Series L Preference Shares definition

Series L Preference Shares means the Cumulative Redeemable Preference Shares, Series L in the capital of the Company;

Series L Preference Shares means the shares of Series L Preference Stock to be issued by the Series L Preference Share Issuer pursuant to the Certificate of Determination and to be registered in the name of the Institutional Trustee for the benefit of the Holders of Securities as provided herein.

Series L Preference Shares has the meaning specified in the Declaration of Trust.

Examples of Series L Preference Shares in a sentence

• The Guarantor agrees that, to the fullest extent permitted by applicable law, each Holder has the right to institute a proceeding directly against the Guarantor for enforcement of the rights of a holder of Series L Preference Shares to the extent of an interest in Series L Preference Shares corresponding to the aggregate liquidation amount of such Holder’s Securities (such right, a “right of direct action”).

• Neither the Trust Preference Securities nor the Series L Preference Shares will be convertible into shares of any other class or series of the Company’s capital stock or any other security.

• Ranking: The Series L Preference Shares will rank equally with other series of the Company’s preference stock, including the Company’s Series E, F, G, H, J and K Preference Stock; junior to the Company’s cumulative preferred stock and secured and unsecured debt; and senior to the Company’s common stock.

• The Trust shall maintain one or more bank accounts in the name and for the sole benefit of the Trust; provided, however, that all payments of funds in respect of the Series L Preference Shares held by the Institutional Trustee shall be made directly to the Institutional Trustee Account and no other funds of the Trust shall be deposited in the Institutional Trustee Account.

• This Guarantee shall terminate upon (i) full payment of the Redemption Price of all Securities, (ii) distribution of the Series L Preference Shares or depositary shares to the Holders of all the Securities in accordance with the Declaration of Trust or (iii) full payment of the amounts payable in accordance with the Declaration of Trust upon liquidation of the Trust.

• The Issuer will use all the proceeds from the sale of the Trust Preference Securities (and the sale of the Issuer’s common securities to the Company) to purchase the Series L Preference Shares from the Company.

• Upon any redemption of the Series L Preference Shares, a corresponding amount of Trust Preference Securities will be redeemed.

• On December 4, 2013, the Company declared a quarterly dividend of US$0.25 per share on the Series L Preference Shares which is payable in the first quarter of 2014.

• The Trust Preference Securities will effectively have the same ranking as the Series L Preference Shares, as described in the Prospectus.

• The regular quarterly dividend of US$0.25 per share payable on the Series L Preference Shares took effect in the fourth quarter of 2012.