Document:

Exhibit
4.11

 

Execution
Copy

 

 

AMENDED AND RESTATED TRUST AGREEMENT

 

among

 

PACIFIC CREST CAPITAL, INC.,

as Depositor

 

THE BANK OF NEW YORK,

as Property Trustee

 

 

THE BANK OF NEW YORK (DELAWARE),

as Delaware Trustee

 

and

 

 

THE ADMINISTRATIVE TRUSTEES NAMED HEREIN

as Administrative Trustees

 

 

Dated
as of March 20, 2003

 

 

PACIFIC CREST CAPITAL TRUST I

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I.

  	
  Defined Terms

  
	
   

  
	
  SECTION 1.1.

  	
  Definitions

  
	
   

  
	
  ARTICLE II.

  	
  The Trust

  
	
   

  
	
  SECTION 2.1.

  	
  Name

  
	
   

  	
   

  
	
  SECTION 2.2.

  	
  Office of the Delaware Trustee; Principal
  Place of Business

  
	
   

  	
   

  
	
  SECTION 2.3.

  	
  Initial Contribution of Trust Property;
  Fees, Costs and Expenses

  
	
   

  	
   

  
	
  SECTION 2.4.

  	
  Purposes of Trust

  
	
   

  	
   

  
	
  SECTION 2.5.

  	
  Authorization to Enter into Certain
  Transactions

  
	
   

  	
   

  
	
  SECTION 2.6.

  	
  Assets of Trust

  
	
   

  	
   

  
	
  SECTION 2.7.

  	
  Title to Trust Property

  
	
   

  
	
  ARTICLE
  III.

  	
  Payment Account;  Paying Agents

  
	
   

  
	
  SECTION 3.1.

  	
  Payment Account

  
	
   

  	
   

  
	
  SECTION 3.2.

  	
  Appointment of Paying Agents

  
	
   

  
	
  ARTICLE IV.

  	
  Distributions; Redemption

  
	
   

  
	
  SECTION 4.1.

  	
  Distributions

  
	
   

  	
   

  
	
  SECTION 4.2.

  	
  Redemption

  
	
   

  	
   

  
	
  SECTION 4.3.

  	
  Subordination of Common Securities

  
	
   

  	
   

  
	
  SECTION 4.4.

  	
  Payment Procedures

  
	
   

  	
   

  
	
  SECTION 4.5.

  	
  Withholding Tax

  
	
   

  	
   

  
	
  SECTION 4.6.

  	
  Tax Returns and Other Reports

  
	
   

  	
   

  
	
  SECTION 4.7.

  	
  Payment of Taxes, Duties, Etc. of the Trust

  
	
   

  	
   

  
	
  SECTION 4.8.

  	
  Payments under Indenture or Pursuant to
  Direct Actions

  
	
   

  	
   

  
	
  SECTION 4.9.

  	
  Exchanges

  
	
   

  	
   

  
	
  SECTION 4.10.

  	
  Calculation Agent

  
	
   

  	
   

  
	
  SECTION 4.11.

  	
  Certain Accounting Matters

  
	
   

  
	
  ARTICLE V.

  	
  Securities

  
	
   

  
	
  SECTION 5.1.

  	
  Initial Ownership

  
	
   

  	
   

  
	
  SECTION 5.2.

  	
  Authorized Trust Securities

  
			

 

i

 

	
  SECTION 5.3.

  	
  Issuance of the Common Securities;
  Subscription and Purchase of Notes

  
	
   

  	
   

  
	
  SECTION 5.4.

  	
  The Securities Certificates

  
	
   

  	
   

  
	
  SECTION 5.5.

  	
  Rights of Holders

  
	
   

  	
   

  
	
  SECTION 5.6.

  	
  Book-Entry Preferred Securities

  
	
   

  	
   

  
	
  SECTION 5.7.

  	
  Registration of Transfer and Exchange of
  Preferred Securities Certificates

  
	
   

  	
   

  
	
  SECTION 5.8.

  	
  Mutilated, Destroyed, Lost or Stolen
  Securities Certificates

  
	
   

  	
   

  
	
  SECTION 5.9.

  	
  Persons Deemed Holders

  
	
   

  	
   

  
	
  SECTION 5.10.

  	
  Cancellation

  
	
   

  	
   

  
	
  SECTION 5.11.

  	
  Ownership of Common Securities by
  Depositor

  
	
   

  	
   

  
	
  SECTION 5.12.

  	
  Restricted Legends

  
	
   

  	
   

  
	
  SECTION 5.13.

  	
  Form of Certificate of Authentication

  
	
   

  
	
  ARTICLE VI.

  	
  Meetings; Voting; Acts of Holders

  
	
   

  
	
  SECTION 6.1.

  	
  Notice of Meetings

  
	
   

  	
   

  
	
  SECTION 6.2.

  	
  Meetings of Holders of the Preferred
  Securities

  
	
   

  	
   

  
	
  SECTION 6.3.

  	
  Voting Rights

  
	
   

  	
   

  
	
  SECTION 6.4.

  	
  Proxies, Etc

  
	
   

  	
   

  
	
  SECTION 6.5.

  	
  Holder Action by Written Consent

  
	
   

  	
   

  
	
  SECTION 6.6.

  	
  Record Date for Voting and Other Purposes

  
	
   

  	
   

  
	
  SECTION 6.7.

  	
  Acts of Holders

  
	
   

  	
   

  
	
  SECTION 6.8.

  	
  Inspection of Records

  
	
   

  	
   

  
	
  SECTION 6.9.

  	
  Limitations on Voting Rights

  
	
   

  	
   

  
	
  SECTION 6.10.

  	
  Acceleration of Maturity; Rescission of
  Annulment; Waivers of Past Defaults

  
	
   

  
	
  ARTICLE
  VII.

  	
  Representations and Warranties

  
	
   

  
	
  SECTION 7.1.

  	
  Representations and Warranties of the Property
  Trustee and the Delaware Trustee

  
	
   

  	
   

  
	
  SECTION 7.2.

  	
  Representations and Warranties of
  Depositor

  
	
   

  
	
  ARTICLE
  VIII.

  	
  The Trustees

  
	
   

  
	
  SECTION 8.1.

  	
  Number of Trustees

  
			

 

ii

 

	
  SECTION 8.2.

  	
  Property Trustee Required

  
	
   

  	
   

  
	
  SECTION 8.3.

  	
  Delaware Trustee Required

  
	
   

  	
   

  
	
  SECTION 8.4.

  	
  Appointment of Administrative Trustees

  
	
   

  	
   

  
	
  SECTION 8.5.

  	
  Duties and Responsibilities of the Trustees

  
	
   

  	
   

  
	
  SECTION 8.6.

  	
  Notices of Defaults and Extensions

  
	
   

  	
   

  
	
  SECTION 8.7.

  	
  Certain Rights of Property Trustee

  
	
   

  	
   

  
	
  SECTION 8.8.

  	
  Delegation of Power

  
	
   

  	
   

  
	
  SECTION 8.9.

  	
  May Hold Securities

  
	
   

  	
   

  
	
  SECTION 8.10.

  	
  Compensation; Reimbursement; Indemnity

  
	
   

  	
   

  
	
  SECTION 8.11.

  	
  Resignation and Removal; Appointment of
  Successor

  
	
   

  	
   

  
	
  SECTION 8.12.

  	
  Acceptance of Appointment by Successor

  
	
   

  	
   

  
	
  SECTION 8.13.

  	
  Merger, Conversion, Consolidation or
  Succession to Business

  
	
   

  	
   

  
	
  SECTION 8.14.

  	
  Not Responsible for Recitals or Issuance
  of Securities

  
	
   

  	
   

  
	
  SECTION 8.15.

  	
  Property Trustee May File Proofs of Claim

  
	
   

  	
   

  
	
  SECTION 8.16.

  	
  Reports to and from the Property Trustee

  
	
   

  
	
  ARTICLE IX.

  	
  Termination, Liquidation and Merger

  
	
   

  
	
  SECTION 9.1.

  	
  Dissolution Upon Expiration Date

  
	
   

  	
   

  
	
  SECTION 9.2.

  	
  Early Termination

  
	
   

  	
   

  
	
  SECTION 9.3.

  	
  Termination

  
	
   

  	
   

  
	
  SECTION 9.4.

  	
  Liquidation

  
	
   

  	
   

  
	
  SECTION 9.5.

  	
  Mergers, Consolidations, Amalgamations or
  Replacements of Trust

  
	
   

  
	
  ARTICLE X.

  	
  Miscellaneous Provisions

  
	
   

  
	
  SECTION 10.1.

  	
  Limitation of Rights of Holders

  
	
   

  	
   

  
	
  SECTION 10.2.

  	
  Agreed Tax Treatment of Trust and Trust
  Securities

  
	
   

  	
   

  
	
  SECTION 10.3.

  	
  Amendment

  
	
   

  	
   

  
	
  SECTION 10.4.

  	
  Separability

  
	
   

  	
   

  
	
  SECTION 10.5.

  	
  Governing Law

  
	
   

  	
   

  
	
  SECTION 10.6.

  	
  Successors

  
	
   

  	
   

  
	
  SECTION 10.7.

  	
  Headings

  
			

 

iii

 

	
  SECTION 10.8.

  	
  Reports, Notices and Demands

  
	
   

  	
   

  
	
  SECTION 10.9.

  	
  Agreement Not to Petition

  
	
   

  	
   

  
	
  SECTION 10.10.

  	
  Counterparts

  
	
   

  
	
  Exhibit A

  	
  Certificate of
  Trust of Pacific Crest Capital Trust I

  
	
  Exhibit B

  	
  Form of Common Securities
  Certificate

  
	
  Exhibit C

  	
  Form of Preferred
  Securities Certificate

  
	
  Exhibit D

  	
  Junior
  Subordinated Indenture

  
	
  Exhibit E

  	
  Form of
  Transferor Certificate to be Executed for QIBs

  
	
  Exhibit F

  	
  Form of
  Transferee Certificate to be Executed by Transferees other than QIBs

  
	
  Schedule A

  	
  Calculation of
  LIBOR

  
			

 

iv

 

AMENDED AND RESTATED TRUST
AGREEMENT, dated as of March 20, 2003, among (i) Pacific Crest Capital, Inc., a
Delaware corporation (including any successors or permitted assigns, the “Depositor”), (ii) The Bank of New York, a
New York banking corporation, as property trustee (in such capacity, the “Property Trustee”), (iii) The Bank of New York (Delaware),
a Delaware banking corporation, as Delaware trustee (in such capacity, the “Delaware Trustee”), (iv) Robert J. Dennen,
an individual, Gary Wehrle, an individual and Peter Luttenberger, an
individual, each of whose address is c/o Pacific Crest Capital, Inc., 30343
Canwood Street, Agoura Hills, CA 91301, as administrative trustees (in such
capacities, each an “Administrative Trustee”
and, collectively, the “Administrative
Trustees” and, together with the Property Trustee and the Delaware
Trustee, the “Trustees”) and (v)
the several Holders, as hereinafter defined.

 

WITNESSETH

 

WHEREAS, the Depositor, the
Property Trustee and the Delaware Trustee have heretofore created a Delaware
statutory trust pursuant to the Delaware Statutory Trust Act by entering into a
Trust Agreement, dated as of March 13, 2003 (the “Original Trust Agreement”), and by executing and filing
with the Secretary of State of the State of Delaware the Certificate of Trust,
substantially in the form attached as Exhibit A; and

 

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

 

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

 

ARTICLE I.

 

DEFINED
TERMS

 

SECTION 1.1.  Definitions.

 

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

 

(a)                                  the terms defined in this Article I
have the meanings assigned to them in this Article I;

 

 

(b)                                 the words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”;

 

(c)                                  all accounting terms used but not defined
herein have the meanings assigned to them in accordance with United States
generally accepted accounting principles;

 

(d)                                 unless the context otherwise requires, any
reference to an “Article”, a “Section”, a “Schedule” or an “Exhibit” refers to
an Article, a Section, a Schedule or an Exhibit, as the case may be, of or to
this Trust Agreement;

 

(e)                                  the words “hereby”, “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Trust Agreement as
a whole and not to any particular Article, Section or other subdivision;

 

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

 

(g)                                 the masculine, feminine or neuter genders
used herein shall include the masculine, feminine and neuter genders.

 

“Act” has the meaning specified in Section 6.7.

 

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

 

“Additional Interest Amount” means, with respect to Trust
Securities of a given Liquidation Amount and/or a given period, the amount of
Additional Interest paid by the Depositor on a Like Amount of Notes for such
period.

 

“Additional Taxes” has the meaning specified in Section 1.1
of the Indenture.

 

“Additional Tax Sums” has the meaning specified in Section
10.5 of the Indenture.

 

“Administrative Trustee” means each of the Persons identified
as an “Administrative Trustee” in
the preamble to this Trust Agreement, solely in each such Person’s capacity as
Administrative Trustee of the Trust and not in such Person’s individual
capacity, or any successor Administrative Trustee appointed as herein provided.

 

“Affiliate” of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. 
For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

 

“Applicable
Depositary Procedures”
means, with respect to any transfer or transaction involving a Book-Entry
Preferred Security, the rules and procedures of the Depositary for such
Book-Entry Preferred Security, in each case to the extent applicable to such
transaction and as in effect from time to time.

 

2

 

“Bankruptcy
Event” means, with
respect to any Person:

 

(a)  the entry of a decree or order by a court
having jurisdiction in the premises (i) judging such Person a bankrupt or
insolvent, (ii) approving as properly filed a petition seeking reorganization,
arrangement, adjudication or composition of or in respect of such Person under
any applicable Federal or state bankruptcy, insolvency, reorganization or other
similar law, (iii) appointing a custodian, receiver, liquidator, assignee,
trustee, sequestrator or other similar official of such Person or of any
substantial part of its property or (iv) ordering the winding up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in
effect for a period of sixty (60) consecutive days; or

 

(b)  the institution by such Person of
proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to
the institution of bankruptcy or insolvency proceedings against it, or the
filing by it of a petition or answer or consent seeking reorganization or
relief under any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law, or the consent by it to the filing of any
such petition or to the appointment of a custodian, receiver, liquidator,
assignee, trustee, sequestrator or similar official of such Person or of any
substantial part of its property, or the making by it of an assignment for the
benefit of creditors, or the admission by it in writing of its inability to pay
its debts generally as they become due and its willingness to be adjudicated a
bankrupt or insolvent, or the taking of corporate action by such Person in
furtherance of any such action.

 

“Bankruptcy
Laws” means all
Federal and state bankruptcy, insolvency, reorganization and other similar
laws, including the United States Bankruptcy Code.

 

“Book-Entry
Preferred Security”
means a Preferred Security, the ownership and transfers of which shall be made
through book entries by a Depositary.

 

“Business
Day” means a day
other than (a) a Saturday or Sunday, (b) a day on which banking institutions in
the City of New York are authorized or required by law or executive order to
remain closed or (c) a day on which the Corporate Trust Office is closed for
business.

 

“Calculation
Agent” has the
meaning specified in Section 4.10.

 

“Capital Disqualification Event” has the meaning specified in
Section 1.1 of the Indenture.

 

“Closing
Date” has the meaning
specified in the Purchase Agreement.

 

“Code” means the United States Internal Revenue
Code of 1986, as amended.

 

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

 

3

 

“Common
Securities Certificate”
means a certificate evidencing ownership of Common Securities, substantially in
the form attached as Exhibit B.

 

“Common
Security” means an
undivided beneficial interest in the assets of the Trust, having a Liquidation
Amount of $1,000 and having the rights provided therefor in this Trust
Agreement.

 

“Corporate
Trust Office” means
the principal office of the Property Trustee at which any particular time its
corporate trust business shall be administered, which office at the date of
this Trust Agreement is located at 101 Barclay Street, New York, New York
10286, Attention:  Corporate Trust
Administration.

 

“Definitive
Preferred Securities Certificates” means Preferred Securities issued in certificated, fully registered
form that are not Global Preferred Securities.

 

“Delaware
Statutory  Trust Act” means Chapter 38 of Title 12 of
the Delaware Code, 12 Del. Code § 3801 et
seq., or any successor statute thereto, in each case as amended from
time to time.

 

“Delaware
Trustee” means the
Person identified as the “Delaware Trustee”
in the preamble to this Trust Agreement, solely in its capacity as Delaware
Trustee of the Trust and not in its individual capacity, or its successor in
interest in such capacity, or any successor Delaware Trustee appointed as
herein provided.

 

“Depositary” means an organization registered as a
clearing agency under the Exchange Act that is designated as Depositary by the
Depositor or any successor thereto.  DTC
will be the initial Depositary.

 

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

 

“Depositor” has the meaning specified in the preamble to
this Trust Agreement and any successors and permitted assigns.

 

“Depositor
Affiliate” has the
meaning specified in Section 4.9.

 

“Distribution
Date” has the meaning
specified in Section 4.1(a)(i).

 

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

 

“DTC” means The Depository Trust Company or any
successor thereto.

 

“Early
Termination Event”
has the meaning specified in Section 9.2.

 

“Event of
Default” means any
one of the following events (whatever the reason for such event and whether it
shall be voluntary or involuntary or be effected by operation of law or

 

4

 

pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body):

 

(a)  the occurrence of a Note Event of Default;
or

 

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

 

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

 

(d)  default in the performance, or breach, in
any material respect of any covenant or warranty of the Trustees in this Trust
Agreement (other than those specified in clause (b) or (c) above) and
continuation of such default or breach for a period of thirty (30) days after
there has been given, by registered or certified mail, to the Trustees and to
the Depositor by the Holders of at least twenty five percent (25%) in aggregate
Liquidation Amount of the Outstanding Preferred Securities a written notice
specifying such default or breach and requiring it to be remedied and stating that
such notice is a “Notice of Default”
hereunder; or

 

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

 

“Exchange
Act” means the
Securities Exchange Act of 1934, and any successor statute thereto, in each
case as amended from time to time.

 

“Expiration
Date” has the meaning
specified in Section 9.1.

 

“Extension Period” has the meaning specified in Section
4.1(a)(ii).

 

“Federal
Reserve Board” means
the Board of Governors of the Federal Reserve System, as from time to time
constituted or, if at any time after the execution of this Trust Agreement such
Board is not existing and performing the duties now assigned to it, then the
body performing such duties at such time.

 

“Fiscal
Year” shall be the
fiscal year of the Trust, which shall be the calendar year, or such other
period as is required by the Code.

 

“Global
Preferred Security”
means a Preferred Securities Certificate evidencing ownership of Book-Entry
Preferred Securities.

 

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

 

5

 

“Holder” means a Person in whose name a Trust
Security or Trust Securities are registered in the Securities Register; any
such Person shall be a beneficial owner within the meaning of the Delaware
Statutory Trust Act.

 

“Indemnified
Person” has the
meaning specified in Section 8.10(c).

 

“Indenture” means the Junior Subordinated Indenture
executed and delivered by the Depositor and the Note Trustee contemporaneously
with the execution and delivery of this Trust Agreement, for the benefit of the
holders of the Notes, a copy of which is attached hereto as Exhibit D,
as amended or supplemented from time to time.

 

“Indenture Redemption Price” has the meaning specified in Section
4.2(c).

 

“Interest Payment Date” has the meaning specified in Section
1.1  of the Indenture.

 

“Investment
Company Act” means
the Investment Company Act of 1940, or any successor statute thereto, in each
case as amended from time to time.

 

“Investment Company Event” has the meaning specified in
Section 1.1 of the Indenture.

 

“LIBOR” has the meaning specified in Schedule A.

 

“LIBOR
Business Day” has the
meaning specified in Schedule A.

 

“LIBOR
Determination Date”
has the meaning specified in Schedule A.

 

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

 

“Like
Amount” means (a)
with respect to a redemption of any Trust Securities, Trust Securities having a
Liquidation Amount equal to the principal amount of Notes to be
contemporaneously redeemed or paid at maturity in accordance with the
Indenture, the proceeds of which will be used to pay the Redemption Price of
such Trust Securities, (b) with respect to a distribution of Notes to Holders
of Trust Securities in connection with a dissolution of the Trust, Notes having
a principal amount equal to the Liquidation Amount of the Trust Securities of
the Holder to whom such Notes are distributed and (c) with respect to any
distribution of Additional Interest Amounts to Holders of Trust Securities,
Notes having a principal amount equal to the Liquidation Amount of the Trust
Securities in respect of which such distribution is made.

 

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

 

“Liquidation
Date” means the date
on which assets are to be distributed to Holders in accordance with Section
9.4(a) hereunder following dissolution of the Trust.

 

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

 

6

 

“Majority
in Liquidation Amount”
means Common or Preferred Securities, as the case may be, representing more
than fifty percent (50%) of the aggregate Liquidation Amount of all (or a
specified group of) then Outstanding Common or Preferred Securities, as the
case may be.

 

“Note Event
of Default” means any
“Event of Default” specified in Section
5.1 of the Indenture.

 

“Note
Redemption Date”
means, with respect to any Notes to be redeemed under the Indenture, the date
fixed for redemption of such Notes under the Indenture.

 

“Note Trustee” means the Person identified as the “Trustee” in the Indenture, solely in its
capacity as Trustee pursuant to the Indenture and not in its individual
capacity, or its successor in interest in such capacity, or any successor
Trustee appointed as provided in the Indenture.

 

“Notes” means the Depositor’s Floating Rate Junior
Subordinated Notes issued pursuant to the Indenture.

 

“Office of
Thrift Supervision”
means the Office of Thrift Supervision, as from time to time constituted or, if
at any time after the execution of this Trust Agreement such Office is not
existing and performing the duties now assigned to it, then the body performing
such duties at such time.

 

“Officers’
Certificate” means a
certificate signed by the Chief Executive Officer, the President or an
Executive Vice President, and by the Chief Financial Officer, Treasurer or an
Assistant Treasurer, of the Depositor, and delivered to the Trustees. Any
Officers’ Certificate delivered with respect to compliance with a condition or
covenant provided for in this Trust Agreement (other than the certificate
provided pursuant to Section 8.16) shall include:

 

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

 

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

 

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

 

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

 

“Operative
Documents” means the
Purchase Agreement, the Indenture, the Trust Agreement, the Guarantee
Agreement, the Notes and the Trust Securities.

 

“Opinion
of Counsel” means a
written opinion of counsel, who may be counsel for, or an employee of, the
Depositor or any Affiliate of the Depositor.

 

7

 

“Original
Issue Date” means the
date of original issuance of the Trust Securities.

 

“Original
Trust  Agreement” has the meaning specified in
the recitals to this Trust Agreement.

 

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

 

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

 

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

 

(c)  Trust Securities that have been paid or in
exchange for or in lieu of which other Trust Securities have been executed and
delivered pursuant to the provisions of this Trust Agreement, unless proof
satisfactory to the Property Trustee is presented that any such Trust
Securities are held by Holders in whose hands such Trust Securities are valid,
legal and binding obligations of the Trust;

 

provided, that in determining whether the Holders of
the requisite Liquidation Amount of the Outstanding Preferred Securities have
given any request, demand, authorization, direction, notice, consent or waiver
hereunder, Preferred Securities owned by the Depositor, any Trustee or any
Affiliate of the Depositor or of any Trustee shall be disregarded and deemed
not to be Outstanding, except that (i) in determining whether any Trustee shall
be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Preferred Securities that such
Trustee knows to be so owned shall be so disregarded and (ii) the foregoing
shall not apply at any time when all of the Outstanding Preferred Securities
are owned by the Depositor, one or more of the Trustees and/or any such
Affiliate. Preferred Securities so owned that have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction
of the Administrative Trustees the pledgee’s right so to act with respect to
such Preferred Securities and that the pledgee is not the Depositor, any
Trustee or any Affiliate of the Depositor or of any Trustee.

 

“Owner” means each Person who is the beneficial
owner of Book-Entry Preferred Securities as reflected in the records of the
Depositary or, if a Depositary Participant is not the beneficial owner, then
the beneficial owner as reflected in the records of the Depositary Participant.

 

“Paying
Agent” means any
Person authorized by the Administrative Trustees to pay Distributions or other
amounts in respect of any Trust Securities on behalf of the Trust.

 

“Payment
Account” means a
segregated non-interest-bearing corporate trust account maintained by the
Property Trustee for the benefit of the Holders in which all amounts paid in

 

8

 

respect of the Notes will be held and from which the Property Trustee,
through the Paying Agent, shall make payments to the Holders in accordance with
Sections 3.1, 4.1 and 4.2.

 

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

 

“Preferred
Security” means an
undivided beneficial interest in the assets of the Trust, having a Liquidation
Amount of $1,000 and having the rights provided therefor in this Trust
Agreement.

 

“Preferred
Securities Certificate”
means a certificate evidencing ownership of Preferred Securities, substantially
in the form attached as Exhibit C.

 

“Property
Trustee” means the
Person identified as the “Property Trustee”
in the preamble to this Trust Agreement, solely in its capacity as Property
Trustee of the Trust and not in its individual capacity, or its successor in
interest in such capacity, or any successor Property Trustee appointed as
herein provided.

 

“Purchase
Agreement” means the
Purchase Agreement executed and delivered by the Trust, the Depositor and
Trapeza CDO II, LLC, as purchaser, contemporaneously with the execution and
delivery of this Trust Agreement, as amended from time to time.

 

“QIB” means a “qualified institutional buyer” as defined in
Rule 144A under the Securities Act of 1933, as amended.

 

“Redemption
Date” means, with
respect to any Trust Security to be redeemed, the date fixed for such
redemption by or pursuant to this Trust Agreement; provided,  that
each Note Redemption Date and the stated maturity (or any date of principal
repayment upon early maturity) of the Notes shall be a Redemption Date for a
Like Amount of Trust Securities.

 

“Redemption
Price” means, with
respect to any Trust Security, the Liquidation Amount of such Trust Security,
plus accumulated and unpaid Distributions to the Redemption Date, plus the
related amount of the premium, if any, paid by the Depositor upon the
concurrent redemption  or payment at
maturity of a Like Amount of Notes.

 

“Reference
Banks” has the
meaning specified in Schedule A.

 

“Responsible
Officer” means, with
respect to the Property Trustee, any Senior Vice President, any Vice President,
any Assistant Vice President, the Secretary, any Assistant Secretary, the
Treasurer, any Assistant Treasurer, any Trust Officer or Assistant Trust
Officer or any other officer of the Corporate Trust Department of the Property
Trustee and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of that officer’s
knowledge of and familiarity with the particular subject.

 

“Securities
Act” means the
Securities Act of 1933, and any successor statute thereto, in each case as amended
from time to time.

 

9

 

“Securities
Certificate” means
any one of the Common Securities Certificates or the Preferred Securities
Certificates.

 

“Securities
Register” and “Securities Registrar” have the respective
meanings specified in Section 5.7.

 

“Successor
Securities” has the
meaning specified in Section 9.5(a).

 

“Tax Event” has the meaning specified in Section 1.1 of the
Indenture.

 

“Trust” means the Delaware statutory trust known as
“Pacific Crest Capital Trust I,” which was created on March 13,  2003 under the Delaware Statutory Trust
Act pursuant to the Original Trust Agreement and the filing of the Certificate
of Trust, and continued pursuant to this Trust Agreement.

 

“Trust
Agreement” means this
Amended and Restated Trust Agreement, as the same may be modified, amended or
supplemented from time to time in accordance with the applicable provisions
hereof, including all Schedules and Exhibits.

 

“Trustees” means the Administrative Trustees, the Property
Trustee and the Delaware Trustee, each as defined in this Article I.

 

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

 

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

 

ARTICLE II.

 

THE
TRUST

 

SECTION 2.1.  Name.

 

The trust continued hereby
shall be known as “Pacific Crest Capital Trust I”, as such name may be modified
from time to time by the Administrative Trustees following written notice to
the Holders of Trust Securities and the other Trustees, in which name the
Trustees may conduct the business of the Trust, make and execute contracts and
other instruments on behalf of the Trust and sue and be sued.

 

SECTION 2.2.  Office of the Delaware Trustee; Principal Place of
Business.

 

The address of the Delaware
Trustee in the State of Delaware is White Clay Center Route 273, Newark,
Delaware 19711, Attention: Corporate Trust Administration, or such other
address in the State of Delaware as the Delaware Trustee may designate by
written notice to the Holders,

 

10

 

the Depositor, the Property Trustee and the Administrative Trustees.
The principal executive office of the Trust is 30343 Canwood Street, Agoura
Hills, CA 91301, Attention: Peter Luttenberger, as such address may be changed
from time to time by the Administrative Trustees following written notice to
the Holders and the other Trustees.

 

SECTION 2.3.  Initial Contribution of Trust Property; Fees, Costs
and Expenses.

 

The Property Trustee
acknowledges receipt from the Depositor in connection with the Original Trust
Agreement of the sum of ten dollars ($10), which constituted the initial Trust
Property. The Depositor shall pay all fees, costs and expenses of the Trust
(except with respect to the Trust Securities) as they arise or shall, upon
request of any Trustee, promptly reimburse such Trustee for any such fees,
costs and expenses paid by such Trustee. The Depositor shall make no claim upon
the Trust Property for the payment of such fees, costs or expenses.

 

SECTION 2.4.  Purposes of Trust.

 

(a)                                  The exclusive purposes and functions of the
Trust are to (i) issue and sell Trust Securities and use the proceeds from such
sale to acquire the Notes and (ii) 
engage in only those activities necessary or incidental thereto. The
Delaware Trustee, the Property Trustee and the Administrative Trustees are
trustees of the Trust, and have all the rights, powers and duties to the extent
set forth herein.  The Trustees hereby
acknowledge that they are trustees of the Trust.

 

(b)                                 So long as this Trust Agreement remains in
effect, the Trust (or the Trustees acting on behalf of the Trust) shall not
undertake any business, activities or transaction except as expressly provided
herein or contemplated hereby. In particular, the Trust (or the Trustees acting
on behalf of the Trust) shall not (i) acquire any investments or engage in any
activities not authorized by this Trust Agreement, (ii) sell, assign, transfer,
exchange, mortgage, pledge, set-off or otherwise dispose of any of the Trust Property
or interests therein, including to Holders, except as expressly provided
herein, (iii) incur any indebtedness for borrowed money or issue any other
debt, (iv) take or consent to any action that would result in the placement of
a Lien on any of the Trust Property, (v) take or consent to any action that
would reasonably be expected to cause the Trust to become taxable as a
corporation or classified as other than a grantor trust for United States
federal income tax purposes, (vi) take or consent to any action that would
cause the Notes to be treated as other than indebtedness of the Depositor for
United States federal income tax purposes or (vii) take or consent to any
action that would cause the Trust to be deemed to be an “investment company”
required to be registered under the Investment Company Act.

 

SECTION 2.5.  Authorization to Enter into Certain Transactions.

 

(a)                                  The Trustees shall conduct the affairs of the
Trust in accordance with and subject to the terms of this Trust Agreement. In
accordance with the following provisions (i) and (ii), the Trustees shall have
the authority to enter into all transactions and agreements determined by the
Trustees to be appropriate in exercising the authority, express or implied,
otherwise granted to the Trustees, under this Trust Agreement, and to perform
all acts in furtherance thereof, including the following:

 

11

 

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

 

(A)                              the issuance and sale of the Trust
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, without limitation, a common securities subscription
agreement and a junior note purchase agreement;

 

(C)                                assisting in the sale of the Preferred
Securities in one or more transactions exempt from registration under the
Securities Act, and in compliance with applicable state securities or blue sky
laws;

 

(D)                               assisting in the sending of notices (other
than notices of default) and other information regarding the Trust Securities
and the Notes to the Holders in accordance with this Trust Agreement;

 

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

 

(F)                                 execution of the Trust Securities on behalf
of the Trust in accordance with this Trust Agreement;

 

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

 

(H)                               preparation and filing of all applicable tax
returns and tax information reports that are required to be filed on behalf of
the Trust;

 

(I)                                    establishing a record date with respect to
all actions to be taken hereunder that require a record date to be established,
except as provided in Section 6.10(a);

 

(J)                                   unless otherwise required by the Delaware
Statutory Trust Act to execute on behalf of the Trust (either acting alone or
together with the other Administrative Trustees) any documents that such
Administrative Trustee has the power to execute pursuant to this Trust Agreement;
and

 

(K)                               the taking of any action incidental to the
foregoing as such Administrative Trustee may from time to time determine is
necessary or advisable to give effect to the terms of this Trust Agreement.

 

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

 

12

 

(A)                              the receipt and holding of legal title of the
Notes;

 

(B)                                the establishment of the Payment Account;

 

(C)                                the collection of interest, principal and any
other payments made in respect of the Notes and the holding of such amounts in
the Payment Account;

 

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

 

(E)                                 the exercise of all of the rights, powers and
privileges of a holder of the Notes in accordance with the terms of this Trust
Agreement;

 

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

 

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

 

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

 

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

 

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

 

(i)                                     the negotiation of the terms of, and the
execution and delivery of, the Purchase Agreement providing for the sale of the
Preferred Securities in one or more transactions exempt from registration under
the Securities Act, and in compliance with applicable state securities or blue
sky laws; and

 

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

 

(c)                                  Notwithstanding anything herein to the
contrary, the Administrative Trustees are authorized and directed to conduct
the affairs of the Trust and authorized to operate the Trust so that the Trust
will not be taxable as a corporation or classified as other than a grantor
trust for United States federal income tax purposes, so that the Notes will be
treated as indebtedness of

 

13

 

the Depositor for United
States federal income tax purposes and so that the Trust will not be deemed to
be an “investment company” required to be registered under the Investment
Company Act. In this connection, each Administrative Trustee is authorized to
take any action, not inconsistent with applicable law, the Certificate of Trust
or this Trust Agreement, that such Administrative Trustee determines in his or
her discretion to be necessary or desirable for such purposes, as long as such
action does not adversely affect in any material respect the interests of the
Holders of the Outstanding Preferred Securities.  In no event shall the Administrative Trustees be liable to the
Trust or the Holders for any failure to comply with this Section 2.5 to
the extent that such failure results solely from a change in law or regulation
or in the interpretation thereof.

 

(d)                                 Any action taken by a Trustee in accordance
with its powers shall constitute the act of and serve to bind the Trust.  In dealing with any Trustee acting on behalf
of the Trust, no Person shall be required to inquire into the authority of such
Trustee to bind the Trust.  Persons
dealing with the Trust are entitled to rely conclusively on the power and
authority of any Trustee as set forth in this Trust Agreement.

 

SECTION 2.6.  Assets of Trust.

 

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

 

SECTION 2.7.  Title to Trust Property.

 

(a)                                  Legal title to all Trust Property shall be
vested at all times in the Property Trustee and shall be held and administered
by the Property Trustee in trust for the benefit of the Trust and the Holders
in accordance with this Trust Agreement.

 

(b)                                 The Holders shall not have any right or title
to the Trust Property other than the undivided beneficial interest in the
assets of the Trust conferred by their Trust Securities and they shall have no
right to call for any partition or division of property, profits or rights of
the Trust except as described below. The Trust Securities shall be personal
property giving only the rights specifically set forth therein and in this
Trust Agreement.

 

ARTICLE III.

 

PAYMENT
ACCOUNT;  PAYING AGENTS

 

SECTION 3.1.  Payment Account.

 

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

 

14

 

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

 

SECTION 3.2.  Appointment of Paying Agents.

 

The Paying Agent shall
initially be the Property Trustee. The Paying Agent shall make Distributions to
Holders from the Payment Account and shall report the amounts of such
Distributions to the Property Trustee and the Administrative Trustees. Any
Paying Agent shall have the revocable power to withdraw funds from the Payment
Account solely for the purpose of making the Distributions referred to above.
The Administrative Trustees may revoke such power and remove the Paying Agent
in their sole discretion. Any Person acting as Paying Agent shall be permitted
to resign as Paying Agent upon thirty (30) days’ written notice to the
Administrative Trustees and the Property Trustee. If the Property Trustee shall
no longer be the Paying Agent or a successor Paying Agent shall resign or its
authority to act be revoked, the Administrative Trustees shall appoint a
successor (which shall be a bank or trust company) to act as Paying Agent.  Such successor Paying Agent appointed by the
Administrative Trustees shall execute and deliver to the Trustees an instrument
in which such successor Paying Agent shall agree with the Trustees that as
Paying Agent, such successor Paying Agent will hold all sums, if any, held by
it for payment to the Holders in trust for the benefit of the Holders entitled
thereto until such sums shall be paid to such Holders. The Paying Agent shall
return all unclaimed funds to the Property Trustee and upon removal of a Paying
Agent such Paying Agent shall also return all funds in its possession to the
Property Trustee. The provisions of Article VIII shall apply to the
Property Trustee also in its role as Paying Agent, for so long as the Property
Trustee shall act as Paying Agent and, to the extent applicable, to any other
Paying Agent appointed hereunder. Any reference in this Trust Agreement to the
Paying Agent shall include any co-paying agent unless the context requires
otherwise.

 

ARTICLE IV.

 

DISTRIBUTIONS;
REDEMPTION

 

SECTION 4.1.  Distributions.

 

(a)                                  The Trust Securities represent undivided
beneficial interests in the Trust Property, and Distributions (including any
Additional Interest Amounts) will be made on the Trust Securities at the rate
and on the dates that payments of interest (including any Additional Interest)
are made on the Notes. Accordingly:

 

(i)                                     Distributions on the Trust Securities shall
be cumulative, and shall accumulate whether or not there are funds of the Trust
available for the payment of Distributions. Distributions shall accumulate from
March 20, 2003, and, except as provided in clause (ii) below, shall be payable
quarterly in arrears on March 30, June 30, September 30 and December 30 of each
year, commencing on June 30, 2003.  If
any date on which a Distribution is otherwise payable on the Trust Securities
is not a Business

 

15

 

Day,
then the payment of such Distribution shall be made on the next succeeding
Business Day (and no interest shall accrue in respect of the amounts whose
payment is so delayed for the period from and after each such date until the
next succeeding Business Day), except that, if such Business Day falls 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 (each date on which Distributions are payable in accordance with
this Section 4.1(a)(i), a “Distribution
Date”);

 

(ii)                                  in the event (and to the extent) that the
Depositor exercises its right under the Indenture to defer the payment of
interest on the Notes, Distributions on the Trust Securities shall be
deferred.  Under the Indenture, so long
as no Note Event of Default has occurred and is continuing, the Depositor shall
have the right, at any time and from time to time during the term of the Notes,
to defer the payment of interest on the Notes for a period of up to twenty (20)
consecutive quarterly interest payment periods (each such extended interest
payment period, an “Extension Period”), during which Extension Period no
interest on the Notes shall be due and payable (except any Additional Tax Sums
that may be due and payable).  No
interest on the Notes shall be due and payable during an Extension Period,
except at the end thereof, but each installment of interest that would
otherwise have been due and payable during such Extension Period shall bear
Additional Interest (to the extent payment of such interest would be legally
enforceable) at the fixed rate equal to 6.335% per annum and a variable rate
equal to LIBOR plus 3.25% thereafter compounded quarterly, from the dates on
which amounts would have otherwise been due and payable until paid or until
funds for the payment thereof have been made available for payment.  If Distributions are deferred, the deferred
Distributions (including Additional Interest Amounts) shall be paid on the date
that the related Extension Period terminates, to Holders of the Trust
Securities as they appear on the books and records of the Trust on the record
date immediately preceding such termination date.

 

(iii)                               Distributions shall accumulate in respect of
the Trust Securities at a fixed rate equal to 6.335% of the Liquidation Amount
of the Trust Securities per annum and a variable rate equal to LIBOR plus 3.25%
of the Liquidation Amount of the Trust Securities thereafter, such rate being
the rate of interest payable on the Notes. 
LIBOR shall be determined by the Calculation Agent in accordance with Schedule
A. The amount of Distributions payable for any period less than a full
Distribution period shall be computed on the basis of a 360-day year and the
actual number of days elapsed in the relevant Distribution period.  The amount of Distributions payable for any
period shall include any Additional Interest Amounts in respect of such period;
and

 

(iv)                              Distributions on the Trust Securities shall
be made by the Paying Agent from the Payment Account and shall be payable on
each Distribution Date only to the extent that the Trust has funds then on hand
and available in the Payment Account for the payment of such Distributions.

 

(b)                                 Distributions on the Trust Securities with
respect to a Distribution Date shall be payable to the Holders thereof as they
appear on the Securities Register for the Trust Securities at

 

16

 

the close of business on the
relevant record date, which shall be at the close of business on the fifteenth
day (whether or not a Business Day) preceding the relevant Distribution
Date.    Distributions payable on any
Trust Securities that are not punctually paid on any Distribution Date as a
result of the Depositor having failed to make an interest payment under the
Notes will cease to be payable to the Person in whose name such Trust Securities
are registered on the relevant record date, and such defaulted Distributions
and any Additional Interest Amounts will instead be payable to the Person in
whose name such Trust Securities are registered on the special record date, or
other specified date for determining Holders entitled to such defaulted
Distribution and Additional Interest Amount, established in the same manner,
and on the same date, as such is established with respect to the Notes under
the Indenture.

 

SECTION 4.2.  Redemption.

 

(a)                                  On each Note Redemption Date and on the
stated maturity (or any date of principal repayment upon early maturity) of the
Notes and on each other date on (or in respect of) which any principal on the
Notes is repaid, the Trust will be required to redeem a Like Amount of Trust
Securities at the Redemption Price.

 

(b)                                 Notice of redemption shall be given by the
Property Trustee by first-class mail, postage prepaid, mailed not less than
thirty (30) nor more than sixty (60) days prior to the Redemption Date to each
Holder of Trust Securities to be redeemed, at such Holder’s address appearing
in the Securities Register. All notices of redemption shall state:

 

(i)                                     the Redemption Date;

 

(ii)                                  the Redemption Price or, if the Redemption
Price cannot be calculated prior to the time the notice is required to be sent,
the estimate of the Redemption Price provided pursuant to the Indenture, as
calculated by the Depositor, together with a statement that it is an estimate
and that the actual Redemption Price will be calculated by the Calculation
Agent on the fifth Business Day prior to the Redemption Date (and if an
estimate is provided, a further notice shall be sent of the actual Redemption
Price on the date that such Redemption Price is calculated);

 

(iii)                               if less than all the Outstanding Trust
Securities are to be redeemed, the identification (and, in the case of partial
redemption, the respective amounts) and Liquidation Amounts of the particular
Trust Securities to be redeemed;

 

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

 

(v)                                 the place or places where the Trust
Securities are to be surrendered for the payment of the Redemption Price; and

 

(vi)                              such other provisions as the Property Trustee
deems relevant.

 

17

 

(c)                                  The Trust Securities (or portion thereof)
redeemed on each Redemption Date shall be redeemed at the Redemption Price with
the proceeds from the contemporaneous redemption or payment at maturity of
Notes. Redemptions of the Trust Securities (or portion thereof) shall be made
and the Redemption Price shall be payable on each Redemption Date only to the
extent that the Trust has funds then on hand and available in the Payment
Account for the payment of such Redemption Price.  Under the Indenture, the Notes may be redeemed by the Depositor
on any Interest Payment Date, at the Depositor’s option, on or after March 30,
2008,  in whole or in part, from
time to time at a  redemption price
equal to one hundred percent (100%) of the principal amount thereof, together,
in the case of any such redemption, with accrued interest, including any
Additional Interest, to but excluding the date fixed for redemption (the “Indenture Redemption Price”); provided, that the Depositor shall have
received the prior approval of the Federal Reserve Board if then required.  The Notes may also be redeemed by the
Depositor, at its option, in whole but not in part, upon the occurrence of a
Capital Disqualification Event, an Investment Company Event or a Tax Event at
the Indenture Redemption Price.

 

(d)                                 If the Property Trustee gives a notice of
redemption in respect of any Preferred Securities, then by 10:00 A.M., New York
City time, on the Redemption Date, the Depositor shall deposit sufficient funds
with the Property Trustee to pay the Redemption Price.  If such deposit has been made by such time,
then by 12:00 noon, New York City time, on the Redemption Date, the Property
Trustee will, with respect to Book-Entry Preferred Securities, irrevocably
deposit with the Depositary for such Book-Entry Preferred Securities, to the
extent available therefor, funds sufficient to pay the applicable Redemption
Price and will give such Depositary irrevocable instructions and authority to
pay the Redemption Price to the Holders of the Preferred Securities. With
respect to Preferred Securities that are not Book-Entry Preferred Securities,
the Property Trustee will irrevocably deposit with the Paying Agent, to the
extent available therefor, funds sufficient to pay the applicable Redemption
Price and will give the Paying Agent irrevocable instructions and authority to
pay the Redemption Price to the Holders of the Preferred Securities upon
surrender of their Preferred Securities Certificates. Notwithstanding the
foregoing, Distributions payable on or prior to the Redemption Date for any
Trust Securities (or portion thereof) called for redemption shall be payable to
the Holders of such Trust Securities as they appear on the Securities Register
on the relevant record dates for the related Distribution Dates. If notice of
redemption shall have been given and funds deposited as required, then upon the
date of such deposit, all rights of Holders holding Trust Securities (or
portion thereof) so called for redemption will cease, except the right of such
Holders to receive the Redemption Price and any Distribution payable in respect
of the Trust Securities on or prior to the Redemption Date, but without
interest, and, in the case of a partial redemption, the right of such Holders
to receive a new Trust Security or Securities of authorized denominations, in
aggregate Liquidation Amount equal to the unredeemed portion of such Trust
Security or Securities, and such Securities (or portion thereof) called for
redemption will cease to be Outstanding. In the event that any date on which
any Redemption Price is payable is not a Business Day, then payment of the
Redemption Price payable on such date will be made on the next succeeding
Business Day (and no interest shall accrue in respect of the amounts whose
payment is so delayed for the period from and after each such date until the
next succeeding Business Day), except that, if such Business Day falls 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. In the event that payment of the Redemption Price in respect of
any Trust Securities (or portion thereof) called for redemption is improperly
withheld

 

18

 

or refused and not paid
either by the Trust or by the Depositor pursuant to the Guarantee Agreement,
Distributions on such Trust Securities(or portion thereof) will continue to
accumulate, as set forth in Section 4.1, from the Redemption Date
originally established by the Trust for such Trust Securities(or portion
thereof) to the date such Redemption Price is actually paid, in which case the
actual payment date will be the date fixed for redemption for purposes of
calculating the Redemption Price.

 

(e)                                  Subject to Section 4.3(a), if less
than all the Outstanding Trust Securities are to be redeemed on a Redemption
Date, then the aggregate Liquidation Amount of Trust Securities to be redeemed
shall be allocated pro rata to
the Common Securities and the Preferred Securities based upon the relative
aggregate Liquidation Amounts of the Common Securities and the Preferred
Securities.  The Preferred Securities to
be redeemed shall be redeemed on a pro rata
basis based upon their respective Liquidation Amounts not more than sixty (60)
days prior to the Redemption Date by the Property Trustee from the Outstanding
Preferred Securities not previously called for redemption; provided, however, that with respect to
Holders that would be required to hold less than one hundred (100) but more
than zero (0) Trust Securities as a result of such redemption, the Trust shall
redeem Trust Securities of each such Holder so that after such redemption such
Holder shall hold either one hundred (100) Trust Securities or such Holder no longer
holds any Trust Securities, and shall use such method (including, without
limitation, by lot) as the Trust shall deem fair and appropriate; and provided, further,
that so long as the Preferred Securities are Book-Entry Preferred Securities,
such selection shall be made in accordance with the Applicable Depositary
Procedures for the Preferred Securities by such Depositary. The Property
Trustee shall promptly notify the Securities Registrar in writing of the
Preferred Securities (or portion thereof) selected for redemption and, in the
case of any Preferred Securities selected for partial redemption, the
Liquidation Amount thereof to be redeemed. For all purposes of this Trust
Agreement, unless the context otherwise requires, all provisions relating to the
redemption of Preferred Securities shall relate, in the case of any Preferred
Securities redeemed or to be redeemed only in part, to the portion of the
aggregate Liquidation Amount of Preferred Securities that has been or is to be
redeemed.

 

(f)                                    The Trust in issuing the Trust Securities may
use “CUSIP” numbers (if then generally in use), and, if so, the Property
Trustee shall indicate the “CUSIP” numbers of the Trust Securities in notices
of redemption and related materials as a convenience to Holders; provided, that any such notice may state
that no representation is made as to the correctness of such numbers either as
printed on the Trust Securities or as contained in any notice of redemption and
related materials.

 

SECTION 4.3.  Subordination of Common Securities.

 

(a)                                  Payment of Distributions (including any
Additional Interest Amounts) on, the Redemption Price of and the Liquidation
Distribution in respect of, the Trust Securities, as applicable, shall be made,
pro rata among the Common
Securities and the Preferred Securities based on the Liquidation Amount of the
respective Trust Securities; provided,  that if on any Distribution Date,
Redemption Date or Liquidation Date an Event of Default shall have occurred and
be continuing, no payment of any Distribution (including any Additional
Interest Amounts) on, Redemption Price of or Liquidation Distribution in
respect of, any Common Security, and no other payment on account of the
redemption, liquidation or other acquisition of Common

 

19

 

Securities, shall be made
unless payment in full in cash of all accumulated and unpaid Distributions
(including any Additional Interest Amounts) on all Outstanding Preferred
Securities for all Distribution periods terminating on or prior thereto, or in
the case of payment of the Redemption Price the full amount of such Redemption
Price on all Outstanding Preferred Securities then called for redemption, or in
the case of payment of the Liquidation Distribution the full amount of such
Liquidation Distribution on all Outstanding Preferred Securities, shall have
been made or provided for, and all funds immediately available to the Property
Trustee shall first be applied to the payment in full in cash of all
Distributions (including any Additional Interest Amounts) on, or the Redemption
Price of or the Liquidation Distribution in respect of, the Preferred
Securities then due and payable.

 

(b)                                 In the case of the occurrence of any Event of
Default, the Holders of the Common Securities shall have no right to act with
respect to any such Event of Default under this Trust Agreement until all such
Events of Default with respect to the Preferred Securities have been cured,
waived or otherwise eliminated. Until all such Events of Default under this
Trust Agreement with respect to the Preferred Securities have been so cured,
waived or otherwise eliminated, the Property Trustee shall act solely on behalf
of the Holders of the Preferred Securities and not on behalf of the Holders of
the Common Securities, and only the Holders of all the Preferred Securities
will have the right to direct the Property Trustee to act on their behalf.

 

SECTION 4.4.  Payment Procedures.

 

Payments of Distributions
(including any Additional Interest Amounts), the Redemption Price, Liquidation
Amount or any other amounts in respect of the Preferred Securities shall be
made by wire transfer at such place and to such account at a banking
institution in the United States as may be designated in writing at least ten
(10) Business Days prior to the date for payment by the Person entitled thereto
unless proper written transfer instructions have not been received by the
relevant record date, in which case such payments shall be made by check mailed
to the address of such Person as such address shall appear in the Securities
Register.  If any Preferred Securities
are held by a Depositary, such Distributions thereon shall be made to the
Depositary in immediately available funds. Payments in respect of the Common
Securities shall be made in such manner as shall be mutually agreed between the
Property Trustee and the Holder of all the Common Securities.

 

SECTION 4.5.  Withholding Tax.

 

The Trust and the
Administrative Trustees shall comply with all withholding and backup
withholding tax requirements under United States federal, state and local
law.  The Administrative Trustees on
behalf of the Trust shall request, and the Holders shall provide to the Trust,
such forms or certificates as are necessary to establish an exemption from
withholding and backup withholding tax with respect to each Holder and any
representations and forms as shall reasonably be requested by the
Administrative Trustees on behalf of the Trust to assist it in determining the
extent of, and in fulfilling, its withholding and backup withholding tax
obligations.  The Administrative
Trustees shall file required forms with applicable jurisdictions and, unless an
exemption from withholding and backup withholding tax is properly established
by a Holder, shall remit amounts withheld with respect to the Holder to
applicable jurisdictions.  To the extent
that the Trust is required to withhold and pay over any amounts to any
jurisdiction

 

20

 

with respect to Distributions or allocations to any Holder, the amount
withheld shall be deemed to be a Distribution in the amount of the withholding
to the Holder.  In the event of any
claimed overwithholding, Holders shall be limited to an action against the
applicable jurisdiction.  If the amount
required to be withheld was not withheld from actual Distributions made, the
Administrative Trustees on behalf of the Trust may reduce subsequent
Distributions by the amount of such required withholding.

 

SECTION 4.6.  Tax Returns and Other Reports.

 

(a)                                  The Administrative Trustees shall prepare (or
cause to be prepared) at the principal office of the Trust in the United
States, as defined for purposes of Treasury regulations section 301.7701-7, at
the Depositor’s expense, and file, all United States federal, state and local
tax and information returns and reports required to be filed by or in respect
of the Trust.  The Administrative
Trustees shall prepare at the principal office of the Trust in the United States,
as defined for purposes of Treasury regulations section 301.7701-7, and furnish
(or cause to be prepared and furnished), by January 31 in each taxable year of
the Trust to each Holder all Internal Revenue Service forms and returns
required to be provided by the Trust. The Administrative Trustees shall provide
the Depositor and the Property Trustee with a copy of all such returns and
reports promptly after such filing or furnishing.

 

(b)                                 So long as the Property Trustee is the Holder
of the Notes, the Administrative Trustees will cause the Depositor’s reports on
Form FR Y-9C, FR y-9LP and FR Y-6  to
be delivered to the Property Trustee promptly following their filing with the
Federal Reserve Board.

 

SECTION 4.7.  Payment of Taxes, Duties, Etc. of the Trust.

 

Upon receipt under the Notes
of Additional Tax Sums and upon the written direction of the Administrative
Trustees, the Property Trustee shall promptly pay, solely out of monies on
deposit pursuant to this Trust Agreement, any Additional Taxes imposed on the
Trust by the United States or any other taxing authority.

 

SECTION 4.8.  Payments under Indenture or Pursuant to Direct
Actions.

 

Any amount payable hereunder
to any Holder of Preferred Securities shall be reduced by the amount of any
corresponding payment such Holder (or any Owner with respect thereto) has
directly received pursuant to Section 5.8 of the Indenture or Section
6.10(b) of this Trust Agreement.

 

SECTION 4.9.  Exchanges.

 

(a)                                  If at any time the Depositor or any of its
Affiliates (in either case, a “Depositor
Affiliate”) is the Owner or Holder of any Preferred Securities, such
Depositor Affiliate shall have the right to deliver to the Property Trustee all
or such portion of its Preferred Securities as it elects and receive, in
exchange therefor, a Like Amount of Notes. 
Such election (i) shall be exercisable effective on any Distribution
Date by such Depositor Affiliate delivering to the Property Trustee a written
notice of such election specifying the Liquidation Amount of Preferred
Securities with respect to which such election is being made and the
Distribution Date on which such exchange shall occur, which Distribution Date
shall be not less than ten (10)

 

21

 

Business Days after the date
of receipt by the Property Trustee of such election notice and (ii) shall be
conditioned upon such Depositor Affiliate having delivered or caused to be
delivered to the Property Trustee or its designee the Preferred Securities that
are the subject of such election by 10:00 A.M. New York time, on the Distribution
Date on which such exchange is to occur. 
After the exchange, such Preferred Securities will be canceled and will
no longer be deemed to be Outstanding and all rights of the Depositor Affiliate
with respect to such Preferred Securities will cease.

 

(b)                                 In the case of an exchange described in Section
4.9(a), the Property Trustee on behalf of the Trust will, on the date of
such exchange, exchange Notes having a principal amount equal to a proportional
amount of the aggregate Liquidation Amount of the Outstanding Common
Securities, based on the ratio of the aggregate Liquidation Amount of the
Preferred Securities exchanged pursuant to Section 4.9(a) divided by the
aggregate Liquidation Amount of the Preferred Securities Outstanding
immediately prior to such exchange, for such proportional amount of Common
Securities held by the Depositor (which contemporaneously shall be canceled and
no longer be deemed to be Outstanding); provided,
that the Depositor delivers or causes to be delivered to the Property Trustee
or its designee the required amount of Common Securities to be exchanged by
10:00 A.M. New York time, on the Distribution Date on which such exchange is to
occur.

 

SECTION 4.10.  Calculation Agent.

 

(a)                                  The Property Trustee shall initially, and for
so long as it holds any of the Notes, be the Calculation Agent for purposes of
determining LIBOR for each Distribution Date. 
The Calculation Agent may be removed by the Administrative Trustees at
any time.  If the Calculation Agent is
unable or unwilling to act as such or is removed by the Administrative
Trustees, the Administrative Trustees will promptly appoint as a replacement
Calculation Agent the London office of a leading bank which is engaged in
transactions in three-month Eurodollar deposits in the international Eurodollar
market and which does not control or is not controlled by or under common
control with the Administrative Trustee or its Affiliates.  The Calculation Agent may not resign its
duties without a successor having been duly appointed.

 

(b)                                 The Calculation Agent shall be required to
agree that, as soon as possible after 11:00 a.m. (London time) on each LIBOR
Determination Date, but in no event later than 11:00 a.m. (London time) on the
Business Day immediately following each LIBOR Determination Date, the
Calculation Agent will calculate the interest rate (rounded to the nearest
cent, with half a cent being rounded upwards) for the related Distribution
Date, and will communicate such rate and amount to the Depositor, Trustee, each
Paying Agent and the Depositary. The Calculation Agent will also specify to the
Administrative Trustee the quotations upon which the foregoing rates and
amounts are based and, in any event, the Calculation Agent shall notify the
Administrative Trustee before 5:00 p.m. (London time) on each LIBOR
Determination Date that either:  (i) it
has determined or is in the process of determining the foregoing rates and
amounts or (ii) it has not determined and is not in the process of determining
the foregoing rates and amounts, together with its reasons therefor.  The Calculation Agent’s determination of the
foregoing rates and amounts for any Distribution Date will (in the absence of
manifest error) be final and binding upon all parties.  For the sole purpose of calculating the
interest rate for the

 

22

 

Trust Securities, “Business
Day” shall be defined as any day on which dealings in deposits in Dollars are
transacted in the London interbank market.

 

SECTION 4.11.  Certain Accounting Matters.

 

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

 

(b)                                 The Administrative Trustees shall either (i),
if the Depositor is then subject to such reporting requirements, cause each
Form 10-K and Form 10-Q prepared by the Depositor and filed with the Commission
in accordance with the Exchange Act to be delivered to each Holder, with a copy
to the Property Trustee, within thirty (30) days after the filing thereof or
(ii) cause to be prepared at the principal office of the Trust in the United
States, as defined for purposes of Treasury Regulations section 301.7701-7, and
delivered to each of the Holders, with a copy to the Property Trustee, within
ninety (90) days after the end of each Fiscal Year, 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 Trust shall maintain one or more bank
accounts in the United States, as defined for purposes of Treasury Regulations
section 301.7701-7, in the name and for the sole benefit of the Trust; provided,
however, that all payments of funds in respect of the Notes held by the
Property Trustee shall be made directly to the Payment Account and no other
funds of the Trust shall be deposited in the Payment Account.  The sole signatories for such accounts
(including the Payment Account) shall be designated by the Property Trustee.

 

ARTICLE V.

 

SECURITIES

 

SECTION 5.1.  Initial Ownership.

 

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

 

SECTION 5.2.  Authorized Trust Securities.

 

The Trust shall be authorized
to issue one series of Preferred Securities having an aggregate Liquidation
Amount of $13,330,000 and one series of Common Securities having an aggregate
Liquidation Amount of $420,000.

 

23

 

SECTION 5.3.  Issuance of the Common Securities; Subscription and
Purchase of Notes.

 

On the Closing Date, an
Administrative Trustee, on behalf of the Trust, shall execute and deliver to
the Depositor Common Securities Certificates, registered in the name of the
Depositor, evidencing an aggregate of four hundred and twenty (420) Common
Securities having an aggregate Liquidation Amount of Four Hundred and Twenty
Thousand Dollars ($420,000), against receipt by the Trust of the aggregate
purchase price of such Common Securities of Four Hundred and Twenty Thousand
Dollars ($420,000).  Contemporaneously
therewith and with the sale by the Trust to the Holders of an aggregate of
Thirteen Thousand Three Hundred and Thirty Thousand (13,330) Preferred
Securities having an aggregate Liquidation Amount of Thirteen Million Three
Hundred and Thirty Thousand Dollars ($13,330,000), an Administrative Trustee,
on behalf of the Trust, shall purchase from the Depositor Notes, to be
registered in the name of the Property Trustee on behalf of the Trust and
having an aggregate principal amount equal to Thirteen Million Seven Hundred
and Fifty Thousand Dollars ($13,750,000), and, in satisfaction of the purchase
price for such Notes, the Property Trustee, on behalf of the Trust, shall
deliver to the Depositor the sum of Thirteen Million Seven Hundred and Fifty
Thousand Dollars ($13,750,000) (being the aggregate amount paid by the Holders
for the Preferred Securities and the amount paid by the Depositor for the
Common Securities).

 

SECTION 5.4.  The Securities Certificates.

 

(a)                                  The Preferred Securities Certificates shall
be issued in minimum denominations of $100,000 Liquidation Amount and integral
multiples of $1,000 in excess thereof, and the Common Securities Certificates
shall be issued in minimum denominations of 
$10,000 Liquidation Amount and integral multiples of $1,000 in excess
thereof.  The Securities Certificates
shall be executed on behalf of the Trust by manual or facsimile signature of at
least one Administrative Trustee. 
Securities Certificates bearing the signatures of individuals who were,
at the time when such signatures shall have been affixed, authorized to sign
such Securities Certificates on behalf of the Trust shall be validly issued and
entitled to the benefits of this Trust Agreement, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the
delivery of such Securities Certificates or did not have such authority at the
date of delivery of such Securities Certificates.

 

(b)                                 On the Closing Date, upon the written order
of an authorized officer of the Depositor, the Administrative Trustees shall
cause Securities Certificates to be executed on behalf of the Trust and
delivered, without further corporate action by the Depositor, in authorized
denominations.

 

(c)                                  The Preferred Securities issued to QIBs shall
be, except as provided in Section 5.6, Book-Entry Preferred Securities
issued in the form of one or more Global Preferred Securities registered in the
name of the Depositary, or its nominee and deposited with the Depositary or a
custodian for the Depositary for credit by the Depositary to the respective
accounts of the Depositary Participants thereof (or such other accounts as they
may direct).  The Preferred Securities
issued to a Person other than a QIB shall be issued in the form of Definitive
Preferred Securities Certificates.

 

24

 

(d)                                 A Preferred Security shall not be valid until
authenticated by the manual signature of an Authorized Officer of the Property
Trustee.  Such signature shall be
conclusive evidence that the Preferred Security has been authenticated under
this Trust Agreement.  Upon written
order of the Trust signed by one Administrative Trustee, the Property Trustee
shall authenticate the Preferred Securities for original issue.  The Property Trustee may appoint an
authenticating agent that is a U.S. Person acceptable to the Trust to
authenticate the Preferred Securities. 
A Common Security need not be so authenticated and shall be valid upon
execution by one or more Administrative Trustees.  The form of this certificate of authentication can be found in Section
5.13.

 

SECTION 5.5.  Rights of Holders.

 

The Trust Securities shall
have no preemptive or similar rights and when issued and delivered to Holders
against payment of the purchase price therefor will be fully paid and
non-assessable by the Trust.  Except as
provided in Section 5.11(b), the Holders of the Trust Securities, in
their capacities as such, shall be entitled to the same limitation of personal
liability extended to stockholders of private corporations for profit organized
under the General Corporation Law of the State of Delaware.

 

SECTION 5.6.  Book-Entry Preferred Securities.

 

(a)                                  A Global Preferred Security may be exchanged,
in whole or in part, for Definitive Preferred Securities Certificates
registered in the names of the Owners only if such exchange complies with Section
5.7 and (i) the Depositary advises the Administrative Trustees and the
Property Trustee in writing that the Depositary is no longer willing or able
properly to discharge its responsibilities with respect to the Global Preferred
Security, and no qualified successor is appointed by the Administrative
Trustees within ninety (90) days of receipt of such notice, (ii) the Depositary
ceases to be a clearing agency registered under the Exchange Act and the
Administrative Trustees fail to appoint a qualified successor within ninety
(90) days of obtaining knowledge of such event, (iii) the Administrative
Trustees at their option advise the Property Trustee in writing that the Trust
elects to terminate the book-entry system through the Depositary or (iv) a Note
Event of Default has occurred and is continuing. Upon the occurrence of any
event specified in clause (i), (ii), (iii) or (iv) above, the Administrative
Trustees shall notify the Depositary and instruct the Depositary to notify all
Owners of Book-Entry Preferred Securities, the Delaware Trustee and the
Property Trustee of the occurrence of such event and of the availability of the
Definitive Preferred Securities Certificates to Owners of the Preferred
Securities requesting the same. Upon the issuance of Definitive Preferred
Securities Certificates, the Trustees shall recognize the Holders of the Definitive
Preferred Securities Certificates as Holders. 
Notwithstanding the foregoing, if an Owner of a beneficial interest in a
Global Preferred Security wishes at any time to transfer an interest in such
Global Preferred Security to a Person other than a QIB, such transfer shall be
effected, subject to the Applicable Depositary Procedures, in accordance with
the provisions of this Section 5.6 and Section 5.7, and the
transferee shall receive a Definitive Preferred Securities Certificate in
connection with such transfer.  A holder
of a Definitive Preferred Securities Certificate that is a QIB may, upon
request and in accordance with the provisions of this Section 5.6 and Section
5.7, exchange such Definitive Preferred Securities Certificate for a
beneficial interest in a Global Preferred Security.

 

25

 

(b)                                 If any Global Preferred Security is to be
exchanged for Definitive Preferred Securities Certificates or canceled in part,
or if any Definitive Preferred Securities Certificate is to be exchanged in
whole or in part for any Global Preferred Security, then either (i) such Global
Preferred Security shall be so surrendered for exchange or cancellation as
provided in this Article V or (ii) the aggregate Liquidation Amount
represented by such Global Preferred Security shall be reduced, subject to Section
5.4, or increased by an amount equal to the Liquidation Amount represented
by that portion of the Global Preferred Security to be so exchanged or
canceled, or equal to the Liquidation Amount represented by such Definitive
Preferred Securities Certificates to be so exchanged for any Global Preferred
Security, as the case may be, by means of an appropriate adjustment made on the
records of the Securities Registrar, whereupon the Property Trustee, in
accordance with the Applicable Depositary Procedures, shall instruct the
Depositary or its authorized representative to make a corresponding adjustment
to its records. Upon any such surrender to the Administrative Trustees or the
Securities Registrar of any Global Preferred Security or Securities by the
Depositary, accompanied by registration instructions, the Administrative
Trustees, or any one of them, shall execute the Definitive Preferred Securities
Certificates in accordance with the instructions of the Depositary.  None of the Securities Registrar or the
Trustees shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be fully protected in relying on, such
instructions.

 

(c)                                  Every Definitive Preferred Securities
Certificate executed and delivered upon registration or transfer of, or in
exchange for or in lieu of, a Global Preferred Security or any portion thereof
shall be executed and delivered in the form of, and shall be, a Global
Preferred Security, unless such Definitive Preferred Securities Certificate is
registered in the name of a Person other than the Depositary for such Global
Preferred Security or a nominee thereof.

 

(d)                                 The Depositary or its nominee, as registered
owner of a Global Preferred Security, shall be the Holder of such Global
Preferred Security for all purposes under this Trust Agreement and the Global
Preferred Security, and Owners with respect to a Global Preferred Security
shall hold such interests pursuant to the Applicable Depositary Procedures. The
Securities Registrar and the Trustees shall be entitled to deal with the
Depositary for all purposes of this Trust Agreement relating to the Global
Preferred Securities (including the payment of the Liquidation Amount of and
Distributions on the Book-Entry Preferred Securities represented thereby and
the giving of instructions or directions by Owners of Book-Entry Preferred
Securities represented thereby and the giving of notices) as the sole Holder of
the Book-Entry Preferred Securities represented thereby and shall have no
obligations to the Owners thereof.  None
of the Trustees nor the Securities Registrar shall have any liability in
respect of any transfers effected by the Depositary.

 

(e)                                  The rights of the Owners of the Book-Entry
Preferred Securities shall be exercised only through the Depositary and shall
be limited to those established by law, the Applicable Depositary Procedures
and agreements between such Owners and the Depositary and/or the Depositary Participants;
provided, solely for the purpose
of determining whether the Holders of the requisite amount of Preferred
Securities have voted on any matter provided for in this Trust Agreement, to
the extent that Preferred Securities are represented by a Global Preferred
Security, the Trustees may conclusively rely on, and shall be fully protected
in relying on, any written instrument (including a proxy) delivered to the
Property Trustee by the Depositary setting forth the Owners’ votes or assigning
the right to vote on any matter to any

 

26

 

other Persons either in
whole or in part.  To the extent that
Preferred Securities are represented by a Global Preferred Security, the
initial Depositary will make book-entry transfers among the Depositary
Participants and receive and transmit payments on the Preferred Securities that
are represented by a Global Preferred Security to such Depositary Participants,
and none of the Depositor or the Trustees shall have any responsibility or
obligation with respect thereto.

 

(f)                                    To the extent that a notice or other
communication to the Holders is required under this Trust Agreement, for so
long as Preferred Securities are represented by a Global Preferred
Security,  the Trustees shall give all
such notices and communications to the Depositary, and shall have no
obligations to the Owners.

 

SECTION 5.7.  Registration of Transfer and Exchange of Preferred
Securities Certificates.

 

(a)                                  The Property Trustee shall keep or cause to
be kept, at the Corporate Trust Office, a register or registers (the “Securities Register”) in which the
registrar and transfer agent with respect to the Trust Securities (the “Securities Registrar”), subject to such
reasonable regulations as it may prescribe, shall provide for the registration
of Preferred Securities Certificates and Common Securities Certificates and
registration of transfers and exchanges of Preferred Securities Certificates as
herein provided. The Person acting as the Property Trustee shall at all times
also be the Securities Registrar.  The
provisions of Article VIII shall apply to the Property Trustee in its
role as Securities Registrar.

 

(b)                                 Upon surrender for registration of transfer
of any Preferred Securities Certificate at the office or agency maintained
pursuant to Section 5.7(f), the Administrative Trustees or any one of
them shall execute by manual or facsimile signature and deliver to the Property
Trustee, and the Property Trustee shall authenticate and deliver, in the name
of the designated transferee or transferees, one or more new Preferred
Securities Certificates in authorized denominations of a like aggregate
Liquidation Amount as may be required by this Trust Agreement dated the date of
execution by such Administrative Trustee or Trustees.  At the option of a Holder, Preferred Securities Certificates may
be exchanged for other Preferred Securities Certificates in authorized
denominations and of a like aggregate Liquidation Amount upon surrender of the
Preferred Securities Certificate to be exchanged at the office or agency
maintained pursuant to Section 5.7(f). 
Whenever any Preferred Securities Certificates are so surrendered for
exchange, the Administrative Trustees or any one of them shall execute by
manual or facsimile signature and deliver to the Property Trustee, and the
Property Trustee shall authenticate and deliver, the Preferred Securities
Certificates that the Holder making the exchange is entitled to receive.

 

(c)                                  The Securities Registrar shall not be
required, (i) to issue, register the transfer of or exchange any Preferred
Security during a period beginning at the opening of business fifteen (15) days
before the day of selection for redemption of such Preferred Securities
pursuant to Article IV and ending at the close of business on the day of
mailing of the notice of redemption or (ii) to register the transfer of or
exchange any Preferred Security so selected for redemption in whole or in part,
except, in the case of any such Preferred Security to be redeemed in part, any
portion thereof not to be redeemed.

 

27

 

(d)                                 Every Preferred Securities Certificate
presented or surrendered for registration of transfer or exchange shall be duly
endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Securities Registrar duly executed by the Holder or such
Holder’s attorney duly authorized in writing and (i) if such Preferred
Securities Certificate is being transferred to a QIB, accompanied by a certificate
of the transferor substantially in the form set forth as Exhibit E
hereto or (ii) if such Preferred Securities Certificate is being transferred
otherwise than to a QIB, accompanied by a certificate of the transferee
substantially in the form set forth as Exhibit F hereto.

 

(e)                                  No service charge shall be made for any
registration of transfer or exchange of Preferred Securities Certificates, but
the Property Trustee on behalf of the Trust may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Preferred Securities Certificates.

 

(f)                                    The Administrative Trustees shall designate
an office or offices or agency or agencies where Preferred Securities
Certificates may be surrendered for registration of transfer or exchange. The
Depositor initially designates the Corporate Trust Office as its office and
agency for such purposes. The Administrative Trustees shall give prompt written
notice to the Depositor, the Property Trustee and to the Holders of any change
in the location of any such office or agency.

 

SECTION 5.8.  Mutilated, Destroyed, Lost or Stolen Securities
Certificates.

 

(a)                                  If any mutilated Securities Certificate shall
be surrendered to the Securities Registrar together with such security or
indemnity as may be required by the Securities Registrar and the Administrative
Trustees to save each of them harmless, the Administrative Trustees, or any one
of them, on behalf of the Trust, shall execute and make available for delivery
in exchange therefor a new Securities Certificate of like class, tenor and
denomination.

 

(b)                                 If the Securities Registrar shall receive
evidence to its satisfaction of the destruction, loss or theft of any
Securities Certificate and there shall be delivered to the Securities Registrar
and the Administrative Trustees such security or indemnity as may be required
by them to save each of them harmless, then in the absence of notice that such
Securities Certificate shall have been acquired by a protected purchaser, the
Administrative Trustees, or any one of them, on behalf of the Trust, shall
execute and make available for delivery, and, with respect to Preferred
Securities, the Property Trustee shall authenticate, in exchange for or in lieu
of any such destroyed, lost or stolen Securities Certificate, a new Securities
Certificate of like class, tenor and denomination.

 

(c)                                  In connection with the issuance of any new
Securities Certificate under this Section 5.8, the Administrative
Trustees or the Securities Registrar may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith.

 

(d)                                 Any duplicate Securities Certificate issued
pursuant to this Section 5.8 shall constitute conclusive evidence of an
undivided beneficial interest in the assets of the Trust corresponding to that
evidenced by the mutilated, lost, stolen or destroyed Securities Certificate,

 

28

 

as if originally issued, whether
or not the lost, stolen or destroyed Securities Certificate shall be found at
any time.

 

(e)                                  If any such mutilated, destroyed, lost or
stolen Security has become or is about to become due and payable, the Depositor
in its discretion may, instead of issuing a new Security, pay such Security.

 

(f)                                    The provisions of this Section 5.8 are
exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement of mutilated, destroyed, lost or
stolen Securities Certificates.

 

SECTION 5.9.  Persons Deemed Holders.

 

The Trustees and the
Securities Registrar shall each treat the Person in whose name any Securities
Certificate shall be registered in the Securities Register as the owner of such
Securities Certificate for the purpose of receiving Distributions and for all
other purposes whatsoever, and none of the Trustees and the Securities
Registrar shall be bound by any notice to the contrary.

 

SECTION 5.10.  Cancellation.

 

All Preferred Securities
Certificates surrendered for registration of transfer or exchange or for
payment shall, if surrendered to any Person other than the Property Trustee, be
delivered to the Property Trustee, and any such Preferred Securities
Certificates and Preferred Securities Certificates surrendered directly to the
Property Trustee for any such purpose shall be promptly canceled by it.  The Administrative Trustees may at any time
deliver to the Property Trustee for cancellation any Preferred Securities Certificates
previously delivered hereunder that the Administrative Trustees may have
acquired in any manner whatsoever, and all Preferred Securities Certificates so
delivered shall be promptly canceled by the Property Trustee.  No Preferred Securities Certificates shall
be executed and delivered in lieu of or in exchange for any Preferred
Securities Certificates canceled as provided in this Section 5.10,
except as expressly permitted by this Trust Agreement.  All canceled Preferred Securities
Certificates shall be disposed of by the Property Trustee in accordance with
its customary practices and the Property Trustee shall deliver to the
Administrative Trustees a certificate of such disposition.

 

SECTION 5.11.  Ownership of Common Securities by Depositor.

 

(a)                                  On the Closing Date, the Depositor shall
acquire, and thereafter shall retain, beneficial and record ownership of the
Common Securities. Neither the Depositor nor any successor Holder of the Common
Securities may transfer less than all the Common Securities, and the Depositor
or any such successor Holder may transfer the Common Securities only (i) in
connection with a consolidation or merger of the Depositor into another Person,
or any conveyance, transfer or lease by the Depositor of its properties and
assets substantially as an entirety to any Person (in which event such Common
Securities will be transferred to such surviving entity, transferee or lessee,
as the case may be), pursuant to Section 8.1 of the Indenture or (ii) to the
Depositor or an Affiliate of the Depositor, in each such case in compliance
with applicable law (including the Securities Act, and applicable state
securities and blue sky laws). To the fullest extent permitted by law, any
attempted transfer of the Common Securities other than as set forth in the
immediately preceding sentence shall be void. The

 

29

 

Administrative Trustees
shall cause each Common Securities Certificate issued to the Depositor to
contain a legend stating substantially “THIS CERTIFICATE IS NOT TRANSFERABLE
EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE TRUST
AGREEMENT.”

 

(b)                                 Any Holder of the Common Securities shall be
liable for the debts and obligations of the Trust in the manner and to the
extent set forth with respect to the Depositor and agrees that it shall be
subject to all liabilities to which the Depositor may be subject and, prior to
becoming such a Holder, shall deliver to the Administrative Trustees an
instrument of assumption satisfactory to such Trustees.

 

SECTION 5.12.  Restricted Legends.

 

(a)                                  Each Preferred Security Certificate shall
bear a legend in substantially the following form:

 

“THIS PREFERRED SECURITY IS
A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY
(“DTC”) OR A NOMINEE OF DTC.  THIS
PREFERRED SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A
PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE TRUST AGREEMENT, AND NO TRANSFER OF THIS PREFERRED SECURITY
(OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE BY DTC TO A
NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE
REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 

UNLESS THIS PREFERRED SECURITY
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO PACIFIC CREST CAPITAL
TRUST I OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

 

THE PREFERRED SECURITIES
REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST THEREIN, MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR
AN APPLICABLE EXEMPTION THEREFROM.  EACH
PURCHASER OF ANY PREFERRED SECURITIES IS

 

30

 

HEREBY NOTIFIED THAT THE
SELLER OF THE PREFERRED SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE
PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE
SECURITIES ACT.

 

THE HOLDER OF THE PREFERRED
SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE TRUST
AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR
OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, (II) TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF
RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING
OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT
THAT IS ACQUIRING 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, (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR (V) PURSUANT TO AN EXEMPTION FROM THE SECURITIES ACT, IN EACH
CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND, IN THE CASE OF (III) OR
(V), SUBJECT TO THE RIGHT OF THE TRUST AND THE DEPOSITOR TO REQUIRE AN OPINION
OF COUNSEL AND OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (B) THE
HOLDER WILL NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE
RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

THE PREFERRED SECURITIES
WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE
LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. ANY ATTEMPTED TRANSFER OF
PREFERRED SECURITIES, OR ANY INTEREST THEREIN, 
IN A BLOCK HAVING AN AGGREGATE LIQUIDATION AMOUNT OF LESS THAN $100,000
AND MULTIPLES OF $1,000 IN EXCESS THEREOF 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 SUCH PREFERRED SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT
LIMITED TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH PREFERRED
SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE
DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES.

 

THE HOLDER OF THIS SECURITY,
OR ANY INTEREST THEREIN,  BY ITS
ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS
NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR
ARRANGEMENT SUBJECT TO

 

31

 

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 PREFERRED SECURITY OR ANY INTEREST THEREIN. ANY PURCHASER
OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO
HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT 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.

 

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”).”

 

(b)                                 The above legend shall not be removed from
any of the Preferred Securities Certificates unless there is delivered to the
Property Trustee and the Depositor satisfactory evidence, which may include an
opinion of counsel, as may be reasonably required to ensure that any future
transfers thereof may be made without restriction under the provisions of the
Securities Act and other applicable law. 
Upon provision of such satisfactory evidence, one or more of the
Administrative Trustees on behalf of the Trust shall execute and deliver to the
Property Trustee, and the Property Trustee shall deliver, at the written
direction of the Administrative Trustees and the Depositor, Preferred
Securities Certificates that do not bear the legend.

 

32

 

SECTION 5.13.  Form of Certificate of Authentication.

 

The  Property Trustee’s certificate of
authentication shall be in substantially the following form:

 

This is one of the Preferred
Securities referred to in the within-mentioned Trust Agreement.

 

	
  Dated:

  	
  The Bank of New York, not in its individual

  
	
   

  	
  capacity, but solely as Property Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized officer

  

 

 

ARTICLE VI.

 

MEETINGS;
VOTING; ACTS OF HOLDERS

 

SECTION 6.1.  Notice of Meetings.

 

Notice of all meetings of
the Holders of the Preferred Securities, stating the time, place and purpose of
the meeting, shall be given by the Property Trustee pursuant to Section 10.8
to each Holder of Preferred Securities, at such Holder’s registered address, at
least fifteen (15) days and not more than ninety (90) days before the meeting.
At any such meeting, any business properly before the meeting may be so
considered whether or not stated in the notice of the meeting. Any adjourned
meeting may be held as adjourned without further notice.

 

SECTION 6.2.  Meetings of Holders of the Preferred Securities.

 

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

 

(b)                                 The Holders of at least a Majority in
Liquidation Amount of the Preferred Securities, present in person or by proxy,
shall constitute a quorum at any meeting of the Holders of the Preferred
Securities.

 

(c)                                  If a quorum is present at a meeting, an
affirmative vote by the Holders present, in person or by proxy, holding
Preferred Securities representing at least a Majority in Liquidation Amount of
the Preferred Securities held by the Holders present, either in person or by
proxy, at such meeting shall constitute the action of the Holders of the
Preferred Securities, unless this Trust Agreement requires a lesser or greater
number of affirmative votes.

 

33

 

SECTION 6.3.  Voting Rights.

 

Holders shall be entitled to
one vote for each $10,000 of Liquidation Amount represented by their
Outstanding Trust Securities in respect of any matter as to which such Holders
are entitled to vote.

 

SECTION 6.4.  Proxies, Etc.

 

At any meeting of Holders,
any Holder entitled to vote thereat may vote by proxy, provided, that no proxy shall be voted at
any meeting unless it shall have been placed on file with the Administrative
Trustees, or with such other officer or agent of the Trust as the
Administrative Trustees may direct, for verification prior to the time at which
such vote shall be taken. Pursuant to a resolution of the Property Trustee,
proxies may be solicited in the name of the Property Trustee or one or more
officers of the Property Trustee. Only Holders of record shall be entitled to
vote. When Trust Securities are held jointly by several Persons, any one of
them may vote at any meeting in person or by proxy in respect of such Trust
Securities, but if more than one of them shall be present at such meeting in
person or by proxy, and such joint owners or their proxies so present disagree
as to any vote to be cast, such vote shall not be received in respect of such
Trust Securities. A proxy purporting to be executed by or on behalf of a Holder
shall be deemed valid unless challenged at or prior to its exercise, and the
burden of proving invalidity shall rest on the challenger. No proxy shall be
valid more than three years after its date of execution.

 

SECTION 6.5.  Holder Action by Written Consent.

 

Any action that may be taken
by Holders at a meeting may be taken without a meeting and without prior notice
if Holders holding at least a Majority in Liquidation Amount of all Preferred
Securities entitled to vote in respect of such action (or such lesser or greater
proportion thereof as shall be required by any other provision of this Trust
Agreement) shall consent to the action in writing; provided, that notice of such action is promptly provided to
the Holders of Preferred Securities that did not consent to such action.  Any action that may be taken by the Holders
of all the Common Securities may be taken without a meeting and without prior
notice if such Holders shall consent to the action in writing.

 

SECTION 6.6.  Record Date for Voting and Other Purposes.

 

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

 

SECTION 6.7.  Acts of Holders.

 

(a)                                  Any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by
this Trust Agreement to be given, made or taken by Holders may

 

34

 

be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such
Holders in person or by an agent thereof duly appointed in writing; and, except
as otherwise expressly provided herein, such action shall become effective when
such instrument or instruments are delivered to an Administrative Trustee. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Trust Agreement and
conclusive in favor of the Trustees, if made in the manner provided in this Section
6.7.

 

(b)                                 The fact and date of the execution by any
Person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by a certificate of a notary public or other
officer authorized by law to take acknowledgments of deeds, certifying that the
individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by a signer acting in a capacity other than
such signer’s individual capacity, such certificate or affidavit shall also
constitute sufficient proof of such signer’s authority. The fact and date of
the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner that any Trustee
receiving the same deems sufficient.

 

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

 

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

 

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

 

(f)                                    If any dispute shall arise among the Holders
or the Trustees with respect to the authenticity, validity or binding nature of
any request, demand, authorization, direction, notice, consent, waiver or other
Act of such Holder or Trustee under this Article VI, then the
determination of such matter by the Property Trustee shall be conclusive with
respect to such matter.

 

SECTION 6.8.  Inspection of Records.

 

Upon reasonable written
notice to the Administrative Trustees and the Property Trustee, the records of
the Trust shall be open to inspection by any Holder during normal business
hours for any purpose reasonably related to such Holder’s interest as a Holder.

 

35

 

SECTION 6.9.  Limitations on Voting Rights.

 

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

 

(b)                                 So long as any Notes are held by the Property
Trustee on behalf of the Trust, the Property Trustee shall not (i) direct the
time, method and place of conducting any proceeding for any remedy available to
the Note Trustee, or exercise any trust or power conferred on the Property
Trustee with respect to the Notes, (ii) waive any past default that may be
waived under Section 5.13 of the Indenture, (iii) exercise any right to rescind
or annul a declaration that the principal of all the Notes shall be due and
payable or (iv) consent to any amendment, modification or termination of the
Indenture or the Notes, where such consent shall be required, without, in each
case, obtaining the prior approval of the Holders of at least a Majority in
Liquidation Amount of the Preferred Securities; provided,  that
where a consent under the Indenture would require the consent of each holder of
Notes (or each Holder of Preferred Securities) affected thereby, no such
consent shall be given by the Property Trustee without the prior written
consent of each Holder of Preferred Securities. The Property Trustee shall not
revoke any action previously authorized or approved by a vote of the Holders of
the Preferred Securities, except by a subsequent vote of the Holders of the
Preferred Securities.  In addition to
obtaining the foregoing approvals of the Holders of the Preferred Securities,
prior to taking any of the foregoing actions, the Property Trustee shall, at
the expense of the Depositor, obtain an Opinion of Counsel experienced in such
matters to the effect that such action shall not cause the Trust to be taxable
as a corporation or classified as other than a grantor trust for United States
federal income tax purposes.

 

(c)                                  If any proposed amendment to the Trust
Agreement provides for, or the Trustees otherwise propose to effect, (i) any
action that would adversely affect in any material respect the powers,
preferences or special rights of the Preferred Securities, whether by way of
amendment to the Trust Agreement or otherwise or (ii) the dissolution,
winding-up or termination of the Trust, other than pursuant to the terms of
this Trust Agreement, then the Holders of Outstanding Preferred Securities as a
class will be entitled to vote on such amendment or proposal and such amendment
or proposal shall not be effective except with the approval of the Holders of
at least a Majority in Liquidation Amount of the Preferred Securities.
Notwithstanding any other provision of this Trust Agreement, no amendment to
this Trust Agreement may be made if, as a result of such amendment, it would
cause the Trust to be taxable as a corporation or classified as other than a
grantor trust for United States federal income tax purposes.

 

SECTION 6.10.  Acceleration of Maturity; Rescission of Annulment;
Waivers of Past Defaults.

 

(a)                                  For so long as any Preferred Securities
remain Outstanding, if, upon a Note Event of Default, the Note Trustee fails or
the holders of not less than twenty five percent (25%) in principal amount of
the outstanding Notes fail to declare the principal of all of the Notes to be

 

36

 

immediately due and payable,
the Holders of at least twenty five percent (25%) in Liquidation Amount of the
Preferred Securities then Outstanding shall have the right to make such
declaration by a notice in writing to the Property Trustee, the Depositor and
the Note Trustee.  At any time after a
declaration of acceleration with respect to the Notes has been made and before
a judgment or decree for payment of the money due has been obtained by the Note
Trustee as provided in the Indenture, the Holders of at least a Majority in
Liquidation Amount of the Preferred Securities, by written notice to the
Property Trustee, the Depositor and the Note Trustee, may rescind and annul
such declaration and its consequences if:

 

(i)                                     the Depositor has paid or deposited with the
Note Trustee a sum sufficient to pay:

 

(A)                              all overdue installments of interest on all
of the Notes;

 

(B)                                any accrued Additional Interest on all of the
Notes;

 

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

 

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

 

(ii)                                  all Note Events of Default, other than the
non-payment of the principal of the Notes that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.13 of the
Indenture.

 

Upon receipt by the Property
Trustee of written notice requesting such an acceleration, or rescission and
annulment thereof, by Holders of any part of the Preferred Securities, a record
date shall be established for determining Holders of Outstanding Preferred
Securities entitled to join in such notice, which record date shall be at the
close of business on the day the Property 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 ninety (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 ninety (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 6.10(a).

 

(b)                                 For so long as any Preferred Securities
remain Outstanding, to the fullest extent permitted by law and subject to the
terms of this Trust Agreement and the Indenture, upon a Note Event of Default
specified in paragraph (a) or (b) of Section 5.1 of the Indenture, any Holder
of

 

37

 

Preferred Securities shall
have the right to institute a proceeding directly against the Depositor,
pursuant to Section 5.8 of the Indenture, for enforcement of payment to such
Holder of any amounts payable in respect of Notes having an aggregate principal
amount equal to the aggregate Liquidation Amount of the Preferred Securities of
such Holder.  Except as set forth in Section
6.10(a) and this Section 6.10(b), the Holders of Preferred
Securities shall have no right to exercise directly any right or remedy
available to the holders of, or in respect of, the Notes.

 

(c)                                  Notwithstanding paragraphs (a) and (b) of
this Section 6.10, the Holders of at least a Majority in Liquidation
Amount of the Preferred Securities may, on behalf of the Holders of all the
Preferred Securities, waive any Note Event of Default, except any Note Event of
Default arising from the failure to pay any principal of or any premium or
interest on (including any Additional Interest) the Notes (unless such Note
Event of Default has been cured and a sum sufficient to pay all matured
installments of interest and all principal and premium on all Notes due
otherwise than by acceleration has been deposited with the Note Trustee) or a
Note 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 Note.  Upon any such
waiver, such Note Event of Default shall cease to exist and any Note Event of
Default arising therefrom shall be deemed to have been cured for every purpose
of the Indenture; but no such waiver shall affect any subsequent Note Event of
Default or impair any right consequent thereon.

 

(d)                                 Notwithstanding paragraphs (a) and (b) of
this Section 6.10, the Holders of at least a Majority in Liquidation
Amount of the Preferred Securities may, on behalf of the Holders of all the
Preferred Securities, waive any past Event of Default and its consequences.  Upon such waiver, any such Event of Default
shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured, for every purpose of this Trust Agreement, but no
such waiver shall extend to any subsequent or other Event of Default or impair
any right consequent thereon.

 

(e)                                  The Holders of a Majority in Liquidation
Amount of the Preferred Securities shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the
Property Trustee in respect of this Trust Agreement or the Notes or exercising
any trust or power conferred upon the Property Trustee under this Trust
Agreement; provided,  that, subject to Sections 8.5 and 8.7,
the Property Trustee shall have the right to decline to follow any such
direction if the Property Trustee being advised by counsel determines that the
action so directed may not lawfully be taken, or if the Property Trustee in
good faith shall, by an officer or officers of the Property Trustee, determine
that the proceedings so directed would be illegal or involve it in personal
liability or be unduly prejudicial to the rights of Holders not party to such
direction, and provided, further,  that nothing in this Trust Agreement
shall impair the right of the Property Trustee to take any action deemed proper
by the Property Trustee and which is not inconsistent with such direction.

 

38

 

ARTICLE VII.

 

REPRESENTATIONS
AND WARRANTIES

 

SECTION 7.1.  Representations and Warranties of the Property
Trustee and the Delaware Trustee.

 

The Property Trustee and the
Delaware Trustee, each severally on behalf of and as to itself, hereby
represents and warrants for the benefit of the Depositor and the Holders that:

 

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

 

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

 

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

 

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

 

(e)                                  this Trust Agreement has been duly
authorized, executed and delivered by the Property Trustee and the Delaware
Trustee and constitutes the legal, valid and binding agreement of each of the
Property Trustee and the Delaware Trustee enforceable against each of them in
accordance with its terms, subject to applicable bankruptcy, insolvency and
similar laws affecting creditors’ rights generally and to general principles of
equity;

 

(f)                                    the execution, delivery and performance of
this Trust Agreement have been duly authorized by all necessary corporate or
other action on the part of the Property Trustee and the Delaware Trustee and
do not require any approval of stockholders of the Property Trustee and the
Delaware Trustee and such execution, delivery and performance will not (i)
violate the Articles of Association or By-laws of the Property Trustee or the
Delaware Trustee or (ii) violate any applicable law, governmental rule or regulation
of the United States or the State of Delaware, as the case may be, governing
the banking, trust or general powers of the Property Trustee or the Delaware
Trustee or any order, judgment or decree applicable to the Property Trustee or
the Delaware Trustee;

 

(g)                                 neither the authorization, execution or
delivery by the Property Trustee or the Delaware Trustee of this Trust
Agreement nor the consummation of any of the transactions by the Property
Trustee or the Delaware Trustee contemplated herein requires the consent or
approval of, the giving of notice to, the registration with or the taking of
any other action with respect to any governmental authority or agency under

 

39

 

any existing law of the
United States or the State of Delaware governing the banking, trust or general
powers of the Property Trustee or the Delaware Trustee, as the case may be; and

 

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

 

SECTION 7.2.  Representations and Warranties of Depositor.

 

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

 

(a)                                  the Depositor is a corporation duly
organized, validly existing and in good standing under the laws of its state of
incorporation;

 

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

 

(c)                                  this Trust Agreement has been duly
authorized, executed and delivered by the Depositor and constitutes the legal,
valid and binding agreement of the Depositor enforceable against the Depositor
in accordance with its terms, subject to applicable bankruptcy, insolvency and
similar laws affecting creditors’ rights generally and to general principles of
equity;

 

(d)                                 the Securities Certificates issued at the
Closing Date on behalf of the Trust have been duly authorized and will have
been duly and validly executed, issued and delivered by the applicable Trustees
pursuant to the terms and provisions of, and in accordance with the
requirements of, this Trust Agreement and the Holders will be, as of such date,
entitled to the benefits of this Trust Agreement;

 

(e)                                  the execution, delivery and performance of
this Trust Agreement have been duly authorized by all necessary corporate or
other action on the part of the Depositor and do not require any approval of
stockholders of the Depositor and such execution, delivery and performance will
not (i) violate the articles or certificate of incorporation or by-laws (or
other organizational documents) of the Depositor or (ii) violate any applicable
law, governmental rule or regulation governing the Depositor or any material
portion of its property or any order, judgment or decree applicable to the
Depositor or any material portion of its property;

 

(f)                                    neither the authorization, execution or
delivery by the Depositor of this Trust Agreement nor the consummation of any
of the transactions by the Depositor contemplated herein requires the consent
or approval of, the giving of notice to, the

 

40

 

registration
with or the taking of any other action with respect to any governmental
authority or agency under any existing law governing the Depositor or any
material portion of its property; and

 

(g)                                 there are no proceedings pending or, to the
best of the Depositor’s knowledge, threatened against or affecting the
Depositor or any material portion of its property in any court or before any
governmental authority, agency or arbitration board or tribunal that,
individually or in the aggregate, would materially and adversely affect the
Trust or would question the right, power and authority of the Depositor, as the
case may be, to enter into or perform its obligations under this Trust
Agreement.

 

ARTICLE VIII.

 

THE
TRUSTEES

 

SECTION 8.1.  Number of Trustees.

 

The number of Trustees shall
be five (5); provided, that the
Property Trustee and the Delaware Trustee may be the same Person, in which case
the number of Trustees shall be four (4). 
The number of Trustees may be increased or decreased by Act of the
Holder of the Common Securities subject to Sections 8.2, 8.3, and
8.4.  The death, resignation,
retirement, removal, bankruptcy, incompetence or incapacity to perform the
duties of a Trustee shall not operate to annul, dissolve or terminate the
Trust.

 

SECTION 8.2.  Property Trustee Required.

 

There shall at all times be
a Property Trustee hereunder with respect to the Trust Securities. The Property
Trustee shall be a corporation organized and doing business under the laws of
the United States or of any state thereof, authorized to exercise corporate
trust powers, having a combined capital and surplus of at least fifty million
dollars ($50,000,000), subject to supervision or examination by federal or
state authority and having an office within the United States.  If any such Person publishes reports of condition
at least annually pursuant to law or to the requirements of its supervising or
examining authority, then for the purposes of this Section 8.2, the
combined capital and surplus of such Person shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. If at any time the Property Trustee shall cease to be eligible in
accordance with the provisions of this Section 8.2, it shall resign
immediately in the manner and with the effect hereinafter specified in this Article
VIII.

 

SECTION 8.3.  Delaware Trustee Required.

 

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

 

41

 

bind such entity.  If at any time the Delaware Trustee shall
cease to be eligible in accordance with the provisions of this Section 8.3,
it shall resign immediately in the manner and with the effect hereinafter
specified in this Article VIII.

 

(b)                                 The Delaware Trustee shall not be entitled to
exercise any powers, nor shall the Delaware Trustee have any of the duties and
responsibilities, of the Property Trustee or the Administrative Trustees set
forth herein. The Delaware Trustee shall be one of the trustees of the Trust
for the sole and limited purpose of fulfilling the requirements of Section 3807
of the Delaware Statutory Trust Act and for taking such actions as are required
to be taken by a Delaware trustee under the Delaware Statutory Trust Act.  The duties (including fiduciary duties),
liabilities and obligations of the Delaware Trustee shall be limited to (a)
accepting legal process served on the Trust in the State of Delaware and (b)
the execution of any certificates required to be filed with the Secretary of
State of the State of Delaware that the Delaware Trustee is required to execute
under Section 3811 of the Delaware Statutory Trust Act and there shall be no
other duties (including fiduciary duties) or obligations, express or implied,
at law or in equity, of the Delaware Trustee.

 

SECTION 8.4.  Appointment of Administrative Trustees.

 

(a)                                  There shall at all times be one or more
Administrative Trustees hereunder with respect to the Trust Securities. Each
Administrative Trustee shall be either a natural person who is at least 21
years of age or a legal entity that shall act through one or more persons
authorized to bind that entity.  Each of
the individuals identified as an “Administrative
Trustee” in the preamble of this Trust Agreement hereby accepts his
or her appointment as such.

 

(b)                                 Except where a requirement for action by a
specific number of Administrative Trustees is expressly set forth in this Trust
Agreement, any act required or permitted to be taken by, and any power of the
Administrative Trustees may be exercised by, or with the consent of, any one
such Administrative Trustee.  Whenever a
vacancy in the number of Administrative Trustees shall occur, until such
vacancy is filled by the appointment of an Administrative Trustee in accordance
with Section 8.11, the Administrative Trustees in office, regardless of
their number (and notwithstanding any other provision of this Trust Agreement),
shall have all the powers granted to the Administrative Trustees and shall
discharge all the duties imposed upon the Administrative Trustees by this Trust
Agreement.

 

SECTION 8.5.  Duties and Responsibilities of the Trustees.

 

(a)                                  The rights, immunities, duties and
responsibilities of the Trustees shall be as provided by this Trust Agreement
and there shall be no other duties (including fiduciary duties) or obligations,
express or implied, at law or in equity, of the Trustees; provided, however, that if an Event of
Default known to the Property Trustee has occurred and is continuing, the
Property Trustee shall, prior to the receipt of directions, if any, from the
Holders of at least a Majority in Liquidation Amount of the Preferred
Securities, exercise such of the rights and powers vested in it by the Indenture,
and use the same degree of care and skill in its exercise, as a prudent person
would exercise or use under the circumstances in the conduct of such person’s
own affairs.  Notwithstanding the
foregoing, no provision of this Trust Agreement shall require any of the
Trustees to expend or risk its own funds or otherwise incur any financial
liability in the

 

42

 

performance of any of its
duties hereunder, or in the exercise of any of its or their rights or powers,
if it or they shall have reasonable grounds for believing that repayment of
such funds or adequate indemnity against such risk or liability is not
reasonably assured to it. Whether or not herein expressly so provided, every
provision of this Trust Agreement relating to the conduct or affecting the
liability of or affording protection to the Trustees shall be subject to the
provisions of this Section 8.5. To the extent that, at law or in equity,
a Trustee has duties and liabilities relating to the Trust or to the Holders,
such Trustee shall not be liable to the Trust or to any Holder for such
Trustee’s good faith reliance on the provisions of this Trust Agreement. The
provisions of this Trust Agreement, to the extent that they restrict the duties
and liabilities of the Trustees otherwise existing at law or in equity, are
agreed by the Depositor and the Holders to replace such other duties and
liabilities of the Trustees.

 

(b)                                 All payments made by the Property Trustee or
a Paying Agent in respect of the Trust Securities shall be made only from the
revenue and proceeds from the Trust Property and only to the extent that there
shall be sufficient revenue or proceeds from the Trust Property to enable the
Property Trustee or a Paying Agent to make payments in accordance with the
terms hereof. Each Holder, by its acceptance of a Trust 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 are not personally liable to it for any amount distributable in
respect of any Trust Security or for any other liability in respect of any
Trust Security. This Section 8.5(b) does not limit the liability of the
Trustees expressly set forth elsewhere in this Trust Agreement.

 

(c)                                  No provisions of this Trust Agreement shall
be construed to relieve the Property Trustee from liability with respect to
matters that are within the authority of the Property Trustee under this Trust
Agreement for its own negligent action, negligent failure to act or willful
misconduct, except that:

 

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

 

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

 

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

 

(iv)                              the Property Trustee shall not be liable for
any interest on any money received by it except as it may otherwise agree with
the Depositor; and money held by

 

43

 

the
Property Trustee need not be segregated from other funds held by it except in
relation to the Payment Account maintained by the Property Trustee pursuant to Section
3.1 and except to the extent otherwise required by law; and

 

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

 

SECTION 8.6. 
Notices of Defaults and Extensions.

 

(a)                                  Within ninety (90) days after the occurrence
of a default actually known to the Property Trustee, the Property Trustee shall
transmit notice of such default to the Holders, the Administrative Trustees and
the Depositor, unless such default shall have been cured or waived; provided,that, except in the case of a default in the payment of the
principal of or any premium or interest (including any Additional Interest) on
any Trust Security, the Property Trustee shall be fully protected in
withholding such notice if and so long as the board of directors, the executive
committee or a trust committee of directors and/or Responsible Officers of the
Property Trustee in good faith determines that the withholding of such notice
is in the interests of the Holders of the Trust Securities.  For the purpose of this Section 8.6,
the term “default” means any
event that is, or after notice or lapse of time or both would become, an Event
of Default.

 

(b)                                 Within five (5) Business Days after the
receipt of notice of the Depositor’s exercise of its right to defer the payment
of interest on the Notes pursuant to the Indenture, the Property Trustee shall
transmit, in the manner and to the extent provided in Section 10.8,
notice of such exercise to the Holders and the Administrative Trustees, unless
such exercise shall have been revoked.

 

(c)                                  The Property Trustee shall not be deemed to
have knowledge of any Event of Default unless the Property Trustee shall have
received written notice thereof from the Depositor, any Administrative Trustee
or any Holder or unless an officer of the Property Trustee charged with the
administration of this Trust Agreement shall have obtained actual knowledge of
such Event of Default.

 

(d)                                 The Property Trustee shall notify all Holders
of the Preferred Securities of any notice of default received with respect to
the Notes.

 

SECTION 8.7.  Certain Rights of Property Trustee.

 

Subject to the provisions of
Section 8.5:

 

(a)                                  the Property Trustee may conclusively rely
and shall be protected in acting or refraining from acting in good faith and in
accordance with the terms hereof upon any resolution, Opinion of Counsel,
certificate, written representation of a Holder or transferee, certificate of
auditors or any other resolution, 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 or presented by the proper party or
parties;

 

44

 

(b)                                 if (i) in performing its duties under this
Trust Agreement the Property Trustee is required to decide between alternative
courses of action, (ii) in construing any of the provisions of this Trust
Agreement the Property Trustee finds a provision ambiguous or inconsistent with
any other provisions contained herein or (iii) the Property Trustee is unsure
of the application of any provision of this Trust Agreement, then, except as to
any matter as to which the Holders of the Preferred Securities are entitled to
vote under the terms of this Trust Agreement, the Property Trustee shall
deliver a notice to the Depositor requesting the Depositor’s written
instruction as to the course of action to be taken and the Property Trustee
shall take such action, or refrain from taking such action, as the Property
Trustee shall be instructed in writing to take, or to refrain from taking, by
the Depositor; provided, that if
the Property Trustee does not receive such instructions of the Depositor within
ten (10) Business Days after it has delivered such notice or such reasonably
shorter period of time set forth in such notice, the Property Trustee may, but
shall be under no duty to, take such action, or refrain from taking such
action, as the Property Trustee shall deem advisable and in the best interests
of the Holders, in which event the Property Trustee shall have no liability
except for its own negligence, bad faith or willful misconduct;

 

(c)                                  any direction or act of the Depositor
contemplated by this Trust Agreement shall be sufficiently evidenced by an
Officers’ Certificate unless otherwise expressly provided herein;

 

(d)                                 any direction or act of an Administrative
Trustee contemplated by this Trust Agreement shall be sufficiently evidenced by
a certificate executed by such Administrative Trustee and setting forth such
direction or act;

 

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

 

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

 

(g)                                 the Property Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this Trust
Agreement at the request or direction of any of the Holders pursuant to this
Trust Agreement, unless such Holders shall have offered to the Property Trustee
reasonable security or indemnity against the costs, expenses (including
reasonable attorneys’ fees and expenses) and liabilities that might be incurred
by it in compliance with such request or direction, including reasonable
advances as may be requested by the Property Trustee;

 

45

 

(h)                                 the Property 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,
direction, 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 Property Trustee may make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the
Property Trustee shall determine to make such inquiry or investigation, it
shall be entitled to examine the books, records and premises of the Depositor,
personally or by agent or attorney;

 

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

 

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

 

(k)                                  except as otherwise expressly provided by
this Trust Agreement, the Property Trustee shall not be under any obligation to
take any action that is discretionary under the provisions of this Trust
Agreement;

 

(l)                                     without prejudice to any other rights
available to the Property Trustee under applicable law, when the Property
Trustee incurs expenses or renders services in connection with a Bankruptcy
Event, such expenses (including legal fees and expenses of its agents and
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; and

 

(m)                               whenever in the administration of this Trust
Agreement the Property Trustee shall deem it desirable that a matter be proved
or established prior to taking, suffering or omitting any action hereunder, the
Property Trustee (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, request and rely on an Officers’
Certificate which, upon receipt of such request, shall be promptly delivered by
the Depositor.

 

No provision of this Trust
Agreement shall be deemed to impose any duty or obligation on any 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 such

 

46

 

Person 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.

 

SECTION 8.8.  Delegation of Power.

 

Any Trustee may, by power of
attorney consistent with applicable law, delegate to any other natural person
over the age of 21 its, his or her power for the purpose of executing any documents
contemplated in Section 2.5.  The
Trustees shall have power to delegate from time to time to such of their number
or to the Depositor the doing of such things and the execution of such
instruments either in the name of the Trust or the names of the 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 this Trust
Agreement.

 

SECTION 8.9.  May Hold Securities.

 

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

 

SECTION 8.10.  Compensation; Reimbursement; Indemnity.

 

The Depositor agrees:

 

(a)                                  to pay to the Trustees from time to time such
reasonable compensation for all services rendered by them hereunder as may be
agreed by the Depositor and the Trustees 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);

 

(b)                                 to reimburse the Trustees upon request for
all reasonable expenses, disbursements and advances incurred or made by the
Trustees in accordance with any provision of this Trust Agreement (including
the reasonable compensation and the expenses and disbursements of their agents
and counsel), except any such expense, disbursement or advance as may be
attributable to their gross negligence, bad faith or willful misconduct; and

 

(c)                                  to the fullest extent permitted by applicable
law, to indemnify and hold harmless (i) each Trustee, (ii) any Affiliate of any
Trustee, (iii) any officer, director, shareholder, employee, representative or
agent of any Trustee or any Affiliate of any Trustee and (iv) any employee or
agent of the Trust (referred to herein as an “Indemnified
Person”) from and against any loss, damage, liability, tax (other
than income, franchise or other taxes imposed on amounts paid pursuant to Section
8.10(a) or (b) hereof), penalty, expense or claim of any kind or
nature whatsoever incurred without negligence, bad faith or willful misconduct
on its part, arising out of or in connection with the acceptance or
administration of the Trust hereunder, including the advancement of funds to
cover the reasonable costs and expenses of defending itself against any claim
or liability in connection with the exercise or performance of any of its
powers or duties hereunder.

 

47

 

The Trust shall have no
payment, reimbursement or indemnity obligations to the Trustees under this Section
8.10.  The provisions of this Section
8.10 shall survive the termination of this Trust Agreement and the earlier
removal or resignation of any Trustee.

 

No Trustee may claim any
Lien on any Trust Property whether before or after termination of the Trust as
a result of any amount due pursuant to this Section 8.10.

 

In no event shall the
Property Trustee and the Delaware Trustee be liable for any indirect, special,
punitive or consequential loss or damage of any kind whatsoever, including, but
not limited to, lost profits, even if the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action.

 

In no event shall the
Property Trustee and the Delaware Trustee be liable for any failure or delay in
the performance of its obligations hereunder because of circumstances beyond
its control, including, but not limited to, acts of God, flood, war (whether
declared or undeclared), terrorism, fire, riot, embargo, government action,
including any laws, ordinances, regulations, governmental action or the like
which delay, restrict or prohibit the providing of the services contemplated by
this Trust Agreement.

 

SECTION 8.11.  Resignation and Removal; Appointment of Successor.

 

(a)                                  No resignation or removal of any Trustee and
no appointment of a successor Trustee pursuant to this Article VIII
shall become effective until the acceptance of appointment by the successor
Trustee in accordance with the applicable requirements of Section 8.12.

 

(b)                                 A Trustee may resign at any time by giving
written notice thereof to the Depositor and, in the case of the Property
Trustee and the Delaware Trustee, to the Holders.

 

(c)                                  Unless an Event of Default shall have
occurred and be continuing, the Property Trustee or the Delaware Trustee, or
both of them, may be removed (with or without cause) at any time by Act of the
Holder of Common Securities.  If an
Event of Default shall have occurred and be continuing, the Property Trustee or
the Delaware Trustee, or both of them, may be removed (with or without cause)
at such time by Act of the Holders of at least a Majority in Liquidation Amount
of the Preferred Securities, delivered to the removed Trustee (in its
individual capacity and on behalf of the Trust).  An Administrative Trustee may be removed (with or without cause)
only by Act of the Holder of the Common Securities at any time.

 

(d)                                 If any Trustee shall resign, be removed or
become incapable of acting as Trustee, or if a vacancy shall occur in the
office of any Trustee for any reason, at a time when no Event of Default shall
have occurred and be continuing, the Holder of the Common Securities, by Act of
the Holder of the Common Securities, shall promptly appoint a successor Trustee
or Trustees, and such successor Trustee and the retiring Trustee shall comply
with the applicable requirements of Section 8.12.  If the Property Trustee or the Delaware
Trustee shall resign, be removed or become incapable of continuing to act as
the Property Trustee or the Delaware Trustee, as the case may be, at a time
when an Event of Default shall have occurred and be continuing, the Holders of
the Preferred Securities, by Act of the Holders of a Majority in Liquidation
Amount of the Preferred Securities, shall promptly appoint a successor Property
Trustee or Delaware Trustee, and such successor Property Trustee or Delaware
Trustee and the

 

48

 

retiring Property Trustee or
Delaware Trustee shall comply with the applicable requirements of Section
8.12.  If an Administrative Trustee
shall resign, be removed or become incapable of acting as Administrative
Trustee, at a time when an Event of Default shall have occurred and be
continuing, the Holder of the Common Securities by Act of the Holder of Common
Securities shall promptly appoint a successor Administrative Trustee and such
successor Administrative Trustee and the retiring Administrative Trustee shall
comply with the applicable requirements of Section 8.12.  If no successor Trustee shall have been so
appointed by the Holder of the Common Securities or Holders of the Preferred
Securities, as the case may be, and accepted appointment in the manner required
by Section 8.12 within thirty (30) days after the giving of a notice of
resignation by a Trustee, the removal of a Trustee, or a Trustee becoming
incapable of acting as such Trustee, any Holder who has been a Holder of
Preferred Securities for at least six (6) months may, on behalf of himself and
all others similarly situated, and any resigning Trustee may, in each case, at
the expense of the Depositor, petition any court of competent jurisdiction for
the appointment of a successor Trustee.

 

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

 

(f)                                    Notwithstanding the foregoing or any other
provision of this Trust Agreement, in the event any Administrative Trustee or a
Delaware Trustee who is a natural person dies or becomes, in the opinion of the
Holder of Common Securities, incompetent or incapacitated, the vacancy created
by such death, incompetence or incapacity may be filled by (i) the unanimous
act of the remaining Administrative Trustees if there are at least two of them
or (ii) otherwise by the Holder of the Common Securities (with the successor in
each case being a Person who satisfies the eligibility requirement for
Administrative Trustees or Delaware Trustee, as the case may be, set forth in Sections
8.3 and 8.4).

 

(g)                                 Upon the appointment of a successor Delaware
Trustee, such successor Delaware Trustee shall file a Certificate of Amendment
to the Certificate of Trust in accordance with Section 3810 of the Delaware
Statutory Trust Act.

 

SECTION 8.12.  Acceptance of Appointment by Successor.

 

(a)                                  In case of the appointment hereunder of a
successor Trustee, each successor Trustee shall execute and deliver to the
Depositor and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become
effective and each such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee; but, on request of the Trust or any successor Trustee
such retiring Trustee shall, upon payment of its charges, duly assign, transfer
and deliver to such successor Trustee all Trust Property, all proceeds thereof
and money held by such retiring Trustee hereunder with respect to the Trust
Securities and the Trust.

 

49

 

(b)                                 Upon request of any such successor Trustee,
the Trust (or the retiring Trustee if requested by the Depositor) shall execute
any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts referred to in the
preceding paragraph.

 

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

 

SECTION 8.13.  Merger, Conversion, Consolidation or Succession to
Business.

 

Any Person into which the
Property Trustee or the Delaware 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 such Trustee shall be a party, or any
Person succeeding to all or substantially all the corporate trust business of
such Trustee, shall be the successor of such 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 qualified and eligible under this Article
VIII.

 

SECTION 8.14.  Not Responsible for Recitals or Issuance of
Securities.

 

The recitals contained
herein and in the Securities Certificates shall be taken as the statements of
the Trust and the Depositor, and the Trustees do not assume any responsibility
for their correctness.  The Trustees
make no representations as to the title to, or value or condition of, the
property of the Trust or any part thereof, nor as to the validity or
sufficiency of this Trust Agreement, the Notes or the Trust Securities.  The Trustees shall not be accountable for
the use or application by the Depositor of the proceeds of the Notes.

 

SECTION 8.15.  Property Trustee May File Proofs of Claim.

 

(a)                                  In case of any Bankruptcy Event (or event
that with the passage of time would become a Bankruptcy Event) relative to the
Trust or any other obligor upon the Trust Securities or the property of the
Trust or of such other obligor or their creditors, the Property Trustee
(irrespective of whether any Distributions on the Trust Securities shall then
be due and payable and irrespective of whether the Property Trustee shall have
made any demand on the Trust for the payment of any past due Distributions)
shall be entitled and empowered, to the fullest extent permitted by law, by
intervention in such proceeding or otherwise:

 

(i)                                     to file and prove a claim for the whole
amount of any Distributions owing and unpaid in respect of the Trust Securities
and to file such other papers or documents as may be necessary or advisable in
order to have the claims of the Property Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Property
Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding; and

 

(ii)                                  to collect and receive any monies or other
property payable or deliverable on any such claims and to distribute the same;

 

50

 

and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any
such proceeding is hereby authorized by each Holder to make such payments to
the Property Trustee and, in the event the Property Trustee shall consent to
the making of such payments directly to the Holders, to pay to the Property
Trustee first any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its agents and counsel, and
any other amounts due the Property Trustee.

 

(b)                                 Nothing herein contained shall be deemed to
authorize the Property Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or
compensation affecting the Trust Securities or the rights of any Holder thereof
or to authorize the Property Trustee to vote in respect of the claim of any
Holder in any such proceeding.

 

SECTION 8.16.  Reports to and from the Property Trustee.

 

(a)                                  The Depositor and the Administrative Trustees
shall deliver to the Property Trustee, not later than forty five (45) days
after the end of each of the first three fiscal quarters of the Depositor and
not later than ninety (90) days after the end of each fiscal year of the Trust
ending after the date of this Trust Agreement, an Officers’ Certificate
covering the preceding fiscal year, stating whether or not to the knowledge of
the signers thereof the Depositor and the Trust are in default in the
performance or observance of any of the terms, provisions and conditions of
this Trust Agreement (without regard to any period of grace or requirement of
notice provided hereunder) and, if the Depositor or the Trust shall be in
default, specifying all such defaults and the nature and status thereof of
which they have knowledge.

 

(b)                                 The Depositor shall furnish to the Property
Trustee a duly completed and executed certificate in the form attached hereto
as Exhibit A, including the attachments referenced in such Exhibit, which
certificate and attachments shall be so furnished by the Depositor not later
than forty five (45) days after the end of each of the first three fiscal
quarters of each fiscal year of the Depositor and not later than ninety (90)
days after the end of each fiscal year of the Depositor.

 

The Property Trustee shall
obtain all reports, certificate and information, which it is entitled to be
prvided with under each of the Operative Documents, and deliver to the Holders
all such reports, certificate or information promptly upon receipt thereof.

 

ARTICLE IX.

 

TERMINATION,
LIQUIDATION AND MERGER

 

SECTION 9.1.  Dissolution Upon Expiration Date.

 

Unless earlier dissolved,
the Trust shall automatically dissolve on March 20, 2038 (the “Expiration Date”), and the Trust Property
shall be liquidated in accordance with Section 9.4.

 

51

 

SECTION 9.2.  Early Termination.

 

The first to occur of any of
the following events is an “Early
Termination Event”, upon the occurrence of which the Trust shall be
dissolved:

 

(a)                                  the occurrence of a Bankruptcy Event in
respect of, or the dissolution or liquidation of, the Depositor, in its
capacity as the Holder of the Common Securities, unless the Depositor shall
have transferred the Common Securities as provided by Section 5.11, in
which case this provision shall refer instead to any such successor Holder of
the Common Securities;

 

(b)                                 the written direction to the Property Trustee
from the Holder of the Common Securities at any time to dissolve the Trust and,
after satisfaction of any liabilities of the Trust as required by applicable
law, to distribute the Notes to Holders in exchange for the Preferred
Securities (which direction is optional and wholly within the discretion of the
Holder of the Common Securities), provided,
that the Holder of the Common Securities shall have received the prior approval
of the Federal Reserve Board if then required;

 

(c)                                  the redemption of all of the Preferred
Securities in connection with the payment at maturity or redemption of all the
Notes; and

 

(d)                                 the entry of an order for dissolution of the
Trust by a court of competent jurisdiction.

 

SECTION 9.3.  Termination.

 

The respective obligations
and responsibilities of the Trustees and the Trust shall terminate upon the
latest to occur of the following: (a) the distribution by the Property Trustee
to Holders of all amounts required to be distributed hereunder upon the
liquidation of the Trust pursuant to Section 9.4, or upon the redemption
of all of the Trust Securities pursuant to Section 4.2; (b) the
satisfaction of any expenses owed by the Trust; and (c) the discharge of all
administrative duties of the Administrative Trustees, including the performance
of any tax reporting obligations with respect to the Trust or the Holders.

 

SECTION 9.4.  Liquidation.

 

(a)                                  If an Early Termination Event specified in Section
9.2(a), (b) or (d) occurs or upon the Expiration Date, the
Trust shall be liquidated by the Property Trustee as expeditiously as the
Property Trustee shall determine to be possible by distributing, after
satisfaction of liabilities to creditors of the Trust as provided by applicable
law, to each Holder a Like Amount of Notes, subject to Section 9.4(d).
Notice of liquidation shall be given by the Property Trustee not less than
thirty (30) nor more than sixty (60) days prior to the Liquidation Date to each
Holder of Trust Securities at such Holder’s address appearing in the Securities
Register. All such notices of liquidation shall:

 

(i)                                     state the Liquidation Date;

 

52

 

(ii)                                  state that from and after the Liquidation
Date, the Trust Securities will no longer be deemed to be Outstanding and
(subject to Section 9.4(d)) any Securities Certificates not surrendered
for exchange will be deemed to represent a Like Amount of Notes; and

 

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

 

(b)                                 Except where Section 9.2(c) or 9.4(d)
applies, in order to effect the liquidation of the Trust and distribution of
the Notes to Holders, the Property Trustee, either itself acting as exchange
agent or through the appointment of a separate exchange agent, shall establish
a record date for such distribution (which shall not be more than forty five
(45) days prior to the Liquidation Date nor prior to the date on which notice
of such liquidation is given to the Holders) and establish such procedures as
it shall deem appropriate to effect the distribution of Notes in exchange for
the Outstanding Securities Certificates.

 

(c)                                  Except where Section 9.2(c) or 9.4(d)
applies, after the Liquidation Date, (i) the Trust Securities will no longer be
deemed to be Outstanding, (ii) certificates representing a Like Amount of Notes
will be issued to Holders of Securities Certificates, upon surrender of such
Certificates to the exchange agent for exchange, (iii) the Depositor shall use
its best efforts to have the Notes listed on the New York Stock Exchange or on
such other exchange, interdealer quotation system or self-regulatory
organization on which the Preferred Securities are then listed, if any, (iv)
Securities Certificates not so surrendered for exchange will be deemed to
represent a Like Amount of Notes bearing accrued and unpaid interest in an
amount equal to the accumulated and unpaid Distributions on such Securities
Certificates until such certificates are so surrendered (and until such certificates
are so surrendered, no payments of interest or principal will be made to
Holders of Securities Certificates with respect to such Notes) and (v) all
rights of Holders holding Trust Securities will cease, except the right of such
Holders to receive Notes upon surrender of Securities Certificates.

 

(d)                                 Notwithstanding the other provisions of this Section
9.4, if distribution of the Notes in the manner provided herein is
determined by the Property Trustee not to be permitted or practical, the Trust
Property shall be liquidated, and the Trust shall be wound up by the Property
Trustee in such manner as the Property Trustee determines.  In such event, Holders will be entitled to
receive out of the assets of the Trust available for distribution to Holders,
after satisfaction of liabilities to creditors of the Trust as provided by
applicable law, an amount equal to the Liquidation Amount per Trust Security
plus accumulated and unpaid Distributions thereon to the date of payment (such
amount being the “Liquidation Distribution”).
If, upon any such winding up the Liquidation Distribution can be paid only in
part because the Trust has insufficient assets available to pay in full the
aggregate Liquidation Distribution, then, subject to the next succeeding sentence,
the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation
Amounts). The Holder of the Common Securities will be entitled to receive
Liquidation Distributions upon any such winding up pro rata (based upon Liquidation Amounts) with Holders of
all Trust Securities, except that, if an Event of Default has occurred and is
continuing, the Preferred Securities shall have a priority over the Common
Securities as provided in Section 4.3.

 

53

 

SECTION 9.5.  Mergers, Consolidations, Amalgamations or
Replacements of Trust.

 

The Trust may not merge with
or into, consolidate, amalgamate, or be replaced by, or convey, transfer or
lease its properties and assets substantially as an entirety to, any Person
except pursuant to this Article IX. At the request of the Holders of the
Common Securities, without the consent of the Holders of the Preferred
Securities, the Trust may merge with or into, consolidate, amalgamate, or be
replaced by or convey, transfer or lease its properties and assets
substantially as an entirety to a trust organized as such under the laws of any
State; provided,  that:

 

(a)                                  such successor entity either (i) expressly
assumes all of the obligations of the Trust under this Trust Agreement with
respect to the Preferred Securities or (ii) substitutes for the Preferred
Securities other securities having substantially the same terms as the
Preferred Securities (such other Securities, the “Successor Securities”) so long as the Successor Securities
have the same priority as the Preferred Securities with respect to
distributions and payments upon liquidation, redemption and otherwise;

 

(b)                                 a trustee of such successor entity possessing
substantially the same powers and duties as the Property Trustee is appointed
to hold the Notes;

 

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

 

(d)                                 the Preferred Securities are listed, or any
Successor Securities will be listed upon notice of issuance, on any national
securities exchange or interdealer quotation system on which the Preferred
Securities are then listed, if any;

 

(e)                                  such merger, consolidation, amalgamation,
replacement, conveyance, transfer or lease does not adversely affect the
rights, preferences and privileges of the Holders of the Preferred Securities
(including any Successor Securities) in any material respect;

 

(f)                                    such successor entity has a purpose
substantially identical to that of the Trust;

 

(g)                                 prior to such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease, the Depositor has
received an Opinion of Counsel to the effect that (i) such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does
not adversely affect the rights, preferences and privileges of the Holders of
the Preferred Securities (including any Successor Securities) in any material
respect; (ii) following such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease, neither the Trust nor such successor entity will
be required to register as an “investment company” under the Investment Company
Act and (iii) following such merger, consolidation, amalgamation, replacement,
conveyance, transfer

 

54

 

or
lease, the Trust (or the successor entity) will continue to be classified as a
grantor trust for U.S. federal income tax purposes; and

 

(h)                                 the Depositor or its permitted transferee
owns all of the common securities of such successor entity and guarantees the
obligations of such successor entity under the Successor Securities at least to
the extent provided by the Guarantee Agreement.

 

Notwithstanding the
foregoing, the Trust shall not, except with the consent of Holders of all of
the Preferred Securities, consolidate, amalgamate, merge with or into, or be
replaced by or convey, transfer or lease its properties and assets
substantially as an entirety to any other Person or permit any other entity to consolidate,
amalgamate, merge with or into, or replace, the Trust if such consolidation,
amalgamation, merger, replacement, conveyance, transfer or lease would cause
the Trust or the successor entity to be taxable as a corporation or classified
as other than a grantor trust for United States federal income tax purposes or
cause the Notes to be treated as other than indebtedness of the Depositor for
United States federal income tax purposes.

 

ARTICLE X.

 

MISCELLANEOUS
PROVISIONS

 

SECTION 10.1.  Limitation of Rights of Holders.

 

Except as set forth in Section
9.2, the death, bankruptcy, termination, dissolution or incapacity of any
Person having an interest, beneficial or otherwise, in Trust Securities shall
not operate to terminate this Trust Agreement, nor annul, dissolve or terminate
the Trust nor entitle the legal representatives or heirs of such Person or any
Holder for such Person, to claim an accounting, take any action or bring any
proceeding in any court for a partition or winding up of the arrangements
contemplated hereby, nor otherwise affect the rights, obligations and
liabilities of the parties hereto or any of them.

 

SECTION 10.2.  Agreed Tax Treatment of Trust and Trust Securities.

 

The parties hereto and, by
its acceptance or acquisition of a Trust Security or a beneficial interest
therein, the Holder of, and any Person that acquires a beneficial interest in,
such Trust Security intend and agree to treat the Trust as a grantor trust for
United States federal, state and local tax purposes, and to treat the Trust
Securities (including all payments and proceeds with respect to such Trust
Securities) as undivided beneficial ownership interests in the Trust Property
(and payments and proceeds therefrom, respectively) for United States federal,
state and local tax purposes.  The
provisions of this Trust Agreement shall be interpreted to further this
intention and agreement of the parties.

 

SECTION 10.3.  Amendment.

 

(a)                                  This Trust Agreement may be amended from time
to time by the Property Trustee, the Administrative Trustees and the Holder of
all the Common Securities, without the consent of any Holder of the Preferred
Securities, (i) to cure any ambiguity, correct or

 

55

 

supplement any provision
herein that may be defective or inconsistent with any other provision herein,
or to make any other provisions with respect to matters or questions arising
under this Trust Agreement, which shall not be inconsistent with the other
provisions of this Trust Agreement, (ii) to modify, eliminate or add to any
provisions of this Trust Agreement to such extent as shall be necessary to
ensure that the Trust will neither be taxable as a corporation nor be
classified as other than a grantor trust for United States federal income tax
purposes at all times that any Trust Securities are Outstanding or to ensure
that the Notes are treated as indebtedness of the Depositor for United States
federal income tax purposes, or to ensure that the Trust will not be required
to register as an “investment company” under the Investment Company Act or
(iii) to add to the covenants, restrictions or obligations of the Depositor; provided, that in the case of clauses (i),
(ii) or (iii), such action shall not adversely affect in any material respect the
interests of any Holder.

 

(b)                                 Except as provided in Section 10.3(c),
any provision of this Trust Agreement may be amended by the Property Trustee,
the Administrative Trustees and the Holder of all of the Common Securities and
with (i) the consent of Holders of at least a Majority in Liquidation Amount of
the Preferred Securities and (ii) receipt by the Trustees of an Opinion of
Counsel to the effect that such amendment or the exercise of any power granted
to the Trustees in accordance with such amendment will not cause the Trust to
be taxable as a corporation or classified as other than a grantor trust for
United States federal income tax purposes or affect the treatment of the Notes
as indebtedness of the Depositor for United States federal income tax purposes
or affect the Trust’s exemption from status (or from any requirement to
register) as an “investment company” under the Investment Company Act.

 

(c)                                  Notwithstanding any other provision of this
Trust Agreement, without the consent of each Holder, this Trust Agreement may
not be amended to (i) change the accrual rate, amount, currency or timing of
any Distribution on or the redemption price of the Trust Securities or
otherwise adversely affect the amount of any Distribution or other payment
required to be made in respect of the Trust Securities as of a specified date,
(ii) restrict or impair the right of a Holder to institute suit for the
enforcement of any such payment on or after such date, (iii) reduce the
percentage of aggregate Liquidation Amount of Outstanding Preferred Securities,
the consent of whose Holders is required for any such amendment, or the consent
of whose Holders is required for any waiver of compliance with any provision of
this Trust Agreement or of defaults hereunder and their consequences provided
for in this Trust Agreement; (iv) impair or adversely affect the rights and
interests of the Holders in the Trust Property, or permit the creation of any
Lien on any portion of the Trust Property; or (v) modify the definition of
“Outstanding,” this Section 10.3(c), Sections 4.1, 4.2, 4.3,
6.10(e) or Article IX.

 

(d)                                 Notwithstanding any other provision of this
Trust Agreement, no Trustee shall enter into or consent to any amendment to
this Trust Agreement that would cause the Trust to be taxable as a corporation
or to be classified as other than a grantor trust for United States federal
income tax purposes or that would cause the Notes to fail or cease to be
treated as indebtedness of the Depositor for United States federal income tax
purposes or that would cause the Trust to fail or cease to qualify for the
exemption from status (or from any requirement to register) as an “investment
company” under the Investment Company Act.

 

56

 

(e)                                  If any amendment to this Trust Agreement is
made, the Administrative Trustees or the Property Trustee shall promptly
provide to the Depositor a copy of such amendment.

 

(f)                                    No Trustee shall be required to enter into
any amendment to this Trust Agreement that affects its own rights, duties or
immunities under this Trust Agreement. 
The Trustees shall be entitled to receive an Opinion of Counsel and an
Officers’ Certificate stating that any amendment to this Trust Agreement is in
compliance with this Trust Agreement and all conditions precedent herein
provided for relating to such action have been met.

 

(g)                                 No amendment or modification to this Trust
Agreement that adversely affects in any material respect the rights, duties,
liabilities, indemnities or immunities of the Delaware Trustee hereunder shall
be permitted without the prior written consent of the Delaware Trustee.

 

SECTION 10.4.  Separability.

 

If any provision in this
Trust Agreement or in the Securities Certificates shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby, and there
shall be deemed substituted for the provision at issue a valid, legal and
enforceable provision as similar as possible to the provision at issue.

 

SECTION 10.5.  Governing Law.

 

THIS TRUST
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS, THE TRUST, THE
DEPOSITOR AND THE TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT AND THE TRUST
SECURITIES SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICTS OF LAWS
PROVISIONS.

 

SECTION 10.6.  Successors.

 

This Trust Agreement shall
be binding upon and shall inure to the benefit of any successor to the
Depositor, the Trust and any Trustee, including any successor by operation of
law. Except in connection with a transaction involving the Depositor that is
permitted under Article VIII of the Indenture and pursuant to which the
assignee agrees in writing to perform the Depositor’s obligations hereunder,
the Depositor shall not assign its obligations hereunder.

 

SECTION 10.7.  Headings.

 

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

 

SECTION 10.8.  Reports, Notices and Demands.

 

(a)                                  Any report, notice, demand or other
communication that by any provision of this Trust Agreement is required or
permitted to be given or served to or upon any Holder or the Depositor may be
given or served in writing delivered in person, or by reputable, overnight

 

57

 

courier, by telecopy or by
deposit thereof, first-class postage prepaid, in the United States mail,
addressed, (a) in the case of a Holder of Preferred Securities, to such Holder
as such Holder’s name and address may appear on the Securities Register; and
(b) in the case of the Holder of all the Common Securities or the Depositor, to
Pacific Crest Capital, Inc., 30343 Canwood Street, Agoura Hills, CA 91301,
Attention:  Robert J. Dennen, or to such
other address as may be specified in a written notice by the Holder of all the
Common Securities or the Depositor, as the case may be, to the Property Trustee.
Such report, notice, demand or other communication to or upon a Holder or the
Depositor shall be deemed to have been given when received in person, within
one (1) Business Day following delivery by overnight courier, when telecopied
with receipt confirmed, or within three (3) Business Days following delivery by
mail, except that if a notice or other document is refused delivery or cannot
be delivered because of a changed address of which no notice was given, such
notice or other document shall be deemed to have been delivered on the date of
such refusal or inability to deliver.

 

(b)                                 Any notice, demand or other communication
that by any provision of this Trust Agreement is required or permitted to be
given or served to or upon the Property Trustee, the Delaware Trustee, the
Administrative Trustees or the Trust shall be given in writing by deposit
thereof, first-class postage prepaid, in the U.S. mail, personal delivery or
facsimile transmission, addressed to such Person as follows: (a) with respect
to the Property Trustee to The Bank of New York, 101 Barclay Street, New York,
New York 10286, Attention: Corporate Trust Administration,  facsimile no. (212) 815-5707; (b) with
respect to the Delaware Trustee, to The Bank of New York (Delaware), White Clay
Center Route 273, Newark, Delaware 19711, Attention: Corporate Trust
Administration,  facsimile no.:
(302) 283-8279; (c) with respect to the Administrative Trustees, to them at the
address above for notices to the Depositor, marked “Attention: Administrative
Trustees of Pacific Crest Capital Trust I”, and (d) with respect to the Trust,
to its principal executive office specified in Section 2.2, with a copy
to the Property Trustee. Such notice, demand or other communication to or upon
the Trust, the Property Trustee or the Administrative Trustees shall be deemed
to have been sufficiently given or made only upon actual receipt of the writing
by the Trust, the Property Trustee or the Administrative Trustees.

 

SECTION 10.9.  Agreement Not to Petition.

 

Each of the Trustees and the
Depositor agree for the benefit of the Holders that, until at least one year
and one day after the Trust has been terminated in accordance with Article
IX, they shall not file, or join in the filing of, a petition against the
Trust under any Bankruptcy Law or otherwise join in the commencement of any
proceeding against the Trust under any Bankruptcy Law. If the Depositor takes
action in violation of this Section 10.9, the Property Trustee agrees,
for the benefit of Holders, that at the expense of the Depositor, it shall file
an answer with the applicable bankruptcy court or otherwise properly contest
the filing of such petition by the Depositor against the Trust or the
commencement of such action and raise the defense that the Depositor has agreed
in writing not to take such action and should be estopped and precluded
therefrom and such other defenses, if any, as counsel for the Property Trustee
or the Trust may assert.

 

58

 

SECTION 10.10.  Counterparts. 
This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same
instrument.

 

[REMAINDER OF THIS PAGE
INTENTIONALLY LEFT BLANK]

 

59

 

IN WITNESS WHEREOF, the
parties hereto have executed this Amended and Restated Trust Agreement as of
the day and year first above written.

	
   

  	
  PACIFIC CREST CAPITAL, INC.,

  
	
   

  	
  as Depositor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  Robert J. Dennen

  
	
   

  	
   

  	
  Title:  Senior Vice President
  and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  THE BANK OF NEW YORK, as Property Trustee

  	
  THE BANK OF NEW YORK (DELAWARE), as Delaware Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Name:

  
	
   

  	
  Title:

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Administrative Trustee

  	
  Administrative Trustee

  
	
  Name:

  	
  Name:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Administrative Trustee

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
									

 

60

 

Exhibit A

 

CERTIFICATE OF TRUST

 

OF

 

PACIFIC CREST CAPITAL TRUST I

 

This Certificate of Trust of
Pacific Crest Capital Trust I  (the “Trust”), dated March 13, 2003, is being
duly executed and filed on behalf of the Trust by the undersigned, as trustees,
to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C.
§3801 et  seq.) (the “Act”).

 

1.                                       Name.  The name of the statutory
trust formed by this Certificate of Trust is: 
Pacific Crest Capital Trust I.

 

2.                                       Delaware Trustee.  The
name and business address of the trustee of the Trust with its principal place
of business in the State of Delaware are The Bank of New York (Delaware), White
Clay Center, Route 273, Newark, Delaware 19711, Attention: Corporate Trust
Administration.

 

3.                                       Effective Date. 
This Certificate of Trust shall be effective upon its filing with the
Secretary of State of the State of Delaware.

 

IN WITNESS WHEREOF, the
undersigned have duly executed this Certificate of Trust in accordance with
Section 3811(a)(1) of the Act.

 

	
   

  	
  THE BANK OF NEW YORK, not in its individual capacity, but solely as
  Property Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK (DELAWARE), not in its individual capacity, but
  solely as Delaware Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A-1

 

Exhibit B

 

[FORM OF COMMON SECURITIES 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.  THIS
CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND
SECTION 5.11 OF THE TRUST AGREEMENT

 

	
  Certificate Number

  	
  Number of
  Common Securities

  
	
   

  	
   

  
	
  C-1

  	
  420

  

 

Certificate
Evidencing Common Securities

 

of

 

Pacific
Crest Capital Trust I

 

Floating Rate
Common Securities

 

(liquidation
amount $1,000 per Common Security)

 

Pacific Crest Capital Trust
I, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that Pacific
Crest Capital, Inc., a Delaware corporation (the “Holder”) is the registered owner of four hundred and twenty
(420) common securities of the Trust representing undivided common beneficial
interests in the assets of the Trust and designated the Pacific Crest  Capital Trust I Floating Rate Common Securities
(liquidation amount $1,000 per Common Security) (the “Common Securities”). Except in accordance with Section
5.11 of the Trust Agreement (as defined below), the Common Securities are
not transferable and, to the fullest extent permitted by law, any attempted
transfer hereof other than in accordance therewith shall be void. The
designations, rights, privileges, restrictions, preferences and other terms and
provisions of the Common Securities are set forth in, and this certificate and
the Common Securities represented hereby are issued and shall in all respects
be subject to the terms and provisions of, the Amended and Restated Trust
Agreement of the Trust, dated as of March 20, 2003 as the same may be amended
from time to time (the “Trust Agreement”),
among Pacific Crest Capital, Inc.,
as Depositor, The Bank of New York, as Property Trustee, The Bank of New York
(Delaware), as Delaware Trustee, the Administrative Trustees named therein and
the Holders, from time to time, of Trust Securities. The Trust will furnish a
copy of the Trust Agreement to the Holder without charge upon written request
to the Trust at its principal place of business or registered office.

 

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

 

B-1

 

This Common Securities
Certificate shall be governed by and construed in accordance with the laws of
the State of Delaware.

 

Terms used but not defined
herein have the meanings set forth in the Trust Agreement.

 

IN WITNESS WHEREOF, one of
the Administrative Trustees of the Trust has executed on behalf of the Trust
this certificate
this                    day
of                         ,
200  .

 

	
   

  	
  PACIFIC CREST CAPITAL TRUST I

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Administrative Trustee

  

 

B-2

 

Exhibit C

 

[FORM OF PREFERRED SECURITIES CERTIFICATE]

 

“THIS PREFERRED SECURITY IS
A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY
(“DTC”) OR A NOMINEE OF DTC.  THIS
PREFERRED SECURITY IS EXCHANGEABLE FOR PREFERRED SECURITIES REGISTERED IN THE
NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO TRANSFER OF THIS
PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE
BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF
DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 

UNLESS THIS PREFERRED
SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO PACIFIC CREST
CAPITAL TRUST I OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

 

THE PREFERRED SECURITIES
REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED
SECURITIES OR ANY INTEREST THEREIN MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.  EACH PURCHASER OF ANY PREFERRED SECURITIES
IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED SECURITIES MAY BE RELYING
ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
PROVIDED BY RULE 144A UNDER THE SECURITIES ACT.

 

THE HOLDER OF THE PREFERRED
SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE TRUST
AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR
OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, (II) TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF
RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING
OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT
THAT IS ACQUIRING 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

 

C-1

 

THE SECURITIES ACT, (IV) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR (V) PURSUANT TO AN EXEMPTION FROM THE
SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND, IN
THE CASE OF (III) OR (V), SUBJECT TO THE RIGHT OF THE TRUST AND THE DEPOSITOR
TO REQUIRE AN OPINION OF COUNSEL AND OTHER INFORMATION SATISFACTORY TO EACH OF
THEM AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES
FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

THE PREFERRED SECURITIES
WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE
LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. ANY ATTEMPTED TRANSFER OF
PREFERRED SECURITIES OR ANY INTEREST THEREIN IN A BLOCK HAVING AN AGGREGATE
LIQUIDATION AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS
THEREOF 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 SUCH PREFERRED
SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES OR ANY INTEREST THEREIN,
AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN
SUCH PREFERRED SECURITIES.

 

THE HOLDER OF THIS SECURITY
OR ANY INTEREST THEREIN BY ITS ACCEPTANCE HEREOF OR THEREOF 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 PREFERRED SECURITY OR ANY INTEREST THEREIN. ANY PURCHASER
OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO
HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT 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.

 

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”).

 

C-2

 

	
  Certificate Number

  	
  Number of
  Preferred Securities

  
	
  P-1

  	
  13,330

  
	
   

  	
  Aggregate
  Liquidation Amount

  
	
   

  	
  $13,330,000

  

 

CUSIP NO.

 

 

Certificate
Evidencing Preferred Securities

 

of

 

Pacific
Crest Capital Trust I

 

Floating
Rate Preferred Securities

(liquidation
amount $1,000 per Preferred Security)

 

Pacific Crest Capital Trust
I, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies
that                          ,
a                    (the
“Holder”) is the registered owner
of Thirteen Thousand Three Hundred and Thirty (13,330) Preferred Securities of
the Trust representing an undivided preferred beneficial interest in the assets
of the Trust and designated the Pacific Crest Capital Trust I Floating Rate
Preferred Securities, (liquidation amount $1,000 per Preferred Security) (the “Preferred Securities”). The Preferred
Securities are transferable on the books and records of the Trust, in person or
by a duly authorized attorney, upon surrender of this certificate duly endorsed
and in proper form for transfer as provided in Section 5.7 of the Trust
Agreement (as defined below). The designations, rights, privileges,
restrictions, preferences and other terms and provisions of the Preferred
Securities are set forth in, and this certificate and the Preferred Securities
represented hereby are issued and shall in all respects be subject to the terms
and provisions of, the Amended and Restated Trust Agreement of the Trust, dated
as of March 20, 2003, as the same may be amended from time to time (the “Trust Agreement”), among Pacific Crest
Capital, Inc., as Depositor, The Bank of New York, as Property Trustee, The
Bank of New York (Delaware), as Delaware Trustee, the Administrative Trustees
named therein and the Holders, from time to time, of Trust Securities. The
Holder is entitled to the benefits of the Guarantee Agreement entered into by
Pacific Crest Capital, Inc., a Delaware corporation, and The Bank of New York,
as Guarantee Trustee, dated as of March 20, 2003, as the same may be amended
from time to time (the “Guarantee Agreement”),
to the extent provided therein. The Trust will furnish a copy of each of the
Trust Agreement and the Guarantee Agreement to the Holder without charge upon
written request to the Property Trustee at its principal place of business or
registered office.

 

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

 

This Preferred Securities
Certificate shall be governed by and construed in accordance with the laws of
the State of Delaware.

 

C-3

 

All capitalized terms used
but not defined in this Preferred Securities Certificate are used with the
meanings specified in the Trust Agreement, including the Schedules and Exhibits
thereto.

 

IN WITNESS WHEREOF, one of
the Administrative Trustees of the Trust has executed on behalf of the Trust
this certificate this      day of
                       ,
2003.

 

	
   

  	
  PACIFIC CREST CAPITAL TRUST I

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Administrative Trustee

  

 

C-4

 

This is one of the Preferred
Securities referred to in the within-mentioned Trust Agreement.

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
  The Bank of New York, not in its individual capacity, but solely as
  Property Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized officer

  

 

C-5

 

[FORM OF
REVERSE OF SECURITY]

 

The Trust promises to pay
Distributions from March 20, 2003, or from the most recent Distribution Date to
which Distributions have been paid or duly provided for, quarterly (subject to
deferral as set forth herein) in arrears on March 30, June 30, September 30 and
December 30 of each year, commencing on June 30, 2003, at a fixed rate equal to
6.335% per annum and a variable rate equal to LIBOR plus 3.25% thereafter,
together with any Additional Interest Amounts, in respect to such period.

 

Distributions on the Trust
Securities shall be made by the Paying Agent from the Payment Account and shall
be payable on each Distribution Date only to the extent that the Trust has
funds then on hand and available in the Payment Account for the payment of such
Distributions.

 

In the event (and to the
extent) that the Depositor exercises its right under the Indenture to defer the
payment of interest on the Notes, Distributions on the Preferred Securities
shall be deferred.

 

Under the Indenture, so long
as no Note Event of Default has occurred and is continuing, the Depositor shall
have the right, at any time and from time to time during the term of the Notes,
to defer the payment of interest on the Notes for a period of up to twenty (20)
consecutive quarterly interest payment periods (each such extended interest
payment period, an “Extension Period”), during which Extension Period no
interest shall be due and payable (except any Additional Tax Sums that may be
due and payable).  No interest on the
Notes shall be due and payable during an Extension Period, except at the end
thereof, but each installment of interest that would otherwise have been due
and payable during such Extension Period shall bear Additional Interest (to the
extent payment of such interest would be legally enforceable) at the fixed rate
equal to 6.335% per annum and a variable rate equal to LIBOR plus 3.25%
thereafter compounded quarterly, from the dates on which amounts would have
otherwise been due and payable until paid or until funds for the payment
thereof have been made available for payment. 
If Distributions are deferred, the deferred Distributions (including
Additional Interest Amounts) shall be paid on the date that the related
Extension Period terminates to Holders (as defined in the Trust Agreement) of
the Trust Securities as they appear on the books and records of the Trust on
the record date immediately preceding such termination date.

 

Distributions on the
Securities must be paid on the dates payable (after giving effect to any
Extension Period) to the extent that the Trust has funds available for the
payment of such Distributions in the Payment Account of the Trust.  The Trust’s funds available for Distribution
to the Holders of the Preferred Securities will be limited to payments received
from the Depositor.  The payment of
Distributions out of moneys held by the Trust is guaranteed by the Depositor
pursuant to the Guarantee Agreement.

 

During any such Extension
Period, the Depositor shall 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 Depositor’s capital stock or (ii) make any payment
of principal of or any interest or premium on or repay, repurchase or redeem
any debt securities of the Depositor that rank pari
passu in all respects with or junior in interest to the Notes (other
than (a) repurchases,

 

C-6

 

redemptions or other acquisitions of shares of capital stock of the
Depositor in connection with (1) any employment contract, benefit plan or other
similar arrangement with or for the benefit of any one or more employees,
officers, directors or consultants, (2) a dividend reinvestment or stockholder
stock purchase plan or (3) the issuance of capital stock of the Depositor (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 an exchange or conversion of
any class or series of the Depositor’s capital stock (or any capital stock of a
Subsidiary (as defined in the Indenture) of the Depositor) for any class or
series of the Depositor’s capital stock or of any class or series of the
Depositor’s indebtedness for any class or series of the Depositor’s capital
stock, (c) the purchase of fractional interests in shares of the Depositor’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 Rights Plan (as defined in the Indenture), the
issuance of rights, stock or other property under any 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).

 

On each Note Redemption
Date, on the stated maturity (or any date of principal repayment upon early
maturity) of the Notes and on each other date on (or in respect of) which any
principal on the Notes is repaid, the Trust will be required to redeem a Like
Amount of Trust Securities at the Redemption Price.  Under the Indenture, the Notes may be redeemed by the Depositor
on any Interest Payment Date, at the Depositor’s option, on or after March 20,
2008 in whole or in part from time to time at a redemption price equal to one
hundred percent (100%) of the principal amount thereof or the redeemed portion
thereof, as applicable, together, in the case of any such redemption, with
accrued interest, including any Additional Interest, to but excluding the date
fixed for redemption; provided,
that the Depositor shall have received the prior approval of the Federal
Reserve Board if then required.  The
Notes may also be redeemed by the Depositor, at its option, at any time, in
whole but not in part, upon the occurrence of a Capital Disqualification Event,
an Investment Company Event or a Tax Event at the Indenture Redemption Price.

 

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

 

Payments of Distributions
(including any Additional Interest Amounts), the Redemption Price, Liquidation
Amount or any other amounts in respect of the Preferred Securities shall be
made by wire transfer at such place and to such account at a banking
institution in the United States as may be designated in writing at least ten
(10) Business Days prior to the date for payment by the Person entitled thereto
unless proper written transfer instructions have not been received by the
relevant record date, in which case such payments shall be made by check mailed
to the address of such Person as such address shall appear in the Security
Register.  If any

 

C-7

 

Preferred Securities are held by a Depositary, such Distributions shall
be made to the Depositary in immediately available funds.

 

The indebtedness evidenced
by the Notes is, to the extent provided in the Indenture, subordinate and
junior in right of payment to the prior payment in full of all Senior Debt (as
defined in the Indenture), and this Security is issued subject to the
provisions of the Indenture with respect thereto.

 

C-8

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned assigns and transfers this Preferred Securities Certificate to:

 

 

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

  
	
   

  
	
   

  
	
   

  
	
  (Insert address and zip
  code of assignee)

  
	
   

  
	
   

  
	
  and irrevocably appoints

  

 

 

agent to transfer this
Preferred Securities 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 Preferred Securities Certificate)

  	
   

  
					

 

The signature(s) should be
guaranteed by an eligible guarantor institution (banks, stockbrokers, savings
and loan associations and credit unions with membership in an approved
signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15.

 

C-9

 

Exhibit D

 

Junior Subordinated Indenture

 

D-1

 

Exhibit E

 

Form of
Transferor Certificate

to be
Executed by QIBs

 

                           ,
[        ]

 

Pacific Crest Capital, Inc.

Pacific Crest Capital Trust
I

30343 Canwood Street

Agoura Hills, CA 91301

 

Re:                               Purchase of $1,000 stated liquidation amount
of Floating Rate

Preferred Securities (the
“Preferred Securities”) of Pacific Crest Capital Trust I

 

Reference is hereby made to
the Amended and Restated Trust Agreement of Pacific Crest Capital Trust I,
dated as of March 20, 2003 (the “Trust Agreement”), among Robert J. Dennen, Gary
Wehrle and Peter Luttenberger, as Administrative Trustees, The Bank of New York
(Delaware), as Delaware Trustee, The Bank of New York, as Property Trustee,
Pacific Crest Capital, Inc., as Depositor, and the holders from time to time of
undivided beneficial interests in the assets of Pacific Crest Capital Trust
I.  Capitalized terms used but not
defined herein shall have the meanings given them in the Trust Agreement.

 

This letter relates to
$13,330,000 aggregate liquidation amount of Preferred Securities which are held
in the name of [name of transferor] (the “Transferor”).

 

In accordance with Article V
of the Trust Agreement, the Transferor hereby certifies that such Preferred
Securities are being transferred in accordance with (i) the transfer restrictions
set forth in the Preferred Securities and (ii) Rule 144A under the Securities
Act (“Rule 144A”), to a transferee that the Transferor reasonably believes is
purchasing the Preferred 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:

  	
   

  	
   

  	
   

  
						

 

E-1

 

Exhibit F

 

Form of Transferee Certificate

to be Executed by Transferees other than QIBs

 

                        ,
[        ]

 

Pacific Crest Capital, Inc.

Pacific Crest Capital Trust
I

30343 Canwood Street

Agoura Hills, CA 91301

 

Re:                               Purchase of $                         stated liquidation amount of Floating Rate
Preferred Securities (the “Preferred Securities”) of Pacific Crest Capital
Trust I

 

Ladies and Gentlemen:

 

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

 

1.                                       We understand that the Floating Rate
Preferred Securities (the “Preferred Securities”) of Pacific Crest Capital
Trust I (the “Trust”) (including the guarantee (the “Guarantee”) of Pacific
Crest Capital, Inc. (the “Company”) executed in connection therewith) and the
Floating Rate Junior Subordinated Notes due 2033 of the Company (the “Subordinated
Notes”) (the entire amount of the Trust’s outstanding Preferred Securities, the
Guarantee and the Subordinated Notes 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, (i) such offer, sale or transfer will be made only (a) to
the Trust, (b) to a person we reasonably believe is a “qualified institutional
buyer” (a “QIB”) (as defined in Rule 144 under the Securities Act) in a
transaction meeting the requirements of Rule 144A, (c) to an institutional
“accredited investor” within the meaning of subparagraph (a) (1), (2), (3) or
(7) of Rule 501 under the Securities Act that is acquiring 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, (d) pursuant
to an effective registration statement under the Securities Act, or (e)
pursuant to an exemption from the Securities Act, in each case in accordance
with any applicable securities laws of any state of the United States or any
other applicable jurisdiction and, in the case of (c) or (e), subject to the
right of the Trust and the depositor to require an opinion of counsel and other
information satisfactory to each of them. The foregoing restrictions on resale
will not apply subsequent to the date on which, in the written opinion of
counsel, the Preferred 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 (e) above, the transferor shall deliver a
letter from the transferee substantially in the form of this letter to the
Property Trustee as Transfer Agent, which shall provide as applicable, among
other things, that the transferee is an “accredited

 

F-1

 

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 the Trust and the Company reserve the right prior to any offer, sale or
other transfer pursuant to clause (c) or (e) 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 Preferred
Securities or any Subordinated Notes, we will acquire such Preferred Securities
having an aggregate stated liquidation amount of not less than $100,000 or such
Subordinated Notes 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 are not a fiduciary of
(i) 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 (ii) an entity whose
underlying assets include “plan assets” by reason of any Plan’s investment in
the entity, and are not purchasing any of the Offered Securities on behalf of
or with “plan assets” by reason of any Plan’s investment in the entity.

 

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 any of the Offered Securities are no
longer accurate, we shall promptly notify the Company.  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.

 

F-2

 

	
   

  	
  (Name of Purchaser)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   

  
				

 

Upon transfer, the Preferred
Securities (having a stated liquidation amount of $                       ) would be registered in the name of the new
beneficial owner as follows.

 

	
  Name:

  	
   

  	
   

  
	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  
	
  Taxpayer ID Number:

  	
   

  	
   

  
						

 

F-3

 

Schedule A

 

DETERMINATION OF LIBOR

 

With respect to the Trust
Securities, the London interbank offered rate (“LIBOR”) shall be determined by the Calculation Agent in
accordance with the following provisions (in each case rounded to the nearest
..000001%):

 

(1)                                  On the second LIBOR Business Day (as defined
below) prior to a Distribution Date (except with respect to the first interest
payment period, such date shall be March 18, 2003)  (each such day, a “LIBOR
Determination Date”), LIBOR for any given security shall for the
following interest payment period equal the rate, as obtained by the
Calculation Agent from Bloomberg Financial Markets Commodities News, for
three-month Eurodollar deposits that appears on Dow Jones Telerate Page 3750
(as defined in the International Swaps and Derivatives Association, Inc. 1991
Interest Rate and Currency Exchange Definitions), or such other page as may
replace such Page 3750, as of 11:00 a.m. (London time) on such LIBOR
Determination Date.

 

(2)                                  If, on any LIBOR Determination Date, such
rate does not appear on Dow Jones Telerate Page 3750 or such other page as may
replace such Page 3750, the Calculation Agent shall determine the arithmetic
mean of the offered quotations of the Reference Banks (as defined below) to
leading banks in the London interbank market for three-month Eurodollar
deposits 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 such arithmetic mean of such quotations. 
If, on any LIBOR Determination Date, only one or none of the Reference
Banks provide such quotations, LIBOR shall be deemed to be the arithmetic mean
of the offered quotations that leading banks in the City of New York selected
by the Calculation Agent are quoting on the relevant LIBOR Determination Date
for three-month Eurodollar deposits in an amount determined by the Calculation
Agent by reference to the principal London offices of leading banks in the
London interbank market; provided,
that 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 as determined on the previous LIBOR Determination Date.

 

(3)                                  As used herein: “Reference Banks” means four major banks in the London
interbank market selected by the Calculation Agent; and “LIBOR Business Day” means a day on which
commercial banks are open for business (including dealings in foreign exchange
and foreign currency deposits) in London.

 

S-A-1Exhibit 4.12

 

CERTIFICATE OF TRUST

 

OF

 

PACIFIC CREST CAPITAL TRUST I

 

This
Certificate of Trust of Pacific Crest Capital Trust I (the “Trust”),
dated March 13, 2003, is being duly executed and filed by the undersigned, as
trustees, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801, et  seq.)
the “Act”).

 

1.             Name.  The name of the statutory trust formed by
this Certificate of Trust is:   Pacific
Crest Capital Trust I.

 

2.             Delaware
Trustee.  The name and
business address of the trustee of the Trust with its principal place of
business in the State of Delaware are The Bank of New York (Delaware) White
Clay Center, Route 273, Newark, Delaware 19711, Attention: Kris Gullo.

 

3.             Effective
Date.  This Certificate of
Trust shall be effective upon filing with the Secretary of State of the State
of Delaware.

 

IN WITNESS
WHEREOF, the undersigned, being the trustees of the Trust, have executed this
Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

 

	
   

  	
  The Bank of New York,
  not in its individual

  capacity, but solely as property trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The Bank of New York
  (Delaware), not in its

  individual capacity, but solely as Delaware trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

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