Patronage Refunds. During any portion of a Fiscal Year when a Rating Trigger Event exists, the Borrower shall not make cash patronage refunds in excess of five percent of its total patronage capital, as disclosed in its most recent Financial Statements. While the Borrower is subject to such restriction, equity securities issued as part of a patronage refund shall not be redeemed in cash, and, if the Borrower shall have outstanding any common stock or preferred stock, the Borrower shall not issue any dividends on any such stock.
Appears in 5 contracts
Samples: And Consolidated Bond Guarantee Agreement (National Rural Utilities Cooperative Finance Corp /Dc/), Series E Bond Guarantee Agreement (National Rural Utilities Cooperative Finance Corp /Dc/), Series D Bond Guarantee Agreement (National Rural Utilities Cooperative Finance Corp /Dc/)
Patronage Refunds. During any portion of a Fiscal Year when a Rating Trigger Event exists, the Borrower shall not make cash patronage refunds in excess of five percent of its total patronage capital, as disclosed in its most recent Financial Statements. While the Borrower is subject to such restriction, equity securities issued as part of a patronage refund shall not be redeemed in cash, and, if the Borrower shall have outstanding any common stock or preferred stock, the Borrower shall not issue any dividends on any such stock. SECTION 9.2.
Appears in 1 contract
Samples: Series B Bond Guarantee Agreement (National Rural Utilities Cooperative Finance Corp /Dc/)
