Common use of Covenants of Custodian Clause in Contracts

Covenants of Custodian. The Custodian hereby covenants to the Indenture Trustee and the Trustee, for the benefit of each Trust, that: (a) at all times it will maintain physical custody and possession of each Funding Agreement and Guarantee deposited with it pursuant to the terms of this Custodial Agreement within the State of Iowa at the location specified in Section 9.5 or at such other location within the State of Iowa designated by the Custodian; (b) each instrument and document required to be executed or delivered by, or on behalf of, the Custodian, shall be executed and delivered by a duly authorized officer of the Custodian; (c) prior to any affiliation with any Trust in the future, it shall notify the Indenture Trustee of any such contemplated affiliation; and (d) it shall not institute, or join any other Person in instituting, against any Trust any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings or other proceedings under federal or state bankruptcy or similar laws until at least one year and one day (or, if longer, the applicable preference period then in effect) after the payment in full of all Notes issued by any Trust in connection with the Program.