Common use of Limitation on Dividends and Distributions Clause in Contracts

Limitation on Dividends and Distributions. Neither Seller shall make any payment on account of, or set apart assets for, a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of any equity interest of such Seller, whether now or hereafter outstanding, or make any other distribution in respect of any of the foregoing or to any shareholder or equity owner of such Seller, either directly or indirectly, whether in cash or property or in obligations of such Seller or any of such Seller’s consolidated Subsidiaries in any calendar year; in excess of 50% of the net income of such Seller for such calendar year (determined in accordance with GAAP); provided that no such dividends or other distributions may be made at any time following the occurrence and during the continuation of an Event of Default.

Limitation on Dividends and Distributions. Neither The Seller shall not make any payment on account of, or set apart assets for, a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of any equity interest of such the Seller, whether now or hereafter outstanding, or make any other distribution in respect of any of the foregoing or to any shareholder or equity owner of such the Seller, either directly or indirectly, whether in cash or property or in obligations of such the Seller or any of such the Seller’s consolidated Subsidiaries in any calendar year; in excess of 50% of the net income of such the Seller for such calendar year (determined in accordance with GAAP); provided that no such dividends or other distributions may be made at any time following the occurrence and during the continuation of an Event of Default.

Limitation on Dividends and Distributions. Neither The Seller shall not make any payment on account of, or set apart assets for, a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of any equity interest of such the Seller, whether now or hereafter outstanding, or make any other distribution in respect of any of the foregoing or to any shareholder or equity owner of such the Seller, either directly or indirectly, whether in cash or property or in obligations of such the Seller or any of such the Seller’s consolidated Subsidiaries in any calendar year; in excess of 50% of the net income of such the Seller for such calendar year (determined in accordance with GAAPGAAP ); provided that no such dividends or other distributions may be made at any time following the occurrence and during the continuation of an Event of Default.

Limitation on Dividends and Distributions. Neither The Seller shall not make any payment on account of, or set apart assets for, a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of any equity interest of such the Seller, whether now or hereafter outstanding, or make any other distribution in respect of any of the foregoing or to any shareholder or equity owner of such the Seller, either directly or indirectly, whether in cash or property or in obligations of such the Seller or any of such the Seller’s 's consolidated Subsidiaries in any calendar year; in excess of 50% of the net income of such the Seller for such calendar year (determined in accordance with GAAP); provided that no such dividends or other distributions may be made at any time following the occurrence and during the continuation of an Event of Default.