Common use of Distribution Limitation Clause in Contracts

Distribution Limitation. The Loan Parties shall cause the aggregate cash distributions to the REIT Guarantor’s shareholders made by the REIT Guarantor during the Applicable Distribution Period (including, without limitation, any Restricted Payments made to repurchase any common shares of the REIT Guarantor) to not exceed ninety-five percent (95%) of the aggregate cumulative Adjusted Funds From Operations accrued on and after the Closing Date and through such Applicable Distribution Period (or such greater amount as is required for the REIT Guarantor to maintain REIT status or to avoid any excise tax and income tax imposed on the REIT Guarantor) (it being understood that, notwithstanding anything to the contrary contained in this Section 6.4, the REIT Guarantor may (a) distribute to the REIT Guarantor’s shareholders any and all cash proceeds received by the REIT Guarantor or the Borrower in connection with any issuance or sale of shares of Capital Stock of the REIT Guarantor (other than Convertible Indebtedness) and (b) make unlimited distributions to the REIT Guarantor’s shareholders payable solely in the form of common stock of the REIT Guarantor); provided that no such cash distribution will be permitted so long as any Event of Default under Section 8.1(a) or (b) or, with respect to the REIT Guarantor or the Borrower, Section 8.1(g), (h) or (i) has occurred and is continuing.

Distribution Limitation. The Loan Parties shall cause the aggregate cash distributions to the REIT Guarantor’s shareholders made by the REIT Guarantor during the Applicable Distribution Period (including, without limitation, any Restricted Payments made to repurchase any common shares of the REIT Guarantor) to not exceed ninety-five percent (95%) of the aggregate cumulative Adjusted Funds From Operations accrued on and after the Closing Date and through during such Applicable Distribution Period (or or; such greater amount as is required for the REIT Guarantor to maintain REIT status or to avoid any excise tax and income tax imposed on the REIT Guarantor) (it being understood that, notwithstanding anything to the contrary contained in this Section 6.4, the REIT Guarantor may (a) distribute to the REIT Guarantor’s shareholders any and all cash proceeds received by the REIT Guarantor or the Borrower in connection with any issuance or sale of shares of Capital Stock of the REIT Guarantor (other than Convertible Indebtedness) and (b) make unlimited distributions to the REIT Guarantor’s shareholders payable solely in the form of common stock of the REIT Guarantor); provided that no such cash distribution will be permitted so long as any Event of Default under Section 8.1(a) or (bSection 8.1(b) or, with respect to the REIT Guarantor or the Borrower, Section 8.1(g), (hSection 8.1(h) or (iSection 8.1(i) has occurred and is continuing.