{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "borrower-will", "type": "clause", "offset": [9, 22]}, {"key": "restricted-subsidiaries", "type": "definition", "offset": [59, 82]}, {"key": "with-respect-to", "type": "clause", "offset": [127, 142]}, {"key": "subsidiary-of", "type": "definition", "offset": [232, 245]}, {"key": "distributions-and", "type": "clause", "offset": [308, 325]}, {"key": "with-regard-to", "type": "clause", "offset": [349, 363]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [469, 491]}, {"key": "any-non", "type": "clause", "offset": [517, 524]}, {"key": "owned-subsidiary", "type": "definition", "offset": [532, 548]}, {"key": "cash-dividends", "type": "definition", "offset": [590, 604]}, {"key": "the-equity-interests", "type": "clause", "offset": [704, 724]}, {"key": "the-subsidiary", "type": "clause", "offset": [728, 742]}, {"key": "proportionate-share", "type": "clause", "offset": [787, 806]}, {"key": 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[8993, 9014]}, {"key": "the-operations", "type": "clause", "offset": [9018, 9032]}, {"key": "reasonable-and-customary", "type": "definition", "offset": [9093, 9117]}, {"key": "officers-and-employees", "type": "definition", "offset": [9144, 9166]}, {"key": "in-the-ordinary-course-of-business", "type": "definition", "offset": [9189, 9223]}, {"key": "operation-of-the", "type": "clause", "offset": [9283, 9299]}, {"key": "for-payment", "type": "clause", "offset": [9520, 9531]}, {"key": "director-and-officer-insurance", "type": "clause", "offset": [9574, 9604]}, {"key": "obligations-owing", "type": "clause", "offset": [9758, 9775]}, {"key": "the-sponsor", "type": "clause", "offset": [9779, 9790]}, {"key": "sponsor-affiliates", "type": "clause", "offset": [9795, 9813]}, {"key": "advisory-agreement", "type": "definition", "offset": [9824, 9842]}, {"key": "effect-on-the", "type": "clause", "offset": [9850, 9863]}, {"key": "to-fund", "type": "definition", "offset": [9901, 9908]}, {"key": "the-transaction", "type": "clause", "offset": [9909, 9924]}, {"key": "transaction-costs", "type": "clause", "offset": [9936, 9953]}, {"key": "the-special-dividend", "type": "clause", "offset": [9958, 9978]}, {"key": "working-capital-adjustment", "type": "definition", "offset": [10043, 10069]}, {"key": "the-acquisition-agreement", "type": "clause", "offset": [10082, 10107]}, {"key": "affiliate-fees", "type": "clause", "offset": [10307, 10321]}, {"key": "indemnification-payments", "type": "definition", "offset": [10336, 10360]}, {"key": "pursuant-to-sections", "type": "clause", "offset": [10396, 10416]}, {"key": "options-or-warrants", "type": "clause", "offset": [10518, 10537]}, {"key": "the-settlement", "type": "clause", "offset": [10541, 10555]}, {"key": "vesting-of", "type": "clause", "offset": [10559, 10569]}, {"key": "equity-incentive-awards", "type": "definition", "offset": [10576, 10599]}, {"key": "fund-a", "type": "definition", "offset": [10643, 10649]}, {"key": "common-stock", "type": "definition", "offset": [10696, 10708]}, {"key": "following-an-initial-public-offering", "type": "clause", "offset": [10709, 10745]}, {"key": "per-annum", "type": "definition", "offset": [10803, 10812]}, {"key": "net-cash-proceeds", "type": "definition", "offset": [10820, 10837]}, {"key": "the-capital", "type": "clause", "offset": [10853, 10864]}, {"key": "pro-forma-basis", "type": "definition", "offset": [10937, 10952]}, {"key": "consolidated-first-lien-net-leverage-ratio", "type": "definition", "offset": [10961, 11003]}, {"key": "consolidated-total-net-leverage-ratio", "type": "clause", "offset": [11041, 11078]}, {"key": "default-shall", "type": "definition", "offset": [11270, 11283]}, {"key": "minority-interests", "type": "definition", "offset": [11336, 11354]}, {"key": "owned-subsidiaries", "type": "clause", "offset": [11369, 11387]}, {"key": "the-guarantors", "type": "clause", "offset": [11413, 11427]}, {"key": "aggregate-amount-of-investments", "type": "definition", "offset": [11501, 11532]}, {"key": "declaration-and-payment-of-dividends", "type": "clause", "offset": [11604, 11640]}, {"key": "the-payment", "type": "clause", "offset": [11644, 11655]}, {"key": "distributions-by-the", "type": "clause", "offset": [11665, 11685]}, {"key": "since-the-closing-date", "type": "clause", "offset": [11723, 11745]}, {"key": "dividend-payments", "type": "clause", "offset": [11849, 11866]}, {"key": "in-the-case", "type": "clause", "offset": [11955, 11966]}, {"key": "pro-rata-share", "type": "clause", "offset": [12096, 12110]}, {"key": "dividend-or-distribution", "type": "definition", "offset": [12119, 12143]}, {"key": "make-payments", "type": "clause", "offset": [12174, 12187]}, {"key": "common-equity", "type": "clause", "offset": [12230, 12243]}, {"key": "equity-issuance", "type": "definition", "offset": [12278, 12293]}, {"key": "dividends-and-distributions", "type": "clause", "offset": [12761, 12788]}, {"key": "days-after", "type": "definition", "offset": [12799, 12809]}, {"key": "date-of", "type": "clause", "offset": [12814, 12821]}, {"key": "provision-of", "type": "clause", "offset": [12936, 12948]}, {"key": "compliance-with-this-section", "type": "clause", "offset": [13242, 13270]}, {"key": "for-purposes-of-the", "type": "clause", "offset": [13339, 13358]}, {"key": "definition-of-consolidated-ebitda", "type": "clause", "offset": [13359, 13392]}, {"key": "consolidated-net-income", "type": "clause", "offset": [13397, 13420]}, {"key": "dividends-paid", "type": "definition", "offset": [13519, 13533]}], "samples": [{"hash": "grUTws4V2eU", "uri": "/contracts/grUTws4V2eU#dividends", "label": "First Lien Term Loan Credit Agreement (PAE Inc)", "score": 31.119096756, "published": true}, {"hash": "g0X76Yl8SMT", "uri": "/contracts/g0X76Yl8SMT#dividends", "label": "Second Lien Term Loan Credit Agreement (PAE Inc)", "score": 31.119096756, "published": true}, {"hash": "azm8tSvKPZ3", "uri": "/contracts/azm8tSvKPZ3#dividends", "label": "Second Lien Term Loan Credit Agreement (PAE Inc)", "score": 31.119096756, "published": true}], "size": 487, "snippet": "The Lead Borrower will not, and will not permit any of its Restricted Subsidiaries to, authorize, declare or pay any Dividends with respect to the Lead Borrower or any of its Restricted Subsidiaries, except that:\n(i) any Restricted Subsidiary of the Lead Borrower may pay Dividends or return capital or make distributions and other similar payments with regard to its Equity Interests to the Lead Borrower or to other Restricted Subsidiaries of the Lead Borrower which directly or indirectly own equity therein;\n(ii) any non-Wholly-Owned Subsidiary of the Lead Borrower may declare and pay cash Dividends to its shareholders generally so long as the Lead Borrower or its Restricted Subsidiary which owns the Equity Interests in the Subsidiary paying such Dividends receives at least its proportionate share thereof (based upon its relative holding of the Equity Interests in the Subsidiary paying such Dividends and taking into account the relative preferences, if any, of the various classes of Equity Interests of such Subsidiary);\n(iii) so long as no Default or Event of Default exists at the time of the applicable Dividend, redemption or repurchase or would exist immediately after giving effect thereto, the Lead Borrower may pay cash Dividends to Holdings to allow Holdings to pay cash dividends to any other Parent Company to redeem or repurchase, contemporaneously with such Dividend, Equity Interests of such Parent Company from current or former members of management, employees, consultants, officers and directors (and their successors and assigns) of the Lead Borrower and its Restricted Subsidiaries; provided that (A) the aggregate amount of Dividends made by the Lead Borrower to Holdings pursuant to this clause (iii), and the aggregate amount paid by Holdings in respect of all such Equity Interests so redeemed or repurchased shall not (net of any cash proceeds received by Holdings (but in no event from any Initial Public Offering) from issuances of its Equity Interests (other than to the extent included in the Available Amount) and contributed to the Lead Borrower in connection with such redemption or repurchase), in either case, exceed during any fiscal year of the Lead Borrower, $10,000,000 (provided that the amount of cash Dividends permitted to be, but not, paid in any fiscal year pursuant to this clause (iii) shall increase the amount of cash Dividends permitted to be paid in the succeeding two fiscal years pursuant to this clause (iii)); (B) such amount in any calendar year may be increased by an amount not to exceed: (I) the cash proceeds of key man life insurance policies received by the Lead Borrower or any of its Restricted Subsidiaries after the Closing Date; plus (II) the net proceeds from the sale of Equity Interests of Holdings, in each case to members of management, managers, directors or consultants of any Parent Company or any of its Subsidiaries that occurs after the Closing Date, where the net proceeds of such sale are received by or contributed to the Lead Borrower; provided that the amount of any such net proceeds that are utilized for any Dividend under this clause (iii) will not be considered to be net proceeds of Equity Interests for purposes of clause (b)(x)(ii) of the definition of \u201cAvailable Amount\u201d; less (III) the amount of any Dividends previously made with the cash proceeds described in the preceding clause (I); and (C) cancellation of Indebtedness owing to the Lead Borrower from current or former members of management, officers, directors, employees of the Lead Borrower or any of its Subsidiaries in connection with a repurchase of Equity Interests of any Parent Company will not be deemed to constitute a Dividend for purposes of this Agreement;\n(iv) the Lead Borrower may pay cash Dividends to Holdings so long as the proceeds thereof are promptly used by Holdings (or subsequently paid to any other Parent Company) to pay expenses incurred by Holdings or any other Parent Company in connection with offerings, registrations, or exchange listings of equity or debt securities and maintenance of same (A) where the net proceeds of such offering are to be received by or contributed to the Lead Borrower, (B) in a prorated amount of such expenses in proportion to the amount of such net proceeds intended to be so received or contributed or loaned, or (C) otherwise on an interim basis prior to completion of such offering so long as Holdings and any other Parent Company shall cause the amount of such expenses to be repaid to the Lead Borrower or the relevant Restricted Subsidiary of the Lead Borrower out of the proceeds of such offering promptly if such offering is completed;\n(v) the Lead Borrower may pay cash Dividends to Holdings so long as the proceeds thereof are promptly used by Holdings (or subsequently paid to any other Parent Company) to pay costs (including all professional fees and expenses) incurred by Holdings or any other Parent Company in connection with reporting obligations under or otherwise incurred in connection with compliance with applicable laws, applicable rules or regulations of any governmental, regulatory or self-regulatory body or stock exchange, including in respect of any reports filed with respect to the Securities Act, the Securities Exchange Act or the respective rules and regulations promulgated thereunder;\n(vi) the Lead Borrower may pay cash dividends or other distributions, or make loans or advances to, any Parent Company or the equity interest holders thereof in amounts required for any Parent Company or the equity interest holders thereof to pay, in each case without duplication:\n(A) franchise Taxes (and other fees and expenses) required to maintain their existence;\n(B) with respect to any taxable year (or portion thereof) ending after the Closing Date with respect to which the Lead Borrower (a) is treated as a corporation for U.S. federal, state, and/or local income tax purposes and (b) is a member of a consolidated, combined or similar income tax group (a \u201cTax Group\u201d) of which any Parent Company or other entity is the common parent, federal, state and local income Taxes (including minimum Taxes) (or franchise and similar Taxes imposed in lieu of such minimum Taxes) that are attributable to the taxable income of the Lead Borrower and its Subsidiaries; provided that for each taxable period, the amount of such payments made in respect of such taxable period in the aggregate shall not exceed the amount that the Lead Borrower and its Subsidiaries would have been required to pay as a stand-alone Tax Group; provided, further, that the permitted payment pursuant to this clause (B) with respect to the Taxes of any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid by such Unrestricted Subsidiary to the Lead Borrower or its Restricted Subsidiaries for the purposes of paying such consolidated, combined or similar Taxes;\n(C) customary salary, bonus and other compensation and benefits payable to current and former officers, directors, consultants and employees of any Parent Company to the extent such salaries, bonuses and other compensation and benefits are reasonably attributable to the ownership or operations of the Lead Borrower and its Restricted Subsidiaries;\n(D) general corporate operating and overhead costs and expenses (including administrative, legal, accounting and similar expenses provided by third parties) of any Parent Company to the extent such costs and expenses are reasonably attributable to the ownership or operations of the Lead Borrower and its Restricted Subsidiaries;\n(E) cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of the Lead Borrower or any Parent Company;\n(F) the purchase or other acquisition by any parent of the Lead Borrower of all or substantially all of the property and assets or business of any Person, or of assets constituting a business unit, a line of business or division of such Person, or of all of the Equity Interests in a Person; provided that if such purchase or other acquisition had been made by the Lead Borrower, it would have constituted a Permitted Acquisition permitted to be made pursuant to Section 9.14; provided that (A) such dividend, distribution, loan or advance shall be made concurrently with the closing of such purchase or other acquisition and (B) such parent shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) and any liabilities assumed to be contributed to the Lead Borrower or any Restricted Subsidiary or (2) the merger (to the extent permitted in Section 10.02) into the Lead Borrower or any Restricted Subsidiary of the Person formed or acquired in order to consummate such purchaser or other acquisition;\n(G) any customary fees and expenses related to any unsuccessful equity offering by any Parent Company directly attributable to the operations of the Lead Borrower and its Restricted Subsidiaries;\n(vii) reasonable and customary indemnities to directors, officers and employees of any Parent Company in the ordinary course of business, to the extent reasonably attributable to the ownership or operation of the Lead Borrower and its Restricted Subsidiaries;\n(viii) the Lead Borrower may pay cash Dividends to Holdings so long as the proceeds thereof are promptly used by Holdings (or subsequently paid to any other Parent Company) for payment of (x) obligations under or in respect of director and officer insurance policies to the extent reasonably attributable to the ownership or operation of the Lead Borrower and its Restricted Subsidiaries or (y) indemnification obligations owing to the Sponsor and Sponsor Affiliates under the Advisory Agreement (as in effect on the Closing Date;\n(ix) any Dividend used to fund the Transaction, including Transaction Costs and the Special Dividend, and any Dividend from proceeds received in connection with any working capital adjustment pursuant to the Acquisition Agreement;\n(x) the Lead Borrower may pay cash Dividends to Holdings (who may subsequently pay cash Dividends to any other Parent Company) so long as the proceeds thereof are used to pay the Sponsor or Sponsor Affiliate fees, expenses and indemnification payments that are then permitted to be paid pursuant to Sections 10.06(v) and 10.06(vii);\n(xi) repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants or the settlement or vesting of other equity incentive awards;\n(xii) a Dividend to any Parent Company to fund a payment of dividends on such Parent Company\u2019s common stock following an Initial Public Offering of such common stock after the Closing Date, of up to 6% per annum of the net cash proceeds contributed to the capital of the Lead Borrower from any such Initial Public Offering;\n(xiii) on a Pro Forma Basis, if the Consolidated First Lien Net Leverage Ratio does not exceed 3.00 to 1.00 and the Consolidated Total Net Leverage Ratio does not exceed 4.25 to 1.00, any Dividends to the extent the same are made solely with the Available Amount, so long as at the time of, and after giving effect to such Dividend, no Event of Default shall have occurred and be continuing;\n(xiv) purchases of minority interests in non-Wholly-Owned Subsidiaries by the Lead Borrower and the Guarantors; provided that the aggregate amount of such purchases, when added to the aggregate amount of Investments pursuant to Section 10.05(xvii), shall not exceed $5,000,000;\n(xv) the declaration and payment of dividends or the payment of other distributions by the Lead Borrower in an aggregate amount since the Closing Date not to exceed $35,000,000;\n(xvi) the Lead Borrower and each Restricted Subsidiary may declare and make dividend payments or other distributions payable solely in the Equity Interests of such Person so long as in the case of dividend or other distribution by a Restricted Subsidiary, the Lead Borrower or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution;\n(xvii) the Lead Borrower may make payments with the cash proceeds contributed to its common equity from the net cash proceeds of any equity issuance by any Parent Company, so long as, with respect to any such payments, no Event of Default shall have occurred and be continuing or would result therefrom; provided that the amount of any such cash proceeds that are utilized for any Dividend under this clause (iii) will not be considered to be cash proceeds of Equity Interests for purposes of clause (b)(x)(ii) of the definition of \u201cAvailable Amount\u201d;\n(xviii) the Lead Borrower and any Restricted Subsidiary may pay dividends and distributions within 60 days after the date of declaration thereof, if at the date of declaration of such payment, such payment would have complied with another provision of this Section 10.03; and\n(xix) any Dividends, so long as (x) at the time of, and after giving effect to such Dividend, no Event of Default shall have occurred and be continuing and (y) on a Pro Forma Basis, the Consolidated Total Net Leverage Ratio does not exceed 3.25 to 1.00. In determining compliance with this Section 10.03 (and in determining amounts paid as Dividends pursuant hereto for purposes of the definition of Consolidated EBITDA and Consolidated Net Income), amounts loaned or advanced to Holdings pursuant to Section 10.05(vi) shall be deemed to be cash Dividends paid to Holdings to the extent provided in said Section 10.05(vi).", "hash": "bcd8157b2a4796eec2412d33c7303aed", "id": 3}, {"snippet_links": [{"key": "dividends-paid", "type": "definition", "offset": [3, 17]}, {"key": "contracting-state", "type": "definition", "offset": [56, 73]}, {"key": "other-contracting", "type": "definition", "offset": [95, 112]}, {"key": "other-state", "type": "definition", "offset": [140, 151]}, {"key": "the-contracting", "type": "clause", "offset": [201, 216]}, {"key": "state-of", "type": "definition", "offset": [217, 225]}, {"key": "according-to", "type": "definition", "offset": [283, 295]}, {"key": "the-laws", "type": "definition", "offset": [296, 304]}, {"key": "beneficial-owner", "type": "definition", "offset": [331, 347]}, {"key": "per-cent", "type": "definition", "offset": [449, 457]}, {"key": "gross-amount", "type": "definition", "offset": [465, 477]}, {"key": "in-respect-of", "type": "definition", "offset": [556, 569]}, {"key": "the-term", "type": "clause", "offset": [622, 630]}, {"key": "this-article", "type": "definition", "offset": [654, 666]}, {"key": "other-rights", "type": "clause", "offset": [772, 784]}, {"key": "participating-in", "type": "definition", "offset": [810, 826]}, {"key": "other-corporate-rights", "type": "definition", "offset": [859, 881]}, {"key": "the-state", "type": "clause", "offset": [969, 978]}, {"key": "the-distribution", "type": "clause", "offset": [1007, 1023]}, {"key": "permanent-establishment", "type": "clause", "offset": [1295, 1318]}, {"key": "independent-personal-services", "type": "clause", "offset": [1369, 1398]}, {"key": "a-fixed", "type": "clause", "offset": [1404, 1411]}, {"key": "article-7", "type": "definition", "offset": [1599, 1608]}, {"key": "article-14", "type": "definition", "offset": [1612, 1622]}, {"key": "the-case", "type": "definition", "offset": [1627, 1635]}, {"key": "by-the-company", "type": "clause", "offset": [1841, 1855]}, {"key": "undistributed-profits", "type": "definition", "offset": [2130, 2151]}], "samples": [{"hash": "lwHgllclFp8", "uri": "/contracts/lwHgllclFp8#dividends", "label": "Agreement for the Avoidance of Double Taxation", "score": 30.5352668762, "published": true}, {"hash": "h97v2xUEmn4", "uri": "/contracts/h97v2xUEmn4#dividends", "label": "Agreement for the Avoidance of Double Taxation", "score": 28.1045722961, "published": true}, {"hash": "9kuraxl5381", "uri": "/contracts/9kuraxl5381#dividends", "label": "Double Taxation Agreement", "score": 24.7686519623, "published": true}], "size": 591, "snippet": "1. Dividends paid by a company which is a resident of a Contracting State to a resident of the other Contracting State may be taxed in that other State.\n2. However, such dividends may also be taxed in the Contracting State of which the company paying the dividends is a resident and according to the laws of that State, but if the beneficial owner of the dividends is a resident of the other Contracting State, the tax so charged shall not exceed 5 per cent of the gross amount of the dividends. This paragraph shall not affect the taxation of the company in respect of the profits out of which the dividends are paid.\n3. The term \"dividends\" as used in this Article means income from shares, \u201cjouissance\u201d shares or \u201cjouissance\u201d rights, mining shares, founders' shares or other rights, not being debt- claims, participating in profits, as well as income from other corporate rights which is subjected to the same taxation treatment as income from shares by the laws of the State of which the company making the distribution is a resident.\n4. The provisions of paragraphs 1 and 2 shall not apply if the beneficial owner of the dividends, being a resident of a Contracting State, carries on business in the other Contracting State of which the company paying the dividends is a resident through a permanent establishment situated therein, or performs in that other State independent personal services from a fixed base situated therein, and the holding in respect of which the dividends are paid is effectively connected with such permanent establishment or fixed base. In such case the provisions of Article 7 or Article 14, as the case may be, shall apply.\n5. Where a company which is a resident of a Contracting State derives profits or income from the other Contracting State, that other State may not impose any tax on the dividends paid by the company, except insofar as such dividends are paid to a resident of that other State or insofar as the holding in respect of which the dividends are paid is effectively connected with a permanent establishment or a fixed base situated in that other State, nor subject the company's undistributed profits to a tax on the company's undistributed profits, even if the dividends paid or the undistributed profits consist wholly or partly of profits or income arising in such other State.", "hash": "bbfe5daf83f37837f29545b30dbefdb2", "id": 2}, {"snippet_links": [{"key": "from-and-after-the-effective-date", "type": "clause", "offset": [4, 37]}, {"key": "the-funds", "type": "clause", "offset": [84, 93]}, {"key": "cumulative-cash-dividends", "type": "clause", "offset": [126, 151]}, {"key": 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"clause", "offset": [793, 825]}, {"key": "for-the-purpose-of", "type": "definition", "offset": [900, 918]}, {"key": "conversion-of", "type": "clause", "offset": [984, 997]}, {"key": "stock-shall", "type": "definition", "offset": [1031, 1042]}, {"key": "the-articles-of-incorporation", "type": "clause", "offset": [1089, 1118]}, {"key": "record-date", "type": "clause", "offset": [1126, 1137]}, {"key": "pursuant-to-section", "type": "clause", "offset": [1161, 1180]}, {"key": "holders-of-shares", "type": "clause", "offset": [1250, 1267]}, {"key": "no-dividends", "type": "clause", "offset": [1289, 1301]}, {"key": "holders-of-record", "type": "clause", "offset": [1518, 1535]}, {"key": "the-records", "type": "clause", "offset": [1554, 1565]}, {"key": "close-of-business", "type": "definition", "offset": [1592, 1609]}, {"key": "with-respect-to", "type": "clause", "offset": [1661, 1676]}, {"key": "same-day", "type": "definition", "offset": [1734, 1742]}, {"key": "payment-of-the", "type": "clause", "offset": [1770, 1784]}, {"key": "dividend-period", "type": "definition", "offset": [2015, 2030]}, {"key": "right-to-receive", "type": "clause", "offset": [2057, 2073]}, {"key": "no-obligation-to-pay", "type": "clause", "offset": [2143, 2163]}, {"key": "class-or-series", "type": "clause", "offset": [2337, 2352]}], "samples": [{"hash": "h1rFKPUjztQ", "uri": "/contracts/h1rFKPUjztQ#dividends", "label": "Investment Agreement (North American Financial Holdings, Inc.)", "score": 22.6837787628, "published": true}, {"hash": "h0RT7kkU9ds", "uri": "/contracts/h0RT7kkU9ds#dividends", "label": "Investment Agreement (North American Financial Holdings, Inc.)", "score": 22.6837787628, "published": true}, {"hash": "6zQHgSI0Ffo", "uri": "/contracts/6zQHgSI0Ffo#dividends", "label": "Investment Agreement (Tib Financial Corp.)", "score": 21.4928131104, "published": true}], "size": 373, "snippet": "(a) From and after the Effective Date, Holders shall be entitled to receive, out of the funds legally available therefor, non-cumulative cash dividends in the amount determined as set forth in Section 4(b) and no more.\n(b) If the Board of Directors declares and pays a dividend in the form of cash or other assets (other than shares of Common Stock or rights or warrants to subscribe for Common Stock) in respect of any shares of common stock of the Corporation, par value $0.10 per share (the \u201cCommon Stock\u201d), then the Board of Directors shall declare and pay to the Holders of the Series B Preferred Stock a dividend in an amount per share of Series B Preferred Stock equal to the product of (i) the per share dividend declared and paid in respect of each share of Common Stock and (ii) the number of shares of Common Stock into which such share of Series B Preferred Stock is then convertible and for the purpose of such calculation, shares of Common Stock sufficient for the full conversion of all shares of Series B Preferred Stock shall be deemed to be authorized for issuance under the Articles of Incorporation on the Record Date.\n(c) Dividends payable pursuant to Section 4(b) shall be payable on the same date that dividends are payable to holders of shares of Common Stock, and no dividends shall be payable to holders of shares of Common Stock unless the full dividends contemplated by Section 4(b) are paid at the same time in respect of the Series B Preferred Stock.\n(d) Each dividend will be payable to Holders of record as they appear in the records of the Corporation at the close of business on the record date (each, a \u201cRecord Date\u201d), which, with respect to dividends payable pursuant to Section 4(b), shall be the same day as the record date for the payment of the corresponding dividends to the holders of shares of Common Stock.\n(e) Dividends payable pursuant to Section 4(b) are non-cumulative. If the Board of Directors does not declare a dividend pursuant to Section 4(b) in respect of any dividend period, the Holders will have no right to receive any dividend for such dividend period, and the Corporation will have no obligation to pay a dividend for such dividend period, whether or not dividends are declared and paid for any future dividend period with respect to the Series B Preferred Stock or any other class or series of the Corporation\u2019s preferred stock or Common Stock.", "hash": "d23c789f9e8c02c459344acf5a8dac63", "id": 4}, {"snippet_links": [{"key": "dividends-paid", "type": "definition", "offset": [3, 17]}, {"key": "contracting-state", "type": "definition", "offset": [56, 73]}, {"key": "other-contracting", "type": "definition", "offset": [95, 112]}, {"key": "other-state", "type": "definition", "offset": [140, 151]}, {"key": "the-contracting", "type": "clause", "offset": [201, 216]}, {"key": "state-of", "type": "definition", "offset": [217, 225]}, {"key": "the-company", "type": "definition", "offset": [232, 243]}, {"key": "according-to", "type": "definition", "offset": [283, 295]}, {"key": "the-laws", "type": "definition", "offset": [296, 304]}, {"key": "beneficial-owner", "type": "definition", "offset": [331, 347]}], "samples": [{"hash": "epYdQXFTRlY", "uri": "/contracts/epYdQXFTRlY#dividends", "label": "Convention for the Elimination of Double Taxation", "score": 35.5975875854, "published": true}, {"hash": "blwjCd80hyB", "uri": "/contracts/blwjCd80hyB#dividends", "label": "Convention for the Elimination of Double Taxation", "score": 35.584815979, "published": true}, {"hash": "geONW1qteGK", "uri": "/contracts/geONW1qteGK#dividends", "label": "Double Taxation Agreement", "score": 35.4204521179, "published": true}], "size": 883, "snippet": "1. Dividends paid by a company which is a resident of a Contracting State to a resident of the other Contracting State may be taxed in that other State.\n2. However, such dividends may also be taxed in the Contracting State of which the company paying the dividends is a resident and according to the laws of that State, but if the beneficial owner of the dividends is a resident of the other Contracting State, the tax so charged shall not exceed:", "hash": "0df6caef2e55a5ac72516b8c94600777", "id": 1}, {"snippet_links": [{"key": "holders-of", "type": "clause", "offset": [4, 14]}, {"key": "stock-shall", "type": "definition", "offset": [25, 36]}, {"key": "to-receive", "type": "definition", "offset": [49, 59]}, {"key": "by-the-board-of-directors", "type": "clause", "offset": [82, 107]}, {"key": "shares-of-the-company", "type": "definition", "offset": [182, 203]}, {"key": "the-company-shall", "type": "clause", "offset": [224, 241]}, {"key": "in-arrears", "type": "definition", "offset": [260, 270]}, {"key": "on-march", "type": "clause", "offset": [271, 279]}, {"key": "each-year", "type": "definition", "offset": [326, 335]}, {"key": "commencing-on-the", "type": "clause", "offset": [337, 354]}, {"key": "conversion-date", "type": "definition", "offset": [392, 407]}, {"key": "cumulative-dividends", "type": "clause", "offset": [428, 448]}, {"key": "the-preferred-stock", "type": "clause", "offset": [452, 471]}, {"key": "the-rate", "type": "definition", "offset": [475, 483]}, {"key": "a-percentage", "type": "definition", "offset": [498, 510]}, {"key": "value-per-share", "type": "definition", "offset": [525, 540]}, {"key": "equal-to", "type": "definition", "offset": [542, 550]}, {"key": "five-percent", "type": "clause", "offset": [551, 563]}, {"key": "per-annum", "type": "definition", "offset": [569, 578]}, {"key": "cash-or-shares", "type": "clause", "offset": [591, 605]}, {"key": "section-7", "type": "definition", "offset": [637, 646]}, {"key": "the-option", "type": "clause", "offset": [651, 661]}, {"key": "accrued-dividends", "type": "clause", "offset": [714, 731]}, {"key": "at-any-time", "type": "clause", "offset": 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"offset": [1560, 1571]}, {"key": "the-payment", "type": "clause", "offset": [1609, 1620]}, {"key": "the-party", "type": "clause", "offset": [1635, 1644]}, {"key": "stock-on", "type": "definition", "offset": [1670, 1678]}, {"key": "applicable-record-date", "type": "definition", "offset": [1682, 1704]}, {"key": "dividend-payment-date", "type": "clause", "offset": [1851, 1872]}, {"key": "disposition-of", "type": "clause", "offset": [1904, 1918]}, {"key": "the-applicable", "type": "clause", "offset": [1954, 1968]}, {"key": "prior-to-the", "type": "clause", "offset": [1985, 1997]}, {"key": "applicable-dividend", "type": "definition", "offset": [1998, 2017]}, {"key": "except-as-otherwise-provided", "type": "clause", "offset": [2032, 2060]}, {"key": "total-amount", "type": "clause", "offset": [2115, 2127]}, {"key": "by-each-holder", "type": "clause", "offset": [2314, 2328]}, {"key": "number-of-shares-of-preferred-stock", "type": "clause", "offset": [2356, 2391]}, {"key": "for-the-holders", "type": "clause", "offset": [2419, 2434]}, {"key": "to-exercise", "type": "clause", "offset": [2435, 2446]}, {"key": "right-to-have", "type": "clause", "offset": [2451, 2464]}, {"key": "dividends-paid", "type": "definition", "offset": [2465, 2479]}, {"key": "the-conversion-notice", "type": "clause", "offset": [2556, 2577]}, {"key": "conversion-notices", "type": "clause", "offset": [2629, 2647]}, {"key": "by-the-holder", "type": "clause", "offset": [2664, 2677]}, {"key": "notice-to", "type": "clause", "offset": [2691, 2700]}, {"key": "to-the-company", "type": "clause", "offset": [2731, 2745]}, {"key": "notwithstanding-anything-to-the-contrary-contained", "type": "clause", "offset": [2751, 2801]}, {"key": "issue-shares", "type": "clause", "offset": [2830, 2842]}, {"key": "in-payment", "type": "clause", "offset": [2859, 2869]}, {"key": "at-the-time", "type": "clause", "offset": [2994, 3005]}, {"key": "all-purposes", "type": "clause", "offset": [3046, 3058]}, {"key": "treasury-stock", "type": "definition", "offset": [3071, 3085]}, {"key": "to-issue", "type": "clause", "offset": [3110, 3118]}, {"key": "the-company-has", "type": "definition", "offset": [3163, 3178]}, {"key": "reserved-for-issuance", "type": "definition", "offset": [3188, 3209]}, {"key": "in-respect-of", "type": "definition", "offset": [3210, 3223]}, {"key": "sufficient-number-of-shares", "type": "clause", "offset": [3241, 3268]}, {"key": "nasdaq-smallcap-market", "type": "definition", "offset": [3337, 3359]}, {"key": "the-otc-bulletin-board", "type": "clause", "offset": [3363, 3385]}, {"key": "other-exchange", "type": "definition", "offset": [3405, 3419]}, {"key": "trading-facility", "type": "definition", "offset": [3431, 3447]}, {"key": "the-common-stock", "type": "clause", "offset": [3457, 3473]}, {"key": "the-provisions-of-section", "type": "clause", "offset": [3572, 3597]}, {"key": "neither-the-company", "type": "definition", "offset": [3666, 3685]}, {"key": "consent-of-the", "type": "clause", "offset": [3732, 3746]}, {"key": "the-shares", "type": "clause", "offset": [3788, 3798]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [3876, 3898]}, {"key": "junior-securities", "type": "definition", "offset": [3903, 3920]}, {"key": "set-aside", "type": "clause", "offset": [4149, 4158]}, {"key": "the-purchase", "type": "clause", "offset": [4177, 4189]}, {"key": "sinking-fund", "type": "clause", "offset": [4215, 4227]}], "samples": [{"hash": "jWi7xBVESqB", "uri": "/contracts/jWi7xBVESqB#dividends", "label": "Securities Purchase Agreement (Technest Holdings Inc)", "score": 21.0, "published": true}, {"hash": "eti21KbIXBc", "uri": "/contracts/eti21KbIXBc#dividends", "label": "Securities Purchase Agreement (Technest Holdings Inc)", "score": 21.0, "published": true}, {"hash": "57tkOi1ty7i", "uri": "/contracts/57tkOi1ty7i#dividends", "label": "Securities Purchase Agreement (Technest Holdings Inc)", "score": 21.0, "published": true}], "size": 200, "snippet": "(a) Holders of Preferred Stock shall be entitled to receive, when and as declared by the Board of Directors either out of funds legally available therefor or through the issuance of shares of the Company\u2019s common stock, and the Company shall accrue, quarterly in arrears on March 31, June 30, September 30, and December 31 of each year, commencing on the earlier of December 31, 2008, or any Conversion Date (as defined below), cumulative dividends on the Preferred Stock at the rate per share (as a percentage of the Stated Value per share) equal to five percent (5%) per annum, payable in cash or shares of Common Stock (as defined in Section 7) at the option of the Holders. The Company may pay, at its option, accrued dividends at any time while the Preferred Stock remains outstanding. The Company shall pay all accrued and unpaid dividends within five (5) days following either (a) the conversion of any or all of the Preferred Stock or (b) the redemption by the Company of any or all of the remaining outstanding shares of Preferred Stock. The number of shares of Common Stock issuable as payment of dividends hereunder shall equal the aggregate dollar amount of dividends then being paid, divided by the Conversion Price (as defined in Section 5(c)) then in effect. Dividends on the Preferred Stock shall be calculated on the basis of a 360-day year, shall accrue daily commencing the Issuance Date (as defined in Section 7), and shall be deemed to accrue on such date whether or not earned or declared and whether or not there are profits, surplus or other funds of the Company legally available for the payment of dividends. The party that holds the Preferred Stock on an applicable record date for any dividend payment will be entitled to receive such dividend payment and any other accrued and unpaid dividends which accrued prior to such dividend payment date, without regard to any sale or disposition of such Preferred Stock subsequent to the applicable record date but prior to the applicable dividend payment date. Except as otherwise provided herein, if at any time the Company pays less than the total amount of dividends then accrued on account of the Preferred Stock, such payment shall be distributed ratably among the Holders of the Preferred Stock based upon the number of shares then held by each Holder in proportion to the total number of shares of Preferred Stock then outstanding. In order for the Holders to exercise the right to have dividends paid in cash on any Conversion Date, the Holders must indicate such intention in the Conversion Notice, which notice will remain in effect for subsequent Conversion Notices until rescinded by the Holder in a written notice to such effect that is addressed to the Company.\n(b) Notwithstanding anything to the contrary contained herein, the Company may not issue shares of Common Stock in payment of dividends on the Preferred Stock (and must deliver cash in respect thereof) if: (i) the number of shares of Common Stock at the time authorized, unissued and unreserved for all purposes, or held as treasury stock, is either insufficient to issue such dividends in shares of Common Stock or the Company has not duly reserved for issuance in respect of such dividends a sufficient number of shares of Common Stock, (ii) such shares are not listed for trading on the Nasdaq SmallCap Market or the OTC Bulletin Board (\"OTC BB\")(and any other exchange, market or trading facility in which the Common Stock is then listed for trading). Payment of dividends in shares of Common Stock is further subject to the provisions of Section 5.\n(c) So long as any shares of Preferred Stock remain outstanding, neither the Company nor any subsidiary thereof shall, without the consent of the Holders of seventy five percent (75%) of the shares of Preferred Stock then outstanding, redeem, repurchase or otherwise acquire directly or indirectly any Junior Securities (as defined in Section 7), nor shall the Company directly or indirectly pay or declare any dividend or make any distribution upon, nor shall any distribution be made in respect of, any Junior Securities, nor shall any monies be set aside for or applied to the purchase or redemption (through a sinking fund or otherwise) of any Junior Securities.", "hash": "25d5fecaca97f96bb5d57228fbbdbbf4", "id": 8}, {"snippet_links": [{"key": "stock-shall", "type": "definition", "offset": [44, 55]}, {"key": "cumulative-dividends", "type": "clause", "offset": [71, 91]}, {"key": "the-series", "type": "definition", "offset": [95, 105]}, {"key": "by-the-board-of-directors", "type": "clause", "offset": [180, 205]}, {"key": "authorized-committee", "type": "definition", "offset": [216, 236]}, {"key": "assets-of-the-company", "type": "definition", "offset": [257, 278]}, {"key": "commencing-on-the", "type": "clause", "offset": [341, 358]}, {"key": "issue-date", "type": "clause", "offset": [383, 393]}, {"key": "following-business-day", "type": "definition", "offset": [402, 424]}, {"key": "not-a-business-day", "type": "clause", "offset": [453, 471]}, {"key": "dividend-payment-date", "type": "clause", "offset": [520, 541]}, {"key": "the-rate", "type": "definition", "offset": [547, 555]}, {"key": "per-annum", "type": "definition", "offset": [556, 565]}, {"key": "liquidation-preference", "type": "clause", "offset": [589, 611]}, {"key": "provided-that", "type": "clause", "offset": [613, 626]}, {"key": "in-the-event", "type": "clause", "offset": [628, 640]}, {"key": "not-permitted", 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"holders-of-record", "type": "clause", "offset": [2838, 2855]}, {"key": "close-of-business", "type": "definition", "offset": [2863, 2880]}, {"key": "the-dividend", "type": "clause", "offset": [2972, 2984]}, {"key": "dividend-record-date", "type": "definition", "offset": [3003, 3023]}, {"key": "without-limiting", "type": "clause", "offset": [3094, 3110]}, {"key": "other-remedy", "type": "clause", "offset": [3115, 3127]}, {"key": "to-the-company", "type": "clause", "offset": [3138, 3152]}, {"key": "other-party", "type": "definition", "offset": [3160, 3171]}, {"key": "in-favor-of", "type": "clause", "offset": [3313, 3324]}, {"key": "in-order-to", "type": "clause", "offset": [3387, 3398]}, {"key": "the-stockholder", "type": "clause", "offset": [3406, 3421]}, {"key": "issued-to", "type": "definition", "offset": [3597, 3606]}, {"key": "stockholder-approval-legend", "type": "definition", "offset": [3635, 3662]}], "samples": [{"hash": "irMSEjOzBwi", "uri": "/contracts/irMSEjOzBwi#dividends", "label": "Purchase Agreement (Genco Shipping & Trading LTD)", "score": 27.8418884277, "published": true}, {"hash": "aLN4JKYL3mZ", "uri": "/contracts/aLN4JKYL3mZ#dividends", "label": "Purchase Agreement (Genco Shipping & Trading LTD)", "score": 27.8418884277, "published": true}, {"hash": "ENKzZMBE7P", "uri": "/contracts/ENKzZMBE7P#dividends", "label": "Purchase Agreement (Genco Shipping & Trading LTD)", "score": 27.8418884277, "published": true}], "size": 300, "snippet": "(a) Holders of shares of Series A Preferred Stock shall be entitled to cumulative dividends on the Series A Preferred Stock payable semiannually, which dividends shall be declared by the Board of Directors or a duly authorized committee thereof, out of the assets of the Company legally available therefor, and shall be payable semiannually commencing on the 180th day following the Issue Date (or the following Business Day if any such payment date is not a Business Day) (each such date being referred to herein as a \u201cDividend Payment Date\u201d) at the rate per annum of 6% per share on the Liquidation Preference; provided that, in the event that on any Dividend Payment Date, the Company is not permitted to declare or pay such dividend or incur such liability either (x) as a matter of law or (y) under the terms of any loan agreement, credit agreement, guaranty, or related agreement, such dividend (a \u201cDeferred Dividend\u201d) shall not be declared by the Board of Directors, shall not be paid or payable on such Dividend Payment Date and no liability shall be incurred in respect thereof, and instead, such Deferred Dividend shall be declared, become payable and be paid and the liability in respect thereof be incurred on the first succeeding Dividend Payment Date on which the Company is not prohibited from declaring, paying and incurring the liability in respect of such Deferred Dividend (and, for the avoidance of doubt, such Deferred Dividend shall be payable in addition to, and not in lieu of, any dividend which would ordinarily be payable on such succeeding Dividend Payment Date). The amount of dividends payable for any other period that is shorter or longer than a full semiannual dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Commencing on and following the Meeting End Date, in the event that dividends are paid on shares of Common Stock in any dividend period with respect to the Series A Preferred Stock, then a dividend shall be payable in respect of each share of Series A Preferred Stock for such period in an amount equal to the greater of (i) the amount otherwise payable in respect of such share of Series A Preferred Stock in accordance with the foregoing paragraph and (ii) the product of (A) the aggregate dividends payable per share of Common Stock in such dividend period times (B) the number of shares of Common Stock into which such share of Series A Preferred Stock is then convertible. For purposes of this Section 3(a), a dividend period with respect to a Dividend Payment Date is the period commencing on the preceding Dividend Payment Date (or, if there is no preceding Dividend Payment Date, the Issue Date) and ending on the day immediately prior to the next Dividend Payment Date. Dividends payable on a Dividend Payment Date shall be payable to Holders of record on the close of business on the day on which the Board of Directors or a duly authorized committee thereof declares the dividend payable (each, a \u201cDividend Record Date\u201d). Notwithstanding anything in this Section 3(a) to the contrary, and without limiting any other remedy available to the Company or any other party, dividends shall not accrue or be payable in respect of shares initially issued any Holder who is contractually obligated to appear and vote in favor of any proposal made at a meeting of stockholders of the Company in order to effect the Stockholder Approval (or whose transferor Holder was so obligated) if such Holder (or such transferor Holder or the Affiliates of either) fails so to appear and vote in favor. Any shares issued to such Holders shall bear the Stockholder Approval Legend.", "hash": "42d23c70a16708e96c15d6dfe6b59ec2", "id": 5}, {"snippet_links": [{"key": "at-any-time", "type": "clause", "offset": [3, 14]}, {"key": "period-from", "type": "definition", "offset": [26, 37]}, {"key": "the-effective-date", "type": "clause", "offset": [52, 70]}, {"key": "expiration-date", "type": "definition", "offset": [98, 113]}, {"key": "an-ex", "type": "clause", "offset": [115, 120]}, {"key": "dividend-date", "type": "clause", "offset": [121, 134]}, {"key": "cash-dividend", "type": "definition", "offset": [141, 154]}, {"key": "with-respect-to", "type": "clause", "offset": [162, 177]}, {"key": "the-shares", "type": "clause", "offset": [178, 188]}, {"key": "the-calculation-agent", "type": "definition", "offset": [195, 216]}, {"key": "strike-price", "type": "clause", "offset": [240, 252]}, {"key": "daily-number-of-warrants", "type": "definition", "offset": [274, 298]}, {"key": "the-transaction", "type": "clause", "offset": [376, 391]}, {"key": "fair-value", "type": "definition", "offset": [408, 418]}, {"key": "the-warrants", "type": "clause", "offset": [422, 434]}], "samples": [{"hash": "3Yhtoq1koYg", "uri": "/contracts/3Yhtoq1koYg#dividends", "label": "Warrant Agreement (On Semiconductor Corp)", "score": 34.1635856628, "published": true}, {"hash": "8QgJ0nlcyTT", "uri": "/contracts/8QgJ0nlcyTT#dividends", "label": "Warrant Agreement (Realogy Group LLC)", "score": 32.4195747375, "published": true}, {"hash": "2eLY6I6Bv79", "uri": "/contracts/2eLY6I6Bv79#dividends", "label": "Warrant Agreement (On Semiconductor Corp)", "score": 32.3785095215, "published": true}], "size": 215, "snippet": "If at any time during the period from and including the Effective Date, to and including the last Expiration Date, an ex-dividend date for a cash dividend occurs with respect to the Shares, then the Calculation Agent will adjust any of the Strike Price, Number of Warrants, Daily Number of Warrants and/or any other variable relevant to the exercise, settlement or payment of the Transaction to preserve the fair value of the Warrants to Dealer after taking into account such dividend.", "hash": "3eb0d78603166a7f86b305bfd581806d", "id": 7}, {"snippet_links": [{"key": "dividends-paid", "type": "definition", "offset": [3, 17]}, {"key": "contracting-state", "type": "definition", "offset": [56, 73]}, {"key": "other-contracting", "type": "definition", "offset": [95, 112]}, {"key": "other-state", "type": "definition", "offset": [140, 151]}, {"key": "beneficial-owner", "type": "definition", "offset": [172, 188]}, {"key": "per-cent", "type": "definition", "offset": [315, 323]}, {"key": "gross-amount", "type": "definition", "offset": [331, 343]}, {"key": "the-term", "type": "clause", "offset": [386, 394]}, {"key": "this-article", "type": "definition", "offset": [418, 430]}, {"key": "other-rights", "type": "clause", "offset": [459, 471]}, {"key": "participating-in", "type": "definition", "offset": [496, 512]}, {"key": "other-corporate-rights", "type": "definition", "offset": [545, 567]}, {"key": "the-laws", "type": "definition", "offset": [643, 651]}, {"key": "state-of", "type": "definition", "offset": [659, 667]}, {"key": "the-distribution", "type": "clause", "offset": [693, 709]}, {"key": "permanent-establishment", "type": "clause", "offset": [982, 1005]}, {"key": "independent-personal-services", "type": "clause", "offset": [1056, 1085]}, {"key": "a-fixed", "type": "clause", "offset": [1091, 1098]}, {"key": "in-respect-of", "type": "definition", "offset": [1138, 1151]}, {"key": "article-7", "type": "definition", "offset": [1287, 1296]}, {"key": "article-14", "type": "definition", "offset": [1300, 1310]}, {"key": "the-case", "type": "definition", "offset": [1315, 1323]}, {"key": "by-the-company", "type": "clause", "offset": [1529, 1543]}, {"key": "undistributed-profits", "type": "definition", "offset": [1816, 1837]}], "samples": [{"hash": "5oBEQjZMH9q", "uri": "/contracts/5oBEQjZMH9q#dividends", "label": "Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion With Respect to Taxes on Income", "score": 36.3118667603, "published": true}, {"hash": "fTIg0WQcKml", "uri": "/contracts/fTIg0WQcKml#dividends", "label": "Agreement for the Avoidance of Double Taxation", "score": 21.0, "published": true}, {"hash": "83s36ZMx95l", "uri": "/contracts/83s36ZMx95l#dividends", "label": "Agreement for the Avoidance of Double Taxation", "score": 21.0, "published": true}], "size": 298, "snippet": "1. Dividends paid by a company which is a resident of a Contracting State to a resident of the other Contracting State may be taxed in that other State.\n2. However, if the beneficial owner of the dividends is a resident of the other Contracting State, the tax charged by the first-mentioned State may not exceed 10 per cent of the gross amount of the dividends actually distributed.\n3. The term \"dividends\" as used in this Article means income from shares or other rights, not being debt-claims, participating in profits, as well as income from other corporate rights which is subjected to the same taxation treatment as income from shares by the laws of the State of which the company making the distribution is a resident.\n4. The provisions of paragraphs 1 and 2 shall not apply if the beneficial owner of the dividends, being a resident of a Contracting State, carries on business in the other Contracting State of which the company paying the dividends is a resident, through a permanent establishment situated therein, or performs in that other State independent personal services from a fixed base situated therein, and the holding in respect of which the dividends are paid is effectively connected with such permanent establishment or fixed base. In such case, the provisions of Article 7 or Article 14, as the case may be, shall apply.\n5. Where a company which is a resident of a Contracting State derives profits or income from the other Contracting State, that other State may not impose any tax on the dividends paid by the company, except insofar as such dividends are paid to a resident of that other State or insofar as the holding in respect of which the dividends are paid is effectively connected with a permanent establishment or fixed base situated in that other State, nor subject the company's undistributed profits to a tax on the company's undistributed profits, even if the dividends paid or the undistributed profits consist wholly or partly of profits or income arising in such other State.", "hash": "8a29183987192be7c250b176d4c1a032", "id": 6}, {"snippet_links": [{"key": "dividends-paid", "type": "definition", "offset": [3, 17]}, {"key": "contracting-state", "type": "definition", "offset": [56, 73]}, {"key": "other-contracting", "type": "definition", "offset": [95, 112]}, {"key": "the-recipient", "type": "definition", "offset": [129, 142]}, {"key": "beneficial-owner", "type": "definition", "offset": [150, 166]}, {"key": "other-state", "type": "definition", "offset": [209, 220]}, {"key": "paragraph-1", "type": "clause", "offset": [243, 254]}, {"key": "in-respect-of", "type": "definition", "offset": [300, 313]}, {"key": "the-term", "type": "clause", "offset": [366, 374]}, {"key": "this-article", "type": "definition", "offset": [398, 410]}, {"key": "other-rights", "type": "clause", "offset": [439, 451]}, {"key": "participating-in", "type": "definition", "offset": [476, 492]}, {"key": "other-corporate-rights", "type": "definition", "offset": [525, 547]}, {"key": "state-of", "type": "definition", "offset": [610, 618]}, {"key": "the-distribution", "type": "clause", "offset": [644, 660]}, {"key": "the-laws", "type": "definition", "offset": [721, 729]}, {"key": "the-contracting", "type": "clause", "offset": [733, 748]}, {"key": "permanent-establishment", "type": "clause", "offset": [1091, 1114]}, {"key": "independent-personal-services", "type": "clause", "offset": [1165, 1194]}, {"key": "a-fixed", "type": "clause", "offset": [1200, 1207]}, {"key": "article-7", "type": "definition", "offset": [1395, 1404]}, {"key": "article-14", "type": "definition", "offset": [1408, 1418]}, {"key": "the-case", "type": "definition", "offset": [1423, 1431]}, {"key": "by-the-company", "type": "clause", "offset": [1637, 1651]}, {"key": "undistributed-profits", "type": "definition", "offset": [1926, 1947]}], "samples": [{"hash": "ih9iyXwNsMr", "uri": "/contracts/ih9iyXwNsMr#dividends", "label": "Double Taxation Agreement", "score": 32.5352668762, "published": true}, {"hash": "tc2wfqEt9o", "uri": "/contracts/tc2wfqEt9o#dividends", "label": "Double Taxation Agreement", "score": 26.7686519623, "published": true}, {"hash": "c9jLd7tQ7qC", "uri": "/contracts/c9jLd7tQ7qC#dividends", "label": "Double Taxation Agreement", "score": 26.2854213715, "published": true}], "size": 181, "snippet": "1. Dividends paid by a company which is a resident of a Contracting State to a resident of the other Contracting State shall, if the recipient is the beneficial owner of the dividends, be taxable only in that other State.\n2. The provisions of paragraph 1 shall not affect the taxation of the company in respect of the profits out of which the dividends are paid.\n3. The term \"dividends\" as used in this Article means income from shares or other rights, not being debt-claims, participating in profits, as well as income from other corporate rights assimilated to income from shares by the taxation laws of the State of which the company making the distribution is a resident and also includes any other item which, under the laws of the Contracting State of which the company making the distribution is a resident, is treated as a dividend.\n4. The provisions of paragraph 1 shall not apply if the beneficial owner of the dividends, being a resident of a Contracting State, carries on business in the other Contracting State of which the company paying the dividends is a resident, through a permanent establishment situated therein, or performs in that other State independent personal services from a fixed base situated therein, and the holding in respect of which the dividends are paid is effectively connected with such permanent establishment or fixed base. In such case the provisions of Article 7 or Article 14, as the case may be, shall apply.\n5. Where a company which is a resident of a Contracting State derives profits or income from the other Contracting State, that other State may not impose any tax on the dividends paid by the company, except insofar as such dividends are paid to a resident of that other State or insofar as the holding in respect of which the dividends are paid is effectively connected with a permanent establishment or a fixed base situated in that other State, nor subject the company's undistributed profits to a tax on undistributed profits, even if the dividends paid or the undistributed profits consist wholly or partly of profits or income arising in such other State.", "hash": "e98b2047de421832488490a38304e211", "id": 10}, {"snippet_links": [{"key": "set-aside", "type": "clause", "offset": [10, 19]}, {"key": "other-distribution", "type": "definition", "offset": [50, 68]}], "samples": [{"hash": "h95ED0NN7Ed", "uri": "/contracts/h95ED0NN7Ed#dividends", "label": "Stock Exchange Agreement (ALT5 Sigma Corp)", "score": 37.3093757629, "published": true}, {"hash": "a7fEUjxDVek", "uri": "/contracts/a7fEUjxDVek#dividends", "label": "Share Exchange Agreement (Aptorum Group LTD)", "score": 36.761806488, "published": true}, {"hash": "lufex8eq5OX", "uri": "/contracts/lufex8eq5OX#dividends", "label": "Share Exchange Agreement (Diamir Biosciences Corp.)", "score": 35.4887046814, "published": true}], "size": 185, "snippet": "Declared, set aside, made or paid any dividend or other distribution to any of its stockholders;", "hash": "9937f6d3b1082822045e609469847c5a", "id": 9}], "next_curs": "ClISTGoVc35sYXdpbnNpZGVyY29udHJhY3Rzci4LEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhJkaXZpZGVuZHMjMDAwMDAwMGEMogECZW4YACAA", "clause": {"children": [["priority-of-dividends", "Priority of Dividends"], ["rate", "Rate"], ["dividends", "Dividends"], ["payment-of-dividends", "Payment of Dividends"], ["", ""]], "parents": [["negative-covenants", "NEGATIVE COVENANTS"], ["miscellaneous", "Miscellaneous"], ["covenants", "Covenants"], ["general-provisions", "General Provisions"], ["other-provisions", "Other Provisions"]], "size": 24687, "title": "Dividends", "id": "dividends", "related": [["dividends-and-distributions", "Dividends and Distributions", "<strong>Dividends</strong> and Distributions"], ["dividends-or-distributions", "Dividends or Distributions", "<strong>Dividends</strong> or Distributions"], ["dividends-distributions", "DIVIDENDS, DISTRIBUTIONS", "<strong>DIVIDENDS</strong>, DISTRIBUTIONS"], ["cash-dividends-or-distributions", "Cash Dividends or Distributions", "Cash <strong>Dividends</strong> or Distributions"], ["stock-dividends-and-distributions", "Stock Dividends and Distributions", "Stock <strong>Dividends</strong> and Distributions"]], "related_snippets": [], "updated": "2026-05-03T06:08:52+00:00"}, "json": true, "cursor": ""}}