eTrade 2005 Annual Report Download - page 380

ARTICLE 5
R
EMEDIES OF THE
T
RUSTEE AND
S
ECURITYHOLDERS ON
D
EFAULT OR
E
VENT OF
D
EFAULT
Section5.01
. Event of Default Defined; Acceleration of Maturity; Waiver of Event of Default.
“
Event of Default
” with respect to
Securities of any series wherever used herein, means each one of the following events which shall have occurred and be continuing
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body)
unless it is specifically modified in the supplemental indenture, if any, under which such series of Securities is issued:
(a) a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Issuer in an involuntary case under
any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of the Issuer or for any substantial part of its property or ordering the winding up or
liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or
(b) the Issuer shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Issuer or for any substantial
part of its property, or make any general assignment for the benefit of creditors; or
(c) any other Event of Default provided in the supplemental indenture under which such series of Securities is issued or in the form of
Security for such series.
If an Event of Default described in clause (c)(if the Event of Default under clause (c)is with respect to less than all series of Securities
then Outstanding) occurs and is continuing, then, and in each and every such case, except for any series of Securities the principal of
which shall have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal
amount of the Securities of each such affected series then Outstanding hereunder (voting as a single class) by notice in writing to the
Issuer (and to the Trustee if given by Securityholders), may declare the entire principal (or, if any of the Securities of any such affected
series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities)
of all Securities of all such affected series, and the interest accrued thereon, if any, to be due and payable immediately, and upon any
such declaration, the same shall become immediately due and payable. If an Event of
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