Document:

exv4w13b

 

Exhibit 4.13(b)

 

GUARANTEE AGREEMENT

BY AND BETWEEN

WHITNEY HOLDING CORPORATION,

as Guarantor

AND

THE BANK OF NEW YORK TRUST COMPANY, N.A.,

as Guarantee Trustee

RELATING TO

WHITNEY CAPITAL TRUST II

Dated as of                     

 

 

 

Exhibit 4.13(b)

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE I DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	SECTION 1.1 DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II TRUST INDENTURE ACT
	 	 	5	 
	 
	 	 	 	 
	SECTION 2.1. TRUST INDENTURE ACT; APPLICATION
	 	 	5	 
	SECTION 2.2. LIST OF HOLDERS
	 	 	5	 
	SECTION 2.3. REPORTS BY THE GUARANTEE TRUSTEE
	 	 	5	 
	SECTION 2.4. PERIODIC REPORTS TO THE GUARANTEE TRUSTEE
	 	 	6	 
	SECTION 2.5. EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT 
	 	 	6	 
	SECTION 2.6. EVENTS OF DEFAULT; WAIVER
	 	 	6	 
	SECTION 2.7. EVENT OF DEFAULT; NOTICE
	 	 	6	 
	SECTION 2.8. CONFLICTING INTERESTS
	 	 	7	 
	 
	 	 	 	 
	ARTICLE III POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE
	 	 	7	 
	 
	 	 	 	 
	SECTION 3.1. POWERS AND DUTIES OF THE GUARANTEE TRUSTEE
	 	 	7	 
	SECTION 3.2. CERTAIN RIGHTS OF GUARANTEE TRUSTEE
	 	 	8	 
	SECTION 3.3. COMPENSATION; INDEMNITY; FEES
	 	 	10	 
	 
	 	 	 	 
	ARTICLE IV GUARANTEE TRUSTEE
	 	 	11	 
	 
	 	 	 	 
	SECTION 4.1. GUARANTEE TRUSTEE; ELIGIBILITY
	 	 	11	 
	SECTION 4.2. APPOINTMENT, REMOVAL AND RESIGNATION OF THE GUARANTEE TRUSTEE
	 	 	11	 
	 
	 	 	 	 
	ARTICLE V GUARANTEE
	 	 	12	 
	 
	 	 	 	 
	SECTION 5.1. GUARANTEE
	 	 	12	 
	SECTION 5.2. WAIVER OF NOTICE AND DEMAND
	 	 	12	 
	SECTION 5.3. OBLIGATIONS NOT AFFECTED
	 	 	13	 
	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	 

 

 

	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE VI COVENANTS AND SUBORDINATION
	 	 	15	 
	 
	 	 	 	 
	SECTION 6.1. SUBORDINATION
	 	 	15	 
	SECTION 6.2. PARI PASSU GUARANTEES
	 	 	15	 
	 
	 	 	 	 
	ARTICLE VII TERMINATION
	 	 	15	 
	 
	 	 	 	 
	SECTION 7.1. TERMINATION
	 	 	15	 
	 
	 	 	 	 
	ARTICLE VIII MISCELLANEOUS
	 	 	15	 
	 
	 	 	 	 
	SECTION 8.1. SUCCESSORS AND ASSIGNS
	 	 	15	 
	SECTION 8.2. AMENDMENTS
	 	 	16	 
	SECTION 8.3. NOTICES
	 	 	16	 
	SECTION 8.4. BENEFIT
	 	 	17	 
	SECTION 8.5. GOVERNING LAW
	 	 	17	 
	SECTION 8.6. COUNTERPARTS
	 	 	17	 

 

 

Exhibit 4.13(b)

     GUARANTEE AGREEMENT, dated as of                     , between WHITNEY HOLDING CORPORATION, a
Louisiana corporation (the “Guarantor”), having its principal office at 228 St. Charles Avenue, New
Orleans, Louisiana 70130, and THE BANK OF NEW YORK TRUST COMPANY, N.A., as trustee (the “Guarantee
Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Trust
Preferred Securities (as defined herein) of WHITNEY CAPITAL TRUST II, a Delaware statutory business
trust (the “Issuer Trust”).

RECITALS

     WHEREAS, pursuant to an Amended and Restated Trust Agreement and Trust Agreement, of even date
herewith (the “Trust Agreement”), among Whitney Holding Corporation, as Depositor, the Property
Trustee, the Delaware Trustee, and the Administrative Trustees (each as named therein) and the
holders from time to time of undivided beneficial interests in the assets of the Issuer Trust, the
Issuer Trust is issuing $[                    ] aggregate Liquidation Amount (as defined in the Trust
Agreement) of its [**[   %]Preferred Securities (liquidation amount $1,000 per Trust Preferred
Security)] (the “Trust Preferred Securities”), representing preferred undivided beneficial
interests in the assets of the Issuer Trust and having the terms set forth in the Trust Agreement;
and

     WHEREAS, the Trust Preferred Securities will be issued by the Issuer Trust, and the proceeds
thereof, together with the proceeds from the issuance of the Issuer Trust’s Common Securities (as
defined herein), will be used to purchase the Debentures of the Guarantor, which Debentures will be
deposited with The Bank of New York Trust Company, N.A., as Property Trustee under the Trust
Agreement, as trust assets; and

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

     NOW, THEREFORE, in consideration of the purchase of Trust Preferred Securities by each Holder,
which purchase the Guarantor hereby acknowledges shall benefit the Guarantor, the Guarantor
executes and delivers this Guarantee Agreement for the benefit of the Holders from time to time.

ARTICLE I DEFINITIONS

     SECTION 1.1 DEFINITIONS.

     For all purposes of this Guarantee Agreement, except as otherwise expressly provided or unless
the context otherwise requires:

     (a) The terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular;

 

 

     (b) All other terms used herein that are defined in the Trust Indenture Act, either directly
or by reference therein, have the meanings assigned to them therein;

     (c) The words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”;

     (d) All accounting terms used but not defined herein have the meanings assigned to them in
accordance with United States generally accepted accounting principles;

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

     (f) The words “hereby,” “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Guarantee Agreement as a whole and not to any particular Article, Section or other
subdivision.

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

     “Board of Directors” means the board of directors of the Guarantor or any committee of the
board of directors of the Guarantor, comprised of one or more members of the board of directors of
the Guarantor or officers of the Guarantor, or both.

     “Trust Preferred Securities” has the meaning specified in the recitals to this Guarantee
Agreement.

     “Common Securities” means the securities representing common undivided beneficial interests in
the assets of the Issuer Trust.

     “Debentures” shall have the meaning specified in the Trust Agreement.

     “Distributions” shall have the meaning specified in the Trust Agreement.

     “Event of Default” means (i) a default by the Guarantor in any of its payment obligations
under this Guarantee Agreement or (ii) a default by the Guarantor in any other obligation hereunder
that remains unremedied for 30 days.

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     “Guarantee Agreement” means this Guarantee Agreement, as modified, amended or supplemented
from time to time.

     “Guarantee Payments” means the following payments or distributions, without duplication, with
respect to the Trust Preferred Securities, to the extent not paid or made by or on behalf of the
Issuer Trust: (i) any accumulated and unpaid Distributions required to be paid on the Trust
Preferred Securities, to the extent the Issuer Trust shall have funds on hand available therefor at
such time; (ii) the Redemption Price with respect to any Trust Preferred Securities called for
redemption by the Issuer Trust, to the extent the Issuer Trust shall have funds on hand available
therefor at such time; and (iii) upon a voluntary or involuntary dissolution, winding-up or
liquidation of the Issuer Trust, unless Debentures are distributed to the Holders, the lesser of
(a) the Liquidation Distribution with respect to the Trust Preferred Securities, to the extent that
the Issuer Trust shall have funds on hand available therefor at such time, and (b) the amount of
assets of the Issuer Trust remaining available for distribution to Holders on liquidation of the
Issuer.

     “Guarantee Trustee” means The Bank of New York Trust Company, N.A., solely in its capacity as
Guarantee Trustee and not in its individual capacity, until a Successor Guarantee Trustee has been
appointed and has accepted such appointment pursuant to the terms of this Guarantee Agreement, and
thereafter means each such Successor Guarantee Trustee.

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

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

     “Indenture” means the Junior Subordinated Indenture, dated as of                      2001, between
Whitney Holding Corporation and The Bank of New York Trust Company, N.A., as trustee, as the same
may be modified, amended or supplemented from time to time.

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

     “Liquidation Distribution” shall have the meaning specified in the Trust Agreement.

     “List of Holders” has the meaning specified in Section 2.2(a).

     “Majority in Liquidation Amount of the Trust Preferred Securities” means, except as provided
by the Trust Indenture Act, Trust Preferred Securities representing more than

3

 

50% of the aggregate Liquidation Amount (as defined in the Trust Agreement) of all Trust
Preferred Securities then Outstanding (as defined in the Trust Agreement).

     “Officers’ Certificate” means, with respect to any Person, a certificate signed by the
Chairman or a Vice Chairman of the Board of Directors of such Person or the President or a Vice
President of such Person, and by the Treasurer, an Assistant Treasurer, the Secretary or an
Assistant Secretary of such Person. Any Officers’ Certificate delivered with respect to compliance
with a condition or covenant provided for in this Guarantee Agreement shall include:

     (a) a statement by each officer signing the Officers’ Certificate that such officer 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 such officer in rendering the Officers’ Certificate;

     (c) a statement that such officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether
or not such covenant or condition has been complied with; and

     (d) a statement as to whether, in the opinion of 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, company, limited liability company, trust,
business trust, unincorporated association, or government or any agency or political subdivision
thereof, or any other entity of whatever nature.

     “Redemption Price” shall have the meaning set forth in the Trust Agreement.

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

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

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

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     “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this Guarantee Agreement was executed; provided, however, that in the event the Trust
Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.

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

ARTICLE II TRUST INDENTURE ACT

     SECTION 2.1. TRUST INDENTURE ACT; APPLICATION.

     Except as otherwise expressly provided herein, the Trust Indenture Act shall apply as a matter
of contract to this Guarantee Agreement for purposes of interpretation, construction and defining
the rights and obligations hereunder, and this Guarantee Agreement, the Guarantor and the Guarantee
Trustee shall be deemed for all purposes hereof to be subject to and governed by the Trust
Indenture Act to the same extent as would be the case if this Guarantee Agreement were qualified
under the Trust Indenture Act on the date hereof. Except as otherwise expressly provided herein, if
and to the extent that any provision of this Guarantee Agreement limits, qualifies or conflicts
with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed
duties shall control.

     SECTION 2.2. LIST OF HOLDERS.

     (a) The Guarantor shall furnish or cause to be furnished to the Guarantee Trustee (a)
semiannually, on or before June 30 and December 31 of each year, a list, in such form as the
Guarantee Trustee may reasonably require, of the names and addresses of the Holders (a “List of
Holders”) as of a date not more than 15 days prior to the delivery thereof, and (b) at such other
times as the Guarantee Trustee may request in writing, within 30 days after the receipt by the
Guarantor of any such request, a List of Holders as of a date not more than 15 days prior to the
time such list is furnished, in each case to the extent such information is in the possession or
control of the Guarantor and has not otherwise been received by the Guarantee Trustee in its
capacity as such. The Guarantee Trustee may destroy any List of Holders previously given to it on
receipt of a new List of Holders.

     (b) The Guarantee Trustee shall comply with the requirements of Section 311(a), Section 311(b)
and Section 312(b) of the Trust Indenture Act.

     SECTION 2.3. REPORTS BY THE GUARANTEE TRUSTEE.

     Within 60 days after [date] each year, commencing [date], the Guarantee Trustee shall provide
to the Holders such reports as are required by Section 313 of the Trust

5

 

Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust
Indenture Act. If this Guarantee Agreement shall have been qualified under the Trust Indenture Act,
the Guarantee Trustee shall also comply with the requirements of Section 313(d) of the Trust
Indenture Act.

     SECTION 2.4. PERIODIC REPORTS TO THE GUARANTEE TRUSTEE.

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

     SECTION 2.5. EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT.

     The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such
conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of the
matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required
to be given by an officer of the Guarantor pursuant to Section 314(c)(1) may be given in the form
of an Officers’ Certificate.

     SECTION 2.6. EVENTS OF DEFAULT; WAIVER.

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

     SECTION 2.7. EVENT OF DEFAULT; NOTICE.

     (a) The Guarantee Trustee shall, within 10 days after the occurrence of an Event of Default
known to the Guarantee Trustee, transmit by mail, first class postage prepaid, to the Holders,
notice of any such Event of Default known to the Guarantee Trustee, unless such Event of Default
has been cured before the giving of such notice, provided that, except in the case of a default in
the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a trust committee of
directors and/or Responsible Officers of the Guarantee Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders.

6

 

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

     SECTION 2.8. CONFLICTING INTERESTS.

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

ARTICLE III POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

     SECTION 3.1. POWERS AND DUTIES OF THE GUARANTEE TRUSTEE.

     (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the
Holders, and the Guarantee Trustee shall not transfer this Guarantee Agreement to any Person except
to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its
appointment to act as Guarantee Trustee hereunder. The right, title and interest of the Guarantee
Trustee, as such, hereunder shall automatically vest in any Successor Guarantee Trustee, upon
acceptance by such Successor Guarantee Trustee of its appointment hereunder, and such vesting and
cessation of title shall be effective whether or not conveyancing documents have been executed and
delivered pursuant to the appointment of such Successor Guarantee Trustee.

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

     (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the curing
of all Events of Default that may have occurred, shall undertake to perform only such duties as are
specifically set forth in this Guarantee Agreement (including pursuant to Section 2.1), and no
implied covenants shall be read into this Guarantee Agreement against the Guarantee Trustee. If an
Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6), the
Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee
Agreement, and use the same degree of care and skill in its exercise thereof, as a prudent person
would exercise or use under the circumstances in the conduct of his or her own affairs.

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

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

7

 

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

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

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

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

     (iv) subject to Section 3.1(b), no provision of this Guarantee Agreement shall require
the Guarantee Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of its rights
or powers, if the Guarantee Trustee shall have reasonable grounds for believing that the
repayment of such funds or liability is not reasonably assured to it under the terms of
this Guarantee Agreement or adequate indemnity against such risk or liability is not
reasonably assured to it.

     SECTION 3.2. CERTAIN RIGHTS OF GUARANTEE TRUSTEE.

     (a) Subject to the provisions of Section 3.1:

     (i) The Guarantee Trustee may rely and shall be fully protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond,

8

 

debenture, note, other evidence of indebtedness or other paper or document reasonably
believed by it to be genuine and to have been signed, sent or presented by the proper party
or parties.

     (ii) Any direction or act of the Guarantor contemplated by this Guarantee Agreement
shall be sufficiently evidenced by an Officers’ Certificate unless otherwise prescribed
herein.

     (iii) Whenever, in the administration of this Guarantee Agreement, the Guarantee
Trustee shall deem it desirable that a matter be proved or established before taking,
suffering or omitting to take any action hereunder, the Guarantee Trustee (unless other
evidence is herein specifically prescribed) may, in the absence of bad faith on its part,
request and rely upon an Officers’ Certificate which, upon receipt of such request from the
Guarantee Trustee, shall be promptly delivered by the Guarantor.

     (iv) The Guarantee Trustee may consult with legal counsel, and the advice or opinion
of such legal counsel with respect to legal matters shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted to be
taken by it hereunder in good faith and in accordance with such advice or opinion. Such
legal counsel may be legal counsel to the Guarantor or any of its Affiliates and may be one
of its employees. The Guarantee Trustee shall have the right at any time to seek
instructions concerning the administration of this Guarantee Agreement from any court of
competent jurisdiction.

     (v) The Guarantee Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Guarantee Agreement at the request or direction of any
Holder unless such Holder shall have provided to the Guarantee Trustee such adequate
security and indemnity as would satisfy a reasonable person in the position of the
Guarantee Trustee against the costs, expenses (including attorneys’ fees and expenses) and
liabilities that might be incurred by it in complying with such request or direction,
including such reasonable advances as may be requested by the Guarantee Trustee; provided
that nothing contained in this Section (a)(v) shall be taken to relieve the Guarantee
Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the
rights and powers vested in it by this Guarantee Agreement.

     (vi) The Guarantee Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit.

     (vii) The Guarantee Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through its

9

 

agents or attorneys, and the Guarantee Trustee shall not be responsible for any
misconduct or negligence on the part of any such agent or attorney appointed by it with due
care hereunder.

     (viii) Whenever in the administration of this Guarantee Agreement the Guarantee
Trustee shall deem it desirable to receive instructions with respect to enforcing any
remedy or right or taking any other action hereunder, the Guarantee Trustee (A) may request
instructions from the Holders, (B) may refrain from enforcing such remedy or right or
taking such other action until such instructions are received, and (C) shall be protected
in acting in accordance with such instructions.

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

     SECTION 3.3. COMPENSATION; INDEMNITY; FEES.

     The Guarantor agrees:

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

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

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

10

 

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

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

ARTICLE IV GUARANTEE TRUSTEE

     SECTION 4.1. GUARANTEE TRUSTEE; ELIGIBILITY.

     (a) There shall at all times be a Guarantee Trustee which shall:

     (i) not be an Affiliate of the Guarantor; and

     (ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such
and has a combined capital and surplus of at least $50,000,000, and shall be a corporation
meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation
publishes reports of condition at least annually, pursuant to law or to the requirements of
its supervising or examining authority, then, for the purposes of this Section 4.1 and to
the extent permitted by the Trust Indenture Act, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published.

     (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under Section
4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set out in
Section 4.2.

     (c) If the Guarantee Trustee has or shall acquire any “conflicting interest” within the
meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in
all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

     SECTION 4.2. APPOINTMENT, REMOVAL AND RESIGNATION OF THE GUARANTEE TRUSTEE.

     (a) Subject to Section 4.2(c), the Guarantee Trustee may be appointed or removed at any time
by the action of the Holders of a Majority in Liquidation Amount of the Trust Preferred Securities
delivered to the Guarantee Trustee and the Guarantor (i) for cause or (ii) if a Debenture Event of
Default (as defined in the Trust Agreement) shall have occurred and be continuing at any time.

     (b) Subject to Section 4.2(c), the Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by giving written notice thereof to the Holders and the Guarantor
and by appointing a successor Guarantee Trustee. The Guarantee Trustee shall appoint a successor by
requesting from at least three Persons

11

 

meeting the requirements of Section 4.1(a) their expenses and charges to serve as the
Guarantee Trustee, and selecting the Person who agrees to the lowest expenses and charges.

     (c) The Guarantee Trustee appointed hereunder shall hold office until a Successor Guarantee
Trustee shall have been appointed and shall have accepted such appointment. No removal or
resignation of a Guarantee Trustee shall be effective until a Successor Guarantee Trustee has been
appointed and has accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Guarantor and, in the case of any resignation, the resigning
Guarantee Trustee.

     (d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as
provided in this Section 4.2 within 60 days after delivery to the Holders and the Guarantor of a
notice of resignation, the resigning Guarantee Trustee may petition, at the expense of the
Guarantor, any court of competent jurisdiction for appointment of a Successor Guarantee Trustee.
Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a
Successor Guarantee Trustee.

     (e) If a resigning Guarantee Trustee shall fail to appoint a successor, or if a Guarantee
Trustee shall be removed or become incapable of acting as Guarantee Trustee and a replacement shall
not be appointed prior to such resignation or removal, or if a vacancy shall occur in the office of
Guarantee Trustee for any cause, the Holders of the Trust Preferred Securities, by the action of
the Holders of record of not less than 25% in aggregate Liquidation Amount (as defined in the Trust
Agreement) of the Trust Preferred Securities then Outstanding (as defined in the Trust Agreement)
delivered to such Guarantee Trustee, may appoint a Successor Guarantee Trustee or Trustees. If no
successor Guarantee Trustee shall have been so appointed by the Holders of the Trust Preferred
Securities and accepted appointment, any Holder, on behalf of such Holder and all others similarly
situated, or any other Guarantee Trustee, may petition any court of competent jurisdiction for the
appointment of a successor Guarantee Trustee.

ARTICLE V GUARANTEE

     SECTION 5.1. GUARANTEE.

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

     SECTION 5.2. WAIVER OF NOTICE AND DEMAND.

12

 

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

     SECTION 5.3. OBLIGATIONS NOT AFFECTED.

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

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

     (b) the extension of time for the payment by the Issuer Trust of any portion of the
Distributions (other than an extension of time for payment of Distributions that results from the
extension of any interest payment period on the Debentures as provided in the Indenture),
Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Trust
Preferred Securities or the extension of time for the performance of any other obligation under,
arising out of, or in connection with, the Trust Preferred Securities;

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

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

     (e) any invalidity of, or defect or deficiency in, the Trust Preferred Securities;

     (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or

     (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable
discharge or defense of a guarantor (other than payment of the underlying obligation), it being the
intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and
unconditional under any and all circumstances.

13

 

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

     SECTION 5.4. RIGHTS OF HOLDERS.

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

     SECTION 5.5. GUARANTEE OF PAYMENT.

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

     SECTION 5.6. SUBROGATION.

     The Guarantor shall be subrogated to all rights (if any) of the Holders against the Issuer
Trust in respect of any amounts paid to the Holders by the Guarantor under this Guarantee
Agreement; provided, however, that the Guarantor shall not (except to the extent required by
mandatory provisions of law) be entitled to enforce or exercise any rights which it may acquire by
way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of
payment under this Guarantee Agreement, if, at the time of any such payment, any amounts are due
and unpaid under this Guarantee Agreement. If any amount shall be paid to the Guarantor in
violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the
Holders and to pay over such amount to the Holders.

     SECTION 5.7. INDEPENDENT OBLIGATIONS.

     The Guarantor acknowledges that its obligations hereunder are independent of the obligations
of the Issuer Trust with respect to the Trust Preferred Securities and that the Guarantor shall be
liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of
this Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a)
through (g), inclusive, of Section 5.3 hereof.

14

 

ARTICLE VI COVENANTS AND SUBORDINATION

     SECTION 6.1. SUBORDINATION.

     The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured
obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior
Debt (as defined in the Indenture) of the Guarantor to the extent and in the manner set forth in
the Indenture with respect to the Debentures, and the provisions of Article Eighteen of the
Indenture will apply, mutatis mutandis, to the obligations of the Guarantor hereunder. The
obligations of the Guarantor hereunder do not constitute Senior Debt (as defined in the Indenture)
of the Guarantor.

     SECTION 6.2. PARI PASSU GUARANTEES.

     The obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with the
obligations of the Guarantor under (i) any similar guarantee agreements issued by the Guarantor on
behalf of the holders of preferred or Trust Preferred Securities issued by any business trust, (ii)
the Indenture and the Debt Securities (as defined therein) issued thereunder; and (iii) any other
security, guarantee or other agreement or obligation that is expressly stated to rank pari passu
with the obligations of the Guarantor under this Guarantee Agreement or with any obligation that
ranks pari passu with the obligations of the Guarantor under this Guarantee Agreement.

ARTICLE VII TERMINATION

     SECTION 7.1. TERMINATION.

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

ARTICLE VIII MISCELLANEOUS

     SECTION 8.1. SUCCESSORS AND ASSIGNS.

     All guarantees and agreements contained in this Guarantee Agreement shall bind the successors,
assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of
the Holders of the Trust Preferred Securities then outstanding. Except in connection with a
consolidation, merger or sale involving the Guarantor that is permitted under Article Eight of the
Indenture and pursuant to which the successor or assignee agrees in writing to perform the
Guarantor’s obligations hereunder, the

15

 

Guarantor shall not assign its obligations hereunder, and any purported assignment other than
in accordance with this provision shall be void.

     SECTION 8.2. AMENDMENTS.

     Except with respect to any changes that do not adversely affect the rights of the Holders in
any material respect (in which case no consent of the Holders will be required), this Guarantee
Agreement may only be amended with the prior approval of the Holders of not less than a Majority in
Liquidation Amount of the Trust Preferred Securities. The provisions of Article VI of the Trust
Agreement concerning meetings of the Holders shall apply to the giving of such approval.

     SECTION 8.3. NOTICES.

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

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

Whitney Holding Corporation

155 North Lake Avenue Pasadena, CA 91101

Attention:                                        

Telecopy: (626) 535-8203

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

The Bank of New York Trust Company, N.A.

10161 Centurion Parkway,

Jacksonville, Florida 32256

Attention: Corporate Trust Division

Telecopy: (904) 645-1931

with a copy to:

Whitney Capital Trust II

c/o Whitney Holding Corporation

228 St. Charles Avenue

New Orleans, Louisiana 70130

Attention:                                         

Telecopy: (504) 586-7272

16

 

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

     All notices hereunder shall be deemed to have been given when received in person, telecopied
with receipt confirmed, or mailed by first class mail, postage prepaid, except that if a notice or
other document is refused delivery or cannot be delivered because of a changed address of which no
notice was given, such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

     SECTION 8.4. BENEFIT.

     This Guarantee Agreement is solely for the benefit of the Holders and is not separately
transferable from the Trust Preferred Securities.

     SECTION 8.5. GOVERNING LAW.

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

     SECTION 8.6. COUNTERPARTS.

     This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.

17

 

     IN WITNESS WHEREOF, the parties hereto have executed this Guarantee Agreement as of the day
and year first above written.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	WHITNEY HOLDING CORPORATION,	 	 
	 	 	as Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST	 	 
	 	 	COMPANY, N.A.,	 	 
	 	 	as Guarantee Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

18exv4w13c

 

Exhibit 4.13(c)

 

GUARANTEE AGREEMENT

BY AND BETWEEN

WHITNEY HOLDING CORPORATION,

as Guarantor

AND

THE BANK OF NEW YORK TRUST COMPANY, N.A.,

as Guarantee Trustee

RELATING TO

WHITNEY CAPITAL TRUST III

Dated as of                     

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	SECTION 1.1 DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II TRUST INDENTURE ACT
	 	 	5	 
	 
	 	 	 	 
	SECTION 2.1. TRUST INDENTURE ACT; APPLICATION
	 	 	5	 
	SECTION 2.2. LIST OF HOLDERS
	 	 	5	 
	SECTION 2.3. REPORTS BY THE GUARANTEE TRUSTEE
	 	 	5	 
	SECTION 2.4. PERIODIC REPORTS TO THE GUARANTEE TRUSTEE
	 	 	6	 
	SECTION 2.5. EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT
	 	 	6	 
	SECTION 2.6. EVENTS OF DEFAULT; WAIVER
	 	 	6	 
	SECTION 2.7. EVENT OF DEFAULT; NOTICE
	 	 	6	 
	SECTION 2.8. CONFLICTING INTERESTS
	 	 	7	 
	 
	 	 	 	 
	ARTICLE III POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE
	 	 	7	 
	 
	 	 	 	 
	SECTION 3.1. POWERS AND DUTIES OF THE GUARANTEE TRUSTEE
	 	 	7	 
	SECTION 3.2. CERTAIN RIGHTS OF GUARANTEE TRUSTEE
	 	 	8	 
	SECTION 3.3. COMPENSATION; INDEMNITY; FEES
	 	 	10	 
	 
	 	 	 	 
	ARTICLE IV GUARANTEE TRUSTEE
	 	 	11	 
	 
	 	 	 	 
	SECTION 4.1. GUARANTEE TRUSTEE; ELIGIBILITY
	 	 	11	 
	SECTION 4.2. APPOINTMENT, REMOVAL AND RESIGNATION OF THE GUARANTEE TRUSTEE
	 	 	11	 
	 
	 	 	 	 
	ARTICLE V GUARANTEE
	 	 	12	 
	 
	 	 	 	 
	SECTION 5.1. GUARANTEE
	 	 	12	 
	SECTION 5.2. WAIVER OF NOTICE AND DEMAND
	 	 	12	 
	SECTION 5.3. OBLIGATIONS NOT AFFECTED
	 	 	13	 
	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	 

 

 

	 	 	 	 	 
	 	 	Page
	ARTICLE VI COVENANTS AND SUBORDINATION
	 	 	15	 
	 
	 	 	 	 
	SECTION 6.1. SUBORDINATION
	 	 	15	 
	SECTION 6.2. PARI PASSU GUARANTEES
	 	 	15	 
	 
	 	 	 	 
	ARTICLE VII TERMINATION
	 	 	15	 
	 
	 	 	 	 
	SECTION 7.1. TERMINATION
	 	 	15	 
	 
	 	 	 	 
	ARTICLE VIII MISCELLANEOUS
	 	 	15	 
	 
	 	 	 	 
	SECTION 8.1. SUCCESSORS AND ASSIGNS
	 	 	15	 
	SECTION 8.2. AMENDMENTS
	 	 	16	 
	SECTION 8.3. NOTICES
	 	 	16	 
	SECTION 8.4. BENEFIT
	 	 	17	 
	SECTION 8.5. GOVERNING LAW
	 	 	17	 
	SECTION 8.6. COUNTERPARTS
	 	 	17	 

 

 

     GUARANTEE AGREEMENT, dated as of                     , between WHITNEY HOLDING CORPORATION, a
Louisiana corporation (the “Guarantor”), having its principal office at 228 St. Charles Avenue, New
Orleans, Louisiana 70130, and THE BANK OF NEW YORK TRUST COMPANY, N.A., as trustee (the “Guarantee
Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Trust
Preferred Securities (as defined herein) of WHITNEY CAPITAL TRUST III, a Delaware statutory
business trust (the “Issuer Trust”).

RECITALS

     WHEREAS, pursuant to an Amended and Restated Trust Agreement and Trust Agreement, of even date
herewith (the “Trust Agreement”), among Whitney Holding Corporation, as Depositor, the Property
Trustee, the Delaware Trustee, and the Administrative Trustees (each as named therein) and the
holders from time to time of undivided beneficial interests in the assets of the Issuer Trust, the
Issuer Trust is issuing $[                    ] aggregate Liquidation Amount (as defined in the Trust
Agreement) of its [**[___%]Preferred Securities (liquidation amount $1,000 per Trust Preferred
Security)] (the “Trust Preferred Securities”), representing preferred undivided beneficial
interests in the assets of the Issuer Trust and having the terms set forth in the Trust Agreement;
and

     WHEREAS, the Trust Preferred Securities will be issued by the Issuer Trust, and the proceeds
thereof, together with the proceeds from the issuance of the Issuer Trust’s Common Securities (as
defined herein), will be used to purchase the Debentures of the Guarantor, which Debentures will be
deposited with The Bank of New York Trust Company, N.A., as Property Trustee under the Trust
Agreement, as trust assets; and

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

     NOW, THEREFORE, in consideration of the purchase of Trust Preferred Securities by each Holder,
which purchase the Guarantor hereby acknowledges shall benefit the Guarantor, the Guarantor
executes and delivers this Guarantee Agreement for the benefit of the Holders from time to time.

ARTICLE I DEFINITIONS

     SECTION 1.1 DEFINITIONS.

     For all purposes of this Guarantee Agreement, except as otherwise expressly provided or unless
the context otherwise requires:

     (a) The terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular;

 

 

     (b) All other terms used herein that are defined in the Trust Indenture Act, either directly
or by reference therein, have the meanings assigned to them therein;

     (c) The words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”;

     (d) All accounting terms used but not defined herein have the meanings assigned to them in
accordance with United States generally accepted accounting principles;

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

     (f) The words “hereby,” “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Guarantee Agreement as a whole and not to any particular Article, Section or other
subdivision.

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

     “Board of Directors” means the board of directors of the Guarantor or any committee of the
board of directors of the Guarantor, comprised of one or more members of the board of directors of
the Guarantor or officers of the Guarantor, or both.

     “Trust Preferred Securities” has the meaning specified in the recitals to this Guarantee
Agreement.

     “Common Securities” means the securities representing common undivided beneficial interests in
the assets of the Issuer Trust.

     “Debentures” shall have the meaning specified in the Trust Agreement.

     “Distributions” shall have the meaning specified in the Trust Agreement.

     “Event of Default” means (i) a default by the Guarantor in any of its payment obligations
under this Guarantee Agreement or (ii) a default by the Guarantor in any other obligation hereunder
that remains unremedied for 30 days.

2

 

     “Guarantee Agreement” means this Guarantee Agreement, as modified, amended or supplemented
from time to time.

     “Guarantee Payments” means the following payments or distributions, without duplication, with
respect to the Trust Preferred Securities, to the extent not paid or made by or on behalf of the
Issuer Trust: (i) any accumulated and unpaid Distributions required to be paid on the Trust
Preferred Securities, to the extent the Issuer Trust shall have funds on hand available therefor at
such time; (ii) the Redemption Price with respect to any Trust Preferred Securities called for
redemption by the Issuer Trust, to the extent the Issuer Trust shall have funds on hand available
therefor at such time; and (iii) upon a voluntary or involuntary dissolution, winding-up or
liquidation of the Issuer Trust, unless Debentures are distributed to the Holders, the lesser of
(a) the Liquidation Distribution with respect to the Trust Preferred Securities, to the extent that
the Issuer Trust shall have funds on hand available therefor at such time, and (b) the amount of
assets of the Issuer Trust remaining available for distribution to Holders on liquidation of the
Issuer.

     “Guarantee Trustee” means The Bank of New York Trust Company, N.A., solely in its capacity as
Guarantee Trustee and not in its individual capacity, until a Successor Guarantee Trustee has been
appointed and has accepted such appointment pursuant to the terms of this Guarantee Agreement, and
thereafter means each such Successor Guarantee Trustee.

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

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

     “Indenture” means the Junior Subordinated Indenture, dated as of                      2001, between
Whitney Holding Corporation and The Bank of New York Trust Company, N.A., as trustee, as the same
may be modified, amended or supplemented from time to time.

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

     “Liquidation Distribution” shall have the meaning specified in the Trust Agreement.

     “List of Holders” has the meaning specified in Section 2.2(a).

     “Majority in Liquidation Amount of the Trust Preferred Securities” means, except as provided
by the Trust Indenture Act, Trust Preferred Securities representing more than

3

 

50% of the aggregate Liquidation Amount (as defined in the Trust Agreement) of all Trust
Preferred Securities then Outstanding (as defined in the Trust Agreement).

     “Officers’ Certificate” means, with respect to any Person, a certificate signed by the
Chairman or a Vice Chairman of the Board of Directors of such Person or the President or a Vice
President of such Person, and by the Treasurer, an Assistant Treasurer, the Secretary or an
Assistant Secretary of such Person. Any Officers’ Certificate delivered with respect to compliance
with a condition or covenant provided for in this Guarantee Agreement shall include:

     (a) a statement by each officer signing the Officers’ Certificate that such officer 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 such officer in rendering the Officers’ Certificate;

     (c) a statement that such officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether
or not such covenant or condition has been complied with; and

     (d) a statement as to whether, in the opinion of 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, company, limited liability company, trust,
business trust, unincorporated association, or government or any agency or political subdivision
thereof, or any other entity of whatever nature.

     “Redemption Price” shall have the meaning set forth in the Trust Agreement.

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

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

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

4

 

     “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this Guarantee Agreement was executed; provided, however, that in the event the Trust
Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.

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

ARTICLE II TRUST INDENTURE ACT

     SECTION 2.1. TRUST INDENTURE ACT; APPLICATION.

     Except as otherwise expressly provided herein, the Trust Indenture Act shall apply as a matter
of contract to this Guarantee Agreement for purposes of interpretation, construction and defining
the rights and obligations hereunder, and this Guarantee Agreement, the Guarantor and the Guarantee
Trustee shall be deemed for all purposes hereof to be subject to and governed by the Trust
Indenture Act to the same extent as would be the case if this Guarantee Agreement were qualified
under the Trust Indenture Act on the date hereof. Except as otherwise expressly provided herein, if
and to the extent that any provision of this Guarantee Agreement limits, qualifies or conflicts
with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed
duties shall control.

     SECTION 2.2. LIST OF HOLDERS.

     (a) The Guarantor shall furnish or cause to be furnished to the Guarantee Trustee (a)
semiannually, on or before June 30 and December 31 of each year, a list, in such form as the
Guarantee Trustee may reasonably require, of the names and addresses of the Holders (a “List of
Holders”) as of a date not more than 15 days prior to the delivery thereof, and (b) at such other
times as the Guarantee Trustee may request in writing, within 30 days after the receipt by the
Guarantor of any such request, a List of Holders as of a date not more than 15 days prior to the
time such list is furnished, in each case to the extent such information is in the possession or
control of the Guarantor and has not otherwise been received by the Guarantee Trustee in its
capacity as such. The Guarantee Trustee may destroy any List of Holders previously given to it on
receipt of a new List of Holders.

     (b) The Guarantee Trustee shall comply with the requirements of Section 311(a), Section 311(b)
and Section 312(b) of the Trust Indenture Act.

     SECTION 2.3. REPORTS BY THE GUARANTEE TRUSTEE.

     Within 60 days after [date] each year, commencing [date], the Guarantee Trustee shall provide
to the Holders such reports as are required by Section 313 of the Trust

5

 

Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust
Indenture Act. If this Guarantee Agreement shall have been qualified under the Trust Indenture Act,
the Guarantee Trustee shall also comply with the requirements of Section 313(d) of the Trust
Indenture Act.

     SECTION 2.4. PERIODIC REPORTS TO THE GUARANTEE TRUSTEE.

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

     SECTION 2.5. EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT.

     The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such
conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of the
matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required
to be given by an officer of the Guarantor pursuant to Section 314(c)(1) may be given in the form
of an Officers’ Certificate.

     SECTION 2.6. EVENTS OF DEFAULT; WAIVER.

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

     SECTION 2.7. EVENT OF DEFAULT; NOTICE.

     (a) The Guarantee Trustee shall, within 10 days after the occurrence of an Event of Default
known to the Guarantee Trustee, transmit by mail, first class postage prepaid, to the Holders,
notice of any such Event of Default known to the Guarantee Trustee, unless such Event of Default
has been cured before the giving of such notice, provided that, except in the case of a default in
the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a trust committee of
directors and/or Responsible Officers of the Guarantee Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders.

6

 

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

     SECTION 2.8. CONFLICTING INTERESTS.

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

ARTICLE III POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

     SECTION 3.1. POWERS AND DUTIES OF THE GUARANTEE TRUSTEE.

     (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the
Holders, and the Guarantee Trustee shall not transfer this Guarantee Agreement to any Person except
to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its
appointment to act as Guarantee Trustee hereunder. The right, title and interest of the Guarantee
Trustee, as such, hereunder shall automatically vest in any Successor Guarantee Trustee, upon
acceptance by such Successor Guarantee Trustee of its appointment hereunder, and such vesting and
cessation of title shall be effective whether or not conveyancing documents have been executed and
delivered pursuant to the appointment of such Successor Guarantee Trustee.

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

     (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the curing
of all Events of Default that may have occurred, shall undertake to perform only such duties as are
specifically set forth in this Guarantee Agreement (including pursuant to Section 2.1), and no
implied covenants shall be read into this Guarantee Agreement against the Guarantee Trustee. If an
Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6), the
Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee
Agreement, and use the same degree of care and skill in its exercise thereof, as a prudent person
would exercise or use under the circumstances in the conduct of his or her own affairs.

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

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

7

 

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

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

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

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

     (iv) subject to Section 3.1(b), no provision of this Guarantee Agreement shall require
the Guarantee Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of its rights
or powers, if the Guarantee Trustee shall have reasonable grounds for believing that the
repayment of such funds or liability is not reasonably assured to it under the terms of
this Guarantee Agreement or adequate indemnity against such risk or liability is not
reasonably assured to it.

     SECTION 3.2. CERTAIN RIGHTS OF GUARANTEE TRUSTEE.

     (a) Subject to the provisions of Section 3.1:

     (i) The Guarantee Trustee may rely and shall be fully protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond,

8

 

debenture, note, other evidence of indebtedness or other paper or document reasonably
believed by it to be genuine and to have been signed, sent or presented by the proper party
or parties.

     (ii) Any direction or act of the Guarantor contemplated by this Guarantee Agreement
shall be sufficiently evidenced by an Officers’ Certificate unless otherwise prescribed
herein.

     (iii) Whenever, in the administration of this Guarantee Agreement, the Guarantee
Trustee shall deem it desirable that a matter be proved or established before taking,
suffering or omitting to take any action hereunder, the Guarantee Trustee (unless other
evidence is herein specifically prescribed) may, in the absence of bad faith on its part,
request and rely upon an Officers’ Certificate which, upon receipt of such request from the
Guarantee Trustee, shall be promptly delivered by the Guarantor.

     (iv) The Guarantee Trustee may consult with legal counsel, and the advice or opinion
of such legal counsel with respect to legal matters shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted to be
taken by it hereunder in good faith and in accordance with such advice or opinion. Such
legal counsel may be legal counsel to the Guarantor or any of its Affiliates and may be one
of its employees. The Guarantee Trustee shall have the right at any time to seek
instructions concerning the administration of this Guarantee Agreement from any court of
competent jurisdiction.

     (v) The Guarantee Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Guarantee Agreement at the request or direction of any
Holder unless such Holder shall have provided to the Guarantee Trustee such adequate
security and indemnity as would satisfy a reasonable person in the position of the
Guarantee Trustee against the costs, expenses (including attorneys’ fees and expenses) and
liabilities that might be incurred by it in complying with such request or direction,
including such reasonable advances as may be requested by the Guarantee Trustee; provided
that nothing contained in this Section (a)(v) shall be taken to relieve the Guarantee
Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the
rights and powers vested in it by this Guarantee Agreement.

     (vi) The Guarantee Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit.

     (vii) The Guarantee Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through its

9

 

agents or attorneys, and the Guarantee Trustee shall not be responsible for any
misconduct or negligence on the part of any such agent or attorney appointed by it with due
care hereunder.

     (viii) Whenever in the administration of this Guarantee Agreement the Guarantee
Trustee shall deem it desirable to receive instructions with respect to enforcing any
remedy or right or taking any other action hereunder, the Guarantee Trustee (A) may request
instructions from the Holders, (B) may refrain from enforcing such remedy or right or
taking such other action until such instructions are received, and (C) shall be protected
in acting in accordance with such instructions.

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

     SECTION 3.3. COMPENSATION; INDEMNITY; FEES.

     The Guarantor agrees:

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

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

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

10

 

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

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

ARTICLE IV GUARANTEE TRUSTEE

     SECTION 4.1. GUARANTEE TRUSTEE; ELIGIBILITY.

     (a) There shall at all times be a Guarantee Trustee which shall:

     (i) not be an Affiliate of the Guarantor; and

     (ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such
and has a combined capital and surplus of at least $50,000,000, and shall be a corporation
meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation
publishes reports of condition at least annually, pursuant to law or to the requirements of
its supervising or examining authority, then, for the purposes of this Section 4.1 and to
the extent permitted by the Trust Indenture Act, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published.

     (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under Section
4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set out in
Section 4.2.

     (c) If the Guarantee Trustee has or shall acquire any “conflicting interest” within the
meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in
all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

     SECTION 4.2. APPOINTMENT, REMOVAL AND RESIGNATION OF THE GUARANTEE TRUSTEE.

     (a) Subject to Section 4.2(c), the Guarantee Trustee may be appointed or removed at any time
by the action of the Holders of a Majority in Liquidation Amount of the Trust Preferred Securities
delivered to the Guarantee Trustee and the Guarantor (i) for cause or (ii) if a Debenture Event of
Default (as defined in the Trust Agreement) shall have occurred and be continuing at any time.

     (b) Subject to Section 4.2(c), the Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by giving written notice thereof to the Holders and the Guarantor
and by appointing a successor Guarantee Trustee. The Guarantee Trustee shall appoint a successor by
requesting from at least three Persons

11

 

meeting the requirements of Section 4.1(a) their expenses and charges to serve as the
Guarantee Trustee, and selecting the Person who agrees to the lowest expenses and charges.

     (c) The Guarantee Trustee appointed hereunder shall hold office until a Successor Guarantee
Trustee shall have been appointed and shall have accepted such appointment. No removal or
resignation of a Guarantee Trustee shall be effective until a Successor Guarantee Trustee has been
appointed and has accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Guarantor and, in the case of any resignation, the resigning
Guarantee Trustee.

     (d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as
provided in this Section 4.2 within 60 days after delivery to the Holders and the Guarantor of a
notice of resignation, the resigning Guarantee Trustee may petition, at the expense of the
Guarantor, any court of competent jurisdiction for appointment of a Successor Guarantee Trustee.
Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a
Successor Guarantee Trustee.

     (e) If a resigning Guarantee Trustee shall fail to appoint a successor, or if a Guarantee
Trustee shall be removed or become incapable of acting as Guarantee Trustee and a replacement shall
not be appointed prior to such resignation or removal, or if a vacancy shall occur in the office of
Guarantee Trustee for any cause, the Holders of the Trust Preferred Securities, by the action of
the Holders of record of not less than 25% in aggregate Liquidation Amount (as defined in the Trust
Agreement) of the Trust Preferred Securities then Outstanding (as defined in the Trust Agreement)
delivered to such Guarantee Trustee, may appoint a Successor Guarantee Trustee or Trustees. If no
successor Guarantee Trustee shall have been so appointed by the Holders of the Trust Preferred
Securities and accepted appointment, any Holder, on behalf of such Holder and all others similarly
situated, or any other Guarantee Trustee, may petition any court of competent jurisdiction for the
appointment of a successor Guarantee Trustee.

ARTICLE V GUARANTEE

     SECTION 5.1. GUARANTEE.

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

     SECTION 5.2. WAIVER OF NOTICE AND DEMAND.

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

     SECTION 5.3. OBLIGATIONS NOT AFFECTED.

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

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

     (b) the extension of time for the payment by the Issuer Trust of any portion of the
Distributions (other than an extension of time for payment of Distributions that results from the
extension of any interest payment period on the Debentures as provided in the Indenture),
Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Trust
Preferred Securities or the extension of time for the performance of any other obligation under,
arising out of, or in connection with, the Trust Preferred Securities;

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

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

     (e) any invalidity of, or defect or deficiency in, the Trust Preferred Securities;

     (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or

     (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable
discharge or defense of a guarantor (other than payment of the underlying obligation), it being the
intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and
unconditional under any and all circumstances.

13

 

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

     SECTION 5.4. RIGHTS OF HOLDERS.

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

     SECTION 5.5. GUARANTEE OF PAYMENT.

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

     SECTION 5.6. SUBROGATION.

     The Guarantor shall be subrogated to all rights (if any) of the Holders against the Issuer
Trust in respect of any amounts paid to the Holders by the Guarantor under this Guarantee
Agreement; provided, however, that the Guarantor shall not (except to the extent required by
mandatory provisions of law) be entitled to enforce or exercise any rights which it may acquire by
way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of
payment under this Guarantee Agreement, if, at the time of any such payment, any amounts are due
and unpaid under this Guarantee Agreement. If any amount shall be paid to the Guarantor in
violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the
Holders and to pay over such amount to the Holders.

     SECTION 5.7. INDEPENDENT OBLIGATIONS.

     The Guarantor acknowledges that its obligations hereunder are independent of the obligations
of the Issuer Trust with respect to the Trust Preferred Securities and that the Guarantor shall be
liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of
this Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a)
through (g), inclusive, of Section 5.3 hereof.

14

 

ARTICLE VI COVENANTS AND SUBORDINATION

     SECTION 6.1. SUBORDINATION.

     The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured
obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior
Debt (as defined in the Indenture) of the Guarantor to the extent and in the manner set forth in
the Indenture with respect to the Debentures, and the provisions of Article Eighteen of the
Indenture will apply, mutatis mutandis, to the obligations of the Guarantor hereunder. The
obligations of the Guarantor hereunder do not constitute Senior Debt (as defined in the Indenture)
of the Guarantor.

     SECTION 6.2. PARI PASSU GUARANTEES.

     The obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with the
obligations of the Guarantor under (i) any similar guarantee agreements issued by the Guarantor on
behalf of the holders of preferred or Trust Preferred Securities issued by any business trust, (ii)
the Indenture and the Debt Securities (as defined therein) issued thereunder; and (iii) any other
security, guarantee or other agreement or obligation that is expressly stated to rank pari passu
with the obligations of the Guarantor under this Guarantee Agreement or with any obligation that
ranks pari passu with the obligations of the Guarantor under this Guarantee Agreement.

ARTICLE VII TERMINATION

     SECTION 7.1. TERMINATION.

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

ARTICLE VIII MISCELLANEOUS

     SECTION 8.1. SUCCESSORS AND ASSIGNS.

     All guarantees and agreements contained in this Guarantee Agreement shall bind the successors,
assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of
the Holders of the Trust Preferred Securities then outstanding. Except in connection with a
consolidation, merger or sale involving the Guarantor that is permitted under Article Eight of the
Indenture and pursuant to which the successor or assignee agrees in writing to perform the
Guarantor’s obligations hereunder, the

15

 

Guarantor shall not assign its obligations hereunder, and any purported assignment other than
in accordance with this provision shall be void.

     SECTION 8.2. AMENDMENTS.

     Except with respect to any changes that do not adversely affect the rights of the Holders in
any material respect (in which case no consent of the Holders will be required), this Guarantee
Agreement may only be amended with the prior approval of the Holders of not less than a Majority in
Liquidation Amount of the Trust Preferred Securities. The provisions of Article VI of the Trust
Agreement concerning meetings of the Holders shall apply to the giving of such approval.

     SECTION 8.3. NOTICES.

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

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

Whitney Holding Corporation

155 North Lake Avenue Pasadena, CA 91101

Attention:                                        

Telecopy: (626) 535-8203

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

The Bank of New York Trust Company, N.A.

10161 Centurion Parkway,

Jacksonville, Florida 32256

Attention: Corporate Trust Division

Telecopy: (904) 645-1931

with a copy to:

Whitney Capital Trust III

c/o Whitney Holding Corporation

228 St. Charles Avenue

New Orleans, Louisiana 70130

Attention:                                         

Telecopy: (504) 586-7272

16

 

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

     All notices hereunder shall be deemed to have been given when received in person, telecopied
with receipt confirmed, or mailed by first class mail, postage prepaid, except that if a notice or
other document is refused delivery or cannot be delivered because of a changed address of which no
notice was given, such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

     SECTION 8.4. BENEFIT.

     This Guarantee Agreement is solely for the benefit of the Holders and is not separately
transferable from the Trust Preferred Securities.

     SECTION 8.5. GOVERNING LAW.

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

     SECTION 8.6. COUNTERPARTS.

     This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.

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     IN WITNESS WHEREOF, the parties hereto have executed this Guarantee Agreement as of the day
and year first above written.

	 	 	 	 	 
	 	WHITNEY HOLDING CORPORATION,

as Guarantor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.,

as Guarantee Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

18

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