Common use of Dividends and Distribution Clause in Contracts

Dividends and Distribution. (a) In preference to the holders of Common Shares and of any outstanding junior Shares of Corporation, but subject to the prior and superior rights of the holders of any Shares of any series of Voting Preferred Shares ranking prior and superior to the Shares of Series A Voting Preferred Shares with respect to dividends, the holders of Series A Voting Preferred Shares shall be entitled to receive (when, as and if declared by the Board) from funds legally available for the purpose, quarterly dividends payable in cash on the first Business Day of January, April, July and October in each year (each such date being referenced herein as a "Quarterly Dividend Payment Date", and "Business Day" meaning any day other than a Saturday, Sunday or a day on which banking institutions in the State of Ohio are authorized or obligated by law or executive order to close), commencing on the first Quarterly Dividend Payment Date after the first issuance of a Share or fraction of a Share of Series A Voting Preferred Shares. Such dividends shall be in an amount per Share (rounded to the nearest cent) equal to the greater of: (a) One Dollar ($1.00), or (b) subject to the provision for adjustment hereinafter set forth, 100 times the aggregate per Share amount of all cash dividends and 100 times the aggregate per Share amount (payable in kind) of all non-cash dividends or other distributions (other than a dividend payable in Common Share or other subdivision of the outstanding Common Shares, by reclassification or otherwise, declared on the Common Shares) since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any Share or fraction of a Share of Series A Voting Preferred Shares. If Corporation shall, on or after November 6, 2000 (the "Rights Declaration Date"), (i) declare any dividend on Common Shares payable in Common Shares, (ii) subdivide the outstanding Common Shares, or (iii) combine the outstanding Common Shares into a smaller number of Shares, then (in each such case) the amount to which holders of Series A Voting Preferred Shares were entitled immediately prior to such event under clause (b) of the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of Common Shares outstanding immediately after such event and the denominator of which is the number of Common Shares outstanding immediately prior to such event.

Appears in 1 contract

Samples: Rights Agreement (LNB Bancorp Inc)

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Dividends and Distribution. (a) In preference to the holders of Common Shares and of any outstanding other junior Shares of CorporationShares, but subject to the prior and superior rights of the holders of the Corporation’s Fixed Rate Cumulative Perpetual Preferred Stock, Series B, and any Shares of any other series of Voting Preferred Shares ranking prior and superior to the Shares of Series A Voting Preferred Shares with respect to dividends, the holders of Series A Voting Preferred Shares shall be entitled to receive (receive, when, as and if declared by the Board) from , out of funds of the Corporation legally available for the purposepayment of dividends, quarterly dividends payable in cash on the first Business Day of January, April, July and October in of each year (each such date being referenced referred to herein as a "Quarterly Dividend Payment Date", and "Business Day" meaning any day other than except a Saturday, Sunday or a any day on which banking institutions in the State of Ohio are authorized or obligated by law or executive order to close), commencing on the first Quarterly Dividend Payment Date after the first issuance of a Series A Voting Preferred Share or fraction of a Share of Series A Voting Preferred Shares. Such dividends shall be Share, in an amount per Share (rounded to the nearest cent) equal to the greater of: of (a) One Dollar ($1.00), or (b) subject to the provision for adjustment hereinafter set forth, 100 times the aggregate per Share amount of all cash dividends and 100 times the aggregate per Share amount (payable in kind) of all non-cash dividends or other distributions (distributions, other than a dividend payable in Common Share Shares or other a subdivision of the outstanding Common Shares, Shares (by reclassification or otherwise), declared on the Common Shares) Shares since the immediately preceding Quarterly Dividend Payment Date, Date or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any Series A Voting Preferred Share or fraction of a Share of Series A Voting Preferred SharesShare. If In the event the Corporation shall, on or after November 6October 25, 2000 2010 (the "Rights Declaration Date"), (i) declare or pay any dividend on the Common Shares payable in Common Shares, (ii) subdivide the outstanding Common Sharesor effect a subdivision, combination or (iii) combine consolidation of the outstanding Common Shares (by reclassification or otherwise than by payment of a dividend in Common Shares) into a smaller greater or lesser number of Common Shares, then (in each such case) case the amount to which holders of Series A Voting Preferred Shares were entitled immediately prior to such event under clause (b) of the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of Common Shares outstanding immediately after such event and the denominator of which is the number of Common Shares that were outstanding immediately prior to such event. In the event the Corporation shall at any time declare or pay any dividend on the Series A Voting Preferred Shares payable in Series A Voting Preferred Shares, or effect a subdivision, combination or consolidation of the outstanding Series A Voting Preferred Shares (by reclassification or otherwise than by payment of a dividend in Series A Voting Preferred Shares) into a greater or lesser number of Series A Voting Preferred Shares, then in each such case the amount to which holders of Series A Voting Preferred Shares were entitled immediately prior to such event under clause (b) of the first sentence of this Section 1(a) shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of Series A Voting Preferred Shares that were outstanding immediately prior to such event and the denominator of which is the number of Series A Voting Preferred Shares outstanding immediately after such event.

Appears in 1 contract

Samples: Rights Agreement (LNB Bancorp Inc)

Dividends and Distribution. (a) In preference to the holders of Common Shares and of any outstanding junior Shares of Corporation, but subject to the prior and superior rights of the holders of any Shares of any series of Voting Preferred Shares ranking prior and superior to the Shares of Series A Voting Preferred Shares with respect to dividends, the holders of Series A Voting Preferred Shares shall be entitled to receive (when, as and if declared by the Board) from funds legally available for the purpose, quarterly dividends payable in cash on the first Business Day of January, April, July and October in each year (each such date being referenced herein as a "Quarterly Dividend Payment Date", and "Business Day" meaning any day other than a Saturday, Sunday or a day on which banking institutions in the State of Ohio are authorized or obligated by law or executive order to close), commencing on the first Quarterly Dividend Payment Date after the first issuance of a Share or fraction of a Share of Series A Voting Preferred Shares. Such dividends shall be in an amount per Share (rounded to the nearest cent) equal to the greater of: (a) One Dollar ($1.00), or (b) subject to the provision for adjustment hereinafter set forth, 100 times the aggregate per Share amount of all cash dividends and 100 times the aggregate per Share amount (payable in kind) of all non-cash dividends or other distributions (other than a dividend payable in Common Share or other subdivision of the outstanding Common Shares, by reclassification or otherwise, declared on the Common Shares) since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any Share or fraction of a Share of Series A Voting Preferred Shares. If Corporation shall, on or after November 6, 2000 (the "Rights Declaration Date"), (i) declare any dividend on Common Shares payable in Common Shares, (ii) subdivide the outstanding Common Shares, or (iii) combine the outstanding Common Shares into a smaller number of Shares, then (in each such case) the amount to which holders of Series A Voting Preferred Shares were entitled immediately prior to such event under clause (b) of the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of Common Shares outstanding immediately after such event and the denominator of which is the number of Common Shares outstanding immediately prior to such event.

Appears in 1 contract

Samples: Rights Agreement (LNB Bancorp Inc)

Dividends and Distribution. No Borrower will declare or pay any dividends (other than dividends payable solely in stock of such Borrower) on any class of its stock or the Public Parent’s stock or make any payment on account of the purchase, redemption or other retirement of any shares of such stock or any indebtedness or liability of the Public Parent or any Borrower evidenced by or related to notes, bonds, debentures or other securities or similar obligations, including the agreements, instruments and documents evidencing the Secured Subordinated Debt, or make any distribution in respect thereof, either directly or indirectly; provided, however, that so long as no Event of Default has occurred and is continuing or will occur as a result of or immediately following any such payment, (a) In preference the Borrowers may declare and pay dividends to their corporate parents that are Borrowers, (b) Global may declare and pay dividends to the Public Parent up to five days prior to the due date of each scheduled payment (but not prepayment) of interest under the Secured Subordinated Debt in an amount equal to such scheduled payment and (c) Global may pay dividends to the Public Parent in an amount up to $1,300,000 in the aggregate for the payment of the fees and penalties (but in no event for the payment of any amounts related to redemption) due and payable to the holders of Common Shares the Secured Subordinated Debt, the holders of the Public Parent’s Series A Preferred Stock and the holders of any outstanding junior Shares of Corporation, but subject the Public Parent’s common stock pursuant to the prior and superior rights Registration Rights Agreements, the Public Parent’s Senior Secured Convertible Notes, each dated as of March 31, 2006, payable to the order of the holders of any Shares the Secured Subordinated Debt, in the original aggregate principal amount of any series of Voting Preferred Shares ranking prior $30,000,000 and superior to the Shares of Series A Voting Preferred Shares with respect to dividends, Note Securities Purchase Agreement by and among Global and the holders of Series A Voting Preferred Shares the Secured Subordinated Debt, so long as Global has delivered to the Lender prior written notice that such fees or penalties will be due and payable, which notice shall be entitled delivered to receive (when, as and if declared by the Board) from funds legally available for Lender at least five Business Days prior to the purpose, quarterly dividends payable in cash on the first Business Day of January, April, July and October in each year (each such date being referenced herein as a "Quarterly Dividend Payment Date", and "Business Day" meaning any day other than a Saturday, Sunday or a day on which banking institutions in the State of Ohio are authorized or obligated by law or executive order to close), commencing on the first Quarterly Dividend Payment Date after the first issuance of a Share or fraction of a Share of Series A Voting Preferred Shares. Such dividends shall be in an amount per Share (rounded to the nearest cent) equal to the greater of: (a) One Dollar ($1.00), or (b) subject to the provision for adjustment hereinafter set forth, 100 times the aggregate per Share amount of all cash dividends and 100 times the aggregate per Share amount (payable in kind) of all non-cash dividends or other distributions (other than a dividend payable in Common Share or other subdivision of the outstanding Common Shares, by reclassification or otherwise, declared on the Common Shares) since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any Share or fraction of a Share of Series A Voting Preferred Shares. If Corporation shall, on or after November 6, 2000 (the "Rights Declaration Date"), (i) declare any dividend on Common Shares payable in Common Shares, (ii) subdivide the outstanding Common Shares, or (iii) combine the outstanding Common Shares into a smaller number of Shares, then (in each such case) the amount to which holders of Series A Voting Preferred Shares were entitled immediately prior to such event under clause (b) of the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which payment is the number of Common Shares outstanding immediately after such event and the denominator of which is the number of Common Shares outstanding immediately prior to such eventdue.

Appears in 1 contract

Samples: Credit and Security Agreement (Global Employment Holdings, Inc.)

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Dividends and Distribution. (aA) In preference to the holders of Common Shares and of any outstanding junior Shares of Corporation, but subject Subject to the prior and superior rights of the holders of any Shares shares of any class or series of Voting Preferred Shares stock of the Corporation ranking prior and superior to the Shares shares of Series A Voting Junior Participating Class B Preferred Shares Stock with respect to dividends, the holders of shares of Series A Voting Junior Participating Class B Preferred Shares Stock, in preference to the holders of shares of any class or series of stock of the Corporation ranking junior to the Series A Junior Participating Class B Preferred Stock in respect thereof, shall be entitled to receive (receive, when, as and if declared by the Board) from Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash on the first Business Day last day of JanuaryMarch, AprilJune, July September and October December, in each year (each such date being referenced referred to herein as a "Quarterly Dividend Payment Date", and "Business Day" meaning any day other than a Saturday, Sunday or a day on which banking institutions in the State of Ohio are authorized or obligated by law or executive order to close), commencing on the first Quarterly Dividend Payment Date after the first issuance of a Share share or fraction of a Share share of Series A Voting Junior Participating Class B Preferred Shares. Such dividends shall be Stock, in an amount per Share share (rounded to the nearest cent) equal to the greater of: of (a) One Dollar ($1.00), 1.00 or (b) subject to the provision for adjustment hereinafter set forth, 100 Adjustment Number (as defined below) times the aggregate per Share share amount of all cash dividends dividends, and 100 the Adjustment Number times the aggregate per Share share amount (payable in kind) of all non-cash dividends or other distributions (other than a dividend payable in shares of Class A Common Share Stock, par value $.0001 per share, of the Corporation (the "Class A Common Stock") or other the Class B Common Stock, par value $.0001 per share of the Corporation (the "Class B Common Stock") and together with the Class A Common Stock, (the "Common Stock") or a subdivision of the outstanding shares of Class A Common Shares, Stock or Class B Common Stock (by reclassification or otherwise), declared on the Class A Common Shares) Stock or Class B Common Stock since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any Share share or fraction of a Share share of Series A Voting Junior Participating Class B Preferred SharesStock. If The "Adjustment Number" shall initially be 100. In the event the Corporation shallshall at any time after October 21, on or after November 6, 2000 1996 (the "Rights Declaration Date"), ) (i) declare and pay any dividend on Class A Common Shares Stock and/or Class B Common Stock payable in shares of Class A Common SharesStock or Class B Common Stock, (ii) subdivide the outstanding Class A Common Shares, Stock and/or Class B Common Stock or (iii) combine the outstanding Class A Common Shares Stock and/or Class B Common Stock into a smaller number of Sharesshares, then (in each such case) case the amount to which holders of Series A Voting Preferred Shares were entitled Adjustment Number in effect immediately prior to such event under clause (b) of the preceding sentence shall be adjusted by multiplying such amount Adjustment Number by a fraction, fraction the numerator of which is the number of shares of Common Shares Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Shares Stock that were outstanding immediately prior to such event.

Appears in 1 contract

Samples: Rights Agreement (Au Bon Pain Co Inc)

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