Restricted Payments by the Borrower. The Borrower will not:
(i) Purchase or redeem any shares of the capital stock of the Borrower, declare or pay any dividends thereon (other than stock dividends), make any distribution to stockholders or set aside any funds for any such purpose, unless, in each of the foregoing cases: (A) such purchase, redemption, payment or distribution is made on, or immediately following, a Settlement Date after payment of all Obligations due and owing on such Settlement Date, and (B) after giving effect to such purchase, redemption, payment or distribution, the Borrower's net worth (determined in accordance with GAAP) will at all times be at least 3% of the greater of the Aggregate Commitment or the aggregate outstanding principal amount of the Advances; or
(ii) Make any payment of principal or interest on the Subordinated Notes if any Event of Default exists or would result therefrom or if such payment would result in the Borrower's having insufficient cash on hand to pay all Obligations that will be due and owing on the next succeeding Settlement Date.
Restricted Payments by the Borrower. The Borrower will not:
(i) declare or pay any distributions in respect of any membership or other equity interest in the Borrower or set aside any funds for any such purpose, unless, in each of the foregoing cases: (A) such distribution is made on, or immediately following, a Settlement Date after payment of all Obligations due and owing on such Settlement Date, and (B) after giving effect to such distribution, the Borrower’s net worth (determined in accordance with GAAP) will be at least $20,000,000; or
(ii) Make any payment of principal or interest on the Seller Note if any Event of Default exists or would result therefrom or if such payment would result in the Borrower’s having insufficient cash on hand to pay all Obligations that will be due and owing on the next succeeding Settlement Date.
Restricted Payments by the Borrower. The Borrower will not:
(i) Purchase or redeem any shares of the capital stock of the Borrower, declare or pay any dividends thereon (other than stock dividends), make any distribution to stockholders or set aside any funds for any such purpose, unless, in each of the foregoing cases: (A) such purchase, redemption, payment or distribution is made on, or immediately following, a Settlement Date after payment of all Obligations due and owing on such Settlement Date, and (B) after giving effect to such purchase, redemption, payment or distribution, the Borrower's net worth (determined in accordance with GAAP) will be at least $4,500,000 at all times prior to the addition of Norrxxx Xxxporation and/or its Subsidiaries (or any successor thereto) as an Eligible Originator, and $5,000,000 at all times thereafter; or
(ii) Make any payment of principal or interest on the Subordinated Notes if any Event of Default exists or would result therefrom or if such payment would result in the Borrower's having insufficient cash on hand to pay all Obligations that will be due and owing on the next succeeding Settlement Date.
Restricted Payments by the Borrower. The Borrower will not (i) purchase or redeem any Equity Interests of the Borrower, (ii) declare or pay any dividends thereon, (iii) make any distribution to interest holders or set aside any funds for any such purpose, or (iv) pay any
Restricted Payments by the Borrower. The Borrower will not (i) purchase or redeem any of its equity interests or (ii) declare or pay any dividends thereon, or make any distribution to its members or set aside any funds for any such purpose, except that the Borrower may pay dividends to its members or set aside funds for such purpose as provided by law, so long as (A) such funds are the proceeds or payments which the Borrower has received under Section 3.02(c)(i), 3.02(c)(x) or 3.02(c)(xii), (B) such funds are not required to be distributed to any other Person in accordance with Section 3.02, (C) no Event of Default has occurred and (D) is continuing, and after giving effect thereto, the Borrower’s net worth is positive at such time.
Restricted Payments by the Borrower. The Borrower will not:
(i) declare or pay any distributions in respect of any membership or other equity interest in the Borrower or set aside any funds for any such purpose, unless, in each of the foregoing cases: (A) such distribution is made on, or immediately following, a Settlement Date after payment of all Obligations due and owing on such Settlement Date, and (B) after giving effect to such distribution, the Borrower's net worth (determined in accordance with GAAP) will be at least $20,000,000; or
(ii) Make any payment of principal or interest on the Seller Note if any Event of Default exists or would result therefrom or if such payment would result in the Borrower's having insufficient cash on hand to pay all Obligations that will be due and owing on the next succeeding Settlement Date.
Restricted Payments by the Borrower. The Borrower will not (i) purchase or redeem any of its equity interests or (ii) declare or pay any dividends thereon, or make any distribution to its members or set aside any funds for any such purpose, except that the Borrower may pay dividends to its members or set aside funds for such purpose as provided by law, so long as (A) such funds are not required to be distributed to any other Person in accordance with Section 3.02, (B) no Event of Default or Unmatured Event of Default has occurred and (C) is continuing, and after giving effect thereto, the Borrower’s net worth is positive at such time.
Restricted Payments by the Borrower. The Borrower will not (i) purchase or redeem any ownership interests of the Borrower, (ii) declare or pay any dividends thereon, (iii) make any distribution to interest holders or set aside any funds for any such purpose, or (iv) pay any principal amount of the Initial Seller Note (as defined in the Sale Agreement (Step 3)); provided, however, that if (A) no Liquidation Event or Unmatured Liquidation Event shall have occurred and be continuing and (B) the Borrower’s net worth (determined in accordance with GAAP) is not less than $1,800,000, then the Borrower may, after making payment of all Obligations due and owing on such Settlement Date, (x) pay all or a portion of such principal amount on the Settlement Date for any Settlement Period or (y) make other distributions permitted by the Transaction Documents, 29
Restricted Payments by the Borrower including to a direct or indirect parent of the Borrower, for the purpose of funding the repurchase of Equity Interests pursuant to the Rollover Investor Put in an aggregate amount not to exceed $37,500,000;[reserved];
Restricted Payments by the Borrower on the First Amendment Effective Date to the extent necessary to consummate the Transactions.
7.7 [Reserved.].
