Common use of Description of Trust Preferred Securities Clause in Contracts

Description of Trust Preferred Securities. (a) The ----------------------------------------- Trust Preferred Securities will be guaranteed, to the extent of funds held by the Trust, by HECO with respect to distributions and payments upon liquidation, redemption and otherwise (the "Trust Guarantee" and, together with the Subsidiary Guarantees (as defined herein), the "Guarantees") pursuant to, and to the extent set forth in, the Trust Guarantee Agreement dated as of December 1, 1998 between The Bank of New York, as trustee (the "Trust Guarantee Trustee"), and HECO (the "Trust Guarantee Agreement"). Under an Expense Agreement among the Companies and the Trust dated as of December 1, 1998 (the "Expense Agreement"), the Companies will agree, for the benefit of each person or entity to whom the Trust becomes indebted or liable (other than the holders of the Trust Securities), to pay any indebtedness, expenses or liabilities of the Trust, subject to certain exceptions therein.

Description of Trust Preferred Securities. (a) The ----------------------------------------- Trust Preferred Securities will be guaranteed, to the extent of funds held by the Trust, by HECO with respect to distributions and payments upon liquidation, redemption and otherwise (the "Trust Guarantee" and, together with the Subsidiary Guarantees (as defined herein), the "Guarantees") pursuant to, and to the extent set forth in, the Trust Guarantee Agreement dated as of December March 1, 1998 1997 between The Bank of New York, as trustee (the "Trust Guarantee Trustee"), and HECO (the "Trust Guarantee Agreement"). Under an Expense Agreement as to Expenses and Liabilities among the Companies and the Trust dated as of December March 1, 1998 1997 (the "Expense Agreement"), the Companies will agree, for the benefit of each person or entity to whom the Trust becomes indebted or liable (other than the holders of the Trust Securities), to pay any indebtedness, expenses or liabilities of the Trust, subject to certain exceptions therein.

Description of Trust Preferred Securities. (a) The ----------------------------------------- Trust Preferred Securities will be guaranteed, to the extent of funds held by the Trust, by HECO with respect to distributions and payments upon liquidation, redemption and otherwise (the "Trust Guarantee" and, together with the Subsidiary Guarantees (as defined herein), the "Guarantees") pursuant to, and to the extent set forth in, the Trust Guarantee Agreement dated as of December 1March __, 1998 1997 between The Bank of New York, as trustee (the "Trust Guarantee Trustee"), and HECO (the "Trust Guarantee Agreement"). Under an Expense Agreement agreement as to expenses and liabilities among the Companies Obligors (as defined herein) and the Trust dated as of December 1March __, 1998 1997 (the "Expense Agreement"), the Companies Obligors will agree, for the benefit of each person or entity to whom the Trust becomes indebted or liable (other than the holders of the Trust Securities)liable, to pay any indebtednesscosts, expenses or liabilities of the Trust, subject to certain exceptions therein.