Common use of Distribution of the Debentures Clause in Contracts

Distribution of the Debentures. Upon the occurrence of a voluntary or involuntary dissolution of the Trust, a principal amount of the Debentures constituting the assets of the Trust and underlying the Capital Securities equal to the aggregate Stated Amount of the Pledged Capital Securities shall be delivered to the Collateral Agent in exchange for the Pledged Capital Securities. In the event the Collateral Agent receives such Debentures in respect of Pledged Capital Securities upon the occurrence of a voluntary or involuntary dissolution of the Trust, the Collateral Agent shall Transfer such Debentures to the Collateral Account in the manner specified herein (including, without limitation, physical delivery thereof as set forth in Section 2.1) for Pledged Capital Securities to secure the obligations of the Holders of Normal Units to purchase the Company's Common Stock under the related Purchase Contracts. Thereafter, the Collateral Agent shall have such security interests, rights and obligations with respect to such Debentures as it had in respect of the Pledged Capital Securities as provided in Articles II, III, IV, V and VI hereof, and any reference herein to the Capital Securities or Pledged Capital Securities shall be deemed to be referring to such Debentures.

Appears in 4 contracts

Samples: Pledge Agreement (Prudential Financial Inc), Pledge Agreement (Prudential Financial Inc), Pledge Agreement (Metlife Capital Trust I)

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