COVENANTS AS TO THE TRUST. For so long as the Trust Securities of the Trust remain outstanding, the Company will (a) maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided, however, that any permitted successor of the Company under this Indenture may succeed to the Company's ownership of the Common Securities, (b) use its reasonable efforts to cause the Trust (i) to remain a business trust, except in connection with a distribution of Junior Subordinated Debentures, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Trust Agreement, and (ii) to otherwise continue not to be treated as an association taxable as a corporation or partnership for United States federal income tax purposes and (c) to use its reasonable efforts to cause each Holder of Trust Securities to be treated as owning an individual undivided beneficial interest in the Junior Subordinated Debentures. If the Junior Subordinated Debentures are to be issued as a Global Subordinated Debenture in connection with the distribution of the Junior Subordinated Debentures to the holders of the Preferred Securities issued by the Trust upon a Dissolution Event, the Company will use its best efforts to list such Junior Subordinated Debentures on the NASDAQ National Market or on such other exchange as the Preferred Securities may then be listed.
Appears in 3 contracts
Samples: Subordinated Indenture (Ebh Capital Trust I), Subordinated Indenture (Ebh Capital Trust I), Subordinated Indenture (Flagstar Trust)
COVENANTS AS TO THE TRUST. For so long as the Trust Securities of the Trust remain outstanding, the Company will (a) maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided, however, that any permitted successor of the Company under this Indenture may succeed to the Company's ownership of the Common Securities, (b) use its reasonable efforts to cause the Trust (i) to remain a business trust, except in connection with a distribution of Junior Subordinated Debentures, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Trust Agreement, and (ii) to otherwise continue not to be treated as an association taxable as a corporation or partnership for United States federal income tax purposes and (c) to use its reasonable efforts to cause each Holder of Trust Securities to be treated as owning an individual undivided beneficial interest in the Junior Subordinated Debentures. If the Junior Subordinated Debentures are to be issued as a Global Subordinated Debenture in connection with the distribution of the Junior Subordinated Debentures to the holders of the Preferred Securities issued by the Trust upon a Dissolution Event, the Company will use its best efforts to list such Junior Subordinated Debentures on the NASDAQ National Market The American Stock Exchange LLC or on such other exchange as the Preferred Securities may then be listed; provided, however, that any redemption of the junior subordinated debentures, in whole or in part, effected in accordance with this Indenture shall not cause or result in a violation of this Section 5.07. For so long as the Junior Subordinated Debentures shall remain Outstanding, the Company shall fulfill all reporting and filing obligations under the Securities Exchange Act of 1934, as amended, as applicable to companies having a class of securities registered under Section 12(b) or 12(g) thereunder.
Appears in 2 contracts
Samples: Subordinated Indenture (Blue Valley Ban Corp), Subordinated Indenture (BVBC Capital Trust I)
COVENANTS AS TO THE TRUST. For so long as the Trust Securities of the Trust remain outstanding, the Company will (a) maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided, however, that any permitted successor of the Company under this Indenture may succeed to the Company's ownership of the Common Securities, (b) use its reasonable efforts to cause the Trust (i) to remain a business trust, except in connection with a distribution of Junior Subordinated Debentures, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Trust Agreement, and (ii) to otherwise continue not to be treated as an association taxable as a corporation or partnership for United States federal income tax purposes and (c) to use its reasonable efforts to cause each Holder of Trust Securities to be treated as owning an individual undivided beneficial interest in the Junior Subordinated Debentures. If the Junior Subordinated Debentures are to be issued as a Global Subordinated Debenture in connection with the distribution of the Junior Subordinated Debentures to the holders of the Preferred Securities issued by the Trust upon a Dissolution Event, the Company will use its reasonable best efforts to list such Junior Subordinated Debentures on the NASDAQ National Market or on such other exchange as the Preferred Securities may then be listed.
Appears in 2 contracts
Samples: Subordinated Indenture (Ozark Capital Trust), Subordinated Indenture (Bank of the Ozarks Inc)
COVENANTS AS TO THE TRUST. For so long as the Trust Securities of the Trust remain outstanding, the Company will (ai) maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided, however, that any permitted successor of the Company under this Indenture may succeed to the Company's ownership of the Common Securities, (bii) use its reasonable efforts to cause the Trust (ia) to remain a business trust, except in connection with a distribution of Junior Subordinated DebenturesSecurities, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Trust Agreement, and (iib) to otherwise continue not to be treated as an association taxable as a corporation or partnership for United States federal income tax purposes and (ciii) to use its reasonable efforts to cause each Holder of Trust Securities to be treated as owning an individual undivided beneficial interest in the Junior Subordinated DebenturesSecurities. If the Junior Subordinated Debentures are to be issued as a Global Subordinated Debenture in connection with the distribution of the Junior Subordinated Debentures to the holders of the Preferred Securities issued by the Trust upon a Dissolution Event, the Company will use its best efforts to list such Junior Subordinated Debentures on the NASDAQ Nasdaq National Market or on such other exchange as the Preferred Securities may then be listed.
Appears in 1 contract
Samples: Subordinated Indenture (United Community Bancshares Inc)
COVENANTS AS TO THE TRUST. For so long as the Trust Securities of the Trust remain outstanding, the Company will (ai) maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided, however, that any permitted successor of the Company under this Indenture may succeed to the Company's ownership of the Common Securities, (bii) use its reasonable efforts to cause the Trust (ia) to remain a statutory business trust, except in connection with a distribution of Junior Subordinated DebenturesSecurities, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Trust Agreement, and (iib) to otherwise continue not to be treated as an association taxable as a corporation or partnership for United States federal income tax purposes and (ciii) to use its reasonable efforts to cause each Holder of Trust Securities to be treated as owning an individual undivided beneficial interest in the Junior Subordinated DebenturesSecurities. If the Junior Subordinated Debentures are to be issued as a Global Subordinated Debenture in connection with the distribution of the Junior Subordinated Debentures to the holders of the Preferred Capital Securities issued by the Trust upon a Dissolution Event, the Company will use its best efforts to list such Junior Subordinated Debentures on the NASDAQ Nasdaq National Market or on such other exchange as the Preferred Capital Securities may then be listed.
Appears in 1 contract
COVENANTS AS TO THE TRUST. For so long as the Trust Securities of the Trust remain outstanding, the Company will (a) maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided, however, that any permitted successor of the Company under this Indenture may succeed to the Company's ownership of the Common Securities, (b) use its reasonable efforts to cause the Trust (i) to remain a business trust, except in connection with a distribution of Junior Subordinated Debentures, the redemption of all of the Trust Securities of the Trust or certain mergers, consolidations or amalgamations, each as permitted by the Trust Agreement, and (ii) to otherwise continue not to be treated as an association taxable as a corporation or partnership for United States federal income tax purposes and (c) to use its reasonable efforts to cause each Holder of Trust Securities to be treated as owning an individual undivided beneficial interest in the Junior Subordinated Debentures. If the Junior Subordinated Debentures are to be issued as a Global Subordinated Debenture in connection with the distribution of the Junior Subordinated Debentures to the holders of the Preferred Securities issued by the Trust upon a Dissolution Event, the Company will use its best efforts to list such Junior Subordinated Debentures on the NASDAQ National Market or on such other exchange as the Preferred Securities may then be listed.Company
Appears in 1 contract
Samples: Subordinated Indenture (Union Bankshares Capital Trust I)