New CNC Preferred Stock definition

New CNC Preferred Stock means Class A Preferred Stock of New CNC to be distributed on the Effective Date to the Holders of Allowed Claims in Classes 5A-1, 5A-2, 4B-1 and 4B-2 pursuant to the Plan with terms substantially as set forth in the Plan Supplement, and an initial liquidation preference equal to the Remaining Bank Debt Balance.

New CNC Preferred Stock means the Class A Preferred Stock of the Company to be issued to the Banks on the Effective Date pursuant to the Plan of Reorganization. Such term shall include any pay-in-kind dividends issued in respect of or accrued on the New CNC Preferred Stock from time to time in accordance with the terms thereof.

Examples of New CNC Preferred Stock in a sentence

• Any other provision of the Plan notwithstanding, payments of fractions of shares of New CNC Common Stock or New CNC Preferred Stock or fractions of New CNC Warrants will not be made and will be deemed to be zero.

• On the Effective Date, all assets of Old CNC, other than the Residual Assets, shall be transferred by Old CNC to New CNC in exchange for the New CNC Common Stock, New CNC Preferred Stock, New CNC Warrants and the assumption of the New Tranche A Bank Debt and the New Tranche B Bank Debt.

• Treatment: On or as soon as practicable after the Effective Date, each Holder of an Allowed Class 4B Claim shall receive on account of and in full and final satisfaction of its Allowed Class 4B Claim and its related Allowed Class 5A Claim, its Pro Rata share of the: (i) New Tranche A Bank Debt; (ii) New Tranche B Bank Debt; (iii) New CNC Preferred Stock; and (iv) New CNC Warrants.

• The New CNC Charter and the New CNC By-laws will, among other things, authorize approximately 8,000,000,000 shares of New CNC Common Stock and approximately 265,000,000 shares of New CNC Preferred Stock.

• On or as soon as practicable after the Effective Date, the Reorganized Debtors shall distribute or issue all securities, notes, instruments, certificates, and other documents required to be issued pursuant to the Plan, including, without limitation, (i) the New Credit Facility, (ii) New CNC Common Stock, (iii) New CNC Preferred Stock, and (iv) New CNC Warrants, each of which shall be distributed as provided herein.

• The New CNC Charter and the New CNC By-laws will, among other things, authorize ____ shares of New CNC Common Stock and ____ shares of New CNC Preferred Stock.

• On the Effective Date, all assets of Old CNC, other than the Residual Assets, shall be transferred by Old CNC to New CNC in exchange for the New CNC Common Stock, New CNC Preferred Stock, New CNC Warrants and the assumption of the New Tranche A Bank Debt, the New Tranche B Bank Debt, and New Senior Notes.

• On or as soon as practicable after the Effective Date, the Reorganized Debtors shall distribute or issue all securities, notes, instruments, certificates, and other documents required to be issued pursuant to the Plan, including, without limitation, (i) the New Credit Facility, (ii) New Senior Notes, (iii) New CNC Common Stock, (iv) New CNC Preferred Stock, and (v) New CNC Warrants, each of which shall be distributed as provided herein.

• A Holder's holding period for New Bank Debt, New CNC Preferred Stock and New CNC Warrants should begin on the day following the Effective Date.

• After the Confirmation Date, New CNC shall take all reasonable steps to cause the shares of New CNC Preferred Stock, New CNC Common Stock and New CNC Warrants to be listed, as soon as practicable after the Effective Date, on the New York Stock Exchange or such other securities exchange as agreed with the Conseco Creditors Committee, if the listing requirements for such securities exchange are satisfied with respect to such securities.