Continuation of Trust. The exclusive purposes and functions of the Issuer Trust are (a) to issue and sell Trust Securities and to use the proceeds from such sale to acquire the Debentures, and (b) to engage in only those activities necessary or incidental thereto. The Depositor hereby appoints the Issuer Trustees as trustees of the Issuer Trust, to have all the rights, powers and duties to the extent set forth herein, and the Issuer Trustees hereby accept such appointment. The Property Trustee hereby declares that it will hold the Trust Property in trust upon and subject to the conditions set forth herein for the benefit of the Issuer Trust and the Holders. The Administrative Trustees shall have only those ministerial duties set forth herein with respect to accomplishing the purposes of the Issuer Trust and, to the fullest extent permitted by law, shall not be fiduciaries with respect to the Issuer Trust or the Holders. The Property Trustee shall have the power to perform those duties assigned to the Administrative Trustees. The Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and responsibilities, of the Property Trustee or the Administrative Trustees set forth herein. The Delaware Trustee shall be one of the Issuer Trustees of the Issuer Trust for the sole and limited purpose of fulfilling the requirements of Section 3807 of the Delaware Statutory Trust Act and for taking such actions as are required to be taken by a Delaware Trustee under the Delaware Statutory Trust Act.
Continuation of Trust. (a) The Trust continued hereby shall be known as “Credit Suisse Group Capital (Delaware) Trust I,” in which name the Trust, and the Trustee on behalf of the Trust, may engage in the transactions contemplated hereby, make and execute contracts and other instruments and xxx and be sued. It is the intention of the parties that the Trust continued hereby constitute a statutory trust under the Statutory Trust Act and that this Trust Agreement constitute the governing instrument of the Trust. The Trust exists for the exclusive purposes of (i) issuing and selling Trust Preferred Securities representing an undivided beneficial interest in the Trust Estate and to use the proceeds from such sale to acquire the [Company Preferred Securities] [Subordinated Notes] [Eligible Investments], (ii) entering into and performing its duties under the related documents to which it is a party and (iii) engaging in only those other activities necessary or incidental thereto. The Grantor hereby delivers to the Trustee for deposit in the Trust [one or more Company Preferred Securities Certificates representing Company Preferred Securities with an aggregate Liquidation Preference] [Subordinated Notes in an aggregate principal amount] [Eligible Investments in an amount] of $[ ] for the benefit of the Holders of the Trust Preferred Securities. To the fullest extent permitted by law, without the need for any other action of any Person, including the Trustee or any other Holder, each Holder shall be entitled to enforce, in the name of the Trust, the rights of the Trust under the [Company Preferred Securities][Subordinated Notes][Eligible Investments][and the related rights under the Subordinated Guarantee] represented by the Trust Preferred Securities held by such Holder. Any recovery on such an enforcement action shall belong solely to such Holder who brought the action, not to the Trust, the Trustee or any other Holder individually or to the Holders as a group. The Trustee shall have the power and authority (subject to the Trustee’s rights, privileges and protections in Section 6.02 and elsewhere herein) to enforce any of the Trust’s rights in respect of the [Company Preferred Securities][Subordinated Notes][Eligible Investments] which are not enforced by any Holder. Subject to Section 7.02, the Trust shall be irrevocable.
(b) The Trustee hereby acknowledges receipt of [one or more Company Preferred Securities Certificates representing Company Preferred Securities with an aggregate Liq...
Continuation of Trust. 7 Section 3.02. Trust Account..................................................... 7 Section 3.03. Title to Trust Property........................................... 8 Section 3.04. Situs of Trust.................................................... 8 Section 3.05. Business of the Trust............................................. 8 Section 3.06. Liability of Holders of the Trust Preferred Securities............ 8
Continuation of Trust. In no event shall the legal disability, resignation or removal of a Trustee terminate the Trust, but the Board of Directors shall forthwith appoint a successor Trustee in accordance with Section 7.3 to carry out the terms of the Trust.
Continuation of Trust. (a) The Trust continued hereby shall be known as "PECO Energy Capital Trust II." The Trust exists for the sole purpose of issuing Receipts representing the Preferred Securities held by the Trust and performing functions directly related thereto. The Grantor hereby delivers to the Trustee for deposit in the Trust a certificate representing 2,000,000 Preferred Securities for the benefit of the Holders. Each Holder is intended by the Grantor to be the beneficial owner of the number of Preferred Securities represented by the Receipts held by such Holder, not to hold an undivided interest in all of the Preferred Securities. To the fullest extent permitted by law, without the need for any other action of any Person, including the Trustee and any other Holder, each Holder shall be entitled to enforce in the name of the Trust the Trust's rights under the Preferred Securities represented by the Receipts held by such Holder and any recovery on such an enforcement action shall belong solely to such Holder who brought the action, not to the Trust, Trustee or any other Holder individually or to Holders as a group. Subject to Section 7.02, this Trust shall be irrevocable.
(b) The Trustee hereby acknowledges receipt of the Preferred Securities, registered in the name of the Trust, and its acceptance on behalf of the Trust of the Preferred Securities, and declares that it shall hold the Preferred Securities (including any Successor Securities) in the Trust for the benefit of the Holders.
Continuation of Trust. If the Plan is terminated by the Board of Directors but the Board of Directors determines that the Fund shall be continued pursuant to its terms and the provisions of this Section 12.6, no further contributions shall be made, the Members’ Accounts shall be nonforfeitable, and the Fund shall be administered as though the Plan were otherwise in full force and effect. If the Fund is subsequently terminated, the provisions of Section 12.5 shall then apply.
Continuation of Trust. 11 Section 2.7 Authorization to Enter into Certain Transactions..................................12 Section 2.8
Continuation of Trust. The Trust exists for the purpose described in Section 4.3 of this Trust Agreement. The Grantor shall deliver to the Property Trustee for deposit in the Trust a certificate representing the Preferred Securities for the benefit of the Holders. Each Holder is intended by the Grantor to be the beneficial owner of the number of Preferred Securities represented by the Trust Securities held by such Holder, not to hold an undivided interest in all of the Preferred Securities. To the fullest extent permitted by law, without the need for any other action of any Person, including the Trustees and any other Holder, each Holder shall be entitled to enforce in the name of the Trust the Trust's rights under the Preferred Securities represented by the Trust Securities held by such Holder and any recovery on such an enforcement action shall belong solely to such Holder who brought the action, not to the Trust, the Trustees or any other Holder individually or to Holders as a group. Subject to Article VIII, this Trust shall be irrevocable.
Continuation of Trust. 11 SECTION 2.7. Authorization to Enter into Certain Transactions............................... 11 SECTION 2.8. Assets of Trust................................................................ 15 SECTION 2.9. Title to Trust Property........................................................ 15
Continuation of Trust. (a) From time to time Company shall deposit with Trustee in trust such sums of money and other property, as the Company shall determine, in its sole discretion, to contribute, including, without limitation all, funds transferred from the Predecessor Trustee, which shall become the principal of the Trust, to be held, administered and disposed of by Trustee as provided in this Trust Agreement.
(b) The Trust hereby established shall be revocable by the Company. However, it shall become irrevocable upon a Change of Control, as defined in Section 14 (d) hereof. 10
(c) The Trust is intended to be a grantor trust, of which Company is the grantor within the meaning of subpart E. part 1, subchapter J, chapter I, subtitle A of the Internal Revenue Code of 1986, as amended (the "Code"), and shall be construed accordingly.
(d) The principal of the Trust, and any earnings thereon. shall be held separate and apart from other funds of Company and shall be used exclusively for the uses and purposes of Plan participants and general creditors as herein set forth. Plan participants and their beneficiaries shall have no preferred claim on, or, any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and this Trust Agreement shall be mere unsecured contractual rights of Plan participants and their beneficiaries against Company. Any assets held by the Trust will be subject to the claims of Company's general creditors under federal and state law in the event of Insolvency, as defined in Section 3(a) herein.
(e) Company, in its sole discretion, may at any time, or from time to time, make additional deposits of cash or other property, in trust with Trustee to augment the principal to be held, administered and disposed of by Trustee as provided in this Trust Agreement. Neither Trustee nor any Plan participant or beneficiary shall have any right to compel such additional deposits.
(f) Trustee may conclusively rely upon directions from the Plan Committee established by the Company, in taking any action with respect to this Trust Agreement, including the making of payments from Trust assets and the investment of Trust assets pursuant to this Trust Agreement. Trustee shall have no liability for actions taken, or for failure to act, on the direction of the Committee. Moreover, Trustee shall have no liability for failure to act in the absence of proper written directions.
