PIK Dividend Shares definition

PIK Dividend Shares means the shares (including fractional shares) of Series A-1 Preferred Stock paid and issued in connection with a PIK Dividend.

PIK Dividend Shares means any shares of the Series A Preferred Stock that have been issued as dividends on shares of the Series A Preferred Stock.

PIK Dividend Shares shall have the meaning set forth in the definition of “Registrable Securities.”

Examples of PIK Dividend Shares in a sentence

• Notwithstanding anything contained herein to the contrary, the Corporation shall take all actions necessary for all PIK Dividend Shares to be duly authorized and validly issued, fully paid and nonassessable, and issued free and clear of all liens, mortgages, security interests, pledges, deposits, restrictions or other encumbrances, on each Dividend Payment Date.

• For the avoidance of doubt, unless otherwise expressly set forth herein, with respect to PIK Dividend Shares, the Dividend Payment Date of such shares shall be the Issuance Date of such shares for all purposes hereunder.

• PIK Dividend Shares issued on the applicable Dividend Payment Date shall have an aggregate Dividend Amount on such Dividend Payment Date equal to the total Dividend Amount accrued on such shares as of such Dividend Payment Date minus any portion thereof paid in cash pursuant hereto.

• If the Corporation wishes to deliver PIK Dividend Shares in lieu of cash with respect to accrued dividends, it must do so with respect to all (but not less than all) of such dividends.

• All PIK Dividend Shares, from and after their issuance on the Appropriate Distribution Date, shall have the same rights and privileges as any other outstanding shares of Series B Preferred Stock.

• This corporation will at all times reserve from its authorized Series B Preferred Stock a sufficient number of shares to provide for exchange of all shares of Series A Preferred Stock from time to time outstanding and for payment of the maximum amount of PIK Dividend Shares issuable in respect of all Shares of Series B Preferred Stock from time to time outstanding.

• For the first two (2) years following the Issuance Date, the Dividend Amount shall be paid solely in PIK Dividend Shares, and for the following eight (8) years, the Dividend Amount shall be paid in either PIK Dividend Shares or cash, in the Majority Holder’s sole and absolute discretion, subject to Section 3(e) of this Certificate.

• All Dividend Amounts payable with respect to the Holders of Series C Preferred Stock shall be paid, whether in cash or in PIK Dividend Shares pursuant to this Section 3(d), pro rata to each Holder of shares of Series C Preferred Stock based upon the aggregate accrued but unpaid dividends on the shares held by each such Holder.

• If the Corporation delivers PIK Dividend Shares in lieu of cash with respect to any of the Accruing Dividends for an applicable Dividend Payment Date, it must do so with respect to all (but not less than all) of such dividends payable for the applicable Dividend Payment Date.

• Each Holder shall promptly thereafter deliver to the Corporation instructions designating whether such Holder wishes to receive delivery of its PIK Dividend Shares in physical certificates (and, if so, at what address) or through the Depository Trust Company (“DTC”), as long as no legend is required by the terms of the Purchase Agreement to be imprinted on such Shares (and, if so, the account number to be credited).

More Definitions of PIK Dividend Shares

PIK Dividend Shares means the shares of Designated Preferred Stock issuable in payment of accrued dividends on outstanding shares of Designated Preferred Stock, as expressly contemplated in Section 8.3 hereof. Notwithstanding any provision herein to the contrary, the PIK Dividend Shares shall have only such rights, privileges and priorities as are set forth in Section 8.4, Section 8.5, and Section 8.7 hereof.