Common use of Business Restrictions Clause in Contracts

Business Restrictions. The Borrower shall not (i) engage in any business other than the acquisition, financing and collection of Receivables and other Collateral as permitted by its Organizational Documents, (ii) engage in any transactions or be a party to any documents, agreements or instruments, other than the Transaction Documents and those incidental to the purposes thereof, or (iii) incur any trade payables (other than for professional fees incurred in the ordinary course of business) or other liabilities (excluding liabilities incurred under and pursuant to the Transaction Documents and excluding the Obligations and Debt permitted under Section 9.2.4) if the aggregate outstanding balance of such trade payables and other liabilities would at any time equal $12,300 or more in the aggregate, provided, however, that the foregoing will not restrict the Borrower’s ability to pay servicing compensation as provided herein, and, provided, further, that so long as no Significant Event or Unmatured Significant Event shall have occurred and be continuing and the Borrower’s net worth (determined in accordance with GAAP) after giving effect thereto, is at least $7,500,000, the Borrower shall be permitted to make distributions to its equity owners to the extent permitted by applicable law and this Agreement.

Business Restrictions. The Borrower shall not (i) engage in any business other than the acquisition, financing and collection of Receivables and other Collateral as permitted by its Organizational Documents, (ii) engage in any transactions or be a party to any documents, agreements or instruments, other than the Transaction Documents and those incidental to the purposes thereof, or (iii) incur any trade payables (other than for professional fees incurred in the ordinary course of business) or other liabilities (excluding liabilities incurred under and pursuant to the Transaction Documents and excluding the Obligations and Debt permitted under Section 9.2.4) if the aggregate outstanding balance of such trade payables and other liabilities would at any time equal $12,300 or more in the aggregate, provided, however, that the foregoing will not restrict the Borrower’s ability to pay servicing compensation as provided hereinherein and interest on the Subordinated Notes, and, provided, further, that so long as no Significant Event or Unmatured Significant Event shall have occurred and be continuing and the Borrower’s net worth (determined in accordance with GAAP) after giving effect thereto, is at least $7,500,000, the Borrower shall be permitted to (a) make prepayments of principal on the Subordinated Notes, (b) make distributions to its equity owners to the extent permitted by applicable law and this Agreement, and (c) make Demand Loans to ArvinMeritor.

Business Restrictions. The Borrower shall not (i) engage in any business other than the acquisition, financing and collection of Receivables and other Collateral and Letter of Credit Collateral as permitted by its Organizational Documents, (ii) engage in any transactions or be a party to any documents, agreements or instruments, other than the Transaction Documents and those incidental to the purposes thereof, or (iii) incur any trade payables (other than for professional fees incurred in the ordinary course of business) or other liabilities (excluding liabilities incurred under and pursuant to the Transaction Documents and excluding the Obligations and Debt permitted under Section 9.2.4) if the aggregate outstanding balance of such trade payables and other liabilities would at any time equal $12,300 or more in the aggregate, provided, however, that the foregoing will not restrict the Borrower’s ability to pay servicing compensation as provided herein, and, provided, further, that so long as no Significant Event or Unmatured Significant Event shall have occurred and be continuing and the Borrower’s net worth (determined in accordance with GAAP) after giving effect thereto, is at least $7,500,00010,000,000, the Borrower shall be permitted to make distributions to its equity owners to the extent permitted by applicable law and this Agreement.

Business Restrictions. The Borrower shall not (i) engage in any business other than the acquisition, financing and collection of Receivables and other Collateral as permitted by its Organizational Documents, (ii) engage in any transactions or be a party to any documents, agreements or instruments, other than the Transaction Documents and those incidental to the purposes thereof, or (iii) incur any trade payables (other than for professional fees incurred in the ordinary course of business) or other liabilities (excluding liabilities incurred under and pursuant to the Transaction Documents and excluding the Obligations and Debt permitted under Section 9.2.4) if the aggregate outstanding balance of such trade payables and other liabilities would at any time equal $12,300 or more in the aggregate, provided, however, that the foregoing will not restrict the Borrower’s ability to pay servicing compensation as provided herein, and, provided, further, that so long as no Significant Event or Unmatured Significant Event shall have occurred and be continuing and the Borrower’s net worth (determined in accordance with GAAP) after giving effect thereto, is at least $7,500,00010,000,000, the Borrower shall be permitted to make distributions to its equity owners to the extent permitted by applicable law and this Agreement.