Limitation on Distributions and Redemptions. Notwithstanding any other provision to the contrary in this Agreement, the Company shall not make a distribution to the Class A Member if such distribution would violate the Act or other applicable law, and the Company shall not be obligated to make any dividend or distribution (other than actual or necessary Tax distributions) in respect of, and shall not make any dividend or distribution (other than actual or necessary Tax distributions) in respect of, any Units to the extent (i) such dividend or distribution is prohibited by any agreements, documents or instruments relating to or otherwise evidencing any outstanding indebtedness for borrowed money of the Company or (ii) the Company is prohibited from receiving or obtaining any dividends or distributions from any of its subsidiaries for such purposes under any such agreements, documents or instruments.
Limitation on Distributions and Redemptions. Except for the repayment of advances made in the ordinary course of business, make any distribution or payment (including without limitation the payment of any salary, bonus or other compensation) to any of Borrower's partners or in respect of any partnership interest in Borrower; or directly or indirectly make any capital contribution to or purchase, redeem, acquire or retire any partnership interest in Borrower (whether any such interest is now or hereafter issued, outstanding or created); or cause or permit any reduction or retirement of the partnership interests in Borrower; provided that, at the times when taxes (or estimated taxes) are payable by the partners of Borrower (up to and including April 15 of the succeeding calendar year), if no Event of Default has occurred and is continuing (or would result from such distribution), Borrower may make distributions in an aggregate amount not greater than the product of: (1) the highest tax rate payable by a corporation on ordinary taxable income under the tax laws of the United States and of the State of Montana, the State of North Dakota or the State of Colorado (whichever state has the higher tax rate), times (2) the taxable income of Borrower for the Quarter as to which the distribution is being made (or, if such taxable income is not known at such time, the then-current estimate of such taxable income); provided that when the actual taxable income of Borrower is determined for any Year, Borrower shall cause the partners of Borrower to repay to Borrower any excess distributions made by reason of their being based upon the estimated taxable income of Borrower for the Quarters included in such Year.
Limitation on Distributions and Redemptions. After the occurrence of an event of Default, Borrower will not declare, pay or make any dividend or distribution directly or indirectly in respect of any stockholder or equity interest or other interest in GRMH. GRMH will not directly or indirectly make any capital contribution to or purchase, redeem, acquire or retire any stockholder or equity interest in GRMH (whether such interest is now or hereafter issued, outstanding or created) except with prior written consent and approval of the Bank.
Limitation on Distributions and Redemptions a. The Company or any Subsidiary shall not, directly or indirectly, to (i) declare or pay any dividend or make any distribution on or in respect of its Capital Stock (including any payment in connection with any merger or consolidation involving the Company) or similar payment to the direct or indirect holders of its Capital Stock except (1) dividends or distributions payable solely in its Capital Stock (other than Disqualified Stock) or in options, warrants or other rights to purchase such Capital Stock and (2) dividends or distributions payable solely to the Company or a Wholly Owned Subsidiary, (ii) purchase, redeem, retire or otherwise acquire for value any Capital Stock of the Company or any Wholly Owned Subsidiary held by Persons other than the 5 6 Company, (iii) purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payments any Indebtedness (other than Indebtedness represented by this Note and Indebtedness between the Company and any of its Subsidiaries, or between Subsidiaries of the Company) or (iv) make any Investment in any Person other than a Permitted Investment.
Limitation on Distributions and Redemptions. Except for loans as described in Section 2.06(c) above and for the repayment of advances made in the ordinary course of business, make any distribution or payment (including without limitation the payment of any salary, bonus or other compensation) to any of Borrower's partners or in respect of any partnership interest in Borrower; or directly or indirectly make any capital contribution to or purchase, redeem, acquire or retire any partnership interest in Borrower (whether any such interest is now or hereafter issued, outstanding or created); or cause or permit any reduction or retirement of the Partnership interests in Borrower; provided that, at the times when taxes (or estimated taxes) are payable by the partners of Borrower (up to and including April 15 of the succeeding calendar year), if no Event of Default has occurred and is continuing (or would result from such distribution), Borrower may make distributions in an aggregate amount not greater than the product of: (1) the highest tax rate payable by a corporation on ordinary taxable income under the tax laws of the United States and of the State of Montana, the State of North Dakota or the State of Colorado (whichever state has the higher tax rate), times (2) the taxable income of Borrower for the Quarter as to which the distribution is being made (or, if such taxable income is not known at such time, the then-current estimate of such taxable income); provided that when the actual taxable income of Borrower is determined for any Year, Borrower shall cause the partners of Borrower to repay to Borrower any excess distributions made by reason of their being based upon the estimated taxable income of Borrower for the Quarters included in such Year.
Limitation on Distributions and Redemptions. The Company will not make any Distribution, except as expressly provided in this section. Distributions may be made by the Company (i) at any time with respect to a Distribution to pay or reimburse taxes (whether gross receipts, income or franchise taxes and whether state or federal) actually incurred by the General Partner or any limited partner in the Company due to its status as General Partner or limited partner in the Company or actually incurred by any Affiliate due to its status as an Affiliate of the Company and whose income or gross receipts are required to be, or are, reported with the Company's on a consolidated basis, or (ii) within sixty (60) days after the end of each Fiscal Quarter with respect to any other Distribution, and with respect to all Distributions described in clauses (i) and (ii) of this sentence, to the extent that the aggregate value of all Distributions made by the Company in the Four Quarter Period ending on the last day of the most recently ended Fiscal Quarter does not exceed Company's profit for such Four Quarter Period, so long as no Default or Event of Default exists at the time such Distribution is made, or will occur as a result of the making thereof.
Limitation on Distributions and Redemptions. After the occurrence of an event of default, the Company will not declare, pay or make any dividend or distribution directly or indirectly in respect of any stockholder or equity interest or other interest. The Company will not directly or indirectly make any capital contribution to or purchase, redeem, acquire or retire any stockholder or equity interest in the Company (whether such interest is now or hereafter issued, outstanding or created) except with prior written consent and approval of the Major Investors.
Limitation on Distributions and Redemptions. Without the written consent of Lender, no Credit Party will declare or make any Distribution.
Limitation on Distributions and Redemptions. The Borrower will not: (a) declare, pay or make any dividends or other distributions in respect of any class of capital stock or other interest in the Borrower; or (b) enter into any management agreement with any affiliate or other Person except in the ordinary course of business. Excluding any such items by, between or among the Borrower and the Subsidiaries, neither the Borrower nor any of the Subsidiaries will directly or indirectly make any capital contribution to or purchase, redeem, acquire or retire any of the capital stock of the Borrower or the Subsidiaries (whether such capital stock is now or hereafter issued, outstanding or created).
Limitation on Distributions and Redemptions. 39 Section 6.13 TANGIBLE NET WORTH . . . . . . . . . . . . . . . . . . . 39 Section 6.14 TANGIBLE NET WORTH RATIO . . . . . . . . . . . . . . . . 39 Section 6.15 NET INCOME . . . . . . . . . . . . . . . . . . . . . . . 39 Section 6.16 CUSTODIAN. . . . . . . . . . . . . . . . . . . . . . . . 39
