Permitted Preferred Equity definition
Permitted Preferred Equity means Equity Interests of Alta Group satisfying each of the following conditions: (a) such Equity Interests are preferred with respect to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of Alta Group, over other Equity Interests of any other class of Alta Group, (b) such Equity Interests are not Disqualified Equity, (c) such Equity Interests are on the terms described on Schedule 1.01, with such changes thereto as approved in writing in advance by the Administrative Agent, (d) the aggregate liquidation value of such Equity Interests does not exceed $40,000,000 plus any accumulated and unpaid dividends, and (e) any cash dividends, redemptions, repurchases or other distributions or payments thereon are subject to, among other agreements evidencing Indebtedness of Alta Group, the terms of this Agreement.
Permitted Preferred Equity means Equity Interests of the Borrower issued by, or authorized to be issued by, the Borrower pursuant to (A) its Organization Documents in effect on the Closing Date and having preferential rights of payment of dividends or upon liquidation, dissolution or winding up or (B) a stockholder rights plan, such as a distribution of non-cash rights, or redemption of such rights, provided that such distribution or redemption is in accordance with the terms of such stockholder rights plan; provided that such Permitted Preferred Equity shall not (i) mature or be mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or be redeemable at the option of the holder thereof, in whole or in part, prior to the date that is one hundred eighty-one days after the Latest Maturity Date, (ii) require the payment of any dividends at any time prior to the date that is one hundred eighty-one days after the Latest Maturity Date, (iii) be convertible into or exchangeable for debt securities or any other Equity Interests that would not constitute Permitted Preferred Equity or common Equity Interests, in each case, at any time prior to the date that is one hundred eighty-one days after the Latest Maturity Date, or (iv) contain any mandatory cash repurchase obligation which may come into effect prior to payment in full of all Obligations.
Permitted Preferred Equity means any preferred Equity Securities (other than KKR Preferred Equity) which has any Debt-like attributes and which are issued by the Borrower in favour of a Sponsor or any of its Affiliates; provided that such Equity Securities are not redeemable at the option of the holders in cash and any dividends on such Equity Securities are only payable in compliance with Section 9.3(d).
Examples of Permitted Preferred Equity in a sentence
Issue any Preferred Equity other than Permitted Preferred Equity.
Neither Borrower nor any direct or indirect owner of Borrower shall: incur any Mezzanine Debt other than Permitted Mezzanine Debt; issue any Preferred Equity other than Permitted Preferred Equity; or incur any similar indebtedness or issue any similar equity.
An Event of Default arising from a Transfer of direct or indirect ownership interests in ARCHOP without complying with the conditions of this Section 8.2(b) shall be deemed cured (and shall not give rise to liability under the Guaranty) if and when (A) such Transfer occurs after a Permitted Preferred Equity Changeover Event, and (B) a Permitted Common Equity Buyout Event is thereafter completed.
Neither Borrower, any Affiliated Property Operator nor any direct or indirect owner of Borrower or any Affiliated Property Operator shall: incur any Mezzanine Debt other than Permitted Mezzanine Debt, issue any Preferred Equity other than Permitted Preferred Equity, or incur any similar indebtedness or issue any similar equity.
Except for the issuance or sale of common stock or Permitted Preferred Equity Interests, issue or sell or enter into any agreement or arrangement for the issuance and sale of any of its Equity Interests.
More Definitions of Permitted Preferred Equity
Permitted Preferred Equity means Capital Stock consisting of preferred equity issued by any direct or indirect Subsidiary of the Sponsor of which HoldCo is a Subsidiary and which satisfies the following conditions: [***]
Permitted Preferred Equity means the issuance of a preferred equity interest in Borrower, subject to and conditioned upon the following: (a) receipt of a Rating Agency Confirmation with respect to such preferred equity interest, (b) the holder of such preferred equity interest shall be an equityholder permitted by the loan agreement, (c) any and all preferred equity contributions shall be subject and subordinate to all amounts payable to the lender with respect to the loan, all reserves required by the loan documents and all amounts required for the borrower to operate the property, (d) any such preferred equity interest shall not be transferable or subject to a pledge or other encumbrance, (e) the holder of any such preferred equity interest shall not have actual or effective control over the normal operation of the borrower or the property and (f) any and all remedies of the holder of such preferred equity with respect to such preferred equity interest shall be subordinate to the liens of the loan documents in all respects and shall not be exercisable until the loan is repaid in full.
Permitted Preferred Equity means the preferred stock existing as on the Closing Date and listed in Schedule 1.58, plus up to $30,000,000 of the proposed new Series B Cumulative Preferred Stock, as described in the Borrower’s Offering Statement filed with the Securities and Exchange Commission on June 3, 2019.
Permitted Preferred Equity means Preferred Equity that does not (a) require mandatory dividends, distributions, payments or returns (including at maturity or in connection with a redemption), or (b) provide the Preferred Equity owner with rights or remedies on account of a failure to receive any preferred dividends, distributions, payments or returns (or, if such rights are provided, the exercise of such rights do not violate the Loan Documents or are otherwise exercised with the prior written consent of Lender in accordance with Article 11 (Liens, Transfers and Assumptions) of this Master Agreement and the payment of all applicable fees and expenses as set forth in Section 11.03(g) (Further Conditions on Transfers Requiring Lender’s Consent)).
Permitted Preferred Equity means preferred equity securities of the Company issued and outstanding at any given time having an original principal amount of up to $80.0 million in the aggregate.
Permitted Preferred Equity means (i) up to $4,500,000 of preferred stock of the Borrower, to be issued in partial consideration for the acquisition of Hurricane AMT, LLC, (ii) $8,000,000 of Series A Fixed Rate Cumulative Preferred Stock of the Borrower, which was initially issued on or about June 8, 2018 to Trojan Investments, LLC, and (iii) up to an additional $2,000,000 of Series A Fixed Rate Cumulative Preferred Stock of the Borrower.
Permitted Preferred Equity means the preferred stock existing as on the Closing Date and listed in Schedule 1.58.