Limitation on Dividends; Transactions with Affiliates. If Debentures of any series are issued to a Sun Trust or a trustee of such trust in connection with the issuance of Trust Securities by such Sun Trust and (a) there shall have occurred any event that would constitute an Event of Default, (b) the Guarantor shall be in default with respect to its payment of any obligations under the Preferred Securities Guarantee or the Common Securities Guarantee relating to such Sun Trust or (c) the Company shall have given notice of its election to defer payments of interest on Debentures of such series by extending the interest payment period and such period, or any extension thereof, shall be continuing, then (y) the Company shall not declare or pay any dividend on, make any distributions with respect to, or redeem, purchase or make a liquidation payment with respect to, any of its capital stock (other than (i) purchases or acquisitions of shares of Common Stock of the Company in connection with the satisfaction by the Company of its obligations under any employee benefit plans, (ii) as a result of a reclassification of capital stock of the Company or the exchange or conversion of one class or series of the Company's capital stock for another class or series of capital stock of the Company or, (iii) the purchase of fractional interests in shares of the Company's capital stock pursuant to the conversion or exchange provisions of such capital stock of the Company or the security being converted or exchanged) or make any guarantee payments with respect to the forgoing), and (z) the Company shall not make any payment of interest, principal or premium, if any, on or repay, repur- chase or redeem any debt securities (including guarantees) issued by the Company which rank PARI PASSU with or junior to Debentures of such series.
Limitation on Dividends; Transactions with Affiliates. (a) If (i) there shall have occurred any event that would constitute an Event of Default or (ii) the Company shall be in default with respect to its payment of any obligations under the Preferred Securities Guarantee or Common Securities Guarantee relating to the Trust, then (a) the Company shall not declare or pay any dividend on, make any distributions with respect to, or redeem, purchase or make a liquidation payment with respect to, any of its capital stock (other than (i) repurchases, redemptions or other acquisitions of shares of capital stock of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or consultants, (ii) as a result of an exchange or conversion of any class or series of the Company's capital stock for any other class or series of the Company's capital stock, or (iii) the purchase of fractional interests in shares of the Company's capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged), and (b) the Company shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities issued by the Company which rank pari passu with or junior to the Notes. However, nothing herein will limit the Company's ability to pay stock dividends where the dividend stock is the same stock as that on which the dividend is being paid.
Limitation on Dividends; Transactions with Affiliates. (a) If Notes are issued to the Trust or a trustee of the Trust and (i) there shall have occurred any event that would constitute an Event of Default or (ii) the Company shall be in default with respect of its payment of any obligations under the Preferred Securities Guarantee, then (A) the Company shall not, and shall cause any subsidiary of the Company that is not a wholly owned subsidiary of the Company not to, declare or pay any dividend on, make any distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with respect to, any of its capital stock or the capital stock of any such subsidiary, and (B) the Company shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities (including guarantees) issued by the Company which rank pari passu with or junior to the Notes, provided that the foregoing restriction in clause (A) does not apply to any stock dividends paid by the Company, or any of its subsidiaries, where the dividend stock is the same stock as that on which the dividend is being paid.
Limitation on Dividends; Transactions with Affiliates. (a) If Notes are issued to the Trust or a trustee of the Trust and (i) there shall have occurred any event that would constitute an Event of Default or (ii) the Company shall be in default with respect of its payment or any other obligations under the Preferred Securities Guarantee, then (A) the Company shall not, and shall cause any subsidiary of the Company that is not a wholly owned subsidiary of the Company not to, declare or pay any dividend on, make any distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with respect to, any of its capital stock or the capital stock of any such subsidiary, and (B) the Company shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities (including guarantees) issued by the Company which rank pari passu with or junior to the Notes, provided that the foregoing restriction in clause (A) does not apply to any stock dividends paid by the Company, or any of its subsidiaries, where the dividend stock is the same stock as that on which the dividend is being paid. (b) If Notes are issued to the Trust or a trustee of the Trust and the Company shall have given notice of its election to defer payments of interest on the Notes by extending the interest payment period as provided in Article IV hereof and such period, or any extension thereof, shall be continuing, then (A) the Company shall not, and shall cause any subsidiary of the Company that is not a wholly owned subsidiary of the Company not to, declare or pay any dividend on, make any distributions with respect to, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock or the capital stock of any such subsidiary, and (B) the Company shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities (including guarantees) issued by the Company which rank pari passu with or junior to the Notes, provided that the foregoing restriction in clause (A) does not apply to any stock dividends paid by the Company, or any of its subsidiaries, where the dividend stock is the same as that on which the dividend is being paid.
Limitation on Dividends; Transactions with Affiliates. (a) If Securities are issued to the Trust or a trustee of the Trust in connection with the issuance of Trust Securities by the Trust and (i) there shall have occurred any event that would constitute an Event of Default or (ii) the Company shall be in default with respect to its payment of any other obligations under the Preferred Securities Guarantee or Common Securities Guarantee relating to the Trust, then (A) the Company shall not declare or pay any dividend on, make any distributions with respect to, or redeem, purchase or acquire or make a liquidation payment with respect to, any of its capital stock and (B) the Company shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities issued by the Company which rank pari passu with or junior to such Securities, provided that the foregoing restriction in paragraph (A) does not apply to any stock dividends paid by the Company where the dividend stock is the same stock as that on which the dividend is being paid.
Limitation on Dividends; Transactions with Affiliates. (a) If Debt Securities are issued to a PECO Trust or a trustee of such trust in connection with the issuance of Trust Securities by such PECO Trust and (i) there shall have occurred any event that would constitute an Event of Default or (ii) the Company shall be in default with respect to its payment or any obligations under the Preferred Securities Guarantee or Common Securities Guarantee relating to such Trust Securities, then the Company shall not declare or pay any dividend on, make any distributions with respect to, or redeem, purchase or make a liquidation payment with respect to, any of its capital stock.
Limitation on Dividends; Transactions with Affiliates. (a) If Debt Securities are issued to a Capital Trust or a trustee of such trust in connection with the issuance of Trust Securities by such Capital Trust and (i) the Company shall have given notice of its election to defer payments of interest on such Debt Securities by extending the interest payment period as provided in any indenture supplemental hereto and such period, or any extension thereof, shall be continuing; (ii) the Company shall be prohibited from paying current interest on such Debt Securities other than in an amount limited by reference to its prior issuance or sale of equity securities pursuant to mandatory interest deferral provisions or interest payment restrictions applicable when the Company has outstanding deferred interest obligations with respect to the Debt Securities of such series as provided in any indenture supplemental hereto; or (iii) there shall have occurred an event that would constitute an Acceleration Event of Default, then (A) the Company shall not declare or pay any dividend, or make any distributions with respect to, or redeem, purchase or make a liquidation payment with respect to, any of its capital stock, (B) the Company shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities (including guarantees) issued by the Company which rank pari passu with or junior to such Debt Securities and (C) the Company shall not make any guarantee payments with respect to the foregoing (other than pursuant to the Preferred Securities Guarantee).
Limitation on Dividends; Transactions with Affiliates. 70 SECTION 10.5 COVENANTS AS TO SUN TRUSTS.. . . . . . . . . . . . . . . . . 70 SECTION 10.6
Limitation on Dividends; Transactions with Affiliates. (a) If Securities are issued to a MediaOne Trust or a trustee of such trust in connection with the issuance of Trust Securities by such MediaOne Trust and (i) there shall have occurred any event that would constitute an Event of Default or (ii) U S WEST shall be in default with respect to its payment or any obligations under the Preferred Securities Guarantee or Common Securities Guarantee relating to such MediaOne Trust, then (x) the Guarantor and the Company shall not declare or pay any dividend on, make any distributions with respect to, or redeem, purchase or make a liquidation payment with respect to, any of its capital stock, and (y) the Guarantor and the Company shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities (including guarantees) issued by the Guarantor or the Company which rank pari passu with or junior to such Securities; PROVIDED, HOWEVER, that restriction (y) above does not apply to any stock dividends paid by the Guarantor where the dividend stock is the same stock as that on which the dividend is being paid.
Limitation on Dividends; Transactions with Affiliates. (a) If Debt Securities are issued to a Trust or a trustee of such Trust in connection with the issuance of Preferred Securities by such Trust and (i) there shall have occurred any event that would constitute an Event of Default or (ii) the Company shall be in default with respect to its payment or any obligations under the Preferred Securities Guarantee relating to such Preferred Securities, then (x) the Company shall not declare or pay any dividend on, make any distributions with respect to, or redeem, purchase or make a liquidation payment with respect to, any of its capital stock (other than
