Declared Dividends Sample Clauses

Declared Dividends. Holders of the Series Preferred, in preference to the holders of Common Stock and any other stock of the Corporation that is not by its terms expressly senior in right of payment to the Series Preferred (collectively, "Junior Stock"), shall be entitled to receive dividends, when and as declared by the board of directors, but only out of funds that are legally available therefor. In addition, in the event that the Corporation declares or pays any dividends upon the Common Stock (whether payable in cash, securities or other property) other than dividends payable solely in shares of Common Stock, the Corporation shall also declare and pay to the holders of the Series Preferred at the same time that it declares and pays such dividends to the holders of the Common Stock, the dividends which would have been declared and paid with respect to the Common Stock issuable upon conversion of the Series Preferred had all of the outstanding Series Preferred been converted immediately prior to the record date for such dividend, or if no record date is fixed, the date as of which the record holders of Common Stock entitled to such dividends are to be determined. The Corporation shall not declare dividends on one Series of Preferred Stock and not on each other Series of Preferred Stock.