Restrictions For Any Missed Payment. The following restrictions will apply whenever interest payable on the Senior Securities has not been paid for any quarterly interest period: (i) The Chief Executive Officer and Chief Financial Officer of the Company will be required to provide written notice, in a form reasonably satisfactory to Treasury, which is to include the rationale of the Company’s board of directors for not paying interest; (ii) No repurchases may be effected and no dividends may be declared or paid on the Company’s securities except in accordance with Section 5.13(b); and (iii) No interest may be paid on any Indebtedness that ranks pari passu with, or junior to, the Senior Securities with respect to the payment of interest.
Appears in 4 contracts
Samples: Securities Purchase Agreement (Live Oak Bancshares, Inc.), Securities Purchase Agreement (Live Oak Bancshares, Inc.), Securities Purchase Agreement (Live Oak Bancshares, Inc.)
