Prohibited Distributions. If a Default or Unmatured Default has occurred and is continuing, Borrower shall not make any dividend or distribution to its members, or make any other payment to Persons holding a direct or indirect ownership interest in Borrower or engage in any transaction that has a substantially similar effect.
Appears in 3 contracts
Sources: Term Loan Agreement (Rexford Industrial Realty, Inc.), Term Loan Agreement (Rexford Industrial Realty, Inc.), Term Loan Agreement (Rexford Industrial Realty, Inc.)
Prohibited Distributions. If After the occurrence and during the continuation of a Default or Unmatured Default has occurred and is continuingDefault, Borrower shall not make any dividend or distribution to its members, or make any other payment to Persons holding a direct or indirect ownership interest in Borrower or engage in any transaction that has a substantially similar effect.;
Appears in 2 contracts
Sources: Loan and Security Agreement (Inland Real Estate Income Trust, Inc.), Loan and Security Agreement (Inland Real Estate Income Trust, Inc.)
Prohibited Distributions. If After the occurrence and during the continuation of a Default or Unmatured Default has occurred and is continuingDefault, Borrower shall not make any dividend or distribution to its members, or make any other payment to Persons holding a direct or indirect ownership interest in Borrower or engage in any transaction that has a substantially similar effect; provided, however, that no such dividend, distribution or payment shall be permitted if the Loans are not “in balance” pursuant to Section 2.05(a) hereof or after the occurrence and during the continuance of a Default.
Appears in 1 contract
Sources: Construction Loan and Security Agreement (Global Growth Trust, Inc.)
Prohibited Distributions. If After the occurrence and during the continuation of a Default or Unmatured Default has occurred and is continuingDefault, Borrower shall not make any dividend or distribution to its members, or make any other payment to Persons holding a direct or indirect ownership interest in Borrower or engage in any transaction that has a substantially similar effect.
Appears in 1 contract
Sources: Revolving Loan and Security Agreement (Cottonwood Communities, Inc.)