Dividends, Redemptions and Other Payments. Borrower shall not declare or pay any dividends on the stock of Borrower or redeem any stock of Borrower if an Event of Default has occurred and is continuing under this Agreement or allow the payment of such a dividend that would create an Event of Default. The payment of any dividend or the redemption of any stock not otherwise prohibited shall in all respects comply with the rules and regulations of the Federal Reserve Board.
Dividends, Redemptions and Other Payments. Unless same will not result in a breach of the Borrower’s financial covenants contained in Sections 6.13 and 6.14 of this Loan Agreement, declare or pay, or set apart any funds for the payment of, any dividends on any shares of capital stock of Borrower, any distributions on any partnership interest in Borrower, or apply any of its funds, properties, or assets to or set apart any funds properties or assets for, the purchase, redemption or other retirement of or make any other distribution (whether by reduction of capital or otherwise) in respect of, any shares of capital stock of Borrower.
Dividends, Redemptions and Other Payments. Declare or pay any dividends (except dividends payable solely in its own capital stock) on, or redeem, retire, purchase or otherwise acquire for value, any shares of any class of its respective shares of capital stock, now or hereafter outstanding, or return any capital to its shareholders, or make any other distribution in respect thereof, whether in cash or property or in obligations of the Borrower or any Subsidiary without the prior written consent of Lender, except that: (a) Borrower’s Subsidiaries may declare, pay or make dividends or distributions to Borrower; (b) Borrower may declare and pay cash dividends on its outstanding shares of 10% Convertible Series A Preferred Stock, $.01 par value per share, if: (i) there is not in existence, at the time of the dividend payment to be made, an “Event of Default” as defined in Section 7.1 of this Agreement; and (ii) the dividend payment to be made would not cause or result in the occurrence of an Event of Default; and (c) Borrower may make the payments required under the SCS Notes.
Dividends, Redemptions and Other Payments. Declare or pay, or set apart any funds for the payment of, any dividends on any shares of capital stock of Borrower or DGC (except as hereinafter set out), or apply any funds, properties, or assets of Borrower or DGC to or set apart any funds properties or assets for, the purchase, redemption or other retirement of or make any other distribution (whether by reduction of capital or otherwise) in respect of, any shares of capital stock of Borrower or DGC (common or preferred), provided, however, that DGC shall be permitted to redeem shares of shareholders to the extent that the expenditures required by such redemption(s) do not result in a violation of any of the financial covenants set forth in this Loan Agreement or otherwise cause the occurrence of a default hereunder. Notwithstanding the foregoing, Borrower and DGC shall be permitted to pay dividends to the holders of the preferred stock held by SSM Venture Partners, L.P., Noro-Mosely Partners II, L.P., David F. Bellet and Eldon Capital, providex xxxx no Event of Default xxx xxx xxxxx which xxxx notice, lapse of time or both may become an Event of Default hereunder shall have occurred and be continuing, and that such payment will not result in an Event of Default hereunder.
Dividends, Redemptions and Other Payments. (a) Declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any of its capital stock, or purchase, redeem, retire, defease or otherwise acquire for 112 value any capital stock of the Parent, the Company or such Subsidiaries or any other equity securities or any warrants, rights or options to acquire any such capital stock or other securities, whether now or hereafter outstanding, except that:
(i) any wholly-owned Subsidiary of the Company may declare or pay cash dividends to the Company or to any other wholly-owned Subsidiary of the Company which is its shareholder;
(ii) so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, (A) the Company may declare or pay dividends to the Parent on an annual basis to pay expenses of the Parent incurred in the ordinary course of business of the Parent not to exceed in the aggregate in any Fiscal Year of the Parent 0.25% of the Company's net sales as indicated in the Company's audited annual financial statements for the immediately preceding Fiscal Year and (B) the Company and/or the Parent may purchase, repurchase, redeem, retire or acquire Equity Interests from former employees, officers and directors pursuant to the Long Term Incentive Plan, the Equity Plan, Employment Agreements, the Shareholders Agreement or other written agreements permitted hereby and may make payments in respect of promissory notes or other Indebtedness or evidence thereof issued or incurred in connection with any such purchase, repurchase, redemption, retirement or acquisition, and the Company may pay dividends to the Parent in an amount sufficient to make such purchases, repurchases, redemptions, retirements and acquisitions so long as the amount of such purchases, repurchases, redemptions, retirements and acquisitions (including, without limitation, amounts paid in respect of promissory notes or other Indebtedness or evidence thereof issued or incurred in connection with any such purchase, repurchase, redemption, retirement or acquisition) does not exceed in the aggregate in any Fiscal Year the sum of $1,000,000 plus the amount of cash received by the Parent from employees, officers and directors in respect of purchases of stock during such Fiscal Year; provided, however, that the portion, if any, of such sum which is not applied to such purchases, repurchases, redemptions, retirements or acquisitions (or to the p...
Dividends, Redemptions and Other Payments. Declare or pay any dividends if an Event of Default has occurred and is continuing under this Agreement or the payment of a dividend would create an Event of Default. The payment of any dividend shall in all respects comply with the Rules and Regulations of the Federal Reserve Board.
Dividends, Redemptions and Other Payments. If
(i) any Default or Event of Default shall exist under clauses (i), (ii), (iii) of Section 5.2(a) hereof or a Default or Event of Default under any such section would be created by the declaration or payment of cash dividends or any other payment or distribution of cash on account of its capital stock or the purchase, redemption or other retirement of its capital stock, or (ii) an Event of Default has occurred and is continuing, declare or pay any cash dividends or make any other payment or distribution of cash on any shares of stock of any class of Lessee, now or hereafter outstanding, or purchase, redeem or otherwise retire any such shares in consideration of cash or apply or set apart any of their assets therefor or make any other distribution (by redemption of capital or otherwise) in respect of any such shares in consideration of cash, or agree to do any of the foregoing.
Dividends, Redemptions and Other Payments. (a) Declare or pay, or set aside any sum for the payment of, any dividends or make any other distribution upon any shares of its capital stock of any class, or (b) purchase, redeem or other otherwise acquire for value any shares of its capital stock of any class, or commit to do any of same, or set aside any sum therefor, or permit any subsidiary to purchase or acquire for value any shares of its capital stock of any class, or commit to do any of the same, or set aside any sum therefor, or (c) make any payment to a profit sharing plan or to any other retirement or pension plan to or for the benefit of management shareholders which exceeds (based on a percentage of compensation) similar payments made for the benefit of all employees of the Borrower; provided that the above clauses (a) and (c) shall only apply where the taking of any such action will result in a default in the financial covenants as contained at Section 6.9 herein.
Dividends, Redemptions and Other Payments. (a) Declare or pay, or ----------------------------------------- suffer or permit any of their respective Subsidiaries to declare or pay, any cash distributions in respect of any shares of capital stock of any class in the Parent or any Borrower or any of their respective Subsidiaries, or declare or pay any cash dividends on any shares of capital stock of any class of any of their respective Subsidiaries, in any cash now or hereafter outstanding, or purchase, redeem, cancel or acquire any shares of capital stock of any class in the Parent, any Borrower or any of their respective Subsidiaries, or any capital stock of any of their respective Subsidiaries or any option, warrant, or other right to acquire such capital stock, or apply or set apart any of its assets therefor, or make any distribution (by reduction of capital or otherwise) in respect of any such shares of capital or any such option, warrant or other right, other than (i) dividends paid or distributed by any Subsidiary to its direct parent, (ii) so long as no Default or Event of Default is continuing or would arise as a result thereof, repurchases of common stock or options for common stock in a Credit Party from former or terminating employees of the Parent and its Subsidiaries in an aggregate amount not to exceed US$5,000,000 for any Fiscal Year, (iii) so long as no Default or Event of Default is continuing or would arise as a result thereof, repurchases of common stock of the Parent in an aggregate amount not to exceed US$50,000,000; (iv) so long as no Default or Event of Default is continuing or would arise as a result thereof, other dividends which do not exceed the aggregate twenty-five percent (25%) of the consolidated Net Income of the Parent and its Subsidiaries for the immediately preceding four fiscal quarters.
Dividends, Redemptions and Other Payments. This Section is intentionally omitted.
