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
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.
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.
(b) From and after the date hereof, except as otherwise provided in this Limited Liability Company Agreement (including Sections 4.01(d), 9.05(b)(i) and 10.02), the Company shall make distributions in the same proportions and amounts as Net Income would be allocated to Members pursuant to Section 5.01, if, but only if, the Company has repaid the outstanding principal and interest on all loans theretofore deemed made to the Company by Knight and by the Management Group pursuant to Section 4.01(f) (collectively, the “Loans”), which repayments shall be paid as soon as possible.
(c) Subject to Section 4.01(b), the Company shall make distributions in cash pursuant to this Section 4.01 on an annual basis no later than on January 30 of each year, in an amount equal to the Company’s Available Current Assets as of the immediately preceding January 1. “Available Current Assets” shall mean the Company’s consolidated net current assets in excess of $3.0 million (provided that if the Management Group shall own 51 Shares, such amount shall be $4.0 million). Each distribution pursuant to this Section 4.01 shall be made in immediately available funds by wire transfer as directed in writing by each Member not less than two business days prior to such distribution.
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.
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. From and after the transfer of Lessee'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
(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.
Limitation of Distributions. No Borrower, HCREH or Guarantor shall make any Distributions to the holders of its equity securities (if any), any Affiliate or for any charitable purposes, unless and until, as of the date of such Distribution and upon giving effect to such Distribution, no Event of Default or Unmatured Event of Default has occurred and is continuing.
Limitation of Distributions. In or with respect to any Lease Year, ---------------------------- Lessee shall not make any Distributions to its shareholders 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; provided, however, that Lessee may pay to Senior Healthcare the lesser of (i) the actual, unpaid cost of prescription services delivered to the Facility during the Term; and (ii) the market price for such services in the State of Washington.
