POWERS, DUTIES AND RIGHTS OF THE. GUARANTEE TRUSTEE
POWERS, DUTIES AND RIGHTS OF THE. GUARANTEE TRUSTEE SECTION 3.01. Powers and Duties of the Guarantee Trustee 6 SECTION 3.02. Certain Rights of Guarantee Trustee 7 SECTION 3.03. Indemnity 9 ARTICLE IV GUARANTEE TRUSTEE SECTION 4.01. Guarantee Trustee; Eligibility 9 SECTION 4.02. Appointment, Removal and Resignation of the Guarantee Trustee 10 ARTICLE V GUARANTEE SECTION 5.01. Guarantee 10 SECTION 5.02. Waiver of Notice and Demand 10 SECTION 5.03. Obligations Not Affected 11 SECTION 5.04. Rights of Holders 11 SECTION 5.05. Guarantee of Payment 12 SECTION 5.06. Subrogation 12 SECTION 5.07. Independent Obligations 12 ARTICLE VI COVENANTS AND SUBORDINATION SECTION 6.01. Subordination 12 SECTION 6.02. Pari Passu Guarantees 12 ARTICLE VII TERMINATION SECTION 7.01. Termination 13 ARTICLE VIII MISCELLANEOUS SECTION 8.01. Successors and Assigns 13 SECTION 8.02. Amendments 13 SECTION 8.03. Notices 13 SECTION 8.04. Benefit 14 SECTION 8.05. Interpretation 14 SECTION 8.06. Governing Law 16 GUARANTEE AGREEMENT This GUARANTEE AGREEMENT, dated as of January 10, 1997, is executed and delivered by USF&G Corporation, a Maryland corporation (the "Guarantor"), and The Bank of New York, a New York banking corporation, as trustee (the "Guarantee Trustee"), for the benefit of the Holders (as defined herein) from time to time of the Capital Securities (as defined herein) of USF&G Capital II, a Delaware statutory business trust (the "Issuer").
POWERS, DUTIES AND RIGHTS OF THE. GUARANTEE TRUSTEE SECTION 3.1. Powers and Duties of the Guarantee Trustee.................6 SECTION 3.2. Certain Rights of Guarantee Trustee........................7 SECTION 3.3. Indemnity..................................................9
POWERS, DUTIES AND RIGHTS OF THE. GUARANTEE TRUSTEE Section 3.01 Powers and Duties of the Guarantee Trustee 5 Section 3.02 Certain Rights and Duties of the Guarantee Trustee 6 Section 3.03 Not Responsible for Recitals or Issuance of Guarantee 7 Section 3.04 The Guarantee Trustee May Own Preferred Securities 7 Section 3.05 Moneys Received by the Guarantee Trustee to Be Held in Trust Without Interest. 8 Section 3.06 Compensation and Expenses of Guarantee Trustee 8
POWERS, DUTIES AND RIGHTS OF THE. GUARANTEE TRUSTEE Section 3.1. Powers and Duties of the Guarantee Trustee.................................................5 Section 3.2. Certain Rights of Guarantee Trustee........................................................7 Section 3.3. Indemnity..................................................................................8 ARTICLE IV. GUARANTEE TRUSTEE Section 4.1. Guarantee Trustee: Eligibility.............................................................8 Section 4.2. Appointment, Removal and Resignation of the Guarantee Trustee..............................9 ARTICLE V. GUARANTEE Section 5.1. Guarantee.................................................................................10 Section 5.2. Waiver of Notice and Demand...............................................................10 Section 5.3. Obligations Not Affected..................................................................10 Section 5.4. Rights of Holders.........................................................................11 Section 5.5. Guarantee of Payment......................................................................11 Section 5.6. Subrogation...............................................................................11 Section 5.7. Independent Obligations...................................................................11 ARTICLE VI. COVENANTS AND SUBORDINATION Section 6.1. Subordination.............................................................................12 Section 6.2. Pari Passu Guarantees.....................................................................12 ARTICLE VII. TERMINATION Section 7.1. Termination...............................................................................12 ARTICLE VIII. MISCELLANEOUS Section 8.1. Successors and Assigns....................................................................12 Section 8.2. Amendments................................................................................12 Section 8.3. Notices...................................................................................13 Section 8.4. Benefit...................................................................................14 Section 8.5. Interpretation............................................................................14 Section 8.6. Governing Law.............................................................................15 AMENDED AND RESTATED GUARANTEE AGREEMENT This AMENDED AND RESTATED GUARANTEE AGREEMENT, dated as of September 30...
POWERS, DUTIES AND RIGHTS OF THE. Guarantee Trustee -----------------
POWERS, DUTIES AND RIGHTS OF THE. GUARANTEE TRUSTEE SECTION 3.1. Powers and Duties of the Guarantee Trustee.. . . .5 SECTION 3.2.
POWERS, DUTIES AND RIGHTS OF THE. GUARANTEE TRUSTEE 7 SECTION 3.1 Powers and Duties of the Guarantee Trustee 7 SECTION 3.2 Certain Rights of Guarantee Trustee 8 SECTION 3.3 Indemnity 10
POWERS, DUTIES AND RIGHTS OF THE. GUARANTEE TRUSTEE 6 Section 3.1 Powers and Duties of the Guarantee Trustee 6 Section 3.2 Certain Rights of Guarantee Trustee 8 Section 3.3 Indemnity 10 ARTICLE IV. GUARANTEE TRUSTEE 10 Section 4.1 Guarantee Trustee: Eligibility 10 Section 4.2 Appointment, Removal and Resignation of the Guarantee Trustee 10 ARTICLE V. GUARANTEE 11 Section 5.1 Guarantee 11 Section 5.2 Waiver of Notice and Demand 11 Section 5.3 Obligations Not Affected 11 Section 5.4 Rights of Holders 12 Section 5.5 Guarantee of Payment 13 Section 5.6 Subrogation 13 Section 5.7 Independent Obligations 13 ARTICLE VI. COVENANTS AND SUBORDINATION 13 Section 6.1 Subordination 13 Section 6.2 Pari Passu Guarantees 13 ARTICLE VII. TERMINATION 14 Section 7.1 Termination 14 ARTICLE VIII. MISCELLANEOUS 14 Section 8.1 Successors and Assigns 14 Section 8.2 Amendments 14 Section 8.3 Notices 14 Section 8.4 Benefit 16 Section 8.5 Interpretation 16
POWERS, DUTIES AND RIGHTS OF THE. CAPITAL SECURITIES GUARANTEE TRUSTEE
