RESTRICTIONS ON PAYMENT OF DIVIDENDS. Pursuant to and subject to the Companies Act, the Company may not lawfully declare or pay a dividend if the Company has reasonable grounds for believing that the Company is, or would after payment of the dividend be, unable to pay its liabilities as they become due, or that the realizable value of the Company’s assets would, after payment of the dividend, be less than the aggregate value of the Company’s liabilities.
RESTRICTIONS ON PAYMENT OF DIVIDENDS. The Company shall not declare or pay a dividend if the Company has reasonable grounds for believing that (i) the Company is or, after giving effect to such payment, would be, unable to pay its liabilities as they become due, or (ii) the realizable value of the Company’s assets would thereby be less than the Company’s liabilities, or (iii) the Company is or, after such payment, would be in breach of any applicable individual or group solvency and liquidity requirements or applicable individual or group enhanced capital requirements or such other applicable rules, regulations or restrictions as may from time to time be issued by the BMA pursuant to the terms of the Insurance Xxx 0000 of Bermuda and related regulations or any successor legislation or then applicable law.
RESTRICTIONS ON PAYMENT OF DIVIDENDS. Pursuant to and subject to the Companies Act, the Company may not lawfully declare or pay a dividend if the Company has reasonable grounds for believing that the Company is, or would after payment of the dividend be, unable to pay its liabilities as they become due, or that the realizable value of the Company’s assets would, after payment of the dividend, be less than the aggregate value of the Company’s liabilities. Additionally, dividends on the Series B Preference Shares will not be declared, paid or set aside for payment if the Company is, or after giving effect to such act would be, in breach of the Insurance Act, the Companies Act, the Insurance (Eligible Capital) Rules 2012, the Group Solvency Standard, including the Enhanced Capital Requirement, or under such other Applicable Supervisory Regulations or other applicable laws, rules and regulations.
RESTRICTIONS ON PAYMENT OF DIVIDENDS. Each of the Senior Facility Agreement and the Mezzanine Facility Agreement prohibits the obligors under the Senior Facility Agreement and Mezzanine Facility Agreement (as the case may be) from declaring, making or paying any dividends or other distributions in the nature or intended to act as a distribution to any of its shareholders (whether in cash or in kind), save in the context of specified permitted intra-group distributions or reorganisation.
RESTRICTIONS ON PAYMENT OF DIVIDENDS. Notwithstanding anything contained herein to the contrary, no dividends on shares of Redeemable Preferred Stock shall be declared by the Board of Directors or paid or set apart for payment by the Corporation: (i) unless, prior to or concurrently with such declaration, payment or setting apart, all accrued and unpaid dividends, if any, on shares of Senior Securities shall have been paid or declared and set apart for payment through the dividend payment period with respect to such Senior Securities which next precedes or coincides with the Dividend Accrual Date; or (ii) at such time as such declaration, payment or setting apart is prohibited by the Delaware General Corporation Law (the "DGCL); or (iii) at such time as the terms and provisions of any contract or other agreement of the Corporation or any of its subsidiaries entered into or assumed providing financing (including acquisition financing) or working capital to the Corporation or any of its subsidiaries (whether or not entered into prior to, at or after the issuance of the Redeemable Preferred Stock), specifically prohibits such declaration, payment or setting apart for payment or provides that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder.
RESTRICTIONS ON PAYMENT OF DIVIDENDS. So long as any of the Series B Preferred Stock remains issued and outstanding, the Company shall not enter into any agreement or other arrangement which restricts or limits or would reasonably be likely to result in a restriction or limitation on the payment of dividends on the Series B Preferred Stock.
