Series A Interests definition
Examples of Series A Interests in a sentence
No Person, other than a Person who holds a Series A Interest, shall have any claim on or any right to any assets allocated solely to the Series A Interests.
In the event subscriptions for at least 40,000 of the Series A Interests are received and accepted during the Initial Offering for the Series A Interests, all interest earned on the proceeds of subscriptions from accepted subscribers for Series A Limited Interests during its Initial Offering Period will be contributed to Series A, for which the Series A Limited Owners will receive additional Series A Interests on a pro rata basis (taking into account time and amount of deposit).
In the event that 40,000 or more of the Series A Limited Interests are sold during the Initial Offering Period for the Series A Interests, the Trust may continue to offer Series A Limited Interests and admit additional Series A Limited Owners and/or accept additional contributions from existing Series A Limited Owners pursuant to the Prospectus.
All proceeds from the sale of Series A Limited Interests offered pursuant to the Prospectus shall be deposited in an interest bearing escrow account at The Bank of New York, in New York, N.Y. until the conclusion of the Initial Offering Period for the Series A Interests.
The Managing Owner and/or its Affiliates shall, with respect to any Series A Interests owned by them, enjoy all of the rights and privileges and be subject to all of the obligations and duties of a Series A Limited Owner, in addition to rights and privileges the Managing Owner has as Managing Owner, except as otherwise provided herein.
In addition to the Series A Interests required to be purchased by the Managing Owner and/or its Affiliates under Section 3.2(a)(v), the Managing Owner and/or its Affiliates also may purchase any number of Series A Limited Interests as it or they determine in its or their discretion.
Pursuant to Article III.B.1.c.iii and Article III.B.6.c.ii of the Plan, the Holders of Allowed Senior Credit Agreement Claims shall receive their allocable share of 100% of the Liquidation Trust Series A Interests, which is 64% of the aggregate Liquidation Trust Interests, and the Holders of Allowed Senior Unsecured Claims and Allowed General Unsecured Claims shall receive their allocable share of 100% of the Liquidation Trust Series B Interests, which is 36% of the aggregate Liquidation Trust Interests.
The Holders of the Liquidation Trust Series A Interests shall appoint three members of the Liquidation Trust Committee (collectively, the “Class A Representatives” and each a “Class A Representative”).
Notwithstanding Section 5.1 above, distributions on the Series A Interests, Series A-1 Interests and Series B Interests will accrue whether or not the terms and provisions set forth in this Article 5 at any time prohibit the current payment of distributions and whether or not the Company has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized.
Redemptions, exchanges, withdrawals, and distributions of Series A Interests shall be charged against Series A Allocated Assets.