Limitation of Distributions. Notwithstanding any provision to the --------------------------- contrary contained in this Agreement, the Partnership, and the Executive Committee on behalf of the Partnership, shall not make a distribution to any Partner on account of its interest in the Partnership if such distribution would violate Section 17-607 of the Act or other applicable law, or any bank credit agreements or indenture debt instruments to which the Partnership is a party.
Limitation of Distributions. In or with respect to any Lease Year, Lessee shall not pay or distribute to its shareholders or any Affiliate in the form of dividends, fees for any services or reimbursements for shareholder expenditures or overhead on behalf of Lessee or to its Affiliates.
Limitation of Distributions. Distributions will be subject to the provision by the JV for: (i) all JV liabilities in accordance with the Arizona Act, and (ii) reserves for liabilities taken in accordance with Section 4.7. The unused portion of any reserve shall be distributed after the Management Committee has determined that the need therefor has ceased.
Limitation of Distributions. From and after the transfer of Xxxxxx's interest to New Sub as contemplated by the Settlement and Restructuring Agreement, and in the absence of any Triggering Event, Event of Default, or other event that with notice and/or the passage of time would become an Event of Default, in or with respect to any Lease Year, Lessee shall not make any Distributions, unless all three (3) of the following conditions have been met for the prior four (4) calendar quarters and such conditions will still be met following such payment or distribution: (1) Lessee's Coverage Ratio for the preceding four (4) calendar quarters equals or exceeds 1.7; (2) Lessee's Stressed Coverage Ratio for the preceding four (4) calendar quarters equals or exceeds 1.25; and (3) if such Distribution had been made on the last day of the preceding month, following such Distribution Lessee's Current Ratio would have equaled or exceeded 1.3. From and during a Triggering Event, Event of Default, or other event that with notice and/or the passage of time would become an Event of Default, Lessee shall not make any Distributions. The limitations on Distributions set forth in this Section 8.2.1.1 shall not prevent the deposit of Lessee's funds into the Advocat Concentration Account for the purposes and to the extent contemplated by the Settlement and Restructuring Agreement. This Subsection is a limitation on Distributions, and Xxxxxx's failure to comply with one or more of the three (3) conditions set forth above shall not be a default or Event of Default hereunder, unless a Distribution is made during a period of time when any one or more of such conditions is not satisfied.
Limitation of Distributions. In the absence of an Event of Default, or other event that with notice and/or the passage of time would become an Event of Default, in or with respect to any Lease Year, Lessee shall not make any Distributions, unless all three (3) of the following conditions have been met for the prior four (4) calendar quarters and such conditions will still be met following such payment or distribution: (1) Lessee’s Coverage Ratio for the preceding four (4) calendar quarters equals or exceeds 1.7; (2) Lessee’s Stressed Coverage Ratio for the preceding four (4) calendar quarters equals or exceeds 1.25; and (3) if such Distribution had been made on the last day of the preceding month, following such Distribution Lessee’s Current Ratio would have equaled or exceeded 1.3. From and during an Event of Default, or other event that with notice and/or the passage of time would become an Event of Default, Lessee shall not make any Distributions. This Subsection is a limitation on Distributions, and Lessee’s failure to comply with one or more of the three (3) conditions set forth above shall not be a default or Event of Default hereunder, unless a Distribution is made during a period of time when any one or more of such conditions is not satisfied.
Limitation of Distributions. (a) Except as set forth in this Article IV and in Article X, the Company shall not make any distributions to its Members.
Limitation of Distributions. During the Term, none of Lessee nor any Sublessee shall make any Distributions to the holders of its equity securities (other than Lessee in the case of the Sublessees) or any Affiliate if, as of the date of such Distribution or upon giving effect to such Distribution, (a) an Event of Default has occurred and is continuing or (b) an Unmatured Event of Default has occurred and is continuing. During the Term, none of Lessee or the Sublessees shall enter into any contracts or agreements with any Affiliates of Lessee or a Sublessee to provide goods or services to the Facilities unless such contracts or agreements are on commercially reasonable terms competitive in the marketplace and no more favorable to the provider of goods or services as is available to nursing home operators of comparable size in the States in which the Facilities are located. Notwithstanding the provisions of this Section 8.3.6, after the occurrence of an Event of Default or an Unmatured Event of Default and while it continues, Lessee and the Sublessees may make payments in the ordinary course of business required by contracts or agreements entered into prior to the date of such Event of Default or Unmatured Event of Default with their Affiliates for goods and services which are reasonably necessary to the continued operation of the Facilities; provided, however, that Lessee and the Sublessees may not make any such payments with respect to amounts which are more than forty five (45) days past due and Lessee must provide Lessor copies of the contracts or agreements and Notice of such payments on or before the date made.
Limitation of Distributions. No person is entitled to receive a Distribution of any part of its Capital Contribution to the extent such Distribution would violate Section 9.2(d). No Member or Assignee, irrespective of the nature of its Capital Contribution, has the right to demand and receive property other than cash in return for its Capital Contribution.52 51 §7-80-603 provides that a “member who has resigned or withdrawn has no right to participate in the management of the business and affairs of the” company “and is entitled only to receive the share of the profits or other compensation by way of income and the return of contributions to which such member would have been entitled if the member had not resigned or withdrawn.” 52 This is consistent with the first sentence of §7-80-604. Note the contrary provision in Section 10.2(a)(i).
Limitation of Distributions. In or with respect to Lease Year 2000 and any subsequent Lease Year, after the first year of the Term and excluding the distribution of the proceeds of Omega's Signature Facilities Investment, Lessees shall not pay or distribute to their shareholders or any Affiliate in the form of dividends, fees for management in excess of those Lessees are required by the terms of the Management Agreement to pay, or for any other services or reimbursements for shareholder expenditures or overhead on behalf of Lessees unless (A) after any and all such payments and distributions (i) Lessees' Consolidated Tangible Net Worth equals or exceeds the amount required by Section 8.3.1.2 above, and (ii) Lessees' Consolidated Current Ratio is at least 1.2, and (B) Lessees have maintained, for the four (4) calendar quarters immediately preceding any such payments and distributions, a Lessees' Consolidated Fixed Charge Ratio of at least 1.4.
Limitation of Distributions. None of Tenant, any Subtenant (other than a Hospital Subtenant), UPL-IGT Manager or Guarantor shall make any Distributions to the holders of its equity securities or any Affiliate if, as of the date of such Distribution or upon giving effect to such Distribution, an Event of Default in the payment of Base Rent has occurred and is continuing. At all times during the Term, Tenant and the Subtenants shall maintain, on a consolidated basis, a Post-Distribution Cash Flow to Rent Ratio (in each case, to be tested quarterly for the immediately preceding 12 month period) of 1.0:1. Solely for the purposes of calculating compliance with the Post-Distribution Cash Flow to Rent Ratio in connection with any contemplated Distribution, all contemplated Distributions shall also be subtracted from Post-Distribution Cash Flow.
