Common use of Additional Covenants Relating to the Trust Clause in Contracts

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.

Appears in 4 contracts

Samples: First Supplemental Indenture (New York Community Capital Trust I), First Supplemental Indenture (New York Community Bancorp Inc), First Supplemental Indenture (New York Community Bancorp Inc)

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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 ’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.

Appears in 1 contract

Samples: First Supplemental Indenture (New York Community Bancorp Inc)

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Additional Covenants Relating to the Trust. For as long as the Debentures are held of record 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.

Appears in 1 contract

Samples: First Supplemental Indenture (New York Community Bancorp Inc)

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