Trust Common Securities Clause Samples
The 'Trust Common Securities' clause defines the rights and obligations associated with the common securities issued by a trust, typically in the context of a trust structure used for financing or investment purposes. This clause outlines how these common securities are held, who may own them (often the sponsor or depositor), and their relationship to other classes of securities, such as preferred or subordinated securities. For example, it may specify that common securities are subordinate to other securities in terms of payment or liquidation rights. The core practical function of this clause is to clarify the hierarchy and treatment of common securities within the trust, ensuring all parties understand their rights and the order of distributions, thereby reducing the risk of disputes.
Trust Common Securities. 8 Trustee......................................................... 9
Trust Common Securities. TC-1 61,856 CERTIFICATE EVIDENCING TRUST COMMON SECURITIES OF HECO CAPITAL TRUST I 8.05% TRUST COMMON SECURITIES (LIQUIDATION PREFERENCE $25 PER COMMON SECURITY) HECO Capital Trust I, a statutory business trust created under the laws of the State of Delaware (the "Trust"), hereby certifies that Hawaiian Electric Company, Inc. (the "Holder") is the registered owner of sixty-one thousand eight hundred fifty-six (61,856) common securities of the Trust representing undivided beneficial interests in the assets of the Trust and designated as the 8.05% Trust Common Securities (Liquidation Preference $25 per Common Security) (the "Trust Common Securities"). In accordance with Section 5.10 of the Trust Agreement (as defined below) the Trust Common Securities are not transferable and any attempted transfer hereof shall be void. The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Trust Common Securities are set forth in, and this certificate and the Trust Common Securities represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Amended and Restated Trust Agreement of the Trust dated as of March 1, 1997, as the same may be amended from time to time (the "Trust Agreement"). The Trust will furnish a copy of the Trust Agreement to the Holder without charge upon written request to the Trust at its principal place of business or registered office. Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder.
Trust Common Securities. The Trust Common Securities have been duly authorized by the Trust Agreement and when issued and delivered by the Trust to the Company against payment therefor described in the Trust Agreement, will be validly issued and fully paid (subject to the qualifications described in the proviso to clause (v) next above) beneficial interests in the
Trust Common Securities. Forty common securities of the Trust with an aggregate liquidation amount with respect to the assets of the Trust of $1,000.00 and a liquidation amount with respect to the assets of the Trust of $25.00 per common security, are hereby designated for the purposes of identification only as 5.90% Non-cumulative Guaranteed Trust Common Securities (the “Trust Common Securities” and, together with the Trust Preferred Securities, the “Trust Securities”). The Trust Common Security Certificates evidencing the Trust Common Securities shall be substantially in the form of Exhibit A-2 to this Trust Agreement, with such changes and additions thereto or deletions therefrom as may be required by ordinary usage, custom or practice.
Trust Common Securities. The Trust Common Securities have been duly authorized, and, at the Closing Date, will have been duly and validly issued and will be fully paid and non-assessable beneficial interests in the Trust entitled to the benefits of the Trust Agreement and will conform in all material respects to the descriptions thereof contained in the General Disclosure Package and the Final Prospectus; the issuance of the Trust Common Securities is not subject to preemptive or other similar rights; at the Closing Date, all of the issued and outstanding Trust Common Securities will be directly owned by the Guarantor, free and clear of all liens, encumbrances, equities or claims; and the Trust Common Securities, the Normal APEX, the Capital APEX and the Stripped APEX are the only beneficial interests in the Trust authorized to be issued by the Trust.
Trust Common Securities. The Trust Common Securities have ----------------------- been duly authorized by the Trust Agreement and, when issued and delivered by the Trust to the Company against payment therefor as described in the Registration Statement and Prospectus, will be validly issued undivided beneficial interests in the assets of the Trust and will conform in all material respects to the statements relating thereto contained in the Prospectus; the issuance of the Trust Common Securities is not subject to preemptive or other similar rights; and at the Closing Time; all of the issued and outstanding Trust Common Securities will be directly owned by the Company free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity.