Common use of COVENANTS AS TO THE TRUST Clause in Contracts

COVENANTS AS TO THE TRUST. For so long as the Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common Securities; provided, however, that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of the Common Securities, (ii) not cause, as sponsor of the Trust, or permit, as the holder of the Common Securities of the Trust, the termination, dissolution or winding-up of the Trust, except in connection with a distribution of the Notes as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, (iii) use its reasonable efforts to cause the Trust (a) to remain a statutory business trust, except in connection with a distribution of Notes to the holders of the Preferred Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Declaration, and (b) to otherwise continue to be treated as a grantor trust for United States federal income tax purposes and (iv) use its reasonable efforts to cause each holder of Trust Securities to be treated as owning an individual beneficial interest in the Notes.

Appears in 5 contracts

Samples: First Supplemental Indenture (Delphi Financial Group Inc/De), Third Supplemental Indenture (Coastal Corp), First Supplemental Indenture (Coastal Corp)

AutoNDA by SimpleDocs

COVENANTS AS TO THE TRUST. For so long as the Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common SecuritiesSecurities of the Trust; provided, however, that any permitted successor of the Company under the this Indenture may succeed to the Company's ’s ownership of the Common Securities, ; (ii) not cause, as sponsor of the Trust, or permit, as the holder of the Common Securities of the Trust, the termination, dissolution or winding-up of the Trust, except in connection with a distribution of the Notes as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, (iii) use its reasonable best efforts to cause the Trust (a) to remain a statutory business trust, except in connection with a distribution of Notes Securities to the registered holders of the Preferred Trust Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, in each case, as permitted by the Declaration, and (b) to otherwise continue to be treated as a grantor trust trust, and not an association or publicly traded partnership taxable as a corporation, for United States federal income tax purposes and purposes; (iviii) use its reasonable best efforts to cause each registered holder of Trust Securities to be treated as owning an individual beneficial interest in the NotesSecurities; and (iv) not cause, as sponsor of the Trust, or permit, as registered holder of the Common Securities of the Trust, the termination of the Trust, except as permitted by the Declaration.

Appears in 2 contracts

Samples: Indenture (First Mercury Financial Corp), Indenture (First Mercury Financial Corp)

COVENANTS AS TO THE TRUST. For so long as the Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common SecuritiesSecurities of the Trust; provided, however, that any permitted successor of the Company under the this Indenture may succeed to the Company's ownership of the Common Securities, ; (ii) not cause, as sponsor of the Trust, or permit, as the holder of the Common Securities of the Trust, the termination, dissolution or winding-up of the Trust, except in connection with a distribution of the Notes as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, (iii) use its reasonable best efforts to cause the Trust (a) to remain a statutory business trust, except in connection with a distribution of Notes Securities to the registered holders of the Preferred Trust Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, in each case, as permitted by the Declaration, and (b) to otherwise continue to be treated as a grantor trust trust, and not an association or publicly traded partnership taxable as a corporation, for United States federal income tax purposes and purposes; (iviii) use its reasonable best efforts to cause each registered holder of Trust Securities to be treated as owning an individual beneficial interest in the NotesSecurities; and (iv) not cause, as sponsor of the Trust, or permit, as registered holder of the Common Securities of the Trust, the termination of the Trust, except as permitted by the Declaration.

Appears in 2 contracts

Samples: Indenture (Proassurance Corp), Indenture (Proassurance Corp)

COVENANTS AS TO THE TRUST. For so long as the Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common Securities; provided, however, that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of the Common Securities, (ii) not cause, as sponsor of the Trust, or permit, as the holder of the Common Securities of the Trust, the termination, dissolution or winding-up of the Trust, except in connection with a distribution of the Notes Debentures as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, (iii) use its reasonable efforts to cause the Trust (a) to remain a statutory business trust, except in connection with a distribution of Notes Debentures to the holders of the Preferred Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Declaration, and (b) to otherwise continue to be treated as a grantor trust for United States federal income tax purposes and (iv) use its reasonable efforts to cause each holder of Trust Securities to be treated as owning an individual beneficial interest in the NotesDebentures.

Appears in 2 contracts

Samples: First Supplemental Indenture (Circus Finance Ii), First Supplemental Indenture (Circus Finance Ii)

COVENANTS AS TO THE TRUST. For so long as the Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common Securities; provided, however, that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of the Common Securities, (ii) not to cause, as sponsor of the Trust, or to permit, as the holder of the Common Securities of the Trust, the terminationdissolution, dissolution or winding-up or termination of the Trust, except in connection with a distribution of the Notes as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, (iii) use its reasonable efforts to cause the Trust (a) to remain a statutory business trust, except in connection with a distribution of Notes to the holders of the Preferred Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Declaration, and (b) to otherwise continue to be treated as a grantor trust for United States federal income tax purposes and (iv) use its reasonable efforts to cause each holder of Trust Securities to be treated as owning an individual beneficial interest in the Notes.

Appears in 2 contracts

Samples: First Supplemental Indenture (Tci Communications Financing Iv), First Supplemental Indenture (Tci Communications Financing Iv)

COVENANTS AS TO THE TRUST. For so long as the Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common Securities; provided, however, that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of the Common Securities, (ii) not cause, as sponsor of the Trust, or permit, as the holder of the Common Securities of the Trust, the termination, dissolution or winding-up of the Trust, except in connection with a distribution of the Notes Debentures as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, (iii) use its reasonable efforts to cause the Trust (a) to remain a statutory business trust, except in connection with a distribution of Notes Debentures to the holders of the Preferred Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Declaration, and (b) to otherwise continue to be treated as a grantor trust for United States federal income tax purposes and (iv) use its reasonable efforts to cause each holder of Trust Securities to be treated as owning an individual beneficial interest in the Notes.Debentures. ARTICLE XI

Appears in 2 contracts

Samples: First Supplemental Indenture (Circus Finance Ii), First Supplemental Indenture (Circus Finance Ii)

COVENANTS AS TO THE TRUST. For so long as the Trust Securities remain outstanding, the Company will (ia) maintain 100% direct or indirect ownership of the Common SecuritiesSecurities of the Trust; provided, however, that any permitted successor of the Company under the Indenture hereunder may succeed to the Company's ownership of the Common Securities, ; (iib) not to cause, as sponsor of the Trust, or to permit, as the holder of the Common Securities of the TrustSecurities, the termination, dissolution or winding-winding up of the Trust, except in connection with a distribution of the Notes Debentures as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations as permitted by provided for in the Declaration, (iiic) use its reasonable efforts efforts, consistent with the terms of the Declaration, to cause the Trust (ai) to remain a statutory business trust, except in connection with a distribution of Notes Debentures to the holders of the Preferred Trust Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust Trust, or certain mergers, consolidations or amalgamations, each as permitted by the Declaration, and (bii) to otherwise continue to be treated classified as a grantor trust for United States federal income tax purposes purposes; and (ivd) to use its reasonable efforts to cause each holder of Trust Securities to be treated as owning an individual undivided beneficial interest in the NotesDebentures.

Appears in 1 contract

Samples: Indenture (Qualicomm Financial Trust I)

COVENANTS AS TO THE TRUST. For so long as the Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common Securities; provided, however, that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of the Common Securities, (ii) not to cause, as sponsor of the Trust, or to permit, as the holder of the Common Securities of the Trust, the termination, dissolution or winding-up of the Trust, except in connection with a distribution of the Notes as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, (iii) use its reasonable efforts to cause the Trust (a) to remain a statutory business trust, except in connection with a distribution of Notes to the holders of the Preferred Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Declaration, and (b) to otherwise continue to be treated as a grantor trust for United States federal income tax purposes and (iv) use its reasonable efforts to cause each holder of Trust Securities to be treated as owning an individual beneficial interest in the Notes.

Appears in 1 contract

Samples: Third Supplemental Indenture (Tci Communications Financing Vi)

COVENANTS AS TO THE TRUST. For so long as the Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common SecuritiesSecurities of the Trust; provided, however, that any permitted successor of the Company under the this Indenture may succeed to the Company's ownership of the Common Securities, ; (ii) not cause, as sponsor of the Trust, or permit, as the holder of the Common Securities of the Trust, the termination, dissolution or winding-up of the Trust, except in connection with a distribution of the Notes as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, (iii) use its reasonable best efforts to cause the Trust (a) to remain a statutory business trust, except in connection with a distribution of Notes Securities to the registered holders of the Preferred Trust Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, in each case, as permitted by the Declaration, and (b) to otherwise continue to be treated as a grantor trust trust, and not an association taxable as a corporation or partnership, for United States federal income tax purposes and purposes; (iviii) use its reasonable best efforts to cause each registered holder of Trust Securities to be treated as owning an individual beneficial interest in the NotesSecurities; and (iv) not cause, as sponsor of the Trust, or permit, as registered holder of the Common Securities of the Trust, the termination of the Trust, except as permitted by the Declaration.

Appears in 1 contract

Samples: Indenture (James River Group, INC)

AutoNDA by SimpleDocs

COVENANTS AS TO THE TRUST. For so long as the Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common Securities; provided, however, that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of the Common Securities, (ii) not cause, as sponsor of the Trust, or permit, as the holder of the Common Securities of the Trust, the termination, dissolution or winding-up of the Trust, except in connection with a distribution of the Notes as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, (iii) use its reasonable efforts to cause the Trust (a) to remain a statutory business trust, except in connection with a distribution of Notes to the holders of the Preferred Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Declaration, and (b) to otherwise continue to be treated as a grantor trust for United States federal income tax purposes and (iv) use its reasonable efforts to cause each holder of Trust Securities to be treated as owning an individual beneficial interest in the Notes.

Appears in 1 contract

Samples: Fourth Supplemental Indenture (Tele Communications Inc /Co/)

COVENANTS AS TO THE TRUST. For so long as the Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common Securities; provided, however, that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of the Common Securities, (ii) not cause, as sponsor of the Trust, or permit, as the holder of the Common Securities of the Trust, the termination, dissolution or winding-up of the Trust, except in connection with a distribution of the Notes Debentures as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, (iii) use its reasonable efforts to cause the Trust (a) to remain a statutory business trust, except in connection with a distribution of Notes Debentures to the holders of the Preferred Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Declaration, and (b) to otherwise continue to be treated as a grantor trust for United States federal income tax purposes and (iv) use its reasonable efforts to cause each holder of Trust Securities to be treated as owning an individual beneficial interest in the NotesDebentures.

Appears in 1 contract

Samples: First Supplemental Indenture (Ohio Edison Financing Trust Ii)

COVENANTS AS TO THE TRUST. For so long as the Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common Securities; provided, however, that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of the Common Securities, (ii) not cause, as sponsor of the Trust, or permit, as the holder of the Common Securities of the Trust, the termination, dissolution or winding-up of the Trust, except in connection with a distribution of the Notes as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, (iii) use its reasonable efforts to cause the Trust (a) to remain a statutory business trust, except in connection with a distribution of Notes to the holders of the Preferred Capital Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Declaration, and (b) to otherwise continue to be treated as a grantor trust for United States federal income tax purposes and (iv) use its reasonable efforts to cause each holder of Trust Securities to be treated as owning an individual beneficial interest in the Notes.

Appears in 1 contract

Samples: Third Supplemental Indenture (Tci Communications Inc)

COVENANTS AS TO THE TRUST. For so long as the Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common Securities; provided, however, that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of the Common Securities, (ii) not cause, as sponsor of the Trust, or permit, as the holder of the Common Securities of the Trust, the termination, dissolution or winding-up of the Trust, except in connection with a distribution of the Notes as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, (iii) use its reasonable efforts to cause the Trust (a) to remain a statutory business trust, except in connection with a distribution of Notes to the holders of the Preferred Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Declaration, and (b) to otherwise continue to be treated as a grantor trust for United States federal fed- eral income tax purposes and (iv) use its reasonable efforts to cause each holder of Trust Securities to be treated as owning an individual beneficial interest in the Notes.

Appears in 1 contract

Samples: First Supplemental Indenture (Xl Capital LTD)

COVENANTS AS TO THE TRUST. For so long as the Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common SecuritiesSecurities of the Trust; provided, however, that any permitted successor of the Company under the this Indenture may succeed to the Company's ’s ownership of the Common Securities, ; (ii) not cause, as sponsor of the Trust, or permit, as the holder of the Common Securities of the Trust, the termination, dissolution or winding-up of the Trust, except in connection with a distribution of the Notes as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, (iii) use its reasonable best efforts to cause the Trust (a) to remain a statutory business trust, except in connection with a distribution of Notes Securities to the registered holders of the Preferred Trust Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, in each case, as permitted by the Declaration, and (b) to otherwise continue to be treated as a grantor trust trust, and not an association taxable as a corporation or partnership, for United States federal income tax purposes and purposes; (iviii) use its reasonable best efforts to cause each registered holder of Trust Securities to be treated as owning an individual beneficial interest in the NotesSecurities; and (iv) not cause, as sponsor of the Trust, or permit, as registered holder of the Common Securities of the Trust, the termination of the Trust, except as permitted by the Declaration.

Appears in 1 contract

Samples: Indenture (State National Companies, Inc.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!