Method of Payment of Dividends. (a) The Corporation will pay any dividend on the Series A Preferred Stock for a current dividend period or any prior dividend period (including in connection with the payment of declared and unpaid dividends pursuant to Section 5, Section 8, and Section 9), at the Corporation’s sole election, either: (i) in cash, (ii) by delivery of shares of Series A Preferred Stock or (iii) through a combination of cash and shares of Series A Preferred Stock.
(b) If the Corporation makes any payment of dividends on the Series A Preferred Stock in shares of Series A Preferred Stock, the number of shares of Series A Preferred Stock deliverable shall be equal to (i) the cash amount of such dividend payment that would apply if no payment were to be made in Series A Preferred Stock, or such portion, divided by (ii) the Liquidation Preference (as equitably adjusted by the Board to the extent necessary for any stock splits, combinations or like transactions).
(c) The Corporation shall make each dividend payment on the Series A Preferred Stock in cash, except to the extent the Corporation elects to make all or any portion of such payment in shares of Series A Preferred Stock as set forth above. The Corporation shall give Holders notice of any such election and the portion of such payment that will be made in cash and the portion that will be made in Series A Preferred Stock ten (10) scheduled Trading Days prior to the Dividend Payment Date for such dividend.
(d) If the Corporation elects to pay all or a portion of a dividend on the Series A Preferred Stock in the form of shares of Series A Preferred Stock, the Corporation shall deliver such shares of Series A Preferred Stock to the Transfer Agent or another agent (in such capacity, the “Dividend Agent”) on behalf of the Holders of the Series A Preferred Stock and shall instruct the Dividend Agent to deliver such shares to or for the account of the Holders less any shares required to be withheld on account of taxes or other governmental charges. In order to satisfy any obligation to withhold taxes arising from any payment of a dividend or deemed dividend with respect to the Series A Preferred Stock, the Corporation and the Dividend Agent shall be authorized to make any deductions required by law, and pay to any taxing authority any amount necessary to satisfy such obligation.
(e) The Corporation shall not issue fractional shares in respect of any dividend payment. If a dividend would result in the issuance of a fractional share o...
Method of Payment of Dividends. (a) Subject to the restrictions set forth herein, the Corporation may elect to pay any dividend on the Preferred Stock: (i) in cash; (ii) by delivery of shares of Common Stock; or (iii) through any combination of cash and Common Stock.
(b) If the Corporation elects to make a dividend payment, or any portion thereof, in shares of Common Stock, the number of shares deliverable shall be (i) the cash amount of such dividend payment that would apply if no payment were to be made in Common Stock, or such portion, divided by (ii) the product of (x) the Weighted Average Price of the Common Stock for each of the 10 consecutive Trading Days ending on the second Trading Day immediately preceding such Dividend Payment Date (as equitably adjusted by the Board to the extent necessary for any stock splits, combinations or like transactions); multiplied by (y) 0.95; provided, that at least 2 Trading Days prior to the beginning of the averaging period described in (ii)(x) above, the Corporation shall provide written notice of such election to the Holder.
(c) The Corporation shall make each dividend payment on the Preferred Stock in cash, except to the extent the Corporation elects to make all or any portion of such payment in shares of the Common Stock (or any combination thereof) as set forth above. The Corporation shall give Holders notice of any such election and the portion of such payment that will be made in cash and the portion that will be made in shares of the Common Stock no later than 12 Trading Days prior to the Dividend Payment Date for such dividend.
Method of Payment of Dividends. (a) Subject to the restrictions set forth herein, dividends on the Redeemable Convertible Preferred Stock may be paid, as determined in the Company’s sole discretion:
(i) in cash;
(ii) by delivery of additional shares of Redeemable Convertible Preferred Stock;
(iii) by delivery of shares of Common Stock, if and only if the Volume Weighted Average Price equals or exceeds 125% of the then-effective Conversion Price for 30 consecutive Trading Days immediately prior to the applicable Dividend Payment Date, which price will be adjusted in the same manner as the Conversion Price may be adjusted pursuant to Section 13 in the event the Conversion Price is reduced pursuant to Section 13(b); or
(iv) through any combination of cash, shares of Redeemable Convertible Preferred Stock and/or Common Stock (subject to the satisfaction of the condition set forth in Section (3A)(a)(iii)) and distributed among the holders of Redeemable Convertible Preferred Stock on a pro rata or other equitable basis.
Method of Payment of Dividends. The Corporation will pay any dividend on the Series B Preferred Stock for a current dividend period or any prior dividend period (including in connection with the payment of declared and unpaid dividends pursuant to Section 5 and Section 10) in cash. All payments to which a Holder is entitled in connection with a dividend declared on the Series B Preferred Stock will be rounded to the nearest cent.
Method of Payment of Dividends. Prior to the fifth anniversary of the date hereof, the Company may elect to pay any declared dividend on the Series I Preferred Stock (in accordance with the applicable Stockholder Instructions) in any one of the following manners:
(i) in cash;
(ii) by delivery of shares of Class A Common Stock; or
(iii) through any combination of cash and shares of Class A Common Stock. Class A Common Stock issued in payment or partial payment of a declared dividend shall be issued at a price per share equal to the then current Series I Conversion Price (as defined below). After the fifth (5th) anniversary of the date hereof the Company may dividends only in cash.
Method of Payment of Dividends. (i) Dividends shall be payable quarterly and shall compound quarterly and accrue, whether or not earned or declared, from the most recent date on which Dividends have been paid, or, if no Dividends have been paid, from the Effective Date.
(ii) If a Dividend is declared by the Board of Directors, then such Dividend shall be paid in cash.
(iii) If a cash dividend is not declared and paid in cash on a Dividend Payment Date, then in full discharge of any accrual of cash dividends for the corresponding Dividend Accrual Period, the Liquidation Preference of each outstanding share of Series A Preferred Stock, regardless of its date of issue, shall automatically increase on such Dividend Payment Date, pursuant to clause (a) or clause (b), as applicable, of the “Liquidation Preference” definition, by an amount equal to the Dividend Rate multiplied by the Liquidation Preference in effect immediately after the immediately prior Dividend Payment Date (or the Effective Date in respect of the first Dividend period).
Method of Payment of Dividends. Subject to the restrictions set forth herein, dividends on the Redeemable Convertible Preferred Stock may be paid, as determined in the Company’s sole discretion:
Method of Payment of Dividends. Dividends on the Convertible Preferred Stock may be paid in cash or, where freely transferable by any non-affiliate recipient thereof, shares of EXXI common stock, or a combination thereof. If EXXI elects to make any payment, or any portion thereof, in shares of EXXI common stock, such shares shall be valued for such purpose at 95% of the Market Value of EXXI common stock as determined on the second trading day immediately prior to the record date for such dividend. EXXI will give the holders of the notes notice of any such election 15 business days prior to the record date for such dividend Conversion Premium: Approximately 20% above the Price to Public in the concurrent Common Stock Offering Initial Conversion Rate: 43.8596 shares of EXXI common stock per share of Convertible Preferred Stock (subject to adjustment) Initial Conversion Price: Approximately $2.28 per share of EXXI common stock (subject to adjustment) Conversion Rate Adjustment: Standard adjustments to Conversion Rate and Conversion Price for dilutive events. Redemption Rights: Convertible Preferred Stock will not be redeemable by EXXI
Method of Payment of Dividends. (i) Subject to the limitations described below, any declared dividend (or any portion of any declared dividend) on the shares of Mandatory Convertible Preferred Stock, whether or not for a current Dividend Period or any prior Dividend Period (including in connection with the payment of declared and unpaid dividends pursuant to Section 7 and Section 9 hereof), may be paid by the Corporation, as determined in the Corporation’s sole discretion:
(A) in cash;
(B) by delivery of shares of Common Stock; or
(C) by delivery of any combination of cash and shares of Common Stock.
(ii) Each payment of a declared dividend on the shares of Mandatory Convertible Preferred Stock shall be made in cash, except to the extent the Corporation timely elects to make all or any portion of such payment in shares of Common Stock. The Corporation shall give notice to Holders of any such election and the portions of such payment that will be made in cash and in shares of Common Stock no later than 10 Scheduled Trading Days prior to the Dividend Payment Date for such dividend, provided that if the Corporation does not provide timely notice of this election, the Corporation will be deemed to have elected to pay the relevant dividend in cash.
(iii) If the Corporation elects to make any such payment of a declared dividend, or any portion thereof, in shares of Common Stock, such shares shall be valued for such purpose, in the case of any dividend payment or portion thereof, at 97% of the Average VWAP per share of Common Stock over the five consecutive Trading Day period beginning on and including the seventh Scheduled Trading Day prior to the applicable Dividend Payment Date (the “Average Price”).
Method of Payment of Dividends. Dividends paid pursuant to Section 24.7(c)(i) shall be satisfied by the issuance to the Holder of that number of fully paid and non assessable Series V Special Shares having an aggregate Paid Up Amount equal to the amount of the dividend payable pursuant to such Section (rounded down to the nearest US $100 dollars (if applicable)). In the event that any quarterly dividend payable pursuant to Section 24.7(c)(i) is not paid at the time specified in Section 24.7(c)(i), any dividends paid or payable thereafter shall be calculated, declared and paid on the assumption that all such accrued cumulative dividends have been paid and that the relevant Series V Special Shares to be issued by way of dividend have been duly issued to the Holder. Dividends paid pursuant to Section 24.7(c)(ii) shall be in the form of the dividend declared in favour of the holders of Common Shares.
