Debt Limitation. The Company agrees until the earlier of (a) three years after Closing Date or (b) the Restriction Termination Date at 90%, it will not have outstanding any debt in an amount greater than twice the sum of the EBITDA from continuing operations for the past four quarters. Nothing in this Section 6.8 shall be construed to prohibit the Company from borrowing from the Chinese government or from Chinese banks as long as such loans do not result in the Company being in default of any of its covenants set forth in this Article 6.
Appears in 2 contracts
Samples: Securities Purchase Agreement (China Wind Systems, Inc), Securities Purchase Agreement (Malex Inc)
Debt Limitation. The Company agrees until the earlier of (a) three years after Closing Date or (b) the Restriction Termination Date at 90%, it will not have outstanding any debt in an amount greater than twice as the sum of the EBITDA from continuing operations for the past four quarters. Nothing in this Section 6.8 shall be construed to prohibit the Company from borrowing from the Chinese government or from Chinese banks as long as such loans do not result in the Company being in default of any of its covenants set forth in this Article 6.SECURITIES PURCHASE AGREEMENT BETWEEN CHINA EDUCATION ALLIANCE, INC. AND XXXXXX PARTNERS LP
Appears in 1 contract
Samples: Securities Purchase Agreement (China Education Alliance Inc.)
Debt Limitation. The Company agrees until the earlier of (a) three years after Closing Date or (b) the Restriction Termination Date at 90%Date, it will not have outstanding any debt in an amount greater than twice the sum of the EBITDA from continuing operations for the past four quarters. Nothing in this Section 6.8 6.7 shall be construed to prohibit the Company from borrowing from the Chinese government or from Chinese banks as long as such loans do not result in the Company being in default of any of its covenants set forth in this Article 6Section 6.7.
Appears in 1 contract
Samples: Securities Purchase Agreement (Biostar Pharmaceuticals, Inc.)
Debt Limitation. The Company agrees until the earlier of (a) three years after Closing Date or (b) the Restriction Termination Date at 90%, it will not have outstanding any debt in an amount greater than twice the sum of the EBITDA from continuing operations for the past four quarters. Nothing in this Section 6.8 shall be construed to prohibit the Company from borrowing from the Chinese government or from Chinese banks as long as such loans do not result in the Company being in default of any of its covenants set forth in this Article 6.. SECURITIES PURCHASE AGREEMENT BETWEEN CAPITAL SOLUTIONS I, INC. AND XXXXXX PARTNERS LP
Appears in 1 contract
Samples: Securities Purchase Agreement (Capital Solutions I, Inc.)
