PIK Dividend definition

PIK Dividend means a dividend accrued on each share of Series A-1 Preferred Stock and paid in shares (including fractional shares) of Series A-1 Preferred Stock.

PIK Dividend has the meaning set forth in Section 4(c).

PIK Dividend means, with respect to any Preferred Stock of any Person, any dividend or other distribution accrued, declared or paid on or in respect of such Preferred Stock in accordance with its terms, which dividend or other distribution (i) consists entirely of Equity Interests of such Person or (ii) accrues but does not become payable unless and until the occurrence of (x) the liquidation or dissolution of such Person or a Deemed Liquidation Event or (y) a redemption of such Preferred Stock (such dividend or distribution described in this clause (ii) being an “Accruing Dividend”).

Examples of PIK Dividend in a sentence

• The issuance of any such PIK Dividend in such amount shall constitute full payment of such dividend.

• The payment of the Series 1 PIK Dividend each calendar month shall be mandatory for so long as the Corporation has funds legally available therefor.

• PIK Dividend Shares issued on the applicable Dividend Payment Date shall have an aggregate Dividend Amount on such Dividend Payment Date equal to the total Dividend Amount accrued on such shares as of such Dividend Payment Date minus any portion thereof paid in cash pursuant hereto.

• For the avoidance of doubt, unless otherwise expressly set forth herein, with respect to PIK Dividend Shares, the Dividend Payment Date of such shares shall be the Issuance Date of such shares for all purposes hereunder.

• Notwithstanding anything contained herein to the contrary, the Corporation shall take all actions necessary for all PIK Dividend Shares to be duly authorized and validly issued, fully paid and nonassessable, and issued free and clear of all liens, mortgages, security interests, pledges, deposits, restrictions or other encumbrances, on each Dividend Payment Date.

More Definitions of PIK Dividend

PIK Dividend shall have the meaning set forth in Section 3(a) hereof.

PIK Dividend shall have the meaning ascribed to it in Section (C) of Article IV.

PIK Dividend means any and all dividends on the Closing Shares payable in additional shares of Series X Preferred pursuant to the Certificate of Designations.

PIK Dividend has the meaning set forth in the Certificate of Designation. “Registration Rights Agreement” means that certain Registration Rights Agreement to be entered into by the Company and the Investor, the form of which is set forth as Exhibit B hereto. “Required Holders” has the meaning set forth in the Certificate of Designation. “Requisite Stockholder Approval” has the meaning set forth in the Certificate of Designation.

PIK Dividend has the meaning set forth in the recitals hereof.

PIK Dividend shall have the meaning ascribed to it in the Articles Supplementary.

PIK Dividend has the meaning ascribed to it in the Series D Preferred Articles Supplementary.