Restrictions on Certain Distributions. So long as any shares of ------------------------------------- Preferred Stock are outstanding, the Corporation shall not declare and pay or set apart for payment any dividends (other than dividends payable in Common Stock or other stock of the Corporation ranking junior to the Preferred Stock as to dividends) or make any other distribution on such junior stock if, at the time of making such declaration, payment or distribution, the Corporation shall be in default with respect to any dividend payable on, or any obligation to redeem, any shares of Preferred Stock.
Appears in 2 contracts
Samples: Rights Agreement (Arch Chemicals Inc), Rights Agreement (Arch Chemicals Inc)
Restrictions on Certain Distributions. So long as any shares of ------------------------------------- Preferred Stock are outstanding, the Corporation shall not declare and pay or set apart for payment any dividends (other than dividends payable in Common Stock or other stock of the Corporation ranking junior to the Preferred Stock as to dividends) or make any other distribution on such junior stock if, at the time of making such declaration, payment or distribution, the Corporation shall be in default with respect to any dividend payable on, or any obligation to redeem, any shares of Preferred Stock.
Appears in 1 contract
Samples: Carolina Power & Light Co
Restrictions on Certain Distributions. So long as any shares of ------------------------------------- Preferred Stock are outstanding, the Corporation shall not declare and pay or set apart for payment any dividends (other than dividends payable in Common Stock or other stock of the Corporation ranking junior to the Preferred Stock as to dividends) or make any other distribution on such junior stock if, at the time of making such declaration, payment or distribution, the Corporation shall be in default with respect to any dividend payable on, or any obligation to redeem, any shares of Preferred Stock.default
Appears in 1 contract
Samples: And Restated Agreement (Celtrix Pharmaceuticals Inc)