Preferred Capital Securities definition
Examples of Preferred Capital Securities in a sentence
Until all such Events of Default under this Trust Agreement with respect to the Preferred Capital Securities have been so cured, waived or otherwise eliminated, to the fullest extent permitted by applicable law, the Property Trustee shall act solely on behalf of the Holders of the Preferred Capital Securities and not on behalf of the Holder of the Common Securities, and only the Holders of the Preferred Capital Securities will have the right to direct the Property Trustee to act on their behalf.
Notwithstanding any other provision of this Trust Agreement, transfers and exchanges of Preferred Capital Securities and beneficial interests in a Global Preferred Capital Security shall be made only in accordance with this Section 5.
Except as set forth herein, record ownership of the Global Preferred Capital Securities may be transferred, in whole or in part, only to another nominee of Depositary or to a successor of the Depository or its nominee.
If a quorum is present at a meeting, an affirmative vote by the Holders of record present, in person or by proxy, holding Preferred Capital Securities representing at least a Majority in Liquidation Amount of the Preferred Capital Securities held by the Holders present, either in person or by proxy, at such meeting shall constitute the action of the Holders of Preferred Capital Securities, unless this Trust Agreement requires a greater number of affirmative votes.
The Property Trustee shall not revoke any action previously authorized or approved by a vote of the Holders of Preferred Capital Securities, except by a subsequent vote of the Holders of Preferred Capital Securities.
With respect to Preferred Capital Securities that are not held in global form, if any, the Property Trustee, subject to Section 4.2(c), will irrevocably deposit with the Paying Agent, to the extent available therefor, funds sufficient to pay the applicable Redemption Price and will give the Paying Agent irrevocable instructions and authority to pay the Redemption Price to the Holders of the Preferred Capital Securities upon surrender of their Preferred Capital Securities Certificates.
Every Preferred Capital Securities Certificate presented or surrendered for transfer or exchange shall (if so required by the Property Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Property Trustee and the Securities Registrar, duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing.
Holders of at least a Majority in Liquidation Amount of the Preferred Capital Securities, present in person or represented by proxy, shall constitute a quorum at any meeting of Holders of the Preferred Capital Securities.
For all purposes of this Trust Agreement, unless the context otherwise requires, all provisions relating to the redemption of Preferred Capital Securities shall relate, in the case of any Preferred Capital Securities redeemed, to the portion of the aggregate Liquidation Amount of Preferred Capital Securities that has been or is to be redeemed.
If the Property Trustee fails to annul any such declaration and waive such default, the Holders of at least a Majority in Liquidation Amount of the Preferred Capital Securities shall also have the right to rescind and annul such declaration and its consequences by written notice to the Depositor, the Property Trustee and the Indenture Trustee, subject to the satisfaction of the conditions set forth in clauses (i) and (ii) of this Section 5.13(b).