Document:

Exhibit 4.3

 
	
  

 
	
 GUARANTEE AGREEMENT

 
	
  

 
	
 by and between

 
	
  

 
	
 GENERAL ELECTRIC CAPITAL CORPORATION,

 
	
 as Guarantor

 
	
  

 
	
 and

 
	
  

 
	
 THE BANK OF NEW YORK MELLON,

 
	
 as Guarantee Trustee

 
	
  

 
	
 relating to

 
	
  

 
	
 GE CAPITAL TRUST I

 
	
  

 
	
  

 	 

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 Dated as of March ●, 2010

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	 

 	
  

 

CROSS-REFERENCE TABLE*

	
  

 	
  

 	
  

 
	
 Section of

 Trust Indenture Act

 of 1939, as amended

 	
  

 	
 Section of

 Guarantee

 Agreement

 
	 

 	 

 	 

 
	
 310(a)

 	
  

 	
 4.1(a)

 
	
 310(b)

 	
  

 	
 4.1(c), 2.8

 
	
 310(c)

 	
  

 	
 Inapplicable

 
	
 311(a)

 	
  

 	
 2.2(b)

 
	
 311(b)

 	
  

 	
 2.2(b)

 
	
 311(c)

 	
  

 	
 Inapplicable

 
	
 312(a)

 	
  

 	
 2.2(a)

 
	
 312(b)

 	
  

 	
 2.2(b)

 
	
 313

 	
  

 	
 2.3

 
	
 314(a)

 	
  

 	
 2.4

 
	
 314(b)

 	
  

 	
 Inapplicable

 
	
 314(c)

 	
  

 	
 2.5

 
	
 314(d

 	
  

 	
 Inapplicable

 
	
 314(e)

 	
  

 	
 1.1, 2.5, 3.2

 
	
 314(f)

 	
  

 	
 2.1, 3.2

 
	
 315(a)

 	
  

 	
 3.1(d)

 
	
 315(b)

 	
  

 	
 2.7

 
	
 315(c)

 	
  

 	
 3.1

 
	
 315(d)

 	
  

 	
 3.1(d)

 
	
 316(a)

 	
  

 	
 1.1, 2.6, 5.4

 
	
 316(b)

 	
  

 	
 5.3

 
	
 316(c)

 	
  

 	
 8.2

 
	
 317(a)

 	
  

 	
 Inapplicable

 
	
 317(b)

 	
  

 	
 Inapplicable

 
	
 318(a)

 	
  

 	
 2.1

 
	
 318(b)

 	
  

 	
 2.1

 
	
 318(c)

 	
  

 	
 2.1

 

	
  

 	
  

 	
  

 
	 

 	
  

 
	
 *

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

 

-i-

	
  

 	
  

 	
  

 
	
 TABLE OF CONTENTS

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Page

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 
	
 ARTICLE 1

 	
  

 	
  

 
	
 DEFINITIONS

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 Section 1.1.
 Definitions

 	
  

 	
 1

 
	
  

 	
  

 	
  

 
	
 ARTICLE 2

 	
  

 	
  

 
	
 TRUST INDENTURE ACT

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 Section 2.1.
 Trust Indenture Act; Application

 	
  

 	
 4

 
	
 Section 2.2.
 List of Holders

 	
  

 	
 5

 
	
 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

 	
  

 	
 6

 
	
 Section 2.7.
 Event of Default; Notice

 	
  

 	
 6

 
	
 Section 2.8.
 Conflicting Interests

 	
  

 	
 6

 
	
  

 	
  

 	
  

 
	
 ARTICLE 3

 	
  

 	
  

 
	
 POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 Section 3.1.
 Powers and Duties of the Guarantee Trustee

 	
  

 	
 6

 
	
 Section 3.2.
 Certain Rights of Guarantee Trustee

 	
  

 	
 8

 
	
 Section 3.3.
 Compensation; Indemnity; Fees

 	
  

 	
 10

 
	
  

 	
  

 	
  

 
	
 ARTICLE 4

 	
  

 	
  

 
	
 GUARANTEE TRUSTEE

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 Section 4.1.
 Guarantee Trustee; Eligibility

 	
  

 	
 10

 
	
 Section 4.2.
 Appointment, Removal and Resignation of the Guarantee Trustee

 	
  

 	
 11

 
	
  

 	
  

 	
  

 
	
 ARTICLE 5

 	
  

 	
  

 
	
 GUARANTEE

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 Section 5.1.
 Guarantee

 	
  

 	
 12

 
	
 Section 5.2.
 Waiver of Notice and Demand

 	
  

 	
 12

 
	
 Section 5.3.
 Obligations Not Affected

 	
  

 	
 12

 
	
 Section 5.4.
 Rights of Holders

 	
  

 	
 13

 
	
 Section 5.5.
 Guarantee of Payment

 	
  

 	
 14

 
	
 Section 5.6.
 Subrogation

 	
  

 	
 14

 
	
 Section 5.7.
 Independent Obligations

 	
  

 	
 14

 

-ii-

	
  

 	
  

 	
  

 
	
 ARTICLE 6

 	
  

 	
  

 
	
 COVENANTS AND SUBORDINATION

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 Section 6.1.
 Subordination

 	
  

 	
 14

 
	
 Section 6.2.
 Pari Passu Guarantees

 	
  

 	
 14

 
	
  

 	
  

 	
  

 
	
 ARTICLE 7

 	
  

 	
  

 
	
 TERMINATION

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 Section 7.1.
 Termination

 	
  

 	
 15

 
	
  

 	
  

 	
  

 
	
 ARTICLE 8

 	
  

 	
  

 
	
 MISCELLANEOUS

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 Section 8.1.
 Successors and Assigns

 	
  

 	
 15

 
	
 Section 8.2.
 Amendments

 	
  

 	
 15

 
	
 Section 8.3.
 Notices

 	
  

 	
 16

 
	
 Section 8.4.
 Benefit

 	
  

 	
 17

 
	
 Section 8.5.
 Governing Law

 	
  

 	
 17

 
	
 Section 8.6.
 Force Majeure

 	
  

 	
 17

 
	
 Section 8.7.
 Waiver of Jury Trial

 	
  

 	
 17

 
	
 Section 8.8.
 Counterparts

 	
  

 	
 18

 

-iii-

          GUARANTEE
AGREEMENT, dated as of March ●, 2010, between GENERAL ELECTRIC CAPITAL
CORPORATION, a Delaware corporation (the “Guarantor”),
having its principal office at 201 High Ridge Road, Stamford, Connecticut 06927
and THE BANK OF NEW YORK MELLON, as trustee (the “Guarantee Trustee”),
for the benefit of the Holders (as defined herein) from time to time of the Trust
Securities (as defined herein) of GE CAPITAL TRUST I, a Delaware statutory trust
(the “Trust”).

RECITALS OF THE GUARANTOR AND THE TRUST

          WHEREAS,
pursuant to an Amended and Restated Trust Agreement, dated as of the date
hereof (the “Trust Agreement”),
among General Electric Capital Corporation, as Sponsor, The Bank of New York
Mellon, as Property Trustee, BNY Mellon Trust of Delaware, as Delaware Trustee,
and the Administrative Trustees named therein, the Trust is issuing up to
$● aggregate Liquidation Amount (as defined in the Trust Agreement) of
its 6.375% Fixed to Floating Rate Trust Securities (liquidation amount $1,000
per Trust Security) (the “Trust Securities”),
representing preferred undivided beneficial interests in the assets of the
Trust and having the terms set forth in the Trust Agreement; and

          WHEREAS,
the Trust Securities will be issued by the Trust in exchange for the Debentures
(as defined in the Trust Agreement) issued by the Guarantor pursuant to the
Exchange Offer (as defined in the Trust Agreement), which Debentures will be
deposited with The Bank of New York Mellon, as Property Trustee under the Trust
Agreement, as trust assets; and

          WHEREAS, as
an incentive for the holders of Debentures to tender their Debentures in
exchange for the Trust Securities pursuant to the Exchange Offer, the Guarantor
desires irrevocably and unconditionally to agree, to the extent set forth
herein, to pay to the Holders of the Trust 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 tender of Debentures in exchange for Trust Securities
by each holder of Debentures, which exchange the Guarantor hereby acknowledges
shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee
Agreement for the benefit of the Holders from time to time.

ARTICLE 1

DEFINITIONS

          Section1.1.  Definitions.

          For all
purposes of this Guarantee Agreement, except as otherwise expressly provided or
unless the context otherwise requires:

          (a)          The
terms defined in this Article have the meanings assigned to them in this
Article, and include the plural as well as the singular;

          (b)          All
other terms used herein that are defined in the Trust Indenture Act (as defined
herein), either directly or by reference therein, have the meanings assigned to
them therein;

          (c)          The
words “include”, “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”;

          (d)          All
accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles, and the term
“generally accepted accounting principles” with respect to any computation
required or permitted hereunder shall mean such accounting principles that are
generally accepted in the United States at the date or time of such
computation; provided that when two or more principles are so generally
accepted, it shall mean that set of principles consistent with those in use by
the Guarantor;

          (e)          Unless
the context otherwise requires, any reference to an “Article” or a “Section”
refers to an Article or a Section, as the case may be, of this Guarantee
Agreement; and

          (f)          The
words “hereby”, “herein”, “hereof” and “hereunder” and other words of similar import
refer to this Guarantee Agreement as a whole and not to any particular Article,
Section or other subdivision.

           “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.

          “Authorized Officer” of any Person means any
officer of such Person or any person authorized by or pursuant to a resolution
of the Board of Directors (or equivalent body) of such Person to act in respect
of matters relating to this Guarantee Agreement.

          “Board of Directors” means the board of
directors of the Guarantor or any committee of that board duly authorized to
act hereunder.

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

          “Distributions” has the meaning specified in
the Trust Agreement.

          “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 Trust
Securities, to the extent not paid or made by or on behalf of the Trust: (i)
any accumulated and unpaid Distributions required to be paid on the Trust
Securities, to the extent the Trust has received interest on the Trust
Debentures with which to make such payment; (ii) the Redemption Price (as
defined in the Trust Agreement) with respect 

-2-

to any Trust Securities called for redemption by the Trust, to the
extent the Trust has received redemption proceeds on the Trust Debentures with
which to make such payment; and (iii) upon a voluntary or involuntary
dissolution, winding-up or termination of the Trust, unless Trust Debentures
are distributed to the Holders, the lesser of (a) the Liquidation Distribution
(as defined in the Trust Agreement) with respect to the Trust Securities, to the
extent the Trust has received proceeds with which to make such payment, and (b)
the amount of assets of the Trust remaining available for distribution to
Holders on liquidation of the Trust.

          “Guarantee Trustee” means The Bank of New
York Mellon, solely in its capacity as Guarantee Trustee and not in its
individual capacity, 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” has the meaning specified in the
first paragraph of this Guarantee Agreement.

          “Holder” means any Holder (as defined in the
Trust Agreement) of any Trust Securities; provided, however, that in determining
whether the holders of the requisite percentage of Trust 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. 

          “Indemnitee” has the meaning specified in
Section 3.3(a)(iii).

          “Indenture” has the meaning specified in the
Trust Agreement.

          “Liquidation Distribution” has the meaning
specified in the Trust Agreement.

          “List of Holders” has the meaning specified
in Section 2.2(a).

          “Majority in Liquidation Amount of the Trust Securities”
means, except as provided by the Trust Indenture Act, Trust Securities
representing more than 50% of the aggregate Liquidation Amount (as defined in
the Trust Agreement) of all Trust Securities then Outstanding (as defined in
the Trust Agreement).

          “Officers’ Certificate” means, with respect
to any Person, a certificate signed by any two Authorized Officers of such
person. 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 Authorized Officer signing the Officers’ Certificate that
such Authorized 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 Authorized Officer has made such examination or
investigation as, in such Authorized Officer’s opinion, is necessary to enable
such Authorized 

-3-

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 Authorized 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, company, limited liability company, trust, business trust,
statutory trust, unincorporated association, or government or any agency or
political subdivision thereof, or any other entity of whatever nature.

          “Successor Guarantee Trustee” means a
successor Guarantee Trustee possessing the qualifications to act as Guarantee
Trustee under Section 4.1.

          “Trust” has the meaning specified in the
first paragraph of this Guarantee Agreement.

          “Trust Agreement” means the Amended and
Restated Trust Agreement of the Trust referred to in the recitals to this
Guarantee Agreement, as modified, amended or supplemented from time to time.

          “Trust Debentures” has the meaning specified
in the Trust Agreement.

          “Trust Indenture Act” means the Trust
Indenture Act of 1939, as amended, as in force at the date as of which this
Guarantee Agreement was executed; provided, however, that in the event the
Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.

          “Trust Securities” has the meaning specified
in the recitals to this Guarantee Agreement.

ARTICLE 2

TRUST INDENTURE ACT

          Section 2.1.  Trust Indenture Act; Application.

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

          (b)          If
and to the extent that any provision of this Guarantee Agreement limits,
qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive,
of the Trust Indenture Act through operation of Section 318(c) thereof, such
imposed duties shall control. If any provision of this Guarantee Agreement
modifies or excludes any provision of the Trust Indenture Act which may be so
modified or excluded, the latter provision shall be deemed to apply to this
Guarantee Agreement as so modified or to be excluded, as the case may be.

-4-

          Section 2.2.  List of Holders.

          (a)          The
Guarantor shall furnish or cause to be furnished to the Guarantee Trustee
(a) semiannually, on or before June 30 and December 31 of each
year, a list, in such form as the Guarantee Trustee may reasonably require, of
the names and addresses of the Holders (a “List
of Holders”) as of a date not more than 15 days prior to the
delivery thereof, and (b) 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 Holders as of a date not more than 15 days prior to the
time such list is furnished, in each case to the extent such information is in
the possession or control of the Guarantor and has not otherwise been received
by the Guarantee Trustee in its capacity as such or as securities registrar for
the Trust Securities. Notwithstanding the preceding sentence, the Guarantor shall
not be obligated to provide such List of Holders at any time the List of Holders
does not differ from the most recent List of Holders given to the Guarantee Trustee
by the Guarantor. The Guarantee Trustee may destroy any List of Holders previously
given to it on receipt of a new List of Holders.

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

          Section 2.3.  Reports by the Guarantee Trustee.

          Within
    60 days after September 30 of each year, commencing September 30,
2010, the Guarantee Trustee shall provide to the Holders such reports as are
required by Section 313(a) of the Trust Indenture Act, if any, in the form and
in the manner provided by Section 313 of the Trust Indenture Act, which reports
shall be as of a date no more than 60 days prior thereto. The Guarantee Trustee
shall also comply with the requirements of Section 313(d) of the Trust
Indenture Act. The Guarantor shall promptly notify the Guarantee Trustee when
any Trust Securities are listed on any stock exchange.

          Section 2.4.  Periodic Reports to the Guarantee Trustee.

          The
Guarantor shall provide to the Guarantee Trustee, the Securities and Exchange
Commission 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(a) 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 documents, reports and information to the Guarantee
Trustee is for informational purposes only and the Guarantee Trustee’s receipt
of such shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the
Guarantor’s compliance with any of its covenants hereunder (as to which the
Guarantee Trustee is entitled to rely exclusively on Officers’ Certificates).
The Guarantor shall annually file with the Guarantee Trustee an Officers’
Certificate specifying whether the Guarantor is in compliance with all of the
terms and covenants hereunder no later than 120 days after the end of each
calendar year.

          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 

-5-

required to be given by an officer of the Guarantor 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 at least a Majority in Liquidation Amount of the Trust Securities
may, by vote or written consent, on behalf of the Holders of all the Trust
Securities, waive any past default or Event of Default and its consequences.
Upon such waiver, any such default or Event of Default shall cease to exist,
and any default or 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 thereon.

          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 any
such Event of Default known to the Guarantee Trustee, unless such Event of
Default has been cured 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 the Guarantee Trustee shall have received written notice, or an officer
of the Guarantee Trustee charged with the administration of this Guarantee
Agreement shall have obtained actual knowledge, of such Event of Default.

          Section 2.8.  Conflicting Interests.

          The
Trust Agreement and the Indenture 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 3

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 to a Successor Guarantee Trustee on acceptance
by such Successor Guarantee Trustee of its appointment to act as 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 of title shall be effective whether or not
conveyancing documents have been executed and delivered pursuant to the
appointment of such Successor Guarantee Trustee.

-6-

          (b)       If
an Event of Default has occurred and is continuing of which the Guarantee
Trustee is deemed to have knowledge pursuant to Section 2.7(b) hereof, 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
curing of all Events of Default that may have occurred, shall undertake to
perform only such duties as are specifically set forth in this Guarantee
Agreement, and no implied covenants shall be read into this Guarantee Agreement
against the Guarantee Trustee. The Guarantee Trustee shall, during the
existence of any Event of Default of which the Guarantee Trustee is deemed to
have knowledge pursuant to Section 2.7(b) hereof and which has not been cured
or waived pursuant to Section 2.6, 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. 

          (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; 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 an 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 Trust
 Securities relating to the time, method and place of conducting any
 proceeding for any remedy available to the 

 

-7-

	
  

 	
  

 	
  

 
	
  

 	
 Guarantee Trustee, or exercising any trust or power conferred upon
 the Guarantee Trustee under this Guarantee Agreement. 

 
	
  

 	
  

 	
  

 
	
  

 	
           (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 reasonably
 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 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 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 written advice or
 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 security and indemnity, reasonably satisfactory to 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; provided that nothing contained in this Section 

 

-8-

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.2(a)(v) shall be taken to relieve the Guarantee Trustee, upon the
 occurrence of an Event of Default, of its obligation to exercise the rights
 and powers vested in it by this Guarantee Agreement. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (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 misconduct
 or negligence on the part of any such agent or attorney appointed by it with
 due care 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 written instructions from the Holders, (B) may refrain from
 enforcing such remedy or right or taking such other action until such written
 instructions are received, and (C) shall be protected in acting in accordance
 with such written instructions. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (ix)       In
 no event shall the Guarantee Trustee be liable for special, indirect or
 consequential loss or damage of any kind whatsoever (including but not
 limited to lost profits). 

 
	
  

 	
  

 	
  

 	
  

 
	
           (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. 

 
	
  

 
	
           (c)       The
 Guarantee Trustee makes no representation as to, and shall have no
 responsibility for, the correctness of any factual statement contained in, or
 the validity or sufficiency of, this Guarantee Agreement or any documents or
 instruments referred to in this Guarantee Agreement or as to or for the
 validity or collectability of any obligation contemplated by this Guarantee
 Agreement. The Guarantee Trustee shall not be accountable for the use or
 application by any person of disbursements properly made by it in conformity
 with the provisions of this Guarantee Agreement. 

 
	
  

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

 

-9-

	
  

 	
  

 
	
  

 	
 Section 3.3.  Compensation; Indemnity; Fees. 

 
	
  

 	
  

 
	
  

 	
 (a)      The
 Guarantor agrees: 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (iii)       to
 indemnify the Guarantee Trustee and its directors, officers, employees and
 agents (collectively with the Guarantee Trustee, the “Indemnitees”) for, and to hold them
 harmless against, any loss, liability or expense, including without
 limitation, damages, fines, suits, actions, demands, penalties, costs,
 out-of-pocket or incidental expenses, reasonable legal fees and expenses and
 the costs and expenses of defending itself against any claim in connection with
 the exercise or performance of any of its powers or duties hereunder
 (collectively, “Losses”), that
 may be imposed on or incurred by any Indemnitee for or in respect of the
 Guarantee Trustee’s (i) execution, delivery and administration of this
 Guarantee Agreement, (ii) compliance or attempted compliance with or reliance
 upon any instruction or other direction upon which the Guarantee Trustee is
 authorized to rely pursuant to the terms of this Guarantee Agreement and
 (iii) performance under this Guarantee Agreement, except in each case to the
 extent that the Loss resulted from the Guarantee Trustee’s or such other
 Indemnitee’s negligence, willful misconduct or bad faith. 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. 

 

          (b)       The
obligations of the Guarantor under this Section 3.3 shall survive the
termination of this Guarantee Agreement and the resignation or removal of the
Guarantee Trustee. 

ARTICLE 4

GUARANTEE TRUSTEE

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Section
 4.1.  Guarantee Trustee; Eligibility. 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 	
  

 	
  

 
	
  

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

 

-10-

	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (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 its supervising or
 examining authority, then, for the purposes of this Section 4.1 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.

 

          (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, subject to the penultimate paragraph
thereof. 

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

          (a)       Subject
to Section 4.2(c), the Guarantee Trustee may be appointed or removed at any
time for cause by the action of the Holders of a Majority in Liquidation Amount
of the Trust Securities delivered to the Guarantee Trustee and the Guarantor. 

          (b)       Subject
to Section 4.2(c), the Guarantee Trustee may resign from office (without need
for prior or subsequent accounting) by giving written notice thereof to the
Holders and the Guarantor and by appointing a successor Guarantee Trustee. The
Guarantee Trustee shall appoint a successor by requesting from at least three
Persons meeting the requirements of Section 4.1(a) their expenses and charges
to serve as the Guarantee Trustee, and selecting the Person who agrees to the
lowest expenses and charges. 

          (c)       The
Guarantee Trustee appointed hereunder shall hold office until a Successor
Guarantee Trustee shall have been appointed and shall have accepted such
appointment. No removal or resignation of a Guarantee Trustee shall be
effective until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Guarantor and, in the case of any
resignation, the resigning Guarantee Trustee. 

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

          (e)       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 and a replacement shall not be appointed prior to such resignation or
removal, or if a vacancy shall occur in the 

-11-

office of Guarantee Trustee for any cause, the Holders of the Trust
Securities, by the action of the Holders of record of not less than 25% in
aggregate Liquidation Amount (as defined in the Trust Agreement) of the Trust
Securities then Outstanding (as defined in the Trust Agreement) delivered to
such Guarantee Trustee, may appoint a Successor Guarantee Trustee or Trustees.
If no successor Guarantee Trustee shall have been so appointed by the Holders
of the Trust Securities and accepted appointment, any Holder, on behalf of such
Holder and all others similarly situated, or any other Guarantee Trustee, may
petition any court of competent jurisdiction for the appointment of a successor
Guarantee Trustee. 

ARTICLE 5

GUARANTEE

          Section
5.1.  Guarantee. 

          The
Guarantor irrevocably and unconditionally agrees to pay in full to the Holders
the Guarantee Payments (subject to the limitations contained in the definition
of that term and without duplication of amounts theretofore paid by or on
behalf of the Trust), as and when due, regardless of any defense, right of
set-off or counterclaim that the 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 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 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 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 Trust of any express or implied agreement, covenant, term or
condition relating to the Trust Securities to be performed or observed by the
Trust; 

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

-12-

          (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 Trust Securities, or any action on the
part of the Trust granting indulgence or extension of any kind; 

          (d)      the voluntary or involuntary liquidation,
dissolution, 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 Securities or any
agreement relating thereto (including, without limitation, this Guarantee
Agreement); 

          (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 and the Guarantee Trustee agree 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 Trust 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, provided that (1) such
direction shall not be in conflict with any rule of law or with this Guarantee
Agreement, (2) the Guarantee Trustee may take any other action deemed proper by
the Guarantee Trustee which is not inconsistent with such direction, and (3)
subject to the provisions of Section 3.1, the Guarantee Trustee shall have the
right to decline to follow any such direction if the Guarantee Trustee in good
faith shall, by an officer or officers of the Guarantee Trustee, determine that
the proceeding so directed would involve the Guarantee Trustee in personal
liability; and (iv) if the Guarantee Trustee fails to enforce this Guarantee
Agreement, 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 Trust or any
other Person. In addition, if the Guarantor has failed to make a Guarantee
Payment, a Holder may directly institute a proceeding against the Guarantor for
enforcement of the guarantee for such payment to the Holder of the principal of
or interest on the Debentures on or after the respective due dates specified in
the Debentures, and the amount of the payment will be based on the Holder’s pro
rata share of the amount due and owing on all of the Trust Securities. 

-13-

          Section
5.5.  Guarantee of Payment. 

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

          Section
5.6.  Subrogation. 

          The
Guarantor shall be subrogated to all rights (if any) of the Holders against the
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 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 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 6

COVENANTS AND SUBORDINATION

          Section
6.1.  Subordination. 

          The
obligations of the Guarantor under this Guarantee Agreement will constitute
unsecured obligations of the Guarantor and will rank subordinate and junior in
right of payment and upon liquidation to all Senior Indebtedness (as defined in
the Indenture) of the Guarantor to the extent and in the manner set forth in
the Indenture with respect to the Debentures, and the provisions of Article
FOURTEEN 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 the obligations of the
Guarantor under (i) any similar guarantee agreements issued by the Guarantor on
behalf of the holders of trust securities issued by any statutory trust the
assets of which consist of debt securities that are pari passu to the Debentures, (ii) the Indenture and the
Debt Securities (as defined therein) issued thereunder, and (iii) any other
security, guarantee or other agreement or obligation that is expressly stated
to rank pari passu with the
obligations of the Guarantor under this Guarantee Agreement or with any
obligation that ranks pari passu
with the obligations of the Guarantor under this Guarantee Agreement. 

-14-

ARTICLE 7

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 (as defined in the Trust Agreement) of
all Trust Securities, (ii) the distribution of Trust Debentures to the Holders
in exchange for all of the Trust Securities whether upon the liquidation of the
Trust or upon the occurrence of an Exchange Event (as defined in the Trust
Agreement) or (iii) full payment of the amounts payable in accordance with
Article 9 of the Trust Agreement upon liquidation or dissolution of the 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 repay any sums paid with respect to Trust Securities or this
Guarantee Agreement. 

ARTICLE 8

MISCELLANEOUS

          Section
8.1.  Successors and Assigns. 

          All
guarantees and agreements contained in this Guarantee Agreement shall bind the
successors, assigns, receivers, trustees and representatives of the Guarantor
and shall inure to the benefit of the Holders of the Trust Securities then
outstanding. Except in connection with a consolidation, merger or sale
involving the Guarantor that is permitted under Article ELEVEN of the Indenture
and pursuant to which the successor or assignee agrees in writing to perform
the Guarantor’s obligations hereunder, the Guarantor shall not assign its
obligations hereunder, and any purported assignment other than in accordance
with this provision shall be void. 

          Section
8.2.  Amendments. 

          This
Guarantee Agreement may be amended from time to time by the Guarantor and the
Guarantee Trustee, without the consent of any Holder of the Trust Securities,
the Property Trustee or the Delaware Trustee to do any of the following, provided (i) such amendment will not
materially adversely affect the interests of any Holder of Trust Securities,
the Property Trustee or the Delaware Trustee, or impose any additional duty or
obligation on the Property Trustee or the Delaware Trustee; (ii) the Guarantor
has received a written opinion of nationally recognized tax counsel to the
effect that the amendment or the exercise of any power granted to any Trustee
of the Trust in accordance with the amendment will not result in a deemed
exchange of Trust Debentures for new Trust Debentures for U.S. federal income
tax purposes; (iii) the Guarantor has received a written opinion of nationally
recognized tax counsel to the effect that such amendment will not cause the
Trust to be classified for U.S. federal income tax purposes as other than (x) a
domestic grantor trust or custodial arrangement, or (y) a foreign trust
provided that such treatment would not have any adverse U.S. federal income tax
consequences to the Sponsor (as defined in the Trust Agreement), the Trust, or
Owners (as defined in the Trust Agreement) of the Trust Securities; and (iv)
such amendment will not cause the Trust to be required to register as an
“investment company” under the Investment Company Act (as defined in the Trust
Agreement): 

-15-

	
  

 	
  

 
	
  

 	
           (1)       cure
 any ambiguity or correct or supplement any provisions in this Guarantee
 Agreement that may be inconsistent with any other provision; 

 
	
  

 	
  

 
	
  

 	
           (2)       make
 any other provisions with respect to matters or questions arising under, or
 make any other modification or amendment with respect to, this Guarantee
 Agreement; 

 
	
  

 	
  

 
	
  

 	
           (3)       modify,
 eliminate or add to any provisions of the Guarantee Agreement to such extent
 as shall be necessary to ensure that the Trust will be classified for U.S.
 federal income tax purposes as a grantor trust at all times that any Trust
 Securities are outstanding, to ensure that the Trust will not be required to
 register as an “investment company” under the Investment Company Act, or to
 ensure the treatment of the Trust Securities as regulatory capital under
 prevailing rules and regulations of any Applicable Regulatory Authority; 

 
	
  

 	
  

 
	
  

 	
           (4)       modify,
 eliminate or add to any provisions of the Guarantee Agreement following a
 “Change in Law” (as defined in the Trust Agreement) to provide, to the extent
 possible, that the Holders of the Trust Securities will have the same legal
 rights with respect to the Trust Debentures as if they held those Trust
 Debentures directly, provided that such Change in Law permits such amendment
 without adverse U.S. federal income tax consequences to the Guarantor, the
 Trust or Owners of the Trust Securities; or 

 
	
  

 	
  

 
	
  

 	
           (5)       conform
 the terms of this Guarantee Agreement to the description thereof in the
 Prospectus (as defined in the Trust Agreement), which such amendment will be
 deemed to not materially adversely affect the interests of any Holder of
 Trust Securities, the Property Trustee or the Delaware Trustee, or impose any
 additional duty or obligation on the Property Trustee or the Delaware
 Trustee. 

 

          (b)       Except
as provided in Section 8.2(a) (or as may otherwise be provided in an amendment
in connection with a Change in Law pursuant to clause (4) of Section 8.2(a)),
no provision of this Guarantee Agreement may be amended whether with the
consent of Holders of the Trust Securities or otherwise. 

          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 or mailed by first class mail as follows: 

          (a)       if
given to the Guarantor, to the address or facsimile number set forth below or
such other address or facsimile number as the Guarantor may give notice to the
Guarantee Trustee and the Holders: 

	
  

 	
  

 
	
  

 	
 General
 Electric Capital Corporation

 
	
  

 	
 3135 Easton
 Turnpike

 
	
  

 	
 Fairfield,
 Connecticut 06828 

 
	
  

 	
 Attention:
 Associate General Counsel, Corporate Treasury 

 

-16-

          (b)       if
given to the Guarantee Trustee, at the address or facsimile number set forth
below or such other address or facsimile number as the Guarantee Trustee may
give notice to the Guarantor and the Holders: 

	
  

 	
  

 
	
  

 	
 The Bank of
 New York Mellon

 
	
  

 	
 101 Barclay
 Street, 8W

 
	
  

 	
 New York,
 New York 10286 

 
	
  

 	
 Attention:
 Corporate Trust Administration 

 

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

          Section
8.5.  Governing Law. 

          THIS
GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK. 

          Section
8.6.  Force Majeure. 

          In no event
shall the Guarantee Trustee be responsible or liable for any failure or delay
in the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil
or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services; it being understood that the Guarantee
Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable
under the circumstances. 

          Section
8.7.  Waiver of Jury Trial.

          EACH OF THE
GUARANTOR AND THE GUARANTEE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE AGREEMENT, THE
TRUST SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

-17-

          Section
8.8.  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. 

-18-

          IN WITNESS
WHEREOF, the parties hereto have executed this Guarantee Agreement as of the
day and year first above written. 

	
  

 	
  

 	
  

 
	
  

 	
 GENERAL
 ELECTRIC CAPITAL CORPORATION

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 THE BANK OF
 NEW YORK MELLON,

 
	
  

 	
 as Guarantee
 Trustee

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 

-19-c59893_ex4-4.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

 

Exhibit 4.4

GENERAL ELECTRIC CAPITAL CORPORATION

THE BANK OF NEW YORK MELLON 

(SUCCESSOR TO JPMORGAN CHASE BANK, N.A.)

as Trustee

and

THE BANK OF NEW YORK MELLON 

acting through its London branch 

as Registrar, Transfer and Principal Paying Agent

_____________________________________________________

SUPPLEMENTAL INDENTURE 

Dated as of [•], 2010 

to 

INDENTURE FOR SUBORDINATED DEBENTURES

Dated as of September 1, 2006 

_____________________________________________________

 

     This Supplemental Indenture, dated as of [•], 2010 ("Supplemental
Indenture"), is entered into among General Electric Capital Corporation, a corporation duly organized under the laws of the State of Delaware (the "Company"), The Bank of New York Mellon, formerly known as The Bank of New York (successor to JPMorgan Chase Bank, N.A.), a New York banking corporation, as trustee (the "Trustee"), and The Bank of New York Mellon, acting through its London branch, as registrar, transfer and principal paying agent, for the purposes of amending and supplementing the provisions of each series of Debentures (as defined below) as
provided for herein. 

RECITALS OF THE COMPANY:

     WHEREAS, the Company and the Trustee have heretofore executed and delivered an Indenture for Subordinated Debentures, dated as of September 1, 2006 (as amended, supplemented, waived or
otherwise modified prior hereto, the "Indenture"), providing for the issuance from time to time of subordinated debentures of the Company; 

     WHEREAS, the Company has previously issued, among other series of Debt Securities, the following series of Debt Securities: (A)(i) €950,000,000 4.625% Fixed to Floating Rate EU
Subordinated Debentures due 2066 (the "Euro 2066 Debentures") and (ii) £400,000,000 5.500% Fixed to Floating Rate GBP Subordinated Debentures due 2066 (the
"GBP 2066 Debentures"), each pursuant to a supplemental indenture dated as of September 15, 2006 (the "September 2006 Supplemental
Indenture") under the Indenture; and (B)(i) €1,500,000,000 5.500% Fixed to Floating Rate EUR Subordinated Debentures due 2067 (the "Euro 2067 Debentures") and (ii) £600,000,000 6.500% Fixed to Floating Rate GBP Subordinated Debentures due 2067 (the "GBP 2067 Debentures") each pursuant to a supplemental
indenture dated as of September 5, 2007 under the Indenture (the "September 2007 Supplemental Indenture" and, together with the September 2006 Supplemental Indenture, the
"Supplemental Indentures"). The Euro 2066 Debentures, the GBP 2066 Debentures, the Euro 2067 Debentures and the GBP 2067 Debentures are referred to herein collectively as, the
“Non-USD Debentures”). 

     WHEREAS, the Company has previously issued under the Indenture, among other series of Debt Securities, $2,500,000,000 aggregate principal amount of 6.375% Fixed to Floating Rate USD
Subordinated Debentures due 2067 (the “USD Debentures” and, together with the Non-USD Debentures, the “Debentures”) pursuant to an Officers' Certificate in
accordance with the provisions of the Indenture; 

     WHEREAS, the Company acts as sponsor of each of the Delaware statutory trusts specified below (each, a "Trust"), each of which will participate in an offer to issue trust securities as
specified below (the "Trust Securities") pursuant to a trust agreement (a "Trust Agreement") in
exchange (the "Exchange") for the Debentures specified below as of [•], 2010 (the "Exchange Date"):

  	
      Trust  	   	
      Debentures  	   	
      Trust Securities  
	
      GE Capital Trust I  	   	
      USD Debentures  	   	
      USD 2067 Trust Securities  
	
      GE Capital Trust II  	   	
      EUR 2067 Debentures  	   	
      EUR 2067 Trust Securities  
	
      GE Capital Trust III  	   	
      GBP 2067 Debentures  	   	
      GBP 2067 Trust Securities  
	
      GE Capital Trust IV  	   	
      EUR 2066 Debentures  	   	
      EUR 2066 Trust Securities  
	
      GE Capital Trust V  	   	
      GBP 2066 Debentures  	   	
      GBP 2066 Trust Securities  

  

     WHEREAS, pursuant to Section 10.01 of the Indenture, the Company and the Trustee are authorized to execute and deliver this Supplemental Indenture in order to supplement the Indenture, without
the consent of any Holder, in order to effect the amendment contemplated by Section 10.01(g)

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thereof with respect to each series of the Debentures and to provide for certain supplemental provisions related to the Exchange and the issuance of the Trust Securities as specified in Article I of this Supplemental
Indenture; 

     WHEREAS, each party hereto has duly authorized the execution and delivery of this Supplemental Indenture and has done all things necessary to make this Supplemental Indenture a valid agreement
in accordance with its terms;

     WHEREAS, terms used but not defined herein shall have the meaning ascribed to them pursuant to the Indenture and the Supplemental Indentures; 

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company and the Trustee mutually covenant and
agree as follows: 

ARTICLE I

SECTION 1.1. Payment of Trust Debenture Additional Amounts.

     Each series of Non-USD Debentures is hereby amended to provide that the Company shall pay additional amounts (the "Trust Debenture Additional
Amounts") with respect to any Non-USD Debentures that are held by a Trust in such amounts as are necessary to enable such Trust to meet its obligation to pay any Trust Security Additional Amounts (as defined in
the relevant Trust Agreement) in respect of the related Trust Securities as set forth in Section 4.03 of the relevant Trust Agreement.

SECTION 1.2. Redemption.

     Each series of the Debentures is hereby amended in each case to add the following sentence as the last sentence of the subsection therein entitled “Redemption:” 

	 	“Notwithstanding the foregoing,
        any redemption of the Debentures prior to the Maturity Date shall be
    subject to any then required approval by each Applicable Regulatory Authority.” 

     For any date on which
the Company is subject to regulatory oversight, the term "Applicable
Regulatory Authority" means
any governmental authority, or any independent agency created under any governmental
authority, that has promulgated regulations to which the Company is subject under
which it is required to maintain specific levels of capital. Notwithstanding
the  foregoing, the term “Applicable Regulatory Authority” may be amended
in accordance with the provisions of Article Ten of the Indenture without the
consent of any holder of Debentures in order to enable the Trust Securities to
qualify as any particular category of regulatory capital under the prevailing
rules and regulations of an entity being defined by such amendment as an Applicable
Regulatory Authority. 

2

ARTICLE II 

MISCELLANEOUS

     SECTION 2.1.  Effect of Supplemental Indenture.  Upon the execution and delivery of this Supplemental Indenture by the
Company and the Trustee, the Indenture and each series of the Debentures shall be supplemented and amended in accordance herewith, and this Supplemental Indenture shall form a part of the Indenture for all purposes. 

     SECTION 2.2. Indenture Remains in Full Force and Effect. Except as supplemented hereby, all provisions in the Indenture
and in each series of the Debentures shall remain in full force and effect. 

     SECTION 2.3. Indenture and Supplemental Indenture Construed Together. This Supplemental Indenture is supplemental to and
made a part of the Indenture.  The Indenture and this Supplemental Indenture shall henceforth be read and construed together. 

     SECTION 2.4. Confirmation and Preservation of Indenture. The Indenture as supplemented by this Supplemental Indenture is
in all respects confirmed and preserved. 

     SECTION 2.5.  Severability.  In case any provision in this Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

     SECTION 2.6. Parties. Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm
or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein or therein contained. 

     SECTION 2.7.  Counterparts.  The parties hereto may sign one or more copies of this Supplemental Indenture in
counterparts, all of which together shall constitute one and the same agreement. 

     SECTION 2.8. Headings. The headings of the Articles and the sections in this Supplemental Indenture are for convenience
of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof 

     SECTION 2.9. Successors. All covenants and agreements in this Supplemental Indenture by the parties hereto shall bind
their successors and assigns, whether so expressed or not. 

SECTION 2.10. Notices.

     (a) Any notices or other communications required or permitted hereunder shall be in writing, and shall be sufficiently given if made by hand delivery, by telecopier or first-class mail, postage
prepaid, addressed as follows: 

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if to the Company

General Electric Capital Corporation 

201 High Ridge Road 

Stamford, CT 06927 

United States of America 

Attention: Senior Vice President-Corporate Treasury and Global Funding Operation 

Fax: +1 203 585 1191 

if to the Trustee:

The Bank of New York Mellon

101 Barclay Street, 8th Floor 

New York, NY 10286 

United States of America 

Attention: Corporate Finance 

Fax: +1 212 815 5704 

if to the Principal Paying Agent:

The Bank of New York Mellon, acting through its London branch 

One Canada Square 

London E14 5AL 

United Kingdom 

Attention: Corporate Trust Administration 

Fax: +44 20 7964 2536 

     The Company, the Trustee and the Principal Paying Agent by written notice to each other such Person may designate additional or different addresses for notices to such Person.  Any notice or
communication to the Company, the Trustee or the Principal Paying Agent shall be deemed to have been given or made as of the date so delivered if personally delivered; when receipt is acknowledged, if telecopied; and five (5) calendar days after
mailing if sent by first class mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received by the addressee). 

     (b) Notices regarding the Non-USD Debentures will be sent to a leading newspaper having general circulation in London (which is expected to be The Financial Times) and through the newswire
service of Bloomberg (or if Bloomberg does not then operate, any similar agency). Additionally, in the event the Non-USD Debentures are in the form of Definitive Debentures, notices will be sent, by first class mail, with a copy to the Trustee, to
each Holder at such Holder's address as it appears on the registration books of the Registrar.  If and so long as such Non-USD Debentures are listed on any securities exchange, notices will also be given in accordance with any applicable
requirements of such securities exchange. If and so long as any Non-USD Debentures are represented by one or more Global Debentures and ownership of Book-Entry Interests therein are shown on the records of Euroclear, Clearstream or any successor
clearing agency appointed by the Common Depositary at the request of the Company, notices will be delivered to such clearing agency for communication to the owners of such Book-Entry Interests.  Notices given by publication will be deemed given on
the first date on which publication is made and notices given by first class mail, postage prepaid, will be deemed given five calendar days after mailing. 

     
SECTION 2.11.  Governing Law.  This Supplemental Indenture and each series of the

4

Debentures as amended and supplemented hereby shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State. 

     SECTION 2.12. Information. For so long as the Non-USD Debentures are listed on the official list of the London Stock
Exchange and the rules of such exchange so require, copies of this Supplemental Indenture and the Indenture will be made available in London through the offices of the Paying Agent in London. 

     SECTION 2.13. No Recitals, etc. The recitals in this Supplemental Indenture are made by the Company and not by the
Trustee or the Principal Paying Agent, and the Trustee and the Principal Paying Agent shall not be responsible for the validity or sufficiency hereof with respect to the Company. 

5

     IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, as of the date first written above. 

 

	 	GENERAL ELECTRIC
    CAPITAL CORPORATION

    as Company 
	 	 	 
	 	 	 
	 	
By:  	 
	 	
Name:  
	 	
Title:  

THE BANK OF NEW YORK MELLON (SUCCESSOR 

TO JPMORGAN CHASE BANK, N.A.), as Trustee 

	By: 	 
	Name: 
	Title: 

THE BANK OF NEW YORK MELLON, acting through its London branch 

as Registrar, Transfer and Principal Paying Agent 

	By: 	 
	Name: 
	Title: 

6

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