Permitted Restrictive Agreement definition
Permitted Restrictive Agreement has the meaning specified therefor in Section 6.15.
Permitted Restrictive Agreement as defined in Section 10.2.14. Permitted Tax Distributions: Tax Distributions to Parent and/or by Parent to its Members in respect of any taxable year of Parent equal to the product of (a) the amount of taxable income allocated to the Members for such taxable year, less the amount of taxable loss allocated to the Members for all prior taxable years (except to the extent such taxable losses have previously been taken into account under this provision or are not usable to offset taxable income for such year), multiplied by (b) the highest aggregate marginal statutory Federal (including alternative minimum tax), state and local income tax rate (determined taking into account the deductibility of state and local income taxes for Federal income tax purposes) to which any of the direct or indirect Members of Parent is subject for such year; and Parent shall be permitted to make Tax Distributions, and distributions to Parent shall be permitted, on a quarterly basis during such taxable year based on the best estimate of the chief financial officer of Parent of the amounts specified in clauses (a) and (b) above; provided that if the aggregate amount of the estimated Tax Distributions made in any taxable year of Parent exceeds the actual maximum amount of Tax Distributions for that year as finally determined, the amount of any Tax Distributions in the succeeding taxable year (or, if necessary, any subsequent taxable years) shall be reduced by the amount of such excess.
Examples of Permitted Restrictive Agreement in a sentence
No Loan Party or Subsidiary is party or subject to any Restrictive Agreement other than a Permitted Restrictive Agreement, none of which prohibit the execution or delivery of any Loan Documents by a Loan Party nor the performance by a Loan Party of any obligations thereunder.
Enter into or become a party to any Restrictive Agreement, other than a Permitted Restrictive Agreement.
No Obligor or Subsidiary is party or subject to any Restrictive Agreement other than a Permitted Restrictive Agreement, none of which prohibit the execution or delivery of any Loan Documents by an Obligor nor the performance by an Obligor of any obligations thereunder.