Common use of Subordination of Common Securities Clause in Contracts

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 132 contracts

Samples: Trust Agreement (Paragon Commercial CORP), Trust Agreement (Entegra Financial Corp.), Trust Agreement (Wilshire Bancorp Inc)

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Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an Indenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Indenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no right to act with respect to waived any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 46 contracts

Samples: Trust Agreement (Southern Co Capital Trust Vii), Trust Agreement (Gulf Power Co), Trust Agreement (Gulf Power Capital Trust V)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 36 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Capital Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 21 contracts

Samples: Trust Agreement (Susquehanna Capital IV), Trust Agreement (JPMorgan Chase Capital XVI), Trust Agreement (Countrywide Financial Corp)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of of, and the Liquidation Distribution in respect of, of the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default specified in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, of any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 17 contracts

Samples: Trust Agreement (Zions Capital Trust C), Trust Agreement (Zions Capital Trust B), Trust Agreement (Popular Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of of, and the Liquidation Distribution in respect of, of the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default specified in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, of any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods Periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 14 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 402(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from a Debenture Event of Default, the Holders Holder of the Common Securities shall be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities shall have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities shall have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will shall have the right to direct the Property Trustee to act on their behalf.

Appears in 12 contracts

Samples: Trust Agreement (Stifel Financial Capital Trust), Trust Agreement (Abington Bancorp Capital Trust), Trust Agreement (Southwest Bancorp Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata (based on Liquidation Amounts) among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Capital Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Trust Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Trust Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Trust Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all any such Events Trust Event of Default under this Trust Agreement with respect to the Preferred Capital Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 12 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Preferred Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 11 contracts

Samples: Trust Agreement (Gold Banc Corp Inc), Trust Agreement (Jeffbanks Inc), Trust Agreement (Aici Capital Trust)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date or Redemption Date, Redemption Date or Liquidation Date an a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securitiesbeing redeemed, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any related Event of Default under this Trust Agreement and such Debenture Event of Default until the effect of such related Event of Default and such Debenture Event of Default has been cured, waived or otherwise eliminated. Until any such Event of Default under this Trust Agreement until all and such Events Debenture Event of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 11 contracts

Samples: Trust Agreement (Pse&g Capital Trust Iii), Trust Agreement (Public Service Electric & Gas Co), Trust Agreement (Public Service Electric & Gas Co)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 402(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; , provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from a Debenture Event of Default, the Holders Holder of the Common Securities shall be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Debenture Events of Default with respect to the Preferred Securities shall have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities resulting from a Debenture Event of Default shall have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will shall have the right to direct the Property Trustee to act on their behalf.

Appears in 11 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all a Majority in Liquidation Amount of the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 9 contracts

Samples: Trust Agreement (Huntington Bancshares Inc/Md), Trust Agreement (Pab Bankshares Inc), Trust Agreement (First Citizens Bancshares Inc /De/)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, as set forth in Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Sections 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made made, unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution Distribution, the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Capital Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, to the fullest extent permitted by applicable law, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 9 contracts

Samples: Trust Agreement (Auburn National Bancorporation Inc), Trust Agreement (Alabama National Bancorporation), Trust Agreement (Crescent Banking Co)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods Periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 8 contracts

Samples: Trust Agreement (Medallion Financial Corp), Trust Agreement (Bimini Capital Management, Inc.), Trust Agreement (Novastar Financial Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately and legally available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 8 contracts

Samples: Trust Agreement (Capstead Mortgage Corp), Trust Agreement (Capital Trust Inc), Trust Agreement (Capital Lease Funding Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata (based on Liquidation Amounts) among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Capital Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Capital Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 8 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 8 contracts

Samples: Trust Agreement (Chubb Capital Trust Iii), Trust Agreement (Principal Financial Group Inc), Trust Agreement (AmerUs Capital V)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of of, and the Liquidation Distribution in respect of, of the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an any Event of Default resulting from a Note Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, of any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Note Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 7 contracts

Samples: Declaration of Trust (BEE Financing Trust III), Declaration of Trust (CT Public Preferred Trust III), Declaration of Trust (Strategic Hotels & Resorts, Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 7 contracts

Samples: Trust Agreement (Actuant CORP Capital Trust II), Trust Agreement (Wisconsin Energy Corp), Trust Agreement (Empire District Electric Trust Ii)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata (based on Liquidation Amounts) among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Capital Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts and Other Amounts) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts and Other Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts and Other Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Capital Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 7 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an Indenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Capital Securities for all Distribution distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Indenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no right to act with respect to waived any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all any such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 6 contracts

Samples: Trust Agreement (Mississippi Power Capital Trust Ii), Trust Agreement (Southern Co Capital Trust Ii), Trust Agreement (Southern Co Capital Trust I)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 6 contracts

Samples: Trust Agreement (Schwab Charles Corp), Trust Agreement (Mbna Corp), Trust Agreement (First Tennessee Capital Iv)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Capital Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 5 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Trust Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Trust Preferred Securities for all Distribution periods Periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Trust Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately and legally available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Trust Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from a Debenture Event of Default, the Holders Holder of the Common Securities shall be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Trust Preferred Securities shall have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Trust Preferred Securities shall have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Trust Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Trust Preferred Securities will shall have the right to direct the Property Trustee to act on their behalf.

Appears in 5 contracts

Samples: Trust Agreement (Alabama National Bancorporation), Trust Agreement (San Rafael Bancorp), Trust Agreement (United Bancorporation of Alabama Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the and/or Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an any Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or and/or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment shall have been made or been provided for in full in cash of (i) all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemptionbeing redeemed, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securitiesas applicable, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the and/or Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until all the effect of such Events Event of Default with respect to the Preferred Securities have has been cured, waived or otherwise eliminatedeliminated with respect to the Preferred Securities. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminatedeliminated with respect to the Preferred Securities, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 5 contracts

Samples: Trust Agreement (Cna Financial Corp), Trust Agreement (Cna Financial Corp), Trust Agreement (Cna Financial Capital Iii)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, provided that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 5 contracts

Samples: Trust Agreement (Beazer Homes Usa Inc), Trust Agreement (Gramercy Capital Corp), Trust Agreement (Desert Capital Reit Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 402(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from a Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities shall have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities shall have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 5 contracts

Samples: Trust Agreement (Mb Capital I), Trust Agreement (United Community Bancshares Inc), Trust Agreement (Spectrum Capital Trust I)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an Indenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Indenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no right to act with respect to waived any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 5 contracts

Samples: Trust Agreement (Citizens Communications Co), Trust Agreement (Duke Capital Financing Trust Vi), Trust Agreement (Duke Capital Financing Trust Vi)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, as set forth in Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Sections 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made made, unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution Distribution, the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Preferred Capital Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, to the fullest extent permitted by applicable law, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 5 contracts

Samples: Trust Agreement (FFBC Capital Trust I), Declaration of Trust (HMB Capital Trust III), Trust Agreement (SBCF Capital Trust IV)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with 24 20 respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 5 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata PRO RATA among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; providedPROVIDED, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 4 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Trust-Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be is continuing, no payment of any Distribution distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 4 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Section 5.1(a) or 5.1(b) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the Preferred of Capital Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Trust Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 4 contracts

Samples: Trust Agreement (Morgan Stanley), Trust Agreement (Morgan Stanley), Trust Agreement (MSDW Capital Trust V)

Subordination of Common Securities. (a) Payment The Preferred Securities rank pari passu with the Common Securities, and payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 4 contracts

Samples: Trust Agreement (Deerfield Triarc Capital Corp), Trust Agreement (Deerfield Triarc Capital Corp), Trust Agreement (Deerfield Triarc Capital Corp)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, and the Liquidation, Distribution and Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Dateapplicable date, Redemption Date or Liquidation Date an a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, or Liquidation, Distribution and Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution distribution periods terminating on or prior thereto, or in the case of payment of the Liquidation, Distribution and Redemption Price Price, the full amount of such Liquidation, Distribution and Redemption Price on applicable to all Outstanding Preferred Securities then called for redemptionoutstanding or then being redeemed, or in as the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securitiesmay be, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Liquidation, Distribution and Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any related Event of Default under this Trust Agreement and such Debenture Event of Default until the effect of such related Event of Default and such Debenture Event of Default has been cured, waived or otherwise eliminated. Until any such Event of Default under this Trust Agreement until all and such Events Debenture Event of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 4 contracts

Samples: Trust Agreement (Public Service Enterprise Group Inc), Trust Agreement (Pseg Funding Trust Ii), Trust Agreement (Public Service Electric & Gas Co)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of of, and the Liquidation Distribution in respect of, of the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, of any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of all the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 4 contracts

Samples: Trust Agreement (Bank of New York Co Inc), Trust Agreement (Sterling Bancorp Trust I), Trust Agreement (Bny Capital Vii)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of of, and the Liquidation Distribution in respect of, of the Trust Securities, as applicable, shall be made, subject to the allocation provisions of Section 4.2(e), pro rata among the Common Securities and the Trust Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default specified in Section 5.1(a) or 5.1(b) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, of any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Trust Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Trust Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Trust Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Trust Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Trust Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Trust Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Trust Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Trust Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 4 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Debenture Event of Default under this Trust Agreement until the effect of all such Debenture Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Debenture Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 4 contracts

Samples: Trust Agreement (Partnerre LTD), Trust Agreement (Partnerre LTD), Trust Agreement (Partnerre LTD)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution Distribution, the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Capital Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders of the Common Securities shall be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

Samples: Trust Agreement (City Holding Capital Trust Ii), Trust Agreement (MBNK Capital Trust I), Trust Agreement (Southern Bancshares Nc Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, Security and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, Securities shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

Samples: Trust Agreement (Vestin Realty Mortgage II, Inc), Trust Agreement (Lexington Realty Trust), Trust Agreement (Redwood Trust Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date any Event of Default resulting from an Indenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Indenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Section 5.1(a) or 5.1(b) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Capital Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Increased Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Trust Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Increased Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Increased Interest Amounts) on all Outstanding Trust Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Trust Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Trust Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Increased Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Trust Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Trust Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Trust Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Trust Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Trust Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

Samples: Trust Agreement (Temecula Valley Bancorp Inc), Trust Agreement (Temecula Valley Bancorp Inc), Trust Agreement (First Chester County Corp)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an any Trust Event of Default resulting from a Debenture Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of (i) all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or (ii) in the case of payment redemption of the Redemption Price Trust Securities, the full amount of such the Redemption Price on all Outstanding Preferred Capital Securities then called for subject to redemption, or (iii) in the case of payment any dissolution, liquidation or other termination of the Liquidation Distribution Issuer Trust, the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Trust Event of Default resulting from any Debenture Default, the Holders of the Common Securities shall have no right to act with respect to any such Trust Event of Default under this Trust Agreement until the effect of all such Trust Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Trust Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Indenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Indenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

Samples: Trust Agreement (Oneok Inc /New/), Trust Agreement (Oneok Inc /New/), Trust Agreement (FPC Capital Ii)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, as set forth in Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Sections 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made made, unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution Distribution, the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Capital Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

Samples: Trust Agreement (Gainsco Inc), Trust Agreement (Gainsco Inc), Trust Agreement (Assuranceamerica Corp)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata made among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust SecuritiesSecurities pursuant to Section 4.2(f); provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

Samples: Trust Agreement (Hl&p Capital Trust I), Trust Agreement (Hl&p Capital Trust Iv), Trust Agreement (Hl&p Capital Trust I)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of of, and the Liquidation Distribution in respect of, of the Trust Securities, as applicable, shall be made, pro rata subject to Section 4.2(e), PRO RATA among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; providedPROVIDED, HOWEVER, that if on any Distribution Date, Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, of any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of all the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Capital Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders of the Common Securities shall be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

Samples: Trust Agreement (FCB/Sc Capital Trust I), Trust Agreement (FCB Nc Capital Trust I), Trust Agreement (Provident Trust I)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Section 5.1 (a) or 5.1 (b) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the Preferred of Capital Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Trust Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

Samples: Trust Agreement (Morgan Stanley), Trust Agreement (Morgan Stanley Dean Witter & Co), Trust Agreement (Pxre Capital Trust Iv)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of a Debenture Payment Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods Periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date any Event of Default resulting from an Indenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating ter- minating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Indenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

Samples: Trust Agreement (Atlas Air Capital Iii), Trust Agreement (Atlas Air Capital Iii), Trust Agreement (Atlas Air Capital Iii)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, as set forth in Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution Distribution, the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Capital Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders of the Common Securities shall be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the -24- Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

Samples: Trust Agreement (Fidelity Bancshares Nc Inc /De/), Trust Agreement (Fidbank Capital Trust I), Trust Agreement (Fidbank Capital Trust I)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date any Event of Default resulting from an Event of Default with respect to any Debt Security shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of DefaultDefault resulting from any Event of Default with respect to any Debt Security, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

Samples: Trust Agreement (Idacorp Trust Iii), Trust Agreement (Idacorp Trust Iii), Trust Agreement (Covanta Capital Trust Iii)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities then Outstanding and the Preferred Capital Securities then Outstanding based on the Liquidation Amount Amounts of the respective Trust SecuritiesCommon Securities then Outstanding and the Capital Securities then Outstanding; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an (i) a Debenture Event of Default shall have occurred and be continuingcontinuing as a result of any failure by the Depositor to pay any amounts in respect of the Debentures when due, or (ii) the Trust is dissolved or liquidated and (A) funds available to the Trust are insufficient to pay in full the Liquidation Distribution payable on all Outstanding Trust Securities or, (B) a Like Amount of Debentures are distributed to Securityholders upon such dissolution or liquidation in accordance with Article IX herein and the Holders of Capital Securities do not receive the full amount of Debentures to which they are entitled, then no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or applicable Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless (1) payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or and in the case of payment of the applicable Redemption Price Price, the full amount payment in cash of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, or (2) the Trust is dissolved or liquidated and the aggregate Liquidation Amount on all Capital Securities then Outstanding, plus accumulated and unpaid Distributions thereon shall have been made or provided for in cash or, in the event a Like Amount of Debentures are distributed to Holders of Capital Securities upon such liquidation or dissolution in accordance with Article IX herein, the distribution to each Holder of Capital Securities of such Like Amount of Debentures to which such holder is entitled shall have been made or duly provided for. (b) All funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect Amount (plus accumulated and unpaid Distributions) of, the Preferred Capital Securities then due and payablepayable (including Additional Amounts, if applicable) or, in the event a Like Amount of Debentures are distributed to Securityholders upon dissolution or liquidation of the Trust, the Debentures available to the Property Trustee shall first be distributed to Holders of Capital Securities. (bc) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; providedPROVIDED, HOWEVER, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

Samples: Trust Agreement (PCC Capital I), Trust Agreement (PCC Capital I), Trust Agreement (Pacific Crest Capital Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Section 5.1(a) or 5.1(b) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the of Preferred Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Preferred Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

Samples: Trust Agreement (First Star Capital Trust), Trust Agreement (First Star Capital Trust), Trust Agreement (Sun Capital Trust Ii)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest AmountsContingent Distributions, if any) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Redemption Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest AmountsContingent Distributions, if any) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated accrued and unpaid Distributions (Distributions, including any Additional Interest Amounts) Contingent Distributions, if any, on all Outstanding Preferred Securities Trust PIERS for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities Trust PIERS then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest AmountsContingent Distributions, if any) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities Trust PIERS then due and payable. (b) In the case of the occurrence of any Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no right to act with respect to waived any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities Trust PIERS have been cured, waived or otherwise eliminated. Until all any such Events of Default under this Trust Agreement with respect to the Preferred Securities Trust PIERS have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities Trust PIERS and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities Trust PIERS will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

Samples: Trust Agreement (Omnicare Inc), Trust Agreement (Omnicare Inc), Trust Agreement (Omnicare Capital Trust Ii)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securitiesbeing redeemed, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any related Event of Default under this Trust Agreement until the effect of such related Event of Default has been cured, waived or otherwise eliminated. Until any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 3 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest AmountsDistributions, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be mademade subject to Section 4.02(f), pro rata among to the Common Securities and Holders of the Preferred Trust Securities based on the Liquidation Amount of the respective Trust Securities; provided, -------- however, that if on any Distribution Date, Date or Redemption Date any Debenture Event ------- of Default (or Liquidation Date other event that, with notice or the passage of time or both, would become such an Event of Default) or an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest AmountsDistributions, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any of the Common SecuritySecurities, and no other payment on account of the redemption, liquidation or other acquisition of such Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest AmountsDistributions, if applicable) on all Outstanding Preferred outstanding Capital Securities for all Distribution periods terminating Dates occurring on or prior thereto, or or, in the case of payment of the applicable Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred outstanding Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest AmountsDistributions, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Declaration of Trust Agreement until all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Declaration of Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Declaration of Trust (Commonwealth Bankshares Inc), Declaration of Trust (Commonwealth Bankshares Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest AmountsDistributions) on, the Redemption Price of of, and the Liquidation Distribution in respect of, of the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default specified in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest AmountsDistributions) on, Redemption Price of of, or Liquidation Distribution in respect of, of any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest AmountsDistributions) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest AmountsDistributions) on, or the Redemption Price of or the Liquidation Distribution in respect of, of the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Southern States Capital Trust Ii), Trust Agreement (Centura Banks Inc)

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Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Preferred Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall have no right to act with respect to any 31 - 26 - such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (National Penn Bancshares Inc), Trust Agreement (National Penn Bancshares Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of plus accumulated and the Liquidation Distribution in respect unpaid distributions of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price plus accumulated and unpaid Distributions the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution plus accumulated and unpaid Distributions on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect plus accumulated and unpaid Distributions of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from a Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no right to act with respect to waived any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Mp&l Capital I), Trust Agreement (Midamerican Energy Financing Ii)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Simmons First National Corp), Trust Agreement (Simmons First National Corp)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 402(f), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from a Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Capital Securities shall have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Capital Securities shall have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Community First Bankshares Inc), Trust Agreement (Community First Bankshares Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust such Common Securities and Capital Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date any Event of Default resulting from an Indenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Indenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Declaration of Trust and Trust Agreement (Willamette Industries Inc), Declaration of Trust and Trust Agreement (Willamette Industries Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest AmountsDistributions) on, the Redemption Price of of, and the Liquidation Distribution in respect of, of the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default specified in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest AmountsDistributions) on, Redemption Price of of, or Liquidation Distribution in respect of, of any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest AmountsDistributions) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest AmountsDistributions) on, or the Redemption Price of or the Liquidation Distribution in respect of, of the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have has been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an Indenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Indenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no right to act with respect to waived any such Event of Default under this the Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events of Default under this the Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Alabama Power Capital Trust I), Trust Agreement (Alabama Power Co)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date or Redemption Date, Redemption Date or Liquidation Date an a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods Periods terminating on or prior thereto, or in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securitiesbeing redeemed, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any related Event of Default under this Trust Agreement and such Debenture Event of Default until the effect of such related Event of Default and such Debenture Event of Default has been cured, waived or otherwise eliminated. Until any such Event of Default under this Trust Agreement until all and such Events Debenture Event of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Public Service Electric & Gas Co), Trust Agreement (Public Service Electric & Gas Co)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata subject to Section 4.2(e), PRO RATA among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective such Trust Securities; providedPROVIDED, HOWEVER, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Capital Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders of the Common Securities shall be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (United Community Capital Trust), Trust Agreement (City Holding Capital Trust)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default specified in Section 5.01(a) or a Debenture Default specified in Section 5.06(a) or 5.06(b) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods Periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the Preferred of Capital Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Trust Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of DefaultDefault resulting from a Debenture Event of Default specified in Section 5.01(a) of the Indenture or any Debenture Default specified in Section 5.06(a) or 5.06(b) of the Indenture, the Holders Holder of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Morgan Stanley), Trust Agreement (Morgan Stanley)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Capital Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will shall have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, -------- however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an Indenture Event ------- of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Indenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no right to act with respect to waived any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Duke Energy Capital Trust Ii), Trust Agreement (Duke Capital Financing Trust Iii)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.02(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuingcontinuing and of which a Responsible Officer of the Property Trustee has actual knowledge, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Preferred Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from a Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities shall have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities shall, to the actual knowledge of a Responsible Officer of the Property Trustee, have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Bank of the Ozarks Inc), Trust Agreement (Ozark Capital Trust)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from a Debenture Event of Default, the Holders record holder of the Common Securities shall be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities shall have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities shall have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders record holders of the Preferred Securities and not on behalf of the Holders record holder of the Common Securities, and only the Holders of all the Preferred Securities will shall have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Sal Trust Preferred Fund I), Trust Agreement (Premier Bancshares Inc /Ga)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, and the Liquidation, Distribution and Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Dateapplicable date, Redemption Date or Liquidation Date an a Note Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, or Liquidation, Distribution and Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution distribution periods terminating on or prior thereto, or in the case of payment of the Liquidation, Distribution and Redemption Price Price, the full amount of such Liquidation, Distribution and Redemption Price on applicable to all Outstanding Preferred Securities then called for redemptionOutstanding or then being redeemed, or in as the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securitiesmay be, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Liquidation, Distribution and Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Note Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such related Event of Default under this Trust Agreement until all Declaration and such Events Note Event of Default with respect to until the Preferred Securities have effect of such related Event of Default and such Note Event of Default has been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have Declaration and such Note Event of Default has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Public Service Electric & Gas Co), Trust Agreement (Public Service Enterprise Group Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 402(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from a Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities shall have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities shall have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf. SECTION 404. PAYMENT PROCEDURES.

Appears in 2 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have have, occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Geovera Insurance Holdings, Ltd.), Trust Agreement (Geovera Insurance Holdings, Ltd.)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Capital Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Capital Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Ace LTD), Trust Agreement (Usb Capital V)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.02(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Preferred Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from a Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities shall have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities shall have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (BVBC Capital Trust I), Trust Agreement (Blue Valley Ban Corp)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of of, and the Liquidation Distribution in respect of, of the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default specified in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, of any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (NTC Capital Iii), Trust Agreement (Bny Capital V)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(i), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, for and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Trust Capital Securities based on the Liquidation Amount of the respective Trust Securities; provided, provided that if on any Distribution Date, Redemption Date or Liquidation Date an ICON Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Trust Capital Securities for all Distribution periods Periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Trust Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Trust Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Trust Capital Securities then due and payable. (b) In the case of the occurrence of any ICON Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such ICON Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Trust Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Trust Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Trust Capital Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all a Majority in Liquidation Amount of the Preferred Trust Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an Indenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated accrued and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Indenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no right to act with respect to waived any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Omnicare Capital Trust Iii), Trust Agreement (NCS of Illinois Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default specified in Section 5.01(a) or a Debenture Default specified in Section 5.06(a) or 5.06(b) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the Preferred of Capital Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Trust Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of DefaultDefault resulting from a Debenture Event of Default specified in Section 5.01(a) of the Indenture or any Debenture Default specified in Section 5.06(a) or 5.06(b) of the Indenture, the Holders Holder of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement, Trust Agreement (Morgan Stanley)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities Securities, for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have has been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Capital Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the Preferred of Capital Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Trust Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Capital Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Equitable Resources Capital Trust I), Trust Agreement (Equitable Resources Inc /Pa/)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Note Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Note Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price price, the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Preferred Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Trust Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Trust Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Trust Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Trust Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Trust Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Trust Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Trust Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Trust Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 402(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from a Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities shall have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities shall have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of take direction from the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, that if If on any Distribution DateDate the Paying Agent lacks funds available from payments of dividends to make full Distributions then due on all of the outstanding Trust Securities in accordance with Section 4.1, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no then the available funds from the Sponsor’s payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment dividends on account of the redemption, liquidation or other acquisition of Common Securities, Preferred Stock shall be made unless payment in full in cash of all accumulated and unpaid applied first to make Distributions (including any Additional Interest Amounts) then due on all Outstanding Preferred Securities for all the Apex on a pro rata basis on such Distribution periods terminating on or prior thereto, or in Date up to the case of payment of the Redemption Price the full amount of such Redemption Price Distributions corresponding to dividends on all Outstanding the Preferred Securities then called for redemptionStock (or, or in if less, the case of payment amount of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall corresponding Distributions that would have been made or provided for, and all funds immediately available to on the Property Trustee shall first be Apex had the Sponsor paid a full dividend on the Preferred Stock) before any such amount is applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation make a Distribution in respect of, the Preferred on Common Securities then due and payableon such Distribution Date. (b) If on any Redemption Date for a redemption pursuant to Section 4.2(a) the Paying Agent lacks funds available from the Sponsor’s redemption of shares of Preferred Stock to pay the full Redemption Price then due on all of the outstanding Trust Securities to be redeemed in accordance with Section 4.2, then (i) the available funds shall be applied first to pay the Redemption Price on the Apex to be redeemed on such Redemption Date and (ii) Common Securities shall be redeemed only to the extent funds are available for such purpose after the payment of the full Redemption Price on the Apex to be redeemed, as aforesaid. (c) If an Early Dissolution Event occurs, no Liquidation Distributions shall be made on the Common Securities until full Liquidation Distributions have been made on each Series of Apex in accordance with Section 9.4(d). (d) In the case of the occurrence of any Event of Default resulting from any Preferred Stock Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities Apex have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities Apex have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities Apex and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities Apex will have the right to direct the Property Trustee to act on their behalf.. TRUST AGREEMENT

Appears in 2 contracts

Samples: Trust Agreement (Goldman Sachs Group Inc), Trust Agreement (Goldman Sachs Group Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, the Redemption Price of of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective such Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default in Section 5.1(a) or 5.1(b) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation liquidation, or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or or, in the case of payment of the Redemption Price Price, the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of of, or the Liquidation Distribution in respect of, the of Preferred Securities then due and payable. The existence of an Event of Default does not entitle the Holders of Preferred Securities to accelerate the maturity thereof. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effects of all such Events of Default with respect to the Preferred Securities have been cured, waived waived, or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived waived, or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made subject to Section 4.2(f) pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Rli Corp), Trust Agreement (Harleysville Group Inc)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds legally and immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement, Trust Agreement (New Century Financial Corp)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of of, and the Liquidation Distribution in respect of, of the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date an any Event of Default resulting from a Indenture Event of Default specified in Section 5.1(1) or 5.1(2) of the Indenture shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of of, or Liquidation Distribution in respect of, of any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Indenture Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Everest Re Group LTD), Trust Agreement (Everest Re Capital Trust Iii)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; [provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Stock Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable]. (b) [In the case of the occurrence of any Event of Default resulting from any Stock Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.]

Appears in 2 contracts

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

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, made pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Subordinated Note Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Subordinated Note Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

Samples: Trust Agreement (Ingersoll Rand Co), Trust Agreement (Ingersoll Rand Co)

Subordination of Common Securities. (a) Payment of Distributions (including any Additional Interest Amounts, if applicable) on, and the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, however, that if on any Distribution Date, Date or Redemption Date or Liquidation Date an any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts, if applicable) on, or Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, for and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts, if applicable) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders Holder of the Common Securities shall will be deemed to have no waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all any such Events Event of Default under this Trust Agreement with respect to the Preferred Securities have has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders Holder of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf.

Appears in 2 contracts

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

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