mandatory

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Mandatory

Peremptory; obligatory; required; that which must be subscribed to or obeyed.

Mandatory statutes are those that require, as opposed to permit, a particular course of action. Their language is characterized by such directive terms as "shall" as opposed to "may." A mandatory provision is one that must be observed, whereas a directory provision is optional.

An example of a mandatory provision is a law that provides that an election judge must endorse his or her initials on a ballot.

mandatory

adj., adv. absolutely demanded or required.

mandatory

adjective binding, bounden, called for, coercive, commanded, commanding, compulsory, decreed, demanded, essential, exigent, imperative, incumbent on, indispensable, involuntary, necessary, necessitous, obligatory, ordained, peremptory, prerequisite, prescribed, pressing, required, requisite, urgent, vital, without appeal, without choice
Associated concepts: mandatory injunction, mandatory reeief, mandatory sentence, mandatory statutory provisions
See also: binding, compulsory, conclusive, decretal, determinative, essential, exigent, imperative, indispensable, inevitable, involuntary, necessary, obligatory, peremptory, positive, requisite, unavoidable
References in periodicals archive ?
In other words, these companies have mandatorily redeemable stock.
Our ability to use mandatorily convertible preferred stock to partially fund the acquisition of two LR1 product tankers suggests that our equity is attractive as an acquisition currency.
Those contracts and mandatorily redeemable financial instruments are subsequently measured at the present value of the amount to be paid at settlement (discounted at the rate implicit at inception), if both the amount of cash and the settlement date are fixed, or, otherwise, at the amount that would be paid under the conditions specified in the contract if settlement occurred at the reporting date.
The shares that were underlying the Mandatorily Redeemable Convertible Preferred Stock will remain subject to the IPO lock-up agreements, even upon the registration statement being declared effective.
The acquisition price, considering the use of mandatorily convertible preferred stock, is well below the current charter-free value of the vessels.
Whether an instrument like mandatorily redeemable preferred stock is classified as a liability or as equity obviously affects reported amounts of liabilities and equity and related summary indicators, such as the debt/equity ratio and the asset/equity ratio.
Frangou continued, "Using mandatorily convertible preferred stock to fund cash requirements strengthens our balance sheet, as we conserve more than $165.
Although the preferred shares can be converted at any time, they are mandatorily convertible nine years from the issuance date.
17 per share on a fully diluted basis, which included the effect of $588,000 in interest and a premium paid on the redemption of mandatorily redeemable preferred stock in the first quarter.
The conversion of $889 million of mandatorily convertible preferred stock into common equity on July 3, 2006 will not affect Xerox's outstanding debt figure or credit metrics since Fitch previously awarded 100% equity credit to this issue.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to (i) our having no further interest or premium obligations for mandatorily redeemable preferred stock; and (ii) our expectations of net revenue and GAAP and pro forma net income per share on a fully diluted basis for the full year, fiscal 2004.
CHICAGO -- Fitch Ratings has affirmed Schering-Plough Corporation's (Schering-Plough) 'A-' Issuer Default Rating (IDR), senior unsecured debt and bank loan ratings, 'BBB+' mandatorily convertible preferred stock rating, and the 'F2' commercial paper rating.