Common use of Restriction on Dividends Clause in Contracts

Restriction on Dividends. So long as any share of Designated Preferred Stock remains outstanding, neither the Issuer nor any Issuer Subsidiary shall, declare or pay any dividend or make any distribution on Common Stock, Junior Stock, Parity Stock or other capital stock or other equity securities of any kind of the Issuer or any Issuer Subsidiary (other than (i) regular quarterly cash dividends of not more than the amount of the last quarterly cash dividend per share declared or, if lower, announced to its holders of Common Stock an intention to declare, on the Common Stock prior to [For Companies with CPP/CDCI Securities outstanding, insert the date set forth in the analogous provision of the related Securities Purchase Agreement][For Companies without CPP/CDCI Securities outstanding: October 21, 20093], as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction, (ii) dividends payable solely in shares of Common Stock, (iii) regular dividends on shares of preferred stock in accordance with the terms thereof and which are permitted under the terms of this Section 3, (iv) dividends or distributions by any wholly-owned Issuer Subsidiary, (v) dividends or distributions by any Issuer Subsidiary required pursuant to binding contractual agreements entered into prior to [For Companies with CPP/CDCI Securities outstanding, insert the date set forth in the analogous provision of the related Securities Purchase Agreement][For Companies without CPP/CDCI Securities outstanding: October 21, 20094)] or (vi) in the case of pari passu Preferred Stock, dividends payable on a pro rata basis with Designated Preferred Stock), unless all accrued and unpaid dividends for all past Dividend Periods, including the latest completed Dividend Period (including, if applicable as provided in 3 For exchanges of CPP, the date will be the date for the same provision in that SPA.

Appears in 5 contracts

Samples: Letter Agreement, Letter Agreement, Letter Agreement

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Restriction on Dividends. So long as any share of Designated Preferred Stock remains outstanding, neither the Issuer nor any Issuer Subsidiary shall, declare or pay any dividend or make any distribution on Common Stock, Junior Stock, Parity Stock or other capital stock or other equity securities of any kind of the Issuer or any Issuer Subsidiary (other than (i) regular quarterly cash dividends of not more than the amount of the last quarterly cash dividend per share declared or, if lower, announced to its holders of Common Stock an intention to declare, on the Common Stock prior to [For Companies with CPP/CDCI Securities outstandingNovember 17, insert the date set forth in the analogous provision of the related Securities Purchase Agreement][For Companies without CPP/CDCI Securities outstanding: October 21, 20093]2008, as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction, (ii) dividends payable solely in shares of Common Stock, (iii) regular dividends on shares of preferred stock Serial Preferred Stock in accordance with the terms thereof and which are permitted under the terms of this Section 3, (iv) dividends or distributions by any wholly-owned Issuer Subsidiary, (v) dividends or distributions by any Issuer Subsidiary required pursuant to binding contractual agreements entered into prior to [For Companies with CPP/CDCI Securities outstandingNovember 17, insert the date set forth in the analogous provision of the related Securities Purchase Agreement][For Companies without CPP/CDCI Securities outstanding: October 21, 20094)] 2008 or (vi) in the case of pari passu Serial Preferred Stock, dividends payable on a pro rata basis with Designated Preferred Stock), unless all accrued and unpaid dividends for all past Dividend Periods, including the latest completed Dividend Period (including, if applicable as provided in 3 For exchanges Section 3(a) above, dividends on such amount), on all outstanding shares of CPP, the date will be the date Designated Preferred Stock have been or are contemporaneously declared and paid in full (or have been declared and a sum sufficient for the same provision payment thereof has been set aside for the benefit of the holders of shares of Designated Preferred Stock on the applicable record date). So long as any share of Designated Preferred Stock remains outstanding, neither the Issuer nor any Issuer Subsidiary shall, (x) pay any per share dividend or distribution on Common Stock, Junior Stock, Parity Stock or other capital stock or other equity securities of any kind of the Issuer at a rate that is in excess of 100% of the aggregate per share dividends and distributions for the immediately prior fiscal year (other than regular dividends on shares of Serial Preferred Stock in accordance with the terms thereof and which are permitted under the terms of this Section 3); provided that SPA.no increase in the aggregate amount of dividends or distributions on Common Stock shall be permitted for any twelve (12) month period, including, without limitation, as a result of any dividends or distributions paid in shares of Common Stock, any stock split or any similar transaction or (y) pay aggregate dividends or distributions on capital stock or other equity securities of any kind of any Issuer Subsidiary that is in excess of 100% of the aggregate dividends and distributions paid for the immediately prior fiscal year (other than in the case of this clause (y), (1) regular dividends on shares of Serial Preferred Stock in accordance with the terms thereof and which are permitted under the terms of this Section 3,

Appears in 1 contract

Samples: Exchange Agreement

Restriction on Dividends. So long as any share of Designated Preferred Stock remains outstanding, neither the Issuer Corporation nor any Issuer Corporation Subsidiary shall, declare or pay any dividend or make any distribution on Common Stock, Junior Stock, Parity Stock or other capital stock or other equity securities of any kind of the Issuer Corporation or any Issuer Corporation Subsidiary (other than (i) regular quarterly cash dividends of not more than the amount of the last quarterly cash dividend per share declared or, if lower, announced to its holders of Common Stock an intention to declare, on the Common Stock prior to [For Companies with CPP/CDCI Securities outstandingNovember 17, insert the date set forth in the analogous provision of the related Securities Purchase Agreement][For Companies without CPP/CDCI Securities outstanding: October 21, 20093]2008, as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction, (ii) dividends payable solely in shares of Common Stock, (iii) regular dividends on shares of preferred stock in accordance with the terms thereof and which are permitted under the terms of this Section 3, (iv) dividends or distributions by any wholly-wholly- owned Issuer Corporation Subsidiary, (v) dividends or distributions by any Issuer Corporation Subsidiary required pursuant to binding contractual agreements entered into prior to [For Companies with CPP/CDCI Securities outstandingNovember 17, insert the date set forth in the analogous provision of the related Securities Purchase Agreement][For Companies without CPP/CDCI Securities outstanding: October 212008, 20094)] or (vi) in the case of pari passu Preferred Stock, dividends payable on a pro rata basis with Designated Preferred Stock), unless all accrued and unpaid dividends for all past Dividend Periods, including the latest completed Dividend Period (including, if applicable as provided in 3 For exchanges Section 3(a) above, dividends on such amount), on all outstanding shares of CPP, the date will be the date Designated Preferred Stock have been or are contemporaneously declared and paid in full (or have been declared and a sum sufficient for the same provision payment thereof has been set aside for the benefit of the holders of shares of Designated Preferred Stock on the applicable record date). So long as any share of Designated Preferred Stock remains outstanding, neither the Corporation nor any Corporation Subsidiary shall, (x) pay any per share dividend or distribution on Common Stock, Junior Stock, Parity Stock or other capital stock or other equity securities of any kind of the Corporation at a rate that is in excess of 100% of the aggregate per share dividends and distributions for the immediately prior fiscal year (other than regular dividends on shares of preferred stock in accordance with the terms thereof and which are permitted under the terms of this Section 3); provided that SPAno increase in the aggregate amount of dividends or distributions on Common Stock shall be permitted for any twelve (12) month period, including, without limitation, as a result of any dividends or distributions paid in shares of Common Stock, any stock split or any similar transaction or (y) pay aggregate dividends or distributions on capital stock or other equity securities of any kind of any Corporation Subsidiary that is in excess of 100% of the aggregate dividends and distributions paid for the immediately prior fiscal year (other than in the case of this clause (y), (1) regular dividends on shares of preferred stock in accordance with the terms thereof and which are permitted under the terms of this Section 3, (2) dividends or distributions by any wholly-owned Corporation Subsidiary, (3) dividends or distributions by any Corporation Subsidiary required pursuant to binding contractual agreements entered into prior to November 17, 2008 or (4) dividends or distributions on newly issued shares of capital stock for cash or other property).

Appears in 1 contract

Samples: Exchange Agreement

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Restriction on Dividends. So long as any share of Designated Preferred Stock remains outstanding, neither the Issuer nor any Issuer Subsidiary shall, declare or pay any dividend or make any distribution on Common Stock, Junior Stock, Parity Stock or other capital stock or other equity securities of any kind of the Issuer or any Issuer Subsidiary (other than (i) regular quarterly cash dividends of not more than the amount of the last quarterly cash dividend per share declared or, if lower, announced to its holders of Common Stock an intention to declare, on the Common Stock prior to [For Companies with CPP/CDCI Securities outstandingOctober 14, insert the date set forth in the analogous provision of the related Securities Purchase Agreement][For Companies without CPP/CDCI Securities outstanding: October 21, 20093]2008, as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction, (ii) dividends payable solely in shares of Common Stock, (iii) regular dividends on shares of preferred stock in accordance with the terms thereof and which are permitted under the terms of this Section 3, (iv) dividends or distributions by any wholly-owned Issuer Subsidiary, (v) dividends or distributions by any Issuer Subsidiary required pursuant to binding contractual agreements entered into prior to [For Companies with CPP/CDCI Securities outstandingOctober 14, insert the date set forth in the analogous provision of the related Securities Purchase Agreement][For Companies without CPP/CDCI Securities outstanding: October 21, 20094)] 2008 or (vi) in the case of pari passu Preferred Stock, dividends payable on a pro rata basis with Designated Preferred Stock), unless all accrued and unpaid dividends for all past Dividend Periods, including the latest completed Dividend Period (including, if applicable as provided in 3 For exchanges Section 3(a) above, dividends on such amount), on all outstanding shares of CPP, the date will be the date Designated Preferred Stock have been or are contemporaneously declared and paid in full (or have been declared and a sum sufficient for the same provision payment thereof has been set aside for the benefit of the holders of shares of Designated Preferred Stock on the applicable record date). So long as any share of Designated Preferred Stock remains outstanding, neither the Issuer nor any Issuer Subsidiary shall, (x) pay any per share dividend or distribution on Common Stock, Junior Stock, Parity Stock or other capital stock or other equity securities of any kind of the Issuer at a rate that is in excess of 100% of the aggregate per share dividends and distributions for the immediately prior fiscal year (other than regular dividends on shares of preferred stock in accordance with the terms thereof and which are permitted under the terms of this Section 3); provided that SPAno increase in the aggregate amount of dividends or distributions on Common Stock shall be permitted for any twelve (12) month period, including, without limitation, as a result of any dividends or distributions paid in shares of Common Stock, any stock split or any similar transaction or (y) pay aggregate dividends or distributions on capital stock or other equity securities of any kind of any Issuer Subsidiary that is in excess of 100% of the aggregate dividends and distributions paid for the immediately prior fiscal year (other than in the case of this clause (y), (1) regular dividends on shares of preferred stock in accordance with the terms thereof and which are permitted under the terms of this Section 3, (2) dividends or distributions by any wholly-owned Issuer Subsidiary, (3) dividends or distributions by any Issuer Subsidiary required pursuant to binding contractual agreements entered into prior to October 14, 2008 or (4) dividends or distributions on newly issued shares of capital stock for cash or other property).

Appears in 1 contract

Samples: Exchange Agreement

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