Distributions; Restricted Payments. Without Lender’s prior consent, which shall not be unreasonably withheld, the Borrower shall not (i) purchase or redeem any shares of its stock or partnership interests or declare or pay any dividends or distributions, whether in cash or otherwise, set aside any funds for any such purpose or make any distribution to its shareholders, make any distribution of its property or assets or make any loans, advances or extensions of credit to, or investments in, any Affiliates, including, without limitation, Borrower’s affiliates, officers, partners or employees, (ii) make any payments of any Funded Indebtedness other than as permitted hereunder, or (iii) increase the annual salary paid to any officers of Borrower.
Appears in 5 contracts
Samples: Agreement, Senior Secured Credit Facility Agreement (Pharmagen, Inc.), Security Agreement (Sunpeaks Ventures, Inc.)
Distributions; Restricted Payments. Without Lender’s prior consent, which shall not be unreasonably withheld, the Borrower shall not (i) purchase or redeem any shares of its stock or partnership interests or declare or pay any dividends or distributions, whether in cash or otherwise, set aside any funds for any such purpose or make any distribution to its shareholders, make any distribution of its property or assets or make any loans, advances or extensions of credit to, or investments in, any Affiliates, including, without limitation, Borrower’s affiliates, officers, partners or employees, (ii) make any payments of any Funded Indebtedness other than as permitted hereunder, or (iii) increase the annual salary paid to any officers of Borrower.. 9.8
Appears in 1 contract
Samples: www.sec.gov
