PIK Distribution definition
Examples of PIK Distribution in a sentence
All or any portion of each distribution payable in respect of the Series B Units (the “Series B Unit Distribution”) may, at the election of the Partnership, be paid in Series B PIK Units (any amount of such Series B Unit Distributions so paid in Series B PIK Units, the “Series B PIK Distribution Amount”).
For any Quarter ending after the Series A PIK Distribution Period, all Series A Quarterly Distributions shall be paid in cash.
For purposes of this Agreement, a Series A-2 PIK Distribution shall be treated as a distribution of the Series A-2 Coupon Amount followed by an immediate contribution to the Company of such amount by the Holdings Member.
In the case of any withholding tax imposed or reasonably likely to be imposed on a PIK Distribution with respect to any share of Series B Preferred Stock held by the Investor or its Affiliates as a result of a change in Law or a Change in Circumstances, the Investor and the Company shall endeavor to negotiate in good faith an arrangement regarding the funding (or elimination or reduction) of such withholding tax.
The number of Common Units to be issued in connection with the Common Unit Distribution Amount or the PIK Distribution Additional Amount in any instance shall be determined by dividing the cash amount of the Common Unit Distribution Amount or the PIK Distribution Additional Amount, as applicable, by the VWAP Price.
Notwithstanding anything else contained herein to the contrary, the PIK Distribution shall be reduced by the amount of any Current Distribution with such Current Distribution first offsetting the current portion of the PIK Distribution and then offsetting any accrued and unpaid portion of the PIK Distribution.
With respect to any Quarter (or portion thereof for which a Series B Quarterly Distribution is due) ending on or prior to December 31, 2019 (the “Series B PIK Distribution Period”), such Series B Quarterly Distribution shall be paid, as determined by the General Partner, in cash, in-kind in the form of additional Series B Cumulative Convertible Preferred Units (“Series B PIK Units”) or in a combination thereof.
The Class C Preferred OP Units shall have a liquidation preference equal to the Preferred Unit Liquidation Preference and shall be entitled to the annual Cash Distribution, payable quarterly, and an additional annual PIK Distribution.
For any Quarter ending after the Series B PIK Distribution Period, all Series B Quarterly Distributions shall be paid in cash.
With respect to any Quarter (or portion thereof for which a Series A Quarterly Distribution is due) ending on or prior to [ ], 2019(5) (the “Series A PIK Distribution Period”), such Series A Quarterly Distribution shall be paid, as determined by the General Partner, in cash, in-kind in the form of additional Series A Perpetual Convertible Preferred Units (“Series A PIK Units”) or in a combination thereof, in an amount equal to the Series A Distribution Amount on all Outstanding Series A Preferred Units.