Patronage Refunds. The Borrower shall not make cash patronage refunds in excess of five percent of its total patronage capital, as disclosed in its most recent Financial Statements, during any portion of a Fiscal Year in which the Borrower has a Senior Secured Credit Rating (without regard to the Guarantee or any other third party credit support) that is not equal to at least two of the following ratings: (i) “A-”or higher from Standard & Poor’s, a division of The McGrxx-Xxxx Xxxpanies, Inc.; (ii) “A3” or higher from Moodx’x Xxxestors Service, Inc.; (iii) “A-” or higher from Fitch, Inc.; and (iv) an equivalent rating from a successor rating agency to any of those Rating Agencies. While the Borrower is subject to such restriction, equity securities issued as part of a patronage refund shall not be redeemed in cash, and, if the Borrower shall have outstanding any common stock or preferred stock, the Borrower shall not issue any dividends on any such stock.
Patronage Refunds. The Corporation agrees that it will refund or credit to Member within ninety (90) days after the end of each fiscal year Member’s proportionate share of such sums, if any, by which the amount Member has paid in anticipation of expenses exceeds the amount actually needed for expenses of all kinds, including without limitation, reserves. The amount of such excess, if any, shall be determined by the Board of Directors in its sole and absolute discretion.
Patronage Refunds. During any portion of a Fiscal Year when a Rating Trigger Event exists, the Borrower shall not make cash patronage refunds in excess of five percent of its total patronage capital, as disclosed in its most recent Financial Statements. While the Borrower is subject to such restriction, equity securities issued as part of a patronage refund shall not be redeemed in cash, and, if the Borrower shall have outstanding any common stock or preferred stock, the Borrower shall not issue any dividends on any such stock.
Patronage Refunds. The Mutual may refund or credit the Qualifying Resident within ninety (90) days after the end of each fiscal year, the Qualifying Resident’s proportionate share of such sums collected in anticipation of expenses which are in excess of the amount needed for expenses of all kinds, including but not limited to reserves, in the discretion of the Board of Directors.
Patronage Refunds. The Corporation may refund or credit to the Member, within ninety (90) days of the end of its fiscal year, the proportionate share of accumulated Lot Rent as has been collected from the Member that are in excess of the amount needed for expenses of all kinds, including reserves; but only insofar as such refund or credit is consistent with state law or permissible under the terms and provisions of any loan documentation incidental to secured mortgage financing upon the Community, as applicable from time to time.
Patronage Refunds. To become a Patron of the Co-op entitled to a share of the Co-op's annual Net Savings from patronage transactions, as provided in the Co-op’s Bylaws; and
Patronage Refunds. 15 SECTION 9.2. Security and Collateral............................................................................................ 15 SECTION 9.3. Subrogation.............................................................................................................. 16 SECTION 9.4. Use of Proceeds....................................................................................................... 16 SECTION 9.5. Compliance with Covenants in Other Agreements................................................. 16 SECTION 9.6. Ratings.................................................................................................................... 16 SECTION 9.7. Acknowledgement of Borrower............................................................................. 17 SECTION 9.8. Financial Expert...................................................................................................... 17 SECTION 9.9. Compliance with Federal Laws and Regulations.................................................... 17 SECTION 9.10. RUS Site Visits to the Borrower’s Headquarters.................................................... 17 SECTION 9.11. Annual Meeting Between CFC and RUS................................................................ 17 SECTION 9.12. Provision of Collateral Trust Bond Indentures....................................................... 17 SECTION 9.13. Notification of Restructured, Non-Performing, or Impaired Electric or Telecommunications Loans................................................... 17 ARTICLE X EVENTS OF DEFAULT SECTION 10.1. Events of Default..................................................................................................... 18 SECTION 10.2. Compulsory Redemption......................................................................................... 18 SECTION 10.3. Acceleration by RUS’s Purchase of the Bonds....................................................... 18 SECTION 10.4. Effect of Payments by RUS Pursuant to the RUS Guarantees................................ 18 SECTION 10.5 Remedies Not Exclusive.......................................................................................... 19 ARTICLE XI MISCELLANEOUS SECTION 11.1. Governing Law....................................................................................................... 19 SECTION 11.2. Waiver of Jury Trial................................................................................................ 19 SECTION 11.3. Method of...
Patronage Refunds. The Borrower shall not make cash patronage refunds in excess of five percent of its total patronage capital, as disclosed in its most recent Financial Statements, during any portion of a Fiscal Year in which the Borrower has a Senior Secured Credit Rating (without regard to the Guarantee or any other third party credit support) that is not equal to at least two of the following ratings:
Patronage Refunds. 13 SECTION 9.2. Security and Collateral............................................................................................................. 13 SECTION 9.3. Use of Savings.......................................................................................................................... 14 SECTION 9.4. Subrogation................................................................................................................................ 14 SECTION 9.5. Use of Proceeds........................................................................................................................ 14 SECTION 9.6. Compliance with Covenants in Other Agreements..................................................................... 14 SECTION 9.7. Ratings.......................................................................................................................................... 14 SECTION 9.8. Acknowledgement of Borrower................................................................................................... 15 ARTICLE X EVENTS OF DEFAULT
Patronage Refunds. The net income allocated to a patron pursuant to Section 8.5 shall be distributed annually or more often to such patron as a patronage refund; provided, however, that no distribution need be made where the amount otherwise to be distributed to a patron is less than a DE MINIMUS amount that may be established from time to time by the Board.
