Borrower Distributions. All transfers of Mortgage Borrower’s funds from the Cash Management Account or pursuant to any of the Loan Documents are intended by Borrower and Mortgage Borrower to constitute and shall constitute distributions from Mortgage Borrower to Borrower, and must comply with the requirements as to distributions of all applicable Legal Requirements. No provision of the Loan Documents shall create a debtor-creditor relationship between Mortgage Borrower and Lender.
Borrower Distributions. The aggregate of all Borrower Distributions for any Fiscal Year of Borrower shall not exceed the sum of Net Income of Borrower for such Fiscal Year plus federal and state income taxes deducted in determining such Net Income for two consecutive Fiscal Years of Borrower.
Borrower Distributions. Borrower shall not make any distributions to its shareholders without the prior written approval of the Bank.
Borrower Distributions. The Borrower shall not make or pay any Distributions.
Borrower Distributions. Any transfer of Borrower’s funds from the Cash Management Account or other sources to or for the benefit of a Mezzanine Lender or a Mezzanine Borrower pursuant to this Agreement, the Cash Management Agreement or any of the other Loan Documents, is intended by the parties to constitute, and shall constitute, a distribution from the Borrower to the applicable Mezzanine Borrower and shall be treated as such on the books and records of each party. All such distributions must comply with the requirements of Section 18-607 of the Delaware Limited Liability Company Act. No provision of any Loan Document is intended to nor shall create a debtor-creditor relationship between Borrower and any Mezzanine Lender.
Borrower Distributions. The Borrower shall not pay any Distribution except as permitted as follows: so long as (i) no Default or Event of Default shall have occurred and be continuing or a Default or Event of Default would occur as a result thereof (including without limitation any Default or Event of Default under the Senior Term Loan Documents), and (ii) Borrower maintains sufficient funds equal to an amount necessary to complete the Project and fund the Project Costs and all other capital needs.
Borrower Distributions. All transfers of Borrower’s funds from the Cash Management Account or any of the other Loan Documents are intended by Borrower and Mezzanine Borrower to constitute and shall constitute distributions from Borrower to Mezzanine Borrower, and must comply with the requirements as to distributions of all applicable Legal Requirements. No provision of the Loan Documents shall create a debtor-creditor relationship between Borrower and Mezzanine Lender.
Borrower Distributions. The Borrower will not make any Distributions except (a) Distributions necessary to enable the REIT to make a Distribution which at the time is permitted under ss.8.7 and (b) Distributions to partners of the Borrower other than the REIT in proportion to Distributions permitted under clause (a); provided, however, that in any Test Period the aggregate amount of Distributions by the Borrower shall not exceed 90% of the consolidated Funds From Operations of the Borrower and its Subsidiaries for such Test Period, except to the extent necessary to enable the REIT to pay Distributions required under the Code to maintain the REIT Status of the REIT.
Borrower Distributions. The Borrower will not make any Borrower Distributions without the prior express written consent of the Lender, other than (i) as otherwise required under the Senior Note, and (ii) the redemption of up to 350,000 shares of common stock held by former holders of the Series A Preferred Stock of RxElite Holdings Inc. that is due within fifty (50) days of December 31, 2008 at a redemption price of $4.00 per share, until payment in full of all Obligations of the Borrower outstanding pursuant to the Loan Documents.
Borrower Distributions. During the Revolving Period, amounts on deposit in the Collection Account may be paid to the Borrower no more than two (2) times during any calendar week (“Borrower Distributions”), except for Borrower Distributions to acquire Subsequently Purchased Receivables, which Borrower Distributions may occur on any Business Day, provided that (i) the Coverage Test is satisfied after giving effect to any such payment to the Borrower, and (ii) any such payment to the Borrower shall be limited to the extent used by the Borrower for Permissible Uses. The Borrower (or the initial Servicer) shall provide the Collateral Agent with a Purchase Report as to the amount of Borrower Distributions for any Business Day, and delivery of such Purchase Report shall be deemed to be a certification by the Borrower that the foregoing conditions were satisfied. Upon receipt of such certification, together with the related Purchase Report, which shall set forth the specific amounts to be distributed and their related recipients (along with the calculations of each of the criteria set forth in this clause (b)), by 2:00 p.m. (New York time) on such Business Day, the Collateral Agent shall forward such Borrower Distributions directly to (w) in the case of Borrower Distributions to be used for clause (a) of the definition of “Permissible Uses,” the Depositor, (x) in the case of Borrower Distributions to be used for clause (b) of the definition of “Permissible Uses,” the Borrower, and (y) in the case of Borrower Distributions to be used for clause (c) of the definition of “Permissible Uses,” the Lenders.
