................................21

                                   ARTICLE IV
                LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

SECTION 4.01.    Securityholders' Lists...............................................22

SECTION 4.02.    Preservation and Disclosure of Lists.................................22

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

SECTION 5.01.    Events of Default....................................................23

SECTION 5.02.    Payment of Debt Securities on Default; Suit Therefor.................25

SECTION 5.03.    Application of Moneys Collected by Trustee...........................26

SECTION 5.04.    Proceedings by Securitvholders.......................................27
</TABLE>

                                      -iii-
<PAGE>

<TABLE>
<S>                                                                                   <C>
SECTION 5.05.    Proceedings by Trustee...............................................27

SECTION 5.06.    Remedies Cumulative and Continuing...................................28

SECTION 5.07.    Direction of Proceedings and Waiver of Defaults by Majority of
                 Securityholders......................................................28

SECTION 5.08.    Notice of Defaults...................................................29

SECTION 5.09.    Undertaking to Pay Costs.............................................29

                                   ARTICLE VI
                             CONCERNING THE TRUSTEE

SECTION 6.01.    Duties and Responsibilities of Trustee...............................29

SECTION 6.02.    Reliance on Documents, Opinions, etc.................................31

SECTION 6.03.    No Responsibility for Recitals, etc..................................32

SECTION 6.04.    Trustee, Authenticating Agent, Paying Agents, Transfer Agents or
                 Registrar May Own Debt Securities....................................32

SECTION 6.05.    Moneys to be Held in Trust...........................................32

SECTION 6.06.    Compensation and Expenses of Trustee.................................32

SECTION 6.07.    Officers' Certificate as Evidence....................................33

SECTION 6.08.    Eligibility of Trustee...............................................33

SECTION 6.09.    Resignation or Removal of Trustee, Calculation Agent, Paying
                 Agent or Debt Security Registrar.....................................34

SECTION 6.10.    Acceptance by Successor..............................................35

SECTION 6.11.    Succession by Merger, etc............................................36

SECTION 6.12.    Authenticating Agents................................................36

                                   ARTICLE VII
                         CONCERNING THE SECURITYHOLDERS

SECTION 7.01.    Action by Securityholders............................................38

SECTION 7.02.    Proof of Execution by Securityholders................................38

SECTION 7.03.    Who Are Deemed Absolute Owners.......................................39

SECTION 7.04.    Debt Securities Owned by Company Deemed Not Outstanding..............39

SECTION 7.05.    Revocation of Consents; Future Holders Bound.........................39

                                  ARTICLE VIII
                            SECURITYHOLDERS' MEETINGS

SECTION 8.01.    Purposes of Meetings.................................................40

SECTION 8.02.    Call of Meetings by Trustee..........................................40

SECTION 8.03.    Call of Meetings by Company or Securityholders.......................40
</TABLE>

                                      -iv-
<PAGE>

<TABLE>
<S>                                                                                   <C>
SECTION 8.04.    Qualifications for Voting............................................41

SECTION 8.05.    Regulations..........................................................41

SECTION 8.06.    Voting...............................................................41

SECTION 8.07.    Quorum; Actions......................................................42

                                   ARTICLE IX
                             SUPPLEMENTAL INDENTURES

SECTION 9.01.    Supplemental Indentures without Consent of Securityholders...........43

SECTION 9.02.    Supplemental Indentures with Consent of Securityholders..............44

SECTION 9.03.    Effect of Supplemental Indentures....................................45

SECTION 9.04.    Notation on Debt Securities..........................................45

SECTION 9.05.    Evidence of Compliance of Supplemental Indenture to be
                 Furnished to Trustee.................................................45

                                    ARTICLE X
                            REDEMPTION OF SECURITIES

SECTION 10.01.   Optional Redemption..................................................46

SECTION 10.02.   Special Event Redemption.............................................46

SECTION 10.03.   Notice of Redemption; Selection of Debt Securities...................46

SECTION 10.04.   Payment of Debt Securities Called for Redemption.....................47

                                   ARTICLE XI
                CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

SECTION 11.01.   Company May Consolidate, etc., on Certain Terms......................47

SECTION 11.02.   Successor Entity to be Substituted...................................48

SECTION 11.03.   Opinion of Counsel to be Given to Trustee............................48

                                   ARTICLE XII
                     SATISFACTION AND DISCHARGE OF INDENTURE

SECTION 12.01.   Discharge of Indenture...............................................49

SECTION 12.02.   Deposited Moneys to be Held in Trust by Trustee......................49

SECTION 12.03.   Paying Agent to Repay Moneys Held....................................50

SECTION 12.04.   Return of Unclaimed Moneys...........................................50

                                  ARTICLE XIII
         IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

SECTION 13.01.   Indenture and Debt Securities Solely Corporate Obligations...........50

                                   ARTICLE XIV
                            MISCELLANEOUS PROVISIONS

SECTION 14.01.   Successors...........................................................50
</TABLE>

                                       -v-
<PAGE>

<TABLE>
<S>                                                                                   <C>
SECTION 14.02.   Official Acts by Successor Entity....................................51

SECTION 14.03.   Surrender of Company Powers..........................................51

SECTION 14.04.   Addresses for Notices, etc...........................................51

SECTION 14.05.   Governing Law........................................................51

SECTION 14.06.   Evidence of Compliance with Conditions Precedent.....................51

SECTION 14.07.   Non-Business Days....................................................52

SECTION 14.08.   Table of Contents, Headings, etc.....................................52

SECTION 14.09.   Execution in Counterparts............................................52

SECTION 14.10.   Separability.........................................................52

SECTION 14.11.   Assignment...........................................................53

SECTION 14.12.   Acknowledgment of Rights.............................................53

                                   ARTICLE XV
                        SUBORDINATION OF DEBT SECURITIES

SECTION 15.01.   Agreement to Subordinate.............................................53

SECTION 15.02.   Default on Senior Indebtedness.......................................54

SECTION 15.03.   Liquidation; Dissolution; Bankruptcy.................................54

SECTION 15.04.   Subrogation..........................................................55

SECTION 15.05.   Trustee to Effectuate Subordination..................................56

SECTION 15.06.   Notice by the Company................................................56

SECTION 15.07.   Rights of the Trustee; Holders of Senior Indebtedness................57

SECTION 15.08.   Subordination May Not Be Impaired....................................57

EXHIBITS

EXHIBIT A        FORM OF DEBT SECURITY
</TABLE>

                                      -vi-
<PAGE>

            THIS INDENTURE, dated as of March 27, 2003, between Valley Commerce
Bancorp, a bank holding company incorporated in California (hereinafter
sometimes called the "Company"), and Wells Fargo Bank, National Association, a
national banking association with its principal place of business in the State
of Delaware, as trustee (hereinafter sometimes called the "Trustee").

                              W I T N E S S E T H:

            WHEREAS, for its lawful corporate purposes, the Company has duly
authorized the issuance of its Junior Subordinated Debt Securities due April 7,
2033 (the "Debt Securities") under this Indenture and to provide, among other
things, for the execution and authentication, delivery and administration
thereof, the Company has duly authorized the execution of this Indenture.

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

                                    ARTICLE I

                                   DEFINITIONS

      SECTION 1.01. Definitions.

            The terms defined in this Section 1.01 (except as herein otherwise
expressly provided or unless the context otherwise requires) for all purposes of
this Indenture and of any indenture supplemental hereto shall have the
respective meanings specified in this Section 1.01. All accounting terms used
herein and not expressly defined shall have the meanings assigned to such terms
in accordance with generally accepted accounting principles and the term
"generally accepted accounting principles" means such accounting principles as
are generally accepted in the United States at the time of any computation. The
words "herein," "hereof' and "hereunder" and other words of similar import refer
to this Indenture as a whole and not to any particular Article, Section or other
subdivision.

            "Additional Interest" shall have the meaning set forth in Section
3.06.

            "Additional Provisions" shall have the meaning set forth in Section
15.01.

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

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

<PAGE>

            "Board of Directors" means the board of directors or the executive
committee or any other duly authorized designated officers of the Company.

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

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

            "Calculation Agent" means the Person identified as "Trustee" in the
first paragraph hereof with respect to the Debt Securities and the Institutional
Trustee with respect to the Trust Securities.

            "Capital Securities" means undivided beneficial interests in the
assets of the Trust which are designated as "TP Securities" and rank pari passu
with Common Securities issued by the Trust; provided, however, that if an Event
of Default (as defined in the Declaration) has occurred and is continuing, the
rights of holders of such Common Securities to payment in respect of
distributions and payments upon liquidation, redemption and otherwise are
subordinated to the rights of holders of such Capital Securities.

            "Capital Securities Guarantee" means the guarantee agreement that
the Company will enter into with Wells Fargo Bank, National Association or other
Persons that operates directly or indirectly for the benefit of holders of
Capital Securities of the Trust.

            "Capital Treatment Event" means the receipt by the Company 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 in, the laws, rules or regulations of
the United States or any political subdivision thereof or therein, or as the
result of any official or administrative pronouncement or action or decision
interpreting or applying such laws, rules or regulations, which amendment or
change is effective or which pronouncement, action or decision is announced on
or after the date of original issuance of the Debt Securities, there is more
than an insubstantial risk that the Company 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 the then
equivalent thereof) for purposes of the capital adequacy guidelines of the
Federal Reserve (or any successor regulatory authority with jurisdiction over
bank holding companies), as then in effect and applicable to the Company,
provided, however, that the distribution of the Debt Securities in connection
with the liquidation of the Trust by the Company 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.

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

            "Common Securities" means undivided beneficial interests in the
assets of the Trust which are designated as "Common Securities" and rank pari
passu with Capital Securities issued by the Trust; provided, however, that if an
Event of Default (as defined in the Declaration)

                                      -2-
<PAGE>

has occurred and is continuing, the rights of holders of such Common Securities
to payment in respect of distributions and payments upon liquidation, redemption
and otherwise are subordinated to the rights of holders of such Capital
Securities.

            "Company" means Valley Commerce Bancorp, a bank holding company
incorporated in California, and, subject to the provisions of Article XI, shall
include its successors and assigns.

            "Debt Security" or "Debt Securities" has the meaning stated in the
first recital of this Indenture.

            "Debt Security Registrar" has the meaning specified in Section 2.05.

            "Declaration" means the Amended and Restated Declaration of Trust of
the Trust dated as of March 27, 2003, as amended or supplemented from time to
time.

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

            "Defaulted Interest" has the meaning set forth in Section 2.08.

            "Deferred Interest" has the meaning set forth in Section 2.11.

            "Event of Default" means any event specified in Section 5.01, which
has continued for the period of time, if any, and after the giving of the
notice, if any, therein designated.

            "Extension Period" has the meaning set forth in Section 2.11.

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

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

            "Initial Purchaser" has the meaning set forth in the Declaration.

            "Institutional Trustee" has the meaning set forth in the
Declaration.

            "Interest Payment Date" means January 7, April 7, July 7 and October
7 of each year, commencing on July 7, 2003, during the term of this Indenture.

            "Interest Rate" means a per annum rate of interest, reset quarterly,
equal to LIBOR, as determined on the LIBOR Determination Date immediately
preceding each Interest Payment Date, plus 3.30% (subject to the Maximum Rate
Increase); provided, that the applicable Interest Rate may not exceed 12.5%
through the Interest Payment Date in April 7, 2008.

            "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

                                      -3-
<PAGE>

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 Debt Securities.

            "LIBOR" means the London Interbank Offered Rate for U.S. Dollar
deposits in Europe as determined by the Calculation Agent according to Section
2.10(b).

            "LIBOR Banking Day" has the meaning set forth in Section 2.10(b)(1).

            "LIBOR Business Day" has the meaning set forth in Section
2.10(b)(1).

            "LIBOR Determination Date" has the meaning set forth in Section
2.10(b).

            "Liquidation Amount" means the stated amount of $1,000 per Trust
Security.

            "Maturity Date" means April 7, 2033.

            "Maximum Rate Increase" means that for the period of time from the
date hereof to the fourth quarterly Distribution Payment Date and during each
twelve-month period covering each subsequent four quarterly Distribution Payment
Dates (each a "Measured Period"), up to and including the 20th quarterly
Distribution Payment Date, the applicable Interest Rate shall not exceed the sum
of (i)(A) for the first Measured Period, the Interest Rate in effect on the
first Distribution Payment Date and (B) for each subsequent Measured Period, the
Interest Rate in effect on the last quarterly Distribution Payment Date of the
immediately preceding Measured Period, plus (ii) 2.75%.

            "Notice" has the meaning set forth in Section 2.11.

            "Officers' Certificate" means a certificate signed by the Chairman
of the Board, the Vice Chairman, the President or any Vice President, and by the
Chief Financial Officer, the Treasurer, an Assistant Treasurer, the Comptroller,
an Assistant Comptroller, the Secretary or an Assistant Secretary of the
Company, and delivered to the Trustee. Each such certificate shall include the
statements provided for in Section 14.06 if and to the extent required by the
provisions of such Section.

            "Opinion of Counsel" means an opinion in writing signed by legal
counsel, who may be an employee of or counsel to the Company, or may be other
counsel reasonably satisfactory to the Trustee. Each such opinion shall include
the statements provided for in Section 14.06 if and to the extent required by
the provisions of such Section.

            The term "outstanding," when used with reference to Debt Securities,
subject to the provisions of Section 7.04, means, as of any particular time, all
Debt Securities authenticated and delivered by the Trustee or the Authenticating
Agent under this Indenture, except

                                      -4-
<PAGE>

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

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

            (c) Debt Securities paid pursuant to Section 2.06 or in lieu of or
in substitution for which other Debt Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to
the Company and the Trustee is presented that any such Debt Securities are held
by bona fide holders in due course.

            "Paying Agent" has the meaning set forth in Section 3.04(e).

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

            "Predecessor Security" of any particular Debt Security means every
previous Debt Security evidencing all or a portion of the same debt as that
evidenced by such particular Debt Security; and, for the purposes of this
definition, any Debt Security authenticated and delivered under Section 2.06 in
lieu of a lost, destroyed or stolen Debt Security shall be deemed to evidence
the same debt as the lost, destroyed or stolen Debt Security.

            "Principal Office of the Trustee" means the office of the Trustee,
at which at any particular time its corporate trust business shall be
principally administered, which at all times shall be located within the United
States and at the time of the execution of this Indenture shall be 919 Market
Street, Suite 700, Wilmington, DE 19801.

            "Redemption Date" has the meaning set forth in Section 10.01.

            "Redemption Price" means 100% of the principal amount of the Debt
Securities being redeemed plus accrued and unpaid interest on such Debt
Securities 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 April 7, 2008.

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

                                      -5-
<PAGE>

            "Securityholder," "holder of Debt Securities" or other similar
terms, means any Person in whose name at the time a particular Debt Security is
registered on the Debt Security Registrar.

            "Senior Indebtedness" means, with respect to the Company, (i) the
principal, premium, if any, and interest in respect of (A) indebtedness of the
Company for money borrowed and (B) indebtedness evidenced by securities,
debentures, notes, bonds or other similar instruments issued by the Company;
(ii) all capital lease obligations of the Company; (iii) all obligations of the
Company issued or assumed as the deferred purchase price of property, all
conditional sale obligations of the Company and all obligations of the Company
under any title retention agreement (but excluding trade accounts payable
arising in the ordinary course of business); (iv) all obligations of the Company
for the reimbursement of any letter of credit, any banker's acceptance, any
security purchase facility, any repurchase agreement or similar arrangement, any
interest rate swap, any other hedging arrangement, any obligation under options
or any similar credit or other transaction; (v) all obligations of the type
referred to in clauses (i) through (iv) above of other Persons for the payment
of which the Company is responsible or liable as obligor, guarantor or
otherwise; and (vi) all obligations of the type referred to in clauses (i)
through (v) above of other Persons secured by any lien on any property or asset
of the Company (whether or not such obligation is assumed by the Company),
whether incurred on or prior to the date of this Indenture or thereafter
incurred, unless, with the prior approval of the Federal Reserve if not
otherwise generally approved, in the instrument creating or evidencing the same
or pursuant to which the same is outstanding, it is provided that such
obligations are not superior or are pari passu in right of payment to the Debt
Securities.

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

            "Special Redemption Date" has the meaning set forth in Section
10.02.

            "Special Redemption Price" means (1) if the Special Redemption Date
is before April 7, 2008, One Hundred Seven and One Half Percent (107.5%) of the
principal amount to be redeemed plus any accrued and unpaid interest thereon to
the date of such redemption and (2) if the Special Redemption Date is on or
after April 7, 2008, the Redemption Price for such Special Redemption Date.

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

                                      -6-
<PAGE>

            "Tax Event" means the receipt by the Company and the Trust of an
Opinion of Counsel experienced in such matters to the effect that, as a result
of any amendment to or change (including any announced prospective change) in
the laws or any regulations thereunder of the United States or any political
subdivision or taxing authority thereof or therein, or as a result of any
official administrative pronouncement (including any private letter ruling,
technical advice memorandum, 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
Company or the Trust and whether or not subject to review or appeal, which
amendment, clarification, change, Administrative Action or decision is enacted,
promulgated or announced, in each case on or after the date of original issuance
of the Debt Securities, there is more than an insubstantial risk that: (i) the
Trust is, or will be within 90 days of the date of such opinion, subject to
United States federal income tax with respect to income received or accrued on
the Debt Securities; (ii) interest payable by the Company on the Debt Securities
is not, or within 90 days of the date of such opinion, will not be, deductible
by the Company, in whole or in part, for United States federal income tax
purposes; or (iii) the Trust is, or will be within 90 days of the date of such
opinion, subject to or otherwise required to pay, or required to withhold from
distributions to holders of Trust Securities, more than a de minimis amount of
other taxes (including withholding taxes), duties, assessments or other
governmental charges.

            "Trust" means Valley Commerce Trust I, the Delaware statutory trust,
or any other similar trust created for the purpose of issuing Capital Securities
in connection with the issuance of Debt Securities under this Indenture, of
which the Company is the sponsor.

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

            "Trust Securities" means Common Securities and Capital Securities of
Valley Commerce Trust I.

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

            "United States" means the United States of America and the District
of Columbia.

            "U.S. Person" has the meaning given to United States Person as set
forth in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended.

                                   ARTICLE II

                                 DEBT SECURITIES

      SECTION 2.01. Authentication and Dating.

            Upon the execution and delivery of this Indenture, or from time to
time thereafter, Debt Securities in an aggregate principal amount not in excess
of $3,093,000 may be executed and delivered by the Company to the Trustee for
authentication, and the Trustee shall thereupon

                                      -7-
<PAGE>

authenticate and make available for delivery said Debt Securities to or upon the
written order of the Company, signed by its Chairman of the Board of Directors,
Vice Chairman, President or Chief Financial Officer or one of its Vice
Presidents, without any further action by the Company hereunder. In
authenticating such Debt Securities, and accepting the additional
responsibilities under this Indenture in relation to such Debt Securities, the
Trustee shall be entitled to receive, and (subject to Section 6.01) shall be
fully protected in relying upon a copy of any Board Resolution or Board
Resolutions relating thereto and, if applicable, an appropriate record of any
action taken pursuant to such resolution, in each case certified by the
Secretary or an Assistant Secretary or other officers with appropriate delegated
authority of the Company as the case may be.

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

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

      SECTION 2.02. Form of Trustee's Certificate of Authentication.

            The Trustee's certificate of authentication on all Debt Securities
shall be in substantially the following form:

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

            WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as trustee

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

      SECTION 2.03. Form and Denomination of Debt Securities.

            The Debt Securities shall be substantially in the form of Exhibit A
hereto. The Debt Securities shall be in registered, certificated form without
coupons and in minimum denominations of $100,000 and any multiple of $1,000 in
excess thereof. The Debt Securities shall be numbered, lettered, or otherwise
distinguished in such manner or in accordance with such plans as the officers
executing the same may determine with the approval of the Trustee as evidenced
by the execution and authentication thereof.

      SECTION 2.04. Execution of Debt Securities.

            The Debt Securities shall be signed in the name and on behalf of the
Company by the manual or facsimile signature of its Chairman of the Board of
Directors, Vice Chairman, President or Chief Financial Officer or one of its
Executive Vice Presidents, Senior Vice Presidents or Vice Presidents, under its
corporate seal which may be affixed thereto or printed,

                                      -8-
<PAGE>

engraved or otherwise reproduced thereon, by facsimile or otherwise, and which
need not be attested. Only such Debt Securities as shall bear thereon a
certificate of authentication substantially in the form herein before recited,
executed by the Trustee or the Authenticating Agent by the manual signature of
an authorized officer, shall be entitled to the benefits of this Indenture or be
valid or obligatory for any purpose. Such certificate by the Trustee or the
Authenticating Agent upon any Debt Security executed by the Company shall be
conclusive evidence that the Debt Security so authenticated has been duly
authenticated and delivered hereunder and that the holder is entitled to the
benefits of this Indenture.

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

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

      SECTION 2.05. Exchange and Registration of Transfer of Debt Securities.

            The Company shall cause to be kept, at the office or agency
maintained for the purpose of registration of transfer and for exchange as
provided in Section 3.02, a register (the "Debt Security Registrar") for the
Debt Securities issued hereunder in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration
and transfer of all Debt Securities as provided in this Article II. Such
register shall be in written form or in any other form capable of being
converted into written form within a reasonable time.

            Debt Securities to be exchanged may be surrendered at the Principal
Office of the Trustee or at any office or agency to be maintained by the Company
for such purpose as provided in Section 3.02, and the Company shall execute, the
Company or the Trustee shall register and the Trustee or the Authenticating
Agent shall authenticate and make available for delivery in exchange therefor
the Debt Security or Debt Securities which the Securityholder making the
exchange shall be entitled to receive. Upon due presentment for registration of
transfer of any Debt Security at the Principal Office of the Trustee or at any
office or agency of the Company maintained for such purpose as provided in
Section 3.02, the Company shall execute, the Company or the Trustee shall
register and the Trustee or the Authenticating Agent shall authenticate and make
available for delivery in the name of the transferee or transferees a new Debt
Security for a like aggregate principal amount. Registration or registration of
transfer of any Debt Security by the Trustee or by any agent of the Company
appointed pursuant to Section 3.02, and delivery of such Debt Security, shall be
deemed to complete the registration or registration of transfer of such Debt
Security.

            All Debt Securities presented for registration of transfer or for
exchange or payment shall (if so required by the Company or the Trustee or the
Authenticating Agent) be

                                      -9-
<PAGE>

duly endorsed by, or be accompanied by, a written instrument or instruments of
transfer in form satisfactory to the Company and either the Trustee or the
Authenticating Agent duly executed by, the holder or such holder's attorney duly
authorized in writing.

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

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

            Notwithstanding the foregoing, Debt Securities may not be
transferred except in compliance with the restricted securities legend set forth
below, unless otherwise determined by the Company in accordance with applicable
law, which legend shall be placed on each Debt 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 COMPANY, (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 THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT 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
COMPANY'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 IT IN ACCORDANCE WITH THE INDENTURE, A
COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY. THE HOLDER OF THIS SECURITY BY
ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING
RESTRICTIONS.

                                      -10-
<PAGE>

            THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES,
REPRESENTS AND WARRANTS THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS
INVOLVING THIS SECURITY UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE
SECURITIES ACT.

            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 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 OF THIS SECURITY WILL
DELIVER TO THE COMPANY AND TRUSTEE SUCH CERTIFICATES AND OTHER INFORMATION AS
MAY BE REQUIRED BY THE INDENTURE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE
FOREGOING RESTRICTIONS.

            THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS
HAVING A PRINCIPAL 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
PRINCIPAL 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.

                                      -11-
<PAGE>

            THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED
STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT
INSURANCE CORPORATION (THE "FDIC"). THIS OBLIGATION IS SUBORDINATED TO THE
CLAIMS OF DEPOSITORS AND THE CLAIMS OF GENERAL AND SECURED CREDITORS OF THE
COMPANY, IS INELIGIBLE AS COLLATERAL FOR A LOAN BY THE COMPANY OR ANY OF ITS
SUBSIDIARIES AND IS NOT SECURED.

      SECTION 2.06. Mutilated, Destroyed, Lost or Stolen Debt Securities.

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

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

            Every substituted Debt Security issued pursuant to the provisions of
this Section 2.06 by virtue of the fact that any such Debt Security is
destroyed, lost or stolen shall constitute an additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Debt Security shall
be found at any time, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Debt Securities
duly issued hereunder. All Debt Securities shall be held and owned upon the
express condition that, to the extent permitted by applicable law, the foregoing
provisions are exclusive with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Debt Securities and shall preclude any and
all other rights or remedies notwithstanding any law or statute existing or
hereafter enacted to the contrary with respect to the replacement or payment of
negotiable instruments or other securities without their surrender.

                                      -12-
<PAGE>

      SECTION 2.07. Temporary Debt Securities.

            Pending the preparation of definitive Debt Securities, the Company
may execute and the Trustee shall authenticate and make available for delivery
temporary Debt Securities that are typed, printed or lithographed. Temporary
Debt Securities shall be issuable in any authorized denomination, and
substantially in the form of the definitive Debt Securities but with such
omissions, insertions and variations as may be appropriate for temporary Debt
Securities, all as may be determined by the Company. Every such temporary Debt
Security shall be executed by the Company and be authenticated by the Trustee
upon the same conditions and in substantially the same manner, and with the same
effect, as the definitive Debt Securities. Without unreasonable delay, the
Company will execute and deliver to the Trustee or the Authenticating Agent
definitive Debt Securities and thereupon any or all temporary Debt Securities
may be surrendered in exchange therefor, at the Principal Office of the Trustee
or at any office or agency maintained by the Company for such purpose as
provided in Section 3.02, and the Trustee or the Authenticating Agent shall
authenticate and make available for delivery in exchange for such temporary Debt
Securities a like aggregate principal amount of such definitive Debt Securities.
Such exchange shall be made by the Company at its own expense and without any
charge therefor except that in case of any such exchange involving a
registration of transfer the Company may require payment of a sum sufficient to
cover any tax, fee or other governmental charge that may be imposed in relation
thereto. Until so exchanged, the temporary Debt Securities shall in all respects
be entitled to the same benefits under this Indenture as definitive Debt
Securities authenticated and delivered hereunder.

      SECTION 2.08. Payment of Interest.

            Each Debt Security will bear interest at the then applicable
Interest Rate from and including each Interest Payment Date or, in the case of
the first interest period, the original date of issuance of such Debt Security
to, but excluding, the next succeeding Interest Payment Date or, in the case of
the last interest period, the Redemption Date, Special Redemption Date or
Maturity Date, as applicable, on the principal thereof, on any overdue principal
and (to the extent that payment of such interest is enforceable under applicable
law) on Deferred Interest and on any overdue installment of interest (including
Defaulted Interest), payable (subject to the provisions of Article XII) on each
Interest Payment Date commencing on July 7, 2003. Interest and any Deferred
Interest on any Debt Security that is payable, and is punctually paid or duly
provided for by the Company, on any Interest Payment Date shall be paid to the
Person in whose name said Debt Security (or one or more Predecessor Securities)
is registered at the close of business on the regular record date for such
interest installment, except that interest and any Deferred Interest payable on
the Maturity Date shall be paid to the Person to whom principal is paid. In the
event that any Debt Security or portion thereof is called for redemption and the
redemption date is subsequent to a regular record date with respect to any
Interest Payment Date and prior to such Interest Payment Date, interest on such
Debt Security will be paid upon presentation and surrender of such Debt
Security.

            Any interest on any Debt Security, other than Deferred Interest,
that is payable, but is not punctually paid or duly provided for by the Company,
on any Interest Payment Date (herein called "Defaulted Interest") shall
forthwith cease to be payable to the registered holder on the relevant regular
record date by virtue of having been such holder, and such Defaulted Interest

                                      -13-
<PAGE>

shall be paid by the Company to the Persons in whose names such Debt Securities
(or their respective Predecessor Securities) are registered at the close of
business on a special record date for the payment of such Defaulted Interest,
which shall be fixed in the following manner: the Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to be paid on
each such Debt Security and the date of the proposed payment, and at the same
time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements reasonably satisfactory to the Trustee for such deposit
prior to the date of the proposed payment, such money when deposited to be held
in trust for the benefit of the Persons entitled to such Defaulted Interest as
in this clause provided. Thereupon the Trustee shall fix a special record date
for the payment of such Defaulted Interest which shall not be more than fifteen
nor less than ten days prior to the date of the proposed payment and not less
than ten days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such special record
date and, in the name and at the expense of the Company, shall cause notice of
the proposed payment of such Defaulted Interest and the special record date
therefor to be mailed, first class postage prepaid, to each Securityholder at
his or her address as it appears in the Debt Security Registrar, not less than
ten days prior to such special record date. Notice of the proposed payment of
such Defaulted Interest and the special record date therefor having been mailed
as aforesaid, such Defaulted Interest shall be paid to the Persons in whose
names such Debt Securities (or their respective Predecessor Securities) are
registered on such special record date and thereafter the Company shall have no
further payment obligation in respect of the Defaulted Interest.

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

            The term "regular record date" as used in this Section shall mean
the fifteenth day prior to an Interest Payment Date whether or not such date is
a Business Day.

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

      SECTION 2.09. Cancellation of Debt Securities Paid, etc.

            All Debt Securities surrendered for the purpose of payment,
redemption, exchange or registration of transfer, shall, if surrendered to the
Company or any Paying Agent, be surrendered to the Trustee and promptly canceled
by it, or, if surrendered to the Trustee or any Authenticating Agent, shall be
promptly canceled by it, and no Debt Securities shall be issued in lieu thereof
except as expressly permitted by any of the provisions of this Indenture. All
Debt Securities canceled by any Authenticating Agent shall be delivered to the
Trustee. The Trustee shall destroy all canceled Debt Securities unless the
Company otherwise directs the Trustee in writing, in which case the Trustee
shall dispose of such Debt Securities as directed by the Company. If the Company
shall acquire any of the Debt Securities, however, such

                                      -14-
<PAGE>

acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Debt Securities unless and until the same are
surrendered to the Trustee for cancellation.

      SECTION 2.10. Computation of Interest

            (a) The amount of interest payable for any interest period will be
computed on the basis of a 360-day year and the actual number of days elapsed in
the relevant interest period; provided, however, that upon the occurrence of a
Special Event Redemption pursuant to Section 10.02 the amounts payable pursuant
to this Indenture shall be calculated as set forth in the definition of Special
Redemption Price.

            (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 January 15, April 15, July 15 and October 15
            (except, with respect to the first interest payment period, on March
            25, 2003), (each such day, a "LIBOR Determination Date"), LIBOR
            shall equal the rate, as obtained by the Calculation Agent for
            three-month U.S. Dollar 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
            Telerate Page 3750, as of 11:00 a.m. (London time) on such LIBOR
            Determination Date, as reported by Bloomberg Financial Markets
            Commodities News; provided, however, that in the case of the first
            interest payment period, LIBOR will be interpolated from LIBOR for
            three-month U.S. Dollar deposits in Europe and LIBOR for four-month
            U.S. Dollar deposits in Europe on a straight-line basis. "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 as reported by Bloomberg Financial
            Markets Commodities News or such other page as may replace such
            Telerate 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
            three-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. (London 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 a quotation,

                                      -15-
<PAGE>

            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 three-month U.S. Dollar deposits in
            Europe at approximately 11:00 a.m. (London 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.

                  (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 Interest
Rate in effect for the related Interest Payment Date. The Calculation Agent
shall, upon the request of the holder of any Debt Securities, provide the
Interest 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 Interest 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.

      SECTION 2.11. Extension of Interest Payment Period.

            So long as no Event of Default has occurred and is continuing, the
Company shall have the right, from time to time and without causing an Event of
Default, to defer payments of interest on the Debt Securities by extending the
interest payment period on the Debt Securities at any time and from time to time
during the term of the Debt Securities, for up to twenty consecutive quarterly
periods (each such extended interest payment period, an "Extension Period"),
during which Extension Period no interest shall be due and payable (except any
Additional Interest that may be due and payable). No Extension Period may end on
a date other than an Interest Payment Date. During any Extension Period,
interest will continue to accrue on the Debt Securities, 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 Interest Rate
in effect for such Extension Period, compounded quarterly from the date such
Deferred Interest would have been payable were it not for the Extension Period,
to the extent

                                      -16-
<PAGE>

permitted by law. No interest or Deferred Interest shall be due and payable
during an Extension Period, except at the end thereof. At the end of any such
Extension Period the Company shall pay all Deferred Interest then accrued and
unpaid on the Debt Securities; provided, however, that no Extension Period may
extend beyond the Maturity Date; and provided further, however, that during any
such Extension Period, the Company shall be subject to the restrictions set
forth in Section 3.08 of this Indenture. Prior to the termination of any
Extension Period, the Company may further extend such period, provided, that
such period together with all such previous and further consecutive extensions
thereof shall not exceed twenty consecutive quarterly periods, or extend beyond
the Maturity Date. Upon the termination of any Extension Period and upon the
payment of all Deferred Interest, the Company may commence a new Extension
Period, subject to the foregoing requirements. The Company must give the Trustee
notice of its election to begin such Extension Period ("Notice") at least one
Business Day prior to the earlier of (i) the next succeeding date on which
interest on the Debt Securities would have been payable except for the election
to begin such Extension Period or (ii) the date such interest is payable, but in
any event not later than the related regular record date. The Notice shall
describe, in reasonable detail, why the Company has elected to begin an
Extension Period. The Notice shall acknowledge and affirm the Company's
understanding that it is prohibited from issuing dividends and other
distributions during the Extension Period. Upon receipt of the Notice, the
Initial Purchaser has the right, at its sole discretion, to disclose the name of
the Company, the fact that the Company has elected to begin an Extension Period
and other information that the Initial Purchaser, at its sole discretion, deems
relevant to the Company's election to begin an Extension Period. The Trustee
shall give notice of the Company's election to begin a new Extension Period to
the Securityholders.

      SECTION 2.12. CUSIP Numbers.

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

                                   ARTICLE III

                       PARTICULAR COVENANTS OF THE COMPANY

      SECTION 3.01. Payment of Principal, Premium and Interest; Agreed Treatment
of the Debt Securities.

            (a) The Company covenants and agrees that it will duly and
punctually pay or cause to be paid all payments due on the Debt Securities at
the place, at the respective times and in the manner provided in this Indenture
and the Debt Securities. At the option of the Company, each installment of
interest on the Debt Securities may be paid (i) by mailing checks for such
interest payable to the order of the holders of Debt Securities entitled thereto
as they appear on

                                      -17-
<PAGE>

the Debt Security Registrar or (ii) by wire transfer to any account with a
banking institution located in the United States designated by such Person to
the Paying Agent no later than the related record date.

            (b) The Company will treat the Debt Securities as indebtedness, and
the interest payable in respect of such Debt Securities as interest, for all
U.S. federal income tax purposes. All payments in respect of such Debt
Securities will be made free and clear of U.S. withholding tax to any beneficial
owner thereof that has provided an Internal Revenue Service Form W-8 BEN (or any
substitute or successor form) establishing its non-U.S. status for U.S. federal
income tax purposes.

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

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

      SECTION 3.02. Offices for Notices and Payments, etc.

            So long as any of the Debt Securities remain outstanding, the
Company will maintain in Wilmington, Delaware or in an office or agency where
the Debt Securities may be presented for payment, an office or agency where the
Debt Securities may be presented for registration of transfer and for exchange
as provided in this Indenture and an office or agency where notices and demands
to or upon the Company in respect of the Debt Securities or of this Indenture
may be served. The Company will give to the Trustee written notice of the
location of any such office or agency and of any change of location thereof.
Until otherwise designated from time to time by the Company in a notice to the
Trustee, or specified as contemplated by Section 2.05, such office or agency for
all of the above purposes shall be the Principal Office of the Trustee. In case
the Company shall fail to maintain any such office or agency in Wilmington,
Delaware or in or shall fail to give such notice of the location or of any
change in the location thereof, presentations and demands may be made and
notices may be served at the Principal Office of the Trustee.

            In addition to any such office or agency, the Company may from time
to time designate one or more offices or agencies outside Wilmington, Delaware
or where the Debt Securities may be presented for registration of transfer and
for exchange in the manner provided in this Indenture, and the Company may from
time to time rescind such designation, as the Company may deem desirable or
expedient; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain any such office

                                      -18-
<PAGE>

or agency in Wilmington, Delaware or in for the purposes above mentioned. The
Company will give to the Trustee prompt written notice of any such designation
or rescission thereof.

      SECTION 3.03. Appointments to Fill Vacancies in Trustee's Office.

            The Company, whenever necessary to avoid or fill a vacancy in the
office of Trustee, will appoint, in the manner provided in Section 6.09, a
Trustee, so that there shall at all times be a Trustee hereunder.

      SECTION 3.04. Provision as to Paying Agent.

            (a) If the Company shall appoint a Paying Agent other than the
Trustee, it will cause such Paying Agent to execute and deliver to the Trustee
an instrument in which such agent shall agree with the Trustee, subject to the
provision of this Section 3.04;

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

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

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

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

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

            (c) Anything in this Section 3.04 to the contrary notwithstanding,
the Company may, at any time, for the purpose of obtaining a satisfaction and
discharge with respect to the Debt Securities, or for any other reason, pay, or
direct any Paying Agent to pay to the Trustee all sums held in trust by the
Company or any such Paying Agent, such sums to be held by the Trustee upon the
same terms and conditions herein contained.

                                      -19-
<PAGE>

            (d) Anything in this Section 3.04 to the contrary notwithstanding,
the agreement to hold sums in trust as provided in this Section 3.04 is subject
to Sections 12.03 and 12.04.

            (e) The Company hereby initially appoints the Trustee to act as
Paying Agent (the "Paying Agent").

      SECTION 3.05. Certificate to Trustee.

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

      SECTION 3.06. Additional Interest.

            If and for so long as the Trust is the holder of all Debt Securities
and is subject to or otherwise required to pay, or is required to withhold from
distributions to holders of Trust Securities, any additional taxes (including
withholding taxes), duties, assessments or other governmental charges as a
result of a Tax Event, the Company will pay such additional amounts (the
"Additional Interest") on the Debt Securities as shall be required so that the
net amounts received and retained by the Trust for distribution to holders of
Trust Securities after paying all taxes (including withholding taxes on
distributions to holders of Trust Securities), duties, assessments or other
governmental charges will be equal to the amounts the Trust would have received
and retained for distribution to holders of Trust Securities after paying all
taxes (including withholding taxes on distributions to holders of Trust
Securities), duties, assessments or other governmental charges if no such
additional taxes, duties, assessments or other governmental charges had been
imposed. Whenever in this Indenture or the Debt Securities there is a reference
in any context to the payment of principal of or interest on the Debt
Securities, such mention shall be deemed to include mention of payments of the
Additional Interest provided for in this paragraph to the extent that, in such
context, Additional Interest is, was or would be payable in respect thereof
pursuant to the provisions of this paragraph and express mention of the payment
of Additional Interest (if applicable) in any provisions hereof shall not be
construed as excluding Additional Interest in those provisions hereof where such
express mention is not made, provided, however, that the deferral of the payment
of interest during an Extension Period pursuant to Section 2.11 shall not defer
the payment of any Additional Interest that may be due and payable.

      SECTION 3.07. Compliance with Consolidation Provisions.

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

                                      -20-
<PAGE>

      SECTION 3.08. Limitation on Dividends.

            If Debt Securities are initially issued to the Trust or a trustee of
such Trust in connection with the issuance of Trust Securities by the Trust
(regardless of whether Debt Securities continue to be held by such Trust) and
(i) there shall have occurred and be continuing an Event of Default, (ii) the
Company shall be in default with respect to its payment of any obligations under
the Capital Securities Guarantee or (iii) the Company shall have given notice of
its election to defer payments of interest on the Debt Securities by extending
the interest payment period as provided herein and such period, or any extension
thereof, shall have commenced and be continuing, then the Company may not (A)
declare or pay any dividends or distributions on, or redeem, purchase, acquire,
or make a liquidation payment with respect to, any of the Company's capital
stock or (B) make any payment of principal of or interest or premium, if any, on
or repay, repurchase or redeem any debt securities of the Company that rank pari
passu in all respects with or junior in interest to the Debt Securities (other
than (a) repurchases, redemptions or other acquisitions of shares of capital
stock of the Company (I) 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, (II) in connection with a
dividend reinvestment or stockholder stock purchase plan or (III) in connection
with the issuance of capital stock of the Company (or securities convertible
into or exercisable for such capital stock), as consideration in an acquisition
transaction entered into prior to the occurrence of (i), (ii) or (iii) above,
(b) as a result of any exchange or conversion of any class or series of the
Company's capital stock (or any capital stock of a subsidiary of the Company)
for any class or series of the Company's capital stock or of any class or series
of the Company's indebtedness for any class or series of the Company's capital
stock, (c) the purchase of fractional interests in shares of the Company's
capital stock pursuant to the conversion or exchange provisions of such capital
stock or the security being converted or exchanged, (d) any declaration of a
dividend in connection with any stockholder's rights plan, or the issuance of
rights, stock or other property under any stockholder's rights plan, or the
redemption or repurchase of rights pursuant thereto, 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).

      SECTION 3.09. Covenants as to the Trust.

            For so long as such Trust Securities remain outstanding, the Company
shall maintain 100% ownership of the Common Securities; provided, however, that
any permitted successor of the Company under this Indenture that is a U.S.
Person may succeed to the Company's ownership of such Common Securities. The
Company, as owner of the Common Securities, shall use commercially reasonable
efforts to cause the Trust (a) to remain a statutory trust, except in connection
with a distribution of Debt Securities to the holders of Trust Securities in
liquidation of the Trust, the redemption of all of the Trust Securities or
certain mergers, consolidations or amalgamations, each as permitted by the
Declaration, (b) to otherwise continue to be classified as a grantor trust for
United States federal income tax purposes and (c) to cause each holder of Trust
Securities to be treated as owning an undivided beneficial interest in the Debt
Securities.

                                      -21-
<PAGE>

                                   ARTICLE IV

                LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

      SECTION 4.01. Securityholders' Lists.

            The Company covenants and agrees that it will furnish or cause to be
furnished to the Trustee:

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

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

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

      SECTION 4.02. Preservation and Disclosure of Lists.

            (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, all information as to the names and addresses of the
holders of Debt Securities (1) contained in the most recent list furnished to it
as provided in Section 4.01 or (2) received by it in the capacity of Debt
Securities registrar (if so acting) hereunder. The Trustee may destroy any list
furnished to it as provided in Section 4.01 upon receipt of a new list so
furnished.

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

                  (1) afford such applicants access to the information preserved
            at the time by the Trustee in accordance with the provisions of
            subsection (a) of this Section 4.02, or

                  (2) inform such applicants as to the approximate number of
            holders of Debt Securities whose names and addresses appear in the
            information preserved at the time by the Trustee in accordance with
            the provisions of subsection (a) of this Section 4.02, and as to the
            approximate cost of mailing to such Securityholders the form of
            proxy or other communication, if any, specified in such application.

                                      -22-
<PAGE>

            If the Trustee shall elect not to afford such applicants access to
such information, the Trustee shall, upon the written request of such
applicants, mail to each Securityholder of Debt Securities whose name and
address appear in the information preserved at the time by the Trustee in
accordance with the provisions of subsection (a) of this Section 4.02 a copy of
the form of proxy or other communication which is specified in such request with
reasonable promptness after a tender to the Trustee of the material to be mailed
and of payment, or provision for the payment, of the reasonable expenses of
mailing, unless within five days after such tender, the Trustee shall mail to
such applicants and file with the Securities and Exchange Commission, if
permitted or required by applicable law, together with a copy of the material to
be mailed, a written statement to the effect that, in the opinion of the
Trustee, such mailing would be contrary to the best interests of the holders of
all Debt Securities, as the case may be, or would be in violation of applicable
law. Such written statement shall specify the basis of such opinion. If said
Commission, as permitted or required by applicable law, after opportunity for a
hearing upon the objections specified in the written statement so filed, shall
enter an order refusing to sustain any of such objections or if, after the entry
of an order sustaining one or more of such objections, said Commission shall
find, after notice and opportunity for hearing, that all the objections so
sustained have been met and shall enter an order so declaring, the Trustee shall
mail copies of such material to all such Securityholders with reasonable
promptness after the entry of such order and the renewal of such tender;
otherwise the Trustee shall be relieved of any obligation or duty to such
applicants respecting their application.

            (c) Each and every holder of Debt Securities, by receiving and
holding the same, agrees with the Company and the Trustee that neither the
Company nor the Trustee nor any Paying Agent shall be held accountable by reason
of the disclosure of any such information as to the names and addresses of the
holders of Debt Securities in accordance with the provisions of subsection (b)
of this Section 4.02, regardless of the source from which such information was
derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under said subsection (b).

                                    ARTICLE V

      REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS UPON AN EVENT OF DEFAULT

      SECTION 5.01. Events of Default.

            (a) The following events shall be "Events of Default" with respect
to Debt Securities:

            (b) the Company defaults in the payment of any interest upon any
Debt Security when it becomes due and payable, and continuance of such default
for a period of 30 days; for the avoidance of doubt, an extension of any
interest payment period by the Company in accordance with Section 2.11 of this
Indenture shall not constitute a default under this clause 5.01(a); or

            (c) the Company defaults in the payment of all or any part of the
principal of (or premium, if any, on) any Debt Securities as and when the same
shall become due and payable

                                      -23-
<PAGE>

either at maturity, upon redemption, by declaration of acceleration pursuant to
Section 5.01 of this Indenture or otherwise; or

            (d) the Company defaults in the performance of, or breaches, any of
its covenants or agreements in Sections 3.06, 3.07, 3.08 or 3.09 of this
Indenture (other than a covenant or agreement a default in whose performance or
whose breach is elsewhere in this Section specifically dealt with), and
continuance of such default or breach for a period of 90 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the holders of not less than 25% in aggregate
principal amount of the outstanding Debt Securities, a written notice specifying
such default or breach and requiring it to be remedied and stating that such
notice is a "Notice of Default' hereunder; or

            (e) a court having jurisdiction in the premises shall enter a decree
or order for relief in respect of the Company 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 the Company or for any substantial part of
its property, or orders the winding-up or liquidation of its affairs and such
decree or order shall remain unstayed and in effect for a period of 90
consecutive days; or

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

            the Trust shall have voluntarily or involuntarily liquidated,
dissolved, wound-up its business or otherwise terminated its existence except in
connection with (1) the distribution of the Debt Securities to holders of the
Trust Securities in liquidation of their interests in the Trust, (2) the
redemption of all of the outstanding Trust Securities or (3) certain mergers,
consolidations or amalgamations, each as permitted by the Declaration.

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

            The foregoing provisions, however, are subject to the condition that
if, at any time after the principal of the Debt Securities shall have been so
declared due and payable, and before any judgment or decree for the payment of
the moneys due shall have been obtained or entered as hereinafter provided, (i)
the Company shall pay or shall deposit with the Trustee a sum sufficient to pay
all matured installments of interest upon all the Debt Securities and all

                                      -24-
<PAGE>

payments on the Debt Securities which shall have become due otherwise than by
acceleration (with interest upon all such payments and Deferred Interest, to the
extent permitted by law) and such amount as shall be sufficient to cover
reasonable compensation to the Trustee and each predecessor Trustee, their
respective agents, attorneys and counsel, and all other amounts due to the
Trustee pursuant to Section 6.06, if any, and (ii) all Events of Default under
this Indenture, other than the non-payment of the payments on Debt Securities
which shall have become due by acceleration, shall have been cured, waived or
otherwise remedied as provided herein, then and in every such case the holders
of a majority in aggregate principal amount of the Debt Securities then
outstanding, by written notice to the Company and to the Trustee, may waive all
defaults and rescind and annul such declaration and its consequences, but no
such waiver or rescission and annulment shall extend to or shall affect any
subsequent default or shall impair any right consequent thereon.

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

      SECTION 5.02. Payment of Debt Securities on Default; Suit Therefor.

            The Company covenants that upon the occurrence of an Event of
Default pursuant to clause 5.01(a) or 5.01(b) and upon demand of the Trustee,
the Company will pay to the Trustee, for the benefit of the holders of the Debt
Securities, the whole amount that then shall have become due and payable on all
Debt Securities including Deferred Interest accrued on the Debt Securities; and,
in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including a reasonable compensation to the
Trustee, its agents, attorneys and counsel, and any other amounts due to the
Trustee under Section 6.06. In case the Company shall fail forthwith to pay such
amounts upon such demand, the Trustee, in its own name and as trustee of an
express trust, shall be entitled and empowered to institute any actions or
proceedings at law or in equity for the collection of the sums so due and
unpaid, and may prosecute any such action or proceeding to judgment or final
decree, and may enforce any such judgment or final decree against the Company or
any other obligor on such Debt Securities and collect in the manner provided by
law out of the property of the Company or any other obligor on such Debt
Securities wherever situated the moneys adjudged or decreed to be payable.

            In case there shall be pending proceedings for the bankruptcy or for
the reorganization of the Company or any other obligor on the Debt Securities
under Bankruptcy Law, or in case a receiver or trustee shall have been appointed
for the property of the Company or such other obligor, or in the case of any
other similar judicial proceedings relative to the Company or other obligor upon
the Debt Securities, or to the creditors or property of the Company or such
other obligor, the Trustee, irrespective of whether the principal of the Debt
Securities shall then be due and payable as therein expressed or by declaration
of acceleration or otherwise and irrespective of whether the Trustee shall have
made any demand pursuant to the provisions of this Section 5.02, shall be
entitled and empowered, by intervention in such

                                      -25-
<PAGE>

proceedings or otherwise, to file and prove a claim or claims for the whole
amount of principal and interest owing and unpaid in respect of the Debt
Securities and, in case of any judicial proceedings, to file such proofs of
claim and other papers or documents as may be necessary or advisable in order to
have the claims of the Trustee (including any claim for reasonable compensation
to the Trustee and each predecessor Trustee, and their respective agents,
attorneys and counsel, and for reimbursement of all other amounts due to the
Trustee under Section 6.06) and of the Securityholders allowed in such judicial
proceedings relative to the Company or any other obligor on the Debt Securities,
or to the creditors or property of the Company or such other obligor, unless
prohibited by applicable law and regulations, to vote on behalf of the holders
of the Debt Securities in any election of a trustee or a standby trustee in
arrangement, reorganization, liquidation or other bankruptcy or insolvency
proceedings or Person performing similar functions in comparable proceedings,
and to collect and receive any moneys or other property payable or deliverable
on any such claims, and to distribute the same after the deduction of its
charges and expenses; and any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized by each of the Securityholders to make such
payments to the Trustee, and, in the event that the Trustee shall consent to the
making of such payments directly to the Securityholders, to pay to the Trustee
such amounts as shall be sufficient to cover reasonable compensation to the
Trustee, each predecessor Trustee and their respective agents, attorneys and
counsel, and all other amounts due to the Trustee under Section 6.06.

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

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

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

      SECTION 5.03. Application of Moneys Collected by Trustee.

            Any moneys collected by the Trustee shall be applied in the
following order, at the date or dates fixed by the Trustee for the distribution
of such moneys, upon presentation of the several Debt Securities in respect of
which moneys have been collected, and stamping thereon the payment, if only
partially paid, and upon surrender thereof if fully paid:

                                      -26-
<PAGE>

            First: To the payment of costs and expenses incurred by, and
reasonable fees of, the Trustee, its agents, attorneys and counsel, and of all
other amounts due to the Trustee under Section 6.06;

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

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

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

      SECTION 5.04. Proceedings by Securitvholders.

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

            Notwithstanding any other provisions in this Indenture, however, the
right of any holder of any Debt Security to receive payment of the principal of,
premium, if any, and interest on such Debt Security when due, or to institute
suit for the enforcement of any such payment, shall not be impaired or affected
without the consent of such holder. For the protection and enforcement of the
provisions of this Section, each and every Securityholder and the Trustee shall
be entitled to such relief as can be given either at law or in equity.

      SECTION 5.05. Proceedings by Trustee.

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

                                      -27-
<PAGE>

      SECTION 5.06. Remedies Cumulative and Continuing.

            Except as otherwise provided in Section 2.06, all powers and
remedies given by this Article V to the Trustee or to the Securityholders shall,
to the extent permitted by law, be deemed cumulative and not exclusive of any
other powers and remedies available to the Trustee or the holders of the Debt
Securities, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this Indenture or
otherwise established with respect to the Debt Securities, and no delay or
omission of the Trustee or of any holder of any of the Debt Securities to
exercise any right or power accruing upon any Event of Default occurring and
continuing as aforesaid shall impair any such right or power, or shall be
construed to be a waiver of any such default or an acquiescence therein; and,
subject to the provisions of Section 5.04, every power and remedy given by this
Article V or by law to the Trustee or to the Securityholders may be exercised
from time to time, and as often as shall be deemed expedient, by the Trustee or
by the Securityholders.

      SECTION 5.07. Direction of Proceedings and Waiver of Defaults by Majority
of Securityholders.

            The holders of a majority in aggregate principal amount of the Debt
Securities affected (voting as one class) at the time outstanding shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee with respect to such Debt Securities; provided, however, that
(subject to the provisions of Section 6.01) the Trustee shall have the right to
decline to follow any such direction if the Trustee shall determine that the
action so directed would be unjustly prejudicial to the holders not taking part
in such direction or if the Trustee being advised by counsel determines that the
action or proceeding so directed may not lawfully be taken or if a Responsible
Officer of the Trustee shall determine that the action or proceedings so
directed would involve the Trustee in personal liability. Prior to any
declaration accelerating the maturity of the Debt Securities, the holders of a
majority in aggregate principal amount of the Debt Securities at the time
outstanding may on behalf of the holders of all of the Debt Securities waive (or
modify any previously granted waiver of) any past default or Event of Default
and its consequences, except a default (a) in the payment of principal of,
premium, if any, or interest on any of the Debt Securities, (b) in respect of
covenants or provisions hereof which cannot be modified or amended without the
consent of the holder of each Debt Security affected, or (c) in respect of the
covenants contained in Section 3.09; provided, however, that if the Debt
Securities are held by the Trust or a trustee of such trust, such waiver or
modification to such waiver shall not be effective until the holders of a
majority in liquidation preference of the Trust Securities of the Trust shall
have consented to such waiver or modification to such waiver; provided, further,
that if the consent of the holder of each outstanding Debt Security is required,
such waiver shall not be effective until each holder of the Trust Securities of
the Trust shall have consented to such waiver. Upon any such waiver, the default
covered thereby shall be deemed to be cured for all purposes of this Indenture
and the Company, the Trustee and the holders of the Debt Securities shall be
restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other default or Event of Default
or impair any right consequent thereon. Whenever any default or Event of Default
hereunder shall have been waived as permitted by this Section 5.07, said default
or Event of Default shall for all purposes of the Debt Securities and this
Indenture be deemed to have been cured and to be not continuing.

                                      -28-
<PAGE>

      SECTION 5.08. Notice of Defaults.

            The Trustee shall, within 90 days after a Responsible Officer of the
Trustee shall have actual knowledge or received written notice of the occurrence
of a default with respect to the Debt Securities, mail to all Securityholders,
as the names and addresses of such holders appear upon the Debt Security
Registrar, notice of all defaults with respect to the Debt Securities known to
the Trustee, unless such defaults shall have been cured before the giving of
such notice (the term "defaults" for the purpose of this Section 5.08 being
hereby defined to be the events specified in subsections (a), (b), (c), (d) and
(e) of Section 5.01, not including periods of grace, if any, provided for
therein); provided, that, except in the case of default in the payment of the
principal of, premium, if any, or interest on any of the Debt Securities, the
Trustee shall be protected in withholding such notice if and so long as a
Responsible Officer of the Trustee in good faith determines that the withholding
of such notice is in the interests of the Securityholders.

      SECTION 5.09. Undertaking to Pay Costs.

            All parties to this Indenture agree, and each holder of any Debt
Security by such holder's acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of
any right or remedy under this Indenture, or in any suit against the Trustee for
any action taken or omitted by it as Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable
attorneys' fees and expenses, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section 5.09 shall not apply to any
suit instituted by the Trustee, to any suit instituted by any Securityholder, or
group of Securityholders, holding in the aggregate more than 10% in principal
amount of the Debt Securities outstanding, or to any suit instituted by any
Securityholder for the enforcement of the payment of the principal of (or
premium, if any) or interest on any Debt Security against the Company on or
after the same shall have become due and payable.

                                   ARTICLE VI

                             CONCERNING THE TRUSTEE

      SECTION 6.01. Duties and Responsibilities of Trustee.

            With respect to the holders of Debt Securities issued hereunder, the
Trustee, prior to the occurrence of an Event of Default with respect to the Debt
Securities and after the curing or waiving of all Events of Default which may
have occurred, with respect to the Debt Securities, undertakes to perform such
duties and only such duties as are specifically set forth in this Indenture. In
case an Event of Default with respect to the Debt Securities has occurred (which
has not been cured or waived) the Trustee shall exercise such of the rights and
powers vested in it by this Indenture, and use the same degree of care and skill
in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs.

                                      -29-
<PAGE>

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

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

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

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

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

            (c) the Trustee shall not be liable with respect to any action taken
or omitted to be taken by it in good faith, in accordance with the direction of
the Securityholders pursuant to Section 5.07, relating to the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture;

            (d) the Trustee shall not be charged with knowledge of any Default
or Event of Default with respect to the Debt Securities unless either (1) a
Responsible Officer shall have actual knowledge of such Default or Event of
Default or (2) written notice of such Default or Event of Default shall have
been given to the Trustee by the Company or any other obligor on the Debt
Securities or by any holder of the Debt Securities, except with respect to an
Event of Default pursuant to Sections 5.01 (a) or 5.01 (b) hereof (other than an
Event of Default resulting from the default in the payment of Additional
Interest or premium, if any, if the Trustee does not have actual knowledge or
written notice that such payment is due and payable), of which the Trustee shall
be deemed to have knowledge; and

            (e) in the absence of bad faith on the part of the Trustee, the
Trustee may seek and rely on reasonable instructions from the Company.

                                      -30-
<PAGE>

            None of the provisions contained in this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of
its rights or powers.

      SECTION 6.02. Reliance on Documents, Opinions, etc.

            Except as otherwise provided in Section 6.01:

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

            (b) any request, direction, order or demand of the Company mentioned
herein shall be sufficiently evidenced by an Officers' Certificate (unless other
evidence in respect thereof be herein specifically prescribed); and any Board
Resolution may be evidenced to the Trustee by a copy thereof certified by the
Secretary or an Assistant Secretary of the Company;

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

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

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

            (f) the Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond,
debenture, coupon or other paper or document, unless requested in writing to do
so by the holders of not less than a majority in principal amount of the
outstanding Debt Securities affected thereby; provided, however, that if the
payment within a reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such investigation is,
in the opinion of the Trustee, not reasonably assured to the Trustee by the
security afforded to it by the terms of this Indenture, the Trustee may require
reasonable indemnity against such expense or liability as a condition to so
proceeding; and

                                      -31-
<PAGE>

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

      SECTION 6.03. No Responsibility for Recitals, etc.

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

      SECTION 6.04. Trustee, Authenticating Agent, Paying Agents, Transfer
Agents or Registrar May Own Debt Securities.

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

      SECTION 6.05. Moneys to be Held in Trust.

            Subject to the provisions of Section 12.04, all moneys received by
the Trustee or any Paying Agent shall, until used or applied as herein provided,
be held in trust for the purpose for which they were received, but need not be
segregated from other funds except to the extent required by law. The Trustee
and any Paying Agent shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed in writing with the Company.
So long as no Event of Default shall have occurred and be continuing, all
interest allowed on any such moneys, if any, shall be paid from time to time to
the Company upon the written order of the Company, signed by the Chairman of the
Board of Directors, the President, the Chief Operating Officer, a Vice
President, the Treasurer or an Assistant Treasurer of the Company.

      SECTION 6.06. Compensation and Expenses of Trustee.

            The Company covenants and agrees to pay to the Trustee from time to
time, and the Trustee shall be entitled to, such compensation as shall be agreed
to in writing between the Company and the Trustee (which shall not be limited by
any provision of law in regard to the compensation of a trustee of an express
trust), and the Company will pay or reimburse the Trustee upon its written
request for all documented reasonable expenses, disbursements and advances
incurred or made by the Trustee in accordance with any of the provisions of this
Indenture (including the reasonable compensation and the reasonable expenses and
disbursements of its counsel and of all Persons not regularly in its employ)
except any such expense, disbursement or advance that arises from its negligence
or bad faith. The Company also covenants to indemnify each of the Trustee
(including in its individual capacity) and any

                                      -32-
<PAGE>

predecessor Trustee (and its officers, agents, directors and employees) for, and
to hold it harmless against, any and all loss, damage, claim, liability or
expense including taxes (other than taxes based on the income of the Trustee),
except to the extent such loss, damage, claim, liability or expense results from
the negligence or bad faith of such indemnitee, arising out of or in connection
with the acceptance or administration of this Trust, including the costs and
expenses of defending itself against any claim or liability in the premises. The
obligations of the Company under this Section 6.06 to compensate and indemnify
the Trustee and to pay or reimburse the Trustee for documented expenses,
disbursements and advances shall constitute additional indebtedness hereunder.
Such additional indebtedness shall be secured by a lien prior to that of the
Debt Securities upon all property and funds held or collected by the Trustee as
such, except funds held in trust for the benefit of the holders of particular
Debt Securities.

            Without prejudice to any other rights available to the Trustee under
applicable law, when the Trustee incurs expenses or renders services in
connection with an Event of Default specified in subsections (d), (e) or (f) of
Section 5.01, the expenses (including the reasonable charges and expenses of its
counsel) and the compensation for the services are intended to constitute
expenses of administration under any applicable federal or state bankruptcy,
insolvency or other similar law.

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

      SECTION 6.07. Officers' Certificate as Evidence.

            Except as otherwise provided in Sections 6.01 and 6.02, whenever in
the administration of the provisions of this Indenture the Trustee shall deem it
necessary or desirable that a matter be proved or established prior to taking or
omitting any action hereunder, such matter (unless other evidence in respect
thereof be herein specifically prescribed) may, in the absence of negligence or
bad faith on the part of the Trustee, be deemed to be conclusively proved and
established by an Officers' Certificate delivered to the Trustee, and such
certificate, in the absence of negligence or bad faith on the part of the
Trustee, shall be full warrant to the Trustee for any action taken or omitted by
it under the provisions of this Indenture upon the faith thereof.

      SECTION 6.08. Eligibility of Trustee.

            The Trustee hereunder shall at all times be a U.S. Person that is a
banking corporation or national association 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 or national association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 6.08 the combined capital and surplus of such
corporation or national association shall be deemed to be its combined capital
and surplus as set forth in its most recent records of condition so published.

                                      -33-
<PAGE>

            The Company may not, nor may any Person directly or indirectly
controlling, controlled by, or under common control with the Company, serve as
Trustee, notwithstanding that such corporation or national association shall be
otherwise eligible and qualified under this Article.

            In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section 6.08, the Trustee shall resign
immediately in the manner and with the effect specified in Section 6.09.

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

      SECTION 6.09. Resignation or Removal of Trustee, Calculation Agent, Paying
Agent or Debt Security Registrar.

            (a) The Trustee, or any trustee or trustees hereafter appointed, the
Calculation Agent, the Paying Agent and any Debt Security Registrar may at any
time resign by giving written notice of such resignation to the Company and by
mailing notice thereof, at the Company's expense, to the holders of the Debt
Securities at their addresses as they shall appear on the Debt Security
Registrar. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor or successors by written instrument, in duplicate, executed
by order of its Board of Directors, one copy of which instrument shall be
delivered to the resigning party and one copy to the successor. If no successor
shall have been so appointed and have accepted appointment within 30 days after
the mailing of such notice of resignation to the affected Securityholders, the
resigning party may petition any court of competent jurisdiction for the
appointment of a successor, or any Securityholder who has been a bona fide
holder of a Debt Security or Debt Securities for at least six months may,
subject to the provisions of Section 5.09, on behalf of himself or herself and
all others similarly situated, petition any such court for the appointment of a
successor. Such court may thereupon, after such notice, if any, as it may deem
proper and prescribe, appoint a successor.

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

                  (1) the Trustee shall fail to comply with the provisions of
            the last paragraph of Section 6.08 after written request therefor by
            the Company or by any Securityholder who has been a bona fide holder
            of a Debt Security or Debt Securities for at least six months,

                  (2) the Trustee shall cease to be eligible in accordance with
            the provisions of Section 6.08 and shall fail to resign after
            written request therefor by the Company or by any such
            Securityholder, or

                  (3) the Trustee shall become incapable of acting, or shall be
            adjudged bankrupt or insolvent, or a receiver of the Trustee or of
            its property shall be appointed, or any public officer shall take
            charge or control of the Trustee or of its property or affairs for
            the purpose of rehabilitation, conservation or liquidation,

                                      -34-
<PAGE>

then, in any such case, the Company may remove the Trustee and appoint a
successor Trustee by written instrument, in duplicate, executed by order of the
Board of Directors, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor Trustee, or, subject to the
provisions of Section 5.09, if no successor Trustee shall have been so appointed
and have accepted appointment within 30 days of the occurrence of any of (1),
(2) or (3) above, any Securityholder who has been a bona fide holder of a Debt
Security or Debt Securities for at least six months may, on behalf of himself or
herself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee. Such court may thereupon, after such notice, if any, as it may deem
proper and prescribe, remove the Trustee and appoint a successor Trustee.

            (c) Upon prior written notice to the Company and the Trustee, the
holders of a majority in aggregate principal amount of the Debt Securities at
the time outstanding may at any time remove the Trustee and nominate a successor
Trustee, which shall be deemed appointed as successor Trustee unless within ten
Business Days after such nomination the Company objects thereto, in which case
or in the case of a failure by such holders to nominate a successor Trustee, the
Trustee so removed or any Securityholder, upon the terms and conditions and
otherwise as in subsection (a) of this Section 6.09 provided, may petition any
court of competent jurisdiction for an appointment of a successor.

            (d) Any resignation or removal of the Trustee, the Calculation
Agent, the Paying Agent and any Debt Security Registrar and appointment of a
successor pursuant to any of the provisions of this Section 6.09 shall become
effective upon acceptance of appointment by the successor as provided in Section
6.10.

      SECTION 6.10. Acceptance by Successor.

            Any successor Trustee, Calculation Agent, Paying Agent or Debt
Security Registrar appointed as provided in Section 6.09 shall execute,
acknowledge and deliver to the Company and to its predecessor an instrument
accepting such appointment hereunder, and thereupon the resignation or removal
of the retiring party shall become effective and such successor, without any
further act, deed or conveyance, shall become vested with all the rights,
powers, duties and obligations with respect to the Debt Securities of its
predecessor hereunder, with like effect as if originally named herein; but,
nevertheless, on the written request of the Company or of the successor, the
party ceasing to act shall, upon payment of the amounts then due it pursuant to
the provisions of Section 6.06, execute and deliver an instrument transferring
to such successor all the rights and powers of the party so ceasing to act and
shall duly assign, transfer and deliver to such successor all property and money
held by such retiring party hereunder. Upon request of any such successor, the
Company shall execute any and all instruments in writing for more fully and
certainly vesting in and confirming to such successor all such rights and
powers. Any party ceasing to act shall, nevertheless, retain a lien upon all
property or funds held or collected to secure any amounts then due it pursuant
to the provisions of Section 6.06.

            If a successor Trustee is appointed, the Company, the retiring
Trustee and the successor Trustee shall execute and deliver an indenture
supplemental hereto which shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers,

                                      -35-
<PAGE>

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

            No successor Trustee shall accept appointment as provided in this
Section 6.10 unless at the time of such acceptance such successor Trustee shall
be eligible and qualified under the provisions of Section 6.08.

            In no event shall a retiring Trustee, Calculation Agent, Paying
Agent or Debt Security Registrar be liable for the acts or omissions of any
successor hereunder.

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

      SECTION 6.11. Succession by Merger, etc.

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

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

      SECTION 6.12. Authenticating Agents.

            There may be one or more Authenticating Agents appointed by the
Trustee upon the request of the Company with power to act on its behalf and
subject to its direction in the

                                      -36-
<PAGE>

authentication and delivery of Debt Securities issued upon exchange or
registration of transfer thereof as fully to all intents and purposes as though
any such Authenticating Agent had been expressly authorized to authenticate and
deliver Debt Securities; provided, that the Trustee shall have no liability to
the Company for any acts or omissions of the Authenticating Agent with respect
to the authentication and delivery of Debt Securities. Any such Authenticating
Agent shall at all times be a Person organized and doing business under the laws
of the United States or of any state or territory thereof or of the District of
Columbia authorized under such laws to act as Authenticating Agent, having a
combined capital and surplus of at least $50,000,000 and being subject to
supervision or examination by federal, state, territorial or District of
Columbia authority. If such Person publishes reports of condition at least
annually pursuant to law or the requirements of such authority, then for the
purposes of this Section 6.12 the combined capital and surplus of such Person
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect herein specified in
this Section.

            Any Person into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, consolidation or conversion to which any Authenticating Agent shall be a
party, or any Person succeeding to all or substantially all of the corporate
trust business of any Authenticating Agent, shall be the successor of such
Authenticating Agent hereunder, if such successor Person is otherwise eligible
under this Section 6.12 without the execution or filing of any paper or any
further act on the part of the parties hereto or such Authenticating Agent.

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

            The Company agrees to pay to any Authenticating Agent from time to
time reasonable compensation for its services. Any Authenticating Agent shall
have no responsibility or liability for any action taken by it as such in
accordance with the directions of the Trustee and shall receive such reasonable
indemnity as it may require against the costs, expenses and liabilities incurred
in furtherance of its duties under this Section 6.12.

                                      -37-
<PAGE>

                                   ARTICLE VII

                         CONCERNING THE SECURITYHOLDERS

      SECTION 7.01. Action by Securityholders.

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

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

      SECTION 7.02. Proof of Execution by Securityholders.

            Subject to the provisions of Sections 6.01, 6.02 and 8.05, proof of
the execution of any instrument by a Securityholder or such Securityholder's
agent or proxy shall be sufficient if made in accordance with such reasonable
rules and regulations as may be prescribed by the Trustee or in such manner as
shall be satisfactory to the Trustee. The ownership of Debt Securities shall be
proved by the Debt Security Registrar or by a certificate of the Debt Security
registrar. The Trustee may require such additional proof of any matter referred
to in this Section as it shall deem necessary.

            The record of any Securityholders' meeting shall be proved in the
manner provided in Section 8.06.

                                      -38-
<PAGE>

      SECTION 7.03. Who Are Deemed Absolute Owners.

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

      SECTION 7.04. Debt Securities Owned by Company Deemed Not Outstanding.

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

      SECTION 7.05. Revocation of Consents; Future Holders Bound.

            At any time prior to (but not after) the evidencing to the Trustee,
as provided in Section 7.01, of the taking of any action by the holders of the
percentage in aggregate principal amount of the Debt Securities specified in
this Indenture in connection with such action, any holder (in cases where no
record date has been set pursuant to Section 7.01) or any holder as of an
applicable record date (in cases where a record date has been set pursuant to
Section 7.01) of a Debt Security (or any Debt Security issued in whole or in
part in exchange or substitution therefor) the serial number of which is shown
by the evidence to be included in the Debt Securities the holders of which have
consented to such action may, by filing written notice with the Trustee at the
Principal Office of the Trustee and upon proof of holding as provided in Section
7.02, revoke such action so far as concerns such Debt Security (or so far as
concerns the principal amount represented by any exchanged or substituted Debt
Security). Except as aforesaid any such action taken by the holder of any Debt
Security shall be conclusive and

                                      -39-
<PAGE>

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

                                  ARTICLE VIII

                            SECURITYHOLDERS' MEETINGS

      SECTION 8.01. Purposes of Meetings.

            A meeting of Securityholders may be called at any time and from time
to time pursuant to the provisions of this Article VIII for any of the following
purposes:

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

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

            (c) to consent to the execution of an indenture or indentures
supplemental hereto pursuant to the provisions of Section 9.02; or

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

      SECTION 8.02. Call of Meetings by Trustee.

            The Trustee may at any time call a meeting of Securityholders to
take any action specified in Section 8.01, to be held at such time and at such
place in New York or Wilmington, Delaware, as the Trustee shall determine.
Notice of every meeting of the Securityholders, setting forth the time and the
place of such meeting and in general terms the action proposed to be taken at
such meeting, shall be mailed to holders of Debt Securities affected at their
addresses as they shall appear on the Debt Securities Register. Such notice
shall be mailed not less than 20 nor more than 180 days prior to the date fixed
for the meeting.

      SECTION 8.03. Call of Meetings by Company or Securityholders.

            In case at any time the Company pursuant to a Board Resolution, or
the holders of at least 10% in aggregate principal amount of the Debt
Securities, as the case may be, then outstanding, shall have requested the
Trustee to call a meeting of Securityholders, by written request setting forth
in reasonable detail the action proposed to be taken at the meeting, and the
Trustee shall not have mailed the notice of such meeting within 20 days after
receipt of such request, then the Company or such Securityholders may determine
the time and the place in for

                                      -40-
<PAGE>

such meeting and may call such meeting to take any
action authorized in Section 8.01, by mailing notice thereof as provided in
Section 8.02.

SECTION 8.04.     Qualifications for Voting.

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

      SECTION 8.05. Regulations.

            Notwithstanding any other provisions of this Indenture, the Trustee
may make such reasonable regulations as it may deem advisable for any meeting of
Securityholders, in regard to proof of the holding of Debt Securities and of the
appointment of proxies, and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates and
other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate.

            The Trustee shall, by an instrument in writing, appoint a temporary
chairman of the meeting, unless the meeting shall have been called by the
Company or by Securityholders as provided in Section 8.03, in which case the
Company or the Securityholders calling the meeting, as the case may be, shall in
like manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by majority vote at the meeting.

            Subject to the provisions of Section 7.04, at any meeting each
holder of Debt Securities with respect to which such meeting is being held or
proxy therefor shall be entitled to one vote for each $1,000 principal amount of
Debt Securities held or represented by such holder; provided, however, that no
vote shall be cast or counted at any meeting in respect of any Debt Security
challenged as not outstanding and ruled by the chairman of the meeting to be not
outstanding. The chairman of the meeting shall have no right to vote other than
by virtue of Debt Securities held by such chairman or instruments in writing as
aforesaid duly designating such chairman as the Person to vote on behalf of
other Securityholders. Any meeting of Securityholders duly called pursuant to
the provisions of Section 8.02 or 8.03 may be adjourned from time to time by a
majority of those present, whether or not constituting a quorum, and the meeting
may be held as so adjourned without further notice.

      SECTION 8.06. Voting.

            The vote upon any resolution submitted to any meeting of holders of
Debt Securities with respect to which such meeting is being held shall be by
written ballots on which shall be subscribed the signatures of such holders or
of their representatives by proxy and the serial number or numbers of the Debt
Securities held or represented by them. The permanent chairman of the meeting
shall appoint two inspectors of votes who shall count all votes cast at the
meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in triplicate of all
votes cast at the meeting. A record in duplicate of the proceedings of each
meeting of Securityholders shall be prepared by the secretary of the

                                      -41-
<PAGE>

meeting and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one or
more Persons having knowledge of the facts setting forth a copy of the notice of
the meeting and showing that said notice was mailed as provided in Section 8.02.
The record shall show the serial numbers of the Debt Securities voting in favor
of or against any resolution. The record shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one of the
duplicates shall be delivered to the Company and the other to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting. Any record so signed and verified shall be conclusive evidence
of the matters therein stated.

      SECTION 8.07. Quorum; Actions.

            The Persons entitled to vote a majority in outstanding principal
amount of the Debt Securities shall constitute a quorum for a meeting of
Securityholders; provided, however, that if any action is to be taken at such
meeting with respect to a consent, waiver, request, demand, notice,
authorization, direction or other action which may be given by the holders of
not less than a specified percentage in outstanding principal amount of the Debt
Securities, the Persons holding or representing such specified percentage in
outstanding principal amount of the Debt Securities will constitute a quorum. In
the absence of a quorum within 30 minutes of the time appointed for any such
meeting, the meeting shall, if convened at the request of Securityholders, be
dissolved. In any other case the meeting may be adjourned for a period of not
less than 10 days as determined by the permanent chairman of the meeting prior
to the adjournment of such meeting. In the absence of a quorum at any such
adjourned meeting, such adjourned meeting may be further adjourned for a period
of not less than 10 days as determined by the permanent chairman of the meeting
prior to the adjournment of such adjourned meeting. Notice of the reconvening of
any adjourned meeting shall be given as provided in Section 8.02, except that
such notice need be given only once not less than five days prior to the date on
which the meeting is scheduled to be reconvened. Notice of the reconvening of an
adjourned meeting shall state expressly the percentage, as provided above, of
the outstanding principal amount of the Debt Securities which shall constitute a
quorum.

            Except as limited by the proviso in the first paragraph of Section
9.02, any resolution presented to a meeting or adjourned meeting duly reconvened
at which a quorum is present as aforesaid may be adopted by the affirmative vote
of the holders of not less than a majority in outstanding principal amount of
the Debt Securities; provided, however, that, except as limited by the proviso
in the first paragraph of Section 9.02, any resolution with respect to any
consent, waiver, request, demand, notice, authorization, direction or other
action that this Indenture expressly provides may be given by the holders of not
less than a specified percentage in outstanding principal amount of the Debt
Securities may be adopted at a meeting or an adjourned meeting duly reconvened
and at which a quorum is present as aforesaid only by the affirmative vote of
the holders of not less than such specified percentage in outstanding principal
amount of the Debt Securities.

                                      -42-
<PAGE>

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

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

      SECTION 9.01. Supplemental Indentures without Consent of Securityholders.

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

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

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

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

            (d) to add to, delete from, or revise the terms of Debt Securities,
including, without limitation, any terms relating to the issuance, exchange,
registration or transfer of Debt Securities, including to provide for transfer
procedures and restrictions substantially similar to those applicable to the
Capital Securities, as required by Section 2.05 (for purposes of assuring that
no registration of Debt Securities is required under the Securities Act of 1933,
as amended); provided, that any such action shall not adversely affect the
interests of the holders of the Debt Securities then outstanding (it being
understood, for purposes of this proviso, that transfer restrictions on Debt
Securities substantially similar to those applicable to Capital Securities shall
not be deemed to adversely affect the holders of the Debt Securities);

            (e) to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Debt Securities and to add
to or change any of the

                                      -43-
<PAGE>

provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to
the requirements of Section 6.10;

            (f) to make any change (other than as elsewhere provided in this
paragraph) that does not adversely affect the rights of any Securityholder in
any material respect; or

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

            The Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, to make any further appropriate
agreements and stipulations which may be therein contained and to accept the
conveyance, transfer and assignment of any property thereunder, but the Trustee
shall not be obligated to, but may in its discretion, enter into any such
supplemental indenture which affects the Trustee's own rights, duties or
immunities under this Indenture or otherwise.

            Any supplemental indenture authorized by the provisions of this
Section 9.01 may be executed by the Company and the Trustee without the consent
of the holders of any of the Debt Securities at the time outstanding,
notwithstanding any of the provisions of Section 9.02.

      SECTION 9.02. Supplemental Indentures with Consent of Securityholders.

            With the consent (evidenced as provided in Section 7.01) of the
holders of not less than a majority in aggregate principal amount of the Debt
Securities at the time outstanding affected by such supplemental indenture
(voting as a class), the Company, when authorized by a Board Resolution, and the
Trustee may from time to time and at any time enter into an indenture or
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act, then in effect, applicable to indentures qualified
thereunder) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any
supplemental indenture or of modifying in any manner the rights of the holders
of the Debt Securities; provided, however, that no such supplemental indenture
shall without such consent of the holders of each Debt Security then outstanding
and affected thereby (i) extend the fixed maturity of any Debt Security, or
reduce the principal amount thereof or any premium thereon, or reduce the rate
or extend the time of payment of interest thereon, or reduce any amount payable
on redemption thereof or make the principal thereof or any interest or premium
thereon payable in any coin or currency other than that provided in the Debt
Securities, or impair or affect the right of any Securityholder to institute
suit for payment thereof or impair the right of repayment, if any, at the option
of the holder, or (ii) reduce the aforesaid percentage of Debt Securities the
holders of which are required to consent to any such supplemental indenture; and
provided, further, that if the Debt Securities are held by the Trust or a
trustee of such trust, such supplemental indenture shall not be effective until
the holders of a majority in liquidation preference of the Trust Securities
shall have consented to such supplemental indenture; provided, further, that if
the consent of the Securityholder of each outstanding Debt Security is required,
such supplemental indenture shall not be effective until each holder of the
Trust Securities shall have consented to such supplemental indenture.

                                      -44-
<PAGE>

            Upon the request of the Company accompanied by a Board Resolution
authorizing the execution of any such supplemental indenture, and upon the
filing with the Trustee of evidence of the consent of Securityholders as
aforesaid, the Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects the Trustee's
own rights, duties or immunities under this Indenture or otherwise, in which
case the Trustee may in its discretion, but shall not be obligated to, enter
into such supplemental indenture.

            Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section, the Trustee
shall transmit by mail, first class postage prepaid, a notice, prepared by the
Company, setting forth in general terms the substance of such supplemental
indenture, to the Securityholders as their names and addresses appear upon the
Debt Security Registrar. Any failure of the Trustee to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture.

            It shall not be necessary for the consent of the Securityholders
under this Section 9.02 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such consent shall approve
the substance thereof.

      SECTION 9.03. Effect of Supplemental Indentures.

            Upon the execution of any supplemental indenture pursuant to the
provisions of this Article IX, this Indenture shall be and be deemed to be
modified and amended in accordance therewith and the respective rights,
limitations of rights, obligations, duties and immunities under this Indenture
of the Trustee, the Company and the holders of Debt Securities shall thereafter
be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

      SECTION 9.04. Notation on Debt Securities.

            Debt Securities authenticated and delivered after the execution of
any supplemental indenture pursuant to the provisions of this Article IX may
bear a notation as to any matter provided for in such supplemental indenture. If
the Company or the Trustee shall so determine, new Debt Securities so modified
as to conform, in the opinion of the Board of Directors of the Company, to any
modification of this Indenture contained in any such supplemental indenture may
be prepared and executed by the Company, authenticated by the Trustee or the
Authenticating Agent and delivered in exchange for the Debt Securities then
outstanding.

      SECTION 9.05. Evidence of Compliance of Supplemental Indenture to be
Furnished to Trustee.

            The Trustee, subject to the provisions of Sections 6.01 and 6.02,
shall, in addition to the documents required by Section 14.06, receive an
Officers' Certificate and an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant hereto complies with the requirements
of this Article IX. The Trustee shall receive an Opinion of

                                      -45-
<PAGE>

Counsel as conclusive evidence that any supplemental indenture executed pursuant
to this Article IX is authorized or permitted by, and conforms to, the terms of
this Article IX and that it is proper for the Trustee under the provisions of
this Article IX to join in the execution thereof.

                                    ARTICLE X

                            REDEMPTION OF SECURITIES

      SECTION 10.01. Optional Redemption.

            At any time the Company shall have the right, subject to the receipt
by the Company of prior approval from the Federal Reserve, if then required
under applicable capital guidelines or policies of the Federal Reserve, to
redeem the Debt Securities, in whole or in part, on any January 7, April 7, July
7 or October 7 on or after April 7, 2008 (the "Redemption Date"), at the
Redemption Price.

      SECTION 10.02. Special Event Redemption

            If a Special Event shall occur and be continuing, the Company shall
have the right, subject to the receipt by the Company of prior approval from the
Federal Reserve if then required under applicable capital guidelines or policies
of the Federal Reserve, to redeem the Debt Securities, in whole but not in part,
at any time within 90 days following the occurrence of such Special Event (the
"Special Redemption Date"), at the Special Redemption Price.

      SECTION 10.03. Notice of Redemption; Selection of Debt Securities.

            In case the Company shall desire to exercise the right to redeem
all, or, as the case may be, any part of the Debt Securities, it shall fix a
date for redemption and shall mail a notice of such redemption at least 30 and
not more than 60 days prior to the date fixed for redemption to the holders of
Debt Securities so to be redeemed as a whole or in part at their last addresses
as the same appear on the Debt Security Registrar. Such mailing shall be by
first class mail. The notice if mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the holder
receives such notice. In any case, failure to give such notice by mail or any
defect in the notice to the holder of any Debt Security designated for
redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Debt Security.

            Each such notice of redemption shall specify the CUSIP number, if
any, of the Debt Securities to be redeemed, the date fixed for redemption, the
redemption price at which Debt Securities are to be redeemed, the place or
places of payment, that payment will be made upon presentation and surrender of
such Debt Securities, that interest accrued to the date fixed for redemption
will be paid as specified in said notice, and that on and after said date
interest thereon or on the portions thereof to be redeemed will cease to accrue.
If less than all the Debt Securities are to be redeemed the notice of redemption
shall specify the numbers of the Debt Securities to be redeemed. In case the
Debt Securities are to be redeemed in part only, the notice of redemption shall
state the portion of the principal amount thereof to be redeemed and shall state
that on and after the date fixed for redemption, upon surrender of such Debt
Security, a new

                                      -46-
<PAGE>

Debt Security or Debt Securities in principal amount equal to the unredeemed
portion thereof will be issued.

            Prior to 10:00 a.m. New York City time on the Redemption Date or the
Special Redemption Date specified in the notice of redemption given as provided
in this Section, the Company will deposit with the Trustee or with one or more
Paying Agents an amount of money sufficient to redeem on the redemption date all
the Debt Securities so called for redemption at the appropriate redemption
price, together with accrued interest to the date fixed for redemption.

            The Company will give the Trustee notice not less than 45 nor more
than 60 days prior to the redemption date as to the redemption price at which
the Debt Securities are to be redeemed and the aggregate principal amount of
Debt Securities to be redeemed and the Trustee shall select, in such manner as
in its sole discretion it shall deem appropriate and fair, the Debt Securities
or portions thereof (in integral multiples of $1,000) to be redeemed.

      SECTION 10.04. Payment of Debt Securities Called for Redemption.

            If notice of redemption has been given to Securityholders as
provided in Section 10.03, the Debt Securities or portions of Debt Securities
with respect to which such notice has been given shall become due and payable on
the Redemption Date or the Special Redemption Date (as the case may be) and at
the place or places stated in such notice at the applicable redemption price,
together with interest accrued to the date fixed for redemption, and on and
after said Redemption Date or the Special Redemption Date (unless the Company
shall default in the payment of such Debt Securities at the redemption price,
together with interest accrued to said date) interest on the Debt Securities or
portions of Debt Securities so called for redemption shall cease to accrue. On
presentation and surrender of such Debt Securities at a place of payment
specified in said notice, such Debt Securities or the specified portions thereof
shall be paid and redeemed by the Company at the applicable redemption price,
together with interest accrued thereon to the Redemption Date or the Special
Redemption Date (as the case may be).

            Upon presentation of any Debt Security redeemed in part only, the
Company shall execute and the Trustee shall authenticate and make available for
delivery to the holder thereof, at the expense of the Company, a new Debt
Security or Debt Securities of authorized denominations in principal amount
equal to the unredeemed portion of the Debt Security so presented.

                                   ARTICLE XI

                CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

      SECTION 11.01. Company May Consolidate, etc., on Certain Terms.

            Nothing contained in this Indenture or in the Debt Securities shall
prevent any consolidation or merger of the Company with or into any other Person
or Persons (whether or not

                                      -47-
<PAGE>

affiliated with the Company) or successive consolidations or mergers in which
the Company or its successor or successors shall be a party or parties, or shall
prevent any sale, conveyance, transfer or other disposition of the property or
capital stock of the Company or its successor or successors as an entirety, or
substantially as an entirety, to any other Person (whether or not affiliated
with the Company, or its successor or successors) authorized to acquire and
operate the same; provided, however, that the Company hereby covenants and
agrees that, upon any such consolidation, merger (where the Company is not the
surviving entity), sale, conveyance, transfer or other disposition, the due and
punctual payment of all payments due on all of the Debt Securities in accordance
with their terms, according to their tenor, and the due and punctual performance
and observance of all the covenants and conditions of this Indenture to be kept
or performed by the Company, shall be expressly assumed by supplemental
indenture reasonably satisfactory in form to the Trustee executed and delivered
to the Trustee by the entity formed by such consolidation, or into which the
Company shall have been merged, or by the entity which shall have acquired such
property or capital stock.

      SECTION 11.02. Successor Entity to be Substituted.

            In case of any such consolidation, merger, sale, conveyance,
transfer or other disposition and upon the assumption by the successor entity,
by supplemental indenture, executed and delivered to the Trustee and reasonably
satisfactory in form to the Trustee, of the due and punctual payment of the
principal of and premium, if any, and interest on all of the Debt Securities and
the due and punctual performance and observance of all of the covenants and
conditions of this Indenture to be performed or observed by the Company, such
successor entity shall succeed to and be substituted for the Company, with the
same effect as if it had been named herein as the Company, and thereupon the
predecessor entity shall be relieved of any further liability or obligation
hereunder or upon the Debt Securities. Such successor entity thereupon may cause
to be signed, and may issue either in its own name or in the name of the
Company, any or all of the Debt Securities issuable hereunder which theretofore
shall not have been signed by the Company and delivered to the Trustee or the
Authenticating Agent; and, upon the order of such successor entity instead of
the Company and subject to all the terms, conditions and limitations in this
Indenture prescribed, the Trustee or the Authenticating Agent shall authenticate
and deliver any Debt Securities which previously shall have been signed and
delivered by the officers of the Company, to the Trustee or the Authenticating
Agent for authentication, and any Debt Securities which such successor entity
thereafter shall cause to be signed and delivered to the Trustee or the
Authenticating Agent for that purpose. All the Debt Securities so issued shall
in all respects have the same legal rank and benefit under this Indenture as the
Debt Securities theretofore or thereafter issued in accordance with the terms of
this Indenture as though all of such Debt Securities had been issued at the date
of the execution hereof.

      SECTION 11.03. Opinion of Counsel to be Given to Trustee.

            The Trustee, subject to the provisions of Sections 6.01 and 6.02,
shall receive, in addition to the Opinion of Counsel required by Section 9.05,
an Opinion of Counsel as conclusive evidence that any consolidation, merger,
sale, conveyance, transfer or other disposition, and any assumption, permitted
or required by the terms of this Article XI complies with the provisions of this
Article XI.

                                      -48-
<PAGE>

                                   ARTICLE XII

                     SATISFACTION AND DISCHARGE OF INDENTURE

      SECTION 12.01. Discharge of Indenture.

            When (a) the Company shall deliver to the Trustee for cancellation
all Debt Securities theretofore authenticated (other than any Debt Securities
which shall have been destroyed, lost or stolen and which shall have been
replaced or paid as provided in Section 2.06) and not theretofore canceled, or
(b) all the Debt Securities not theretofore canceled or delivered to the Trustee
for cancellation shall have become due and payable, or are by their terms to
become due and payable within one year or are to be called for redemption within
one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption, and the Company shall deposit with the Trustee, in trust, funds,
which shall be immediately due and payable, sufficient to pay at maturity or
upon redemption all of the Debt Securities (other than any Debt Securities which
shall have been destroyed, lost or stolen and which shall have been replaced or
paid as provided in Section 2.06) not theretofore canceled or delivered to the
Trustee for cancellation, including principal and premium, if any, and interest
due or to become due to such date of maturity or redemption date, as the case
may be, but excluding, however, the amount of any moneys for the payment of
principal of, and premium, if any, or interest on the Debt Securities (1)
theretofore repaid to the Company in accordance with the provisions of Section
12.04, or (2) paid to any state or to the District of Columbia pursuant to its
unclaimed property or similar laws, and if in the case of either clause (a) or
clause (b) the Company shall also pay or cause to be paid all other sums payable
hereunder by the Company, then this Indenture shall cease to be of further
effect except for the provisions of Sections 2.05, 2.06, 3.01, 3.02, 3.04, 6.06,
6.09 and 12.04 hereof, which shall survive until such Debt Securities shall
mature or are redeemed, as the case may be, and are paid. Thereafter, Sections
6.06, 6.09 and 12.04 shall survive, and the Trustee, on demand of the Company
accompanied by an Officers' Certificate and an Opinion of Counsel, each stating
that all conditions precedent herein provided for relating to the satisfaction
and discharge of this Indenture have been complied with, and at the cost and
expense of the Company, shall execute proper instruments acknowledging
satisfaction of and discharging this Indenture, the Company, however, hereby
agreeing to reimburse the Trustee for any costs or expenses thereafter
reasonably and properly incurred by the Trustee in connection with this
Indenture or the Debt Securities.

      SECTION 12.02. Deposited Moneys to be Held in Trust by Trustee.

            Subject to the provisions of Section 12.04, all moneys deposited
with the Trustee pursuant to Section 12.01 shall be held in trust and applied by
it to the payment, either directly or through any Paying Agent (including the
Company if acting as its own Paying Agent), to the holders of the particular
Debt Securities for the payment of which such moneys have been deposited with
the Trustee, of all sums due and to become due thereon for principal, and
premium, if any, and interest.

                                      -49-
<PAGE>

      SECTION 12.03. Paying Agent to Repay Moneys Held.

            Upon the satisfaction and discharge of this Indenture, all moneys
then held by any Paying Agent of the Debt Securities (other than the Trustee)
shall, upon demand of the Company, be repaid to the Company or paid to the
Trustee, and thereupon such Paying Agent shall be released from all further
liability with respect to such moneys.

      SECTION 12.04. Return of Unclaimed Moneys.

            Any moneys deposited with or paid to the Trustee or any Paying Agent
for payment of the principal of, and premium, if any, or interest on Debt
Securities and not applied but remaining unclaimed by the holders of Debt
Securities for two years after the date upon which the principal of, and
premium, if any, or interest on such Debt Securities, as the case may be, shall
have become due and payable, shall be repaid to the Company by the Trustee or
such Paying Agent on written demand; and the holder of any of the Debt
Securities shall thereafter look only to the Company for any payment which such
holder may be entitled to collect and all liability of the Trustee or such
Paying Agent with respect to such moneys shall thereupon cease.

                                  ARTICLE XIII

         IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

      SECTION 13.01. Indenture and Debt Securities Solely Corporate Obligations.

            No recourse for the payment of the principal of or premium, if any,
or interest on any Debt Security, or for any claim based thereon or otherwise in
respect thereof, and no recourse under or upon any obligation, covenant or
agreement of the Company in this Indenture or in any supplemental indenture, or
in any such Debt Security, or because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, stockholder,
officer, director, employee or agent, as such, past, present or future, of the
Company or of any predecessor or successor corporation of the Company, either
directly or through the Company or any successor corporation of the Company,
whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise; it being expressly
understood that all such liability is hereby expressly waived and released as a
condition of, and as a consideration for, the execution of this Indenture and
the issue of the Debt Securities.

                                   ARTICLE XIV

                            MISCELLANEOUS PROVISIONS

      SECTION 14.01. Successors.

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

                                      -50-
<PAGE>

      SECTION 14.02. Official Acts by Successor Entity.

            Any act or proceeding by any provision of this Indenture authorized
or required to be done or performed by any board, committee or officer of the
Company shall and may be done and performed with like force and effect by the
like board, committee, officer or other authorized Person of any entity that
shall at the time be the lawful successor of the Company.

      SECTION 14.03. Surrender of Company Powers.

            The Company by instrument in writing executed by authority of 2/3
(two-thirds) of its Board of Directors and delivered to the Trustee may
surrender any of the powers reserved to the Company and thereupon such power so
surrendered shall terminate both as to the Company and as to any permitted
successor.

      SECTION 14.04. Addresses for Notices, etc.

            Any notice or demand which by any provision of this Indenture is
required or permitted to be given or served by the Trustee or by the
Securityholders on the Company may be given or served in writing by being
deposited postage prepaid by registered or certified mail in a post office
letter box addressed (until another address is filed by the Company with the
Trustee for such purpose) to the Company at:

                             Valley Commerce Bancorp
                                200 S. Court St.
                            Visalia, California 93291
                           Attention: Roy O. Estridge]

            Any notice, direction, request or demand by any Securityholder or
the Company to or upon the Trustee shall be deemed to have been sufficiently
given or made, for all purposes, if given or made in writing at the office of
Wells Fargo Bank, National Association at:

                                919 Market Street
                                    Suite 700
                              Wilmington, DE 19801
                       Attention: Corporate Trust Division

      SECTION 14.05. Governing Law.

            This Indenture and each Debt Security shall be deemed to be a
contract made under the law of the State of New York, and for all purposes shall
be governed by and construed in accordance with the law of said State, without
regard to conflict of laws principles thereof.

      SECTION 14.06. Evidence of Compliance with Conditions Precedent.

            Upon any application or demand by the Company to the Trustee to take
any action under any of the provisions of this Indenture, the Company shall
furnish to the Trustee an Officers' Certificate stating that in the opinion of
the signers all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with and an

                                      -51-
<PAGE>

Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with (except that no such Opinion of
Counsel is required to be furnished to the Trustee in connection with the
authentication and issuance of Debt Securities issued on the date of this
Indenture).

            Each certificate or opinion provided for in this Indenture and
delivered to the Trustee with respect to compliance with a condition or covenant
provided for in this Indenture (except certificates delivered pursuant to
Section 3.05) shall include (a) a statement that the person making such
certificate or opinion has read such covenant or condition; (b) a brief
statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are
based; (c) a statement that, in the opinion of such person, he or she has made
such examination or investigation as is necessary to enable him or her 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 or not, in the opinion of
such person, such condition or covenant has been complied with.

      SECTION 14.07. Non-Business Days.

            In any case where the date of payment of interest on or principal of
the Debt Securities is not a Business Day, the payment of such interest on or
principal of the Debt Securities need not be made on such date but may be made
on the next succeeding Business Day, with the same force and effect as if made
on the date of payment, except if such Business Day is in the next succeeding
calendar year, such payment will be made on the immediately preceding Business
Day.

      SECTION 14.08. Table of Contents, Headings, etc.

            The table of contents and the titles and headings of the articles
and sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part hereof, and shall in no way modify or
restrict any of the terms or provisions hereof.

      SECTION 14.09. Execution in Counterparts.

            This Indenture may be executed in any number of counterparts, each
of which shall be an original, but such counterparts shall together constitute
but one and the same instrument.

      SECTION 14.10. Separability.

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

                                      -52-
<PAGE>

      SECTION 14.11. Assignment.

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

      SECTION 14.12. Acknowledgment of Rights.

            The Company acknowledges that, with respect to any Debt Securities
held by the Trust or the Institutional Trustee of the Trust, if the
Institutional Trustee of the Trust fails to enforce its rights under this
Indenture as the holder of Debt Securities held as the assets of the Trust after
the holders of a majority in Liquidation Amount of the Capital Securities of the
Trust have so directed in writing such Institutional Trustee, a holder of record
of such Capital Securities may to the fullest extent permitted by law institute
legal proceedings directly against the Company to enforce such Institutional
Trustee's rights under this Indenture without first instituting any legal
proceedings against such Institutional Trustee or any other Person.
Notwithstanding the foregoing, if an Event of Default has occurred and is
continuing and such event is attributable to the failure of the Company to pay
interest (or premium, if any) or principal on the Debt Securities on the date
such interest (or premium, if any) or principal is otherwise due and payable (or
in the case of redemption, on the redemption date), the Company acknowledges
that a holder of record of Capital Securities of the Trust may directly
institute a proceeding against the Company for enforcement of payment to such
holder directly of the principal of (or premium, if any) or interest on the Debt
Securities having an aggregate principal amount equal to the aggregate
Liquidation Amount of the Capital Securities of such holder on or after the
respective due date specified in the Debt Securities.

                                   ARTICLE XV

                        SUBORDINATION OF DEBT SECURITIES

      SECTION 15.01. Agreement to Subordinate.

            The Company covenants and agrees, and each holder of Debt Securities
issued hereunder and under any supplemental indenture (the "Additional
Provisions") by such Securityholder's acceptance thereof likewise covenants and
agrees, that all Debt Securities shall be issued subject to the provisions of
this Article XV; and each holder of a Debt Security, whether upon original issue
or upon transfer or assignment thereof, accepts and agrees to be bound by such
provisions.

            The payment by the Company of the payments due on all Debt
Securities issued hereunder and under any Additional Provisions shall, to the
extent and in the manner hereinafter set forth, be subordinated and junior in
right of payment to the prior payment in full of all Senior Indebtedness of the
Company, whether outstanding at the date of this Indenture or thereafter
incurred.

                                      -53-
<PAGE>

            No provision of this Article XV shall prevent the occurrence of any
default or Event of Default hereunder.

      SECTION 15.02. Default on Senior Indebtedness.

            In the event and during the continuation of any default by the
Company in the payment of principal, premium, interest or any other payment due
on any Senior Indebtedness of the Company following any applicable grace period,
or in the event that the maturity of any Senior Indebtedness of the Company has
been accelerated because of a default, and such acceleration has not been
rescinded or canceled and such Senior Indebtedness has not been paid in full,
then, in either case, no payment shall be made by the Company with respect to
the payments due on the Debt Securities.

            In the event that, notwithstanding the foregoing, any payment shall
be received by the Trustee when such payment is prohibited by the preceding
paragraph of this Section 15.02, such payment shall, subject to Section 15.06,
be held in trust for the benefit of, and shall be paid over or delivered to, the
holders of Senior Indebtedness or their respective representatives, or to the
trustee or trustees under any indenture pursuant to which any of such Senior
Indebtedness may have been issued, as their respective interests may appear, but
only to the extent that the holders of the Senior Indebtedness (or their
representative or representatives or a trustee) notify the Trustee in writing
within 90 days of such payment of the amounts then due and owing on the Senior
Indebtedness and only the amounts specified in such notice to the Trustee shall
be paid to the holders of Senior Indebtedness.

      SECTION 15.03. Liquidation; Dissolution; Bankruptcy.

            Upon any payment by the Company or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, to
creditors upon any dissolution or winding- up or liquidation or reorganization
of the Company, whether voluntary or involuntary or in bankruptcy, insolvency,
receivership or other proceedings, all amounts due upon all Senior Indebtedness
of the Company shall first be paid in full, or payment thereof provided for in
money in accordance with its terms, before any payment is made by the Company on
the Debt Securities; and upon any such dissolution or winding-up or liquidation
or reorganization, any payment by the Company, or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, to
which the Securityholders or the Trustee would be entitled to receive from the
Company, except for the provisions of this Article XV, shall be paid by the
Company, or by any receiver, trustee in bankruptcy, liquidating trustee, agent
or other Person making such payment or distribution, or by the Securityholders
or by the Trustee under this Indenture if received by them or it, directly to
the holders of Senior Indebtedness of the Company (pro rata to such holders on
the basis of the respective amounts of Senior Indebtedness held by such holders,
as calculated by the Company) or their representative or representatives, or to
the trustee or trustees under any indenture pursuant to which any instruments
evidencing such Senior Indebtedness may have been issued, as their respective
interests may appear, to the extent necessary to pay such Senior Indebtedness in
full, in money or money's worth, after giving effect to any concurrent payment
or distribution to or for the holders of such Senior Indebtedness, before any
payment or distribution is made to the Securityholders.

                                      -54-
<PAGE>

            In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, prohibited by the foregoing, shall be received by the
Trustee before all Senior Indebtedness of the Company is paid in full, or
provision is made for such payment in money in accordance with its terms, such
payment or distribution shall be held in trust for the benefit of and shall be
paid over or delivered to the holders of such Senior Indebtedness or their
representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing such Senior Indebtedness
may have been issued, as their respective interests may appear, as calculated by
the Company, for application to the payment of all Senior Indebtedness of the
Company remaining unpaid to the extent necessary to pay such Senior Indebtedness
in full in money in accordance with its terms, after giving effect to any
concurrent payment or distribution to or for the benefit of the holders of such
Senior Indebtedness.

            For purposes of this Article XV, the words "cash, property or
securities" shall not be deemed to include shares of stock of the Company as
reorganized or readjusted, or securities of the Company or any other corporation
provided for by a plan of reorganization or readjustment, the payment of which
is subordinated at least to the extent provided in this Article XV with respect
to the Debt Securities to the payment of all Senior Indebtedness of the Company,
that may at the time be outstanding, provided, that (a) such Senior Indebtedness
is assumed by the new corporation, if any, resulting from any such
reorganization or readjustment, and (b) the rights of the holders of such Senior
Indebtedness are not, without the consent of such holders, altered by such
reorganization or readjustment. The consolidation of the Company with, or the
merger of the Company into, another Person or the liquidation or dissolution of
the Company following the conveyance or transfer of its property as an entirety,
or substantially as an entirety, to another corporation upon the terms and
conditions provided for in Article IX of this Indenture shall not be deemed a
dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 15.03 if such other corporation shall, as a part of such consolidation,
merger, conveyance or transfer, comply with the conditions stated in Article IX
of this Indenture. Nothing in Section 15.02 or in this Section 15.03 shall apply
to claims of, or payments to, the Trustee under or pursuant to Section 6.06 of
this Indenture.

      SECTION 15.04. Subrogation.

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

                                      -55-
<PAGE>

            Nothing contained in this Article XV or elsewhere in this Indenture,
any Additional Provisions or in the Debt Securities is intended to or shall
impair, as between the Company, its creditors other than the holders of Senior
Indebtedness of the Company, and the holders of the Debt Securities, the
obligation of the Company, which is absolute and unconditional, to pay to the
holders of the Debt Securities all payments on the Debt Securities as and when
the same shall become due and payable in accordance with their terms, or is
intended to or shall affect the relative rights of the holders of the Debt
Securities and creditors of the Company, other than the holders of Senior
Indebtedness of the Company, nor shall anything herein or therein prevent the
Trustee or the holder of any Debt Security from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture, subject
to the rights, if any, under this Article XV of the holders of such Senior
Indebtedness in respect of cash, property or securities of the Company received
upon the exercise of any such remedy.

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

      SECTION 15.05. Trustee to Effectuate Subordination.

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

      SECTION 15.06. Notice by the Company.

            The Company shall give prompt written notice to a Responsible
Officer of the Trustee at the Principal Office of the Trustee of any fact known
to the Company that would prohibit the making of any payment of moneys to or by
the Trustee in respect of the Debt Securities pursuant to the provisions of this
Article XV. Notwithstanding the provisions of this Article XV or any other
provision of this Indenture or any Additional Provisions, the Trustee shall not
be charged with knowledge of the existence of any facts that would prohibit the
making of any payment of moneys to or by the Trustee in respect of the Debt
Securities pursuant to the provisions of this Article XV, unless and until a
Responsible Officer of the Trustee at the Principal Office of the Trustee shall
have received written notice thereof from the Company or a holder or holders of
Senior Indebtedness or from any trustee therefor; and before the receipt of any
such written notice, the Trustee, subject to the provisions of Article VI of
this Indenture, shall be entitled in all respects to assume that no such facts
exist; provided, however, that if the Trustee shall not have received the notice
provided for in this Section 15.06 at least two Business Days prior to the date
upon which by the terms hereof any money may become payable for any

                                      -56-
<PAGE>

purpose (including, without limitation, the payment of the principal of (or
premium, if any) or interest on any Debt Security), then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power and
authority to receive such money and to apply the same to the purposes for which
they were received, and shall not be affected by any notice to the contrary that
may be received by it within two Business Days prior to such date.

            The Trustee, subject to the provisions of Article VI of this
Indenture, shall be entitled to conclusively rely on the delivery to it of a
written notice by a Person representing himself or herself to be a holder of
Senior Indebtedness of the Company (or a trustee or representative on behalf of
such holder) to establish that such notice has been given by a holder of such
Senior Indebtedness or a trustee or representative on behalf of any such holder
or holders. In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any Person as a holder of such
Senior Indebtedness to participate in any payment or distribution pursuant to
this Article XV, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of such Senior
Indebtedness held by such Person, the extent to which such Person is entitled to
participate in such payment or distribution and any other facts pertinent to the
rights of such Person under this Article XV, and, if such evidence is not
furnished, the Trustee may defer any payment to such Person pending judicial
determination as to the right of such Person to receive such payment.

      SECTION 15.07. Rights of the Trustee; Holders of Senior Indebtedness.

            The Trustee in its individual capacity shall be entitled to all the
rights set forth in this Article XV in respect of any Senior Indebtedness at any
time held by it, to the same extent as any other holder of Senior Indebtedness,
and nothing in this Indenture or any Additional Provisions shall deprive the
Trustee of any of its rights as such holder.

            With respect to the holders of Senior Indebtedness of the Company,
the Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article XV, and no implied
covenants or obligations with respect to the holders of such Senior Indebtedness
shall be read into this Indenture or any Additional Provisions against the
Trustee. The Trustee shall not owe or be deemed to owe any fiduciary duty to the
holders of such Senior Indebtedness and, subject to the provisions of Article VI
of this Indenture, the Trustee shall not be liable to any holder of such Senior
Indebtedness if it shall pay over or deliver to Securityholders, the Company or
any other Person money or assets to which any holder of such Senior Indebtedness
shall be entitled by virtue of this Article XV or otherwise.

            Nothing in this Article XV shall apply to claims of, or payments to,
the Trustee under or pursuant to Section 6.06.

      SECTION 15.08. Subordination May Not Be Impaired.

            No right of any present or future holder of any Senior Indebtedness
of the Company to enforce subordination as herein provided shall at any time in
any way be prejudiced or impaired by any act or failure to act on the part of
the Company, or by any act or failure to act, in good faith, by any such holder,
or by any noncompliance by the Company, with the terms,

                                      -57-
<PAGE>

provisions and covenants of this Indenture, regardless of any knowledge thereof
that any such holder may have or otherwise be charged with.

            Without in any way limiting the generality of the foregoing
paragraph, the holders of Senior Indebtedness of the Company may, at any time
and from time to time, without the consent of or notice to the Trustee or the
Securityholders, without incurring responsibility to the Securityholders and
without impairing or releasing the subordination provided in this Article XV or
the obligations hereunder of the holders of the Debt Securities to the holders
of such Senior Indebtedness, do any one or more of the following: (a) change the
manner, place or terms of payment or extend the time of payment of, or renew or
alter, such Senior Indebtedness, or otherwise amend or supplement in any manner
such Senior Indebtedness or any instrument evidencing the same or any agreement
under which such Senior Indebtedness is outstanding; (b) sell, exchange, release
or otherwise deal with any property pledged, mortgaged or otherwise securing
such Senior Indebtedness; (c) release any Person liable in any manner for the
collection of such Senior Indebtedness; and (d) exercise or refrain from
exercising any rights against the Company, and any other Person.

            Wells Fargo Bank, National Association, in its capacity as Trustee,
hereby accepts the trusts in this Indenture declared and provided, upon the
terms and conditions herein above set forth.

                                      -58-
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed by their respective officers thereunto duly authorized, as of
the day and year first above written.

                                       Valley Commerce Bancorp

                                       By: /s/ Donald A. Gilles
                                           -------------------------------------
                                       Name: Donald A. Gilles
                                             -----------------------------------
                                       Title: President and CEO
                                              ----------------------------------

                                       Wells Fargo Bank, National Association,
                                       as Trustee

                                       By: /s/ Edward L. Truitt, Jr.
                                           -------------------------------------
                                       Name: Edward L. Truitt, Jr.
                                             -----------------------------------
                                       Title: Vice President
                                              ----------------------------------

                                      -59-
<PAGE>

                                    EXHIBIT A

                    FORM OF JUNIOR SUBORDINATED DEBT SECURITY
                                    DUE 2033

                           [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 COMPANY, (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 THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT 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
COMPANY'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 IT IN ACCORDANCE WITH THE INDENTURE, A
COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY. THE HOLDER OF THIS SECURITY BY
ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING
RESTRICTIONS.

            THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES,
REPRESENTS AND WARRANTS THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS
INVOLVING THIS SECURITY UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE
SECURITIES ACT.

            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

                                     A-1-1
<PAGE>

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
EXEMPTIOE 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 OF THIS SECURITY WILL
DELIVER TO THE COMPANY AND TRUSTEE SUCH CERTIFICATES AND OTHER INFORMATION AS
MAY BE REQUIRED BY THE INDENTURE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE
FOREGOING RESTRICTIONS.

            THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS
HAVING A PRINCIPAL 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
PRINCIPAL 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.

            THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED
STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT
INSURANCE CORPORATION (THE "FDIC"). THIS OBLIGATION IS SUBORDINATED TO THE
CLAIMS OF DEPOSITORS AND THE CLAIMS OF GENERAL AND SECURED CREDITORS OF THE
COMPANY, IS INELIGIBLE AS COLLATERAL FOR A LOAN BY THE COMPANY OR ANY OF ITS
SUBSIDIARIES AND IS NOT SECURED.

                                     A-1-2
<PAGE>

               Form of Junior Subordinated Debt Security due 2033

                                       of

                             Valley Commerce Bancorp

            Valley Commerce Bancorp, a bank holding company incorporated in
California (the "Company"), for value received promises to pay to Wells Fargo
Bank, National Association, not in its individual capacity but solely as
Institutional Trustee for Valley Commerce Trust I, a Delaware statutory trust
(the "Holder"), or registered assigns, the principal sum of Three Million Ninety
Three Thousand Dollars on April 7, 2033 and to pay interest on said principal
sum from March 27, 2003, or from the most recent interest payment date (each
such date, an "Interest Payment Date") to which interest has been paid or duly
provided for, quarterly (subject to deferral as set forth herein) in arrears on
January 7, April 7, July 7 and October 7 of each year commencing July 7, 2003,
at a variable per annum rate equal to LIBOR (as defined in the Indenture) plus
3.30% (subject to the Maximum Rate Increase) (the "Interest Rate") (subject to
the Maximum Rate Increase, as defined in the Indenture, and provided, that the
applicable Interest Rate may not exceed 12.5% through the Interest Payment Date
on April 7, 2008) until the principal hereof shall have become due and payable,
and on any overdue principal and (without duplication and to the extent that
payment of such interest is enforceable under applicable law) on any overdue
installment of interest at an annual rate equal to the Interest Rate in effect
for each such Extension Period compounded quarterly. The amount of interest
payable on any Interest Payment Date shall be computed on the basis of a 360-day
year and the actual number of days elapsed in the relevant interest period. In
the event that any date on which the principal or interest is payable on this
Debt Security is not a Business Day, then payment payable on such date will be
made on the next succeeding day that is a Business Day, except that, if such
Business Day is in the next succeeding calendar year, such payment shall be made
on the immediately preceding Business Day, in each case with the same force and
effect as if made on such date. The interest installment so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Debt
Security (or one or more Predecessor Securities, as defined in said Indenture)
is registered at the close of business on the regular record date for such
interest installment, except that interest and any Deferred Interest payable on
the Maturity Date shall be paid to the Person to whom principal is paid. Any
such interest installment not punctually paid or duly provided for shall
forthwith cease to be payable to the registered holders on such regular record
date and may be paid to the Person in whose name this Debt Security (or one or
more Predecessor Debt Securities) is registered at the close of business on a
special record date to be fixed by the Trustee for the payment of such defaulted
interest, notice whereof shall be given to the registered holders of the Debt
Securities not less than 10 days prior to such special record date, all as more
fully provided in the Indenture. The principal of and interest on this Debt
Security shall be payable at the office or agency of the Trustee (or other
Paying Agent appointed by the Company) maintained for that purpose in any coin
or currency of the United States of America that at the time of payment is legal
tender for payment of public and private debts; provided, however, that payment
of interest may be made at the option of the Company by check mailed to the
registered holder at such address as shall appear in the Debt Security Registrar
or by wire transfer to an account appropriately designated by the holder hereof.
Notwithstanding the foregoing, so long as the holder of this Debt Security is
the Institutional Trustee, the payment of the principal of and

                                     A-1-3
<PAGE>

interest on this Debt Security will be made in immediately available funds at
such place and to such account as may be designated by the Trustee.

            Upon submission of Notice (as defined in the Indenture) and so long
as no Event of Default has occurred and is continuing, the Company shall have
the right, from time to time and without causing an Event of Default, to defer
payments of interest on the Debt Securities by extending the interest payment
period on the Debt Securities at any time and from time to time during the term
of the Debt Securities, for up to 20 consecutive quarterly periods (each such
extended interest payment period, an "Extension Period"), 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 Debt Securities, 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 Interest Rate in effect for each such
Extension Period, compounded quarterly 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 an Interest
Payment Date. At the end of any such Extension Period the Company shall pay all
Deferred Interest then accrued and unpaid on the Debt Securities; provided,
however, that no Extension Period may extend beyond the Maturity Date and
provided, further, however, during any such Extension Period, the Company 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 Company's
capital stock or (ii) make any payment on or repay, repurchase or redeem any
debt securities of the Company that rank pari passu in all respects with or
junior in interest to the Debt Securities (other than (a) repurchases,
redemptions or other acquisitions of shares of capital stock of the Company (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 Company (or securities convertible into or exercisable for
such capital stock), as consideration in an acquisition transaction entered into
prior to the applicable Extension Period, (b) as a result of any exchange or
conversion of any class or series of the Company's capital stock (or any capital
stock of a subsidiary of the Company) for any class or series of the Company's
capital stock or of any class or series of the Company's indebtedness for any
class or series of the Company's capital stock, (c) the purchase of fractional
interests in shares of the Company's capital stock pursuant to the conversion or
exchange provisions of such capital stock or the security being converted or
exchanged, (d) any declaration of a dividend in connection with any
stockholder's rights plan, or the issuance of rights, stock or other property
under any stockholder's rights plan, or the redemption or repurchase of rights
pursuant thereto, 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 Company may further extend such
period, provided, that such period together with all such previous and further
consecutive extensions thereof shall not exceed 20 consecutive quarterly
periods, or extend beyond the Maturity Date. Upon the termination of any
Extension Period and upon the payment of all Deferred Interest, the Company 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 Deferred Interest shall accrue upon each
installment of interest that would otherwise have

                                     A-1-4
<PAGE>

been due and payable during such Extension Period until such installment is
paid. The Company must give the Trustee notice of its election to begin such
Extension Period at least one Business Day prior to the earlier of (i) the next
succeeding date on which interest on the Debt Securities would have been payable
except for the election to begin such Extension Period or (ii) the date such
interest is payable, but in any event not later than the related regular record
date.

            The indebtedness evidenced by this Debt Security is, to the extent
provided in the Indenture, subordinate and junior in right of payment to the
prior payment in full of all Senior Indebtedness, and this Debt Security is
issued subject to the provisions of the Indenture with respect thereto. Each
holder of this Debt Security, by accepting the same, (a) agrees to and shall be
bound by such provisions, (b) authorizes and directs the Trustee on such
holder's behalf to take such action as may be necessary or appropriate to
acknowledge or effectuate the subordination so provided and (c) appoints the
Trustee such holder's attorney-in-fact for any and all such purposes. Each
holder hereof, by such holder's acceptance hereof, hereby waives all notice of
the acceptance of the subordination provisions contained herein and in the
Indenture by each holder of Senior Indebtedness, whether now outstanding or
hereafter incurred, and waives reliance by each such holder upon said
provisions.

            The Company waives demand, presentment for payment, notice of
nonpayment, notice of protest, and all other notices.

            This Debt Security shall not be entitled to any benefit under the
Indenture hereinafter referred to and shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been
signed by or on behalf of the Trustee.

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

                                     A-1-5
<PAGE>

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

                                              Valley Commerce Bancorp

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

Dated:__________________, 2003

                          CERTIFICATE OF AUTHENTICATION

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

                                       Wells Fargo Bank, National Association,
                                       not in its individual capacity but solely
                                       as the Trustee

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

Dated:__________________, 2003

                                     A-1-6
<PAGE>

                          [FORM OF REVERSE OF SECURITY]

            This Debt Security is one of a duly authorized series of Debt
Securities of the Company, all issued or to be issued pursuant to an Indenture
(the "Indenture"), dated as of March 27, 2003, duly executed and delivered
between the Company and Wells Fargo Bank, National Association, as Trustee (the
"Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Company and
the holders of the Debt Securities (referred to herein as the "Debt Securities")
of which this Debt Security is a part. The summary of the terms of this Debt
Security contained herein does not purport to be complete and is qualified by
reference to the Indenture.

            Upon the occurrence and continuation of a Tax Event, an Investment
Company Event or a Capital Treatment Event (each a "Special Event"), this Debt
Security may become due and payable, 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 (the "Special Redemption Date"), as the case
may be, at the Special Redemption Price. The Company shall also have the right
to redeem this Debt Security at the option of the Company, in whole or in part,
on any January 7, April 7, July 7 or October 7 on or after April 7, 2008 (a
"Redemption Date"), at the Redemption Price.

            Any redemption pursuant to the preceding paragraph will be made,
subject to the receipt by the Company of prior approval from the Board of
Governors of the Federal Reserve System (the "Federal Reserve") if then required
under applicable capital guidelines or policies of the Federal Reserve, upon not
less than 30 days' nor more than 60 days' notice. If the Debt Securities are
only partially redeemed by the Company, the Debt Securities will be redeemed pro
rata or by lot or by any other method utilized by the Trustee.

            "Redemption Price" means 100% of the principal amount of the Debt
Securities being redeemed plus accrued and unpaid interest on such Debt
Securities 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 April 7, 2008.

            "Special Redemption Price" means (1) if the Special Redemption Date
is before April 7, 2008, One Hundred Seven and One Half Percent (107.5%) of the
principal amount to be redeemed plus any accrued and unpaid interest thereon to
the date of such redemption and (2) if the Special Redemption Date is on or
after April 7, 2008, the Redemption Price for such Special Redemption Date.

            In the event of redemption of this Debt Security in part only, a new
Debt Security or Debt Securities for the unredeemed portion hereof will be
issued in the name of the holder hereof upon the cancellation hereof.

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

                                     A-1-7
<PAGE>

            The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the holders of not less than a majority in
aggregate principal amount of the Debt Securities at the time outstanding
affected thereby, as specified in the Indenture, to execute supplemental
indentures for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Indenture or of any supplemental
indenture or of modifying in any manner the rights of the holders of the Debt
Securities; provided, however, that no such supplemental indenture shall, among
other things, without the consent of the holders of each Debt Security then
outstanding and affected thereby (i) extend the fixed maturity of the Debt
Securities, or reduce the principal amount thereof or any redemption premium
thereon, or reduce the rate or extend the time of payment of interest thereon,
or make payments due on the Debt Securities payable in any coin or currency
other than that provided in the Debt Securities, or impair or affect the right
of any holder of Debt Securities to institute suit for the payment thereof, or
(ii) reduce the aforesaid percentage of Debt Securities, the holders of which
are required to consent to any such supplemental indenture. The Indenture also
contains provisions permitting the holders of a majority in aggregate principal
amount of the Debt Securities at the time outstanding, on behalf of all of the
holders of the Debt Securities, to waive any past default in the performance of
any of the covenants contained in the Indenture, or established pursuant to the
Indenture, and its consequences, except a default in payments due on any of the
Debt Securities. Any such consent or waiver by the registered holder of this
Debt Security (unless revoked as provided in the Indenture) shall be conclusive
and binding upon such holder and upon all future holders and owners of this Debt
Security and of any Debt Security issued in exchange herefor or in place hereof
(whether by registration of transfer or otherwise), irrespective of whether or
not any notation of such consent or waiver is made upon this Debt Security.

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

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

            Prior to due presentment for registration of transfer of this Debt
Security, the Company, the Trustee, any Authenticating Agent, any Paying Agent,
any transfer agent and the Debt Security registrar may deem and treat the
registered holder hereof as the absolute owner hereof (whether or not this Debt
Security shall be overdue and notwithstanding any notice of ownership or writing
hereon) for the purpose of receiving payment of or on account of the principal
hereof and interest due hereon and for all other purposes, and neither the
Company nor

                                     A-1-8
<PAGE>

the Trustee nor any Authenticating Agent nor any Paying Agent nor any transfer
agent nor any Debt Security registrar shall be affected by any notice to the
contrary.

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

            The Debt Securities are issuable only in registered certificated
form without coupons. As provided in the Indenture and subject to certain
limitations herein and therein set forth, Debt Securities are exchangeable for a
like aggregate principal amount of Debt Securities of a different authorized
denomination, as requested by the holder surrendering the same.

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

            THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THE
DEBT SECURITIES, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF.

                                     A-1-9

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