Common use of Distribution Procedure Clause in Contracts

Distribution Procedure. Distributions shall be made to Shareholders (or to their estates, personal representatives, successor or assigns, as appropriate) of record on the record date for the dividend distribution, regardless of whether they hold Shares on the date of distribution. Any pro rata dividend distributions made during the taxable year in question to shareholders in excess of 43% of actual tax distribution made in Section 1 above for the applicable periods can be taken into account in determining the extent of the future minimum mandatory dividends for the balance of a taxable year.