Exchange Capital Securities definition

Exchange Capital Securities means securities of the Trust to be issued under the Declaration and which are identical in all material respects to the Capital Securities (except that the distribution rate step-up provisions and the transfer restrictions will be modified or eliminated, as appropriate).

Exchange Capital Securities has the meaning set forth in Section 7.1(a).

Exchange Capital Securities means Capital Securities representing undivided beneficial interests in the assets of the Trust, issued by the Trust in an exchange offer for the Private Capital Securities, such exchange offer being registered under the Securities Act, all pursuant to the Capital Securities Exchange and Registration Rights Agreement; provided, however, that the aggregate Liquidation Amount of the Private Capital Securities and the Exchange Capital Securities at any one time outstanding shall not exceed $800,000,000.

Examples of Exchange Capital Securities in a sentence

• If Exchange Capital Securities are to be issued in the name of a person other than the signer of this Letter of Transmittal, or if Exchange Capital Securities are to be sent to someone other than the signer of this Letter of Transmittal or to an address other than that shown above, the appropriate boxes on this Letter of Transmittal should be completed.

• The Exchange Capital Securities will represent valid and, subject to the qualifications set forth in paragraph 3 below, fully paid and nonassessable undivided beneficial interests in the assets of the Trust.

• When this Letter of Transmittal is signed by the registered Holder(s) of the Original Capital Securities listed and transmitted hereby, or book-entry transfer is effectuated by such Holder(s), no endorsement(s) of Certificate(s) or separate bond power(s) are required except if Exchange Capital Securities are to be issued in the name of a person other than the registered Holder(s).

• If, however, Exchange Capital Securities are to be delivered to, or are to be issued in the name of, any person other than the registered holder of the Original Capital Securities tendered, or if a transfer tax is imposed for any reason other than the exchange of Original Capital Securities in connection with the Exchange Offer, then the amount of any such transfer tax (whether imposed on the registered holder or any other persons) will be payable by the tendering holder.

• If, however, Exchange Capital Securities are to be delivered to, or are to be issued in the name of, any person other than the registered holder of the Old Capital Securities tendered, or if a transfer tax is imposed for any reason other than the exchange of Old Capital Securities in connection with the Exchange Offer, then the amount of any such transfer tax (whether imposed on the registered holder or any other persons) will be payable by the tendering holder.

More Definitions of Exchange Capital Securities

Exchange Capital Securities has the meaning specified in Section 5.5(d).

Exchange Capital Securities has the meaning specified in Section 7.1(a).

Exchange Capital Securities shall have the meaning assigned thereto in Section 2(a) hereof.

Exchange Capital Securities means 8.82% Capital Securities (liquidation amount $1,000 per security) of Trenwick Capital Trust I, issued pursuant to an Exchange Offer (including any Private Exchange (as defined in the Registration Rights Agreement)).

Exchange Capital Securities has the meaning specified in the second paragraph of this Agreement.

Exchange Capital Securities means Capital Securities representing undivided beneficial interests in the assets of the Trust, issued by the Trust in an exchange offer for the Private Capital Securities, such exchange offer being registered under the Securities Act, all pursuant to the Exchange and Registration Rights Agreement.

Exchange Capital Securities means the 9.58% Capital Securities, Series B, issued in exchange for the Initial Capital Securities in an Exchange Offer in accordance with the Registration Rights Agreement, each representing an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of $1,000 per Exchange Capital Security and having the rights provided therefor in this Declaration of Trust, including the right to receive Distributions and a Liquidation Distribution.