Common use of Preferred Equity Clause in Contracts

Preferred Equity. The Borrower shall not issue any preferred stock or preferred equity in any of its Subsidiaries; provided, however that this restriction shall not apply so long as dividends or other distributions on account of such preferred stock or equity to the Sponsors or its Investment Affiliates or any third party are expressly restricted until the earlier of the latest Maturity Date and repayment in full of the Loans and all other Loan Document Obligations that are accrued and payable and the termination of the Commitments.