Document:

exv4w11w1

Exhibit 4.11.1

 

Amendment No. 1 to Amended and Restated Trust Agreement

Dated as of [•], 2010

 

 

 

     This Amendment No. 1 to Amended and Restated Trust Agreement, dated as of [•], 2010
(this “Amendment”), is entered into among (i) U.S. Bancorp, a Delaware corporation
(including any successors or assigns, the “Depositor”) and (ii) Andrew Cecere, an individual,
Kenneth D. Nelson, an individual, and Lee R. Mitau, an individual, each of whose address is c/o
U.S. Bancorp, 800 Nicollet Mall, Minneapolis Minnesota 55402 (each, an “Administrative Trustee,”
and collectively, the “Administrative Trustees”) pursuant to Section 12.2(b) of the Amended and
Restated Trust Agreement, dated March 17, 2006, of USB Capital IX.

Recital of the Depositor 

     The Issuer Trustees have heretofore duly declared and established a statutory trust (the
“Issuer Trust”), pursuant to the Delaware Statutory Trust Act by entering into that certain Trust
Agreement, dated April 27, 2005 (the “Original Trust Agreement”), as amended and restated by that
certain Amended and Restated Trust Agreement, dated March 17, 2006 (the Original Trust Agreement,
as so amended and restated, the “Trust Agreement”), and by the execution and filing with the
Secretary of State of the State of Delaware of a Restated Certificate of Trust, filed on January
18, 2006, attached to the Trust Agreement as Exhibit A (the “Certificate of Trust”).

     Pursuant to certain Notices of Removal of Administrative Trustees and Appointment of
Replacements, each dated as of December 4, 2009, Daryl N. Bible and David M. Moffett (the “Removed
Administrative Trustees”) were removed from the position of Administrative Trustees of the Trust
and Kenneth D. Nelson and Andrew Cecere were appointed to succeed the Removed Administrative
Trustees and such appointment was thereby accepted as of the date thereof.

     The Administrative Trustees, the Depositor (as the Holder of all of the Common Securities) and
Holders representing a Majority in Liquidation Amount of the Outstanding Trust Preferred Securities
of each Affected Class have affirmatively consented to this Amendment in accordance with Section
12.2(b) of the Trust Agreement and the Issuer Trustees have received and accepted the Opinion of
Counsel contemplated thereby.

     NOW, THEREFORE, this Amendment witnesseth: For and in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Trust Agreement is hereby amended as follows:

ARTICLE I

Defined Terms

     Section 1.1 Definitions. Capitalized terms used in this Amendment and not otherwise defined
shall have the respective meanings assigned thereto in the Trust Agreement.

ARTICLE II

Amendments to the Trust Agreement

     Section 2.1 Amendment of Section 1.1 of the Trust Agreement. Section 1.1 of the Trust
Agreement is hereby amended as follows:

     (a) The following definition of “Amended and Restated Stock Purchase Contract Agreement” is
added:

     ““Amended and Restated Stock Purchase Contract Agreement” means the Amended and
Restated Stock Purchase Contract Agreement, dated as of [ • ], 2010, between the
Depositor

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and the Property Trustee (acting on behalf of the Issuer Trust), as the same may be
amended from time to time.”

     (b) The following definition of “Amended and Restated Collateral Agreement” is added:

     ““Amended and Restated Collateral Agreement” means the Amended and Restated
Collateral Agreement, dated as of [ • ], 2010, among the Depositor, the Collateral
Agent, the Custodial Agent, the Securities Intermediary, the Issuer Trust (acting through
the Property Trustee) and the Securities Registrar for the ITS, as amended from time to
time.”

     (c) The current definition of “Corresponding Assets” is deleted in its entirety and replaced
with the following:

     ““Corresponding Assets” means, with respect to each $1,000 Liquidation Amount of
Trust Securities:

     (a) in the case of Normal ITS and Common Securities, (i) from the Time of
Delivery to but not including the Remarketing Settlement Date for a Successful
Remarketing, $1,000 principal amount of Pledged Notes and a Pro Rata Interest in a
Stock Purchase Contract, (ii) from and including the Remarketing Settlement Date
for a Successful Remarketing to but not including the Stock Purchase Date, the U.S.
Bank Deposit made with the net proceeds of each $1,000 principal amount of Pledged
Notes sold in such Successful Remarketing on such Remarketing Settlement Date and a
Pro Rata Interest in a Stock Purchase Contract, and (iii) from and including the
Stock Purchase Date and thereafter for so long as Normal ITS are outstanding,
1/100th of a share of Preferred Stock;

     (b) in the case of Stripped ITS, (i) from the date of issuance for each
Stripped ITS to but not including the Stock Purchase Date, $1,000 principal amount
of Pledged Treasury Securities and a Pro Rata Interest in a Stock Purchase
Contract, and (ii) from and including the Stock Purchase Date and thereafter for so
long as Stripped ITS are outstanding, 1/100th of a share of Preferred Stock,
subject to Section 4.8; and

     (c) in the case of Capital ITS, from the date of issuance for each Capital
ITS, $1,000 principal amount of Notes, subject to Section 5.14.”

     (d) The current definition of “Deferred Contract Payment Amount” is deleted in its entirety
and replaced with the following:

     ““Deferred Contract Payment Amount” means, at any time for each $100,000 stated
amount of Stock Purchase Contracts, the amount of the Contract Payments accrued on such
stated amount that has been deferred and not paid by reason of the Depositor’s exercise
of its right to defer payment of Contract Payments pursuant to Section 2.7 of the Stock
Purchase Contract Agreement (including a comparable amount in respect of any Contract
Payments deferred in respect of Fractional Contracts (as defined in the Stock Purchase
Contract Agreement)), together with interest accrued on such amount in accordance with
the terms of the Stock Purchase Contract Agreement.”

     (e) The following definition of “Depositor Affiliated Owner” is added:

     ““Depositor Affiliated Owner” means the Depositor, its Affiliates or any other
Person designated by the Depositor.”

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     (f) The following definition of “Exchange Offer Prospectus” is added:

     ““Exchange Offer Prospectus” means the prospectus and consent solicitation
statement, dated May [ • ], 2010 filed with the Commission as part of Depositor’s
Registration Statement on Form S-4 on May [7], 2010, related to Depositor’s offer to
exchange the Normal ITS for Depositor’s Depositary Shares, each representing a 1/100th
interest in a Share of Preferred Stock.”

     (g) The current definition of “Indenture Supplement” is deleted in its entirety and replaced
with the following:

     ““Indenture Supplement” means the Third Supplemental Indenture to the Base
Indenture, dated as of May 17, 2006, between the Depositor and the Note Trustee, as
supplemented by the Eighth Supplemental Indenture to the Base Indenture, dated as of
[ • ], 2010, between the Depositor and the Note Trustee, as further amended or
supplemented from time to time.”

     (h) The current definition of “Like Amount” is deleted in its entirety and replaced with the
following:

     ““Like Amount” means:

     (a) with respect to a distribution of Notes to Holders of Normal ITS,
Capital ITS or Common Securities in connection with a dissolution or
liquidation of the Issuer Trust or a redemption in kind of Capital ITS pursuant
to Section 4.2(c), Notes having a principal amount equal to the Liquidation
Amount of the Trust Securities of the Holder to whom such Notes are
distributed;

     (b) with respect to a distribution of Notes to a Third-Party Agent in
connection with a retirement of Normal ITS pursuant to Section 4.9, Notes
having a principal amount equal to the Liquidation Amount of the applicable
Subject Normal ITS;

     (c) with respect to a distribution of Stock Purchase Contracts to a
Third-Party Agent in connection with an early retirement of Normal ITS pursuant
to Section 4.9, the number of Stock Purchase Contracts equal to the number of
Subject Stock Purchase Contracts (as defined in the Stock Purchase Contract
Agreement);

     (d) with respect to a distribution of Pledged Treasury Securities to
Holders of Stripped ITS in connection with a dissolution or liquidation of the
Issuer Trust, Pledged Treasury Securities having a principal amount equal to
the Liquidation Amount of the Stripped ITS of the Holder to whom such Pledged
Treasury Securities are distributed;

     (e) with respect to a distribution of Preferred Stock or fractional
interests in Preferred Stock to Holders of Trust Securities in connection with
a dissolution or liquidation of the Issuer Trust, Preferred Stock or a
fractional interest in a share of Preferred Stock (which may be effected by the
Issuer Trust through the creation of depositary shares) having a liquidation
preference equal to the Liquidation Amount of the Trust Securities of the
Holder to whom such shares of Preferred Stock or a fractional interest in a
share of Preferred Stock (including through a depositary share) are
distributed;

     (f) with respect to any distribution of Additional Amounts to Holders of
Normal ITS, Capital ITS or Common Securities, Notes having a principal amount

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equal to the Liquidation Amount of the Normal ITS, Capital ITS or Common
Securities in respect of which such distribution is made;

     (g) with respect to a redemption of Preferred Stock, 1/100th of a share of
Preferred Stock for each Normal ITS or Common Security;

     (h) with respect to an Exchange of Normal ITS and Qualifying Treasury
Securities for Stripped ITS and Capital ITS pursuant to Section 5.13(b), a
number of Stripped ITS and a number of Capital ITS in each case equal to the
number of Normal ITS included in such Exchange (e.g., if 1,000 Normal ITS are
being Exchanged, the Holder will receive 1,000 Stripped ITS and 1,000 Capital
ITS in accordance with and subject to Section 5.13);

     (i) with respect to an Exchange of Stripped ITS and Capital ITS for Normal
ITS and Qualifying Treasury Securities, a number of Normal ITS equal to the
number of Stripped ITS and the number of Capital ITS being Exchanged (e.g., if
1,000 Stripped ITS and 1,000 Capital ITS are being Exchanged, the Holder will
receive upon the Exchange 1,000 Normal ITS together with $1,000,000 principal
amount of Qualifying Treasury Securities released from the Pledge, in
accordance with and subject to Section 5.13(e));

     (j) with respect to Notes (including Pledged Notes as applicable) being
deposited or delivered in connection with an Exchange, Notes having a principal
amount equal to $1,000 for each Normal ITS involved in the Exchange;

     (k) with respect to Section 5.16(c), $1,000 principal amount of Notes for
each $1,000 Liquidation Amount of Trust Preferred Securities of each Affected
Class; and

     (l) with respect to Section 5.16(d), 1/100th of a Stock Purchase Contract
with a stated amount of $100,000 for each $1,000 Liquidation Amount of Trust
Preferred Securities of the Affected Classes (or a comparable interest in the
case of a Fractional Contract).”

     (i) The current definition of “Notes” is deleted in its entirety and replaced with the
following:

     ““Notes” means the $1,251,000,000 initial aggregate principal amount of the
Depositor’s Remarketable Junior Subordinated Notes due 2042 issued pursuant to the
Indenture, or such lesser aggregate principal amount as shall remain outstanding from
time to time.”

     (j) The following definition of “Pro Rata Interest in a Stock Purchase Contract” is added:

     ““Pro Rata Interest in a Stock Purchase Contract” means, with respect to each $1,000
Liquidation Amount of Trust Preferred Securities, an interest in a Stock Purchase
Contract representing the right to acquire a 1/100th interest in a share of Preferred
Stock, together with such other rights, privileges, obligations and responsibilities as
are associated with such Stock Purchase Contract (including the right to receive Contract
Payments), in each case, on the terms and conditions set forth in such Stock Purchase
Contract.”

     (k) The current definition of “Remarketing Date” is deleted in its entirety and replaced with
the following definition of “Remarketing Period” and the term “Remarketing Period” shall replace
“Remarketing Date” in every instance where it is used in the Trust Agreement, except for Section
5.14:

     ““Remarketing Period” has the meaning specified in the Indenture.”

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     (l) The current definition of “Trust Property” is deleted in its entirety and replaced with
the following:

     ““Trust Property” means (a) the Notes for so long as they are owned by the Issuer
Trust in accordance with this Trust Agreement, (b) the Stock Purchase Contracts for so
long as they are owned by the Issuer Trust in accordance with this Trust Agreement, (c)
the Preferred Stock once acquired by the Issuer Trust pursuant to the Stock Purchase
Contracts, (d) treasury securities (that are required to be Qualifying Treasury
Securities when delivered) delivered to the Property Trustee (or the Collateral Agent)
pursuant to Section 5.13 or Section 5.14, (e) the rights of the Issuer Trust under the
Transaction Agreements, and (f) all proceeds and rights in respect of the foregoing and
any other property and assets for the time being held or deemed to be held by the Issuer
Trust or the Property Trustee on behalf of the Issuer Trust pursuant to the Trust
Agreement.”

     (m) The following definition of “Third-Party Agent” is added:

     ““Third-Party Agent” has the meaning specified in Section 4.9.”

     (n) The following definition of “Subject Normal ITS” is added:

     ““Subject Normal ITS” has the meaning specified in Section 4.9.”

     (o) The following definition of “Depositor Affiliated Normal ITS” is added:

     ““Depositor Affiliated Normal ITS” has the meaning specified in Section 4.9.”

     (p) The following definition of “Retirement Date” is added:

     ““Retirement Date” has the meaning specified in Section 4.9.”

     (q) The following definition of “Retirement Notice” is added:

     ““Retirement Notice” has the meaning specified in Section 4.9.”

     Section 2.2 Amendment of Section 2.4(c) of the Trust Agreement. The current Section 2.4(c) of
the Trust Agreement is deleted in its entirety and replaced with the following:

     “(c) In order to give effect to (i) Exchanges as provided in Section 5.13 or (ii)
the retirement of Normal ITS as provided in Section 4.9, the Securities Registrar may
endorse Book-Entry Trust Preferred Securities Certificates to reduce or increase the
number of Normal ITS, Stripped ITS or Capital ITS evidenced by each such Book-Entry Trust
Preferred Securities Certificate, provided that no such endorsement shall result in a
Book-Entry Trust Preferred Securities Certificate evidencing a number of Normal ITS,
Stripped ITS or Capital ITS exceeding the maximum number set forth on the face of such
Certificate.”

     Section 2.3 Amendment of Section 2.7(a)(i) of the Trust Agreement. New clauses (L) and (M)
are hereby added to Section 2.7(a)(i) of the Trust Agreement as follows:

     “(L) the taking of any action in connection with the retirement of Normal
ITS in accordance with Section 4.9 of this Trust Agreement; and

     (M) causing the Issuer Trust to execute, deliver and perform the Amended
and Restated Stock Purchase Contract Agreement, the Amended and Restated
Collateral Agreement, and such other agreements as may be necessary or
desirable in order to carry out the foregoing.”

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     Section 2.4 Amendment of Section 2.7(a)(ii) of the Trust Agreement. New clauses (P) and (Q)
are hereby added to Section 2.7(a)(ii) of the Trust Agreement as follows:

     “(P) the taking of any action in connection with the retirement of Normal
ITS in accordance with Section 4.9 of this Trust Agreement; and

     (Q) causing the Issuer Trust to execute, deliver and perform the Amended
and Restated Stock Purchase Contract Agreement, the Amended and Restated
Collateral Agreement, and such other agreements as may be necessary or
desirable in order to carry out the foregoing, to the extent that such
amendments are authorized by Section 12.2(b), and such other agreements as may
be necessary or desirable in order to carry out the foregoing.”

     Section 2.5 Amendment of Article IV of the Trust Agreement. A new Section 4.9 is hereby added
to Article IV of the Trust Agreement as follows:

     “Section 4.9 Retirement of Certain Normal ITS.

     If at any time a Depositor Affiliated Owner acquires or becomes obligated to acquire
Normal ITS pursuant to contract, a tender offer, an exchange offer, a negotiated transfer
or any other transaction (such Normal ITS, the “Depositor Affiliated Normal ITS”), the
Depositor shall have the right to submit a notice (the “Retirement Notice”) to the
Property Trustee and the Securities Registrar electing to retire all or a portion of such
Depositor Affiliated Normal ITS (the “Subject Normal ITS”) through the exchange of such
Subject Normal ITS for a Like Amount of Notes and Stock Purchase Contracts. The
Retirement Notice (i) shall specify the Liquidation Amount of the Subject Normal ITS with
respect to which such election is being made and the date on which the proposed
retirement is to occur (the “Retirement Date”) (which, without the consent of the
Property Trustee and the Securities Registrar, shall not be less than 2 Business Days
following the date that such Retirement Notice is so submitted), provided that such
Retirement Date shall not be a date within the period beginning with the record date for
a Distribution and ending with the applicable Distribution Date for such Distribution,
(ii) shall be conditioned upon the applicable Depositor Affiliated Owner having delivered
or caused to be delivered to the Securities Registrar or its designee the Subject Normal
ITS by Noon, New York City time, on the Retirement Date through the Clearing Agency and
(iii) shall designate the Third-Party Agent (as defined below). Upon the delivery of the
Subject Normal ITS to the Securities Registrar or its designee on the Retirement Date,
the Securities Registrar will provide written notice thereof to the Property Trustee and
the Collateral Agent, and the Collateral Agent shall release Pledged Notes of a Like
Amount with respect to such Subject Normal ITS from the Pledge and deliver them to the
Property Trustee who shall distribute such Like Amount of Notes and Stock Purchase
Contracts with respect to such Subject Normal ITS to the Depositor Affiliated Owner
designated by the Depositor in the Retirement Notice (the “Third-Party Agent”) in the
manner directed by the Depositor to the Property Trustee in writing. Following the
exchange of Subject Normal ITS for such Like Amount of Notes and Stock Purchase
Contracts, the Securities Registrar shall cancel the Subject Normal ITS and such Subject
Normal ITS will no longer be Outstanding for any purpose and all rights of the Holder or
its Affiliate(s) with respect to such Subject Normal ITS will cease, including, but not
limited to, any rights with respect to accrued but unpaid Distributions.

     Notwithstanding anything else in this Trust Agreement to the contrary, in order to
effectuate the exchanges contemplated by this Section 4.9, the Issuer Trust is hereby
authorized to execute, deliver and perform, and the Depositor, the Securities Registrar,
the Property Trustee or any Administrative Trustee on behalf of the Issuer Trust, acting
singly or collectively, is hereby authorized to execute and deliver on behalf of the
Issuer Trust, one or more exchange agreements, cancellation letters, and any and all
other documents, agreements, or certificates contemplated by or related to the exchanges
made pursuant to this Section 4.9, in each case without further vote or approval of any
other Person.”

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     Section 2.6 Amendment of Section 5.11(b) of the Trust Agreement. The current Section 5.11(b)
of the Trust Agreement is deleted in its entirety and replaced with the following:

     “(b) Any Book-Entry Trust Preferred Securities Certificate shall represent such
number of the Outstanding Trust Preferred Securities of the applicable Class as shall be
specified therein and may provide that it shall represent the aggregate number of
Outstanding Trust Preferred Securities of the applicable Class from time to time endorsed
thereon and that the aggregate number of Outstanding Trust Preferred Securities of the
applicable Class represented thereby may from time to time be reduced or increased, as
appropriate, to reflect transfer, redemptions, exchange (including the Exchanges pursuant
to Section 5.13) or cancellations (pursuant to Section 4.9). Any endorsement of a
Book-Entry Trust Preferred Securities Certificate to reflect the number, or any increase
or decrease in the number, of Outstanding Trust Preferred Securities of the applicable
Class represented thereby shall be made by the Securities Registrar (i) in such a manner
and upon instructions given by such Person or Persons as shall be specified in such Trust
Preferred Securities of the applicable Class or in a Depositor order to be delivered to
the Securities Registrar pursuant to Section 5.3 or (ii) otherwise in accordance with
written instructions or such other written form or instructions as is customary for the
Clearing Agency for such Trust Preferred Securities, from such Clearing Agency or its
nominee on behalf of any Person having a beneficial interest in such Book-Entry Trust
Preferred Securities Certificate. Subject to the provisions of Section 5.4, the
Securities Registrar shall deliver and redeliver any Book-Entry Trust Preferred
Securities Certificate in the manner and upon instructions given by the Person or Persons
specified in such Book-Entry Trust Preferred Securities Certificate or in the applicable
Depositor order (and an Administrative Trustee shall execute such Book-Entry Trust
Preferred Securities Certificate as shall be necessary in order to give effect to the
foregoing).”

     Section 2.7 Amendment of Section 5.14(d) of the Trust Agreement. The current Section 5.14(d)
of the Trust Agreement is deleted in its entirety and replaced by the following:

     “(d) Subject to the conditions set forth in this Trust Agreement, a Holder of Normal
ITS may make a Contingent Exchange Election by:

     (i) during the period that commences with the Collateral Agent’s and the
Securities Registrar’s opening of normal business hours on the tenth Business
Day immediately preceding the first day of a Remarketing Period and ending at
3:00 P.M., New York City time, on the second Business Day immediately preceding
the first day of such Remarketing Period, transferring the Normal ITS that are
the subject of such Contingent Exchange Election to the Securities Registrar,
accompanied by a duly executed and completed “Notice of Contingent Exchange
Election” in the form printed on the reverse side of the form of Normal ITS
Certificate; and

     (ii) by not later than 3:00 P.M., New York City time, on the second
Business Day immediately preceding the first day of a Remarketing Period,
depositing with the Collateral Agent, the treasury security that is the
Qualifying Treasury Security on the date of deposit, in the amount of $1,000
for each Normal ITS that is subject to the Contingent Exchange Election.”

     Section 2.8 Amendment of Section 5.14(f) of the Trust Agreement. The current Section 5.14(f)
of the Trust Agreement is deleted in its entirety and replaced by the following:

     “(f) Subject to the conditions set forth in this Trust Agreement, a Holder of
Capital ITS may make a Contingent Disposition Election by, during the period that
commences with the Securities Registrar’s opening of normal business hours on the tenth
Business Day immediately preceding the first day of a Remarketing Period and ending at
3:00 P.M., New York City time, on the second Business Day immediately preceding the first
day of such Remarketing Period,

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transferring the Capital ITS that are the subject of such Contingent Disposition
Election to the Securities Registrar, accompanied by a duly completed “Notice of
Contingent Disposition Election” in the form printed on the reverse side of the form of
Capital ITS Certificate.”

     Section 2.9 Amendment of Section 5.18(a)(i) of the Trust Agreement. The following new Section
5.18(a)(i) of the Trust Agreement is hereby added and the existing Sections 5.18(a)(i) through (vi)
shall be renumbered accordingly:

     “(i) the beginning and ending dates of the Remarketing Period and the
applicable Remarketing Settlement Date and Stock Purchase Date in the event the
Remarketing is Successful;”

     Section 2.10 Amendment of Section 6.1(c) of the Trust Agreement. The current
Section 6.1(c) of the Trust Agreement is deleted in its entirety and replaced with the following:

     “(c) For so long as any Stock Purchase Contracts are outstanding, the Issuer
Trustees may consent to any amendment to or modification of the Stock Purchase Contract
Agreement or the Collateral Agreement, without having obtained the prior approval of the
Holders of any Trust Preferred Securities to such amendment or modification, for the
purposes of (i) evidencing the succession of another person to the Issuer Trust’s or the
Property Trustee’s obligations thereunder, (ii) adding to the covenants therein for the
benefit of the Issuer Trust or the Property Trustee or to surrender any of the
Depositor’s rights or powers thereunder, (iii) evidencing and providing for the
acceptance of appointment of a successor Collateral Agent, Custodial Agent or Securities
Intermediary under the Collateral Agreement, (iv) curing any ambiguity, or correcting or
supplementing any provisions that may be inconsistent, (v) conforming the terms of the
Stock Purchase Contract Agreement or the Collateral Agreement, to the descriptions
thereof in the Prospectus and the Exchange Offer Prospectus, (vi) retiring Trust
Preferred Securities held by a Depositor Affiliated Owner or Trust Preferred Securities
with respect to which a Depositor Affiliated Owner has an obligation to purchase, or
(vii) making any other provisions with respect to such matters or questions, provided
that such action pursuant to this clause (vii) shall not adversely affect the interest of
the Holders of Trust Preferred Securities of any Class in any material respect. The
Issuer Trustees may, with the consent of the Holders of not less than a Majority in
Liquidation Amount of the Normal ITS and Stripped ITS then Outstanding, considered
together as a single Class, agree to any other amendment to or modification of the Stock
Purchase Contract Agreement or the Collateral Agreement, including such amendments or
modifications set forth in the Amended and Restated Stock Purchase Contract Agreement and
the Amended and Restated Collateral Agreement, except that, without obtaining the prior
written consent of each Holder of Normal ITS and Capital ITS then Outstanding, the Issuer
Trustees may not agree to any amendment or modification (not including the amendments and
modifications set forth in the Amended and Restated Stock Purchase Contract Agreement and
the Amended and Restated Collateral Agreement) that would (A) change any payment dates
for Contract Payments, (B) change the amount or type of Pledged Notes or Pledged Treasury
Securities required to be pledged under the Collateral Agreement, impair the right of the
Property Trustee (on behalf of the Issuer Trust) to receive distributions on Pledged
Notes or Pledged Treasury Securities or otherwise adversely affect the Issuer Trust’s
rights in or to the Pledged Notes or Pledged Treasury Securities, (C) change the place or
currency or reduce any Contract Payments, (D) impair the Property Trustee’s right (or any
Holder’s right pursuant to Section 5.16(d)) to institute suit for the enforcement of the
Stock Purchase Contracts or payment of any Contract Payments, or (E) reduce the number of
shares of Preferred Stock purchasable under the Stock Purchase Contracts, increase the
price to purchase Preferred Stock upon settlement of the Stock Purchase Contracts, change
the Stock Purchase Date or otherwise adversely affect the Issuer Trust’s rights under the
Stock Purchase Contracts.”

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     Section 2.11 Amendment of Section 11.1 of the Trust Agreement. The current Section 11.1 of
the Trust Agreement is deleted in its entirety and replaced with the following:

     “Each Holder of Trust Preferred Securities agrees, by acceptance of Trust Preferred
Securities, and each Owner agrees, by acceptance of a beneficial interest in Trust
Preferred Securities, to treat for all U.S. federal income tax purposes (i) the Issuer
Trust as one or more grantor trusts or agency arrangements, (ii) itself as the owner of
the Corresponding Assets for the related Class of Trust Preferred Securities, (iii) the
Notes as indebtedness of the Depositor, (iv) the stated interest on the Notes as ordinary
interest income that is includible in the Holder’s or Owner’s gross income at the time
the interest is paid or accrued in accordance with the Holder’s or Owner’s regular method
of tax accounting, and otherwise to treat the Notes as described in the Prospectus and,
as applicable, the Exchange Offer Prospectus and (v) the acquisition by the Depositor of
Subject Normal ITS, in connection with a retirement of Normal ITS (as described in
Section 4.9), as consisting of the following transactions: (A) the distribution by the
Issuer Trust to the Third-Party Agent, on behalf of the Holders of Subject Normal ITS, of
a Like Amount of Notes and Stock Purchase Contracts in redemption of the Subject Normal
ITS, (B) the retirement of such Like Amount of Notes for consideration equal to $1,000
per $1,000 principal amount of such Notes, (C) the termination or settlement of such Like
Amount of Stock Purchase Contracts which shall thereafter no longer be treated as
outstanding for any purpose.”

     Section 2.12 Amendment of Section 12.2(a) of the Trust Agreement. The current Section 12.2(a)
of the Trust Agreement is deleted in its entirety and replaced with the following:

     “(a) This Trust Agreement may be amended from time to time by the Administrative
Trustees and the Holders of all of the Common Securities, without the consent of any
Holder of the Trust Preferred Securities, the Property Trustee or the Delaware Trustee
(i) to cure any ambiguity, correct or supplement any provision herein that may be
inconsistent with any other provision herein, or to make any other provisions with
respect to matters or questions arising under this Trust Agreement, which shall not be
inconsistent with the other provisions of this Trust Agreement, (ii) to modify, eliminate
or add to any provisions of this Trust Agreement to such extent as shall be necessary to
ensure that the Issuer Trust will not be taxable as a corporation or classified as a
partnership for U.S. federal income tax purposes at all times that any Trust Securities
are outstanding, to ensure that the Issuer Trust will not be required to register as an
“investment company” under the Investment Company Act or to ensure the treatment of the
Trust Preferred Securities as Tier 1 regulatory capital under the prevailing Federal
Reserve Board rules and regulations, (iii) to provide that Trust Preferred Securities
Certificates may be executed by an Administrative Trustee by facsimile signature instead
of manual signature, in which case such amendment(s) shall also provide for the
appointment by the Depositor of an authentication agent, the fees and expenses of which
will be paid by the Depositor, a form of authentication certificate, and provisions to
the effect that Trust Preferred Securities Certificates that have been executed by an
Administrative Trustee by facsimile signature shall not be entitled to any benefit under
the Trust Agreement or be valid or obligatory for any purpose unless the certificate of
authentication thereon has been executed by the authentication agent by manual signature,
(iv) to conform the terms of this Trust Agreement to the description of this Trust
Agreement and the Trust Securities in the Prospectus and the Exchange Offer Prospectus,
or (v) to provide for the retirement of Trust Preferred Securities held by a Depositor
Affiliated Owner or Trust Preferred Securities with respect to which a Depositor
Affiliated Owner has an obligation to purchase; provided, however, that in the case of
either clause (i) or (ii), such action shall not adversely affect in any material respect
the interests of any Holder, the Property Trustee or the Delaware Trustee; provided,
further, that in the case of clause (iv), the Depositor shall deliver to the Property
Trustee an Officers’ Certificate and an Opinion of Counsel (who may be counsel to the
Depositor or the Issuer Trust), in each case confirming that such amendment has the
effect of conforming the terms of this Trust Agreement to the descriptions of this Trust
Agreement and the Trust Securities in the Prospectus. Any such

Amendment No. 1 to 

Amended and Restated Trust Agreement

10

 

amendment shall become effective when notice is given to the Property Trustee and
the Holders of the Trust Preferred Securities.”

ARTICLE III

Miscellaneous

     Section 3.1 Separability Clause.

     In case any provision in the Trust Agreement, as amended by this Amendment, 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 3.2 Governing Law.

     This Amendment shall be governed by and construed in accordance with the laws of the State of
Delaware (without regard to conflicts of laws principles).

     Section 3.3 Successors and Assigns.

     All covenants and agreements in the Trust Agreement, as amended by this Amendment, by each
party thereto shall bind its successors and assigns, whether so expressed or not.

     Section 3.4 Effect of Headings.

     The Article and Section headings herein are for convenience only and shall not affect the
construction hereof.

     Section 3.5 Trust Indenture Act; Conflict with Trust Indenture Act.

     If any provision of the Trust Agreement, as amended by this Amendment, limits, qualifies or
conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture
Act to be a part of and govern the Trust Agreement, as amended by this Amendment, the latter
provision shall control. If any provision of the Trust Agreement, as amended by this Amendment,
modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded,
the latter provision shall be deemed to apply to the Trust Agreement, as amended by this Amendment,
as so modified or to be excluded, as the case may be.

* * * *

     This Amendment 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.

Amendment No. 1 to 

Amended and Restated Trust Agreement

11

 

     In Witness Whereof, this Amendment has been executed and is effective as of the day
and year first above written.

	 	 	 	 	 

	 	 	U.S. BANCORP, as Depositor
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Kenneth D. Nelson
	 

	 	 	 	     as Administrative Trustee
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Andrew Cecere
	 

	 	 	 	     as Administrative Trustee
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Lee R. Mitau
	 

	 	 	 	     as Administrative Trustee

Amendment No. 1 to 

Amended and Restated Trust Agreement

12exv4w12

Exhibit 4.12

 

Guarantee Agreement

by and between

U.S. BANCORP,

as Guarantor

and

WILMINGTON TRUST COMPANY,

as Guarantee Trustee

relating to

USB CAPITAL IX

Dated as of March 17, 2006

 

 

 

U.S. BANCORP

Certain Sections of this Guarantee Agreement relating to Sections 310 through 318, inclusive, of the Trust

 Indenture Act of 1939:

	 	 	 
	Trust Indenture	 	 
	Act Section	 	Guarantee Section
	§ 310(a)
	 	4.1(a)
	(b)
	 	2.8, 4.1(c)
	(c)
	 	Not applicable
	§ 311(a)
	 	2.2(b)
	(b)
	 	2.2(b)
	§ 312(a)
	 	2.2(a)
	(b)
	 	2.2(b)
	§ 313
	 	2.3
	§ 314(a)
	 	2.4
	(b)
	 	Not applicable
	(c)
	 	2.5
	(d)
	 	Not applicable
	(e)
	 	1.1, 2.4
	(f)
	 	2.1, 3.2
	§ 315(a)
	 	3.1(d)
	(b)
	 	2.7
	(c)
	 	3.1(c)
	(d)
	 	3.1(d)
	(e)
	 	Not applicable
	§ 316(a)
	 	1.1, 2.6, 5.4
	(b)
	 	5.3
	(c)
	 	Not applicable
	§ 317(a)
	 	Not applicable
	(b)
	 	Not applicable
	§ 318(a)
	 	2.1
	(b)
	 	2.1

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

Guarantee Agreement

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page
	ARTICLE I

	 
	 	 	 	 
	Definitions

	 
	 	 	 	 
	Section 1.1 Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	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
	 	 	5	 
	Section 2.7 Events of Default; Notice
	 	 	6	 
	Section 2.8 Conflicting Interests
	 	 	6	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	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
	 	 	7	 
	Section 3.3 Compensation; Indemnity; Fees
	 	 	9	 
	 
	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 
	Guarantee Trustee

	 
	 	 	 	 
	Section 4.1 Guarantee Trustee; Eligibility
	 	 	9	 
	Section 4.2 Appointment, Removal and Resignation of the Guarantee Trustee
	 	 	10	 
	 
	 	 	 	 
	ARTICLE V

	 
	 	 	 	 
	Guarantee

	 
	 	 	 	 
	Section 5.1 Guarantee
	 	 	11	 
	Section 5.2 Waiver of Notice and Demand
	 	 	11	 
	Section 5.3 Obligations Not Affected
	 	 	11	 
	Section 5.4 Rights of Holders
	 	 	12	 
	Section 5.5 Guarantee of Payment
	 	 	12	 
	Section 5.6 Subrogation
	 	 	12	 
	Section 5.7 Independent Obligations
	 	 	12	 
	 
	 	 	 	 
	Guarantee Agreement

	 
	 	 	 	 
	-i-

 

 

	 	 	 	 	 
	 	 	Page
	 
	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 
	Covenants and Subordination

	 
	 	 	 	 
	Section 6.1 Subordination
	 	 	13	 
	Section 6.2 Pari Passu Guarantees
	 	 	13	 
	 
	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 
	Termination

	 
	 	 	 	 
	Section 7.1 Termination
	 	 	13	 
	ARTICLE VIII

	 
	 	 	 	 
	Miscellaneous

	 
	 	 	 	 
	Section 8.1 Successors and Assigns
	 	 	13	 
	Section 8.2 Amendments
	 	 	14	 
	Section 8.3 Notices
	 	 	14	 
	Section 8.4 Benefit
	 	 	15	 
	Section 8.5 Governing Law
	 	 	15	 
	 
	 	 	 	 
	Guarantee Agreement

	 
	 	 	 	 
	-ii-

 

 

          Guarantee Agreement, dated as of March 17, 2006, between U.S. Bancorp, a
Delaware corporation (the “Guarantor”), having its principal office at 800 Nicollet Mall,
Minneapolis, Minnesota 55402, and Wilmington Trust Company, a Delaware banking
corporation, as trustee (the “Guarantee Trustee”), for the benefit of the Holders from time to time
of the Trust Preferred Securities of USB Capital IX, a Delaware statutory trust (the “Issuer
Trust”).

Recitals of the Guarantor

          Pursuant to an Underwriting Agreement, dated as of March 17, 2006, among the Guarantor, the
Issuer Trust and the underwriters named therein, the Issuer Trust is issuing $1,250,000,000
aggregate Liquidation Amount (as defined in the Trust Agreement) of Trust Preferred Securities
having the terms set forth in an Amended and Restated Trust Agreement, of even date herewith
(the “Trust Agreement”), among U.S. Bancorp, as Depositor, the Property Trustee, the Delaware
Trustee and the Administrative Trustees (each as named therein) and the holders from time to time
of the Trust Securities.

          The Trust Preferred Securities will be issued by the Issuer Trust, and the proceeds thereof,
together with the proceeds from the issuance of the Issuer Trust’s Common Securities, will be used
to purchase the Notes, which initially will be pledged by the Issuer Trust, acting through
Wilmington Trust Company, as Property Trustee for the Issuer Trust (the “Property Trustee”), to
U.S. Bank National Association, as collateral agent for the Guarantor, pursuant to the Collateral
Agreement, dated as of the date hereof, among the Guarantor, U.S. Bank National Association, as
Collateral Agent, Custodial Agent, Securities Intermediary and Securities Registrar, and the Issuer
Trust.

          As an incentive for the Holders to purchase the Trust Preferred Securities, the Guarantor
desires irrevocably and unconditionally to agree, to the extent set forth herein, to pay to the
Holders of the Trust Preferred Securities the Guarantee Payments and to make certain other payments
on the terms and conditions set forth herein.

          Now, therefore, this Guarantee Agreement Witnesseth: For and in consideration of the
purchase of Trust Preferred Securities by each Holder, which purchase 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 I

Definitions

Section 1.1 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, either directly
or by reference therein, have the meanings assigned to them therein.

          (c) 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

Guarantee Agreement

 

 

accounting principles that are generally accepted 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.

          (d) 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.

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

          “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, “control” when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

          “Authorized Officer” of any Person means any executive 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.

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

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

          “Capital ITS” has the meaning specified in the Trust Agreement.

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

          “Common Securities” has the meaning specified in the Trust Agreement.

          “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 Preferred Securities of any Class, to the extent not paid or made by or on
behalf of the Issuer Trust: (i) any accumulated and unpaid Distributions required to be paid on the
Trust Preferred Securities of such Class, to the extent the Issuer Trust shall have funds on hand
available therefor at such time; (ii) the Redemption Price with respect to any Trust Preferred
Securities called for redemption by the Issuer Trust (other than in connection with the redemption
of Capital ITS in exchange for Notes), to the extent the Issuer Trust shall have funds on hand
available therefor at such time; and (iii) upon a voluntary or involuntary dissolution, winding-up
or liquidation of the Issuer Trust, other than in

Guarantee Agreement

-2-

 

connection with the distribution of a Like Amount of Corresponding Assets (as defined in the
Trust Agreement) to the Holders of Trust Preferred Securities and Trust Common Securities, the
lesser of (a) the Liquidation Distribution with respect to each Class of the Trust Preferred
Securities, to the extent that the Issuer Trust shall have funds on hand available therefor at such
time and (b) the amount of assets of the Issuer Trust has remaining available for distribution to
Holders of the Trust Preferred Securities on liquidation of the Issuer Trust.

          “Guarantee Trustee” means Wilmington Trust Company, 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 Preferred
Securities; provided, however, that in determining whether the holders of the requisite percentage
of Trust Preferred Securities of any Class or Classes have given any request, notice, consent or
waiver hereunder, “Holder” shall not include the Guarantor, the Guarantee Trustee, or any Affiliate
of the Guarantor or the Guarantee Trustee.

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

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

          “Indemnified Person” has the meaning specified in Section 3.3(c).

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

          “Normal ITS” has the meaning specified in the Trust Agreement.

          “Notes” has the meaning specified 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:

     (i) a statement by each officer signing the Officers’ Certificate that such officer has
read the covenant or condition and the definitions relating thereto;

     (ii) a brief statement of the nature and scope of the examination or investigation
undertaken by such officer in rendering the Officers’ Certificate;

Guarantee Agreement

-3-

 

     (iii) 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

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

          “Person” means any individual, corporation, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof.

          “Redemption Price” has the meaning specified in the Trust Agreement.

          “Responsible Officer” means, with respect to the Guarantee Trustee, any Senior Vice President,
any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the
Treasurer, any Assistant Treasurer, any Trust Officer, any Assistant Trust Officer, any Financial
Services Officer or any other officer of the Corporate Trust Department of the Guarantee Trustee
and also means, with respect to a particular matter, any other officer to whom such matter is
referred because of that officer’s knowledge of and familiarity with the particular subject.

          “Senior and Subordinated Debt” has the meaning specified in the Indenture.

          “Stock Purchase Date” has the meaning specified in the Stock Purchase Contract Agreement,
dated as of the date hereof, between the Guarantor and the Issuer Trust.

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

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

          “Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbb), as
amended and as in effect on the date of this Guarantee Agreement, except as provided in Section 9.5
of the Indenture.

          “Trust Preferred Securities” has the meaning specified in the Trust Agreement.

          “Vice President” when used with respect to the Guarantor means any duly appointed vice
president, whether or not designated by a number or a word or words added before or after the title
“vice president.”

ARTICLE II

Trust Indenture Act

Section 2.1 Trust Indenture Act; Application.

          Except as otherwise expressly provided herein, the Trust Indenture Act shall apply as a matter
of contract to this Guarantee Agreement for purposes of interpretation, construction and defining
the rights and obligations hereunder, and this Guarantee Agreement, the Guarantor and the Guarantee
Trustee shall be deemed for all purposes hereof to be subject to and governed by the Trust
Indenture Act

Guarantee Agreement

-4-

 

to the same extent as would be the case if this Guarantee Agreement were qualified under the
Trust Indenture Act on the date hereof. Except as otherwise expressly provided herein, 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, such imposed duties
shall control.

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 May 15 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.
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 May 15 each year (commencing with the year of the first anniversary of
the issuance of the Trust Preferred Securities), the Guarantee Trustee shall provide to the Holders
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. If this Guarantee Agreement shall
have been qualified under the Trust Indenture Act, the Guarantee Trustee shall also comply with the
requirements of Section 313(d) of the Trust Indenture Act.

Section 2.4 Periodic Reports to the Guarantee Trustee.

          The Guarantor shall provide to the Guarantee Trustee and the Holders such documents, reports
and information, if any, as required by Section 314 of the Trust Indenture Act and the compliance
certificate required by Section 314 of the Trust Indenture Act, in the form, in the manner and at
the times required by Section 314 of the Trust Indenture Act, provided that such documents, reports
and information shall be required to be provided to the Securities and Exchange Commission only if
this Guarantee Agreement shall have been qualified under the Trust Indenture Act.

Section 2.5 Evidence of Compliance with Conditions Precedent.

          The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such
conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of the
matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion
required to be given by an officer 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 Preferred

Guarantee Agreement

-5-

 

Securities may, by vote, on behalf of the Holders of all the Trust Preferred Securities, waive
any past default or Event of Default and its consequences; provided that each Class of Trust
Preferred Securities shall be entitled, in the case of any default or Event of Default that affects
such Class differently from the other Class or Classes, to vote separately as a Class with respect
thereto. 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 Events of Default; Notice.

          (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default
known to the Guarantee Trustee, 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 a Responsible Officer charged with the
administration of this Guarantee Agreement shall have obtained written notice, 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 III

Powers, Duties and Rights of the Guarantee Trustee

Section 3.1 Powers and Duties of the Guarantee Trustee.

          (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the
Holders, and the Guarantee Trustee shall not transfer this Guarantee Agreement to any Person except
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 and
cessation of title shall be effective whether or not conveyancing documents have been executed and
delivered pursuant to the appointment of such Successor Guarantee Trustee.

          (b) If an Event of Default has occurred and is continuing, the Guarantee Trustee shall enforce
this Guarantee Agreement for the benefit of the Holders.

          (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the 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 (including pursuant to Section 2.1), and no
implied

Guarantee Agreement

-6-

 

covenants shall be read into this Guarantee Agreement against the Guarantee Trustee. If an
Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6), the
Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee
Agreement, and use the same degree of care and skill in its exercise thereof as a prudent person
would exercise or use under the circumstances in the conduct of his or her own affairs.

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

     (i) prior to the occurrence of any Event of Default and after the curing or waiving of
all such Events of Default that may have occurred:

     (A) the duties and obligations of the Guarantee Trustee shall be determined
solely by the express provisions of this Guarantee Agreement (including pursuant to
Section 2.1), and the Guarantee Trustee shall not be liable except for the
performance of such duties and obligations as are specifically set forth in this
Guarantee Agreement (including pursuant to Section 2.1); and

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

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

     (iii) the Guarantee Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the Holders of
not less than a Majority in Liquidation Amount of the relevant Class or Classes of Trust
Preferred Securities relating to the time, method and place of conducting any proceeding for
any remedy available to the Guarantee Trustee, or exercising any trust or power conferred
upon the Guarantee Trustee under this Guarantee Agreement; and

     (iv) subject to Section 3.1(b), 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:

Guarantee Agreement

-7-

 

     (i) The Guarantee Trustee may 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 such adequate security and
indemnity satisfactory to it against the costs, expenses (including attorneys’ fees and
expenses) and liabilities that might be incurred by it in complying with such request or
direction, including such reasonable advances as may be requested by the Guarantee Trustee.

     (vi) The Guarantee Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit at
the expense of the Guarantor and shall incur no liability of any kind by reason of such
inquiry or investigation.

     (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
instructions from the Holders, (B) may refrain from enforcing such remedy or right or taking
such other action until such instructions are received, and (C) shall be protected in acting
in accordance with such instructions.

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

Section 3.3 Compensation; Indemnity; Fees.

          The Guarantor agrees:

          (a) 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);

          (b) 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 shall be determined to have been caused by its own negligence
or bad faith; and

          (c) to indemnify the Guarantee Trustee, any Affiliate of the Guarantee Trustee and any
officer, director, shareholder, employee, representative or agent of the Guarantee Trustee (each,
an “Indemnified Person”) for, and to hold each Indemnified Person harmless against, any loss,
liability, claim, action, suit, cost, damage or expense of any kind or nature whatsoever incurred
without negligence, willful misconduct or bad faith on the part of the Indemnified Person, arising
out of or in connection with the acceptance or administration of this Guarantee Agreement,
including the costs and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder.

          The Guarantee Trustee will not claim or exact any lien or charge on any Guarantee Payments as
a result of any amount due to it under this Guarantee Agreement.

          The provisions of this Section 3.3 shall survive the termination of this Guarantee Agreement
or the resignation or removal of the Guarantee Trustee.

ARTICLE IV

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

     (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

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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.

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
by the action of the Holders of a Majority in Liquidation Amount of the Trust Preferred Securities
delivered to the Guarantee Trustee and the Guarantor (i) for cause or (ii) if a Note Event of
Default (as defined in the Trust Agreement) shall have occurred and be continuing at any time.

          (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 office of
Guarantee Trustee for any cause, the Holders of the Trust Preferred 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 Preferred 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 Preferred
Securities and accepted appointment, any Holder, on behalf of such Holder and all others similarly
situated, or any

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other Guarantee Trustee, may petition any court of competent jurisdiction for the appointment
of a successor Guarantee Trustee.

ARTICLE V

Guarantee

Section 5.1 Guarantee.

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

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 Guarantee Trustee, the Issuer Trust or any other Person before
proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of
redemption and all other notices and demands.

Section 5.3 Obligations Not Affected.

          The obligations, covenants, agreements and duties of the Guarantor under this Guarantee
Agreement shall in no way be affected or impaired by reason of the happening from time to time of
any of the following:

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

          (b) the extension of time for the payment by the Issuer Trust of 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 Notes as provided in the Indenture), 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 to enforce,
assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the
terms of the Trust Preferred Securities, or any action on the part of the Issuer Trust granting
indulgence or extension of any kind;

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

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          (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 (other than payment of the underlying obligation), it being the
intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and
unconditional under any and all circumstances.

          There shall be no obligation of the Holders to give notice to, or obtain the consent of, the
Guarantor with respect to the happening of any of the foregoing.

Section 5.4 Rights of Holders.

          The Guarantor expressly acknowledges that: (i) this Guarantee Agreement will be deposited
with the Guarantee Trustee to be held for the benefit of the Holders; (ii) the Guarantee Trustee
has the right to enforce this Guarantee Agreement on behalf of the Holders; (iii) the Holders of a
Majority in Liquidation Amount of the Trust Preferred Securities of the affected Class or Classes
have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Guarantee Trustee in respect of this Guarantee Agreement or exercising any trust
or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and (iv) any Holder
may institute a legal proceeding directly against the Guarantor to enforce its rights under this
Guarantee Agreement without first instituting a legal proceeding against the Guarantee Trustee, the
Issuer Trust or any other Person.

Section 5.5 Guarantee of Payment.

          This Guarantee Agreement creates a guarantee of payment and not of collection. This Guarantee
Agreement will not be discharged except by payment of the Guarantee Payments in full (without
duplication of amounts theretofore paid by the Issuer Trust) or upon the distribution of Notes to
Holders as provided in the Trust Agreement.

Section 5.6 Subrogation.

          The Guarantor shall be subrogated to all rights (if any) of the Holders against the Issuer
Trust in respect of any amounts paid to the Holders by the Guarantor under this Guarantee
Agreement; provided that the Guarantor shall not (except to the extent required by mandatory
provisions of law) be entitled to enforce or exercise any rights 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 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 Issuer 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 Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a)
through (g), inclusive, of Section 5.3.

Guarantee Agreement

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ARTICLE VI

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 and Subordinated Debt of the Guarantor to the extent and in the manner
set forth in the Indenture with respect to the Notes (as defined therein), and the provisions of
Article XIII of the Base Indenture will apply, mutatis mutandis, to the obligations of the
Guarantor hereunder. The obligations of the Guarantor hereunder do not constitute Senior and
Subordinated Debt 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 preferred or capital securities issued by any statutory trust the assets
of which consist of debt securities that are pari passu to the Notes and the proceeds thereof,
(ii) the Indenture and the Debt Securities (as defined therein) issued thereunder, (iii) any
expense agreements entered into by the Guarantor in connection with the offering of preferred or
capital securities by any statutory trust the assets of which consists of debt securities that are
pari passu to the Notes and the proceeds thereof, and (iv) 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.

ARTICLE VII

Termination

Section 7.1 Termination.

          This Guarantee Agreement shall terminate and be of no further force and effect upon (i) full
payment of the Redemption Price of all Trust Preferred Securities or (ii) full payment of the
amounts payable in accordance with Article IX of the Trust Agreement upon liquidation of the Issuer
Trust. Notwithstanding the foregoing, this Guarantee Agreement will continue to be effective or
will be reinstated, as the case may be, if at any time any Holder is required to repay any sums
paid with respect to Trust Preferred Securities or this Guarantee Agreement. Section 3.3 shall
survive any termination of this Guarantee Agreement.

ARTICLE VIII

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 whether so expressed or not and
will be for the benefit of the Holders of the Trust Preferred Securities then outstanding. Except
in connection with a consolidation, merger or sale involving the Guarantor that is permitted under
Article VIII of the Indenture and pursuant to which the successor or assignee agrees in writing to
perform

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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.

          Except with respect to any changes that do not adversely affect the rights of the Holders in
any material respect (in which case no consent of the Holders will be required), this Guarantee
Agreement may only be amended with the prior approval of the Holders of not less than a Majority in
Liquidation Amount of the outstanding Trust Preferred Securities. The holders of each Class of
Trust Preferred Securities will also be entitled to vote separately as a class to the extent that
any proposed amendment would not affect them in the same or substantially the same manner. The
provisions of Article VI of the Trust Agreement concerning meetings of the Holders shall apply to
the giving of such approval.

Section 8.3 Notices.

          Any notice, request or other communication required or permitted to be given hereunder shall
be in writing, duly signed by the party giving such notice, and delivered, telecopied or mailed by
first class mail as follows:

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

U.S. Bancorp

800 Nicollet Mall

Minneapolis, Minnesota 55402

Attention: Treasury Department

Facsimile: (612) 303-1338

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

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Attention: Corporate Trust Administration

Facsimile: (302) 636-4140

with a copy to:

USB Capital IX

c/o U.S. Bancorp

800 Nicollet Mall

Minneapolis, Minnesota 55402

Attention: Treasury Department

Facsimile: (612) 303-1338

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

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          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 Preferred 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.

* * * *

          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.

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          In Witness Whereof, the parties hereto have executed this Guarantee Agreement as of
the day and year first above written.

	 	 	 	 	 
	 	U.S. Bancorp,

as Guarantor

 	 
	 	By:  	/s/ Kenneth D. Nelson
 	 
	 	 	Name:  	Kenneth D. Nelson 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	Wilmington Trust Company,

individually and as Guarantee Trustee

 	 
	 	By:  	/s/ Patricia A. Evans
 	 
	 	 	Name:  	Patricia A. Evans 	 
	 	 	Title:  	Vice President 	 
	 

Guarantee Agreement

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