Permitted Distributions definition
Permitted Distributions means the following Distributions:
Permitted Distributions means, in each case subject to Section 6.8 if applicable:
Permitted Distributions has the meaning specified in Section 8.10.
Examples of Permitted Distributions in a sentence
No Credit Party will, or will permit any Subsidiary to, directly or indirectly, declare, order, pay, make or set apart any sum for any Distribution, except for Permitted Distributions.
The only permitted withdrawals from or application of funds on deposit in the Trust Account shall be to (a) make voluntary prepayments of Advances pursuant to Section 2.06(a) or other payments expressly provided for in this Agreement, (b) to purchase Collateral Loans with the prior written consent of the Administrative Agent or (c) make Permitted Distributions or Permitted RIC Distributions.
Borrowers shall use the proceeds of the Initial Term Loan borrowing solely for (a) payment of transaction fees incurred in connection with the Financing Documents and the Permitted Convertible Notes, (b) the payment in full on the Closing Date of certain existing Debt, (c) repurchases of stock of current or former employees, directors or consultants permitted by clause (c) of the definition of Permitted Distributions and (d) for working capital needs of Borrowers and their Subsidiaries.
More Definitions of Permitted Distributions
Permitted Distributions means, without duplication, (a) Distributions required to maintain the status of Borrower as a RIC and (b) Distributions required to avoid federal excise taxes imposed by Section 4982 of the Internal Revenue Code.
Permitted Distributions shall have the meaning assigned thereto in Section 9.6(c).
Permitted Distributions means Distributions to Guarantor for the purpose of making principal payments on the Parent Indebtedness and/or as periodic cash distributions to Guarantor as a shareholder of Borrower, provided, that (i) such Permitted Distributions are made no more than once per fiscal quarter thereafter and (ii) all of the following conditions are satisfied with respect to each such Distribution: (a) no Default or Event of Default has occurred and is continuing or would arise as a result of such Distribution, (b) after giving effect to such Distribution, Borrower is in compliance on a pro forma basis with the financial covenants set forth in Annex 1 (recomputed for the most recent three month period for which monthly financial statements have been delivered in accordance with the terms hereof after giving effect thereto); provided, however, that in situations where there is an Accumulated Distribution (as defined below) being made with respect to any Accumulated Distribution Fiscal Quarters, only that portion of the Distribution that is not related to the Accumulated Distributions shall be included in Fixed Charges for the purpose of calculating the pro forma Fixed Charge Coverage Ratio in Annex I for the most recent three-month period), (c) the aggregate amount of such Distributions shall not exceed fifty percent (50%) of undistributed Excess Cash Flow for the three month period immediately preceding such distribution, as determined pursuant to the Distribution Notice, (d) Lender shall have received written notice (the “Distribution Notice”) from Borrower, of Borrower’s intention to make such Distribution at least five (5) Business Days prior to the date of such proposed Distribution, which such notice shall include a detailed calculation satisfactory to Lender in its Permitted Discretion evidencing Excess Cash Flow for such three month period (except that for any amounts included in such Distribution that are a result of Accumulated Distributions, in which case, the Excess Cash Flow so measured shall be applicable to the appropriate Accumulated Distribution Fiscal Quarters to which they relate), as applicable, (e) Lender shall have consented in writing to such Distribution Notice prior to the making of such proposed Distribution, such consent not to be unreasonably withheld, and (g) until such time as the Parent Indebtedness is paid in full in cash, any such Distribution payable to Guarantor shall be utilized by Guarantor solely to repay the Parent Indebtedness; provi...
Permitted Distributions means any of the following:
Permitted Distributions has the meaning set forth in the Schedule.
Permitted Distributions means (a) for Parent for any fiscal year of Parent, Restricted Payments in an amount not to exceed in the aggregate the greater of (i) ninety-five percent (95%) of Funds from Operations of the Parent, and (ii) the amount of distributions required to be paid by Parent in order for Parent to qualify as a REIT, and (b) for Borrower for any fiscal year of Borrower, Restricted Payments in an amount not to exceed in the aggregate the greater of (i) ninety-five percent (95%) of Funds from Operations of Borrower and its Subsidiaries thereafter, and (ii) the amount of distributions required to be paid by Borrower to Parent in order for Parent to qualify as a REIT.
Permitted Distributions means, for (a) Borrower for any fiscal year of Borrower, an amount of Distributions not to exceed ninety-five percent (95%) of Borrower’s Funds from Operations for such fiscal year, and (b) PPT for any fiscal year of PPT, an amount of Distributions not to exceed ninety-five percent (95%) of PPT’s Funds from Operations for such fiscal year.