Auction Preferred Shares definition
Examples of Auction Preferred Shares in a sentence
The mandatory redemption price for any Auction Preferred Shares that are redeemed pursuant to this Section 2.6(b)(i) shall be specified in Section 11.4(a) of the Auction Preferred Statement.
For the avoidance of doubt, Section 11.4 of the Auction Preferred Statement for additional provisions related to the mandatory redemption of the Auction Preferred Shares.
Unless otherwise provided, defined terms used in this Statement apply only to the RVMTP Shares and defined terms used in the Auction Preferred Statement apply only to the Auction Preferred Shares.
The Rating Agency Guidelines of any Rating Agency may be amended by such Rating Agency without the vote, consent or approval of the Fund, the Board of Trustees or any Holder of Preferred Shares, including any RVMTP Shares or Auction Preferred Shares, or Common Shares.
If fewer than all outstanding Auction Preferred Shares are to be redeemed pursuant to this Section 2.6(b)(i), the manner of allocation of shares to be redeemed among the series of Auction Preferred Shares shall be determined in accordance with Section 11.4 of the Auction Preferred Statement.
If fewer than all outstanding Auction Preferred Shares are to be redeemed pursuant to this Section 2.6(b)(ii), the manner of allocation of shares to be redeemed among the series of Auction Preferred Shares shall be determined in accordance with Section 11.4 of the Auction Preferred Statement.
Subject to Section 2.7(b), the Holders of outstanding Common Shares and Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, voting together as a single class, shall elect the balance of the trustees.
In this regard, the provisions of this Section 2.3 shall be applied consistently with Section 11.3 of the Auction Preferred Statement and with all other Preferred Shares such that Holders of the RVMTP Shares and holders of the Auction Preferred Shares and any other Preferred Shares are treated on parity with one another with respect to any such distribution.
The Fund shall allocate such redemption on a pro rata basis among different series of Preferred Shares (including the shares of each Series of RVMTP Shares and the Auction Preferred Shares) based upon the proportion that the aggregate liquidation preference of the outstanding Preferred Shares of any series bears to the aggregate liquidation preference of all outstanding series of Preferred Shares (a “Pro Rata Allocation”).
For the avoidance of doubt, Section 11.4 of the Auction Preferred Statement for additional provisions relates to the mandatory redemption of the Auction Preferred Shares.