Dividend. The Company shall pay ten percent (10%) annual dividend on the unpaid Face Amount of this Convertible Redeemable Preferred Stock (this “Preferred”) at such times and in such amounts as determined by the Holder. The Holder shall have the right to request dividend payments on the Face Amount anytime after closing and each month thereafter. The Holder shall submit to the Company a notice requesting a payment in the amount equal to the dividend accruing for that month on the balance of the Preferred. The dividend shall be compounded daily. Any monies paid to the Holder in excess of the dividend due when paid shall be credited toward the Redemption of the Face Amount of the Preferred.
Appears in 3 contracts
Samples: Convertible Redeemable Preferred Stock Agreement (Challenger Powerboats, Inc.), Convertible Redeemable Preferred Stock Agreement (Challenger Powerboats, Inc.), Convertible Redeemable Preferred Stock Agreement (Challenger Powerboats, Inc.)
Dividend. The Company shall pay ten percent (10%) annual dividend on the unpaid Face Amount of this Convertible Redeemable Preferred Stock (this “Preferred”) at such times and in such amounts as determined by the Holder. The Holder shall have the right to request dividend payments on the Face Amount anytime after closing and each month thereafter. The Holder shall submit to the Company a notice requesting a payment in the amount equal to the dividend accruing for that month on the balance of the Preferred. The dividend shall be compounded daily. Any monies paid to the Holder in excess of the dividend due when paid shall be credited toward the Redemption of the Face Amount of the Preferred.
Appears in 2 contracts
Samples: Redeemable Preferred Agreement (Challenger Powerboats, Inc.), Convertible Redeemable Preferred Agreement (Challenger Powerboats, Inc.)
