Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Securities may, by vote, on behalf of the Holders of all of the Capital Securities, waive any past Event of Default in respect of the Capital Securities and its consequences, provided that, if the underlying Event of Default under the Indenture: (i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or (ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “Super Majority”) to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default shall cease to exist, and any Event of Default with respect to the Capital Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or an Event of Default with respect to the Capital Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Securities of an Event of Default with respect to the Capital Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities. (b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture: (i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or (ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon. (c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 3 contracts
Samples: Trust Agreement (Webster Capital Trust Vi), Trust Agreement (Webster Capital Trust Vi), Trust Agreement (Webster Capital Trust Vi)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Securities may, by vote, on behalf of the Holders of all of the Capital Securities, waive any past Event of Default in respect of the Capital Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default shall cease to exist, and any Event of Default with respect to the Capital Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or an Event of Default with respect to the Capital Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Securities of an Event of Default with respect to the Capital Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 3 contracts
Samples: Trust Agreement (Webster Financial Corp), Trust Agreement (Webster Financial Corp), Trust Agreement (Webster Financial Corp)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Trust Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Trust Preferred Securities, waive any past Event of Default in respect of the Capital Trust Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Trust Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section (S) 316(a)(1)(B) of the Trust Indenture Act and such Section (S) 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Trust Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Trust Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Trust Preferred Securities of an Event of Default with respect to the Capital Trust Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities. The Holders of a Majority in liquidation amount of the Trust Preferred Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Property Trustee or to direct the exercise of any trust or power conferred upon the Property Trustee, including the right to direct the Property Trustee to exercise the remedies available to it as holder of the Debentures; provided, however, that (subject to the provisions of Section 3.9) the Property Trustee shall have the right to decline to follow any such direction if the Property Trustee shall determine that the action so directed would be unjustly prejudicial to the Holders not taking part in such direction or if the Property Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Property Trustee, in good faith, by its board of directors or trustees, executive committee, or a trust committee of directors or trustees and/or Responsible Officers, shall determine that the action or proceedings so directed would involve the Property Trustee in personal liability.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if all Events of Default with respect to the Capital Trust Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Trust Preferred Securities and only the Holders of the Capital Trust Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections (S)(S) 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections (S)(S) 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Trust Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section (S) 316(a)(1)(B) of the Trust Indenture Act and such Section (S) 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 2 contracts
Samples: Trust Agreement (Agl Capital Trust Iii), Trust Agreement (Agl Capital Trust Ii)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, that each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed with respect to the Preferred Securities to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, Trustee at the written direction of the Holders of the Capital Securities, Preferred Securities constitutes a waiver of the corresponding Event of Default with respect to the Preferred Securities under this Trust Agreement. Any waiver of an Event of Default under the Indenture by the Property Trustee at the direction of the Holders of the Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of the corresponding Event of Default under this Agreement with respect to the Common Securities for all purposes of this Agreement without further act, vote or consent of the Holders of the Common Securities. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 2 contracts
Samples: Trust Agreement (Berkley W R Corp), Trust Agreement (Berkley W R Corp)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures Notes (a “Super Majority”) to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures Notes outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount Liquidation Amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b2.5(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b2.5(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures Notes outstanding; provided further, that each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b2.5(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the written direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 2 contracts
Samples: Trust Agreement (Nexity Financial Corp), Trust Agreement (Waccamaw Bankshares Inc)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of -------- ---- Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section (S) 316(a)(1)(B) of the Trust Indenture Act and such Section (S) 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount Liquidation Amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of -------- ---- Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, that each Holder of Common Securities will be deemed to have -------- ------- waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections (S)(S) 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections (S)(S) 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section (S) 316(a)(1)(B) of the Trust Indenture Act and such Section (S) 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 2 contracts
Samples: Trust Agreement (New South Capital Trust I), Trust Agreement (New South Capital Trust I)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, ; provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “Super Majority”) to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, vote or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, ; provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections Section 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections Section 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, Trustee at the direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 2 contracts
Samples: Trust Agreement, Trust Agreement (Allstate Financing X)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of Capital Preferred Securities may, by votevote or written consent, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Indenture Event of Default under the IndentureDefault:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementAgreement and the Preferred Securities, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.. Exhibit (4)(t)
(b) The Holders of a Majority in liquidation amount Liquidation Amount of the Common Securities may, by votevote or written consent, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Indenture Event of Default under the IndentureDefault:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote or written consent of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their the consequences if thereof until all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waivercure, waiver or other elimination, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Indenture Event of Default under the Indenture by the Property Trustee, Trustee at the direction of the Holders of the Capital Securities, Preferred Securities constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Samples: Trust Agreement (Weyerhaeuser Co)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, ; provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of the holders of greater than a majority in aggregate principal amount (a "Super Majority") of the holders of the Debentures (a “Super Majority”) Senior Notes to be waived under the Indenture, the Event of Default under the Trust this Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Securities that the relevant such Super Majority represents of the aggregate principal amount Liquidation Amount of the Debentures outstandingPreferred Securities. The foregoing provisions of this Section 2.6(a2.06(a) shall be in lieu of Section ss. 316(a)(1)(B) of the Trust Indenture Act and such Section ss. 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementAgreement and the Preferred Securities, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, vote or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount Liquidation Amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, ; provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below in this Section 2.6(b2.06(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of holders of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below in this Section 2.6(b2.06(b), the Event of Default under the Trust this Agreement may only be waived by the vote of the Holders of at least such Super Majority of the proportion in aggregate liquidation amount Liquidation Amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstandingSecurities; provided further, that each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if until all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b2.06(b) shall be in lieu of Sections xx.xx. 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections xx.xx. 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b2.06(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c2.06(c) shall be in lieu of Section ss. 316(a)(1)(B) of the Trust Indenture Act and such Section ss. 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section ss. 316(a)(1)(B) of the Trust Indenture Act and such Section ss. 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount Liquidation Amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, Indenture (except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b)), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.;
Appears in 1 contract
Samples: Trust Agreement (Cox Trust Ii)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Trust Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Trust Preferred Securities, waive any past Event of Default in respect of the Capital Trust Preferred Securities and its consequences, provided that, if the underlying Indenture Event of Default under the IndentureDefault:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of (x) holders of Debentures representing a specified percentage greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") or (y) each holder of Debentures affected thereby to be waived under the Indenture, then the Event of Default under the Trust Agreement Declaration may only be waived by the vote of, in the case of (x) above, Holders of Trust Preferred Securities representing at least such specified percentage of the Holders of at least the proportion in aggregate liquidation amount of the Capital outstanding Trust Preferred Securities that or, in the relevant Super Majority represents case of the aggregate principal amount (y) above, each Holder of the Debentures outstandingoutstanding Trust Preferred Securities affected thereby. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Trust Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Trust Preferred Securities or impair any right consequent thereonthere on. Any waiver by the Holders of the Capital Trust Preferred Securities of an Event of Default with respect to the Capital Trust Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Indenture Event of Default under the IndentureDefault:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of (x) a Super Majority or (y) each holder of Debentures affected thereby to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration may only be waived by the vote of, in the case of clause (x) above, Holders of Common Securities representing at least such specified percentage of the Holders of at least the proportion in aggregate liquidation amount of the outstanding Common Securities that or, in the relevant Super Majority represents case of the aggregate principal amount clause (y) above, each holder of the Debentures outstandingoutstanding Common Securities affected thereby; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until all Events of Default with respect to the Capital Trust Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default with respect to the Trust Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee Institutional Trust will be deemed to be acting solely on behalf of the Holders of the Capital Trust Preferred Securities and only the Holders of the Capital Trust Preferred Securities will have the right to direct the Property Institutional Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections Section 316(a)(1)(A) and 316(a)(1)(B316(a)(l)(B) of the Trust Indenture Act and such Sections Section 316(a)(1)(A) and 316(a)(1)(B316(a)(l)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Indenture Event of Default under the Indenture by the Property Trustee, Institutional Trustee at the direction of the Holders of the Capital Securities, Trust Preferred Securities constitutes a waiver of the corresponding Event of Default under this Trust AgreementDeclaration. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of not less than a Majority in liquidation amount of Capital Trust Preferred Securities may, by votevote or written consent, on behalf of the Holders of all of the Capital Trust Preferred Securities, waive any past Event of Default in respect of the Capital Trust Preferred Securities and its consequences, provided that, if the underlying corresponding Debenture Event of Default under the Indenture[or Other Document Event of Default]:
(i) is not waivable under the IndentureDebentures [or any Other Document, if any, as the case may be], the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures [or more than a majority of other interests in such Other Document, as the case may be] (a “"Super Majority”) "), to be waived under the IndentureIndenture [or such Other Document, as the case may be,] the Event of Default under the Trust this Agreement may only be waived by the vote of the Holders of at least the proportion relevant Super Majority in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents Holders of the aggregate principal amount of the Debentures outstandingTrust Preferred Securities. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(Bss.316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(Bss.316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Trust Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Debenture Event of Default [or Other Document Event of Default] shall cease to exist, and any Event of Default with respect to the Capital Trust Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Trust Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Trust Preferred Securities of an Event of Default with respect to the Capital Trust Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities. The Holders of a Majority in liquidation amount of the Trust Preferred Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Property Trustee or to direct the exercise of any trust or power conferred upon the Property Trustee, including the right to direct the Property Trustee to exercise the remedies available to it as a holder of the Debentures [and any Other Documents;] provided, however, that (subject to the provisions of Section 3.9) the Property Trustee shall have the right to decline to follow any such direction if the Property Trustee shall determine that the action so directed would be unjustly prejudicial to the Holders not taking part in such direction or if the Property Trustee, being advised by competent legal counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Property Trustee, in good faith, by its board of directors or trustees, executive committee, or a trust committee of directors or trustees, and/or Responsible Officers, shall determine that the action or proceeding so directed would involve the Property Trustee in personal liability.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by votevote or consent, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the IndentureDebentures or Other Document, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below elsewhere in this Section 2.6(b)2.6, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below in this Section 2.6(b)2.6, the such Event of Default under the Trust this Agreement may only be waived by the vote or consent of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, that, notwithstanding (i) or (ii) above, each Holder of the Common Securities will shall be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if all Events of Default with respect to the Capital Trust Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Trust Preferred Securities and only the Holders of the Capital Trust Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of this Agreement and the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(Ass.ss.316(a)(1)(A) and 316(a)(1)(B316 (a)(1)(B) and of the Trust Indenture Act and such Sections xx.xx. 316(a)(1)(A) and 316(a)(1)(B316 (a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Debenture Event of Default [or Other Document Event of Default] shall cease to exist exist, and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an a Debenture Event of Default under the Indenture [or Other Document Event of Default] by the Property Trustee, Trustee at the direction of the Holders of the Capital Securities, Trust Preferred Securities constitutes a waiver of the corresponding Event of Default with respect to the Trust Preferred Securities under this Agreement. Any waiver of a Debenture Event of Default [or Other Document Event of Default] by the Property Trustee at the direction of the Holders of the Trust AgreementPreferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of the corresponding Event of Default under this Agreement with respect to the Common Securities for all purposes of this Agreement without further act, vote or consent of the Holders of the Common Securities. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(Bss.316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(Bss.316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
(d) The right of any Holder to receive payment of Distributions in accordance with this Agreement and the terms of the Securities on or after the respective payment dates therefor, or to institute suit for the enforcement of any such payment on or after such payment dates, shall not be impaired without the consent of each such Holder.
Appears in 1 contract
Samples: Trust Agreement (Dte Energy Co)
Events of Default; Waiver. (a) The Holders of not less than a Majority in liquidation amount of Capital Trust Preferred Securities may, by votevote or written consent, on behalf of the Holders of all of the Capital Trust Preferred Securities, waive any past Event of Default in respect of the Capital Trust Preferred Securities and its consequences, provided that, if the underlying corresponding Debenture Event of Default under the Indentureor Other Document Event of Default:
(i) is not waivable under the IndentureDebentures or any Other Document, if any, as the case may be, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures or more than a majority of other interests in such Other Document, as the case may be (a “"Super Majority”) "), to be waived under the IndentureIndenture or such Other Document, as the case may be, the Event of Default under the Trust this Agreement may only be waived by the vote of the Holders of at least the proportion relevant Super Majority in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents Holders of the aggregate principal amount of the Debentures outstandingTrust Preferred Securities. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Trust Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Debenture Event of Default or Other Document Event of Default shall cease to exist, and any Event of Default with respect to the Capital Trust Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Trust Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Trust Preferred Securities of an Event of Default with respect to the Capital Trust Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) . The Holders of a Majority in liquidation amount of the Common Trust Preferred Securities mayshall have the right to direct the time, by vote, on behalf method and place of the Holders of all of the Common Securities, waive conducting any past Event of Default with respect proceeding for any remedy available to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed or to be acting solely on behalf direct the exercise of any trust or power conferred upon the Holders of the Capital Securities and only the Holders of the Capital Securities will have Property Trustee, including the right to direct the Property Trustee in accordance with to exercise the terms remedies available to it as a holder of the Securities. The foregoing Debentures and any Other Documents; provided, however, that (subject to the provisions of this Section 2.6(b3.9) the Property Trustee shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of have the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject right to the foregoing provisions of this Section 2.6(b), upon such waiver, decline to follow any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by direction if the Property Trustee, at Trustee shall determine that the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.action so
Appears in 1 contract
Samples: Trust Agreement (Apache Trust Ii)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided PROVIDED that, if the underlying Event of Default under the IndentureDefault:
(i) is caused by a Debenture Event of Default that is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or;
(ii) is caused by a Debenture Event of Default that requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding;
(iii) is the result of a default by the Trust in the payment of any Distribution when it becomes due and payable, which default has continued for 30 days (subject to the deferral of any due date in the case of a Default Period), the Event of Default shall not be waivable; or
(iv) is the result of a default by the Trust in the payment of any Redemption Price of any preferred Security when it becomes due and payable, the Event of Default shall not be waivable. The foregoing provisions of this Section 2.6(a2.06(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B316(a) (1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided PROVIDED that, if the underlying Event of Default under the Indentureis caused by a Debenture Event of Default that:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b2.06(b), the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b2.06(b), the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided furtherPROVIDED FURTHER, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until the effects of all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b2.06(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections Section 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b2.06(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, Trustee at the direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust AgreementDeclaration. The foregoing provisions of this Section 2.6(c2.06(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Samples: Issuer Tender Offer Statement
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Securities may, by vote, on behalf of the Holders of all of the Capital Securities, waive any past Event of Default in respect of the Capital Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Junior Subordinated Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents of the aggregate principal amount of the Junior Subordinated Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section ss. 316(a)(1)(B) of the Trust Indenture Act and such Section ss. 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Trust Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Securities of an Event of Default with respect to the Capital Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Junior Subordinated Debentures outstanding; provided further, each Holder the Holders of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Trust Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections xx.xx. 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections xx.xx. 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement Declaration and the Trust Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust AgreementDeclaration. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section ss. 316(a)(1)(B) of the Trust Indenture Act and such Section ss. 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Trust Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of not less than a Majority in liquidation amount of Capital Trust Preferred Securities may, by votevote or written consent, on behalf of the Holders of all of the Capital Trust Preferred Securities, waive any past Event of Default in respect of the Capital Trust Preferred Securities and its consequences, provided that, if the underlying corresponding Debenture Event of Default under the IndentureDefault:
(i) is not waivable under the IndentureDebentures, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”) "), to be waived under the Indenture, the Event of Default under the Trust this Agreement may only be waived by the vote of the Holders of at least the proportion relevant Super Majority in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents Holders of the aggregate principal amount of the Debentures outstandingTrust Preferred Securities. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(Bss.316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(Bss.316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Debenture Event of Default shall cease to exist, and any Event of Default with respect to the Capital Trust Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Trust Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Trust Preferred Securities of an Event of Default with respect to the Capital Trust Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities. The Holders of a Majority in liquidation amount of the Trust Preferred Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Property Trustee or to direct the exercise of any trust or power conferred upon the Property Trustee, including the right to direct the Property Trustee to exercise the remedies available to it under the Indenture as a holder of the Debentures; provided, however, that (subject to the provisions of Section 3.9) the Property Trustee shall have the right to decline to follow any such direction if the Property Trustee shall determine that the action so directed would be unjustly prejudicial to the Holders not taking part in such direction or if the Property Trustee, being advised by competent legal counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Property Trustee, in good faith, by its board of directors or trustees, executive committee, or a trust committee of directors or trustees, and/or Responsible Officers, shall determine that the action or proceeding so directed would involve the Property Trustee in personal liability.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by votevote or consent, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the IndentureDebentures, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below elsewhere in this Section 2.6(b)2.6, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below in this Section 2.6(b)2.6, the such Event of Default under the Trust this Agreement may only be waived by the vote or consent of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, that, notwithstanding (i) or (ii) above, each Holder of the Common Securities will shall be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until all Events of Default with respect to the Capital Trust Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Trust Preferred Securities and only the Holders of the Capital Trust Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of this Agreement and the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(Ass.ss.316(a)(1)(A) and 316(a)(1)(B316 (a)(1)(B) and of the Trust Indenture Act and such Sections ss.ss. 316(a)(1)(A) and 316(a)(1)(B316 (a)(1)(B) of the Trust Indenture Act are hereby xxxxby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Debenture Event of Default shall cease to exist exist, and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an a Debenture Event of Default under the Indenture by the Property Trustee, Trustee at the direction of the Holders of the Capital Securities, Trust Preferred Securities constitutes a waiver of the corresponding Event of Default with respect to the Trust Preferred Securities under this Agreement. Any waiver of a Debenture Event of Default by the Property Trustee at the direction of the Holders of the Trust AgreementPreferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of the corresponding Event of Default under this Agreement with respect to the Common Securities for all purposes of this Agreement without further act, vote or consent of the Holders of the Common Securities. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section ss. 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(Bss.316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
(d) The right of any Holder to receive payment of Distributions in accordance with this Agreement and the terms of the Securities on or after the respective payment dates therefor, or to institute suit for the enforcement of any such payment on or after such payment dates, shall not be impaired without the consent of each such Holder.
Appears in 1 contract
Samples: Trust Agreement (Dte Energy Co)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section (S) 316(a)(1)(B) of the Trust Indenture Act and such Section (S) 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount Liquidation Amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, Indenture (except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b)), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections (S)(S) 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections (S)(S) 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section (S) 316(a)(1)(B) of the Trust Indenture Act and such Section (S) 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of not less than a Majority in liquidation amount of Capital Trust Preferred Securities may, by votevote or written consent, on behalf of the Holders of all of the Capital Trust Preferred Securities, waive any past Event of Default in respect of the Capital Trust Preferred Securities and its consequences, provided that, if the underlying corresponding Debenture Event of Default under the IndentureDefault:
(i) is not waivable under the IndentureDebentures, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”) "), to be waived under the Indenture, the Event of Default under the Trust this Agreement may only be waived by the vote of the Holders of at least the proportion relevant Super Majority in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents Holders of the aggregate principal amount of the Debentures outstandingTrust Preferred Securities. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Debenture Event of Default shall cease to exist, and any Event of Default with respect to the Capital Trust Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Trust Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Trust Preferred Securities of an Event of Default with respect to the Capital Trust Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities. The Holders of a Majority in liquidation amount of the Trust Preferred Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Property Trustee or to direct the exercise of any trust or power conferred upon the Property Trustee, including the right to direct the Property Trustee to exercise the remedies available to it under the Indenture as a holder of the Debentures; provided, however, that (subject to the provisions of Section 3.9) the Property Trustee shall have the right to decline to follow any such direction if the Property Trustee shall determine that the action so directed would be unjustly prejudicial to the Holders not taking part in such direction or if the Property Trustee, being advised by competent legal counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Property Trustee, in good faith, by its board of directors or trustees, executive committee, or a trust committee of directors or trustees, and/or Responsible Officers, shall determine that the action or proceeding so directed would involve the Property Trustee in personal liability.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by votevote or consent, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the IndentureDebentures, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below elsewhere in this Section 2.6(b)2.6, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below in this Section 2.6(b)2.6, the such Event of Default under the Trust this Agreement may only be waived by the vote or consent of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, that, notwithstanding (i) or (ii) above, each Holder of the Common Securities will shall be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until all Events of Default with respect to the Capital Trust Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Trust Preferred Securities and only the Holders of the Capital Trust Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of this Agreement and the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B316 (a)(1)(B) and of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B316 (a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Debenture Event of Default shall cease to exist exist, and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an a Debenture Event of Default under the Indenture by the Property Trustee, Trustee at the direction of the Holders of the Capital Securities, Trust Preferred Securities constitutes a waiver of the corresponding Event of Default with respect to the Trust Preferred Securities under this Agreement. Any waiver of a Debenture Event of Default by the Property Trustee at the direction of the Holders of the Trust AgreementPreferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of the corresponding Event of Default under this Agreement with respect to the Common Securities for all purposes of this Agreement without further act, vote or consent of the Holders of the Common Securities. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
(d) The right of any Holder to receive payment of Distributions in accordance with this Agreement and the terms of the Securities on or after the respective payment dates therefor, or to institute suit for the enforcement of any such payment on or after such payment dates, shall not be impaired without the consent of each such Holder.
Appears in 1 contract
Samples: Trust Agreement (Dte Energy Co)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of the Capital Securities may, by vote, on behalf of the Holders of all of the Capital Securities, waive any past Event of Default in respect of the Capital Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Capital Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section ss. 316(a)(1)(B) of the Trust Indenture Act and such Section ss. 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Securities of an Event of Default with respect to the Capital Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of not less than a Majority in liquidation amount of Capital Trust Preferred Securities may, by votevote or written consent, on behalf of the Holders of all of the Capital Trust Preferred Securities, waive any past Event of Default in respect of the Capital Trust Preferred Securities and its consequences, provided that, if the underlying corresponding Debenture Event of Default under the IndentureDefault:
(i) is not waivable under the IndentureDebentures, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote action of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”) "), to be waived under the Indenture, the Event of Default under the Trust this Agreement may only be waived by the vote consent or action of the Holders of at least the proportion same Super Majority in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents Holders of the aggregate principal amount of the Debentures outstandingTrust Preferred Securities. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Debenture Event of Default shall cease to exist, and any Event of Default with respect to the Capital Trust Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Trust Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Trust Preferred Securities of an Event of Default with respect to the Capital Trust Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities. The Holders of a Majority in liquidation amount of the Trust Preferred Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Property Trustee or to direct the exercise of any trust or power conferred upon the Property Trustee, including the right to direct the Property Trustee, as the holder of the Debentures, to exercise the remedies available to it under the Indenture with respect to the Debentures; provided, however, that (subject to the provisions of Section 3.9) the Property Trustee shall have the right to decline to follow any such direction if the Property Trustee shall determine that the action so directed would be unjustly prejudicial to the Holders not taking part in such direction or if the Property Trustee, being advised by competent legal counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Property Trustee, in good faith, by its board of directors or trustees, executive committee, or a trust committee of directors or trustees, and/or Responsible Officers, shall determine that the action or proceeding so directed would involve the Property Trustee in personal liability.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by votevote or written consent, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with in respect to of the Common Securities and its consequences, provided that, if the underlying corresponding Debenture Event of Default under the IndentureDefault:
(i) is not waivable under the IndentureDebentures, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below elsewhere in this Section 2.6(b)2.6, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote action of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below in this Section 2.6(b)2.6, under the Indenture, the Event of Default under the Trust this Agreement may only be waived by the vote consent or action of the Holders of at least the proportion same Super Majority in aggregate liquidation amount of Holders of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstandingSecurities; provided further, that, notwithstanding (i) or (ii) above, each Holder of the Common Securities will shall be deemed to have waived any such Event of Default and its consequences until all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Trust Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Trust Preferred Securities and only the Holders of the Capital Trust Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of this Agreement and the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) and of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Debenture Event of Default shall cease to exist exist, and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an a Debenture Event of Default under the Indenture by the Property Trustee, Trustee at the direction of the Holders of the Capital Securities, Trust Preferred Securities constitutes a waiver of the corresponding Event of Default with respect to the Trust Preferred Securities under this Agreement. Any waiver of a Debenture Event of Default by the Property Trustee at the direction of the Holders of the Trust AgreementPreferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of the corresponding Event of Default under this Agreement with respect to the Common Securities for all purposes of this Agreement without further act, vote or consent of the Holders of the Common Securities. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
(d) The right of any Holder to receive payment of Distributions in accordance with this Agreement and the terms of the Securities on or after the respective payment dates therefor, or to institute suit for the enforcement of any such payment on or after such payment dates, shall not be impaired without the consent of each such Holder.
Appears in 1 contract
Samples: Trust Agreement (Dte Energy Co)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of holders of a greater than a majority in aggregate accreted principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital aggregate Accreted Liquidation Amount of the Preferred Securities that the relevant Super Majority represents of the aggregate accreted principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount Liquidation Amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, Indenture (except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b)), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Samples: Trust Agreement (Hercules Inc)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past default or Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying default or Event of Default under the Indenture:
(i) is not waivable under the Indenture, the default or Event of Default under the this Trust Agreement also shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the default or Event of Default under the this Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of a default or an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such default or Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, vote or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount Liquidation Amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past default or Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying default or Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such default or Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the default or Event of Default under the this Trust Agreement also shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such default or Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the default or Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder further that the Holders of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if until all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of a default or an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding default or Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount Liquidation Amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, Indenture (except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b)), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.;
Appears in 1 contract
Samples: Trust Agreement (Hercules Inc)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in with respect of to the Capital Preferred Securities and its consequences, provided thatPROVIDED THAT, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement this Declaration shall also not be waivable; or
or (ii) requires the consent or vote of greater than a majority in aggregate principal amount all of the holders of the Subordinated Debentures (a “Super Majority”) to be waived under the Indenture, the Event of Default under the Trust Agreement this Declaration may only be waived by the vote of all of the Holders of at least the proportion in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Preferred Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided thatPROVIDED THAT, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement this Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement this Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority all of the holders of the Subordinated Debentures to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement this Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement this Declaration may only be waived by the vote of all of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstandingSecurities; provided furtherPROVIDED THAT, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities Preferred Securities, and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Trust Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, Declaration but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, Trustee at the direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture ActDeclaration.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Outstanding Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, ; provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement this Declaration shall also not be waivable; or
(ii) requires the consent or vote of the holders of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement this Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a2.06(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, vote or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Outstanding Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, ; provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement 10 15 this Declaration as provided above in Section 2.06(a) or below in this Section 2.6(b2.06(b), the Event of Default under the Trust Agreement this Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement this Declaration as provided above in Section 2.06(a) or below in this Section 2.6(b2.06(b), the Event of Default under the Trust Agreement this Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided provided, further, each Holder that the Holders of Common Securities will be deemed to have waived any such Event of Default and all Events of Default Defaults with respect to the Common Securities and their consequences if until all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b2.06(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. In the event that any Event of Default with respect to the Preferred Securities is waived by the Holders of Preferred Securities as provided in this Declaration, the Holders of Common Securities agree that such waiver shall also constitute the waiver of such Event of Default with respect to the Common Securities for all purposes under this Declaration without any further act, vote or consent of the Holders of the Common Securities. Subject to the foregoing provisions of this Section 2.6(b2.06(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust AgreementDeclaration. The foregoing provisions of this Section 2.6(c2.06(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Samples: Trust Agreement (Acs Trust I)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided thatPROVIDED THAT, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement this Declaration shall also not be waivable; or
(ii) requires the consent or vote of the holders of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement this Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a2.06(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, vote or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided thatPROVIDED THAT, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement this Declaration as provided above in Section 2.06(a) or below in this Section 2.6(b2.06(b), the Event of Default under the Trust Agreement this Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement this Declaration as provided above in Section 2.06(a) or below in this Section 2.6(b2.06(b), the Event of Default under the Trust Agreement this Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided furtherPROVIDED, each Holder FURTHER, that the Holders of Common Securities will be deemed to have waived any such Event of Default and all Events of Default Defaults with respect to the Common Securities and their consequences if until all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b2.06(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. In the event that any Event of Default with respect to the Preferred Securities is waived by the Holders of Preferred Securities as provided in this Declaration, the Holders of Common Securities agree that such waiver shall also constitute the waiver of such Event of Default with respect to the Common Securities for all purposes under this Declaration without any further act, vote or consent of the Holders of the Common Securities. Subject to the foregoing provisions of this Section 2.6(b2.06(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust AgreementDeclaration. The foregoing provisions of this Section 2.6(c2.06(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Samples: Declaration of Trust (Pogo Trust Ii)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Securities may, by vote, on behalf of the Holders of all of the Capital Securities, waive any past Event of Default in respect of the Capital Securities and its consequences, provided that; PROVIDED THAT, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Securities of an Event of Default with respect to the Capital Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes purpose of this Trust Agreement Declaration without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that; PROVIDED THAT, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount preference of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided furtherPROVIDED, FURTHER, that each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until the effects of all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of , this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture ActIndenture. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, Trustee at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust AgreementDeclaration. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Samples: Declaration of Trust (Zenith National Insurance Corp)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount Liquidation Amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, that each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the written direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of Capital Preferred Securities may, by votevote or written consent, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Indenture Event of Default under the IndentureDefault:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementAgreement and the Preferred Securities, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.. Exhibit (4)(s)
(b) The Holders of a Majority in liquidation amount Liquidation Amount of the Common Securities may, by votevote or written consent, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Indenture Event of Default under the IndentureDefault:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote or written consent of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their the consequences if thereof until all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waivercure, waiver or other elimination, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Indenture Event of Default under the Indenture by the Property Trustee, Trustee at the direction of the Holders of the Capital Securities, Preferred Securities constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Samples: Trust Agreement (Weyerhaeuser Co)
Events of Default; Waiver. (a) The Subject to Section 2.6(c), the Holders of a Majority in liquidation amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “Super Majority”"SUPER MAJORITY") to be waived under the Indenture, then the Event of Default under the Trust Agreement Declaration may only be waived only by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; or
(iii) requires the consent or vote of each holder of Debentures to be waived under the Indenture, then the Event of Default under the Declaration may be waived only by each Holder of Preferred Securities. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, vote or consent of the Holders of the Common Securities.
(b) The Subject to Section 2.6(c), the Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), then the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Convertible Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Convertible Preferred Securities, waive any past Event of Default in respect of the Capital Convertible Preferred Securities and its consequences, provided provided, however, that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Convertible Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Convertible Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Convertible Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Convertible Preferred Securities of an Event of Default with respect to the Capital Convertible Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided provided, however, further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until all Events of Default with respect to the Capital Convertible Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Convertible Preferred Securities and only the Holders of the Capital Convertible Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, Trustee at the direction of the Holders of the Capital Securities, Convertible Preferred Securities constitutes a waiver of the corresponding Event of Default under this Trust AgreementDeclaration. The foregoing provisions of this Section 2.6(c) shall 2.6(c)shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Samples: Exchange Agreement (Insignia Financial Group Inc /De/)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of -------- ---- Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section (S) 316(a)(1)(B) of the Trust Indenture Act and such Section (S) 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, vote or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of -------- ---- Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waivedwaived under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived -------- ------- any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all until Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections (S)(S) 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections (S)(S) 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust AgreementDeclaration. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section (S) 316(a)(1)(B) of the Trust Indenture Act and such Section (S) 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Samples: Declaration of Trust (Sandy Spring Capital Trust I)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Trust Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Trust Preferred Securities, waive any past Event of Default in respect of the Capital Trust Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Trust Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a2.06(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Trust Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Trust Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Trust Preferred Securities of an Event of Default with respect to the Capital Trust Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b2.06(b), the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b2.06(b), the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until all Events of Default with respect to the Capital Trust Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Institutional Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Trust Preferred Securities and only the Holders of the Capital Trust Preferred Securities will have the right to direct the Property Institutional Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b2.06(b) shall be in lieu of Sections Section 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections Section 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b2.06(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, Institutional Trustee at the direction of the Holders of the Capital Trust Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust AgreementDeclaration. The foregoing provisions of this Section 2.6(c2.06(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided PROVIDED that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Preferred Securities that the relevant required Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising exclusively therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, vote or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided PROVIDED that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.least
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement this Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement this Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Preferred Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement this Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement this Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement this Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement this Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Institutional Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Institutional Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, Institutional Trustee at the direction of the Holders of the Capital Securities, Preferred Securities constitutes a waiver of the corresponding Event of Default with respect to the Preferred Securities under this Trust AgreementDeclaration. Any waiver of an Event of Default under the Indenture by the Institutional Trustee at the direction of the Holders of the Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of the corresponding Event of Default under this Declaration with respect to the Common Securities for all purposes of this Declaration without further act, vote or consent of the Holders of the Common Securities. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Subject to Section 2.06(c), Holders of Preferred Securities may by vote of at least a Majority in aggregate liquidation amount of Capital the Preferred Securities may(i) in accordance with the terms of the Preferred Securities as set forth in Exhibit B hereto, by votedirect the time, method, and place of conducting any proceeding for any remedy available to the Property Trustee, or exercising any trust or power conferred upon the Property Trustee hereunder or (ii) on behalf of the Holders of all of the Capital Securities, Preferred Securities waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, that if the underlying Event of Default under the Indenturearises out of an Indenture Event of Default:
(iA) which is not waivable under the Indenture, the Event of Default under the Trust Agreement this Declaration shall also be not be waivable; or
(iiB) which requires the consent or vote of (1) holders of Subordinated Debentures representing a specified percentage greater than a majority in aggregate principal amount of the holders Subordinated Debentures, or (2) each holder of the Debentures (a “Super Majority”) to be waived under the IndentureSubordinated Debentures, the Event of Default under the Trust Agreement this Declaration may only be waived by by, in the case of clause (1) above, the vote of the Holders of at least Preferred Securities representing such specified percentage of the proportion in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Preferred Securities, as permitted by or, in the Trust Indenture Actcase of clause (2) above, each Holder of Preferred Securities. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Securities of an Event of Default with respect to the Capital Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Subject to Section 2.06(c), Holders of Common Securities may by vote of at least a Majority in aggregate liquidation amount of the Common Securities, (i) in accordance with the terms of the Common Securities mayas set forth in Exhibit C hereto, by votedirect the time, method, and place of conducting any proceeding for any remedy available to the Property Trustee, or exercising any trust or power conferred upon the Property Trustee hereunder or (ii) on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenturearises out of an Indenture Event of Default:
(iA) which is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b)below, the Event of Default under the Trust Agreement this Declaration shall also not be waivable; or
(iiB) which requires the consent or vote of (1) holders of Subordinated Debentures representing a Super Majority to be waivedspecified percentage greater than a majority in principal amount of the Subordinated Debentures or (2) each holder of Subordinated Debentures, except where the Holders holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement this Declaration as provided below in this Section 2.6(b)below, the Event of Default under the Trust Agreement this Declaration may only be waived by by, in the case of clause (1) above, the vote of the Holders of at least Common Securities representing such specified percentage of the proportion in aggregate liquidation amount of the Common Securities Securities, or, in the case of clause (2) above, each Holder of Common Securities; and provided further that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until all Events of Default with respect to the Capital Preferred Securities have been cured, waived by the Holders of Preferred Securities as provided in this Declaration or otherwise eliminated, eliminated and until such all Events of Default with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of this Declaration or the Trust Securities. The foregoing provisions In the event that any Event of Default with respect to the Preferred Securities is waived by the Holders of Preferred Securities as provided in this Section 2.6(b) Declaration, the Holders of Common Securities agree that such waiver shall be in lieu also constitute the waiver of Sections 316(a)(1)(A) and 316(a)(1)(B) such Event of Default with respect to the Common Securities for all purposes under this Declaration without any further act, vote or consent of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) Holders of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Common Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b2.06(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A The right of any Holder of Trust Securities to receive Payments on the Trust Securities in accordance with this Declaration and the terms of the Trust Securities set forth in Exhibits B and C on or after the respective payment dates therefor, or to institute suit for the enforcement of any such payment on or after such payment dates, shall not be impaired without the consent of each such Holder.
(d) As provided in the terms of the Trust Securities set forth in Exhibits B and C hereto, a waiver of an Indenture Event of Default under the Indenture by the Property Trustee, Trustee at the written direction of the Holders of the Capital Securities, Preferred Securities constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be Declaration in lieu of Section 316(a)(1)(B) respect of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of not less than a Majority in liquidation amount of Capital Trust Preferred Securities may, by votevote or written consent, on behalf of the Holders of all of the Capital Trust Preferred Securities, waive any past Event of Default in respect of the Capital Trust Preferred Securities and its consequences, provided that, if the underlying corresponding Debenture Event of Default under the Indenture[or Other Document Event of Default]:
(i) is not waivable under the IndentureDebentures [or any Other Document, if any, as the case may be,] the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures [or more than a majority of other interests in such Other Document, as the case may be] (a “"Super Majority”) "), to be waived under the IndentureIndenture [or such Other Document, as the case may be,] the Event of Default under the Trust this Agreement may only be waived by the vote of the Holders of at least the proportion relevant Super Majority in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents Holders of the aggregate principal amount of the Debentures outstandingTrust Preferred Securities. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section ss. 316(a)(1)(B) of the Trust Indenture Act and such Section ss. 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Trust Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Debenture Event of Default [or Other Document Event of Default] shall cease to exist, and any Event of Default with respect to the Capital Trust Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Trust Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Trust Preferred Securities of an Event of Default with respect to the Capital Trust Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities. The Holders of a Majority in liquidation amount of the Trust Preferred Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Property Trustee or to direct the exercise of any trust or power conferred upon the Property Trustee, including the right to direct the Property Trustee to exercise the remedies available to it as a holder of the Debentures [and any Other Documents;] provided, however, that (subject to the provisions of Section 3.9) the Property Trustee shall have the right to decline to follow any such direction if the Property Trustee shall determine that the action so directed would be unjustly prejudicial to the Holders not taking part in such direction or if the Property Trustee, being advised by competent legal counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Property Trustee, in good faith, by its board of directors or trustees, executive committee, or a trust committee of directors or trustees, and/or Responsible Officers, shall determine that the action or proceeding so directed would involve the Property Trustee in personal liability.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by votevote or consent, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the IndentureDebentures or Other Document, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below elsewhere in this Section 2.6(b)2.6, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below in this Section 2.6(b)2.6, the such Event of Default under the Trust this Agreement may only be waived by the vote or consent of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, that, notwithstanding (i) or (ii) above, each Holder of the Common Securities will shall be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if all Events of Default with respect to the Capital Trust Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Trust Preferred Securities and only the Holders of the Capital Trust Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of this Agreement and the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(Ass.ss.316(a)(1)(A) and 316(a)(1)(B316 (a)(1)(B) and of the Trust Indenture Act and such Sections xx.xx. 316(a)(1)(A) and 316(a)(1)(B316 (a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Debenture Event of Default [or Other Document Event of Default] shall cease to exist exist, and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an a Debenture Event of Default under the Indenture [or Other Document Event of Default] by the Property Trustee, Trustee at the direction of the Holders of the Capital Securities, Trust Preferred Securities constitutes a waiver of the corresponding Event of Default with respect to the Trust Preferred Securities under this Agreement. Any waiver of a Debenture Event of Default [or Other Document Event of Default] by the Property Trustee at the direction of the Holders of the Trust AgreementPreferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of the corresponding Event of Default under this Agreement with respect to the Common Securities for all purposes of this Agreement without further act, vote or consent of the Holders of the Common Securities. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(Bss.316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(Bss.316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
(d) The right of any Holder to receive payment of Distributions in accordance with this Agreement and the terms of the Securities on or after the respective payment dates therefor, or to institute suit for the enforcement of any such payment on or after such payment dates, shall not be impaired without the consent of each such Holder.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Securities may, by vote, on behalf of the Holders of all of the Capital Securities, waive any past Event of Default in respect of the Capital Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Securities of an Event of Default with respect to the Capital Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.any
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided furtherPROVIDED FURTHER, that each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Institutional Trustee will be deemed with respect to the Preferred Securities to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Institutional Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, Institutional Trustee at the written direction of the Holders of the Capital Securities, Preferred Securities constitutes a waiver of the corresponding Event of Default with respect to the Preferred Securities under this Trust AgreementDeclaration. Any waiver of an Event of Default under the Indenture by the Institutional Trustee at the direction of the Holders of the Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of the corresponding Event of Default under this Declaration with respect to the Common Securities for all purposes of this Declaration without further act, vote or consent of the Holders of the Common Securities. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of not less than a Majority in liquidation amount of Capital Trust Preferred Securities may, by votevote or written consent, on behalf of the Holders of all of the Capital Trust Preferred Securities, waive any past Event of Default in respect of the Capital Trust Preferred Securities and its consequences, provided that, if the underlying corresponding Debenture Event of Default under the Indentureor Other Document Event of Default:
(i) is not waivable under the IndentureDebentures or any Other Document, if any, as the case may be, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures or more than a majority of other interests in such Other Document, as the case may be (a “"Super Majority”) "), to be waived under the IndentureIndenture or such Other Document, as the case may be, the Event of Default under the Trust this Agreement may only be waived by the vote of the Holders of at least the proportion relevant Super Majority in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents Holders of the aggregate principal amount of the Debentures outstandingTrust Preferred Securities. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Trust Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Debenture Event of Default or Other Document Event of Default shall cease to exist, and any Event of Default with respect to the Capital Trust Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Trust Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Trust Preferred Securities of an Event of Default with respect to the Capital Trust Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities. The Holders of a Majority in liquidation amount of the Trust Preferred Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Property Trustee or to direct the exercise of any trust or power conferred upon the Property Trustee, including the right to direct the Property Trustee to exercise the remedies available to it as a holder of the Debentures and any Other Documents; provided, however, that (subject to the provisions of Section 3.9) the Property Trustee shall have the right to decline to follow any such direction if the Property Trustee shall determine that the action so directed would be unjustly prejudicial to the Holders not taking part in such direction or if the Property Trustee, being advised by competent legal counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Property Trustee, in good faith, by its board of directors or trustees, executive committee, or a trust committee of directors or trustees, and/or Responsible Officers, shall determine that the action or proceeding so directed would involve the Property Trustee in personal liability.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by votevote or consent, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the IndentureDebentures or Other Document, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below elsewhere in this Section 2.6(b)2.6, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below in this Section 2.6(b)2.6, the such Event of Default under the Trust this Agreement may only be waived by the vote or consent of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, that, notwithstanding (i) or (ii) above, each Holder of the Common Securities will shall be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if all Events of Default with respect to the Capital Trust Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Trust Preferred Securities and only the Holders of the Capital Trust Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of this Agreement and the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B316 (a)(1)(B) and of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Debenture Event of Default or Other Document Event of Default shall cease to exist exist, and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an a Debenture Event of Default under the Indenture or Other Document Event of Default by the Property Trustee, Trustee at the direction of the Holders of the Capital Securities, Trust Preferred Securities constitutes a waiver of the corresponding Event of Default with respect to the Trust Preferred Securities under this Agreement. Any waiver of a Debenture Event of Default or Other Document Event of Default by the Property Trustee at the direction of the Holders of the Trust AgreementPreferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of the corresponding Event of Default under this Agreement with respect to the Common Securities for all purposes of this Agreement without further act, vote or consent of the Holders of the Common Securities. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
(d) The right of any Holder to receive payment of Distributions in accordance with this Agreement and the terms of the Securities on or after the respective payment dates therefore, or to institute suit for the enforcement of any such payment on or after such payment dates, shall not be impaired without the consent of each such Holder.
Appears in 1 contract
Samples: Trust Agreement (Apache Corp)
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided PROVIDED that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Preferred Securities that the relevant required Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising exclusively therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, vote or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided PROVIDED that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided PROVIDED further, that each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, Trustee at the direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust AgreementDeclaration. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Securities may, by vote, on behalf of the Holders of all of the Capital Securities, waive any past Event of Default in respect of the Capital Securities and its consequences, provided PROVIDED that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Trust Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived only by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Securities outstanding that the relevant Super Majority represents of the aggregate principal amount of the Trust Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Securities of an Event of Default with respect to the Capital Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided PROVIDED that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration may only be waived only by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities outstanding that the relevant Super Majority represents of the aggregate principal amount of the Trust Debentures outstanding; provided furtherPROVIDED, FURTHER, that each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if until all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, Trustee at the direction of the Holders of the Capital Securities, Securities constitutes a waiver of the corresponding Event of Default under this Trust AgreementDeclaration. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount all of the holders of the Debentures (a “Super Majority”) Notes to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived by the vote of all the Holders of at least the proportion in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Preferred Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority all of the holders of the Notes to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.this
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “Super Majority”) to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount Liquidation Amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount Liquidation Amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, that each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the written direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
Appears in 1 contract
Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount of Capital Securities may, by vote, on behalf of the Holders of all of the Capital Securities, waive any past Event of Default in respect of the Capital Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Securities of an Event of Default with respect to the Capital Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, or consent of the Holders of the Common Securities. The Holders of a Majority in liquidation amount of the Capital Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Property Trustee or to direct the exercise of any trust or power conferred upon the Property Trustee, including the right to direct the Property Trustee to exercise the remedies available to it as holder of the Debentures, provided however, that (subject to the provisions of Section 3.9) the Property Trustee shall have the right to decline to follow any such direction if the Property Trustee shall determine that the action so directed would be unjustly prejudicial to the Holders not taking part in such direction or if the Property Trustee, being advised by counsel, determines that the action of proceeding so directed may not lawfully be taken or if the Property Trustee, in good faith, by its board of directors or trustees, executive committe, or a trust committee of directors or trustees and/or Responsible Officers, shall determine that the action or proceedings so directed would involve the Property Trustee in personal liability.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder the Holders of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust AgreementDeclaration. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement Declaration and the Securities, as permitted by the Trust Indenture Act.
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Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount preference of Capital Preferred Securities may, by vote, on behalf of the Holders of all of the Capital Preferred Securities, waive any past Event of Default in respect of the Capital Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount preference of the Capital Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default default shall cease to exist, and any Event of Default with respect to the Capital Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Preferred Securities of an Event of Default with respect to the Capital Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement Declaration without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount preference of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b2.06(b), the Event of Default under the Trust Agreement Declaration shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement Declaration as provided below in this Section 2.6(b2.06(b), the Event of Default under the Trust Agreement Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount preference of the Common Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if until all Events of Default with respect to the Capital Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Preferred Securities and only the Holders of the Capital Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b2.06(b), upon such waiver, any such Default default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust AgreementDeclaration, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, Trustee at the direction of the Holders of the Capital Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture ActDeclaration.
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Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of Capital Securities may, by vote, on behalf of the Holders of all of the Capital Securities, waive any past Event of Default in respect of the Capital Securities and its consequences, provided that, if the underlying Event of Default under -------- ---- the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section (S) 316(a)(1)(B) of the Trust Indenture Act and such Section (S) 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default shall cease to exist, and any Event of Default with respect to the Capital Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or an Event of Default with respect to the Capital Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Securities of an Event of Default with respect to the Capital Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount Liquidation Amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of -------- ---- Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived -------- ------- any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections (S)(S) 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections (S)(S) 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section (S) 316(a)(1)(B) of the Trust Indenture Act and such Section (S) 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
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Events of Default; Waiver. (a) The Holders of a Majority in liquidation amount Liquidation Amount of Capital Securities may, by vote, on behalf of the Holders of all of the Capital Securities, waive any past Event of Default in respect of the Capital Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a “"Super Majority”") to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Default shall cease to exist, and any Event of Default with respect to the Capital Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or an Event of Default with respect to the Capital Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Securities of an Event of Default with respect to the Capital Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities.
(b) The Holders of a Majority in liquidation amount Liquidation Amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
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Events of Default; Waiver. (a) The Holders of not less than a Majority in liquidation amount of Capital Trust Preferred Securities may, by votevote or written consent, on behalf of the Holders of all of the Capital Trust Preferred Securities, waive any past Event of Default in respect of the Capital Trust Preferred Securities and its consequences, provided that, if the underlying corresponding Debenture Event of Default under the Indentureor Other Document Event of Default:
(i) is not waivable under the IndentureDebentures or any Other Document, if any, as the case may be, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures or more than a majority of other interests in such Other Document, as the case may be (a “"Super Majority”) "), to be waived under the IndentureIndenture or such Other Document, as the case may be, the Event of Default under the Trust this Agreement may only be waived by the vote of the Holders of at least the proportion relevant Super Majority in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents Holders of the aggregate principal amount of the Debentures outstandingTrust Preferred Securities. The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(Bss.316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(Bss.316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Trust Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such Debenture Event of Default or Other Document Event of Default shall cease to exist, and any Event of Default with respect to the Capital Trust Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or an Event of Default with respect to the Capital Trust Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Trust Preferred Securities of an Event of Default with respect to the Capital Trust Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities. The Holders of a Majority in liquidation amount of the Trust Preferred Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Property Trustee or to direct the exercise of any trust or power conferred upon the Property Trustee, including the right to direct the Property Trustee to exercise the remedies available to it as a holder of the Debentures and any Other Documents; provided, however, that (subject to the provisions of Section 3.9) the Property Trustee shall have the right to decline to follow any such direction if the Property Trustee shall determine that the action so directed would be unjustly prejudicial to the Holders not taking part in such direction or if the Property Trustee, being advised by competent legal counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Property Trustee, in good faith, by its board of directors or trustees, executive committee, or a trust committee of directors or trustees, and/or Responsible Officers, shall determine that the action or proceeding so directed would involve the Property Trustee in personal liability.
(b) The Holders of a Majority in liquidation amount of the Common Securities may, by votevote or consent, on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture:
(i) is not waivable under the IndentureDebentures or Other Document, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below elsewhere in this Section 2.6(b)2.6, the Event of Default under the Trust this Agreement shall also not be waivable; or
(ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust this Agreement as provided below in this Section 2.6(b)2.6, the such Event of Default under the Trust this Agreement may only be waived by the vote or consent of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, that, notwithstanding (i) or (ii) above, each Holder of the Common Securities will shall be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their its consequences if all Events of Default with respect to the Capital Trust Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Trust Preferred Securities and only the Holders of the Capital Trust Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(Ass.ss.316(a)(1)(A) and 316(a)(1)(B316 (a)(1)(B) and of the Trust Indenture Act and such Sections xx.xx. 316(a)(1)(A) and 316(a)(1)(B316 (a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Debenture Event of Default or Other Document Event of Default shall cease to exist exist, and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default default or Event of Default with respect to the Common Securities or impair any right consequent thereon.
(c) A waiver of an a Debenture Event of Default under the Indenture or Other Document Event of Default by the Property Trustee, Trustee at the direction of the Holders of the Capital Securities, Trust Preferred Securities constitutes a waiver of the corresponding Event of Default with respect to the Trust Preferred Securities under this Agreement. Any waiver of a Debenture Event of Default or Other Document Event of Default by the Property Trustee at the direction of the Holders of the Trust AgreementPreferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of the corresponding Event of Default under this Agreement with respect to the Common Securities for all purposes of this Agreement without further act, vote or consent of the Holders of the Common Securities. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(Bss.316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(Bss.316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.
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Samples: Trust Agreement (Dte Energy Co)