No Dividend Instruction. (a) At any time, and from time to time, the Common Securityholder may, at its option, deliver to the Company a written instruction in the form of Annex H hereof on or before the tenth Business Day immediately preceding any dividend payment date for the Company Preferred Securities instructing the Company not to pay dividends, or to limit but not prohibit dividends, on such Dividend Payment Date (a "No Dividend Instruction"). As described in Section 7.3(b)(v), upon receipt of a No Dividend Instruction with respect to the Company Preferred Securities and except to the extent permitted by such No Dividend Instruction, no dividend shall become due and payable on the Company Preferred Securities (or any Company Parity Preferred Securities or Company Junior Securities (other than the Company Common Securities)) on the dividend payment date immediately succeeding the date of receipt of such instruction. A No Dividend Instruction shall only be effective for the dividend payment date immediately succeeding the date of receipt of such instruction by the Company. If such dividend payment date is a Mandatory Dividend Payment Date, then such No Dividend Instruction shall be of no force or effect. If at any time there is more than one Common Securityholder, a No Dividend Instruction shall not be effective until signed by all of the Common Securityholders. (b) Notwithstanding Section 9.3(a), dividends on the Company Preferred Securities will be definitive, due and payable on each Mandatory Dividend Payment Date whether or not a No Dividend Instruction has been given or is deemed given with respect to such Mandatory Dividend Payment Date.
Appears in 10 contracts
Samples: Limited Liability Company Agreement (Ubs Preferred Funding Trust Iv), Limited Liability Company Agreement (UBS Preferred Funding Trust VIII), Limited Liability Company Agreement (UBS Preferred Funding Trust VIII)
