PIK Shares definition

PIK Shares means shares of Preferred Stock issued as pay-in-kind dividends on the Shares or any previously issued PIK Shares.

PIK Shares means Series B Preferred Shares issued to Holders in lieu of cash dividends in accordance with this Statement of Designation.

PIK Shares means any Shares issued in lieu of cash dividends pursuant to the Certificate of Designation.

Examples of PIK Shares in a sentence

• The Company covenants that all Conversion Shares and PIK Shares shall, when issued, be duly authorized, validly issued, fully paid and nonassessable.

• Each Holder of Series B Preferred Shares shall first convert all of its PIK Shares (in reverse order of date of issuance, with the most recently issued PIK Shares being converted first) prior to converting the Series B Preferred Shares issued on the Original Issue Date.

• If the Corporation redeems the Series B Preferred Shares in part, the Corporation with respect to each Holder shall first redeem all of its PIK Shares (in reverse order of date of issuance, with the most recently issued PIK Shares being redeemed first) prior to redeeming the Series B Preferred Shares issued on the Original Issue Date.

• Except as otherwise expressly provided, upon the conversion of any shares of Series A Preferred Stock into Common Stock as provided herein, the holders thereof shall be entitled to receive a payment in satisfaction of all accrued but unpaid dividends, subject to limitations regarding the cancellation of PIK Shares contained in this Section.

• The Company, at the option of its Board of Directors or any duly authorized committee thereof, may redeem out of funds lawfully available therefor, in whole or in part, the PIK Shares at the time issued and outstanding, at any time, upon notice given as provided in Section 6(d) below, for cash at the Redemption Price.

More Definitions of PIK Shares

PIK Shares means any shares of Series B Common Stock issued at the option of the Company, in lieu of a cash dividend otherwise required to be paid, under the terms of the Series B Common Stock.

PIK Shares means Series A Preferred Shares issued to Holders in lieu of cash dividends in accordance with this Statement of Designations, where the number of PIK Shares to be so issued is equal to the Series A Dividend to be paid divided by the Stated Amount.

PIK Shares means any shares of Common Stock delivered to the Purchasers by the Company in respect of dividends payable by the Company to the Purchasers pursuant to the Statement of Resolutions.

PIK Shares means any Series B Preferred Shares that were issued as a dividend-in-kind on any Series B Preferred Shares outstanding at the time of such issuance.

PIK Shares has the meaning set forth in Section A.2.a.i of Article Fifth.

PIK Shares shall have the meaning set forth in the fifteenth ---------- Recital.

PIK Shares shall have the meaning ascribed to such term in the Series D Certificate of Designation.