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.