Common use of Dividends or Distributions Clause in Contracts

Dividends or Distributions. Neither Borrower will declare, pay or make, whether in cash or property (excluding stock dividends), or set aside or apply any money or assets to pay or make any dividend or distribution during any fiscal year except the foregoing restriction shall not apply to (i) cash dividends paid by Resources to its shareholders in amounts equal to each such shareholders' allocable share of federal or state income taxes attributable to Resources taxable net income and (ii) dividends made by Gas to Resources. Provided, however, that no dividend shall be made by either Borrower if an Event of Default has occurred and is continuing or would occur as a result of the making of such dividends. Resources shall provide the Agent at least annually with sufficient information from which Agent can verify all shareholders' allocable share of such income taxes.

Dividends or Distributions. Neither No Borrower will declare, pay or make, whether in cash or property (excluding stock dividends), or set aside or apply any money or assets to pay or make any dividend or distribution during any fiscal year except the foregoing restriction shall not apply to (i) cash dividends paid by Resources to its shareholders in amounts equal to each such shareholders' allocable share of federal or state income taxes attributable to Resources taxable net income and (ii) dividends made by Gas to Resources. Provided, however, that no dividend shall be made by either a Borrower if an Event of Default has occurred and is continuing or would occur as a result of the making of such dividends. Resources shall provide the Agent at least annually with sufficient information from which Agent can verify all shareholders' allocable share of such income taxes.