exv4w8





Exhibit 4.8



GUARANTEE AGREEMENT



EVERBANK FINANCIAL CORP



Dated as of May 25, 2005



 









 





TABLE OF CONTENTS




	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	DEFINITIONS AND INTERPRETATION
	 	 	 	 
	 
	 	 	 	 
	Section 1.1 Definitions and Interpretation
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE
	 	 	 	 
	 
	Section 2.1 Powers and Duties of the Guarantee Trustee
	 	 	4	 
	Section 2.2 Certain Rights of the Guarantee Trustee
	 	 	6	 
	Section 2.3 Not Responsible for Recitals or Issuance of Guarantee
	 	 	7	 
	Section 2.4 Events of Default; Waiver
	 	 	8	 
	Section 2.5 Events of Default; Notice
	 	 	8	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	THE GUARANTEE TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	Section 3.1 The Guarantee Trustee; Eligibility
	 	 	8	 
	Section 3.2 Appointment, Removal and Resignation of the Guarantee Trustee
	 	 	9	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	GUARANTEE
	 	 	 	 
	 
	 	 	 	 
	Section 4.1 Guarantee
	 	 	10	 
	Section 4.2 Waiver of Notice and Demand
	 	 	10	 
	Section 4.3 Obligations Not Affected
	 	 	10	 
	Section 4.4 Rights of Holders
	 	 	11	 
	Section 4.5 Guarantee of Payment
	 	 	12	 
	Section 4.6 Subrogation
	 	 	12	 
	Section 4.7 Independent Obligations
	 	 	12	 
	Section 4.8 Enforcement
	 	 	12	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	 
	 	 	 	 
	LIMITATION OF TRANSACTIONS; SUBORDINATION
	 	 	 	 
	 
	 	 	 	 
	Section 5.1 Limitation of Transactions
	 	 	13	 
	Section 5.2 Ranking
	 	 	13	 





 









 






	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 
	TERMINATION
	 	 	 	 
	 
	 	 	 	 
	Section 6.1 Termination
	 	 	14	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	 
	 	 	 	 
	INDEMNIFICATION
	 	 	 	 
	 
	 	 	 	 
	Section 7.1 Exculpation
	 	 	14	 
	Section 7.2 Indemnification
	 	 	14	 
	Section 7.3 Compensation; Reimbursement of Expenses
	 	 	15	 
	 
	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	 
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	Section 8.1 Successors and Assigns
	 	 	16	 
	Section 8.2 Amendments
	 	 	16	 
	Section 8.3 Notices
	 	 	16	 
	Section 8.4 Benefit
	 	 	17	 
	Section 8.5 Governing Law
	 	 	17	 
	Section 8.6 Counterparts
	 	 	17	 





ii









 





GUARANTEE AGREEMENT



     This GUARANTEE AGREEMENT (the “Guarantee”), dated as of May 25, 2005, is executed and
delivered by EverBank Financial Corp, a savings and loan holding company incorporated in the State
of Florida (the “Guarantor”), and Wilmington Trust Company, a Delaware banking corporation,
as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein)
from time to time of the Capital Securities (as defined herein) of EverBank Financial Preferred
Trust V, a Delaware statutory trust (the “Issuer”).



     WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the “Declaration”),
dated as of May 25, 2005, among the trustees named therein of the Issuer, EverBank Financial Corp,
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 securities, having an aggregate liquidation
amount of $10,000,000, designated in the Declaration as MMCapSSM (the “Capital
Securities”); and



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



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



ARTICLE I



DEFINITIONS AND INTERPRETATION 



     Section 1.1 Definitions and Interpretation.



     In this Guarantee, unless the context otherwise requires:



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



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



          (c) all references to “the Guarantee” or “this Guarantee” are to this Guarantee as modified,
supplemented or amended from time to time;



          (d) all references in this Guarantee to Articles and Sections are to Articles and Sections of
this Guarantee, unless otherwise specified;



1









 





          (e) terms defined in the Declaration as of the date of execution of this Guarantee have the
same meanings when used in this Guarantee, unless otherwise defined in this Guarantee or unless the
context otherwise requires; and



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



     “Beneficiaries” means any Person to whom the Issuer is or hereafter becomes indebted
or liable.



     “Common Securities” has the meaning specified in the Declaration.



     “Corporate Trust Office” means the office of the Guarantee Trustee at which at any
particular time its corporate trust business shall be principally administered, which at all times
shall be located within the United States and at the time of the execution of this Guarantee shall
be Rodney Square North, 1100 North Market Street, Wilmington, DE 19890-0001.



     “Covered Person” means any Holder of Capital Securities.



     “Debenture Issuer” means EverBank Financial Corp or any successor entity resulting
from any consolidation, amalgamation, merger or other business combination, in its capacity as
issuer of the Debentures.



     “Debentures” means the junior subordinated debentures of the Debenture Issuer that are
designated in the Indenture as the “Fixed/Floating Rate Junior Subordinated Debt Securities due
2035” and held by the Institutional Trustee (as defined in the Declaration) of the Issuer.



     “Event of Default” has the meaning set forth in Section 2.4.



     “Guarantee Payments” means the following payments or distributions, without
duplication, with respect to the Capital Securities, to the extent not paid or made by the Issuer:
(i) any accrued and unpaid Distributions (as defined in the Declaration) which are required to be
paid on such Capital Securities to the extent the Issuer has funds available in the Property
Account (as defined in the Declaration) therefor at such time, (ii) the price payable upon the
redemption of any Capital Securities to the extent the Issuer has funds available in the Property
Account therefor at such time, with respect to any Capital Securities that are (1) called for
redemption by the Issuer or (2) mandatorily redeemed by the Issuer, in each case, in accordance
with the terms of such Capital Securities, and (iii) upon a voluntary or involuntary liquidation,
dissolution, winding-up or termination of the Issuer (other than in connection with the
distribution of Debentures to the Holders of the Capital Securities in exchange therefor as
provided in the Declaration), the lesser of (a) the aggregate of the liquidation amount of the
Capital Securities and all accrued and unpaid Distributions on the Capital Securities to the date
of payment, to the extent the Issuer has funds available in the Property Account therefor at such
time, 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 of the Issuer as required
by applicable law (in either case, the “Liquidation Distribution”).



2









 





     “Guarantee Trustee” means Wilmington Trust Company, until a Successor Guarantee
Trustee has been appointed and has accepted such appointment pursuant to the terms of this
Guarantee and thereafter means each such Successor Guarantee Trustee.



     “Holder” means any Person in whose name any Capital Securities are registered on the
books and records of the Issuer; provided, however, that, in determining whether the holders of the
requisite percentage of Capital 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 Guarantee Trustee (including in its individual
capacity), any Affiliate of the Guarantee Trustee, or any officers, directors, shareholders,
members, partners, employees, representatives, nominees, custodians or agents of the Guarantee
Trustee.



     “Indenture” means the Indenture, dated as of May 25, 2005, between the Debenture
Issuer and Wilmington Trust Company, not in its individual capacity but solely as trustee, and any
indenture supplemental thereto pursuant to which the Debentures are to be issued to the
Institutional Trustee of the Issuer.



     “Liquidation Distribution” has the meaning set forth in the definition of “Guarantee
Payments” herein.



     “Majority in liquidation amount of the Capital Securities” means Holder(s) of
outstanding Capital Securities, voting together as a class, but separately from the holders of
Common Securities, of more than 50% of the aggregate liquidation amount (including the amount that
would be paid upon the redemption, liquidation or otherwise on the date upon which the voting
percentages are determined, plus unpaid Distributions accrued thereon to such date) of all Capital
Securities then outstanding.



     “Obligations” means any costs, expenses or liabilities (but not including liabilities
related to taxes) of the Issuer, other than obligations of the Issuer to pay to holders of any
Trust Securities the amounts due such holders pursuant to the terms of the Trust Securities.



     “Officer’s Certificate” means, with respect to any Person, a certificate signed by one
Authorized Officer of such Person. Any Officer’s Certificate delivered with respect to compliance
with a condition or covenant provided for in this Guarantee shall include:



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



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



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



3









 





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



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



     “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the
qualifications to act as Guarantee Trustee under Section 3.1.



     “Trust Securities” means the Common Securities and the Capital Securities.



ARTICLE II



POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE 



     Section 2.1 Powers and Duties of the Guarantee Trustee.



          (a) This Guarantee shall be held by the Guarantee Trustee for the benefit of the Holders of
the Capital Securities, and the Guarantee Trustee shall not transfer this Guarantee to any Person
except a Holder of Capital Securities exercising his or her rights pursuant to Section 4.4 (b) or
to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its
appointment to act as Successor Guarantee Trustee. The right, title and interest of the Guarantee
Trustee shall automatically vest in any Successor Guarantee Trustee, and such vesting and cessation
of title shall be effective whether or not conveyancing documents have been executed and delivered
pursuant to the appointment of such Successor Guarantee Trustee.



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



          (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the curing
or waiving of all Events of Default that may have occurred, shall undertake to perform only such
duties as are specifically set forth in this Guarantee, and no implied covenants shall be read into
this Guarantee against the Guarantee Trustee. In case an



4









 





Event of Default has occurred (that has not been cured or waived pursuant to Section 2.4(b))
and is actually known to a Responsible Officer of the Guarantee Trustee, the Guarantee Trustee
shall exercise such of the rights and powers vested in it by this 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 Guarantee shall be construed to relieve the Guarantee Trustee from
liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct or bad faith, except that:



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



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



               (B) in the absence of bad faith on the part of the Guarantee Trustee, the
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 Guarantee Trustee and conforming to the requirements of this
Guarantee; but in the case of any such certificates or opinions furnished to the
Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same
to determine whether or not on their face they conform to the requirements of this
Guarantee;



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



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



               (iv) no provision of this Guarantee shall require the 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 Guarantee Trustee
shall have reasonable grounds for believing that the repayment of such funds is not
reasonably assured to it under the terms of this Guarantee, or security and



5









 





indemnity, reasonably satisfactory to the Guarantee Trustee, against such risk or
liability is not reasonably assured to it.



     Section 2.2 Certain Rights of the Guarantee Trustee.



          (a) Subject to the provisions of Section 2.1:



               (i) The 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 Guarantee shall be
sufficiently evidenced by an Officer’s Certificate.



               (iii) Whenever, in the administration of this Guarantee, the Guarantee Trustee shall
deem it desirable that a matter be proved or established before taking, suffering or
omitting any action hereunder, the 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 Officer’s Certificate of the Guarantor which, upon receipt of such
request, shall be promptly delivered by the Guarantor.



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



               (v) The 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
Guarantee Trustee shall have the right at any time to seek instructions concerning the
administration of this Guarantee from any court of competent jurisdiction.



               (vi) The Guarantee Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Guarantee at the request or direction of any Holder, unless
such Holder shall have provided to the Guarantee Trustee such security and indemnity,
reasonably satisfactory to the Guarantee Trustee, against the costs, expenses (including
attorneys’ fees and expenses and the expenses of the 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 Guarantee Trustee;
provided, however, that nothing contained in this Section 2.2(a)(vi) shall be taken to
relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation
to exercise the rights and powers vested in it by this Guarantee.



6









 





               (vii) The 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 Guarantee Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit.



               (viii) The 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 Guarantee Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it hereunder.



               (ix) Any action taken by the Guarantee Trustee or its agents hereunder shall bind the
Holders of the Capital Securities, and the signature of the 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 Guarantee Trustee to so act or as to its
compliance with any of the terms and provisions of this Guarantee, both of which shall be
conclusively evidenced by the Guarantee Trustee’s or its agent’s taking such action.



               (x) Whenever in the administration of this Guarantee the Guarantee Trustee shall deem
it desirable to receive instructions with respect to enforcing any remedy or right or taking
any other action hereunder, the Guarantee Trustee (A) may request instructions from the
Holders of a Majority in liquidation amount of the Capital Securities, (B) may refrain from
enforcing such remedy or right or taking such other action until such instructions are
received and (C) shall be protected in conclusively relying on or acting in accordance with
such instructions.



               (xi) The Guarantee Trustee shall not be liable for any action taken, suffered, or
omitted to be taken by it in good faith and reasonably believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this Guarantee.



          (b) No provision of this Guarantee shall be deemed to impose any duty or obligation on the
Guarantee Trustee to perform any act or acts or exercise any right, power, duty or obligation
conferred or imposed on it, in any jurisdiction in which it shall be illegal or in which the
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 Guarantee Trustee shall be construed to be a duty.



     Section 2.3 Not Responsible for Recitals or Issuance of Guarantee.



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



7









 





     Section 2.4 Events of Default; Waiver.



          (a) An “Event of Default” under this Guarantee will occur upon the failure of the
Guarantor to perform any of its payment or other obligations hereunder.



          (b) The Holders of a Majority in liquidation amount of the Capital Securities may, voting or
consenting as a class, on behalf of the Holders of all of the Capital Securities, waive any past
Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to
exist, and shall be deemed to have been cured, for every purpose of this Guarantee, but no such
waiver shall extend to any subsequent or other default or Event of Default or impair any right
consequent thereon.



     Section 2.5 Events of Default; Notice.



          (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default,
transmit by mail, first class postage prepaid, to the Holders of the Capital Securities, notices of
all Events of Default actually known to a Responsible Officer of the Guarantee Trustee, unless such
defaults have been cured before the giving of such notice, provided, however, that the Guarantee
Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of
the Guarantee Trustee in good faith determines that the withholding of such notice is in the
interests of the Holders of the Capital Securities.



          (b) The Guarantee Trustee shall not be charged with knowledge of any Event of Default unless
the Guarantee Trustee shall have received written notice thereof from the Guarantor or a Holder of
the Capital Securities, or a Responsible Officer of the Guarantee Trustee charged with the
administration of this Guarantee shall have actual knowledge thereof.



ARTICLE III



THE GUARANTEE TRUSTEE



     Section 3.1 The Guarantee Trustee; Eligibility.



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



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



               (ii) be a corporation or national association organized and doing business under the
laws of the United States of America or any state thereof or of the District of Columbia, or
Person 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 or District of Columbia authority. If such
corporation or national association publishes reports of condition at least annually,
pursuant to law or to the requirements of the supervising or examining authority referred to
above, then, for the purposes of this Section 3.1(a)(ii), the combined capital and surplus
of such corporation or national association shall be deemed
to be its combined capital and surplus as set forth in its most recent report of
condition so published.



8









 





          (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under Section
3.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set forth
in Section 3.2(c).



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



     Section 3.2 Appointment, Removal and Resignation of the Guarantee Trustee.



          (a) Subject to Section 3.2(b), the Guarantee Trustee may be appointed or removed without cause
at any time by the Guarantor except during an Event of Default.



          (b) The Guarantee Trustee shall not be removed in accordance with Section 3.2(a) until a
Successor Guarantee Trustee has been appointed and has accepted such appointment by written
instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor.



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



          (d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as
provided in this Section 3.2 within 60 days after delivery of an instrument of removal or
resignation, the Guarantee Trustee resigning or being removed may petition any court of competent
jurisdiction for appointment of a Successor Guarantee Trustee. Such court may thereupon, after
prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee.



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



          (f) Upon termination of this Guarantee or removal or resignation of the Guarantee Trustee
pursuant to this Section 3.2, the Guarantor shall pay to the Guarantee Trustee all amounts owing to
the Guarantee Trustee under Sections 7.2 and 7.3 accrued to the date of such termination, removal
or resignation.



9









 





ARTICLE IV



GUARANTEE



     Section 4.1 Guarantee.



          (a) 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 (except defense of payment by the Issuer), 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.



          (b) The Guarantor hereby also agrees to assume any and all Obligations of the Issuer and in
the event any such Obligation is not so assumed, subject to the terms and conditions hereof, the
Guarantor hereby irrevocably and unconditionally guarantees to each Beneficiary the full payment,
when and as due, of any and all Obligations to such Beneficiaries. This Guarantee is intended to
be for the Beneficiaries who have received notice hereof.



     Section 4.2 Waiver of Notice and Demand.



     The Guarantor hereby waives notice of acceptance of this 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 4.3 Obligations Not Affected.



     The obligations, covenants, agreements and duties of the Guarantor under this Guarantee shall
in no way be affected or impaired by reason of the happening from time to time of any of the
following:



          (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
Capital 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, the price payable upon the redemption of the Capital Securities, the Liquidation
Distribution or any other sums payable under the terms of the Capital Securities or the extension
of time for the performance of any other obligation under, arising out of, or in connection with,
the Capital Securities (other than an extension of time for the payment of the Distributions, the
price payable upon the redemption of the Capital Securities, the Liquidation Distribution or other
sums payable that results from the extension of any interest payment period on the Debentures);



10









 





          (c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce,
assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the
terms of the Capital 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 Capital Securities;



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



          (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 4.3 that the obligations
of the Guarantor hereunder 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.



     Section 4.4 Rights of Holders.



          (a) The Holders of a Majority in liquidation amount of the Capital Securities have the right
to direct the time, method and place of conducting any proceeding for any remedy available to the
Guarantee Trustee in respect of this Guarantee or to direct the exercise of any trust or power
conferred upon the Guarantee Trustee under this Guarantee; provided, however, that (subject to
Sections 2.1 and 2.2) the Guarantee Trustee shall have the right to decline to follow any such
direction if the Guarantee Trustee shall determine that the actions so directed would be unjustly
prejudicial to the Holders not taking part in such direction or if the Guarantee Trustee being
advised by legal counsel determines that the action or proceeding so directed may not lawfully be
taken or if the Guarantee Trustee in good faith by its board of directors or trustees, executive
committee or a trust committee of directors or trustees and/or Responsible Officers shall determine
that the action or proceeding so directed would involve the Guarantee Trustee in personal
liability.



          (b) Any Holder of Capital Securities may institute a legal proceeding directly against the
Guarantor to enforce the Guarantee Trustee’s rights under this Guarantee, without first instituting
a legal proceeding against the Issuer, the Guarantee Trustee or any other Person. The Guarantor
waives any right or remedy to require that any such action be brought first against the Issuer, the
Guarantee Trustee or any other Person before so proceeding directly against the Guarantor.



11









 





     Section 4.5 Guarantee of Payment.



     This Guarantee creates a guarantee of payment and not of collection.



     Section 4.6 Subrogation.



     The Guarantor shall be subrogated to all (if any) rights of the Holders of Capital Securities
against the Issuer in respect of any amounts paid to such Holders by the Guarantor under this
Guarantee; provided, however, that the Guarantor shall not (except to the extent required by
applicable 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 Guarantee, if, after giving effect to any such payment, any amounts are due and
unpaid under this 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 4.7 Independent Obligations.



     The Guarantor acknowledges that its obligations hereunder are independent of the obligations
of the Issuer with respect to the Capital Securities and that the Guarantor shall be liable as
principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this
Guarantee notwithstanding the occurrence of any event referred to in subsections (a) through (g),
inclusive, of Section 4.3 hereof.



     Section 4.8 Enforcement.



     A Beneficiary may enforce the Obligations of the Guarantor contained in Section 4.1(b)
directly against the Guarantor, and the Guarantor waives any right or remedy to require that any
action be brought against the Issuer or any other person or entity before proceeding against the
Guarantor.



     The Guarantor shall be subrogated to all rights (if any) of any Beneficiary against the Issuer
in respect of any amounts paid to the Beneficiaries by the Guarantor under this Guarantee;
provided, however, that the Guarantor shall not (except to the extent required by applicable
provisions of law) be entitled to enforce or exercise any rights 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 Guarantee, if, after giving effect to such payment, any amounts are due and unpaid under
this 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 Beneficiaries and to pay over
such amount to the Beneficiaries.



12









 





ARTICLE V



LIMITATION OF TRANSACTIONS; SUBORDINATION



     Section 5.1 Limitation of Transactions.



     So long as any Capital Securities remain outstanding, if (a) there shall have occurred and be
continuing an Event of Default or (b) Debenture Issuer shall have selected an Extension Period as
provided in the Indenture and such period, or any extension thereof, shall have commenced and be
continuing, then the Guarantor may not (x) 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, (y) make any payment of principal of or interest or premium, if any, on or repay,
repurchase or redeem any debt securities of the Guarantor that rank in all respects pari passu with
or junior in interest to the Debentures or (z) make any payment under any guarantees of the
Guarantor that rank in all respects pari passu with or junior in interest to this Guarantee (other
than (i) repurchases, redemptions or other acquisitions of shares of capital stock of the Guarantor
(A) in connection with any employment contract, benefit plan or other similar arrangement with or
for the benefit of one or more employees, officers, directors, or consultants, (B) in connection
with a dividend reinvestment or stockholder stock purchase plan or (C) in connection with the
issuance of capital stock of the Guarantor (or securities convertible into or exercisable for such
capital stock), as consideration in an acquisition transaction entered into prior to the occurrence
of the Event of Default or the applicable Extension Period, (ii) as a result of any exchange or
conversion of any class or series of the Guarantor’s capital stock (or any capital stock of a
subsidiary of the Guarantor) for any class or series of the Guarantor’s capital stock or of any
class or series of the Guarantor’s indebtedness for any class or series of the Guarantor’s capital
stock, (iii) 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, (iv) any declaration of a dividend in connection with any stockholder’s
rights plan, or the issuance of rights, stock or other property under any stockholder’s rights
plan, or the redemption or repurchase of rights pursuant thereto, or (v) any dividend in the form
of stock, warrants, options or other rights where the dividend stock or the stock issuable upon
exercise of such warrants, options or other rights is the same stock as that on which the dividend
is being paid or ranks pari passu with or junior in interest to such stock).



     Section 5.2 Ranking.



     This Guarantee will constitute an unsecured obligation of the Guarantor and will rank
subordinate and junior in right of payment to all present and future Senior Indebtedness (as
defined in the Indenture) of the Guarantor. By their acceptance thereof, each Holder of Capital
Securities agrees to the foregoing provisions of this Guarantee and the other terms set forth
herein.



13









 





ARTICLE VI



TERMINATION



     Section 6.1 Termination.



     This Guarantee shall terminate as to the Capital Securities (i) upon full payment of the price
payable upon redemption of all Capital Securities then outstanding, (ii) upon the distribution of
all of the Debentures to the Holders of all of the Capital Securities or (iii) upon full payment of
the amounts payable in accordance with the Declaration upon dissolution of the Issuer. This
Guarantee will continue to be effective or will be reinstated, as the case may be, if at any time
any Holder of Capital Securities must restore payment of any sums paid under the Capital Securities
or under this Guarantee.



ARTICLE VII



INDEMNIFICATION



     Section 7.1 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 of such Indemnified Person in good faith in accordance with this 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 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, willful misconduct or bad faith 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 Issuer or the Guarantor and upon such information, opinions, reports or statements presented
to the Issuer or .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, if selected by
such Indemnified Person, has been selected with reasonable care by such Indemnified Person,
including information, opinions, reports or statements as to the value and amount of the assets,
liabilities, profits, losses, or any other facts pertinent to the existence and amount of assets
from which Distributions to Holders of Capital Securities might properly be paid.



     Section 7.2 Indemnification.



          (a) 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, willful misconduct or bad faith on the part of the Indemnified Person, arising
out of or in connection with the acceptance or administration of the trust or trusts hereunder,
including but not limited to the costs and expenses (including reasonable legal fees and expenses)
of the Indemnified Person defending itself against, or



14









 





investigating, any claim or liability in connection with the exercise or performance of any of
the Indemnified Person’s powers or duties hereunder. The obligation to indemnify as set forth in
this Section 7.2 shall survive the resignation or removal of the Guarantee Trustee and the
termination of this Guarantee.



          (b) Promptly after receipt by an Indemnified Person under this Section 7.2 of notice of the
commencement of any action, such Indemnified Person will, if a claim in respect thereof is to be
made against the Guarantor under this Section 7.2, notify the Guarantor in writing of the
commencement thereof; but the failure so to notify the Guarantor (i) will not relieve the Guarantor
from liability under paragraph (a) above unless and to the extent that the Guarantor did not
otherwise learn of such action and such failure results in the forfeiture by the Guarantor of
substantial rights and defenses and (ii) will not, in any event, relieve the Guarantor from any
obligations to any Indemnified Person other than the indemnification obligation provided in
paragraph (a) above. The Guarantor shall be entitled to appoint counsel of the Guarantor’s choice
at the Guarantor’s expense to represent the Indemnified Person in any action for which
indemnification is sought (in which case the Guarantor shall not thereafter be responsible for the
fees and expenses of any separate counsel retained by the Indemnified Person or Persons except as
set forth below); provided, however, that such counsel shall be satisfactory to the Indemnified
Person. Notwithstanding the Guarantor’s election to appoint counsel to represent the Indemnified
Person in any action, the Indemnified Person shall have the right to employ separate counsel
(including local counsel), and the Guarantor shall bear the reasonable fees, costs and expenses of
such separate counsel, if (i) the use of counsel chosen by the Guarantor to represent the
Indemnified Person would present such counsel with a conflict of interest, (ii) the actual or
potential defendants in, or targets of, any such action include both the Indemnified Person and the
Guarantor and the Indemnified Person shall have reasonably concluded that there may be legal
defenses available to it and/or other Indemnified Persons which are different from or additional to
those available to the Guarantor, (iii) the Guarantor shall not have employed counsel satisfactory
to the Indemnified Person to represent the Indemnified Person within a reasonable time after notice
of the institution of such action or (iv) the Guarantor shall authorize the Indemnified Person to
employ separate counsel at the expense of the Guarantor. The Guarantor will not, without the prior
written consent of the Indemnified Persons, settle or compromise or consent to the entry of any
judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of
which indemnification or contribution may be sought hereunder (whether or not the Indemnified
Persons are actual or potential parties to such claim or action) unless such settlement, compromise
or consent includes an unconditional release of each Indemnified Person from all liability arising
out of such claim, action, suit or proceeding.



     Section 7.3 Compensation; Reimbursement of Expenses.



     The Guarantor agrees:



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



15









 





          (b) except as otherwise expressly provided herein, to reimburse the Guarantee Trustee upon
request for all reasonable expenses, disbursements and advances incurred or made by it in
accordance with any provision of this Guarantee (including the reasonable compensation and the
expenses and disbursements of its agents and counsel), except any such expense, disbursement or
advance as may be attributable to the negligence, willful misconduct or bad faith of the Guarantee
Trustee.



     The provisions of this Section 7.3 shall survive the resignation or removal of the Guarantee
Trustee and the termination of this Guarantee.



ARTICLE VIII



MISCELLANEOUS



     Section 8.1 Successors and Assigns.



     All guarantees and agreements contained in this Guarantee shall bind the successors, assigns,
receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the
Holders of the Capital Securities then outstanding. Except in connection with any merger or
consolidation of the Guarantor with or into another entity or any sale, transfer or lease of the
Guarantor’s assets to another entity, in each case to the extent permitted under the Indenture, the
Guarantor may not assign its rights or delegate its obligations under this Guarantee without the
prior approval of the Holders of a Majority in liquidation amount of the Capital Securities.



     Section 8.2 Amendments.



     Except with respect to any changes that do not adversely affect the powers, preferences,
rights or interests of Holders of the Capital Securities in any material respect (in which case no
approval of Holders will be required), this Guarantee may be amended only with the prior approval
of the Holders of a Majority in liquidation amount of the Capital Securities. The provisions of
the Declaration with respect to amendments thereof shall apply equally with respect to amendments
of the Guarantee.



     Section 8.3 Notices.



     All notices provided for in this 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 Guarantee Trustee, at the Guarantee Trustee’s mailing address set forth
below (or such other address as the Guarantee Trustee may give notice of to the Holders of the
Capital Securities): Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890-0001, Attention: Corporate Capital Markets, Telecopy: 302-636-4140,
Telephone: 302-651-1000;



          (b) 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 of the



16









 





Capital Securities and to
the Guarantee Trustee): EverBank Financial Corp, 8100 Nations Way, Jacksonville, Florida 32256,
Attention: Jeffrey L. Smiley, Telecopy: 904-281-6443, Telephone: 904-281-6000; or



          (c) if given to any Holder of the Capital Securities, 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 8.4 Benefit.



     This Guarantee is solely for the benefit of the Holders of the Capital Securities and, subject
to Section 2.1(a), is not separately transferable from the Capital Securities.



     Section 8.5 Governing Law.



     THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES OF SAID STATE OTHER THAN SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW.



     Section 8.6 Counterparts.



     This Guarantee may contain more than one counterpart of the signature page and this Guarantee
may be executed by the affixing of the signature of the Guarantor and the Guarantee Trustee to any
of such counterpart signature pages. All of such counterpart signature pages shall be read as
though one, and they shall have the same force and effect as though all of the signers had signed a
single signature page.



17









 





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



	 	 	 	 	 	 	 	 	 

	 	 	EVERBANK FINANCIAL CORP,

as Guarantor	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Thomas A. Hayde	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Thomas A. Hayde	 	 
	 

	 	 	 	Title:
	 	SVP	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,

as Guarantee Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Geoffrey J. Lewis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Geoffrey J. Lewis	 	 
	 

	 	 	 	Title:
	 	Financial Services Officer	 	 





GUARANTEE