Trust Covenants. The Company shall, for so long as Trust V is in existence: (i) maintain directly or indirectly 100% ownership of the common securities of Trust V, (ii) cause Trust V to remain a statutory trust and not to be voluntarily dissolved, wound-up, liquidated or terminated, except as provided for in the Declaration, (iii) use its commercially reasonable efforts to assure that Trust V will not be an “investment company” for purposes of the Investment Company Act of 1940, (iv) take no action that would be reasonably likely to cause Trust V to be classified as an association or a publicly traded partnership taxable as a corporation for United States federal income tax purposes, and (v) agree to pay all debts and obligations (other than with respect to the securities issued by Trust V) and all costs and expenses of Trust V (including, but not limited to, all costs and expenses relating to the organization of Trust V, the fees and expenses of the trustees and all costs and expenses relating to the operation of Trust V ) and to pay any and all taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed on Trust V by the United States, or any other taxing authority, so that the net amounts received and retained by Trust V after paying such expenses will be equal to the amounts Trust V would have received had no such costs or expenses been incurred by or imposed on the Trust V. The foregoing obligations of the Company are for the benefit of, and shall be enforceable by, any Person to whom any such debts, obligations, costs, expenses and taxes are owed (each, a “Creditor”) whether or not such Creditor has received notice thereof. Any such Creditor may enforce such obligations of the Company directly against the Company, and the Company irrevocable waives any right or remedy to require that any such Creditor take any action against Trust V or any other Person before proceeding against the Company.
Trust Covenants. (a) Without generality of the foregoing, the Company, in its capacity as the trustee of the Trusts shall not initiate any action to liquidate or to dispose off (other than as permitted under the Trust Documents) the relevant Trust Funds without the prior written consent of the Debenture Trustee (acting on Approved Instructions) and shall promptly inform the Debenture Trustee in the event any such action is initiated by any holder of security receipts issued by the Trusts.
