Common use of Debt Securities Owned by Company Deemed Not Outstanding Clause in Contracts

Debt Securities Owned by Company Deemed Not Outstanding. In determining whether the holders of the requisite aggregate principal amount of Debt Securities have concurred in any direction, consent or waiver under this Indenture, Debt Securities that are owned by the Company or any other obligor on the Debt Securities or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company (other than the Trust) or any other obligor on the Debt Securities shall be disregarded and deemed not to be outstanding for the purpose of any such determination; PROVIDED, HOWEVER, that for the purposes of determining whether the Indenture Trustee shall be protected in relying on any such direction, consent or waiver, only Debt Securities which a Responsible Officer of the Indenture Trustee actually knows are so owned shall be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as outstanding for the purposes of this Section 7.04 if the pledgee shall establish to the satisfaction of the Indenture Trustee the pledgee's right to vote such Debt Securities and that the pledgee is not the Company or any such other obligor or Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute as to such right, any decision by the Indenture Trustee taken upon the advice of counsel shall be full protection to the Indenture Trustee.

Appears in 1 contract

Samples: Indenture (Dime Community Bancshares Inc)

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Debt Securities Owned by Company Deemed Not Outstanding. In determining whether the holders of the requisite aggregate principal amount of Debt Securities have concurred in any direction, consent or waiver under this Indenture, Debt Securities that which are owned by the Company Company, the Guarantor or any other obligor on the Debt Securities or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or the Guarantor (in each case, other than the Trust) or any other obligor on the Debt Securities shall be disregarded and deemed not to be outstanding for the purpose of any such determination; PROVIDED, HOWEVERprovided, that for the purposes of determining whether the Indenture Trustee shall be protected in relying on any such direction, consent or waiver, only Debt Securities which a Responsible Officer of the Indenture Trustee actually knows are so owned shall be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as outstanding for the purposes of this Section 7.04 if the pledgee shall establish to the satisfaction of the Indenture Trustee the pledgee's ’s right to vote such Debt Securities and that the pledgee is not the Company Company, the Guarantor or any such other obligor or Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company Company, the Guarantor or any such other obligor. In the case of a dispute as to such right, any decision by the Indenture Trustee taken upon the advice of counsel shall be full protection to the Indenture Trustee.

Appears in 1 contract

Samples: Indenture (American Safety Insurance Group LTD)

Debt Securities Owned by Company Deemed Not Outstanding. In determining whether the holders of the requisite aggregate principal amount of Debt Securities have concurred in any direction, consent or waiver under this Indenture, Debt Securities that which are owned by the Company Company, the Guarantor or any other obligor on the Debt Securities or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or the Guarantor (in each case, other than the Trust) or any other obligor on the Debt Securities shall shalt be disregarded and deemed not to be outstanding for the purpose of any such determination; PROVIDED, HOWEVERprovided, that for the purposes of determining whether the Indenture Trustee shall be protected in relying on any such direction, consent or waiver, only Debt Securities which a Responsible Officer of the Indenture Trustee actually knows are so 42 owned shall be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as outstanding for the purposes of this Section 7.04 if the pledgee shall establish to the satisfaction of the Indenture Trustee the pledgee's right to vote such Debt Securities and that the pledgee is not the Company Company, the Guarantor or any such other obligor or Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company Company, the Guarantor or any such other obligor. In the case of a dispute as to such right, any decision by the Indenture Trustee taken upon the advice of counsel shall be full protection to the Indenture Trustee.

Appears in 1 contract

Samples: Indenture (Kingsway Financial Services Inc)

Debt Securities Owned by Company Deemed Not Outstanding. In determining whether the holders of the requisite aggregate principal amount of Outstanding Debt Securities of any series have concurred in given any request, demand, authorization, direction, consent or waiver under this Indenture, Debt Securities that are owned by the Company or any other obligor on upon the Debt Securities or by any Person directly Subsidiary or indirectly controlling or controlled by or under direct or indirect common control with Affiliate of the Company (other than the Trust) or any other such obligor on the Debt Securities shall be disregarded and deemed not to be outstanding Outstanding for the purpose of any such determination; PROVIDED, HOWEVERexcept that, that for the purposes purpose of determining whether the Indenture Trustee shall be protected in relying on any such request, demand, authorization, direction, consent or waiver, only Debt Securities which a Responsible Officer of the Indenture Trustee actually knows are to be so owned shall be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as outstanding for the purposes of this Section 7.04 Outstanding if the pledgee shall establish establishes to the satisfaction of the Indenture Trustee the pledgee's ’s right so to vote act with respect to such Debt Securities and that the pledgee is not the Company or any such other obligor upon the Debt Securities or Person directly any Subsidiary or indirectly controlling or controlled by or under direct or indirect common control with Affiliate of the Company or any such other obligor. In the case of a dispute as to such right, any decision by the Indenture Trustee taken upon the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the Company shall furnish to the Indenture TrusteeTrustee promptly an Officers’ Certificate listing and identifying all Debt Securities, if any, known by the Company to be owned or held by or for the account of any of the above-described persons and, subject to Sections 7.1 and 7.2 hereof, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Debt Securities not listed therein are Outstanding for the purpose of any such determination.

Appears in 1 contract

Samples: Indenture (Multicanal Sa)

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Debt Securities Owned by Company Deemed Not Outstanding. In determining whether the holders of the requisite aggregate principal amount of Debt Securities have concurred in any direction, consent or waiver under this Indenture, Debt Securities that which are owned by the Company Company, the Guarantor or any other obligor on the Debt Securities or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company (or the Guarantor {in each case, other than the Trust) or any other obligor on the Debt Securities shall be disregarded and deemed not to be outstanding for the purpose of any such determination; PROVIDED, HOWEVERprovided, that for the purposes of determining whether the Indenture Trustee shall be protected in relying on any such direction, consent or waiver, only Debt Securities which a Responsible Officer of the Indenture Trustee actually knows are so owned shall be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as outstanding for the purposes of this Section 7.04 if the pledgee shall establish to the satisfaction of the Indenture Trustee the pledgee's right to vote such Debt Securities and that the 42 pledgee is not the Company Company, the Guarantor or any such other obligor or Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company Company, the Guarantor or any such other obligor. In the case of a dispute as to such right, any decision by the Indenture Trustee taken upon the advice of counsel shall be full protection to the Indenture Trustee.

Appears in 1 contract

Samples: Indenture (Kingsway Financial Services Inc)

Debt Securities Owned by Company Deemed Not Outstanding. In determining whether the holders of the requisite aggregate principal amount of Outstanding Debt Securities of any series have concurred in given any request, demand, authorization, direction, consent or waiver under this Indenture, Debt Securities that are owned by the Company or any other obligor on upon the Debt Securities or by any Person directly Subsidiary or indirectly controlling or controlled by or under direct or indirect common control with Affiliate of the Company (other than the Trust) or any other such obligor on the Debt Securities shall be disregarded and deemed not to be outstanding Outstanding for the purpose of any such determination; PROVIDED, HOWEVERexcept that, that for the purposes purpose of determining whether the Indenture Trustee shall be protected in relying on any such request, demand, authorization, direction, consent or waiver, only Debt Securities which a Responsible Officer of the Indenture Trustee actually knows are to be so owned shall be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as outstanding for the purposes of this Section 7.04 Outstanding if the pledgee shall establish establishes to the satisfaction of the Indenture Trustee the pledgee's right so to vote act with respect to such Debt Securities and that the pledgee is not the Company or any such other obligor upon the Debt Securities or Person directly any Subsidiary or indirectly controlling or controlled by or under direct or indirect common control with Affiliate of the Company or any such other obligor. In the case of a dispute as to such right, any decision by the Indenture Trustee taken upon the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the Company shall furnish to the Indenture TrusteeTrustee promptly an Officers' Certificate listing and identifying all Debt Securities, if any, known by the Company to be owned or held by or for the account of any of the above-described persons and, subject to Sections 7.1 and 7.2 hereof, the Trustee shall be entitled to accept such Officers' Certificate as conclusive evidence of the facts therein set forth and of the fact that all Debt Securities not listed therein are Outstanding for the purpose of any such determination.

Appears in 1 contract

Samples: Indenture (Multicanal Sa)

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