Common use of Description of Preferred Stock Clause in Contracts

Description of Preferred Stock. Each Unit of Preferred Stock, if issued, will have one vote per Unit and will vote on all matters submitted to a vote of the Company's shareholders, except as otherwise required by law. Subject to prior dividend rights and sinking fund, redemption, or purchase rights that may be applicable to any other series of preferred stock, the holders of the Units of Preferred Stock will be entitled to share ratably in such dividends, if any, as may be declared from time to time by the Company's Board of Directors in its discretion out of funds legally available therefor with respect to the Units of Preferred Stock and on a one hundred-to-one basis with respect to Company Common Stock. The holders of each Unit of Preferred Stock are entitled to share in assets remaining after satisfaction of all prior claims ratably with the holders of each share of Company Common Stock. Holders of the Units of Preferred Stock will not have preemptive rights or other subscription rights, and the Preferred Stock is not subject to call.