Small Business Investment Company Matters. The Company shall deliver to Purchaser a letter (the "SMALL BUSINESS SIDE LETTER") relating to the Company's compliance with certain matters related to investments in the Company by a small business investment company that is licensed by the U.S. Small Business Administration.
Small Business Investment Company Matters. SBIC Act. Consent or Approval of, and Notice to, SBA. The requirements of the prior consent or approval of, and notice to, SBA in this Agreement will be in effect at any time that the Partnership is licensed as an SBIC or has Outstanding Leverage. These requirements will not be in effect if the Partnership is not licensed as an SBIC and does not have any Outstanding Leverage.27 Except as provided in the SBIC Act28, a consent or approval required to be given by SBA under this Agreement will be deemed given and effective for purposes of this Agreement only if the consent or approval is: delivered by SBA to the party requesting the consent or approval in the manner provided for notices to such party under Section 10.4. Provisions Required by the SBIC Act for Issuers of Debentures.29
Small Business Investment Company Matters. Provisions Required by the SBIC Act for Issuers of Debentures 4 4.2. SBA as Third Party Beneficiary 5 4.3. Representations of Members 5 4.4. Notices With Respect to Representations by Members 6
Small Business Investment Company Matters. The SBA shall be deemed an express third party beneficiary of the provisions of the Agreement (including, without limitation, this Annex) to the extent of the rights of the SBA thereunder and under the Act, and the SBA shall be entitled to enforce such provisions for its benefit, as if the SBA were a party thereto.
Small Business Investment Company Matters. Provisions Required by the SBIC Act for Issuers of Debentures 17 6.2 SBA as Third-party Beneficiary 18 6.3 Representations of Limited Partners 18 6.4 Notices and Information with respect to Representations by Limited Partners 18 6.5 Representations of General Partner 19
Small Business Investment Company Matters. 25 Section 4.01 SBIC Act. 25 Section 4.02 Consent or Approval of, and Notice to, SBA. 25
Small Business Investment Company Matters. Section 4.01 SBIC Act 21 Section 4.02 Consent or Approval of, and Notice to, SBA 21 Section 4.03 Provisions Required by the SBIC Act for Issuers of Debentures 22 Section 4.04 Effective Date of Incorporated SBIC Act Provisions 22 Section 4.05 SBA as Third Party Beneficiary 23 Section 4.06 Interest of the General Partner After Withdrawal 23
Small Business Investment Company Matters. (a) Proceeds of the Term Loan will be used solely as permitted pursuant to Section 2.6 hereof.
(b) For the 12-month period following the Closing Date, Borrower and its affiliates will not engage in any activities for which an SBIC is prohibited from providing funds by the SBA Act, including Title 13, Code of Federal Regulations, §107.720. Specifically, for the 12-month period following the Closing Date:
(i) Borrower and its affiliates' primary business activity will not involve, directly or indirectly, providing funds to any Person, purchasing debt obligations, factoring, or long-term leasing of equipment with no provision for maintenance or repair.
(ii) Borrower will be engaged in a regular and continuous business operation (excluding the mere receipt of payments such as dividends, rents, lease payments, or royalties) where their respective employees are and will be carrying on the majority of day-to-day operations and will provide effective control and supervision, on a day-to-day basis, over Persons employed under contract.
(iii) Neither Borrower nor any of its affiliates will be classified under North American Industry Classification System (NAICS) codes 531110 (lessors of residential buildings and dwellings), 531120 (lessors of nonresidential buildings except miniwarehouses), 531190 (lessors of other real estate property), 237210 (land subdivision), or 236117 (new housing for-sale builders). Neither Borrower nor any of its affiliates will be classified under NAICS codes 236118 (residential remodelers), 236210 (industrial building construction), or 236220 (commercial and institutional building construction), and neither Borrower nor any of its affiliates will be primarily engaged in construction or renovation of properties on its own account rather than as a hired contractor. Neither Borrower nor any of its affiliates will be classified under NAICS codes 531210 (offices of real estate agents and brokers), 531311 (residential property managers), 531312 (nonresidential property managers), 531320 (offices of real estate appraisers), or 531390 (other activities related to real estate), unless it derives at least eighty percent (80%) of its revenue from non-affiliate sources. The proceeds of the Term Loan will not be used to acquire or refinance real property unless Borrower: (i) is acquiring an existing property and will use at least fifty-one percent (51%) of the usable square footage for its operation of its business; (ii) is building or renovating a bui...
Small Business Investment Company Matters. Provisions Required by the SBIC Act for Issuers of Debentures...
Small Business Investment Company Matters. Each Investor ----------------------------------------- executing this Agreement agrees to cooperate with the Company in all reasonable respects in complying with the terms and provisions of the letter agreement between the Company and Chase Venture Capital Associates, L.P. ("CVCA"), a copy ---- of which is attached hereto as Exhibit B, regarding small business matters (the --------- "Small Business Sideletter"); provided, however, that no Holder shall be ------------------------- required under this Section 6.1 to take any action that would adversely affect in any material respect such Holder's rights under this Agreement or as a stockholder of the Company.
