Common use of CDCI Preferred Shares Clause in Contracts

CDCI Preferred Shares. The CDCI Preferred Shares have been duly and validly authorized by all necessary action, and, when issued and delivered pursuant to this Agreement, such CDCI Preferred Shares will be duly and validly issued and fully paid and nonassessable, will not be issued in violation of any preemptive rights, and will rank pari passu or senior to all other series or classes of CDCI Preferred Stock, whether or not designated, issued or outstanding, with respect to the payment of dividends and the distribution of assets in the event of any dissolution, liquidation or winding up of the Company.