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Exhibit 4.20  


 
 

CAPITAL SECURITIES GUARANTEE AGREEMENT    



COMMUNITY
FIRST BANKSHARES, INC. 


AND



WILMINGTON
TRUST COMPANY 


DATED:            .
200            





 
 
 

TABLE OF CONTENTS    
    



	 
	 	 
	 	Page No.

	ARTICLE I—DEFINITIONS AND INTERPRETATION	 	1
	 	

SECTION 1.1	
 	

Definitions and Interpretation	
 	

1
	

ARTICLE II—TRUST INDENTURE ACT	
 	

4
	 	

SECTION 2.1	
 	

Trust Indenture Act; Application	
 	

4
	 	

SECTION 2.2	
 	

Lists of Holders of Securities	
 	

4
	 	

SECTION 2.3	
 	

Reports by the Capital Guarantee Trustee	
 	

4
	 	

SECTION 2.4	
 	

Periodic Reports to Capital Guarantee Trustee	
 	

4
	 	

SECTION 2.5	
 	

Evidence of Compliance with Conditions Precedent	
 	

4
	 	

SECTION 2.6	
 	

Events of Default; Waiver	
 	

5
	 	

SECTION 2.7	
 	

Event of Default; Notice	
 	

5
	 	

SECTION 2.8	
 	

Conflicting Interests	
 	

5
	

ARTICLE III—POWERS, DUTIES AND RIGHTS OF CAPITAL GUARANTEE TRUSTEE	
 	

5
	 	

SECTION 3.1	
 	

Powers and Duties of the Capital Guarantee Trustee	
 	

5
	 	

SECTION 3.2	
 	

Certain Rights of Capital Guarantee Trustee	
 	

7
	 	

SECTION 3.3	
 	

Not Responsible for Recitals or Issuance of Guarantee	
 	

8
	

ARTICLE IV—CAPITAL GUARANTEE TRUSTEE	
 	

8
	 	

SECTION 4.1	
 	

Capital Guarantee Trustee; Eligibility	
 	

8
	 	

SECTION 4.2	
 	

Appointment, Removal and Resignation of Capital Guarantee Trustees	
 	

9
	

ARTICLE V—GUARANTEE	
 	

9
	 	

SECTION 5.1	
 	

Guarantee	
 	

9
	 	

SECTION 5.2	
 	

Waiver of Notice and Demand	
 	

9
	 	

SECTION 5.3	
 	

Obligations Not Affected	
 	

10
	 	

SECTION 5.4	
 	

Rights of Holders	
 	

10
	 	

SECTION 5.5	
 	

Guarantee of Payment	
 	

10
	 	

SECTION 5.6	
 	

Subrogation	
 	

10
	 	

SECTION 5.7	
 	

Independent Obligations	
 	

11
	

ARTICLE VI—LIMITATION OF TRANSACTIONS; SUBORDINATION	
 	

11
	 	

SECTION 6.1	
 	

Limitation of Transactions	
 	

11
	 	

SECTION 6.2	
 	

Ranking	
 	

11
	

ARTICLE VII—TERMINATION	
 	

11
	 	

SECTION 7.1	
 	

Termination	
 	

11
	 	 	 	 	 





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ARTICLE VIII—INDEMNIFICATION	
 	

12
	 	

SECTION 8.1	
 	

Exculpation	
 	

12
	 	

SECTION 8.2	
 	

Indemnification	
 	

12
	

ARTICLE IX—MISCELLANEOUS	
 	

12
	 	

SECTION 9.1	
 	

Successors and Assigns	
 	

12
	 	

SECTION 9.2	
 	

Amendments	
 	

12
	 	

SECTION 9.3	
 	

Notices	
 	

13
	 	

SECTION 9.4	
 	

Benefit	
 	

13
	 	

SECTION 9.5	
 	

Governing Law	
 	

13




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CROSS REFERENCE TABLE    
    



	Section of Trust

Indenture Act of

1939, as Amended
	 	Section of

Guarantee

Agreement

	310(a)	 	4.1(a)
	310(b)	 	4.1(c), 2.8
	310(c)	 	Inapplicable
	311(a)	 	2.2(b)
	311(b)	 	2.2(b)
	311(c)	 	Inapplicable
	312(a)	 	2.2(a)
	312(b)	 	2.2(b)
	313     	 	2.3
	314(a)	 	2.4
	314(b)	 	Inapplicable
	314(c)	 	2.5
	314(d)	 	Inapplicable
	314(e)	 	1.1, 2.5, 3.2
	314(f)	 	2.1, 3.2
	315(a)	 	3.1(d)
	315(b)	 	2.7
	315(c)	 	3.1
	315(d)	 	3.1(d)
	316(a)	 	1.1, 3.6, 5.4
	316(b)	 	5.3
	316(c)	 	8.2
	317(a)	 	Inapplicable
	317(b)	 	Inapplicable
	318(a)	 	2.1(b)
	318(b)	 	2.1
	318(c)	 	2.1(a)





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CAPITAL SECURITIES GUARANTEE AGREEMENT    




        This
GUARANTEE AGREEMENT (the "Capital Securities Guarantee"), dated as of            . 200    , is executed and delivered by Community First Bankshares, Inc., a
Delaware corporation (the "Guarantor"), and Wilmington Trust Company, as trustee (the "Capital Guarantee Trustee"), for the benefit of the Holders (as defined herein) from time to time of the Capital
Securities (as defined herein) of CFB Capital VI, a Delaware statutory trust ("CFB Capital"). 


        WHEREAS,
pursuant to an Amended and Restated Trust Agreement (the "Trust Agreement") dated as of            . 200    among the trustees of CFB Capital named therein, the
Guarantor, as sponsor, and the holders from time to time of undivided beneficial interests in the assets of CFB Capital, CFB Capital is issuing on the date
hereof                        preferred securities,
having an aggregate liquidation amount of $                        , designated
the            % Cumulative Capital Securities (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 Capital
Securities Guarantee, to pay to the Holders of the 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 Capital Securities, which purchase the Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and
delivers this Capital Securities Guarantee for the benefit of the Holders. 


ARTICLE I

DEFINITIONS AND INTERPRETATION 


SECTION
1.1    Definitions and Interpretation 


        In
this Capital Securities Guarantee, unless the context otherwise requires: 



        (a)   capitalized
terms used in this Capital 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 anywhere in this Capital Securities Guarantee has the same meaning throughout; 



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


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


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


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




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


        "Business
Day" means any day other than (a) a Saturday or Sunday, (b) a day on which banking institutions in the State of Minnesota are authorized or required by law or
executive order to remain closed, or (c) a day on which the Capital Guarantee Trustee's Corporate Trust Office is closed for business. 


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        "Corporate
Trust Office" means the office of the Capital Guarantee Trustee at which the corporate trust business of the Capital Guarantee Trustee shall, at any particular time, be
principally administered, which office at the date of execution of this Agreement is located at Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attn: Corporate Trust Administration. 


        "Covered
Person" means any Holder or beneficial owner of Capital Securities. 


        "Debt"
means with respect to any person, whether recourse is to all or a portion of the assets of such person and whether or not contingent: (i) every obligation of such person
for money borrowed; (ii) every obligation of such person evidenced by bonds, debentures, notes or other similar instruments, including obligations incurred in connection with the acquisition of
property, assets or businesses; (iii) every reimbursement obligation of such person with respect to letters of credit, bankers' acceptances or similar facilities issued for the account of such
person; (iv) every obligation of such person issued or assumed as the deferred purchase price of property or services (but excluding trade accounts payable or accrued liabilities arising in the
ordinary course of business); (v) every capital lease obligation of such person; and (vi) every obligation of the type referred to in clauses (i) through (v) of another
person and all dividends of another person the payment of which, in either case, such person has guaranteed or is responsible or liable, directly or indirectly, as obligor or otherwise. 


        "Event
of Default" means a default by the Guarantor on any of its payment or other obligations under this Capital Securities Guarantee. 



        "Guarantee
Payments" means the following payments or distributions, without duplication, with respect to the Capital Securities, to the extent not paid or made by CFB Capital:
(i) any accrued and unpaid Distributions (as defined in the Trust Agreement) that are required to be paid on such Capital Securities to the extent CFB Capital shall have funds available
therefor, (ii) the redemption price, including all accrued and unpaid Distributions to the date of redemption (the "Redemption Price") to the extent CFB Capital has funds available therefor,
with respect to any Capital Securities called for redemption by CFB Capital, and (iii) upon a voluntary or involuntary dissolution, winding-up or termination of CFB Capital (other
than in connection with the distribution of Junior Subordinated Debentures to the Holders in exchange for Capital Securities as provided in the Trust Agreement), the lesser of (a) the aggregate
of the liquidation amount and all accrued and unpaid Distributions on the Capital Securities to the date of payment, to the extent CFB Capital shall have funds available therefor, and (b) the
amount of assets of CFB Capital remaining available for distribution to Holders in liquidation of CFB Capital (in either case, the "Liquidation Distribution"). 


        "Holder"
shall mean any holder, as registered on the books and records of CFB Capital of any Capital Securities; 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 Capital Guarantee Trustee, any Affiliate of the Capital Guarantee Trustee, or any officers, directors, shareholders, members, partners, employees,
representatives, nominees, custodians or agents of the Capital Guarantee Trustee. 


        "Indenture"
means the Subordinated Indenture dated as of            . 200    , among the Guarantor (the "Debenture Issuer") and Wilmington Trust Company, as trustee, and
any indenture supplemental thereto pursuant to which the Junior Subordinated Debentures are to be issued to the Property Trustee of CFB Capital. 



        "Junior
Subordinated Debentures" means the series of junior subordinated deferrable interest debt securities of the Guarantor designated the            % Junior Subordinated
Debentures due 20    held by the Property Trustee (as defined in the Trust Agreement) of CFB Capital. 


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        "Majority
in liquidation amount of the Capital Securities" means, except as provided by the Trust Indenture Act, a vote by Holder(s) of Capital Securities, voting separately as a class,
of more than 50% of the liquidation amount (including the stated amount that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions to the date upon which the
voting percentages are determined) of all Capital Securities. 


        "Officers'
Certificate" means, with respect to any Person, a certificate signed by two Authorized Officers of such Person. Any Officers' Certificate delivered with respect to compliance
with a condition or covenant provided for in this Capital Securities Guarantee shall include: 



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



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


        (c)   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 


        (d)   a
statement as to whether, in the opinion of each 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. 


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


        "Responsible
Officer" means, with respect to the Capital Guarantee Trustee, any officer within the Corporate Trust Office of the Capital Guarantee Trustee, including any
vice-president, any assistant vice-president, any assistant secretary, the treasurer, any assistant treasurer or other officer of the Corporate Trust Office of the Capital
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
Capital Guarantee Trustee" means a successor Capital Guarantee Trustee possessing the qualifications to act as Capital Guarantee Trustee under Section 4.1. 



        "Senior
and Subordinated Debt" means the principal of (and premium, if any) and interest, if any (including interest accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Guarantor whether or not such claim for post-petition interest is allowed in such proceeding), on Debt, whether incurred on or prior to the date of the
Indenture or thereafter incurred, unless, in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such obligations are not superior in right
of payment to the Capital Securities Guarantee or to other Debt which is pari passu with, or subordinated to, the Capital Securities Guarantee; provided, however, that Senior and Subordinated Debt
shall not be deemed to include (i) any Debt of the Guarantor which when incurred and without respect to any election under section 1111(b) of the United States Bankruptcy Code of 1978,
as amended, was without recourse to the Guarantor, (ii) any Debt of the Guarantor to any of its subsidiaries, (iii) any Debt to any employee of the Guarantor, (iv) any Debt which
by its terms is subordinated to trade accounts payable or accrued liabilities arising in the ordinary course of business to the extent that payments made to the holders of such Debt by the holders of
the Junior Subordinated Debentures as a result of the 


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subordination
provisions of the Indenture would be greater than they otherwise would have been as a result of any obligation of such holders to pay amounts over to the obligees on such trade accounts
payable or accrued liabilities arising in the ordinary course of business as a result of subordination provisions to which such Debt is subject, (v) the Junior Subordinated Debentures, and
(vi) any other debt securities issued pursuant to the Indenture and any other junior subordinated debt securities issued to a trust subsidiary of the Company and guarantees pursuant to such
securities (such other debt securities and guarantees being pari passu in right of payment to the Capital Securities Guarantee). 



        "Trust
Indenture Act" means the Trust Indenture Act of 1939, as amended. 


ARTICLE II

TRUST INDENTURE ACT 


SECTION
2.1    Trust Indenture Act; Application 


        (a)   This
Capital Securities Guarantee is subject to the provisions of the Trust Indenture Act that are required to be part of this Capital 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 Capital 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. 


SECTION
2.2    Lists of Holders of Securities 


        (a)   The
Guarantor shall provide the Capital Guarantee Trustee with a list, in such form as the Capital Guarantee Trustee may reasonably require, of the names and addresses
of the Holders of the Capital Securities ("List of Holders") (i) on or before January 1 and July 1 of each year, 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 Capital 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 Capital Guarantee Trustee by the Guarantor. The
Capital Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders. 


        (b)   The
Capital 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 Capital Guarantee Trustee 


        On
or before July 15 of each year, the Capital Guarantee Trustee shall provide to the Holders of the Capital Securities 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 Capital Guarantee Trustee shall also comply with the requirements of
Section 313(d) of the Trust Indenture Act. 


SECTION
2.4    Periodic Reports to Capital Guarantee Trustee 


        The
Guarantor shall provide to the Capital 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. 


SECTION
2.5    Evidence of Compliance with Conditions Precedent 


        The
Guarantor shall provide to the Capital Guarantee Trustee such evidence of compliance with the conditions precedent, if any, provided for in this Capital Securities Guarantee that
relate to any of 


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the
matters set forth in Section 314(c) of the Trust 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    Events of Default; Waiver 


        The
Holders of a Majority in liquidation amount of Capital Securities may, by vote, 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 any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Capital
Securities Guarantee, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 


SECTION
2.7    Event of Default; Notice 


        (a)   The
Capital 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 Capital Guarantee Trustee, unless such defaults have been cured before the giving of such
notice, provided, that, the Capital Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Capital 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
Capital Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless the Capital Guarantee Trustee shall have received a properly addressed
written notice, or of which a Responsible Officer of the Capital Guarantee Trustee charged with the administration of the Trust Agreement shall have obtained actual knowledge. 



SECTION
2.8    Conflicting Interests 


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


ARTICLE III

POWERS, DUTIES AND RIGHTS OF

CAPITAL GUARANTEE TRUSTEE 


SECTION
3.1    Powers and Duties of the Capital Guarantee Trustee 



        (a)   This
Capital Securities Guarantee shall be held by the Capital Guarantee Trustee for the benefit of the Holders of the Capital Securities, and the Capital Guarantee
Trustee shall not transfer this Capital Securities Guarantee to any Person except a Holder of Capital Securities exercising his or her rights pursuant to Section 5.4(b) or to a Successor
Capital Guarantee Trustee on acceptance by such Successor Capital Guarantee Trustee of its appointment to act as Successor Capital Guarantee Trustee. The right, title and interest of the Capital
Guarantee Trustee shall automatically vest in any Successor Capital 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 Capital Guarantee Trustee. 



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


        (c)   The
Capital Guarantee Trustee, before the occurrence of any Event of Default and after the curing of all Events of Default that may have occurred, shall undertake to
perform only such duties as 


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are
specifically set forth in this Capital Securities Guarantee, and no implied covenants shall be read into this Capital Securities Guarantee against the Capital Guarantee Trustee. In case an 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 of the Capital Guarantee Trustee, the Capital Guarantee
Trustee shall exercise such of the rights and powers vested in it by this Capital 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 Capital Securities Guarantee shall be construed to relieve the Capital 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 Event of Default and after the curing or waiving of all such Events of Default that may have occurred: 



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


        (B)  in
the absence of bad faith on the part of the Capital Guarantee Trustee, the Capital 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 Capital Guarantee Trustee and conforming to the requirements of this Capital 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 Capital Guarantee Trustee, the Capital Guarantee Trustee shall be under a
duty to examine the same to determine whether or not they conform to the requirements of this Capital Securities Guarantee; 




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



        (iii)  the
Capital 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 not less than 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 Capital
Guarantee Trustee, or exercising any trust or power conferred upon the Capital Guarantee Trustee under this Capital Securities Guarantee; and 


        (iv)  no
provision of this Capital Securities Guarantee shall require the Capital 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 Capital 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 Capital Securities Guarantee or indemnity, reasonably satisfactory to the Capital Guarantee Trustee, against such risk
or liability is not reasonably assured to it. 



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SECTION
3.2    Certain Rights of Capital Guarantee Trustee 


        (a)   Subject
to the provisions of Section 3.1: 



        (i)    The
Capital Guarantee Trustee may conclusively rely upon, 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 Capital Securities Guarantee shall be sufficiently evidenced by an Officers' Certificate. 


        (iii)  Whenever,
in the administration of this Capital Securities Guarantee, the Capital Guarantee Trustee shall deem it desirable that a matter be proved or established
before taking, suffering or omitting any action hereunder, the Capital 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
Capital 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
Capital Guarantee Trustee may consult with counsel, and the written 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 Capital Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this
Capital Securities Guarantee from any court of competent jurisdiction. 


        (vi)  The
Capital Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Capital Securities Guarantee at the request or
direction of any Holder, unless such Holder shall have provided to the Capital Guarantee Trustee such security and indemnity, reasonably satisfactory to the Capital Guarantee Trustee, against the
costs, expenses (including attorneys' fees and expenses and the expenses of the Capital 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 Capital Guarantee Trustee; provided that, nothing contained in this Section 3.2(a)(vi) shall
be taken to relieve the Capital Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this Capital Securities Guarantee. 


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



        (viii) The
Capital 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 Capital 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 Capital Guarantee Trustee or its agents hereunder shall bind the Holders of the Capital Securities, and the signature of the Capital Guarantee
Trustee or its agents alone shall be sufficient and effective to perform any such action. No third party shall be required 



7





 




to
inquire as to the authority of the Capital Guarantee Trustee to so act or as to its compliance with any of the terms and provisions of this Capital Securities Guarantee, both of which shall be
conclusively evidenced by the Capital Guarantee Trustee's or its agent's taking such action. 


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




        (b)   No
provision of this Capital Securities Guarantee shall be deemed to impose any duty or obligation on the Capital 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 Capital 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 Capital Guarantee Trustee
shall be construed to be a duty. 


SECTION
3.3    Not Responsible for Recitals or Issuance of Guarantee 


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


ARTICLE IV

CAPITAL GUARANTEE TRUSTEE 


SECTION
4.1    Capital Guarantee Trustee; Eligibility 


        (a)   There
shall at all times be a Capital 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 $50,000,000, 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 Capital Guarantee Trustee shall cease to be eligible to so act under Section 4.1(a), the Capital Guarantee Trustee shall immediately resign in
the manner and with the effect set out in Section 4.2(c). 


        (c)   If
the Capital Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Capital
Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 


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SECTION 4.2    Appointment, Removal and Resignation of Capital Guarantee Trustees 


        (a)   Subject
to Section 4.2(b), the Capital Guarantee Trustee may be appointed or removed without cause at any time by the Guarantor. 


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


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


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



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


        (f)    Upon
termination of this Capital Securities Guarantee or removal or resignation of the Capital Guarantee Trustee pursuant to this Section 4.2, the Guarantor shall
pay to the Capital Guarantee Trustee all amounts accrued to the date of such termination, removal or resignation. 


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 CFB Capital), as and when
due, regardless of any defense, right of set-off or counterclaim that CFB Capital 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 CFB Capital to pay such amounts to the Holders. 


SECTION
5.2    Waiver of Notice and Demand 


        The
Guarantor hereby waives notice of acceptance of this Capital 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 CFB Capital 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. 


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SECTION
5.3    Obligations Not Affected 


        The
obligations, covenants, agreements and duties of the Guarantor under this Capital Securities 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 CFB Capital of any express or implied agreement, covenant, term or condition
relating to the Capital Securities to be performed or observed by CFB Capital; 


        (b)   the
extension of time for the payment by CFB Capital of all or any portion of the Distributions, Redemption Price, 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 payment of Distributions, Redemption Price, Liquidation Distribution or other sum payable that results from the extension of any interest payment period on the Subordinated
Debentures or any extension of the maturity date of the Subordinated Debentures permitted by the Indenture); 


        (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 CFB Capital 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, CFB Capital or any of the assets of CFB Capital; 


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


        (f)    the
settlement or compromise of any obligation guarantied 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 5.3 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
5.4    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 of any proceeding for any
remedy available to the Capital Guarantee Trustee in respect of this Capital Securities Guarantee or exercising any trust or power conferred upon the Capital Guarantee Trustee under this Capital
Securities Guarantee. 


        (b)   Any
Holder of Capital Securities may institute a legal proceeding directly against the Guarantor to enforce its rights under this Capital Securities Guarantee, without
first instituting a legal proceeding against CFB Capital, the Capital Guarantee Trustee or any other Person. 


SECTION
5.5    Guarantee of Payment 


        This
Capital 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 of Capital Securities against CFB Capital in respect of any amounts paid to such Holders by the Guarantor under
this Capital Securities Guarantee; provided, however, that the Guarantor shall not (except to the extent required by 


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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 Capital Securities Guarantee, if, at the time of any such payment, any amounts are due and unpaid under this Capital 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 CFB Capital 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 Capital Securities Guarantee notwithstanding the occurrence of any event referred to in subsections
(a) through (g), inclusive, of Section 5.3. 


ARTICLE VI

LIMITATION OF TRANSACTIONS; SUBORDINATION 


SECTION
6.1    Limitation of Transactions 


        So
long as any Capital Securities remain outstanding, if there shall have occurred an Event of Default or an event of default under the Trust Agreement, then (a) the Guarantor
shall not declare or pay any dividend or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of its capital stock, (b) the Guarantor shall not
make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities issued by the Guarantor (including other Junior Subordinated Debentures) which rank
pari passu with or junior in interest to the Junior Subordinated Debentures or (c) the Guarantor shall not make any guarantee payments with respect to any guarantee by the guarantor of the debt
securities of any subsidiary of the Guarantor if such guarantee ranks pari passu or junior in interest to the Junior Subordinated Debentures (other than (a) dividends or distributions in common
stock, (b) any declaration of a dividend in connection with the implementation of a shareholders' 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 this Capital Securities Guarantee and (d) purchases of common stock related to the issuances of common stock or rights
under any of the Guarantor's benefit plans for its directors, officers or employees). 


SECTION
6.2    Ranking 


        This
Capital Securities Guarantee will constitute an unsecured obligation of the Guarantor and will rank subordinate and junior in right of payment to all Senior and Subordinated Debt of
the Guarantor. 


ARTICLE VII

TERMINATION 



SECTION
7.1    Termination 


        This
Capital Securities Guarantee shall terminate upon (i) full payment of the Redemption Price of all Capital Securities, (ii) upon full payment of the amounts payable in
accordance with the Trust Agreement upon liquidation of CFB Capital or (iii) upon distribution of the Junior Subordinated Debentures to the holders of the Capital Securities. Notwithstanding
the foregoing, this Capital Securities 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 Capital Securities Guarantee. 


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ARTICLE VIII

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 Capital 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 Capital 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 of Capital Securities 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 loss, liability 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 Capital Securities Guarantee. 


ARTICLE IX

MISCELLANEOUS 


SECTION
9.1    Successors and Assigns 


        All
guaranties and agreements contained in this Capital Securities 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. 


SECTION
9.2    Amendments 


        Except
with respect to any changes that do not materially adversely affect the rights of Holders (in which case no consent of Holders will be required), this Capital Securities Guarantee
may only be amended with the prior approval of the Holders of at least a Majority in liquidation amount (including the stated amount that would be paid on redemption, liquidation or otherwise, plus
accrued and unpaid Distributions to the date upon which the voting percentages are determined) of all the outstanding Capital Securities. The provisions of Article VI of the Trust Agreement
with respect to meetings of Holders of the Securities apply to the giving of such approval. 


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SECTION
9.3    Notices 


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



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




Wilmington
Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-0001

Attention: Corporate Trust Administration 





        (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 Capital
Securities): 




Community
First Bankshares, Inc.

520 Main Avenue

Fargo, ND 58124-0001

Attention:                        , Chief Financial Officer 





        (c)   If
given to any Holder of Capital Securities, at the address set forth on the books and records of CFB Capital. 



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


SECTION
9.5    Governing Law 


        THIS
CAPITAL SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MINNESOTA, PROVIDED, HOWEVER, THAT THE IMMUNITIES AND
STANDARD OF CARE OF THE TRUSTEE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE. 


[Signature
Page Follows] 


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



	 	 	COMMUNITY FIRST BANKSHARES, INC.,

as Guarantor
	

 	
 	

By:	
 	

 	

 
	 	 	 	 	

	 	 	 	 	Name:	 
	 	 	 	 	 	

	 	 	 	 	Title:	President and Chief Executive Officer
	

 	
 	

WILMINGTON TRUST COMPANY,

As Capital Guarantee Trustee
	

 	
 	

By:	
 	

 	

 
	 	 	 	 	

	 	 	 	 	Name:	 
	 	 	 	 	 	

	 	 	 	 	Title:	 
	 	 	 	 	 	





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CAPITAL SECURITIES GUARANTEE AGREEMENT