Issuance of Preferred Stock Clause Examples

Issuance of Preferred Stock. Prior to the Termination Date, the Company will not issue any capital stock of any class preferred as to dividends or as to the distribution of assets upon voluntary or involuntary liquidation, dissolution or winding up, unless the rights of the holders thereof shall be limited to a fixed sum or percentage of par value in respect of participation in dividends and in the distribution of such assets.

Issuance of Preferred Stock. (a) In consideration for the granting of the limited waiver by the Preferred Stockholder pursuant to Section 1 above, the Company hereby agrees to issue additional shares of Preferred Stock (the “Additional Preferred Stock”) to the Preferred Stockholder as follows: (i) On or shortly following January 1, 2011, 1,229,932 shares of Preferred Stock, which includes shares which may be deemed issued under Section 3 below) based on a valuation of $5.50 per share of Preferred Stock, which the parties hereto hereby agree shall constitute payment in full for any and all outstanding accrued but unpaid Base Dividends through December 31, 2010; (ii) On or shortly following March 31, 2011, 200,876 shares of Preferred Stock (which includes shares which may be deemed issued under Section 3 below), which the parties hereto hereby agree shall constitute payment in full for any and all outstanding accrued but unpaid Base Dividends on (A) the shares of Preferred Stock held by the Preferred Stockholder as of the date hereof and (B) the shares of Additional Preferred Stock received pursuant to clause (i) above for the period January 1, 2011 through March 31, 2011; and (iii) On or shortly following May 1, 2011, 69,623 shares of Preferred Stock (which includes shares which may be deemed issued under Section 3 below), which the parties hereto hereby agree shall constitute payment in full for any and all outstanding accrued but unpaid Base Dividends on (A) the shares of Preferred Stock received pursuant to clauses (i) and (ii) above for the period April 1, 2011 through May 1, 2011. (b) The shares of Additional Preferred Stock shall have the same terms and conditions as the shares of Preferred Stock outstanding on the date hereof and shall accrue the Base Dividend from and including the respective issuance date for such shares of Additional Preferred Stock until May 28, 2016, the seventh anniversary of the Closing. (c) The Preferred Stockholder hereby agrees that the issuance by the Company of the shares of Additional Preferred Stock pursuant to this Waiver satisfies the Company’s obligation to pay any Base Dividend (in cash or otherwise) with respect to the Preferred Stock for the periods indicated.

Issuance of Preferred Stock. Borrower shall not issue any preferred stock after the Effective Date.

Issuance of Preferred Stock. Unless a Termination Event shall have occurred or the Company shall have redeemed all the Notes prior to the Stock Purchase Date in accordance with the Indenture, on the Stock Purchase Date upon receipt of the aggregate purchase price payable on all Stock Purchase Contracts, the Company shall cause to be issued and deposited with the Property Trustee (or its nominee), one or more certificates representing newly issued shares of Preferred Stock registered in the name of the Property Trustee (or its nominee) as custodian for the Issuer Trust to which the Issuer Trust is entitled hereunder.

Issuance of Preferred Stock. If at any time ITC Investments issues preferred stock or other equity securities that are not “Equity Securities”, each of the parties hereto agrees to amend this Agreement to appropriately reflect such issuance and to preserve the respective rights and obligations of each of the parties hereunder.

Issuance of Preferred Stock. The Company hereby agrees to issue to Investor, and Investor hereby agrees to acquire the Acquired Shares in exchange and consideration for Investor’s payment of the Purchase Price to the Company. As of the date hereof, upon payment of the Investor’s subscription price, the Company shall promptly issue the Acquired Shares to the Investor in book-entry only format and the Investor’s subscription funds shall be immediately available to the Company for its business purposes.

Issuance of Preferred Stock. The consent and agreement of the Other Shareholders to the issuance of preferred shares of stock in the Company (each, a "Class B Share") to the Preferred Shareholder in an amount equal to the Class B Amount. Each Class B Share shall have a par value of $5,000.00. The Company may issue fractional Class B Shares.

Issuance of Preferred Stock. Subject to the terms and conditions of this Agreement, the Company agrees to issue to Micrologix and Micrologix hereby agrees to subscribe for and acquire (the “Subscription”) from the Company, the Shares. The closing of the sale and purchase of the Shares under this Agreement (the “Closing”) shall take place at such time or place as the parties shall mutually agree. It shall be a condition precedent to the Closing that Micrologix shall have received an opinion of counsel in form and substance satisfactory to it and that the Company shall have received (a) a certificate of good standing for Micrologix issued by the office of the British Columbia Registrar of Companies and (b) a certified copy signed by an authorized officer of Micrologix of the resolutions of Micrologix’ Board of Directors approving the execution and delivery of the License Agreement and this Agreement and the consummation of the transactions contemplated therein and herein.

Issuance of Preferred Stock. Except for the Permitted Preferred Stock or as otherwise permitted with the prior written consent of the Super Majority Lenders, Borrower shall not issue any Disqualified Stock after the Effective Date.