Common use of Distributions and Redemptions Clause in Contracts

Distributions and Redemptions. Borrower shall not, and shall not permit any Company to, declare, make, or pay any Distribution other than (a) Permitted Distributions, (b) Distributions declared, made, or paid by (i) any Company wholly in the form of its Stock, and (ii) any Company (other than Borrower) to Borrower or to PPT, and (c) Distributions paid to the holders of PPT’s Stock who simultaneously use the proceeds of such Distributions to purchase additional shares of PPT’s Stock pursuant to a dividend reinvestment program; provided that the amount of any Distributions made pursuant to clauses (b) and (c) shall not be limited by clause (a). Borrower shall not, and shall not permit any Company to, declare, make, or pay any Redemptions (net of the amount of any Net Proceeds from the resale of Stock previously redeemed pursuant to a Permitted Redemption) other than Permitted Redemptions. Borrower shall not, and shall not permit any Company to, enter into or permit to exist any arrangement or agreement (other than this Agreement and restrictions no more restrictive than those set forth in this Section 8.6 contained in loan documents with respect to other Indebtedness permitted by this Agreement) that prohibits it from paying Distributions to its shareholders, partners, or members. Nothing in this Section 8.6 restricts the issuance by any Company of preferred Stock solely because such Stock requires the payment of Distributions with respect to such Stock prior to the payment of Distributions with respect to common Stock.

Distributions and Redemptions. Borrower shall not, and shall not permit any Company to, declare, make, or pay any Distribution other than (a) Permitted Distributions, (b) Distributions declared, made, or paid by (i) any Company wholly in the form of its Stock, and (ii) any Company (other than Borrower) to Borrower or to PPT, and (c) Distributions paid to the holders of PPT’s 's Stock who simultaneously use the proceeds of such Distributions to purchase additional shares of PPT’s 's Stock pursuant to a dividend reinvestment program; provided that the amount of any Distributions made pursuant to clauses (b) and (c) shall not be limited by clause (a). Borrower shall not, and shall not permit any Company to, declare, make, or pay any Redemptions (net of the amount of any Net Proceeds from the resale of Stock previously redeemed pursuant to a Permitted Redemption) other than Permitted Redemptions. Borrower shall not, and shall not permit any Company to, enter into or permit to exist any arrangement or agreement (other than this Agreement and restrictions no more restrictive than those set forth in this Section 8.6 contained in loan documents with respect to other Indebtedness permitted by this Agreement) that prohibits it from paying Distributions to its shareholders, partners, or members. Nothing in this Section 8.6 restricts the issuance by any Company of preferred Stock solely because such Stock requires the payment of Distributions with respect to such Stock prior to the payment of Distributions with respect to common Stock.

Distributions and Redemptions. Borrower shall not, and shall not permit any Company to, declare, make, or pay any Distribution other than (a) Permitted Distributions, (b) Distributions declared, made, or paid by (i) any Company wholly in the form of its Stock, and (ii) any Company (other than Borrower) to Borrower or to PPT, and (c) Distributions paid to the holders of PPT’s Stock who simultaneously use the proceeds of such Distributions to purchase additional shares of PPT’s Stock pursuant to a dividend reinvestment program; provided that the amount of any Distributions made pursuant to clauses (b) and (c) shall not be limited by clause (a). Borrower shall not, and shall not permit any Company to, declare, make, or pay any Redemptions (net of the amount of any Net Proceeds from the Amended and Restated Credit Agreement 44 resale of Stock previously redeemed pursuant to a Permitted Redemption) other than Permitted Redemptions. Borrower shall not, and shall not permit any Company to, enter into or permit to exist any arrangement or agreement (other than this Agreement and restrictions no more restrictive than those set forth in this Section 8.6 contained in loan documents with respect to other Indebtedness permitted by this Agreement) that prohibits it from paying Distributions to its shareholders, partners, or members. Nothing in this Section 8.6 restricts the issuance by any Company of preferred Stock solely because such Stock requires the payment of Distributions with respect to such Stock prior to the payment of Distributions with respect to common Stock.

Distributions and Redemptions. Borrower shall not, and shall not permit any Company to, declare, make, or pay any Distribution other than (a) Permitted Distributions, (b) Distributions declared, made, or paid by (i) any Company wholly in the form of its Stock, and (ii) any Company (other than Borrower) to Borrower or to PPT, and (c) Distributions paid to the holders of PPT’s 's Stock who simultaneously use the proceeds of such Distributions to purchase additional shares of PPT’s 's Stock pursuant to a dividend reinvestment program; provided that the amount of any Distributions made pursuant to clauses (b) and (c) shall not be limited by clause (a). Borrower shall not, and shall not permit any Company to, declare, make, or pay any Redemptions (net of the amount of any Net Proceeds from the resale of Stock previously redeemed pursuant to a Permitted Redemption) other than Permitted Redemptions. Borrower shall not, and shall not permit any Company to, enter into or permit to exist any arrangement or agreement (other than this Agreement, the Existing Line of Credit, and that certain Credit Agreement dated as of October 13, 1998, executed by Borrower, Dresdner Bank AG, New York Branch and restrictions no more restrictive than those set forth in this Section 8.6 contained in loan documents with respect Grand Cayman Branch, as Administrative Agent and Syndication Agent, the Documentation Agent defined therein, and the Lenders defined therein, as modified, amended, renewed, extended, and restated from time to other Indebtedness permitted by this Agreementtime) that prohibits it from paying Distributions to its shareholders, partners, or members. Nothing in this Section 8.6 restricts the issuance by any Company of preferred Stock solely because such Stock requires the payment of Distributions with respect to such Stock prior to the payment of Distributions with respect to common Stock.

Distributions and Redemptions. Borrower shall not, and shall not permit any Company to, declare, make, or pay any Distribution other than (a) Permitted Distributions, (b) Distributions declared, made, or paid by (i) any Company wholly in the form of its Stock, and (ii) any Company (other than Borrower) to Borrower or to PPT, and (c) Distributions paid to the holders of PPT’s 's Stock who simultaneously use the proceeds of such Distributions to purchase additional shares of PPT’s 's Stock pursuant to a dividend reinvestment program; provided that the amount of any Distributions made pursuant to clauses (b) and (c) shall not be limited by clause (a). Borrower shall not, and shall not permit any Company to, declare, make, or pay any Redemptions (net of the amount of any Net Proceeds from the resale of Stock previously redeemed pursuant to a Permitted Redemption) other than Permitted Redemptions. Borrower shall not, and shall not permit any Company to, enter into or permit to exist any arrangement or agreement (other than this Agreement and restrictions no more restrictive than those set forth in this Section 8.6 contained in loan documents with respect to other Indebtedness permitted by this Agreement) that prohibits it from paying Distributions to its shareholders, partners, or members. Nothing in this Section 8.6 restricts the issuance by any Company of preferred Stock solely because such Stock requires the payment of Distributions with respect to such Stock prior to the payment of Distributions with respect to common Stock.