Stock Declarations Clause Samples

Stock Declarations. Where stock is insured on a Stock Declaration basis, the premium charged on the item stock is provisional and represents 75% of the full premium payable for that item. At the end of each annual period we will adjust it as follows: 1. you must give us a declaration of the actual value of the stock you held on the last business day of each month for the annual period. This must be received by us within six weeks from the end date of the annual period, 2. if a monthly declaration exceeds the sum insured then we will adjust it back to the sum insured for the purpose of calculating your stock averages, 3. if no declaration is received for any one month, the stock sum insured will apply for that month, 4. the average of the monthly declarations will be calculated at the end of the annual period and the final premium payable will be based on the greater of: (a) that average, or (b) one half of the sum insured on stock, 5. we will re-calculate your actual premium based on the actual figures. The difference between the actual and the provisional premiums will either be payable to us or refunded to you depending upon the outcome of the adjustment, but any refund will be limited to a maximum of 50% of the provisional premium.
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Stock Declarations. Where stock is insured on a Stock Declaration basis, the premium charged on the item stock is provisional and represents 75% of the full premium payable for that item. At the end of each annual period we will adjust it as follows: 1. you must give us a declaration of the actual value of the stock you held on the last business day of each month for the annual period. This must be received by us within six weeks from the end date of the annual period, 2. if a monthly declaration exceeds the sum insured then we will adjust it back to the sum insured for the purpose of calculating your stock averages, 3. if no declaration is received for any one month, the stock sum insured will apply for that month, 4. the average of the monthly declarations will be calculated at the end of the annual period and the final premium payable will be based on the greater of: (a) that average, or ACE - Steadfast Material Damage Wording – (6.2016) (b) one half of the sum insured on stock, 5. we will re-calculate your actual premium based on the actual figures. The difference between the actual and the provisional premiums will either be payable to us or refunded to you depending upon the outcome of the adjustment, but any refund will be limited to a maximum of 50% of the provisional premium. B. LAWS AND ACTS THAT GOVERN THIS POLICY 1. Governing Law and Jurisdiction The law of New Zealand applies to this policy and the New Zealand Courts have exclusive jurisdiction.
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Stock Declarations. Where stock is insured on a Stock Declaration basis, the premium charged on the item stock is provisional and represents 75% of the full premium payable for that item. At the end of each annual period we will adjust it as follows: 1. you must give us a declaration of the actual value of the stock you held on the last business day of each month for the annual period. This must be received by us within six weeks from the end date of the annual period, 2. if a monthly declaration exceeds the sum insured then we will adjust it back to the sum insured for the purpose of calculating your stock averages, 3. if no declaration is received for any one month, the stock sum insured will apply for that month, 4. the average of the monthly declarations will be calculated at the end of the annual period and the final premium payable will be based on the greater of: (a) that average, or (b) one half of the sum insured on stock, 5. we will re-calculate your actual premium based on the actual figures. The difference between the actual and the provisional premiums will either be payable to us or refunded to you depending upon the outcome of the adjustment, but any refund will be limited to a maximum of 50% of the provisional premium. B. LAWS AND ACTS THAT GOVERN THIS POLICY 1. Governing Law and Jurisdiction The law of New Zealand applies to this policy and the New Zealand Courts have exclusive jurisdiction.
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Related to Stock Declarations

  • Preferred Stock Directors Whenever, at any time or times, dividends payable on the shares of Designated Preferred Stock have not been paid for an aggregate of six quarterly Dividend Periods or more, whether or not consecutive, the authorized number of directors of the Issuer shall automatically be increased by two and the holders of the Designated Preferred Stock shall have the right, with holders of shares of any one or more other classes or series of Voting Parity Stock outstanding at the time, voting together as a class, to elect two directors (hereinafter the “Preferred Directors” and each a “Preferred Director”) to fill such newly created directorships at the Issuer’s next annual meeting of stockholders (or at a special meeting called for that purpose prior to such next annual meeting) and at each subsequent annual meeting of stockholders until all accrued and unpaid dividends for all past Dividend Periods, including the latest completed Dividend Period (including, if applicable as provided in Section 3(a) above, dividends on such amount), on all outstanding shares of Designated Preferred Stock have been declared and paid in full at which time such right shall terminate with respect to the Designated Preferred Stock, except as herein or by law expressly provided, subject to revesting in the event of each and every subsequent default of the character above mentioned; provided that it shall be a qualification for election for any Preferred Director that the election of such Preferred Director shall not cause the Issuer to violate any corporate governance requirements of any securities exchange or other trading facility on which securities of the Issuer may then be listed or traded that listed or traded companies must have a majority of independent directors. Upon any termination of the right of the holders of shares of Designated Preferred Stock and Voting Parity Stock as a class to vote for directors as provided above, the Preferred Directors shall cease to be qualified as directors, the term of office of all Preferred Directors then in office shall terminate immediately and the authorized number of directors shall be reduced by the number of Preferred Directors elected pursuant hereto. Any Preferred Director may be removed at any time, with or without cause, and any vacancy created thereby may be filled, only by the affirmative vote of the holders a majority of the shares of Designated Preferred Stock at the time outstanding voting separately as a class together with the holders of shares of Voting Parity Stock, to the extent the voting rights of such holders described above are then exercisable. If the office of any Preferred Director becomes vacant for any reason other than removal from office as aforesaid, the remaining Preferred Director may choose a successor who shall hold office for the unexpired term in respect of which such vacancy occurred.

  • Stock Dividends and Splits If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

  • Stock Dividends - Split-Ups If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split up of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Common Stock.

  • Dividend Restrictions No subsidiary of the Company is prohibited or restricted, directly or indirectly, from paying dividends to the Company, or from making any other distribution with respect to such subsidiary’s equity securities or from repaying to the Company or any other subsidiary of the Company any amounts that may from time to time become due under any loans or advances to such subsidiary from the Company or from transferring any property or assets to the Company or to any other subsidiary.

  • Stock Dividends and Stock Splits If the Company, at any time while this Debenture is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon conversion of, or payment of interest on, the Debentures), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues, in the event of a reclassification of shares of the Common Stock, any shares of capital stock of the Company, then the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding any treasury shares of the Company) outstanding immediately before such event, and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.