Document:

<PAGE>

                                                                     EXHIBIT 4.6

                       -----------------------------------
                           TRUST PREFERRED SECURITIES
                              GUARANTEE AGREEMENT

                            EAST WEST BANCORP, INC.

                         Dated as of ________ ___, 2000

                       ------------------------------------
<PAGE>

                               TABLE OF CONTENTS

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                                   ARTICLE I
                        DEFINITIONS AND INTERPRETATION

SECTION 1.1     Definitions and Interpretation..........................................   1
                ------------------------------

                                  ARTICLE II
                              TRUST INDENTURE ACT

SECTION 2.1      Trust Indenture Act; Application.......................................   5
                 --------------------------------
SECTION 2.2      Lists of Holders of Trust Preferred Securities.........................   6
                 ----------------------------------------------
SECTION 2.3      Reports by the Trust Preferred Securities Guarantee Trustee............   6
                 -----------------------------------------------------------
SECTION 2.4      Periodic Reports to Trust Preferred Securities Guarantee
                 --------------------------------------------------------
                     Trustee............................................................   6
                     -------
SECTION 2.5      Evidence of Compliance with Conditions Precedent.......................   6
                 ------------------------------------------------
SECTION 2.6      Guarantee Events of Default; Waiver....................................   7
                 -----------------------------------
SECTION 2.7      Guarantee Event of Default; Notice.....................................   7
                 ----------------------------------
SECTION 2.8      Conflicting Interests..................................................   7
                 ---------------------

                                  ARTICLE III
                         POWERS, DUTIES AND RIGHTS OF
                 TRUST PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 3.1      Powers and Duties of the Trust Preferred Securities Guarantee Trustee..   8
                 ----------------------------------------------------------------------
SECTION 3.2      Certain Rights of Trust Preferred Securities Guarantee Trustee.........  10
                 --------------------------------------------------------------
SECTION 3.3      Not Responsible for Recitals or Issuance of Trust Preferred Securities
                 ----------------------------------------------------------------------
                     Guarantee..........................................................  12
                     ---------

                                  ARTICLE IV
                 TRUST PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 4.1      Trust Preferred Securities Guarantee Trustee; Eligibility..............  12
                 ---------------------------------------------------------
SECTION 4.2      Appointment, Removal and Resignation of Trust Preferred Securities
                 ------------------------------------------------------------------
                     Guarantee Trustee..................................................  13
                     -----------------
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                                   ARTICLE V
                                   GUARANTEE

SECTION 5.1      Guarantee..............................................................  14
                 ---------
SECTION 5.2      Waiver of Notice and Demand............................................  14
                 ---------------------------
SECTION 5.3      Obligations Not Affected...............................................  14
                 ------------------------
SECTION 5.4      Rights of Holders......................................................  15
                 -----------------
SECTION 5.5      Guarantee of Payment...................................................  16
                 --------------------
SECTION 5.6      Subrogation............................................................  16
                 -----------
SECTION 5.7      Independent Obligations................................................  16
                 -----------------------

                                  ARTICLE VI
                   LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 6.1      Limitation of Transactions.............................................. 16
                 --------------------------
SECTION 6.2      Ranking................................................................. 17
                 -------

                                  ARTICLE VII
                                  TERMINATION

SECTION 7.1      Termination............................................................  17
                 -----------

                                 ARTICLE VIII
                                INDEMNIFICATION

SECTION 8.1     Exculpation.............................................................  18
                -----------

SECTION 8.2     Indemnification.........................................................  18
                ---------------

                                  ARTICLE IX
                                 MISCELLANEOUS

SECTION 9.1     Successors and Assigns..................................................  18
                ----------------------
SECTION 9.2     Amendments..............................................................  19
                ----------
SECTION 9.3     Notices.................................................................  19
                -------
SECTION 9.4     Benefit.................................................................  20
                -------
SECTION 9.5     Governing Law...........................................................  20
                -------------
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                                      ii
<PAGE>

                TRUST PREFERRED SECURITIES GUARANTEE AGREEMENT

          This Trust Preferred Securities Guarantee Agreement (the "Trust
Preferred Securities Guarantee"), dated as of __________ __, 2000, is executed
and delivered by East West Bancorp, Inc., a Delaware corporation (the
"Guarantor"), and _______________________, a _________ banking corporation, as
trustee, for the benefit of the Holders (as defined herein) from time to time of
the Trust Preferred Securities (as defined herein) of East West Bancorp Capital
Trust I, a Delaware statutory business trust (the "Issuer").

          WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of_______ __, 2000, among the trustees of the Issuer
named therein, the Guarantor, as sponsor, and the Holders from time to time of
undivided beneficial interests in the assets of the Issuer, the Issuer is
issuing on the date hereof, __________ trust preferred securities, having an
aggregate liquidation amount of $__________, such trust preferred securities
being designated the ___% Cumulative Trust Preferred Securities (collectively
the "Trust Preferred Securities"); and

          WHEREAS, as incentive for the Holders to purchase the Trust Preferred
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth in this Trust Preferred Securities Guarantee, to pay to the
Holders the Guarantee Payments (as defined herein) and to make certain other
payments on the terms and conditions set forth herein; and

          WHEREAS, the Guarantor is executing and delivering a guarantee
agreement (the "Common Securities Guarantee"), with substantially identical
terms to this Trust Preferred Securities Guarantee, for the benefit of the
holders of the Common Securities (as defined herein), except that if an Event of
Default (as defined in the Declaration) has occurred and is continuing, the
rights of holders of the Common Securities to receive Guarantee Payments under
the Common Securities Guarantee are subordinated, to the extent and in the
manner set forth in the Common Securities Guarantee, to the rights of holders of
Trust Preferred Securities to receive Guarantee Payments under this Trust
Preferred Securities Guarantee;

          NOW, THEREFORE, in consideration of the purchase by each Holder, which
purchase the Guarantor hereby acknowledges shall benefit the Guarantor, the
Guarantor executes and delivers this Trust Preferred Securities Guarantee for
the benefit of the Holders.

                                   ARTICLE I
                        DEFINITIONS AND INTERPRETATION

SECTION 1.1    Definitions and Interpretation
               ------------------------------

               In this Trust Preferred Securities Guarantee, unless the context
otherwise requires:
<PAGE>

          (a)  capitalized terms used in this Trust Preferred Securities
               Guarantee but not defined in the preamble above have the
               respective meanings assigned to them in this Section 1.1;

          (b)  a term defined in the Declaration as at the date of execution of
               this Trust Preferred Securities Guarantee have the same meaning
               when used in this Trust Preferred Securities Guarantee unless
               otherwise defined in this Trust Preferred Securities Guarantee;

          (c)  a term defined anywhere in this Trust Preferred Securities
               Guarantee has the same meaning throughout;

          (d)  all references to "the Trust Preferred Securities Guarantee" or
               "this Trust Preferred Securities Guarantee" are to this Trust
               Preferred Securities Guarantee as modified, supplemented or
               amended from time to time;

          (e)  all references in this Trust Preferred Securities Guarantee to
               Articles and Sections are to Articles and Sections of this Trust
               Preferred Securities Guarantee, unless otherwise specified;

          (f)  a term defined in the Trust Indenture Act has the same meaning
               when used in this Trust Preferred Securities Guarantee, unless
               otherwise defined in this Trust Preferred Securities Guarantee or
               unless the context otherwise requires; and

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

          "Affiliate" has the same meaning as given to that term in Rule 405
           ---------
under the Securities Act of 1933, as amended, or any successor rule thereunder.

          "Business Day" means any day other than a Saturday or a Sunday, or a
           ------------
day on which banking institutions in the cities of New York, New York or San
Marino, California are authorized or required by law or executive order to
close.

          "Common Securities" means the securities representing common undivided
           -----------------
beneficial interests in the assets of the Issuer.

          "Corporate Trust Office" means the office of the Trust Preferred
           ----------------------
Securities Guarantee Trustee at which the corporate trust business of the Trust
Preferred Securities Guarantee Trustee shall, at any particular time, be
principally administered, which office at the date of execution of this Trust
Preferred Securities Guarantee is located at 101 Barclay Street, New York, New
York 10286.

                                       2
<PAGE>

            "Covered Person" means any Holder or beneficial owner of Trust
             --------------
Preferred Securities.

          "Debentures" means the series of subordinated deferrable interest
           ----------
debentures of the Guarantor designated the ___% Junior Subordinated Deferrable
Interest Debentures due ____________ __, 2030 held by the Property Trustee (as
defined in the Declaration) of the Issuer.

          "Guarantee Event of Default" means a default by the Guarantor on any
           --------------------------
of its payment or other obligations under this Trust Preferred Securities
Guarantee; provided, however, that except with respect to a default in payment
of any Guarantee Payment, the Guarantor shall have received notice of default
and shall not have cured such default within 60 days after receipt of such
notice.

          "Guarantee Payments" means the following payments or distributions,
           ------------------
without duplication, with respect to the Trust Preferred Securities, to the
extent not paid or made by the Issuer:  (i) any accumulated and unpaid
Distributions (as defined in the Declaration) that are required to be paid on
such Trust Preferred Securities to the extent the Issuer has funds on hand
legally available therefor at such time; (ii) the redemption price, including
all accumulated and unpaid Distributions to the date of redemption (the
"Redemption Price") to the extent the Issuer has funds on hand legally available
therefor at such time, with respect to any Trust Preferred Securities called for
redemption by the Issuer; and (iii) upon a voluntary or involuntary dissolution
or winding up of the Issuer (other than in connection with the distribution of
Debentures to the Holders in exchange for Trust Preferred Securities as provided
in the Declaration), the lesser of (a) the aggregate of the liquidation amount
and all accumulated and unpaid Distributions on the Trust Preferred Securities
to the date of payment, to the extent the Issuer has funds on hand legally
available therefor, and (b) the amount of assets of the Issuer remaining
available for distribution to Holders in liquidation of the Issuer after
satisfaction of liabilities to creditors (in either case, the "Liquidation
Distribution"). If an Event of Default has occurred and is continuing, no
Guarantee Payments under the Common Securities Guarantee with respect to the
Common Securities or any guarantee payment under any Other Common Securities
Guarantees shall be made until the Holders shall be paid in full the Guarantee
Payments to which they are entitled under this Trust Preferred Securities
Guarantee.

          "Holder" shall mean any holder, as registered on the books and records
           ------
of the Issuer, of any Trust Preferred Securities; provided, however, that, in
determining whether the holders of the requisite percentage of Trust Preferred
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor or any Affiliate of the Guarantor.

          "Indemnified Person" means the Trust Preferred Securities Guarantee
           ------------------
Trustee, any Affiliate of the Trust Preferred Securities Guarantee Trustee, or
any officers, directors, shareholders, members, partners, employees,
representatives, nominees, custodians or agents of the Trust Preferred
Securities Guarantee Trustee.

                                       3
<PAGE>

          "Indenture" means the Indenture dated as of __________ __, 2000, among
           ---------
the Guarantor (the "Debenture Issuer") and ______________________, as trustee
(the "Indenture Trustee"), pursuant to which the Debentures are to be issued to
the Property Trustee of the Issuer.

            "Indenture Event of Default" shall mean any event specified in
             --------------------------
Section 5.01 of the Indenture.

          "Majority in liquidation amount of the Trust Preferred Securities"
           ----------------------------------------------------------------
means, except as provided by the Declaration, the terms of the Preferred
Securities or by the Trust Indenture Act, a vote by Holder(s) of more than 50%
of the aggregate liquidation amount of all Trust Preferred Securities.  In
determining whether the Holders of the requisite amount of Trust Preferred
Securities have voted, Trust Preferred Securities which are owned by the
Guarantor or any Affiliate of the Guarantor or any other obligor on the Trust
Preferred Securities shall be disregarded for the purpose of any such
determination.

          "Officers' Certificate" means, with respect to the Guarantor, a
           ---------------------
certificate signed by any two of the following:  the Chairman, a Vice Chairman,
the Chief Executive Officer, the President, a Vice President, the Comptroller,
the Secretary or an Assistant Secretary of the Guarantor.  Any Officers'
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Trust Preferred Securities Guarantee (other than pursuant
to Section 314(d)(4) of the Trust Indenture Act) shall include:

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

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

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

          "Other Common Securities Guarantees" shall have the same meaning as
           ----------------------------------
"Other Guarantees" as defined in the Common Securities Guarantee.

          "Other Debentures" means all junior subordinated debentures issued by
           ----------------
the Guarantor from time to time and sold to trusts to be established by the
Guarantor, in each case similar to the Issuer.

          "Other Guarantees" means all guarantees issued or to be issued by the
           ----------------
Guarantor with respect to trust preferred securities similar to the Trust
Preferred Securities issued by other trusts established or  to be established by
the Guarantor, in each case similar to the Issuer.

                                       4
<PAGE>

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

          "Responsible Officer" means, with respect to the Trust Preferred
           -------------------
Securities Guarantee Trustee, any officer within the Corporate Trust Office of
the Trust Preferred Securities Guarantee Trustee with direct responsibility for
the administration of this Trust Preferred Securities Guarantee 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.

          "Successor Trust Preferred Securities Guarantee Trustee" means a
           ------------------------------------------------------
successor Trust Preferred Securities Guarantee Trustee possessing the
qualifications to act as Trust Preferred Securities Guarantee Trustee under
Section 4.1.

          "Trust Preferred Securities Guarantee Trustee" means
           --------------------------------------------
___________________, a __________ banking corporation, until a Successor Trust
Preferred Securities Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Trust Preferred Securities Guarantee
and thereafter means each such Successor Trust Preferred Securities Guarantee
Trustee.

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

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

                                  ARTICLE II
                              TRUST INDENTURE ACT

SECTION 2.1  Trust Indenture Act; Application
             --------------------------------

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

          (b)  if and to the extent that any provision of this Trust Preferred
Securities Guarantee limits, qualifies or conflicts with the duties imposed by
Section 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties
shall control.

                                       5
<PAGE>

SECTION 2.2  Lists of Holders of Trust Preferred Securities
             ----------------------------------------------

          (a)  The Guarantor shall provide the Trust Preferred Securities
Guarantee Trustee (unless the Trust Preferred Securities Guarantee Trustee is
otherwise the registrar of the Trust Preferred Securities) with a list, in such
form as the Trust Preferred Securities Guarantee Trustee may reasonably require,
of the names and addresses of the Holders of the Trust Preferred Securities
("List of Holders") as of such date, (i) within 14 days after each record date
for payment of Distributions, as defined in the Declaration, and (ii) at any
other time within 30 days of receipt by the Guarantor of a written request for a
List of Holders as of a date no more than 14 days before such List of Holders is
given to the Trust Preferred Securities Guarantee Trustee, provided, that the
                                                           --------
Guarantor shall not be obligated to provide such List of Holders at any time the
List of Holders does not differ from the most recent List of Holders given to
the Trust Preferred Securities Guarantee Trustee by the Guarantor.  The Trust
Preferred Securities Guarantee Trustee shall preserve, in as current a form as
is reasonably practicable, all information contained in a List of Holders given
to it, provided that it may destroy any List of Holders previously given to it
on receipt of a new List of Holders.

          (b)  The Trust Preferred Securities Guarantee Trustee shall comply
with its obligations under Sections 311(a), 311(b) and Section 312(b) of the
Trust Indenture Act.

SECTION 2.3  Reports by the Trust Preferred Securities Guarantee Trustee
             -----------------------------------------------------------

          Within 60 days after May 15 of each year, commencing May 15, 2000, the
Trust Preferred Securities Guarantee Trustee shall provide to the Holders such
reports as are required by Section 313 of the Trust Indenture Act, if any, in
the form and in the manner provided by Section 313 of the Trust Indenture Act.
The Trust Preferred Securities Guarantee Trustee shall also comply with the
other requirements of Section 313 of the Trust Indenture Act.

SECTION 2.4  Periodic Reports to Trust Preferred Securities Guarantee Trustee
             ----------------------------------------------------------------

          The Guarantor shall provide to the Trust Preferred Securities
Guarantee Trustee such documents, reports and information as required by Section
314 of the Trust Indenture Act (if any) and the compliance certificate required
by Section 314 of the Trust Indenture Act in the form, in the manner and at the
times required by Section 314 of the Trust Indenture Act, provided that such
compliance certificate shall be delivered on or before 120 days after the end of
each fiscal year of the Guarantor.

SECTION 2.5  Evidence of Compliance with Conditions Precedent
             ------------------------------------------------

          The Guarantor shall provide to the Trust Preferred Securities
Guarantee Trustee such evidence of compliance with any conditions precedent, if
any, provided for in this Trust Preferred Securities Guarantee that relate to
any of the matters set forth in Section 314(c) of the Trust

                                       6
<PAGE>

Indenture Act.  Any certificate or opinion required to be given by an officer
pursuant to Section 314(c)(1) may be given in the form of an Officers'
Certificate.

SECTION 2.6  Guarantee Events of Default; Waiver
             -----------------------------------

          The Holders of a Majority in liquidation amount of Trust Preferred
Securities may, by vote or by written consent, on behalf of all Holders, waive
any past Guarantee Event of Default and its consequences.  Upon such waiver, any
such Guarantee Event of Default shall cease to exist, and any Guarantee Event of
Default arising therefrom shall be deemed to have been cured, for every purpose
of this Trust Preferred Securities Guarantee, but no such waiver shall extend to
any subsequent or other default or Guarantee Event of Default or impair any
right consequent thereon.

SECTION 2.7  Guarantee Event of Default; Notice
             ----------------------------------

          (a)  The Trust Preferred Securities Guarantee Trustee shall, within 90
days after the occurrence of a Guarantee Event of Default, mail by first class
postage prepaid, to all Holders, notices of all Guarantee Events of Default
actually known to a Responsible Officer, unless such defaults have been cured
before the giving of such notice; provided, that, except in the case of a
Guarantee Event of Default in the timing or payment of any Guarantee Payment,
the Trust Preferred Securities Guarantee Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive
committee, or a trust committee of directors and/or a Responsible Officer of the
Trust Preferred Securities Guarantee Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders.

          (b)  The Trust Preferred Securities Guarantee Trustee shall not be
deemed to have knowledge of any Guarantee Event of Default unless the Trust
Preferred Securities Guarantee Trustee shall have received written notice from
the Guarantor, or a Responsible Officer charged with the administration of this
Trust Preferred Securities Guarantee shall have obtained actual knowledge, of
such Guarantee Event of Default.

SECTION 2.8  Conflicting Interests
             ---------------------

          The Declaration shall be deemed to be specifically described in this
Trust Preferred Securities Guarantee for the purposes of clause (i) of the first
proviso contained in Section 310(b) of the Trust Indenture Act.

                                       7
<PAGE>

                                  ARTICLE III
                         POWERS, DUTIES AND RIGHTS OF
                 TRUST PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 3.1  Powers and Duties of the Trust Preferred Securities Guarantee
             -------------------------------------------------------------
             Trustee
             -------

          (a)  This Trust Preferred Securities Guarantee shall be held by the
Trust Preferred Securities Guarantee Trustee for the benefit of the Holders, and
the Trust Preferred Securities Guarantee Trustee shall not transfer this Trust
Preferred Securities Guarantee to any Person except a Holder exercising his, her
or its rights pursuant to Section 5.4(b) or to a Successor Trust Preferred
Securities Guarantee Trustee on acceptance by such Successor Trust Preferred
Securities Guarantee Trustee of its appointment to act as Successor Trust
Preferred Securities Guarantee Trustee.  The right, title and interest of the
Trust Preferred Securities Guarantee Trustee shall automatically vest in any
Successor Trust Preferred Securities Guarantee Trustee, and such vesting and
succession of title shall be effective whether or not conveyancing documents
have been executed and delivered pursuant to the appointment of such Successor
Trust Preferred Securities Guarantee Trustee.

          (b)  If a  Guarantee Event of Default actually known to a Responsible
Officer has occurred and is continuing, the Trust Preferred Securities Guarantee
Trustee shall enforce this Trust Preferred Securities Guarantee for the benefit
of the Holders.

          (c)  The Trust Preferred Securities Guarantee Trustee, before the
occurrence of any Guarantee Event of Default and after the curing of all
Guarantee Events of Default that may have occurred, shall undertake to perform
only such duties as are specifically set forth in this Trust Preferred
Securities Guarantee, and no implied covenants shall be read into this Trust
Preferred Securities Guarantee against the Trust Preferred Securities Guarantee
Trustee.  In case a Guarantee Event of Default has occurred (that has not been
cured or waived pursuant to Section 2.6) and is actually known to a Responsible
Officer, the Trust Preferred Securities Guarantee Trustee shall exercise such of
the rights and powers vested in it by this Trust Preferred Securities Guarantee,
and use the same degree of care and skill in its exercise thereof, as a prudent
person would exercise or use under the circumstances in the conduct of his or
her own affairs.

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

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

                    (A)  the duties and obligations of the Trust Preferred
          Securities Guarantee Trustee shall be determined solely by the express
          provisions of this Trust Preferred Securities Guarantee, and the Trust
          Preferred Securities

                                       8
<PAGE>

          Guarantee Trustee shall not be liable except for the performance of
          such duties and obligations as are specifically set forth in this
          Trust Preferred Securities Guarantee, and no implied covenants or
          obligations shall be read into this Trust Preferred Securities
          Guarantee against the Trust Preferred Securities Guarantee Trustee;
          and

                    (B)  in the absence of bad faith on the part of the Trust
          Preferred Securities Guarantee Trustee, the Trust Preferred Securities
          Guarantee Trustee may conclusively rely, as to the truth of the
          statements and the correctness of the opinions expressed therein, upon
          any certificates or opinions furnished to the Trust Preferred
          Securities Guarantee Trustee and conforming to the requirements of
          this Trust Preferred Securities Guarantee; but in the case of any such
          certificates or opinions that by any provision hereof are specifically
          required to be furnished to the Trust Preferred Securities Guarantee
          Trustee, the Trust Preferred Securities Guarantee Trustee shall be
          under a duty to examine the same to determine whether or not they
          conform to the requirements of this Trust Preferred Securities
          Guarantee (but need not confirm or investigate the accuracy of
          mathematical calculations or other facts stated therein);

               (ii)   the Trust Preferred Securities Guarantee Trustee shall not
     be liable for any error of judgment made in good faith by a Responsible
     Officer, unless it shall be proved that the Trust Preferred Securities
     Guarantee Trustee was negligent in ascertaining the pertinent facts upon
     which such judgment was made;

               (iii)  the Trust Preferred Securities Guarantee 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 a Majority in
     liquidation amount of the Trust Preferred Securities relating to the time,
     method and place of conducting any proceeding for any remedy available to
     the Trust Preferred Securities Guarantee Trustee, or exercising any trust
     or power conferred upon the Trust Preferred Securities Guarantee Trustee
     under this Trust Preferred Securities Guarantee; and

               (iv)   no provision of this Trust Preferred Securities Guarantee
     shall require the Trust Preferred Securities Guarantee Trustee to expend or
     risk its own funds or otherwise incur personal financial liability in the
     performance of any of its duties or in the exercise of any of its rights or
     powers, if the Trust Preferred Securities Guarantee Trustee shall have
     reasonable grounds for believing that the repayment of such funds or
     liability is not reasonably assured to it under the terms of this Trust
     Preferred Securities Guarantee or indemnity, reasonably satisfactory to the
     Trust Preferred Securities Guarantee Trustee, against such risk or
     liability is not reasonably assured to it.

                                       9
<PAGE>

SECTION 3.2  Certain Rights of Trust Preferred Securities Guarantee Trustee
             --------------------------------------------------------------

          (a)  Subject to the provisions of Section 3.1:

               (i)    The Trust Preferred Securities Guarantee Trustee may
     conclusively rely, and shall be fully protected in acting or refraining
     from acting, upon any resolution, certificate, statement, instrument,
     opinion, report, notice, request, direction, consent, order, bond,
     debenture, note, other evidence of indebtedness or other paper or document
     believed by it to be genuine and to have been signed, sent or presented by
     the proper party or parties.

               (ii)   Any direction or act of the Guarantor contemplated by this
     Trust Preferred Securities Guarantee may be sufficiently evidenced by an
     Officers' Certificate.

               (iii)  Whenever, in the administration of this Trust Preferred
     Securities Guarantee, the Trust Preferred Securities Guarantee Trustee
     shall deem it desirable that a matter be proved or established before
     taking, suffering or omitting any action hereunder, the Trust Preferred
     Securities Guarantee Trustee (unless other evidence is herein specifically
     prescribed) may, in the absence of bad faith on its part, request and
     conclusively rely upon an Officers' Certificate which, upon receipt of such
     request, shall be promptly delivered by the Guarantor.

               (iv)   The Trust Preferred Securities Guarantee Trustee shall
     have no duty to see to any recording, filing or registration of any
     instrument (or any rerecording, refiling or registration thereof).

               (v)    The Trust Preferred Securities Guarantee Trustee may
     consult with counsel of its selection, and the advice or opinion of such
     counsel with respect to legal matters shall be full and complete
     authorization and protection in respect of any action taken, suffered or
     omitted by it hereunder in good faith and in accordance with such advice or
     opinion. Such counsel may be counsel to the Guarantor or any of its
     Affiliates and may include any of its employees. The Trust Preferred
     Securities Guarantee Trustee shall have the right at any time to seek
     instructions concerning the administration of this Trust Preferred
     Securities Guarantee from any court of competent jurisdiction.

               (vi)   The Trust Preferred Securities Guarantee Trustee shall be
     under no obligation to exercise any of the rights or powers vested in it by
     this Trust Preferred Securities Guarantee at the request or direction of
     any Holder, unless such Holder shall have provided to the Trust Preferred
     Securities Guarantee Trustee such security and indemnity, reasonably
     satisfactory to the Trust Preferred Securities Guarantee Trustee, against
     the costs, expenses (including attorneys' fees and expenses and the
     expenses of the Trust Preferred Securities Guarantee Trustee's agents,
     nominees or custodians) and liabilities that might be incurred by it in
     complying with such request or direction, including such reasonable
     advances as may be requested by the Trust Preferred Securities Guarantee
     Trustee; provided

                                      10
<PAGE>

     that, nothing contained in this Section 3.2(a)(vi) shall be taken to
     relieve the Trust Preferred Securities Guarantee Trustee, upon the
     occurrence of a Guarantee Event of Default, of its obligation to exercise
     the rights and powers vested in it by this Trust Preferred Securities
     Guarantee.

               (vii)  The Trust Preferred Securities Guarantee 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, bond, debenture, note, other evidence
     of indebtedness or other paper or document, but the Trust Preferred
     Securities Guarantee Trustee, in its discretion, may make such further
     inquiry or investigation into such facts or matters as it may see fit.

               (viii) The Trust Preferred Securities Guarantee Trustee may
     execute any of the trusts or powers hereunder or perform any duties
     hereunder either directly or by or through agents, nominees, custodians or
     attorneys, and the Trust Preferred Securities Guarantee Trustee shall not
     be responsible for any misconduct or negligence on the part of any agent,
     custodian, nominee or attorney appointed with due care by it hereunder.

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

               (x)    Whenever in the administration of this Trust Preferred
     Securities Guarantee the Trust Preferred Securities Guarantee Trustee shall
     deem it desirable to receive instructions with respect to enforcing any
     remedy or right or taking any other action hereunder, the Trust Preferred
     Securities Guarantee Trustee (i) may request instructions from the Holders
     of a Majority in liquidation amount of the Trust Preferred Securities, (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
     conclusively relying on or acting in accordance with such instructions.

               (xi)   The Trust Preferred Securities Guarantee Trustee shall not
     be liable for any action taken, suffered, or omitted to be taken by it in
     good faith, without negligence, and reasonably believed by it to be
     authorized or within the discretion or rights or powers conferred upon it
     by this Trust Preferred Securities Guarantee.

          (b)  No provision of this Trust Preferred Securities Guarantee shall
be deemed to impose any duty or obligation on the Trust Preferred Securities
Guarantee Trustee to perform any

                                      11
<PAGE>

act or acts or exercise any right, power, duty or obligation conferred or
imposed on it in any jurisdiction in which it shall be illegal, or in which the
Trust Preferred Securities Guarantee Trustee shall be unqualified or incompetent
in accordance with applicable law, to perform any such act or acts or to
exercise any such right, power, duty or obligation. No permissive power or
authority available to the Trust Preferred Securities Guarantee Trustee shall be
construed to be a duty.

SECTION 3.3.  Not Responsible for Recitals or Issuance of Trust Preferred
              -----------------------------------------------------------
              Securities Guarantee
              --------------------

          The recitals contained in this Trust Preferred Securities Guarantee
shall be taken as the statements of the Guarantor, and the Trust Preferred
Securities Guarantee Trustee does not assume any responsibility for their
correctness.  The Trust Preferred Securities Guarantee Trustee makes no
representation as to the validity or sufficiency of this Trust Preferred
Securities Guarantee.

                                  ARTICLE IV
                 TRUST PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 4.1  Trust Preferred Securities Guarantee Trustee; Eligibility
             ---------------------------------------------------------

          (a)  There shall at all times be a Trust Preferred Securities
Guarantee Trustee which shall:

               (i)  not be an Affiliate of the Guarantor; and

               (ii) be a corporation organized and doing business under the laws
     of the United States of America or any State or Territory thereof or of the
     District of Columbia, or a corporation or Person permitted by the
     Securities and Exchange Commission to act as an institutional trustee under
     the Trust Indenture Act, authorized under such laws to exercise corporate
     trust powers, having a combined capital and surplus of at least 50 million
     U.S. dollars ($50,000,000), and subject to supervision or examination by
     Federal, State, Territorial or District of Columbia authority.  If such
     corporation publishes reports of condition at least annually, pursuant to
     law or to the requirements of the supervising or examining authority
     referred to above, then, for the purposes of this Section 4.1(a)(ii), the
     combined capital and surplus of such corporation shall be deemed to be its
     combined capital and surplus as set forth in its most recent report of
     condition so published.

          (b)  If at any time the Trust Preferred Securities Guarantee Trustee
shall cease to be eligible to so act under Section 4.1(a), the Trust Preferred
Securities Guarantee Trustee shall immediately resign in the manner and with the
effect set out in Section 4.2(c).

          (c)  If the Trust Preferred Securities Guarantee Trustee has or shall
acquire  any "conflicting interest" within the meaning of Section 310(b) of the
Trust Indenture Act, the Trust

                                      12
<PAGE>

Preferred Securities Guarantee Trustee and Guarantor shall in all respects
comply with the provisions of Section 310(b) of the Trust Indenture Act.

SECTION 4.2  Appointment, Removal and Resignation of Trust Preferred Securities
             ------------------------------------------------------------------
             Guarantee Trustee
             -----------------

          (a)  Subject to Section 4.2(b), the Trust Preferred Securities
Guarantee Trustee may be appointed or removed without cause at any time by the
Guarantor except during a Guarantee Event of Default.

          (b)  The Trust Preferred Securities Guarantee Trustee shall not be
removed in accordance with Section 4.2(a) until a Successor Trust Preferred
Securities Guarantee Trustee has been appointed and has accepted such
appointment by written instrument executed by such Successor Trust Preferred
Securities Guarantee Trustee and delivered to the Guarantor.

          (c)  The Trust Preferred Securities Guarantee Trustee shall hold
office until a Successor Trust Preferred Securities Guarantee Trustee shall have
been appointed or until its removal or resignation. The Trust Preferred
Securities Guarantee Trustee may resign from office (without need for prior or
subsequent accounting) by an instrument in writing executed by the Trust
Preferred Securities Guarantee Trustee and delivered to the Guarantor, which
resignation shall not take effect until a Successor Trust Preferred Securities
Guarantee Trustee has been appointed and has accepted such appointment by
instrument in writing executed by such Successor Trust Preferred Securities
Guarantee Trustee and delivered to the Guarantor and the resigning Trust
Preferred Securities Guarantee Trustee.

          (d)  If no Successor Trust Preferred Securities Guarantee Trustee
shall have been appointed and accepted appointment as provided in this Section
4.2 within 60 days after delivery of an instrument of removal or resignation,
the Trust Preferred Securities Guarantee Trustee resigning or being removed may
petition any court of competent jurisdiction for appointment of a Successor
Trust Preferred Securities Guarantee Trustee. Such court may thereupon, after
prescribing such notice, if any, as it may deem proper, appoint a Successor
Trust Preferred Securities Guarantee Trustee.

          (e)  No Trust Preferred Securities Guarantee Trustee shall be liable
for the acts or omissions to act of any Successor Trust Preferred Securities
Guarantee Trustee.

          (f)  Upon termination of this Trust Preferred Securities Guarantee or
removal or resignation of the Trust Preferred Securities Guarantee Trustee
pursuant to this Section 4.2, the Guarantor shall pay to the Trust Preferred
Securities Guarantee Trustee all amounts due to the Trust Preferred Securities
Guarantee Trustee for fees and reimbursement of expenses which have accrued to
the date of such termination, removal or resignation.

                                      13
<PAGE>

                                   ARTICLE V
                                   GUARANTEE

SECTION 5.1  Guarantee
             ---------

          The Guarantor irrevocably and unconditionally agrees to pay in full to
the Holders the Guarantee Payments (without duplication of amounts theretofore
paid by the Issuer), as and when due, regardless of any defense, right of set-
off or counterclaim that the Issuer may have or assert. The Guarantor's
obligation to make a Guarantee Payment may be satisfied by direct payment of the
required amounts by the Guarantor to the Holders or by causing the Issuer to pay
such amounts to the Holders.

SECTION 5.2  Waiver of Notice and Demand
             ---------------------------

          The Guarantor hereby waives notice of acceptance of this Trust
Preferred Securities Guarantee and of any liability to which it applies or may
apply, presentment, demand for payment, any right to require a proceeding first
against the Issuer or any other Person before proceeding against the Guarantor,
protest, notice of nonpayment, notice of dishonor, notice of redemption and all
other notices and demands.

SECTION 5.3  Obligations Not Affected
             ------------------------

          The obligations, covenants, agreements and duties of the Guarantor
under this Trust Preferred Securities Guarantee shall be absolute and
unconditional and shall remain in full force and effect until the entire
liquidation amount of all Trust Preferred Securities shall have been paid and
such obligations, covenants, agreements and duties shall in no way be affected
or impaired by reason of the happening from time to time of any event, including
without limitation the following, whether or not with notice to, or the consent
of, the Guarantor:

          (a)  the release or waiver, by operation of law or otherwise, of the
performance or observance by the Issuer of any express or implied agreement,
covenant, term or condition relating to the Trust Preferred Securities to be
performed or observed by the Issuer;

          (b)  the extension of time for the payment by the Issuer of all or any
portion of the Distributions, Redemption Price, Liquidation Distribution (as
defined in the Declaration) or any other sums payable under the terms of the
Trust Preferred Securities or the extension of time for the performance of any
other obligation under, arising out of, or in connection with, the Trust
Preferred Securities (other than an extension of time for payment of
Distributions, Redemption Price, Liquidation Distribution or other sum payable
that results from the extension of any interest payment period on the Debentures
permitted by the Indenture);

          (c)  any failure, omission, delay or lack of diligence on the part of
the Property Trustee or the Holders to enforce, assert or exercise any right,
privilege, power or remedy conferred

                                      14
<PAGE>

on the Property Trustee or the Holders pursuant to the terms of the Trust
Preferred Securities, or any action on the part of the Issuer granting
indulgence or extension of any kind;

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

          (e)  any invalidity of, or defect or deficiency in, the Trust
Preferred Securities;

          (f)  the settlement or compromise of any obligation guaranteed hereby
or hereby incurred;

          (g)  any other circumstance whatsoever that might otherwise constitute
a legal or equitable discharge or defense of a guarantor, it being the intent of
this Section 5.3 that the obligations of the Guarantor with respect to the
Guarantee Payments shall be absolute and unconditional under any and all
circumstances.

          There shall be no obligation of the Holders to give notice to, or
obtain consent of, the Guarantor with respect to the happening of any of the
foregoing.  No set-off, counterclaim, reduction or diminution of any obligation,
or any defense of any kind or nature that the Guarantor has or may have against
any Holder shall be available hereunder to the Guarantor against such Holder to
reduce the payments to it under this Trust Preferred Securities Guarantee.

SECTION 5.4  Rights of Holders
             -----------------

          (a)  The Holders of a Majority in liquidation amount of the Trust
Preferred Securities have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trust Preferred
Securities Guarantee Trustee in respect of this Trust Preferred Securities
Guarantee or exercising any trust or power conferred upon the Trust Preferred
Securities Guarantee Trustee under this Trust Preferred Securities Guarantee.

          (b)  If the Trust Preferred Securities Guarantee Trustee fails to
enforce such Trust Preferred Securities Guarantee, any Holder may institute a
legal proceeding directly against the Guarantor to enforce the Trust Preferred
Securities Guarantee Trustee's rights under this Trust Preferred Securities
Guarantee, without first instituting a legal proceeding against the Issuer, the
Trust Preferred Securities Guarantee Trustee or any other Person or entity.
Notwithstanding the foregoing, if the Guarantor has failed to make a Guarantee
Payment, a Holder may directly institute a proceeding against the Guarantor for
enforcement of the Trust Preferred Securities Guarantee for such payment to the
Holder of the principal of or interest on the Debentures on or after the
respective due dates specified in the Debentures, and the amount of the payment
will be based on the Holder's pro rata share of the amount due and owing on all
of the Trust Preferred Securities.  The Guarantor

                                      15
<PAGE>

waives any right or remedy to require that any action be brought first against
the Issuer or any other Person or entity before proceeding directly against the
Guarantor.

SECTION 5.5  Guarantee of Payment
             --------------------

            This Trust Preferred Securities Guarantee creates a guarantee of
payment and not of collection.

SECTION 5.6  Subrogation
             -----------

          The Guarantor shall be subrogated to all (if any) rights of the
Holders against the Issuer in respect of any amounts paid to such Holders by the
Guarantor under this Trust Preferred Securities Guarantee; provided, however,
                                                           --------  -------
that the Guarantor shall not (except to the extent required by mandatory
provisions of law) be entitled to enforce or exercise any right that it may
acquire by way of subrogation or any indemnity, reimbursement or other
agreement, in all cases as a result of payment under this Trust Preferred
Securities Guarantee, if, at the time of any such payment, any amounts are due
and unpaid under this Trust Preferred Securities Guarantee.  If any amount shall
be paid to the Guarantor in violation of the preceding sentence, the Guarantor
agrees to hold such amount in trust for the Holders and to pay over such amount
to the Holders.

SECTION 5.7  Independent Obligations
             -----------------------

          The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Trust Preferred
Securities, and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Trust
Preferred Securities Guarantee notwithstanding the occurrence of any event
referred to in subsections (a) through (g), inclusive, of Section 5.3 hereof.

                                  ARTICLE VI
                   LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 6.1  Limitation of Transactions
             --------------------------

          So long as any Trust Preferred Securities remain outstanding, if there
shall have occurred a Guarantee Event of Default or an Event of Default, or an
event that, with the giving of notice or the lapse of time, or both, would be a
Guarantee Event of Default or an Event of Default then, prior to the payment of
all accrued interest on outstanding Debentures , the Guarantor 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 Guarantor's capital
stock (which includes common and preferred stock), (ii) make any payment of
principal, interest or premium, if any, on or repay or repurchase or redeem any
debt securities of the Guarantor (including any Other Debentures) that rank pari
passu with or junior in right of payment to the Debentures or (iii) make any
guarantee

                                      16
<PAGE>

payments with respect to any guarantee by the Guarantor of the debt securities
of any Subsidiary (including under Other Guarantees) if such guarantee ranks
equal or junior in right of payment to the Debentures (other than (a) dividends
or distributions in shares of, or options, warrants, rights to subscribe for or
purchase shares of, common stock of the Guarantor, (b) any declaration of a
dividend in connection with the implementation of a stockholders' rights plan,
or the issuance of stock under any such plan in the future, or the redemption or
repurchase of any such rights pursuant thereto, (c) payments under the Trust
Preferred Securities Guarantee, (d) the purchase of fractional shares resulting
from a reclassification of the Guarantor's capital stock, (e) the purchase of
fractional interests in shares of the Guarantor's capital stock pursuant to the
conversion or exchange provisions of such capital stock or the security being
converted or exchanged and (f) purchases of common stock related to the issuance
of common stock or rights under any of the Guarantor's benefit plans for its
directors, officers or employees or any of the Guarantor's dividend reinvestment
plans).

SECTION 6.2  Ranking
             -------

          This Trust Preferred Securities Guarantee will constitute an unsecured
obligation of the Guarantor and will rank (i) subordinate and junior in right of
payment to Senior and Subordinated Indebtedness (as defined in the Indenture),
to the same extent and in the same manner that the Debentures are subordinated
to Senior and Subordinated Indebtedness pursuant to the Indenture, (ii) pari
passu with the Debentures, the Other Debentures, the Common Securities
Guarantee, any Other Guarantee and any Other Common Securities Guarantee, (iii)
senior to the Guarantor's capital stock and (iv) effectively subordinated to the
liabilities and obligations of the Guarantor's subsidiaries.  If an Event of
Default has occurred and is continuing, the rights of the holders of the Common
Securities to receive any payments shall be subordinated to the rights of the
Holders to receive Guarantee Payments hereunder.

                                  ARTICLE VII
                                  TERMINATION

SECTION 7.1  Termination
             -----------

          This Trust Preferred Securities Guarantee shall terminate (i) upon
full payment of the Redemption Price (as defined in the Declaration) of all
Trust Preferred Securities or (ii) upon liquidation of the Issuer and the full
payment of the amounts payable in accordance with the Declaration or the
distribution of the Debentures to the Holders and the holders of Common
Securities.  Notwithstanding the foregoing, this Trust Preferred Securities
Guarantee will continue to be effective or will be reinstated, as the case may
be, if at any time any Holder must restore payment of any sums paid under the
Trust Preferred Securities or under this Trust Preferred Securities Guarantee.

                                      17
<PAGE>

                                  ARTICLE VII
                                INDEMNIFICATION

SECTION 8.1  Exculpation
             -----------

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

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

SECTION 8.2  Indemnification
             ---------------

          The Guarantor agrees to indemnify each Indemnified Person for, and to
hold each Indemnified Person harmless against, any and all loss, liability,
damage, claim or expense incurred without negligence or bad faith on its part,
arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses (including
reasonable legal fees and expenses) of defending itself against, or
investigating, any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder.  The obligation to
indemnify as set forth in this Section 8.2 shall survive the termination of this
Trust Preferred Securities Guarantee.

                                  ARTICLE IX
                                 MISCELLANEOUS

SECTION 9.1  Successors and Assigns
             ----------------------

          All guarantees and agreements contained in this Trust Preferred
Securities Guarantee shall bind the successors, assigns, receivers, trustees and
representatives of the Guarantor and shall inure to the benefit of the Holders
then outstanding.

                                      18
<PAGE>

SECTION 9.2  Amendments
             ----------

          Except with respect to any changes that do not adversely affect the
rights of Holders (in which case no consent of Holders will be required), this
Trust Preferred Securities Guarantee may only be amended with the prior approval
of the Holders of a Majority in liquidation amount of the Trust Preferred
Securities (including the stated amount that would be paid on redemption,
liquidation or otherwise, plus accrued and unpaid Distributions to the date upon
which the voting percentages are determined).  The provisions of the Declaration
with respect to consents to amendments thereof (whether at a meeting or
otherwise) shall apply to the giving of such approval.

          Prior to executing any amendment hereto, the Trust Preferred
Securities Guarantee Trustee shall be entitled to receive and rely upon an
Opinion of Counsel stating that the execution of such amendment is authorized or
permitted by this Trust Preferred Securities Guarantee Agreement.

SECTION 9.3  Notices
             -------

          All notices provided for in this Trust Preferred Securities Guarantee
shall be in writing, duly signed by the party giving such notice, and shall be
delivered, telecopied or mailed by first class mail, as follows:

          (a)  If given to the Issuer, in care of the Trustee at the Issuer's
mailing address set forth below (or such other address as the Issuer may give
notice of to the Holders and the Trust Preferred Securities Guarantee Trustee):

                    East West Bancorp
                    c/o East West Bancorp, Inc.
                    415 Huntington Drive
                    San Marino, California  91108
                    Attention:   Julia Gouw
                                 Administrative Trustee
                    Telecopy:    (626) 799-2799

                                      19
<PAGE>

          (b)  If given to the Trust Preferred Securities Guarantee Trustee, at
the Trust Preferred Securities Guarantee Trustee's mailing address set forth
below (or such other address as the Trust Preferred Securities Guarantee Trustee
may give notice of to the Holders, the Guarantor and the Issuer):

                    ____________________
                    ____________________
                    __________
                    ____________________
                    Attention:  Corporate Trust Trustee Administration
                    Telecopy:   ___________

          (c)  If given to the Guarantor, at the Guarantor's mailing address set
forth below (or such other address as the Guarantor may give notice of to the
Holders and the Trust Preferred Securities Guarantee Trustee):

                    East West Bancorp, Inc.
                    415 Huntington Drive
                    San Marino, California  91108
                    Attention:   Julia Gouw
                                 Chief Financial Officer
                    Telecopy:    (626) 799-2799

          (d)  If given to any Holder, at the address set forth on the books
and records of the Issuer.

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

SECTION 9.4  Benefit
             -------

          This Trust Preferred Securities Guarantee is solely for the benefit of
the Holders and, subject to Section 3.1(a), is not separately transferable from
the Trust Preferred Securities.

SECTION 9.5  Governing Law
             -------------

          THIS TRUST PREFERRED SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

                                      20
<PAGE>

            THIS TRUST PREFERRED SECURITIES GUARANTEE is executed as of the day
and year first above written.

                                  EAST WEST BANCORP, INC., as Guarantor

                                  By:  _________________________________________
                                       Julia Gouw
                                       Chief Financial Officer

                                  __________________________, as Trust Preferred
                                  Securities Guarantee Trustee

                                  By:  _________________________________________
                                       Name:
                                       Title:

                                      21<PAGE>

                                                             EXHIBIT (10)(a)(ii)
<PAGE>
                                                            AMERICAN
Part A     Multiple Insured                                    |GENERAL
           Life Insurance Application                           FINANCIAL GROUP

       [_] American General Life Insurance Company, Houston, TX
       [_] The Old Line Life Insurance Company of America, Milwaukee, WI
       [_] All American Life Insurance Company, Springfield, IL
       [_] The Franklin Life Insurance Company, Springfield, IL
       [_] The American Franklin Life Insurance Company, Springfield, IL

       Members of American General Financial Group. American General Financial
       Group is a marketing name for American General Corporation and its
       subsidiaries.

       In this application, the "Company" refers to the insurance company whose
       name is checked above.

       The insurance company checked above is SOLELY responsible for the
       obligation and payment of benefits under any policy that it may issue. No
       other company shown is responsible for such obligations or payments.

Personal Information

Primary proposed     Name                          Social Security #
insured              ----------------------------- ---------------------------
                     Address                                  Zip
                     ---------------------------------------- ----------------
                     Home phone #                   Work phone #
                     ------------------------------ --------------------------
                     E-mail address
                     ---------------------------------------------------------
                     Sex:   [_] male      [_] female
                     Birthplace (city, state, country)
                     ---------------------------------------------------------
                     Date of birth         Drivers license #         State
                     --------------------- ------------------------- ---------
                     U.S. citizen:  [_]  yes   [_]   no
                     If no, date of entry                Type of visa
                     ----------------------------------- ---------------------
                     Employer
                     ---------------------------------------------------------
                     Occupation and duties                 Income:
                     ------------------------------------- -------------------
                     Tobacco use
                     Have you ever used any form of tobacco or
                     nicotine products?   [_]  yes   [_]   no
                     Date of last use
                     ---------------------------------------------------------
                     Type of tobacco or nicotine products
                     ---------------------------------------------------------

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

Other proposed       Name                         Social Security #
insured              ---------------------------- -----------------------------
                     Address                                    Zip
                     ------------------------------------------ ---------------
                     Home phone #                 Work phone #
                     ---------------------------- -----------------------------
                     Relationship to primary proposed insured
                     ---------------------------------------------------------
                     E-mail address
                     ---------------------------------------------------------
                     Sex:  [_]  male   [_] female
                     Birthplace (city, state, country)
                     ----------------------------------------------------------
                     Date of birth         Drivers license #         State
                     --------------------- ------------------------- ----------
                     U.S. citizen:  [_]  yes   [_]  no
                     If no, date of entry            Type of visa
                     ------------------------------- --------------------------
                     Employer
                     ----------------------------------------------------------
                     Occupation and duties                      Income:
                     ------------------------------------------ ---------------
                     Tobacco use
                     Have you ever used any form of tobacco or nicotine
                     products?     [_]  yes    [_]  no
                     Date of last use
                     ---------------------------------------------------------
                     Type of tobacco or nicotine products
                     ---------------------------------------------------------

AGLC 8001-99                                                              Page 1
<PAGE>

Child rider       Complete if a proposed insured requests child riders. If more
                  than three children, list information in the "Remarks"
                  section.

                  Child name
                  ------------------------------------------------------------
                  Sex:  [_]  male   [_]  female
                  Birthplace (city, state, country)
                  ------------------------------------------------------------
                  Date of birth         Height: ft.   in.     Weight: lbs.
                  --------------------- ------------- ------- ----------------
                  Child name
                  ------------------------------------------------------------
                  Sex:  [_]  male   [_]  female
                  Birthplace (city, state, country)
                  -------------------------------------------------------------
                  Date of birth          Height: ft.   in.    Weight: lbs.
                  ---------------------- ------------- ------ ----------------
                  Child name
                  ------------------------------------------------------------
                  Sex:  [_]  male   [_]  female
                  Birthplace (city, state, country)
                  -------------------------------------------------------------
                  Date of birth          Height: ft.   in.    Weight: lbs.
                  ---------------------- ------------- ------ -----------------

Product Information

                  Product name
                  ------------------------------------------------------------
                  (If a variable product, complete appropriate supplement.)

                  Amount applied for $
                  ------------------------------------------------------------
                  Reason for insurance (If more space is needed, use "Remarks"
                  section.)
                  ____________________________________________________________

                  ____________________________________________________________

                  ____________________________________________________________

------------------------------------------------------------------------------
Business          Does any proposed insured have an ownership interest
coverage          in the business?   [_]  yes   [_]  no
                  If yes, what is primary proposed insured's percentage
(Complete only    of ownership?                      %
if applying                    -----------------------
for business      If yes, what is other proposed insured's percentage
coverage)         of ownership?                       %
                               ------------------------
                  If buy-sell, stock redemption, or key person insurance,
                  will all partners or key people be covered?  [_] yes  [_] no
                  Describe any special circumstances.
------------------------------------------------------------------------------

Riders            [_]  Waiver of premium
                  [_]  Waiver of monthly deduction
                  [_]  Waiver of monthly guarantee premium
                  [_]  Accidental death benefit $
                  ------------------------------------------------------------
                  [_]  Other insured $
                  ------------------------------------------------------------
                  [_]  Spouse $        Plan            [_] Other rider(s)
                  -----------------------------------  -----------------------
                  [_]  Child $
                  -----------------------------------  -----------------------

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

Dividend options   For participating policy only
                   [_] Cash [_] Premium reduction  [_] Paid-up additions
                   [_] Deposit earning interest    [_] Other (explain)
------------------------------------------------------------------------------

Death benefit      For universal life only
options            [_] Level                        [_] Increasing

AGLC 8001-99

                                                                          Page 2
<PAGE>

Beneficiary        Primary
                   Name                     Relationship         % share
                   ------------------------ -------------------- -------------
                   Name                     Relationship         % share
                   ------------------------ -------------------- -------------
                   Contingent
                   Name                     Relationship         % share
                   ------------------------ -------------------- -------------
                   Name                     Relationship         % share
                   ------------------------ -------------------- -------------
                   Complete if beneficiary is a trust.
                   Exact name of trust
                   -----------------------------------------------------------
                   Trust ID #                  Date of trust
                   --------------------------- -------------------------------
                   Current trustee(s)
                   -----------------------------------------------------------
                   Rider Beneficiaries
                   Spouse rider                Child rider
                   --------------------------- -------------------------------

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

Other life         Indicate life insurance policies or annuities in force or
insurance or       pending for the proposed insured(s).
annuities          Type: i = individual, b = business, g = group,
                   p = pending life insurance or annuity

<TABLE>
<CAPTION>

<S>                  <C>                 <C>            <C>            <C>          <C>          <C>         <C>
                     Name of             Policy         Insurance      Type         Year of      Amount      Replacement*
                     proposed insured    number         company                     issue

[_] Check if none    -----------------   -------------  -------------- -----------  ------------ $----------  [_] yes  [_] no

                     -----------------   -------------  -------------- -----------  ------------ $----------  [_] yes  [_] no

                     -----------------   -------------  -------------- -----------  ------------ $----------  [_] yes  [_] no

                     -----------------   -------------  -------------- -----------  ------------ $----------  [_] yes  [_] no

</TABLE>
                     * Replacement means that the insurance being applied for
                     may replace, change, or use any monetary value of any
                     existing or pending life insurance policy or annuity. If
                     replacement may be involved, complete and submit
                     replacement-related forms.

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

Owner              [_] Primary proposed insured     [_] Other proposed insured
                   [_] Trust                        [_] Someone other than
                                                        a proposed insured or
                                                        trust
                   Complete if owner is a trust.
                   Exact name of trust
                   -----------------------------------------------------------
                   Trust ID #                     Date of trust
                   ------------------------------ ----------------------------
                   Current trustee(s)
                   -----------------------------------------------------------
                   Complete if someone other than a proposed insured or
                   trust is the owner.
                   Name                          Home phone #
                   ----------------------------- -----------------------------
                   Address                    City, State        Zip
                   -------------------------- ------------------ -------------
                   Social Security or Tax ID #               Date of birth
                   ----------------------------------------- -----------------
                   Relationship to primary proposed insured
                   -----------------------------------------------------------

------------------------------------------------------------------------------
<TABLE>
<CAPTION>

<S>                <C>                              <C>                            <C>
Premium payment    [_] Single premium: $            [_] Modal premium: $           [_] Additional initial premium: $
                   -------------------------------  -----------------------------  -----------------------------------------
                   Frequency of modal premium
                   [_] Annual     [_] Semi-annual    [_]  Quarterly   [_]  Monthly  Amount submitted with application $-----

                   Method
                   [_] Direct billing                [_] Automatic bank draft
                   [_] List bill:  number
                   ----------------------------------------------------------------------------------------------------------
                   [_]  Other
                   ---------------------------------------------------------------------------------------------------------

                   Premium payor
                   Complete if other than owner.
                   Name                                                                 Social Security #
                   -------------------------------------------------------------------- -------------------------------------
                   Address
                   ----------------------------------------------------------------------------------------------------------
                   Zip                                  Home phone #
                   ------------------------------------ ---------------------------------------------------------------------

</TABLE>
AGLC 8001-99

                                                                          Page 3
<PAGE>

Remarks            ___________________________________________________________

                   ___________________________________________________________

                   ___________________________________________________________

                   ___________________________________________________________

Your Signature

Authorization to obtain and disclose information and declaration

I hereby give my consent to any of the entities listed below to give to the
Company or its legal representative, all information they have pertaining to:
my medical consultations, treatments, or surgeries; hospital confinements,
which concern the physical and mental condition of me, my spouse, or my minor
children; my use of drugs or alcohol; or any other non-medical information.
Non-medical information could include items such as: personal finances;
habits; hazardous avocations; motor vehicle or court records; or foreign
travel, etc. The list of entities for which I give my consent to provide the
information above is as follows: any physician or medical practitioner; any
hospital, clinic or other health care facility; any insurance or reinsurance
company; any consumer reporting agency or insurance support organization; my
employer; or the Medical Information Bureau (MIB).

I understand the information obtained will be used by the Company to
determine eligibility for insurance and eligibility for benefits under an
existing policy. The Company may disclose such information and any
information developed during its evaluation of my application to: its
reinsurers; MIB; other insurance companies; other persons or organizations
performing business or legal services in connection with my application or
claim; me; any physician designated by me; or any person or entity required
to receive such information by law or as I may further consent.

I, as well as any person authorized to act on my behalf, may upon written
request, obtain a copy of this consent from the Company.

This consent will be valid for 30 months from the date of this application. I
agree that a photocopy of this consent will be as valid as the original. I
authorize the Company to obtain an investigative consumer report on me. I
understand that I may: request to be interviewed in connection with the
preparation of the report; and receive, upon written request, a copy of such
report.

[_]  Check if you wish to be interviewed.

I have read the above statements or they have been read to me. The above
statements are true and complete to the best of my knowledge and belief. I
understand that this application: (1) will consist of Part A, Part B, and, if
applicable, Part C and related forms; and (2) shall be the basis for any
policy issued on this application. I understand that any misrepresentation
contained in this application and relied on by the Company may be used to:
reduce or deny a claim or void the policy, if it is within its contestable
period and if such misrepresentation materially affects the acceptance of the
risk. Except as may be provided in a Limited Temporary Life Insurance
Agreement (LTLIA) for which all eligibility requirements are met, I
understand and agree that no insurance will be in effect pursuant to this
application, or under any policy issued by the Company, unless or until: the
policy has been delivered and accepted; the full first modal premium for the
issued policy has been paid; and there has been no change in the health of
any proposed insured that would change the answers to any questions in the
application.

I understand and agree that no agent is authorized to: accept risks or pass
upon insurability; make or modify contracts; or waive any of the Company's
rights or requirements.

I have received a copy of the Notice to Proposed Insured regarding Fair
Credit Reporting Act; the MIB; Insurance information practices; and telephone
interview information.

Limited Temporary Life Insurance - If eligible, I have received and accepted
the LTLIA. Temporary insurance is available only if: the full first modal
premium is submitted with this application and only "no" answers have been
given by any proposed insured to the "Health and Age" questions in the LTLIA.

Under penalties of perjury, I certify: that the number shown on this
application is my correct Social Security or Tax ID number; and that I am
not subject to backup withholding under Section 3406(a)(1)(C) of the
Internal Revenue Code. The Internal Revenue Service does not require my
consent to any provision of this document  other than the certifications
required to avoid backup  withholding.

Signatures         X Owner                                  Date
                   ---------------------------------------  ------------------
                   Signed at (city, state)
                   -----------------------------------------------------------
                   X Witness                                Date
                   ---------------------------------------- ------------------
                   X Primary proposed insured               Date
                   ---------------------------------------- ------------------
                   (If under age 15, signature of parent or guardian)

                   X Other proposed insured                 Date
                   ---------------------------------------- ------------------
                   If the Company contacts the proposed insured(s), when would
                   be the best time to call?
                   Time                                     Day of the week
                   ---------------------------------------- ------------------
                   Date                                     Phone #
                   ---------------------------------------- ------------------
                   I certify that I have truthfully and accurately recorded on
                   the Part A application the information supplied by the
                   proposed insured(s).
                   Agent name (please print)
                   -----------------------------------------------------------
                   Agent #                           State license #
                   --------------------------------- -------------------------
                   X Agent                                   Date
                   ----------------------------------------- -----------------

AGLC 8001-99

                                                                          Page 4
<PAGE>

Agent's Report

              Number of years you have known:  primary proposed insured
              ----------------------------------------------------------------
              other proposed insured
              ----------------------------------------------------------------
              Have you scheduled a medical exam, inspection report,
              blood profile, urinalysis, or APS?  [_] yes   [_] no
              If yes, please provide name of examiner, clinic, date, and
              the type of report ordered.
              ----------------------------------------------------------------

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

------------------------------------------------------------------------------
Statements
              Did you personally see the proposed insured(s) on the date of
              this application, ask each question, and accurately record
              the answers yourself?  [_] yes  [_] no
              If no, please provide details in the "Remarks" section below.

              Do you have any information that indicates that any proposed
              insured may replace, change, or use any monetary value of any
              existing or pending life insurance policy or annuity with any
              company in connection with the purchase of insurance?
              [_]  yes   [_]  no   If yes, please provide details in the
              "Remarks" section below and attach all replacement-related forms.

              Are you aware of any information that would adversely affect any
              proposed insured's eligibility, acceptability, or insurability?
              [_]  yes   [_]  no   If yes, please provide details in the
              "Remarks" section below, and do not provide limited temporary
              life insurance.

              Did you provide client with LTLIA?    [_]  yes         [_] no

              Have any of the proposed insureds or the owner submitted
              an application for coverage with any of the American General life
              insurance companies within the last 30 days?  [_] yes   [_] no

              If primary proposed insured is a child, what amount of insurance
              is in force on the father $___________  and/or mother $________?

              Are you related by blood or marriage to any proposed insured?
              [_]  yes   [_] no (If yes, relationship)

              Remarks (Please include information on any split dollar,
              collateral assignment, etc.)
              ________________________________________________________________

              ________________________________________________________________

              ________________________________________________________________

              ________________________________________________________________

              ________________________________________________________________

              ________________________________________________________________

              ________________________________________________________________

              ________________________________________________________________

------------------------------------------------------------------------------
<TABLE>
<CAPTION>

<S>            <C>                                     <C>                  <C>                 <C>
Commission
              Please list servicing agent first.
              Agent(s) to receive commission           Agency number        Agent number        Percent of commission
              ---------------------------------------  -------------------  ------------------  ------------------------
              ---------------------------------------  -------------------  ------------------  ------------------------
              ---------------------------------------  -------------------  ------------------  ------------------------
              ---------------------------------------  -------------------  ------------------  ------------------------

</TABLE>

              X Writing agent                        Date
              -------------------------------------- -------------------------
              Social Security or Tax ID #            Phone #
              -------------------------------------- -------------------------
              Primary appointing company
              ----------------------------------------------------------------
              Client #
              ----------------------------------------------------------------
              If applicable:
              Broker-Dealer(s)
              ----------------------------------------------------------------
              Contact person                    Processing center
              --------------------------------- ------------------------------
              Phone #                           Fax #
              --------------------------------- ------------------------------
              If other than writing agent, send policy/delivery
              requirements to:------------------------------------------------

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

AGLC 8001-99  AR

<PAGE>

Limited Temporary Life Insurance Agreement

              [_] American General Life Insurance Company, Houston, TX
              [_] The Old Line Life Insurance Company of America, Milwaukee, WI
              [_] All American Life Insurance Company, Springfield, IL
              [_] The Franklin Life Insurance Company, Springfield, IL
              [_] The American Franklin Life Insurance Company, Springfield, IL

              In this application, the "Company" refers to the insurance
              company whose name is checked above.

              The insurance company checked above is SOLELY responsible for the
              obligation and payment of benefits under any policy that it may
              issue. No other company shown is responsible for such obligations
              or payments.

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

Health and Age questions

If any proposed insured answers "yes" to either question, temporary insurance
is not available, this agreement will be void, and any payment submitted will
be refunded.

During the last two years, have you had a heart attack, stroke, cancer,
diabetes, or disorder of the immune system; or have you been confined in a
hospital or other health care facility or been advised to have any diagnostic
test or surgery not yet performed?

Primary proposed insured                       Other proposed insured
    [_] yes  [_] no                                [_] yes    [_]no

Are you age 71 or above?

Primary proposed insured                       Other proposed insured
    [_] yes  [_] no                                [_] yes    [_]no

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

Premium payment

              Received $                               Date
              ---------------------------------------- -----------------------
              All premium checks must be made payable to the Company.
              Do not make check payable to the agent  or leave payee blank.

              Note: Agent does not have the authority to accept a premium
              (including automatic bank draft check, salary savings,
              or government allotment) with this application if the conditions
              in "Authorization to obtain and disclose information and
              declaration" cannot be met or if any part of the
              "Health and Age questions" have been answered "yes" by any
              proposed insured, answered falsely, or left blank.

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

Conditions of temporary life insurance

   1. The first modal premium must be paid with Part A of the application.

   2. The answer to both of the above "Health and Age
      questions" must be "no" for both proposed insureds.

   3. Upon receiving proof of the death of the primary
      proposed insured-or of both proposed insureds if this is a joint life
      or survivorship policy-during the period covered by this agreement, the
      total amount that will be paid by the Company pursuant to this and any
      other limited temporary life insurance agreements covering the proposed
      insured(s) will be the lesser of:
      . the plan amount the proposed insured(s) applied for;
         or
      . $500,000 plus the amount of any premium paid for
        coverage in excess of $500,000.
      The Company will pay this sum to the beneficiary named in the
      application. If death is due to suicide, payment will be limited to the
      amount of premium paid.

   4. Coverage under this agreement will begin on the date
      the later of the following events have been completed:
      . this Limited Temporary Life Insurance Agreement
        (LTLIA) has been signed by the proposed insured(s); or
      . all required medical examinations have been taken.

   5. Coverage under this agreement will end on the earliest of the following
      dates:
      . the date the policy as applied for is delivered
        and accepted;
      . the date the Company declines the application;
      . the date the Company states the application
        will not be considered on a prepaid basis;
      . 60 days from the date coverage begins under
        this agreement; or
      . the date the Company issues a policy other than
        as applied for.

   6. The prepayment for this temporary insurance will be:
      . applied to the first premium due if the policy is issued as
        applied for; or
      . refunded if the Company declines the application or if the
        owner does not accept the policy; or
      . applied to the first premium if a policy is issued other than as applied
        for and is accepted.

   7. Any misrepresentation contained in this agreement and relied on
      by the Company may be used to deny a claim on or void this agreement.

      No changes may be made in the terms and conditions of this agreement. No
      statement that tries to make such a change will bind the Company.

              X Owner                                 Date
              --------------------------------------  ------------------------
              Signed at (city, state)
              ----------------------------------------------------------------
              X Witness                               Date
              --------------------------------------- ------------------------
              X Primary proposed insured              Date
              --------------------------------------- ------------------------
              (If under age 15, signature of parent or guardian)
              X Other proposed insured                Date
              --------------------------------------- ------------------------
              I certify that I have truthfully and accurately recorded
              on the LTLIA the information supplied by the proposed insured(s).
              Agent name (please print)
              ----------------------------------------------------------------
              Agent #                            State license #
              ----------------------------------------------------------------
              X Agent                                 Date
              -------------------------------------   ------------------------

AGLC 8001-99  TIA
<PAGE>
Bank Draft Information

              [_] American General Life Insurance Company, Houston, TX
              [_] The Old Line Life Insurance Company of America, Milwaukee, WI
              [_] All American Life Insurance Company, Springfield, IL
              [_] The Franklin Life Insurance Company, Springfield, IL
              [_] The American Franklin Life Insurance Company, Springfield, IL

              The company checked above will withdraw the premiums from
              the specified account. This company will be referred to hereafter
              as the "Company." "You," "your," "I," and "me" refer to the
              accountholder whose name appears below.

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

How automatic bank draft works

Automatic bank draft is a debit service that offers a convenient way to pay
life insurance premiums. The Company will collect the life insurance premiums
from your bank account electronically-you do not need to write checks or mail
in any payments. Premium withdrawals will appear on your bank statement,
and your statements will be your receipt for payment of your premium.

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

Automatic bank draft agreement

I authorize the Company to electronically withdraw money from my account at
(name of bank) ___________________________________________________________
(bank address)____________________________________________________________
(Type of account     [_]   Checking      [_]  Savings)
for the payment of premiums and other charges on the insurance policy. I
authorize the Company to continue to make these withdrawals if there is a
conversion, renewal, or other change in the policy. I will compensate the
Company for any loss, claim, or liability caused by these withdrawals and
will not hold the Company responsible for any such loss, claim, or liability.

This authorization will not affect the terms of the policy. If the premiums
are not paid within the grace period allowed, the policy may lapse, and it
will be subject to any applicable nonforfeiture provision. Authorizing this
automatic payment plan does not put the insurance policy into effect.

This authorization may be retracted by me or the Company at any time for any
reason by giving written notice. The Company may retract the authorization
immediately, without giving me written notice, if any debt is not paid by the
bank stated above for any reason.

Name of primary proposed insured
------------------------------------------------------------------------------
Premium amount $
------------------------------------------------------------------------------
Frequency:  [_] annual   [_] semi-annual   [_] quarterly   [_] monthly
------------------------------------------------------------------------------
Preferred withdrawal date
------------------------------------------------------------------------------
[_]  Please debit my account for all outstanding premiums due.
X Signature of accountholder
------------------------------------------------------------------------------
Print name
------------------------------------------------------------------------------

Please attach voided check.

AGLC 8001-99  BDI

<PAGE>

           Detach this page and leave it with the proposed insured.

 Notice To The Proposed Insured

You have applied for life insurance with one of the following companies:
American General Life Insurance Company, The Old Line Life Insurance Company
of America, All American Life Insurance Company, The Franklin Life
Insurance Company, or The American Franklin Life Insurance Company. "Company"
refers to the company with which you have applied for insurance. This
notice is provided on behalf of that company.

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

Fair Credit Reporting Act

Pursuant to the Federal Fair Credit Reporting Act, as amended (15 U.S.C.
1681d), notice is hereby given that, as a component of our underwriting
process relating to your application for life insurance, the Company may
request an investigative consumer report that may include information about
your character, general reputation, personal characteristics, and mode of
living.

This information may be obtained through personal interviews with your
neighbors, friends, associates, and others with whom you are acquainted or who
may have knowledge concerning any such items of information. You have a right to
request in writing, within a reasonable period of time after receiving this
notice, a complete and accurate disclosure of the nature and scope of the
investigation the Company requests. You should direct this written request to
the Company at:

P. O. Box 1931
Houston, TX 77251-1931

Upon receipt of such a request, the Company will respond by mail within five
business days.

To make it easier to use its products and services, the Company may share
information about you with its affiliates beyond the 30 month period
described in "Authorization to Obtain and Disclose Information and
Declaration." You should notify the Company in writing at the address above
if you do not want the Company to share this information with its affiliates.

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

Medical Information Bureau

The designated insurer or its reinsurers may make a brief report regarding
your insurability to the Medical Information Bureau (MIB), a non-profit
membership organization of life insurance companies, that operates an
information exchange on behalf of its members. If you apply to another
MIB-member company for life or health insurance or a claim for benefits is
submitted to such a company, the MIB will supply such company with the
information they have about you.

At your request, the MIB will disclose any information it has in your file.
If you question the accuracy of information in the MIB's file, you may seek a
correction in accordance with the procedures set forth in the Federal Fair
Credit Reporting Act. The address and phone number of the MIB's information
office are:

P. O. Box 105
Essex Station
Boston, Massachusetts 01112
(617) 426-3660

The designated insurer, or its reinsurer, may also release information in its
file to other life insurance companies to whom you may apply for life or
health insurance, or to whom a claim for benefits may be submitted.

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

Insurance information practices

To issue an insurance policy, we need to obtain information about you. Some of
that information will come from you, and some will come from other sources. This
information may in certain circumstances be disclosed to third parties without
your specific authorization as permitted by law.

You have the right to access and correct this information, except information
that relates to a claim or a civil or criminal proceeding.

Upon your written request, the Company will provide you with a more detailed
written notice explaining the types of information that may be collected, the
types of sources and investigative techniques that may be used, the types of
disclosures that may be made and the circumstances under which they may be
made without your authorization, a description of your rights to access and
correct information, and the role of insurance support organizations with
regard to your information.

If you desire additional information on Insurance Information Practices you
should direct your requests to the Company at:

P. O. Box 1931
Houston, TX 77251-1931

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

Telephone interview information

To help process your application as soon as possible, the Company may have
one of its representatives call you by telephone, at your convenience,
and obtain additional underwriting information.

AGLC 8001-99  NPI

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