Document:

Supplemental Indenture and Amendment effective as of March 31, 2006

 Exhibit 4.4 
  

 SUPPLEMENTAL INDENTURE AND AMENDMENT 
 between 
 GEOVERA HOLDINGS, INC. 
 GEOVERA (BERMUDA) HOLDINGS, LTD. 
 and 
 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION 
 Dated as of March 31, 2006 
  

 THIS SUPPLEMENTAL INDENTURE AND AMENDMENT (this “Supplemental Indenture and Amendment”)
is made effective as of March 31, 2006, by and among GEOVERA HOLDINGS, INC. (f/k/a HFF&L (U.S.) Holdings, Inc.), a Delaware corporation (the “Company”), GEOVERA (BERMUDA) HOLDINGS, LTD. (f/k/a HFF&L (Bermuda) Holdings,
Ltd.), a Bermuda exempted limited liability company (the “Parent Guarantor”), JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association (the “Trustee”) and the Administrative Trustees named herein.

 WITNESSETH: 
 WHEREAS, the
Company and the Trustee are parties to that certain Junior Subordinated Indenture, dated as of November 1, 2005 (the “Indenture”); 
 WHEREAS, pursuant to Section 9.1(b) of the Indenture, the Trustee and the Company, without the consent of the Holders, may enter into this Supplemental Indenture and Amendment to amend any provisions of the
Indenture with respect to matters or questions arising under the Indenture, which shall not be inconsistent with the other provisions of the Indenture, provided that such action shall not adversely affect in any material respect the interests of any
Holder or any of the holders of the Preferred Securities; 
 WHEREAS, the Trustee and the Company desire to amend the Indenture as set forth
herein; 
 WHEREAS, all conditions necessary to authorize the execution and delivery of this Supplemental Indenture and Amendment and to make
it a valid and binding obligation of the Company have been done or performed; 
 WHEREAS, the Company is party to that certain Amended and
Restated Trust Agreement (the “ARTA”), dated as of November 1, 2005, among Karen Padovese and Rosemary Quinn, as Administrative Trustees (the “Administrative Trustees”), the Company, Chase Bank USA, National
Association, as Delaware Trustee and the Trustee as Property Trustee thereunder (the “Property Trustee”); 
 WHEREAS,
pursuant to Section 10.3(a) of the ARTA, the Property Trustee, the Administrative Trustees and the Company, without the consent of any holder of any Preferred Securities, may amend the ARTA with respect to matters or questions arising under the
ARTA, which amendment shall not be inconsistent with the other provisions of the ARTA, provided that such action shall not adversely affect in any material respect the interests of any holder of any Preferred Securities; 
 WHEREAS, the Property Trustee, the Administrative Trustees and the Company desire to amend the ARTA as set forth herein; 
 WHEREAS, the Company is party to that certain Guarantee Agreement (the “Guarantee Agreement”), dated as of November 1, 2005,
between the Company as Guarantor thereunder (the “Guarantor”) and the Trustee as Guarantee Trustee thereunder (the “Guarantee Trustee”); 

 WHEREAS, pursuant to Section 8.2 of the Guarantee Agreement, with respect to changes that do not
adversely affect the rights of the holders of the Preferred Securities in any material respect, the Guarantee Agreement may be amended with the prior approval of the Guarantor and the Guarantee Trustee; and 
 WHEREAS, the Guarantor and the Guarantee Trustee desire to amend the Guarantee Agreement as set forth herein; 
 WHEREAS, the Parent Guarantor is party to that certain Parent Guarantee Agreement (the “Parent Guarantee Agreement”), dated as of
November 1, 2005, between the Parent Guarantor as Parent Guarantor thereunder and the Trustee as Guarantee Trustee thereunder (the “Parent Guarantee Trustee”); 
 WHEREAS, pursuant to Section 7.2 of the Parent Guarantee Agreement, with respect to changes that do not adversely affect the rights of the holders
of the Preferred Securities in any material respect, the Parent Guarantee Agreement may be amended with the prior approval of the Parent Guarantor and the Parent Guarantee Trustee; and 
 WHEREAS, the Parent Guarantor and the Parent Guarantee Trustee desire to amend the Parent Guarantee Agreement as set forth herein; 
 NOW, THEREFORE, for and in consideration for the premises and obligations set forth herein, and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I. 
 RELATION TO INDENTURE; DEFINITIONS 
 Section 1.1 Relation to Indenture. This Supplemental Indenture and Amendment constitutes an integral part of the Indenture. Except as otherwise expressly provided for in this Supplemental Indenture and Amendment, all of the
terms and conditions of the Indenture shall remain unchanged and in full force and effect, and shall be incorporated herein as if made a part hereof. 
 Section 1.2 Definitions. For all purposes of this Supplemental Indenture and Amendment: 
 (a)
Capitalized terms used herein without definition shall have the meanings specified in the Indenture; 
 (b) All references herein to Articles
and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Supplemental Indenture and Amendment; and 
 (c) The terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this Supplemental Indenture and Amendment. 
  

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 ARTICLE II. 
 AMENDMENTS 
 Section 2.1 Amendments to the Indenture. The Indenture is hereby
amended as follows: 
 (a) Section 7.3(b) of the Indenture is amended by deleting
the words “1818 Market Street, 28th Floor, Philadelphia, Pennsylvania 19103” and inserting “Cira
Centre, 2929 Arch Street, Suite 1703, Philadelphia, Pennsylvania 19104” therefor. 
 (b) Section 10.3 of the Indenture is amended
by deleting the words “within one hundred and twenty (120) days after the end of each fiscal year of the Company ending after the date hereof” and inserting “within one hundred and twenty (120) days after the fiscal year of
the Company ending December 31, 2005 and within ninety (90) days after the end of each fiscal year of the Company thereafter” therefor. 
 (c) Exhibit A to the Indenture is deleted and Exhibit A attached hereto is substituted therefor. 
 Section 2.2 Amendments to the ARTA. The ARTA is hereby amended as follows: 
 (a) The definition of
“Officers’ Certificate” in Section 1.1 of the ARTA is amended as follows: 
 (i) by inserting the words
“, Vice President,” following the words “Executive Vice President”; and 
 (ii) by deleting the words
“(other than the certificate provided pursuant to Section 8.16 which is not an Officers’ Certificate)” and inserting “(other than the certificates provided pursuant to Section 8.16)” therefor.

 (b) Section 8.16(a) of the ARTA is amended by deleting the words “not later than one hundred and twenty days after the end of
each calendar year of the Trust ending after the date of this Trust Agreement” and inserting “not later than one hundred and twenty days after the end of the calendar year ending December 31, 2005 and not later than ninety days after
the end of each calendar year thereafter” therefor. 
 (c) Section 8.16(b)
of the ARTA is amended by deleting the words “1818 Market Street, 28th Floor, Philadelphia, Pennsylvania
19103” and inserting “Cira Centre, 2929 Arch Street, Suite 1703, Philadelphia, Pennsylvania 19104” therefor. 
 (d) Exhibit G
of the ARTA is deleted and Exhibit G attached hereto is substituted therefor. 
 Section 2.3 Amendments to the Guarantee
Agreement. The Guarantee Agreement is hereby amended as follows: 
 (a) Section 2.2 of the Guarantee Agreement is amended by
deleting the words “within one hundred and twenty (120) days after the end of each fiscal year of the Guarantor ending after the date of this Guarantee Agreement” and inserting “within one hundred and twenty (120) days after
the fiscal year of the Guarantor ending December 31, 2005 and within ninety (90) days after the end of each fiscal year of the Guarantor thereafter” therefor. 
  

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 Section 2.4 Amendments to the Parent Guarantee Agreement. The Parent Guarantee Agreement is
hereby amended as follows: 
 (a) Section 2.2(a) of the Parent Guarantee Agreement is amended by deleting the words “within ninety
(90) days after the end of each fiscal year of the Parent Guarantor ending after the date of this Parent Guarantee Agreement” and inserting “within one hundred and twenty (120) days after the fiscal year of the Guarantor ending
December 31, 2005 and within ninety (90) days after the end of each fiscal year of the Parent Guarantor thereafter” therefor. 
 (b) Section 2.2(b) of the Parent Guarantee Agreement is amended in its entirety as follows: 
 The Parent
Guarantor shall furnish (i) to the Guarantee Trustee; (ii) Cohen Bros. Financial Management, LLC, Cira Centre, 2929 Arch Street, Suite 1703, Philadelphia, Pennsylvania 19104 or such other address as designated by Cohen Bros. Financial
Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Company and the Trust (which identification may be made either by such Owner or by Cohen Bros. Financial Management, LLC) (x) a duly completed
and executed certificate substantively and substantially in the foam attached hereto as Exhibit A-1, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Parent
Guarantor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Parent Guarantor and not later than ninety (90) days after the end of each fiscal year of the Parent
Guarantor commencing with the fiscal quarter ended June 30, 2006 and (y) a duly completed and executed certificate substantially in the form attached hereto as Exhibit A-2, including the statutory financial statements referenced in
such Exhibit, which certificate and statement shall be so furnished by the Parent Guarantor not later than one hundred fifty (150) days after the end of the fiscal year ending December 31, 2005 and not later than one hundred twenty
(120) days after the end of each fiscal year of the Parent Guarantor thereafter. 
 (b) Exhibit A to the Parent Guarantee Agreement is
deleted and Exhibits A-1 and A-2 to the Parent Guarantee Agreement attached hereto are substituted therefor. 
  

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 ARTICLE III. 
 MISCELLANEOUS 
 Section 3.1 Agreement Not for the Benefit of Other Parties. This
Supplemental Indenture and Amendment is not intended for the benefit of and shall not be construed to create rights in parties other than the Company, the Guarantor, the Trustee, the Administrative Trustee, the Property Trustee, the Guarantee
Trustee and the Holders. 
 Section 3.2 Counterparts. This Supplemental Indenture and Amendment may be executed and delivered
in any number of counterparts, each of which shall be deemed to be an original, but such counterparts together shall constitute one and the same instrument. 
 Section 3.3 Captions. The captions of this Supplemental Indenture and Amendment are for convenience only and shall not affect the construction hereof. 
 Section 3.4 Governing Law. This Supplemental Amendment and Agreement shall be construed and enforced in accordance with and governed by the
laws of the State of New York without reference to its conflict of laws provisions (other than Section 5-1401 of the General Obligations Law). 
 Signatures appear on the following page. 
  

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

									
	 GEOVERA (BERMUDA) HOLDINGS, LTD.,
 as the Company
	 		 	 JPMORGAN CHASE BANK, NATIONAL
 ASSOCIATION as Trustee

					
	By:	 	 /s/ Rosemary Quinn
	 		 	By:	 	 /s/ Maria D. Calzado

	Name:	 	Rosemary Quinn	 		 	Name:	 	Maria D. Calzado
	Title:	 	 Vice President
 Trust Preferred
Finance
	 		 	Title:	 	Vice President
			
	 GEOVERA (BERMUDA) HOLDINGS, LTD.,
 as Guarantor
	 		 	 JPMORGAN CHASE BANK, NATIONAL
 ASSOCIATION, as Property Trustee

					
	By:	 	 /s/ Rosemary Quinn
	 		 	By:	 	 /s/ Maria D. Calzado

	Name:	 	Rosemary Quinn	 		 	Name:	 	Maria D. Calzado
	Title:	 	 Vice President
 Trust Preferred
Finance
	 		 	Title:	 	Vice President
			
	CEDRIC SNOW	 		 	 JPMORGAN CHASE BANK, NATIONAL
 ASSOCIATION, as Guarantee Trustee

				
	 /s/ Cedric Snow
	 		 	By:	 	 /s/ Maria D. Calzado

	Administrative Trustee	 		 	Name:	 	Maria D. Calzado
		 		 	Title:	 	Vice President
				
	ROSEMARY QUINN	 		 		 	
				
	 /s/ Rosemary Quinn
	 		 		 	
	Administrative TrusteeGuarantee Agreement, between HFF&L (U.S.) Holdings, Inc., as Guarantor

 Exhibit 4.5 
 EXECUTION COPY 
  

 GUARANTEE AGREEMENT 
 between 
 HFF&L (U.S.) HOLDINGS, INC., 
 as Guarantor, 
 and 
 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, 
 as Guarantee Trustee 
 Dated as of November 1, 2005 
 HFF&L (U.S.) CAPITAL TRUST I 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	 ARTICLE I INTERPRETATION AND DEFINITIONS
	  	1
			
	         SECTION 1.1.
	 	Interpretation	  	1
			
	         SECTION 1.2.
	 	Definitions	  	2
		
	 ARTICLE II REPORTS
	  	5
			
	         SECTION 2.1.
	 	List of Holders	  	5
			
	         SECTION 2.2.
	 	Periodic Reports to the Guarantee Trustee	  	6
			
	         SECTION 2.3.
	 	Event of Default; Waiver	  	6
			
	         SECTION 2.4.
	 	Event of Default; Notice	  	6
		
	 ARTICLE III POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE
	  	6
			
	         SECTION 3.1.
	 	Powers and Duties of the Guarantee Trustee	  	6
			
	         SECTION 3.2.
	 	Certain Rights of the Guarantee Trustee	  	7
			
	         SECTION 3.3.
	 	Compensation	  	9
			
	         SECTION 3.4.
	 	Indemnity	  	9
			
	         SECTION 3.5.
	 	Securities	  	10
		
	 ARTICLE IV GUARANTEE TRUSTEE
	  	10
			
	         SECTION 4.1.
	 	Guarantee Trustee; Eligibility	  	10
			
	         SECTION 4.2.
	 	Appointment, Removal and Resignation of the Guarantee Trustee	  	11
		
	 ARTICLE V GUARANTEE
	  	11
			
	         SECTION 5.1.
	 	Guarantee	  	11
			
	         SECTION 5.2.
	 	Waiver of Notice and Demand	  	12
			
	         SECTION 5.3.
	 	Obligations Not Affected	  	12
			
	         SECTION 5.4.
	 	Rights of Holders	  	13

					
	         SECTION 5.5.
	 	Guarantee of Payment	  	13
			
	         SECTION 5.6.
	 	Subrogation	  	13
			
	         SECTION 5.7.
	 	Independent Obligations	  	13
			
	         SECTION 5.8.
	 	Enforcement	  	13
		
	 ARTICLE VI COVENANTS AND SUBORDINATION
	  	14
			
	         SECTION 6.1.
	 	Dividends, Distributions and Payments	  	14
			
	         SECTION 6.2.
	 	Subordination	  	14
			
	         SECTION 6.3.
	 	Pari Passu Guarantees	  	14
		
	 ARTICLE VII TERMINATION
	  	15
			
	         SECTION 7.1.
	 	Termination	  	15
		
	 ARTICLE VIII MISCELLANEOUS
	  	15
			
	         SECTION 8.1.
	 	Successors and Assigns	  	15
			
	         SECTION 8.2.
	 	Amendments	  	16
			
	         SECTION 8.3.
	 	Notices	  	16
			
	         SECTION 8.4.
	 	Benefit	  	18
			
	         SECTION 8.5.
	 	Governing Law	  	18
			
	         SECTION 8.6.
	 	Submission to Jurisdiction	  	18
			
	         SECTION 8.7.
	 	Counterparts	  	18
			
	         SECTION 8.8.
	 	Severability	  	19

  

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 GUARANTEE AGREEMENT, dated as of November 1, 2005, executed and
delivered by HFF&L (U.S.) HOLDINGS, INC., a Delaware corporation (the “Guarantor”) having its principal office at 4820 Business Center Drive, Suite 200, Fairfield, CA 94534, and
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (in such capacity, the “Guarantee Trustee”), for the benefit of the
Holders (as defined herein) from time to time of the Preferred Securities (as defined herein) of HFF&L (U.S.) CAPITAL TRUST I, a Delaware statutory trust (the “Issuer”). 
 W I T N E S S E T
H : 
 WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as of the date hereof (the
“Trust Agreement”), among the Guarantor, as Depositor, the Property Trustee, the Delaware Trustee and the Administrative Trustees named therein and the holders from time to time of the Preferred Securities (as hereinafter defined),
the Issuer is issuing Thirty Five Million Dollars ($35,000,000) aggregate Liquidation Amount (as defined in the Trust Agreement) of its Floating Rate Preferred Securities (Liquidation Amount $1,000 per preferred security) (the “Preferred
Securities”) representing preferred undivided beneficial interests in the assets of the Issuer and having the terms set forth in the Trust Agreement; 
 WHEREAS, the Preferred Securities will be issued by the Issuer and the proceeds thereof, together with the proceeds from the issuance of the Issuer’s Common Securities (as defined below), will be
used to purchase the Notes (as defined in the Trust Agreement) of the Guarantor; and 
 WHEREAS, as incentive for the Holders
to purchase Preferred Securities the Guarantor desires irrevocably and unconditionally to agree, to the extent set forth herein, to pay to the Holders of the Preferred Securities the Guarantee Payments (as defined herein) and to make certain other
payments on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the purchase by
each Holder of Preferred Securities, which purchase the Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee Agreement to provide as follows for the benefit of the Holders from time to time of the
Preferred Securities: 
 ARTICLE I 
 INTERPRETATION AND DEFINITIONS 
 SECTION 1.1. Interpretation.

 In this Guarantee Agreement, unless the context otherwise requires: 
 (a) capitalized terms used in this Guarantee Agreement but not defined in the preamble hereto have the respective meanings assigned to
them in Section 1.2; 
 (b) the words “include”, “includes” and “including” shall be
deemed to be followed by the phrase without limitation”; 

 (c) all references to “the Guarantee Agreement” or “this Guarantee
Agreement” are to this Guarantee Agreement as modified, supplemented or amended from time to time; 
 (d) all references
in this Guarantee Agreement to Articles and Sections are to Articles and Sections of this Guarantee Agreement unless otherwise specified; 
 (e) 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; 
 (f) a reference to the singular includes the plural and vice versa; and 
 (g) the masculine, feminine or neuter genders used herein shall include the masculine, feminine and neuter genders. 
 SECTION 1.2. Definitions. 
 As used in
this Guarantee Agreement, the terms set forth below shall, unless the context otherwise requires, have the following meanings: 
 “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; provided, that the Issuer shall
not be deemed to be an Affiliate of the Guarantor. 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. 
 “Beneficiaries” means any Person to whom the Issuer is or hereafter becomes indebted or liable. 
 “Board of Directors” means either the board of directors of the Guarantor or any duly authorized committee of that board.

 “Common Securities” means the securities representing common undivided beneficial interests in the assets
of the Issuer. 
 “Debt” means with respect to any Person, whether recourse is to all or a portion of the
assets of such Person, whether currently existing or hereafter incurred, and whether or not contingent and without duplication, (i) every obligation of such Person for money borrowed; (ii) every obligation of such Person evidenced by
bonds, debentures, notes or other similar instruments, including obligations incurred in connection with the acquisition of property, assets or businesses; (iii) every reimbursement obligation of such Person with respect to letters of credit,
bankers’ acceptances or similar facilities issued for the account of such Person; (iv) every obligation of such Person issued or assumed as the deferred purchase price of property or services (but excluding trade accounts payable 

  

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arising in the ordinary course of business); (v) every capital lease obligation of such Person; (vi) all indebtedness of such Person, whether
incurred on or prior to the date of this Guarantee Agreement or thereafter incurred, for claims in respect of derivative products, including interest rate, foreign exchange rate and commodity forward contracts, options, swaps and similar
arrangements; (vii) every obligation of the type referred to in clauses (i) through (vi) of another Person and all dividends of another Person the payment of which, in either case, such Person has guaranteed or is responsible or
liable for, directly or indirectly, as obligor or otherwise; and (viii) any renewals, extensions, refundings, amendments or modifications of any obligation of the type referred to in clauses (i) through (vii). 
 “Event of Default” means a default by the Guarantor on any of its payment or other obligations under this Guarantee
Agreement; provided, that except with respect to a default in payment of any Guarantee Payments, the Guarantor shall have received notice of default from the Guarantee Trustee and shall not have cured such default within thirty (30) days
after receipt of such notice. 
 “Guarantee Payments” means the following payments or distributions, without
duplication, with respect to the Preferred Securities, to the extent not paid or made by or on behalf of the Issuer: (i) any accumulated and unpaid Distributions (as defined in the Trust Agreement) required to be paid on the Preferred
Securities, to the extent the Issuer shall have funds on hand available therefor at such time, (ii) the Redemption Price with respect to any Preferred Securities to the extent the Issuer shall have funds on hand available therefor at such time,
and (iii) upon a voluntary or involuntary termination, winding up or liquidation of the Issuer, unless Notes are distributed to the Holders, the lesser of (a) the aggregate of the Liquidation Amount of $1,000 per Preferred Security plus
accumulated and unpaid Distributions on the Preferred Securities to the date of payment, to the extent that the Issuer shall have funds available therefor at such time and (b) the amount of assets of the Issuer remaining available for
distribution to Holders in liquidation of the Issuer after satisfaction of liabilities to creditors of the Issuer in accordance with applicable law (in either case, the “Liquidation Distribution”). 
 “Guarantee Trustee” means JPMorgan Chase Bank, National Association, until a Successor Guarantee Trustee, as defined
below, 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” means HFF&L (U.S.) Holdings, Inc. and each of its successors and assigns. 
 “Issuer” has the meaning set forth herein above. 
 “Holder” means any holder, as registered on the books and records of the Issuer, of any Preferred Securities;
provided, that, in determining whether the holders of the requisite percentage of Preferred Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the Guarantor, the Guarantee Trustee or
any Affiliate of the Guarantor or the Guarantee Trustee. 
  

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 “Indenture” means the Junior Subordinated Indenture, dated as of the
date hereof, as supplemented and amended, between the Guarantor and JPMorgan Chase Bank, National Association, as trustee. 
 “List of Holders” has the meaning specified in Section 2.1. 
 “Majority in
Liquidation Amount of the Preferred Securities” means a vote by the Holder(s), voting separately as a class, of more than fifty percent (50%) of the aggregate Liquidation Amount of all then outstanding Preferred Securities issued by
the Issuer. 
 “Obligations” means any costs, expenses or liabilities (but not including liabilities related
to taxes) of the Issuer, other than obligations of the Issuer to pay to holders of any Trust Securities the amounts due such holders pursuant to the terms of the Trust Securities. 
 “Officers’ Certificate” means, with respect to any Person, a certificate signed by the Chief Executive Officer,
Chief Financial Officer, President or a Vice President of such Person, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of such Person, and delivered to the Guarantee Trustee. Any Officers’ Certificate
delivered with respect to compliance with a condition or covenant provided for in this Guarantee Agreement (other than the certificate provided pursuant to Section 2.2) shall include: 
 (a) a statement that each officer signing the Officers’ Certificate has read the covenant or condition and the definitions relating
thereto; 
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by each officer in
rendering the Officers’ Certificate; 
 (c) a statement that each officer has made such examination or investigation as,
in such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of each officer, such condition or covenant has been complied with. 
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association,
joint stock company, limited liability company, trust, unincorporated association, government or any agency or political subdivision thereof or any other entity of whatever nature. 
 “Preferred Securities” has the meaning set forth in the first recital hereof. 
 “Responsible Officer” means, with respect to the Guarantee Trustee, the officer in the Worldwide Securities Services
department of the Trustee having direct responsibility for the administration of this Guarantee Agreement. 
  

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 “Senior Debt” means the principal of and any premium, if any, and
interest on (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Guarantor whether or not such claim for post-petition interest is allowed in such proceeding) all Debt of the
Guarantor, whether incurred on or prior to the date of the Indenture or thereafter incurred, unless it is provided in the instrument creating or evidencing the same or pursuant to which the same is outstanding, that such obligations are not superior
in right of payment to the Preferred Securities; provided, that if the Guarantor is subject to the regulation and supervision of an insurance regulatory authority, the Guarantor shall have received the approval of such appropriate insurance
regulatory authority prior to issuing any such obligation; and provided, further, that Senior Debt shall not include any other debt securities and guarantees in respect of such debt securities issued to any trust other than the Issuer
(or a trustee of any such trust), partnership or other entity affiliated with the Guarantor that is a financing vehicle of the Guarantor (a “financing entity”) in connection with the issuance by such financing entity of equity securities
or other securities that are treated as equity capital for regulatory capital purposes guaranteed by the Guarantor pursuant to an instrument that ranks pari passu with or junior in right of payment to the Indenture. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended and as in effect on the date of this Guarantee
Agreement. 
 “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the qualifications
to act as Guarantee Trustee under Section 4.1. 
 Capitalized or otherwise defined terms used but not otherwise defined herein shall have the
meanings assigned to such terms in the Trust Agreement as in effect on the date hereof. 
 ARTICLE II 
 REPORTS 
 SECTION 2.1.
List of Holders. 
 The Guarantor shall furnish or cause to be furnished to the Guarantee Trustee at such times as the Guarantee
Trustee may request in writing, within thirty (30) days after the receipt by the Guarantor of any such request, a list, in such form as the Guarantee Trustee may reasonably require, of the names and addresses of the Holders (the “List
of Holders”) as of a date not more than fifteen (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 is not identical to a previously
supplied list of Holders or has not otherwise been received by the Guarantee Trustee in its capacity as such. The Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders. 
  

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 SECTION 2.2. Periodic Reports to the Guarantee Trustee. 
 The Guarantor shall deliver to the Guarantee Trustee, within one hundred and twenty (120) days after the end of each fiscal year of the Guarantor
ending after the date of this Guarantee Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Guarantor is in default in the performance or observance of any
of the terms or provisions or any of the conditions of this Guarantee Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Guarantor shall be in default thereof, specifying all such defaults and
the nature and status thereof of which they have knowledge. The delivery requirements of this Section 2.2 may be satisfied by compliance with Section 8.16(a) of the Trust Agreement. 
 SECTION 2.3. Event of Default; Waiver. 
 The Holders of a Majority in Liquidation Amount of the Preferred Securities may, on behalf of the Holders, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured, for every purpose of this Guarantee Agreement, but no such waiver shall extend to any subsequent or other, default or Event of Default or impair any right consequent therefrom.

 SECTION 2.4. Event of Default; Notice. 
 (a) The Guarantee Trustee shall, within ninety (90) days after the occurrence of a default, transmit to the Holders notices of all defaults actually known to the Guarantee Trustee, unless such defaults have been
cured or waived before the giving of such notice. For the purpose of this Section 2.4, the term “default” means any event that is, or after notice or lapse of time or both would become, an Event of Default. 

(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 from the Guarantor or a Holder. 
 ARTICLE III 
 POWERS, DUTIES AND
RIGHTS OF THE GUARANTEE TRUSTEE 
 SECTION 3.1. Powers and
Duties of the Guarantee Trustee. 
 (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the Holders,
and the Guarantee Trustee shall not transfer this Guarantee Agreement to any Person except a Holder exercising its rights pursuant to Section 5.4(d) or to a Successor Guarantee Trustee upon acceptance by such Successor Guarantee Trustee
of its appointment to act as Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically vest in any Successor Guarantee Trustee, upon acceptance by such Successor 

  

 6 

 
Guarantee Trustee of its appointment hereunder, and such vesting and succession 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) The rights, immunities, duties and
responsibilities of the Guarantee Trustee shall be as provided by this Guarantee Agreement and there shall be no other duties or obligations, express or implied, of the Guarantee Trustee. Notwithstanding the foregoing, no provisions of this
Guarantee Agreement shall require the Guarantee Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not herein expressly so provided, every provision of this Guarantee Agreement relating to
the conduct or affecting the liability of or affording protection to the Guarantee Trustee shall be subject to the provisions of this Section 3.1. To the extent that, at law or in equity, the Guarantee Trustee has duties and liabilities
relating to the Guarantor or the Holders, the Guarantee Trustee shall not be liable to any Holder for the Guarantee Trustee’s good faith reliance on the provisions of this Guarantee Agreement. The provisions of this Guarantee Agreement, to the
extent that they restrict the duties and liabilities of the Guarantee Trustee otherwise existing at law or in equity, are agreed by the Guarantor and the Holders to replace such other duties and liabilities of the Guarantee Trustee. 
 (c) No provision of this Guarantee Agreement shall be construed to relieve the Guarantee Trustee from liability for its own negligent action, negligent
failure to act or own willful misconduct, except that: 
 (i) 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; and 
 (ii) 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 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. 
 SECTION 3.2. Certain Rights of the Guarantee
Trustee. 
 (a) Subject to the provisions of Section 3.1: 
 (i) the Guarantee Trustee may conclusively rely and shall be fully protected in acting or refraining from acting in good faith and in
accordance with the terms hereof 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; 
  

 7 

 (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) the Guarantee Trustee
may consult with counsel, and the advice of such counsel 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 reliance thereon and in accordance
with such advice. Such counsel may be counsel to the Guarantee Trustee, 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; 
 (iv) 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 reasonable security or indemnity against the
costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in complying with such request or direction; including such reasonable advances as may be requested by the Guarantee Trustee;
provided, that, nothing contained in this Section 3.2(a)(iv) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this
Guarantee Agreement; provided, further, that nothing contained in this Section 3.2(a)(iv) shall prevent the Guarantee Trustee from exercising its rights under Section 4.2 hereof.; 
 (v) 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, and if the Guarantee Trustee shall determine to make such inquiry or investigation, it shall be entitled to examine the books, records and premises of the Guarantor, personally or by agent
or attorney; 
 (vi) 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, attorneys, custodians or nominees and the Guarantee Trustee shall not be responsible for any misconduct or negligence on the part of any such agent, attorney, custodian or nominee appointed with due care
by it hereunder; 
 (vii) 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 hereunder, the Guarantee Trustee (A) may request instructions from the Holders of a Majority in Liquidation Amount of the Preferred Securities, (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; 
  

 8 

 (viii) except as otherwise expressly provided by this Guarantee Agreement, the Guarantee
Trustee shall not be under any obligation to take any action that is discretionary under the provisions of this Guarantee Agreement; and 
 (ix) 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. 
 (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. 
 The Guarantor agrees to pay to the Guarantee Trustee from time to time 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 provisions of law in regard to the compensation of a trustee of an express trust) and to reimburse the Guarantee Trustee upon request for all reasonable expenses, disbursements and advances (including
the reasonable fees and expenses of its attorneys and agents) incurred or made by the Guarantee Trustee in accordance with any provisions of this Guarantee Agreement, except for such expense, disbursement or advance as may be attributable to its
negligence, bad faith or willful misconduct. 
 SECTION 3.4. Indemnity. 
 The Guarantor agrees to indemnify and hold harmless the Guarantee Trustee and any of its Affiliates and any of their officers, directors, shareholders,
employees, representatives or agents from and against any loss, damage, liability, tax (other than income, franchise or other taxes imposed on amounts paid pursuant to Section 3.3), penalty, expense or claim of any kind or nature
whatsoever incurred without negligence, bad faith or willful misconduct on its part, 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. This indemnity shall survive the termination of this Agreement or the resignation or removal of the Guarantee Trustee. 
 In no event shall the Guarantee Trustee be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the Guarantee Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action. 
  

 9 

 In no event shall the Guarantee Trustee be liable for any failure or delay in the performance of its
obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations,
governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Guarantee Agreement. 
 SECTION 3.5. Securities. 
 The Guarantee Trustee or any other agent of the Guarantee Trustee, in its individual or any other
capacity, may become the owner or pledgee of Common or Preferred Securities. 
 ARTICLE IV 
 GUARANTEE TRUSTEE 
 SECTION 4.1. Guarantee Trustee; Eligibility. 
 (a) There shall at all times be a Guarantee Trustee
which shall: 
 (i) not be an Affiliate of the Guarantor; and 
 (ii) be a corporation organized and doing business under the laws of the United States or of any State thereof, authorized to exercise
corporate trust powers, having a combined capital and surplus of at least fifty million dollars ($50,000,000), subject to supervision or examination by Federal or State authority and having an office within the United States. If such corporation
publishes reports of condition at least annually, pursuant to law or to the requirements of such supervising or examining authority, then, for the purposes of this Section 4.1, 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). 
 (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 shall either eliminate such interest or resign in the manner and with the effect set out in Section 4.2(c). 
  

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 SECTION 4.2. Appointment, Removal and Resignation of the Guarantee Trustee. 
 (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or removed without cause at any time by the Guarantor, except during an
Event of Default. 
 (b) The Guarantee Trustee shall not be removed 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. 
 (c) The Guarantee
Trustee appointed hereunder shall hold office until a Successor Guarantee Trustee shall have been appointed or until its removal or resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by an
instrument in writing executed by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing
executed by such Successor Guarantee Trustee and delivered to the Guarantor and 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 thirty (30) days after delivery to the Guarantor of an instrument 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. 
 ARTICLE V 
 GUARANTEE 
 SECTION 5.1. Guarantee. 
 (a) 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), as and when due, regardless of any defense (except for the defense of payment by the Issuer), right of set-off or counterclaim which the Issuer may have or assert. The Guarantor’s obligation to make a
Guarantee Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer to pay such amounts to the Holders. The Guarantor shall give prompt written notice to the Guarantee Trustee in the
event it makes any direct payment to the Holders hereunder. 
 (b) The Guarantor hereby also agrees to assume any and all Obligations of the
Issuer, and, in the event any such Obligation is not so assumed, subject to the terms and conditions hereof, the Guarantor hereby irrevocably and unconditionally guarantees to each Beneficiary the full payment, when and as due, of any and all
Obligations to such Beneficiaries. This Guarantee is intended to be for the Beneficiaries who have received notice hereof. 
  

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 SECTION 5.2. Waiver of Notice and Demand. 
 The Guarantor hereby waives notice of acceptance of the Guarantee Agreement and of any liability to which it applies or may apply, presentment, demand for
payment, any right to require a proceeding first against the Guarantee Trustee, Issuer 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 of any express
or implied agreement, covenant, term or condition relating to the Preferred Securities to be performed or observed by the Issuer; 
 (b) the extension of time for the payment by the Issuer of all or any portion of the Distributions (other than an extension of time for payment of Distributions that results from the extension of any interest payment period on the Notes as
provided in the Indenture), Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Preferred Securities or the extension of time for the performance of any other obligation under, arising out of, or in connection
with, the 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 Preferred Securities, or any action on the part of the Issuer granting indulgence or extension of any kind; 
 (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for
the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer or any of the assets of the Issuer; 
 (e) any invalidity of, or defect or deficiency in, the Preferred Securities; 
 (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or 
 (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being
the intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. 
 There shall be no obligation of the Holders to give notice to, or obtain the consent of, the Guarantor with respect to the happening of any of the foregoing. 
  

 12 

 SECTION 5.4. Rights of Holders. 
 The Guarantor expressly acknowledges that: (a) this Guarantee Agreement will be deposited with the Guarantee Trustee to be held for the benefit of
the Holders; (b) the Guarantee Trustee has the right to enforce this Guarantee Agreement on behalf of the Holders; (c) the Holders of a Majority in Liquidation Amount of the Preferred Securities have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this Guarantee Agreement or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and (d) 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 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) or upon distribution of Notes to Holders as provided in the Trust Agreement. 
 SECTION 5.6. Subrogation. 
 The Guarantor shall be subrogated to all (if any) rights of the Holders against the Issuer in respect of any amounts paid to the Holders by the Guarantor
under this Guarantee Agreement and shall have the right to waive payment by the Issuer pursuant to Section 5.1; provided, that, the Guarantor shall not (except to the extent required by mandatory provisions of law) be entitled to
enforce or exercise any rights 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 with respect to the 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. 
 SECTION 5.8. Enforcement. 
 A
Beneficiary may enforce the Obligations of the Guarantor contained in Section 5.1(b) directly against the Guarantor, and the Guarantor waives any right or remedy to require that any action be brought against the Issuer or any other
person or entity before proceeding against the Guarantor. 
  

 13 

 ARTICLE VI 
 COVENANTS AND SUBORDINATION 
 SECTION 6.1. Dividends,
Distributions and Payments. 
 So long as any Preferred Securities remain outstanding, if there shall have occurred and be continuing an
Event of Default or the Guarantor shall have entered into an Extension Period as provided for in the Indenture and such period, or any extension thereof, shall have commenced and be continuing, then the Guarantor may not (a) declare or pay any
dividends or distributions on, or redeem, purchase, acquire or make liquidation payment with respect to, any of the Guarantor’s capital stock or (b) make any payment of principal of or any interest or premium, if any, on or repay,
repurchase or redeem any debt securities of the Guarantor that rank pari passu in all respects with or junior in interest to the Notes (other than (i) repurchases, redemptions or other acquisitions of shares of capital stock of the
Guarantor in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of any one of more employees, officers, directors or consultants, in connection with a dividend reinvestment or stockholder stock
purchase plan or in connection with the issuance of capital stock of the Guarantor (or securities convertible into or exercisable for such capital stock) as consideration in an acquisition transaction entered into prior to the occurrence of such
Event of Default or the applicable Extension Period, (ii) as a result of an exchange or conversion of any class or series of the Guarantor’s capital stock (or any capital stock of a subsidiary of the Guarantor) for any class or series of
the Guarantor’s capital stock or any class of series of the Guarantor’s indebtedness for any class or series of the Guarantor’s capital stock, (iii) the purchase of fractional interests in shares of the Guarantor’s capital
stock pursuant to the conversions or exchange provisions of such capital stock or the security being converted or exchanged, (iv) any declaration of a dividend in connection with any rights plan, the issuance of rights, stock or other property
under any rights plan or the redemption or repurchase of rights pursuant thereto, or (v) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options
or other rights is the same stock as that on which the dividend is being paid or ranks pari passu with or junior to such stock). 
 SECTION 6.2. 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 to all Senior Debt of the Guarantor. 
 SECTION 6.3.
Pari Passu Guarantees. 
 (a) The obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with the
obligations of the Guarantor under any similar guarantee agreements issued by the Guarantor with respect to preferred securities (if any) similar to the Preferred Securities, issued by trusts other than the Issuer established or to be established by
the Guarantor (if any), in each case similar to the Issuer. 
  

 14 

 (b) The right of the Guarantor to participate in any distribution of assets of any of its subsidiaries
upon any such subsidiary’s liquidation or reorganization or otherwise is subject to the prior claims of creditors of that subsidiary, except to the extent the Guarantor may itself be recognized as a creditor of that subsidiary. Accordingly, the
Guarantor’s obligations under this Guarantee will be effectively subordinated to all existing and future liabilities of the Guarantor’s subsidiaries, and claimants should look only to the assets of the Guarantor for payments thereunder.
This Guarantee does not limit the incurrence or issuance of other secured or unsecured debt of the Guarantor, including Senior Debt of the Guarantor, under any indenture or agreement that the Guarantor may enter into in the future or otherwise.

 ARTICLE VII 
 TERMINATION 
 SECTION 7.1. Termination. 
 This Guarantee Agreement shall terminate and be of no further force and effect upon (a) full payment of the Redemption Price of all Preferred
Securities, (b) the distribution of Notes to the Holders in exchange for all of the Preferred Securities or (c) full payment of the amounts payable in accordance with the Trust Agreement upon liquidation of the Issuer. 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 must restore payment of any sums paid with respect to Preferred Securities or this Guarantee Agreement. The
obligations of the Guarantor under Sections 3.3 and 3.4 shall survive any such termination or the resignation and removal of the Guarantee Trustee. 
 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 and shall inure to the benefit of the Holders of the 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 the Guarantor’s
obligations hereunder, the Guarantor shall not assign its rights or delegate its obligations hereunder without the prior approval of the Holders of a Majority in Liquidation Amount of the Preferred Securities. 
  

 15 

 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 Guarantor, the Guarantee Trustee and the Holders of not less than a Majority in Liquidation Amount of the Preferred Securities. The provisions of Article
VI of the Trust Agreement concerning meetings or consents 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 facsimile number set forth below or such other address, facsimile number or to the attention of such other Person as the Guarantor may give notice to the Guarantee Trustee and the Holders: 
  

			
		 	HFF&L (U.S.) Holdings, Inc.
		 	4820 Business Center Drive
		 	Suite 200
		 	Fairfield, CA 94534
		 	Facsimile No.: (707) 863-9342
		 	Attention: Chief Operating Officer
		
	 with a copy to:
	 	
		
		 	Friedman Fleischer & Lowe, LLC
		 	One Maritime Plaza, 10th Floor
		 	San Francisco, CA 94111
		 	Facsimile No.: (415) 402-2111
		 	Attention: David L. Lowe
		
	 and
	 	
		
		 	Hellman & Friedman LLC
		 	One Maritime Plaza, 12th Floor
		 	San Francisco, CA 94111
		 	Facsimile No.: (415) 788-0176
		 	Attention: David R. Tunnell & Arrie R. Park, Esq.

  

 16 

			
		
	 and
	 	
		
		 	Bingham McCutchen LLP
		 	399 Park Avenue
		 	New York, NY 10022
		 	Facsimile No.: (212) 752-5378
		 	Attention: Neil W. Townsend, Esq.

 (b) if given to the Issuer, at the Issuer’s address or facsimile number set
forth below or such other address, facsimile number or to the attention of such other Person as the Issuer may give notice to the Guarantee Trustee and the Holders: 
  

			
		 	HFF&L (U.S.) Capital Trust I
		 	4820 Business Center Drive
		 	Suite 200
		 	Fairfield, CA 94534
		 	Facsimile No.: (707) 863-9342
		 	Attention: Chief Operating Officer
		
	 with a copy to:
	 	
		
		 	Friedman Fleischer & Lowe, LLC
		 	One Maritime Plaza, 10th Floor
		 	San Francisco, CA 94111
		 	Facsimile No.: (415) 402-2111
		 	Attention: David L. Lowe
		
	 and
	 	
		
		 	Hellman & Friedman LLC
		 	One Maritime Plaza, 12th Floor
		 	San Francisco, CA 94111
		 	Facsimile No.: (415) 788-0176
		 	Attention: David R. Tunnell & Arrie R. Park, Esq.
		
	 and
	 	
		
		 	Bingham McCutchen LLP
		 	399 Park Avenue
		 	New York, NY 10022
		 	Facsimile No.: (212) 752-5378
		 	Attention: Neil W. Townsend, Esq.

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

 17 

			
		 	JPMorgan Chase Bank, National Association
		 	 600 Travis, 50th Floor

		 	 Houston, Texas 77002

		 	 Facsimile No.: (713) 216-2101

		 	 Attention: Worldwide Securities Services—HFF&L (U.S.) Capital Trust I

 (d) if given to any Holder, at the address set forth on the books and records of
the Issuer. 
 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 Preferred Securities. 
 SECTION 8.5. Governing Law. 
 This
Guarantee Agreement and the rights and obligations of each party hereto, shall be construed and enforced in accordance with and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than
Section 5-1401 of the General Obligations Law). 
 SECTION 8.6. Submission to Jurisdiction. 
 ANY LEGAL ACTION OR PROCEEDING BY OR AGAINST ANY PARTY HERETO OR WITH RESPECT TO OR ARISING OUT OF THIS GUARANTEE AGREEMENT MAY BE BROUGHT IN OR REMOVED
TO THE COURTS OF THE STATE OF NEW YORK, IN AND FOR THE COUNTY OF NEW YORK, OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK (IN EACH CASE SITTING IN THE BOROUGH OF MANHATTAN). BY EXECUTION AND DELIVERY OF THIS GUARANTEE
AGREEMENT, EACH PARTY ACCEPTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY; GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS (AND COURTS OF APPEALS THEREFROM) FOR LEGAL PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS
GUARANTEE AGREEMENT. 
 SECTION 8.7. Counterparts. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

  

 18 

 SECTION 8.8. Severability. 
 In the event that one or more of the provisions contained in this Guarantee Agreement shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Guarantee, but this Guarantee shall be construed as if such invalid, illegal or unenforceable provision had never been
contained herein. 
 [Signature pages follow.] 
  

 19 

 IN WITNESS WHEREOF, the undersigned have executed this
Guarantee Agreement as of the date first above written. 
  

			
	HFF&L (U.S.) HOLDINGS, INC.
		
	By:	 	 /s/ David L. Lowe

	Name:	 	David L. Lowe
	Title:	 	President
	
	 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
 as Guarantee Trustee

		
	By:	 	 /s/ Maria D. Calzado

	Name:	 	Maria D. Calzado
	Title:	 	Vice President

 Guarantee Agreement

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