CRC Trust definition
Examples of CRC Trust in a sentence
Upon its acquisition of the Shares, the Purchaser will also acquire related beneficial interests in the CRC Shares held in the CRC Trust.
All but 74.3 of the outstanding CRC Shares are held by the CRC Trust or by the Bank of Montreal Trust Company, as trustee, ratably on behalf of the holders of CPI's outstanding Preference Shares.
The CRC Trust Agreement in the form certified by the Secretary of CRC and heretofore delivered to the Purchaser, is and at the Closing will be in full force and effect.
The Trustee shall, upon request of one or more Grantors, as shown by a list of Grantors maintained by the Trustee as provided in Section 2.1 hereof, exercise for their benefit such rights to inspect and make copies of all corporate records of CRC as such Grantors would have if they were holders of record of the Shares held in the CRC Trust for their benefit.
Upon each conversion by a Grantor of First Series Preference Shares pursuant to Section 4 of the Certificate of Designation, the Trustee shall deliver to the trustee of the CRC Trust (as defined below) all or a proportionate part, as applicable, of such holder's undivided beneficial interest in the Shares and in any other assets in the CRC Trust II then held by the Trustee, duly endorsed to the trustee of the CRC Trust (as defined below) or its nominee.
No consent, approval, order or authorization of, or registration, declaration or filing with, any governmental or public body or authority on the part of CRC is required in connection with the valid execution, delivery and performance of this Purchase Agreement or the issuance for deposit in the CRC Trust of CRC Shares as contemplated hereby.
Any shares of stock of CRC acquired by the Trustee upon such exercise shall be added to the corpus of the CRC Trust II and held by the Trustee, subject to all the terms and provisions of this Agreement, for the benefit of the Grantors.
The Purchaser also understands and agrees that, if any CRC Shares shall be delivered to the Purchaser upon a termination of the CRC Trust, the Purchaser shall be bound by and entitled to the benefits of the provisions of Article FOURTH of CRC's Certificate of Incorporation (a copy of which has been delivered to the Purchaser) restricting transfers of, and providing rights to registrations under the Securities Act of, any such CRC Shares.
CRC agrees to indemnify the Trustee for and to hold itharmless against any loss, liability, tax or expense incurred without wilful misconduct, negligence or bad faith on the part of the Trustee, arising out of or in connection with the acceptance or administration of the CRC Trust or this Agreement, including the costs and expenses of defending itself against any claim or liability in the premises.
The Trustee shall, upon request of one or more Grantors, as shown by a list of Grantors maintained by the Trustee as provided in Section 2.01 hereof, exercise for their benefit such rights to inspect and make copies of all corporate records of CRC as such Grantors would have if they were holders of record of the Shares held in the CRC Trust II for their benefit.