Common use of DIVIDEND COVENANT Clause in Contracts

DIVIDEND COVENANT. SECTION 4. The Company covenants and agrees that, so long as any of the bonds of the Seventieth Series remain Outstanding, the Company will not declare or pay any dividends upon its common stock (other than dividends in common stock) or make any other distributions on its common stock or purchase or otherwise retire any shares of its common stock, unless immediately after such declaration, payment, purchase, retirement or distribution (hereinafter in this Section referred to as "Restricted Payments"), and giving effect thereto, the amount arrived at by adding

Appears in 1 contract

Samples: Carolina Power & Light Co

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DIVIDEND COVENANT. SECTION 4. The Company covenants and agrees that, so long as any of the bonds of the Seventieth Sixty-ninth Series remain Outstanding, the Company will not declare or pay any dividends upon its common stock (other than dividends in common stock) or make any other distributions on its common stock or purchase or otherwise retire any shares of its common stock, unless immediately after such declaration, payment, purchase, retirement or distribution (hereinafter in this Section referred to as "Restricted Payments"), and giving effect thereto, the amount arrived at by adding

Appears in 1 contract

Samples: Carolina Power & Light Co

DIVIDEND COVENANT. SECTION 4. The Company covenants and agrees that, so long as any of the bonds of the Seventieth __________ Series remain Outstanding, the Company will not declare or pay any dividends upon its common stock (other than dividends in common stock) or make any other distributions on its common stock or purchase or otherwise retire any shares of its common stock, unless immediately after such declaration, payment, purchase, retirement or distribution (hereinafter in this Section referred to as "Restricted Payments"), and giving effect thereto, the amount arrived at by adding

Appears in 1 contract

Samples: Carolina Power & Light Co

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DIVIDEND COVENANT. SECTION (11)SECTION 4. The Company covenants and agrees that, so long as any of the bonds of the Seventieth ___________ Series remain Outstanding, the Company will not declare or pay any dividends upon its common stock (other than dividends in common stock) or make any other distributions on its common stock or purchase or otherwise retire any shares of its common stock, unless immediately after such declaration, payment, purchase, retirement or distribution (hereinafter in this Section referred to as "Restricted Payments"), and giving effect thereto, the amount arrived at by adding

Appears in 1 contract

Samples: Carolina Power & Light Co

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