PIK Preferred Equity definition

PIK Preferred Equity means shares of Holdings’ 10% Cumulative Preferred Stock, Series A issued pursuant to that certain Certificate of Designations, Preferences and Rights of Preferred Stock and Qualifications, Limitations and Restrictions thereof, dated March 1, 2005 (as modified by the Certificate of Correction, dated March 2, 2005).
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PIK Preferred Equity is defined in clause (b) of the fourth recital.
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PIK Preferred Equity means the 15% Senior Preferred Stock of Holdings issued in connection with the financing of the Financed Acquisition, which preferred equity is redeemable in 2011, par value $0.01 per share, which is exchangeable (i) at the option of the holders thereof, for an equal amount of WRC PIK I Preferred Equity and/or CLI PIK Preferred Equity and (ii) at the election of Holdings under certain circumstances, into pay-in-kind preferred stock of WRC PIK II Preferred Equity pursuant to Section 11.12(d) hereof.
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Examples of PIK Preferred Equity in a sentence

  • Holdings shall have issued notices of redemption with respect to the PIK Preferred Equity pursuant to the terms of section 4 of Holdings’ Certificate of Designations, Preferences and Rights of Preferred Stock and Qualifications, Limitations and Restrictions Thereof, dated March 1, 2005 (as modified by the Certificate of Correction, dated March 2, 2005) with respect to the PIK Preferred Equity.

  • All terms and conditions (and the documentation) in connection with the issuance of the PIK Preferred Equity (including, without limitation, the terms of the PIK Preferred Equity under the Holdings Limited Liability Company Agreement) shall be reasonably satisfactory to the Administrative Agent.

  • Holdings will pay all dividends on the PIK Preferred Equity through the issuance of additional PIK Preferred Equity or by accretion or accrual, or through the issuance to the holders thereof of common equity of Holdings, and not in cash.

  • The total purchase price would be $160,000,000, determined as follows, plus equity participation in the HCS partnership (or LLC, as the case may be): $ 140 M New First Mortgage Notes (10%) 20 M PIK Preferred Equity Securities (13%) $ 160 M plus 25% non-voting limited partnership or membership interest in the post bankruptcy entity, subject to the further terms set forth herein.

  • Holdings has no significant assets (other than the membership interests of the Borrower) or liabilities (other than under this Agreement, the other Documents to which it is party, Shareholder Subordinated Notes, PIK Preferred Equity, Permitted Seller Notes, Permitted Earn-Out Debt, Permitted Earn-Out Preferred Equity and Qualified Preferred Equity) and has engaged in no substantial business activities.


More Definitions of PIK Preferred Equity

PIK Preferred Equity means series B and/or series C preferred equity units of Holdings the terms and conditions of which are approved by the Administrative Agent pursuant to Section 5.07(b).
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PIK Preferred Equity is defined in CLAUSE (c) of the THIRD RECITAL.
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Related to PIK Preferred Equity

  • Preferred Equity Interest in any Person, means an Equity Interest of any class or classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over Equity Interests of any other class in such Person.

  • Preferred Equity as applied to the Equity Interests of any Person, means Equity Interests of such Person of any class or classes (however designated) that ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to any shares (or other interests) of other Equity Interests of such Person, and shall include, without limitation, cumulative preferred, non-cumulative preferred, participating preferred and convertible preferred Equity Interests.

  • Preferred Equity Interests means, with respect to any Person, Equity Interests in such Person which are entitled to preference or priority over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation or both.

  • Junior Preferred Stock means ML & Co.'s Series A Junior Preferred Stock, par value $1.00 per share.

  • Equity Preferred Securities means, with respect to any Person, any trust preferred securities or deferrable interest subordinated debt securities issued by such Person or other financing vehicle of such Person that (i) have an original maturity of at least twenty years, and (ii) require no repayments or prepayments and no mandatory redemptions or repurchases, in each case, prior to the first anniversary of the latest Maturity Date.