Additional Covenants Relating to the Trust Sample Clauses
Additional Covenants Relating to the Trust. For as long as the Preferred Securities remain outstanding, the Company will:
(a) maintain, directly or indirectly, 100% ownership of the Common Securities;
(b) cause the Trust to remain a statutory business trust and not to voluntarily dissolve, wind up, liquidate or be terminated, except as permitted by the Declaration;
(c) use its commercially reasonable efforts to ensure that the Trust will not be an "investment company" required to be registered under the Investment Company Act of 1940;
(d) not take any action that would be reasonably likely to cause the Trust to be classified as an association or a publicly traded partnership taxable as a corporation for United States federal income tax purposes; and
(e) pay all of the debts and obligations of the Trust (other than with respect to the securities issued by the Trust) and all costs and expenses of the Trust (including, but not limited to, all costs and expenses relating to the organization of the Trust, the fees and expenses of the trustees and all costs and expenses relating to the operation of the Trust) and any and all taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed on the Trust by the United States, or any other taxing authority, so that the net amounts received and retained by the Trust after paying such expenses will be equal to the amounts the Trust would have received had no such costs or expenses been incurred by or imposed on the Trust.
Additional Covenants Relating to the Trust. For as long as the Debentures are held by the Property Trustee, the Company will:
(a) maintain, directly or indirectly, 100% ownership of the Common Securities; provided, however, that any permitted successor of the Company under this Indenture may succeed to the Company's ownership of such Common Securities;
(b) use its reasonable efforts to cause the Trust to (a) remain a statutory trust, except in connection with the distribution of the Debentures to the Holders, the redemption of all of the Securities, or certain mergers, consolidations, conversions or amalgamations, each as permitted by the Declaration, (b) not to voluntarily dissolve, wind up, liquidate or be terminated, except as permitted by the Declaration and (c) otherwise continue to be classified as a grantor trust for United States federal income tax purposes;
(c) use its commercially reasonable efforts to ensure that the Trust will not be an "investment company" required to be registered under the Investment Company Act;
(d) not to take any action that would be reasonably likely to cause the Trust to be classified as an association or a publicly traded partnership taxable as a corporation for United States federal income tax purposes; and
(e) use its reasonable best efforts to cause each holder of Trust Securities to be treated as owning an undivided beneficial interest in the Debentures.
Additional Covenants Relating to the Trust. For as long as the Preferred Securities remain outstanding, the Company will:
(a) maintain, directly or indirectly, 100% ownership of the Common Securities; provided, however, that any permitted successor of the Company may succeed to the Company's ownership of such Common Securities;
(b) cause the Trust to (i) remain a statutory business trust, except in connection with the distribution of the Debentures to the Holders, the redemption of all of the Securities, or certain mergers, consolidations, conversions or amalgamations, each as permitted by the Trust Agreement, (ii) not to voluntarily dissolve, wind up, liquidate or be terminated, except as permitted by this Trust Agreement and (iii) otherwise continue to be classified as a grantor trust for United States federal income tax purposes;
(c) use its commercially reasonable efforts to ensure that the Trust will not be an "investment company" required to be registered under the Investment Company Act; and
(d) not to take any action that would be reasonably likely to cause the Trust to be classified as an association or a publicly traded partnership taxable as a corporation for United States federal income tax purposes.
Additional Covenants Relating to the Trust. For ------------------------------------------- as long as the Preferred Securities remain outstanding, the Company will:
(a) maintain, directly or indirectly, 100% ownership of the Common Securities, provided that any permitted successor may succeed to the Company's ownership of the Common Securities;
(b) use its best efforts to cause the Trust:
(i) to remain a statutory business trust under the Delaware Business Trust Act; and
(ii) to otherwise continue to be classified as a grantor trust for United Sates federal income tax purposes and
(iii) not to cause, as sponsor of the Trust, or to permit, as the holder of Common Securities, the dissolution, liquidation, or winding-up of the Trust, except as permitted by the Declaration.
