Common use of Permitted Distributions Clause in Contracts

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.