Common use of Distributions in Liquidation of Grantor Clause in Contracts

Distributions in Liquidation of Grantor. Upon and to the extent of receipt by the Trust of any distribution (of monies or subordinated debentures as provided in the Partnership Agreement) from the Grantor, upon the liquidation of the Grantor or otherwise, or any payment under the Guarantee in respect thereof, after satisfaction of creditors of the Trust as required by applicable law, the Property Trustee shall distribute, in cash or in kind, to the Holders of Trust Securities as of the record date fixed pursuant to Section 6.4, the Trust Estate, in proportion to the respective number of Preferred Securities which were represented by the Trust Securities held by such Holders.