Distributions; Redemptions. The Company shall not directly or indirectly (a) declare or pay any dividend or distribution to any equityholder of the Company, provided that the Company may declare or pay any dividend or distribution permitted under Sections 7.3(c) or (d) of the PDL Credit Agreement; or (b) redeem, purchase, retire or otherwise extinguish any shares of the Company’s capital stock or securities convertible into shares of the Company’s capital stock (except as required by any of the Transaction Documents), provided that the Company may repurchase outstanding shares of its capital stock pursuant to a stock repurchase program approved by the Board of Directors, including the Investor Designee, and provided, further, each such repurchase is in compliance with the Company’s covenants under the PDL Credit Agreement and any other Indebtedness.
Distributions; Redemptions. Borrower will not make any distribution or declare or pay any dividends (in cash or other property, other than Capital Stock) on, or purchase, acquire, redeem, or retire any of Borrower’s Capital Stock, of any class, whether now or hereafter outstanding; provided however, in the event no Default or Event of Default has occurred, and the payment of such dividend or distribution would not result in a Default or Event of Default, Borrower may, from time to time, pay and declare dividends and distributions to its shareholders, partners and members, as a result of the income generated by Borrower. Borrower will advise Bank in writing of its intent to make a dividend or distribution permitted at least ten (10) days prior to the payment of such dividend or distribution, and will provide Bank with such other information related thereto as Bank may request.
Distributions; Redemptions. Permit or allow, or permit or allow any Covered Person to, (a) declare or pay any dividends on any of its capital stock (other than stock dividends), (b) purchase or redeem any such stock or any warrants, options or other rights in respect of such stock, (c) make any other distribution to shareholders (other than the issuance of stock, or stock options in respect thereof, to directors, officers and employees pursuant to written incentive compensation plans), (d) prepay, purchase or redeem any subordinated Indebtedness or (e) set aside funds for any of the foregoing; provided, however, that (i) any Subsidiary may declare and pay dividends to Borrower or to a wholly-owned Subsidiary, and (ii) so long as there is no Existing Default and no Default or Event of Default is reasonably likely to occur from such payment, Borrower may purchase stock of the Borrower on the open market and re-issue such stock to officers and employees of the Borrower in connection with written incentive compensation plans or other agreements with officers, directors or employees of the Borrower approved by the Board of Directors of the Borrower or any compensation committee thereof and the Borrower may pay dividends to its shareholders and/or repurchase stock of the Borrower, provided that the aggregate amount of all such dividends and repurchases described in this clause (ii) shall not exceed 50% of Borrower's annual consolidated Net Income in any fiscal year if declared and paid within ninety days follow such fiscal year end.
Distributions; Redemptions. Section 4.01. Distributions.............................................. 13 Section 4.02. Redemptions................................................ 14 Section 4.03. Subordination of Common Securities......................... 16 Section 4.04. Payment Procedures......................................... 16 Section 4.05. Tax Returns and Reports.................................... 17 Section 4.06. Payment of Taxes, Duties, Etc. of the Trust.................17
Distributions; Redemptions. Section 13.9 of the Loan Agreement is deleted and replaced with the following:
Distributions; Redemptions. Section 5.1
Distributions; Redemptions. Section 4.01. Distributions . . . . . . . . . . . . . . . . . . . 14 Section 4.02. Redemptions . . . . . . . . . . . . . . . . . . . . 14 Section 4.03. Subordination of Common Securities . . . . . . . . . 16 Section 4.04. Payment Procedures . . . . . . . . . . . . . . . . . 16 Section 4.05. Tax Returns and Reports . . . . . . . . . . . . . . 17 Section 4.06. Payment of Taxes, Duties, Etc. of the Trust . . . . 17
Distributions; Redemptions. No Distribution/Redemptions has been declared, paid or made upon or in respect of any capital stock or other securities of Borrower on and after the Execution Date, except as expressly permitted hereby.
Distributions; Redemptions. Directly or indirectly declare or make, or incur any liability to make, any Distribution/Redemptions to any Person, provided, however, after May 1, 2008, MTM Technologies, Inc. may pay dividends on its preferred stock up to $2,650,000 in the aggregate semi-annually and up to $5,300,000 in the aggregate per fiscal year if and only if (i) at the time of such payment, there is no Existing Default, and (ii) no Default or Event of Default is reasonably likely to occur from the making of such payment.
Distributions; Redemptions. The Company shall not directly or indirectly (a) declare or pay any dividend or distribution to any equityholder of the Company or (b) redeem, purchase, retire or otherwise extinguish any shares of the Company’s capital stock or securities convertible into shares of the Company’s capital stock (except as required by any of the Transaction Documents) except that the Company may repurchase outstanding shares of its capital stock pursuant to a stock repurchase program approved by the Board of Directors, including the Investor Designee, and provided each such repurchase is in compliance with the Company's covenants under the Revolving Debt Facility and any other Indebtedness.
