Early Dissolution. The first to occur of any of the following events is an "EARLY TERMINATION EVENT," upon the occurrence of which the Issuer Trust shall dissolve: (a) the occurrence of the appointment of a receiver or other similar official in any liquidation, insolvency or similar proceeding with respect to the Depositor or all or substantially all of its property, or a court or other governmental agency shall enter a decree or order and such decree or order shall remain unstayed and undischarged for a period of 60 days, unless the Depositor shall transfer the Common Securities as provided by Section 5.11, in which case this provision shall refer instead to any such successor Holder of the Common Securities; (b) the written direction to the Property Trustee from the Holder of the Common Securities at any time to dissolve the Issuer Trust and to distribute the Junior Subordinated Debentures to Holders in exchange for the Capital Securities (which direction, subject to Section 9.4(a), is optional and wholly within the discretion of the Holder of the Common Securities); (c) the repayment of all of the Capital Securities in connection with the redemption of all the Junior Subordinated Debentures; and (d) the entry of an order for dissolution of the Issuer Trust by a court of competent jurisdiction.
Appears in 3 contracts
Samples: Trust Agreement (FCB Nc Capital Trust I), Trust Agreement (Southern Bancshares Nc Inc), Trust Agreement (FCB/Sc Capital Trust I)
Early Dissolution. The first to occur of any of the following events is an "EARLY TERMINATION EVENT," upon the occurrence of which the Issuer Trust shall dissolve:
(a) the occurrence of the appointment of a receiver or other similar official in any liquidation, insolvency or similar proceeding with respect to the Depositor or all or substantially all of its property, or a court or other governmental agency shall enter a decree or order and such decree or order shall remain unstayed and undischarged for a period of 60 days, unless the Depositor shall transfer the Common Securities as provided by Section 5.11, in which case this provision shall refer instead to any such successor Holder of the Common Securities;; -57-
(b) the written direction to the Property Trustee from the Holder of the Common Securities at any time to dissolve the Issuer Trust and to distribute the Junior Subordinated Debentures to Holders in exchange for the Capital Securities (which direction, subject to Section 9.4(a), is optional and wholly within the discretion of the Holder of the Common Securities);
(c) the repayment of all of the Capital Securities in connection with the redemption of all the Junior Subordinated Debentures; and
(d) the entry of an order for dissolution of the Issuer Trust by a court of competent jurisdiction.
Appears in 3 contracts
Samples: Trust Agreement (Fidbank Capital Trust I), Trust Agreement (Fidbank Capital Trust I), Trust Agreement (Fidelity Bancshares Nc Inc /De/)
Early Dissolution. The first to occur of any of the following events is an "EARLY TERMINATION EVENT," “Early Dissolution Event”, upon the occurrence of which the Issuer Trust shall dissolve:
(a) the occurrence of the appointment of a receiver or other similar official in any liquidation, insolvency or similar proceeding with respect to the Depositor or all or substantially all of its property, or a court or other governmental agency shall enter a decree or order and such decree or order shall remain unstayed and undischarged for a period of 60 days, unless the Depositor shall transfer the Common Securities as provided by Section 5.11, in which case this provision shall refer instead to any such successor Holder of the Common Securities;
(b) the written direction to the Property Trustee from the Holder of the Common Securities at any time to dissolve the Issuer Trust and and, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to distribute the Junior Subordinated Debentures to Holders in exchange for the Capital Securities (which direction, subject to Section 9.4(a), is optional and wholly within the discretion of the Holder of the Common Securities);
(c) the repayment redemption of all of the Capital Securities in connection with the redemption of all the Junior Subordinated Debentures; and
(d) the entry of an order for dissolution of the Issuer Trust by a court of competent jurisdiction.
Appears in 2 contracts
Samples: Trust Agreement (M&t Bank Corp), Trust Agreement (S&t Bancorp Inc)
Early Dissolution. The first to occur of any of the following events is an "EARLY TERMINATION EVENT," Early Dissolution Event", upon the occurrence of which the Issuer Trust shall dissolve:
(a) the occurrence of the appointment of a receiver or other similar official in any liquidation, insolvency or similar proceeding with respect to the Depositor or all or substantially all of its property, or a court or other governmental agency shall enter a decree or order and such decree or order shall remain unstayed and undischarged for a period of 60 days, unless the Depositor shall transfer the Common Securities as provided by Section 5.11, in which case this provision shall refer instead to any such successor Holder of the Common Securities;
(b) the written direction to the Property Trustee from the Holder of the Common Securities at any time to dissolve the Issuer Trust and and, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to distribute the Junior Subordinated Debentures to Holders in exchange for the Capital Securities (which direction, subject to Section 9.4(a), is optional and wholly within the discretion of the Holder of the Common Securities);
(c) the repayment redemption of all of the Capital Securities in connection with the redemption of all the Junior Subordinated Debentures; and
(d) the entry of an order for dissolution of the Issuer Trust by a court of competent jurisdiction.
Appears in 2 contracts
Samples: Trust Agreement (S&t Bancorp Inc), Trust Agreement (M&t Bank Corp)
Early Dissolution. The first to occur of any of the following events is an "EARLY TERMINATION EVENTEarly Termination Event," upon the occurrence of which the Issuer Trust shall dissolve:
(a) the occurrence of the appointment of a receiver or other similar official in any liquidation, insolvency or similar proceeding with respect to the Depositor or all or substantially all of its property, or a court or other governmental agency shall enter a decree or order and such decree or order shall remain unstayed and undischarged for a period of 60 days, unless the Depositor shall transfer the Common Securities as provided by Section 5.11, in which case this provision shall refer instead to any such successor Holder of the Common Securities;
(b) the written direction to the Property Trustee from the Holder of the Common Securities at any time to dissolve the Issuer Trust and to distribute the Junior Subordinated Debentures to Holders in exchange for the Capital Securities (which direction, subject to Section 9.4(a), is optional and wholly within the discretion of the Holder of the Common Securities);
(c) the repayment of all of the Capital Securities in connection with the redemption of all the Junior Subordinated Debentures; and
(d) the entry of an order for dissolution of the Issuer Trust by a court of competent jurisdiction.
Appears in 1 contract
Early Dissolution. The first to occur of any of the following events is an "EARLY TERMINATION EVENTEarly Termination Event," upon the occurrence of which the Issuer Trust shall dissolve:
(a) the occurrence of the appointment of a receiver or other similar official in any liquidation, insolvency or similar proceeding with respect to the Depositor or all or substantially all of its property, or a court or other governmental agency shall enter a decree or order and such decree or order shall remain unstayed and undischarged for a period of 60 days, unless the Depositor shall transfer the Common Securities as provided by Section 5.11, in which case this provision shall refer instead to any such successor Holder of the Common Securities;
(b) the written direction to the Property Trustee from the Holder of the Common Securities at any time to dissolve the Issuer Trust and to distribute the Junior Subordinated Debentures to Holders in exchange for the Capital Securities (which direction, subject to Section 9.4(a), is optional and wholly within the discretion of the Holder of the Common Securities);
(c) the repayment redemption of all of the Capital Securities in connection with the redemption of all the Junior Subordinated Debentures; and
(d) the entry of an order for dissolution of the Issuer Trust by a court of competent jurisdiction.
Appears in 1 contract
Samples: Trust Agreement (Provident Trust I)
Early Dissolution. The first to occur of any of the following events is an "EARLY TERMINATION EVENT“Early Termination Even," ” upon the occurrence of which the Issuer Trust shall dissolve:
(a) the occurrence of the appointment of a receiver or other similar official Bankruptcy Event in any liquidation, insolvency or similar proceeding with respect to the Depositor or all or substantially all of its propertyof, or a court the dissolution or other governmental agency shall enter a decree or order and such decree or order shall remain unstayed and undischarged for a period liquidation of, the Depositor, in its capacity as the Holder of 60 daysthe Common Securities, unless the Depositor shall transfer the Common Securities as provided by Section 5.11, in which case this provision shall refer instead to any such successor Holder of the Common Securities;
(b) the written direction to the Property Trustee from the Holder of the Common Securities at any time to dissolve the Issuer Trust and, after paying or making reasonable provision to pay all charges and obligations of the Issuer Trust in accordance with Section 3808(e) of the Delaware Statutory Trust Act, to distribute the Junior Subordinated Debentures to Holders in exchange for the Capital Trust Securities (which direction, subject to Section 9.4(a), is optional and wholly within the discretion of the Holder of the Common Securities);
(c) the repayment of all of the Preferred Capital Securities in connection with the repayment at maturity or redemption of all the Junior Subordinated Debentures, including, without limitation, a redemption of the Junior Subordinated Debentures upon a Special Event; and
(d) the entry of an order for dissolution of the Issuer Trust by a court of competent jurisdiction.
Appears in 1 contract
Early Dissolution. The first to occur of any of the following events is an "EARLY TERMINATION EVENT“Early Termination Event," ” upon the occurrence of which the Issuer Trust shall dissolve:
(a) the occurrence of the appointment of a receiver or other similar official in any liquidation, insolvency or similar proceeding Bankruptcy Event with respect to the Depositor or all or substantially all Debenture Guarantor, unless, in the case of its propertya Bankruptcy Event relating to the Depositor, or a court or other governmental agency shall enter a decree or order and such decree or order shall remain unstayed and undischarged for a period of 60 days, unless the Depositor shall transfer the Common Securities as provided by Section 5.11, in which case this provision shall refer instead to any such Bankruptcy Event with respect to the successor Holder of the Common Securities;
(b) delivery of the written direction to the Property Trustee from the Holder of the Common Securities at any time to dissolve the Issuer Trust and and, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to distribute the Junior Subordinated Debentures to Holders in exchange for the Capital Preferred Securities (which direction, subject to Section 9.4(a), is optional and wholly within the discretion of the Holder of the Common Securities);
(c) the repayment redemption of all of the Capital Preferred Securities in connection with the redemption of all the Junior Subordinated Debentures; andor
(d) the entry of an order for dissolution of the Issuer Trust by a court of competent jurisdiction.
Appears in 1 contract
Samples: Trust Agreement (American Safety Insurance Group LTD)