Dividend Preference. The holders of outstanding shares of Preferred Stock shall be entitled to receive dividends, out of any assets at the time legally available therefore, prior and in preference to any declaration or payment of any dividend (payable other than in Common Stock of this Companyny) on the Common Stock of this Company, at the rate of ten cents ($0.10) per share per annum for the Series A Preferred Stock, thirty cents ($0.30) per share per annum for the Series B Preferred Stock, sixty cents ($0.60) per share per annum for the Series C Preferred Stock, thirty-seven and six-tenths cents ($0.376) per share per annum for the Series D Preferred Stock and fifty cents ($0.50) per share per annum for the Series E Preferred Stock, when, as and if declared by the Board of Directors; provided, however, that the Board of Directors is under no obligation to pay dividends to such holders, and such dividends, if any, shall be noncumulative such that no rights shall accrue to the holders of the Preferred Stock as a result of the failure to declare such dividends in any prior year. Such dividends may be payable quarterly or otherwise as the Board of Directors may from time to time determine. No such dividend shall be declared or paid on the Preferred Stock of any series in accordance with the preceding sentences unless dividends are simultaneously declared or paid on the Preferred Stock of each other series, and if less than the full annual dividend for each series is so declared or paid, the amounts declared and paid for each series shall be determined pro rata on the basis of the Liquidation Preferences for the shares of the respective series. If and to the extent that the Board of Directors of the Company shall declare and set aside for payment any other and further amount of cash or property (other than Common Stock of the Company) as a distribution, such distribution shall be made with equal priority to the Common Stock and the Preferred Stock, with each share of Preferred Stock of each series being treated for such purpose as if it had been converted into Common Stock at the then effective Conversion Rate for such series. For such purpose, all shares of Preferred Stock held by each holder of Preferred Stock shall be aggregated, and any resulting fractional share of Common Stock shall be disregarded.
Dividend Preference. The Company shall not declare nor pay any dividends or make any distribution upon any class of Common Shares, until and unless the Company has declared and paid a dividend of at least US$2.00 with respect to each Convertible Preference Share.
Dividend Preference. 7.3.1 Other than an Exempted Distribution, the Company shall not make any distribution (whether in cash or in property) with respect to any Ordinary Share unless a dividend shall first have been paid with respect to all outstanding Preferred Shares in an amount for each such Preferred Share equal to or greater than the product of (i) the amount of such distribution and (ii) the number of Ordinary Shares into which such Preferred Share is then convertible.
Dividend Preference. The Series A Stock will have the following dividend provisions:
Dividend Preference. The holders of the then outstanding Preferred Stock shall be entitled to receive dividends, when as and if declared by the Board, out of any funds and assets of the Corporation legally available therefor, prior and in preference to the payment of any dividends on the Common Stock. However, no dividends (other than a Common Stock Dividend) shall be paid with respect to the Common Stock during any calendar year unless dividends for each series of Preferred Stock shall have first been paid or declared and set apart for payment to the holders of each such series of Preferred Stock, respectively, during that calendar year in at least an amount per share of Preferred Stock determined by multiplying the (a) dividend to be paid on one share of Common Stock by (b) the number of shares of Common Stock then issuable upon conversion of such share of Preferred Stock pursuant to Section 5; provided, however, that this restriction shall not apply to Permitted Repurchases. Payments of any dividends to the holders of each such series of Preferred Stock shall be paid pro rata, on an equal priority, pari passu basis. Dividends on the Preferred Stock shall not be mandatory or cumulative, and no rights or interest shall accrue to the holders of the Preferred Stock by reason of the fact that the Corporation shall fail to declare or pay dividends on the Preferred Stock in any amount in any calendar year or any fiscal year of the Corporation, whether or not the earnings of the Corporation in any calendar year or fiscal year were sufficient to pay dividends.
Dividend Preference. Holder shall be entitled to receive a cash dividend or distribution (the "DIVIDEND") for each share of Series D Preferred Stock at the rate of ten percent (10%) per annum on the original $2.81 issue amount of such share, subject to the following terms and conditions:
Dividend Preference. The holders of outstanding shares of Series B shall be entitled to receive dividends, out of any assets at the time legally available therefor, prior in preference to any declaration or payment of any dividend on the Common Stock of the Corporation (the "Common Stock") at the rate of $700.00 per share per annum on each outstanding share of Series B (as appropriately adjusted for any subsequent stock splits, stock dividends, combinations reclassifications and the like), when, as and if declared by the Board of Directors of the Corporation. Such dividends shall be cumulative and are payable semi-annually in cash or, at the option of the Corporation, in kind in shares of the Corporation's Class B Common Stock (the "Class B Common") (as appropriately adjusted for any subsequent stock splits, stock dividends, reclassifications and the like) on the last day of June and December, commencing December 31, 1999; provided, however, that the Corporation shall not, without prior stockholder approval, pay such dividends in kind if the aggregate number of shares of Class B Common paid as a dividend is exchangeable into twenty (20) percent or more of the Common Stock or voting power of the Corporation outstanding immediately before the closing date of the Series B Preferred Stock Purchase Agreement (the "Closing Date"). If the Corporation pays a dividend in shares, the semi-annual dividend on each outstanding share of Series B (as appropriately adjusted for any subsequent stock splits, stock dividends, reclassifications and the like) will be that number of fully paid and nonassessable shares of the Class B Common that is equal to $350.00 divided by the then effective Dividend Conversion Price. The Dividend Conversion Price shall be equal to the average closing price of the Common Stock (the "Common Stock") over the ten (10) trading days prior to the dividend payment date.
Dividend Preference. Holders of the Preferred Shares shall be entitled to receive dividends at the rate of One Hundred per cent (100%) of the Par Value until such time that the Preferred Shares are converted to Common Shares per Article 7.2(d) below.
Dividend Preference. The parties acknowledge and agree that dividends or distributions to the shareholders of the Company shall be declared, paid and made in accordance with the Restated Articles.
Dividend Preference. From and after the date hereof, when and if the Board of Directors of the Corporation shall declare a dividend or distribution payable with respect to (i) the Common Stock, Series B Preferred Stock, or any other capital stock or security issued by the Corporation which shall be junior to the Series C Preferred Stock as to such dividends and distributions, such dividend or distribution shall not be paid until the payment of all Series C Preferred Stock dividends accrued or to be accrued through that date, or (ii) the then-outstanding capital stock of the Corporation that is pari passu to the Series C Preferred Stock as to such dividends or distributions, such dividends shall not be paid unless an equivalent payment is made to the holders of the Series C Preferred Stock, pro-rata, on the accrued and unpaid dividends payable to the Series C Preferred Stock as of the date of such payment.
