Existing Preferred Securities definition
Examples of Existing Preferred Securities in a sentence
The payment of the principal of, premium (if any), interest on or any other amounts due on the Securities is subordinated and junior in right of payment to all existing and future Senior Indebtedness (as defined below) of the Company and senior and prior in right of payment to the Common Securities Guarantee, the Exchange Common Securities Guarantee, the Existing Debentures, the Existing Common Securities Guarantee and the Existing Preferred Securities Guarantee, as described in the Indenture.
Solely for purposes of ranking and priority with respect to the Existing Debentures, the Existing Preferred Securities Guarantee and the Existing Common Securities Guarantee, this Common Securities Guarantee shall be deemed "Senior Indebtedness," as such term is defined in the Existing Indenture, the Existing Preferred Securities Guarantee and the Existing Common Securities Guarantee, respectively.
The payment of the principal of, premium (if any), interest on or any other amounts due on the Securities is subordinated and junior in right of payment to all existing and future Senior Indebtedness (as defined below) of the Company and senior and prior in right of payment to the Common Securities Guarantee, the Cash Offer Common Securities Guarantee, the Existing Debentures, the Existing Common Securities Guarantee and the Existing Preferred Securities Guarantee, as described in the Indenture.
Solely for purposes of ranking and priority with respect to the Existing Debentures, the Existing Preferred Securities Guarantee and the Existing Common Securities Guarantee, this Preferred Securities Guarantee shall be deemed "Senior Indebtedness," as such term is defined in the Existing Indenture, the Existing Preferred Securities Guarantee and the Existing Common Securities Guarantee, respectively.
The exchange of the Existing Preferred Securities for the Preferred Securities as described in this Agreement shall (a) not be prohibited by any applicable law or governmental regulation, (b) not subject the Holders or the Exchangors to any material penalty under or pursuant to any applicable law or governmental regulation and (c) be permitted by the laws and regulations of the jurisdictions to which the Holders and the Exchangors are subject.
The purposes and functions of the Trust are (a) to issue Preferred Securities in exchange for the Existing Preferred Securities and/or cash, (b) to issue and sell Common Securities to the Sponsor, (c) to purchase and own Debentures, and (d) except as specifically limited by this Declaration, to engage in any other lawful business or activity that may be engaged in by a business trust formed under the Business Trust Act.
Each Holder has made its own decision whether to exchange all of such Holder’s Existing Preferred Securities pursuant to this Agreement based upon such Holder’s own financial positions and requirements and upon such due diligence and advice as it has deemed necessary.
None of the Company, the Company’s Board of Directors, the Guarantor, the Guarantor’s Board of Directors, nor any trustee of any of the Trusts or the Existing Trusts makes or has made any recommendation to any Holder as to whether to exchange or refrain from exchanging all or any portion of the Existing Preferred Securities for Preferred Securities pursuant to this Exchange Agreement.
Such Holder will, upon request, execute and deliver any additional documents reasonably deemed by any Exchangor or the Escrow Agent to be necessary or desirable to complete the exchange of the Existing Preferred Securities pursuant to this Agreement.
The payment of the principal of, premium (if any), interest on or any other amounts due on the Securities is subordinated and junior in right of payment to all existing and future Senior Indebtedness (as defined below) of the Company and senior and prior in right of payment to the Preferred Securities Guarantee, the Existing Debentures and the Existing Preferred Securities Guarantee, as described in the Indenture.