Common use of Failure to Make Payment Clause in Contracts

Failure to Make Payment. In the event of the occurrence of an Event of Default described in Section 5(f), Issuer will, upon demand of the Noteholder, pay to the Noteholder the whole amount then due and payable on this Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If Issuer fails to pay such amount upon such demand, the Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of Issuer. During the continuance of such an Event of Default described in Section 5(f), Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of Issuer that rank equal with or junior to this Note, or (c) make any payments under any guarantee that ranks equal with or junior to this Note, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Issuer’s common stock, (ii) any declaration of a noncash dividend in connection with the implementation of a stockholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, (iii) as a result of a reclassification of Issuer’s capital stock or the exchange or conversion of one class or series of Issuer’s capital stock for another class or series of Issuer’s capital stock, (iv) the purchase of fractional interests in shares of Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, or (v) purchases of any class of Issuer’s common stock related to the issuance of common stock or rights under any of benefit plans for Issuer’s directors, officers or employees or any of Issuer’s dividend reinvestment plans.

Appears in 1 contract

Samples: Subordinated Note (DNB Financial Corp /Pa/)

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Failure to Make Payment. In the event of failure by the occurrence Issuer to make any required payment of an Event principal or interest on this Note (and, in the case of Default described in Section 5(fpayment of interest, such failure to pay shall have continued for 30 calendar days), the Issuer will, upon demand of the Noteholder, pay to the Noteholder the whole amount then due and payable on this Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Issuer fails to pay such amount upon such demand, the Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Issuer. During Upon the continuance occurrence of such an Event a failure by the Issuer to make any required payment of Default described in Section 5(f)principal or interest on the Note, the Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Issuer that rank equal with or junior to this Notethe Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to this Notethe Subordinated Notes, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Issuer’s common stock, ; (ii) any declaration of a noncash dividend in connection with the implementation of a stockholdersshareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, ; (iii) as a result of a reclassification of Issuer’s capital stock or the exchange or conversion of one class or series of Issuer’s capital stock for another class or series of Issuer’s capital stock, ; (iv) the purchase of fractional interests in shares of Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, ; or (v) purchases of any class of Issuer’s common stock related to the issuance of common stock or rights under any of benefit plans for Issuer’s directors, officers or employees or any of Issuer’s dividend reinvestment plans.

Appears in 1 contract

Samples: Form of Subordinated Note Purchase Agreement (Bay Banks of Virginia Inc)

Failure to Make Payment. In the event of failure by the occurrence Issuer to make any required payment of an Event principal or interest on this Note (and, in the case of Default described in Section 5(fpayment of interest, such failure to pay shall have continued for 15 calendar days), the Issuer will, upon demand of the NoteholderHolder, pay to the Noteholder Holder the whole amount then due and payable on this Note for principal and interest (without accelerationacceleration of the Note in any manner), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Issuer fails to pay such amount upon such demand, the Noteholder Holder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Issuer. During Upon the continuance occurrence of such an a failure by the Issuer to make any required payment of principal or interest on the Note, or any other Event of Default described in Section 5(f)until such Event of Default is cured by the Issuer, the Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Issuer that rank equal with or junior to this Notethe Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to this Notethe Subordinated Notes, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of the Issuer’s common stock, ; (ii) any declaration of a noncash dividend in connection with the implementation of a stockholdersshareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, ; (iii) as a result of a reclassification of the Issuer’s capital stock or the exchange or conversion of one class or series of the Issuer’s capital stock for another class or series of the Issuer’s capital stock, ; (iv) the purchase of fractional interests in shares of the Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, ; or (v) purchases of any class of the Issuer’s common stock related to the issuance of common stock or rights under any of benefit plans for the Issuer’s directors, officers or employees or any of the Issuer’s dividend reinvestment plans.

Appears in 1 contract

Samples: Subordinated Note Purchase Agreement (Peoples Financial Services Corp.)

Failure to Make Payment. In the event of failure by the occurrence Issuer to make any required payment of an Event principal or interest on this Note (and, in the case of Default described in Section 5(fpayment of interest, such failure to pay shall have continued for thirty (30) calendar days), the Issuer will, upon demand of the NoteholderHolder, pay to the Noteholder Holder the whole amount then due and payable on this Note for principal and interest (without accelerationacceleration of the Note in any manner), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Issuer fails to pay such amount upon such demand, the Noteholder Holder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Issuer. During Upon the continuance occurrence of such a failure by the Issuer to make any required payment of principal or interest on the Note, or an Event of Default described in Section 5(f)until such Event of Default is cured by the Issuer, the Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Issuer that rank equal with or junior to this Notethe Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to this Notethe Subordinated Notes, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of the Issuer’s common stock, ; (ii) any declaration of a noncash dividend in connection with the implementation of a stockholdersshareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, ; (iii) as a result of a reclassification of the Issuer’s capital stock or the exchange or conversion of one class or series of the Issuer’s capital stock for another class or series of the Issuer’s capital stock, ; (iv) the purchase of fractional interests in shares of the Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, ; or (v) purchases of any class of the Issuer’s common stock related to the issuance of common stock or rights under any of benefit plans for the Issuer’s directors, officers or employees or any of the Issuer’s dividend reinvestment plans. The limitations imposed by the provisions of this Section 8 shall apply whether or not the Holder has notified the Issuer of an Event of Default.

Appears in 1 contract

Samples: Form of Subordinated Note Purchase Agreement (Village Bank & Trust Financial Corp.)

Failure to Make Payment. In the event of failure by the occurrence Company to make any required payment of an Event principal or interest when due on this Note (and, in the case of Default described in Section 5(fpayment of interest, such failure to pay shall have continued for 30 days), Issuer the Company will, upon demand of the NoteholderHolder, pay to the Noteholder Holder the whole amount then due and payable on this Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If Issuer the Company fails to pay such amount upon such demand, the Noteholder Holder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against Issuer the Company and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of Issuerthe Company. During Upon the continuance occurrence of such an Event a failure by the Company to make any required payment of Default described in Section 5(f)principal or interest on the Note, Issuer the Company shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of Issuer’s the Company's capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of Issuer the Company that rank equal with or junior to this Notethe Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to this Notethe Subordinated Notes, other than than: (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Issuer’s Company's common stock, ; (ii) any declaration of a noncash dividend in connection with the implementation of a stockholders’ shareholders' rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, ; (iii) as a result of a reclassification of Issuer’s Company's capital stock or the exchange or conversion of one class or series of Issuer’s Company's capital stock for another class or series of Issuer’s Company's capital stock, ; (iv) the purchase of fractional interests in shares of Issuer’s Company's capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, ; or (v) purchases of any class of Issuer’s Company's common stock related to the issuance of common stock or rights under any of benefit plans for Issuer’s Company's directors, officers or employees or any of Issuer’s Company's dividend reinvestment plans.

Appears in 1 contract

Samples: Bankwell Financial Group, Inc.

Failure to Make Payment. In the event of failure by the occurrence Issuer to make any required payment of an Event principal or interest on this Note (and, in the case of Default described in Section 5(fpayment of interest, such failure to pay shall have continued for fifteen (15) calendar days), the Issuer will, upon demand of the NoteholderHolder, pay to the Noteholder Holder the whole amount then due and payable on this Note for principal and interest (without accelerationacceleration of the Note in any manner), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Issuer fails to pay such amount upon such demand, the Noteholder Holder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Issuer. During Upon the continuance occurrence of such a failure by the Issuer to make any required payment of principal or interest on the Note, or an Event of Default described in Section 5(f)until such Event of Default is cured by the Issuer, the Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Issuer that rank equal with or junior to this Notethe Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to this Notethe Subordinated Notes, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of the Issuer’s common stock, ; (ii) any declaration of a noncash dividend in connection with the implementation of a stockholdersshareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, ; (iii) as a result of a reclassification of the Issuer’s capital stock or the exchange or conversion of one class or series of the Issuer’s capital stock for another class or series of the Issuer’s capital stock, ; (iv) the purchase of fractional interests in shares of the Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, ; or (v) purchases of any class of the Issuer’s common stock related to the issuance of common stock or rights under any of benefit plans for the Issuer’s directors, officers or employees or any of the Issuer’s dividend reinvestment plans. The limitations imposed by the provisions of this Section 8 shall apply whether or not the Holder has notified the Issuer of an Event of Default.

Appears in 1 contract

Samples: Form of Subordinated Note Purchase Agreement (Quaint Oak Bancorp Inc)

Failure to Make Payment. In the event of the occurrence of an Event of Default described in under Section 5(f)5(a) or Section 5(b) above, Issuer will, upon demand of the Noteholder, pay to the Noteholder the whole amount then due and payable on this Subordinated Note for principal and interest (without accelerationacceleration of the Note in any manner), with interest on the overdue principal and interest at the rate borne by this Subordinated Note, to the extent permitted by applicable law. If the Issuer fails to pay such amount upon such demand, the Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Issuer. During Upon the continuance occurrence of such a failure by the Issuer to make any required payment of principal or interest on the Note or an Event of Default, until such Event of Default described is cured by the Issuer or waived by the Noteholders in accordance with Section 5(f)19 (Waiver and Consent) hereof, the Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Issuer that rank equal with or junior to this Notethe Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to this Notethe Subordinated Notes, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of the Issuer’s common stock, ; (ii) any declaration of a noncash dividend in connection with the implementation of a stockholdersshareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, ; (iii) as a result of a reclassification of the Issuer’s capital stock or the exchange or conversion of one class or series of the Issuer’s capital stock for another class or series of the Issuer’s capital stock, ; (iv) the purchase of fractional interests in shares of the Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, ; or (v) purchases of any class of the Issuer’s common stock related to the issuance of common stock or rights under any of benefit plans for the Issuer’s directors, officers or employees or any of the Issuer’s dividend reinvestment plans. The limitations imposed by the provisions of this Section 8 shall apply whether or not the Noteholder has notified the Issuer of an Event of Default.

Appears in 1 contract

Samples: Subordinated Note Purchase Agreement (BankGuam Holding Co)

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Failure to Make Payment. In the event of the occurrence of an Event of Default described in Section 5(f), Issuer will, upon demand of the Noteholder, pay to the Noteholder the whole amount then due and payable on this Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If Issuer fails to pay such amount upon such demand, the Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of Issuer. During the continuance of such an Event of Default described in Section 5(f), Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of Issuer that rank equal with or junior to this Notethe Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to this Notethe Subordinated Notes, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Issuer’s common stock, (ii) any declaration of a noncash dividend in connection with the implementation of a stockholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, (iii) as a result of a reclassification of Issuer’s capital stock or the exchange or conversion of one class or series of Issuer’s capital stock for another class or series of Issuer’s capital stock, (iv) the purchase of fractional interests in shares of Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, or (v) purchases of any class of Issuer’s common stock related to the issuance of common stock or rights under any of Issuer’s benefit plans for Issuer’s directors, officers or employees or any of Issuer’s dividend reinvestment plans.

Appears in 1 contract

Samples: Subordinated Note Purchase Agreement (Western New England Bancorp, Inc.)

Failure to Make Payment. In the event of the occurrence of an Event of Default described in Section 5(f), Issuer Company will, upon demand of the Noteholder, pay to the Noteholder the whole amount then due and payable on this Subordinated Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Subordinated Note, to the extent permitted by applicable law. If Issuer Company fails to pay such amount upon such demand, the Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against Issuer Company and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of IssuerCompany. During Upon the continuance occurrence of such a failure by the Company to make any required payment of principal or interest on this Subordinated Note or an Event of Default, until such failure or Event of Default described is cured by the Company or waived by the Noteholders in accordance with Section 5(f)16 hereof, Issuer the Company shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of IssuerCompany’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of Issuer Company that rank equal with or junior to this Notethe Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to this Notethe Subordinated Notes, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of IssuerCompany’s common stock, (ii) any declaration of a noncash dividend in connection with the implementation of a stockholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, (iii) as a result of a reclassification of IssuerCompany’s capital stock or the exchange or conversion of one class or series of IssuerCompany’s capital stock for another class or series of IssuerCompany’s capital stock, (iv) the purchase of fractional interests in shares of IssuerCompany’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, or (v) purchases of any class of IssuerCompany’s common stock related to the issuance of common stock or rights under any of benefit plans for IssuerCompany’s directors, officers or employees or any of IssuerCompany’s dividend reinvestment plansand stock purchase plans (including, without limitation, any repurchases or acquisitions in connection with the forfeiture of any stock award, cashless or net exercise of any option, or acceptance of Common Shares in lieu of an award recipient’s tax obligations under any equity award).

Appears in 1 contract

Samples: Subordinated Note Purchase Agreement (Acnb Corp)

Failure to Make Payment. In the event of failure by the occurrence Issuer to make any required payment of an Event principal or interest on this Note (and, in the case of Default described in Section 5(fpayment of interest, such failure to pay shall have continued for 30 calendar days), the Issuer will, upon demand of the Noteholderholder, pay to the Noteholder holder the whole amount then due and payable on this Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Issuer fails to pay such amount upon such demand, the Noteholder holder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Issuer. During Upon the continuance occurrence of such an Event a failure by the Issuer to make any required payment of Default described in Section 5(f)principal or interest on the Note, the Issuer shall not (ai) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Issuer’s capital stock, stock or make any guarantee payments with respect to the foregoing or (bii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Issuer that rank equal pan passu in all respects with or junior in interest to this Notethe Notes (other than, or (c) make any payments under any guarantee that ranks equal with or junior respect to this Note, other than clauses (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Issuer’s common stock, and (ii) above, (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Issuer in connection with any declaration employment contract, benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, in connection with a noncash dividend reinvestment or stock purchase plan or in connection with the implementation of a stockholders’ rights plan, or the issuance of capital stock under any of the Issuer (or securities convertible into or exercisable for such plan capital stock) as consideration in an acquisition transaction entered into prior to the future, or the redemption or repurchase of any such rights pursuant theretoapplicable failure to make a required payment, (iiib) as a result of a reclassification any exchange or conversion of any class or series of the Issuer’s capital stock for any class or series of the Issuer’s capital stock or the exchange or conversion of one any class or series of the Issuer’s capital stock indebtedness for another any class or series of the Issuer’s capital stock, (ivc) the purchase of fractional interests in shares of the Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholders’ rights plan, or (v) purchases of any class of Issuer’s common stock related to the issuance of common rights, stock or rights other property under any stockholders’ rights plan, or the redemption or repurchase of benefit plans for Issuer’s directorsrights pursuant thereto or (e) any dividend in the form of stock, officers warrants, options or employees other rights in the same stock as that on which the dividend is being paid or ranks pari passu with or junior to such stock and any cash payments in lieu of Issuer’s dividend reinvestment plansfractional shares issued in connection therewith).

Appears in 1 contract

Samples: Fiscal and Paying Agency Agreement (People's United Financial, Inc.)

Failure to Make Payment. In the event of the occurrence of an Event of Default described in Section 5(f), Issuer Company will, upon demand of the Noteholder, pay to the Noteholder the whole amount then due and payable on this Subordinated Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Subordinated Note, to the extent permitted by applicable law. If Issuer Company fails to pay such amount upon such demand, the Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against Issuer Company and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of IssuerCompany. During the continuance of such an Event of Default described in Section 5(f), Issuer Company shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of IssuerCompany’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of Issuer Company that rank equal with or junior to this Notethe Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to this Notethe Subordinated Notes, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of IssuerCompany’s common stock, (ii) any declaration of a noncash dividend in connection with the implementation of a stockholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, (iii) as a result of a reclassification of IssuerCompany’s capital stock or the exchange or conversion of one class or series of IssuerCompany’s capital stock for another class or series of IssuerCompany’s capital stock, (iv) the purchase of fractional interests in shares of IssuerCompany’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, or (v) purchases of any class of IssuerCompany’s common stock related to the issuance of common stock or rights under any of Company’s benefit plans for IssuerCompany’s directors, officers or employees or any of IssuerCompany’s dividend reinvestment plans.

Appears in 1 contract

Samples: Subordinated Note Purchase Agreement (Citizens Financial Services Inc)

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