Common Equity Units definition

Common Equity Units means a security or combination of securities that:

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Common Equity Units shall have the meaning set forth in the Stock Purchase Contract Agreement.

Common Equity Units means a security (or combination of securities) that mandatorily converts into Common Stock after no more than three years and gives the holder (i) a beneficial interest in a fixed income security of the Corporation (debt, trust preferred or preferred) that may or may not be remarketed to new investors during the term of the fixed income security and (ii) a fractional interest in a contract to purchase Common Stock.

Examples of Common Equity Units in a sentence

• Secured Party shall be entitled to retain the Normal Common Equity Units or Stripped Common Equity Units created pursuant to such Collateral Substitution without there being any reduction in the Obligations as a result of such retention.

• The Company has duly authorized the execution and delivery of this Agreement and the Certificates (as defined herein) evidencing the Common Equity Units.

• This Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Stock Purchase Contract Agent, and the Holders from time to time of the Common Equity Units, by their acceptance of the same, shall be deemed to have agreed to be bound by the provisions hereof and to have ratified the agreements of, and the grant of the Pledge hereunder by, the Stock Purchase Contract Agent.

• The Holders from time to time shall be beneficiaries of this Agreement and shall be bound by all of the terms and conditions hereof and of the Common Equity Units evidenced by their Certificates by their acceptance of delivery of such Certificates.

• In case any Certificates shall have been authenticated and executed on behalf of the Holders, but not delivered, by the Stock Purchase Contract Agent then in office, any successor by merger, conversion or consolidation to such Stock Purchase Contract Agent may adopt such authentication and execution and deliver the Certificates so authenticated and executed with the same effect as if such successor Stock Purchase Contract Agent had itself authenticated and executed such Common Equity Units.

• Nothing contained in this Agreement or in the Common Equity Units, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and, to the extent provided hereby, the Holders, any benefits or any legal or equitable right, remedy or claim under this Agreement.

• If any mutilated Certificate is surrendered to the Stock Purchase Contract Agent, the Company shall execute and deliver to the Stock Purchase Contract Agent, and the Stock Purchase Contract Agent shall authenticate, execute on behalf of the Holder, and deliver in exchange therefor, a new Certificate, evidencing the same number of Normal Common Equity Units or Stripped Common Equity Units, as the case may be, and bearing a Certificate number not contemporaneously outstanding.

• Until so exchanged, the temporary Certificates shall in all respects evidence the same benefits and the same obligations with respect to the Common Equity Units evidenced thereby as definitive Certificates.

• The Company covenants and agrees for the benefit of the Holders from time to time of the Common Equity Units that it will duly and punctually perform its obligations under the Stock Purchase Contracts in accordance with the terms of the Stock Purchase Contracts and this Agreement.

• Upon surrender for cancellation of any one or more temporary Certificates, the Company shall execute and deliver to the Stock Purchase Contract Agent, and the Stock Purchase Contract Agent shall authenticate, execute on behalf of the Holder, and deliver in exchange therefor, one or more definitive Certificates of like tenor and denominations and evidencing a like number of Common Equity Units as the temporary Certificate or Certificates so surrendered.

More Definitions of Common Equity Units

Common Equity Units means a security or combination of securities that (i) gives the holders (a) a beneficial interest in a fixed income security of the Corporation (including a debt security, a trust preferred security of a subsidiary trust or preferred stock) that has a maturity no greater than six years and (b) a beneficial interest in a stock purchase contract; (ii) includes a remarketing feature pursuant to which the fixed income security is required to be remarketed to new investors within four years from the date of issuance of the security; and (iii) provides for the proceeds raised in the remarketing to be used to purchase a determinable number of shares of Common Stock (which may be determinable within a range) pursuant to the stock purchase contract.

Common Equity Units shall have the meaning specified in each applicable Governing Agreement.

Common Equity Units shall have the meaning assigned in the MetLife Purchase Agreement.

Common Equity Units means a security or combination of securities that (i) gives the holders a beneficial interest in (a) a fixed income security of the Corporation or the Guarantor (including a debt security, a trust preferred security of a subsidiary trust or preferred stock) that has a maturity no greater than six years and (b) a fractional interest in a stock purchase contract; (ii) includes a remarketing feature pursuant to which the fixed income security is required to be remarketed to new investors within four years from the date of issuance of the security; (iii) provides for the proceeds raised in the remarketing to be used to purchase a determinable number of Common Shares (which may be determinable within a range) pursuant to the stock purchase contract; (iv) includes a provision granting the Corporation or the Guarantor a security interest in the fixed income securities referred to in clause (i)(a) to secure the holders’ obligation to purchase Common Shares; and (v) includes a provision defining a failed remarketing and specifying that the consequences of a failed remarketing will be that the Common Shares will be acquired in exchange for the fixed income securities.

Common Equity Units means limited liability company interests of the Company having the rights and terms appurtenant thereto as specified in this Agreement for Common Equity Units;