Common use of Income PRIDES Clause in Contracts

Income PRIDES. In the event a Holder making a Collateral Substitution pursuant to this Section 3.13 fails to effect a book-entry transfer of the Income PRIDES or fails to deliver an Income PRIDES Certificate to the Agent after depositing Treasury Securities with the Collateral Agent, the Preferred Shares constituting a part of such Income PRIDES, and any distributions on such Preferred Share, shall be held in the name of the Agent or its nominee in trust for the benefit of such Holder, until such Income PRIDES are so transferred or the Income PRIDES Certificate is so delivered, as the case may be, or, with respect to an Income PRIDES Certificate, such Holder provides evidence satisfactory to the Company and the Agent that such Income PRIDES Certificate has been destroyed, lost or stolen, together with any indemnity that may be required by the Agent and the Company. Except as described in this Section 3.13, for so long as the Purchase Contract underlying an Income PRIDES remains in effect, such Income PRIDES shall not be separable into its constituent parts, and the rights and obligations of the Holder in respect of the Preferred Shares, and Purchase Contract comprising such Income PRIDES may be acquired, and may be transferred and exchanged, only as an Income PRIDES.

Appears in 2 contracts

Samples: Purchase Contract Agreement (Ace LTD), Purchase Contract Agreement (Ace LTD)

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Income PRIDES. In the event a Holder making a Collateral Substitution pursuant to this Section 3.13 fails to effect a book-entry transfer of the applicable Income PRIDES or fails to deliver an the requisite number Income PRIDES Certificate Certificates to the Agent after depositing Treasury Securities with the Collateral Agent, the Preferred Shares constituting a part of Securities relating to such Income PRIDES, and any distributions on such Preferred ShareSecurities, shall be held in the name of the Agent or its nominee in trust for the benefit of such Holder, until such Income PRIDES are so transferred or the such Income PRIDES Certificate is Certificates are so delivered, as the case may be, or, with respect to an Income PRIDES Certificate, such Holder provides satisfactory evidence satisfactory to the Company and the Agent that such Income PRIDES Certificate has been destroyed, lost or stolen, together with any indemnity that may be required by the Agent and the Company. Except as described in this Section 3.13, for so long as the Purchase Contract underlying an Income PRIDES remains in effect, such Income PRIDES shall not be separable into its constituent parts, and the rights and obligations of the Holder of such Income PRIDES in respect of the related Preferred Shares, Security and Purchase Contract comprising such Income PRIDES may be acquired, and may be transferred and exchanged, only as an Income PRIDES.

Appears in 1 contract

Samples: Purchase Contract Agreement (Protective Life Corp)

Income PRIDES. In the event a Holder making a Collateral Substitution pursuant to this Section 3.13 fails to effect a book-book- entry transfer of the Income PRIDES or fails to deliver an Income PRIDES Certificate Certificate(s) to the Agent after depositing Treasury Securities with the Collateral Agent, the Preferred Shares Security constituting a part of such Income PRIDES, and any distributions on such Preferred ShareSecurity, shall be held in the name of the Agent or its nominee in trust for the benefit of such Holder, until such Income PRIDES are is so transferred or the Income PRIDES Certificate is so delivered, as the case may be, or, with respect to an Income PRIDES Certificate, such Holder provides satisfactory evidence satisfactory to the Company and the Agent that such Income PRIDES Certificate has been destroyed, lost or stolen, together with any indemnity that may be required by the Agent and the Company. Except as described in this Section 3.13, for so long as the Purchase Contract underlying an Income PRIDES remains in effect, such Income PRIDES shall not be separable into its constituent parts, and the rights and obligations of the Holder in respect of the Preferred Shares, Security and Purchase Contract comprising such Income PRIDES may be acquired, and may be transferred and exchanged, only as an Income PRIDES.

Appears in 1 contract

Samples: Purchase Contract Agreement (American Heritage Life Investment Corp)

Income PRIDES. In the event a Holder making a Collateral Substitution pursuant to this Section 3.13 fails to effect a book-entry transfer of the Income PRIDES or fails to deliver an a definitive Income PRIDES Certificate Certificate(s) to the Agent after depositing Treasury Securities with the Collateral Agent, the Preferred Shares Security constituting a part of such Income PRIDES, and any distributions on such Preferred ShareSecurity, shall be held in the name of the Agent or its nominee in trust for the benefit of such Holder, until such Income PRIDES are is so transferred or the Income PRIDES Certificate is so delivered, as the case may be, or, with respect to an Income PRIDES Certificate, such Holder provides satisfactory evidence satisfactory to the Company and the Agent that such Income PRIDES Certificate has been destroyed, lost or stolen, together with any indemnity that may be required by the Agent and the Company. Except as described in this Section 3.13, for so long as the Purchase Contract underlying an Income PRIDES remains in effect, such Income PRIDES shall not be separable into its constituent parts, and the rights and obligations of the Holder in respect of the Preferred Shares, Security and Purchase Contract comprising such Income PRIDES may be acquired, and may be transferred and exchanged, only as an Income PRIDES.

Appears in 1 contract

Samples: Purchase Contract Agreement (MCN Financing Iv)

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Income PRIDES. In the event a Holder making a Collateral Substitution pursuant to this Section 3.13 fails to effect a book-entry transfer of the Income PRIDES or fails to deliver an Income PRIDES Certificate Certificate(s) to the Agent after depositing Treasury Securities with the Collateral Agent, the Preferred Shares Security constituting a part of such Income PRIDES, and any distributions on such Preferred ShareSecurity, shall be held in the name of the Agent or its nominee in trust for the benefit of such Holder, until such Income PRIDES are is so transferred or the Income PRIDES Certificate is so delivered, as the case may be, or, with respect to an Income PRIDES Certificate, such Holder provides satisfactory evidence satisfactory to the Company and the Agent that such Income PRIDES Certificate has been destroyed, lost or stolen, together with any indemnity that may be required by the Agent and the Company. Except as described in this Section 3.13, for so long as the Purchase Contract underlying an Income PRIDES remains in effect, such Income PRIDES shall not be separable into its constituent parts, and the rights and obligations of the Holder in respect of the Preferred Shares, Security and Purchase Contract comprising such Income PRIDES may be acquired, and may be transferred and exchanged, only as an Income PRIDES.

Appears in 1 contract

Samples: Purchase Contract Agreement (Owens Corning Capital Ii)

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