Common use of Payout Ratio Clause in Contracts

Payout Ratio. Any Restricted Payment to be made during any of its fiscal quarters, which, when added to all Restricted Payments made during the three (3) immediately preceding fiscal quarters, exceeds 95% of Distributable Cash Flow; provided, however, that TRG shall be permitted, provided there exists no Event of Default, to make Restricted Payments in excess of 95% of Distributable Cash Flow (i) as may be necessary under Section 857(a) of the Code to maintain TCI’s tax status as a real estate investment trust, (ii) pursuant to Section 5.2(a)(i) or Section 5.3 of TRG’s agreement of limited partnership, or any other provision of TRG’s agreement of limited partnership, as the same may hereafter be amended, that requires preferential distributions to be made or (iii) pursuant to Section 5.2(a)(iii) of TRG’s agreement of limited partnership, to the extent that such distributions pursuant to said Section 5.2(a)(iii) derive from the disposition of any property owned by TRG at any time prior to May 6, 2000. For purposes of this Article, “Restricted Payment” means any distribution or other payment made out of Funds From Operations by TRG to its partners; or

Payout Ratio. Any Restricted Payment to be made during any of its fiscal quarters, which, when added to all Restricted Payments made during the three (3) immediately preceding fiscal quarters, exceeds 95% of Distributable Cash Flow; provided, however, that TRG Borrower shall be permitted, provided there exists no Event of Default, to make Restricted Payments in excess of 95% of Distributable Cash Flow (i) as may be necessary under Section 857(a) of the Code to maintain TCI’s 's tax status as a real estate investment trust, (ii) pursuant to Section 5.2(a)(i5.2 (a) (i) or Section 5.3 of TRG’s Borrower's agreement of limited partnership, or any other provision of TRG’s Borrower's agreement of limited partnership, as the same may hereafter be amended, that requires preferential distributions to be made or (iii) pursuant to Section 5.2(a)(iii5.2 (a) (iii) of TRG’s Borrower's agreement of limited partnership, to the extent that such distributions pursuant to said Section 5.2(a)(iii5.2 (a) (iii) derive from the disposition of any property owned by TRG Borrower at any time prior to May 6, 2000. For purposes of this Article, “"Restricted Payment” " means any distribution or other payment made out of Funds From Operations by TRG Borrower to its partners; or

Payout Ratio. Any Restricted Payment to be made during any of its fiscal quarters, which, when added to all Restricted Payments made during the three (3) immediately preceding fiscal quarters, exceeds 95% of Distributable Cash Flow; provided, however, that TRG Borrower shall be permitted, provided there exists no Event of Default, to make Restricted Payments in excess of 95% of Distributable Cash Flow (i) as may be necessary under Section 857(a) of the Code to maintain TCI’s tax status as a real estate investment trust, (ii) pursuant to Section 5.2(a)(i5.2 (a) (i) or Section 5.3 of TRGBorrower’s agreement of limited partnership, or any other provision of TRGBorrower’s agreement of limited partnership, as the same may hereafter be amended, that requires preferential distributions to be made or (iii) pursuant to Section 5.2(a)(iii5.2 (a) (iii) of TRGBorrower’s agreement of limited partnership, to the extent that such distributions pursuant to said Section 5.2(a)(iii5.2 (a) (iii) derive from the disposition of any property owned by TRG Borrower at any time prior to May 6, 2000. For purposes of this Article, “Restricted Payment” means any distribution or other payment made out of Funds From Operations by TRG Borrower to its partners; or