PIK Preferred Return definition

PIK Preferred Return means, with respect to each share of Preferred Stock, an amount equal to six percent (6%) per annum, compounding annually, on the Liquidation Preference of such share of Preferred Stock.

Examples of PIK Preferred Return in a sentence

• Any dividends paid to holders of Class A Senior Convertible Preferred Stock pursuant to this Section 2(c) shall neither (i) reduce the Stated Capital of such holder’s Class A Senior Convertible Preferred Stock nor (ii) be treated as an advance of, or otherwise reduce, such holder’s right to distributions of Preferred Return or PIK Preferred Return pursuant to Section 2(a).

• Preferred Holders shall be entitled to receive, in respect of each share of Preferred Stock, on each anniversary of the Issue Date thereof (a “Dividend Payment Date”), a paid in kind dividend in an amount equal to the PIK Preferred Return accrued on the Liquidation Preference of such share of Preferred Stock for the Dividend Period ending on such Dividend Payment Date (the “PIK Preferred Dividends”).

• Dividends of Preferred Return on the Class A Senior Convertible Preferred Stock shall accrue and accumulate as PIK Preferred Return if the Company fails to declare one or more dividends of Preferred Return on the Class A Senior Convertible Preferred Stock in any amount, whether or not the Company is then legally permitted to pay such dividends.

• The City Clerk shall provide the applicant with no less than 10 days written notice of the time and place of the hearing.

• The amount of accrued and unpaid PIK Preferred Dividends as of any date with respect to any share of Preferred Stock shall be the amount of PIK Preferred Return accrued thereon from and including the most recent Dividend Payment Date (or if no Dividend Payment Date has occurred, the applicable Issue Date) to but excluding such date, calculated on the basis of the actual number of days elapsed and a year of 365 or 366 days, as the case may be (such amount, “Unpaid Accrued Dividends”).

• The initial stated capital of a share of Class A Senior Convertible Preferred Stock, as the same may be increased by the payment of PIK Preferred Return pursuant to this Section 2(a)(1) or Section 2(a)(3) hereof or decreased pursuant to Section 2(b)(1) hereof, is referred to as the “Stated Capital”.

• Dividends of the Preferred Return or the PIK Preferred Return payable when, as and if declared, on a Dividend Payment Date, shall be payable to holders of record for the applicable Dividend Payment Date.

• Overall, this dif- ferentiates them from more ordinary capabilities which are supposed to ensure efficiency of existing business functions and resources (Teece 2016).Even though research remains ambiguous about how DCs exactly enable long-term survival and competitive advantage6, empirical research regularly confirms their positive impact.

• No interest or sum of money in lieu of interest shall be payable on any Preferred Return or PIK Preferred Return not paid on a Dividend Payment Date or any other late payment.

• The initial stated capital of a share of Class B Senior Convertible Preferred Stock, as the same may be increased by the payment of PIK Preferred Return pursuant to this Section 2(a)(1) or Section 2(a)(3) hereof or decreased pursuant to Section 2(b)(1) hereof, is referred to as the “ Stated Capital”.