Examples of Pledged Preferred Stock in a sentence
Upon Early Settlement of Purchase Contracts by a Holder of the related Securities, the Pledged Preferred Stock underlying such Securities shall be released from the Pledge as provided in the Pledge Agreement and the Holder shall be entitled to receive a number of shares of Common Stock on account of each Purchase Contract forming part of a Corporate PIES as to which Early Settlement is effected equal to the Early Settlement Rate.
The Remarketing Agent will deposit in the Collateral Account the portion of the Proceeds of such remarketing equal to 100% the aggregate liquidation preference of the remarketed Pledged Preferred Stock and, pursuant to the Remarketing Agreement, shall retain the portion of the Proceeds equal to 0.50% of the aggregate liquidation preference of the remarketed Pledged Preferred Stock.
On the Purchase Contract Settlement Date, upon three Business Days' written notice to the Collateral Agent the Collateral Agent shall instruct the Securities Intermediary to apply a portion of the Proceeds from such remarketing equal to the aggregate liquidation preference of such Pledged Preferred Stock to satisfy in full the obligations of such Holders of Corporate PIES to pay the Purchase Price to purchase the Common Stock under the related Purchase Contracts.
If the Remarketing Agent advises the Collateral Agent in writing that there has been a Failed Remarketing, thus resulting in an event of default under the Purchase Contract Agreement and hereunder, the Collateral Agent, for the benefit of the Company shall, at the written direction of the Company, dispose of the Pledged Preferred Stock in accordance with applicable law and satisfy in full, from such disposition, such Holders' obligations to pay the Purchase Price for the Common Stock.
Without limiting the generality of the foregoing, such remedies may include, to the extent permitted by applicable law, (i) retention of the Pledged Preferred Stock in full satisfaction of the Holders' obligations under the Purchase Contracts or (ii) sale of the Pledged Preferred Stock in one or more public or private sales.
All payments received by the Securities Intermediary following a Termination Event of (1) the principal amount of Pledged Preferred Stock or securities entitlements thereto or (2) the principal amount of the Pledged Treasury Securities or securities entitlements thereto shall be distributed to the Purchase Contract Agent for the benefit of the Holders for distribution to such Holders in accordance with their respective interests.
We hereby request that you instruct the Securities Intermediary, upon confirmation that such Treasury Securities or security entitlements thereto have been credited to the Collateral Account, to release to the undersigned an equal Value of Pledged Preferred Stock in accordance with Section 5.2 of the Pledge Agreement.
The undersigned Holder hereby instructs you to instruct the Collateral Agent to release to you on behalf of the undersigned Holder the [Pledged Preferred Stock] [Pledged Treasury Securities] related to such [Corporate PIES] [Treasury PIES].
We hereby notify you in accordance with Section 5.2 of the Pledge Agreement that the holder of securities named below (the "Holder") has elected to substitute $__________ Value of Treasury Securities or security entitlements thereto in exchange for an equal Value of Pledged Preferred Stock and has delivered to the undersigned a notice stating that the Holder has Transferred such Treasury Securities or security entitlements thereto to the Securities Intermediary, for credit to the Collateral Account.
In such event, the Collateral Agent shall instruct the Securities Intermediary to Transfer the related Pledged Preferred Stock to the Remarketing Agent for remarketing.