Common use of Dividends and Other Cash Distributions Clause in Contracts

Dividends and Other Cash Distributions. Whenever the Depositary shall receive any dividend or other cash distributions on the deposited Preferred Stock, including any cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, the Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that, in case the Company or the Depositary shall be required by law to withhold and shall withhold from any cash distribution in respect of the Preferred Stock an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding.

Appears in 52 contracts

Samples: Deposit Agreement (First Bancorp /Nc/), Deposit Agreement (Southern First Bancshares Inc), Deposit Agreement (Live Oak Bancshares, Inc.)

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Dividends and Other Cash Distributions. Whenever the Depositary shall receive any dividend or other cash distributions on the deposited Preferred StockShares, including any cash received upon redemption of any shares of Preferred Stock Shares pursuant to Section 2.03, the Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that, in case the Company or the Depositary shall be required by law to withhold and shall withhold from any cash distribution in respect of the Preferred Stock Shares an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding.

Appears in 4 contracts

Samples: Deposit Agreement (Federal Realty Investment Trust), Deposit Agreement (Brandywine Operating Partnership Lp /Pa), Deposit Agreement (Capital Automotive Reit)

Dividends and Other Cash Distributions. Whenever the Depositary EquiServe, Inc. shall receive any cash dividend or other cash distributions on the deposited Preferred StockShares, including any cash received upon redemption of any shares of Preferred Stock Shares pursuant to Section 2.03, the Depositary EquiServe, Inc. shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 (if applicable) such amounts of such sum as are, as nearly as practicable, are in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that, in case the Company or the Depositary EquiServe, Inc. shall be required by law to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Preferred Stock Shares an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares or Receipts, as applicable, shall be reduced accordingly. The Depositary EquiServe, Inc. shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary EquiServe, Inc. (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary EquiServe, Inc. for distribution to record holders of Receipts then outstanding.

Appears in 3 contracts

Samples: Deposit Agreement (Mills Corp), Deposit Agreement (Colonial Properties Trust), Deposit Agreement (Colonial Properties Trust)

Dividends and Other Cash Distributions. Whenever the Depositary shall receive any dividend or other cash distributions on the deposited Preferred Stock, including any cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, the Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; holders; provided, however, that, in case the Company or the Depositary shall be required by law to withhold and shall withhold from any cash distribution in respect of the Preferred Stock an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding.

Appears in 2 contracts

Samples: Deposit Agreement (Enterprise Bancorp Inc /Ma/), Deposit Agreement (Enterprise Bancorp Inc /Ma/)

Dividends and Other Cash Distributions. Whenever the Depositary EquiServe, Inc. shall receive any cash dividend or other cash distributions on the deposited Preferred StockShares, including any cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03EquiServe, the Depositary Inc. shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 (if applicable) such amounts of such sum as are, as nearly as practicable, are in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that, in case the Company or the Depositary EquiServe, Inc. shall be required by law to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Preferred Stock Shares an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares or Receipts, as applicable, shall be reduced accordingly. The Depositary EquiServe, Inc. shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary EquiServe, Inc. (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary EquiServe, Inc. for distribution to record holders of Receipts then outstanding.

Appears in 1 contract

Samples: Deposit Agreement (Colonial Properties Trust)

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Dividends and Other Cash Distributions. Whenever the Depositary EquiServe, Inc. shall receive any dividend or other cash distributions on the deposited Preferred Stock, including any cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, the Depositary EquiServe, Inc. shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that, in case the Company or the Depositary EquiServe, Inc. shall be required by law to withhold and shall withhold from any cash distribution in respect of the Preferred Stock an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary EquiServe, Inc. shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary EquiServe, Inc. (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary EquiServe, Inc. for distribution to record holders of Receipts then outstanding.

Appears in 1 contract

Samples: Deposit Agreement (New Plan Excel Realty Trust Inc)

Dividends and Other Cash Distributions. Whenever the Depositary shall receive any dividend or other cash distributions on the deposited Preferred Stock, including any cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, the Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that, in case the Company or the Depositary shall be required by law to withhold and shall withhold from any cash distribution in respect of the Preferred Stock an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding. Each holder of a Receipt shall provide the Depositary with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions to be made hereunder.

Appears in 1 contract

Samples: Deposit Agreement (CenterState Banks, Inc.)

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