Document:

Exhibit
4.13

 

Execution
Copy

 

CERTIFICATE OF TRUST

 

OF

 

ASSURED GUARANTY CAPITAL TRUST I

 

This Certificate of Trust
of Assured Guaranty Capital Trust I (the “Trust”)
is being duly executed and filed by the undersigned, as trustees, to form a
statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801,
et  seq.)
(the “Act”).

 

1.                                       Name. 
The name of the statutory trust formed by this Certificate of Trust is:  Assured Guaranty Capital Trust I.

 

2.                                       Delaware Trustee.  The name and business address of the trustee
of the Trust with its principal place of business in the State of Delaware are
The Bank of New York (Delaware), 502 White
Clay Center, Route 273, Newark, Delaware 19711, Attention:  Corporate Trust Administration — Assured
Guaranty Capital Trust I.

 

3.                                       Effective Date.  This Certificate of Trust shall be effective
upon filing with the Secretary of State of the State of Delaware.

 

IN WITNESS WHEREOF, the
undersigned, being the sole trustee of the Trust, has executed this Certificate
of Trust in accordance with Section 3811(a)(1) of the Act.

 

 

	
   

  	
  THE BANK OF NEW YORK (DELAWARE), not in its

  individual capacity, but solely as Delaware Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Kristine K. Gullo

  	
   

  
	
   

  	
  Name:

  	
    Kristine
  K. Gullo

  	
   

  
	
   

  	
  Title:

  	
    Vice
  PresidentExhibit
4.14

 

Execution
Copy

 

CERTIFICATE OF TRUST

 

OF

 

ASSURED GUARANTY CAPITAL TRUST II

 

This Certificate of Trust
of Assured Guaranty Capital Trust II (the “Trust”)
is being duly executed and filed by the undersigned, as trustee, to form a
statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801,
et  seq.)
(the “Act”).

 

1.                                       Name. 
The name of the statutory trust formed by this Certificate of Trust
is:  Assured Guaranty Capital Trust II.

 

2.                                       Delaware Trustee.  The name and business address of the trustee
of the Trust with its principal place of business in the State of Delaware are
The Bank of New York (Delaware), 502 White
Clay Center, Route 273, Newark, Delaware 19711, Attention:  Corporate Trust Administration — Assured
Guaranty Capital Trust II.

 

3.                                       Effective Date.  This Certificate of Trust shall be effective
upon filing with the Secretary of State of the State of Delaware.

 

IN WITNESS WHEREOF, the
undersigned, being the sole trustee of the Trust, has executed this Certificate
of Trust in accordance with Section 3811(a)(1) of the Act.

 

 

	
   

  	
  THE BANK OF NEW YORK (DELAWARE), not in its

  individual capacity, but solely as Delaware Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Kristine K. Gullo

  	
   

  
	
   

  	
  Name:

  	
    Kristine
  K. Gullo

  	
   

  
	
   

  	
  Title:

  	
    Vice
  PresidentExhibit
4.15

 

Execution
Copy

 

TRUST AGREEMENT

OF

ASSURED GUARANTY CAPITAL TRUST I

 

THIS TRUST AGREEMENT OF
ASSURED GUARANTY CAPITAL TRUST I (this “Trust
Agreement”) is dated as of May 25, 2005 by and between Assured
Guaranty US Holdings Inc., a Delaware corporation, as depositor (the “Depositor”), and The Bank of New York
(Delaware), a Delaware banking corporation, as trustee (in such capacity, the “Delaware Trustee”).  The Depositor and the Delaware Trustee hereby
agree as follows:

 

1.                                       The
trust created hereby shall be known as “Assured Guaranty Capital Trust I”
(the “Trust”), in which name
the Delaware Trustee or the Depositor, to the extent provided herein, may
conduct the business of the Trust, make and execute contracts, and sue and be
sued.

 

2.                                       The
Depositor hereby assigns, transfers, conveys and sets over to the Trust the sum
of $10.  The Delaware Trustee hereby
acknowledges receipt of such amount in trust from the Depositor.  Such amount shall constitute the initial
trust estate of the Trust.  The Delaware
Trustee hereby declares that it will hold the trust estate in trust for the
Depositor.  It is the intention of the
parties hereto that the Trust created hereby constitute a statutory trust under
Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801, et  seq.
(the “Statutory  Trust Act”), and that this document
constitute the governing instrument of the Trust.  The Delaware Trustee is hereby authorized and
directed to execute and file a certificate of trust with the Secretary of State
of the State of Delaware in such form as the Delaware Trustee may approve.

 

3.                                       The
Depositor and the Delaware Trustee will enter into an amended and restated
Trust Agreement satisfactory to each such party to provide for the contemplated
operation of the Trust created hereby and the issuance by the Trust of the
Preferred Securities and Common Securities as may be referred to therein.  Except as otherwise contemplated in this
Trust Agreement, prior to the execution and delivery of such amended and
restated Trust Agreement, the Delaware Trustee shall not have any duty or
obligation hereunder or with respect to the trust estate of the Trust, required
by applicable law or as may be necessary to obtain prior to such execution and
delivery any licenses, consents or approvals required by applicable law or
otherwise.  Notwithstanding the
foregoing, the Delaware Trustee may take all actions deemed proper as are
necessary to effect the transactions contemplated herein.

 

4.                                       The
Depositor, on behalf of the Trust, is hereby authorized, in its discretion, (i)
to file and execute on behalf of the Trust such applications, reports, surety
bonds, irrevocable consents, appointments of attorney for service of process
and other papers and documents that shall be necessary or desirable to register
or establish the exemption from the registration of the Preferred Securities of
the Trust under the securities or “Blue Sky” laws of such jurisdictions as the
Depositor, on behalf of the Trust, may deem necessary or desirable; (ii) to
prepare, execute and deliver letters or documents to, or instruments for filing
with, a depositary relating to the Preferred Securities of the Trust as it
deems necessary or desirable; and (iii) to negotiate, execute, deliver and
perform on behalf of the Trust one or more placement agreements,  purchase agreements, subscription agreements,
dealer manager agreements, escrow agreements and other

 

 

similar or related agreements providing for or relating to the sale of
the Preferred Securities of the Trust.

 

In the event that any
filing referred to in this Section 4 is required by the rules and
regulations of the Securities and Exchange Commission (the “Commission”) or any state securities or
Blue Sky laws or by any depositary to be executed on behalf of the Trust by the
Delaware Trustee, the Delaware Trustee is hereby authorized and, to the extent
so required, directed to join in any such filing and to execute on behalf of
the Trust any and all of the foregoing, it being understood that the Delaware
Trustee shall not be required to join in any such filing or execute on behalf
of the Trust any such document unless directed by the Depositor as being
required by the rules and regulations of the Commission and any state
securities or Blue Sky laws or by any depositary.

 

5.                                       This
Trust Agreement may be executed in one or more counterparts, each of which
shall be deemed an original but all of which together shall constitute one and
the same instrument.

 

6.                                       The
number of trustees of the Trust initially shall be one (1) and thereafter the
number of trustees of the Trust shall be such number as shall be fixed from
time to time by a written instrument signed by the Depositor, which may
increase or decrease the number of trustees of the Trust; provided, that
to the extent required by the Statutory Trust Act, one trustee of the Trust
shall either be a natural person who is a resident of the State of Delaware or,
if not a natural person, an entity that has its principal place of business in
the State of Delaware and otherwise meets the requirements of applicable
law.  Subject to the foregoing, the
Depositor is entitled to appoint or remove without cause any trustee of the
Trust at any time.  Any trustee of the
Trust may resign upon thirty days’ prior notice to the Depositor.

 

7.                                       The
Depositor hereby agrees to (i) reimburse the Delaware Trustee for all
reasonable expenses (including reasonable fees and expenses of counsel and
other experts), (ii) indemnify, defend and hold harmless the Delaware Trustee
and any of the officers, stockholders, directors, employees and agents of the
Delaware Trustee (the “Indemnified Persons”)
from and against all losses, damages, liabilities, claims, actions, suits,
costs, expenses, disbursements (including the reasonable fees and expenses of
counsel), taxes and penalties of any kind and nature whatsoever (collectively, “Expenses”), to the extent that such
Expenses arise out of or are imposed upon or asserted at any time against such
Indemnified Persons with respect to the performance of this Trust Agreement,
the creation, operation or termination of the Trust or the transactions
contemplated hereby; provided, that the Depositor shall not be required to
indemnify any Indemnified Person for any Expenses which are judicially
determined to be the result of the willful misconduct, bad faith or gross
negligence of such Indemnified Person and (iii) advance to each such
Indemnified Person Expenses incurred by such Indemnified Person in defending
any claim, demand, action, suit or proceeding prior to the final disposition of
such claim, demand, action, suit or proceeding upon receipt by the Depositor of
an undertaking, by or on behalf of such Indemnified Person, to repay such
amount if it shall be determined that such Indemnified Person is not entitled
to be indemnified therefor under this Section 7.  The obligations of the Depositor under this Section 7
shall survive the resignation or removal of the Delaware Trustee, shall survive
the termination, amendment, supplement, and/or restatement of this Trust

 

2

 

Agreement, and shall survive the transfer by the Depositor of any or
all of its interest in the Trust.

 

8.                                       The
Trust may be dissolved and terminated before the issuance of the Preferred
Securities of the Trust at the election of the Depositor.

 

9.                                       This
Trust Agreement shall be governed by, and construed and enforced in accordance
with, the laws of the State of Delaware (without regard to conflict of laws
principles); PROVIDED, HOWEVER,
THAT THERE SHALL NOT BE APPLICABLE TO THE PARTIES HEREUNDER OR THIS TRUST
AGREEMENT ANY PROVISION OF THE LAWS (COMMON OR STATUTORY) OF THE STATE OF
DELAWARE PERTAINING TO TRUSTS THAT RELATE TO OR REGULATE, IN A MANNER
INCONSISTENT WITH THE TERMS HEREOF, (A) THE FILING WITH ANY COURT OR GOVERNMENTAL
BODY OR AGENCY OF TRUSTEE ACCOUNTS OR SCHEDULES OF TRUSTEE FEES AND CHARGES,
(B) AFFIRMATIVE REQUIREMENTS TO POST BONDS FOR TRUSTEES, OFFICERS, AGENTS
OR EMPLOYEES OF A TRUST, (C) THE NECESSITY FOR OBTAINING COURT OR OTHER
GOVERNMENTAL APPROVAL CONCERNING THE ACQUISITION, HOLDING OR DISPOSITION OF
REAL OR PERSONAL PROPERTY, (D) FEES OR OTHER SUMS PAYABLE TO TRUSTEES,
OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (E) THE ALLOCATION OF RECEIPTS
AND EXPENDITURES TO INCOME OR PRINCIPAL, (F) RESTRICTIONS OR LIMITATIONS
ON THE PERMISSIBLE NATURE, AMOUNT OR CONCENTRATION OF TRUST INVESTMENTS OR
REQUIREMENTS RELATING TO THE TITLING, STORAGE OR OTHER MANNER OF HOLDING OR
INVESTING TRUST ASSETS OR (G) THE ESTABLISHMENT OF FIDUCIARY OR OTHER
STANDARDS OF RESPONSIBILITY OR LIMITATIONS ON THE ACTS OR POWERS OF TRUSTEES
THAT ARE INCONSISTENT WITH THE LIMITATIONS OR AUTHORITIES AND POWERS OF THE
TRUSTEES HEREUNDER AS SET FORTH OR REFERENCED IN THIS AGREEMENT.  SECTION 3540 OF TITLE 12 OF THE
DELAWARE CODE SHALL NOT APPLY TO THE TRUST.

 

3

 

IN WITNESS WHEREOF, the parties hereto have
caused this Trust Agreement to be duly executed as of the day and year first
above written.

 

 

	
   

  	
  ASSURED GUARANTY US HOLDINGS INC., as

  Depositor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  James M. Michener

  	
   

  
	
   

  	
  Name:

  	
    James
  M. Michener

  
	
   

  	
  Title:

  	
    General
  Counsel & Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK (DELAWARE), as

  Delaware Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Kristine K. Gullo

  	
   

  
	
   

  	
  Name:

  	
    Kristine
  K. Gullo

  
	
   

  	
  Title:

  	
    Vice
  President

  

 

4

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