Distributions and Bonuses Sample Clauses

Distributions and Bonuses. Borrower shall not, and shall not permit any Subsidiary Guarantor to: (a) declare or pay or make any forms of Distribution to holders of Borrower’s or any Subsidiary Guarantor’s Capital Stock, provided that: (i) if before and after giving effect to such Distributions no Default or Event of Default exists, Borrower may make Permitted Distributions; and (ii) each Subsidiary Guarantor may make Distributions to Borrower, or (b) declare or pay any bonus compensation to its officers, directors or members if a Default or an Event of Default exists or would result from the payment thereof.
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Distributions and Bonuses. No Person included in the Dekania Group shall (a) declare or pay or make any forms of Distribution to holders of such Person’s Capital Stock, if before and after giving effect to such Distributions a Default or Event of Default exists, or (b) declare or pay any bonus compensation to its officers, directors or members if a Default or an Event of Default exists or would result from the payment thereof.
Sample 1
Distributions and Bonuses. No Borrower shall: (a) declare or pay or make any forms of Distributions to its shareholders, their successors or assigns other than (i) dividends to Phoenix by a Subsidiary of Phoenix; (ii) loans or advances to any shareholder that is also an employee of such Borrower which loans or advances do not exceed in the aggregate as to all shareholders at any one time Five Hundred Thousand Dollars ($500,000); or (b) during any fiscal year of Borrowers, increase current compensation to any key employee (as identified in Phoenix's annual 10-K report) by an amount that exceeds five percent (5%) of such employee's compensation for the immediately preceding fiscal year (other than participation in any stock option or non-cash incentive plans)."
Sample 1
Distributions and Bonuses. No Borrower shall: (a) declare or pay or make any forms of Distribution to its share holders, their successors or assigns other than (i) dividends to Phoenix by a Subsidiary of Phoenix; (ii) a redemption of the warrant issued in favor of Purchaser pursuant to the Purchase Agreement provided that no Default or Event of Default has occurred and is continuing, or after giving effect to such redemption, a Default or Event of Default would occur; and (iii) loans or advances to any shareholder that is also an employee which loans or advances do not exceed in the aggregate as to all shareholders at any one time Two Hundred Thousand Dollars ($200,000); or (b) with respect to any fiscal year, declare or pay any bonus compensation to its shareholders, officers or directors other than the Permitted Bonus; provided that Borrowers shall not pay the Permitted Bonus if (i) a Default or Event of Default has occurred and is continuing (or would occur after giving effect to the payment of the Permitted Bonus) or (ii) the Bridge Notes and/or Exchange Notes have not been redeemed with proceeds of the Subordinated Notes or pursuant to an issuance of equity; provided further, however, that the Permitted Bonus in any fiscal year cannot exceed One Million Five Hundred Thousand Dollars ($1,500,000).
Sample 1

Related to Distributions and Bonuses

  • Employee Contributions Any member of the bargaining unit who is hired on or after September 1, 2010 is eligible to make a voluntary contribution to the City=s Deferred Compensation Plan offered by Ameritas.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • DISTRIBUTIONS AND REPURCHASES No distribution, payment or dividend of any kind will be declared or paid by Company, nor will any repurchase of any of Company's capital stock be approved or effected.

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement.

  • Distributions and Allocations All distributions of cash or other property (except upon the Company's dissolution, which shall be governed by the applicable provisions of the Act and Article IX hereof) and all allocations of income, profits, and loss shall be made 100% to the Member in accordance with its Membership Interest. All amounts withheld pursuant to the Code or any provisions of state or local tax law with respect to any payment or distribution to the Member from the Company shall be treated as amounts distributed to the Member pursuant to this Section 7.3. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required to make a distribution to the Member on account of its interest in the Company if such distribution would violate Section 18-607 of the Act or any other applicable law.

  • Distributions to Members Section 9.1

  • Distributions and Adjustments (a) If any Shares vest subsequent to any change in the number or character of the Common Stock of the Company without additional consideration paid to the Company (through any stock dividend or other distribution, recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of shares or otherwise), you shall then receive upon such vesting the number and type of securities or other consideration which you would have received if such Shares had vested prior to the event changing the number or character of the outstanding Common Stock.

  • Bonus Payments In addition to Base Salary, Executive shall be entitled, during the Employment Term, to participate in and receive payments from all bonus and other incentive compensation plans (as currently in effect, as modified from time to time, or as subsequently adopted) of the Company; provided, however, that nothing contained herein shall grant Executive the right to continue in any bonus or other incentive compensation plan following its discontinuance by the Board (except to the extent Executive had earned or otherwise accumulated vested rights therein prior to such discontinuance).

  • Separation Payments Following Executive’s separation from service with Company on or after his Vesting Date (as defined in Section 7), Company shall pay to Executive the sum of THIRTY-SEVEN THOUSAND THREE HUNDRED SIXTEEN and 74/100 Dollars ($37,316.74) per month, beginning six months and one week after Executive’s date of separation for a period of ten (10) years, or until Executive’s death, whichever first occurs (the “Separation Payments”). Such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law. If Executive should die during the ten-year period during which payments are being made under this Paragraph 3, then those payments shall terminate and future payments, if any, shall be made to Executive’s designated beneficiary(ies) or Executive’s estate in accordance with the provisions of Paragraph 4 of this Agreement.

  • Contributions Without creating any rights in favor of any third party, the Member may, from time to time, make contributions of cash or property to the capital of the Company, but shall have no obligation to do so.

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