Common use of Underlying Securities Reporting Failure Clause in Contracts

Underlying Securities Reporting Failure. In the event that an issuer of an Underlying Security the outstanding principal balance of which exceeds ten percent of the aggregate principal balance of the Underlying Securities (or the issuers of Underlying Securities the combined principal balances of which exceed ten percent of the aggregate principal balance of the Underlying Securities) underlying a Series of Certificates ceases to file periodic reports required under the Exchange Act, the Depositor shall within a reasonable period of time either (i) file periodic reports containing the information that such issuer(s) would otherwise file or (ii) instruct the Trustee to make a distribution in-kind within a reasonable period of time such Underlying Security or Securities to Certificateholders of pro rata in proportion to their outstanding Certificate Principal Balances, unless otherwise specified in the applicable Series Supplement. If, as a result of the minimum denominations of the Underlying Securities, the Trustee cannot make a distribution in-kind to the Certificateholders, the Trustee will be permitted to sell such minimum principal amount of the Underlying Securities as will be necessary in order to allow a cash distribution to those Certificateholders who cannot receive a distribution in kind, in accordance with the procedures set forth in the Series Supplement that are applicable to a default on the Underlying Securities. An issuer of an Underlying Security shall not be deemed to have ceased filing required periodic reports for this purpose merely because reporting by such issuer is delayed or temporarily suspended. Accordingly, the requirements of (i) and (ii) above shall not apply unless an Underlying Securities issuer (or combined issuers as aforesaid) either (x) states in writing that it intends permanently to cease filing reports required under the Exchange Act or (y) fails to file any required reports for one full calendar year.

Underlying Securities Reporting Failure. In Unless otherwise set forth in the related Series Supplement, in the event that an issuer of an Underlying Security (the outstanding principal balance of which exceeds ten percent of the aggregate principal balance of the Underlying Securities (or the issuers of Underlying Securities the combined principal balances of which exceed ten percent 10%) of the aggregate principal balance of the Underlying Securities) underlying a Series of Certificates ceases to file periodic reports (to the extent such periodic reports are required to be filed by such Underlying Securities Issuer under the Exchange Act), the Depositor shall shall, within a reasonable period of time either (i) after such failure to file such periodic reports containing the information that such issuer(s) would otherwise file or (ii) report, instruct the Trustee to make a distribution "in-kind within a reasonable period kind" of time such the related Underlying Security or Securities to the Certificateholders of on a pro rata basis in proportion to their outstanding Certificate Principal Balances, unless otherwise specified in the applicable Series Supplement. If, as a result of the minimum denominations of the Underlying Securities, the Trustee cannot make a distribution in-kind to the Certificateholders, the Trustee will be permitted to sell such minimum principal amount of the An Underlying Securities as will be necessary in order to allow a cash distribution to those Certificateholders who cannot receive a distribution in kind, in accordance with the procedures set forth in the Series Supplement that are applicable to a default on the Underlying Securities. An issuer of an Underlying Security Issuer shall not be deemed to have ceased filing required periodic reports for this purpose merely because reporting by such issuer is delayed or temporarily suspended. Accordingly, the requirements requirement above to make an "in-kind" distribution of (i) and (ii) above an Underlying Security shall not apply unless an Underlying Securities issuer (or combined issuers as aforesaid) Issuer either (x) states in writing that it intends permanently to cease filing reports required under the Exchange Act or (y) fails to file any required reports for one full calendar year. If the Depositor instructs the Trustee to make such an "in-kind" distribution to the Certificateholders, the provisions of Section 3.07(b) above will apply with respect to such distribution.

Underlying Securities Reporting Failure. In the event that an issuer of an Underlying Security (the outstanding principal balance of which exceeds ten percent of the aggregate principal balance of the Underlying Securities (or the issuers of Underlying Securities the combined principal balances of which exceed ten percent 10%) of the aggregate principal balance of the Underlying Securities) underlying a Series of Certificates ceases to file periodic reports (to the extent such periodic reports are required to be filed by such Underlying Securities Issuer under the Exchange Act), the Depositor shall shall, within a reasonable period of time either (i) after such failure to file such periodic reports containing the information that such issuer(s) would otherwise file or (ii) report, instruct the Trustee to make a distribution "in-kind within a reasonable period kind" of time such the related Underlying Security or Securities to the Certificateholders of on a pro rata basis in proportion to their outstanding Certificate Principal Balances, unless otherwise specified in the applicable Series Supplement. If, as a result of the minimum denominations of the Underlying Securities, the Trustee cannot make a distribution in-kind to the Certificateholders, the Trustee will be permitted to sell such minimum principal amount of the An Underlying Securities as will be necessary in order to allow a cash distribution to those Certificateholders who cannot receive a distribution in kind, in accordance with the procedures set forth in the Series Supplement that are applicable to a default on the Underlying Securities. An issuer of an Underlying Security Issuer shall not be deemed to have ceased filing required periodic reports for this purpose merely because reporting by such issuer is delayed or temporarily suspended. Accordingly, the requirements requirement above to make an "in- kind" distribution of (i) and (ii) above an Underlying Security shall not apply unless an Underlying Securities issuer (or combined issuers as aforesaid) Issuer either (x) states in writing that it intends permanently to cease filing reports required under the Exchange Act or (y) fails to file any required reports for one full calendar year. If the Depositor instructs the Trustee to make such an "in-kind" distribution to the Certificateholders, the provisions of Section 8(c) above will apply with respect to such distribution.

Underlying Securities Reporting Failure. In the event that an issuer of an Underlying Security (the outstanding principal balance of which exceeds is equal to or in excess of ten percent (10%) of the aggregate principal balance of the Underlying Securities (or the issuers of Underlying Securities the combined principal balances of which exceed ten percent of the aggregate principal balance of the Underlying SecuritiesDeposited Assets) underlying a Series of Certificates ceases to file periodic reports (to the extent such periodic reports are required to be filed by such Underlying Securities Issuer under the Exchange Act), the Depositor shall shall, within a reasonable period thirty (30) days after the earlier of time either (i) file the date the Underlying Securities Issuer shall have stated in writing that it intends to permanently cease filing periodic reports containing required to be filed under the information that such issuer(s) would otherwise file or Exchange Act and (ii) the date the Underlying Securities Issuer failed to file such periodic report, instruct the Trustee to make a distribution "in-kind within a reasonable period kind" of time such the related Underlying Security or Securities to the Certificateholders of on a pro rata basis in proportion to their outstanding Certificate Principal Balances, unless otherwise specified in the applicable Series Supplement. If, as a result of the minimum denominations of the Underlying Securities, the Trustee cannot make a distribution in-kind to the Certificateholders, the Trustee will be permitted to sell such minimum principal amount of the An Underlying Securities as will be necessary in order to allow a cash distribution to those Certificateholders who cannot receive a distribution in kind, in accordance with the procedures set forth in the Series Supplement that are applicable to a default on the Underlying Securities. An issuer of an Underlying Security Issuer shall not be deemed to have ceased filing required periodic reports for this purpose merely because reporting by such issuer is delayed or temporarily suspended. Accordingly, the requirements requirement above to make an "in-kind" distribution of (i) and (ii) above an Underlying Security shall not apply unless an Underlying Securities issuer (or combined issuers as aforesaid) Issuer either (x) states in writing that it intends permanently to cease filing reports required under the Exchange Act or (y) fails to file any required reports for one full calendar year. If the Depositor instructs the Trustee to make such an "in-kind" distribution to the Certificateholders, the provisions of Section 8(c) above will apply with respect to such distribution.