Hybrid Preferred Securities means any preferred securities issued by a Hybrid Preferred Securities Subsidiary, where such preferred securities have the following characteristics:
Hybrid Preferred Securities means preferred securities issued by a Hybrid Preferred Securities Subsidiary, where such preferred securities have the following characteristics: (i) such Hybrid Preferred Securities Subsidiary lends substantially all of the proceeds from the issuance of such preferred securities to the Issuer in exchange for subordinated debt issued by the Issuer; (ii) such preferred securities contain terms providing for the deferral of distributions corresponding to provisions providing for the deferral of interest payments on such subordinated debt; and (iii) the Issuer makes periodic interest payments on such subordinated debt, which interest payments are in turn used by the Hybrid Preferred Securities Subsidiary to make corresponding payments to the holders of the Hybrid Preferred Securities.
Hybrid Preferred Securities means any trust preferred securities, or deferrable interest subordinated debt with a maturity of at least 20 years issued by the Borrower, or any business trusts, limited liability companies, limited partnerships (or similar entities) (i) all of the common equity, general partner or similar interests of which are owned (either directly or indirectly through one or more wholly owned Subsidiaries) at all times by the Borrower or any of its Subsidiaries, (ii) that have been formed for the purpose of issuing hybrid preferred securities and (iii) substantially all the assets of which consist of (A) subordinated debt of the Borrower or a Subsidiary of the Borrower, as the case may be, and (B) payments made from time to time on the subordinated debt.
Examples of Hybrid Preferred Securities in a sentence
The Hybrid Preferred Securities Index includes taxable, fixed rate, US dollar denominated, investment grade preferred securities listed in a US exchange.
Airman has, or is eligible to obtain, the required retainability.
Annual Compound Returns 1 Year3 YearSince Inception(1)Flaherty & Crumrine Investment Grade Fixed Income Fund(2)(15.1%)(2.5%)(3.0%)Merrill Lynch Hybrid Preferred Securities Index(12.7%)(1.9%)(1.6%)(1) Period from December 15, 2004 (commencement of operations) to December 31, 2007.(2) Based on Published NAV per unit and assuming that distributions made by the Fund on its units in the periods shown were reinvested (at Published NAV per unit) in additional units of the Fund.
The Hybrid Preferred Securities Index includes taxable, fixed rate, US dollar denominated, investment grade preferred securities listed in a US exchange and structured for retail investors.
Notwithstanding the foregoing, solely for purposes of the calculation required under Section 8.01(j)(ii), Debt shall not include any Junior Subordinated Debt issued by the Borrower and owned by any Hybrid Preferred Securities Subsidiary.
More Definitions of Hybrid Preferred Securities
Hybrid Preferred Securities means any trust preferred securities, or deferrable interest subordinated debt with a maturity of at least 20 years, in each case similar to PPL Electric Utilities Corporation's existing Trust Preferred Securities (TOPrS), issued by the Borrower, or any business trusts, limited liability companies, limited partnerships (or similar entities) (i) all of the common equity, general partner or similar interests of which are owned (either directly or indirectly through one or more wholly owned Subsidiaries) at all times by the Borrower or any of its Subsidiaries, (ii) that have been formed for the purpose of issuing hybrid preferred securities and (iii) substantially all the assets of which consist of (A) subordinated debt of the Borrower or a Subsidiary of the Borrower, as the case may be, and (B) payments made from time to time on the subordinated debt.
Hybrid Preferred Securities means preferred or common equity interests issued by any Hybrid Preferred Securities Subsidiary.
Hybrid Preferred Securities means any securities issued directly or indirectly by the Corporation or any Subsidiary or any trust or other entity formed by them and reflected on the consolidated balance sheet of the Corporation in accordance with GAAP as other than a liability (including any loans or notes issued in connection therewith) and not reflected on such balance sheet as shareholders' equity.
Hybrid Preferred Securities means preferred securities issued by a Hybrid Preferred Securities Subsidiary, where such preferred securities have the following characteristics: (i) such Hybrid Preferred Securities Subsidiary lends substantially all of the proceeds for the issuance of such preferred securities to Panhandle in exchange for subordinated debt issued by Panhandle; (ii) such preferred securities contain terms providing for the deferral of distributions corresponding to provisions providing for the deferral of interest payments on such subordinated debt; and (iii) Panhandle makes periodic interest payments on such subordinated debt, which interest payments are in turn used by the Hybrid Preferred Securities Subsidiary to make corresponding payments to the holder of the Hybrid Preferred Securities. S-21 Table of Contents
Hybrid Preferred Securities means any securities, permanent debt obligations or similar instruments or arrangements (each in this definition referred to as "preferred securities") issued by a Hybrid Preferred Securities Subsidiary, where such preferred securities have the following characteristics: (a) such Hybrid Preferred Securities Subsidiary lends substantially all of the proceeds from the issuance of such preferred securities to the Borrower or any of its Subsidiaries in exchange for the applicable Qualified Junior Indebtedness issued by the Borrower or any of its Subsidiaries; (b) such preferred securities contain terms providing for the deferral of interest payments on such Qualified Junior Indebtedness; and (c) the Borrower or any such Subsidiary makes periodic interest payments on such Qualified Junior Indebtedness, which interest payments are in turn used by the Hybrid Preferred Securities Subsidiary to make corresponding payments to the holders of the preferred securities. "Hybrid Preferred Securities Subsidiary" shall mean any person (a) all of the common equity interest of which is owned (either directly or indirectly) through one or more wholly owned Subsidiaries at all times, (b) that has been formed for the purpose of issuing Hybrid Preferred Securities and (c) substantially all of the assets of which consist at all times of Qualified Junior Indebtedness issued by the Borrower or any of its Subsidiaries and payments made from time to time on such Qualified Junior Indebtedness. "Inactive Subsidiary" shall mean any subsidiary of the Borrower that (a) has total assets not in excess of $10,000, (b) has not in the last six months conducted any business activity and (c) is not the obligor (whether primary or by virtue of any Guarantee) in respect of any Indebtedness other than Indebtedness held by the Borrower or any Guarantor.
Hybrid Preferred Securities means any securities, permanent debt obligations or similar instruments or arrangements (each in this definition referred to as "preferred securities") issued by a Hybrid Preferred Securities Subsidiary, where such preferred securities have the following characteristics: (a) such Hybrid Preferred Securities Subsidiary lends substantially all of the proceeds from the issuance of such preferred securities to PGH or any of its subsidiaries in exchange for the applicable Qualified Junior Indebtedness issued by PGH or any of its subsidiaries;
Hybrid Preferred Securities means any securities, permanent debt obligations or similar instruments or arrangements (each in this definition referred to as "preferred securities") issued by a Hybrid Preferred Securities Subsidiary, where such preferred securities have the following characteristics: