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PNC » Topics » SECTION 7.1 Termination

This excerpt taken from the PNC 8-K filed Feb 13, 2008.

SECTION 7.1 Termination

This Trust Preferred Securities Guarantee will not be discharged, except upon (i) payment of the Guarantee Payments, in full, or (ii) the distribution of the JSNs to the Holders of all of the Trust Preferred Securities as provided for in the Declaration. Notwithstanding the foregoing, this Trust Preferred Securities Guarantee will continue to be effective or will be reinstated, as the case may be, if at any time any Holder must restore payment of any sums paid under the Trust Preferred Securities or under this Trust Preferred Securities Guarantee.

 

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