Limitations on Dividends. If at any time the Corporation shall have declared a dividend on the Series C-1 Preferred Stock and failed to pay or set aside consideration sufficient to pay such dividend, or if the Corporation declares a cash dividend on the shares of Common Stock and fails to pay or set aside the Participating Dividend required to be paid to the holders of the Series C-1 Preferred Stock, then (i) the Corporation shall not declare or pay any dividend on or make any distribution with respect to any Parity Stock or Junior Stock or set aside any money or assets for any such purpose until such dividend payable to the holders of Series C-1 Preferred Stock has been paid or consideration sufficient to pay such dividend has been set aside for such purpose, and (ii) neither the Corporation nor any Subsidiary thereof shall redeem, exchange, purchase or otherwise acquire any shares of Series C-1 Preferred Stock, Parity Stock or Junior Stock, or set aside any money or assets for any such purpose, a sinking fund or otherwise, unless all then outstanding shares of any class or series of Parity Stock that by the terms of the instrument creating or evidencing such Parity Stock is required to be redeemed under such circumstances are redeemed or exchanged pursuant to the terms hereof and thereof. Neither the Corporation nor any Subsidiary thereof shall redeem, exchange, purchase or otherwise acquire any Parity Stock or Junior Stock, or set aside any money or assets for any such purpose, if after giving effect to such redemption, exchange, purchase or other acquisition, the amount (as determined by the Board of Directors in good faith) that would be available for distribution to the holders of the Series C-1 Preferred Stock upon liquidation, dissolution or winding up of the Corporation if such liquidation, dissolution or winding up were to occur on the date fixed for such redemption, exchange, purchase or other acquisition of such Parity Stock or Junior Stock would be less than the aggregate Liquidation Preference as of such date of all shares of Series C-1 Preferred Stock then outstanding. Nothing contained in this Section 4 shall prevent (i) the payment of dividends on any Junior Stock solely in shares of Junior Stock or the redemption, purchase or other acquisition of Junior Stock solely in exchange for (together with a cash adjustment for fractional shares, if any) shares of Junior Stock, or (ii) the payment of dividends on any Parity Stock solely in shares of Parity Stock and/or Juni...
Limitations on Dividends. The Company will not declare or pay, or set apart any funds for the payment of, any dividends (other than dividends payable in common stock of the Company) on any shares of capital stock of any class of the Company, or apply any of its funds, property or assets to, or set apart any funds, property or assets for, the purchase, redemption or other retirement of, or make any other distribution, by reduction of capital or otherwise, in respect of, any shares of capital stock of any class of the Company, unless, immediately after giving effect to such action (a) no Default or Event of Default would exist (including, without limitation, under Section 10.1(b) hereof), and (b) the sum of
(1) the amounts declared and paid or payable as, or set apart for, dividends (other than dividends paid or payable in common stock of the Company) on, or distributions (taken at cost to the Company or fair value at time of distribution, whichever is higher) in respect of, all shares of capital stock of all classes of the Company subsequent to December 31, 2001, and
(2) the excess, if any, of the amounts applied to, or set apart for, the purchase, redemption or retirement of all shares of capital stock of all classes of the Company subsequent to December 31, 2001, over the sum of (i) such amounts as shall have been received as the net cash proceeds of sales of shares of capital stock of all classes of the Company subsequent to December 31, 2001, plus (ii) the aggregate principal amount of all Indebtedness of the Company and its Subsidiaries converted into or exchanged for shares of capital stock of the Company subsequent to December 31, 2001, would not be in excess of (x) $30,000,000 plus (or minus in the case of a deficit) (y) the Consolidated Net Income of the Company and its Restricted Subsidiaries accrued subsequent to December 31, 2001. The foregoing provisions of this Section 10.6 to the contrary notwithstanding (i) the Company may pay any dividend within 90 days of the date of its declaration if, on the date of declaration, such dividend could properly have been paid within the limitations of this Section 10.6, and (ii) the Company may pay regular dividends on or make payments or purchases required to be made at the time when made by the terms of any sinking fund, purchase fund or mandatory redemption requirement in respect of any outstanding shares of preferred stock of the Company originally issued for cash but all amounts so paid or applied pursuant to clauses (i) and (ii...
Limitations on Dividends. 28 Section 10.7. Limitations on Dispositions of Stock or Indebtedness of Restricted Subsidiaries....
Limitations on Dividends of the Indenture provides that the Company shall not declare or pay any dividend or any other distribution on Capital Stock of the Company or any payment made to the direct or indirect holders (in their capacities as such) of Capital Stock of the Company (other than dividends or distributions payable solely in Capital Stock (other than Disqualified Stock) in options, warrants or other rights to purchase Capital Stock (other than Disqualified Stock)) at any time that any Debt Securities are outstanding.
Limitations on Dividends of the Indenture provides that the Company shall not declare or pay any dividend or any other distribution on Capital Stock of the Company or any payment made to direct or indirect holders (in their capacities as such) of Capital Stock of the Company (other than dividends or distributions payable solely in Capital Stock (other than Disqualified Stock) in options, warrants or other rights to purchase Capital Stock (other than Disqualified Stock)) (a) at any time, if any 5-Year Notes are outstanding, and (ii) thereafter at any time that the Company's ratio of Indebtedness, as of the date of the Company's most recent quarterly balance sheet, to EBITDA for the four quarters immediately preceding such balance sheet date is greater than 4.5 to 1; provided that the aggregate amount of dividends declared or paid in any calendar year shall not exceed the aggregate principal amount of 10-Year Notes redeemed or repurchased in that calendar year.
Limitations on Dividends. The Borrowers will not, and will not permit any of their Subsidiaries to, declare or make any Restricted Payments; provided, however, that (a) Subsidiaries of CNLR may make Restricted Payments to CNLR or other Subsidiaries of CNLR; (b) CNLR and the Up-REIT Borrower may declare or make cash distributions to their shareholders and partners, respectively, during any period of four consecutive fiscal quarters in an aggregate amount not to exceed 100% of Funds Available for Distribution for such four quarter period; (c) CNLR may purchase up to five percent (5%) of its outstanding common stock during any calendar year (based upon the actual number of shares of common stock outstanding on January 1 of such calendar year) pursuant to a stock buyback program instituted by CNLR; and (d) subject to the following sentence, if an Event of Default (or event with the passage of time, the giving of notice or both would become an Event of Default) shall have occurred and be continuing, CNLR and the Up-REIT Borrower may only declare or make cash distributions to their shareholders and partners, respectively, during any fiscal year in an aggregate amount not to exceed the lesser of (i) the amount otherwise permitted to be declared or made under the immediately preceding clause (b) and (ii) the minimum amount necessary for CNLR to remain in compliance with Section 6.16. Notwithstanding the foregoing, if an Event of Default (or event with the passage of time, the giving of notice or both would become an Event of Default) specified in Section 8.1, Section 8.4 or 8.5 shall have occurred and be continuing, or if as a result of the occurrence of any other Event of Default the obligations of the Borrowers hereunder have been accelerated pursuant to Section 8, no Borrower shall make any Restricted Payments whatsoever.
Limitations on Dividends. So long as any of the Securities are Outstanding, the Company will not declare or pay or set apart any funds for the payment of dividends on, or make any other distribution in respect of, or make or permit any Subsidiary or Affiliate of the Company to make any payment on account of the purchase, redemption or other acquisition or retirement of, any shares of the Company's capital stock (other than dividends or distributions payable solely in shares of its capital stock) if (at the time of such action and after giving effect, as if paid, to the proposed dividend, distribution or payment): (a) the declaration or payment of such dividend would be in violation of applicable federal or state banking laws and regulations, (b) Fidelity Federal Bank, A Federal Savings Bank, or the Company would fail to be in compliance with applicable regulatory capital requirements or (c) an Event of Default or an event which, after notice or lapse of time or both, would become an Event of Default shall have occurred and be continuing.
Limitations on Dividends. Section 6.7 of the Note Purchase Agreement is hereby amended by adding thereto the following clause (iv):
Limitations on Dividends. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a distribution to any Shareholder on account of its Shares if such dividend would violate the IBCL or other applicable law or any of the terms of any agreements in respect of the Company.
Limitations on Dividends. 45 SECTION 1009. Restrictions on Additional Indebtedness.................................. 46
