Limitation on Dividends and Other Payments. The Company will not declare or pay any of the following (each, a "Restricted Payment"): (i) any dividend or other distribution of property or assets other than a dividend payable solely in shares of capital stock of the Company or (ii) any repurchase by the Company of its capital stock other than from an employee of the Company or a Subsidiary in connection with the termination of his employment. Notwithstanding the foregoing, the Company may declare or pay a Restricted Payment, if such Restricted Payment, when aggregated with all other Restricted Payments made by the Company after September 30, 1996, is less than the sum of (A) $3,000,000 ; (B) fifty percent (50%) of the cumulative consolidated net income of the Company and its Subsidiaries, computed in accordance with generally accepted accounting principles, for the period commencing on January 1, 1996 and ending on the date on which the Restricted Payment is made (treated as one accounting period); and (C) the cumulative cash and non-cash proceeds to the Company of all public or private offerings of its capital stock during the period between October 1, 1996 and the date on which the Restricted Payment is made; provided that, notwithstanding the foregoing, the Company shall make no Restricted Payment if the making of the Restricted Payment would cause the Company not to be in compliance with the terms, conditions and provisions of this Indenture or any Senior Indebtedness on the date on which such Restricted Payment is made.
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Samples: First Merchants Acceptance Corp, First Merchants Acceptance Corp
Limitation on Dividends and Other Payments. The Company will not declare or pay any of the following (each, a "Restricted Payment"): (i) any dividend or other distribution of property or assets other than a dividend payable solely in shares of capital stock of the Company; (ii) a repayment or defeasance of any Indebtedness subordinate in right of payment of interest or principal to the Notes (except so long as the Notes are not in default, scheduled payments of principal and interest may be made in accordance with the terms of such subordinated Indebtedness); (iii) an exchange of capital stock of the Company for an instrument(s) evidencing Indebtedness of the Company incurred after November __, 1997 or (iiiv) any repurchase by the Company of its capital stock other than from an employee of the Company or a Subsidiary in connection with the termination of his employmentstock. Notwithstanding the foregoing, the Company (and any of its Subsidiaries) may declare or pay a Restricted Payment, if such Restricted Payment, Payment when aggregated with all other Restricted Payments Payment made by the Company or any Subsidiary after September 30October 31, 19961997, is less than the sum of (A) $3,000,000 2,000,000; (B) fifty forty-five percent (5045%) of the cumulative consolidated net income of the Company Company's (and its Subsidiaries, computed in accordance with generally accepted accounting principles, for ') cumulative net income earned during the period commencing on January 1October 31, 1996 1997 and ending on the date on which the Restricted Payment is to be made (treated as one accounting period); and (C) the cumulative cash and non-cash proceeds to the Company of all public or private offerings of its capital stock during the period between October 1, 1996 and the date on which the Restricted Payment is madesuch period; provided that, notwithstanding the foregoing, the Company shall make no Restricted Payment if the making of the Restricted Payment would cause the Company not to be in compliance with the terms, conditions and provisions of this the Indenture or any Senior Indebtedness on other indenture or loan agreement to which the date on which such Restricted Payment Company is madea party.
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Limitation on Dividends and Other Payments. The Company will not declare or pay any of the following (each, a "Restricted Payment"): (i) any dividend or other distribution of property or assets other than a dividend payable solely in shares of capital stock of the Company; (ii) a repayment or defeasance of any Indebtedness subordinate in right of payment of interest or principal to the Notes (except so long as the Notes are not in default, scheduled payments of principal and interest may be made in accordance with the terms of such subordinated Indebtedness); (iii) an exchange of capital stock of the Company for an instrument(s) evidencing Indebtedness of the Company incurred after October 31, 1997 or (iiiv) any repurchase by the Company of its capital stock other than from an employee of the Company or a Subsidiary in connection with the termination of his employmentstock. Notwithstanding the foregoing, the Company (and any of its Subsidiaries) may declare or pay a Restricted Payment, if such Restricted Payment, Payment when aggregated with all other Restricted Payments Payment made by the Company or any Subsidiary after September 30October 31, 19961997, is less than the sum of (A) $3,000,000 2,000,000; (B) fifty forty-five percent (5045%) of the cumulative consolidated net income of the Company Company's (and its Subsidiaries, computed in accordance with generally accepted accounting principles, for ') cumulative net income earned during the period commencing on January 1October 31, 1996 1997 and ending on the date on which the Restricted Payment is to be made (treated as one accounting period); and (C) the cumulative cash and non-cash proceeds to the Company of all public or private offerings of its capital stock during the period between October 1, 1996 and the date on which the Restricted Payment is madesuch period; provided that, notwithstanding the foregoing, the Company shall make no Restricted Payment if the making of the Restricted Payment would cause the Company not to be in compliance with the terms, conditions and provisions of this the Indenture or any Senior Indebtedness on other indenture or loan agreement to which the date on which such Restricted Payment Company is madea party.
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