Series B Accrued Value definition

Series B Accrued Value means, with respect to a share of Series B Preferred Stock, as at any date, the sum of (as adjusted for any split, subdivision, combination, consolidation, recapitalization or similar event with respect to the Series B Preferred Stock) (i) the Series B Stated Value, plus (ii) an amount equal to the aggregate of all accrued but unpaid dividends (whether or not declared) on such share through and including such date which have been added to Series B Accrued Value pursuant to Section (C)(2)(b)(i)(2) of this Article Four, minus (iii) any amounts paid in respect of the Series B Liquidation Preference.

Series B Accrued Value means, with respect to each share of Series B Preferred Stock, the sum (as adjusted for stock dividends, stock splits, combinations, recapitalizations or other similar events affecting the Series B Preferred Stock) of (i) the original purchase price of the Series B Preferred Stock, plus (ii) an amount equal to any dividends on the Series B Preferred Stock, which have accrued prior to the date of redemption of liquidation, as applicable, whether or not declared, and that have not been paid as of such date.

Examples of Series B Accrued Value in a sentence

• Such dividends shall, at the option of the Company, either be paid in cash out of lawfully available funds therefor or accrue and compound and be added to the Series B Accrued Value and Series B-1 Accrued Value on the applicable Dividend Payment Dates.

• Any dividend that is not otherwise paid in cash on the applicable Dividend Payment Date (whether due to the Company’s election not to pay such dividend in cash, its inability to pay such dividend in cash, or otherwise) shall automatically, and without any action on the part of the Company, accrue and compound and be added to the Series B Accrued Value and Series B-1 Accrued Value on such Dividend Payment Date.

• If any accrued dividends have not been paid in cash on or prior to the date of redemption or liquidation, as applicable, the amount of such accrued dividend shall be included in the Series A Accrued Value or Series B Accrued Value, as applicable, as provided in the definition thereof.

• The holders of shares of Series A Preferred Stock and Series B Preferred Stock shall be entitled to receive, on a part passu basis, out of funds legally available therefor, for each share of Series A Preferred Stock and Series B Preferred Stock, cumulative cash dividends at the annual rate of 8% of the Series A Accrued Value or Series B Accrued Value, as applicable (each as defined below), prior and in preference to any declaration or payment of any dividend to the holders of shares of Common Stock.

• Any dividend that is not otherwise paid in cash on the applicable Dividend Payment Date (whether due to the Company's election not to pay such dividend in cash, its inability to pay such dividend in cash, or otherwise) shall automatically, and without any action on the part of the Company, accrue and compound and be added to the Series B Accrued Value and Series B-1 Accrued Value on such Dividend Payment Date.

• If any accrued dividends have not been paid in cash on or prior to the date of a Liquidation Transaction (as defined below), dissolution, or winding up of the Corporation, either voluntary or involuntary, as applicable, the amount of such accrued dividend shall be included in the Series A Accrued Value, Series B Accrued Value, or Series C Accrued Value, as applicable, as provided in the definition thereof.

• The holders of shares of Preferred Stock shall be entitled to receive, on a pari passu basis, out of funds legally available therefor, for each share of Preferred Stock, cumulative cash dividends at the annual rate of 8% of the Series A Accrued Value, Series B Accrued Value, or Series C Accrued Value, as applicable (each as defined below), prior and in preference to any declaration or payment of any dividend to the holders of shares of Common Stock.