LIMITED DIVIDENDS. 7. (a) The Developer covenants and agrees that Distribution Payments made in any fiscal year of the Development shall not exceed the Maximum Annual Distributable Amounts for such fiscal year. No Distribution Payments may be made if an Event of Default has occurred, which shall include but not be limited to failure to maintain the Development in good physical condition in accordance with Section 8 hereof.
Appears in 4 contracts
Samples: Regulatory and Use Agreement, Regulatory and Use Agreement, Regulatory and Use Agreement
LIMITED DIVIDENDS. 7. (a) The Developer covenants and agrees that Distribution Payments made in any fiscal year of the Development shall not exceed the Maximum Annual Distributable Amounts for such fiscal year. No Distribution Payments may be made if during any period in which an Event of Default has occurredoccurred and is continuing, which shall include but not be limited to failure to maintain the Development in good physical condition in accordance with Section 8 hereof.
Appears in 2 contracts
Samples: Regulatory and Use Agreement, Regulatory and Use Agreement
