Qualified Preferred Equity means any preferred Equity Interest of the Company, so long as the terms of any such Equity Interest (a) do not contain any mandatory put, redemption, repayment, sinking fund or other similar provisions which may occur prior to the date occurring 91 days after the Latest Scheduled Termination Date (determined as of the date of issuance of such Equity Interests) (other than customary provisions in respect of change of control, requiring payment solely in the form of common equity or Qualified Preferred Equity and, with respect to Qualified Preferred Equity issued to employees, provisions requiring the repurchase thereof in order to satisfy applicable statutory or regulatory obligations), (b) do not require the cash payment of dividends or distributions prior to the date occurring 91 days after the Latest Scheduled Termination Date (determined as of the date of issuance of such Equity Interests), and (c) do not contain any financial performance covenants.
Qualified Preferred Equity means any preferred Capital Stock issued by Holdco that, on or prior to the date that is 91 days after the Term Loan Maturity Date, is not convertible into Indebtedness or subject to mandatory sinking fund payments, redemption or other acceleration, and upon which all dividends or other distributions (if any) shall be payable solely in additional shares of such Capital Stock on terms and conditions reasonably satisfactory to the Administrative Agent.
Qualified Preferred Equity means any preferred equity (including, without limitation, any preferred equity issued on the Initial Borrowing Date as part of the Equity Financing) of Holdings, the Intermediate Parent or the Parent the express terms of which shall provide that Dividends thereon shall not be required to be paid in cash at any time that such cash payment would be prohibited by the terms of this Agreement (and any refinancing, replacements or extensions hereof) and in either case which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event (including an event which would constitute a Change of Control), cannot mature (excluding any maturity as the result of an optional redemption by the issuer thereof) and is not mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, and is not redeemable, or required to be repurchased, at the sole option of the holder thereof (including, without limitation, upon the occurrence of an event which would constitute a Change of Control), in whole or in part, on or prior to the first anniversary of the then latest Maturity Date.
Examples of Qualified Preferred Equity in a sentence
Lender hereby confirms receipt of the deliverables required in connection with the Assumption of the Loan, the Qualified Preferred Equity Investment, the execution of the Operating Lease Agreements, and the execution of the Management Agreements, as such requirements are set forth in the Original Borrower’s Loan Documents and the Conditional Approval Letter.
The Company will not, nor will it permit any Subsidiary to, issue any Preferred Equity Interests or other preferred Equity Interests, other than (i) Qualified Preferred Equity Interests of the Company and (ii) Preferred Equity Interests of a Subsidiary issued to the Company or a Subsidiary Guarantor or, in the case of a Subsidiary that is not a Subsidiary Guarantor, to another Subsidiary that is not a Subsidiary Guarantor.
Holdings shall pay all dividends on the Qualified Preferred Equity issued by it through accrual or accretion or through the issuance of additional shares of Qualified Preferred Equity, but not in cash.
Holdings has no significant assets (other than the membership interests of the Borrower) or liabilities (other than under this Agreement, the other Documents to which it is party, Shareholder Subordinated Notes, PIK Preferred Equity, Permitted Seller Notes, Permitted Earn-Out Debt, Permitted Earn-Out Preferred Equity and Qualified Preferred Equity) and has engaged in no substantial business activities.
More Definitions of Qualified Preferred Equity
Qualified Preferred Equity means any Equity Interests of the Borrower that do not constitute Disqualified Equity Interests.
Qualified Preferred Equity means any Equity Interests of Holdings or the Borrower that do not constitute Disqualified Equity Interests.
Qualified Preferred Equity means preferred equity securities that do not provide for required cash distributions or dividends or mandatory redemptions (other than (x) in exchange for common equity securities or other such preferred equity securities that would otherwise be permitted hereunder and the other Loan Documents or (y) as a result of a change of control event or asset sale or other disposition or casualty event, so long as any rights of the holders thereof to require the redemption thereof upon the occurrence of such a change of control event or asset sale or other disposition or casualty event are subject to the prior payment in full of the Credit Facilities) prior to the 91st day following the later to occur of the Revolving Termination Date and the stated maturity date of the Term Loan.
Qualified Preferred Equity means any Equity Interests of the Borrower that do not constitute Disqualified Equity Interests. “Recipient” means, as applicable, (a) the Agent, (b) any Lender, and (c) the L/C Issuer.
Qualified Preferred Equity means preferred equity issued by Hovnanian or any wholly-owned subsidiary thereof provided that each of the following conditions is met: (1) the total book value thereof shall not at any time exceed $250,000,000, (2) the term thereof shall be perpetual and such Qualified Preferred Equity shall not contain any mandatory redemption provisions, put rights in favor of the holders thereof, or any provisions that may obligate the issuer to repurchase any or all of such Qualified Preferred Equity at any time, (3) such Qualified Preferred Equity shall not provide the holders with cumulative dividends rights, and (4) the Borrower shall have disclosed to the Agent the terms of such Qualified Preferred Equity prior to the issuance thereof. Ratable Share shall mean so long as any Commitments are outstanding the proportion that a Lender’s Commitment (excluding the Swing Loan Commitment) bears to the Commitments (excluding the Swing Loan Commitment) of all of the Lenders and after all Commitments have been terminated, the proportion that a Lender’s Revolving Credit Loans outstanding bears to all Revolving Credit Loans outstanding of all of the Lenders. Regulated Substances shall mean any substance, material or waste defined under Environmental Laws as a “hazardous substance,” “pollutant,” “pollution,” “contaminant,” “hazardous or toxic substance,” “extremely hazardous substance,” “toxic chemical,” “toxic substance,” “toxic waste,” “hazardous waste,” “special handling waste,” “industrial waste,” “residual waste,” “solid waste,” “municipal waste,” “mixed waste,” “infectious waste,” “chemotherapeutic waste,” “medical waste,” or “regulated substance” or any other material, substance or waste which otherwise is regulated by Environmental Laws. Regulation U shall mean Regulation U, T or X as promulgated by the Board of Governors of the Federal Reserve System, as amended from time to time. Reimbursement Obligation shall mean the obligation of the Borrower to reimburse a Letter of Credit Lender for draws under a Letter of Credit issued by such Lender under this Agreement, except to the extent such obligation is represented by a Revolving Credit Loan. Related Businesses shall mean business activities incidental, complementary, or related to the homebuilding business. Reportable Event shall mean a reportable event described in Section 4043 of ERISA and regulations thereunder with respect to a Plan other than those events as to which the 30-day notice is waived under the PBGC regu...
Qualified Preferred Equity means, at any date, equity interests in a Consolidated Subsidiary of the Account Party (i) that are not (A) required to be redeemed or redeemable at the option of the holder thereof prior to the fifth anniversary of the Termination Date or (B) convertible into or exchangeable for (unless solely at the option of the Account Party) equity interests referred to in clause (A) above or Debt having a scheduled maturity, or requiring any repayments or prepayments of principal or any sinking fund or similar payments in respect of principal or providing for any such repayment, prepayment, sinking fund or other payment at the option of the holder thereof prior to the fifth anniversary of the Termination Date and (ii) as to which, at such date, AES has the right to defer the payment of all dividends and other distributions in respect thereof for the period of at least 19 consecutive quarters beginning at such date.
Qualified Preferred Equity means any Preferred Equity Interests of Parent so long as the terms of any such Preferred Equity Interests (and the terms of any Equity Interests into which such Preferred Equity Interests is convertible or for which it is exchangeable, either mandatorily or at the option of the holder thereof) (i) do not contain any mandatory put, redemption, repayment, sinking fund or other similar provision prior to the date occurring six months after the Latest Maturity Date at the time of issue of such Preferred Equity Interests (except (A) provisions requiring payment solely in the form of Parent’s common equity or Qualified Preferred Equity and (B) with respect to Preferred Equity Interests issued to employees, provisions requiring the repurchase thereof in order to satisfy applicable statutory or regulatory obligations), (ii) do not require the cash payment of dividends or distributions and (iii) unless otherwise agreed by the Administrative Agent, do not contain any covenants (other than periodic reporting requirements); and provided that any such Preferred Equity Interests that is issued by way of a debt instrument must be expressly subordinated to all the senior debt, including pursuant to the Obligations, on terms reasonably satisfactory to the Administrative Agent.