Ownership of Common Securities. So long as the Trust Securities of each Trust remain outstanding, the Company hereby covenants (a) to maintain 100% direct or indirect ownership of the common securities issued by such Trust (it being understood that any permitted successor of the Company under this Indenture may succeed to the Company's ownership of such common securities), (b) to use its best efforts to cause each Trust (i) to remain a business trust, except in connection with the distribution of Debentures to the holders of related Trust Securities in liquidation of such Trust, the conversion, exchange or redemption of all of such Trust Securities, or certain mergers, consolidations or amalgamations, each as permitted by the applicable Trust Agreement, and (ii) to otherwise continue to be classified as a grantor trust for United States federal income tax purposes, (c) to use its reasonable best efforts to cause each holder of each Trust's Trust Securities to be treated as owning an undivided beneficial interest in the related Debentures and (d) not to cause, as sponsor of each Trust, or to permit, as holder of the common securities, the dissolution, liquidation or winding-up of any Trust, except as provided in the applicable Trust Agreement.
Ownership of Common Securities. The Company covenants, as to each series of Securities issued to an ACE Trust in connection with the issuance of Preferred Securities and Common Securities by that ACE Trust, (a) to maintain directly or indirectly 100% ownership of the Common Securities of such ACE Trust; provided, however, that any permitted successor of the Company hereunder may succeed to the Company's ownership of such Common Securities, (b) not to voluntarily dissolve, wind-up or liquidate such ACE Trust, except in connection with (i) a distribution of the Securities of such series to the holders of Preferred Securities and Common Securities in liquidation of such ACE Trust, (ii) the redemption of all of the Preferred Securities and Common Securities of such ACE Trust or (iii) certain mergers, consolidations or amalgamations, each as permitted by the Trust Agreement of such ACE Trust and (c) to use its reasonable efforts, consistent with the terms and provisions of the related Trust Agreement, to cause such ACE Trust to remain classified as a grantor trust and not an association taxable as a corporation for United States federal income tax purposes. 84
Ownership of Common Securities. The Company covenants, as to each series of Securities issued to an Assured Guaranty Trust in connection with the issuance of Preferred Securities and Common Securities by that Assured Guaranty Trust, (a) to maintain directly or indirectly 100% ownership of the Common Securities of such Assured Guaranty Trust; provided, however, that any permitted successor of the Company hereunder may succeed to the Company’s ownership of such Common Securities, (b) not to voluntarily dissolve, wind-up or liquidate such Assured Guaranty Trust, except in connection with (i) a distribution of the Securities of such series to the holders of Preferred Securities and Common Securities in liquidation of such Assured Guaranty Trust, (ii) the redemption of all of the Preferred Securities and Common Securities of such Assured Guaranty Trust or (iii) certain mergers, consolidations or amalgamations, each as permitted by the Trust Agreement of such Assured Guaranty Trust and (c) to use its reasonable efforts, consistent with the terms and provisions of the related Trust Agreement, to cause such Assured Guaranty Trust to remain classified as a grantor trust and not an association taxable as a corporation for United States federal income tax purposes.
Ownership of Common Securities. The Company covenants, as to each series of Securities issued to a PartnerRe Trust in connection with the issuance of Preferred Securities and Common Securities by that PartnerRe Trust, (a) to maintain directly or indirectly 100% ownership of the Common Securities of such PartnerRe Trust; provided, however, that any permitted successor of the Company hereunder may succeed to the Company's ownership of such Common Securities, (b) not to voluntarily dissolve, wind-up or liquidate such PartnerRe Trust, except in connection with (i) a distribution of the Securities of such series to the holders of Preferred Securities and Common Securities in liquidation of such PartnerRe Trust, (ii) the redemption of all of the Preferred Securities and Common Securities of such PartnerRe Trust or (iii) certain mergers, consolidations or amalgamations, each as permitted by the Trust Agreement of such PartnerRe Trust and (c) to cause such PartnerRe Trust to remain classified as a grantor trust and not an association taxable as a corporation for United States federal income tax purposes.
Ownership of Common Securities. In the event Debentures are issued to a Trust or a trustee of such Trust in connection with the issuance of Trust Securities by such Trust, for so long as such Trust Securities remain outstanding, the Company: (i) will maintain 100% direct or indirect ownership of the Common Securities of such Trust; provided, however, that any successor of the Company, permitted pursuant to Article X, may succeed to the Company's ownership of such Common Securities; (ii) will use commercially reasonable efforts to cause such Trust (a) to remain a statutory trust, except in connection with a distribution of Debentures to the holders of Trust Securities in liquidation of such Trust, the redemption of all of the Trust Securities of such Trust, or certain mergers, consolidations or amalgamations, each as permitted by the Declaration, and (b) to otherwise continue to be classified as a grantor trust and not an association taxable as a Company for United States federal income tax purposes; (iii) will use commercially reasonable efforts to cause each holder of such Trust's Trust Securities to be treated as owning an undivided beneficial interest in the Debentures; and (iv) will not cause, as sponsor of such Trust, or permit, as holder of the Common Securities, the dissolution, winding-up or liquidation of such Trust, except as provided in the Declaration.
Ownership of Common Securities. 19 SECTION 4.08 STATEMENT BY OFFICERS AS TO DEFAULT ...................................................... 20
Ownership of Common Securities. The Issuer covenants, as to each series of Securities issued to a Scottish Holdings Trust in connection with the issuance of Preferred Securities and Common Securities by that Scottish Holdings Trust, (a) to maintain directly or indirectly 100% ownership of the Common Securities of such Scottish Holdings Trust; provided, however, that any permitted successor of the Issuer hereunder may succeed to the Issuer's ownership of such Common Securities, (b) not to voluntarily dissolve, wind-up or liquidate such Scottish Holdings Trust, except in connection with (i) a distribution of the Securities of such series to the holders of Preferred Securities and Common Securities in liquidation of such Scottish Holdings Trust, (ii) the redemption of all of the Preferred Securities and Common Securities of such Scottish Holdings Trust or (iii) certain mergers, consolidations or amalgamations, each as permitted by the Trust Agreement of such Scottish Holdings Trust and (c) to use its reasonable efforts, consistent with the terms and provisions of the related Trust Agreement, to cause such Scottish Holdings Trust to remain classified as a grantor trust and not an association taxable as a corporation for United States federal income tax purposes.
Ownership of Common Securities. The Company will directly or indirectly maintain 100% ownership of the Common Securities of the Trust (provided, however, that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of such Common Securities).
Ownership of Common Securities. In the event Debentures are issued to a Trust or a trustee of such Trust in connection with the issuance of Trust Securities by such Trust, for so long as such Trust Securities remain outstanding, the Company:
Ownership of Common Securities. The Company covenants, as to each series of Securities issued to a QCH Capital Trust in connection with the issuance of Preferred Securities and Common Securities by that QCH Capital Trust, (a) to maintain directly or indirectly 100% ownership of the Common Securities of such QCH Capital Trust; provided, however, that any permitted successor of the Company hereunder may succeed to the Company's ownership of such Common Securities, (b) not to voluntarily dissolve, wind-up or liquidate such QCH Capital Trust, except in connection with (i) a distribution of the Securities of such series to the holders of Preferred Securities and Common Securities in liquidation of such QCH Capital Trust, (ii) the redemption of all of the Preferred Securities and Common Securities of such QCH Capital Trust or (iii) certain mergers, consolidations or amalgamations, each as permitted by the Trust Agreement of such QCH Capital Trust and (c) to use its reasonable efforts, consistent with the terms and provisions of the related Trust Agreement, to cause such QCH Capital Trust to remain classified as a grantor trust and not an association taxable as a corporation for United States federal income tax purposes.
