Hybrid Security definition
Hybrid Security means any of the following: (a) beneficial interests issued by a trust which constitutes a Subsidiary of any Loan Party, substantially all of the assets of which trust are unsecured Indebtedness of any Loan Party or any Subsidiary of any Loan Party or proceeds thereof, and all payments of which Indebtedness are required to be, and are, distributed to the holders of beneficial interests in such trust promptly after receipt by such trust, or (b) any shares of capital stock or other equity interest that, other than solely at the option of the issuer thereof, by their terms (or by the terms of any security into which they are convertible or exchangeable) are, or upon the happening of an event or the passage of time would be, required to be redeemed or repurchased, in whole or in part, or have, or upon the happening of an event or the passage of time would have, a redemption or similar payment.
Hybrid Security any hybrid preferred securities consisting of trust preferred securities or deferrable interest subordinated debt securities with maturities of at least 20 years issued by the Parent Borrower or wholly owned special purpose entities that are direct Subsidiaries of the Parent Borrower.
Hybrid Security means any of the following: (a) beneficial interests issued by a trust which constitutes a Subsidiary of the Company or any Guarantor substantially all of the assets of which trust are unsecured Debt of the Company or any Guarantor or any Subsidiary of the Company or any Guarantor or proceeds thereof, and all payments of such Debt are required to be, and are, distributed to the holders of beneficial interests in such trust promptly after receipt by such trust or (b) any shares of capital stock or other equity interests that, other than solely at the option of the issuer thereof, by their terms (or by the terms of any security into which they are convertible or exchangeable) are, or upon the happening of an event or the passage of time would be, required to be redeemed or repurchased, in whole or in part, or have, or upon the happening of an event or the passage of time would have, a redemption or similar payment.
Examples of Hybrid Security in a sentence
In the case of TWC, permit MLP or any Subsidiary of MLP to own any direct or indirect interest in any Equity Interest in, or Hybrid Security issued by, any Credit Party (other than MLP).
The audit referred to in clause 6.5 of this Database Licence will cover the following items insofar as the Inspector reasonably determines that they are relevant solely to verify that they are managed in a manner that facilitates compliance with the Image Data Service Hybrid Security Features set out in Appendix 8 and the specific obligations set out in clause 6 of this Database Licence.
The audit referred to in clause 5.5 of this Database Licence will cover the following items insofar as the Inspector reasonably determines that they are relevant solely to verify that they are managed in a manner that facilitates compliance with the Image Data Service Hybrid Security Features set out in Appendix 10 and the specific obligations set out in clause 5 of this Database Licence.
Within five (5) Business Days of the issuance by the Borrower or any Subsidiary of the Borrower of any debt security, equity security, or Hybrid Security for cash proceeds or of the incurrence of any Indebtedness (other than Indebtedness permitted under clauses (ii) through (vi) inclusive of Section 7.
Section 6.06 of the Credit Agreement is hereby amended and supplemented by adding a new clause (xiii) at the end thereof, to read as follows: or (xiii) that is a Hybrid Security or an indenture, document, agreement or security entered into or issued in connection with a Hybrid Security or otherwise constituting a restriction or condition on the payment of dividends or distributions by an issuer of a Hybrid Security.
More Definitions of Hybrid Security
Hybrid Security means any of the following: any shares of capital stock or other equity interests that, other than solely at the option of the issuer thereof, by their terms (or by the terms of any security into which they are convertible or exchangeable) are, or upon the happening of an event or the passage of time would be, required to be redeemed or repurchased, in whole or in part, or have, or upon the happening of an event or the passage of time would have, a redemption or similar payment.
Hybrid Security means any of the following: (a) beneficial interests issued by a trust which constitutes a Subsidiary of the Company or any Restricted Subsidiary substantially all of the assets of which trust are unsecured Debt of the Company or any Restricted Subsidiary or any Subsidiary of the Company or any Restricted Subsidiary or proceeds thereof, and all payments of which Debt are required to be, and are, distributed to the holders of beneficial interests in such trust promptly after receipt by such trust, or (b) any shares of capital stock or other equity interests that, other than solely at the option of the issuer thereof, by their terms (or by the terms of any security into which they are convertible or exchangeable) are, or upon the happening of an event or the passage of time would be, required to be redeemed or repurchased, in whole or in part, or have, or upon the happening of an event or the passage of time would have, a redemption or similar payment.
Hybrid Security means a debt security, other than an approved security, the terms of which provide, or have the effect that, or contain an option which if exercised by the issuer would have the effect that the holder does not or would not have an unconditional entitlement to payment of interest and repayment of capital in full within seventy five years of the relevant date;
Hybrid Security means any security having equity-like characteristics or of the type commonly known as a hybrid security, including any hybrid preferred security, enhanced trust-preferred security or security that is treated (wholly or partially) as having equity content or as equity, in each case whether or not treated as equity under GAAP.
Hybrid Security means any Collateral Debt Security (including, without limitation, Asset-Backed Securities the payments on which depend on the cash flow from adjustable-rate mortgage loans) that, pursuant to its Underlying Instruments, passes through to the holders thereof all interest proceeds received in respect of the underlying collateral with respect to such Collateral Debt Security, which underlying collateral (a) may consist of assets that bear interest at a fixed rate for a limited period of time (greater than 12 months at time of issuance of such security), after which such assets bear interest based upon a floating rate index for Dollar-denominated obligations commonly used as a reference rate in the United States or the United Kingdom and (b) at any time may consist both of assets that bear interest at a fixed rate and assets that bear interest at a floating rate at such time; provided that, with respect to any Hybrid Security, the Collateral Manager shall, as soon as reasonably practicable following acquisition thereof by the Issuer, and for purposes only of determining whether or not the Issuer is in compliance with any Eligibility Criteria or Collateral Quality Test, determine in its sole discretion
Hybrid Security means, collectively, the Promissory Note issued by WDCC Enterprises to WDC Holding. in the original principal amount of $480,000,000 and the following related agreements: (i) the Forward Contribution Agreement by and between WDC Holding and New Canada LP I, (ii) the Forward Contribution Agreement by and between New Canada LP I and WDINESCO III B.V., (iii) the Forward Contribution Agreement by and between WDINESCO III B.V. and WDCC Enterprises and (v) the Guarantee Agreement by and between WDC Holding and WDCC Enterprises.
Hybrid Security means any of the following: (i) beneficial interests issued by a trust or other entity which constitutes a Loan Party or a Subsidiary of any Loan Party, substantially all of the assets of which trust or other entity are unsecured Debt of any Loan Party or any Subsidiary of any Loan Party or proceeds thereof, and all payments of which Debt are required to be, and are, distributed to the holders of beneficial interests in such trust promptly after receipt by such trust, or (ii) any shares of Capital Securities or other equity interest that, other than solely at the option of the issuer thereof, by their terms (or by the terms of any security into which they are convertible or exchangeable) are, or upon the happening of an event or the passage of time would be, required to be redeemed or repurchased, in whole or in part, or have, or upon the happening of an event or the passage of time would have, a redemption or similar payment. “Increasing Lender” has the meaning set forth in Section 2.14(a). “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. “Indemnitee” has the meaning set forth in Section 9.03(b). “Information” has the meaning set forth in Section 9.08. “Initial Advances” has the meaning set forth in Section 2.14(e). “Interest Coverage Ratio” means the ratio determined at the end of each Fiscal Quarter of (1) Consolidated EBITDA to (2) Consolidated Interest Expense, for the four (4) Fiscal Quarters then ended. “Interest Payment Date” means the first day of each month. “Interest Period” means: (1) with respect to each Adjusted Term SOFR Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the first, third or sixth month thereafter, as the Borrower may elect in the applicable Notice of Borrowing; provided that: (a) any Interest Period (subject to clause (c) below) which would otherwise end on a day which is not a Domestic Business Day shall be extended to the next succeeding Domestic Business Day unless such Domestic Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Domestic Business Day;