Examples of Pari Passu Preferred in a sentence
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.
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).
Any holder of Pari Passu Preferred Stock so designated shall have access to the stock books of the Corporation for the purpose of causing meetings of holders of Pari Passu Preferred Stock to be called pursuant to these provisions.
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.
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.
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.
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.
Voting rights under paragraph 6.2. may be initially exercised either at a special meeting of the holders of Pari Passu Preferred Stock or at any annual stockholders' meeting.
Any meeting of the holders of the Pari Passu Preferred Stock for the purposes of voting as a class for the election or removal of directors may be held within or without the State of Delaware, at a place suitable for such meeting of holders, or if such action is taken in conjunction with an annual stockholders' meeting, at the location of such annual stockholders' meeting.