Common use of Calculation; Payment Clause in Contracts

Calculation; Payment. The Series C Accruing Dividends shall accumulate from day to day, whether or not earned or declared, shall be calculated on the basis of twelve 30 day months and a 360-day year, shall not be cumulative and shall be payable (and the Board of Directors shall cause the Corporation to pay), at the election of the Corporation, in cash or (subject to the last sentence of Section 2.3) in shares of Common Stock (at a per share closing sale price of Common Stock on the last trading date immediately prior to the Quarterly Dividend Payment Date (as defined below)), in equal quarterly payments on March 15, June 15, September 15 and December 15 (or if any of such days is not a Business Day (as defined below), the Business Day immediately following such day) (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date following the date of original issuance. Any such quarterly payment shall be prorated for any partial calendar quarter based on the number of days which the Series C Accruing Dividends shall have accrued during such quarter and assuming a calendar quarter of 90 days. For purposes hereof, the term “Business Day” means any day other than a Saturday, Sunday or a day on which banking institutions in the State of New York are required by law, regulation or executive order to be closed.