Document:

<PAGE>   1
                                                                    Exhibit 4(b)

________________________________________________________________________________
________________________________________________________________________________

                                     FORM OF

                               GUARANTEE AGREEMENT

                          DATED AS OF __________, 2000

                                 BY AND BETWEEN

                              BANCWEST CORPORATION,
                                  AS GUARANTOR

                                       AND

                          BANK ONE TRUST COMPANY, N.A.,
                                   AS TRUSTEE

________________________________________________________________________________
________________________________________________________________________________
<PAGE>   2
                             CROSS REFERENCE TABLE1

<TABLE>
<CAPTION>
Section of Trust                                                                                         Section of
Indenture Act of                                                                                          Guarantee
1939, as amended                                                                                          Agreement
----------------                                                                                          ---------
<S>                                                                                                    <C>
310(a)......................................................................................                   4.1(a)
310(b)......................................................................................              2.8; 4.1(c)
310(c)......................................................................................             Inapplicable
311(a)......................................................................................                   2.2(b)
311(b)......................................................................................                   2.2(b)
311(c)......................................................................................             Inapplicable
312(a)......................................................................................              2.2(a); 2.9
312(b)......................................................................................              2.2(b); 2.9
312(c)......................................................................................                      2.9
313(a)......................................................................................                      2.3
313(b)......................................................................................                      2.3
313(c)......................................................................................                      2.3
313(d)......................................................................................                      2.3
314(a)......................................................................................                      2.4
314(b)......................................................................................             Inapplicable
314(c)......................................................................................                      2.5
314(d)......................................................................................             Inapplicable
314(e)......................................................................................                      2.5
314(f)......................................................................................             Inapplicable
315(a)......................................................................................           3.1(d); 3.2(a)
315(b)......................................................................................                   2.7(a)
315(c)......................................................................................                   3.1(c)
315(d)......................................................................................                   3.1(d)
316(a)......................................................................................              2.6; 5.4(a)
316(b)......................................................................................                      5.3
316(c)......................................................................................             Inapplicable
317(a)......................................................................................                     2.10
317(b)......................................................................................             Inapplicable
318(a)......................................................................................                   2.1(b)
</TABLE>
__________________________________

1  This Cross-Reference Table does not constitute part of the Agreement and
shall not have any bearing upon the interpretation of any of its terms or
provisions.
<PAGE>   3
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                             PAGE
                                                                                             ----
<S>                                                                                          <C>
ARTICLE 1 INTERPRETATION AND DEFINITIONS.........................................               1
  SECTION 1.1.  Interpretation and Definitions...................................               1
ARTICLE 2 TRUST INDENTURE ACT....................................................               5
  SECTION 2.1.  Trust Indenture Act; Application.................................               5
  SECTION 2.2.  Lists of Holders of Securities...................................               5
  SECTION 2.3.  Reports by Guarantee Trustee.....................................               5
  SECTION 2.4.  Periodic Reports to Guarantee Trustee............................               5
  SECTION 2.5.  Evidence of Compliance with Conditions Precedent.................               5
  SECTION 2.6.  Guarantee Event of Default; Waiver...............................               6
  SECTION 2.7.  Guarantee Event of Default; Notice...............................               6
  SECTION 2.8.  Conflicting Interests............................................               6
  SECTION 2.9.  Disclosure of Information........................................               6
  SECTION 2.10. Guarantee Trustee May File Proofs of Claim.......................               6
ARTICLE 3 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE.........................               6
  SECTION 3.1.  Powers and Duties of Guarantee Trustee...........................               6
  SECTION 3.2.  Certain Rights of Guarantee Trustee..............................               8
  SECTION 3.3.  Not Responsible for Recitals or Issuance of Guarantee............              10
ARTICLE 4 GUARANTEE TRUSTEE......................................................              10
  SECTION 4.1.  Guarantee Trustee; Eligibility...................................              10
  SECTION 4.2.  Appointment, Removal and Resignation of Guarantee Trustee........              10
ARTICLE 5 GUARANTEE                                                                            11
  SECTION 5.1.  Guarantee........................................................              11
  SECTION 5.2.  Waiver of Notice and Demand......................................              12
</TABLE>
<PAGE>   4
<TABLE>
<S>                                                                                            <C>
  SECTION 5.3.  Obligations Not Affected.........................................              12
  SECTION 5.4.  Rights of Holders................................................              14
  SECTION 5.5.  Guarantee of Payment.............................................              14
  SECTION 5.6.  Subrogation......................................................              14
  SECTION 5.7.  Independent Obligations..........................................              14
ARTICLE 6 LIMITATION OF TRANSACTIONS; SUBORDINATION..............................              15
  SECTION 6.1.  Limitation of Transactions.......................................              15
  SECTION 6.2.  Ranking..........................................................              15
  SECTION 6.3.  Subordination of Common Securities...............................              15
ARTICLE 7 TERMINATION                                                                          15
  SECTION 7.1.  Termination......................................................              15
ARTICLE 8 INDEMNIFICATION                                                                      16
  SECTION 8.1.  Exculpation......................................................              16
  SECTION 8.2.  Indemnification..................................................              16
ARTICLE 9 MISCELLANEOUS                                                                        16
  SECTION 9.1.  Successors and Assigns...........................................              16
  SECTION 9.2.  Amendments.......................................................              17
  SECTION 9.3.  Notices..........................................................              17
  SECTION 9.4.  Benefit..........................................................              18
  SECTION 9.5.  Governing Law....................................................              18
</TABLE>

<PAGE>   5
                                                                               1

                               GUARANTEE AGREEMENT

                  This GUARANTEE AGREEMENT (the "Guarantee"), dated as of
_______, 2000, is executed and delivered by BANCWEST CORPORATION, a Delaware
corporation (the "Guarantor"), and BANK ONE TRUST COMPANY, N.A., a Delaware
banking corporation, as trustee (the "Guarantee Trustee"), for the benefit of
the Holders (as defined herein) from time to time of the Securities (as defined
herein) of BANCWEST CAPITAL ___, a Delaware statutory business trust (the
"Trust").

                                    RECITALS

                  WHEREAS, pursuant to the Declaration (as defined herein), the
Trust is issuing on the date hereof $___,___,___ aggregate liquidation amount of
preferred securities, having a liquidation amount of $25 per security and
designated the "____% Preferred Securities" [or insert other designation] of the
Trust (the "Preferred Securities") and $_________ aggregate liquidation amount
of common securities, having a liquidation amount of $25 per security and
designated the "____% Common Securities" of the Trust (the "Common Securities"
and, together with the Preferred Securities, the "Securities");

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

                  WHEREAS, if a Trust Enforcement Event (as defined herein) has
occurred and is continuing, the rights of holders of the Common Securities to
receive Guarantee Payments (as defined herein) under this Guarantee are
subordinated to the rights of Holders of Preferred Securities to receive
Guarantee Payments under this Guarantee;

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

                                   ARTICLE 1
                         INTERPRETATION AND DEFINITIONS

         SECTION 1.1. Interpretation and Definitions. In this Guarantee, unless
the context otherwise requires:

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

                  (b) a term defined anywhere in this Guarantee has the same
         meaning throughout;
<PAGE>   6
                                                                               2

                  (c) all references to "the Guarantee" or "this Guarantee" are
         to this Guarantee as modified, supplemented or amended from time to
         time;

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

                  (e) unless otherwise defined in this Guarantee, a term defined
         in the Trust Indenture Act has the same meaning when used in this
         Guarantee;

                  (f) a reference to the singular includes the plural and vice
         versa and a reference to any masculine form of a term shall include the
         feminine form of a term, as applicable; and

                  (g) the following terms have the following meanings:

                  "Affiliate" has the same meaning as given to that term in Rule
405 of the Securities Act of 1933, as amended, or any successor rule thereunder.

                  "Business Day" has the meaning specified in the Declaration.

                  "Common Securities" has the meaning specified in the Recitals
hereto.

                  "Corporate Trust Office" means the principal office of the
Guarantee Trustee at which at any particular time its corporate trust business
shall be administered, which office at the date of execution of this Guarantee
is located a 1 Bank One Plaza, Chicago, Illinois 60670 Attention: Corporate
Trust Department.

                  "Covered Person" means a Holder or beneficial owner of
Securities.

                  "Debentures" means the series of junior subordinated
debentures to be issued by BancWest Corporation designated the "____% Junior
Subordinated Debentures due ______" held by the Property Trustee as defined in
the Declaration of the Trust.

                  "Declaration" means the Amended and Restated Declaration of
Trust, dated as of __________ __, 2000, as amended, modified or supplemented
from time to time, among the trustees of the Trust named therein, the Guarantor,
as sponsor, and the Holders, from time to time, of undivided beneficial
ownership interests in the assets of the Trust.

                  "Global Security" means a fully registered, global Capital
Security, as defined in the Indenture, representing the Preferred Securities.

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

                  "Guarantee Payments" means the following payments or
distributions, without duplication, with respect to the Securities, to the
extent not paid by or on behalf of the Trust: (i) any accumulated and unpaid
Distributions (as defined in the Declaration) that are required to be paid on
such Securities to the extent the Trust has sufficient funds available therefor
at the time, (ii) the redemption price, including all accumulated and unpaid
Distributions to the date of redemption, with respect to any Securities called
for redemption by the Trust, to the extent the
<PAGE>   7
                                                                               3

Trust shall have sufficient funds available therefor at the time or (iii) upon a
voluntary or involuntary dissolution, winding-up or termination of the Trust
(other than in connection with the distribution of Debentures to the Holders in
exchange for Securities as provided in the Declaration), the lesser of (a) the
aggregate of the liquidation amount and all accumulated and unpaid Distributions
on the Securities to the date of payment, to the extent the Trust has sufficient
funds available therefor and (b) the amount of assets of the Trust remaining
available for distribution to Holders in liquidation of the Trust (in either
case, the "Liquidation Distribution").

                  "Guarantee Trustee" means Bank One Trust Company, N.A., until
a Successor Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Guarantee and thereafter means each
such Successor Guarantee Trustee.

                  "Holder" means any holder of Securities, as registered on the
books and records of the Trust; provided, however, that, in determining whether
the Holders of the requisite percentage of Preferred Securities have given any
request, notice, consent or waiver hereunder. Provided that in determining
whether the Holders of the requisite liquidation amount of Preferred Securities
have voted on any matter provided for in this Guarantee, then for the purpose of
such determination only (and not for any other purpose hereunder), if the
Preferred Securities remain in the form of one or more Global Certificates (as
defined in the Declaration), the term "Holders" shall mean the holder of the
Global Certificate acting at the direction of the Beneficial Owners (as defined
in the Declaration).

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

                  "Indenture" means the Indenture, dated as of __________, 2000,
by and between BancWest Corporation and Bank One Trust Company, N.A., as
Trustee, and by any indenture supplemental thereto pursuant to which the
Debentures are to be issued to the Property Trustee, as defined in the
Declaration of the Trust.

                  "List of Holders" has the meaning assigned to it in Section
2.2 hereof.

                  "Majority in Liquidation Amount" means, except as provided in
the terms of the Preferred Securities or by the Trust Indenture Act, Holder(s)
of outstanding Securities, voting together as a single class, or, as the context
may require, Holders of outstanding Preferred Securities or Holders of
outstanding Common Securities, voting separately as a class, who are the record
owners of more than 50% of the aggregate liquidation amount (including the
stated amount that would be paid on redemption, liquidation or otherwise, plus
accumulated and unpaid Distributions to the date upon which the voting
percentages are determined) of all outstanding Securities of the relevant class.
In determining whether the Holders of the requisite amount of Securities have
voted, Securities which are owned by the Guarantor or any Affiliate of the
Guarantor or any other obligor on the Securities shall be disregarded for the
purpose of any such determination.

                  "Officers' Certificate" means, with respect to any Person, a
certificate signed on behalf of such Person by two Authorized Officers (as
defined in the Declaration) of such Person.
<PAGE>   8
                                                                               4

Any Officers' Certificate delivered with respect to compliance with a condition
or covenant provided for in this Guarantee 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 on behalf of
         such Person in rendering the Officers' Certificate;

                  (c) a statement that each such officer has made such
         examination or investigation as, in such officer's opinion, is
         necessary to enable such officer on behalf of such Person 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 such
         officer acting on behalf of such Person, 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, or
government or any agency or political subdivision thereof, or any other entity
of whatever nature.

                  "Preferred Securities" has the meaning specified in the
Recitals hereto.

                  "Redemption Price" has the meaning specified in the
Declaration.

                  "Responsible Officer" means, with respect to the Guarantee
Trustee, any officer with direct responsibility for the administration of this
Guarantee and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of that officer's
knowledge of and familiarity with the particular subject.

                  "Securities" has the meaning specified in the Recitals hereto.

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

                  "Trust Enforcement Event" in respect of the Securities means
an Indenture Event of Default (as defined in the Indenture) has occurred and is
continuing in respect of the Debentures.

                  "Trust Indenture Act" means the Trust Indenture Act of 1939,
as amended from time to time, or any successor legislation.
<PAGE>   9
                                                                               5

                                   ARTICLE 2

                               TRUST INDENTURE ACT

         SECTION 2.1. Trust Indenture Act; Application. (a) This Guarantee is
subject to the provisions of the Trust Indenture Act that are required to be
part of this Guarantee and shall, to the extent applicable, be governed by such
provisions.

                 (b) If and to the extent that any provision of this Guarantee
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. Lists of Holders of Securities. (a) The Guarantor shall
provide the Guarantee Trustee (i) except while the Preferred Securities are
represented by one or more Global Securities at least one Business Day prior to
the date for payment of Distributions, a list, in such form as the Guarantee
Trustee may reasonably require, of the names and addresses of the Holders of the
Securities ("List of Holders") as of the record date relating to the payment of
such Distributions, and (ii) at any other time, within 30 days of receipt by the
Guarantor of a written request from the Guarantee Trustee for a List of Holders
as of a date no more than 15 days before such List of Holders is given to the
Guarantee Trustee; provided that 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 shall preserve, in as current a form as is reasonably
practicable, all information contained in Lists of Holders given to it, provided
that 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 its obligations
under Sections 311(a), 311(b) and 312(b) of the Trust Indenture Act.

         SECTION 2.3. Reports by Guarantee Trustee. Within 60 days after [May
15] of each year (commencing with the year of the first anniversary of the
issuance of the Securities), the Guarantee Trustee shall provide to the Holders
of the Securities such reports as are required by Section 313 of the Trust
Indenture Act (if any) in the form and in the manner provided by Section 313 of
the Trust Indenture Act. The Guarantee Trustee shall also comply with the
requirements of Section 313(d) of the Trust Indenture Act.

         SECTION 2.4. Periodic Reports to Guarantee Trustee. The Guarantor shall
provide to the Guarantee Trustee such documents, reports and information as
required by Section 314(a) (if any) of the Trust Indenture Act and the
compliance certificate required by Section 314(a) of the Trust Indenture Act in
the form, in the manner and at the times required by Section 314(a) of the Trust
Indenture Act, but in no event later than 120 days after the end of each
calendar year.

         SECTION 2.5. Evidence of Compliance with Conditions Precedent. The
Guarantor shall provide to the Guarantee Trustee such evidence of compliance
with any conditions precedent, if any, provided for in this Guarantee that
relate to any of the matters set forth in Section 314(c) of the Trust Indenture
Act. Any certificate or opinion required to be given by an officer pursuant to
Section 314(c)(1) may be given in the form of an Officers' Certificate.
<PAGE>   10
                                                                               6

         SECTION 2.6. Guarantee Event of Default; Waiver. The Holders of a
Majority in Liquidation Amount of the Securities may, by vote or written
consent, on behalf of the Holders of all of the Securities, waive any past
Guarantee Event of Default and its consequences. Upon such waiver, any such
Guarantee Event of Default shall cease to exist, and any Guarantee Event of
Default arising therefrom shall be deemed to have been cured, for every purpose
of this Guarantee, but no such waiver shall extend to any subsequent or other
default or Guarantee Event of Default or impair any right consequent thereon.

         SECTION 2.7. Guarantee Event of Default; Notice. (a) The Guarantee
Trustee shall, within 90 days after the occurrence of a Guarantee Event of
Default actually known to a Responsible Officer of the Guarantee Trustee,
transmit by mail, first class postage prepaid, to the Holders of the Securities,
notices of all such Guarantee Events of Default, unless such defaults have been
cured before the giving of such notice; provided, that the Guarantee Trustee
shall be protected in withholding such notice if and so long as a Responsible
Officer of the Guarantee Trustee in good faith determines that the withholding
of such notice is in the interests of the Holders of the Securities.

                 (b) The Guarantee Trustee shall not be deemed to have knowledge
of any Guarantee Event of Default unless the Guarantee Trustee shall have
received written notice thereof or a Responsible Officer of the Guarantee
Trustee charged with the administration of the Declaration shall have obtained
actual knowledge thereof.

         SECTION 2.8. Conflicting Interests. The Declaration shall be deemed to
be specifically described in this Guarantee for the purposes of clause (i) of
the first proviso contained in Section 310(b) of the Trust Indenture Act.

         SECTION 2.9. Disclosure of Information. The disclosure of information
as to the names and addresses of the Holders of the Securities in accordance
with Section 312 of the Trust Indenture Act, regardless of the source from which
such information was derived, shall not be deemed to be a violation of any
existing law, or any law hereafter enacted which does not specifically refer to
Section 312 of the Trust Indenture Act, nor shall the Guarantee Trustee be held
accountable by reason of mailing any material pursuant to a request made under
Section 312(b) of the Trust Indenture Act.

         SECTION 2.10. Guarantee Trustee May File Proofs of Claim. Upon the
occurrence of a Guarantee Event of Default, the Guarantee Trustee is hereby
authorized to (a) recover judgment, in its own name and as trustee of an express
trust, against the Guarantor for the whole amount of any Guarantee Payments
remaining unpaid and (b) file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have its claims and those of the
Holders of the Securities allowed in any judicial proceedings relative to the
Guarantor, its creditors or its property.

                                   ARTICLE 3

                          POWERS, DUTIES AND RIGHTS OF
                                GUARANTEE TRUSTEE

         SECTION 3.1. Powers and Duties of Guarantee Trustee.
<PAGE>   11
                                                                               7

                 (a) This Guarantee shall be held by the Guarantee Trustee on
behalf of the Trust for the benefit of the Holders of the Securities, and the
Guarantee Trustee shall not transfer this Guarantee to any Person except a
Holder of Securities exercising his or her rights pursuant to Section 5.4(b) or
to a Successor Guarantee Trustee on acceptance by such Successor Guarantee
Trustee of its appointment to act as Successor Guarantee Trustee. The right,
title and interest of the Guarantee Trustee in and to this Guarantee shall
automatically vest in any Successor Guarantee Trustee, and such vesting and
succession of title shall be effective whether or not conveyance documents have
been executed and delivered pursuant to the appointment of such Successor
Guarantee Trustee.

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

                 (c) The Guarantee Trustee, before the occurrence of any
Guarantee Event of Default and after the curing of all Guarantee Events of
Default that may have occurred, shall undertake to perform only such duties as
are specifically set forth in this Guarantee, and no implied covenants shall be
read into this Guarantee against the Guarantee Trustee. In case a Guarantee
Event of Default has occurred (that has not been cured or waived pursuant to
Section 2.6) and is actually known to a Responsible Officer of the Guarantee
Trustee, the Guarantee Trustee shall exercise such of the rights and powers
vested in it by this Guarantee, and use the same degree of care and skill in its
exercise thereof, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

                 (d) No provision of this Guarantee 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 Guarantee Event of Default
         and after the curing or waiving of all such Guarantee 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, 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,
                  and no implied covenants or obligations shall be read into
                  this Guarantee against the Guarantee Trustee; 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; but in the case of any
                  such certificates or opinions that by any provision hereof 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;
<PAGE>   12
                                                                               8

                  (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 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; and

                  (iv) no provision of this Guarantee 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 or if the Guarantee Trustee shall have
         reasonable grounds for believing that an indemnity, reasonably
         satisfactory to the Guarantee Trustee, against such risk or liability
         is not reasonably assured to it under the terms of this Guarantee.

         SECTION 3.2. Certain Rights of Guarantee Trustee. (a) Subject to the
provisions of Section 3.1:

                  (i) The Guarantee Trustee may conclusively rely, and shall be
         fully protected in acting or refraining from acting upon, any
         resolution, certificate, statement, instrument, opinion, report,
         notice, request, direction, consent, order, bond, debenture, note,
         other evidence of indebtedness or other paper or document 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 shall be sufficiently evidenced by an Officers'
         Certificate;

                  (iii) Whenever, in the administration of this Guarantee, the
         Guarantee Trustee shall deem it desirable that a matter be proved or
         established before taking, suffering or omitting 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
         conclusively rely upon an Officers' Certificate which, upon receipt of
         such request, shall be promptly delivered by the Guarantor;

                  (iv) The Guarantee Trustee shall have no duty to see to any
         recording, filing or registration or any instrument (or any
         rerecording, refiling or re-registration thereof);

                  (v) The Guarantee Trustee may consult with counsel, and the
         advice or opinion of such counsel with respect to legal matters shall
         be full and complete authorization and protection in respect of any
         action taken, suffered or omitted by
<PAGE>   13
                                                                               9

         it hereunder in good faith and in accordance with such advice or
         opinion. Such counsel may be counsel to the Guarantor or any of its
         Affiliates and may include any of its employees. The Guarantee Trustee
         shall have the right at any time to seek instructions concerning the
         administration of this Guarantee from any court of competent
         jurisdiction;

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

                  (vii) 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;

                  (viii) The Guarantee Trustee may execute any of the trusts or
         powers hereunder or perform any duties hereunder either directly or by
         or through agents, nominees, custodians or attorneys, and the Guarantee
         Trustee shall not be responsible for any misconduct or negligence on
         the part of any agent or attorney appointed with due care by it
         hereunder;

                  (ix) Any action taken by the Guarantee Trustee or its agents
         hereunder shall bind the Holders, and the signature of the Guarantee
         Trustee or its agents alone shall be sufficient and effective to
         perform any such action. No third party shall be required to inquire as
         to the authority of the Guarantee Trustee to so act or as to its
         compliance with any of the terms and provisions of this Guarantee, both
         of which shall be conclusively evidenced by the Guarantee Trustee's or
         its agent's taking such action; and

                  (x) Whenever in the administration of this Guarantee, 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 (i) may request written instructions
         from the Holders of a Majority in Liquidation Amount of the Securities,
         (ii) may refrain from enforcing such remedy or right or taking such
         other action until such written instructions are received and (iii)
         shall be protected in conclusively relying on or acting in accordance
         with such written instructions.
<PAGE>   14
                                                                              10

                 (b) No provision of this Guarantee 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 to act 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.

         SECTION 3.3. Not Responsible for Recitals or Issuance of Guarantee. The
recitals contained in this Guarantee shall be taken as the statements of the
Guarantor, and the Guarantee Trustee does not assume any responsibility for
their correctness. The Guarantee Trustee makes no representations as to the
validity or sufficiency of this Guarantee.

                                   ARTICLE 4

                                GUARANTEE TRUSTEE

         SECTION 4.1. Guarantee Trustee; Eligibility.

                 (a) There shall be at all times 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 of America or any state or
                  territory thereof or of the District of Columbia, or a
                  corporation or other Person permitted by the Securities and
                  Exchange Commission to act as an institutional trustee under
                  the Trust Indenture Act, authorized under such laws to
                  exercise corporate trust powers, having a combined capital and
                  surplus of at least 50 million U.S. dollars ($50,000,000), and
                  subject to supervision or examination by federal, state,
                  territorial or District of Columbia authority. If such
                  corporation publishes reports of condition at least annually,
                  pursuant to law or to the requirements of the supervising or
                  examining authority referred to above, then, for the purposes
                  of this Section 4.1(a)(ii), the combined capital and surplus
                  of such corporation shall be deemed to be its combined capital
                  and surplus as set forth in its most recent report of
                  condition so published.

         (b) If at any time the 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 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 Guarantee Trustee.
<PAGE>   15
                                                                              11

                 (a) Subject to Section 4.2(b), unless a Guarantee Event of
Default shall have occurred and be continuing, the Guarantee Trustee may be
appointed or removed with or without cause at any time by the Guarantor.

                 (b) The Guarantee Trustee shall not be removed in accordance
with Section 4.2(a) 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 to office shall hold such
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 60 days after
delivery to the Guarantor of an instrument of removal or resignation, the
removed or resigning Guarantee Trustee may petition 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) No Guarantee Trustee shall be liable for the acts or
omissions to act of any Successor Guarantee Trustee.

                 (f) Upon termination of this Guarantee or removal or
resignation of the Guarantee Trustee pursuant to this Section 4.2, the Guarantor
shall pay to the Guarantee Trustee all amounts owing for fees and reimbursement
of expenses which have accrued to the date of such termination, removal or
resignation.

                                   ARTICLE 5

                                    GUARANTEE

         SECTION 5.1. Guarantee.

                  The Guarantor irrevocably and unconditionally agrees to pay in
full to the Holders the Guarantee Payments (without duplication of amounts
theretofore paid by the Trust), as and when due, regardless of any defense,
right of set-off or counterclaim that the Trust may have or assert. The
Guarantor's obligation to make a Guarantee Payment may be satisfied by direct
payment of the required amounts by the Guarantor to the Holders or by causing
the Trust to pay such amounts to the Holders. Notwithstanding anything to the
contrary herein, the Guarantor retains all of its rights under the Indenture to
(i) extend the interest payment period on the Debentures pursuant to Section
3.11 thereof and the Guarantor shall not be obligated hereunder to make any
Guarantee Payments during any Extension Period (as defined in the certificate
evidencing the Debentures) with respect to the Distributions (as defined in the
Declaration) on
<PAGE>   16
                                                                              12

the Securities and (ii) change the maturity date of the Debentures to the extent
permitted by the Indenture.

         SECTION 5.2. Waiver of Notice and Demand.

                  The Guarantor hereby waives notice of acceptance of this
Guarantee and of any liability to which it applies or may apply, presentment,
demand for payment, any right to require a proceeding first against the Trust or
any other Person before proceeding against the Guarantor, protest, notice of
nonpayment, notice of dishonor, notice of redemption and all other notices and
demands.

         SECTION 5.3. Obligations Not Affected.

                  The obligations, covenants, agreements and duties of the
Guarantor under this Guarantee shall be absolute and unconditional and shall
remain in full force and effect until the entire liquidation amount of all
outstanding Securities shall have been paid and such obligation shall in no way
be affected or impaired by reason of the happening from time to time of any
event, including without limitation, the following, whether or not with notice
to, or the consent of, the Guarantor:

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

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

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

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

                  (e) Any invalidity of, or defect or deficiency in, the
         Securities;

                  (f) The settlement or compromise of any obligation guaranteed
         hereby or hereby incurred; or
<PAGE>   17
                                                                              13

                  (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 Guarantee Trustee or the
Holders to give notice to, or obtain consent of the Guarantor or any other
Person with respect to the happening of any of the foregoing.

                  No setoff, counterclaim, reduction or diminution of any
obligation, or any defense of any kind or nature that the Guarantor has or may
have against any Holder shall be available hereunder to the Guarantor against
such Holder to reduce the payments to it under this Guarantee.
<PAGE>   18
                                                                              14

         SECTION 5.4. Rights of Holders.

                 (a) The Holders of at least a Majority in Liquidation Amount of
the 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 or to direct the exercise of any trust or power conferred upon
the Guarantee Trustee under this Guarantee.

                 (b) If the Guarantee Trustee fails to enforce this Guarantee,
then any Holder of Securities may, subject to the subordination provisions of
Section 6.2, institute a legal proceeding directly against the Guarantor to
enforce the Guarantee Trustee's rights under this Guarantee without first
instituting a legal proceeding against the Trust, the Guarantee Trustee or any
other person or entity. In addition, if the Guarantor has failed to make a
Guarantee Payment, a Holder of Securities may, subject to the subordination
provisions of Section 6.2, directly institute a proceeding against the Guarantor
for enforcement of the Guarantee for such payment to the Holder of the
Securities of the principal of or interest on the Debentures on or after the
respective due dates specified in the Debentures, and the amount of the payment
will be based on the Holder's pro rata share of the amount due and owing on all
of the Securities. The Guarantor hereby waives any right or remedy to require
that any action on this Guarantee be brought first against the Trust or any
other person or entity before proceeding directly against the Guarantor.

         SECTION 5.5. Guarantee of Payment.

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

         SECTION 5.6. Subrogation.

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

         SECTION 5.7. Independent Obligations.

                  The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Trust with respect to the 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 notwithstanding the
occurrence of any event referred to in subsections 5.3(a) through 5.3(g),
inclusive, hereof.
<PAGE>   19
                                                                              15

                                   ARTICLE 6

                    LIMITATION OF TRANSACTIONS; SUBORDINATION

         SECTION 6.1. Limitation of Transactions.

                  So long as any Securities remain outstanding, if (i) there
shall have occurred an event of default under the Indenture with respect to the
Debentures, (ii) there shall be a Guarantee Event of Default or (iii) the
Guarantor shall have given notice of its election of an Extension Period as
provided in the certificate evidencing the Debentures and shall not have
rescinded such notice, or such Extension Period or any extension thereof shall
be continuing, then the Guarantor shall not, and shall not permit any subsidiary
of the Guarantor, to (x) declare or pay any dividends or distributions on, or
redeem, purchase, acquire or make a liquidation payment with respect to, any of
the Guarantor's capital stock or (y) make any payment of principal, interest or
premium, if any, on or repay, repurchase or redeem any debt securities of the
Guarantor that rank on a parity with or junior in interest to the Debentures or
make any guarantee payments with respect to any guarantee by the Guarantor of
the debt securities of any subsidiary of the Guarantor if such guarantee ranks
on a parity with or junior in interest to the Debentures (other than (a)
dividends or distributions in common stock of the Guarantor, (b) payments under
this Guarantee, (c) any declaration of a dividend in connection with the
implementation of a shareholders' rights plan, or the issuance of stock under
any such plan in the future, or the redemption or repurchase of any such rights
pursuant thereto, and (d) purchases of common stock related to the issuance of
common stock or rights under any of the Guarantor's benefit plans).

         SECTION 6.2. Ranking.

                  This Guarantee will constitute an unsecured obligation of the
Guarantor and will rank subordinate and junior in right of payment to all Senior
Debt (as defined in the Indenture) of the Guarantor in the same manner and to
the same extent as set forth in Article XIII of the Indenture.

         SECTION 6.3. Subordination of Common Securities.

                  If a Trust Enforcement Event has occurred and is continuing
under the Declaration, the rights of the holders of the Common Securities to
receive Guarantee Payments hereunder shall be subordinated to the rights of the
Holders of the Preferred Securities to receive Guarantee Payments under this
Guarantee.

                                   ARTICLE 7

                                   TERMINATION

         SECTION 7.1. Termination.

                  This Guarantee shall terminate upon (i) full payment of the
Redemption Price of all Securities, (ii) distribution of the Debentures to the
Holders of all the Securities or (iii) full payment of the amounts payable in
accordance with the Declaration upon liquidation of the Trust. Notwithstanding
the foregoing, this Guarantee will continue to be effective or will be
<PAGE>   20
                                                                              16

reinstated, as the case may be, if at any time any Holder of Securities must
restore payment of any sums paid under the Securities or under this Guarantee.

                                   ARTICLE 8

                                 INDEMNIFICATION

         SECTION 8.1. Exculpation.

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

                 (b) An Indemnified Person shall be fully protected in relying
in good faith upon the records of the Guarantor and upon such information,
opinions, reports or statements presented to the Guarantor by any Person as to
matters the Indemnified Person reasonably believes are within such other
Person's professional or expert competence and who has been selected with
reasonable care by or on behalf of the Guarantor, including information,
opinions, reports or statements as to the value and amount of the assets,
liabilities, profits, losses, or any other facts pertinent to the existence and
amount of assets from which Distributions to Holders of Securities might
properly be paid.

         SECTION 8.2. Indemnification.

                  The Guarantor agrees to indemnify each Indemnified Person for,
and to hold each Indemnified Person harmless against any loss, liability or
expense incurred without negligence or bad faith on its part, arising out of or
in connection with the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses (including reasonable legal fees and
expenses) of defending itself against, or investigating, any claim or liability
in connection with the exercise or performance of any of its powers or duties
hereunder. The obligation to indemnify as set forth in this Section 8.2 shall
survive the termination of this Guarantee.

                                   ARTICLE 9

                                  MISCELLANEOUS

         SECTION 9.1. Successors and Assigns.

                  All guarantees and agreements contained in this Guarantee
shall bind the successors, assigns, receivers, trustees and representatives of
the Guarantor and shall inure to the benefit of the Holders of the Securities
then outstanding.
<PAGE>   21
                                                                              17

         SECTION 9.2. Amendments.

                  Except with respect to any changes that do not materially
adversely affect the rights of the Holders (in which case no consent of the
Holders will be required), this Guarantee may not be amended without the prior
approval of the Holders of at least a Majority in Liquidation Amount of the
Securities. The provisions of Section 11.2 of the Declaration with respect to
meetings of, and action by written consent of, the Holders of the Securities
apply to the giving of such approval.

         SECTION 9.3. Notices.

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

                  (a) If given to the Guarantee Trustee, at the Guarantee
         Trustee's mailing address set forth below (or such other address as the
         Guarantee Trustee may give notice of to the Guarantor and the Holders
         of the Securities):

                           Bank One Trust Company, N.A.
                           1 Bank One Plaza
                           Chicago, Illinois 60670
                           Attention: Corporate Trust Department
                           Facsimile No.: (312) 732-3366

                  (b) If given to the Guarantor, at the Guarantor's mailing
         addresses set forth below (or such other address as the Guarantor may
         give notice of to the Guarantee Trustee and the Holders of the
         Securities):

                           BancWest Corporation
                           999 Bishop Street
                           Honolulu, Hawaii 96813
                           Attention: General Counsel
                           Facsimile No.: (808) 533-7844

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

                  All such notices 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.
<PAGE>   22
                                                                              18

         SECTION 9.4. Benefit.

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

         SECTION 9.5. Governing Law.

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

[The rest of this page has been left blank intentionally; the signature page
follows.]
<PAGE>   23
                                                                              19

         IN WITNESS WHEREOF, this Guarantee is executed as of the day and year
first above written.

                              BANCWEST CORPORATION,
                                as Guarantor

                              By:
                                  --------------------------------------------
                                    Name:
                                    Title:

                              By:
                                  --------------------------------------------
                                    Name:
                                    Title:

                              BANK ONE TRUST COMPANY, N.A.,
                               as Guarantee Trustee

                              By:
                                  --------------------------------------------
                                    Name:
                                    Title:<PAGE>   1
                                                                    Exhibit 4(d)

                              CERTIFICATE OF TRUST

                                       OF

                               BANCWEST CAPITAL I

         This Certificate of Trust of BancWest Capital I (the "Trust"), dated
October 20, 2000, is being duly executed and filed by the undersigned, as
trustees, to form a business trust under the Delaware Business Trust Act (12
Del. C.Section3801, et seq.)(the "Act").

         1. Name. The name of the business trust formed by this Certificate of
Trust is BancWest Capital I.

         2. Delaware Trustee. The name and business address of the trustee of
the Trust with its principal place of business in the State of Delaware are Bank
One Delaware, Inc., Three Christina Centre, 201 North Walnut Street, Wilmington,
Delaware 19801.

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

         4. Counterparts. This Certificate of Trust may be executed in one or
more counterparts.

                          [THE SIGNATURE PAGE FOLLOWS]
<PAGE>   2
         IN WITNESS WHEREOF, the undersigned, being the trustees of the Trust,
have executed this Certificate of Trust in accordance with Section 3811(a)(1) of
the Act.

                      BANK ONE TRUST COMPANY, N.A., not in its individual
                      capacity but solely as trustee of the Trust

                      By:        /s/ SANDRA L. CARUBA
                               ----------------------
                               Name: Sandra L. Caruba
                               Title:   Vice President

                      BANK ONE DELAWARE, INC., not in its individual capacity
                      but solely as trustee of the Trust

                      By:        /s/ SANDRA L. CARUBA
                               ----------------------
                               Name: Sandra L. Caruba
                               Title:   Vice President

                      WILLIAM B. JOHNSTONE, III, not in his individual capacity
                      but solely as trustee of the Trust

                       /s/ WILLIAM B. JOHNSTONE, III
                       -----------------------------

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