Payout Ratio. Distributions shall not exceed ninety percent (90%) of Funds from Operations with respect to the Borrower and the Guarantor on a consolidated basis (or, if greater, the amount required to be distributed under Section 857(a) of the Code).
Payout Ratio. Any Restricted Payment to be made during any of its fiscal quarters, which, when added to all Restricted Payments made during the three (3) immediately preceding fiscal quarters, exceeds 95% of Distributable Cash Flow; provided, however, that TRG shall be permitted, provided there exists no Event of Default, to make Restricted Payments in excess of 95% of Distributable Cash Flow (i) as may be necessary under Section 857(a) of the Code to maintain TCI’s tax status as a real estate investment trust, (ii) pursuant to Section 5.2(a)(i) or Section 5.3 of TRG’s agreement of limited partnership, or any other provision of TRG’s agreement of limited partnership, as the same may hereafter be amended, that requires preferential distributions to be made or (iii) pursuant to Section 5.2(a)(iii) of TRG’s agreement of limited partnership, to the extent that such distributions pursuant to said Section 5.2(a)(iii) derive from the disposition of any property owned by TRG at any time prior to May 6, 2000. For purposes of this Article, “Restricted Payment” means any distribution or other payment made out of Funds From Operations by TRG to its partners; or
Payout Ratio. The Payout Ratio shall not exceed ninety five percent (95%) at any time after June 30, 2021.
Payout Ratio a. Paid or payable cash dividends or distributions to equity holders of the Parent Guarantor or Borrower $
Payout Ratio. The Payout Ratio shall not exceed ninety five percent (95%) at any time, plus any incremental distributions required to maintain REIT Guarantor’s status as a real estate investment trust, eliminate any U.S. federal income tax and avoid imposition of any excise tax on undistributed income in connection with such status.
Payout Ratio. Any Restricted Payment to be made during any of its fiscal quarters, which, when added to all Restricted Payments made during the three (3) immediately preceding fiscal quarters, exceeds 90% of Distributable Cash Flow; provided, however, that Borrower shall be permitted, provided there exists no Event of Default, to make Restricted Payments in excess of 90% of Distributable Cash Flow as may be necessary under Section 857(a) of the Code to maintain TCI's tax status as a real estate investment trust. For purposes of this Article, "Restricted Payment" means any distribution or other payment made by Borrower to its partners, other than distributions pursuant to Section 5.3 of Borrower's agreement of limited partnership; or
Payout Ratio. Any Restricted Payment to be made during any of its fiscal quarters, which, when added to all Restricted Payments made during the three (3) immediately preceding fiscal quarters, exceeds 95% of Distributable Cash Flow; provided, however, that Borrower shall be permitted, provided there exists no Event of Default, to make Restricted Payments in excess of 95% of Distributable Cash Flow as may be necessary under Section 857(a) of the Code to maintain TCI's tax status as a real estate investment trust; or
Payout Ratio. The Payout Ratio shall not exceed ninety five percent (95%) at any time provided that, prior to March 15, 2021, if the REIT Guarantor raises equity in a subject quarter, the Payout Ratio shall not exceed 110% during such calendar quarter and the next two succeeding calendar quarters.
Payout Ratio. Any Restricted Payment to be made during any of its ------------ fiscal quarters, which, when added to all Restricted Payments made during the three (3) immediately preceding fiscal quarters, exceeds 95% of Distributable Cash Flow; provided, however, that Borrower shall be -------- ------- permitted, provided there exists no Event of Default, to make Restricted Payments in excess of 95% of Distributable Cash Flow as may be necessary under Section 857(a) of the Code to maintain TCI's tax status as a real estate investment trust. For purposes of this Article, "Restricted Payment" means any distribution or other payment made by Borrower to its partners, other than distributions pursuant to Section 5.3 of Borrower's agreement of limited partnership; or
Payout Ratio. For each of the following calendar years, Distributions shall not exceed the following percentage of Funds from Operations with respect to the Borrower and the Guarantor on a consolidated basis: Calendar Year Percentage ------------- ---------- 1997 96% 1998 94% 1999 92%
