Class B PIK Units definition

Class B PIK Units means a Class B Convertible Preferred Unit issued pursuant to a Class B Convertible Preferred Unit distribution, pursuant to the terms of the Amended Partnership Agreement.
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Class B PIK Units has the meaning assigned to such term in Section 4.10(b)(iii)(A).
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Examples of Class B PIK Units in a sentence

  • Unless otherwise expressly provided, references in this Agreement to Class B Convertible Units shall include all Class B PIK Units Outstanding as of the date of such determination.

  • The number of Class B PIK Units to be issued in connection with a Class B Quarterly Distribution shall be the quotient of the (A) the Class B Distribution Amount divided by (B) the Class B Issue Price, rounded down to the nearest whole number of Class B PIK Units, with cash paid in lieu of any fractional Class B PIK Units.

  • If any portion of a Class B Quarterly Distribution with respect to any Quarter exceeds the amount of cash and cash equivalents that is deemed to be Operating Surplus for such Quarter, then such Class B Quarterly Distribution shall be paid in-kind in the form of Class B PIK Units.

  • Other than with respect to Class B PIK Units, immediately following the Class B Issuance Date and thereafter, no additional Class B Convertible Units shall be designated, created or issued without the prior written approval of the General Partner and the holders of a majority of the Outstanding Class B Convertible Units.

  • The Class B PIK Warrants will be exercisable based on a formula providing for 0.350 additional Class B PIK Units for each equivalent Common Unit issued above 25 million.

  • Class B Convertible Units As of September 30, 2017, the Class B Convertible Units consist of 18,019,811 units, inclusive of any Class B PIK Units issued.

  • At the Closing of the transactions contemplated by the Units Purchase Agreement (the “Closing”), the Initial Purchasers shall receive vested warrants (with a strike price of $0.01) for up to an aggregate of 75 million additional Class B PIK Units (the “Class B PIK Unit Warrants”) which shall be exercisable in the event that additional equity with certain dilutive features is issued (or committed to be issued) subsequent to the Closing and prior to April 1, 2014 (the “Measurement Date”).

  • Each Class B PIK Unit shall be mandatorily or optionally (by election of the holders of Class B PIK Units) convertible into one Common Unit (adjusted for Common Unit splits, etc.).

  • In connection with future distributions of Class B PIK Units, the General Partner is entitled to a corresponding distribution to maintain its 2.0% general partner interest in us.

  • These distributions will be paid quarterly in Class B PIK Units within 45 days after the end of each quarter.

Related to Class B PIK Units

  • Class B LP Units means, collectively, the Class B limited partnership units of the Partnership, and “Class B LP Unit” means any one of them.

  • Class A LP Units means the Class A limited partnership units of the Partnership.

  • Class B Units means the Class B Units of the Company.

  • Class B Common Units has the meaning set forth in Section 1(a) hereof.

  • Class A Common Units means the Company's Class A Common Units.

  • Class B Interests As set forth in the Trust Agreement.

  • Class A Units means the Units of partnership interest in the Partnership designated as the “Class A Units” herein and having the rights pertaining thereto as are set forth in this Agreement.

  • Subordinated Units has the meaning assigned to such term in the Partnership Agreement.

  • Class C Units means the Class C Units of the Company.

  • Preferred Units means the Series A Preferred Units and the Series B Preferred Units.

  • Class D Units has the meaning ascribed to such term in the LLC Agreement.

  • Class C Member means a Member holding the Class C Ordinary Share.

  • Class B Warrants means the Common Stock purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Warrants shall be exercisable immediately and have a term of exercise equal to 5 years, in the form of Exhibit C attached hereto.

  • Core Units means such Units of the Trust that are issued to Core Investors with the condition that these are not redeemable for a period of two years from the close of the First Offer Period. Such Units are transferable with this condition, but otherwise shall rank pari passu with all other Units, save for this restriction. Any transfer of the Core Units, during the first two years of their issue as mentioned herein, shall be affected only on the receipt by the Registrar of a written acceptance of this condition by the transferee.

  • Class C Shares means the shares of Class C common stock of the Company.

  • Class B Common Unit means one of that certain class of Common Units with those special rights and obligations specified in this Agreement as being appurtenant to a “Class B Common Unit”.

  • Class B Interest Each of the Class B-1 and Class B-2 Interests.

  • Class B Percentage Interest means, with respect to a Class B Member as of a given date, that percentage obtained by dividing the total number of Class B Units owned by such Member by the total number of Class B Units issued and outstanding.

  • Class B Preferred Stock means the Class B Preferred Stock of the Company, par value $0.0001 per share.

  • Class A Interests means the Units purchased by the Class A Members. The Class A Interests shall comprise sixty-five percent (65%) of the total Interests sold. Class A Percentage Interest shall be determined by calculating the ratio between each Class A Member’s Capital Account in relation to the total capitalization of the Company provided by the Class A Members.

  • Class B Investor Interest means, on any date of determination, an amount equal to (a) the Class B Initial Investor Interest, minus (b) the aggregate amount of principal payments made to Class B Certificateholders prior to such date, minus (c) the aggregate amount of Class B Investor Charge-Offs for all prior Transfer Dates pursuant to subsection 4.10(b), minus (d) the amount of the Reallocated Class B Principal Collections allocated pursuant to subsection 4.12(a) on all prior Transfer Dates for which the Collateral Interest Amount has not been reduced, minus (e) an amount equal to the amount by which the Class B Investor Interest has been reduced on all prior Transfer Dates pursuant to subsection 4.10(a) and plus (f) the aggregate amount of Excess Spread allocated and available on all prior Transfer Dates pursuant to subsection 4.11(d) for the purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e); provided, however, that the Class B Investor Interest may not be reduced below zero.

  • Class A Common Unit means a Common Unit having the rights and obligations specified with respect to Class A Common Units in this Agreement.

  • Common Units is defined in the Partnership Agreement.

  • Series B Preferred Units shall have the meaning provided in Section 1.

  • Partnership Units or “Units” has the meaning provided in the Partnership Agreement.

  • Parity Units means any Partnership Securities, including Preferred Units, that the Partnership may authorize or issue, the terms of which provide that such securities shall rank equally with the Series A Preferred Units with respect to payment of distributions and distribution of assets upon a Dissolution Event.