Common use of Dividend and Other Payment Restrictions Clause in Contracts

Dividend and Other Payment Restrictions. (a) For so long as any shares of Redeemable Convertible Preferred Stock are outstanding, the Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, without the consent of the Holders of at least 66-2/3% of the outstanding voting power of the Redeemable Convertible Preferred Stock create or permit to exist or become effective any consensual encumbrance or restriction (other than pursuant to this Certificate of Designations, other Senior Stock, the Series B-1 Stock or the indenture, as supplemented, governing the Company’s Senior Secured Notes due 2010) on the ability of any Restricted Subsidiary to:

Appears in 2 contracts

Samples: Investment Agreement (Transmeridian Exploration Inc), Investment Agreement (Transmeridian Exploration Inc)

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Dividend and Other Payment Restrictions. (a) For so long as any shares of Redeemable Convertible Preferred Stock are outstanding, the Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, without the consent of the Holders of at least 66-66- 2/3% of the outstanding voting power of the Redeemable Convertible Preferred Stock create or permit to exist or become effective any consensual encumbrance or restriction (other than pursuant to this Certificate of Designations, other Senior Stock, the Series B-1 B-2 Stock or the indenture, as supplemented, governing the Company’s Senior Secured Notes due 2010) on the ability of any Restricted Subsidiary to:

Appears in 2 contracts

Samples: Investment Agreement (Transmeridian Exploration Inc), Investment Agreement (Transmeridian Exploration Inc)

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