Preferred Payment Default definition
Preferred Payment Default means any failure to make any payment in respect of the Senior Preferred Stock under this Certificate of Designations as and when due of any amounts (including, for the avoidance of doubt, any Dividends or any payments stemming from a redemption or prepayment under this Certificate of Designations), which failure, in the case of Dividend payments only, continues for a period of five (5) Business Days or more.
Preferred Payment Default has the meaning set forth in Section 4.4(a).
Preferred Payment Default has the meaning given to such term in the Certificate of Designations.
Examples of Preferred Payment Default in a sentence
There shall be no Preferred Payment Default or Bankruptcy Event at the time of, and after giving effect to the issuance and sale of, the Acquisition Preferred Stock and the other Acquisition Closing Date Transactions.