No Dividend Instruction Clause Samples

No Dividend Instruction. (a) At any time, and from time to time, the Common Securityholder may, at its option, deliver to the Company a written instruction in the form of Annex H hereof on or before the tenth Business Day immediately preceding any dividend payment date for the Company Preferred Securities instructing the Company not to pay dividends, or to limit but not prohibit dividends, on such Dividend Payment Date (a "No Dividend Instruction"). 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. 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 such dividend payment date is a Mandatory Dividend Payment Date, then such No Dividend Instruction shall be of no force or effect. 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. (b) Notwithstanding Section 9.3(a), dividends on the Company Preferred Securities will be definitive, due and payable on each Mandatory Dividend Payment Date whether or not a No Dividend Instruction has been given or is deemed given with respect to such Mandatory Dividend Payment Date.
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Related to No Dividend Instruction

  • Dividends; Rights as Stockholder Cash dividends on shares of Common Stock issuable hereunder shall be credited to a dividend book entry account on behalf of the Participant with respect to each RSU granted to the Participant, provided that such cash dividends shall not be deemed to be reinvested in shares of Common Stock and shall be held uninvested and without interest and paid in cash at the same time that the shares of Common Stock underlying the RSUs are delivered to the Participant in accordance with the provisions hereof. Stock dividends on shares of Common Stock shall be credited to a dividend book entry account on behalf of the Participant with respect to each RSU granted to the Participant, provided that such stock dividends shall be paid in shares of Common Stock at the same time that the shares of Common Stock underlying the RSUs are delivered to the Participant in accordance with the provisions hereof. Except as otherwise provided herein, the Participant shall have no rights as a stockholder with respect to any shares of Common Stock covered by any RSU unless and until the Participant has become the holder of record of such shares.

  • Dividend Rights Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the holders of the Common Stock shall be entitled to receive, when and as declared by the Board of Directors, out of any assets of the corporation legally available therefor, such dividends as may be declared from time to time by the Board of Directors.

  • No Dividends During the previous 12 months, the Corporation has not, directly or indirectly, declared or paid any dividend or declared or made any other distribution on any of its shares or securities of any class, or, directly or indirectly, redeemed, purchased or otherwise acquired any of its common shares or securities or agreed to do any of the foregoing.

  • Stock Dividends, etc In the event of a stock split, stock dividend or distribution, or any change in the Common Stock by reason of any split-up, reverse stock split, recapitalization, combination, reclassification, exchange of shares or the like, the terms “Existing Shares” and “Covered Shares” shall be deemed to refer to and include such shares as well as all such stock dividends and distributions and any securities into which or for which any or all of such shares may be changed or exchanged or which are received in such transaction.

  • Stock Dividends If the Company at any time shall pay a dividend payable in, or make any other distribution (except any distribution specifically provided for in the foregoing subsections (a) or (b)) of the Company's stock, then the Exercise Price shall be adjusted, from and after the record date of such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction (i) the numerator of which shall be the total number of all shares of the Company's stock outstanding immediately prior to such dividend or distribution, and (ii) the denominator of which shall be the total number of all shares of the Company's stock outstanding immediately after such dividend or distribution. The Warrantholder shall thereafter be entitled to purchase, at the Exercise Price resulting from such adjustment, the number of shares of Preferred Stock (calculated to the nearest whole share) obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares of Preferred Stock issuable upon the exercise hereof immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting from such adjustment.