Examples of Permitted Quarterly Tax Distributions in a sentence
In the case of a True-up Amount due to the Company, the Permitted Quarterly Tax Distribution payable during the immediately following Quarterly Payment Period shall be reduced by such True-up Amount and the excess, if any, of the True-up Amount over such Permitted Quarterly Tax Distribution shall be applied to reduce the immediately following Permitted Quarterly Tax Distributions until such True-up Amount is entirely offset.
Notwithstanding the foregoing, any dividends or distributions from New Mall Subsidiary, Mall Subsidiary, Mall Direct Holdings, New Mall Manager or Mall Manager which are applied by Borrowers within 15 days of receipt to fund Permitted Quarterly Tax Distributions need not be applied to prepay the Loans or to reduce Commitments, but such exclusion shall not reduce the amounts otherwise required to be applied to prepay Loans and/or reduce Commitments as provided above.
For all purposes of this Agreement, the determination of Permitted Quarterly Tax Distributions and True-Up Amounts shall be made on the same basis, including the same accounting and tax principles, as the basis on which such determinations were made prior to the date hereof.
Notwithstanding the foregoing, any dividends or distributions from Mall Subsidiary, Mall Direct Holdings or Mall Manager which are applied by Borrowers within 15 days of receipt to fund Permitted Quarterly Tax Distributions need not be applied to prepay the Loans or to reduce Commitments, but such exclusion shall not reduce the amounts otherwise required to be applied to prepay Loans and/or reduce Commitments as provided above.
In the case of a True-up Amount due to the Company, the Permitted Quarterly Tax Distribution payable during the following Quarterly Payment Periods shall be reduced by such True-up Amount and the excess, if any, of the True-up Amount over such Permitted Quarterly Tax Distribution shall be applied to reduce the following Permitted Quarterly Tax Distributions until such True-up Amount is entirely offset.