Distributions/Dividends. None of the shares of stock covered by this Warrant shall be considered, for adjustment or for any other purpose whatsoever, as outstanding shares prior to the issuance of stock certificates therefor pursuant to exercise of this Warrant, and, with respect to the shares of stock covered by this Warrant, the Holder shall have no rights in or to any dividends or other distributions of cash or other property, paid or payable prior to such issuance of stock certificates.
Distributions/Dividends. Borrowers will not declare, pay or become obligated to declare or pay any capital, cash or other distributions or dividends on any class of their membership units or capital stock now or hereafter outstanding, make any distribution of capital, cash or property to holders of any membership units or shares of Borrowers or shares of such stock or membership units, or redeem, retire, purchase or otherwise acquire, directly or indirectly, any shares of any class of their capital stock or membership units now, or hereafter outstanding; provided, however; if and to the extent neither (i) any Default or Event of Default exists hereunder or under any of the other Loan Documents nor (ii) any Default or Event of Default would be caused by or result from such cash tax distribution, each Borrower may make only such distributions as are necessary for the payment by its members or shareholders of pass through federal and state income taxes due therefrom that are generated by Borrowers’ taxable income, which such reasonably detailed calculations of the amount thereof shall be timely furnished to the Bank. Additional distributions shall be allowed only if (i) no Default or Event of 34 Default exists hereunder or under any of the other Loan Documents, (ii) no Default or Event of Default would be caused by or result from such cash distribution, and (iii) the Leverage Ratio is less than 1.25 to 1.00 and such additional distributions .
Distributions/Dividends. Borrower shall not declare or pay any dividends or make any distributions of any kind or make any other similar payments or set aside any sum for any such purpose, except that Borrower may declare and make dividends payable solely in shares of its common stock.
Distributions/Dividends. The Borrower will not declare, pay or become obligated to declare or pay any capital, cash or other distributions or dividends on any class of their membership units or capital stock now or hereafter outstanding, make any distribution of capital, cash or property to holders of any membership units or shares of the Borrower or shares of such stock or membership units, or redeem, retire, purchase or otherwise acquire, directly or indirectly, any shares of any class of their capital stock or membership units now, or hereafter outstanding; provided, however; if and to the extent neither (i) any Default or Event of Default exists hereunder or under any of the other Loan Documents nor (ii) any Default or Event of Default would be caused by or result from such cash tax distribution, Borrower may make only such distributions as are necessary for the payment by its members of pass through federal and state income taxes due therefrom that are generated by Borrower's taxable income, which such reasonably detailed calculations of the amount thereof shall be timely furnished to the Bank.
Distributions/Dividends. While a Phantom Share remains “outstanding” pursuant to this Agreement, an amount equivalent to all distributions, if any, made on a share of Common Stock during such period shall be held by the Company without interest until the Phantom Share becomes vested and then paid to you or is forfeited, as the case may be. If and only if the Phantom Shares become vested and payable to you, the Company shall pay such accumulated distributions to you at the same time as the related Phantom Shares are paid to you, subject to Paragraph 8 below.
Distributions/Dividends. Declare, pay, set aside funds for or make any distribution or dividend, in cash or assets or trust, to or for the benefit of the Borrower's shareholders.
Distributions/Dividends. The Board will determine, from time to time in accordance with the Articles the extent to which distributions and/or dividends will be made to holders of Shares and the manner and/or form any such distributions and/or dividends will take and be made.
Distributions/Dividends. Nothing herein shall prohibit Company from making distributions to Sellers prior to the Closing Date of the assets set forth on Schedule 8.1. In particular, Purchaser acknowledges that Company is required to distribute to Sellers all proceeds which Company receives with respect to (a) the Purchase and Sale Agreement and (b) claims Company has made arising out of the Deepwater Horizon Oil Spill against BP Exploration and Production, Inc., BP American Production Company or other third parties (the “Oil Spill Claims”). In the event that, on or prior to the day before Closing, Company has not received all sums to which it is entitled related to the Oil Spill Claims, Company shall assign on the day before Closing its right to receive any additional sums related to the Oil Spill Claims to Sellers or their assignees. Subject to Section 10.2(e), Purchaser hereby agrees to cause Company to distribute to Sellers or their assignees any additional sums related to the Oil Spill claims Company receives subsequent to Closing.
Distributions/Dividends. Dividends and other distributions of earnings will be limited to an amount that, when taken, will not adversely affect the repayment ability of the Borrower. No dividend payments or other distributions of earnings will be made unless (i) Borrower has earned an after-tax profit in the preceding fiscal year; (ii) the Borrower is and will remain in compliance with the covenants and conditions of the Loan Agreement and the Conditional Commitment; (iii) all Borrower debts are paid to current status; and (iv) prior written concurrence of the Bank is obtained. Additionally, Borrower shall be authorized to make distributions to shareholders of Borrower in the form of cash distributions up to the amount of federal and state income tax liability such shareholders are projected to incur as a result of the earnings of Borrower for the period for which such distribution is made. Any such distributions in the form of cash distributions to shareholders of Borrower for taxes shall only relate to the current accounting period and shall not include prior periods.
Distributions/Dividends. Nothing herein shall prohibit Company from making distributions to Sellers prior to or at Closing Date of the assets listed on Schedule 8.1, including the Excluded Subsidiaries (collectively, the “Excluded Assets”). In addition, nothing herein shall prohibit Company from transferring some or all of its assets relating to the SuperAmerica Locations (defined below) to SuperAmerica, in the event that SuperAmerica exercises its right of first refusal, as described in Section 8.12 below. Purchaser acknowledges and agrees that, at any time prior to the Closing Date, Sellers may cause Company to make distributions to Sellers of (a) the Excluded Assets, and/or (b) cash in amounts not to exceed One Million and 00/100 Dollars ($1,000,000.00). Except as otherwise provided in this Section 8.1, all distributions by the Company of the Assets or cash to the Sellers as the shareholders of the Company require the prior written consent of Purchaser.
