Limitation on Preferred Stock of Subsidiaries. The Company shall not permit any of its Restricted Subsidiaries that is not a Guarantor to issue any Preferred Stock (other than to the Company or to a Restricted Subsidiary of the Company) or permit any Person (other than the Company or a Restricted Subsidiary of the Company) to own any Preferred Stock of any Restricted Subsidiary of the Company that is not a Guarantor.
Limitation on Preferred Stock of Subsidiaries. The Company will not permit any of its Restricted Subsidiaries to issue any Preferred Stock (other than to the Company or to a Restricted Subsidiary of the Company) or permit any Person (other than the Company or a Restricted Subsidiary of the Company) to own any Preferred Stock of any Restricted Subsidiary of the Company.
Limitation on Preferred Stock of Subsidiaries. The Company will not permit (a) any Subsidiary of the Company to issue any Preferred Stock, except for (i) Preferred Stock issued to the Company or a Wholly-Owned Subsidiary and (ii) Preferred Stock issued by a Person prior to the time (A) such Person becomes a Subsidiary, (B) such Person merges with or into a Subsidiary or (C) a Subsidiary merges with or into such Person; provided that such Preferred Stock referred to in clause (ii) above was not issued or incurred by such Person in anticipation of the type of transaction contemplated by subclause (A), (B) or (C), or (b) any Person (other than the Company, or a Wholly-Owned Subsidiary) to acquire Preferred Stock of any Subsidiary from the Company or any Subsidiary, except, in the case of clause (a) or (b), upon the acquisition of all the outstanding Preferred Stock of such Subsidiary in accordance with the terms hereof.
Limitation on Preferred Stock of Subsidiaries. The Company will not permit any of its Subsidiaries to issue, directly or indirectly, any Preferred Stock, except:
(i) Preferred Stock of a Subsidiary of the Company issued to and held by the Company or any of its Wholly Owned Subsidiaries, provided that any subsequent issuance or transfer of any Capital Stock which results in such Wholly Owned Subsidiary ceasing to be a Wholly Owned Subsidiary of the Company or any transfer of such Preferred Stock by any such Wholly Owned Subsidiary will, in each case, be deemed an issuance of Preferred Stock;
(ii) Preferred Stock issued by a Person prior to the time (a) such Person becomes a Subsidiary of the Company, (b) such Person merges with or into or consolidates with a Subsidiary of the Company or (c) another Subsidiary of the Company merges with or into or consolidates with such Person (in a transaction in which such Person becomes a Subsidiary of the Company), which Preferred Stock was not issued in anticipation of such transaction;
(iii) Preferred Stock (other than Disqualified Stock) which is exchanged for Preferred Stock permitted to be outstanding pursuant to clauses (i) and (ii) above or which is used to refinance Debt (or any refinancing thereof), having a liquidation preference not to exceed the liquidation preference of the Preferred Stock in the principal amount of the Debt so refinanced; and
(iv) Preferred Stock issued by Subsidiaries of the Company not otherwise permitted to be issued pursuant to clauses (i) through (iii) above, which, together with (a) any other Preferred Stock outstanding pursuant to this clause (iv), (b) any Debt of Subsidiaries of the Company Incurred pursuant to clause (viii) of Section 10.9 and (c) any Debt of the Company Incurred pursuant to clause (vii) of the second paragraph of Section 10.8, has an aggregate liquidation preference and/or principal amount not in excess of $50 million at any time outstanding.
Limitation on Preferred Stock of Subsidiaries. The Company shall not permit any of the Restricted Subsidiaries to issue any Preferred Stock (other than to the Company or to a Wholly Owned Restricted Subsidiary) or permit any Person (other than the Company or a Wholly Owned Restricted Subsidiary) to own any Preferred Stock of any Restricted Subsidiary, other than Permitted Domestic Subsidiary Preferred Stock.
Limitation on Preferred Stock of Subsidiaries. LNR shall not permit any of its Subsidiaries to issue any Preferred Stock (other than to LNR or to a Wholly Owned Subsidiary of LNR) or permit any Person (other than LNR or a Wholly Owned Subsidiary of LNR) to own any Preferred Stock of any Subsidiary of LNR.
Limitation on Preferred Stock of Subsidiaries. The Issuers will not permit any of their Subsidiaries to issue any Preferred Stock (except Preferred Stock issued to the Company or a Wholly Owned Subsidiary of the Company) or permit any Person (other than the Company or a Wholly Owned Subsidiary of the Company) to hold any such Preferred Stock unless the Company or such Subsidiary would be entitled to incur or assume Indebtedness under Section 4.04 (other than Permitted Indebtedness) in the aggregate principal amount equal to the aggregate liquidation value of the Preferred Stock to be issued.
Limitation on Preferred Stock of Subsidiaries. The Company shall not cause, and shall not permit, any Subsidiary of the Company to issue any Preferred Stock except:
(i) Preferred Stock held by a Wholly-Owned Subsidiary or held by the Company;
(ii) Preferred Stock of an entity when it is acquired which is outstanding at the time of such acquisition and not incurred in anticipation of such acquisition; provided, that the Company could Incur Debt in an amount equal to the liquidation value of such Preferred Stock pursuant to the first paragraph of Section 1008; and
(iii) Preferred Stock issued by a Subsidiary of the Company (other than Forest City Rental Properties Corporation), provided that (a) the liquidation value of such Preferred Stock is treated as Debt Incurred at the time such Preferred Stock is issued for all purposes under the Indenture, (b) all dividends on such Preferred Stock, whether or not declared or paid, are treated as Consolidated Interest Expense and (c) at the time of the issuance of such Preferred Stock and after giving effect to the issuance of such Preferred Stock as Debt Incurred at the time of the issuance thereof, the Company could Incur at least $1.00 of additional Debt pursuant to the first paragraph of Section 1008.
Limitation on Preferred Stock of Subsidiaries. The Company shall not permit any of its Subsidiaries to issue any Preferred Stock (other than to the Company or to a Wholly-Owned Subsidiary of the Company) or permit any Person (other than the Company or a Wholly-Owned Subsidiary of the Company) to own any Preferred Stock of a Subsidiary (other than Acquired Preferred Stock; provided that at the time the issuer of such Acquired Preferred Stock becomes a Subsidiary of the Company or merges with the Company or any of its Subsidiaries, and after giving effect to such transaction, the Company shall be able to incur $1.00 of additional Indebtedness (other than Permitted Indebtedness) in compliance with Section 4.12).
Limitation on Preferred Stock of Subsidiaries. The Company will not permit any of its Subsidiaries to issue any Preferred Stock (other than to the Company or to a Wholly Owned Subsidiary of the Company) or permit any Person (other than the Company or a Wholly Owned Subsidiary of the Company) to own any such Preferred Stock (other than Acquired Preferred Stock); provided that at the time the issuer of such Acquired Preferred Stock becomes a Subsidiary of the Company or merges with the Company or any of its Subsidiaries, and after giving effect to such transaction, the Company shall be able to incur an additional $1.00 of Indebtedness pursuant to Section 4.3(a) (treating the amount of all obligations of such Subsidiary with respect to the redemption, repayment or other repurchase of such Acquired Preferred Stock (but excluding any accrued dividends thereon) as Indebtedness solely for purpose of such calculation, but only to the extent that such obligations arise on or prior to the first anniversary of the Stated Maturity of the Securities).
