Common use of Liquidation Clause in Contracts

Liquidation. (a) Upon the Expiration Date or if an Early Termination Event specified in clause (i), (iii) or (iv) of Section 9.02 occurs, after satisfaction of creditors of the Trust, if any, as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e). Notice of liquidation shall be given by the Administrative Trustees by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, after any Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 10 contracts

Samples: Trust Agreement (Pp&l Capital Funding Inc), Trust Agreement (American Electric Power Co Inc), Trust Agreement (Aep Capital Trust Iii)

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Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 9.2 occurs, after satisfaction of creditors of or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee (after consultation with the Administrative Trustees) shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dUnless Section 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting the distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dUnless Section 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Capital Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, then the Trust Property shall be liquidated, and the Issuer Trust shall be wound-up, up by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (specified in Section 5.1(a)(1), 5.1(b)(2) or event that with 5.1(b)(3) of the lapse of time or giving of notice would become an Event of Default) Indenture has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 8 contracts

Samples: Trust Agreement (KeyCorp Capital VIII), Trust Agreement (Keycorp /New/), Trust Agreement (Keycorp /New/)

Liquidation. (a) Upon the Expiration Date or if an Early Termination Event specified in clause (i), (iii) or (iv) of Section 9.02 occurs, after satisfaction of creditors of the Trust, if any, as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e). Notice of liquidation shall be given by the Administrative Trustees by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, after any Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion opinion of Counsel counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units]. (e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuingcontinuing or if a Debenture Event of Default has not occurred solely by reason of a requirement that time lapse or notice be given, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 7 contracts

Samples: Trust Agreement (Txu Capital I), Trust Agreement (Texas Utilities Co /Tx/), Trust Agreement (Txu Capital Iv)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction or the making of reasonable provisions for the payment of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All notices of liquidation shall: (i) state the CUSIP Number of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) if the Capital Securities are then listed or traded on the New York Stock Exchange or other exchange, interdealer quotation system or self-regulatory organization, the Depositor shall use its best efforts to have the Debentures listed on such other exchange, interdealer quotation system or self-regulatory organization as the Capital Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determinesTrustee. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, If the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust Securities.

Appears in 7 contracts

Samples: Trust Agreement (Susquehanna Capital IV), Trust Agreement (TCF Financial Corp), Trust Agreement (J P Morgan Chase & Co)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Junior Subordinated Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 15 nor more than 60 45 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that that, from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Junior Subordinated Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Junior Subordinated Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees Administrators or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Junior Subordinated Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 30 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Junior Subordinated Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) the Clearing Agency for the Preferred Securities or its nominee, as the registered holder of the Global Preferred Securities Certificate, shall receive a registered global certificate or certificates representing a Like Amount of the Junior Subordinated Debentures willto be delivered upon such distribution with respect to Preferred Securities held by the Clearing Agency or its nominee, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchangeand, (iii) any Trust Securities Certificates not so surrendered held by the Clearing Agency for exchange the Preferred Securities or its nominee as specified in clause (ii) above will be deemed to represent Junior Subordinated Debentures having a Like principal amount equal to the stated Liquidation Amount of Debentures, accruing the Trust Securities represented thereby and bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust certificates are presented to the Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments Registrar for transfer or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificatesreissuance. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Junior Subordinated Debentures is not practical, or if any Early Termination Event specified in the manner provided herein is determined by the Property Trustee not to be practicalclause (c) of Section 9 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be wound-up, dissolved by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the aggregate of Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up dissolution pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 6 contracts

Samples: Trust Agreement (Greater Community Bancorp), Trust Agreement (Sun Capital Trust), Trust Agreement (GCB Capital Trust)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 9.2 occurs, after satisfaction of creditors of or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Subordinated Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Subordinated Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Subordinated Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee (after consultation with the Administrative Trustees) shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dUnless Section 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting the distribution of the Subordinated Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Subordinated Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dUnless Section 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing -55- a Like Amount of Subordinated Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Subordinated Debentures listed on such exchange, interdealer quotation system or self-regulatory organization (if any) as the Capital Securities are then listed on, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Subordinated Debentures, accruing interest at the rate provided for in the Subordinated Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Subordinated Debentures) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Subordinated Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Subordinated Debentures in the manner provided herein is determined by the Property Trustee not to be practical, then the Trust Property shall be liquidated, and the Issuer Trust shall be wound-up, up by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions (including any Additional Amounts and Other Amounts) thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (specified in Section 501(1) or event that with 501(2) of the lapse of time or giving of notice would become an Event of Default) Indenture has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 6 contracts

Samples: Trust Agreement (Goldman Sachs Group Inc/), Trust Agreement (Goldman Sachs Group Inc/), Trust Agreement (Goldman Sachs Capital V)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(esection 9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its reasonable best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 6 contracts

Samples: Trust Agreement (Lincoln National Corp), Trust Agreement (Lincoln National Corp), Trust Agreement (Lincoln National Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction or the making of reasonable provisions for the payment of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation DateCUSIP Number of the Trust Securities; (ii) state the Liquidation Date; 52 48 (iii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determinesTrustee. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, 53 49 the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 5 contracts

Samples: Trust Agreement (Mbna Capital V), Trust Agreement (Mbna Capital V), Trust Agreement (Mbna Capital V)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 902 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder or if the Preferred Securities are held in book-entry form, to each Owner through the Clearing Agency or its nominee, a Like Amount of Debentures, subject to Section 9.04(e904(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates certificates for Debentures, or, or if Section 9.04(e904(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates (or, at the election of the Depositor a Global Debenture, subject to the provisions of the Indenture) representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, Certificates upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on the New York Stock Exchange or on such other securities exchange or other organization as the Preferred Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04904, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders or if the Preferred Securities are held in book-entry form, Owners through the Clearing Agency or its nominee, will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated accrued and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, winding-up or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 5 contracts

Samples: Trust Agreement (Public Service Co of Oklahoma), Trust Agreement (Public Service Co of Oklahoma), Trust Agreement (Central Power & Light Co /Tx/)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs9.2 occurs or upon the Expiration Date, the Issuer Trust shall be liquidated by the Issuer Trustees as expeditiously as the Issuer Trustees determine to be possible by distributing, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All such notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics procedures by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 30 days prior to the Liquidation Date) and, establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the national stock exchange, the Nasdaq National Market or on such other exchange, interdealer quotation system or self-regulatory organization as the Trust Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, or if an Early Termination Event specified in Section 9.2(c) occurs, the Trust Property shall be liquidated, liquidated and the Issuer Trust shall be wound-up, up or terminated by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding upup or termination, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Trust Preferred Trust Securities, except that, if a Debenture Event of Default (specified in Section 5.1(a) or event that with 5.1(b) of the lapse of time or giving of notice would become an Event of Default) Indenture has occurred and is continuing, the Trust Preferred Trust Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 4 contracts

Samples: Trust Agreement (Scana Corp), Trust Agreement (South Carolina Electric & Gas Co), Trust Agreement (Scana Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (iSection 9.2(a), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Administrative Trustees as expeditiously as the Property Trustee determines Administrative Trustees shall determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder Holder a Like Amount of DebenturesNotes, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees by first-class mail, postage prepaid, mailed not later less than 30 thirty (30) nor more than 60 sixty (60) days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All such notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and (subject to Section 9.4(d)) any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of DebenturesNotes; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for DebenturesNotes, or, or if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures Notes to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall not be more than forty five (45) days prior to the Liquidation Date nor prior to the date on which notice of such liquidation is given to the Holders) and establish such procedures as it shall deem appropriate to effect the distribution of Debentures Notes in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Notes will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust the Depositor shall use its best efforts to have the Notes listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization on which the Preferred Securities are then listed, if any, (iv) Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Notes bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such DebenturesNotes) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures receive Notes upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding Notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, if distribution of the Debentures Notes in the manner provided herein is determined by the Property Trustee not to be permitted or practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, wound up by the Property Trustee Administrative Trustees in such manner as the Property Trustee Administrative Trustees determines. In such event, Securityholders Holders will be entitled to receive out of the assets of the Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, up the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-winding up pro rata (determined as aforesaidbased upon Liquidation Amounts) with Holders of Preferred all Trust Securities, except that, if a Debenture an Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 4 contracts

Samples: Trust Agreement (Anthracite Capital Inc), Trust Agreement (Anthracite Capital Inc), Trust Agreement (Anthracite Capital Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All such notices of liquidation shall: (i) state the CUSIP Number of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall (after consultation with the Administrative Trustees)shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 30 days prior to the Liquidation Date) and, establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, or if an Early Dissolution Event specified in clause (c) of Section 9.2 occurs, the Trust Property shall be liquidated, and the Trust shall be Issuer Trust's affairs wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.in

Appears in 4 contracts

Samples: Trust Agreement (Indymac Capital Trust I), Trust Agreement (Indymac Capital Trust I), Trust Agreement (Indymac Capital Trust I)

Liquidation. (a) Upon the Expiration Date or if an Early Termination Event specified in clause (i), (iii) or (iv) of Section 9.02 occurs, after satisfaction of creditors of the Trust, if any, as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e). Notice of liquidation shall be given by the Administrative Trustees by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) or the first sentence of 9.04(d) apply, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) or the first sentence of 9.04(d) apply, after any Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, time a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Trust or the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor Debenture Issuer shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units]Trust. (e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 4 contracts

Samples: Trust Agreement (FPL Group Trust II), Trust Agreement (Florida Power & Light CO Trust II), Trust Agreement (FPL Group Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 902 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e904(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will shall no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will shall be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e904(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will shall no longer be deemed to be Outstanding, outstanding; (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, shall be issued to Holders holders of Trust Securities Certificates, Certificates upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, ; (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on The Nasdaq Stock Market's National Market or on such other securities exchange or other organization as the Preferred Securities are then listed or traded; (iv) any Trust Securities Certificates not so surrendered for exchange will shall be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will shall be made to Holders holders of Trust Securities Certificates with respect to such Debentures) ); and (ivv) all rights of Securityholders holding Trust Securities will shall cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04904, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will shall be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, winding-up or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will shall be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 4 contracts

Samples: Trust Agreement (First Banks Inc), Trust Agreement (1st Source Capital Trust Ii), Trust Agreement (Peoples Bancshares Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e)9.4(d) . Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All such notices of liquidation shall: (i) state the CUSIP Number of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee (after consultation with the Administrative Trustees) shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 30 days prior to the Liquidation Date) and, establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, or if an Early Dissolution Event specified in clause (c) of Section 9.2 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be dissolved and its affairs wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution, winding-up or other termination of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (specified in Section 5.1(1) or event that with 5.1(2) of the lapse of time or giving of notice would become an Event of Default) Indenture has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 4 contracts

Samples: Trust Agreement (Bb&t Corp), Trust Agreement (Bb&t Corp), Trust Agreement (Bb&t Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 902 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e904(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will shall no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will shall be deemed to represent a Like Amount of Debentures; and; (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e904(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate; (iv) state the CUSIP number (if any); and (v) state the office or agency of the Trust where Securities should be surrendered. (b) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will shall no longer be deemed to be Outstanding, ; (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, shall be issued to Holders holders of Trust Securities Certificates, Certificates upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, ; (iii) any Trust Securities Certificates not so surrendered for exchange will shall be deemed to represent a Like Amount of Debentures, accruing interest at the rate and for the period provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will shall be made to Holders holders of Trust Securities Certificates with respect to such Debentures) ): and (iv) all rights of Securityholders holding Trust Securities will shall cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04904, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee Administrative Trustees not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, up by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will shall be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, winding-up the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will shall be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 4 contracts

Samples: Trust Agreement (Southern Community Capital Trust I), Trust Agreement (Southern Community Financial Corp), Trust Agreement (Southern Community Financial Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All such notices of liquidation shall: (i) state the CUSIP Number of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee (after consultation with the Administrative Trustees) shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 30 days prior to the Liquidation Date) and, establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, or if an Early Dissolution Event specified in clause (c) of Section 9.2 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be dissolved and its affairs wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution, winding-up or other termination of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (specified in Section 5.1(1) or event that with 5.1(2) of the lapse of time or giving of notice would become an Event of Default) Indenture has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 4 contracts

Samples: Trust Agreement (Bb&t Corp), Trust Agreement (BB&T Capital Trust II), Trust Agreement (BB&T Capital Trust II)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction or the making of reasonable provisions for the payment of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the CUSIP Number of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determinesTrustee. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 4 contracts

Samples: Trust Agreement (Mbna Capital C), Trust Agreement (First Tennessee Capital Iv), Trust Agreement (First Tennessee Capital Iv)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of DebenturesNotes, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee at the expense of the Depositor by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of DebenturesNotes; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for DebenturesNotes, or, or if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures Notes to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be (i) one Business Day prior to the Liquidation Date or (ii) in the event that the Preferred Securities are not more than 45 in book-entry form, the date 15 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures Notes in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Notes will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees Property Trustee or their its agent for exchange, (iii) the Depositor shall use its best efforts to have the Notes listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of DebenturesNotes, accruing interest at the rate provided for in the Debentures Notes from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such DebenturesNotes) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures receive Notes upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures Notes in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, up by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture an Indenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 3 contracts

Samples: Trust Agreement (Sce Trust I), Subordinated Indenture (Edison International), Trust Agreement (Eix Trust Iii)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 902 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e904(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will shall no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will shall be deemed to represent a Like Amount of Debentures; and; (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e904(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate; (iv) state the CUSIP number; and (v) state the office or agency of the Trust where Securities should be surrendered. (b) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will shall no longer be deemed to be Outstanding, ; (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, shall be issued to Holders holders of Trust Securities Certificates, Certificates upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, ; (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on The Nasdaq Stock Market's National Market or SmallCap Market or on such other securities exchange or other organization as the Preferred Securities are then listed or traded; (iv) any Trust Securities Certificates not so surrendered for exchange will shall be deemed to represent a Like Amount of Debentures, accruing interest at the rate and for the period provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will shall be made to Holders holders of Trust Securities Certificates with respect to such Debentures) ): and (ivv) all rights of Securityholders holding Trust Securities will shall cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04904, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee Administrative Trustees not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will shall be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding upwinding-up or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will shall be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 3 contracts

Samples: Trust Agreement (Metropolitan Financial Corp /Oh/), Trust Agreement (Metropolitan Capital Trust I), Trust Agreement (Metropolitan Capital Trust Ii)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs9.2 occurs or upon the Expiration Date, the Issuer Trust shall be liquidated by the Issuer Trustees as expeditiously as the Issuer Trustees determine to be possible by distributing, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All such notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Property Trustee or Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization on which the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, or if an Early Termination Event specified in clause (c) of Section 9.2 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution, winding-up or other termination of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of all the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (specified in Section 5.1(1) or event that with 5.1(2) of the lapse of time or giving of notice would become an Event of Default) Indenture has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 3 contracts

Samples: Trust Agreement (Bank of New York Co Inc), Trust Agreement (Bank of New York Co Inc), Trust Agreement (Bank of New York Co Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.04(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates evidencing Debentures, or, if Section 9.04(e9.04(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), Section 9.02(c) or 9.04(d) or 9.04(e) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), Section 9.02(c) or 9.04(d) or 9.04(e) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its reasonable efforts to have the Securities listed on the New York Stock Exchange or such other exchange as the Preferred Securities are then listed and shall take any reasonable action necessary to effect the distribution of the Securities, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated accrued and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities, and no Liquidation Distribution will be paid to the Holders of the Common Securities unless and until receipt by the Holder of the Preferred Securities of the entire Liquidation Distribution payable in respect thereof.

Appears in 3 contracts

Samples: Trust Agreement (Usf&g Corp), Trust Agreement (Usf&g Corp), Trust Agreement (Usf&g Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (iSECTION 9.2(A), (iiiB) or (ivD) of Section 9.02 occurs, after satisfaction of creditors of occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines shall determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder Holder a Like Amount of DebenturesNotes, subject to Section 9.04(eSECTION 9.4(D). Notice of liquidation shall be given by the Administrative Trustees by first-class mail, postage prepaid, mailed Property Trustee not later less than 30 thirty (30) nor more than 60 sixty (60) days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All such notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and (subject to SECTION 9.4(D)) any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of DebenturesNotes; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for DebenturesNotes, or, or if Section 9.04(eSECTION 9.4(D) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSECTION 9.2(C) or 9.04(e9.4(D) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures Notes to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall not be more than forty five (45) days prior to the Liquidation Date nor prior to the date on which notice of such liquidation is given to the Holders) and establish such procedures as it shall deem appropriate to effect the distribution of Debentures Notes in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSECTION 9.2(C) or 9.04(e9.4(D) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Notes will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust the Depositor shall use its best efforts to have the Notes listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization on which the Preferred Securities are then listed, if any, (iv) Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Notes bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such DebenturesNotes) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures receive Notes upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding Notwithstanding the other provisions of this Section 9.04SECTION 9.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, if distribution of the Debentures Notes in the manner provided herein is determined by the Property Trustee not to be permitted or practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, wound up by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders Holders will be entitled to receive out of the assets of the Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation DistributionLIQUIDATION DISTRIBUTION"). If, upon any such winding up, up the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata PRO RATA basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-winding up pro rata PRO RATA (determined as aforesaidbased upon Liquidation Amounts) with Holders of Preferred all Trust Securities, except that, if a Debenture an Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in SECTION 4.3.

Appears in 3 contracts

Samples: Trust Agreement (Uici), Trust Agreement (Bankatlantic Bancorp Inc), Trust Agreement (Bankatlantic Bancorp Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(esection 9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 3 contracts

Samples: Trust Agreement (Lincoln National Corp), Trust Agreement (Lincoln National Corp), Trust Agreement (Lincoln National Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs9.2 occurs or upon the Expiration Date, the Issuer Trust shall be liquidated by the Issuer Trustees as expeditiously as the Issuer Trustees determine to be possible by distributing, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All such notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Property Trustee or Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the Nasdaq National Market or on such other exchange, interdealer quotation system or self-regulatory organization on which the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, or if an Early Termination Event specified in clause (c) of Section 9.2 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be wound-up, up by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation DistributionLIQUIDATION DISTRIBUTION"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata PRO RATA basis (based upon Liquidation Amounts). The Holder of all the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up pro rata or termination PRO RATA (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (specified in Section 5.1(1) or event that with 5.1(2) of the lapse of time or giving of notice would become an Event of Default) Indenture has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 3 contracts

Samples: Trust Agreement (Seacoast Financial Services Corp), Trust Agreement (Seacoast Financial Services Corp), Trust Agreement (Seacoast Financial Services Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 15 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees Administrators or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days nor less than 15 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their exchange agent for exchange, (iii) the Depositor shall use its reasonable efforts to have the Debentures designated on or with any exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, winding-up the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 3 contracts

Samples: Trust Agreement (Bear Stearns Capital Trust V), Trust Agreement (Bear Stearns Companies Inc), Trust Agreement (Bear Stearns Companies Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of DebenturesNotes, subject to Section 9.04(e9.4(e). . (b) Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 thirty (30) nor more than 60 sixty (60) days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: : (i) state the Liquidation Date; ; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of DebenturesNotes; and and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for DebenturesNotes, or, or if Section 9.04(e9.4(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (bc) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(e) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures Notes to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 forty-five (45) days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures Notes in exchange for the Outstanding outstanding Trust Securities Certificates. (cd) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(e) applyapplies, on and after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstandingoutstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Notes will be issued to the Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall cause the Note Issuer to use its reasonable efforts to have the Notes listed or traded on the such stock exchange, interdealer quotation system and/or other self-regulatory organization as the Preferred Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of DebenturesNotes, accruing interest at the rate provided for in the Debentures Notes from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such DebenturesNotes) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures receive Notes upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures Notes in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, up and terminated by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up dissolution pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Note Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 3 contracts

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

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(e). . (b) Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: : (i) state the Liquidation Date; ; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (bc) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(e) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (cd) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(e) applyapplies, on and after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to the Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall cause the Debenture Issuer to use its reasonable efforts to have the Debentures listed or traded on the such stock exchange, interdealer quotation system and/or other self-regulatory organization as the Preferred Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, up and terminated by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up dissolution pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 3 contracts

Samples: Trust Agreement (Ace Ina Holdings Inc), Trust Agreement (Ace Ina Holdings Inc), Trust Agreement (Ace Ina Holdings Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstandingoutstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or interest or principal will be made to Holders holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, up by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated accrued and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, up the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 3 contracts

Samples: Trust Agreement (Principal Financial Group Inc), Trust Agreement (Principal Financial Group Inc), Trust Agreement (Principal Financial Group Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Junior Subordinated Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 15 nor more than 60 45 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that that, from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Junior Subordinated Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Junior Subordinated Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees Administrators or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Junior Subordinated Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 30 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Junior Subordinated Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) the Clearing Agency for the Preferred Securities or its nominee, as the registered holder of the Global Preferred Securities Certificate, shall receive a registered global certificate or certificates representing a Like Amount of the Junior Subordinated Debentures willto be delivered upon such distribution with respect to Preferred Securities held by the Clearing Agency or its nominee, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchangeand, (iii) any Trust Securities Certificates not so surrendered held by the Clearing Agency for exchange the Preferred Securities or its nominee as specified in clause (ii) above will be deemed to represent Junior Subordinated Debentures having a Like principal amount equal to the stated Liquidation Amount of Debentures, accruing the Trust Securities represented thereby and bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust certificates are presented to the Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments Registrar for transfer or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificatesreissuance. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Junior Subordinated Debentures is not practical, or if any Early Termination Event specified in the manner provided herein is determined by the Property Trustee not to be practicalclause (c) of Section 9.2 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be wound-up, dissolved by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the aggregate of Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up dissolution pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 3 contracts

Samples: Trust Agreement (Aici Capital Trust), Trust Agreement (First Empire Capital Trust Ii), Trust Agreement (Aici Capital Trust)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 9.2 occurs, after satisfaction of creditors of or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee (after consultation with the Administrative Trustees) shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dUnless Section 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting the distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dUnless Section 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Capital Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, then the Trust Property shall be liquidated, and the Issuer Trust shall be wound-up, up by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.such

Appears in 3 contracts

Samples: Trust Agreement (Keycorp Capital V), Trust Agreement (Keycorp Capital V), Trust Agreement (Keycorp Capital V)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All such notices of liquidation shall: (i) state the CUSIP Number of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures, or if Section 9.4(d) applies, a right to receive a Liquidation Distribution; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee (after consultation with the Administrative Trustees) shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 30 days prior to the Liquidation Date) and, establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, or if an Early Dissolution Event specified in clause (c) of Section 9.2 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be dissolved and its affairs wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution, winding-up or other termination of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 3 contracts

Samples: Trust Agreement (Bb&t Corp), Trust Agreement (Bb&t Corp), Trust Agreement (Bb&t Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Dateliquidation date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the American Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders holders of Trust Securities Certificates with respect to Debentures represented by such Debenturescertificates) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive a Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has his occurred and is continuing, Holders of the Preferred Trust Securities shall have a priority over the Holders of Common Trust Securities.

Appears in 3 contracts

Samples: Trust Agreement (Easy Gardener Products LTD), Trust Agreement (Us Home & Garden Trust I), Trust Agreement (Us Home & Garden Trust I)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the Nasdaq National Market or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to Debentures represented by such Debenturescertificates) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive a Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, Holders of the Preferred Trust Securities shall have a priority over the Holders of Common Trust Securities.

Appears in 3 contracts

Samples: Trust Agreement (SVB Capital I), Trust Agreement (Cfac Capital I), Trust Agreement (Silicon Valley Bancshares)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Junior Subordinated Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 15 nor more than 60 45 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that that, from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Junior Subordinated Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Junior Subordinated Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees Administrators or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Junior Subordinated Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 30 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Junior Subordinated Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) the Clearing Agency for the Preferred Securities or its nominee, as the registered Holder of the Global Preferred Securities Certificate, shall receive a registered global certificate or certificates representing a Like Amount of the Junior Subordinated Debentures willto be delivered upon such distribution with respect to Preferred Securities held by the Clearing Agency or its nominee, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, and (iii) any Trust Securities Certificates not so surrendered held by the Clearing Agency for exchange the Preferred Securities or its nominee as specified in clause (ii) above will be deemed to represent Junior Subordinated Debentures having a Like principal amount equal to the stated Liquidation Amount of Debentures, accruing the Trust Securities represented thereby and bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust certificates are presented to the Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments Registrar for transfer or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificatesreissuance. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Junior Subordinated Debentures is not practical, or if any Early Termination Event specified in the manner provided herein is determined by the Property Trustee not to be practicalclause (c) of Section 9.2 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be wound-up, liquidated by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the aggregate of the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up liquidation pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Securities as provided in Section 4.3. (e) Following the dissolution of the Issuer Trust Securitiesand after the completion of the winding up of the affairs of the Issuer Trust, one of the Issuer Trustees shall file a certificate of cancellation with the Delaware Secretary of State.

Appears in 3 contracts

Samples: Trust Agreement (First United Corp/Md/), Trust Agreement (Gbci Capital Trust Ii), Trust Agreement (Allegiant Capital Trust Ii)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to Debentures represented by such Debenturescertificates) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive a Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, Holders of the Preferred Trust Securities shall have a priority over the Holders of Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Fib Capital Trust), Trust Agreement (First Interstate Bancsystem of Montana Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the American Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to Debentures represented by such Debenturescertificates) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive a Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, Holders of the Preferred Trust Securities shall have a priority over the Holders of Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Praegitzer Industries Inc), Trust Agreement (Us Home & Garden Trust I)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs9.2 occurs or upon the Expiration Date, the Issuer Trust shall be liquidated by the Issuer Trustees as expeditiously as the Issuer Trustees determine to be possible by distributing, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All such notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics procedures by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 30 days prior to the Liquidation Date) and, establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, or if an Early Termination Event specified in Section 9.2(c) has occurred and the entire Redemption Price properly paid, the Trust Property shall be liquidated, and the Issuer Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution, winding-up or other termination of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 2 contracts

Samples: Trust Agreement (Popular North America Capital Trust Iii), Trust Agreement (Popular North America Capital Trust I)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (iSection 9.2(a), (iiiSection 9.2(b) or (ivSection 9.2(d) of Section 9.02 occurs, after satisfaction of creditors of occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines shall determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder Holder a Like Amount of DebenturesNotes, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees by first-class mail, postage prepaid, mailed Property Trustee not later less than 30 thirty (30) nor more than 60 sixty (60) days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All such notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and (subject to Section 9.4(d)) any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of DebenturesNotes; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for DebenturesNotes, or, or if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(eSection 9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures Notes to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall not be more than forty five (45) days prior to the Liquidation Date nor prior to the date on which notice of such liquidation is given to the Holders) and establish such procedures as it shall deem appropriate to effect the distribution of Debentures Notes in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(eSection 9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Notes will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust the Depositor shall use its best efforts to have the Notes listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization on which the Preferred Securities are then listed, if any, (iv) Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Notes bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such DebenturesNotes) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures receive Notes upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding Notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, if distribution of the Debentures Notes in the manner provided herein is determined by the Property Trustee not to be permitted or practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, wound up by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders Holders will be entitled to receive out of the assets of the Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, up the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-winding up pro rata (determined as aforesaidbased upon Liquidation Amounts) with Holders of Preferred all Trust Securities, except that, if a Debenture an Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Securities as provided in Section 4.3. SECTION 9.5. Mergers, Consolidations, Amalgamations or Replacements of Trust. The Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease its properties and assets substantially as an entirety to, any Person except pursuant to this Article IX. At the request of the Holders of the Common Securities, without the consent of the Holders of the Preferred Securities, the Trust may merge with or into, consolidate, amalgamate, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to a trust organized as such under the laws of any State; provided that: (a) such successor entity either (i) expressly assumes all of the obligations of the Trust under this Trust Agreement with respect to the Preferred Securities or (ii) substitutes for the Preferred Securities other securities having substantially the same terms as the Preferred Securities (such other Securities, the “Successor Securities”) so long as the Successor Securities have the same priority as the Preferred Securities with respect to distributions and payments upon liquidation, redemption and otherwise; (b) a trustee of such successor entity possessing substantially the same powers and duties as the Property Trustee is appointed to hold the Notes; (c) if the Preferred Securities or the Notes are rated, such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not cause the Preferred Securities or the Notes (including any Successor Securities) to be downgraded by any nationally recognized statistical rating organization that then assigns a rating to the Preferred Securities or the Notes; (d) the Preferred Securities are listed, or any Successor Securities will be listed upon notice of issuance, on any national securities exchange or interdealer quotation system on which the Preferred Securities are then listed, if any; (e) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Preferred Securities (including any Successor Securities) in any material respect; (f) such successor entity has a purpose substantially identical to that of the Trust; (g) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Depositor has received an Opinion of Counsel from a nationally recognized, independent counsel to the Depositor experienced in such matters to the effect that (i) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Preferred Securities (including any Successor Securities) in any material respect; (ii) following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, neither the Trust nor such successor entity will be required to register as an “investment company” under the Investment Company Act and (iii) following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Trust (or the successor entity) will continue to be classified as a grantor trust for U.S. federal income tax purposes; and (h) the Depositor or its permitted transferee owns all of the common securities of such successor entity. Notwithstanding the foregoing, the Trust shall not, except with the consent of Holders of all of the Preferred Securities, consolidate, amalgamate, merge with or into, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to any other Person or permit any other entity to consolidate, amalgamate, merge with or into, or replace, the Trust if such consolidation, amalgamation, merger, replacement, conveyance, transfer or lease would cause the Trust or the successor entity to be taxable as a corporation or classified as other than a grantor trust for U.S. federal income tax purposes or cause the Notes to be treated as other than indebtedness of the Depositor for U.S. federal income tax purposes.

Appears in 2 contracts

Samples: Trust Agreement (Desert Capital Reit Inc), Trust Agreement (Desert Capital Reit Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs9.2 occurs or upon the Expiration Date, the Issuer Trust shall be liquidated by the Issuer Trustees as expeditiously as the Issuer Trustees determine to be possible by distributing, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All such notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 30 days prior to the Liquidation Date) and establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the Nasdaq Stock Market or on such exchange, other interdealer quotation system or self-regulatory organization as the Capital Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Issuer Trust shall be dissolved, wound-up, up or terminated by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution, winding-up or other termination of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (specified in Section 5.1(1) or event that with 5.1(2) of the lapse of time or giving of notice would become an Event of Default) Indenture has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 2 contracts

Samples: Trust Agreement (Northern Trust Corp), Trust Agreement (Northern Trust Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, up by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, up the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Sierra Pacific Resources Capital Trust Ii), Trust Agreement (Sierra Pacific Resources Capital Trust Ii)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the Nasdaq National Market or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to Debentures represented by such Debenturescertificates) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive a Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee deemed not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on on, the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, Holders of the Preferred Trust Securities shall have a priority over the Holders of Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Bancfirst Corp /Ok/), Trust Agreement (BFC Capital Trust Ii)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will shall no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will shall be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will shall no longer be deemed to be Outstanding, outstanding; (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, shall be issued to Holders holders of Trust Securities Certificates, Certificates upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, ; (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on the American Stock Exchange or on such other securities exchange or other organization as the Preferred Securities are then listed or traded; (iv) any Trust Securities Certificates not so surrendered for exchange will shall be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will shall be made to Holders holders of Trust Securities Certificates with respect to such Debentures) ); and (ivv) all rights of Securityholders holding Trust Securities will shall cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will shall be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, winding- up or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will shall be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securitiessecurities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Eagle Bancshares Inc), Trust Agreement (Premier Bancshares Inc /Ga)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the American Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders holders of Trust Securities Certificates with respect to Debentures represented by such Debenturescertificates) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive a Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, Holders of the Preferred Trust Securities shall have a priority over the Holders of Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Us Home & Garden Trust I), Trust Agreement (American Coin Merchandising Trust Iv)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (iSection 9.02(a), (iiiSection 9.02(b) or (ivSection 9.02(d) of Section 9.02 occurs, after satisfaction of creditors of occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of claims and obligations of the Trust as provided by applicable law, including Section 3808 of the Delaware Statutory Trust Act, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e). . (b) Notice of liquidation shall be given by the Administrative Trustees Property Trustee, at the Depositor’s expense, by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All notices of liquidation shall: : (i) state the Liquidation Date; ; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (bc) Except where Sections 9.02(ii), 9.04(dSection 9.02(c) or Section 9.04(e) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (cd) Except where Sections 9.02(ii), 9.04(dSection 9.02(c) or Section 9.04(e) applyapplies, on and after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to the Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall cause the Debenture Issuer to use its reasonable efforts to have the Debentures listed or traded on the such stock exchange, interdealer quotation system and/or other self-regulatory organization as the Preferred Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, up and terminated by the Property Trustee in such manner as the Property Trustee determinesdetermines consistent with the requirements of applicable law; provided, however, that any such determination shall be conclusive and binding on any such Securityholder and any Person claiming under, by or through such holder and provided further that the Property Trustee shall not be liable to any Securityholder or other Person for such determination to the fullest extent permitted by applicable law. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors claims and obligations of the Trust, if any, Trust as provided by applicable law, including Section 3808 of the Delaware Statutory Trust Act, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up dissolution pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (PartnerRe Finance B LLC), Trust Agreement (PartnerRe Finance B LLC)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs9.2 occurs or upon the Expiration Date, the Issuer Trust shall be liquidated by the Issuer Trustees as expeditiously as the Issuer Trustees determine to be possible by distributing, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All such notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Property Trustee and the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall and establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) ), and (iv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee or if an Early Termination Event specified in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment clause (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaidc) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.of

Appears in 2 contracts

Samples: Trust Agreement (Colonial Capital Ii), Trust Agreement (Colonial Bancgroup Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Junior Subordinated Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 15 nor more than 60 45 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that that, from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Junior Subordinated Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Junior Subordinated Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees Administrators or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Junior Subordinated Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 30 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Junior Subordinated Debentures in exchange for the Outstanding Trust Securities Certificates.. 45 (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) the Clearing Agency for the Preferred Securities or its nominee, as the registered Holder of the Global Preferred Securities Certificate, shall receive a registered global certificate or certificates representing a Like Amount of the Junior Subordinated Debentures willto be delivered upon such distribution with respect to Preferred Securities held by the Clearing Agency or its nominee, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, and (iii) any Trust Securities Certificates not so surrendered held by the Clearing Agency for exchange the Preferred Securities or its nominee as specified in clause (ii) above will be deemed to represent Junior Subordinated Debentures having a Like principal amount equal to the stated Liquidation Amount of Debentures, accruing the Trust Securities represented thereby and bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust certificates are presented to the Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments Registrar for transfer or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificatesreissuance. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Junior Subordinated Debentures is not practical, or if any Early Termination Event specified in the manner provided herein is determined by the Property Trustee not to be practicalclause (c) of Section 9.2 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be wound-up, liquidated by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the aggregate of the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up liquidation pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Securities as provided in Section 4.3. (e) Following the dissolution of the Issuer Trust Securitiesand after the completion of the winding up of the affairs of the Issuer Trust, one of the Issuer Trustees shall file a certificate of cancellation with the Delaware Secretary of State.

Appears in 2 contracts

Samples: Trust Agreement (Allegiant Bancorp Inc), Trust Agreement (Allegiant Capital Trust I)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 902 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e904(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will shall no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will shall be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e904(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will shall no longer be deemed to be Outstanding, outstanding; (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, shall be issued to Holders of Trust Securities Certificates, Certificates upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, ; (iii) the Depositor shall use its best efforts to have the Debentures listed on the Nasdaq National Market or on such other securities exchange or automated quotation system as the Preferred Securities are then listed or traded; (iv) any Trust Securities Certificates not so surrendered for exchange will shall be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will shall be made to Holders of Trust Securities Certificates with respect to such Debentures) ); and (ivv) all rights of Securityholders holding Trust Securities will shall cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04904, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will shall be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, winding-up or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will shall be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Wintrust Capital Trust VI), Trust Agreement (Independent Bank Corp /Mi/)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Junior Subordinated Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 15 nor more than 60 45 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that that, from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Junior Subordinated Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Junior Subordinated Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees Administrators or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Junior Subordinated Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 30 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Junior Subordinated Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) the Clearing Agency for the Capital Securities or its nominee, as the registered Holder of the Global Capital Securities Certificate, shall receive a registered global certificate or certificates representing a Like Amount of the Junior Subordinated Debentures willto be delivered upon such distribution with respect to Capital Securities held by the Clearing Agency or its nominee, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, and (iii) any Trust Securities Certificates not so surrendered held by the Clearing Agency for exchange the Capital Securities or its nominee as specified in clause (ii) above will be deemed to represent Junior Subordinated Debentures having a Like principal amount equal to the stated Liquidation Amount of Debentures, accruing the Trust Securities represented thereby and bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust certificates are presented to the Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments Registrar for transfer or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificatesreissuance. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Junior Subordinated Debentures is not practical, or if any Early Dissolution Event specified in the manner provided herein is determined by the Property Trustee not to be practicalclause (c) of Section 9.2 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be wound-up, liquidated by the Property Trustee in such manner as the Property Trustee determinesdetermines in accordance with the instruction of a Majority in Liquidation Amount of the Capital Securities. In such event, Securityholders on the date of the dissolution of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the aggregate of the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up liquidation pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Securities as provided in Section 4.3. (e) Following the dissolution of the Issuer Trust Securitiesand after the completion of the winding up of the affairs of the Issuer Trust, the Property Trustee shall file a certificate of cancellation with the Delaware Secretary of State.

Appears in 2 contracts

Samples: Trust Agreement (S&t Bancorp Inc), Trust Agreement (M&t Bank Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib), (d) or (ive) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Administrative Trustees as expeditiously as the Property Trustee determines Administrative Trustees determine to be appropriate possible by distributing distributing, after paying or making reasonable provision to pay all claims and obligations of the Trust in accordance with Section 3808(e) of the Business Trust Act, to each Securityholder a Like an aggregate principal amount of Debentures equal to the aggregate Liquidation Amount of DebenturesTrust Securities held by such Holder, subject to Section 9.04(e9.4(d). Notice of liquidation shall be prepared by or on behalf of the Administrative Trustees and given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing as it appears in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that that, from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like an aggregate principal amount of Debentures equal to the aggregate Liquidation Amount of DebenturesTrust Securities held by such Holder; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(b) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(b) or 9.04(e9.4(d) applyapplies, from and after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, Outstanding and (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like an aggregate principal amount of Debentures equal to the aggregate Liquidation Amount of DebenturesTrust Securities held by such Holders, accruing and bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accrued and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities CertificatesLiquidation Date. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practicalpracticable, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup and terminated, by the Property Trustee after paying or making reasonable provision to pay all claims and obligations of the Trust in accordance with Section 3808(e) of the Business Trust Act in such manner as the Property Trustee determines. In such event, on the date of the dissolution, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities paying or making reasonable provision to creditors pay all claims and obligations of the Trust, if any, as provided by applicable lawTrust in accordance with Section 3808(e) of the Business Trust Act, an amount equal to the Liquidation Amount per Trust Security plus accumulated accrued and unpaid Distributions thereon to the date of payment Liquidation Date (such amount being the "Liquidation DistributionLIQUIDATION DISTRIBUTION"). If, upon any such winding updissolution, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets legally available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up dissolution pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture an Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities. (e) As soon as is practicable after the occurrence of an Early Dissolution Event or the Expiration Date and upon completion of the winding up of the Trust, the Trustees (each of whom is authorized to take such action) shall terminate the Trust by filing a certificate of cancellation with the Secretary of State of the State of Delaware.

Appears in 2 contracts

Samples: Declaration of Trust (Superior Trust I), Declaration of Trust (Superior Trust I)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Liberty Financial Capital Trust Ii), Trust Agreement (Liberty Financial Capital Trust Ii)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (iSection 9.2(a), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Administrative Trustees as expeditiously as the Administrative Trustees shall determine to be possible by instructing the Property Trustee determines to be appropriate distribute, after satisfaction of liabilities to creditors of the Trust as provided by distributing applicable law, to each Securityholder Holder a Like Amount of DebenturesNotes, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the an Administrative Trustees by first-class mail, postage prepaid, mailed Trustee not later less than 30 thirty (30) nor more than 60 sixty (60) days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All such notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and (subject to Section 9.4(d)) any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of DebenturesNotes; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for DebenturesNotes, or, or if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures Notes to SecurityholdersHolders, the an Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andTrustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall not be more than forty-five (45) days prior to the Liquidation Date nor prior to the date on which notice of such liquidation is given to the Holders) and establish such procedures as it shall deem appropriate to effect the distribution of Debentures Notes in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Notes will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust the Depositor shall use its best efforts to have the Notes listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization on which the Preferred Securities are then listed, if any, (iv) Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Notes bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such DebenturesNotes) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures receive Notes upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding Notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, if distribution of the Debentures Notes in the manner provided herein is determined by the Property an Administrative Trustee not to be permitted or practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, wound up by the Property such Administrative Trustee in such manner as the Property such Administrative Trustee determines. In such event, Securityholders Holders will be entitled to receive out of the assets of the Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, up the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-winding up pro rata (determined as aforesaidbased upon Liquidation Amounts) with Holders of Preferred all Trust Securities, except that, if a Debenture an Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 2 contracts

Samples: Trust Agreement (North State Bancorp), Trust Agreement (Plains Capital Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Junior Subordinated Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 15 nor more than 60 45 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that that, from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Junior Subordinated Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Junior Subordinated Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees Administrators or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Junior Subordinated Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 30 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Junior Subordinated Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) the Clearing Agency for the Capital Securities or its nominee, as the registered Holder of the Global Capital Securities Certificate, shall receive a registered global certificate or certificates representing a Like Amount of the Junior Subordinated Debentures willto be delivered upon such distribution with respect to Capital Securities held by the Clearing Agency or its nominee, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, and (iii) any Trust Securities Certificates not so surrendered held by the Clearing Agency for exchange the Capital Securities or its nominee as specified in clause (ii) above will be deemed to represent Junior Subordinated Debentures having a Like principal amount equal to the stated Liquidation Amount of Debentures, accruing the Trust Securities represented thereby and bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust certificates are presented to the Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments Registrar for transfer or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificatesreissuance. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Junior Subordinated Debentures is not practical, or if any Early Dissolution Event specified in the manner provided herein is determined by the Property Trustee not to be practicalclause (c) of Section 9.2 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be wound-up, liquidated by the Property Trustee in such manner as the Property Trustee determinesdetermines in accordance with the instruction of a Majority in Liquidation Amount of the Capital Securities. In such event, Securityholders on the date of the dissolution of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the aggregate of the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up liquidation pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Securities as provided in Section 4.3. (e) Following the dissolution of the Issuer Trust Securitiesand after the completion of the winding up of the affairs of the Issuer Trust, the Property Trustee shall file a certificate of cancellation with the Delaware Secretary of State.

Appears in 2 contracts

Samples: Trust Agreement (M&t Bank Corp), Trust Agreement (S&t Bancorp Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will shall no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will shall be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will shall no longer be deemed to be Outstanding, outstanding; (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, shall be issued to Holders of Trust Securities Certificates, Certificates upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, ; (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on the Nasdaq National Market or on such other securities exchange or other organization as the Preferred Securities are then listed or traded; (iv) any Trust Securities Certificates not so surrendered for exchange will shall be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will shall be made to Holders of Trust Securities Certificates with respect to such Debentures) ); and (ivv) all rights of Securityholders holding Trust Securities will shall cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, up by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the winding up of the Trust, Securityholders will shall be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (First Merchants Corp), Trust Agreement (First Merchants Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction or the making of reasonable provisions for the payment of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All notices of liquidation shall: (i) state the CUSIP Number of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Capital Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determinesTrustee. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, If the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (JPMorgan Chase Capital XXII), Trust Agreement (J P Morgan Chase & Co)

Liquidation. 10.5.1 Upon dissolution of the Company, the Board of Managers (or other Person(s) designated by a decree of court) shall act as the “Liquidators” of the Company. The Liquidators shall liquidate the Company Assets, and after allocating (pursuant to Article 6 of this Agreement) all income, gain, loss and deductions resulting therefrom, shall apply and distribute the proceeds thereof as follows: (a) Upon the Expiration Date or if an Early Termination Event specified in clause first, to (i)) the payment of the obligations of the Company to third parties, including, but not limited to and on a pari passu basis, taxes, debts, lease and other payments to Persons other than Members or their Affiliates; (ii) the expenses of liquidation; and (iii) the setting up of any reserves for contingencies, debts or liabilities to Persons other than the Members or their Affiliates, whether the whereabouts of the creditor is known or unknown, which the Board of Managers may consider necessary; (ivb) thereafter, amounts due to either Member or their respective Affiliates (other than a Company Entity) pursuant to intellectual property license agreements, consulting agreements, services agreements, subcontracting agreements, lease agreements and other similar agreements, but excluding any Member Debt Financing or Member Guaranteed Financing; (c) thereafter, to the repayment, on a pari passu basis, of Section 9.02 any Member Debt Financing or Member Guaranteed Financing; (d) thereafter, to the setting up of any reserves for contingencies, debts or liabilities to Members or their Affiliates, which the Board of Managers may consider necessary; and (e) thereafter, to the Members in proportion to the positive balances in the Members’ respective Capital Accounts, determined after taking into account all Capital Account adjustments for the Company’s taxable year during which such liquidation occurs, after satisfaction of creditors by the end of the Trusttaxable year in which such liquidation occurs or, if anylater, as provided by applicable lawwithin ninety (90) days after the date of the liquidation. 10.5.2 Notwithstanding Section 10.5.1 of this Agreement, in the event that the Board of Managers determines that an immediate sale of all or any portion of the Company Assets would cause undue loss to the Members, the Trust shall be liquidated Board of Managers, in order to avoid such loss to the extent not then prohibited by the Property Trustee as expeditiously as Act, may either defer liquidation of and withhold from distribution for a reasonable time any Company Assets except those necessary to satisfy the Property Trustee determines to be appropriate by distributing to each Securityholder a Like Amount of DebenturesCompany’s debts and obligations, or, subject to Section 9.04(e). Notice of liquidation shall be given by 5.5, distribute the Administrative Trustees by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior Company Assets to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing Members in the Securities Register. All notices of liquidation shall: kind (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, after any Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that accordance with the lapse second sentence of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust SecuritiesSection 10.5.1).

Appears in 2 contracts

Samples: Limited Liability Company Operating Agreement (Advanced Micro Devices Inc), Limited Liability Company Operating Agreement (Advanced Micro Devices Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (iiOutstanding,(ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates.surrender (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders withHolders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Lincoln National Capital Vi), Trust Agreement (Lincoln National Capital Vi)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Junior Subordinated Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 15 nor more than 60 45 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that that, from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Junior Subordinated Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Junior Subordinated Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees Administrators or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Junior Subordinated Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 30 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Junior Subordinated Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) the Clearing Agency for the Capital Securities or its nominee, as the registered holder of the Global Capital Securities Certificate, shall receive a registered global certificate or certificates representing a Like Amount of the Junior Subordinated Debentures willto be delivered upon such distribution with respect to Capital Securities held by the Clearing Agency or its nominee, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchangeand, (iii) any Trust Securities Certificates not so surrendered held by the Clearing Agency for exchange the Capital Securities or its nominee as specified in clause (ii) above will be deemed to represent Junior Subordinated Debentures having a Like principal amount equal to the stated Liquidation Amount of Debentures, accruing the Trust Securities represented thereby and bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust certificates are presented to the Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments Registrar for transfer or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificatesreissuance. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Junior Subordinated Debentures is not practical, or if any Early Termination Event specified in the manner provided herein is determined by the Property Trustee not to be practicalclause (c) of Section 9 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution, winding-up or other termination of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the aggregate of Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, winding-up or termination, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 2 contracts

Samples: Trust Agreement (First Empire State Corp), Trust Agreement (First Empire Capital Trust I)

Liquidation. (a) Upon the Expiration Date or if an Early Termination If a Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 9.1 occurs, the Issuer Trust shall be liquidated by the Issuer Trustees as expeditiously as the Issuer Trustees determine to be possible by distributing, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.3(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All such notices of liquidation shall: (i) state the CUSIP Number of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures, or if Section 9.3(d) applies, a right to receive a Liquidating Distribution; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.3(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee (after consultation with the Administrative Trustees) shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.1(c) or 9.04(e9.3(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 30 days prior to the Liquidation Date) and, establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.1(c) or 9.04(e9.3(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on a national stock exchange, the Nasdaq National Market or such other exchange, interdealer quotation system or self-regulatory organization as the Capital Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.3, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, or if a Dissolution Event specified in Section 9.1(c) occurs, the Trust Property shall be liquidated, and the Trust shall be its affairs wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (specified in Section 5.01(1) or event that with 5.01(2) of the lapse of time or giving of notice would become an Event of Default) Indenture has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 2 contracts

Samples: Declaration of Trust and Trust Agreement (Popular Inc), Exchange Agreement

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the Nasdaq National Market or on such other 45 exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to Debentures represented by such Debenturescertificates) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive a Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, Holders of the Preferred Trust Securities shall have a priority over the Holders of Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (PCC Capital I), Trust Agreement (PCC Capital I)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in ----------- clause (ia), (iiib), (c), (d) or (ivf) of Section 9.02 occurs, after satisfaction of creditors of SECTION 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(eSECTION 9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 15 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(eSECTION 9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Common Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSECTION 9.2(e) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days nor less than 15 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem deems appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSECTION 9.2(e) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees Property Trustee or their its agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Capital Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive the Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04SECTION 9.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practicalpracticable, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup and terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation DistributionLIQUIDATION DISTRIBUTION"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable directly by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (DPL Inc), Trust Agreement (DPL Inc)

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Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs9.2 occurs or upon the Expiration Date, the Issuer Trust shall be liquidated by the Issuer Trustees as expeditiously as the Issuer Trustees determine to be possible by distributing, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All such notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics procedures by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 30 days prior to the Liquidation Date) and, establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the national stock exchange, the Nasdaq National Market or on such other exchange, interdealer quotation system or self-regulatory organization as the Capital Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, or if an Early Termination Event specified in Section 9.2(c) occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution, winding-up or other termination of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (specified in Section 5.1(1) or event that with 5.1(2) of the lapse of time or giving of notice would become an Event of Default) Indenture has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 2 contracts

Samples: Trust Agreement (Fifth Third Capital Trust Iv), Trust Agreement (Fifth Third Bancorp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (iSection 9.2(a), (iii) Section 9.2(b), or (ivSection 9.2(d) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(e). . (b) Notice of liquidation shall be given by the Administrative Trustees Property Trustee, at the Depositor's expense, by first-class mail, postage prepaid, prepaid mailed not later than 30 thirty (30) nor more than 60 sixty (60) days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: : (i) state the Liquidation Date; ; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (bc) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(eSection 9.4(e) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 forty-five (45) days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (cd) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(eSection 9.4(e) applyapplies, on and after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to the Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall cause the Debenture Issuer to use its reasonable efforts to have the Debentures listed or traded on the such stock exchange, interdealer quotation system and/or other self-regulatory organization as the Preferred Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, up and terminated by the Property Trustee in such manner as the Property Trustee determines; provided, however, that any such determination shall be conclusive and binding on any such Securityholder and any Person claiming under, by or through such holder and provided further that the Property Trustee shall not be liable to any Securityholder or other Person for such determination. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up dissolution pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (MRH Capital Trust I), Trust Agreement (MRH Capital Trust I)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction or the making of reasonable provisions for the payment of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All notices of liquidation shall: (i) state the CUSIP Number of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will shall no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will shall be deemed to represent a Like Amount of Debentures; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will shall no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, shall be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) if the Capital Securities are then listed or traded on the New York Stock Exchange or other exchange, interdealer quotation system or self-regulatory organization, the Depositor shall use its best efforts to have the Debentures listed on such other exchange, interdealer quotation system or self-regulatory organization as the Capital Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will shall be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will shall be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will shall cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determinesTrustee. In such event, Securityholders will shall be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, If the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will shall be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Susquehanna Bancshares Inc), Trust Agreement (Susquehanna Bancshares Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Junior Subordinated Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 15 nor more than 60 45 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that that, from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Junior Subordinated Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Junior Subordinated Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees Administrators or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Junior Subordinated Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 30 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Junior Subordinated Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) the Clearing Agency for the Preferred Securities or its nominee, as the registered holder of the Global Preferred Securities Certificate, shall receive a registered global certificate or certificates representing a Like Amount of the Junior Subordinated Debentures willto be delivered upon such distribution with respect to Preferred Securities held by the Clearing Agency or its nominee, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchangeand, (iii) any Trust Securities Certificates not so surrendered held by the Clearing Agency for exchange the Preferred Securities or its nominee as specified in clause (ii) above will be deemed to represent Junior Subordinated Debentures having a Like principal amount equal to the stated Liquidation Amount of Debentures, accruing the Trust Securities represented thereby and bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust certificates are presented to the Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments Registrar for transfer or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificatesreissuance. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Junior Subordinated Debentures is not practical, or if any Early Termination Event specified in the manner provided herein is determined by the Property Trustee not to be practicalclause (c) of Section 9 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution, winding-up or other termination of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the aggregate of Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, winding-up or termination, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 2 contracts

Samples: Trust Agreement (Jeffbanks Inc), Trust Agreement (Jeffbanks Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 902 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e904(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates certificates for Debentures, or, or if Section 9.04(e904(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstandingoutstanding, (ii) certificates (or, at the election of the Depositor a Global Debenture, subject to the provisions of the Indenture) representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, Certificates upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on The Nasdaq National Market or on such other securities exchange or other organization as the Preferred Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04904, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, winding-up or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securitiessecurities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Ibc Capital Finance), Trust Agreement (Ibc Capital Finance)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All such notices of liquidation shall: (i) state the CUSIP Number of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee (after consultation with the Administrative Trustees) shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 30 days prior to the Liquidation Date) and, establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, or if an Early Dissolution Event specified in clause (c) of Section 9.2 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be dissolved and its affairs wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution, winding-up or other termination of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (specified in Section 5.1(1) or event that with 5.1(2) of the lapse of time or giving of notice would become an Event of Default) Indenture has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 2 contracts

Samples: Trust Agreement (Bb&t Capital Trust I), Trust Agreement (State Street Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self- regulatory organization on which the Capital Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive a Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities CertificatesCertificates and to receive accrued and unpaid interest on such Debentures. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-upwound- up or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount due and payable upon liquidation of the Trust, whether payable in cash or out of the assets of the Trust being the "Liquidation Distribution"). If, upon any such winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuingcontinuing as a result of any failure by the Depositor to pay any amounts due in respect of the Debentures when due or if funds available to the Trust are insufficient to pay in full the Liquidation Distribution payable on all Outstanding Capital Securities, Holders of the Preferred Trust Capital Securities shall have a priority over the Holders of Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Downey Financial Capital Trust Iii), Trust Agreement (Downey Financial Capital Trust Iii)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of DebenturesShares, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee at the expense of the Depositor by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of DebenturesShares; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for DebenturesShares, or, or if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures Shares to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be (i) one Business Day prior to the Liquidation Date or (ii) in the event that the Preferred Securities are not more than 45 in book-entry form, the date 15 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures Shares in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Shares will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees Property Trustee or their its agent for exchange, (iii) the Depositor shall use its best efforts to have the Shares listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of DebenturesShares, accruing interest at the rate provided for in the Debentures Shares from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such DebenturesShares) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures receive Shares upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures Shares in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, up by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Stock Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Sce Trust I), Trust Agreement (Sce Trust I)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the Nasdaq National Market or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to Debentures represented by such Debenturescertificates) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive a Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on on, the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, Holders of the Preferred Trust Securities shall have a priority over the Holders of Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Silicon Valley Bancshares), Trust Agreement (Bancfirst Corp /Ok/)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All such notices of liquidation shall: (i) state the CUSIP Number of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall (after consultation with the Administrative Trustees)shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 30 days prior to the Liquidation Date) and, establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, or if an Early Dissolution Event specified in clause (c) of Section 9.2 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be dissolved and its affairs wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution, winding-up or other termination of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (specified in Section 5.1(1) or event that with 5.1(2) of the lapse of time or giving of notice would become an Event of Default) Indenture has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 2 contracts

Samples: Trust Agreement (Bb&t Capital Trust I), Trust Agreement (Bb&t Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Junior Subordinated Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 15 nor more than 60 45 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that that, from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Junior Subordinated Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Junior Subordinated Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees Administrators or the Property Trustee shall deem appropriate., (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Junior Subordinated Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 30 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Junior Subordinated Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) the Clearing Agency for the Preferred Securities or its nominee, as the registered holder of the Global Preferred Securities Certificate, shall receive a registered global certificate or certificates representing a Like Amount of the Junior Subordinated Debentures willto be delivered upon such distribution with respect to Preferred Securities held by the Clearing Agency or its nominee, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchangeand, (iii) any Trust Securities Certificates not so surrendered held by the Clearing Agency for exchange the Preferred Securities or its nominee as specified in clause (ii) above will be deemed to represent Junior Subordinated Debentures having a Like principal amount equal to the stated Liquidation Amount of Debentures, accruing the Trust Securities represented thereby and bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust certificates are presented to the Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments Registrar for transfer or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificatesreissuance. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Junior Subordinated Debentures is not practical, or if any Early Termination Event specified in the manner provided herein is determined by the Property Trustee not to be practicalclause (c) of Section 9 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be wound-up, dissolved by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the aggregate of Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation DistributionDistribution "). If, upon any such winding updissolution, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up dissolution pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 2 contracts

Samples: Trust Agreement (Broad National Bancorporation), Trust Agreement (BNB Capital Trust)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 902 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e904(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will shall no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will shall be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which the Holders may exchange the Trust Securities Certificates for the Debentures, or, if Section 9.04(e904(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to the Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will shall no longer be deemed to be Outstanding, ; (ii) certificates representing a Like Amount of the Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, shall be issued to the Holders of Trust Securities Certificates, Certificates upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, ; (iii) the Depositor shall use its best efforts to have the Debentures listed on the American Stock Exchange, Inc. or on such other securities exchange or other organization as the Preferred Securities are then listed or traded; (iv) any Trust Securities Certificates not so surrendered for exchange will shall be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will shall be made to Holders of the Trust Securities Certificates with respect to such Debentures) ); and (ivv) all rights of the Securityholders holding the Trust Securities will shall cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of receive the Trust, if any, as provided by applicable law, Debentures upon surrender of the Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04904, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, the Securityholders will shall be entitled to receive out of the assets of the Trust available for distribution to the Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, winding-up or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts, subject to Section 407). The Holder of the Common Trust Securities will shall be entitled to receive the Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with the Holders of the Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 2 contracts

Samples: Trust Agreement (Baylake Capital Trust I), Trust Agreement (Baylake Capital Trust I)

Liquidation. (a) Upon the Expiration Date or if an Early Termination Event specified in clause (i), (iii) or (iv) of Section 9.02 occurs, after satisfaction of creditors of the Trust, if any, as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e). Notice of liquidation shall be given by the Administrative Trustees by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, after any Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (PPL Capital Funding Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 9.2 occurs, after satisfaction of creditors of or upon the Trust, if any, as provided by applicable lawExpiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, -55- 63 applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee (after consultation with the Administrative Trustees) shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dUnless Section 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting the distribution of the Debentures to SecurityholdersHolders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dUnless Section 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Capital Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, then the Trust Property shall be liquidated, and the Issuer Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders on the date of the dissolution of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution or winding up, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution or winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (specified in Section 5.1(1) or event that with 5.1(2) of the lapse of time or giving of notice would become an Event of Default) Indenture has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 1 contract

Samples: Trust Agreement (Keycorp Capital Ii)

Liquidation. (a) Upon the Expiration Date or if an Early Termination Event specified in clause (i), (iii) or (iv) of Section 9.02 occurs, after satisfaction of creditors of the Trust, if any, as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e). Notice of liquidation shall be given by the Administrative Trustees by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, after any Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion opinion of Counsel counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units]. (e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (Pp&l Capital Funding Trust I)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, after any Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.appointment

Appears in 1 contract

Samples: Trust Agreement (American Coin Merchandising Trust Iv)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 902 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e904(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will shall no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will shall be deemed to represent a Like Amount of Debentures; and; (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e904(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate; (iv) state the CUSIP number; and (v) state the office or agency of the Trust where Securities should be surrendered. (b) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will shall no longer be deemed to be Outstanding, ; (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, shall be issued to Holders holders of Trust Securities Certificates, Certificates upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, ; (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on the Nasdaq Small Cap Market or on such other securities exchange or other organization as the Preferred Securities are then listed or traded; (iv) any Trust Securities Certificates not so surrendered for exchange will shall be deemed to represent a Like Amount of Debentures, accruing interest at the rate and for the period provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will shall be made to Holders holders of Trust Securities Certificates with respect to such Debentures) ): and (ivv) all rights of Securityholders holding Trust Securities will shall cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04904, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee Administrative Trustees not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, up by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will shall be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, winding-up the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will shall be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (Apab Capital Trust I)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib), (c), (d) or (ivf) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 15 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the 66 Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days nor less than 15 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees Property Trustee or their its agent for exchange, (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Capital Securities are then listed, including PORTAL, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive the Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practicalpracticable, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup and terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable directly by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (Aon Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self- regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such the related Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to Debentures represented by such DebenturesCertificates) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive a Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee Administrative Trustees not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee Administrative Trustees in such manner as the Property Trustee determinesAdministrative Trustees determine. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Holders of Preferred Trust Securities shall have a priority over the Holders of Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (CFC Preferred Trust)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction or the making of reasonable provisions for the payment of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the CUSIP, Common Code and ISIN Numbers of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Capital Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders 51 45 holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determinesTrustee. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (Chase Manhattan Corp /De/)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction or the making of reasonable provisions for the payment of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the CUSIP Number of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, after any Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.not

Appears in 1 contract

Samples: Trust Agreement (Usabancorp Capital Trust I)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (iSection 9.2(a), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Administrative Trustees as expeditiously as the Property Trustee determines Administrative Trustees shall determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder Holder a Like Amount of DebenturesNotes, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees by first-class mail, postage prepaid, mailed not later less than 30 thirty (30) nor more than 60 sixty (60) days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All such notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and (subject to Section 9.4(d)) any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of DebenturesNotes; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for DebenturesNotes, or, or if Section 9.04(e9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures Notes to Securityholdersthe Holders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall not be more than forty-five (45) days prior to the Liquidation Date nor prior to the date on which notice of such liquidation is given to the Holders) and establish such procedures as it shall deem appropriate to effect the distribution of Debentures Notes in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Notes will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust the Depositor shall use its best efforts to have the Notes listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization on which the Preferred Securities are then listed, if any, (iv) Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Notes bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such DebenturesNotes) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures receive Notes upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding Notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, if distribution of the Debentures Notes in the manner provided herein is determined by the Property Trustee not to be permitted or practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, wound up by the Property Trustee Administrative Trustees in such manner as the Property Trustee Administrative Trustees reasonably determines. In such event, Securityholders Holders will be entitled to receive out of the assets of the Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, up the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-winding up pro rata (determined as aforesaidbased upon Liquidation Amounts) with Holders of Preferred all Trust Securities, except that, if a Debenture an Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 1 contract

Samples: Trust Agreement (New Century Financial Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the Nasdaq National Market or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such the related Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to Debentures represented by such DebenturesCertificates) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive a Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee Administrative Trustees not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee Administrative Trustees in such manner as the Property Trustee determinesAdministrative Trustees determine. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Holders of Preferred Trust Securities shall have a priority over the Holders of Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (WSFS Financial Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 902 occurs, after satisfaction of creditors of or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e904(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will shall no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will shall be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e904(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will shall no longer be deemed to be Outstanding, outstanding; (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, shall be issued to Holders holders of Trust Securities Certificates, Certificates upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, ; (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on The Nasdaq Stock Market's National Market or on such other securities exchange or other organization as the Preferred Securities are then listed or traded; (iv) any Trust Securities Certificates not so surrendered for exchange will shall be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will shall be made to Holders holders of Trust Securities Certificates with respect to such Debentures) ); and (ivv) all rights of Securityholders holding Trust Securities will shall cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04904, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will shall be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, winding-up or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will shall be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (FCNB Capital Trust)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (iSection 9.2(a), (iii) Section 9.2(b), or (iv) Section 9.2(d), of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(e). . (b) Notice of liquidation shall be given by the Administrative Trustees Property Trustee, at the Depositor's expense, by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: : (i) state the Liquidation Date; ; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (bc) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(eSection 9.4(e) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (cd) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(eSection 9.4(e) applyapplies, on and after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to the Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall cause the Debenture Issuer to use its reasonable efforts to have the Debentures listed or traded on the such stock exchange, interdealer quotation system and/or other self-regulatory organization as the Preferred Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, up and terminated by the Property Trustee in such manner as the Property Trustee determines; provided, however, that any such determination shall be conclusive and binding on any such Securityholder and any Person claiming under, by or through such holder and provided further that the Property Trustee shall not be liable to any Securityholder or other Person for such determination. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation ----------- Distribution"). If, upon any such winding up, the Liquidation Distribution can ------------ be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up dissolution pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (Partnerre LTD)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to Debentures represented by such Debenturescertificates) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive a Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, Holders of the Preferred Trust Securities shall have a priority over the Holders of Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (Fib Capital Trust)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(e). . (b) Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-first- class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: : (i) state the Liquidation Date; ; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (bc) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(e) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (cd) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(e) applyapplies, on and after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to the Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall cause the Debenture Issuer to use its reasonable efforts to have the Debentures listed or traded on the such stock exchange, interdealer quotation system and/or other self-regulatory organization as the Preferred Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, up and terminated by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up dissolution pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (Ace LTD)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Dissolution Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the American Stock Exchange or on such other exchange, interdealer quotation system or self- regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to Debentures represented by such Debenturescertificates) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive a Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, Holders of the Preferred Trust Securities shall have a priority over the Holders of Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (Glacier Water Services Inc)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for certificates representing the Like Amount of the Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self- regulatory organization as the Preferred Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to Debentures represented by such Debenturescertificates) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction receive a Like Amount of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, Holders of the Preferred Trust Securities shall have a priority over the Holders of Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (Greater Bay Bancorp)

Liquidation. (a) Upon the Expiration Date or if an Early Termination Event specified in clause (i), (iii) or (iv) of Section 9.02 occurs, after satisfaction of creditors of the Trust, if any, as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e). Notice of liquidation shall be given by the Administrative Trustees by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections Section 9.02(ii), 9.04(d) or 9.04(e) apply, after any Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion opinion of Counsel counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax EventEvent at the Redemption Price. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units]Trust. (e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuingcontinuing or if a Debenture Event of Default has not occurred solely by reason of a requirement that time lapse or notice be given, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (Enserch Capital I)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction or the making of reasonable provisions for the payment of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All such notices of liquidation shall: (i) state the CUSIP Number of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iiiiv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, 50 applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of the Property Trustee as a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee Administrative Trustees not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determinesAdministrative Trustees. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, winding-up or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (Pennsylvania Power & Light Co /Pa)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 902 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder or if the Preferred Securities are held in book-entry form, to each Owner through the Clearing Agency or its nominee, a Like Amount of Debentures, subject to Section 9.04(e904(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates certificates for Debentures, or, or if Section 9.04(e904(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates (or, at the election of the Depositor a Global Debenture, subject to the provisions of the Indenture) representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, Certificates upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on the New York Stock Exchange or on such other securities exchange or other organization as the Preferred Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04904, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders or if the Preferred Securities are held in book-entry form, Owners through the Clearing Agency or its nominee, will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated accrued and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding updissolution, winding-up or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Securities. Section 905. Mergers, Consolidations, Amalgamations or Replacements of the Trust The Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease its properties and assets substantially as an entirety to any corporation or other Person, except pursuant to this Section 905. At the request of the Depositor, with the consent of the Administrative Trustees and without the consent of the holders of the Preferred Securities, the Trust may merge with or into, consolidate, amalgamate, be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to a trust organized as such under the laws of any state; provided, that (i) such successor entity either (a) expressly assumes all of the obligations of the Trust with respect to the Preferred Securities or (b) substitutes for the Preferred Securities other securities having substantially the same terms as the Preferred Securities (the "Successor Securities) so long as the Successor Securities rank the same as the Preferred Securities rank in priority with respect to distributions and payments upon liquidation, redemption and otherwise, (ii) the Depositor expressly appoints a trustee of such successor entity possessing substantially the same powers and duties as the Property Trustee as the holder of the Debentures, (iii) the Successor Securities are listed or traded, or any Successor Securities will be listed or traded upon notification of issuance, on any national securities exchange or other organization on which the Preferred Securities are then listed, if any, (iv) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not cause the Preferred Securities (including any Successor Securities) to be downgraded by any nationally recognized statistical rating organization, (v) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the holders of the Preferred Securities (including any Successor Securities) in any material respect, (vi) such successor entity has a purpose substantially identical to that of the Trust, (vii) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Depositor has received an Opinion of Counsel to the effect that (a) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the holders of the Preferred Securities (including any Successor Securities) in any material respect, and (b) following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, neither the Trust nor such successor entity will be required to register as an "investment company" under the 1940 Act and (viii) the Depositor owns all of the Common Securities of such successor entity and guarantees the obligations of such successor entity under the Successor Securities at least to the extent provided by the Guarantee. Notwithstanding the foregoing, the Trust shall not, except with the consent of holders of 100% in Liquidation Amount of the Preferred Securities, consolidate, amalgamate, merge with or into, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to any other Person or permit any other Person to consolidate, amalgamate, merge with or into, or replace it if such consolidation, amalgamation, merger or replacement would cause the Trust or the successor entity to be classified as other than a "grantor trust" for United States federal income tax purposes.

Appears in 1 contract

Samples: Trust Agreement (Central Power & Light Co /Tx/)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iii) b), or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 902 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e904(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will shall no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will shall be deemed to represent a Like Amount of Debentures; and; (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e904(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate; (iv) state the CUSIP number; and (v) state the office or agency of the Trust where Securities should be surrendered. (b) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 902(c) or 9.04(e904(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will shall no longer be deemed to be Outstanding, ; (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, shall be issued to Holders holders of Trust Securities Certificates, Certificates upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their agent for exchange, ; (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on the American Stock Exchange or on such other securities exchange or other organization as the Preferred Securities are then listed or traded; (iv) any Trust Securities Certificates not so surrendered for exchange will shall be deemed to represent a Like Amount of Debentures, accruing interest at the rate and for the period provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will shall be made to Holders holders of Trust Securities Certificates with respect to such Debentures) ): and (ivv) all rights of Securityholders holding Trust Securities will shall cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04904, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee Administrative Trustees not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, up by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will shall be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, winding-up the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will shall be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (Crescent Capital Trust I)

Liquidation. (a) Upon the occurrence of the Expiration Date or if an Early Termination Event specified in clause (i), (iii) or (iv) of Section 9.02 occurs9.02, after satisfaction of creditors of the Trust, if any, as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.04(d). Notice of liquidation shall be given by the Administrative Trustees by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.04(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections Section 9.02(ii), ) or 9.04(d) or 9.04(e) applyapplies, in order to effect the liquidation of the Trust hereunderTrust, if any, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections Section 9.02(ii), ) or 9.04(d) or 9.04(e) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates (or, at the election of the Depositor, a Global Debenture, subject to the provisions of the Indenture) representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its reasonable efforts to have the Debentures listed on the New York Stock Exchange or on such other securities exchange or other organization as the Preferred Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (ivv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuingcontinuing or if a Debenture Event of Default has not occurred solely by reason of a requirement that time lapse or notice be given, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (Midamerican Energy Financing Ii)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs, after satisfaction of creditors of 9.2 occurs or upon the Trust, if any, as provided by applicable lawExpiration Date, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee (after consultation with the Administrators) shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be dissolved, wound-upup or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such dissolution, winding upup or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Trust Capital Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Capital Securities shall have a priority over the Common Trust Securities. Any such determination and liquidation by the Property Trustee shall be conclusive upon the Securityholders and the Property Trustee shall have no liability in connection therewith.

Appears in 1 contract

Samples: Trust Agreement (Usf&g Corp)

Liquidation. (a) Upon the Expiration Date or if an Early Termination Event specified in clause (i), (iii) or (iv) of Section 9.02 occurs, after satisfaction of creditors of the Trust, if any, as provided by applicable law, the Trust shall be liquidated by the Property Trustee Administrative Trustees as expeditiously as the Property Trustee determines such Trustees determine to be appropriate by distributing to each Securityholder a Like Amount of DebenturesSubordinated Notes, subject to Section 9.04(e). Notice of liquidation shall be given by the Administrative Trustees by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of DebenturesSubordinated Notes; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for DebenturesSubordinated Notes, or, if Section 9.04(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures Subordinated Notes to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures Subordinated Notes in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, after any Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures Subordinated Notes will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of DebenturesSubordinated Notes, accruing interest at the rate provided for in the Debentures Subordinated Notes from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such DebenturesSubordinated Notes) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures Subordinated Notes upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures Subordinated Notes to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures Subordinated Notes are not held by the Trust, then the Depositor shall have the right to redeem the DebenturesSubordinated Notes, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, shall cause the Debentures Subordinated Notes to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata Pro Rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units]. (e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures Subordinated Notes in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by -51- 57 the Trust on the Trust Securities shall be paid on a pro rata Pro Rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata Pro Rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Subordinated Note Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (PPL Corp)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (i), (iiiii) (other than a redemption of the Preferred Securities for cash) or (iv) of Section 9.02 occurs, after satisfaction of creditors of the Trust, if any, as provided by applicable law, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate by distributing to each Securityholder Securityholder, after satisfaction of liabilities to creditors, a Like Amount of Debentures, subject to Section 9.04(e9.04(d). Notice of liquidation shall be given by the Administrative Trustees by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.04(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), Section 9.04(d) or 9.04(e) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, Property Trustee shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, after any Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.

Appears in 1 contract

Samples: Trust Agreement (Rouse Company)

Liquidation. (a) Upon the Expiration Date or if If an Early Termination Event specified in clause (ia), (iiib) or (ivd) of Section 9.02 occurs9.2 occurs or upon the Expiration Date, the Issuer Trust shall be liquidated by the Issuer Trustees as expeditiously as the Issuer Trustees determine to be possible by distributing, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder Holder a Like Amount of DebenturesNotes, subject to Section 9.04(e9.4(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All such notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of DebenturesNotes; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for DebenturesNotes, or, or if Section 9.04(e9.4(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, in order to effect the liquidation of the Issuer Trust hereunder, and any resulting distribution of the Debentures Notes to SecurityholdersHolders, the Administrative Trustees Property Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures Notes in exchange for the Outstanding Trust Securities Certificates. (c) Except where Sections 9.02(ii), 9.04(dSection 9.2(c) or 9.04(e9.4(d) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Notes will be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust the Depositor shall use its best efforts to have the Notes listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization on which the Preferred Securities are then listed, (iv) Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Notes bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such DebenturesNotes) and (ivv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures receive Notes upon surrender of Trust Securities Certificates. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures Notes in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Issuer Trust shall be wound-up, up by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders event Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Issuer Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, up the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred all Trust Securities, except that, if a Debenture Note Event of Default (specified in Section 5.1(1) or event that with 5.1(2) of the lapse of time or giving of notice would become an Event of Default) Indenture has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust SecuritiesSecurities as provided in Section 4.3.

Appears in 1 contract

Samples: Trust Agreement (Everest Re Group LTD)

Liquidation. (a) Upon the Expiration Date or if an Early If a Termination Event specified in clause (i), (iiia) or (ivc) of Section 9.02 9.03 occurs, after satisfaction of creditors of the Trust, if any, as provided by applicable law, the Trust shall be liquidated by the Property Trustee Trustees as expeditiously as the Property Trustee determines Trustees determine to be appropriate possible by distributing distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder Holder a Like Amount of Trust Debentures, subject to Section 9.04(e9.05(d). Notice of liquidation shall be given by the Administrative Trustees Property Trustee by first-class mail, postage prepaid, prepaid mailed not later less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's ’s address appearing in the Securities Register. All such notices of liquidation shall: (i) state the CUSIP Number of the Trust Securities; (ii) state the Liquidation Date; (iiiii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures, or if Section 9.05(d) applies, a right to receive a Liquidation Distribution; and (iiiiv) provide such information with respect to the mechanics procedures by which Holders may exchange Trust Securities Certificates for Debentures, or, or if Section 9.04(e9.05(d) applies, applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. (b) Except where Sections 9.02(ii), 9.04(dSection 9.05(d) or 9.04(eSection 9.05(e) applyapplies, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Trust Debentures to SecurityholdersHolders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) andProperty Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 30 days prior to the Liquidation Date), and establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities CertificatesSecurities. (c) Except where Sections 9.02(ii), 9.04(dSection 9.05(d) or 9.04(eSection 9.05(e) applyapplies, after any the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Trust Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, will be issued to Holders of Trust Securities CertificatesSecurities, upon surrender of certificates evidencing such Trust Securities Certificates to the Administrative Trustees or their exchange agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing Debentures bearing accrued and unpaid interest at in an amount equal to the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made accumulated and unpaid Distributions on such Trust Securities Certificates until such Trust Securities Certificates certificates are so surrendered (and until such Trust Securities Certificates certificates are so surrendered, no payments or of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders Holders holding Trust Securities will cease, except the right of such Securityholders Holders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, receive Trust Debentures upon surrender of Trust Securities CertificatesSecurities. (d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units] (e) In the event thatIf, notwithstanding the other provisions of this Section 9.049.05, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Trust Debentures in the manner provided herein is determined by the Property Trustee and the Administrative Trustees not to be practicalpossible, the Trust Property shall be liquidated, and the Trust Trust’s affairs shall be wound-up, wound up by the Property Trustee and the Administrative Trustees in such manner as the Property Trustee determinesAdministrative Trustees determine, subject to the requirements of the Delaware Statutory Trust Act. In such event, Securityholders upon the winding-up of the Trust, except with respect to a Termination Event specified in clause (a) of Section 9.03, Holders will be entitled to receive out of the assets of the Trust available for distribution to SecurityholdersHolders, after satisfaction of liabilities to creditors of the Trust, if any, Trust as provided by applicable lawlaw (which liabilities GE Capital shall pay pursuant to Section 4.09), cash in an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the "Liquidation Distribution"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder Holders of the Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up dissolution pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Securities under the circumstances provided in Section 4.03. (e) If a Termination Event specified in clause (b) of Section 9.03 occurs, the Trust SecuritiesProperty (if any) shall be liquidated and the Trust’s affairs shall be wound up by the Property Trustee and the Administrative Trustees in such manner as the Administrative Trustees determine, subject to Section 3808 of the Delaware Statutory Trust Act.

Appears in 1 contract

Samples: Trust Agreement (GE Capital Trust I)

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