Subordinated Shares definition
Examples of Subordinated Shares in a sentence
The Investor has consulted, to the extent deemed appropriate by the Investor, with the Investor’s own advisors as to the financial, tax, legal and related matters concerning an investment in the Subordinated Shares and on that basis believes that an investment in the Subordinated Shares is suitable and appropriate for the Investor.
Distributions to the Investor in respect of the Subordinated Shares will be made by wire transfer of immediately available funds to the account specified in writing by the Investor to the Company.
Shares chosen for redemption pursuant to clause (b) or (c) above shall be redeemed on a pro rata basis from all Holders of then outstanding Senior Shares or Senior Subordinated Shares, as the case may be.
The Investor agrees that it will not, without the prior written consent of the Company, offer, sell, contract to sell, pledge, or otherwise dispose of any of the Subordinated Shares until the date that each of the 23 vessels described in the Registration Statement on form F-1 have been delivered to the Company, provided, however, that the Investor may pledge the Subordinated Shares to a bona fide lender.
The Subordinated Shares, when issued, were not, and the Conversion Shares, when issued upon conversion of the Subordinated Shares will not be, subject to any preemptive right of shareholders of the Company arising under law or the articles of incorporation or bylaws of the Company, or to any contractual right of first refusal or other right in favor of any person.
On the Date of Closing, the Senior Shares will represent 5% of the Fully Diluted Common Equity and the Senior Subordinated Shares will represent 3% of the Fully Diluted Common Equity.
After the end of the Subordination Period, the restrictions on the Subordinated Shares shall terminate and the rights and privileges of such shares shall be the same as those of the other Common Shares not owned by Excel.
The Issuers and the Purchasers agree that the issue prices of the Senior Subordinated Notes and the Senior Subordinated Shares for U.S. federal income tax purposes are $883.00 per $1,000 principal amount of Senior Subordinated Notes payable to the Company and $13.00 per Senior Subordinated Share payable to the Holding Company.
This $20 million amount cannot be increased in any period in which a dividend on the Subordinated Shares is paid or is otherwise payable from Operating Surplus.
OTC Bulletin Board on the last business day prior to such day, or (C) if the Subordinated Shares are not so listed or admitted to unlisted trading privileges on an exchange or on NASDAQ and bid and asked prices are not so reported, the Fair Market Value on a particular day shall be an amount determined in such reasonable manner as may be prescribed by the board of directors of the Company.