Common use of Event of Default; Notice Clause in Contracts

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guarantee, mail by first class postage prepaid, to all Holders of the Preferred Securities, notices of all defaults actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of default in the payment of any Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred Securities.

Appears in 8 contracts

Samples: Preferred Securities Guarantee Agreement (Hercules Inc), Preferred Securities Guarantee Agreement (Hercules Inc), Preferred Securities Guarantee Agreement (Radio One Licenses LLC)

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Event of Default; Notice. (a) The Trust Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default, mail transmit by mail, first class postage prepaid, to all the Holders of the Trust Preferred Securities, notices of all defaults Events of Default actually known to a Responsible Officer of the Trust Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of default in the payment of any Guarantee Payment, the Trust Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers Officer of the Trust Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Trust Preferred Securities Trust Preferred Securities.

Appears in 5 contracts

Samples: Preferred Securities Guarantee Agreement (Merrill Lynch Preferred Capital Trust Ii), Preferred Securities Guarantee Agreement (Merrill Lynch Preferred Funding I Lp), Preferred Securities Guarantee Agreement (Merrill Lynch Preferred Capital Trust Iv)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default, mail transmit by mail, first class postage prepaid, to all the Holders of the Preferred Securities, notices of all defaults Events of Default actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, [except in the case of a default in the payment of any a Guarantee Payment, ,] the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as [the board Board of directorsDirectors, the executive committee, committee or a trust committee of directors and/or and/or] a Responsible Officers Officer of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred Securities.

Appears in 5 contracts

Samples: Preferred Securities Guarantee Agreement, Preferred Securities Guarantee Agreement (Allstate Financing X), Preferred Securities Guarantee Agreement (Allstate Corp)

Event of Default; Notice. (a) The Preferred Capital Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Capital Securities Guarantee, mail by first class postage prepaid, to all Holders of the Preferred Capital Securities, notices of all defaults actually known to a Responsible Officer of the Preferred Capital Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of default in the payment of any Guarantee Payment, the Preferred Capital Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers of the Preferred Capital Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders holders of the Preferred Capital Securities.

Appears in 4 contracts

Samples: Capital Securities Guarantee Agreement (Orion Capital Corp), Capital Securities Guarantee Agreement (Bankboston Capital Trust Iii), Orion Capital Trust I

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default, mail transmit by mail, first class postage prepaid, to all the Holders of the Preferred Securities, notices of all defaults Events of Default actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, ; provided, that, except in the case of a default in by Guarantor under the terms of this Preferred Securities Guarantee on any of its payment of any Guarantee Paymentobligations, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers Officer of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred Securities.

Appears in 4 contracts

Samples: Preferred Securities Guarantee Agreement (First Busey Capital Trust I), Preferred Securities Guarantee Agreement (Baylake Capital Trust I), Securities Guarantee Agreement (Baylake Capital Trust I)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after a Responsible Officer of the Preferred Securities Guarantee Trustee obtains actual knowledge of the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default, mail transmit by mail, first class postage prepaid, to all Holders of the Preferred SecuritiesHolders, notices of all defaults such Events of Default actually known to a such Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of default in the payment of any Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers Officer of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred SecuritiesHolders.

Appears in 4 contracts

Samples: Preferred Securities Guarantee Agreement (MetLife Capital Trust V), Preferred Securities Guarantee Agreement (GBL Trust I), Preferred Securities Guarantee Agreement (GBL Trust I)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guarantee, mail by first class postage prepaid, to all Holders of the Preferred Securities, notices of all defaults actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, ; provided that except in the case of default in the payment of any Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, committee or a trust committee of directors and/or Responsible Officers of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred Securities.

Appears in 4 contracts

Samples: Preferred Securities Guarantee Agreement (American General Corp /Tx/), Preferred Securities Guarantee Agreement (American General Corp /Tx/), Preferred Securities Guarantee Agreement (American General Corp /Tx/)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after receipt of notice by a Responsible Officer of the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default, mail transmit by mail, first class postage prepaid, to all the Holders of the Preferred Securities, notices of all defaults Events of Default actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured or waived before the giving of such notice, ; provided, that, except in the case of an Event of Default other than a default in the payment of any Guarantee Payment, obligations under the Preferred Securities Guarantee, that the Preferred Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers Officer of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred Securities.

Appears in 4 contracts

Samples: Preferred Securities Guarantee Agreement (RBC Centura Banks Inc), Preferred Securities Guarantee Agreement (RBC Centura Banks Inc), Preferred Securities Guarantee Agreement (RBC Centura Banks Inc)

Event of Default; Notice. (a) The Trust Preferred Securities Guarantee Trustee shall, within 90 days five (5) Business Days after the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default, mail transmit by mail, first class postage prepaid, to all the Holders of the Trust Preferred Securities, notices of all defaults Events of Default actually known to a Responsible Officer of the Trust Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, ; provided, that, except in the case of a default in the by Guarantor on any of its payment of any Guarantee Paymentobligations, the Trust Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers Officer of the Trust Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Trust Preferred Securities.

Appears in 3 contracts

Samples: Trust Preferred Securities Guarantee Agreement (Paradigm Capital Trust Ii), Trust Preferred Securities Guarantee Agreement (Paradigm Capital Trust Ii), Trust Preferred Securities Guarantee Agreement (Prosperity Capital Trust I)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default an Event of Default with respect to this Preferred Securities GuaranteeGuarantee actually known to a Responsible Officer of the Preferred Guarantee Trustee, mail transmit by mail, first class postage prepaid, to all the Holders of the Preferred Securities, notices of all defaults such Events of Default actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of default in the payment of any Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers Officer of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred Securities.

Appears in 2 contracts

Samples: Guarantee Agreement (Ozark Capital Trust), Preferred Securities Guarantee Agreement (Bank of the Ozarks Inc)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default, mail transmit by mail, first class postage prepaid, to all the Holders of the Company Preferred Securities (and, for so long as the Initial Holder is the Holder of the Company Preferred Securities, also to the Holders of the Trust Preferred Securities), notices of all defaults Events of Default actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, ; provided, that, except in the case of default in the payment of any Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers Officer of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Company Preferred Securities.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Ubs Preferred Funding Trust Iii), Limited Liability Company Agreement (Ubs Preferred Funding Trust Iii)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 ninety (90) days after the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default, mail transmit by mail, first class postage prepaid, to all the Holders of the Preferred Securities, notices of all defaults Events of Default actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, ; provided, that, except in the case of a default in by the Guarantor on any of its payment of any Guarantee Paymentobligations, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers Officer of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred Securities.

Appears in 2 contracts

Samples: Securities Guarantee Agreement (Stifel Financial Corp), Securities Guarantee Agreement (Stifel Financial Corp)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default an Event of Default with respect to this Preferred Securities GuaranteeGuarantee known to a Responsible Officer of the Guarantee Trustee, mail by first class postage prepaid, to all Holders of the Preferred Securities, notices of all defaults actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of default in the payment of any Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred Securities.

Appears in 2 contracts

Samples: Guarantee Agreement (Nexity Financial Corp), Guarantee Agreement (Waccamaw Bankshares Inc)

Event of Default; Notice. (a) The Company Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default, mail transmit by mail, first class postage prepaid, to all the Holders of the Company Preferred Securities (and, for so long as the Initial Holder is the Holder of the Company Preferred Securities, also to the Holders of the Trust Preferred Securities), notices of all defaults Events of Default actually known to a Responsible Officer of the Company Preferred Securities Guarantee Trustee, unless such defaults Events of Default have been cured before the giving of such notice, ; provided, that, except in the case of default in the payment of any Guarantee Payment, the Company Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers Officer of the Company Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Company Preferred Securities or Trust Preferred Securities.

Appears in 1 contract

Samples: Deutsche Bank Capital Funding Trust VIII

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default, mail transmit by mail, first class postage prepaid, to all the Holders of the Company Preferred Securities [if the Trust is the Initial Holder, insert: and for so long as the Initial Holder is the Holder of the Company Preferred Securities, also to the Holders of the Trust Preferred Securities], notices of all defaults Events of Default actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, ; provided, that, except in the case of default in the payment of any Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers Officer of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Company Preferred Securities or Trust Preferred Securities.

Appears in 1 contract

Samples: Subordinated Guarantee Agreement (Credit Suisse Group)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default an Event of Default by Guarantor with respect to this Preferred Securities GuaranteeGuarantee actually known to a Responsible Officer (or, if later, within 30 days after a Responsible Officer has actual knowledge of an Event of Default), mail by first class postage prepaid, to all Holders of the Preferred SecuritiesHolders, notices of all defaults actually known to a Responsible Officer such Events of the Preferred Securities Guarantee TrusteeDefault, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of default in the payment of any Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or a Responsible Officers of the Preferred Securities Guarantee Trustee Officer in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred SecuritiesHolders.

Appears in 1 contract

Samples: Preferred Securities Guarantee Agreement (Centurytel Inc)

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Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guarantee, mail by first class postage prepaid, to all Holders of the Preferred Securities, notices of all defaults actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of default in the payment of any Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred Securities.Guarantee

Appears in 1 contract

Samples: Preferred Securities Guarantee Agreement (Hercules Inc)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default, mail transmit by mail, first class postage prepaid, to all the Holders of the Preferred Securities, notices of all defaults Events of Default actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided; PROVIDED, that, except in the case of a default in by Guarantor under the terms of this Preferred Securities Guarantee on any of its payment of any Guarantee Paymentobligations, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers Officer of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred Securities.

Appears in 1 contract

Samples: Securities Guarantee Agreement (Old Second Bancorp Inc)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default, mail transmit by mail, first class postage prepaid, to all the Holders of the Preferred Securities, notices of all defaults Events of Default actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults Events of Default have been cured before the giving of such notice, provided, provided that, except in the case of a default in by Guarantor under the terms of this Preferred Securities Guarantee on any of its payment of any Guarantee Paymentobligations, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers Officer of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred Securities.

Appears in 1 contract

Samples: Preferred Securities Guarantee Agreement (First Busey Statutory Trust V)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default an Event of Default with respect to this Preferred Securities GuaranteeGuarantee actually known to a Responsible Officer (or, if later, within 30 days after a Responsible Officer has actual knowledge of an Event of Default), mail by first class postage prepaid, to all Holders of the Preferred SecuritiesHolders, notices of all defaults actually known to a Responsible Officer such Events of the Preferred Securities Guarantee TrusteeDefault, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of default in the payment of any Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or a Responsible Officers of the Preferred Securities Guarantee Trustee Officer in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred SecuritiesHolders.

Appears in 1 contract

Samples: Preferred Securities Guarantee Agreement (Newfield Exploration Co /De/)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default, mail transmit by mail, first class postage prepaid, to all the Holders of the Company Preferred Securities (and, for so long as the Initial Holder is the Holder of the Company Preferred Securities, also to the Holders of the Trust Preferred Securities), notices of all defaults Events of Default actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided; PROVIDED, that, except in the case of default in the payment of any Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers Officer of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Company Preferred Securities or Trust Preferred Securities.

Appears in 1 contract

Samples: Subordinated Guarantee Agreement (Credit Suisse Group)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities GuaranteeGuarantee known to a Responsible Officer of the Preferred Securities Guarantee Trustee, mail by first class postage prepaid, to all Holders of the Preferred Securities, notices of all defaults actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of default in the payment of any Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders holders of the Preferred Securities.

Appears in 1 contract

Samples: Preferred Securities Guarantee Agreement (ServisFirst Bancshares, Inc.)

Event of Default; Notice. (a) The a)The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guarantee, mail by first class postage prepaid, to all Holders of the Preferred Securities, notices of all defaults actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of default in the payment of any Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred Securities.

Appears in 1 contract

Samples: Preferred Securities Guarantee Agreement (Hercules Inc)

Event of Default; Notice. (a) The Trust Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a any default with respect to the obligations of the Guarantor under this Trust Preferred Securities Guarantee, mail by first class postage prepaid, to all Holders of the Preferred SecuritiesHolders, notices of all defaults actually known to a Responsible Officer of the Preferred Securities Guarantee TrusteeOfficer, unless such defaults have been cured before the giving of such notice, ; provided, that, except in the case of default in the timing or payment of any Guarantee Payment, the Trust Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or a Responsible Officers Officer of the Trust Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred SecuritiesHolders.

Appears in 1 contract

Samples: Trust Preferred Securities Guarantee Agreement (Coastal Bancorp Inc)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default or Additional Guarantor Event of Default, mail transmit by mail, first class postage prepaid, to all Holders of the Preferred SecuritiesHolders, notices of all defaults actually Events of Default and Additional Guarantor Events of Default known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of a default in the payment of any a Guarantee Payment or Additional Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as the board Board of directorsDirectors, the executive committee, committee or a trust committee of directors and/or Responsible Officers of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred SecuritiesHolders.

Appears in 1 contract

Samples: Guarantee Agreement (Mci Worldcom Inc)

Event of Default; Notice. (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a default with respect to this Preferred Securities Guaranteean Event of Default, mail transmit by mail, first class postage prepaid, to all the Holders of the Preferred Securities, notices of all defaults Events of Default actually known to a Responsible Officer of the Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of a default in the payment of any a Guarantee Payment, the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so long as [the board Board of directorsDirectors, the executive committee, committee or a trust committee of directors and/or and/or] a Responsible Officers Officer of the Preferred Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Preferred Securities.

Appears in 1 contract

Samples: Preferred Securities Guarantee Agreement (Navigators Group Inc)

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