Document:

Exhibit 4.7

 

 

GUARANTEE AGREEMENT

 

Mission Community Bancorp

 

Dated as of October 14,
2003

 

 

TABLE OF
CONTENTS

 

	
  ARTICLE I

  
	
  DEFINITIONS AND
  INTERPRETATION

  
	
   

  
	
  SECTION 1.1.

  	
  Definitions
  and Interpretation

  
	
   

  
	
  ARTICLE II

  
	
  POWERS, DUTIES AND RIGHTS OF THE
  GUARANTEE TRUSTEE

  
	
   

  
	
  SECTION 2.1.

  	
  Powers and
  Duties of the Guarantee Trustee

  
	
   

  
	
  SECTION 2.2.

  	
  Certain Rights
  of the Guarantee Trustee

  
	
   

  
	
  SECTION 2.3.

  	
  Not
  Responsible for Recitals or Issuance of Guarantee

  
	
   

  
	
  SECTION 2.4.

  	
  Events of
  Default; Waiver

  
	
   

  
	
  SECTION 2.5.

  	
  Events of
  Default; Notice

  
	
   

  
	
  ARTICLE III

  
	
  THE
  GUARANTEE TRUSTEE

  
	
   

  
	
  SECTION 3.1.

  	
  The Guarantee
  Trustee; Eligibility

  
	
   

  
	
  SECTION 3.2.

  	
  Appointment,
  Removal and Resignation of the Guarantee Trustee

  
	
   

  
	
  ARTICLE IV

  
	
  GUARANTEE

  
	
   

  
	
  SECTION 4.1.

  	
  Guarantee

  
	
   

  
	
  SECTION 4.2.

  	
  Waiver of
  Notice and Demand

  
	
   

  
	
  SECTION 4.3.

  	
  Obligations
  Not Affected

  
	
   

  
	
  SECTION 4.4.

  	
  Rights of
  Holders

  
	
   

  
	
  SECTION 4.5.

  	
  Guarantee of
  Payment

  
	
   

  
	
  SECTION 4.6.

  	
  Subrogation

  
	
   

  
	
  SECTION 4.7.

  	
  Independent
  Obligations

  
	
   

  
	
  SECTION 4.8.

  	
  Enforcement

  
	
   

  
	
  ARTICLE V

  
	
  LIMITATION OF
  TRANSACTIONS; SUBORDINATION

  
	
   

  
	
  SECTION 5.1.

  	
  Limitation of
  Transactions

  
	
   

  
	
  SECTION 5.2.

  	
  Ranking

  
	
   

  
	
  ARTICLE VI

  
	
  TERMINATION

  
	
   

  
	
  SECTION 6.1.

  	
  Termination

  

 

i

 

	
  ARTICLE VII

  
	
  INDEMNIFICATION

  
	
   

  
	
  SECTION 7.1.

  	
  Exculpation

  
	
   

  
	
  SECTION 7.2.

  	
  Indemnification

  
	
   

  
	
  SECTION 7.3.

  	
  Compensation;
  Reimbursement of Expenses

  
	
   

  
	
  ARTICLE VIII

  
	
  MISCELLANEOUS

  
	
   

  
	
  SECTION 8.1.

  	
  Successors
  and Assigns

  
	
   

  
	
  SECTION 8.2.

  	
  Amendments

  
	
   

  
	
  SECTION 8.3.

  	
  Notices

  
	
   

  
	
  SECTION 8.4.

  	
  Benefit

  
	
   

  
	
  SECTION 8.5.

  	
  Governing Law

  
	
   

  
	
  SECTION 8.6.

  	
  Counterparts

  

 

 

ii

 

GUARANTEE AGREEMENT

 

This GUARANTEE AGREEMENT
(the “Guarantee”), dated as of October 14, 2003, is executed and delivered
by Mission Community Bancorp, incorporated in California (the “Guarantor”), and
Wells Fargo Bank, National Association, a national banking association with its
principal place of business in the State of Delaware, as trustee (the “Guarantee
Trustee”), for the benefit of the Holders (as defined herein) from time to time
of the Capital Securities (as defined herein) of Mission Community Capital
Trust I, a Delaware statutory trust (the “Issuer”).

 

WHEREAS, pursuant to an
Amended and Restated Declaration of Trust (the “Declaration”), dated as of October 14,
2003, among the trustees named therein of the Issuer, Mission Community Bancorp,
as sponsor, and the Holders from time to time of undivided beneficial interests
in the assets of the Issuer, the Issuer is issuing on the date hereof
securities, having an aggregate liquidation amount of up to $3,000,000,
designated the TP Securities (the “Capital Securities”); and

 

WHEREAS, as incentive for
the Holders to purchase the Capital Securities, the Guarantor desires
irrevocably and unconditionally to agree, to the extent set forth in this
Guarantee, to pay to the Holders of Capital 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 the Capital 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 I

DEFINITIONS AND
INTERPRETATION

 

SECTION 1.1.                       Definitions and Interpretation.

 

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;

 

(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
and Sections are to Articles and Sections of this Guarantee, unless otherwise
specified;

 

(e)                                  terms defined in the Declaration as of the
date of execution of this Guarantee have the same meanings when used in this
Guarantee, unless otherwise defined in this Guarantee or unless the context
otherwise requires; and

 

 

(f)                                    a reference to the singular includes the
plural and vice versa.

 

“Beneficiaries” means any
Person to whom the Issuer is or hereafter becomes indebted or liable.

 

“Corporate Trust Office”
means the office of the Guarantee Trustee at which the corporate trust business
of the Guarantee Trustee shall, at any particular time, be principally
administered, which office at the date of execution of this Guarantee is
located at 919 Market Street, Suite 700, Wilmington, DE 19801.

 

“Covered Person” means any
Holder of Capital Securities.

 

“Debentures” means the
junior subordinated debentures of Mission Community Bancorp, designated the
Junior Subordinated Debt Securities due 2033, held by the Institutional Trustee
(as defined in the Declaration) of the Issuer.

 

“Event of Default” has the
meaning set forth in Section 2.4.

 

“Guarantee Payments” means
the following payments or distributions, without duplication, with respect to
the Capital Securities, to the extent not paid or made by the Issuer: (i) any
accrued and unpaid Distributions (as defined in the Declaration) which are
required to be paid on such Capital Securities to the extent the Issuer has
funds available in the Property Account (as defined in the Declaration)
therefor at such time, (ii) the Redemption Price (as defined in the Indenture)
to the extent the Issuer has funds available in the Property Account therefor
at such time, with respect to any Capital Securities called for redemption by
the Issuer, (iii) the Special Redemption Price (as defined in the Indenture) to
the extent the Issuer has funds available in the Property Account therefor at
such time, with respect to Capital Securities called for redemption upon the
occurrence of a Special Event (as defined in the Indenture), and (iv) upon a
voluntary or involuntary liquidation, dissolution, winding-up or termination of
the Issuer (other than in connection with the distribution of Debentures to the
Holders of the Capital Securities in exchange therefor as provided in the
Declaration), the lesser of (a) the aggregate of the liquidation amount and all
accrued and unpaid Distributions on the Capital Securities to the date of
payment, to the extent the Issuer has funds available in the Property Account
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 as required by
applicable law (in either case, the “Liquidation Distribution”).

 

“Guarantee Trustee” means
Wells Fargo Bank, National Association, 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,
as registered on the books and records of the Issuer, of any Capital
Securities; provided, however, that, in determining whether the holders of the
requisite percentage of Capital Securities have given any request, notice,
consent or waiver hereunder, “Holder” shall not include the Guarantor or any
Affiliate of the Guarantor.

 

“Indemnified Person” means
the Guarantee Trustee (including in its individual capacity), any Affiliate of
the Guarantee Trustee, or any officers, directors, shareholders,

 

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members, partners,
employees, representatives, nominees, custodians or agents of the Guarantee
Trustee.

 

“Indenture” means the
Indenture, dated as of October 14, 2003, between the Guarantor and Wells
Fargo Bank, National Association, not in its individual capacity but solely as
trustee, and any indenture supplemental thereto pursuant to which the
Debentures are to be issued to the Institutional Trustee of the Issuer.

 

“Liquidation Distribution”
has the meaning set forth in the definition of “Guarantee Payments” herein.

 

“Majority in liquidation
amount of the Capital Securities” means Holder(s) of outstanding Capital
Securities, voting together as a class, but separately from the holders of
Common Securities, of more than 50% of the aggregate liquidation amount
(including the stated amount that would be paid on redemption, liquidation or
otherwise, plus accrued and unpaid Distributions to, but excluding, the date
upon which the voting percentages are determined) of all Capital Securities
then outstanding.

 

“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.

 

“Officer’s Certificate”
means, with respect to any Person, a certificate signed by one Authorized
Officer of such Person. Any Officer’s 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
Officer’s 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
Officer’s 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 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, 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.

 

“Responsible Officer” means,
with respect to the Guarantee Trustee, any officer within the Corporate Trust
Office of the Guarantee Trustee with direct responsibility for the
administration of any matters relating to this Guarantee, including any vice
president, any

 

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assistant vice president, any secretary, any assistant secretary, the
treasurer, any assistant treasurer, any trust officer or other officer of the
Corporate Trust Office of the Guarantee Trustee customarily performing
functions similar to those performed by any of the above designated officers
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.

 

“Successor Guarantee
Trustee” means a successor Guarantee Trustee possessing the qualifications to
act as Guarantee Trustee under Section 3.1.

 

“Trust Securities” means the
Common Securities and the Capital Securities.

 

ARTICLE II

POWERS,
DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

 

SECTION 2.1.                       Powers and Duties of the Guarantee Trustee.

 

(a)                                  This Guarantee shall be held by the Guarantee
Trustee for the benefit of the Holders of the Capital Securities, and the
Guarantee Trustee shall not transfer this Guarantee to any Person except a
Holder of Capital Securities exercising his or her rights pursuant to
Section 4.4(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 shall automatically
vest in any Successor Guarantee Trustee, and such vesting and cessation of
title shall be effective whether or not conveyancing documents have been
executed and delivered pursuant to the appointment of such Successor Guarantee
Trustee.

 

(b)                                 If an Event of Default 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 Capital Securities.

 

(c)                                  The Guarantee Trustee, before the occurrence
of any Event of Default and after the curing or waiving of all 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 an Event of
Default has occurred (that has not been cured or waived pursuant to
Section 2.4(b)) 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 Event of
Default and after the curing or waiving of all Events of Default that may have
occurred:

 

4

 

(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 furnished to the Guarantee Trustee, the Guarantee
Trustee shall be under a duty to examine the same to determine whether or not
on their face they conform to the requirements of this Guarantee;

 

(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 such Responsible Officer of
the Guarantee Trustee or 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 written direction of the Holders of not less than a
Majority in liquidation amount of the Capital 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 is not
reasonably assured to it under the terms of this Guarantee, or security and
indemnity, reasonably satisfactory to the Guarantee Trustee, against such risk
or liability is not reasonably assured to it.

 

SECTION 2.2.                       Certain Rights of the Guarantee Trustee.

 

(a)                                  Subject to the provisions of
Section 2.1:

 

(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.

 

5

 

(ii)                                  Any direction or act of the Guarantor
contemplated by this Guarantee shall be sufficiently evidenced by an Officer’s
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 Officer’s Certificate of the Guarantor 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 of any instrument or other writing
(or any rerecording, refiling or reregistration thereof).

 

(v)                                 The Guarantee Trustee may consult with
counsel of its selection, 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 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, however,
that nothing contained in this Section 2.2(a)(vi) 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.

 

(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

 

6

 

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 of the Capital Securities, 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.

 

(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 (A) may request instructions from the Holders
of a Majority in liquidation amount of the Capital 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 conclusively relying on
or acting in accordance with such instructions.

 

(xi)                                The Guarantee Trustee shall not be liable for
any action taken, suffered, or omitted to be taken by it in good faith and
reasonably believed by it to be authorized or within the discretion or rights
or powers conferred upon it by this Guarantee.

 

(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 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 2.3.                       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 representation as to the validity or sufficiency of
this Guarantee.

 

SECTION 2.4.                       Events of Default; Waiver.

 

(a)                                  An Event of Default under this Guarantee will
occur upon the failure of the Guarantor to perform any of its payment or other
obligations hereunder.

 

(b)                                 The Holders of a Majority in liquidation
amount of the Capital Securities may, voting or consenting as a class, on
behalf of the Holders of all of the Capital Securities, waive any past Event of
Default and its consequences. Upon such waiver, any

 

7

 

such Event of Default shall
cease to exist, and 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 Event of Default or impair any right consequent thereon.

 

SECTION 2.5.                       Events of Default; Notice.

 

(a)                                  The Guarantee Trustee shall, within 90 days
after the occurrence of an Event of Default, transmit by mail, first class
postage prepaid, to the Holders of the Capital Securities, notices of all
Events of Default actually known to a Responsible Officer of the Guarantee Trustee,
unless such defaults have been cured before the giving of such notice, provided,
however, 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 Capital Securities.

 

(b)                                 The Guarantee Trustee shall not be charged
with knowledge of any Event of Default unless the Guarantee Trustee shall have
received written notice thereof from the Guarantor or a Holder of the Capital
Securities, or a Responsible Officer of the Guarantee Trustee charged with the
administration of this Guarantee shall have actual knowledge thereof.

 

ARTICLE III

THE GUARANTEE TRUSTEE

 

SECTION 3.1.                       The 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 or national association
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 Person
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 or national association
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 3.1(a)(ii), the combined capital and
surplus of such corporation or national association 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 3.1(a), the Guarantee Trustee
shall immediately resign in the manner and with the effect set forth in
Section 3.2(c).

 

8

 

(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 to the extent and in the manner provided by, and subject to, this
Guarantee.

 

SECTION 3.2.                       Appointment, Removal and Resignation of the
Guarantee Trustee.

 

(a)                                  Subject to Section 3.2(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 in
accordance with Section 3.2(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 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 an 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 3.2
within 60 days after delivery of an instrument of removal or resignation, the
Guarantee Trustee resigning or being removed 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 3.2, the
Guarantor shall pay to the Guarantee Trustee all amounts owing to the Guarantee
Trustee under Sections 7.2 and 7.3 accrued to the date of such termination,
removal or resignation.

 

ARTICLE IV

GUARANTEE

 

SECTION 4.1.  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 the Issuer), as and when due,
regardless of any defense (except as defense of payment by the Issuer), right
of set-off or counterclaim that the Issuer may have or assert. The

 

9

 

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.

 

(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.

 

SECTION 4.2.                       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 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 4.3.                       Obligations Not Affected.

 

The obligations, covenants,
agreements and duties of the Guarantor under this Guarantee 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 Capital
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, Redemption Price, Special
Redemption Price, Liquidation Distribution or any other sums payable under the
terms of the Capital Securities or the extension of time for the performance of
any other obligation under, arising out of, or in connection with, the Capital
Securities (other than an extension of time for the payment of the
Distributions, Redemption Price, Special Redemption Price, Liquidation
Distribution or other sums payable that results from the extension of any
interest payment period on the Debentures or any extension of the maturity date
of the Debentures permitted by the Indenture);

 

(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 Capital 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;

 

10

 

(e)                                  any invalidity of, or defect or deficiency
in, the Capital 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 4.3 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 consent of, the Guarantor with
respect to the happening of any of the foregoing.

 

SECTION 4.4.                       Rights of Holders.

 

(a)                                  The Holders of a Majority in liquidation
amount of the Capital 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; provided,
however, that (subject to Sections 2.1 and 2.2) the Guarantee Trustee
shall have the right to decline to follow any such direction if the Guarantee
Trustee shall determine that the actions so directed would be unjustly
prejudicial to the Holders not taking part in such direction or if the
Guarantee Trustee being advised by legal counsel determines that the action or
proceeding so directed may not lawfully be taken or if the Guarantee Trustee in
good faith by its board of directors or trustees, executive committee or a
trust committee of directors or trustees and/or Responsible Officers shall
determine that the action or proceeding so directed would involve the Guarantee
Trustee in personal liability.

 

(b)                                 Any Holder of Capital Securities may
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 Issuer, the Guarantee Trustee or any other Person.
The Guarantor waives any right or remedy to require that any such action be
brought first against the Issuer, the Guarantee Trustee or any other Person
before so proceeding directly against the Guarantor.

 

SECTION 4.5.                       Guarantee of Payment.

 

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

 

SECTION 4.6.                       Subrogation.

 

The Guarantor shall be
subrogated to all (if any) rights of the Holders of Capital Securities against
the Issuer 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 applicable 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, after giving effect to any such payment, any

 

11

 

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 Holders.

 

SECTION 4.7.                       Independent Obligations.

 

The Guarantor acknowledges
that its obligations hereunder are independent of the obligations of the Issuer
with respect to the Capital 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 (a) through (g), inclusive, of Section 4.3 hereof.

 

SECTION 4.8.                       Enforcement.

 

A Beneficiary may enforce
the Obligations of the Guarantor contained in Section 4.1 (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.

 

The Guarantor shall be
subrogated to all rights (if any) of any Beneficiary against the Issuer in
respect of any amounts paid to the Beneficiaries by the Guarantor under this
Guarantee; provided, however, that the Guarantor shall not
(except to the extent required by applicable provisions of law) be entitled to
enforce or exercise any rights that it may acquire by way of subrogation or any
indemnity, reimbursement or other agreement, in all cases as a result of
payment under this Guarantee, if, after giving effect to such payment, any
amounts are due and unpaid under this Guarantee.

 

ARTICLE V

LIMITATION OF TRANSACTIONS;
SUBORDINATION

 

SECTION 5.1.                       Limitation of Transactions.

 

So long as any Capital
Securities remain outstanding, if (a) there shall have occurred and be
continuing an Event of Default or (b) the Guarantor shall have selected an
Extension Period as provided in the Declaration and such period, or any
extension thereof, shall have commenced and be continuing, then the Guarantor
may not (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 of or 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 Debentures (other than (i) payments
under this Guarantee, (ii) repurchases, redemptions or other acquisitions of
shares of capital stock of the Guarantor (A) in connection with any employment
contract, benefit plan or other similar arrangement with or for the benefit of
one or more employees, officers, directors, or consultants, (B) in connection
with a dividend reinvestment or stockholder stock purchase plan or (C) 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 the Event of
Default or the applicable Extension Period, (iii) as a result of any exchange,
reclassification, combination or

 

12

 

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 of any class or series of the Guarantor’s
indebtedness for any class or series of the Guarantor’s capital stock, (iv) the
purchase of fractional interests in shares of the Guarantor’s capital stock
pursuant to the conversion or exchange provisions of such capital stock or the
security being converted or exchanged, (v) any declaration of a dividend in
connection with any stockholder’s rights plan, or the issuance of rights, stock
or other property under any stockholder’s rights plan, or the redemption or
repurchase of rights pursuant thereto, or (vi) 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 5.2.                       Ranking.

 

This Guarantee will
constitute an unsecured obligation of the Guarantor and will rank subordinate
and junior in right of payment to all present and future Senior Indebtedness
(as defined in the Indenture) of the Guarantor. By their acceptance thereof,
each Holder of Capital Securities agrees to the foregoing provisions of this
Guarantee and the other terms set forth herein.

 

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 Indebtedness of the Guarantor, under any indenture or agreement that the
Guarantor may enter into in the future or otherwise.

 

ARTICLE VI

TERMINATION

 

SECTION 6.1.                       Termination.

 

This Guarantee shall
terminate as to the Capital Securities (i) upon full payment of the Redemption
Price or the Special Redemption Price, as the case may be, of all Capital
Securities then outstanding, (ii) upon the distribution of all of the
Debentures to the Holders of all of the Capital Securities or (iii) upon full
payment of the amounts payable in accordance with the Declaration upon
dissolution of the Issuer. This Guarantee will continue to be effective or will
be reinstated, as the case may be, if at any time any Holder of Capital
Securities must restore payment of any sums paid under the Capital Securities
or under this Guarantee.

 

13

 

ARTICLE VII

INDEMNIFICATION

 

SECTION 7.1.                       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 or claim incurred by reason of any act or
omission of 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 Issuer or the
Guarantor and upon such information, opinions, reports or statements presented
to the Issuer or 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, if selected by such Indemnified Person, has been
selected with reasonable care by such Indemnified Person, 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 Capital
Securities might properly be paid.

 

SECTION 7.2.                       Indemnification.

 

(a)                                  The Guarantor agrees to indemnify each
Indemnified Person for, and to hold each Indemnified Person harmless against,
any and all loss, liability, damage, claim or expense incurred without
negligence or willful misconduct on the part of the Indemnified Person, arising
out of or in connection with the acceptance or administration of the trust or
trusts hereunder, including but not limited to the costs and expenses
(including reasonable legal fees and expenses) of the Indemnified Person
defending itself against, or investigating, any claim or liability in
connection with the exercise or performance of any of the Indemnified Person’s
powers or duties hereunder. The obligation to indemnify as set forth in this
Section 7.2 shall survive the resignation or removal of the Guarantee
Trustee and the termination of this Guarantee.

 

(b)                                 Promptly after receipt by an Indemnified
Person under this Section 7.2 of notice of the commencement of any action,
such Indemnified Person will, if a claim in respect thereof is to be made
against the Guarantor under this Section 7.2, notify the Guarantor in
writing of the commencement thereof; but the failure so to notify the Guarantor
(i) will not relieve the Guarantor from liability under paragraph (a) above unless
and to the extent that the Guarantor did not otherwise learn of such action and
such failure results in the forfeiture by the Guarantor of substantial rights
and defenses and (ii) will not, in any event, relieve the Guarantor from any
obligations to any Indemnified Person other than the indemnification obligation
provided in paragraph (a) above. The Guarantor shall be entitled to appoint
counsel of the Guarantor’s choice at the Guarantor’s

 

14

 

expense to represent the
Indemnified Person in any action for which indemnification is sought (in which
case the Guarantor shall not thereafter be responsible for the fees and
expenses of any separate counsel retained by the Indemnified Person or Persons
except as set forth below); provided, however, that such counsel
shall be satisfactory to the Indemnified Person. Notwithstanding the
Guarantor’s election to appoint counsel to represent the Indemnified Person in
any action, the Indemnified Person shall have the right to employ separate
counsel (including local counsel), and the Guarantor shall bear the reasonable
fees, costs and expenses of such separate counsel (and local counsel), if (i)
the use of counsel chosen by the Guarantor to represent the Indemnified Person
would present such counsel with a conflict of interest, (ii) the actual or
potential defendants in, or targets of, any such action include both the
Indemnified Person and the Guarantor and the Indemnified Person shall have
reasonably concluded that there may be legal defenses available to it and/or
other Indemnified Persons which are different from or additional to those
available to the Guarantor, (iii) the Guarantor shall not have employed counsel
satisfactory to the Indemnified Person to represent the Indemnified Person
within a reasonable time after notice of the institution of such action or (iv)
the Guarantor shall authorize the Indemnified Person to employ separate counsel
at the expense of the Guarantor. The Guarantor will not, without the prior written
consent of the Indemnified Persons, settle or compromise or consent to the
entry of any judgment with respect to any pending or threatened claim, action,
suit or proceeding in respect of which indemnification or contribution may be
sought hereunder (whether or not the Indemnified Persons are actual or
potential parties to such claim or action) unless such settlement, compromise
or consent includes an unconditional release of each Indemnified Person from
all liability arising out of such claim, action, suit or proceeding.

 

SECTION 7.3.                       Compensation; Reimbursement of Expenses.

 

The Guarantor agrees:

 

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

 

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

 

The provisions of this
Section 7.3 shall survive the resignation or removal of the Guarantee
Trustee and the termination of this Guarantee.

 

15

 

ARTICLE VIII

MISCELLANEOUS

 

SECTION 8.1.                       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 Capital Securities then outstanding. Except in
connection with any merger or consolidation of the Guarantor with or into
another entity or any sale, transfer or lease of the Guarantor’s assets to
another entity, in each case to the extent permitted under the Indenture, the
Guarantor may not assign its rights or delegate its obligations under this
Guarantee without the prior approval of the Holders of not less than a Majority
in liquidation amount of the Capital Securities.

 

SECTION 8.2.                       Amendments.

 

Except with respect to any
changes that do not adversely affect the rights of Holders of the Capital
Securities in any material respect (in which case no consent of Holders will be
required), this Guarantee may be amended only with the prior approval of the
Holders of not less than a Majority in liquidation amount of the Capital
Securities. The provisions of the Declaration with respect to amendments
thereof shall apply equally with respect to amendments of the Guarantee.

 

SECTION 8.3.                       Notices.

 

All notices provided for in
this Guarantee shall be in writing, duly signed by the party giving such
notice, and shall be delivered, telecopied or mailed by first class 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 Holders of the Capital
Securities):

 

Wells Fargo Bank, National
Association

919 Market Street

Suite 700

Wilmington, DE 19801

Attention: Corporate Trust
Division

Telecopy: 302-575-2006

Telephone: 302-575-2005

 

16

 

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

 

Mission Community Bancorp

581 Higuera Street

San Luis Obispo, CA 93401

Attention: William C. Demmin

Telecopy: (805) 597-6151

Telephone: (805) 782-5012

 

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

 

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.

 

SECTION 8.4.                       Benefit.

 

This Guarantee is solely for
the benefit of the Holders of the Capital Securities and, subject to
Section 2.1(a), is not separately transferable from the Capital
Securities.

 

SECTION 8.5.                       Governing Law.

 

THIS GUARANTEE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF.

 

SECTION 8.6.                       Counterparts.

 

This Guarantee may contain
more than one counterpart of the signature page and this Guarantee may be
executed by the affixing of the signature of the Guarantor and the Guarantee
Trustee to any of such counterpart signature pages. All of such counterpart
signature pages shall be read as though one, and they shall have the same force
and effect as though all of the signers had signed a single signature page.

 

17

 

THIS GUARANTEE is executed
as of the day and year first above written.

 

	
   

  	
  Mission Community Bancorp,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NATIONAL

  
	
   

  	
  ASSOCIATION, as Guarantee Trustee

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

18EXHIBIT 4.8

 

FEE
AGREEMENT

 

This Agreement effective as
of October 14, 2003, by and among Wells Fargo Delaware Trust Company (“Trustee”),
Bear, Stearns & Company Inc. (“Bear”) and Mission Community Bancorp, a California
corporation (the “Company”) and Mission Community Capital Trust I (the
“Trust”).

 

W I T N E S S E T H

 

WHEREAS, pursuant to that certain Amended and
Restated Declaration of Trust of the Trust, dated as of October 14, 2003
(the “Trust Agreement”; initially capitalized terms not defined herein having
the meanings set forth in the Trust Agreement), the Trustee is entitled to
compensation for its services as trustee of the Trust;

 

WHEREAS, Bear has agreed to pay the Trustee’s
Quarterly Administration Fee (as defined herein) for so long as Bear is the
owner of the Capital Securities to be issued pursuant to the Trust Agreement,
and

 

WHEREAS, Trustee and Bear desire to set forth with
greater particularity the specific agreement as to the compensation owing to
Trustee pursuant to the Trust Agreement;

 

NOW,
THEREFORE, for good
and valuable consideration, the parties hereto hereby agree as follows:

 

1.                                       The compensation due and owing to Trustee by
Bear shall be .875 basis points on the outstanding principal balance of the
Capital Securities as of each Calculation Date (such compensation, the
“Quarterly Administration Fee”); provided, however, that the compensation
payable on January 7, 2004 shall include a pro-rated amount based on the
outstanding principal balance of the Capital Securities as of October 14,
2003 (the “Closing Date”) representing the period from the Closing Date through
the day preceding January 7, 2004. 
“Calculation Date” shall mean the first Business Day following January 7,
April 7, July 7and October 7 of each year.

 

2.                                       Bear shall pay the Quarterly Administration
Fee in arrears on or before the Interest Payment Date following each
Calculation Date.  For purposes of this
Agreement, Interest Payment Date shall have the meaning given such term in the
Indenture between Wells Fargo Bank, National Association and the Company dated
as of the Closing Date (the “Indenture”).

 

3.                                       Trustee reserves the right to charge the
Company a reasonable fee relating to the termination of the Trust and the final
distribution of the property held by the Trust, provided, however, that any
such fee shall be competitive with the fees charged by other trustees similarly
situated.

 

 

1.                                       The Quarterly Administration Fee shall be
paid by wire transfer to:

 

Wells Fargo Bank Minnesota,
National Association

ABA #121000248

F/f/c: Wells Fargo Bank, N.A.

Acct: 0001038377

Bnf: Corporate Trust

Re:  Mission Community Capital Trust I

Attn: Ed Truitt- Delaware

 

2.                                       If Bear sells or otherwise transfers
ownership of the Capital Securities, Bear, in its sole discretion, shall (a)
cause the purchaser or transferee to enter into an agreement substantially
similar in form and substance to this Agreement to provide for the payment of
the Quarterly Administration Fee following such purchase or transfer, (b)
prepay the total remaining compensation due to the Trustee hereunder, which
shall be equal to the net present value of the Quarterly Administration Fees
(based on the outstanding principal balance of the Capital Securities on the
date of calculation) for each Calculation Date after the date of such sale or
transfer, discounted by the yield (as of the seventh Business Day prior to such
sale or transfer) on U.S. Treasury Securities with a maturity of 10-years, or
(c) enter into such other arrangements as shall be mutually satisfactory to Bear
and the Trustee.

 

3.                                       Bear will pay the Trustee’s outside counsel
fees and expenses in connection with the creation of the Trust in an amount of
$4,000 on or about October 14, 2003. 
Such payment will be made by wire transfer to:

 

Wells Fargo Bank Minnesota,
National Association

ABA #121000248

F/f/c: Wells Fargo Bank, N.A.

Acct: 0001038377

Bnf: Corporate Trust

Re:  Mission Community Capital Trust I

Attn: Ed Truitt- Delaware

 

4.                                       Following the Closing Date, the Company will
pay any of the Trustee’s outside counsel fees and expenses which were incurred
in connection with the Trust (other than (i) those due in accordance with
Paragraph 6 herein and (ii) any such fee or expense attributable to the
Trustee’s negligence or willful misconduct). 
Invoices in connection with such amounts shall be sent to the Company at
its address set forth below, or at such other address as the Company shall
hereafter furnish in writing, and are payable by the Company immediately upon
receipt.

 

Mission Community Bancorp

581 Higuera Street

San Luis Obispo, CA 93401

Attn: William C. Demmin

 

5.                                       No waiver, modification or amendment of this
Agreement shall be valid unless executed in writing by the parties hereto.

 

2

 

6.                                       This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to conflicts of laws principles.

 

3

 

IN WITNESS
WHEREOF, the parties
hereto have caused this Agreement to be effective as of the day as first above
written.

 

	
   

  	
  Bear Stearns & Co. Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Mission Community Bancorp

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Wells Fargo Delaware Trust Company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Mission Community Capital Trust I

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
							

 

4

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