Common use of Issuance of the Common Securities; Subscription and Purchase of Notes Clause in Contracts

Issuance of the Common Securities; Subscription and Purchase of Notes. (a) At the Closing Time, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with Section 5.2 and deliver to the Depositor Common Securities Certificates, registered in the name of the Depositor, in an aggregate amount of _________ Common Securities having an aggregate Liquidation Amount of $_________, against payment by the Depositor of such amount, which amount such Administrative Trustee shall promptly deliver to the Property Trustee. Contemporaneously therewith, an Administrative Trustee, on behalf of the Trust, shall subscribe to and purchase from the Note Issuer Notes, registered in the name of the Trust and having an aggregate principal amount equal to $___________, and, in satisfaction of the purchase price for such Notes, the Property Trustee, on behalf of the Trust, shall deliver to the Note Issuer the sum of $__________. On each Date of Delivery, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with Section 5.2 and deliver to the Depositor Common Securities Certificates, registered in the name of the Depositor, in an aggregate amount of up to __________ Common Securities (less such number of Common Securities evidenced by Common Securities Certificates executed and delivered on any prior Dates of Delivery) having an aggregate Liquidation Amount of up to $__________ (less the aggregate Liquidation Amount of any Common Securities evidenced by Common Securities Certificates executed and delivered on any prior Dates of Delivery), against payment by the Depositor of such amount, which amount such Administrative Trustee shall promptly deliver to the Property Trustee.

Appears in 3 contracts

Samples: Agreement (Trenwick America Capital Trust Iii), Agreement (Trenwick America Capital Trust Iii), Agreement (Trenwick America Capital Trust Iii)

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Issuance of the Common Securities; Subscription and Purchase of Notes. (a) At On the Closing TimeDate, an Administrative a Regular Trustee, on behalf of the Trust, shall execute in accordance with Section 5.2 5.2, and the Property Trustee shall deliver to the Depositor Depositor, Common Securities Certificates, registered in the name of the Depositor, in evidencing an aggregate amount of _________ Common Securities having an aggregate Liquidation Amount of $_________, ___ against payment receipt by the Property Trustee from the Depositor of such amount, which amount such Administrative Trustee shall promptly deliver to the Property Trustee. Contemporaneously therewith, an Administrative a Regular Trustee, on behalf of the Trust, shall subscribe to and purchase from the Note Issuer Depositor Notes, registered in the name of the Trust Property Trustee (in its capacity as such) and having an aggregate principal amount equal to $___________, and, in satisfaction of the purchase price for such Notes, the Property Trustee, on behalf of the Trust, shall deliver to the Note Issuer Depositor the sum of $___________ (being the sum of the amounts delivered to the Property Trustee pursuant to (i) the second sentence of Section 2.4 and (ii) the first sentence of this Section 2.5). On each Date of DeliveryIn the event that the Underwriters shall exercise their Over-allotment Option, an Administrative on the Second Closing Date, a Regular Trustee, on behalf of the Trust, shall execute in accordance with Section 5.2 5.2, and the Property Trustee shall deliver to the Depositor Depositor, Common Securities Certificates, registered in the name of the Depositor, in evidencing an aggregate amount of up to __________ Common Securities (less such number of Common Securities evidenced by Common Securities Certificates executed and delivered on any prior Dates of Delivery) having an aggregate Liquidation Amount of up to $____________ (less the such number and aggregate Liquidation Amount to be equal, unless otherwise agreed by the Depositor and the Underwriters, to [3/97] of any Common the number and aggregate Liquidation Amount, respectively, of Preferred Securities evidenced by Common Securities Certificates to be executed and delivered on any prior Dates pursuant to the third sentence of DeliverySection 2.4, rounded (in the case of such number) to the nearest whole number), against payment receipt by the Property Trustee from the Depositor of such amount. Contemporaneously therewith, which a Regular Trustee, on behalf of the Trust, shall subscribe to and purchase from the Depositor Notes, registered in the name of the Property Trustee (in its capacity as such) and having an aggregate principal amount equal to the sum of the aggregate Liquidation Amounts of (x) the Preferred Securities to be executed and delivered pursuant to the third sentence of Section 2.4 and (y) the Common Securities to be executed and delivered pursuant to the third sentence of this Section 2.5, and, in satisfaction of the purchase price for such Administrative Trustee Notes, the Property Trustee, on behalf of the Trust, shall promptly deliver to the Property TrusteeDepositor an amount equal to such sum.

Appears in 1 contract

Samples: Trust Agreement (Eix Trust Iii)

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Issuance of the Common Securities; Subscription and Purchase of Notes. (a) At On the Closing TimeDate, an Administrative Trustee, on behalf of the Issuer Trust, shall execute in accordance with Section 5.2 5.3 and deliver to the Depositor a Common Securities CertificatesCertificate, registered in the name of the Depositor, in an aggregate amount evidencing 100 Common Securities, each having a Liquidation Amount of _________ Common Securities $1,000 and having an aggregate Liquidation Amount of $_________100,000, against payment by the Depositor in the form of such amounta Like Amount of Notes registered in the name of the Issuer Trust or, upon order of an Administrative Trustee, in the name of the Collateral Agent, which amount Notes such Administrative Trustee Trustee, on behalf of the Issuer Trust, shall promptly instruct the Depositor to deliver to the Property TrusteeCollateral Agent for deposit in the Collateral Account. Contemporaneously therewith, an Administrative Trustee, on behalf of the Issuer Trust, shall (x) subscribe to and purchase from the Depositor the Notes registered in the name of the Issuer Trust or, upon order of an Administrative Trustee, in the name of the Collateral Agent, and having an aggregate principal amount equal to $500,000,000, (y) shall deliver to the Depositor the purchase price therefor (being the amount delivered to the Property Trustee or its designee pursuant to the second sentence of Section 2.4(a)), and (z) shall instruct the Depositor to deliver the Notes to the Collateral Agent for deposit in the Collateral Account. In connection with any subsequent issuance of Trust Agreement Trust Preferred Securities as set forth in the penultimate sentence of Section 2.4(a), an Administrative Trustee, on behalf of the Issuer Trust, shall subscribe to and purchase from the Note Issuer Notes, Depositor the Notes registered in the name of the Issuer Trust and having an aggregate principal amount equal to $___________or, and, in satisfaction upon order of the purchase price for such Notes, the Property Trustee, on behalf of the Trust, shall deliver to the Note Issuer the sum of $__________. On each Date of Delivery, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with Section 5.2 and deliver to the Depositor Common Securities Certificates, registered in the name of the DepositorCollateral Agent, in an aggregate amount of up to __________ Common Securities (less such number of Common Securities evidenced by Common Securities Certificates executed and delivered on any prior Dates of Delivery) having an aggregate Liquidation Amount of up initial principal amount equal to $__________ (less the aggregate Liquidation Amount of any Common Securities evidenced by Common Securities Certificates executed and delivered on any prior Dates of Delivery), against payment Normal APEX being issued by the Depositor of such amount, which amount such Administrative Trustee shall promptly deliver Issuer Trust pursuant to the Property Trusteepenultimate sentence of Section 2.4(a) against a purchase price equal to the aggregate purchase price of Normal APEX being so issued and shall instruct the Depositor to deliver the Notes to the Collateral Agent for deposit in the Collateral Account.

Appears in 1 contract

Samples: Trust Agreement (National City Preferred Capital Trust I)

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