Available Dividend Amount means, with respect to any Insurance Subsidiary for any period of four consecutive fiscal quarters, the aggregate maximum amount of dividends that is, or would be if such period were a fiscal year, permitted by the Insurance Regulatory Authority of its jurisdiction of domicile, under applicable Requirements of Law (without the necessity of any consent, approval or other action of such Insurance Regulatory Authority involving the granting of permission or the exercise of discretion by such Insurance Regulatory Authority), to be paid by such Insurance Subsidiary to the Applicant or another Subsidiary of the Applicant in respect of such four-quarter period as if such period were a fiscal year (whether or not any such dividends are actually paid).
Available Dividend Amount means, at any time, initially, zero Dollars, (i) as increased, from time to time, by the aggregate amount of Cash dividends received in the Collateral Accounts and (ii) as reduced, from time to time, but not below zero Dollars, by (a) the aggregate amount of any Collateral consisting of Cash dividends withdrawn from the Collateral Accounts pursuant to Section 2.09(d)(i), and (b) the aggregate amount of any payments of interest on the Advances made with Cash withdrawn from, or that but for such payment would have been required to be credited to, the Collateral Accounts.
Available Dividend Amount means, with respect to any U.S. Insurance Subsidiary for any period of four consecutive fiscal quarters, the aggregate maximum amount of dividends that is or, if such period were a fiscal year, would be permitted by the Insurance Regulatory Authority of its jurisdiction of domicile, under Applicable Law (without the necessity of any consent, approval or other action of such Insurance Regulatory Authority involving the granting of permission or the exercise of discretion by such Insurance Regulatory Authority), to be paid by such U.S. Insurance Subsidiary to the Borrower or another Subsidiary of the Borrower in respect of such four-quarter period as if such period were a fiscal year (whether or not any such dividends are actually paid).
Examples of Available Dividend Amount in a sentence
In the event that no dividend is declared in respect of the PPDS in respect of any Financial Year or the aggregate dividends declared in respect of the PPDS in respect of any Financial Year are less than the Available Dividend Amount in relation to such Financial Year, no PPDS holder shall have any right to any dividend in respect of that Financial Year other than the actual amount of dividend declared (if any) in respect of that Financial Year in accordance with these Conditions.
The aggregate amount of dividends declared by the Board in respect of the PPDS in respect of a Financial Year shall be in such amount as the Board may determine in its sole and absolute discretion at the time when the Board approves the Relevant Accounts in respect of such Financial Year, but not in any event exceeding in aggregate the Available Dividend Amount in respect of such Financial Year.
The amounts of the Net Profits or Net Losses and Available Dividend Amount in respect of any Financial Year shall be those amounts set out in a report from the Auditors addressed to the Society for the purpose of this Condition 4.
The aggregate amount of dividends declared by the Board in respect of the PPDS in respect of any Financial Year shall be such amount as the Board may determine in its sole and absolute discretion at the time when the Board approves the Relevant Accounts in respect of such Financial Year, but not in any event exceeding in aggregate the Available Dividend Amount in respect of such Financial Year.
Subject to the applicable terms of any Preferred Stock Designation, dividends on the Liberty Capital Common Stock may be declared and paid only out of the lesser of (A) assets of the Corporation legally available therefor and (B) the Capital Group Available Dividend Amount.
More Definitions of Available Dividend Amount
Available Dividend Amount means, as of any date of determination, the aggregate maximum amount of dividends that could be paid by each Qualified Insurance Subsidiary in compliance with restrictions on payments of dividends imposed by the Insurance Regulatory Authority of its jurisdiction of domicile under all applicable Requirements of Law (without the necessity of any consent, approval or other action of such Insurance Regulatory Authority involving the granting of permission or the exercise of discretion by such Insurance Regulatory Authority), and after giving effect to any applicable contractual restrictions on the ability of any such Qualified Insurance Subsidiary to pay dividends.
Available Dividend Amount as of any date, shall mean, with respect to any Tracking Group, the product of the Outstanding Interest Fraction of such Tracking Group and either (a) the excess of (i) an amount equal to the total assets of such Tracking Group less the total liabilities (not including preferred stock) of such Tracking Group as of such date over (ii) the aggregate par value of, or any greater amount determined to be capital in respect of, all outstanding shares of such class of Tracking Stock of such Tracking Group and each class or series of Preferred Shares or Undesignated Shares attributed to such Tracking Group or (b) in case there is no such excess, an amount equal to Corporation Earnings (Losses) attributable to such Tracking Group (if positive) for the fiscal year in which such date occurs and/or the preceding fiscal year. The Available Dividend Amount for a Tracking Group is intended to be similar to an amount equal to the product of the Outstanding Interest Fraction and the amount that would be legally available for the payment of dividends on shares of Tracking Stock under Delaware law if the related Tracking Group were a separate Delaware corporation. The "Available Dividend Amount" as of any date, shall mean, with respect to the TDS Group, the greater of (x) the amount of all surplus (as defined in the DGCL) of the Corporation or, if there is no surplus, the net profits (as contemplated by the DGCL) of the Corporation for the fiscal year in which such date occurs and/or the preceding fiscal year (if positive), less the sum of the Available Dividend Amounts of all of the Tracking Groups, or (y) an amount equal to the sum of the Retained Interest Available Dividend Amounts (if positive) with respect to all of the Tracking Groups, plus, without duplication, either (a) the excess of (i) an amount equal to the total assets of the TDS Group less the total liabilities (not including preferred stock) of the TDS Group as of such date over (ii) the aggregate par value of, or any greater amount determined to be capital in respect of, all outstanding Series A Common Shares, Common Shares and any issued Special Common Shares, and each class or series of Preferred Shares or Undesignated Shares attributed to the TDS Group or (b) in case there is no such excess, an amount equal to Corporation Earnings (Losses) attributable to the TDS Group (if positive) for the fiscal year in which such date occurs and/or the preceding fiscal year.
Available Dividend Amount means, for any fiscal quarter, the average per share amount of the quarterly dividends paid by HII on its common stock during the four consecutive fiscal quarters immediately preceding such fiscal quarter, multiplied by the number of shares of common stock of HII outstanding as of the beginning of such quarter.
Available Dividend Amount means, with respect to any Insurance Subsidiary for any period, the aggregate maximum amount of dividends that is permitted by the Insurance Regulatory Authority of its jurisdiction of domicile, under applicable Requirements of Law (without the necessity of any consent, approval or other action of such Insurance Regulatory Authority involving the granting of permission or the exercise of discretion by such Insurance Regulatory Authority), to be paid by such Insurance Subsidiary to the Borrower or another Subsidiary of the Borrower during such period (whether or not any such dividends are actually paid); provided that for the period from the Second Amendment Effective Date through December 31, 2002 the Available Dividend Amount may be increased by the following maximum amounts to reflect cash capital contributions made in connection with the Preferred Share Transactions: (i) $10,000,000 for PXRE Reinsurance and (ii) $3,000,000 for PXRE Bermuda; provided further that any increase in the Available Dividend Amount pursuant to the foregoing proviso shall be reduced by any net reduction in the Statutory Capital and Surplus of PXRE Reinsurance or PXRE Bermuda, respectively, during such period whether resulting from losses or otherwise.
Available Dividend Amount means, with respect to any Insurance Subsidiary (other than PXRE Bermuda) for any period of four consecutive fiscal quarters, the aggregate maximum amount of dividends that is or, if such period were a fiscal year, would be permitted by the Insurance Regulatory Authority of its jurisdiction of domicile, under applicable Requirements of Law (without the necessity of any consent, approval or other action of such Insurance Regulatory Authority involving the granting of permission or the exercise of discretion by such Insurance Regulatory Authority), to be paid by such Insurance Subsidiary to the Borrower or another Subsidiary of the Borrower in respect of such four-quarter period as if such period were a fiscal year (whether or not any such dividends are actually paid).
Available Dividend Amount means, for any fiscal quarter, the average per share amount of the quarterly dividends paid by Reliant Energy on its common stock during the four consecutive fiscal quarters immediately preceding such fiscal quarter, multiplied by the number of shares of common stock of Reliant Energy outstanding as of the beginning of such quarter.
Available Dividend Amount means, for any fiscal year of the Borrower, an amount equal to the sum of (a) $25,000,000, plus (b) the product of (i) .50, multiplied by (ii) Consolidated Net Income for the immediately preceding fiscal year.