No Dividend Instruction definition

No Dividend Instruction has the meaning specified in Section 9.3.
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No Dividend Instruction means an instruction delivered by the Bank to the issuer with respect to a dividend payment date of the preferred securities, instructing the issuer not to pay dividends on the preferred securities on such dividend payment date. A No Dividend Instruction may not be delivered if the Bank paid dividends on its common stock in the previous year.
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Examples of No Dividend Instruction in a sentence

  • 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 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.

  • 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.

  • If such dividend payment date is a Mandatory Dividend Payment Date, then such No Dividend Instruction shall be of no force or effect.

  • If a No Dividend Instruction is given, then the Company must promptly give notice to holders of the Company Preferred Securities in the manner described in Section 7.3(i) of the fact that it has received a No Dividend Instruction and the amount of dividends, if any, that will be paid on the related Dividend Payment Date.