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Covenant Restricting Borrower Dividends and Payments on Stock

Book Publication Date: Nov 2014
Description: General business covenants place restrictions on corporate structure and business activities of an obligor. This sample clause restricts a borrower, but not its subsidiaries, from declaring dividends and other distributions.
Type: Contract Clauses
PLI Item #: 128787
Practice Area: Corporate & Securities
Keywords: "general business covenants"; "dividend restriction"; "payments on stock"; borrower; "restricted payment"; "subordinated debt"; distributions

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