Dissolution of Trust. (a) The Trust shall dissolve: (i) upon the bankruptcy, insolvency or dissolution of the Bank; (ii) upon the filing of a certificate of dissolution or its equivalent with respect to the Company; (iii) upon the entry of a decree of a judicial dissolution of the Company or the Trust; (iv) when the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price shall have been paid to the Holders of the Trust Securities or (y) in connection with a redemption upon the occurrence of a Trust Special Redemption Event, all of the Class B Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for the Trust Securities; (v) with the consent thereto of a Majority of the Trust Securities, voting together as a single class; or (vi) before the issuance of any Trust Securities, with the consent of all of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to Section 9.02 hereof. (b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereof, the Trustees shall file a certificate of cancellation with the office of the Secretary of State of the State of Delaware. (c) The provisions of Section 3.09 hereof and Article 11 hereof shall survive the termination of the Trust.
Appears in 8 contracts
Samples: Trust Agreement (Deutsche Bank Contingent Capital LLC V), Trust Agreement (Deutsche Bank Capital Funding Trust XII), Trust Agreement (Deutsche Bank Aktiengesellschaft)
Dissolution of Trust. The Trust shall have perpetual existence, except that the Trust shall be dissolved:
(a) The Trust shall dissolve:
With respect to the Trust, (i) upon the bankruptcy, insolvency or dissolution vote of the Bank;
holders of not less than a majority of the Shares of the Trust cast, or (ii) at the discretion of the Board of Trustees either (A) at any time there are no Shares outstanding of the Trust, or (B) upon prior written notice to the filing Shareholders of a certificate of dissolution or its equivalent with the Trust; or
(b) With respect to the Company;
(iii) upon the entry of a decree of a judicial dissolution of the Company or the Trust;
(iv) when the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price shall have been paid to the Holders of the Trust Securities or (y) in connection with a redemption , upon the occurrence of a dissolution or termination event pursuant to any other provision of this Declaration of Trust Special Redemption Event(including Article VIII, all Section 2) or the DSTA. Upon dissolution of the Class B Preferred Securities Trust, the Board of Trustees (in accordance with Section 3808 of the DSTA) shall have been pay or make reasonable provision to pay all claims and obligations of the Trust, including all contingent, conditional, or unmatured claims and obligations known to the Trust, and all claims and obligations that are known to the Trust but for which the identity of the claimant is unknown. If there are sufficient assets held with respect to the Trust, such claims and obligations shall be paid in full and any such provisions for payment shall be made in full. If there are insufficient assets held with respect to the Trust, such claims and obligations shall be paid or provided for according to their priority and, among claims and obligations of equal priority, ratably to the extent of assets available therefor. Any remaining assets (including, without limitation, cash, securities, or any combination thereof) held with respect to the Trust shall be distributed to the Holders Shareholders of the Trust Securities in exchange for ratably according to the Trust Securities;
(v) with the consent thereto number of a Majority Shares of the Trust Securities, voting together as a single class; or
(vi) before held of record by the issuance of any Trust Securities, with several Shareholders on the consent of all of the Regular Trustees and the Sponsordate for such dissolution distribution; provided, thathowever, that if a claim has been made under the Shares of the Trust Preferred Guaranteeare divided into Classes thereof, any remaining assets (including, without limitation, cash, securities, or any combination thereof) held with respect to the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been be distributed to the Holders each Class of the Trust Securities or (y) the Class B Preferred Securities have been distributed according to the Holders net asset value computed for such Class, and within such particular Class, shall be distributed ratably to the Shareholders of such Class according to the number of Shares of such Class held of record by the several Shareholders on the date for such dissolution distribution. Upon the completion of the winding up of the Trust Securities pursuant in accordance with Section 3808 of the DSTA and its termination, any one Trustee shall execute and cause to Section 9.02 hereof.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereof, the Trustees shall file be filed a certificate of cancellation with the office of the Secretary of State of the State of Delaware.
(c) The , in accordance with the provisions of Section 3.09 hereof and Article 11 hereof shall survive the termination 3810 of the TrustDSTA.
Appears in 4 contracts
Samples: Agreement and Declaration of Trust (USQ Core Real Estate Fund), Trust Agreement (USQ Core Real Estate Fund), Trust Agreement (GuideMark Alternative Lending Income Fund)
Dissolution of Trust. (a) The Trust shall dissolve:
(i) upon the bankruptcyhave perpetual existence, insolvency or dissolution of the Bank;
(ii) upon the filing of a certificate of dissolution or its equivalent with respect to the Company;
(iii) upon the entry of a decree of a judicial dissolution of the Company or the Trust;
(iv) when except that the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price shall have been paid to the Holders of the Trust Securities or (y) in connection with a redemption be dissolved upon the occurrence of a dissolution or termination event pursuant to any other provision of this Declaration of Trust Special Redemption Event(including Article VIII, Section 2) or the DSTA; provided, however, that any sale, conveyance, assignment, exchange, merger in which the Trust is not the survivor, transfer or other disposition of all or substantially all of the Class B Preferred Securities shall have been distributed to the Holders Trust Property of the Trust Securities shall require approval of the principal terms of the transaction and the nature and amount of the consideration by both the Board of Trustees and by Shareholders with not less than seventy-five percent (75%) of the Shares, unless eighty percent (80%) of the Trustees approved such principal terms and consideration, in exchange for the Trust Securities;
(v) with the consent thereto which case a Vote of a Majority of the Trust Securities, voting together as a single class; or
(vi) before the issuance of any Trust Securities, with the consent of all Outstanding Voting Securities shall be required. Upon dissolution of the Regular Trust, the Board of Trustees shall (in accordance with Section 3808 of the DSTA) pay or make reasonable provision to pay all claims and obligations of the SponsorTrust, including all contingent, conditional or unmatured claims and obligations known to the Trust, and all claims and obligations which are known to the Trust, but for which the identity of the claimant is unknown. If there are sufficient assets held with respect to the Trust, such claims and obligations shall be paid in full and any such provisions for payment shall be made in full. If there are insufficient assets held with respect to the Trust, such claims and obligations shall be paid or provided for according to their priority and, among claims and obligations of equal priority, ratably to the extent of assets available therefor. Any remaining assets (including, without limitation, cash, securities or any combination thereof) held with respect to the Trust shall be distributed to the Shareholders of the Trust ratably according to the number of Shares of the Trust held of record by the several Shareholders on the date for such dissolution distribution; provided, thathowever, that if a claim has been made under the Shares of the Trust Preferred Guaranteeare divided into Classes thereof, any remaining assets (including, without limitation, cash, securities or any combination thereof) held with respect to the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been be distributed to the Holders each Class of the Trust Securities or (y) the Class B Preferred Securities have been distributed according to the Holders net asset value computed for such Class and, within such particular Class, shall be distributed ratably to the Shareholders of such Class according to the number of Shares of such Class held of record by the several Shareholders on the date for such dissolution distribution. Upon the winding up of the Trust Securities pursuant in accordance with Section 3808 of the DSTA and its termination, any one (1) Trustee shall execute, and cause to Section 9.02 hereof.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereofbe filed, the Trustees shall file a certificate of cancellation cancellation, with the office of the Secretary of State of the State of Delaware.
(c) The Delaware in accordance with the provisions of Section 3.09 hereof and Article 11 hereof shall survive the termination 3810 of the TrustDSTA.
Appears in 3 contracts
Samples: Agreement and Declaration of Trust (BMO LGM Frontier Markets Equity Fund), Trust Agreement (BMO LGM Frontier Markets Equity Fund), Trust Agreement (BMO Lloyd George Frontier Markets Equity Fund)
Dissolution of Trust. (a) The Trust shall dissolveautomatically dissolve upon the first to occur of the following events:
(i) upon the bankruptcy, insolvency or dissolution bankruptcy of the BankSponsor;
(iiA) upon the filing of a certificate of dissolution or liquidation or its equivalent with respect to the CompanySponsor or (B) the revocation of the Sponsor's charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;
(iii) upon the distribution of a Like Amount of the Debentures to the Holders of the Securities, provided that the Property Trustee has received written notice from the Sponsor directing the Property Trustee to dissolve the Trust (which direction is optional and, except as otherwise expressly provided herein, within the discretion of the Sponsor), and provided, further, that such dissolution is conditioned on the receipt by the Administrative Trustees' receipt of an opinion of an independent tax counsel experienced in such matters (a "No Recognition Opinion") to the effect that the Holders of the Securities will not recognize any gain or loss for United States Federal income tax purposes as a result of the dissolution of the Trust and the distribution of the Debentures;
(iv) the entry of a decree of a judicial dissolution of the Company or the Trust;
(iv) when the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price shall have been paid to the Holders by a court of the Trust Securities or (y) in connection with a redemption upon the occurrence of a Trust Special Redemption Event, all of the Class B Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for the Trust Securitiescompetent jurisdiction;
(v) the [conversion, exchange or] redemption of all of the Securities and the payment to the Holders of any and all amounts necessary therefor, all in accordance with the consent thereto of a Majority terms of the Trust Securities, voting together as a single class; or
(vi) before the issuance of any Trust Securities, with the consent of all expiration of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders term of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to provided in Section 9.02 hereof3.14.
(b) As soon as is practicable after upon completion of winding up of the Trust following the occurrence of an event referred to in Section 9.01(a) hereof8.1(a), the Administrative Trustees shall file terminate the Trust by filing a certificate of cancellation with the office of the Secretary of State of the State of DelawareDelaware in accordance with the Business Trust Act.
(c) The provisions of Section 3.09 hereof 3.9 and Article 11 hereof X shall survive the termination of the Trust.
Appears in 3 contracts
Samples: Trust Agreement (Hercules Inc), Trust Agreement (Hercules Inc), Trust Agreement (Hercules Inc)
Dissolution of Trust. (a) The Trust shall dissolve:
(i) upon the bankruptcy, insolvency or dissolution bankruptcy of the BankSuccessor Depositor;
(ii) upon the filing of a certificate of dissolution or its equivalent with respect to the CompanySuccessor Depositor, upon the consent of at least a Majority in Liquidation Amount of the Preferred Trust Securities, voting together as a single class, to dissolve the Trust, or the revocation of the Successor Depositor 's charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;
(iii) upon the entry of a decree of a judicial dissolution of the Company Successor Depositor or the Trust;
(iv) when all of the Preferred Trust Securities shall have been called for redemption and (x) the applicable Redemption Price amounts necessary for redemption thereof shall have been paid to the Holders of the in accordance with this Trust Securities or (y) in connection with a redemption upon the occurrence of a Trust Special Redemption Event, all of the Class B Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for the Trust SecuritiesAgreement;
(v) with upon the consent thereto election of the Administrative Trustees, following the occurrence and continuation of a Majority Trust Special Event, to dissolve the Trust and distribute the Preferred Trust Securities to the Holders in exchange for all of the Preferred Trust Securities, voting together as a single class; or
(vi) before the issuance of any Preferred Trust Securities, with the consent of all of the Regular Administrative Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to Section 9.02 hereofInitial Depositor.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereofand after the completion of the winding up of the Trust, the Trustees shall file a certificate of cancellation with the office of the Secretary of State of the State of Delaware.
(c) The provisions of Section 3.09 hereof and Article 11 hereof XI shall survive the termination of the Trust.
Appears in 2 contracts
Samples: Trust Agreement (Texas Utilities Co /Tx/), Trust Agreement (Txu Europe Funding I L P)
Dissolution of Trust. (a) The Trust shall dissolve:
(i) upon the bankruptcy, insolvency or dissolution of the Guarantor or the Bank;
(ii) upon the filing of a certificate of dissolution or its equivalent with respect to the Company;
(iii) upon the entry of a decree of a judicial dissolution of the Company or the Trust;
(iv) when all of the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price amounts necessary for redemption thereof shall have been paid to the Holders in accordance with the terms of the Trust Securities;
(v) upon the election of the Regular Trustees, following the occurrence and continuation of a Trust Special Event, pursuant to which the Trust shall have been dissolved in accordance with the terms of the Trust Securities or (y) in connection with a redemption upon the occurrence of a Trust Special Redemption Event, and all of the Class B Company Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for all of the Trust Securities;
(vvi) with following the consent thereto occurrence of a Majority Substitution Event and the distribution of Non-Cumulative Capital Securities to Holders of the Trust SecuritiesPreferred Securities in accordance with Section 3.16, voting together as a single class; orupon election of the Regular Trustees;
(vivii) before the issuance of any Trust Securities, with the consent of all of the Regular Trustees and the Sponsor; providedor
(viii) with the consent of at least a Majority in liquidation amount of Trust Securities, voting together as a single class; provided that, if a claim has been made under the Trust Preferred Securities Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders of the Trust Securities or (y) the Class B Company Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to Section 9.02 hereof.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereofand the completion of the winding up of the Trust, and in accordance with Section 3810 of the Trustees Statutory Trust Act, a Regular Trustee shall file a certificate of cancellation with the office of the Secretary of State of the State of Delaware.
(c) The Trust shall terminate upon the filing of the certificate of cancellation pursuant to Section 9.01(b) and this Trust Agreement shall be of no further force and effect, except as provided in Section 9.01(d).
(d) The provisions of Section 3.09 hereof and Article 11 hereof shall survive the termination of the Trust.
Appears in 2 contracts
Samples: Trust Agreement (Abn Amro Holding N V), Trust Agreement (Abn Amro Bank Nv)
Dissolution of Trust. (a) The Trust shall dissolve:
(i) upon the bankruptcy, insolvency or dissolution bankruptcy of the BankDepositor;
(ii) upon the filing of a certificate of dissolution or its equivalent with respect to the CompanyDepositor; the filing of a certificate of cancellation with respect to the Trust after having obtained the consent of a majority in liquidation amount of the Securities voting together as a single class to file such certificate of cancellation or the revocation of the Depositor’s charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;
(iii) upon the entry of a decree of a judicial dissolution of the Company Holder of the Common Securities, the Depositor or the Trust;
(iv) when all of the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price shall have been paid to the Holders of the Trust Securities or (y) surrendered for cancellation by a Depositor Affiliated Owner in connection accordance with a redemption upon the occurrence of a Trust Special Redemption Event, all of the Class B Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for the Trust SecuritiesSection 14.1;
(v) upon the occurrence and continuation of a Special Event pursuant to which the Trust is to be dissolved in accordance with the consent thereto of a Majority terms of the Securities and which shall require the distribution of all of the Debentures endorsed thereon to the Holders of Securities in exchange for all of the Securities; [or at the Depositor’s direction (wholly discretionary and optional) to the Property Trustee to dissolve the Trust Securitiesand distribute the Debentures. However, voting together as a single classin such case, if the distribution of Debentures is deemed not practical by the Property Trustee, the Property Trustee may dissolve the Trust and liquidate the assets instead]; or
(vi) before the issuance of any Trust Securities, with the consent of all of the Regular Administrative Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to Section 9.02 hereofDepositor.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereof8.1(a), the Trustees shall wind-up the affairs of the Trust in accordance with Section 3808 of the Statutory Trust Act and upon completion thereof shall file a certificate of cancellation with the office of the Secretary of State of the State of Delaware.
(c) The provisions of Section 3.09 hereof 3.9 and Article 11 hereof X shall survive the termination dissolution of the Trust.
Appears in 2 contracts
Samples: Trust Agreement, Trust Agreement (Allstate Financing X)
Dissolution of Trust. (a) The Trust shall automatically dissolve:
(i) upon the bankruptcy, insolvency or dissolution bankruptcy of the BankSponsor;
(ii) upon the filing of a certificate of dissolution or liquidation or its equivalent with respect to the CompanySponsor; or the revocation of the Sponsor's charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;
(iii) upon receipt of a written direction from the Sponsor (which shall be at its sole discretion) while the Debentures are outstanding requiring the Trustees to dissolve the Trust and, after satisfaction of the liabilities of the Trust to the creditors of the Trust, distribute a Like Amount of the Debentures to Holders of the Securities;
(iv) upon the entry of a decree of a judicial dissolution of the Company or the TrustTrust by a court of competent jurisdiction;
(ivv) when all of the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price amounts necessary for redemption thereof shall have been paid to the Holders in accordance with the terms of the Trust Securities or (y) in connection with a redemption upon the occurrence of a Trust Special Redemption Event, all of the Class B Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for the Trust Securities;
(vvi) with the consent thereto expiration of a Majority the term of the Trust Securities, voting together as a single classprovided in Section 3.14; or
(vivii) before [(upon the issuance distribution of any Trust Securities, the Sponsor's [other securities] to all Holders of Securities upon a conversion or exchange of all such Securities in accordance with the consent of all of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to Section 9.02 hereofterms thereof].
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereof8.1(a), after the winding up of the affairs of the Trust is completed, the Administrative Trustees shall execute and file a certificate of cancellation with the office of the Secretary of State of the State of Delaware.
(c) The provisions of Section 3.09 hereof 3.9 and Article 11 hereof X shall survive the termination of the Trust.
Appears in 1 contract
Dissolution of Trust. (a) The Trust shall dissolveautomatically be dissolved and its affairs wound up upon the earliest to occur of the following events:
(i) upon the bankruptcy, insolvency or dissolution bankruptcy of the BankSponsor;
(ii) upon the filing of a certificate of dissolution or liquidation or its equivalent with respect to the CompanySponsor, or the revocation of the Sponsor's charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;
(iii) following the distribution, after satisfaction of the liabilities of the Trust to the creditors of the Trust, of a Like Amount of the Debentures to the Holders of the Securities pursuant to the terms thereof upon receipt of the following: (A) a written direction from the Sponsor while the Debentures are outstanding requiring the Trustees to dissolve the Trust and distribute a Like Amount of the Debentures to Holders of the Securities; (B) evidence satisfactory to the Administrative Trustees and the Property Trustee of the prior approval of the Federal Reserve Board or an independent opinion of counsel experienced in such matters addressed to the Trust to the effect that no such approval is then required under the applicable capital guidelines or policies of the Federal Reserve Board; and (C) an independent opinion of counsel experienced in such matters addressed to the Trust, which opinion may rely on published rulings of the Internal Revenue Service, to the effect that the Holders of the Securities will not recognize any gain or loss for United States federal income tax purposes as a result of the dissolution of the Trust and the distribution of the Debentures;
(iv) upon the entry of a decree of a judicial dissolution of the Company or the TrustTrust by a court of competent jurisdiction;
(ivv) when all of the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price shall amounts necessary for redemption thereof shall, after satisfaction of the liabilities of the Trust to the creditors of the Trust, have been paid to the Holders in accordance with the terms of the Trust Securities or (y) in connection with a redemption upon the occurrence of a Trust Special Redemption Event, all of the Class B Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for the Trust Securities;
(v) with the consent thereto of a Majority of the Trust Securities, voting together as a single class; or
(vi) before the issuance of any Trust Securities, with the consent of all expiration of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders term of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to provided in Section 9.02 hereof3.14.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a8.1(a) hereofand after satisfaction of all liabilities of the Trust, the Administrative Trustees shall file a certificate of cancellation with the office of the Secretary of State of the State of Delaware.
(c) The provisions of Section 3.09 hereof 3.9 and Article 11 hereof X shall survive the termination of the Trust.
Appears in 1 contract
Dissolution of Trust. (a) The Trust shall dissolve:
(i) upon the bankruptcy, insolvency or dissolution of the BankHolder of Trust Common Securities or the Sponsor;
(ii) upon the filing of a certificate of dissolution or its equivalent with respect to the CompanySponsor, the filing of a certificate of cancellation with respect to the Trust after having obtained the consent of at least a Majority in liquidation amount of the Trust Securities, voting together as a single class, to file such certificate of cancellation, or the revocation of the Sponsor's charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;
(iii) upon the entry of a decree of a judicial dissolution of the Company Sponsor or the Trust;
(iv) when all of the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price amounts necessary for redemption thereof shall have been paid to the Holders in accordance with the terms of the Trust Securities;
(v) upon the election of the Regular Trustees, following the occurrence and continuation of a Trust Special Event, pursuant to which the Trust shall have been dissolved in accordance with the terms of the Trust Securities or (y) in connection with a redemption upon and, after satisfaction of the occurrence of a Trust Special Redemption EventTrust's liabilities, all of the Class B Partnership Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for the Trust Securities;
(v) with the consent thereto of a Majority all of the Trust Securities, voting together as a single class; or
(vi) before the issuance of any Trust Securities, with the consent of all of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to Section 9.02 hereof.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereof9.1(a), the Trustees shall file a certificate of cancellation with the office of the Secretary of State of the State of Delaware.
(c) The provisions of Section 3.09 hereof 3.9 and Article 11 hereof XI shall survive the termination of the Trust.
Appears in 1 contract
Dissolution of Trust. (a) The Trust shall dissolve:
(i) upon the bankruptcyhave perpetual existence, insolvency or dissolution of the Bank;
(ii) upon the filing of a certificate of dissolution or its equivalent with respect to the Company;
(iii) upon the entry of a decree of a judicial dissolution of the Company or the Trust;
(iv) when except that the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price shall have been paid to the Holders of the Trust Securities or (y) in connection with a redemption be dissolved upon the occurrence of a dissolution or termination event pursuant to any other provision of this Declaration of Trust Special Redemption Eventor the DSTA, all or by approval of the Class B Preferred Securities Board of Trustees and Shareholders as set forth in Section 1 of this Article VIII. Upon dissolution of the Trust, the Board of Trustees shall have been (in accordance with Section 3808 of the DSTA) pay or make reasonable provision to pay all claims and obligations of the Trust, including all contingent, conditional or unmatured claims and obligations known to the Trust, and all claims and obligations which are known to the Trust, but for which the identity of the claimant is unknown. If there are sufficient assets held with respect to the Trust, such claims and obligations shall be paid in full and any such provisions for payment shall be made in full. If there are insufficient assets held with respect to the Trust, such claims and obligations shall be paid or provided for according to their priority and, among claims and obligations of equal priority, ratably to the extent of assets available therefor. Any remaining assets (including, without limitation, cash, securities or any combination thereof) held with respect to the Trust shall be distributed to the Holders Shareholders of the Trust Securities in exchange for ratably according to the Trust Securities;
(v) with the consent thereto number of a Majority Shares of the Trust Securities, voting together as a single class; or
(vi) before held of record by the issuance of any Trust Securities, with several Shareholders on the consent of all of the Regular Trustees and the Sponsordate for such dissolution distribution; provided, thathowever, that if a claim has been made under the Shares of the Trust Preferred Guaranteeare divided into Classes thereof, any remaining assets (including, without limitation, cash, securities or any combination thereof) held with respect to the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been be distributed to the Holders each Class of the Trust Securities or (y) the Class B Preferred Securities have been distributed according to the Holders net asset value computed for such Class and, within such particular Class, shall be distributed ratably to the Shareholders of such Class according to the number of Shares of such Class held of record by the several Shareholders on the date for such dissolution distribution. Upon the winding up of the Trust Securities pursuant in accordance with Section 3808 of the DSTA and its termination, any one (1) Trustee shall execute, and cause to Section 9.02 hereof.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereofbe filed, the Trustees shall file a certificate of cancellation cancellation, with the office of the Secretary of State of the State of Delaware.
(c) The Delaware in accordance with the provisions of Section 3.09 hereof and Article 11 hereof shall survive the termination 3810 of the TrustDSTA.
Appears in 1 contract
Samples: Agreement and Declaration of Trust (EGA Frontier Diversified Core Fund)
Dissolution of Trust. (a) The Trust shall dissolvedissolve and its affairs shall be wound up:
(i) upon the bankruptcy, insolvency or dissolution bankruptcy of the BankHolder of the Common Securities or the Sponsor;
(ii) upon the filing of a certificate of dissolution or its equivalent with respect to the CompanyHolder of the Common Securities or the Sponsor; the filing of a certificate of cancellation with respect to the Trust or the revocation of the Holder of the Common Securities or the Sponsor's charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;
(iii) upon the entry of a decree of a judicial dissolution of the Company Holder of the Common Securities, the Sponsor or the Trust;
(iv) when all of the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price amounts necessary for redemption thereof shall have been paid to the Holders in accordance with the terms of the Securities;
(v) upon the occurrence and continuation of a Special Event pursuant to which the Trust shall have been dissolved in accordance with the terms of the Securities and all of the Trust Securities or (y) Debentures in connection accordance with a redemption upon the occurrence of a Trust Special Redemption Event, all of the Class B Preferred Securities terms thereof shall have been distributed to the Holders of the Trust Securities in exchange for the Trust Securities;
(v) with the consent thereto of a Majority all of the Trust Securities, voting together as a single class; or
(vi) before the issuance of any Trust Securities, with the consent of all of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to Section 9.02 hereof.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereof8.1(a), the Trustees shall file a certificate of cancellation with the office of the Secretary of State of the State of Delaware.
(c) The provisions of Section 3.09 hereof 3.9 and Article 11 hereof X shall survive the termination of the Trust.
Appears in 1 contract
Dissolution of Trust. (a) The Trust shall dissolve:
(i) : upon the bankruptcy, insolvency or dissolution bankruptcy of the Bank;
(ii) Successor Depositor; upon the filing of a certificate of dissolution or its equivalent with respect to the Company;
(iii) Successor Depositor, after having obtained the consent of at least a Majority in Liquidation Amount of the Preferred Trust Securities, voting together as a single class, to dissolve the Trust, or the revocation of the Successor Depositor 's charter and the expiration of 90 days after the date of revocation without a reinstatement thereof; upon the entry of a decree of a judicial dissolution of the Company Successor Depositor or the Trust;
(iv) ; when all of the Preferred Trust Securities shall have been called for redemption and (x) the applicable Redemption Price amounts necessary for redemption thereof shall have been paid to the Holders in accordance with the terms of the Preferred Trust Securities or (y) in connection with a redemption Securities; upon the election of the Administrative Trustees, following the occurrence and continuation of a Trust Special Redemption Event, pursuant to which the Trust shall have been dissolved in accordance with the terms of the Preferred Trust Securities and all of the Class B Preferred Partnership Securities shall have been distributed to the Holders of the Trust Securities in exchange for all of the Preferred Trust Securities;
(v) with the consent thereto of a Majority of the Trust Securities, voting together as a single class; or
(vi) or before the issuance of any Preferred Trust Securities, with the consent of all of the Regular Administrative Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to Section 9.02 hereofControl Party.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereofand after the completion of the winding up of the Trust, the Trustees shall file a certificate of cancellation with the office of the Secretary of State of the State of Delaware.
(c) The provisions of Section 3.09 hereof and Article 11 hereof XI shall survive the termination of the Trust.
Appears in 1 contract
Dissolution of Trust. (a) The Trust shall dissolveautomatically dissolve upon the first to occur of the following events:
(i) upon the bankruptcy, insolvency or dissolution bankruptcy of the BankSponsor;
(iiA) upon the filing of a certificate of dissolution or liquidation or its equivalent with respect to the CompanySponsor or (B) the revocation of the Sponsor's charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;
(iii) upon the distribution of a Like Amount of the Debentures to the Holders of the Securities, provided that the Property Trustee has received written notice from the Sponsor directing the Property Trustee to dissolve the Trust (which direction is optional and, except as otherwise expressly provided herein, within the discretion of the Sponsor), and provided, further, that such dissolution is conditioned on the receipt by the Administrative Trustees' receipt of an opinion of an independent tax counsel experienced in such matters (a "No Recognition Opinion") to the effect that the Holders of the Securities will not recognize any gain or loss for United States Federal income tax purposes as a result of the dissolution of the Trust and the distribution of the Debentures;
(iv) the entry of a decree of a judicial dissolution of the Company or the Trust;
(iv) when the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price shall have been paid to the Holders by a court of the Trust Securities or (y) in connection with a redemption upon the occurrence of a Trust Special Redemption Event, all of the Class B Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for the Trust Securitiescompetent jurisdiction;
(v) the [conversion, exchange or] redemption of all of the Securities and the payment to the Holders of any and all amounts necessary therefor, all in accordance with the consent thereto of a Majority terms of the Trust Securities, voting together as a single class; or
(vi) before the issuance of any Trust Securities, with the consent of all expiration of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders term of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to provided in Section 9.02 hereof3.14.
(b) As soon as is practicable after upon completion of winding up of the Trust following the occurrence of an event referred to in Section 9.01(a) hereof8.1(a), the Administrative Trustees shall file terminate the Trust by filing a certificate of cancellation with the office of the Secretary of State of the State of DelawareDelaware in accordance with the Business Trust Act.
(c) The provisions of Section 3.09 hereof and Article 11 hereof shall survive the termination of the Trust.
Appears in 1 contract
Samples: Trust Agreement (Hercules Inc)
Dissolution of Trust. (a) The Trust shall dissolve:
have perpetual existence, except that the Trust shall be dissolved (i) upon the bankruptcy, insolvency or dissolution vote of the Bank;
holders of not less than a majority of the Shares of the Trust cast; (ii) at the discretion of the Board of Trustees either (A) at any time there are no Shares outstanding of the Trust, or (B) upon the filing of a certificate of dissolution or its equivalent with respect prior written notice to the Company;
Shareholders of the Trust; or (iii) upon the entry occurrence of a decree dissolution or termination event pursuant to any other provision of a judicial this Declaration of Trust (including Article VIII, Section 2) or the DSTA. Upon dissolution of the Company Trust, the Board of Trustees shall (in accordance with Section 3808 of the DSTA) pay or make reasonable provision to pay all claims and obligations of the Trust;
, including all contingent, conditional or unmatured claims and obligations known to the Trust, and all claims and obligations which are known to the Trust, but for which the identity of the claimant is unknown. If there are sufficient assets held with respect to the Trust, such claims and obligations shall be paid in full and any such provisions for payment shall be made in full. If there are insufficient assets held with respect to the Trust, such claims and obligations shall be paid or provided for according to their priority and, among claims and obligations of equal priority, ratably to the extent of assets available therefor. Any remaining assets (ivincluding, without limitation, cash, securities or any combination thereof) when held with respect to the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price shall have been paid be distributed to the Holders Shareholders of the Trust Securities or (y) in connection with a redemption upon the occurrence of a Trust Special Redemption Event, all of the Class B Preferred Securities shall have been distributed ratably according to the Holders number of Shares of the Trust Securities in exchange held of record by the several Shareholders on the date for such dissolution distribution; provided, however, that if the Trust Securities;
(v) with the consent thereto of a Majority Shares of the Trust Securitiesare divided into Classes thereof, voting together as a single class; or
any remaining assets (viincluding, without limitation, cash, securities or any combination thereof) before the issuance of any Trust Securities, held with the consent of all of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, respect to the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been be distributed to the Holders each Class of the Trust Securities or (y) the Class B Preferred Securities have been distributed according to the Holders net asset value computed for such Class and, within such particular Class, shall be distributed ratably to the Shareholders of such Class according to the number of Shares of such Class held of record by the several Shareholders on the date for such dissolution distribution. Upon the winding up of the Trust Securities pursuant in accordance with Section 3808 of the DSTA and its termination, any one (1) Trustee shall execute, and cause to Section 9.02 hereof.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereofbe filed, the Trustees shall file a certificate of cancellation cancellation, with the office of the Secretary of State of the State of Delaware.
(c) The Delaware in accordance with the provisions of Section 3.09 hereof and Article 11 hereof shall survive the termination 3810 of the TrustDSTA.
Appears in 1 contract
Samples: Trust Agreement (EGA Frontier Diversified Core Fund)
Dissolution of Trust. (a) The Trust shall dissolve:
(i) upon the bankruptcy, insolvency or dissolution bankruptcy of the BankSponsor;
(ii) upon the filing of a certificate of dissolution or liquidation or its equivalent with respect to the CompanySponsor; or the revocation of the Sponsor's charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;
(iii) following the distribution of a Like Amount of the Debentures to the Holders, provided that, the Property Trustee has ------------- received written notice from the Sponsor directing the Property Trustee to dissolve the Trust (which direction is optional, and except as otherwise expressly provided below, within the discretion of the Sponsor), and provided, further, that such direction and such -------- ------- distribution is conditioned on (a) the receipt by the Sponsor of any and all required regulatory approvals, and (b) the Sponsor's receipt and delivery to the Administrative Trustees of an opinion of independent tax counsel experienced in such matters, which opinion may rely on public or private rulings of the Internal Revenue Service, to the effect that the Holders of the Capital Securities will not recognize any gain or loss for United States federal income tax purposes as a result of the dissolution of the Trust and the distribution of Debentures;
(iv) upon the entry of a decree of a judicial dissolution of the Company or the TrustTrust by a court of competent jurisdiction;
(ivv) when all of the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price amounts necessary for redemption thereof shall have been paid to the Holders in accordance with the terms of the Trust Securities or (y) in connection with a redemption upon the occurrence of a Trust Special Redemption Event, all of the Class B Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for the Trust Securities;
(vvi) with upon the consent thereto of a Majority redemption or repayment of the Trust Securities, voting together Debentures or at such time as a single classno Debentures are outstanding; or
(vivii) before the issuance of any Trust Securities, with the consent of all expiration of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders term of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to provided in Section 9.02 hereof3.14.
(b) As soon as is practicable after upon completion of winding up of the Trust following the occurrence of an event referred to in Section 9.01(a) hereof8.1(a), the Administrative Trustees shall file terminate the Trust by filing a certificate of cancellation with the office of the Secretary of State of the State of DelawareDelaware in accordance with the Business Trust Act.
(c) The provisions of Section 3.09 hereof 3.9 and Article 11 hereof X shall survive the termination dissolution of the Trust.
Appears in 1 contract
Dissolution of Trust. (a) The Trust shall dissolve:
(i) upon be dissolved and commence winding up in accordance with the bankruptcy, insolvency or dissolution terms of the Bank;
(ii) upon Statutory Trust Act at the filing direction of a certificate of dissolution or its equivalent with respect the Certificateholder to the Company;
(iii) upon the entry of a decree of a judicial dissolution of the Company or the Trust;
(iv) when the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price shall have been paid to the Holders of the Trust Securities or (y) Owner Trustee in connection with a redemption upon the occurrence of a Trust Special Redemption Event, all of the Class B Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for the Trust Securities;
(v) with the consent thereto of a Majority of the Trust Securities, voting together as a single class; or
(vi) before the issuance of any Trust Securities, with the consent of all of the Regular Trustees and the Sponsorwriting; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until be dissolved earlier than (xi) such claim has been satisfied and the proceeds therefrom date that all of the Offered Notes have been distributed paid in full and are no longer outstanding or (ii) the Trust no longer owns any Junior Surplus Notes as a result of the redemption and/or cancellation of the Junior Surplus Notes and all amounts received upon such redemption and/or cancellation have been applied as provided in Section 6.01 hereof. The bankruptcy, liquidation or dissolution of the Certificateholder shall not (A) operate to terminate this Agreement or the Holders Trust, nor (B) entitle such Certificateholder’s legal representatives, successors or assigns to claim an accounting or to take any action or proceeding in any court for a partition or winding-up of all or any part of the Trust Securities or Trust Assets nor (yC) otherwise affect the Class B Preferred Securities have been distributed to the Holders rights, obligations and liabilities of the Trust Securities pursuant to Section 9.02 hereofparties hereto.
(b) As soon as is practicable after Upon written direction and notice from the occurrence Certificateholder that the complete winding up of an event referred to the Trust and payment of all liabilities of the Trust in Section 9.01(a) hereofaccordance with this Article have been satisfied, the Trustees Owner Trustee shall file cause the Certificate of Trust to be cancelled by the Owner Trustee alone executing and filing a certificate of cancellation with the office of the Secretary of State of in accordance with the State of Delaware.
(c) The provisions of Section 3.09 3810 of the Statutory Trust Act at the expense of the Certificateholder and the Trust shall thereby terminate with the reasonable costs thereof reimbursed to the Owner Trustee under Section 7.11 hereof. Thereupon, the Trust shall cease to exist and this Agreement shall terminate save for any provision hereof and Article 11 hereof that expressly survives such termination. For the avoidance of doubt, the Note Trustee shall survive have no duties or liabilities in connection with the dissolution, wind-up or termination of the Trust.
Appears in 1 contract
Dissolution of Trust. (a) The Trust shall dissolve:
(i) upon the bankruptcy, insolvency or dissolution of the BankHolder of Trust Common Securities or the Sponsor;
(ii) upon the filing of a certificate of dissolution or its equivalent with respect to the CompanySponsor, the filing of a certificate of cancellation with respect to the Trust after having obtained the consent of at least a Majority in liquidation amount of the Trust Securities, voting together as a single class, to file such certificate of cancellation, or the revocation of the Sponsor's charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;
(iii) upon the entry of a decree of a judicial dissolution of the Company Sponsor or the Trust;
(iv) when all of the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price amounts necessary for redemption thereof shall have been paid or set aside for payment to the Holders in accordance with the terms of the Trust Securities;
(v) upon the election of the Regular Trustees, following the occurrence and continuation of a Trust Special Event, pursuant to which the Trust shall have been dissolved in accordance with the terms of the Trust Securities or (y) in connection with a redemption upon and, after satisfaction of the occurrence of a Trust Special Redemption EventTrust's liabilities, all of the Class B Partnership Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for the Trust Securities;
(v) with the consent thereto of a Majority all of the Trust Securities, voting together as a single class; or
(vi) before the issuance of any Trust Securities, with the consent of all of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to Section 9.02 hereof.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereof9.1(a), the Regular Trustees shall file a certificate of cancellation with the office of the Secretary of State of the State of Delaware.
(c) The provisions of Section 3.09 hereof 3.9 and Article 11 hereof XI shall survive the termination of the Trust.
Appears in 1 contract
Dissolution of Trust. (a) The Trust shall dissolve:
(i) upon the bankruptcy, insolvency or dissolution of the Guarantor or the Bank;
(ii) upon the filing of a certificate of dissolution or its equivalent with respect to the Company;
(iii) upon the entry of a decree of a judicial dissolution of the Company or the Trust;
(iv) when all of the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price amounts necessary for redemption thereof shall have been paid to the Holders in accordance with the terms of the Trust Securities;
(v) upon the election of the Regular Trustees, following the occurrence and continuation of a Trust Special Event, pursuant to which the Trust shall have been dissolved in accordance with the terms of the Trust Securities or (y) in connection with a redemption upon the occurrence of a Trust Special Redemption Event, and all of the Class B Preferred Company Securities shall have been distributed to the Holders of the Trust Securities in exchange for all of the Trust Securities;
(v) with the consent thereto of a Majority of the Trust Securities, voting together as a single class; or
(vi) before the issuance of any Trust Securities, with the consent of all of the Regular Trustees and the Sponsor; providedor
(vii) with the consent of at least a Majority in liquidation amount of Trust Securities, voting together as a single class; provided that, if a claim has been made under the Trust Preferred Securities Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders of the Trust Securities or (y) the Class B Preferred Company Securities have been distributed to the Holders of the Trust Securities pursuant to Section 9.02 hereof.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereofand in accordance with Section 3810 of the Statutory Trust Act, the Trustees a Regular Trustee shall file a certificate of cancellation with the office of the Secretary of State of the State of Delaware.
(c) The Trust shall terminate upon the filing of the certificate of cancellation pursuant to Section 9.01(b) and this Trust Agreement shall be of no further force and effect, except as provided in Section 9.01(d).
(d) The provisions of Section 3.09 hereof and Article 11 hereof shall survive the termination of the Trust.
Appears in 1 contract
Samples: Trust Agreement (Abn Amro Bank Nv)
Dissolution of Trust. (a) The Trust shall dissolve:
(i) upon on the bankruptcy, insolvency or dissolution expiration of the Bankterm of the Trust set forth in Section 3.14;
(ii) upon the bankruptcy of the Sponsor, the Debenture [Issuer AND Guarantor] or the Trust;
(iii) upon the filing of a certificate of dissolution or its equivalent with respect to the CompanySponsor or the Debenture [Issuer AND Guarantor] after having obtained the consent of the Holders of at least a Majority in liquidation amount of the Securities voting together as a single class to dissolve the Trust, or the revocation of the Sponsor's or Debenture [Issuer AND Guarantor]'s charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;
(iiiiv) upon the entry of a decree of a judicial dissolution of the Company Holder of the Common Securities, the Debenture [Issuer AND Guarantor], the Sponsor or the Trust;
(ivv) when all of the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price amounts necessary for redemption thereof, including any Additional Interest or Compound Interest, shall have been paid to the Holders in accordance with the terms of the Trust Securities or (y) in connection with a redemption upon the occurrence of a Trust Special Redemption Event, all of the Class B Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for the Trust Securities;
(vvi) upon the distribution of all of the Debentures to the Holders in exchange for all of the Securities in accordance with the consent thereto of a Majority terms of the Trust Securities, voting together as a single class; or
(vivii) before the issuance of any Trust Securities, with the consent of all of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to Section 9.02 hereof.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereof8.1(a), after satisfaction of liabilities to creditors of the Trust, if any, the Regular Trustees shall file a certificate of cancellation with the office of the Secretary of State of the State of Delaware.
(c) The provisions of Section 3.09 hereof 3.9 and Article 11 hereof X shall survive the dissolution and termination of the Trust.
Appears in 1 contract
Dissolution of Trust. (a) The Trust shall dissolve:
(i) upon the bankruptcy, insolvency or dissolution bankruptcy of the BankSponsor;
(ii) upon the filing of a certificate of dissolution or its equivalent with respect to the CompanySponsor, the filing of a certificate of cancellation with respect to the Trust after having obtained the consent of at least a Majority in liquidation amount of the Securities, voting together as a single class, to file such certificate of cancellation, or the revocation of the charter of the Sponsor and the expiration of 90 days after the date of revocation without a reinstatement thereof;
(iii) upon the entry of a decree of a judicial dissolution of the Company Sponsor or the Trust;
(iv) when all of the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price amounts necessary for redemption thereof, including any Additional Interest, Compounded Interest and Liquidated Damages, shall have been paid to the Holders in accordance with the terms of the Trust Securities or Securities;
(yv) in connection with a redemption upon the occurrence and continuation of a Special Event pursuant to which the Trust Special Redemption Event, shall have been dissolved in accordance with the terms of the Securities and all of the Class B Preferred Securities Debentures endorsed thereon shall have been distributed to the Holders of the Trust Securities in exchange for all of the Trust Securities;
(vvi) with the consent thereto expiration of a Majority the term of the Trust Securitieson October 1, voting together 2025, subject to extension as a single class; ornecessary in accordance with Section 3.13;
(vivii) before the issuance of any Trust Securities, with the consent of all of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under or
(viii) upon the Trust Preferred Guarantee, exchange of all of the Trust shall not dissolve until (x) such claim has been satisfied Securities into the Debentures and the proceeds therefrom have been distributed conversion of such Debentures into Common Stock of the Debenture Issuer and delivery of all such shares (and any cash in lieu of fractional shares) to the Holders of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to Section 9.02 hereofexchanging Holders.
(b) As soon as is practicable after the occurrence of an event referred to in Section 9.01(a) hereof8.1(a), the Trustees shall file a certificate of cancellation with the office of the Secretary of State of the State of Delaware.
(c) The provisions of Section 3.09 hereof 3.9 and Article 11 hereof X shall survive the termination dissolution of the Trust.
Appears in 1 contract
Dissolution of Trust. (a) The Trust shall dissolvedissolve upon the first to occur of the following:
(i) upon the bankruptcy, insolvency or dissolution bankruptcy of the BankSponsor;
(ii) upon the filing of a certificate of dissolution or liquidation or its equivalent with respect to the CompanySponsor;
(iii) following the distribution of a Like Amount of the Debentures to the Holders, provided that, the Property Trustee has received written notice from the Holders of the Common Securities directing the Property Trustee to dissolve the Trust (which direction is optional, and except as otherwise expressly provided below, within the discretion of the Holders of the Common Securities), and provided, further, that such direction and such distribution is conditioned on the receipt by the Sponsor of any and all required regulatory approvals;
(iv) upon the entry of a decree of a judicial dissolution of the Company or the TrustTrust by a court of competent jurisdiction;
(ivv) when all of the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price amounts necessary for redemption thereof shall have been paid to the Holders in accordance with the terms of the Trust Securities or (y) in connection with a the redemption upon the occurrence of a Trust Special Redemption Event, all or repayment of the Class B Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for the Trust Securities;
(v) with the consent thereto of a Majority of the Trust Securities, voting together as a single classDebentures; or
(vi) before the issuance of any Trust Securities, with the consent of all expiration of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders term of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to provided in Section 9.02 hereof3.14.
(b) As soon as is practicable after upon completion of winding up of the Trust following the occurrence of an event referred to in Section 9.01(a8.1(a), and subject to Section 3808(d) hereofand (e) of the Business Trust Act, the Trustees Property Trustee and the Delaware Trustee (each of whom is hereby authorized to take such action) shall file terminate the Trust by filing a certificate of cancellation with the office of the Secretary of State of the State of DelawareDelaware in accordance with the Business Trust Act and, upon such filing, the obligations and responsibilities of the Administrators and the Trust created and continued hereby shall terminate.
(c) The provisions of Section 3.09 hereof 3.9 and Article 11 hereof X shall survive the termination dissolution of the Trust.
Appears in 1 contract
Dissolution of Trust. (a) The Trust shall dissolveautomatically dissolve upon the first to occur of the following events:
(i) upon the bankruptcy, insolvency or dissolution bankruptcy of the BankSponsor;
(iiA) upon the filing of a certificate of dissolution or liquidation or its equivalent with respect to the CompanySponsor or (B) the revocation of the Sponsor's charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;
(iii) upon the distribution of a Like Amount of the Debentures to the Holders of the Securities, provided that the Property Trustee has received written notice from the Sponsor directing the Property Trustee to dissolve the Trust (which direction is optional and, except as otherwise expressly provided herein, within the discretion of the Sponsor), and provided, further, that such dissolution is conditioned on the receipt by the Administrative Trustees of an opinion of an independent tax counsel experienced in such matters (a "No Recognition Opinion") to the effect that the Holders of the Securities will not recognize any gain or loss for United States Federal income tax purposes as a result of the dissolution of the Trust and the distribution of the Debentures;
(iv) the entry of a decree of a judicial dissolution of the Company or the Trust;
(iv) when the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price shall have been paid to the Holders by a court of the Trust Securities or (y) in connection with a redemption upon the occurrence of a Trust Special Redemption Event, all of the Class B Preferred Securities shall have been distributed to the Holders of the Trust Securities in exchange for the Trust Securitiescompetent jurisdiction;
(v) the redemption of all of the Securities and the payment to the Holders of any and all amounts necessary therefor, all in accordance with the consent thereto of a Majority terms of the Trust Securities, voting together as a single class; or
(vi) before the issuance of any Trust Securities, with the consent of all expiration of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under the Trust Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied and the proceeds therefrom have been distributed to the Holders term of the Trust Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to provided in Section 9.02 hereof3.14.
(b) As soon as is practicable after upon completion of winding up of the Trust following the occurrence of an event referred to in Section 9.01(a) hereof8.1(a), the Administrative Trustees shall file terminate the Trust by filing a certificate of cancellation with the office of the Secretary of State of the State of DelawareDelaware in accordance with the Business Trust Act.
(c) The provisions of Section 3.09 hereof 3.9 and Article 11 hereof X shall survive the termination of the Trust.
Appears in 1 contract
Samples: Trust Agreement (Hercules Inc)
Dissolution of Trust. (a) The Trust shall dissolve:
(i) upon the bankruptcy, insolvency or dissolution bankruptcy of the BankSponsor;
(ii) upon the filing of a certificate of dissolution or its equivalent with respect to the CompanySponsor, or the revocation of the charter of the Sponsor and the expiration of 90 days after the date of revocation without a reinstatement thereof;
(iii) upon the entry of a decree of a judicial dissolution of the Company Sponsor or the Trust;
(iv) when all of the Trust Securities shall have been called for redemption and (x) the applicable Redemption Price amounts necessary for redemption thereof, including any Additional Interest, Extension Period Interest and Compounded Interest, shall have been paid to the Holders in accordance with the terms of the Securities;
(v) upon the occurrence and continuation of a Special Event pursuant to which the Trust shall have been dissolved in accordance with the terms of the Securities or (y) and all of the Debentures endorsed in connection with a redemption upon the occurrence of a Trust such Special Redemption Event, all of the Class B Preferred Securities Event shall have been distributed to the Holders of the Trust Securities in exchange for all of the Trust Securities;
(vvi) with the consent thereto expiration of a Majority the term of the Trust Securitieson December 31, voting together 2025, subject to extension as a single class; ornecessary in accordance with Section 3.13;
(vivii) before the issuance of any Trust Securities, with the consent of all of the Regular Trustees and the Sponsor; provided, that, if a claim has been made under or
(viii) upon the Trust exchange of all of the Preferred Guarantee, the Trust shall not dissolve until (x) such claim has been satisfied Securities for Debentures and the proceeds therefrom have been distributed conversion of such Debentures into Common Stock (as defined in the Indenture) of the Debenture Issuer and delivery of all such shares of Common Stock (and any cash in lieu of fractional shares) to the Holders exchanging Holders, and upon the redemption of the Trust Common Securities or (y) the Class B Preferred Securities have been distributed to the Holders of the Trust Securities pursuant to Section 9.02 hereofin connection therewith.
(b) As soon as is practicable after upon completion of a winding up of the Trust following the occurrence of an event referred to in Section 9.01(a) hereof8.1(a), the Regular Trustees shall prepare and the Trustees shall execute and file a certificate of cancellation with the office of the Secretary of State of the State of DelawareDelaware in accordance with the Business Trust Act.
(c) The provisions of Section 3.09 hereof 3.9, Section 3.10 and Article 11 hereof X shall survive the dissolution and termination of the Trust.
Appears in 1 contract