Guarantee Agreement



 Exhibit 10.2 
  
 GUARANTEE AGREEMENT 
  
 Between 
  
 CCF HOLDING COMPANY 
 as Guarantor, 
  
 and 
  
 WILMINGTON TRUST COMPANY 
 as Guarantee Trustee, 
  
 Dated as of March 30, 2004 
  









 CCF CAPITAL TRUST II 
  
 Certain Sections of this Guarantee Agreement relating to 
 Sections 310 through 318 of the 
 Trust Indenture Act of 1939: 

 

					
	 Trust Indenture
 Act Section

	  	 	  	Guarantee Agreement
Section


	Section 310	  	(a) (1)	  	4.1 (a)
	 	  	(a) (2)	  	4.1 (a)
	 	  	(a) (3)	  	Not Applicable
	 	  	(a) (4)	  	Not Applicable
	 	  	(b)	  	2.8, 4.1 (c)
	Section 311	  	(a)	  	Not Applicable
	 	  	(b)	  	Not Applicable
	Section 312	  	(a)	  	2.2 (a)
	 	  	(b)	  	2.2 (b)
	 	  	(c)	  	Not Applicable
	Section 313	  	(a)	  	2.3
	 	  	(a) (4)	  	2.3
	 	  	(b)	  	2.3
	 	  	(c)	  	2.3
	 	  	(d)	  	2.3
	Section 314	  	(a)	  	2.4
	 	  	(b)	  	2.4
	 	  	(c) (1)	  	2.5
	 	  	(c) (2)	  	2.5
	 	  	(c) (3)	  	2.5
	 	  	(e)	  	1.1, 2.5, 3.2
	Section 315	  	(a)	  	3.1 (d)
	 	  	(b)	  	2.7
	 	  	(c)	  	3.1 (c)
	 	  	(d)	  	3.1 (d)
	 	  	(e)	  	Not Applicable
	Section 316	  	(a)	  	1.1, 2.6, 5.4
	 	  	(a) (1) (A)	  	5.4
	 	  	(a) (1) (B)	  	5.4
	 	  	(a) (2)	  	Not Applicable
	 	  	(b)	  	5.3
	 	  	(c)	  	Not Applicable
	Section 317	  	(a) (1)	  	Not Applicable
	 	  	(a) (2)	  	Not Applicable
	 	  	(b)	  	Not Applicable
	Section 318	  	(a)	  	2.1

  
 Note: This reconciliation and tie
shall not, for any purpose, be deemed to be a part of the Guarantee Agreement. 
  

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 TABLE OF CONTENTS 
  

					
	 ARTICLE I. DEFINITIONS
	  	1
	 SECTION 1.1.
	  	Definitions	  	1
	 ARTICLE II. TRUST INDENTURE ACT
	  	4
	 SECTION 2.1.
	  	Trust Indenture Act; Application	  	4
	 SECTION 2.2.
	  	List of Holders	  	4
	 SECTION 2.3.
	  	Reports by the Guarantee Trustee	  	5
	 SECTION 2.4.
	  	Periodic Reports to the Guarantee Trustee	  	5
	 SECTION 2.5.
	  	Evidence of Compliance with Conditions Precedent	  	5
	 SECTION 2.6.
	  	Events of Default; Waiver	  	5
	 SECTION 2.7.
	  	Event of Default; Notice	  	6
	 SECTION 2.8.
	  	Conflicting Interests	  	6
	 ARTICLE III. POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE
	  	6
	 SECTION 3.1.
	  	Powers and Duties of the Guarantee Trustee	  	6
	 SECTION 3.2.
	  	Certain Rights of Guarantee Trustee	  	7
	 SECTION 3.3.
	  	Indemnity	  	9
	 SECTION 3.4.
	  	Expenses	  	9
	 ARTICLE IV. GUARANTEE TRUSTEE
	  	9
	 SECTION 4.1.
	  	Guarantee Trustee; Eligibility	  	9
	 SECTION 4.2.
	  	Appointment, Removal and Resignation of the Guarantee Trustee	  	10
	 ARTICLE V. GUARANTEE
	  	11
	 SECTION 5.1.
	  	Guarantee	  	11
	 SECTION 5.2.
	  	Waiver of Notice and Demand	  	11
	 SECTION 5.3.
	  	Obligations Not Affected	  	11
	 SECTION 5.4.
	  	Rights of Holders	  	12
	 SECTION 5.5.
	  	Guarantee of Payment	  	12
	 SECTION 5.6.
	  	Subrogation	  	12
	 SECTION 5.7.
	  	Independent Obligations	  	13
	 ARTICLE VI. COVENANTS AND SUBORDINATION
	  	13
	 SECTION 6.1.
	  	Subordination	  	13
	 SECTION 6.2.
	  	Pari Passu Guarantees	  	13
	 ARTICLE VII. TERMINATION
	  	13
	 SECTION 7.1.
	  	Termination	  	13
	 ARTICLE VIII. MISCELLANEOUS
	  	14
	 SECTION 8.1.
	  	Successors and Assigns	  	14
	 SECTION 8.2.
	  	Amendments	  	14
	 SECTION 8.3.
	  	Notices	  	14
	 SECTION 8.4.
	  	Benefit	  	15
	 SECTION 8.5.
	  	Interpretation	  	15
	 SECTION 8.6.
	  	Governing Law	  	16
	 SECTION 8.7.
	  	Counterparts	  	16

  

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 GUARANTEE AGREEMENT 
  
 THIS GUARANTEE AGREEMENT, dated as of March 30, 2004, is executed and delivered by CCF HOLDING COMPANY, a Georgia
corporation (the “Guarantor”), having its principal office at 101 North Main Street, Jonesboro, Georgia 30236, 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 CCF CAPITAL TRUST II, a Delaware statutory trust (the “Issuer Trust”). 
  
 Pursuant to an Amended and Restated Trust Agreement (the “Trust
Agreement”), dated of even date herewith, among CCF Holding Company, as Depositor, Wilmington Trust Company, as Property Trustee (the “Property Trustee”), Wilmington Trust Company, as Delaware Trustee (the “Delaware
Trustee”, and together with the Property Trustee, collectively, the “Issuer Trustees”), the Administrators named therein and the Holders from time to time of undivided beneficial interests in the assets of the Issuer Trust,
the Issuer Trust is issuing up to $4,500,000 aggregate Liquidation Amount (as defined herein) of its Floating Rate Capital Securities (the “Capital Securities”), representing preferred undivided beneficial interests in the assets of
the Issuer Trust and having the terms set forth in the Trust Agreement; 
  
 The Capital Securities will be issued by the Issuer Trust and the proceeds thereof, together with the proceeds from the issuance of the Issuer Trust’s Common Securities (the “Common Securities”), representing common
undivided beneficial interests in the assets of the Issuer Trust of the Guarantor, will be used to purchase the Junior Subordinated Debentures due March 31, 2034 (the “Junior Subordinated Debentures”) of the Guarantor, which will be
deposited with Wilmington Trust Company, as Property Trustee under the Trust Agreement, as trust assets; and 
  
 As an inducement to the Holders to purchase the Capital Securities, the Guarantor is willing to irrevocably and unconditionally agree, to the extent set
forth herein, 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 of the Capital Securities by each Holder, which purchase the Guarantor
hereby acknowledges shall benefit the Guarantor, the Guarantor, intending to be legally bound hereby, executes and delivers this Guarantee Agreement for the benefit of the Holders from time to time of the Capital Securities. 
  
 ARTICLE I. DEFINITIONS 
  
 SECTION 1.1. Definitions. 
  
 As used in this Guarantee Agreement, the terms set forth below shall have
the following meanings. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Trust Agreement. 
  
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. 

  









 
For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies
of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 “Event of Default” means (i) a default by the Guarantor in
any of its payment obligations under this Guarantee Agreement, or (ii) a default by the Guarantor in any other obligation hereunder that remains unremedied for 30 days. 
  
 “Guarantee Agreement” means this Guarantee Agreement, as modified, amended or supplemented from time to
time. 
  
 “Guarantee Payments” means the
following payments or distributions, without duplication, with respect to the Capital Securities, to the extent not paid or made by or on behalf of the Issuer Trust: (i) any accumulated and unpaid Distributions (as defined in the Trust Agreement)
required to be paid on the Capital Securities, to the extent the Issuer Trust shall have funds on hand available therefor at such time, (ii) the Redemption Price, with respect to the Capital Securities called for redemption by the Issuer Trust to
the extent that the Issuer Trust shall have funds on hand available therefor at such time, and (iii) upon a voluntary or involuntary dissolution, termination, winding-up or liquidation of the Issuer Trust, unless the Junior Subordinated Debentures
are distributed to the Holders, the lesser of (a) the aggregate of the Liquidation Amount of all outstanding Trust Securities and all accumulated and unpaid Distributions to the date of payment to the extent the Issuer Trust shall have funds on hand
available to make such payment at such time and (b) the amount of assets of the Issuer Trust remaining available for distribution to Holders on liquidation of the Issuer Trust (in either case, the “Liquidation Distribution”).

  
 “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 Agreement and thereafter means each such Successor Guarantee Trustee. 
  
 “Guarantor” shall have the meaning specified in the first
paragraph of this Guarantee Agreement. 
  
 “Holder”
means any holder, as registered on the books and records of the Issuer Trust, 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, the Guarantee Trustee, or any Affiliate of the Guarantor or the Guarantee Trustee. 
  
 “Indenture” means the Junior Subordinated Indenture, dated of even date herewith, between CCF Holding
Company and Wilmington Trust Company, as trustee, as it may be modified, amended or supplemented from time to time. 
  
 “Issuer Trust” shall have the meaning specified in the first paragraph of this Guarantee Agreement. 
  

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 “Like Amount” means (a) with respect to a redemption of Trust Securities, Trust
Securities having a Liquidation Amount equal to that portion of the principal amount of Junior Subordinated Debentures to be contemporaneously redeemed in accordance with the Indenture, allocated to the Common Securities and to the Capital
Securities based upon the relative Liquidation Amounts of such classes and (b) with respect to a distribution of Junior Subordinated Debentures to Holders of Trust Securities in connection with a dissolution or liquidation of the Issuer Trust,
Junior Subordinated Debentures having a principal amount equal to the Liquidation Amount of the Trust Securities of the Holder to whom such Junior Subordinated Debentures are distributed. 
  
 “Liquidation Amount” means the stated amount of $50,000 per Capital Security and $1,000 per Common
Security. 
  
 “Majority in Liquidation Amount of the
Capital Securities” means, except as provided by the Trust Indenture Act, Capital Securities representing more than 50% of the aggregate Liquidation Amount of all then outstanding Capital Securities issued by the Issuer Trust. 

 
 “Officers’ Certificate” means a certificate signed
by the Chairman of the Board, Vice Chairman of the Board, Chief Executive Officer, President, Executive Vice President or a Senior Vice President or Vice President, and by the Treasurer, an Assistant Treasurer, the Chief Financial Officer, the
Secretary or an Assistant Secretary of the Guarantor, and delivered to the Guarantee Trustee. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Guarantee Agreement shall include:

  
 (a) a statement by each officer signing the Officers’
Certificate that such officer has read the covenant or condition and the definitions relating thereto; 
  
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by such officer in rendering the Officers’ Certificate;

  
 (c) a statement that such officer has made such examination or
investigation as, in such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (d) a statement as to whether, in the opinion of such officer, such condition
or covenant has been complied with. 
  
 “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. 
  
 “Redemption Date” means, with respect to any Capital Security to be redeemed, the date fixed for such redemption by or pursuant to the Trust Agreement; provided that each Debenture Redemption Date and the stated
maturity of the Junior Subordinated Debentures shall be a 

  

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Redemption Date for a Like Amount of Capital Securities, including, but not limited to any date of redemption pursuant to the occurrence of any Special
Event. 
  
 “Redemption Price” shall have the
meaning specified in the Trust Agreement. 
  
 “Responsible
Officer” means, when used with respect to the Guarantee Trustee, any officer assigned to the Corporate Trust Office, including any managing director, vice president, principal, assistant vice president, assistant treasurer, assistant
secretary or any other officer of the Guarantee Trustee customarily performing functions similar to those performed by any of the above designated officers and having direct responsibility for the administration of this Guarantee Agreement, and
also, with respect to a particular matter, any other officer of the Guarantee Trustee to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
  
 “Senior Indebtedness” shall have the meaning specified in
the Indenture. 
  
 “Successor Guarantee Trustee”
means a successor Guarantee Trustee possessing the qualifications to act as Guarantee Trustee under Article IV hereof. 
  
 “Trust Agreement” has the meaning specified in the recitals hereto. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as
amended. 
  
 “Trust Securities” means the Common
Securities and the Capital Securities. 
  
 ARTICLE II. TRUST
INDENTURE ACT 
  
 SECTION 2.1. Trust Indenture Act;
Application. 
  
 If any provision hereof limits, qualifies or
conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Guarantee Agreement, the provision of the Trust Indenture Act shall control. If any provision of this Guarantee Agreement modifies
or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Guarantee Agreement as so modified or excluded, as the case may be. 
  
 SECTION 2.2. List of Holders. 
  
 (a) The Guarantor will furnish or cause to be furnished to the Guarantee
Trustee a list of Holders at the following times: 
  
 (i) quarterly, not more than 15 days after the last day of February, May, August and November, in each year, a list, in such form as the Guarantee Trustee may reasonably 

  

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require, of the names and addresses of the Holders as of the last day of February, May, August and November, as applicable; and 
  
 (ii) at such other times as the Guarantee Trustee may
request in writing, within 30 days after the receipt by the Guarantor of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished. 
  
 (b) The Guarantee Trustee shall comply with the requirements of Section
312(b) of the Trust Indenture Act. 
  
 SECTION 2.3. Reports by
the Guarantee Trustee. 
  
 Not later than January 31 of each
year, commencing January 31, 2005, the Guarantee Trustee shall provide to the Holders such reports, if any, as are required by Section 313 of the Trust Indenture Act in the form and in the manner provided by Section 313 of the Trust Indenture Act.
If this Guarantee Agreement shall have been qualified under the Trust Indenture Act, the Guarantee Trustee shall also comply with the requirements of Section 313(d) of the Trust Indenture Act. 
  
 SECTION 2.4. Periodic Reports to the Guarantee Trustee. 
  
 The Guarantor shall provide to the Guarantee Trustee and the Holders such
documents, reports and information, if any, as required by Section 314 of the Trust Indenture Act and the compliance certificate required by Section 314 of the Trust Indenture Act, in the form, in the manner and at the times required by Section 314
of the Trust Indenture Act, provided that such documents, reports and information shall be required to be provided to the Securities and Exchange Commission only if this Guarantee Agreement shall have been qualified under the Trust Indenture Act.

  
 SECTION 2.5. Evidence of Compliance with Conditions
Precedent. 
  
 The Guarantor shall provide to the Guarantee
Trustee such evidence of compliance with such conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of 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 the Capital Securities may, by vote, on behalf of the Holders, 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 Guarantee Agreement, but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent therefrom. 
  

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 SECTION 2.7. Event 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, notice of all Events of Default known to the Guarantee Trustee, unless such Events of Default have been cured or waived before the giving of such notice; provided
that, except in the case of a default in the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such notice if and so long as the Board of Directors, the executive committee or a trust committee of directors
and/or Responsible Officers of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders. 
  
 (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless a Responsible Officer charged with the administration of
this Guarantee Agreement shall have received written notice of such Event of Default. 
  
 SECTION 2.8. Conflicting Interests. 
  
 The Trust Agreement shall be deemed to be specifically described in this Guarantee Agreement 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 THE GUARANTEE TRUSTEE

  
 SECTION 3.1. Powers and Duties of the Guarantee
Trustee. 
  
 (a) This Guarantee Agreement shall be held by
the Guarantee Trustee for the benefit of the Holders, and the Guarantee Trustee shall not transfer this Guarantee Agreement to any Person except a Holder exercising his or her rights pursuant to Section 5.4(iv) or to a Successor Guarantee Trustee on
acceptance by such Successor Guarantee Trustee of its appointment to act as Successor Guarantee Trustee hereunder. The right, title and interest of the Guarantee Trustee, as such, hereunder shall automatically vest in any Successor Guarantee Trustee
upon acceptance by such Successor Guarantee Trustee of its appointment hereunder, 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 has
occurred and is continuing, the Guarantee Trustee shall enforce this Guarantee Agreement for the benefit of the Holders. 
  
 (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the cure or waiver of all Events of Default that may have occurred,
shall be obligated to perform only such duties as are specifically set forth in this Guarantee Agreement (including pursuant to Section 2.1), and no implied covenants shall be read into this Guarantee Agreement against the Guarantee Trustee. If an
Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6), the Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee Agreement, 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. 
  

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 (d) No provision of this Guarantee Agreement 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, 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
Guarantee Trustee shall be determined solely by the express provisions of this Guarantee Agreement (including pursuant to Section 2.1), 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 Agreement (including pursuant to Section 2.1); 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 Agreement; but in the case of any such certificates or
opinions that by any provision hereof or of the Trust Indenture Act are specifically required to be furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same to determine whether or not they conform to the
requirements of this Guarantee Agreement; 
  
 (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 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 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 Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and 

 
 (iv) No provision of this Guarantee Agreement 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 or liability is not assured to it under the terms of this Guarantee Agreement or adequate indemnity against such risk or liability is not reasonably assured to it. 
  
 SECTION 3.2. Certain Rights of Guarantee Trustee. 
  
 (a) Subject to the provisions of Section 3.1: 
  
 (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 

  

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other paper or document reasonably 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 Agreement shall be sufficiently evidenced by an Officers’ Certificate unless otherwise prescribed herein. 
  
 (iii) Whenever, in the administration of this Guarantee Agreement, the Guarantee Trustee shall deem it desirable that a matter be proved
or established before taking, suffering or omitting to take 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
Officers’ Certificate which, upon receipt of such request from the Guarantee Trustee, shall be promptly delivered by the Guarantor. 
  
 (iv) The Guarantee Trustee may consult with legal counsel, and the advice or written opinion of such legal counsel with respect to legal
matters shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or opinion. Such legal counsel may be legal counsel to
the Guarantor or any of its Affiliates and may be one of its employees. The Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Guarantee Agreement from any court of competent jurisdiction.

  
 (v) The Guarantee Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this Guarantee Agreement at the request or direction of any Holder, unless such Holder shall have provided to the Guarantee Trustee such security and indemnity as would satisfy a
reasonable person in the position of the Guarantee Trustee, against the costs, expenses (including attorneys’ fees and expenses) 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. 
  
 (vi) 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. 
  
 (vii) The Guarantee Trustee may execute any of the trusts or
powers hereunder or perform any duties hereunder either directly or by or through its agents or attorneys, and the Guarantee Trustee shall not be responsible for any negligence or willful misconduct on the part of any such agent or attorney
appointed with due care by it hereunder. 
  
 (viii) Whenever in the administration of this Guarantee Agreement 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, (B) may refrain from enforcing such remedy or right or taking such other action until such 

  

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instructions are received and (C) shall be fully protected in acting in accordance with such instructions. 
  
 (b) No provision of this Guarantee Agreement 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 to act in accordance with such power and authority. 
  
 SECTION 3.3. Indemnity. 
  
 The Guarantor agrees
to indemnify the Guarantee Trustee (which for purposes of this Section 3.3 shall include its officers, directors, employees and agents) for, and to hold it harmless against, any loss, liability or expense incurred without negligence, willful
misconduct or bad faith on the part of the Guarantee Trustee, arising out of or in connection with the acceptance or administration of this Guarantee Agreement, including the costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties hereunder. The Guarantee Trustee will not claim or exact any lien or charge on any Guarantee Payments as a result of any amount due to it under this Guarantee Agreement. The
provisions of this Section 3.3 shall survive the termination of this Guarantee Agreement or the resignation or removal of the Guarantee Trustee. 
  
 SECTION 3.4. Expenses. 
  
 The Guarantor shall from time to time reimburse the Guarantee Trustee for its expenses and costs (including reasonable attorneys’ or agents’
fees) incurred in connection with the performance of its duties hereunder. 
  
 ARTICLE IV. GUARANTEE TRUSTEE 
  
 SECTION 4.1. 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 Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000, and shall be a corporation meeting the requirements of Section
310(a) of the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authority, then, for the purposes of this Section and to the extent
permitted by the Trust Indenture Act, 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. 
  

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 (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under Section 4.1(a), the
Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2. 
  
 (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 and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 
  
 SECTION 4.2. Appointment, Removal and Resignation of the Guarantee Trustee. 
  
 (a) No resignation or removal of the Guarantee Trustee and no appointment of a Successor Guarantee Trustee pursuant to this
Article shall become effective until the acceptance of appointment by the Successor Guarantee Trustee by written instrument executed by the Successor Guarantee Trustee and delivered to the Holders and the Guarantee Trustee. 
  
 (b) Subject to the immediately preceding paragraph, a Guarantee Trustee may
resign at any time by giving written notice thereof to the Holders. The Guarantee Trustee shall appoint a successor by requesting from at least three Persons meeting the eligibility requirements such Persons’ expenses and charges to serve as
the Guarantee Trustee, and selecting the Person who agrees to the lowest expenses and charges. If the instrument of acceptance by the Successor Guarantee Trustee shall not have been delivered to the Guarantee Trustee within 30 days after the giving
of such notice of resignation, the Guarantee Trustee may petition, at the expense of the Guarantor, any court of competent jurisdiction for the appointment of a Successor Guarantee Trustee. 
  
 (c) The Guarantee Trustee may be removed for cause at any time by Act (within
the meaning of Section 6.8 of the Trust Agreement) of the Holders of at least a Majority in Liquidation Amount of the Capital Securities, delivered to the Guarantee Trustee. 
  
 (d) If a resigning Guarantee Trustee shall fail to appoint a successor, or if a Guarantee Trustee shall be removed or become
incapable of acting as Guarantee Trustee, or if any vacancy shall occur in the office of any Guarantee Trustee for any cause, the Holders of the Capital Securities, by Act of the Holders of record of not less than 25% in aggregate Liquidation Amount
of the Capital Securities then outstanding delivered to such Guarantee Trustee, shall promptly appoint a successor Guarantee Trustee. If no Successor Guarantee Trustee shall have been so appointed by the Holders of the Capital Securities and such
appointment accepted by the Successor Guarantee Trustee, any Holder, on behalf of himself and all others similarly situated, may petition any court of competent jurisdiction for the appointment of a Successor Guarantee Trustee. 
  

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 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 or on behalf of the Issuer Trust), as and when due, regardless of any defense, right of set-off or counterclaim which the Issuer Trust may have or assert, except the defense of payment. 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 Trust to pay such amounts to the Holders. The Guarantor shall give prompt written notice to the Guarantee Trustee in the event it
makes any direct payment hereunder. 
  
 SECTION 5.2. Waiver of
Notice and Demand. 
  
 The Guarantor hereby waives notice of
acceptance of the Guarantee Agreement and of any liability to which it applies or may apply, presentment, demand for payment, any right to require a proceeding first against the Guarantee Trustee, the Issuer Trust or any other Person before
proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands. 
  
 SECTION 5.3. Obligations Not Affected. 
  
 The obligations, covenants, agreements and duties of the Guarantor under this Guarantee Agreement 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 Trust of any express or implied agreement, covenant, term or condition relating to the Capital Securities to be performed or observed by the Issuer
Trust; 
  
 (b) the extension of time for the payment by the
Issuer Trust of all or any portion of the Distributions (other than an extension of time for payment of Distributions that results from an election by the Depositor to defer any interest payment on the Junior Subordinated Debentures as so provided
in the Indenture), 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; 
  
 (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 Trust granting indulgence
or extension of any kind; 
  
 (d) the voluntary or involuntary
liquidation, dissolution, sale of any collateral, receivership, conservatorship, insolvency, bankruptcy, assignment for the benefit of creditors, 

  

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reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer Trust or any of the assets of the
Issuer Trust; 
  
 (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 (other than payment of the underlying obligation), 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 the consent of, the Guarantor with respect to the happening of any of the foregoing. 
  
 SECTION 5.4. Rights of Holders. 
  
 The Guarantor expressly acknowledges that: (i) this Guarantee Agreement will
be deposited with the Guarantee Trustee to be held for the benefit of the Holders; (ii) the Guarantee Trustee has the right to enforce this Guarantee Agreement on behalf of the Holders; (iii) 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 Agreement or exercising any trust or power conferred upon the
Guarantee Trustee under this Guarantee Agreement; and (iv) any Holder may institute a legal proceeding directly against the Guarantor to enforce its rights under this Guarantee Agreement, without first instituting a legal proceeding against the
Guarantee Trustee, the Issuer Trust or any other Person. 
  
 SECTION 5.5. Guarantee of Payment. 
  
 This
Guarantee Agreement creates a guarantee of payment and not of collection. This Guarantee Agreement will not be discharged except by payment of the Guarantee Payments in full (without duplication of amounts theretofore paid by the Issuer Trust) or
upon the distribution of Junior Subordinated Debentures to Holders as provided in the Trust Agreement. 
  
 SECTION 5.6. Subrogation. 
  
 The Guarantor shall be subrogated to all rights (if any) of the Holders against the Issuer Trust in respect of any amounts paid to the Holders by the
Guarantor under this Guarantee Agreement; provided, however, that the Guarantor shall not (except to the extent required by mandatory provisions of law) be entitled to enforce or exercise any rights which 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 Agreement, if at the time of any such payment, any amounts are due and unpaid under this Guarantee Agreement. If any amount shall be paid to
the Guarantor in 

  

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violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the Holders.

  
 SECTION 5.7. Independent Obligations. 
  
 The Guarantor acknowledges that its obligations hereunder are independent of
the obligations of the Issuer Trust 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 Agreement notwithstanding the
occurrence of any event referred to in subsections (a) through (g), inclusive, of Section 5.3 hereof. 
  
 ARTICLE VI. COVENANTS AND SUBORDINATION 
  
 SECTION 6.1. Subordination. 
  
 This Guarantee Agreement will constitute an unsecured obligation of the Guarantor and will rank subordinate and junior in right of payment to all Senior
Indebtedness (as defined in the Indenture) of the Guarantor to the same extent and in the same manner set forth in the Indenture with respect to the Junior Subordinated Debentures, and the provisions of Article XIII of the Indenture will apply,
mutatis mutandis, to the obligations of the Guarantor hereunder. The obligations of the Guarantor hereunder do not constitute Senior Indebtedness of the Guarantor. 
  
 SECTION 6.2. Pari Passu Guarantees. 
  
 The obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with any similar guarantee
agreements issued by the Guarantor on behalf of the holders of Trust Securities issued by the Issuer Trust and with any other security, guarantee or other obligation that is expressly stated to rank pari passu with the obligations of the
Guarantor under this Guarantee Agreement. 
  
 ARTICLE VII.
TERMINATION 
  
 SECTION 7.1. Termination. 

 
 This Guarantee Agreement shall terminate and be of no further force and
effect upon (i) full payment of the Redemption Price of all Outstanding Capital Securities, (ii) the distribution of Junior Subordinated Debentures to the Holders in exchange for all of the Outstanding Capital Securities or (iii) full payment of the
amounts payable in accordance with Article IX of the Trust Agreement upon liquidation of the Issuer Trust. Notwithstanding the foregoing, this Guarantee Agreement will continue to be effective or will be reinstated, as the case may be, if at any
time any Holder is required to restore payment of any sums paid under the Capital Securities or this Guarantee Agreement. 
  

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 ARTICLE VIII. MISCELLANEOUS 
  
 SECTION 8.1. Successors and Assigns. 
  
 All guarantees and agreements contained in this Guarantee Agreement shall bind the successors, assigns, receivers,
conservators, 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 a consolidation, merger or sale involving the Guarantor that is permitted
under Article VIII of the Indenture and pursuant to which the assignee agrees in writing to perform the Guarantor’s obligations hereunder, the Guarantor shall not assign its obligations hereunder, and any purported assignment that is not in
accordance with these provisions shall be void. 
  
 SECTION 8.2.
Amendments. 
  
 Except with respect to any changes that do
not materially adversely affect the rights of the Holders (in which case no consent of the Holders will be required), this Guarantee Agreement may only be amended with the prior approval of the Holders of not less than a Majority in Liquidation
Amount of the Capital Securities. The provisions of Article VI of the Trust Agreement concerning meetings of the Holders shall apply to the giving of such approval. 
  
 SECTION 8.3. Notices. 
  
 Any notice, request or other communication required or permitted to be given hereunder shall be in writing, duly signed by the party giving such notice,
and delivered, telecopied (confirmed by delivery of the original) or mailed by first class mail as follows: 
  
 (a) if given to the Guarantor, to the address or telecopy number set forth below or such other address or telecopy number or to the attention of such
other Person as the Guarantor may give notice to the Holders: 
  
 CCF Holding Company 
 101 North Main Street 
 Jonesboro, Georgia 30236 
 Facsimile No.: (770) 478-7597 
 Attention: Mr. Leonard Moreland 
  
 (b) if given to the Issuer Trust, in care of the Guarantee Trustee, at the Issuer Trust’s (and the Guarantee Trustee’s) address set forth below
or such other address or telecopy number or to the attention of such other Person as the Guarantee Trustee on behalf of the Issuer Trust may give notice to the Holders: 
  
 CCF Capital Trust II 
 c/o CCF Holding Company 
 101 North Main Street 
 Jonesboro, Georgia 30236 
 Facsimile No.: (770) 478-7597 
 Attention: Mr. Leonard Moreland 
  

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 with a copy to: 
  

Wilmington Trust Company 
 1100 North
Market Street 
 Wilmington, Delaware 19890-0001 
 Facsimile No.: (302) 636-4140 
 Attention: Corporate Trust Administration 
  
 (c) if given to the Guarantee Trustee: 
  
 Wilmington Trust Company 
 1100 North Market Street 
 Wilmington,
Delaware 19890-0001 
 Facsimile No.: (302) 636-4140 
 Attention: Corporate Trust Administration 
  
 (d) if given to any Holder of record, at the address set forth on the books and records of the Issuer Trust. 
  
 All notices hereunder 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 Agreement is solely for the benefit of the
Holders and is not separately transferable from the Capital Securities. 
  
 SECTION 8.5. Interpretation. 
  
 In this
Guarantee Agreement, unless the context otherwise requires: 
  
 (a) capitalized terms used in this Guarantee Agreement but not defined in the preamble hereto have the respective meanings assigned to them in Section 1.1; 
  
 (b) a term defined anywhere in this Guarantee Agreement has the same meaning throughout; 
  
 (c) all references to “the Guarantee Agreement” or “this
Guarantee Agreement” are to this Guarantee Agreement as modified, supplemented or amended from time to time; 
  

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 (d) all references in this Guarantee Agreement to Articles and Sections are to Articles and Sections of
this Guarantee Agreement unless otherwise specified; 
  
 (e) a
term defined in the Trust Indenture Act has the same meaning when used in this Guarantee Agreement unless otherwise defined in this Guarantee Agreement or unless the context otherwise requires; 
  
 (f) a reference to the singular includes the plural and vice versa; and

  
 (g) the masculine, feminine or neuter genders used herein
shall include the masculine, feminine and neuter genders. 
  
 SECTION 8.6. Governing Law. 
  
 THIS GUARANTEE
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF. 
  
 SECTION 8.7. Counterparts. 
  

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. 
  
 [Signatures on Next Page] 
  

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

			
	 CCF HOLDING COMPANY
 as Guarantor

		
	By:	 	 /s/ Leonard Moreland

	 	 	

	 Name:
	 	 Leonard Moreland

	 Title:
	 	 Executive Vice President



  

			
	 WILMINGTON TRUST COMPANY,
 as Guarantee Trustee, and not in its individual capacity

		
	By:	 	 /s/ Janel R. Havrilla

	 	 	

	 Name:
	 	 Janel R. Havrilla

	 	 	

	 Title:
	 	 Financial Services Officer

	 	 	



  

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