PIK Unit definition

PIK Unit means a Preferred Unit issued pursuant to a Preferred Unit Distribution in accordance with Section 5.8(c).

PIK Unit means a Class B Unit that may be issued by the Partnership in lieu of cash distributions in respect of the Class B Units pursuant to Section 4.8(d).

PIK Unit means an additional Series B Preferred Unit issued pursuant to a Series B Distribution in accordance with Section 17.3.

Examples of PIK Unit in a sentence

• The initial Capital Account balance in respect of each Series B Unit (including each Series B PIK Unit) shall be the Series B Issue Price.

• Each PIK Unit shall have an Issue Price determined in accordance with Section 4.8(d)(iv).

• The number of PIK Units to be issued in connection with any PIK Payment shall be equal to the quotient of (A) the PIK Distribution Amount divided by (B) the Class A Preferred Unit Price; provided that instead of issuing any fractional PIK Unit, the Partnership shall round the number of PIK Units issued to each Class A Preferred Holder down to the nearest whole PIK Unit and pay cash in lieu of such fractional Unit.

• Prior to the earlier of the Effective Time and the termination of this Agreement, Midstream GP shall cause all distributions paid by Midstream to holders of the outstanding Midstream Preferred Units pursuant to the Midstream Partnership Agreement shall be paid in additional Midstream PIK Units (and cash in lieu of any fractional Midstream PIK Unit) in accordance with Section 5.12(c) of Amendment No. 3.

• Cash will be paid in lieu of any fractional PIK Units, with the value of the fractional PIK Unit determined by reference to the Class A Preferred Unit Price applicable to the Class A Preferred Units on which such PIK Units were issued.

More Definitions of PIK Unit

PIK Unit means a Preferred Unit issued pursuant to a Preferred Unit Distribution in accordance with Section 5.8(c). “Preferred Holder” means a holder of a Preferred Unit.

PIK Unit means a Class A Preferred PIK Unit or a Class B Preferred PIK Unit.

PIK Unit means a Class A Preferred Unit issued pursuant to a Class A Preferred Unit Distribution in accordance with Section 5.10(b)(i)(B).

PIK Unit means a Class B Unit issued pursuant to a Class B Unit Distribution.

PIK Unit means any Series A Preferred Units issued in kind as a distribution pursuant to Section 5.12(b)(ii) of the Company LLC Agreement.

PIK Unit means a Class A Preferred Unit issued pursuant to a Class A Preferred Unit Distribution in accordance with Section 5.12(e)(ii). “Plan of Conversion” has the meaning given such term in Section 14.1.

PIK Unit means a Class B Unit that may be issued by the Partnership in lieu of cash distributions in respect of the Class B Units pursuant to Section 4.8(d). “PIPE Unit Purchase Agreements” means the LP Unit Purchase Agreement providing for the issuance of LP Units and the Class B Unit Purchase Agreement providing for the issuance of Class B Units, in each case dated as of December 18, 2010, with the purchasers named therein. “PIPE Unit” means an LP Unit or a Class B Unit that is issued by the Partnership pursuant to the PIPE Unit Purchase Agreements or the Unit Purchase Agreement or the Registration Rights Agreements. “Privately Placed Unit” means a Class B Unit or an LP Unit that is a PIK Unit, PIPE Unit or converted Class B Unit. “Record Holder” or “Holder” of any Unit means the Person in whose name such Unit is registered in the Units Register. “Registration Rights Agreements” means the two Registration Rights Agreements, dated on or after December 18, 2010 one of which is among the Partnership, the Unit Purchaser, and the purchasers of the Class B Units pursuant to one PIPE Unit Purchase Agreement, and the other is among the Partnership and the purchasers of LP Units pursuant to the other PIPE Unit Purchase Agreement. “Transfer Agent” means the bank, trust company or other Person appointed from time to time by the Partnership to act as successor transfer agent and registrar for any class of Units. The General Partner shall serve as Transfer Agent and registrar for the Class B Units unless the General Partner shall determine to cause the Partnership to appoint another Transfer Agent.