Common use of COVENANTS AS TO THE TRUST Clause in Contracts

COVENANTS AS TO THE TRUST. For so long as such Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided, however, that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of the Common Securities, and (ii) use its reasonable efforts to cause the Trust (A) to remain a statutory business trust, except in connection with a distribution of Notes as provided in the Declaration, the redemption of all of the Trust Securities or certain mergers, consolidations or amalgamations permitted by the Declaration, and (B) otherwise continue to be treated as a grantor trust for United States federal income tax purposes.

Appears in 6 contracts

Samples: Second Supplemental Indenture (Great Western Financial Trust I /De/), Third Supplemental Indenture (Great Western Financial Trust Iii), Second Supplemental Indenture (Great Western Financial Trust I /De/)

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COVENANTS AS TO THE TRUST. For so long as such Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided, however, that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of the Common Securities, and (ii) use its reasonable efforts to cause the Trust (Aa) to remain a statutory business trust, except in connection with a the distribution of Notes as provided to the holders of Trust Securities in liquidation of the DeclarationTrust, the redemption of all of the Trust Securities of the Trust, or certain mergers, consolidations or amalgamations amalgamations, each as permitted by the DeclarationDeclaration of the Trust, and (Bb) to otherwise continue to be treated classified as a grantor trust for United States federal income tax purposes.

Appears in 6 contracts

Samples: Supplemental Indenture (Household International Inc), Supplemental Indenture (Household International Inc), Supplemental Indenture (Household International Inc)

COVENANTS AS TO THE TRUST. For so long as such Trust Securities remain outstanding, the Company will (i) shall maintain 100% direct or indirect ownership of the Common Securities of the TrustSecurities; provided, however, that any permitted successor of the Company under the this Indenture may succeed to the Company's ownership of such Common Securities. The Company, as owner of the Common Securities, and (ii) shall use its commercially reasonable efforts to cause the Trust (Aa) to remain a statutory business trust, except in connection with a distribution of Notes as provided Debt Securities to the holders of Trust Securities in liquidation of the DeclarationTrust, the redemption of all of the Trust Securities or certain mergers, consolidations or amalgamations amalgamations, each as permitted by the Declaration, and (Bb) to otherwise continue to be treated classified as a grantor trust for United States federal income tax purposespurposes and (c) to cause each holder of Trust Securities to be treated as owning an undivided beneficial interest in the Debt Securities.

Appears in 2 contracts

Samples: Indenture (Hf Financial Corp), Indenture (Kingsway Financial Services Inc)

COVENANTS AS TO THE TRUST. For so long as such Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided, however, that any permitted successor of the Company under the Indenture may succeed to the Company's ’s ownership of the Common Securities, and (ii) use its reasonable efforts to cause the Trust (Aa) to remain a statutory business trust, except in connection with a the distribution of Notes as provided to the holders of Trust Securities in liquidation of the DeclarationTrust, the redemption of all of the Trust Securities of the Trust, or certain mergers, consolidations or amalgamations amalgamations, each as permitted by the DeclarationDeclaration of the Trust, and (Bb) to otherwise continue to be treated classified as a grantor trust for United States federal income tax purposes.

Appears in 2 contracts

Samples: Eighth Supplemental Indenture (HSBC Finance Capital Trust IX), Eighth Supplemental Indenture (HSBC Finance Capital Trust IX)

COVENANTS AS TO THE TRUST. For so long as such Trust Securities remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided, however, that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of the Common Securities, Securities and (ii) use its reasonable efforts to cause the Trust (Aa) to remain a statutory business trust, except in connection with a the distribution of Notes as provided Subordinated Debt Securities to the holders of Trust Securities in liquidation of the DeclarationTrust, the redemption of all of the Trust Securities of the Trust, or certain mergers, consolidations or amalgamations amalgamations, each as permitted by the DeclarationDeclaration of the Trust, and (Bb) to otherwise continue to be treated classified as a grantor trust for United States federal income tax purposes.

Appears in 1 contract

Samples: Third Supplemental Indenture (Salomon Smith Barney Holdings Inc)

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COVENANTS AS TO THE TRUST. For so long as such the Trust Securities remain outstanding, the Company will (i) shall maintain 100% direct or indirect ownership of the Common Securities of the TrustSecurities; provided, however, that any permitted successor of the Company under the this Indenture may succeed to the Company's ownership of such Common Securities. The Company, as owner of the Common Securities, and (ii) use its reasonable efforts to shall cause the Trust (Aa) to remain a statutory business trust, except in connection with a distribution of Notes as provided Debt Securities to the holders of Trust Securities in liquidation .of the DeclarationTrust, the redemption of all of the Trust Securities or certain mergers, consolidations or amalgamations amalgamations, each as permitted by the Declaration, and (Bb) to otherwise continue to be treated classified as a grantor trust for United States federal income tax purposespurposes and (c) to cause each holder of Trust Securities to be treated as owning an undivided beneficial interest in the Debt Securities.

Appears in 1 contract

Samples: Indenture (Tib Financial Corp.)

COVENANTS AS TO THE TRUST. For so long as such the Trust Securities of the Trust remain outstanding, the Company Guarantor will (i) directly or indirectly maintain 100% direct or indirect ownership of the Common Securities of the TrustSecurities; provided, however, that any permitted successor of the Company Guarantor under the Indenture may succeed to the CompanyGuarantor's ownership of the Common Securities, Securities and (ii) use its reasonable efforts to cause the Trust (Aa) to remain a statutory business trust, except in connection with a the distribution of the Notes as provided to the holders of Trust Securities in liquidation of the DeclarationTrust, the redemption of all of the Trust Securities or certain mergers, consolidations or amalgamations amalgamations, each as permitted by the Declaration, and (Bb) to otherwise continue to be treated classified as a grantor trust for United States federal income tax purposes.

Appears in 1 contract

Samples: Supplemental Indenture (Us West Inc)

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