Powers Duties and Rights of Guarantee Trustee. 8 SECTION 3.1 Powers and Duties of Guarantee Trustee................................................... 8 SECTION 3.2 Certain Rights of Guarantee Trustee...................................................... 10 SECTION 3.3 Not Responsible for Recitals or Issuance of Guarantee.................................... 12
Powers Duties and Rights of Guarantee Trustee. SECTION 3.1 Powers and Duties of the Guarantee Trustee . . . . . . 8 SECTION 3.2
Powers Duties and Rights of Guarantee Trustee. (a) This Guarantee shall be held by the Guarantee Trustee for the benefit of the Holders of the Company Preferred Securities, and the Guarantee Trustee shall not transfer this Guarantee to any Person except a Holder of Company Preferred Securities exercising his or her rights pursuant to Section 2.08(b) or to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically vest in any Successor 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 Guarantee Trustee.
Powers Duties and Rights of Guarantee Trustee. SECTION 3.1 Powers and Duties of the Guarantee Trustee
Powers Duties and Rights of Guarantee Trustee. SECTION 3.01. Powers and Duties of the Guarantee Trustee 7 SECTION 3.02. Certain Rights and Duties of the Guarantee Trustee 8 SECTION 3.03. Not Responsible for Recitals or Issuance of Guarantee 11 ARTICLE IV GUARANTEE TRUSTEE
Powers Duties and Rights of Guarantee Trustee. SECTION 3.01. Powers and Duties of the Guarantee Trustee . . . . . . . . . . . . . . . . . . . . . . . 7 SECTION 3.02. Certain Rights and Duties of the Guarantee Trustee . . . . . . . . . . . . . . . . . . . 9 SECTION 3.03. Not Responsible for Recitals or Issuance of Guarantee . . . . . . . . . . . . . . . . . 12
Powers Duties and Rights of Guarantee Trustee. SECTION 3.1
Powers Duties and Rights of Guarantee Trustee. 9 SECTION 3.1 POWERS AND DUTIES OF THE GUARANTEE TRUSTEE 9 SECTION 3.2 CERTAIN RIGHTS OF GUARANTEE TRUSTEE 10 SECTION 3.3 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF GUARANTEE 12 ARTICLE IV GUARANTEE TRUSTEE 12 SECTION 4.1 APPOINTMENT, REMOVAL AND RESIGNATION OF GUARANTEE TRUSTEE 12 SECTION 4.2 GURANTEE TRUSTEE; ELIGIBILITY 13 ARTICLE V GUARANTEE 13 SECTION 5.1 GUARANTEE 13 SECTION 5.2 WAIVER OF NOTICE AND DEMAND 14 SECTION 5.3 OBLIGATIONS NOT AFFECTED 14 SECTION 5.4 RIGHTS OF HOLDERS 15 SECTION 5.5 GUARANTEE OF PAYMENT 15 SECTION 5.6 SUBROGATION 15 SECTION 5.7 INDEPENDENT OBLIGATIONS 15 ARTICLE VI LIMITATION OF TRANSACTIONS; SUBORDINATION 16 SECTION 6.1 LIMITATION OF TRANSACTIONS 16 SECTION 6.2 RANKING 16 ARTICLE VII TERMINATION 17 SECTION 7.1 TERMINATION 17 ARTICLE VIII INDEMNIFICATION 17 SECTION 8.1 EXCULPATION 17 SECTION 8.2 INDEMNIFICATION 18 ARTICLE IX MISCELLANEOUS 18 SECTION 9.1 SUCCESSORS AND ASSIGNS 18 SECTION 9.2 AMENDMENTS 18 SECTION 9.3 NOTICES 18 SECTION 9.4 BENEFIT 19 SECTION 9.5 GOVERNING LAW 19 SECTION 9.6 COUNTERPARTS 20 GUARANTEE AGREEMENT This GUARANTEE AGREEMENT (the “Guarantee”), dated as of July 18, 2008, is executed and delivered by Waccamaw Bankshares, Inc., a North Carolina corporation (the “Guarantor”), and Wilmington Trust Company, a Delaware banking corporation, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Preferred Securities (as defined herein) of Waccamaw Statutory Trust II, a Delaware statutory business trust (the “Issuer”).
Powers Duties and Rights of Guarantee Trustee. Section 3.1 Duties of Guarantee Trustee 7 Section 3.2 Rights of Guarantee Trustee 8 Section 3.3 Not Responsible for Recitals or Issuance of Guarantee 10 ARTICLE IV
Powers Duties and Rights of Guarantee Trustee. (a) This Guarantee shall be held by the Guarantee Trustee for the benefit of the Holders of the Company Preferred Securities [if the Trust is the Initial Holder, insert: and for so long as the Initial Holder is the Holder of the Company Preferred Securities, also the benefit of the Holders of the Trust Preferred Securities], and the Guarantee Trustee shall not transfer this Guarantee to any Person except a Holder of Company Preferred Securities exercising his or her rights pursuant to Section 2.08(b) or to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically vest in any Successor 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 Guarantee Trustee.
