Dividends and Other Cash Distributions. Whenever the Depositary shall receive any dividend or other cash distributions on the deposited Preferred Stock, including any cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, the Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that, in case the Company or the Depositary shall be required by law to withhold and shall withhold from any cash distribution in respect of the Preferred Stock an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding.
Dividends and Other Cash Distributions. Whenever the Depositary shall receive any cash dividend or other cash distribution on the Series B Preferred Stock, the Depositary shall, subject to Section 3.1 and Section 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such Record Holders; provided, however, that in case the Corporation or the Depositary shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Series B Preferred Stock an amount on account of taxes or other governmental charges, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. In the event that the calculation of any such cash dividend or other cash distribution to be paid to any Record Holder on the aggregate number of Depositary Shares held by such Record Holder results in an amount that is a fraction of a cent and that fraction of a cent is equal to or greater than $0.005, the amount the Depositary shall distribute to such Record Holder shall be rounded up to the next highest whole cent; otherwise, such fractional amount shall be disregarded by the Depositary; provided, however, upon the Depositary’s request, the Corporation shall pay the otherwise disregarded amount to the Depositary for distribution. Each Record Holder of a Receipt shall provide the Depositary with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Record Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions to be made to such Record Holder hereunder.
Dividends and Other Cash Distributions. The Borrower will not, in any one fiscal year, without the prior approval in writing of the Lender (a) declare or pay any dividends or make any other distribution to its members with respect to its membership interests; (b) purchase or redeem or retire any of its membership interests; or (c) pay any management fees other than those being paid pursuant to the Services Agreement or pay any increase in management fees, unless with respect to any of the foregoing (after giving effect to such transaction) (1) (a) Borrower maintains a Current Ratio of not less than 1.25; and (b) Borrower meets the Minimum Net Worth Test -or- (2) (a) Borrower maintains a Current Ratio of not less than 1.25; (b) Borrower maintains a minimum Net Worth to total assets of not less than twenty-five percent (25%) and (c) the payment of such dividend, the making of such distribution, or the purchase, redemption or retirement of such membership interests, individually or in the aggregate, does not exceed twenty-five percent (25%) of the prior fiscal year-end Cash Margins in any one fiscal year. Notwithstanding the foregoing, in no event may the Borrower make such a distribution or payment (i) while the guaranty from the Vendor Guarantor is in effect, or (ii) when there is unpaid any due installment of principal and/or interest on the Note or if the Borrower is otherwise in material default of any provision of this Agreement or would be in material default hereunder as a result of such distribution or payment. Further notwithstanding the foregoing, and notwithstanding anything to the contrary contained in the Services Agreement, upon the occurrence of an Event of Default hereunder which has not been cured within any applicable grace period, Lender may, at its option, (i) restrict payments under the Services Agreement by Bright PCS to Borrower to cost-based reimbursements upon five (5) days written notice to Borrower and Bright PCS, or (ii) terminate the Services Agreement upon thirty (30) days written notice to Bright PCS.
Dividends and Other Cash Distributions. The Guarantor will not, in any one fiscal year, without the prior approval in writing of the Lender (i) declare or pay any dividends or make any other distribution to its stockholders with respect to its capital stock; (ii) purchase or redeem or retire any of its capital stock; or (iii) pay any management fees or if already paying a management fee, pay an increase in management fees unless with respect to any of the foregoing (after giving effect to such transaction) Guarantor's Net Worth shall exceed twenty five percent (25%); provided, however, without Lender's prior written consent, Guarantor may make dividend payments or distributions equal to its prevailing consolidated net income so long as the total amount of dividends paid by Guarantor in any given fiscal year does not exceed $1,914,779.
Dividends and Other Cash Distributions. The Borrower will not, in any one calendar year, without the prior approval in writing of the Lender (i) declare or pay any dividends or make any other distribution to its stockholders with respect to its capital stock; (ii) purchase or redeem or retire any of its capital stock; or (iii) pay any management fees or if already paying a management fee, pay an increase in management fees unless with respect to any of the foregoing (after giving effect to such transaction) (a) Borrower meets the Minimum Net Worth Test and (b) the payment of such dividend, the making of such distribution, or the purchase, redemption or retirement of such stock, individually or in the aggregate, does not exceed twenty-five percent (25%) of the prior fiscal year-end Cash Margins in any one calendar year. In no event may the Borrower make such a distribution or payment when there is unpaid any due installment of principal and/or interest on the Note or if the Borrower is otherwise in material default of any provision of this Agreement or would be in material default hereunder as a result of such distribution or payment.
Dividends and Other Cash Distributions. The Borrower will not, in any one calendar year, without the prior approval in writing of the Lender (i) declare or pay any dividends or make any other distribution to its stockholders with respect to its capital stock; (ii) purchase or redeem or retire any of its capital stock; or (iii) pay any management fees or if
Dividends and Other Cash Distributions. The Borrower will not, in any one calendar year, without the prior approval in writing of the Lender (i) declare or pay any dividends or make any other distribution to its stockholders with respect to its capital stock; (ii) purchase or redeem or retire any of its capital stock; or (iii) increase the management fee factor above the management fee factor contained in the Madison River Telephone Company Financial Model (submitted on behalf of Borrower) dated February 25, 2000, unless with respect to any of the foregoing (after giving effect to such transaction) Borrower: (1)(a) maintains a Current Ratio of not less than 1.25 and (b) meets the Minimum Net Worth Test, -or- (2)(a) maintains a Current Ratio of not less than 1.25, (b) maintains a minimum Net Worth to total assets of not less than twenty-five percent (25%) and (c) the payment of such dividend, the making of such distribution, or the purchase, redemption or retirement of such capital stock individually or in the aggregate, does not exceed fifty percent (50%) of the prior fiscal year-end Cash Margins in any one calendar year. Notwithstanding anything to the contrary herein, Borrower may make cash dividends in an amount not to exceed fifty (50%) of the net proceeds of any sale of its holdings in Illuminet, Inc. In no event may the Borrower make any distributions or payments pursuant to this Section when there is unpaid any due installment of principal and/or interest on the Note or if the Borrower is otherwise in material default of any provision of this Agreement or would be in material default hereunder as a result of such distribution or payment.
Dividends and Other Cash Distributions. The Borrower will not, in any one calendar year, without the prior approval in writing of the Lender (i) declare or pay any dividends or make any other distribution to its stockholders with respect to its capital stock; (ii) purchase or redeem or retire any of its capital stock; or (iii) pay any management fees or if already paying a management fee, pay an increase in management fees, unless with respect to any of the foregoing (after giving effect to such transaction): (a) Borrower shall have a minimum equity (determined by subtracting total liabilities from total assets) to total assets ratio of twenty percent (20%); (b) Borrower shall be in compliance with the financial ratios in Section 6.03 herein; and (c) the payment of such dividend, the making of such distribution, or the purchase, redemption or retirement of such stock, individually or in the aggregate, does not exceed fifty percent (50%) of the prior fiscal year-end's net income. In no event may the Borrower make such a distribution or payment when there is unpaid any due installment of principal and/or interest on the Note or if the Borrower is otherwise in material default of any provision of this Agreement or would be in material default hereunder as a result of such distribution or payment.
Dividends and Other Cash Distributions. 10 Section 4.2 Distributions Other than Cash, Rights, Preferences or Privileges. 11 Section 4.3 Subscription Rights, Preferences or Privileges. 11 Section 4.4 Notice of Dividends, Etc.; Fixing Record Date for Holders of Receipts. 12 Section 4.5 Voting Rights. 12 Section 4.6 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, Etc. 13 Section 4.7 Delivery of Reports. 13 Section 4.8 Lists of Receipt Holders. 13 ARTICLE V THE DEPOSITARY, DEPOSITARY AGENTS, THE REGISTRAR AND THE CORPORATION 14
Dividends and Other Cash Distributions. The Borrower shall not, at any time enter into or permit any Principal Subsidiary to enter into, any contract or agreement (other than with a governmental regulatory authority having jurisdiction over the Borrower or such Principal Subsidiary) restricting the ability of such Principal Subsidiary to pay dividends or make distributions to the Borrower in any manner that would materially impair the ability of the Borrower to meet its present and future obligations hereunder.
