Dividend Default definition

Dividend Default shall have the meaning as set forth in Section 2.2(g)(i).

Dividend Default means the failure of the Corporation to pay any Dividends when due, subject to any cure provisions described herein, if any.

Dividend Default has the meaning set forth in Section 2(c)(ii) hereof.

Examples of Dividend Default in a sentence

• In the event that at any time two consecutive semi-annual distributions payable on the Preferred Stock shall be in default (a "Two Dividend Default"), then immediately upon the happening of a Two Dividend Default and until the Two Dividend Default and all defaults in the payment of semi-annual distributions subsequent to the Two Dividend Default shall be cured, the holders of Preferred Stock shall have the right, voting separately as a class, to elect one-third of the Directors of the Corporation.

• Except with respect to amounts payable hereunder accruing Dividends at the Dividend Default Rate, any amount due under the Transaction Documents which is not paid when due shall result in a late charge being incurred and payable by the Company in an amount equal to interest on such amount at the rate of fifteen percent (15%) per annum from the date such amount was due until the same is paid in full (“Late Charge”).

• If, prior to the end of the term of any Director elected as aforesaid, a vacancy in the office of such Director shall occur during the continuance of a Dividend Default by reason of death, resignation, or disability, such vacancy shall be filled for the unexpired term by the appointment of a new Director for the unexpired term of such former Director, such appointment to be made by the remaining Director elected as aforesaid.

• In the event a Dividend Default should occur in respect to the Dividends due to Holder, any unpaid Dividends shall accrue interest at the rate of twelve percent (12%) per annum until such Dividend Default is cured by the Corporation.

• Subject to the cure provisions of Section 2(c)(iii) below, a Default Period with respect to a Dividend Default or a Redemption Default shall end on the Business Day on which, by 12:00 noon, New York City time, all unpaid dividends and any unpaid redemption price shall have been directly paid in accordance with Section 14 of the Securities Purchase Agreement.

More Definitions of Dividend Default

Dividend Default means any failure by the Company to pay:

Dividend Default means the Corporation’s failure to pay dividends (either in cash or in-kind) on the Series B Preferred Stock in full for any Dividend Period in accordance with Section 3 hereof.

Dividend Default means the failure of the Corporation to pay any Dividends when due, subject to any cure provisions described below.

Dividend Default means the failure to declare and pay (either in ---------------- cash or in P-I-K Shares), or set aside a sum sufficient for the payment of, dividends on all outstanding shares of Series A Preferred Stock (including P-I-K Shares) in accordance with Section 2.

Dividend Default shall have the meaning as set forth in Section 2.2(g)(i). “Dividend Payment Date” means, with respect to any Series, the first Business Day of each calendar month that any shares of such Series are outstanding; provided, however, that with respect to any Series for which the first Dividend Period, as specified in the Appendix relating to such Series, is longer than one month, the first Dividend Payment Date for such Series shall be the first Business Day of the calendar month immediately following the end of such Dividend Period.

Dividend Default shall have the meaning set forth in Section 12 hereof.

Dividend Default has the meaning set forth in paragraph 2(e)(ii) of Part I of this Section 11.1.