Permitted Distributions. On or promptly following the execution date of the Note Purchase Agreement, the Project Company will distribute an amount equal to the Permitted Distribution from the proceeds received by the Project Company from the sale of the notes thereunder to the Company. On or promptly following the Final Completion Date, the Project Company will distribute an amount equal to the amounts remaining on deposit in the Construction Escrow Account and the IDC Reserve Account, in the aggregate, upon the occurrence of the Final Completion Date (such amount, the “Aggregate Final Completion Distribution”) to the Company. The Members acknowledge and agree that, notwithstanding anything to the contrary contained in this Agreement, (i) the proceeds of the Permitted Distribution shall be distributed to the Members on April 30, 2013 or such earlier date as may be agreed upon by the Members and (ii) the proceeds of the Aggregate Final Completion Distribution shall be distributed to the Members on the Distribution Date immediately succeeding the Final Completion Date.
Permitted Distributions. (a) Maximum -4-
(i) Cash Flow From Operations (from $___________ Section 4(b)(i) above)
(ii) 95% times 9(a)(i) above $___________
(b) Actual $__________ -5-
Permitted Distributions. The granting of the right to purchase shares of [Preferred Shares] [Common Stock] (whether from treasury shares or otherwise), pursuant to (i) any dividend or interest reinvestment plan or [Preferred Shares] [Common Stock] purchase plan providing for the reinvestment of dividends or interest payable on securities of the Company and/or the investment of periodic optional payments; and (ii) any stock option plans and/or employee benefit or similar plans shall not be deemed to constitute an issue of rights or warrants by the Company.
Permitted Distributions. Borrower is permitted to make Distributions to Guarantor provided after such payment Borrower continues to satisfy the debt service coverage ratio set forth in Section 7.16.
Permitted Distributions. As used in this Agreement, “Permitted Distributions” means, in the case of Knight, regular quarterly cash dividends to holders of the Knight Series A-1 Preferred Stock and the Knight Series A-2 Preferred Stock, and, in the case of GETCO, any tax distributions required to be paid pursuant to the Limited Liability Company Agreement of GETCO.
Permitted Distributions. The Borrower shall not make any distribution. This restriction does not apply to a proposed distribution by the Borrower, if the following conditions have been met:
20.16.1. the Borrower has given 10 (ten) Business Days prior written notice to the Lender of its intention to make the proposed distribution;
20.16.2. the proposed distribution will be made from a distribution made to the Borrower by the Project Company from available Free Cashflow, in accordance with the Cashflow Waterfall Agreement;
20.16.3. a Compliance Certificate for the Measurement Period ending on the Measurement Date immediately preceding the date on which that distribution is proposed to be made has been delivered to the Lender;
20.16.4. no Default is then continuing or would result from that distribution;
20.16.5. that distribution is not then prohibited under the Cashflow Waterfall Agreement;
20.16.6. the Borrower is not prohibited under any applicable law from making that distribution.
Permitted Distributions. Borrower may not, directly or indirectly, declare, make, or pay any Distributions if any Default or Potential Default exists or will exist after giving effect to any such Distribution. Any Distribution permitted hereunder is permitted only to the extent such Distribution is made in accordance with applicable Law and constitutes a valid, non-voidable transaction.
Permitted Distributions. (i) so long as no Default or Event of Default shall have occurred and be continuing at the time of any such Distribution, Distributions from any Borrower or any Subsidiary of any Borrower to Parent in an amount during any 12 month period, which when added to all other amounts received by Parent during such period from any Borrower or any Subsidiary of any Borrower from any source (including, without limitation, payments on any Debt of such Borrower or any of their respective Subsidiaries held by Parent, but excluding Distributions received by Parent in accordance with clauses (ii), (iii) and (iv) below) shall not exceed 120% of Parent’s actual operating expenses during such period, (ii) so long as no Default or Event of Default shall have occurred and be continuing at the time of declaration or after giving effect to the payment thereof (and any Revolver Loans made in connection therewith), (a) Parent may make Distributions to the extent that, after giving effect thereto, Aggregate Availability shall be at least $20,000,000, and (b) Borrowers and their Subsidiaries may make Distributions to Parent in the amount of, and concurrently with, the Distribution permitted to be made by Parent under clause (a) above in order to enable Parent to make such Distribution, (iii) so long as no Default or Event of Default shall have occurred and be continuing at the time of declaration or after giving effect to the payment thereof, Borrowers and their Subsidiaries may make Distributions to Parent in the amount of, and concurrently with, any Permitted Acquisition or Permitted Foreign Subsidiary Investment permitted to be made by Parent under Section 10.2.11 in order to enable Parent to make such Permitted Acquisition or Permitted Foreign Subsidiary Investment, and (iv) Borrowers and their Subsidiaries may make Permitted Convertible Debenture Distributions. Notwithstanding the foregoing, no such Distribution may be made (I) unless such Distribution is permitted under all Applicable Laws, and (II) unless the Person making such Distribution would be Solvent after giving effect to such Distribution (and any Revolver Loans made hereunder in connection therewith) and, to the extent any such Distribution is to be made with the proceeds of Revolver Loans, Obligors shall have delivered to Agent such certificates, financial statements and financial projections as Agent may reasonably request at the time of any such proposed Revolver Loan in order to confirm Obligors’ compliance with...
Permitted Distributions. Non-exclusive licenses of intellectual property in the Ordinary Course of Business;
Permitted Distributions. So long as any Default or Potential Default exists or will exist as a result of any such Distribution, no Restricted Company may directly or indirectly declare, make, or pay any Distribution, other than Distributions made or paid, directly or indirectly, to Borrower. Any Distribution permitted hereunder is permitted only to the extent such Distribution is made in accordance with applicable Law and constitutes a valid, non-voidable transaction.
