Document:

Form of Guarantee Agreement

 Exhibit 4.18 
 Form of 
  
 GUARANTEE
AGREEMENT 
  
 Between 
  
 MELLON FINANCIAL CORPORATION 
 (as Guarantor) 
  
 and 
  
 JPMORGAN CHASE BANK 
 (as Trustee) 
  
 dated as of          

 CROSS-REFERENCE TABLE* 
  

	 Section of Trust

 Indenture
Act of
 1939, as amended

	 	 Section of
 Guarantee
 Agreement

	 310(a)
	 	4.1(a)
	 310(b)
	 	4.1(c), 2.8
	 310(c)
	 	Inapplicable
	 311(a)
	 	2.2(b)
	 311(b)
	 	2.2(b)
	 311(c)
	 	Inapplicable
	 312(a)
	 	2.2(a)
	 312(b)
	 	2.2(b)
	 313
	 	2.3
	 314(a)
	 	2.4
	 314(b)
	 	Inapplicable
	 314(c)
	 	2.5
	 314(d)
	 	Inapplicable
	 314(e)
	 	1.1, 2.5, 3.2
	 314(f)
	 	2.1, 3.2
	 315(a)
	 	3.1(d)
	 315(b)
	 	2.7
	 315(c)
	 	3.1
	 315(d)
	 	3.1(d)
	 316(a)
	 	1.1, 2.6, 5.4
	 316(b)
	 	5.3
	 316(c)
	 	8.2
	 317(a)
	 	Inapplicable
	 317(b)
	 	Inapplicable
	 318(a)
	 	2.1(b)
	 318(b)
	 	2.1
	 318(c)
	 	2.1(a)

	*	 	This Cross-Reference Table does not constitute part of the Guarantee Agreement and shall not affect the interpretation of any of its terms or provisions. 

 

 TABLE OF CONTENTS 
  

		
	ARTICLE I.    DEFINITIONS	  	1
	 Section 1.1.
	  	Definitions	  	1
		
	ARTICLE II.    TRUST INDENTURE ACT	  	3
	 Section 2.1.
	  	Trust Indenture Act; Application	  	3
	 Section 2.2.
	  	List of Holders	  	3
	 Section 2.3.
	  	Reports by the Guarantee Trustee	  	3
	 Section 2.4.
	  	Periodic Reports to the Guarantee Trustee	  	4
	 Section 2.5.
	  	Evidence of Compliance with Conditions Precedent	  	4
	 Section 2.6.
	  	Events of Default; Waiver	  	4
	 Section 2.7.
	  	Event of Default; Notice	  	4
	 Section 2.8.
	  	Conflicting Interests	  	4
		
	ARTICLE III.    POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE	  	4
	 Section 3.1.
	  	Powers and Duties of the Guarantee Trustee	  	4
	 Section 3.2.
	  	Certain Rights of Guarantee Trustee	  	6
	 Section 3.3.
	  	Indemnity	  	7
		
	ARTICLE IV.    GUARANTEE TRUSTEE	  	7
	 Section 4.1.
	  	Guarantee Trustee: Eligibility	  	7
	 Section 4.2.
	  	Appointment, Removal and Resignation of the Guarantee Trustee	  	8
		
	ARTICLE V.    GUARANTEE	  	8
	 Section 5.1.
	  	Guarantee	  	8
	 Section 5.2.
	  	Waiver of Notice and Demand	  	8
	 Section 5.3.
	  	Obligations Not Affected	  	8
	 Section 5.4.
	  	Rights of Holders	  	9
	 Section 5.5.
	  	Guarantee of Payment	  	9
	 Section 5.6.
	  	Subrogation	  	9
	 Section 5.7.
	  	Independent Obligations	  	10
		
	ARTICLE VI.    COVENANTS AND SUBORDINATION	  	10
	 Section 6.1.
	  	Subordination	  	10
	 Section 6.2.
	  	Pari Passu Guarantees	  	10
		
	ARTICLE VII.    TERMINATION	  	10
	 Section 7.1.
	  	Termination	  	10
		
	ARTICLE VIII.    MISCELLANEOUS	  	10
	 Section 8.1.
	  	Successors and Assigns	  	10
	 Section 8.2.
	  	Amendments	  	11
	 Section 8.3.
	  	Notices	  	11
	 Section 8.4.
	  	Benefit	  	12
	 Section 8.5.
	  	Interpretation	  	12
	 Section 8.6.
	  	Governing Law	  	12

  
  

 -i- 

 GUARANTEE AGREEMENT 
  
 This GUARANTEE AGREEMENT, dated as of             , is
executed and delivered by MELLON FINANCIAL CORPORATION, a Pennsylvania corporation (the “Guarantor”) having its principal office at One Mellon Bank Center, 500 Grant Street, Pittsburgh, Pennsylvania 15258, and JPMORGAN CHASE BANK, as
trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Capital Securities and the Common Securities (each as defined herein and, together, the “Securities”) of Mellon
Capital             , a Delaware statutory business trust (the “Issuer”). 
  
 WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as of             
(the “Trust Agreement”), among the Guarantor, as Depositor, the Property Trustee, the Delaware Trustee and the Administrative Trustees named therein and the Holders from time to time of undivided beneficial interests in the assets of the
Issuer, the Issuer is issuing $             aggregate Liquidation Amount (as defined in the Trust Agreement) of its
            % Capital Securities, Series             , Liquidation Amount $25 per capital security (the
“Capital Securities”), representing undivided beneficial interests in the assets of the Issuer and having the terms set forth in the Trust Agreement; 
  

WHEREAS, the Issuer will use the proceeds of the issuance of the Securities to purchase the Debentures (as defined in the Trust Agreement) of the
Guarantor, which will be deposited with JPMorgan Chase Bank, as Property Trustee under the Trust Agreement, as trust assets; and 
  
 WHEREAS, as incentive for the Holders to purchase Securities the Guarantor desires irrevocably and unconditionally to agree, to the extent set forth
herein, to pay to the Holders of the Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein. 
  
 NOW, THEREFORE, in consideration of the purchase by each Holder of Securities, which purchase the Guarantor hereby agrees
shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee Agreement for the benefit of the Holders from time to time of the Securities. 
  
 ARTICLE I. 
 DEFINITIONS

  
 SECTION 1.1. Definitions. 
  
 As used in this Guarantee Agreement, the terms set forth below shall, unless
the context otherwise requires, have the following meanings. Capitalized or otherwise defined terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Trust Agreement as in effect on the date hereof.

  
 “Affiliate” of any specified Person means any other
Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person; provided, however, that an Affiliate of the Guarantor shall not be deemed to be an Affiliate of the Issuer. 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 either the board of directors of the Guarantor or any committee of that board duly authorized to act hereunder.

  

 “Common Securities” means the securities representing common undivided beneficial interests in
the assets of the Issuer. 
  
 “Event of Default” means a
default by the Guarantor on any of its payment or other obligations under this Guarantee Agreement; provided, however, that, except with respect to a default in payment of any Guarantee Payments, the Guarantor shall have received notice of default
and shall not have cured such default within 60 days after receipt of such notice. 
  
 “Guarantee Payments” means the following payments or distributions, without duplication, with respect to the Securities, to the extent not paid or made by or on behalf of the Issuer: (i) any accumulated and
unpaid Distributions (as defined in the Trust Agreement) required to be paid on the Securities, to the extent the Issuer shall have funds on hand available therefor at such time, (ii) the redemption price, including all accrued and unpaid
Distributions to the date of redemption (the “Redemption Price”), with respect to any Securities called for redemption by the Issuer, to the extent the Issuer shall have funds on hand available therefor at such time, and (iii) upon a
voluntary or involuntary termination, winding-up or liquidation of the Issuer, unless Debentures are distributed to the Holders, the lesser of (a) the aggregate of the Liquidation Amount of $25 per Security plus accrued and unpaid Distributions on
the Securities to the date of payment and (b) the amount of assets of the Issuer remaining available for distribution to Holders in liquidation of the Issuer after satisfaction of liabilities to creditors of the Issuer as required by applicable law
(in either case, the “Liquidation Distribution”). 
  
 “Guarantee Trustee” means JPMorgan Chase Bank, 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. 
  
 “Holder” means any holder, as
registered on the books and records of the Securities Registrar, of any Securities; provided, however, that in determining whether the holders of the requisite percentage of 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 o, as supplemented and amended, between the Guarantor and JPMorgan Chase Bank,
as trustee. 
  
 “List of Holders” has the meaning
specified in Section 2.2(a). 
  
 “Majority in Liquidation
Amount of the Securities” means, except as provided by the Trust Indenture Act, a vote by the Holder(s), voting separately as a class, of more than 50% of the Liquidation Amount of all then outstanding Securities issued by the Issuer.

  
 “Officers’ Certificate” means, with respect to
any Person, a certificate signed by the Chairman and Chief Executive Officer, President or a Vice President, and by the Treasurer, an Associate Treasurer, an Assistant Treasurer, the Controller, the Secretary or an Assistant Secretary, of such
Person, and delivered to the Guarantee Trustee. One of the officers signing an Officers’ Certificate given pursuant to Section 2.5 shall be the principal executive, financial or accounting officer of the Guarantor. Any Officers’
Certificate delivered with respect to compliance with a condition or covenant provided for in this Guarantee Agreement shall include: 
  
 (a) a statement that each officer signing the Officers’ Certificate has read the covenant or condition and the definitions relating thereto;

  
 (b) a brief statement of the nature and scope of the
examination or investigation undertaken by each officer in rendering the Officers’ Certificate; 
  

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 (c) a statement that each officer has made such examination or investigation as, in such officer’s
opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (d) a statement as to whether, in the opinion of each officer, such condition or covenant has been complied with. 
  
 “Person” means a legal person, including any individual,
corporation, estate, partnership, joint venture, association, joint stock company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature.

  
 “Responsible Officer” means, with respect to the
Guarantee Trustee, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer, any Trust Officer or any other officer of the Global Trust Services Office of the Guarantee Trustee
and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of that officer’s knowledge of and familiarity with the particular subject. 
  
 “Successor Guarantee Trustee” means a successor Guarantee Trustee
possessing the qualifications to act as Guarantee Trustee under Section 4.1. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 
  
 ARTICLE II. 
 TRUST INDENTURE ACT 
  
 SECTION 2.1. Trust Indenture Act; Application. 
  
 (a) This Guarantee Agreement is subject to the provisions of the Trust
Indenture Act that are required to be part of this Guarantee Agreement and shall, to the extent applicable, be governed by such provisions. 
  
 (b) 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 will furnish or cause to be furnished to the Guarantee Trustee: (i) semi-annually, not more than 15 days after April 15 and October 15 in each year, a list, in such form as the Guarantee Trustee may reasonably require, of
the names and addresses of the Holders as of such April 15 and October 15, and (ii) 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 similar form
and content as of a date not more than 15 days prior to the time such list is furnished, excluding from any such list names and addresses received by the Guarantee Trustee in its capacity as Securities Registrar. 
  
 (b) The Guarantee Trustee shall comply with its obligations under Section
311(a), Section 311(b) and Section 312(b) of the Trust Indenture Act. 
  
 SECTION 2.3. Reports by the Guarantee Trustee. 
  
 Not later than March 31 of each year, commencing March 31,             , 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 
  

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 form and in the manner provided by Section 313 of the Trust Indenture Act. The Guarantee Trustee shall also comply with
the requirements of Section 313(d) of the Trust Indenture Act. 
  
 SECTION 2.4. Periodic Reports to the Guarantee Trustee. 
  
 The Guarantor shall provide to the Guarantee Trustee, the Securities and Exchange Commission 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. 
  

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 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 a Majority in aggregate
Liquidation Amount of the Securities may, by vote, on behalf of the Holders, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured, for every purpose of this Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent therefrom. 
  
 SECTION 2.7. Event of Default; Notice. 
  
 (a) The Guarantee Trustee shall, within 90 days after the occurrence of an
Event of Default, transmit by mail, first class postage prepaid, to the Holders, notices of all Events of Default actually known to a Responsible Officer of the Guarantee Trustee, unless such defaults have been cured before the giving of such
notice, provided, 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 a committee of 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 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 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 a Holder exercising his or her rights pursuant to Section 5.4(iv) or to a
Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Successor Guarantee Trustee. 
  

 -4- 

 The right, title and interest of the Guarantee Trustee 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, and no implied covenants shall be read into this Guarantee Agreement against the Guarantee Trustee. In case 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,
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; 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 on their face to the requirements of this Guarantee Agreement; 
  
 (ii) the Guarantee Trustee, its officers, directors, shareholders, employees and agents 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 aggregate Liquidation Amount of the Securities relating to the time, method and place of conducting any
proceeding for any remedy available to the Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and 
  
 (iv) 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 
  

 -5- 

 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 conclusively rely and shall be
fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document 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, in writing or subsequently confirmed in writing, 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 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 
  

 -6- 

 Guarantee Trustee shall not be responsible for any misconduct or negligence on the part of any such agent
or attorney appointed with due care by it 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 fully 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. Indemnity. 
  
 The Guarantor agrees to indemnify the Guarantee Trustee, its officers, directors, shareholders, employees and agents for, and to hold them harmless against, any loss, liability or expense incurred without negligence or bad faith on the part
of the Guarantee Trustee arising out of or in connection with the acceptance or administration of this Guarantee Agreement, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder. The Guarantee Trustee will not claim or exact any lien or charge on any Guarantee Payments as a result of any amount due to it under this Guarantee Agreement. This indemnity shall survive the
termination of this Guarantee Agreement or the earlier 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 the supervising or examining authority, then, for the purposes of this Section 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). 
  
 (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. 
  

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 SECTION 4.2. Appointment, Removal and Resignation of the Guarantee Trustee. 
  
 (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or
removed by the Guarantor (i) without cause at any time when an Event of Default has not occurred and is continuing and (ii) at any time when the Guarantee Trustee ceases to be eligible to act as the Guarantee Trustee pursuant to Section 4.1 hereof
or becomes incapable of acting or is adjudged a bankrupt or insolvent or a receiver of the Guarantee Trustee or of its property is appointed or any public officer takes charge or control of the Guarantee Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation. 
  
 (b)
The Guarantee Trustee shall not be removed until a Successor Guarantee Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor. 
  
 (c) The Guarantee Trustee appointed hereunder shall hold office until a
Successor Guarantee Trustee shall have been appointed or until its removal or resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing executed by the Guarantee Trustee
and delivered to the Guarantor, which resignation shall not take effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing executed by such Successor Guarantee Trustee and delivered to
the Guarantor and the resigning Guarantee Trustee. 
  
 (d) If no
Successor Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 4.2 within 60 days after delivery to the Guarantor of an instrument of resignation, the resigning Guarantee Trustee may petition, at the
expense of the Guarantor, any court of competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee.

  
 ARTICLE V. 
 GUARANTEE 
  
 SECTION 5.1. Guarantee. 
  
 The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts theretofore paid
by or on behalf of the Issuer), as and when due, regardless of any defense, right of set-off or counterclaim which the Issuer may have or assert. The Guarantor’s obligation to make a Guarantee Payment may be satisfied by direct payment of the
required amounts by the Guarantor to the Holders or by causing the Issuer to pay such amounts to the Holders. 
  
 SECTION 5.2. Waiver of Notice and Demand. 
  
 The Guarantor hereby waives notice of acceptance of the Guarantee Agreement and of any liability to which it applies or may apply, presentment, demand for
payment, any right to require a proceeding first against the Guarantee Trustee, Issuer or any other Person before proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and
demands. 
  
 SECTION 5.3. Obligations Not Affected.

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

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 (a) the release or waiver, by operation of law or otherwise, of the performance or observance by the
Issuer of any express or implied agreement, covenant, term or condition relating to the Securities to be performed or observed by the Issuer; 
  
 (b) the extension of time for the payment by the Issuer of all or any portion of the Distributions (other than an extension of time for payment of
Distributions that results from the extension of any interest payment period on the Debentures as provided in the Indenture), Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Securities or the extension of
time for the performance of any other obligation under, arising out of, or in connection with, the Securities; 
  
 (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 Securities, or any action on the part of the Issuer granting indulgence or extension of any kind; 
  
 (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer or any of the assets of the Issuer; 
  
 (e) any invalidity of, or defect or deficiency in, the Securities; 
  
 (f) the settlement or compromise of any obligation guaranteed hereby or
hereby incurred; or 
  
 (g) any other circumstance whatsoever that
might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being the intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances.

  
 There shall be no obligation of the Holders to give notice to,
or obtain the consent of, the Guarantor with respect to the happening of any of the foregoing. 
  
 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 aggregate Liquidation Amount of the Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of
this Guarantee 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 Issuer or any other Person. 
  
 SECTION 5.5. Guarantee of Payment. 
  
 This Guarantee Agreement creates a guarantee of payment and not of collection. This Guarantee Agreement will not be discharged except by payment of the
Guarantee Payments in full (without duplication of amounts theretofore paid by the Issuer) or upon distribution of Debentures to Holders as provided in the Trust Agreement. 
  
 SECTION 5.6. Subrogation. 
  
 The Guarantor shall be subrogated to all (if any) rights of the Holders against the Issuer in respect of any amounts paid to the Holders by the Guarantor
under this Guarantee Agreement and shall have the 
  

 -9- 

 right to waive payment by the Issuer pursuant to Section 5.1; 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 with respect to the Securities and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to
the terms of this Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a) through (g), inclusive, of Section 5.3 hereof. 
  

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, except those made pari passu or subordinate to such
obligations expressly by their terms, in the same manner as set forth in Article XIII of the Indenture. 
  
 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 any similar Guarantee
Agreements issued by the Guarantor on behalf of the holders of preferred securities issued by any Mellon Trust (as defined in the Indenture). 
  
 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 Securities, (ii) the distribution of Debentures to the Holders in exchange for all of the Securities or (iii) full payment of the amounts payable in accordance with the Trust Agreement upon
liquidation of the Issuer. Notwithstanding the foregoing, this Guarantee Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any Holder must restore payment of any sums paid with respect to 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 Securities then outstanding. Except in connection with a consolidation, merger or sale involving the Guarantor that is permitted under Article VIII of the Indenture and pursuant to which
the successor or 
  

 -10- 

 assignee agrees in writing to perform the Guarantor’s obligations hereunder, the Guarantor shall not assign its
obligations hereunder. 
  
 SECTION 8.2. Amendments.

  
 Except with respect to any changes which 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 all the outstanding 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 set forth below or such other address, facsimile number or to the attention of such other Person as the Guarantor may give notice to the Holders: 
  
 Mellon Financial Corporation 
 One Mellon Bank Center 
 500 Grant Street

 Pittsburgh, Pennsylvania 15258 
 Facsimile No.: 412-234-1813 
 Attention: Secretary 
  
 (b) if given to the Issuer, in care of the Guarantee Trustee, at the Issuer’s (and the Guarantee Trustee’s)
address set forth below or such other address as the Guarantee Trustee on behalf of the Issuer may give notice to the Holders: 
  
 Mellon Capital ___ 
 c/o Mellon Financial
Corporation 
 One Mellon Bank Center 
 500 Grant Street 
 Pittsburgh, Pennsylvania 15258 
 Facsimile No.: 412-234-1813 
 Attention: Secretary 
  
 with a copy to: 
  
 JPMorgan Chase Bank 
 450 West 33rd Street, 15th Floor 
 New York,
New York 10001 
 Facsimile No.: 212-946-8161 
 Attention: Global Trust Services Office 
  
 (c) if given to any Holder, at the address set forth on the books and records of the Issuer. 
  
 All notices hereunder shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was 
  

 -11- 

 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 Securities. 
  
 SECTION
8.5. Interpretation. 
  
 In this Guarantee Agreement, unless
the context otherwise requires: 
  
 (a) capitalized terms used in
this Guarantee Agreement but not defined in the preamble hereto have the respective meanings assigned to them in Section 1.1; 
  
 (b) a term defined anywhere in this Guarantee Agreement has the same meaning throughout; 
  
 (c) all references to “the Guarantee Agreement” or “this Guarantee Agreement” are to this Guarantee
Agreement as modified, supplemented or amended from time to time; 
  
 (d) all references in this Guarantee Agreement to Articles and Sections are to Articles and Sections of this Guarantee Agreement unless otherwise specified; 
  
 (e) a term defined in the Trust Indenture Act has the same meaning when used in this Guarantee Agreement unless otherwise
defined in this Guarantee Agreement or unless the context otherwise requires; 
  
 (f) a reference to the singular includes the plural and vice versa; and 
  
 (g) the masculine, feminine or neuter genders used herein shall include the masculine, feminine and neuter genders. 
  
 SECTION 8.6. Governing Law. 
  
 THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF. 
  

 -12- 

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

	MELLON FINANCIAL CORPORATION
		
	By:	 	 
	 	

	Name:	 	 
	Title:	 	 

  

	 JPMORGAN CHASE BANK
 as Guarantee Trustee

		
	By:	 	 
	 	

	Name:	 	 
	Title:	 	 

  

 -13-Prepared by R.R. Donnelley Financial -- Amendment #4 to License & Distribution Agreement

	HEWLETT-PACKARD/ALTIRIS CONFIDENTIAL	 	EXHIBIT 10.5(G)

  
 AMENDMENT NUMBER 4

 TO 
 LICENSE AND
DISTRIBUTION AGREEMENT 
  
 This Amendment Number 4
(“Amendment 4”) to the License and Distribution Agreement (“Agreement”), dated November 12, 1999, is entered into and is effective as of the 15th day of April, 2003 (“Effective
Date”) by and between Hewlett-Packard Company (“HP”), a Delaware corporation having a place of business at 20555 S.H. 249, Houston, Texas 77070 and Altiris, Inc. (“Altiris”), a Delaware
corporation having its principal place of business at 588 W. 400 South, Lindon, Utah 84042 (collectively, the “Parties”). 
  
 WHEREAS, the Parties wish to amend the Agreement to clarify the Support being provided by Altiris under Section 8.4 of the Agreement, as
amended by Amendment 3 of the Agreement with an effective date of December 1, 2001. 
  
 NOW THEREFORE, in consideration of the mutual covenants and promises in the Agreement as amended previously and hereunder, and for other good and valuable consideration, the receipt, sufficiency and
adequacy of which are hereby acknowledged, the Parties hereto agree as follows: 
  
 1.    For purposes of clarification, the Support being provided in North America and EMEA by Altiris to Hewlett Packard for the purposes of the resale of the “Commercial Products” under
Section 8.4 of the License and Distribution Agreement shall include the following: 
  
 1.1    Altiris will provide HP with access, by telephone and e-mail, to technical assistance for Level 1, Level 2, and Level 3 issues and questions related to Altiris products. This access will be
for an unlimited number of incidents. The target response time for an e-mail response is eight business hours. Phone access will be provided during Altiris’ regular days of operation, from 6:00 a.m. to 6:00 p.m. (Mountain time), Monday through
Friday. 
  
 1.2    Altiris will provide
critical situation support for after-hour emergencies on a 24 by 7 basis. A dedicated phone number will be provided for after-hour emergencies at no charge to HP. The target response time by Altiris for any such calls is one hour. 
  
 1.3    Altiris will assign a second-level support
engineer to be an “Assigned Engineer” to address issues that are escalated by HP or require a higher level of assistance beyond that provided by Altiris’ “Priority Support” engineers. The Assigned Engineer will be available
on an as-needed basis, as determined by Altiris support management team. The Assigned Engineer will have direct lines of communication into Altiris’ product management and development teams. 
  
 1.4    Altiris will assign a “Service Account
Manager” to provide support management, issue escalation, feedback, proactive notification of updates and fixes, and other assistance required by HP and mutually agreed by both Parties. 
  
 1.5    Altiris will use commercially reasonable efforts
to respond to and provide updates on issues reported by HP within the time frames set forth in the Priority Definition 

	HEWLETT-PACKARD/ALTIRIS CONFIDENTIAL	 	FINAL

  
 and Response Table listed below. The
target response time for critical situation support for after-hour emergencies is one hour. 
  
 1.6    Altiris will use commercially reasonable efforts to promptly provide, fixes or workarounds for issues designated as Severity Level 4 and Severity Level 5. Due to the differing complexity of
the various issues that may arise and the varied manner in which issues may be addressed, it is difficult to attach resolution timeframes to fixes and workarounds. However, Altiris will put forth its best effort to assign resources and resolve
issues based upon the severity level of each issue. For Severity Level 4 and Severity Level 5 issues, the proper resources across various Altiris departments will be quickly engaged to assist with resolution. 
  
 Priority Definition and Response Table 
  

	 Priority
Level
Assignment

	  	Initial
Response
(Telephone)

	  	Initial
Response
(eMail)

	  	 Description

	  	Update Frequency

	  	Who is Updated

	ASAP	  	15 minutes	  	Please Call
Priority
Support	  	A vital business process is severely affected and there is no procedural workaround. System down, unable to do business. A fix or work around is required immediately.	  	At least daily	  	HP Incident Owner,
Altiris and HP
Account Reps.
Altiris Management
						
	High	  	30 minutes	  	Please Call
Priority
Support	  	A vital business process is affected, system impeded, business performance is sub-standard but may be acceptable for a short time. Proposed work-around may be
unacceptable.	  	At least once per
week or as agreed
to by Altiris & HP	  	HP Incident Owner
						
	Medium High	  	1 hour	  	8 hours	  	Medium-High business impact, work-around in place, scheduled fix.	  	As agreed to by
Altiris and HP	  	HP Incident Owner
						
	Medium	  	4 hours	  	8 hours	  	Medium business impact, work-around in place, scheduled fix.	  	As agreed to by
Altiris and HP	  	HP Incident Owner
						
	Low	  	4 hours	  	8 hours	  	Low business impact. Issue is informational or educational in nature.	  	As agreed to by
Altiris and HP	  	HP Incident Owner

  
 2.    Except as set forth herein, all other provisions of the Agreement, as amended, remain in full force and effect. In the event of any conflict between this Amendment 4 and the original Agreement, as amended, this
Amendment 4 shall govern, 
  
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  
  

 -2- 

	HEWLETT-PACKARD/ALTIRIS CONFIDENTIAL	 	FINAL

  
 IN WITNESS
WHEREOF, the Parties hereto have duly executed this Amendment by their respective duly authorized representatives to be effective as of the Effective Date. 
  

	HEWLETT-PACKARD COMPANY	 	 	 	ALTIRIS, INC.
					
	By:	 	 /s/  Jeri Callaway

	 	 	 	By:	 	 /s/  Rob Wellman

	Name:	 	Jeri Callaway	 	 	 	Name:	 	Rob Wellman
	Title:	 	Senior V.P. and GM Business PC GBU	 	 	 	Title:	 	VP:Strategic Alliances
	Date:	 	 	 	 	 	Date:	 	4-30-03

  
  

	 	 	REVIEWED BY:	 	 /s/  T. Woo

	 	 	DATE:	 	 4-23-03

	 	 	PSG-PARTNER MANAGEMENT
	 	 	HP COMPANY -HOUSTON, TX

  

	Reviewed by Altiris Legal
		
	by:	 	 /s/  EKG

	Date:	 	 5/1/03

  

 -3-

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