Covenants as to Trust. In the event Debentures are issued and sold to the Property Trustee in connection with the issuance of Trust Securities by the Trust, for so long as the Trust Securities remain outstanding, the Issuer will (i) maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided, however, that any permitted successor of the Issuer under the Indenture may succeed to the Issuer's ownership of the Common Securities, (ii) not voluntary dissolve, windup or terminate the Trust, except in connection with the distribution of Debentures upon a Dissolution Event or otherwise, and in connection with certain mergers, consolidations or amalgamations permitted by the Declaration, (iii) timely perform its duties as sponsor of the Trust, (iv) use its reasonable efforts to cause the Trust (a) to remain a business trust, except in connection with the distribution of Debentures as provided in the Declaration, the redemption of the Trust Securities or in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, and (b) otherwise continue not to be treated as an association taxable as a corporation or partnership for United States federal income tax purposes, and (v) use its reasonable efforts to cause each holder of Trust Securities to be treated as owning an individual beneficial interest in the Debentures. This covenant is intended solely for the benefit of the Holders of the Debentures issued pursuant to this Second Supplemental Indenture and shall not be applicable to the Securities of any other series issued pursuant to the Indenture.
Covenants as to Trust. In the event Debt Securities are issued and sold to a Trust in connection with the issuance of Trust Securities by such 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 such Trust; PROVIDED, HOWEVER, that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of such Common Securities, (ii) not cause, as sponsor of such Trust, or permit, as holder of Common Securities of such Trust, the dissolution, winding-up or termination of such trust, except in connection with a distribution of Debt Securities as provided in the Declaration and in connection with certain mergers, consolidations or amalgamations permitted by the Declaration and (iii) use its reasonable efforts to cause such Trust (a) to remain a business trust, except in connection with a distribution of Debt Securities to the holders of Trust Securities in liquidation of such Trust, the redemption of all of the Trust Securities of such Trust or certain mergers, consolidations or amalgamations, each as permitted by the Declaration of such Trust, and (b) to otherwise continue to be classified for United States federal income tax purposes as a grantor trust.
Covenants as to Trust. The Company covenants with each Holder of the Debentures that it will (i) for so long as Trust Preferred Securities are outstanding, (a) not convert the Debentures except pursuant to a notice of conversion delivered to the Conversion Agent under the Declaration by a holder of Trust Securities, (b) maintain directly or indirectly 100% ownership of the Trust Common Securities, provided, that any permitted successor of the Company under this Indenture may succeed to the Company's ownership of the Trust Common Securities; and (c) not voluntarily terminate, wind-up or liquidate the Trust, except in connection with (A) a distribution of the Debentures to the holders of Trust Preferred Securities in liquidation of the Trust, (B) the redemption of all Trust Securities or (C) mergers, consolidations or amalgamations permitted by the Declaration; (ii) use its commercially reasonable efforts, consistent with the terms and provisions of the Declaration to cause the Trust to remain classified as a grantor trust, and not taxable as a corporation, for United States federal income tax purposes; (iii) deliver shares of Common Stock upon an election by a holder of Debentures to convert such Debentures into or for Common Stock, and (iv) honor all obligations relating to the conversion or exchange of the Trust Securities into or for Common Stock or Debentures.
Covenants as to Trust. 21 ARTICLE X DEFAULT
Covenants as to Trust. In the event Debentures are issued and sold to the Property Trustee in connection with the issuance of Trust Securities by the Trust, for so long as the Trust Securities remain outstanding, the Issuer will (i) maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided, however, that any permitted successor of the Issuer under the Indenture may succeed to the Issuer's ownership of the Common Securities, (ii) not voluntary dissolve, windup or terminate the Trust, except in connection with the distribution of Debentures upon a Dissolution Event or otherwise, and in connection with certain mergers, consolidations or amalgamations permitted by the Declaration, (iii) timely perform its duties as sponsor of the Trust, (iv) use its reasonable efforts to cause the Trust (a) to remain a business trust, except in connection with the distribution of Debentures as provided in the Declaration, the redemption of the Trust Securities or in connection with certain mergers, consolidations or amalgamations as permitted by the Declaration, and (b) otherwise continue not to be treated as an association taxable as a corporation or partnership for United States federal income tax purposes, and
Covenants as to Trust. For so long as any Capital Securities of the Trust remain outstanding, the Company will (i) maintain 100% direct or indirect ownership of the Common Stock of the Trust; provided, however, that any permitted successor of the Company hereunder may succeed to the Company's ownership of such Common Stock, (ii) not voluntarily dissolve, wind up or terminate the Trust, except in connection with a distribution of ICONs upon a Special Event, and in connection with certain mergers, consolidations or amalgamations permitted by the Trust Agreement, (iii) timely perform its duties as Sponsor of the Trust, (iv) use its reasonable efforts to cause the Trust to (a) remain a business trust, except in connection with a distribution of ICONs to the holders of Capital Securities as provided in the Trust Agreement, the redemption of all of the ICONs and in connection with certain mergers, consolidations or amalgamations permitted by the Trust Agreement, and (b) otherwise continue to be classified as a grantor trust for United States federal income tax purposes and (v) not knowingly take an action that would cause the Trust to not be classified as a grantor trust for United States federal income tax purposes.
Covenants as to Trust. In the event Debentures are issued and sold to the Property Trustee in connection with the issuance of Trust Securities by 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 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, (ii) not voluntarily dissolve, windup or terminate the Trust, except in connection with the distribution
Covenants as to Trust. For so long as the ------------------------------------ Preferred 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, and (ii) use its reasonable best efforts to cause the Trust (a) to remain a statutory business trust, except in connection with a distribution of Securities as provided in the Declaration, the redemption of all of the Trust Securities and in
Covenants as to Trust. The Company covenants with each Holder of the Debentures that it will (i) for so long as Trust Preferred Securities are outstanding, (a) maintain directly or indirectly 100% ownership of the Trust Common Securities, provided, that any permitted successor of the Company under this Indenture may succeed to the Company's ownership of the Trust Common Securities; and (b) not voluntarily terminate, wind-up or liquidate the Trust, except in connection with (A) a distribution of the Debentures to the holders of Trust Preferred Securities in liquidation of the Trust, (B) the redemption of all Trust Securities or (C) mergers, consolidations or amalgamations permitted by the Declaration; (ii) use its commercially reasonable efforts, consistent with the terms and provisions
Covenants as to Trust. If Debentures are issued to the Trust or a trustee of such trust in connection with the issuance of Trust Securities by the Trust, for so long as such Trust Securities remain outstanding, the Issuer (i) will maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided, however, that any successor of the Issuer, permitted pursuant to Article Nine of the Indenture, may succeed to the Issuer's ownership of such Common Securities, (ii) will use its reasonable efforts to cause the Trust (a) to remain a business trust, except in connection with a distribution of Debentures to the holders of Trust 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) otherwise to continue to be treated as a grantor trust and not an association taxable as a corporation for United States federal income tax purposes and (iii) will use its reasonable efforts to cause each holder of Trust Securities to be treated as owning an undivided beneficial interest in the Debentures.
