PIK Preferred Stock definition

PIK Preferred Stock means Preferred Stock the terms of which do not permit the declaration or payment of any dividend or other distribution thereon or with respect thereto, or the redemption or conversion thereof, in each such case prior to the payment in full of the Company’s obligations under the Notes.

PIK Preferred Stock means the pay-in-kind preferred stock of the Borrower, $.01 par value per share, issued pursuant to the PIK Preferred Stock Documents.

PIK Preferred Stock means Pay-in-Kind Preferred Stock issued by Parent, the face amount thereof to be issued on the Closing date being not less than $34,000,000, providing for the payment of dividends thereon by the issuance of additional shares of such Pay-in-Kind Preferred Stock or by accretion of the original face amount thereof for a period of not less than five years from the Closing Date, which Pay-in-Kind Preferred Stock shall be unsecured and unguaranteed, shall not provide for any scheduled redemptions or prepayments prior to a date which is seven-and-a-half years after the Closing Date, as amended from time to time to the extent permitted under the Parent Guaranty.

Examples of PIK Preferred Stock in a sentence

• Alden has agreed to purchase $80 million principal amount of Series A Convertible Redeemable PIK Preferred Stock of JS Acquisition and will receive nominally-priced warrants in connection therewith.

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• The Corporation shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock, solely for the purpose of effecting the conversion of the shares of the PIK Preferred Stock, such number of its shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of the PIK Preferred Stock.

• At the option of the Corporation, no fractional shares of Common Stock shall be issued upon conversion of PIK Preferred Stock and all shares of Common Stock (including fractions thereof) issuable upon conversion of more than one share of PIK Preferred Stock by a holder thereof shall be aggregated for purposes of determining whether the conversion would result in the issuance of any fractional share.

• If at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the PIK Preferred Stock, the Corporation with take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purpose.

More Definitions of PIK Preferred Stock

PIK Preferred Stock means the Series A Floating Rate PIK Preferred Stock issued by the U.S. Borrower on May 20, 2005.

PIK Preferred Stock means the preferred stock to be issued by the ------------------- Borrower on or prior to the Effective Date with an initial aggregate liquidation preference of $25,000,000, which liquidation preference may be increased by the amount of unpaid dividends on such preferred stock in lieu of the payment of such dividends.

PIK Preferred Stock means the pay-in-kind preferred stock of the Borrower issued to Holdings on the Closing Date, with an initial aggregate liquidation preference of $49,792,000, and any additional shares of pay-in-kind preferred stock of the Borrower issued as a dividend in respect thereof, and containing such other terms and conditions as shall be reasonably acceptable to the Administrative Agent.

PIK Preferred Stock means the Series A Preferred Stock of GNI.

PIK Preferred Stock means, collectively, three series of new payment-in-kind preferred stock issued by the Company having an initial liquidation value of (a) $80,000,000, in respect of the holders of senior secured notes of the Company under the Existing Indenture, (b) $20,000,000, in respect of certain Principals and (c) $5,000,000, in respect of the management incentive plan of the Company, which preferred stock shall, in the case of clause (a), be issued by the Company on the date of this Indenture.

PIK Preferred Stock shall have the meaning provided in Section 4.16(d).

PIK Preferred Stock means Pay-in-Kind Preferred Stock issued by Parent, providing for the payment of dividends thereon by the issuance of additional shares of such Pay-in-Kind Preferred Stock or by accretion of the original face amount thereof for a period of not less than five years from the First Closing Date, which Pay-in-Kind Preferred Stock is unsecured and unguaranteed, as amended from time to time to the extent permitted under the Parent Guaranty.