Common use of Substitute Obligations Clause in Contracts

Substitute Obligations. Upon the redemption of an Obligation (at its maturity, if any, or otherwise) under circumstances that do not involve the redemption of the Class B Preferred Securities, the Bank will deliver and the Company will accept, in replacement thereof, Substitute Obligations, provided, in each case, that (i) the Bank has received the written opinion of a nationally recognized law firm in the United States that reinvestment in such Substitute Obligation will not adversely affect the “qualified dividend income” eligibility for purposes of Section 1(h)(11) of the Internal Revenue Code of 1986, as amended (or any successor legislation), of Capital Payments on the Trust Preferred Securities or cause the holders thereof to recognize gain or loss for U.S. federal income tax purposes and (ii) such substitution or replacement does not result in a Company Special Redemption Event or a Trust Special Redemption Event, and provided, further in each case that the Bank has obtained any required regulatory approvals.

Substitute Obligations. Upon the redemption of an Obligation (at its maturity, if any, or otherwise) under circumstances that do not involve the redemption of the Class B Preferred Securities, the Bank will deliver and the Company will accept, in replacement thereof, Substitute Obligations, provided, in each case, that (i) the Bank has received the written opinion of a nationally recognized law firm in the United States that reinvestment in such Substitute Obligation will not adversely affect the “qualified dividend 57 income” eligibility for purposes of Section 1(h)(11) of the Internal Revenue Code of 1986, as amended (or any successor legislation), of Capital Payments on the Trust Preferred Securities or cause the holders thereof to recognize gain or loss for U.S. federal income tax purposes and (ii) such substitution or replacement does not result in a Company Special Redemption Event or a Trust Special Redemption Event, and provided, further in each case that the Bank has obtained any required regulatory approvals.