Permitted Debt Service Dividend

Permitted Debt Service Dividend. Any dividend of distribution paid to Guarantor where the funds generated by such Permitted Debt Service Dividend are immediately used to repay the debt owed by Gary Bowman to Borrower and described as (the "Guarantor Debt") (i) CastleRock/Bowman loan or (ii) the assumption by Guarantor of Debt owed by Lansdowne Development Group, LLC to Borrower. Notwithstanding anything set forth in this Agreement to the contrary, no Permitted Debt Service Dividend shall be permitted if at the time of any such... Permitted Debt Service Dividend or after giving effect thereto, an event of default would occur View More