Document:

exv4wxuy

Exhibit 4(u)

     Unless this certificate is presented by an authorized representative of The Depository Trust
Company (the “Depositary”) to the Company or its agent for registration of transfer, exchange or
payment, and any certificate to be issued is registered in the name of Cede & Co. or such other
name as requested by an authorized representative of the Depositary and any amount payable
thereunder is made payable to Cede & Co. or such other name, ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof,
Cede & Co., has an interest herein.

     Unless and until it is exchanged in whole or in part for Securities in definitive registered
form, this Security may not be transferred except as a whole by the Depositary to the nominee of
the Depositary or by a nominee of the Depositary to the Depository or another nominee of the
Depository or by the Depository or any such nominee to a successor Depositary or a nominee of such
successor Depositary.

     This Note may be exchanged for certificated Notes registered in the names of the various
beneficial owners hereof only if (a) the Depositary is at any time unwilling or unable to continue
as depositary and a successor depositary is not appointed by the Company within 90 days, or (b) the
Company elects to issue certificated Notes to beneficial owners (as certified to the Company by the
Depositary or a successor depositary) of all Notes of the series designated below or (c) there is
an Event of Default under this Note or the Indenture (as defined herein), in each case, pursuant to
the terms of the Indenture.

 

 

HAWAIIAN ELECTRIC INDUSTRIES, INC.

_____% Senior Note due _____

Original Issue Date: _____________, ______

Interest Rate: _____%

Stated Maturity Date: _____________, _______

Interest Payment Dates: ___________ and ___________, commencing ___________, _____

     ______________________________________________________________________

	 	 	 
	No. R-___

	 	Principal Amount: $_______

CUSIP: _______

ISIN: _______

     HAWAIIAN ELECTRIC INDUSTRIES, INC., a corporation duly organized and validly existing under
the laws of the State of Hawaii (herein called the “Company”, which term includes any successor
corporation under the Indenture referred to hereinafter), for value received, hereby promises to
pay to Cede & Co., or registered assigns, the principal sum of _______________________ Dollars on
the Stated Maturity Date specified above, and to pay interest thereon from the Original Issue Date
specified above or from the most recent Interest Payment Date specified above to which interest has
been paid or duly provided for, semiannually in arrears on and in each year, commencing with the
Interest Payment Date next succeeding the Original Issue Date specified above, and on the Stated
Maturity Date, at the Interest Rate per annum specified above, until the principal hereof is paid
or duly provided for and at the rate per annum equal to the above rate on any overdue principal and
(to the extent legally enforceable) on any overdue installment of interest. Interest so payable
shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as
provided in such Indenture, be paid to the Person in whose name this Note is registered at the
close of business on the Record Date for such interest, which shall be the _____________ or _____________,
as the case may be, next preceding such Interest Payment Date. Notwithstanding the foregoing, (a)
if the Original Issue Date of this Note is after a Record Date and before the corresponding
Interest Payment Date, interest so payable for the period from and including the Original Issue
Date to but excluding the second Interest Payment Date following the Original Issue Date shall be
paid on such second Interest Payment Date to the Holder hereof on the Record Date immediately
preceding such second Interest Payment Date following the Original Issue Date; and (b) interest
payable on the Stated Maturity Date shall be paid to the Person to whom principal shall be paid.
Except as otherwise provided in the Indenture, any such interest which is payable but is not
punctually paid or duly provided for on any Interest Payment Date shall forthwith cease to be
payable to the Holder on the related Record Date and shall be paid to the Person in whose name this
Note is registered at the close of business on a subsequent Record Date for the payment of such
defaulted interest to be fixed by the Trustee in accordance with the Indenture, notice whereof
shall be given to Holders of Notes of this series not less than 15 calendar days preceding such
subsequent Record Date.

     Payment of the principal of this Note on the Stated Maturity Date shall be paid by wire
transfer in immediately available funds (except that payment on Notes issued in certificated form

 

 

shall be paid by check) upon presentation hereof at the offices of U.S. Bank National
Association in New York, New York, or at such other office or agency as may be designated for such
purpose by the Company from time to time. Payment of interest, if any, on this Note shall be made
by wire transfer in immediately available funds (except that payment on Notes issued in
certificated form shall be paid by check except in certain circumstances) to the Person entitled
thereto as indicated in the register maintained for the Notes of this series. Payment of the
principal of, premium, if any, and interest on this Note, as aforesaid, shall be made in such coin
or currency of the United States of America as at the time of payment shall be legal tender for the
payment of public and private debts.

     This Note is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and issuable in one or more series under a Senior Indenture, dated as of
_____________, _____________(such Senior Indenture as originally executed and delivered and as supplemented or
modified, together with any constituent instruments establishing the terms of particular Notes,
being herein called the “Indenture”), between the Company and U.S. Bank National Association, a
national banking association, as Trustee (herein called the “Trustee,” which term includes any
successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto
and officers’ certificates executed pursuant thereto reference is hereby made for a statement of
the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are
to be, authenticated and delivered. The acceptance of this Note shall be deemed to constitute the
consent and agreement by the Holder hereof to all of the terms and provisions of the Indenture.
This Note is one of the series designated above.

     If any Interest Payment Date or the Stated Maturity Date shall not be a Business Day (as
hereinafter defined), payment of the amounts due on this Note on such date may be made on the next
succeeding Business Day, as if each such payment were made on the Interest Payment Date or the
Stated Maturity Date and if such payment is made or duly provided for on such Business Day, then no
interest shall accrue on such amounts for the period from and after such Interest Payment Date or
the Stated Maturity Date, as the case may be, to such Business Day.

     [Insert redemption provisions, if applicable]

     This Note is not an Original Issue Discount Security and does not have the benefit of any
sinking fund.

     The Indenture permits, with certain exceptions as therein provided, the Trustee to enter into
one or more supplemental indentures for the purpose of adding any provisions to, or changing in any
manner or eliminating any of the provisions of, the Indenture or of modifying in any manner the
rights of the Holders of the Securities of each such series with the consent of the Holders of not
less than a majority in aggregate principal amount of the Securities at the time Outstanding of all
series affected by such supplemental indenture (voting as one class). The Indenture also contains
provisions permitting the Holders of a majority in aggregate principal amount of the Securities of
all series at the time Outstanding with respect to which an Event of Default shall have occurred
and be continuing (voting as a single class), on behalf of the Holders of all Securities, to waive
certain past defaults or Events of Default under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note shall be conclusive and

2

 

binding upon such Holder and upon all future Holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange therefor or lien hereof, whether or not notation
of such consent or waiver is made upon this Note.

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligations of the Company, which are absolute and unconditional, to pay the
principal of and interest, if any, on this Note at the rate and in the coin or currency herein
prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, this Note
may be transferred only as permitted by the legend hereto and the provisions of the Indenture.

     The Notes of this series are issuable only as registered Notes, without coupons, in
denominations of $1,000, and any amount in excess thereof that is an integral multiple of $1,000.
As provided in the Indenture and subject to certain limitations therein set forth Notes of this
series, if issued in certificated form, are exchangeable for a like aggregate principal amount of
Notes of this series, of authorized denominations and of like tenor upon surrender of the Note or
Notes to be exchanged at the offices of U.S. Bank National Association in New York, New York or
such other office or agency as may be designated by the Company from time to time in accordance
with the Indenture.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith as provided in the Indenture.

     Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Note is
registered as the absolute owner hereof for the purpose of receiving payment of principal of and
interest, if any, hereunder and for all other purposes whatsoever, whether or not this Note be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     The Indenture and the Notes shall be governed by and construed in accordance with the laws of
the State of New York.

     As used herein, “Business Day”, when used with respect to a Place of Payment or any other
particular location specified in this Note or the Indenture, means any day, other than a Saturday
or Sunday, which is not a day on which banking institutions or trust companies in the Borough of
Manhattan, the City and State of New York, or in such Place of Payment or other location are
generally authorized or required by law, regulation or executive order to remain closed. All other
terms used in this Note which are defined in the Indenture shall have the meanings assigned to them
in the Indenture.

     If an Event of Default shall occur and be continuing, the principal of all the Notes may be
declared due and payable in the manner and with the effect provided in the Indenture.

     As provided in the Indenture, no recourse shall be had for the payment of the principal of or
interest on any Notes, or any part thereof, or for any claim based thereon or otherwise in

3

 

respect thereof, or of the indebtedness represented thereby, or upon any obligation, covenant
or agreement under the Indenture, against any past, present or future incorporator, stockholder,
officer or director of the Company or of any predecessor or successor corporation of the Company
(either directly or through the Company or a predecessor or successor corporation of the Company),
whether by virtue of any constitutional provision, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise; it being expressly agreed and understood that the Indenture
and all the Notes are solely corporate obligations, and that no personal liability whatsoever,
shall attach to, or be incurred by, any past, present or future incorporator, stockholder, officer
or director of the Company or any predecessor or successor corporation, because of the indebtedness
authorized by the Indenture or under or by reason of any of the obligations, covenants or
agreements contained in the Indenture or any of the Notes or to be implied from the Indenture or
the Notes, and that any such personal liability is hereby expressly waived and released as a
condition of, and as part of the consideration for, the execution of the Indenture and the issuance
of the Notes.

     Unless the certificate of authentication hereon has been executed by the Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

	 	 	 	 	 
	 	HAWAIIAN ELECTRIC INDUSTRIES, INC.

 	 
	 	By:  	
 	 
	 	 	Its: 	 
	 
	 	By:  	
 	 
	 	 	Its: 	 
	 	 	 	 
	 

	 	 	 	 	 
	Attest:

 	 	 
	
 	 	 
	Secretary 	 	 
	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities referred to in the within-mentioned Senior Indenture.

Dated: __________, _____

	 	 	 	 	 
	 	U.S. Bank National Association,	 
	 	 	as Trustee

 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

4

 

     FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

 

[please insert social security or

other identifying number of assignee]

 

[please print or typewrite name and address of assignee)

the within Note of HAWAIIAN ELECTRIC INDUSTRIES, INC. and does hereby irrevocably constitute and
appoint _________________________________, Attorney, to transfer said Note on the books of the within-mentioned
Company, with full power of substitution in the premises.

Dated: _____________________

 

Notice: The signature to this assignment must

correspond with the name as written upon the face

of the Note in every particular without

alteration or enlargement or any change

whatsoever.

5exv4wxxy

Exhibit 4(x)

 

 

FORM OF TRUST PREFERRED SECURITIES GUARANTEE AGREEMENT

HAWAIIAN ELECTRIC INDUSTRIES

DATED AS OF __________

 

 

 

 

CROSS-REFERENCE TABLE1

	 	 	 
	Section of	 	Section of
	Trust Indenture Act	 	Guarantee
	of 1939, as amended	 	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, 2.6, 5.4
	316(b) 
	 	5.3
	316(c) 
	 	9.2
	317(a) 
	 	Inapplicable
	317(b) 
	 	Inapplicable
	318(a) 
	 	2.1(b)
	318(b) 
	 	2.1
	318(c) 
	 	2.1(a)

 

			
	1 	 	This Cross-Reference Table does not constitute part
of this Trust Preferred Securities Guarantee Agreement and shall not
affect the interpretation of any of its terms or provisions.

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 	 	 	 	ARTICLE I

DEFINITIONS AND INTERPRETATION	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	SECTION 1.1	 	Definitions and Interpretation
	 	 	2	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	ARTICLE II

TRUST INDENTURE ACT	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	SECTION 2.1	 	Trust Indenture Act; Application 
	 	 	7	 
	SECTION 2.2	 	Lists of Holders of Securities 
	 	 	7	 
	SECTION 2.3	 	Reports by the Trust Guarantee Trustee 
	 	 	8	 
	SECTION 2.4	 	Periodic Reports to the Trust Guarantee
Trustee 
	 	 	8	 
	SECTION 2.5	 	Evidence of Compliance with Conditions
Precedent 
	 	 	8	 
	SECTION 2.6	 	Events of Default; Waiver 
	 	 	8	 
	SECTION 2.7	 	Event of Default; Notice 
	 	 	9	 
	SECTION 2.8	 	Conflicting Interests 
	 	 	9	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	ARTICLE III

POWERS, DUTIES AND RIGHTS OF

THE TRUST GUARANTEE TRUSTEE	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	SECTION 3.1	 	Powers and Duties of the Trust Guarantee
Trustee 
	 	 	9	 
	SECTION 3.2	 	Certain Rights of the Trust Guarantee
Trustee 
	 	 	12	 
	SECTION 3.3	 	Not Responsible for Recitals or Issuance of
the Trust Guarantee 
	 	 	15	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	ARTICLE IV

THE TRUST GUARANTEE TRUSTEE	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	SECTION 4.1	 	The Trust Guarantee Trustee; Eligibility 
	 	 	15	 
	SECTION 4.2	 	Appointment, Removal and Resignation of
the Trust Guarantee Trustee 
	 	 	16	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	SECTION 4.3	 	Successor to the Trust Guarantee Trustee
by Merger, Consolidation or Succession
to Business 
	 	 	17	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	ARTICLE V

THE TRUST GUARANTEE	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	SECTION 5.1	 	Guarantee 
	 	 	18	 
	SECTION 5.2	 	Waiver of Notice and Demand 
	 	 	18	 
	SECTION 5.3	 	Obligations Not Affected 
	 	 	18	 
	SECTION 5.4	 	Rights of Holders 
	 	 	19	 
	SECTION 5.5	 	Guarantee of Payment 
	 	 	20	 
	SECTION 5.6	 	Subrogation 
	 	 	20	 
	SECTION 5.7	 	Independent Obligations 
	 	 	21	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	ARTICLE VI

LIMITATION OF TRANSACTIONS; SUBORDINATION	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	SECTION 6.1	 	Limitation of Transactions 
	 	 	21	 
	SECTION 6.2	 	Ranking 
	 	 	22	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	ARTICLE VII

TERMINATION	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	SECTION 7.1	 	Termination
	 	 	23	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	ARTICLE VIII

EXCULPATION AND INDEMNIFICATION	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	SECTION 8.1	 	Exculpation 
	 	 	23	 
	SECTION 8.2	 	Indemnification 
	 	 	24	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	ARTICLE IX

MISCELLANEOUS	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	SECTION 9.1	 	Successors and Assigns 
	 	 	24	 
	SECTION 9.2	 	Amendments and Assignment 
	 	 	25	 
	SECTION 9.3	 	Merger of the Guarantor 
	 	 	25	 
	SECTION 9.4	 	Notices 
	 	 	26	 
	SECTION 9.5	 	Benefit
	 	 	27	 
	SECTION 9.6	 	Governing Law
	 	 	27	 

 

 

TRUST PREFERRED SECURITIES GUARANTEE AGREEMENT

     This TRUST PREFERRED SECURITIES GUARANTEE AGREEMENT (this “Trust Guarantee”), dated as of
                    , is executed and delivered by Hawaiian Electric Industries, Inc., a Hawaii corporation
(the “Guarantor” or the “Company”), and U.S. Bank National Association, a national banking
corporation, as trustee (the “Trust Guarantee Trustee”), for the benefit of the Holders (as defined
herein) from time to time of the Trust Preferred Securities (as defined herein) of Hawaiian
Electric Industries Capital Trust                     , a Delaware statutory trust (the “Trust”).

     WHEREAS, pursuant to an Amended and Restated Trust Agreement (the “Trust Agreement”), dated as
of                     , among the trustees of the Trust named therein, Hawaiian Electric Industries, Inc.,
as Sponsor and Depositor, and the holders from time to time of undivided beneficial interests in
the assets of the Trust, the Trust is issuing on the date hereof                      Trust Originated
Preferred Securities, having an aggregate liquidation amount of $                    , designated the ___%
Trust Originated Preferred Securities (the “Trust Preferred Securities”);

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

     WHEREAS, the Guarantor is also executing and delivering a guarantee agreement (the “Trust
Common Securities Guarantee”) in substantially identical terms to this Trust Guarantee for the
benefit of the holder of the Trust Common Securities (as defined herein), except that if the
Company is in default on any of its obligations under this Trust Guarantee or an Investment Event
of Default (as defined herein) has occurred

 

 

and is continuing and the Company is in default on any of its obligations with respect thereto
under an applicable Investment Guarantee, the rights of the holder of the Trust Common Securities
to receive Guarantee Payments under the Trust Common Securities Guarantee are subordinated to the
rights of Holders of Trust Preferred Securities to receive Guarantee Payments under this Trust
Guarantee.

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

ARTICLE I

DEFINITIONS AND INTERPRETATION

SECTION 1.1 Definitions and Interpretation

     In this Trust Guarantee, unless the context otherwise requires:

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

     (b) capitalized terms used in this Trust Guarantee but not otherwise defined herein shall have
the meanings assigned to them in the Trust Agreement;

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

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

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

2

 

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

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

     “Affiliate” means, with respect to any specified Person, any other Person that directly or
indirectly controls or is controlled by, or is under 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.

     “Business Day” means any day other than a day on which banking institutions in the City of New
York, State of New York are authorized or required by any applicable law to close.

     “Comparable Equity Interest” shall mean any preferred security hereafter issued by any finance
subsidiary of which the Company is the parent company and the principal purpose of which is to lend
the proceeds of the sale thereof to the Company or to eligible affiliates of the Company.

     “Corporate Trust Office” means the trust office of the Trust Guarantee Trustee at
which, at any particular time, this Trust Guarantee shall be administered, which office at
the date hereof is located in the Borough of Manhattan, in the City and State of New York.

     “Covered Person” means any Holder or beneficial owner of Trust Preferred Securities.

     “Event of Default” means a default by the Guarantor on any of its payment or other obligations
under this Trust Guarantee.

3

 

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

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

     “Indemnified Person” means the Trust Guarantee Trustee, any Affiliate of the Trust Guarantee
Trustee, or any officers, directors, shareholders, members, partners, employees, representatives,
nominees, custodians or agents of the Trust Guarantee Trustee.

     “Investment Affiliate” means the Company or any corporation, partnership, limited liability
company or other entity that is controlled by the Company and is not an

4

 

investment company by reason of Section 3(a) or 3(b) of the 1940 Act.

     “Investment Event of Default” means an event of default under any Affiliate Investment
Instrument that is a debt instrument or the breach by an Investment Affiliate of its obligations
under any Affiliate Investment Instrument that is an equity instrument.

     “Majority in liquidation amount of the Trust Preferred Securities” means, except as provided
by the Trust Indenture Act, a vote by Holders of Trust Preferred Securities, voting separately as a
class, of more than 50% of the aggregate liquidation amount (including the stated amount that would
be paid on redemption, liquidation or otherwise, plus accumulated and unpaid Distributions to the
date on which the voting percentages are determined) of all Trust Preferred Securities then
outstanding.

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

     (a) a statement that the officer signing the Officer’s 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 the officer in rendering the Officer’s Certificate;

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

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

5

 

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

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

     “Trust Common Securities” means the securities representing common undivided beneficial
interests in the assets of the Trust.

     “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.

     “Trust Guarantee Trustee” means U.S. Bank National Association, a national banking
corporation, until a Successor Trust Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Trust Guarantee and thereafter means each such Successor
Trust Guarantee Trustee.

     “Trust Securities” means the Trust Common Securities together with the Trust Preferred
Securities.

6

 

ARTICLE II

TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act; Application

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

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

SECTION 2.2 Lists of Holders of Securities

     (a) The Trust Guarantee Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of Holders of Trust
Preferred Securities. If the Trust Guarantee Trustee is not the Registrar, the Guarantor shall
furnish (or cause to be furnished) to the Trust Guarantee Trustee semi-annually on or before the
last day of June and December in each year, and at such other times as the Trust Guarantee Trustee
may request in writing, a list, in such form and as of such date as the Trust Guarantee Trustee may
reasonably require, containing all the information in the possession or control of the Registrar,
the Guarantor or any of its Paying Agents other than the Trust Guarantee Trustee as to the names
and addresses of Holders of Trust Preferred Securities. If there are unregistered securities
outstanding, even if the Trust Guarantee Trustee is the Registrar, the Company shall furnish to the
Trust Guarantee Trustee such a list containing such information with respect to Holders of such
unregistered securities only.

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

7

 

SECTION 2.3 Reports by the Trust Guarantee Trustee

     Within 60 days after May 15 of each year, the Trust Guarantee Trustee shall provide to the
Holders of the Trust Preferred 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 Trust Guarantee Trustee shall also comply with the requirements of Section 313(d) of the Trust
Indenture Act.

SECTION 2.4 Periodic Reports to the Trust Guarantee Trustee

     The Guarantor shall provide to the Trust Guarantee Trustee such documents, reports and
information as required by Section 314 (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. Delivery of such reports, information and documents to the Trust
Guarantee Trustee is for informational purposes only and the Trust Guarantee Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable
from information contained therein.

SECTION 2.5 Evidence of Compliance with Conditions Precedent

     The Guarantor shall provide to the Trust Guarantee Trustee such evidence of compliance with
any conditions precedent, if any, provided for in this Trust Guarantee 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
Officer’s Certificate.

SECTION 2.6 Events of Default; Waiver

     The Holders of a Majority in liquidation amount of Trust Preferred Securities may, by vote, on
behalf of the Holders of all of the Trust Preferred Securities, waive any past Event of Default and
its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event
of

8

 

Default arising therefrom shall be deemed to have been cured, for every purpose of this Trust
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 Trust 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 Trust Preferred
Securities, notices of all Events of Default actually known to a Responsible Officer of the Trust
Guarantee Trustee who is charged with the administration of this Trust Guarantee,
unless such defaults have been cured before the giving of such notice; provided,
however, that the Trust Guarantee Trustee shall be protected in withholding such notice if and so
long as a Responsible Officer of the Trust Guarantee Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders of the Trust Preferred Securities.

     (b) The Trust Guarantee Trustee shall not be deemed to have knowledge of any Event of Default
unless the Trust Guarantee Trustee shall have received written notice, or of which a Responsible
Officer of the Trust 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 Trust 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

THE TRUST GUARANTEE TRUSTEE

SECTION 3.1 Powers and Duties of the Trust Guarantee Trustee

     (a) This Trust Guarantee shall be held by the Trust

9

 

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

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

     (c) The Trust Guarantee Trustee, during the period before the occurrence of any Event of
Default and during the period after the curing or waiver of all Events of Default that may have
occurred, shall undertake to perform only such duties as are specifically set forth in this Trust
Guarantee, and no implied covenants shall be read into this Trust Guarantee against the Trust
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 Trust Guarantee
Trustee that is charged with the administration of this Trust Guarantee, the Trust Guarantee
Trustee shall exercise such of the rights and powers vested in it by
this Trust Guarantee, and use the same degree of care and skill in its exercise thereof, as a
prudent person would exercise or use under the circumstances in the conduct of his or her own
affairs.

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

     (i) During the period prior to the occurrence of

10

 

any Event of Default and during the period after the curing or waiving of any Events of
Default that may occur:

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

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

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

     (iii) The Trust 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 Trust Preferred Securities relating to the time, method and place of conducting any
proceeding for any remedy available to the Trust Guarantee Trustee, or

11

 

exercising any trust or power conferred upon the Trust Guarantee Trustee under this Trust
Guarantee; and

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

SECTION 3.2 Certain Rights of the Trust Guarantee Trustee

     (a) Subject to the provisions of Section 3.1:

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

     (ii) Any direction or act of the Guarantor contemplated by this Trust Guarantee shall
be sufficiently evidenced by an Officer’s Certificate.

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

12

 

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

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

     (vi) The Trust Guarantee Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Trust Guarantee at the request or direction of any
Holder, unless such Holder shall have provided to the Trust Guarantee Trustee such security
and indemnity, reasonably satisfactory to the Trust Guarantee Trustee, against the costs,
expenses (including attorneys’ fees and expenses and the expenses of the Trust Guarantee
Trustee’s agents, nominees or custodians) and liabilities that might be incurred by it in
complying with such request or direction, including such reasonable advances as may be
requested by the Trust Guarantee Trustee; provided that, nothing contained in this Section
3.2(a)(vi) shall be taken to relieve the Trust Guarantee Trustee, upon the occurrence of an
Event of Default, of its obligation to exercise the rights and powers vested in it by this
Trust Guarantee.

     (vii) The Trust 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

13

 

indebtedness or other paper or document, but the Trust Guarantee Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit.

     (viii) The Trust Guarantee Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents, nominees, custodians
or attorneys, and the Trust 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 Trust Guarantee Trustee or its agents hereunder shall bind
the Holders of the Trust Preferred Securities, and the signature of the Trust Guarantee
Trustee or its agents alone shall be sufficient and effective to perform any such action.
No third party shall be required to inquire as to the authority of the Trust Guarantee
Trustee to so act or as to its compliance with any of the terms and provisions of this Trust
Guarantee, both of which shall be conclusively evidenced by the Trust Guarantee Trustee or
its agent taking such action.

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

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

14

 

conferred upon it by this Trust Guarantee.

     (b) No provision of this Trust Guarantee shall be deemed to impose any duty or obligation on
the Trust 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 Trust Guarantee Trustee shall be unqualified or incompetent in accordance with applicable law,
to perform any such act or acts or to exercise any such right, power, duty or obligation. No
permissive power or authority available to the Trust Guarantee Trustee shall be construed to be a
duty.

SECTION 3.3 Not Responsible for Recitals or Issuance of the Trust Guarantee

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

ARTICLE IV

THE TRUST GUARANTEE TRUSTEE

SECTION 4.1 The Trust Guarantee Trustee; Eligibility

     (a) There shall at all times be a Trust 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

15

 

50 million U.S. dollars ($50,000,000), and subject to supervision or examination by Federal,
State, Territorial or District of Columbia authority. If such corporation publishes reports
of condition at least annually, pursuant to law or to the requirements of the supervising or
examining authority referred to above, then, for the purposes of this Section 4.1(a)(ii),
the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published.

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

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

     (a) Subject to Section 4.2(b), the Trust Guarantee Trustee may be appointed or removed without
cause at any time by the Guarantor except during any period in which an Event of Default has
occurred and is continuing.

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

     (c) The Trust Guarantee Trustee appointed to office shall hold office until a Successor Trust
Guarantee Trustee shall have been appointed or until its removal or resignation. The Trust
Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by an
instrument in writing executed by the Trust Guarantee Trustee and delivered

16

 

to the Guarantor, which resignation shall not take effect until a Successor Trust Guarantee Trustee
has been appointed and has accepted such appointment by instrument in writing executed by such
Successor Trust Guarantee Trustee and delivered to the Guarantor and the resigning Trust Guarantee
Trustee.

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

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

     (f) Upon termination of this Trust Guarantee or removal or resignation of the Trust Guarantee
Trustee pursuant to this Section 4.2, and before the appointment of any Successor Trust Guarantee
Trustee the Guarantor shall pay to the Trust Guarantee Trustee all amounts to which it is entitled
to the date of such termination, removal or resignation.

			
	SECTION 4.3	 	Successor to the Trust Guarantee Trustee by Merger, Consolidation or Succession to Business.

     Any corporation into which the Trust Guarantee Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of the Trust Guarantee Trustee shall be the
successor of the Trust Guarantee Trustee hereunder, provided such corporation shall be qualified
and eligible under the provisions of Section 4.1(a), without the execution or filing of any paper
or any further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding.

17

 

ARTICLE V

THE TRUST GUARANTEE

SECTION 5.1 Guarantee

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

SECTION 5.2 Waiver of Notice and Demand

     The Guarantor hereby waives notice of acceptance of this Trust Guarantee and of any liability
to which it applies or may apply, presentment, demand for payment, any right to require a
proceeding first against the 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 Trust Guarantee
shall in no way be affected or impaired by reason of the happening from time to time of any of the
following:

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

     (b) the extension of time for the payment by the Trust

18

 

of all or any portion of the Distributions, Redemption Price, Liquidation Distribution or any other
sums payable under the terms of the Trust Preferred Securities or the extension of time for the
performance of any other obligation under, arising out of, or in connection with, the Trust
Preferred Securities;

     (c) any failure, omission, delay or lack of diligence on the part of the Holders or the Trust
Guarantee Trustee to enforce, assert or exercise any right, privilege, power or remedy conferred on
the Holders or the Trust Guarantee Trustee pursuant to the terms of the Trust Preferred Securities
or this Trust Guarantee, or any action on the part of the Trust granting indulgence or extension of
any kind;

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

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

     (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; 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 Trust Preferred Securities have the
right to direct the

19

 

time, method and place of conducting of any proceeding for any remedy available to the Trust
Guarantee Trustee in respect of this Trust Guarantee or exercising any trust or power conferred
upon the Trust Guarantee Trustee under this Trust Guarantee.

     (b) If the Trust Guarantee Trustee fails to enforce its rights under the Trust Guarantee after
a Holder of Trust Preferred Securities has made a written request, such Holder of Trust Preferred
Securities may institute a legal proceeding directly against the Guarantor to enforce the Trust
Guarantee Trustee’s rights under this Trust Guarantee, without first instituting a legal proceeding
against the Trust, the Trust Guarantee Trustee or any other Person or entity. Notwithstanding the
foregoing, if the Guarantor has failed to make a Guarantee Payment, a Holder of Trust Preferred
Securities may directly institute a proceeding in such Holder’s own name against the Guarantor for
enforcement of the Trust Guarantee for such payment. The Guarantor waives any right or remedy to
require that any action be brought first against the Trust, the Trust Guarantee Trustee or any
other Person or entity before proceeding directly against the Guarantor.

SECTION 5.5 Guarantee of Payment

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

20

 

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

SECTION 5.7 Independent Obligations

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

ARTICLE VI

LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 6.1 Limitation of Transactions

     So long as any Trust Preferred Securities remain outstanding, if (a) for any distribution
period, full distributions on a cumulative basis on any Trust Preferred Securities have not been
paid or declared and set apart for payment, (b) an Investment Event of Default by any Investment
Affiliate in respect of any Affiliate Investment Instrument has occurred and is continuing and the
Company is in default of its obligations with respect thereto under an applicable Investment
Guarantee, or (c) the Company is in default of its obligations under this Trust Guarantee or the
Trust Common Securities Guarantee, then during such period (i) the Company shall not declare or pay
any dividends on, make any distributions with respect to, or redeem, purchase or acquire, or make a
liquidation payment with respect to any of its capital stock (except for dividends or distributions
in shares of, or options, warrants or rights to subscribe for or purchase shares of, its common
stock and exchanges or conversions of common stock of one class for common stock of another class
and other than (x) purchases or acquisitions of shares of its Common Stock in connection with the
satisfaction by the Company of its obligations under any employee benefit,

21

 

dividend reinvestment, stock purchase or other stock plans or any other contractual obligation of
the Company (other than a contractual obligation ranking pari passu with or junior to an Affiliate
Investment Instrument), (y) as a result of a reclassification of the Company’s capital stock or the
exchange or conversion of one class or series of the Company’s capital stock for another class or
series of the Company’s capital stock or (z) the purchase of fractional interests in shares of the
Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or
the security being converted or exchanged), (ii) the Company shall not make any payment or cause
any payment to be made that would result in, and shall take such action as shall be necessary to
prevent, the payment of any dividends on, any distribution with respect to, any redemption,
purchase or other acquisition of, or any liquidation payment with respect to, any Comparable Equity
Interest, and (iii) the Company shall not make any guarantee payments with respect to the foregoing
(other than pursuant to this Trust Guarantee or any other guarantee by the Company with respect to
any Comparable Equity Interest).

SECTION 6.2 Ranking

     This Trust Guarantee will constitute an unsecured obligation of the Guarantor and will rank
(i) subordinate and junior in right of payment to all other existing liabilities of the Guarantor,
including, without limitation, the fees, charges, expenses and indemnities due to the Property
Trustee or the Delaware Trustee in respect of the Trust Agreement, and to the Trust Guarantee
Trustee in respect of this Trust Guarantee, (ii) pari passu with (A) the most senior preferred or
preference stock now or hereafter issued by the Guarantor, (B) each Investment Guarantee related to
an Affiliate Investment Instrument, (C) the Trust Common Securities Guarantee, (D) any guarantee
hereafter entered into by the Guarantor in respect of any preferred security (similar to the Trust
Preferred Securities) of any Affiliate of the Guarantor, and (E) any other obligation of the
Guarantor expressly stated to rank pari passu with this Trust Guarantee or any of the foregoing,
and (iii) senior to the Guarantor’s common stock; provided, however, that under the circumstances
set forth in

22

 

Section 2.3 of the Trust Common Securities Guarantee, the rights of the holder of the Trust Common
Securities shall be subordinated to the rights of the Holders. Any similar guarantee given
hereafter by the Guarantor with respect to securities similar to Trust Preferred Securities that is
silent as to seniority will rank pari passu with this Trust Preferred Securities Agreement.

ARTICLE VII

TERMINATION

SECTION 7.1 Termination

     This Trust Guarantee shall terminate upon (i) full payment of the Redemption Price of all
Trust Preferred Securities, (ii) distribution of junior subordinated debt securities of the Company
held by the Trust to the Holders of the Trust Preferred Securities or (iii) full payment of the
amounts payable in accordance with the Trust Agreement upon liquidation of the Trust.
Notwithstanding the foregoing, this Trust Guarantee will continue to be effective or will be
reinstated, as the case may be, if at any time any Holder of Trust Preferred Securities must
restore payment of any sums paid under the Trust Preferred Securities or under this Trust
Guarantee.

ARTICLE VIII

EXCULPATION AND INDEMNIFICATION

SECTION 8.1 Exculpation

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

23

 

for any such loss, damage or claim incurred by reason of such Indemnified Person’s gross 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 Trust Preferred 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 and all loss, liability, damage, claim or expense, including taxes
(other than taxes based on the income of such Indemnified Person) incurred without gross negligence
or bad faith on its part, arising out of or in connection with the acceptance or administration of
the trust or trusts hereunder, including the costs and expenses (including reasonable legal fees
and expenses) of defending itself against, or investigating, any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder. The obligation to
indemnify as set forth in this Section 8.2 shall survive the termination of this Trust Guarantee or
the earlier resignation or removal of the Trust Guarantee Trustee.

ARTICLE IX

MISCELLANEOUS

SECTION 9.1 Successors and Assigns

     All guarantees and agreements contained in this Trust

24

 

Guarantee shall bind the successors, assigns, receivers, trustees and representatives of the
Guarantor and shall inure to the benefit of the Holders of the Trust Preferred Securities then
outstanding.

SECTION 9.2 Amendments and Assignment

     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 Trust Guarantee may only be
amended with the prior approval of the Holders of at least a Majority in liquidation amount of the
Trust Preferred Securities. The provisions of Section 13.2 of the Trust Agreement with respect to
meetings of Holders of the Trust Preferred Securities apply to the giving of such approval.

     Except in connection with any merger or consolidation of the Guarantor with or into another entity or
any sale, transfer or lease of the Guarantor’s assets to another entity, each as permitted by the Junior
Indenture, the Guarantor may not assign its rights or delegate its obligations under this Trust
Guarantee without the prior approval of the Holders of at least a Majority in liquidation amount of
the Trust Preferred Securities.

SECTION 9.3 Merger of the Guarantor

     The Guarantor covenants that it will not merge or consolidate with any other corporation or
other entity or sell or convey all or substantially all of its assets to any Person (other than
such a sale or conveyance to a Subsidiary or any successor thereto (such a sale or conveyance being
called an “Asset Drop-Down”)), unless (i) either the Guarantor shall be the continuing corporation
or the successor corporation (or other entity or the Person which acquires by sale or conveyance
substantially all the assets of the Guarantor), shall expressly assume the obligations of the
Guarantor hereunder, according to their tenor, and the due and punctual performance and observance
of all of the covenants hereof to be performed or observed by the Guarantor, by instrument in form
satisfactory to the Trust Guarantee Trustee, executed and delivered to the Trust Guarantee Trustee
by such corporation or other entity, and (ii) the Guarantor or such successor

25

 

corporation or other entity, as the case may be, shall not, immediately after such merger or
consolidation, or such sale or conveyance, be in default in the performance of any such covenant or
condition. In the event of any Asset Drop-Down after the date hereof, any subsequent sale or
conveyance of assets by a Subsidiary to which assets were transferred in such Asset Drop-Down will
be deemed to be a sale or conveyance of assets by the Guarantor for purposes of this provision.

SECTION 9.4 Notices

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

     (a) If given to the Trust Guarantee Trustee, at the Trust Guarantee Trustee’s mailing address
set forth below (or to such other address as the Trust Guarantee Trustee shall give Notice to
Guarantor in writing):

U.S. Bank National Association

100 Wall Street, Suite 1600

New York, New York 10005

Attention: Wendy Kumar

Telecopy: (212) 509-3384

     (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 Trust Preferred
Securities):

Hawaiian Electric Industries, Inc.

900 Richards Street

Honolulu, Hawaii 96813

Attention: Treasurer

Telecopy: (808) 543-7966

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

26

 

     All such notices shall be deemed to have been given when received in person, telecopied with
receipt confirmed, or mailed by first class mail with 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 9.5 Benefit

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

SECTION 9.6 Governing Law

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

27

 

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

	 	 	 	 	 
	 	HAWAIIAN ELECTRIC INDUSTRIES, INC.

Guarantor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Trust Guarantee Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Trust Preferred Securities Guarantee Agreement]

28

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}]]