Common use of Liquidating Dividends Clause in Contracts

Liquidating Dividends. If the Company declares or pays a dividend or makes a distribution upon the Common Stock payable otherwise than in cash out of earnings or earned surplus (determined in accordance with generally accepted accounting principles) except for a dividend payable in Common Stock (a "Liquidating Dividend"), then the Company will pay to each Optionee at the time of payment thereof the Liquidating Dividend which would have been paid to such Optionee on the Common Stock had the Options been fully exercised immediately prior to the date on which a record is taken for such Liquidating Dividend, or, if no record is taken, the date as of which the record holders of Common Stock entitled to such dividends are to be determined.

Liquidating Dividends. If the Company declares or pays a dividend or makes a distribution upon the Common Stock payable otherwise than in cash out of earnings or earned surplus (determined in accordance with generally accepted accounting principles, consistently applied) except for a stock dividend payable in shares of Common Stock (a "Liquidating Dividend"), then the Company will shall pay to each Optionee the Noteholders at the time of payment thereof the Liquidating Dividend which would have been paid to such Optionee the Noteholders on the Common Conversion Stock had the Options this Note been fully exercised converted immediately prior to the date on which a record is taken for such Liquidating Dividend, or, if no record is taken, the date as of which the record holders of Common Stock entitled to such dividends are to be determined. Nothing in this Section 9.9 in any way shall permit any dividend, distribution or other payment prohibited, restricted or limited by the Purchase Agreement.

Liquidating Dividends. If the Company declares or pays a dividend or makes a distribution upon the Common Stock payable otherwise than in cash out of current earnings or earned surplus (determined in accordance with generally accepted accounting principles) retained earnings except for a stock dividend payable in shares of Common Stock (a "Liquidating DividendLIQUIDATING DIVIDEND"), then the Company will shall pay to each Optionee Holder of Warrants at the time of payment thereof the Liquidating Dividend which would have been paid to such Optionee on the Common Stock Holder had the Options Warrants held by such Holder been fully exercised immediately prior to the date on which a record is taken for such Liquidating Dividend, or, if no record is taken, the date as of which the record holders of Common Stock entitled to such dividends are to be determined.

Liquidating Dividends. If the Company declares or pays a dividend or makes a distribution upon the Common Stock payable otherwise than in cash out of earnings or earned surplus (determined in accordance with generally accepted accounting principles, consistently applied) except for a stock dividend payable in shares of Common Stock (a "Liquidating Dividend"), then the Company will pay to each Optionee the holder of this Note at the time of payment thereof the Liquidating Dividend Dividends which would have been paid to such Optionee on the Common Stock had the Options entire outstanding principal amount of this Note been fully exercised converted immediately prior to the date on which a record is taken for such Liquidating Dividend, or, if no record is taken, the date as of which the record holders of Common Stock entitled to such dividends are to be determined.