Common Securities definition

Common Securities means the securities representing common undivided beneficial interests in the assets of the Issuer.

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Common Securities means undivided beneficial interests in the assets of the Trust which rank pari passu with Capital Securities issued by the Trust; provided, however, that upon the occurrence and continuance of an Event of Default (as defined in the Declaration), the rights of holders of such Common Securities to payment in respect of distributions and payments upon liquidation, redemption and otherwise are subordinated to the rights of holders of such Capital Securities.

Common Securities has the meaning specified in the first recital of this Indenture.

Examples of Common Securities in a sentence

• All of the proceeds from the sale of the Common Securities issued by the Trusts have been invested in the Debt Securities.

• Except for liens under the Operative Documents, all of the issued and outstanding Common Securities of the Trusts are directly owned by Progressive free and clear of any lien, have been issued in compliance with applicable federal and state securities or “blue sky” laws, represent not less than 3% of the equity value of each of the Trusts and, other than during the continuance of an event of default under the Debt Securities, are pari passu with the Capital Securities issued by the Trusts.

• None of the Capital Securities or the Common Securities are subject to preemptive or other similar rights.

• The Trusts exist for the exclusive purpose of (A) issuing and selling their respective Capital Securities and Common Securities, (B) using the proceeds from the sale of such Capital Securities and Common Securities to acquire their respective Debt Securities, and (C) engaging only in activities necessary, advisable or incidental thereto.

• The Investor’s right to receive its Conversion Amount is (A) on par with payments for Common Securities and other Safes and/or Preferred Securities who are also receiving Conversion Amounts or Proceeds on a similar as-converted to Common Securities basis, and (B) junior to payments described in clauses (i) and (ii) above (in the latter case, to the extent such payments are Cash-Out Amounts or similar liquidation preferences).

More Definitions of Common Securities

Common Securities means the common securities issued by the Issuer to the Guarantor pursuant to the Declaration.

Common Securities has the meaning set forth in paragraph 1(b) of Annex I.

Common Securities has the meaning specified in the Recitals hereto.

Common Securities has the meaning specified in Section 7.1(a).

Common Securities has the meaning specified in Section 7.01(b).

Common Securities has the meaning specified in the Declaration.

Common Securities means common limited liability company membership units of the Company or common stock of the Company, if the Company is restructured as a corporation, including the securities issuable upon the conversion of this instrument pursuant to Sections 1(a) or 1(b). For purposes of this Crowd SAFE, “common limited liability company membership units” refers to those interests in the Company that, as of the relevant event, would be last to receive a repayment of all capital contributions made in respect to such interests.