Prohibited Preferred Stock definition
Prohibited Preferred Stock means any Preferred Stock that by its terms is mandatorily redeemable or subject to any other payment obligation (including any obligation to pay dividends, other than dividends of shares of Preferred Stock of the same class and series payable in kind or dividends of shares of common stock) on or before a date that is less than 1 year after the Maturity Date, or, on or before the date that is less than 1 year after the Maturity Date, is redeemable at the option of the holder thereof for cash or assets or securities (other than distributions in kind of shares of Preferred Stock of the same class and series or of shares of common stock).
Prohibited Preferred Stock means any Preferred Stock that by its terms is mandatorily redeemable or subject to any other payment obligation (including any obligation to pay dividends, other than dividends of shares of Preferred Stock of the same class and series payable in kind or dividends of shares of common stock) on or before a date that is less than 6 months after the Term Loan Maturity Date, or, on or before the date that is less than 6 months after the then extant Term Loan Maturity Date, is redeemable at the option of the holder thereof for cash or assets or securities (other than distributions in kind of shares of Preferred Stock of the same class and series or of shares of common stock).
Prohibited Preferred Stock means and refers to any Preferred Stock that by its terms is mandatorily redeemable for consideration other than preferred stock of the same class or common stock or is subject to any other payment obligation (including any obligation to pay dividends, other than dividends of preferred stock of the same class and series payable in kind or dividends of common stock) or is redeemable at the option of the holder thereof for cash or assets or securities (other than distributions in kind of preferred stock of the same class and series or of common stock) of the issuer or any of its Subsidiaries.
Examples of Prohibited Preferred Stock in a sentence
Issue or sell or enter into any agreement or arrangement for the issuance and sale of, or permit any of its Subsidiaries to issue or sell or enter into any agreement or arrangement for the issuance and sale of, any shares of Prohibited Preferred Stock, any securities convertible into or exchangeable for Prohibited Preferred Stock or any warrants to purchase Prohibited Preferred Stock.
Issue or sell Prohibited Preferred Stock or permit any of its Subsidiaries to issue or sell or enter into any agreement or arrangement for the issuance and sale of, any shares of its Stock (other than to its immediate parent), any securities convertible into or exchangeable for its Stock or any warrants.
No Borrower shall and Parent shall cause each --------------- Obligor not to issue any Prohibited Preferred Stock.
The holders of the Secured Notes (Convertible) shall have delivered to the Parent their irrevocable election to convert at least 95% of the total outstanding amount of the Secured Notes (Convertible) into Stock (other than Prohibited Preferred Stock) issued by Parent.
Issue or sell or enter into any agreement or arrangement for the issuance and sale of any Prohibited Preferred Stock.
More Definitions of Prohibited Preferred Stock
Prohibited Preferred Stock means any Preferred Stock that by its terms is mandatorily redeemable or subject to any other payment obligation (including any obligation to pay dividends, other than dividends of shares of Preferred Stock of the same class and series payable in kind or dividends of shares of common stock and Restricted Junior Payments permitted by Section 6.9) on or before a date that is less than 1 year after the Maturity Date, or, on or before the date that is less than 1 year after the Maturity Date, is redeemable at the option of the holder thereof for cash or assets or securities (other than distributions in kind of shares of Preferred Stock of the same class and series or of shares of common stock and Restricted Junior Payments permitted by Section 6.9).
Prohibited Preferred Stock means any Preferred Stock that by its terms is mandatorily redeemable or subject to any other payment obligation (including any obligation to pay dividends, other than dividends of shares of Stock) on or before the Maturity Date, or, on or before the Maturity Date, is redeemable at the option of the holder thereof for cash or assets (other than distributions of Stock).
Prohibited Preferred Stock means any Preferred Stock that by its terms is mandatorily redeemable or subject to any other payment obligation (including any obligation to pay dividends, other than dividends of shares of Stock (so long as such Stock would not otherwise constitute Prohibited Preferred Stock)) on or before a date that is less than 1 year after the Maturity Date, or, on or before the date that is less than 1 year after the Maturity Date, is redeemable at the option of the holder thereof for cash or assets or securities (other than distributions in kind of shares of Stock (so long as such Stock would not otherwise constitute Prohibited Preferred Stock)).
Prohibited Preferred Stock means any Preferred Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case, at the option of the holder of the Preferred Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Preferred Stock, in whole or in part, on or prior to the date that is 91 days after the Maturity Date. Notwithstanding the preceding sentence, any Preferred Stock that would constitute Prohibited Preferred Stock solely because the holders of the Preferred Stock have the right to require Borrower to repurchase such Preferred Stock upon the occurrence of a change of control or an asset sale will not constitute Prohibited Preferred Stock if the terms of such Preferred Stock provide that Borrower may not repurchase or redeem any such Preferred Stock pursuant to such provisions unless such repurchase or redemption complies with the Agreement. The amount of Prohibited Preferred Stock deemed to be outstanding at any time for purposes of the Agreement will be the maximum amount that Borrower may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Prohibited Preferred Stock, exclusive of accrued dividends.
Prohibited Preferred Stock means, with respect to any Person, any Preferred Stock of such Person that by its terms is mandatorily redeemable or subject to any other payment obligation (including any obligation to pay dividends, other than dividends of shares of Preferred Stock of the same class and series payable in kind or dividends of shares of common stock), other than as a result of a change of control, asset sale, or similar event, pursuant to a sinking fund obligation or otherwise on or before a date that is less than 91 days after the Maturity Date, or, on or before the date that is less than 91 days after the Maturity Date, other than as a result of a change of control, asset sale, or similar event, pursuant to a sinking fund obligation or otherwise, is redeemable at the option of the holder thereof for cash or assets or securities (other than distributions in kind of shares of Preferred Stock of the same class and series or of shares of common stock); provided that if Preferred Stock is issued to any plan for the benefit of employees of Parent or its Subsidiaries or by any such plan to such employees, such Preferred Stock shall not constitute Prohibited Preferred Stock solely because it may be required to be repurchased by Parent or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death, or disability. Notwithstanding the foregoing, the Series A Preferred shall not be deemed “Prohibited Preferred Stock”.
Prohibited Preferred Stock means any Preferred Stock that by its terms is mandatorily redeemable or subject to any other payment obligation (including any obligation to pay dividends, other than dividends of shares of Preferred Stock of the same class and series payable in kind or dividends of shares of common stock) on or before a date that is less than 6 months after the Final Maturity Date, or is redeemable at the option of the holder thereof for cash or assets or securities (other than distributions in kind of shares of Preferred Stock of the same class and series or of shares of common stock) on or before a date that is less than 6 months after the Final Maturity Date.
Prohibited Preferred Stock any Preferred Stock that by its terms is mandatorily redeemable or subject to any other payment obligation (including any obligation to pay dividends, other than dividends of shares of Preferred Stock of the same class and series payable in kind or dividends of shares of common stock) on or before a date that is less than 6 months after the Revolving Loan Commitment Expiration Date, or, on or before the date that is less than 6 months after the Revolving Loan Commitment Expiration Date, is redeemable at the option of the holder thereof for cash or assets or securities (other than distributions in kind of shares of Preferred Stock of the same class and series or of shares of common stock). The Class B Preferred Stock and Class C Preferred Stock shall not be considered Prohibited Preferred Stock.