Document:

exv4w5

 

EXHIBIT 4.5

     This Capital Securities Certificate is a Book-Entry Capital Securities Certificate within
the meaning of the Trust Agreement hereinafter referred to and is registered in the name of a
Clearing Agency or a nominee of a Clearing Agency. This Capital Securities Certificate is
exchangeable for Capital Securities Certificates registered in the name of a person other than the
Clearing Agency or its nominee only in the limited circumstances described in the Trust Agreement
and may not be transferred except as a whole by the Clearing Agency to a nominee of the Clearing
Agency or by a nominee of the Clearing Agency to the Clearing Agency or another nominee of the
Clearing Agency, except in the limited circumstances described in the Trust Agreement.

     Unless this Capital Security Certificate is presented by an authorized representative of The
Depository Trust Company, a New York Corporation (“DTC”), to Comerica Capital Trust II or
its agent for registration of transfer, exchange or payment, and any Capital Security Certificate
issued is registered in the name of Cede & Co. or such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is
requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO A PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede &
Co., has an interest herein.

     NO EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”) (EACH, A “PLAN”), NO ENTITY WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY (A “PLAN ASSET ENTITY”), AND
NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN, MAY ACQUIRE OR HOLD THIS CAPITAL SECURITIES
CERTIFICATE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE
RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION
(“PTCE”) 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION WITH RESPECT TO
SUCH PURCHASE OR HOLDING OR THE REQUIREMENTS OF U.S. DEPARTMENT OF LABOR REGULATION SECTION
2550.401c-1 ARE SATISFIED SUCH THAT THE CAPITAL SECURITIES CERTIFICATE HELD BY THE PURCHASER OR
HOLDER DOES NOT CONSTITUTE “PLAN ASSETS” AND, IN THE CASE OF ANY PURCHASER OR HOLDER RELYING ON ANY
EXEMPTION OTHER THAN PTCE 96-23, 95-60, 91-38, 90-1 OR 84-14 OR U.S. DEPARTMENT OF LABOR REGULATION
SECTION 2550.401c-1, HAS COMPLIED WITH ANY REQUEST BY THE SPONSOR OR THE ISSUER TRUST FOR AN
OPINION OF COUNSEL OR OTHER EVIDENCE WITH RESPECT TO THE AVAILABILITY OF SUCH EXEMPTION. ANY
PURCHASER OR HOLDER OF THIS CAPITAL SECURITIES CERTIFICATE OR ANY INTEREST HEREIN WILL BE DEEMED TO
HAVE REPRESENTED BY ITS PURCHASE AND HOLDING HEREOF THAT IT EITHER (A) WILL NOT RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR THE CODE OR (B) IF IT COULD RESULT IN A PROHIBITED
TRANSACTION, IT IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER PTCE 96-23, 95-60, 91-38, 90-1
OR 84-14 OR ANOTHER APPLICABLE EXEMPTION WITH RESPECT TO SUCH PURCHASE OR HOLDING OR U.S.
DEPARTMENT OF LABOR REGULATION SECTION 2550.401c-1.

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[FORM OF CAPITAL SECURITIES CERTIFICATE]

			
	 	 	 
	Certificate Number –

CUSIP NO. 20036CAA7
	 	Liquidation Amount of Capital Securities

Certificate Evidencing Capital Securities of Comerica Capital Trust II

6.576% Capital Securities (liquidation amount $1,000 per Capital Security)

     Comerica Capital Trust II, a statutory trust created under the laws of the State of Delaware
(the “Issuer Trust”), hereby certifies that                      (the “Holder”) is the
registered owner of                                          (                    ) Capital Securities of the Trust representing an
undivided preferred beneficial interest in the assets of the Trust and designated the Comerica
Capital Trust II 6.576% Capital Securities (liquidation amount $1,000 per Capital Security) (the
“Capital Securities”). The Capital Securities are transferable on the books and records of
the Issuer Trust, in person or by a duly authorized attorney, upon surrender of this certificate
duly endorsed and in proper form for transfer as provided in the Trust Agreement (as defined
below). The designations, rights, privileges, restrictions, preferences and other terms and
provisions of the Capital Securities are set forth in, and this certificate and the Capital
Securities represented hereby are issued and shall in all respects be subject to the terms and
provisions of, the Amended and Restated Declaration of Trust and Trust Agreement of the Issuer
Trust, dated as of February 20, 2007, as the same may be amended from time to time (the “Trust
Agreement”), among Comerica Incorporated, as Sponsor, The Bank of New York, as Property
Trustee, The Bank of New York (Delaware), as Delaware Trustee, the Administrative Trustee named
therein, and the Holders of Trust Securities, including the designation of the terms of the Capital
Securities as set forth therein. The Holder is entitled to the benefits of the Guarantee Agreement,
dated as of February 20, 2007 (the “Guarantee Agreement”), by and between Comerica
Incorporated, as Guarantor, and The Bank of New York, as Guarantee Trustee, to the extent provided
therein. The Issuer Trust will furnish a copy of the Trust Agreement and the Guarantee Agreement to
the Holder without charge upon written request to the Issuer Trust at its principal place of
business or registered office.

     Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled
to the benefits thereunder.

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     IN WITNESS WHEREOF, the Administrative Trustee of the Issuer Trust has executed this
certificate this 20th day of February, 2007.

	 	 	 	 	 	 	 
	 	 	COMERICA CAPITAL TRUST II	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

Paul E. Burdiss
	 	 
	 

	 	Title:
	 	Administrative Trustee	 	 

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PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Capital Securities referred to in the above mentioned Trust Agreement.

Dated: February 20, 2007

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK,

as Property Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

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ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned assigns and transfers this Capital Security to:

	 	 	 
	(Insert assignee’s social security or tax identification number):
	 	 
	 

	 	 
	 
	 	 

 

	 	 	 
	(Insert address and zip code of assignee) and irrevocably appoints:
	 	 
	 

	 	 
	 
	 	 

 

agent to transfer this Capital Security Certificate on the books of the Issuer Trust. The agent may
substitute another to act for him or her.

	 	 	 
	Date:

	 	Signature:
	 
	 	 
	 

	 	(Sign exactly as your name appears on the other side of this Capital
Security Certificate.) The signature(s) should be guaranteed by an
eligible guarantor institution (banks, stockbrokers, savings and
loan associations and credit unions with membership in an approved
signature guarantee medallion program), pursuant to S.E.C. Rule
17Ad-15.

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EXHIBIT 4.6

GUARANTEE AGREEMENT

by and between

COMERICA INCORPORATED

as Guarantor

and

THE BANK OF NEW YORK

as Guarantee Trustee

relating to

COMERICA CAPITAL TRUST II

Dated as of February 20, 2007

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	Section 1.1. Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II TRUST INDENTURE ACT
	 	 	4	 
	 
	 	 	 	 
	Section 2.1. Trust Indenture Act; Application
	 	 	4	 
	Section 2.2. List of Holders
	 	 	5	 
	Section 2.3. Reports by the Guarantee Trustee
	 	 	5	 
	Section 2.4. Periodic Reports to the Guarantee Trustee
	 	 	5	 
	Section 2.5. Evidence of Compliance with Conditions Precedent
	 	 	5	 
	Section 2.6. Events of Default; Waiver
	 	 	6	 
	Section 2.7. Event of Default; Notice
	 	 	6	 
	Section 2.8. Conflicting Interests
	 	 	6	 
	 
	 	 	 	 
	ARTICLE III POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE
	 	 	6	 
	 
	 	 	 	 
	Section 3.1. Powers and Duties of the Guarantee Trustee
	 	 	6	 
	Section 3.2. Certain Rights of Guarantee Trustee
	 	 	8	 
	Section 3.3. Compensation; Indemnity; Fees
	 	 	9	 
	 
	 	 	 	 
	ARTICLE IV GUARANTEE TRUSTEE
	 	 	10	 
	 
	 	 	 	 
	Section 4.1. Guarantee Trustee; Eligibility
	 	 	10	 
	Section 4.2. Appointment, Removal and Resignation of the Guarantee Trustee
	 	 	11	 
	 
	 	 	 	 
	ARTICLE V GUARANTEE
	 	 	12	 
	 
	 	 	 	 
	Section 5.1. Guarantee
	 	 	12	 
	Section 5.2. Waiver of Notice and Demand
	 	 	12	 
	Section 5.3. Obligations Not Affected
	 	 	12	 
	Section 5.4. Rights of Holders
	 	 	13	 
	Section 5.5. Guarantee of Payment
	 	 	13	 
	Section 5.6. Subrogation
	 	 	13	 
	Section 5.7. Independent Obligations
	 	 	14	 
	 
	 	 	 	 
	ARTICLE VI COVENANTS AND SUBORDINATION
	 	 	14	 
	 
	 	 	 	 
	Section 6.1. Subordination
	 	 	14	 
	Section 6.2. Pari Passu Guarantees
	 	 	14	 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	ARTICLE VII TERMINATION
	 	 	14	 
	 
	 	 	 	 
	Section 7.1. Termination
	 	 	14	 
	 
	 	 	 	 
	ARTICLE VIII MISCELLANEOUS
	 	 	15	 
	 
	 	 	 	 
	Section 8.1. Successors and Assigns
	 	 	15	 
	Section 8.2. Amendments
	 	 	15	 
	Section 8.3. Notices
	 	 	15	 
	Section 8.4. Benefit
	 	 	16	 
	Section 8.5. Governing Law
	 	 	16	 
	Section 8.6. Counterparts
	 	 	16	 

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     GUARANTEE AGREEMENT, dated as of February 20, 2007, between COMERICA INCORPORATED, a
Delaware corporation (the “Guarantor”), having its principal office at Comerica Tower at
Detroit Center, 500 Woodward Avenue, Detroit, Michigan 48226, and THE BANK OF NEW YORK, a New York
banking corporation, as trustee (the “Guarantee Trustee”), for the benefit of the Holders
(as defined herein) from time to time of the Capital Securities (as defined herein) of COMERICA
CAPITAL TRUST II, a Delaware statutory trust (the “Issuer Trust”).

RECITALS

     WHEREAS, pursuant to an Amended and Restated Declaration of Trust and Trust Agreement, of even
date herewith (the “Trust Agreement”), among Comerica Incorporated, as Depositor, the
Property Trustee, the Delaware Trustee and the Administrative Trustee (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 $500,000,000 aggregate Liquidation Amount (as defined in the Trust
Agreement) of its 6.576% Capital Securities (liquidation amount $1,000 per capital security) (the
“Capital 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 Capital 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, as Property Trustee under the Trust Agreement, as trust
assets; and

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

     NOW, THEREFORE, in consideration of the purchase of Capital 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.

     “Capital 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.

     “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 Capital 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
Capital Securities, to the extent the Issuer Trust shall have funds on hand available therefor at

2

 

such time; (ii) the Redemption Price with respect to any Capital 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 Capital 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 Trust.

     “Guarantee Trustee” means The Bank of New York, 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 Capital
Securities; provided, however, that in determining whether the holders of the requisite percentage
of Capital Securities have given any request, notice, consent or waiver hereunder, “Holder” shall
not include the Guarantor, the Guarantee Trustee, or any Affiliate of the Guarantor or the
Guarantee Trustee.

     “Indenture” means the Indenture, dated as of July 31, 2001, between Comerica
Incorporated and The Bank of New York (as successor to Chase Manhattan Trust Company, National
Association), as trustee, as supplemented by the First Supplemental Indenture, dated as of February
20, 2007, between Comerica Incorporated and The Bank of New York, as trustee, as the same may be
further 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 Capital Securities” means, except as provided
by the Trust Indenture Act, Capital Securities representing more than 50% of the aggregate
Liquidation Amount (as defined in the Trust Agreement) of all Capital 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;

3

 

     (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 specified in the Trust Agreement.

     “Responsible Officer” means, with respect to any Guarantee Trustee that is not an
individual, any officer having direct responsibility for the administration of this Guarantee
Agreement 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.

     “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

4

 

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 May 15 each year, commencing May 15, 2008, the Guarantee Trustee shall
provide to the Holders such reports as are required by Section 313 of the Trust Indenture Act, if
any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. If this
Guarantee Agreement shall have been qualified under the Trust Indenture Act, the Guarantee Trustee
shall also comply with the requirements of Section 313(d) of the Trust Indenture Act.

     Section 2.4. Periodic Reports to the Guarantee Trustee.

     The Guarantor shall provide to the Guarantee Trustee and the Holders such documents, reports
and information, if any, as required by Section 314 of the Trust Indenture Act and the compliance
certificate required by Section 314 of the Trust Indenture Act, in the form, in the manner and at
the times required by Section 314 of the Trust Indenture Act, provided that such documents, reports
and information shall be required to be provided to the Securities and Exchange Commission only if
this Guarantee Agreement shall have been qualified under the Trust Indenture Act. Delivery of such
reports, information and documents to the Guarantee Trustee is for informational purposes only, and
the Guarantee Trustee’s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Guarantor’s
Sponsors’ or Administrative Trustee’s compliance with any of their covenants hereunder (as to which
the Guarantee Trustee is entitled to conclusively rely exclusively on an Officers’ Certificate.

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     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 Capital Securities may, by
vote, on behalf of the Holders of all the Capital 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 90 days after the occurrence of an Event of Default
known to the Guarantee Trustee, transmit by mail, first class postage prepaid, to the Holders,
notice of any such Event of Default known to the Guarantee Trustee, unless such Event of Default
has been cured before the giving of such notice, provided that, except in the case of a default in
the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a trust committee of
directors and/or Responsible Officers of the Guarantee Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders.

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

     Section 2.8. Conflicting Interests.

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

ARTICLE III

POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

     Section 3.1. Powers and Duties of the Guarantee Trustee.

     (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the
Holders, and the Guarantee Trustee shall not transfer this Guarantee Agreement to any Person except
to a Successor Guarantee Trustee on acceptance by such Successor Guarantee

6

 

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:

     (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;

7

 

     (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 Capital Securities relating to the
time, method and place of conducting any proceeding for any remedy available to the
Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee
under this Guarantee 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 signature, resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document reasonably believed by it to be genuine and to have
been signed, sent or presented by the proper party or parties.

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

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

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

     (v) The Guarantee Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Guarantee Agreement at the request or direction of any Holder
unless such Holder shall have provided to the Guarantee Trustee such

8

 

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 3.2(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 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

9

 

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.

     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 claims of the Guarantee
Trustee under this Section 3.3 shall not be subject to the provisions of Article VI.

     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.

10

 

     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 Capital 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 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 Capital 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 Capital 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 Capital 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

     (f) Any corporation into which the Guarantee Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Guarantee Trustee shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of the Guarantee Trustee, shall be the successor
of the Guarantee Trustee hereunder, provided such corporation shall be otherwise

11

 

qualified and
eligible under this Guarantee Agreement, without the executing or filing of any paper or any
further act on the part of any of the parties hereto.

ARTICLE V

GUARANTEE

     Section 5.1. Guarantee.

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

     Section 5.2. Waiver of Notice and Demand.

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

     Section 5.3. Obligations Not Affected.

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

     (a) the release or waiver, by operation of law or otherwise, of the performance or observance
by the Issuer Trust of any express or implied agreement, covenant, term or condition relating to
the Capital 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 Capital
Securities or the extension of time for the performance of any other obligation under, arising out
of, or in connection with, the Capital Securities;

     (c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce,
assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the
terms of the Capital Securities, or any action on the part of the Issuer 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

12

 

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 Capital Securities;

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

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

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

     Section 5.4. Rights of Holders.

     The Guarantor expressly acknowledges that: (i) this Guarantee Agreement will be deposited with
the Guarantee Trustee to be held for the benefit of the Holders; (ii) the Guarantee Trustee has the
right to enforce this Guarantee Agreement on behalf of the Holders; (iii) the Holders of a Majority
in Liquidation Amount of the Capital Securities have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this
Guarantee 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.

13

 

     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 Capital Securities and that the Guarantor shall be liable
as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this
Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a)
through (g), inclusive, of Section 5.3.

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 (other than those arising under Section 3.3 hereof) 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 (other than those arising
under Section 3.3) shall rank pari passu with the obligations of the Guarantor under any 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 (other than with respect to Section 3.3) shall terminate and be of no
further force and effect upon (i) full payment of the Redemption Price of all Capital Securities,
(ii) the distribution of Debentures to the Holders in exchange for all of the Capital 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 Capital Securities or this Guarantee Agreement.

14

 

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 Guarantee Trustee and the Holders of the Capital 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 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 Capital 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:

Comerica Incorporated

Comerica Tower at Detroit Center

500 Woodward Avenue

Detroit, Michigan 48226

Attention: Robert W. Spencer, Jr.

Facsimile: 313-222-3977

     (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

101 Barclay Street — 8W

New York, New York 10286

15

 

Attention: James Heaney

Facsimile: 212-815-5704/3272

with a copy to:

Comerica Capital Trust II

c/o Comerica Incorporated

Comerica Tower at Detroit Center

500 Woodward Avenue

Detroit, Michigan 48226

Attention: Robert W. Spencer, Jr.

Facsimile: 313-222-3977

     (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 Capital 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.

	 	 	 	 	 	 	 
	 	 	COMERICA INCORPORATED, as Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Robert W. Spencer, Jr.	 	 
	 

	 	 	 	 

Name: Robert W. Spencer, Jr.
	 	 
	 

	 	 	 	Title:   Vice President,
Corporate Finance &
            Securities Counsel & Assistant Secretary
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK, as Guarantee Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ James D. Heaney	 	 
	 

	 	 	 	 

Name: James D. Heaney
	 	 
	 

	 	 	 	Title:   Vice
President	 	 

[Guarantee Agreement]

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