Registration, Transfer and Exchange of Trust Securities. The Property Trustee shall cause a Register (the "Register") to be kept at the office of the Registrar in which, subject to such reasonable regulations as the Property Trustee and the Registrar may prescribe, the Registrar shall provide for the registration of Trust Security certificates and of transfers and exchanges of Trust Security certificates as herein provided. The Grantor hereby appoints The Bank of New York as the Registrar. The Registrar shall also act as transfer agent. The Grantor may remove the Registrar and, upon removal or resignation of the Registrar, appoint a successor Registrar. Subject to the terms and conditions of this Trust Agreement, the Registrar shall register the transfers on the Register from time to time of Trust Security certificates upon any surrender thereof by the Holder in person or by a duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer or endorsement, together with evidence of the payment of any transfer taxes as may be required by law. Upon such surrender, the Property Trustee shall, upon the order of a Regular Trustees, authenticate and make available by delivery a new Trust Security certificate representing the same number of Preferred Securities in accordance with Section 5.1(b) and deliver the same to or upon the order of the Person entitled thereto. At the option of a Holder, Trust Security certificates may be exchanged for other authorized denominations of Trust Security certificates of a like aggregate liquidation amount. Upon surrender of a Trust Security certificate at the office of the Registrar or such other office as the Property Trustee may designate for the purpose of effecting an exchange of Trust Security certificates, subject to the terms and conditions of this Trust Agreement, the Property Trustee shall upon the order of a Regular Trustee authenticate and make available for delivery a new Trust Security certificate of an authorized denomination and of a like aggregate liquidation amount as the Trust Security certificate surrendered. As a condition precedent to the registration of the transfer or exchange of any Trust Security certificate, the Registrar may require (i) production of proof satisfactory to it as to the identity and genuineness of any signature; and (ii) compliance with such regulations, if any, as the Delaware Trustee or the Registrar may establish not inconsistent with the provisions of this Trust Agreement. No service charge shall be made to a Holder of Trust Securities for any registration of transfer or exchange of Trust Security certificates, but the Property Trustee or the Registrar shall require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Trust Security certificates. Neither the Property Trustee nor the Registrar shall be required to register the transfer of or exchange any Trust Security certificate for a period beginning 15 days prior to the mailing of a notice of redemption and ending at the close of business on the date of such mailing.
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Samples: Trust Agreement (Met Ed Capital Trust), Trust Agreement (Penelec Capital Trust)
Registration, Transfer and Exchange of Trust Securities. The Property Trustee shall cause a Register (the "Register") to be kept at the office of the Registrar in which, subject to such reasonable regulations as the Property Trustee and the Registrar may prescribe, the Registrar shall provide for the registration of Trust Security certificates and of transfers and exchanges of Trust Security certificates as herein provided. The Grantor hereby appoints The Bank of New York as the Registrar. The Registrar shall also act as transfer agent. The Grantor may remove the Registrar and, upon removal or resignation of the Registrar, appoint a successor Registrar. Subject to the terms and conditions of this Trust Agreement, the Registrar shall register the transfers on the Register from time to time of Trust Security certificates upon any surrender thereof by the Holder in person or by a duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer or endorsement, together with evidence of the payment of any transfer taxes as may be required by law. Upon such surrender, the Property Trustee shall, upon the order of a Regular Trustees, authenticate and make available by delivery a new Trust Security certificate representing the same number of Preferred Securities in accordance with Section 5.1(b) and deliver the same to or upon the order of the Person entitled thereto. At the option of a Holder, Trust Security certificates may be exchanged for other authorized denominations of Trust Security certificates of a like aggregate liquidation amount. Upon surrender of a Trust Security certificate at the office of the Registrar or such other office as the Property Trustee may designate for the purpose of effecting an exchange of Trust Security certificates, subject to the terms and conditions of this Trust Agreement, the Property Trustee shall upon the order of a Regular Trustee authenticate and make available for delivery a new Trust Security certificate of an authorized denomination and of a like aggregate liquidation amount as the Trust Security certificate surrendered. As a condition precedent to the registration of the transfer or exchange of any Trust Security certificate, the Registrar may require (i) production of proof satisfactory to it as to the identity and genuineness of any signature; and (ii) compliance with such regulations, if any, as the Delaware Trustee or the Registrar may establish not inconsistent with the provisions of this Trust Agreement. No service charge shall be made to a Holder of Trust Securities for any registration of transfer or exchange of Trust Security certificates, but the Property Trustee or the Registrar shall require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Trust Security certificates. Neither the Property Trustee nor the Registrar shall be required to register the transfer of or exchange any Trust Security certificate for a period beginning 15 days prior to the mailing of a notice of redemption and ending at the close of business on the date of such mailing.delivery
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Registration, Transfer and Exchange of Trust Securities. The Property Trustee shall cause a Register (the "Register") to be kept at the office of the Registrar in which, subject to such reasonable regulations as the Property Trustee and the Registrar may prescribe, the Registrar shall provide for the registration of Trust Security certificates and of transfers and exchanges of Trust Security certificates as herein provided. The Grantor hereby appoints The Bank of New York as the Registrar. The Registrar shall also act as transfer agent. The Grantor may remove the Registrar and, upon removal or resignation of the Registrar, appoint a successor Registrar. Subject to the terms and conditions of this Trust Agreement, the Registrar shall register the transfers on the Register from time to time of Trust Security certificates upon any surrender thereof by the Holder in person or by a duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer or 23 endorsement, together with evidence of the payment of any transfer taxes as may be required by law. Upon such surrender, the Property Trustee shall, upon the order of a Regular Trustees, authenticate and make available by delivery a new Trust Security certificate representing the same number of Preferred Securities in accordance with Section 5.1(b) and deliver the same to or upon the order of the Person entitled thereto. At the option of a Holder, Trust Security certificates may be exchanged for other authorized denominations of Trust Security certificates of a like aggregate liquidation amount. Upon surrender of a Trust Security certificate at the office of the Registrar or such other office as the Property Trustee may designate for the purpose of effecting an exchange of Trust Security certificates, subject to the terms and conditions of this Trust Agreement, the Property Trustee shall upon the order of a Regular Trustee authenticate and make available for delivery a new Trust Security certificate of an authorized denomination and of a like aggregate liquidation amount as the Trust Security certificate surrendered. As a condition precedent to the registration of the transfer or exchange of any Trust Security certificate, the Registrar may require (i) production of proof satisfactory to it as to the identity and genuineness of any signature; and (ii) compliance with such regulations, if any, as the Delaware Property Trustee or the Registrar may establish not inconsistent with the provisions of this Trust Agreement. No service charge shall be made to a Holder of Trust Securities for any registration of transfer or exchange of Trust Security certificates, but the Property Trustee or the Registrar shall require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Trust Security certificates. Neither the Property Trustee nor the Registrar shall be required to register the transfer of or exchange any Trust Security certificate for a period beginning 15 days prior to the mailing of a notice of redemption and ending at the close of business on the date of such mailing.
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