Dividend Payment Default definition

Dividend Payment Default means, as of a Dividend Payment Date, the non-payment of any Accrued Dividends that remain outstanding for any share of this Series.
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Dividend Payment Default means any time that a semi-annual dividend payable on Series A Preferred Shares is in arrears.
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Dividend Payment Default means the arrearage of four quarterly dividends, whether consecutive or not, payable on Series C Preferred Shares.
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Examples of Dividend Payment Default in a sentence

  • In addition to the above, if and only if a Dividend Payment Default occurs, (A) the Conversion Rate will be adjusted as set forth in Section 7(d) hereof and (B) each Holder of the then-outstanding Series B Preferred Shares may at any time after a Dividend Payment Default (including after the Dividend Payment Default ceases to exist) convert its Series B Preferred Shares into convertible promissory notes as set forth in Section 7(h) hereof.

  • The Corporation shall deposit into the sinking fund 80% of its Available Cash (or such lesser amount as may be permitted under any such credit agreement, guarantee, security agreement or similar agreement to which the Corporation is a party), as and when such funds become available, until the dividend that cause the Dividend Payment Default has been paid.

  • If the Dividend Payment Default ceases to exist (as evidenced by the delivery of an Officer's Certificate to the Registrar and Transfer Agent stating that such Dividend Payment Default no longer exists), the Conversion Price shall remain the reduced Conversion Price in effect immediately prior to the cessation of the Dividend Payment Default.

  • If the Dividend Payment Default ceases to exist (as evidenced by the delivery of an Officer’s Certificate to the Registrar and Transfer Agent stating that such Dividend Payment Default no longer exists), the Conversion Price shall remain the reduced Conversion Price in effect immediately prior to the cessation of the Dividend Payment Default.

  • If and when the full cumulative dividends on all series of Preferred Stock for all past dividend payment periods shall have been paid or declared and set apart for payment, the holders of Preferred Stock shall be divested of the foregoing special voting right, subject to revesting in the event of each and every subsequent Dividend Payment Default.

  • In the event a Dividend Payment Default occurs and is continuing the Conversion Price shall be adjusted as follows: for the first six months during which such Dividend Payment Default exists, the Conversion Price shall equal $27.99 (as adjusted pursuant to Sections 7(c), 7(e) and 7(j) hereof), and if the Dividend Payment Default continues for more than six months, the Conversion Price shall equal $24.24 (as adjusted pursuant to Sections 7(c), 7(e) and 7(j) hereof).

  • The Board’s role here is one of leadership and assurance, to ensure the main actions have continued to be implemented.

  • In addition to the other voting rights described herein, at any time after the Minimum Threshold ceases to be satisfied and a Dividend Payment Default occurs for three consecutive fiscal quarters, the number of directors constituting the Board shall be automatically increased by a maximum of two (2) members.

  • In addition to the other voting rights described herein, at any time after the Minimum Threshold ceases to be satisfied and a Dividend Payment Default occurs for three consecutive fiscal quarters, the number of directors constituting the Board shall be automatically increased by two (2) members.

  • Notwithstanding anything contained herein to the contrary, on any day on or after the tenth anniversary of the Issue Date during which a Dividend Payment Default (as defined in Section 8(c)(i)) shall exist, the Dividend Rate shall be 10%.


More Definitions of Dividend Payment Default

Dividend Payment Default means the Corporation being in arrears in the payment of six quarterly dividends, whether consecutive or not, on Series C Preferred Shares.
Sample 1
Dividend Payment Default means: (i) the excess of the cumulative aggregate of the Accrued Preferred Dividends over $1,000,000; and (ii) the Board of Directors shall not have declared and paid by the end of the quarter in which the amount of the excess exceeds $1,000,000 a dividend on the Series A Preferred Stock that eliminates the excess over $1,000,000.
Sample 1
Dividend Payment Default means the failure of the Corporation to pay dividends on the Series A Preferred Shares in full in cash on a Dividend Payment Date (other than a Dividend Payment Date on which a Liquidation Preference Increase has been effected in accordance with Section 3(b)(2)).
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Related to Dividend Payment Default

  • Dividend Payment Date means February 15, May 15, August 15 and November 15 of each year.

  • Non-Payment Default means any event (other than a Payment Default) the occurrence of which entitles one or more Persons to accelerate the maturity of any Designated Senior Indebtedness.

  • Payment Default has the meaning set forth in Section 5.4(a) of the Indenture.

  • Acceleration Event means the occurrence of an Event of Default (a) in respect of which Agent has declared all or any portion of the Obligations to be immediately due and payable pursuant to Section 10.2, (b) pursuant to Section 10.1(a), and in respect of which Agent has suspended or terminated the Revolving Loan Commitment pursuant to Section 10.2, and/or (c) pursuant to either Section 10.1(e) and/or Section 10.1(f).

  • Dividend Period means the Initial Dividend Period, any 7-Day Dividend Period and any Special Dividend Period.

  • Ex-Dividend Date means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Common Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market.

  • Accrued Dividends means, with respect to any share of Preferred Stock, as of any date, the accrued and unpaid dividends on such share from and including the most recent Dividend Payment Date (or the Issue Date, if such date is prior to the first Dividend Payment Date) to but not including such date.

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Rights Dividend Declaration Date shall have the meaning set forth in the recitals at the beginning of this Agreement.