Dividends or Distribution Sample Clauses

Dividends or Distribution. Debtor will not declare or pay any dividends or distributions on any equity interest of Debtor to any Person, unless any such amounts are directly utilized for the payment of (i) principal or interest on Indebtedness owing from time to time by Debtor to Lender, or (ii) taxes owing by an equity holder of Debtor to the extent that such taxes are incurred as a result of the business operations of Debtor, so long as no Default exists immediately prior to or after giving effect to such dividends.

Dividends or Distribution. From and after the occurrence of a Dividend Restriction Event, [***] in accordance with Section 8(a)(v) hereof), Debtor shall not: (i) declare or pay any dividend or other distribution, direct or indirect, on account of any equity interest of Debtor, now or hereafter outstanding; (ii) make any repurchase, redemption, retirement, defeasance, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any equity interest of Debtor or any direct or indirect parent of Debtor, now or hereafter outstanding; (iii) make any payment to retire, or to obtain the surrender of, any outstanding warrants, options or other rights for the purchase or acquisition of shares of any class of equity interest of Debtor, now or hereafter outstanding; (iv) return any equity interest to any equity holders of Debtor, or make any other distribution of property, assets, shares of equity interest, warrants, rights, options, obligations or securities thereto as such; or (v) pay any management fees or any other fees or expenses (including the reimbursement thereof by Debtor) pursuant to any management, consulting or other services agreement to any of the shareholders or other equity holders of Debtor. “Dividend Restriction Event” means the occurrence of any of the following: (1) an Event of Default shall have occurred and be continuing; (2) a Default shall have occurred and be continuing; (3) a Level 1 Trigger shall have occurred and be continuing either immediately before, or would occur immediately after, giving effect to any such payment, dividend or distribution under this Section; and/or (4) a Consumer Loan Value Deficiency exists or would exist after making such payment, dividend or distribution. Notwithstanding anything herein to the contrary, the total dividends and/or other distributions made by Debtor on account of any equity interests in Debtor shall not exceed the [***] Dividend Cap in any calendar [***].

Dividends or Distribution. Following the occurrence of an Event of Default or event which with notice and/or the passage of time would be an event of Default, Debtor will not declare or pay any dividends or distributions on any equity interest of Debtor.

Dividends or Distribution. Following the occurrence of an Event of Default or event which with notice and/or the passage of time would be an event of Default, Debtor will not declare or pay any dividends or distributions on any equity interest of Debtor. PLAINSCAPITAL BANK – AVATAR SYSTEMS, INC. LOAN AND SECURITY AGREEMENT - PAGE 17

Dividends or Distribution. Pay or declare any cash or other dividend or distributions on any of its corporate stock, except that stock dividends may be paid, and except that a Consolidated Subsidiary may pay dividends of any kind to Debtor.

Dividends or Distribution. With respect to any period for which Debtor was or is (i) a “subchapter S” corporation for federal income tax purposes, (ii) treated as a partnership for federal income tax purposes and/or (iii) an entity that is disregarded for federal income tax purposes, Debtor may pay dividends or make distributions to the holder or holders of its equity interests in an aggregate amount equal to the aggregate liability (reduced by any tax refunds received by such equity holders in prior periods) of the holder or holders of equity interests in Debtor for federal, state and local income taxes solely attributable to such Persons equity ownership interests in Debtor, which liability will be calculated based upon the maximum federal, state and local tax for an individual resident in Florida applied to the taxable income of Debtor; provided, that Debtor may only make payments pursuant to this Section within THIRTY (30) days prior to the date any such taxes are due and payable.

Dividends or Distribution. Pay or declare any cash or other dividend or distributions on any of its corporate stock, except that stock dividends may be paid, and except that a Consolidated Subsidiary may pay dividends of any kind to Debtor. The Debtor shall not directly or indirectly declare or make, and shall not permit any of its subsidiaries directly or indirectly to declare or make, any Restricted Payment or Restricted Purchase, (as hereinafter defined) or set aside any funds for any such purpose. "Restricted Payment" shall mean (a) any direct or indirect distribution, dividend, or other payment to any person or entity on account of any shares of stock or other securities of the Debtor or any of its subsidiaries; or (b) any payment of principal or interest on any Indebtedness issued by the Debtor or any of its subsidiaries to, or any management, consulting, or similar fees payable by the Debtor or any of its Subsidiaries to, any affiliate of the Debtor. "Restricted Purchase" shall mean any payment on account of the purchase, redemption, or other acquisition or retirement of any shares of capital stock or other securities of the Debtor or any of its subsidiaries.

Dividends or Distribution. With respect to any period for which Debtor was or is (i) a “subchapter S” corporation for federal income tax purposes, (ii) treated as a partnership for federal income tax purposes and/or (iii) an entity that is disregarded for federal income tax purposes, Debtor may pay dividends or make distributions to the holder or holders of its equity interests in an aggregate amount equal to the aggregate liability (reduced by any tax refunds received by such equity holders in prior periods) of the holder or holders of equity interests in Debtor for federal, state and local income taxes solely attributable to such Persons equity ownership interests in Debtor, which liability will be calculated based upon the maximum federal, state and local tax for an individual resident in New Orleans, Louisiana applied to the taxable income of Debtor; provided, that Debtor may only make payments pursuant to this Section within THIRTY (30) days prior to the date any such taxes are due and payable.

Dividends or Distribution. Debtor will not declare or pay any dividends or distributions on any equity interest of Debtor to any Person, unless any such amounts are directly utilized for the payment of (i) principal or interest on Indebtedness owing from time to time by Debtor to Lender, or (ii) taxes owing by an equity holder of Debtor to the extent that such taxes are incurred as a result of the business operations of Debtor, so long as no Event of Default or event which with notice and/or the passage of time would be an Event of Default exists immediately prior to or after giving effect to such dividends.