Preservation of Trust Existence. The Seller will preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its formation, and qualify and remain qualified in good standing as a statutory trust in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.
Preservation of Trust Existence. Holdings will preserve and maintain its trust existence, rights, franchises and privileges in the jurisdiction of its formation and will promptly obtain and thereafter maintain qualifications to do business as a statutory trust in any other State in which it does business and in which it is required to so qualify under Applicable Law unless the failure to be so qualified would not reasonably be expected to result in a Material Adverse Effect. Notwithstanding anything to the contrary herein, each of the parties hereto acknowledges and agrees that Xxxxxxx Secured Lending III (in its various capacities hereunder), upon thirty (30) days prior written notice to the Initial Lender (i) may be succeeded by any successor by merger or other business combination that is managed or advised by Carlyle Global Credit Investment Management L.L.C. or an affiliate thereof, provided that such successor is and was not insolvent or subject to any bankruptcy or insolvency proceedings at any time during or prior to such merger or other business combination, (ii) any such merger or other business combination and succession shall be permitted hereunder, subject to the conditions set forth herein, and (iii) upon such merger or other business combination, such successor by merger or other business combination shall automatically succeed to the various capacities of Xxxxxxx Secured Lending III hereunder; provided that, in each case, such merger, other business combination or succession could not reasonably be expected to have a Material Adverse Effect. Subject to the conditions herein, Holdings shall maintain its existence as a trust at all times until the Maturity Date and the satisfaction in full of all obligations outstanding under this Agreement and any Transaction Document. Notwithstanding anything herein to the contrary, Holdings shall provide no less than 30 days prior written notice to the Administrative Agent and the Initial Lender before taking any action relating to any dissolution, sale, winding up or liquidation of the trust, including but not limited to any action pursuant to Section 11.1 of the Declaration of Trust, and in connection with any such action, dissolution, sale, winding up or liquidation, promptly provide the Initial Lender (unless otherwise waived in writing by the Initial Lender in its sole discretion) an opinion of its applicable Delaware counsel in form and substance reasonably acceptable to the Majority Lenders stating, inter alia, that the security in...
Preservation of Trust Existence. Preserve and maintain its trust existence, rights, franchises and privileges in the jurisdiction of its incorporation, and qualify and remain qualified in good standing as a foreign trust in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualifications could have a Material Adverse Effect.
Preservation of Trust Existence. (a) Borrower shall preserve and maintain its trust existence and all its rights, privileges and franchises, provided that Borrower may abandon or terminate any right, privilege or franchise if such abandonment or termination will not have a material adverse effect on its ability to perform its obligations under the Financing Documents or on the value of the Collateral.
