Common use of Preferred Securities Clause in Contracts

Preferred Securities. The Borrower will not, and will not permit -------------------- Torchmark Capital L.L.C. or Torchmark Capital Trust I to, declare or pay dividends or distributions on, or redeem, purchase or otherwise acquire, any Preferred Securities or any portion thereof if, after giving effect thereto, a Default or Unmatured Default would exist.

Preferred Securities. The Borrower will not, and will not permit -------------------- Torchmark Capital L.L.C. Trust I or Torchmark Capital Trust I II to, declare or pay dividends or distributions on, or redeem, purchase or otherwise acquire, any Preferred Securities or any portion thereof if, after giving effect thereto, a Default or Unmatured Default would exist.

Preferred Securities. The Borrower will shall not, and will shall not permit -------------------- Torchmark Capital L.L.C. or Torchmark Capital Trust I III or any other obligor in respect of any other Preferred Securities to, declare or pay dividends or distributions on, or redeem, purchase or otherwise acquire, any Preferred Securities or any portion thereof ifif at such time, or after giving effect thereto, a Default or Unmatured Event of Default exists or would exist.

Preferred Securities. The Borrower will shall not, and will shall not permit -------------------- Torchmark Capital L.L.C. or Torchmark Capital Trust I I, Torchmark Capital Trust II or any other obligor in respect of any other Preferred Securities to, declare or pay dividends or distributions on, or redeem, purchase or otherwise acquire, any Preferred Securities or any portion thereof ifif at such time, or after giving effect thereto, a Default or Unmatured Event of Default exists or would exist.

Preferred Securities. The Borrower will shall not, and will shall not permit -------------------- Torchmark Capital L.L.C. Trust I or Torchmark Capital Trust I II to, declare or pay dividends or distributions on, or redeem, purchase or otherwise acquire, any Preferred Securities or any portion thereof ifif at such time, or after giving effect thereto, a Default or Unmatured Event of Default exists or would exist.