Common use of Rights and Obligations Evidenced by the Certificates Clause in Contracts

Rights and Obligations Evidenced by the Certificates. Each Income PRIDES Certificate shall evidence the number of Income PRIDES specified therein, with each such Security representing the ownership by the Holder thereof of a Preferred Security with a principal amount equal to the Stated Amount, subject to the Pledge of such Preferred Security by such Holder pursuant to the Pledge Agreement, and the rights and obligations of the Holder under one Purchase Contract. The Agent as attorney-in-fact for, and on behalf of, each Holder shall pledge, pursuant to the Pledge Agreement, dated as of the date hereof, a Preferred Security to the Collateral Agent and grant to the Collateral Agent a security interest in the right, title, and interest of such Holder in such Security, for the benefit of the Company, to secure the obligation of the Holder under the Purchase Contracts to purchase the Common Stock of the Company. Prior to the purchase, if any, of shares of Common Stock under the Purchase Contracts, the Income PRIDES Certificates shall not entitle the Holders to any of the rights of a holder of shares of Common Stock, including, without limitation, the right to vote or receive any dividends or other payments or to consent or to receive notice as stockholders in respect of the meetings of stockholders or for the election of directors of the Company or for any other matter, or any other rights whatsoever as stockholders of the Company. Each Growth PRIDES Certificate shall evidence the number of Growth PRIDES specified therein, with each such Growth PRIDES representing the ownership by the Holder thereof of a Treasury Security with a principal amount equal to the aggregate Stated Amount of the Preferred Securities for which such Treasury Security is being substituted, subject to the Pledge of such Treasury Security by such Holder pursuant to the Pledge Agreement and

Appears in 1 contract

Samples: Purchase Contract Agreement (MCN Financing Iv)

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Rights and Obligations Evidenced by the Certificates. Each Income PRIDES Certificate shall evidence the number of Income PRIDES specified therein, with each such Security Income PRIDES representing the ownership by the Holder thereof of a beneficial interest in Preferred Security with a principal amount equal to the Stated Amount, subject to the Pledge of such Preferred Security by such Holder pursuant to the Pledge Agreement, and the rights and obligations of the Holder thereof and the Company under one Purchase Contract. The Agent as attorney-in-fact for, and on behalf of, each Holder of Income PRIDES shall pledge, pursuant to the Pledge Agreement, dated as of the date hereof, a Preferred Security forming a part of such Holder's Income PRIDES, to the Collateral Agent and grant to the Collateral Agent a security interest in the right, title, and interest of such Holder in such Preferred Security, for the benefit of the Company, to secure the obligation of the Holder under the Purchase Contracts to purchase the Common Stock of the Company. Prior to the purchase, if any, purchase of shares of Common Stock under the Purchase Contracts, the Income PRIDES Certificates such Purchase Contracts shall not entitle the Holders of Income PRIDES Certificates to any of the rights of a holder of shares of Common Stock, including, without limitation, the right to vote or receive any dividends or other payments or to consent or to receive notice as stockholders in respect of the meetings of stockholders or for the election of directors of the Company or for any other matter, or any other rights whatsoever as stockholders of the Company. Each Growth PRIDES Certificate shall evidence the number of Growth PRIDES specified therein, with each such Growth PRIDES representing the ownership by the Holder thereof of a Treasury Security with a principal amount equal to the aggregate Stated Amount of the Preferred Securities for which such Treasury Security is being substituted, subject to the Pledge of such Treasury Security by such Holder pursuant to the Pledge Agreement andas

Appears in 1 contract

Samples: Purchase Contract Agreement (American Heritage Life Investment Corp)

Rights and Obligations Evidenced by the Certificates. Each Income PRIDES Certificate shall evidence the number of Income PRIDES specified therein, with each such Security Income PRIDES representing the ownership by the Holder thereof of a beneficial interest in Preferred Security with a principal amount equal to the Stated Amount, subject to the Pledge of such Preferred Security by such Holder pursuant to the Pledge Agreement, and the rights and obligations of the Holder thereof and the Company under one Purchase Contract. The Agent as attorney-in-fact for, and on behalf of, each Holder of Income PRIDES shall pledge, pursuant to the Pledge Agreement, dated as of the date hereof, a Preferred Security forming a part of such Holder's Income PRIDES, to the Collateral Agent and grant to the Collateral Agent a security interest in the right, title, and interest of such Holder in such Preferred Security, for the benefit of the Company, to secure the obligation of the Holder under the Purchase Contracts to purchase the Common Stock of the Company. Prior to the purchase, if any, purchase of shares of Common Stock under the Purchase Contracts, the Income PRIDES Certificates such Purchase Contracts shall not entitle the Holders of Income PRIDES Certificates to any of the rights of a holder of shares of Common Stock, including, without limitation, the right to vote or receive any dividends or other payments or to consent or to receive notice as stockholders in respect of the meetings of stockholders or for the election of directors of the Company or for any other matter, or any other rights whatsoever as stockholders of the Company. Each Growth PRIDES Certificate shall evidence the number of Growth PRIDES specified therein, with each such Growth PRIDES representing the ownership by the Holder thereof of a beneficial interest in Treasury Security with a principal amount equal to the aggregate Stated Amount of the Preferred Securities for which such Treasury Security is being substituted, subject to the Pledge of such Treasury Security by such Holder pursuant to the Pledge Agreement andSecurity

Appears in 1 contract

Samples: Purchase Contract Agreement (MCN Corp)

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Rights and Obligations Evidenced by the Certificates. Each Income PRIDES Type A Certificate shall evidence the number of Income PRIDES Type A Securities specified therein, with each such Type A Security representing the ownership by the Holder thereof of a Preferred beneficial interest in a Debt Security with a principal amount equal to or the Stated AmountApplicable Ownership Interest of the Treasury Portfolio, as the case may be, subject to the Pledge of such Preferred Debt Security or the Applicable Ownership Interest of the Treasury Portfolio, as the case may be, by such Holder pursuant to the Pledge Agreement, and the rights and obligations of the Holder thereof and the Company under one Purchase Contract. The Agent as attorney-in-fact for, and on behalf of, the Holder of each Holder Type A Security shall pledge, pursuant to the Pledge Agreement, dated as the Debt Security or the Applicable Ownership Interest of the date hereofTreasury Portfolio, as the case may be, forming a Preferred Security part of such Type A Security, to the Collateral Agent and grant to the Collateral Agent a security interest in the right, title, and interest of such Holder in such SecurityDebt Security or the Applicable Ownership Interest of the Treasury Portfolio, as the case may be, for the benefit of the Company, to secure the obligation of the Holder under the each Purchase Contracts Contract to purchase the Common Stock of the Company. Prior to the purchase, if any, of shares of Common Stock under the Purchase Contracts, the Income PRIDES Certificates shall not entitle the Holders to any of the rights of a holder of shares of Common Stock, including, without limitation, the right to vote or receive any dividends or other payments or to consent or to receive notice as stockholders in respect of the meetings of stockholders or for the election of directors of the Company or for any other matter, or any other rights whatsoever as stockholders Shares of the Company. Each Growth PRIDES Type B Certificate shall evidence the number of Growth PRIDES Type B Securities specified therein, with each such Growth PRIDES Type B Security representing the ownership by the Holder thereof of a 1/100 undivided beneficial interest in a Treasury Security with a principal amount equal to the aggregate Stated Amount of the Preferred Securities for which such Treasury Security is being substituted, $1,000 subject to the Pledge of such Treasury Security by such Holder pursuant to the Pledge Agreement andAgreement, and the rights and obligations of the Holder thereof and the Company under one Purchase Contract.

Appears in 1 contract

Samples: Form of Purchase Contract Agreement (Arvin Industries Inc)

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