Examples of Mandatorily Redeemable Preferred Stock in a sentence
Each of the 9.9% Non-Voting Mandatorily Redeemable Preferred Stock, Series A ("9.9% Series A Preferred"), and 9.9% Non-Voting Mandatorily Redeemable Preferred Stock, Series B ("9.9% Series B Preferred"), is a Junior Security.
No consent or vote of the holders of the shares of Mandatorily Redeemable Preferred Stock shall be necessary before the Company or the Board may authorize, create or issue any class or series of Senior Stock.
Any shares of Mandatorily Redeemable Preferred Stock redeemed or otherwise acquired by the Company shall be retired and shall resume the status of authorized and unissued shares of Preferred Stock, without designation as to series, until such shares are once more designated as part of a particular series of Preferred Stock by the Board of Directors.
Dividends on the outstanding shares of Mandatorily Redeemable Preferred Stock will accrue on a daily basis (without interest or compounding) whether or not there are funds legally available for the payment of such dividends and whether or not such dividends are declared.
Each share of Mandatorily Redeemable Preferred Stock shall have a stated value of $1,000 (the "Stated Value").