Set Apart for Payment definition

Set Apart for Payment means the Corporation shall have irrevocably deposited with a bank or trust company doing business in the Borough of Manhattan, the City of New York, and having a capital and surplus of at least $1,000,000,000, in trust for the exclusive benefit of the holders of shares of Series B Preferred Stock, funds sufficient to satisfy the Corporation's payment obligation.

Set Apart for Payment means, when used with respect to funds of the Corporation to be used to effect any redemption of shares of Series A Preferred Stock, that funds of the Corporation sufficient to satisfy such payment of redemption shall have been irrevocably deposited with a bank or trust company doing business in the Borough of Manhattan in the City of New York and having a capital and surplus of at least $50 million in trust for the exclusive benefit of the holders of the shares of Series A Preferred Stock to be redeemed and that such funds will be payable from and after the date of redemption to holders of Series A Preferred Stock who surrender their certificates representing such stock in accordance with the notice of redemption provided pursuant to Section 4(b).

Set Apart for Payment means the recording by the Partnership in its accounting ledgers of any accounting or bookkeeping entry which indicates, pursuant to an authorization of a distribution by the General Partner, the allocation of funds to be so paid on any series or class of Partnership Units.

Examples of Set Apart for Payment in a sentence

• In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.05, the Trustee shall resign immediately in the manner and with the effect specified in Section 6.06 hereof.

• When dividends are not paid in full (or a sum sufficient for such full payment is not Set Apart for Payment), as aforesaid, all dividends declared upon the Series A Preferred Shares and all dividends declared upon any other class or series of Parity Shares shall be declared ratably in proportion to the respective amounts of dividends accumulated and unpaid on the Series A Preferred Shares and accumulated and unpaid on such Parity Shares.

• Preferred Stock) (hereinafter a cure of such Dividend Default) or such covenant shall have been complied with, or such redemption shall have been performed or all funds necessary therefor Set Apart for Payment, as the case may be, the holders of shares of Series A 12% Preferred Stock shall have the right, notwithstanding anything to the contrary in the Restated Certificate of Incorporation or By-Laws of the Corporation (the "By-Laws"), voting together as a single class, to elect one director.

• Dividends on the $2,500 Convertible Preferred Stock shall be paid, or declared and a sum sufficient for payment thereof Set Apart for Payment, before any dividend or distribution in cash or other property (other than dividends payable in stock ranking junior ("Junior Stock") to the $2,500 Convertible Preferred Stock as to dividends and upon liquidation, distribution, dissolution and winding-up) is declared, paid or Set Apart for Payment on any class or series of Junior Stock.

• Any interest allowed on moneys that have been Set Apart for Payment (as defined in Section 9) prior to the date of redemption for the payment of the Redemption Price (or any declared and unpaid dividends thereon, without accumulation of any undeclared dividends) shall be paid to the Corporation.

More Definitions of Set Apart for Payment

Set Apart for Payment shall be deemed to include, without any action other than the following, the recording by the Corporation in its accounting ledgers of any accounting or bookkeeping entry which indicates, pursuant to a declaration of a dividend or other distribution by the Board of Directors, the allocation of funds to be so paid on any series or class of shares of capital stock of the Corporation; provided, however, that if any funds for any class or series of Junior Shares or any class or series of Parity Shares are placed in a separate account of the Corporation or delivered to a disbursing, paying or other similar agent, then “set apart for payment” with respect to the Series D-1 Preferred Shares shall mean placing such funds in a separate account or delivering such funds to a disbursing, paying or other similar agent.

Set Apart for Payment means irrevocably placing such funds in a separate account or delivering such funds to a disbursing, paying or other similar agent.

Set Apart for Payment means the recording by the Company in its accounting ledgers of any accounting or bookkeeping entry which indicates, pursuant to an authorization of a distribution by the Company, the allocation of funds to be so paid on any series or class of Units.

Set Apart for Payment means, when used with respect to funds of the Corporation to be used to pay dividends or effect redemptions of shares of Series A Preferred Stock, that the funds of the Corporation to be used to pay dividends on or effect redemptions of any shares of Series A Preferred Stock to the Corporation shall have irrevocably deposited with a bank or trust company doing business in the Borough of Manhattan in the City of New York, and having a capital and surplus of at least $50 million, in trust for the exclusive benefit of the holders of shares of Series A Preferred Stock, funds sufficient to satisfy such payment of redemption obligation.

Set Apart for Payment means the Corporation shall have irrevocably deposited with a bank or trust company doing business in the Borough of

Set Apart for Payment means the Corporation shall have irrevocably deposited with a bank or trust company doing business in the Borough of Manhattan, the City of New York, and having a capital and surplus of at least $1,000,000,000, in trust for the exclusive benefit of the holders of shares of Series C Preferred Stock, funds sufficient to satisfy the Corporation's payment obligation.

Set Apart for Payment shall be deemed to include, without any action other than the following, the recording by the Corporation in its accounting ledgers of any accounting or bookkeeping entry which indicates, pursuant to a declaration of dividends or other distribution by the Board of Directors, the allocation of funds to be so paid on any series or class of capital stock of the Corporation; provided, however, that if any funds for any class or series of stock of the Corporation ranking on a parity with or junior to the Class IAM Preferred Stock as to distributions upon liquidation, dissolution or winding up of the Corporation are placed in a separate account of the Corporation or delivered to a disbursing, paying or other similar agent, then “set apart for payment” with respect to the Class IAM Preferred Stock shall mean, with respect to such distributions, placing such funds in a separate account or delivering such funds to a disbursing, paying or other similar agent.