Common use of RESTRICTED PAYMENTS, REDEMPTIONS Clause in Contracts

RESTRICTED PAYMENTS, REDEMPTIONS. Do any of the following at any time a Default is continuing or if after giving effect to any such action a Default would be caused by such action: (a) declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account or in respect of any of its Stock or Stock Equivalents except (i) dividends paid to Borrower or (ii) dividends paid by Parent solely in Stock or Stock Equivalents of Parent; or (b) purchase, redeem or otherwise acquire for value any of Parent’s Stock or Stock Equivalents, except that (i) Parent may convert any of its convertible securities of the type in existence on the Closing Date into other securities pursuant to the terms of such convertible securities or otherwise in exchange therefor and (ii) for so long as a Default is not continuing and would not be caused by such action, Parent may repurchase stock from employees or former employees of Borrowers in accordance with the terms of repurchase agreements between Borrowers and their employees or former employees.

RESTRICTED PAYMENTS, REDEMPTIONS. Do any of the following at any time a Default is continuing or if after giving effect to any such action a Default would be caused by such action: (a) declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account or in respect of any of its Stock or Stock Equivalents except (i) dividends paid to Borrower or (ii) dividends paid by Parent solely in Stock or Stock Equivalents of Parent; or (b) purchase, redeem or otherwise acquire for value any of Parent’s 's Stock or Stock Equivalents, except that (i) Parent may convert any of its convertible securities of the type in existence on the Closing Date into other securities pursuant to the terms of such convertible securities or otherwise in exchange therefor and (ii) for so long as a Default is not continuing and would not be caused by such action, Parent may repurchase stock from employees or former employees of Borrowers in accordance with the terms of repurchase agreements between Borrowers and their employees or former employees.