Document:

Exhibit 4.3

 

TRUST PREFERRED SECURITIES GUARANTEE
AGREEMENT

 

BY AND BETWEEN

 

San Rafael Bancorp AND

 

Wells Fargo Bank, National Association

 

EFFECTIVE AS OF June 27, 2002

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
  DEFINITIONS AND INTERPRETATION

  
	
   

  	
   

  
	
  Section 1.1

  	
  Definitions and Interpretation

  
	
   

  	
   

  
	
  ARTICLE
  II

  	
  TRUST INDENTURE ACT

  
	
   

  	
   

  
	
  Section 2.1

  	
  Indenture Act; Application

  
	
   

  	
   

  
	
  Section 2.2

  	
  Lists of Holders of Securities

  
	
   

  	
   

  
	
  Section 2.3

  	
  Reports by the Trust Preferred Guarantee
  Trustee

  
	
   

  	
   

  
	
  Section 2.4

  	
  Reports to Trust Preferred Guarantee
  Trustee

  
	
   

  	
   

  
	
  Section 2.5

  	
  Evidence of Compliance with Conditions
  Precedent

  
	
   

  	
   

  
	
  Section 2.6

  	
  Event of Default; Waiver

  
	
   

  	
   

  
	
  Section 2.7

  	
  Event of Default; Notice

  
	
   

  	
   

  
	
  Section 2.8

  	
  Conflicting Interests

  
	
   

  	
   

  
	
  ARTICLE
  III

  	
  POWERS, DUTIES AND RIGHTS OF TRUST PREFERRED GUARANTEE TRUSTEE

  
	
   

  	
   

  
	
  Section 3.1

  	
  Powers and Duties of the Trust Preferred
  Guarantee Trustee

  
	
   

  	
   

  
	
  Section 3.2

  	
  Certain Rights of Trust Preferred Guarantee
  Trustee

  
	
   

  	
   

  
	
  Section 3.3

  	
  Not Responsible for Recitals or Issuance of
  Guarantee

  
	
   

  	
   

  
	
  ARTICLE
  IV

  	
  TRUST PREFERRED GUARANTEE TRUSTEE

  
	
   

  	
   

  
	
  Section 4.1

  	
  Trust Preferred Guarantee Trustee;
  Eligibility

  
	
   

  	
   

  
	
  Section 4.2

  	
  Appointment, Removal and Resignation of
  Trust Preferred Guarantee Trustees

  
	
   

  	
   

  
	
  ARTICLE V

  	
  GUARANTEE

  
	
   

  	
   

  
	
  Section 5.1

  	
  Guarantee

  
	
   

  	
   

  
	
  Section 5.2

  	
  Waiver of Notice and Demand

  
	
   

  	
   

  
	
  Section 5.3

  	
  Obligations not Affected

  
	
   

  	
   

  
	
  Section 5.4

  	
  Rights of Holders

  
	
   

  	
   

  
	
  Section 5.5

  	
  Guarantee of Payment

  
	
   

  	
   

  
	
  Section 5.6

  	
  Subrogation

  
	
   

  	
   

  
	
  Section 5.7

  	
  Independent Obligations

  
	
   

  	
   

  
	
  ARTICLE
  VI

  	
  LIMITATION OF TRANSACTIONS; SUBORDINATION

  
			

 

i

 

	
  Section 6.1

  	
  Limitation of Transactions

  
	
   

  	
   

  
	
  Section 6.2

  	
  Ranking

  
	
   

  	
   

  
	
  ARTICLE
  VII

  	
  TERMINATION

  
	
   

  	
   

  
	
  Section 7.1

  	
  Termination

  
	
   

  	
   

  
	
  ARTICLE
  VIII

  	
  INDEMNIFICATION

  
	
   

  	
   

  
	
  Section 8.1

  	
  Exculpation

  
	
   

  	
   

  
	
  Section 8.2

  	
  Indemnification

  
	
   

  	
   

  
	
  ARTICLE
  IX

  	
  MISCELLANEOUS

  
	
   

  	
   

  
	
  Section 9.1

  	
  Successors and Assigns

  
	
   

  	
   

  
	
  Section 9.2

  	
  Amendments

  
	
   

  	
   

  
	
  Section 9.3

  	
  Notices

  
	
   

  	
   

  
	
  Section 9.4

  	
  Benefit

  
	
   

  	
   

  
	
  Section 9.5

  	
  Governing Law

  
			

 

ii

 

TRUST
PREFERRED SECURITIES GUARANTEE AGREEMENT

 

THIS TRUST
PREFERRED SECURITIES GUARANTEE AGREEMENT (this “Trust Preferred Securities
Guarantee”), effective as of June 27, 2002, is executed and delivered by San
Rafael Bancorp, a California corporation (the “Guarantor”), and Wells Fargo
Bank, National Association, as trustee (the “Trust Preferred Guarantee
Trustee”), for the benefit of the Holders (as defined herein) from time to time
of the Trust Preferred Securities (as defined herein) of San Rafael Capital
Trust I, a Delaware statutory business trust (the “Trust”).

 

RECITALS

 

WHEREAS, pursuant to
an Amended and Restated Trust Agreement (the “Trust Agreement”), effective as
of June 27, 2002, among the trustees of the Trust named therein, the Guarantor,
as depositor, and the holders from time to time of undivided beneficial
interests in the assets of the Trust, the Trust is issuing on the date hereof
up to Ten Thousand (10,000) preferred securities, having an aggregate
liquidation amount of Ten Million Dollars ($10,000,000), and such preferred
securities being designated the Floating Rate Cumulative Trust Preferred
Securities (the “Trust Preferred Securities”);

 

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

 

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

 

ARTICLE I

 

DEFINITIONS
AND INTERPRETATION

 

Section 1.1                                   Definitions
and Interpretation.

 

In this Trust Preferred Securities Guarantee, unless the context
otherwise requires:

 

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

 

(b)                                 terms defined in the
Trust Agreement as of the date of execution of this Trust Preferred Securities
Guarantee have the same meaning when used in this Trust Preferred Securities
Guarantee, unless otherwise defined in this Trust Preferred Securities
Guarantee;

 

(c)                                  a term defined
anywhere in this Trust Preferred Securities Guarantee has the same meaning
throughout;

 

 

(d)                                 all references to “the
Trust Preferred Securities Guarantee” or “this Trust Preferred Securities
Guarantee” are to this Trust Preferred Securities Guarantee as modified,
supplemented or amended from time to time;

 

(e)                                  all references in
this Trust Preferred Securities Guarantee to Articles and Sections are to
Articles and Sections of this Trust Preferred Securities Guarantee, unless
otherwise specified;

 

(f)                                    a term defined in
the Trust Indenture Act (as defined below) has the same meaning when used in
this Trust Preferred Securities Guarantee, unless otherwise defined in this
Trust Preferred Securities Guarantee or unless the context otherwise requires;
and

 

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

 

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

 

“Business Day”
means any day other than a Saturday, Sunday, a day on which federal or state
banking institutions in San Rafael, California, Wilmington, Delaware or
Minneapolis, Minnesota are authorized or required by law, executive order or
regulation to close or a day on which the Corporate Trust Office of the Trust
Preferred Guarantee Trustee is closed for business.

 

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

 

“Covered
Person” means any Holder or beneficial owner of  Trust Preferred Securities.

 

“Debentures”
means the Floating Rate Junior Subordinated Deferrable Interest Debentures due June
30, 2032, of the Debenture Issuer held by the Property Trustee (as defined in
the Trust Agreement) on behalf of the Trust.

 

“Debenture
Issuer” means San Rafael Bancorp, issuer of the Debentures under the Indenture.

 

“Event of
Default” means a default by the Guarantor on any of its payment or other
obligations under this Trust Preferred Securities Guarantee.

 

“Guarantee
Payments” means the following payments or distributions, without duplication,
with respect to the Trust Preferred Securities, to the extent not paid or made
by the Trust:  (i) any accumulated and
unpaid Distributions (as defined in the Trust Agreement) that are required to
be paid on such Trust Preferred Securities, to the extent the Trust shall have
funds legally available therefor, (ii) the redemption price, including all
accumulated and unpaid Distributions to the date of redemption (the “Redemption
Price”), to the extent the Trust has funds legally available therefor, with
respect to any Trust Preferred Securities called for redemption by the Trust,
and (iii) upon a voluntary or involuntary dissolution, winding-up or

 

2

 

termination of the Trust (other
than in connection with the distribution of Debentures to the Holders in
exchange for Trust Preferred Securities as provided in the Trust Agreement),
the lesser of (a) the aggregate of the liquidation amount and all accumulated
and unpaid Distributions on the Trust Preferred Securities to the date of
payment, to the extent the Trust shall have funds legally available therefor,
and (b) the amount of assets of the Trust remaining legally available for
distribution to Holders in liquidation of the Trust (the “Liquidation Distribution”).

 

“Holder” shall
mean any holder, as registered on the books and records of the Trust, of any
Trust Preferred Securities; provided, however, that, in determining whether the
holders of the requisite percentage of Trust Preferred Securities have given
any request, notice, consent or waiver hereunder, “Holder” shall not include
the Guarantor or the Trust Preferred Guarantee Trustee; provided, further, that
the Trust Preferred Guarantee Trustee shall be protected in acting on any such
request, notice, consent or waiver unless a Responsible Officer of the Trust
Preferred Guarantee Trustee shall have actual knowledge that the holder of such
Trust Preferred Securities is the Guarantor.

 

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

 

“Indenture”
means the Indenture effective as of June 27, 2002, among the Debenture Issuer
and Wells Fargo Bank, National Association, as trustee, and any indenture
supplemental thereto pursuant to which certain subordinated debt securities of
the Debenture Issuer are to be issued to the Property Trustee on behalf of the
Trust.

 

“Liquidation
Amount” means the stated value of $1,000 per Trust Preferred Security.

 

“Liquidation
Distribution” has the meaning provided therefor in the definition of Guarantee
Payments.

 

“List of
Holders” has the meaning provided therefor in Section 2.2(a) hereof.

 

“Majority in
Liquidation Amount of the Trust Preferred Securities” means the Holders of more
than 50% of the Liquidation Amount of the Outstanding (as defined in the Trust
Agreement) Trust Preferred Securities.

 

“Officers’
Certificate” means, with respect to any Person, a certificate signed by two
authorized officers of such Person, at least one of whom shall be the principal
executive officer, principal financial officer, principal accounting officer,
treasurer or any vice president of such Person.  Any Officers’ Certificate delivered with respect to compliance
with a condition or covenant provided for in this Trust Preferred Securities
Guarantee shall include:

 

(a)                                  a statement that each
officer signing the Officers’ Certificate has read the covenant or condition
and the definition relating thereto;

 

3

 

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

 

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

 

(d)                                 a statement as to
whether, in the opinion of each such officer, such condition or covenant has
been complied with.

 

“Person” means
a legal person, including any individual, corporation, estate, partnership,
joint venture, association, joint stock company, limited liability company,
trust, unincorporated association, or government or any agency or political
subdivision thereof, or any other entity of whatever nature.

 

“Redemption
Price” has the meaning provided therefor in the definition of Guarantee
Payments.

 

“Responsible
Officer” means, with respect to the Trust Preferred Guarantee Trustee, any
officer within the Corporate Trust Office of the Trust Preferred Guarantee
Trustee with direct responsibility for the administration of this Trust
Preferred Securities Guarantee, including any vice-president, any assistant
vice-president, any assistant secretary or other officer or assistant officer
of the Trust Preferred Guarantee Trustee customarily performing functions similar
to those performed by any of the Persons who at the time shall be such
officers, or to whom a corporate trust matter is referred because of that
officer’s knowledge of and familiarity with the particular subject.

 

“Securities
Register” and “Securities Registrar” have the meanings provided for each in the
Trust Agreement.

 

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

 

“Trust
Agreement” has the meaning provided therefor in the Recitals hereof.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939 or any successor statute
thereto, in each case as amended from time to time.

 

“Trust
Preferred Guarantee Trustee” means Wells Fargo Bank, National Association, in
its capacity as trustee under this Trust Preferred Securities Guarantee until a
Successor Trust Preferred Guarantee Trustee has been appointed and has accepted
such appointment pursuant to the terms of this Trust Preferred Securities
Guarantee and thereafter means each such Successor Trust Preferred Guarantee
Trustee.

 

4

 

ARTICLE II

 

TRUST INDENTURE ACT

 

Section 2.1                                   Indenture
Act; Application.

 

(a)                                  Unless and until the
Indenture is required to be qualified under the Trust Indenture Act so that the
provisions thereof are applicable (i) the provisions of the Trust Indenture Act
do not apply to this Trust Preferred Securities Guarantee and are not given
effect; and (ii) notwithstanding any other provision set forth herein, the
Trust Preferred Guarantee Trustee shall not be liable for its own simple
negligence, but shall only be liable for its own gross negligence.

 

(b)                                 If and to the extent
that any provision of this Trust Preferred Securities Guarantee limits,
qualifies or conflicts with the duties imposed by Section 310 to 317,
inclusive, of the Trust Indenture Act, and the Indenture is then required to be
qualified under the Trust Indenture Act so that the provisions thereof are
applicable, such imposed duties shall control.

 

Section 2.2                                   Lists
of Holders of Securities.

 

(a)                                  In the event the
Trust Preferred Guarantee Trustee is not also the Securities Registrar, the
Guarantor shall provide the Trust Preferred Guarantee Trustee with a list, in
such form as the Trust Preferred Guarantee Trustee may reasonably require, of
the names and addresses of the Holders (“List of Holders”) as of the date (i)
within five (5) Business Days after March 15, June 15, September 15 and
December 15, and (ii) at any other time within 30 days of receipt by the
Guarantor of a written request for a List of Holders as of a date no more than
15 days before such List of Holders is given to the Trust Preferred Guarantee
Trustee; provided, that the Guarantor shall not be obligated to provide such
List of Holders at any time the List of Holders does not differ from the most
recent List of Holders given to the Trust Preferred Guarantee Trustee by the
Guarantor. The Trust Preferred Guarantee Trustee may destroy any List of
Holders previously given to it on receipt of a new List of Holders.

 

(b)                                 If applicable, the
Trust Preferred Guarantee Trustee shall comply with its obligations under
Sections 311(a), 311(b) and Section 312(b) of the Trust Indenture Act.

 

Section 2.3                                   Reports
by the Trust Preferred Guarantee Trustee.

 

(a)                                  On or before July 15
in each year in which any of the Trust Preferred Securities are Outstanding,
the Trust Preferred Guarantee Trustee shall transmit by mail, first class
postage prepaid, to the Holders, as their names and addresses appear upon the
Securities Register, a brief report dated as of the preceding May 15, if and to
the extent required under Section 313(a) of the Trust Indenture Act, if
applicable (it being understood that no such report shall be required if none
of the events set forth in Section 313(a) of the Trust Indenture Act has
occurred during the period to which such report would relate).

 

5

 

(b)                                 The Trust Preferred
Guarantee shall comply with Sections 313(b) and 313(c) of the Trust Indenture
Act, if applicable.

 

(c)                                  A copy of each such
report shall, at the time of such transmission to the Holders, be filed by the
Trust Preferred Guarantee Trustee with the Company, with each stock exchange or
applicable self-regulatory organization upon which any Trust Preferred
Securities are listed (if so listed) and also with the Securities and Exchange
Commission. The Company agrees to notify the Trust Preferred Guarantee Trustee
when any Trust Preferred Securities become listed on any stock exchange or
other applicable self-regulatory organization.

 

Section 2.4                                   Reports
to Trust Preferred Guarantee Trustee.

 

If applicable,
the Guarantor shall provide to the Trust Preferred Guarantee Trustee such
documents, reports and information as required by Section 314 (if any) 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.

 

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

 

Section 2.6                                   Event
of Default; Waiver.

 

The Holders of
a Majority in Liquidation Amount of Trust Preferred Securities may, by vote, on
behalf of the Holders of all of the Trust Preferred Securities, 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 Trust Preferred Securities Guarantee, but no such waiver
shall extend to any subsequent or other default or Event of Default or impair
any right consequent thereon.

 

Section 2.7                                   Event
of Default; Notice.

 

The Trust
Preferred Guarantee Trustee shall, within ninety (90) days after the occurrence
of an Event of Default, transmit by mail, first class postage prepaid, to the
Holders of the Trust Preferred Securities, notices of all Events of Default
actually known to a Responsible Officer of the Trust Preferred Guarantee
Trustee, unless such defaults have been cured before the giving of such notice;
provided, that, except in the case of a default by Guarantor on any of its
payment obligations, the Trust Preferred 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 the directors and/or Responsible
Officers of the Trust Preferred Guarantee Trustee in good faith determines that
the withholding of such notice is in the interests of the Holders of the Trust
Preferred Securities.

 

6

 

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

 

Section 2.8                                   Conflicting
Interests.

 

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

 

ARTICLE III

 

POWERS, DUTIES AND RIGHTS OF TRUST PREFERRED
GUARANTEE TRUSTEE

 

Section 3.1                                   Powers
and Duties of the Trust Preferred Guarantee Trustee.

 

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

 

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

 

(c)                                  The Trust Preferred
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 Trust Preferred
Securities Guarantee.  In case an Event
of Default has occurred (that has not been cured or waived pursuant to Section
2.6 hereof) and is actually known to a Responsible Officer of the Trust
Preferred Guarantee Trustee, the Trust Preferred Guarantee Trustee shall
exercise such of the rights and powers vested in it by this Trust Preferred
Securities Guarantee, and use the same degree of care and skill in its exercise
thereof, as a prudent person would exercise or use under the circumstances in
the conduct of his or her own affairs. 
No implied covenants shall be read into the Trust Preferred Securities
Guarantee against the Trust Preferred Guarantee Trustee.

 

7

 

(d)                                 No provision of this
Trust Preferred Securities Guarantee shall be construed to relieve the Trust
Preferred 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 Trust Preferred Guarantee Trustee shall be determined solely
by the express provisions of this Trust Preferred Securities Guarantee, and the
Trust Preferred Guarantee Trustee shall not be liable except for the
performance of such duties and obligations as are specifically set forth in
this Trust Preferred Securities Guarantee, and no implied covenants or
obligations shall be read into this Trust Preferred Securities Guarantee
against the Trust Preferred Guarantee Trustee; and

 

(B)                                in the absence of bad
faith on the part of the Trust Preferred Guarantee Trustee, the Trust Preferred
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 Trust Preferred Guarantee Trustee and conforming to
the requirements of this Trust Preferred Securities Guarantee; but in the case
of any such certificates or opinions that by any provision hereof are
specifically required to be furnished to the Trust Preferred Guarantee Trustee,
the Trust Preferred Guarantee Trustee shall be under a duty to examine the same
to determine in good faith whether or not they conform to the requirements of
this Trust Preferred Securities Guarantee;

 

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

 

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

 

(iv)                              no provision of this
Trust Preferred Securities Guarantee shall require the Trust Preferred
Guarantee Trustee to expend or risk its own funds or

 

8

 

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 Trust
Preferred 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 Trust Preferred Securities Guarantee or indemnity, reasonably
satisfactory to the Trust Preferred Guarantee Trustee, against such risk or
liability is not reasonably assured to it.

 

Section 3.2                                   Certain
Rights of Trust Preferred Guarantee Trustee.

 

(a)                                  Subject to the
provisions of Section 3.1(d) hereof:

 

(i)                                     The Trust
Preferred 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 Trust Preferred Securities Guarantee
shall be sufficiently evidenced by an Officers’ Certificate.

 

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

 

(iv)                              The Trust Preferred
Guarantee Trustee shall have no duty to see to any recording, filing or
registration of any instrument (or any rerecording, refiling or reregistration
thereof).

 

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

 

9

 

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

 

(vii)                           The Trust Preferred
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 Trust
Preferred Guarantee Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit.

 

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

 

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

 

(x)                                   Whenever in the
administration of this Trust Preferred Securities Guarantee the Trust Preferred
Guarantee Trustee shall deem it desirable to receive instructions with respect
to enforcing any remedy or right or taking any other action hereunder, the
Trust Preferred Guarantee Trustee (i) may request instructions from the Holders
of a Majority in Liquidation

 

10

 

Amount of the Trust Preferred Securities, (ii) may refrain from
enforcing such remedy or right or taking such other action until such
instructions are received, and (iii) shall be protected in conclusively relying
on or acting in good faith in accordance with such instructions.

 

(b)                                 No provision of this
Trust Preferred Securities Guarantee shall be deemed to impose any duty or
obligation on the Trust Preferred 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 Trust Preferred
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 Trust Preferred Guarantee
Trustee shall be construed to be a duty.

 

Section 3.3                                   Not
Responsible for Recitals or Issuance of Guarantee.

 

The recitals
contained in this Guarantee shall be taken as the statements of the Guarantor,
and the Trust Preferred Guarantee Trustee does not assume any responsibility
for their correctness. The Trust Preferred Guarantee Trustee makes no
representation as to the validity or sufficiency of this Trust Preferred
Securities Guarantee.

 

ARTICLE IV

 

TRUST PREFERRED GUARANTEE TRUSTEE

 

Section 4.1                                   Trust
Preferred Guarantee Trustee; Eligibility.

 

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

 

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

 

(ii)                                  be an entity
organized and doing business under the laws of the United States of America or
any State or Territory thereof or of the District of Columbia, or a Person
permitted by the Securities and Exchange Commission to act as a resident
trustee under the Trust Indenture Act, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least
$50,000,000, and subject to supervision or examination by applicable federal,
state, territorial or District of Columbia authority.  If such Person publishes reports of condition at least annually,
pursuant to law or to the requirements of its supervising or examining
authority referred to above, then, for the purposes of this Section 4.1(a)(ii),
the combined capital and surplus of such Person shall be deemed to be its
combined capital and surplus as set forth in its most recent report of
condition so published.

 

11

 

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

 

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

 

Section 4.2                                   Appointment,
Removal and Resignation of Trust Preferred Guarantee Trustees.

 

(a)                                  Subject to Section
4.2(b), the Trust Preferred Guarantee Trustee may be appointed or removed
without cause at any time by the Guarantor.

 

(b)                                 The Trust Preferred
Guarantee Trustee shall not be removed in accordance with Section 4.2(a) until
a Successor Trust Preferred Guarantee Trustee has been appointed and has
accepted such appointment by written instrument executed by such Successor
Trust Preferred Guarantee Trustee and delivered to the Guarantor and the Trust
Preferred Guarantee Trustee.

 

(c)                                  The Trust Preferred
Guarantee Trustee appointed to office shall hold office until a Successor Trust
Preferred Guarantee Trustee shall have been appointed or until its removal or
resignation. The Trust Preferred Guarantee Trustee may at any time resign from
office (without need for prior or subsequent accounting) by an instrument in
writing executed by the Trust Preferred Guarantee Trustee and delivered to the
Guarantor, which resignation shall not take effect until a Successor Trust
Preferred Guarantee Trustee has been appointed and has accepted such
appointment by instrument in writing executed by such Successor Trust Preferred
Guarantee Trustee and delivered to the Guarantor and the resigning Trust
Preferred Guarantee Trustee.

 

(d)                                 If no Successor Trust
Preferred 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 Trust Preferred Guarantee
Trustee may petition any court of competent jurisdiction for appointment of a
Successor Trust Preferred Guarantee Trustee. 
Such court may thereupon, after prescribing such notice, if any, as it
may deem proper, appoint a Successor Trust Preferred Guarantee Trustee.

 

(e)                                  No Trust Preferred
Guarantee Trustee shall be liable for the acts or omissions to act of any Successor
Trust Preferred Guarantee Trustee.

 

(f)                                    Upon termination of
this Trust Preferred Securities Guarantee or removal or resignation of the
Trust Preferred Guarantee Trustee pursuant to this Section 4.2, the Guarantor
shall pay to the Trust Preferred Guarantee Trustee all documented fees and
expenses accrued to the date of such termination, removal or resignation.

 

12

 

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 the
Trust), as and when due, regardless of any defense, right of set-off or
counterclaim that the Trust may have or assert. The Guarantor’s obligation to
make a Guarantee Payment may be satisfied by direct payment of the required
amounts by the Guarantor to the Holders or by causing the Trust to pay such
amounts to the Holders.

 

Section 5.2                                   Waiver
of Notice and Demand.

 

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

 

Section 5.3                                   Obligations
not Affected.

 

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

 

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

 

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

 

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

 

(d)                                 the voluntary or
involuntary liquidation, dissolution, sale of any collateral, receivership,
insolvency, bankruptcy, assignment for the benefit of creditors,

 

13

 

reorganization, arrangement, composition or readjustment of debt of, or
other similar proceedings affecting, the Trust or any of the assets of the
Trust;

 

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

 

(f)                                    any failure or omission
to receive any regulatory approval or consent required in connection with the
Trust Preferred Securities (or the common equity securities issued by the
Trust), including the failure to receive any approval of the Board of Governors
of the Federal Reserve System required for the redemption of the Trust
Preferred Securities;

 

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

 

(h)                                 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 consent of, the
Guarantor with respect to the happening of any of the foregoing.

 

Section
5.4                                   Rights
of Holders.

 

(a)                                  Subject to Section
5.4(b), the Holders of a Majority in Liquidation Amount of the Trust Preferred
Securities have the right to direct the time, method and place of conducting of
any proceeding for any remedy available to the Trust Preferred Guarantee
Trustee in respect of this Trust Preferred Securities Guarantee or exercising
any trust or power conferred upon the Trust Preferred Guarantee Trustee under
this Trust Preferred Securities Guarantee.

 

(b)                                 Any Holder of Trust
Preferred Securities may institute and prosecute a legal proceeding directly
against the Guarantor to enforce its rights under this Trust Preferred
Securities Guarantee, without first instituting and prosecuting a legal
proceeding against the Trust, the Trust Preferred Guarantee Trustee or any
other Person.

 

Section 5.5                                   Guarantee
of Payment.

 

This Trust
Preferred Securities Guarantee creates a guarantee of payment and not of
collection.

 

Section
5.6                                   Subrogation.

 

The Guarantor
shall be subrogated to all (if any) rights of the Holders against the Trust in
respect of any amounts paid to such Holders by the Guarantor under this Trust
Preferred Securities Guarantee; provided, however, that the Guarantor shall not
(except to the extent required by mandatory provisions of law) be entitled to
enforce or exercise any right that it may acquire by way of subrogation or any
indemnity, reimbursement or other agreement, in all cases

 

14

 

as a result of payment under
this Trust Preferred Securities Guarantee, if, at the time of any such payment,
any amounts are due and unpaid under this Trust Preferred Securities Guarantee.
If any amount shall be paid to the Guarantor in violation of the preceding
sentence, the Guarantor agrees to hold such amount in trust for the Holders and
to pay over such amount to the Holders.

 

Section 5.7                                   Independent
Obligations.

 

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

 

ARTICLE VI

 

LIMITATION OF TRANSACTIONS; SUBORDINATION

 

Section 6.1                                   Limitation
of Transactions.

 

So long as any
of the Trust Preferred Securities remain outstanding, if there shall have
occurred an Event of Default under this Trust Preferred Securities Guarantee,
an event of default under the Indenture, an event of default under the Trust
Agreement or during an Extended Interest Payment Period (as defined in the
Indenture), then

 

(a)                                  the Guarantor shall
not, and will not permit any Subsidiary to, declare or pay any dividends on,
make any distributions with respect to, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of its capital stock (other than
(1) dividends or distributions in shares of, or options, warrants or
rights to subscribe for or purchase shares of, common stock of the Guarantor or
such Subsidiary, (2) any declaration of a dividend in connection with the
implementation of a shareholder’s rights plan, or the issuance of stock under
any such plan in the future, or the redemption or repurchase of any such rights
pursuant thereto, (3) purchases of common stock of the Guarantor related to the
issuance of such common stock under any of the Guarantor’s employee benefit
plans for its directors, officers or employees, (4) as a result of a
reclassification of any class or series of the Guarantor’s capital stock solely
into another class or series of the Guarantor’s capital stock, or
(5) declarations or payments of dividends or distributions payable by a
Subsidiary of the Guarantor to the Guarantor or any of its Subsidiaries);

 

(b)                                 the Guarantor shall
not, and will not permit any Subsidiary to, make any payment of interest,
principal or premium, if any, or repay, repurchase or redeem any debt
securities issued by the Guarantor which rank pari
passu with or junior to the Debentures;

 

(c)                                  the Guarantor shall
not make any guarantee payments with respect to any guarantee by the Guarantor
of the debt securities of any Subsidiary of the Guarantor if such guarantee
ranks pari passu with or junior
in interest to the Debentures; provided,

 

15

 

however, that the Guarantor may make payments pursuant to its
obligations under the Trust Preferred Securities Guarantee; and

 

(d)                                 the Guarantor shall
not redeem, purchase or acquire less than all of the Outstanding (as defined in
the Indenture) Debentures or any of the Trust Preferred Securities.

 

Section
6.2                                   Ranking.

 

This Trust
Preferred Securities Guarantee will constitute an unsecured obligation of the
Guarantor and will rank subordinate and junior in right of payment to all
Senior Debt, Subordinated Debt and Additional Senior Obligations, each as
defined in the Indenture, of the Guarantor, to the extent and in the manner set
forth in the Indenture, and the applicable provisions of the Indenture will
apply, in all relevant respects, to the obligations of the Guarantor hereunder.

 

ARTICLE VII

 

TERMINATION

 

Section
7.1                                   Termination.

 

This Trust
Preferred Securities Guarantee shall terminate (a) upon full payment of the
Redemption Price of all Trust Preferred Securities, (b) upon full payment of the
amounts payable in accordance with the Trust Agreement upon dissolution and
liquidation of the Trust, or (c) upon distribution of the Debentures to the
Holders of the Trust Preferred Securities. Notwithstanding the foregoing, this
Trust Preferred Securities Guarantee shall continue to be effective or shall be
reinstated, as the case may be, if at any time any Holder of Trust Preferred
Securities must restore payment of any sums paid under the Trust Preferred
Securities or under this Trust Preferred Securities Guarantee.

 

ARTICLE
VIII

 

INDEMNIFICATION

 

Section
8.1                                   Exculpation.

 

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

 

16

 

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

 

Section
8.2                                   Indemnification.

 

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

 

ARTICLE IX

 

MISCELLANEOUS

 

Section 9.1                                   Successors
and Assigns.

 

All guarantees
and agreements contained in this Trust Preferred Securities Guarantee shall
bind the successors, assigns, receivers, trustees and representatives of the
Guarantor and shall inure to the benefit of the Holders of the Trust Preferred
Securities then outstanding.

 

Section
9.2                                   Amendments.

 

Except with
respect to any changes that do not materially adversely affect the rights of
Holders (in which case no consent of Holders will be required), this Trust
Preferred Securities Guarantee may only be amended by the Guarantor with the
prior approval of the Holders of at least a Majority in Liquidation Amount of
the Trust Preferred Securities. The provisions of Article VI of the Trust
Agreement with respect to meetings of Holders apply to the giving of such
approval.  Prior to the execution of any
amendment to this Trust Preferred Securities Guarantee, the Trust Preferred
Guarantee Trustee shall be entitled to receive and conclusively rely on an
Opinion of Counsel stating that the execution of such amendment is authorized
or permitted by this Trust Preferred Securities Guarantee and that all
conditions precedent to such execution and delivery have been satisfied.  The Trust Preferred Guarantee Trustee may,
but shall not be obligated to, enter into any such amendment which affects the
Trust Preferred Guarantee Trustee’s rights, duties or immunities under this
Trust Preferred Securities Guarantee,

 

17

 

provided, however, that no such
amendment shall be effective without the consent of the Trust Preferred
Guarantee Trustee.

 

Section
9.3                                   Notices.

 

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

 

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

 

Wells Fargo Bank, National Association

919 Market Street, Suite 700

Wilmington, Delaware 19801

Attention:  Corporate Trust
Administration

 

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

 

San Rafael Bancorp

851 Irwin Street

San Rafael, California 94901-3343

Attention: Chief Executive Officer

 

(c)                                  If given to any
Holder of Trust Preferred Securities, at the address set forth on the books and
records of the Trust.  All such notices
shall be deemed to have been given when received in person, telecopied with receipt
confirmed, or mailed by first class mail, postage prepaid except that if a
notice or other document is refused delivery or cannot be delivered because of
a changed address of which no notice was given, such notice or other document
shall be deemed to have been delivered on the date of such refusal or inability
to deliver.

 

Section
9.4                                   Benefit.

 

This Trust
Preferred Securities Guarantee is solely for the benefit of the Holders of the
Trust Preferred Securities and the Trust Preferred Guarantee Trustee and,
subject to Section 3.1(a) and Section 4.2 hereof, as applicable is not
separately transferable from the Trust Preferred Securities.

 

Section
9.5                                   Governing
Law.

 

THIS TRUST
PREFERRED SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF

 

18

 

THE STATE OF California WITHOUT
REGARD TO ITS CHOICE OF LAW PROVISIONS. 
ANY ACTION OR PROCEEDING ARISING OUT OF THIS GUARANTEE, AS SUPPLEMENTED
OR AMENDED, IN ANY WAY SHALL BE BROUGHT AND ENFORCED EXCLUSIVELY IN THE
APPLICABLE UNITED STATES DISTRICT COURT FOR THE STATE OF California, OR IN THE
EVENT SUCH COURT LACKS JURISDICTION, IN THE APPLICABLE California STATE
DISTRICT COURT.

 

[Remainder of Page Intentionally Left Blank]

 

19

 

IN WITNESS
WHEREOF, this Trust Preferred Securities Guarantee is dated as set forth below
and effective as of June 27, 2002.

 

	
   

  	
  San Rafael Bancorp, as Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Wells Fargo Bank, National Association, as

  Trust Preferred Guarantee Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
									

 

 

[Signature Page to Trust Preferred Securities
Guarantee Agreement]

 

20Exhibit 4.4

 

FLOATING RATE CUMULATIVE TRUST PREFERRED

SECURITY CERTIFICATE

OF SAN RAFAEL CAPITAL TRUST I

 

THIS TRUST PREFERRED SECURITY
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES
LAWS.  NEITHER THIS TRUST PREFERRED
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, SUCH REGISTRATION.  PRIOR TO
(i) THE DATE WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD OF TIME AS
PERMITTED BY RULE 144(k) UNDER THE SECURITIES ACT) AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE TRUST OR ANY
AFFILIATE OF THE TRUST WAS THE OWNER OF THIS TRUST PREFERRED SECURITY (OR ANY
PREDECESSOR OF THIS TRUST PREFERRED SECURITY) OR (ii) SUCH LATER DATE, IF ANY,
AS MAY BE REQUIRED BY APPLICABLE LAWS (THE “RESALE RESTRICTION TERMINATION
DATE”), THE HOLDER OF THIS TRUST PREFERRED SECURITY BY ITS ACCEPTANCE HEREOF
AGREES FOR THE BENEFIT OF THE TRUST TO OFFER, SELL OR OTHERWISE TRANSFER THIS
TRUST PREFERRED SECURITY ONLY (A) TO THE TRUST OR AN AFFILIATE OF THE
TRUST, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THIS TRUST
PREFERRED SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A (“RULE 144A”)
PROMULGATED UNDER THE SECURITIES ACT, TO A PERSON THE HOLDER REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER IN COMPLIANCE WITH RULE 144A, (D) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (A)(1), (2), (3) OR (7) OF RULE
501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS TRUST PREFERRED SECURITY
FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL “ACCREDITED
INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE
IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (E)
PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT, SUBJECT TO THE TRUST’S AND THE ADMINISTRATIVE TRUSTEES’
RIGHT PRIOR TO ANY SUCH OFFER, SALE, TRANSFER OR OTHER DISPOSITION (i) PURSUANT
TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY BY THE HOLDER OF AN OPINION OF
COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO THE TRUST AND
THE ADMINISTRATIVE TRUSTEE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT
TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND (ii) IN EACH OF THE FOREGOING CASES, TO
REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE
OF THIS CERTIFICATE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE
PROPERTY

 

 

TRUSTEE AND THE SECURITIES
REGISTRAR IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY PRIOR TO THE RESALE
RESTRICTION TERMINATION DATE.  THE
HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE CERTIFICATE OF TRANSFER
RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THE CERTIFICATE OF TRANSFER
TO THE PROPERTY TRUSTEE AND THE SECURITIES REGISTRAR.  THIS LEGEND WILL BE REMOVED UPON REQUEST OF THE HOLDER AFTER THE
EARLIER OF (i) THE TRANSFER OF THE TRUST PREFERRED SECURITY EVIDENCED HEREBY
PURSUANT TO CLAUSE (B) ABOVE OR (ii) THE RESALE RESTRICTION TERMINATION
DATE.  THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS TRUST PREFERRED
SECURITY OF THE RESALE RESTRICTIONS REFERRED TO HEREIN.

 

PRIOR TO THE RESALE RESTRICTION
TERMINATION DATE, THIS TRUST PREFERRED SECURITY MAY BE TRANSFERRED OR EXCHANGED
ONLY IN A MINIMUM  AGGREGATE LIQUIDATION
AMOUNT OF NOT LESS THAN $100,000.  ANY
ATTEMPTED TRANSFER OF THIS TRUST PREFERRED SECURITY IN AN AGGREGATE LIQUIDATION
AMOUNT OF LESS THAN $100,000 PRIOR TO THE RESALE RESTRICTION TERMINATION DATE
SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.  AFTER SUCH RESALE RESTRICTION TERMINATION
DATE, ANY ATTEMPTED TRANSFER OF THIS TRUST PREFERRED SECURITY IN AN AGGREGATE
LIQUIDATION AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO
LEGAL EFFECT WHATSOEVER.  ANY  SUCH PURPORTED TRANSFEREE SHALL BE DEEMED
NOT TO BE THE HOLDER OF THIS TRUST PREFERRED SECURITY FOR ANY PURPOSE,
INCLUDING, BUT NOT LIMITED TO, THE RIGHT TO RECEIVE DISTRIBUTIONS ON THIS TRUST
PREFERRED SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO
INTEREST WHATSOEVER IN THIS TRUST PREFERRED SECURITY.

 

IN CONNECTION WITH ANY
TRANSFER, THE HOLDER WILL DELIVER TO THE SECURITIES REGISTRAR SUCH CERTIFICATES
AND OTHER INFORMATION AS MAY BE REQUIRED BY THE AMENDED AND RESTATED TRUST
AGREEMENT TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS

 

2

 

Certificate Number  1

 

Number of Trust Preferred Securities: 
Ten Thousand (10,000)

 

Certificate Evidencing Trust Preferred Securities

 

of

 

San Rafael Capital Trust I

 

Floating Rate Cumulative Trust Preferred Securities

 

(liquidation amount $1,000 per Trust Preferred Security)

 

San Rafael
Capital Trust I, a statutory business trust created under the laws of the State
of Delaware (the “Trust”), hereby certifies that Bear Stearns Securities Corp.
(the “Holder”) is the registered owner of Ten Thousand (10,000) preferred
securities of the Trust representing undivided beneficial interests in the
assets of the Trust and designated the Floating Rate Cumulative Trust Preferred
Securities (liquidation amount $1,000 per Trust Preferred Security) (the “Trust
Preferred Securities”). The Trust Preferred Securities are transferable on the
books and records of the 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 Section 5.4 of the Trust Agreement (as defined herein).
The designations, rights, privileges, restrictions, preferences, and other
terms and provisions of the Trust Preferred Securities are set forth in, and
this certificate and the Trust Preferred Securities represented hereby are
issued and shall in all respects be subject to the terms and provisions of, the
Amended and Restated Trust Agreement of the Trust effective as of June 27, 2002,
as the same may be amended from time to time (the “Trust Agreement”), including
the designation of the terms of Trust Preferred Securities as set forth
therein. The Holder is entitled to the benefits of the Trust Preferred
Securities Guarantee Agreement entered into by San Rafael Bancorp, a California
corporation, and Wells Fargo Bank, National Association, as guarantee trustee,
effective as of June 27, 2002, as the same may be amended from time to time
(the “Preferred Securities Guarantee”), to the extent provided therein. The
Trust shall furnish a copy of the Trust Agreement and the Preferred Securities
Guarantee to the Holder without charge upon written request to the Trust at its
principal place of business.

 

Capitalized
terms used herein but not otherwise defined shall have the meanings assigned
them in the Trust Agreement.  Upon
receipt of this certificate, the Holder is bound by the Trust Agreement and is
entitled to the benefits thereunder.

 

Unless the
Certificate of Authentication has been manually executed by the Property
Trustee or the Authenticating Agent, this certificate is not valid or
effective.

 

3

 

IN WITNESS
WHEREOF, the Administrative Trustees of the Trust have executed this
Certificate this June 27, 2002.

 

	
   

  	
  San Rafael
  Capital Trust I

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  , as

  
	
   

  	
  Administrative
  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  , as

  
	
   

  	
  Administrative
  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  , as

  
	
   

  	
  Administrative
  Trustee

  
					

 

 

PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of
the Floating Rate Cumulative Trust Preferred Securities referred to in the
within-mentioned Trust Agreement.

 

	
   

  	
  Wells Fargo
  Bank, National Association, as

  Property Trustee/Authenticating Agent

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  AUTHORIZED
  SIGNATORY

  

 

4

 

[REVERSE OF CERTIFICATE]

 

The Trust
Preferred Securities represent undivided preferred beneficial interests in the
Trust Property.  Distributions payable
on the Trust Preferred Securities shall be cumulative, and shall accumulate
whether or not there are funds of the Trust available for the payment of
Distributions. Distributions shall accumulate from June 27, 2002, and, except
during any Extended Interest Payment Period with respect to the Debentures,
shall be payable quarterly in arrears on March 30, June 30, September 30 and
December 30 of each year (each a “Distribution Date”), commencing on September
30, 2002 at the rate per annum of 3.65% above the Three-Month LIBOR Rate (the
“Floating Distribution Rate”), multiplied by the Aggregate Liquidation Amount
of the Trust Preferred Securities outstanding as of each Distribution
Date.  If a Distribution Date is not a
Business Day, then the payment of such Distribution shall be made on the next
succeeding day that is a Business Day except that, if such Business Day is in
the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case with the same force and effect
as if made on the date such payment was originally payable.  In no event shall the Floating Distribution
Rate exceed 12% prior to June 30, 2007.

 

The
“Three-Month LIBOR Rate” shall mean the rate determined in accordance with the
following provisions:

 

(i)                                     On
the second LIBOR BUSINESS DAY (provided that on such day commercial banks are
open for business (including dealings in foreign currency deposits) in London
(a “LIBOR Banking Day”) preceding each of January 15, April 15, July 15 and
October 15 (except with respect to June 27, 2002 (each such date, a
“Distribution Reset Date”), Wells Fargo Bank, National Association (the
“Calculation Agent”), will determine the Three-Month LIBOR Rate which shall be
the rate for deposits in the London interbank market in U.S. dollars having a
three-month maturity which appears on the Telerate Page 3750 as of 11:00 a.m.,
London time, on such Distribution Reset Date. 
“Telerate Page 3750” means the display on Page 3750 of the Bloomberg
Financial Markets Commodities News (or such other page as may replace that page
on that service for the purpose of displaying London interbank offered rates of
major banks for U.S. dollar deposits). 
If the Three-Month LIBOR Rate on such Distribution Reset Date does not
appear on the Tleerate Page 3750, such Three-Month LIBOR Rate will be
determined as described in (ii) below. 
“LIBOR Business Day” means any day that is not a Saturday, Sunday or
other day on which commercial banking institutions in New York, New York or
Wilmington, Delaware are authorized or obligated by law or executive order to
be closed.  If such rate is superseded
on Telerate Page 3750 by a corrected rate before 12:00 noon (London time) on
the same Distribution Reset Date, the corrected rate as so substituted will be
the applicable LIBOR for that Distribution Reset Date.

 

(ii)                                  If,
on any Distribution Reset Date, such rate does not appear on  Telerate Page 3750 as reported by Bloomberg
Financial Markets Commodities News or such other page as may replace such
Telerate Page 3750, the Calculation Agent shall determine the arithmetic mean
of quotations of the Reference Banks (defined below) to leading banks in the
London interbank market for three-month U.S. Dollar deposits in Euope (in an
amount determined by the Calculation Agent) by reference to requests for
quotations as

 

5

 

of
approximately 11:00 a.m. (London time) on the Distribution Reset Date made by
the Calculation Agent to the Reference Banks. 
If, on any Distribution Reset Date, at least two of the Reference Banks
provide such quotations, LIBOR shall equal the arithmetic mean of such
quotations.  If, on any Distribution
Reset Date, only one or none of the Reference Banks provide such a quotation,
LIBOR shall be deemed to be the arithmetic mean of the offered quotations that
at least two leading banks in the City of New York (as selected by the
Calculation Agent) are quoting on the relevant Distribution Reset Date for
three-month U.S. Dollar deposits in Europe at approximately 11:00 a.m. (London
time) (in an amount determined by the Calculation Agent).  As used herein, “Reference Banks” means four
major banks in the London interbank market selected by the Calculation Agent.

 

If the Calculation Agent is required but is unable to determine a rate
in accordance with at least one of the procedures provided above, LIBOR shall
be LIBOR in effect on the previous Distribution Reset Date (whether or not
LIBOR for such period was in fact determined on such Distribution Reset Date).

 

The
amount  payable for any Distribution
Period shall be computed on the basis of a 360-day year and the actual number
of days in such Distribution Period. In the event that any date on which
distribution is payable is not a Business Day, then payment shall be made on
the next succeeding day that is a Business Day except that, if such Business
Day is in the next succeeding calendar year, payment will be made on the
immediately preceding Business Day.

 

The Company
shall have the right, at any time and from time to time during the term of the
Debentures so long as no Debenture Event of Default has occurred and is
continuing, to defer payments of interest by extending the interest payment
period of such Debentures for a period not exceeding 20 consecutive quarters
(the “Extended Interest Payment Period”), during which Extended Interest
Payment Period the payment of interest due and payable shall be deferred;
provided that no Extended Interest Payment Period may extend beyond the
Maturity Date of the Debentures or end on a date other than an Interest Payment
Date for the Debentures. As a consequence of such deferral, Distributions on
the Trust Preferred Securities will also be deferred for a period equal to the
Extended Interest Payment Period. 
Notwithstanding such deferral, Distributions, the payment of which has
been deferred because of the extension of the interest payment period pursuant
to the Indenture, will continue to accumulate with interest thereon (to the
extent permitted by applicable law but not at a rate greater than the rate at
which interest is then accruing on the Debentures) at the Floating Distribution
Rate as in effect during each quarter of the Extended Interest Payment Period,
compounded quarterly. At the end of the Extended Interest Payment Period, the
Company shall calculate (and deliver such calculation to the Property Trustee)
and pay all Distributions accrued and unpaid on the Trust Securities that shall
be payable to the Holders in whose names the Trust Securities are registered in
the Securities Register on the first record date after the end of the Extended
Interest Payment Period. Before the termination of any Extended Interest
Payment Period, the Company may further extend such period so long as no Event
of Default under the Indenture has occurred and is continuing, provided that
such period together with all such further extensions thereof shall not exceed
20 consecutive quarters, or extend beyond the Maturity Date of the Debentures
or end on a date other than an Interest Payment Date for the Debentures. Upon
the termination of any Extended Interest Payment Period and upon the payment of
all Deferred Interest (as defined in

 

6

 

the Indenture) then due, the
Company may commence a new Extended Interest Payment Period, subject to the
foregoing requirements. No Distributions on the Trust Securities shall be due
and payable during an Extended Interest Payment Period, except at the end
thereof, but the Company may prepay at any time all or any portion of the
Distributions accrued during an Extended Interest Payment Period.

 

The Floating
Distribution Rate and amount of Distributions to be paid on the Trust
Securities for each Distribution Period will be determined by the calculation
agent (“Calculation Agent”).  Wells
Fargo Bank, National Association shall be the initial Calculation Agent.  All calculations made by the Calculation
Agent shall, in the absence of manifest error, be conclusive for all purposes
and binding on the Company and the Holders of the Trust Securities.  In the event that any then acting Calculation
Agent shall be unable or unwilling to act, or that such Calculation Agent shall
fail duly to establish the Floating Distribution Rate for any Distribution
Period, or that the Company proposes to remove such Calculation Agent, or that
the Calculation Agent proposes to terminate its service as Calculation Agent,
the Company shall appoint another Person which is a bank, trust company,
investment banking firm or other financial institution, to act as the
Calculation Agent.  The Calculation
Agent shall certify the Floating Distribution Rate on each Distribution Reset
Date and shall provide a copy of such certification to the Property Trustee as
soon as practicable following each Distribution Reset Date.  The Property Trustee shall provide written
notice of the Floating Distribution Rate as certified by the Calculation Agent
to each holder of Trust Securities as set forth in the Securities Register for
the Trust Securities no later than five Business Days following each
Distribution Reset Date.

 

Distributions
on the Trust Securities shall be made by the Property Trustee solely from the
Payment Account and shall be payable on each Distribution Date only to the
extent that the Trust has funds on hand and legally immediately available by
12:30 p.m. on each Distribution Date in the Payment Account for the payment of
such Distributions.

 

Distributions
on the Trust Securities with respect to a Distribution Date shall be payable to
the Holders thereof as they appear on the Securities Register on the relevant
record date, which shall be the 15th day of the month in which the
relevant Distribution Date occurs, which Distribution Dates correspond to the
interest payment dates on the Debentures.

 

The Trust will
furnish without charge to any registered Holder of Trust Preferred Securities
who so requests, a copy of the Trust Agreement and the Preferred Securities
Guarantee. Any such request should be in writing and addressed to San Rafael
Capital Trust I, 919 Market Street, Suite 700, Wilmington, Delaware 19801, or
to the Securities Registrar (as defined in the Trust Agreement).

 

The following
abbreviations, when used in the inscription on the face of this Certificate,
shall be construed as though they were written out in full according to
applicable laws or regulations:

 

	
  TEN CON

  	
   

  	
  -  as tenants in common

  
	
  TEN ENT

  	
   

  	
  -  as tenants in the entireties

  
	
  JT TEN

  	
   

  	
  -  as joint tenants with right of survival

  
	
  UNIF GIFT MIN ACT

  	
   

  	
  - under Uniform Gift to
  Minors Act and not as tenants

  
					

 

7

 

Additional
abbreviations may also be used though not in the above list.

 

ASSIGNMENT

 

FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto:

 

(Please insert social security or other identifying number of assignee)

 

(insert address and zip code of assignee)

 

the within Certificate and all
rights and interests represented by the Trust Preferred Securities evidenced
thereby, and hereby irrevocably constitutes and appoints attorney to transfer
the said Trust Preferred Securities on the books of the within-named Trust with
full power of substitution in the premises.

 

	
  Date:

  	
   

  	
   

  	
  Signature:

  	
   

  
	
   

  	
   

  
	
   

  	
  Note:  The signature(s) to this assignment must
  correspond with the name(s) as written upon the face of this Certificate in
  every particular, without alteration or enlargement, or any change whatever.

  

 

Signature(s) Guaranteed:

 

NOTICE: Signature(s) must be
guaranteed by an “eligible guarantor institution” that is a member or
participant in a “signature guarantee program” (i.e., the Securities Transfer
Agents Medallion Program, the Stock Exchange Medallion Program or the New York
Stock Exchange, Inc. Medallion Signature Program).

 

8

 

CERTIFICATE OF TRANSFER

 

Wells Fargo Bank, National
Association,

as Property Trustee and Securities Registrar

 

Re:                               Trust
Preferred Securities (the “Securities”) of San Rafael Capital Trust I (the
“Trust”)

 

This letter
relates to
$                     
liquidation amount of the Securities beneficially owned in the name of
                             (the
“Transferor”).  The Transferor has
requested a transfer of such beneficial interest to such Person as the
Transferor instructs the Property Trustee.

 

In connection
with such request, the Transferor hereby certifies that if such transfer is
being requested prior to (X) the date which is two years (or such other shorter
period of time as permitted by Rule 144(k) under the Securities Act of 1933, as
amended (the “Securities Act”)) after the later of (i) the original issue date
of the Securities or (ii) the last date on which the Trust or any affiliate of
the Trust was the owner of the Securities (or any predecessor of the
Securities) or (Y) such later date, if any, as may be required by applicable
laws, then the transfer of the Securities is being made:

 

[CHECK ONE]

 

	
  1.

  	
  o

  	
  to the Trust or an affiliate of the Trust;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  or

  
	
   

  	
   

  	
   

  
	
  2.

  	
  o

  	
  pursuant to a registration statement which has been declared
  effective under the Securities Act;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  or

  
	
   

  	
   

  	
   

  
	
  3.

  	
  o

  	
  pursuant to and in accordance with Rule 144A under the Securities Act
  (“Rule 144A”), and, accordingly, the Transferor hereby further certifies that
  the Securities are being transferred to a Person that the Transferor
  reasonably believes is a “Qualified Institutional Buyer” as defined in Rule
  144A that is purchasing for its own account or for the account of a Qualified
  Institutional Buyer in compliance with Rule 144A;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  or

  
	
   

  	
   

  	
   

  
	
  4.

  	
  o

  	
  to an institutional “accredited investor” within the meaning of
  subparagraph (A)(1), (2), (3) or (7) of Rule 501 under the Securities Act
  that is acquiring the Securities for its own account, or for the account of
  such an institutional “accredited investor,” for investment purposes and not
  with a view to or for offer or sale in connection with, any distribution in
  violation of the Securities Act;

  

 

9

 

	
   

  	
   

  	
  or

  
	
   

  	
   

  	
   

  
	
  5.

  	
  o

  	
  pursuant to any available exemption from the registration
  requirements of the Securities Act;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  and the Securities are being transferred in compliance with any
  applicable blue sky securities laws of any state of the United States or any
  other applicable jurisdiction.

  

 

Unless one of
the boxes is checked, the Securities Registrar will refuse to register any of
the Securities evidenced by this Certificate in the name of any Person other
than the Holder hereof; provided, however, that if box (4) or (5) is checked,
the Securities Registrar may require, prior to registering any such transfer of
the Securities, such legal opinions, certifications and other information as
the Trust and Administrative Trustees have reasonably requested to confirm that
such transfer is being made pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act.  If box (4) is checked, the transferee must
also provide to the Securities Registrar a Transferee Letter of Representations
in the form attached to the Trust Agreement. 
After the date that a registration statement with respect to the Securities
represented by this Certificate has been filed and so long as such registration
statement has been declared effective under the Securities Act and so long as
such registration statement continues to be effective, only then may the
Securities Registrar permit transfers for which box (2) has been checked.

 

This
certificate and the statements contained herein are made for your benefit and
the benefit of the Trust.

 

	
   

  	
  [Insert Name of Transferor]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title: 

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated:

  	
   

  
	
   

  	
   

  
	
  cc:

  	
  San Rafael Capital Trust I

  	
   

  
							

 

10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]