Examples of Pari Passu Preferred in a sentence
If the Corporation declares or pays a dividend or makes any distribution on the Common, then the holders of the outstanding shares of Pari Passu Preferred (on a Common Equivalent Basis as of the record date for such dividend or distribution) and the holders of the Common shall share pro rata in such dividend or distribution.
If the funds of the Corporation legally available for redemption of Pari Passu Preferred pursuant to Section 6(b)(iii) are insufficient to redeem all shares of Pari Passu Preferred, the provisions of Sections 5(b) and (c) shall apply to the same extent as if such provisions were set forth in their entirety in this Section 6(b)(iv).
Upon notice from the holders of a majority of the outstanding Pari Passu Preferred and Conversion Common Shares, voting as a single class on a Common Equivalent Basis, then outstanding that they intend to exercise their rights under this Section 6(b)(i), the Corporation shall immediately take whatever action is necessary so as to effectuate this Section 6(b)(i), including, without limitation, increasing the size of the Board and electing such additional Investor Directors.
Upon the occurrence of an Event of Noncompliance and for so long as such Event of Noncompliance continues, the holders of Pari Passu Preferred and Conversion Common Shares shall be entitled to appoint such number of additional Investor Directors to the Board (selected by the holders of a majority of the Pari Passu Preferred and Conversion Common Shares) such that the holders of Pari Passu Preferred and Conversion Common Shares have appointed a majority of the Board.
Except as otherwise provided herein, if at any time the Corporation pays less than the total amount of dividends then accrued with respect to any Pari Passu Preferred, such payment shall be distributed pro rata among the holders of Pari Passu Preferred based upon the aggregate accrued but unpaid dividends on the Pari Passu Preferred held by each such holder.
At such meeting, the presence in person or by proxy of the holders of a majority of the outstanding shares of Pari Passu Preferred Stock shall be required to constitute a quorum; in the absence of a quorum, a majority of the holders present in person or by proxy shall have the power to adjourn the meeting from time to time without notice, other than announcement at the meeting, until the quorum shall be present.
The Series B Preferred Stock shall rank equal to the issued and outstanding shares of Pari Passu Preferred Stock with respect to the right to receive dividends, Distributions or proceeds in a liquidation, dissolution or winding up of the Corporation.
The giving of such notice shall constitute the only obligation of the Corporation pursuant to this paragraph 6.4. 6.5. Any vacancy caused by the death or resignation of a Preferred Director may be filled only by the holders of Pari Passu Preferred Stock at a meeting called for such purpose.
The Series A Preferred Stock shall rank equal to the issued and outstanding shares of Pari Passu Preferred Stock with respect to the right to receive dividends, Distributions or proceeds in a liquidation, dissolution or winding up of the Corporation.
A special meeting for the exercise of such rights shall be called by the Secretary of the Corporation as promptly as possible, and in any event within ten days after receipt of a written request signed by the holders of record of at least 10% of the outstanding shares of Pari Passu Preferred Stock, in each case by sending written notice of such meeting to each holder of Pari Passu Preferred Stock at such holder's registered address on the books of the Corporation.