Preference Dividends Clause Samples
POPULAR SAMPLE Copied 1 times
Preference Dividends. Holders of Series A shall be entitled to receive, when, as and if declared by the Disinterested Directors’ Committee out of funds legally available therefor, cumulative cash dividends at the annual rate of eleven percent (11%) of (x) the Stated Amount per share plus (y) the amount of any accrued and unpaid dividends on each such share as of the last Preference Dividend Payment Date (as defined below) (collectively, the “Preference Dividends”), accumulating on a daily basis and payable quarterly on January 1, April 1, July 1 and October 1, respectively, in each year (or, if any such date is not a Business Day, on the next succeeding Business Day, without any adjustment in the amount paid) (each, a “Preference Dividend Payment Date”) with respect to the period from and including the last Preference Dividend Payment Date (or the Effective Date, with respect to the first quarterly period) to and including the day preceding such respective dividend payment date (or portion thereof) (the “Preference Dividend Period”) to holders of record on the respective date, not more than sixty (60) nor less than ten (10) days preceding the Preference Dividend Payment Date, fixed for that purpose by the Disinterested Directors’ Committee in advance of payment of each particular Preference Dividend. The amount of the Preference Dividend for each Preference Dividend Period (or portion thereof) will be calculated on the basis of a 360-day year consisting of twelve 30-day months. The Corporation shall not pay any additional interest, fee, penalty or other amount in respect of any Preference Dividend that may be in arrears on the Series A. Notwithstanding the foregoing, the Disinterested Directors’ Committee shall not declare a Preference Dividend at any time when Consolidated EBITDA for the most recent four fiscal quarters for which financial statements of the Corporation are available is less than $425,000,000. Preference Dividends shall accumulate whether or not (i) the Corporation has earnings; (ii) there are funds legally available for the payment of those dividends; or (iii) those dividends are authorized or declared.
Preference Dividends. Holders of outstanding Preference Shares will be entitled to receive, subject to the availability of distributable reserves, dividends (the “Preference Dividends”) on each Preference Share from (but not before) December 31, 2014, at a rate per year equal to 6.0% of the Aggregate Dividend Preference (with such Aggregate Dividend Preference being determined as of the close of business on each June 30 and December 31, beginning December 31, 2014). All Preference Dividends shall be cumulative, whether or not earned or declared, payable semiannually in arrears on each Dividend Payment Date and shall be calculated based on a 360-day year consisting of twelve 30-day months; provided, that if any Preference Dividend payable on any Dividend Payment Date is not declared and paid in full on such Dividend Payment Date, the amount of such Preference Dividend shall be treated as unpaid Preference Dividends (except to the extent that a special dividend is paid pursuant to Section 4.2(b); provided further, that if the Company becomes subject to an Insolvency Event, any outstanding unpaid Preference Dividends will be added to the Aggregate Preference Amount immediately upon the occurrence of the Insolvency Event.
Preference Dividends. 1.2.1. Each Preference Shareholder registered as such on the Dividend Date in respect of a Preference Share shall have the right to receive and be paid on such Dividend Date, in priority to the holders of any other class of shares in the capital of the Company and in respect of each Preference Share held by it, a Preference Dividend for the Dividend Period preceding such Dividend Date calculated by applying the applicable Dividend Rate (taking into account any fluctuations in the Prime Rate with effect from the date on which such fluctuation occurred) to the Issue Price of such Preference Share over such Dividend Period, calculated daily and compounded on the last day of each Compounding Period falling within or ending on such Dividend Period. An illustrative example of the working of such calculation is attached as Schedule 1 to these Terms.
1.2.2. Each Preference Dividend shall in respect of each Preference Share:
1.2.2.1. subject to the Companies Act, be declared and be payable on each Dividend Date; and
1.2.2.2. be payable in cash.
Preference Dividends. The holders of Series A Preferred -------------------- Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock and Series F Preferred Stock shall be entitled to receive, on a pari passu basis, dividends, out of any assets legally ---- ----- available therefor, prior and in preference to any declaration or payment of any dividend (payable other than in Common Stock or other securities and rights convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of Common Stock of this Corporation) on the Common Stock of this Corporation, at the rate of $0.0264, $0.04, $0.104, $0.132, $0.34 and $10.00 per share, respectively, per annum when, as and if declared by the board of directors.
Preference Dividends. Each Preference Dividend in respect of the Preference Shares, will, in respect of the full amount of such Preference Dividend, be declared and paid in compliance with section 90 of the Companies Act;