HECO definition
Examples of HECO in a sentence
HECO has authorized the execution and delivery of this Junior Indenture to provide for the Guarantee (as hereinafter defined) with respect to any series of Debentures, and has performed all acts necessary to make its guarantee the valid obligation of HECO.
Upon receipt under the Debentures of Additional Sums (as defined in the HECO Indenture), the Property Trustee at the direction of an Administrative Trustee or the Depositor shall promptly pay any taxes, duties or governmental charges of whatsoever nature (other than withholding taxes) imposed on the Trust by the United States or any other taxing authority.
HECO, MECO and HELCO each hereby waives notice of acceptance of this Agreement and of any Obligation to which it applies or may apply, and HECO, MECO and HELCO each hereby waives presentment, demand for payment, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands.
In connection with a consolidation, merger or sale involving the Guarantor that is permitted under Article 5 of the HECO Indenture, the Person formed by or surviving such consolidation or merger or to which such sale, conveyance, transfer or lease shall have been made, if other than the Guarantor, shall expressly assume all of the obligations of the Guarantor hereunder and under the Trust Agreement.
This Trust Guarantee shall terminate and be of no further force and effect upon (i) full payment of the Redemption Price for all Trust Preferred Securities, (ii) the distribution of the HECO Distributable Debentures to the Holders or (iii) full payment of the amounts payable in accordance with the Trust Agreement upon liquidation of the Trust.
This Trust Guarantee will not be discharged except by payment of the Guarantee Payments in full (without duplication of amounts theretofore paid by or on behalf of the Trust pursuant to the Trust Agreement) or upon distribution of the HECO Distributable Debentures to Holders as provided in the Trust Agreement.
This Agreement shall bind the successors, assigns, receivers, trustees and representatives of each of HECO, MECO and HELCO and shall inure to the benefit of the Beneficiaries.
The Guarantor may not consolidate with or merge with or into, or sell, convey, transfer or lease its properties and assets as an entirety or substantially as an entirety (either in one transaction or a series of transactions) to, any Person unless permitted under Article 5 of the HECO Indenture.
A Beneficiary may enforce this Agreement directly against HECO, MECO and HELCO, jointly and severally, and HECO, MECO and HELCO each waives any right or remedy to require that any action be brought against the Trust or any other person or entity before proceeding against HECO, MECO or HELCO.
There shall be no obligation of the Beneficiaries to give notice to, or obtain the consent of, HECO, MECO or HELCO with respect to the happening of any of the foregoing.