Company: PRIF-PJ
Filing Date: 2025-03-26
Form Type: N-2
Source: 0001554625-25-000027
Chunk: 155

Company: Priority Income Fund, Inc.
Filing Date: 2025-03-26
Form: N-2
Chunk 155
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 to any regular Dividend Payment Date. Such payments are made to holders of Preferred Stock as their names appear on our registration books on such date, not exceeding 20 nor less than seven calendar days preceding the payment date thereof, as may be fixed by our Board of Directors. Any payment of dividends in arrears will first be credited against the earliest accumulated but unpaid dividends. No interest or sum of money in lieu of interest will be payable in respect of any dividend payment or payments on any Preferred Stock which may be in arrears. See “- Adjustment to Fixed Dividend Rate - Default Period.”

If we fail to declare and pay a full dividend on the Series M Term Preferred Stock on any Dividend Payment Date (as defined in the Articles Supplementary), dividends payable on such Dividend Payment Date on the Series M Term Preferred Stock will be deemed to have accrued during the applicable period at the Fixed Dividend Rate (not the Default Rate) and will continue to accrue and accumulate at the same rate. As long as the Series M Term Preferred Stock dividends are in arrears, we may not declare any dividend on, or make any distributions relating to, our common stock or redeem, purchase, acquire, or make any liquidation payment relating to, any of our common stock, subject to certain exceptions ( e.g. , redemptions pursuant to employment contracts and benefit plans).

Upon failure to pay dividends for at least two years, the holders of Preferred Stock will acquire certain additional voting rights. See “- Voting Rights” below. Such rights shall be the exclusive remedy of the holders of Preferred Stock upon any failure to pay dividends on Preferred Stock.

Adjustment to Fixed Dividend Rate - Default Period. Subject to the cure provisions below, a Default Period with respect to Preferred Stock will commence on a date we fail to deposit the Deposit Securities as required as described above. A Default Period with respect to a Dividend Default or a Redemption Default shall end on the Business Day on which, by 12:00 noon, New York City time, an amount equal to all unpaid dividends and any unpaid redemption price shall have been deposited irrevocably in trust in same-day funds with the Redemption and Paying Agent. In the case of a Default, the applicable dividend rate for each day during the Default Period will be equal to the Default Rate. The “Default Rate” for any calendar day will be equal to the applicable Dividend Rate in effect on such day plus two percent (2.0%) per annum.

No Default Period with respect to a