Capital Stock; Dividends. Borrower will not issue any additional shares of its capital stock, nor grant any warrants, options or other rights to purchase such stock. Borrower will not (a) declare or pay any dividend or distributions on its capital stock; (b) make any payments of any kind to its shareholders (including, without limitation, debt repayments, payments for goods or services or otherwise, but excluding ordinary salary payments to shareholders employed by Borrower) or (c) redeem any shares of its capital stock in any fiscal year.
Capital Stock; Dividends. No Borrower will redeem, repurchase or otherwise make any payment or distribution to acquire any of its capital stock except in accordance with existing buy-sell agreements or in exchange for stock of one of the Borrowers. No Borrower will pay dividends or make other distributions on account of its capital stock.
Capital Stock; Dividends. Medifax will not redeem, repurchase or otherwise make any payment or distribution to acquire any of its capital stock, except as provided herein. Medifax will not pay dividends or make other distributions on account of its capital stock. Notwithstanding the foregoing, Bank hereby agrees to permit Medifax to pay dividends on account of its capital stock; provided that (a) no Event of Default has occurred hereunder or under any of the Loan Documents, (b) the payment of such dividend(s) shall not result in the occurrence of any event which with the passage of time or giving of notice, if applicable, would constitute an Event of Default hereunder or under any of the Loan Documents, and (c) such dividends shall not exceed forty percent (40%) in any fiscal year of Medifax's consolidated net income for that year (as determined in accordance with GAAP). The Bank hereby agrees to permit Medifax to redeem thirty-five thousand (35,000) shares of its capital stock from Dr. Xxxx Xxxxxx xx Four Dollars and Twenty-Three Cents ($4.23) per share on or before November 30, 1996.
Capital Stock; Dividends. Borrower shall not issue any additional capital stock or shareholder interests, nor grant any warrants, options or other rights to purchase such capital or shareholder interests. Borrower shall not (a) declare or pay any dividends on its capital stock or shareholder interests, or (b) redeem any capital or shareholder interests in any fiscal year.
Capital Stock; Dividends. Borrower will not redeem, repurchase or otherwise make any payment or distribution to acquire any of its capital stock. Borrower will not pay cash dividends or make other distributions on account of its capital stock. The foregoing shall not preclude Borrower from implementing stock splits or paying stock dividends.
Capital Stock; Dividends. Borrower shall not, after the occurrence of an Event of Default, issue any additional shares of its capital stock, nor grant any warrants, options or other rights to purchase such stock. Borrower shall not, after the occurrence of an Event of Default, (a) declare or pay any dividend or distributions (except stock dividends) on its capital stock, (b) make any payments of any kind to its shareholders (including, without limitation, debt repayments, payments for goods or services or otherwise, but excluding ordinary salary payments to shareholders employed by Borrower) or (c) redeem any shares of its capital stock in any fiscal year.
Capital Stock; Dividends. Except as provided herein or in connection with acquisitions otherwise permitted under Section 7.8 of this Agreement or in connection with a secondary public offering of stock, no Borrower will, after the execution date of this Agreement, issue any additional shares of its capital stock, nor grant any warrants, options or other rights to purchase such stock; PROVIDED, however, that Globe may issue stock dividends and grant options to employees to acquire not more than 15% of Globe's outstanding capital stock and may issue shares of capital stock if and when such options are exercised and GranTree may issue additional shares of its capital stock upon the conversion, if any, of the convertible debenture issued as part of its bankruptcy case. No Borrower will (a) declare or pay any dividend or distributions (except stock dividends) on its capital stock , (b) except as set forth in Schedule 7.9 attached hereto, make any payments of any kind to its shareholders (including, without limitation, debt repayments, payments for goods or services or otherwise, but excluding ordinary salary and bonus payments to shareholders employed by such Borrower) or (c) redeem any shares of its capital stock in any fiscal year. Notwithstanding the above, provided there are no Events of Default and one would not arise as a result of such payment, Globe may pay dividends or distributions on its capital stock or repurchase shares of its capital stock so long as the aggregate amount of such payments and/or purchases is not in excess of $2,000,000 in any fiscal year of Borrowers. Any portion of such $2,000,000 which is not utilized in the fiscal year ending February 28, 1997, shall be available for utilization during the next fiscal year (in addition to the $2,000,000 available to Borrowers during such year).
Capital Stock; Dividends. Each Corporation shall not (a) declare ------------------------ or pay any dividend or distributions (except stock dividends or stock distributions) on its capital stock, (b) make any payments of any kind to its shareholders (including, without limitation, debt repayments, payments for goods or services or otherwise, but excluding reasonable and ordinary salary and bonus payments to shareholders employed by such Corporation and excluding scheduled interest only with respect to the Junior Indebtedness, provided, however, that after the payment hereof, no Event of Default shall have occurred hereunder and all financial covenants herein shall be in compliance) or (c) redeem any shares of its capital stock in any fiscal year.
Capital Stock; Dividends. Neither Borrower nor any Guarantor will redeem, repurchase or otherwise make any payment or distribution to acquire any of its capital stock. Neither Borrower nor any Guarantor will pay dividends or make other distributions on account of its capital stock.
Capital Stock; Dividends. 28 8.18 Transactions with Affiliates.......................................28 8.19 Name or Address Change.............................................28 8.20 Notices............................................................29
