Liquidation of the Trust. In connection with the dissolution of the Trust, the assets of the Trust shall be liquidated at the written direction of ADS and applied as follows: (i) first, to pay the costs and expenses of the winding up, liquidation and termination of the Trust, including all amounts owed to the Trustee, (ii) second, to establish reserves to the extent required by the Act and any applicable law, in each case, in the order of priority provided by law, and (iii) third, to ADS.
Liquidation of the Trust. The parties hereto agree that if the Trust is for any reason liquidated or otherwise dissolved, whether voluntarily or involuntarily, then the provisions of Section 5.1 shall apply in their entirety to the Subordinated Debentures.
Liquidation of the Trust. 15 2.6.2 REQUIRED BID OF THE COMPANY...............................16 2.6.3 PURCHASE FOR 105% OF HIGHEST ACCEPTABLE OFFER ....................................................16 2.6.4
Liquidation of the Trust. The Company owns or controls the voting interest of more than sixty-six and two-thirds percent (66 2/3%) of the issued and outstanding Trust Units and on December 28, 1998, pursuant to a meeting duly called and noticed, voted, in accordance with the Trust Agreement, to terminate the Trust. There remain 3,097,032 Trust Units (or 35.19354% of the issued and outstanding Trust Units) which are not owned by the Company. In accordance with the Trust Agreement, after termination of the Trust, the Remaining Royalty Interests, constituting all of the assets of the Trust, are to be liquidated and the proceeds distributed to the holders of the Trust Units. The Trustee is contemporaneously conducting the liquidation process through its adviser, Xxxxxxxx & Associates.
Liquidation of the Trust. Upon the occurrence of a liquidation of the Trust in accordance with the Declaration, a principal amount of Debentures constituting the assets of the Trust and relating to the Preferred Securities equal to the aggregate stated liquidation amount of the Pledged Preferred Securities shall be delivered to the Collateral Agent in exchange for the Pledged Preferred Securities. Thereafter, the Debentures will be held by the Collateral Agent in accordance with the terms of the Pledge Agreement to secure the obligations of each Holder of an Income PRIDES to purchase Common Stock under the related Purchase Contract forming a part of such Income PRIDES. Following the occurrence of a liquidation of the Trust, the Holders and the Collateral Agent shall have such security interests, rights and obligations with respect to such Debentures as the Holders and the Collateral Agent had in respect of the Preferred Securities subject to the Pledge thereof as provided in Articles II, III, IV, V and VI of the Pledge Agreement, and any reference herein to the Preferred Securities shall be deemed to be a reference to such Debentures. The Company may cause to be made in any Income PRIDES Certificates thereafter to be issued such change in phraseology and form (but not in substance) as may be appropriate to reflect the liquidation of the Trust and the substitution of Debentures for Preferred Securities as Collateral. ARTICLE V The Purchase Contracts Section 5.1.
Liquidation of the Trust. Upon the liquidation of the Trust, a principal amount of the Debentures constituting the assets of the Trust and underlying the Preferred Securities equal to the aggregated Stated Amount of the Pledged Preferred Securities shall be delivered to the Collateral Agent in exchange for the Pledged Preferred Securities. In the event the Collateral Agent receives such Debentures in respect of Pledged Preferred Securities upon a liquidation of the Trust, the Collateral Agent shall Transfer the Debentures to the Collateral Account in the manner specified herein for Pledged Preferred Securities to secure the obligations of the Holders of the related Income PRIDES to purchase the Company's Common Stock under the related Purchase Contracts. Thereafter, the Collateral Agent shall have such security interests, rights and obligations with respect to such Debentures as it had in respect of the Pledged Preferred Securities as provided in Articles II, III, IV, V and VI hereof.
Liquidation of the Trust. Fund (a) Continuing the Trust (b) Liquidating the Trust
Liquidation of the Trust. ....... In the event of any involuntary or voluntary liquidation, dissolution, winding-up or termination of the Trust (each, a "Liquidation"), the holders of the Trust Securities will be entitled to receive for each Trust Security, after satisfaction to creditors of the Trust, if any, a liquidation amount of $25 plus accumulated and unpaid distributions thereon (including interest thereon) to the date of payment, unless, in connection with such Liquidation, the Subordinated Debentures are distributed to the holders of the Trust Securities.
Liquidation of the Trust. ..16 Section 6. Voting Rights -- Trust Preferred Securities and Pledged Debentures............................................16
Liquidation of the Trust. Notwithstanding the foregoing, this Guarantee will continue to be effective or will be reinstated, as the case may be, if at any time any Holder of Securities must restore payment of any sums paid under the Securities or under this Guarantee.
