Common use of Restrictions on Dividends Clause in Contracts

Restrictions on Dividends. (a) The Company will not except (i) as hereinafter provided and (ii) for declaring or paying any dividend solely in shares of its own common stock: (i) declare or pay any dividend; or (ii) make any other distribution of cash, property or assets on any shares of any class of its capital stock or apply any of its cash, property or assets (other than amounts equal to net proceeds received from the sale of common stock of the Company subsequent to the date of this Agreement) to the purchase or retirement of, or make any other distribution, through reduction of capital or otherwise, in respect of any shares of its capital stock; (which dividends, distributions, purchases and retirements are hereinafter referred to as “distributions”) if, after giving effect to such distribution, the aggregate amount of (1) all such distributions declared, paid, made or applied subsequent to January 1, 2020, plus (2) all regular dividends declared on any class of Preferred Stock of the Company subsequent to January 1, 2020 and all amounts charged to retained earnings after January 1, 2020 in connection with the purchase or retirement of any shares of Preferred Stock of the Company, would exceed an amount equal to the sum of (x) 100% of the Company’s Adjusted Net Income (Deficit) accumulated subsequent to January 1, 2020, plus (y) 100% of the net proceeds from any common or preferred equity issuances by the Company subsequent to January 1, 2020, plus (z) $168,000,000. (b) For the purposes of this Section 10.5, the amount of any distribution declared, paid or distributed in property shall be deemed to be the fair market value (as determined in good faith by the Board of Directors of the Company) of such property at the time of the making of the distribution in question.

Restrictions on Dividends. (a) The Company will not except (i) as hereinafter provided and (ii) for declaring or paying any dividend solely in shares of its own common stock: (i) declare or pay any dividend; or (ii) make any other distribution of cash, property or assets on any shares of any class of its capital stock or apply any of its cash, property or assets (other than amounts equal to net proceeds received from the sale of common stock of the Company subsequent to the date of this Agreement) to the purchase or retirement of, or make any other distribution, through reduction of capital or otherwise, in respect of any shares of its capital stock; Granite State Gas Transmission, Inc. Note Purchase Agreement (which dividends, distributions, purchases and retirements are hereinafter referred to as “distributions”) if, after giving effect to such distribution, the aggregate amount of (1) all such distributions declared, paid, made or applied subsequent to January 1, 20202017, plus (2) all regular dividends declared on any class of Preferred Stock of the Company subsequent to January 1, 2020 2017 and all amounts charged to retained earnings after January 1, 2020 2017 in connection with the purchase or retirement of any shares of Preferred Stock of the Company, would exceed an amount equal to the sum of (x) 100% of the Company’s Adjusted Net Income (Deficit) accumulated subsequent to January 1, 20202017, plus (y) 100% of the net proceeds from any common or preferred equity issuances by the Company subsequent to January 1, 20202017, plus (z) $168,000,00011,200,000. (b) For the purposes of this Section 10.5, the amount of any distribution declared, paid or distributed in property shall be deemed to be the fair market value (as determined in good faith by the Board of Directors of the Company) of such property at the time of the making of the distribution in question.

Restrictions on Dividends. (a) The Company will not except (i) as hereinafter provided and (ii) for declaring or paying any dividend solely in shares of its own common stock: (i) declare or pay any dividend; or (ii) make any other distribution of cash, property or assets on any shares of any class of its capital stock or apply any of its cash, property or assets (other than amounts equal to net proceeds received from the sale of common stock of the Company subsequent to the date of this Agreement) to the purchase or retirement of, or make any other distribution, through reduction of capital or otherwise, in respect of any shares of its capital stock; (which dividends, distributions, purchases and retirements are hereinafter referred to as “distributions”) if, after giving effect to such distribution, the aggregate amount of (1) all such distributions declared, paid, made or applied subsequent to January 1, 20202017, plus (2) all regular dividends declared on any class of Preferred Stock of the Company subsequent to January 1, 2020 2017 and all amounts charged to retained earnings after January 1, 2020 2017 in connection with the purchase or retirement of any shares of Preferred Stock of the Company, would exceed an amount equal to the sum of (x) 100% of the Company’s Adjusted Net Income (Deficit) accumulated subsequent to January 1, 20202017, plus (y) 100% of the net proceeds from any common or preferred equity issuances by the Company subsequent to January 1, 20202017, plus (z) $168,000,000.98,500,000. Northern Utilities, Inc. Note Purchase Agreement (b) For the purposes of this Section 10.5, the amount of any distribution declared, paid or distributed in property shall be deemed to be the fair market value (as determined in good faith by the Board of Directors of the Company) of such property at the time of the making of the distribution in question.

Restrictions on Dividends. (a) The Company will not except (i) as hereinafter provided and (ii) for declaring or paying any dividend solely in shares of its own common stock: (i) declare or pay any dividend; or (ii) make any other distribution of cash, property or assets on any shares of any class of its capital stock or apply any of its cash, property or assets (other than amounts equal to net proceeds received from the sale of common stock of the Company subsequent to the date of this Agreement) to the purchase or retirement of, or make any other distribution, through reduction of capital or otherwise, in respect of any shares of its capital stock; (which dividends, distributions, purchases and retirements are hereinafter referred to as “distributions”) if, after giving effect to such distribution, the aggregate amount of (1) all such distributions declared, paid, made or applied subsequent to January 1, 2020, plus (2) all regular dividends declared on any class of Preferred Stock of the Company subsequent to January 1, 2020 and all amounts charged to retained earnings after January 1, 2020 in connection with the purchase or retirement of any shares of Preferred Stock of the Company, would exceed an amount equal to the sum of (x) 100% of the Company’s Adjusted Net Income (Deficit) accumulated subsequent to January 1, 2020, plus (y) 100% of the net proceeds from any common or preferred equity issuances by the Company subsequent to January 1, 2020, plus (z) $168,000,00052,000,000. (b) For the purposes of this Section 10.5, the amount of any distribution declared, paid or distributed in property shall be deemed to be the fair market value (as determined in good faith by the Board of Directors of the Company) of such property at the time of the making of the distribution in question.

Restrictions on Dividends. (a) The Company will not except (i) as hereinafter provided and (ii) for declaring or paying any dividend solely in shares of its own common stock: (i) declare or pay any dividend; or (ii) make any other distribution of cash, property or assets on any shares of any class of its capital stock or apply any of its cash, property or assets (other than amounts equal to net proceeds received from the sale of common stock of the Company subsequent to the date of this Agreement) to the purchase or retirement of, or make any other distribution, through reduction of capital or otherwise, in respect of any shares of its capital stock; (which dividends, distributions, purchases and retirements are hereinafter referred to as “distributions”) if, after giving effect to such distribution, the aggregate amount of (1) all such distributions declared, paid, made or applied subsequent to January 1, 20202019, plus (2) all regular dividends declared on any class of Preferred Stock of the Company subsequent to January 1, 2020 2019 Northern Utilities, Inc. Note Purchase Agreement and all amounts charged to retained earnings after January 1, 2020 2019 in connection with the purchase or retirement of any shares of Preferred Stock of the Company, would exceed an amount equal to the sum of (x) 100% of the Company’s Adjusted Net Income (Deficit) accumulated subsequent to January 1, 20202019, plus (y) 100% of the net proceeds from any common or preferred equity issuances by the Company subsequent to January 1, 20202019, plus (z) $168,000,000140,500,000. (b) For the purposes of this Section 10.5, the amount of any distribution declared, paid or distributed in property shall be deemed to be the fair market value (as determined in good faith by the Board of Directors of the Company) of such property at the time of the making of the distribution in question.

Restrictions on Dividends. (a) The Company will not except (i) as hereinafter provided and (ii) for declaring or paying any dividend solely in shares of its own common stock: (i) declare or pay any dividend; or (ii) make any other distribution of cash, property or assets on any shares of any class of its capital stock or apply any of its cash, property or assets (other than amounts equal to net proceeds received from the sale of common stock of the Company subsequent to the date of this Agreement) to the purchase or retirement of, or make any other distribution, through reduction of capital or otherwise, in respect of any shares of its capital stock; (which dividends, distributions, purchases and retirements are hereinafter referred to as “distributions”) if, after giving effect to such distribution, the aggregate amount of (1) all such distributions declared, paid, made or applied subsequent to January 1, 20202017, plus (2) all regular dividends declared on any class of Preferred Stock of the Company subsequent to January 1, 2020 2017 and all amounts charged to retained earnings after January 1, 2020 2017 in connection with the purchase or retirement of any shares of Preferred Stock of the Company, would exceed an amount equal to the sum of (x) 100% of the Company’s Adjusted Net Income (Deficit) accumulated subsequent to January 1, 20202017, plus (y) 100% of the net proceeds from any common or preferred equity issuances by the Company subsequent to January 1, 20202017, plus (z) $168,000,00052,000,000. (b) For the purposes of this Section 10.5, the amount of any distribution declared, paid or distributed in property shall be deemed to be the fair market value (as determined in good faith by the Board of Directors of the Company) of such property at the time of the making of the distribution in question.