Specified Future Preferred Equity definition
Specified Future Preferred Equity means any Capital Stock issued after the Closing Date (including, without limitation, pursuant to any conversion) that constitutes Disqualified Capital Stock other than pursuant to clause (a) or (b) of the definition thereof or is Capital Stock that is or becomes convertible into or exchangeable for Indebtedness or Capital Stock that would constitute Disqualified Capital Stock pursuant to clause (a) or (b) of the definition thereof. For the avoidance of doubt, any Capital Stock issued to Carvana after the Closing Date that has the same terms as the Carvana Existing Preferred Stock shall constitute Specified Future Preferred Equity.
Examples of Specified Future Preferred Equity in a sentence
For the avoidance of doubt, the amount of any Indebtedness constituting Specified Future Preferred Equity for purposes of determining compliance with any of the exceptions set forth in this Section 7.1 shall be determined in accordance with GAAP.
Notwithstanding the foregoing, the Borrower will not, and will not permit any Subsidiary to, issue or permit to exist or remain outstanding any Capital Stock that constitutes Disqualified Capital Stock other than, to the extent permitted above, any Specified Future Preferred Equity.