SBIC Regulatory Provisions. (a) The Company shall notify each SBIC Holder as soon as practicable (and, in any event, not later than 15 days) prior to taking any action after which the number of record holders of the Company's voting stock would be increased from fewer than 50 to 50 or more, and the Company shall notify each SBIC Holder of any other action or occurrence after which the number of record holders of the Company's voting stock was increased (or would increase) from fewer than 50 to 50 or more, as soon as practicable after the Company becomes aware that such other action or occurrence has occurred or is proposed to occur.
SBIC Regulatory Provisions i. Within 75 days after the Closing and each subsequent Financing hereunder by each holder of Series B Preferred or Underlying Common Stock which is an SBIC (an "SBIC HOLDER") and at the end of each quarter thereafter until all of the proceeds from the Financing hereunder have been used by the Company and its Subsidiaries, the Company shall deliver to each SBIC Holder a written statement certified by the Company's president or chief financial officer describing in reasonable detail the use of the proceeds of the Financing hereunder by the Company and its Subsidiaries. In addition to any other rights granted hereunder, the Company shall grant each SBIC Holder and the United States Small Business Administration (the "SBA") access to the Company's records for the purpose of verifying the use of such proceeds.
SBIC Regulatory Provisions. (a) The Company shall notify each Series B Holder and Series C Holder who is a Small Business Investment Company (an "SBIC HOLDER") as soon as practicable prior to taking any action after which the number of record holders of the Company's voting stock would be increased from fewer than fifty (50) to fifty (50) or more, and the Company shall notify each SBIC Holder of any other action or occurrence after which the number of record holders of the Company's voting stock was increased (or would increase) from fewer than fifty (50) to fifty (50) or more, as soon as practicable after the Company becomes aware that such other action or occurrence has occurred or is proposed to occur.
SBIC Regulatory Provisions. (a) The Company hereby acknowledges that each Purchaser has informed it that such Purchaser is a "small business investment company" under the Small Business Investment Act of 1958, as amended, and the regulations thereunder, including Title 13, Code of Federal Regulations, Part 107.
SBIC Regulatory Provisions. At the same time the Company delivers its annual audited financial statements hereunder and at such other times as any SBIC Holder reasonably requests, the Company shall deliver to the SBIC Holders a written statement certified by the Company's president or chief financial officer describing in reasonable detail the use of the proceeds of the Financing hereunder by the Company and its Subsidiaries. In addition to any other rights granted hereunder, the Company shall grant each SBIC Holder and the SBA reasonable access to the Company's books and records for the purpose of verifying the use of such proceeds and the certifications made by the Company in SBA Forms 480 and 652 delivered hereunder and for the purpose of determining whether the principal business activity of the Company and its Subsidiaries continues to constitute an eligible business activity (within the meaning of the SBIC Regulations).
SBIC Regulatory Provisions. (a) At any time Servicesoft has 50 or more record holders of Servicesoft's voting stock, Servicesoft shall notify each Major Shareholder (as defined in the Shareholders Agreement) which is an SBIC (an "SBIC HOLDER") as soon as practicable (and, in any event, not later than 15 days) prior to taking any action after which any SBIC Holder (collectively with its Affiliates) would be the record holder of 20% or more of Servicesoft's voting stock, and Servicesoft shall notify each SBIC Holder of any other action or occurrence after which any SBIC Holder (collectively with its Affiliates) would own of record 20% or more of Servicesoft's voting stock, as soon as practicable after Servicesoft becomes aware that such other action or occurrence has occurred or is proposed to occur.
SBIC Regulatory Provisions. (i) Within 75 days after the Closing, the Company shall deliver to each SBIC Holder a written statement certified by the Company's president or chief financial officer describing in reasonable detail the use of the proceeds of the sale of the Convertible Notes by the Company and its Subsidiaries. In addition to any other rights granted hereunder, the Company shall grant each SBIC Holder and the United States Small Business Administration (the "SBA") access to the Company's and its Subsidiaries' records for the purpose of verifying the use of such proceeds.
SBIC Regulatory Provisions. (a) For a period of one year following the Closing, the Company shall not change its business activities if such change would render the Company ineligible as a "Small Business" under the SBIC Act or a "qualified small business" under Section 1202 of the IRC.
SBIC Regulatory Provisions. (i) Within 75 days after the date hereof and at the end of each month thereafter until all of the proceeds from the Loan and the exercise of the Warrants have been used by the Company and its Subsidiaries, the Company shall deliver to Purchaser a written statement certified by the Company's president or chief financial officer describing in reasonable detail the use of the proceeds of the loan reflected by the Note by the Company and its Subsidiaries. In addition to any other rights granted hereunder, the Company shall grant Purchaser and the United States Small Business Administration (the "SBA") access to the Company's records for the purpose of verifying the use of such proceeds.
SBIC Regulatory Provisions. (a) At any time the Company has fifty (50) or more record holders of the Company's voting stock, the Company shall notify each SBIC Holder as soon as practicable (and, in any event, not later than fifteen (15) days) prior to taking any action, which action would have the effect of rendering any SBIC Holder (collectively with its Affiliates) the record holder of twenty percent (20%) of more of the Company's voting stock. Further, the Company shall notify each SBIC Holder of any other action or occurrence after which any SBIC Holder (collectively with its Affiliates) would own of record twenty percent (20%) or more of the Company's voting stock), as soon as practicable after the Company becomes aware that such other action or occurrence has occurred or is proposed to occur. Upon the occurrence of any such event or transaction wherein any SBIC Holder (collectively with its Affiliates) would own of record twenty percent (20%) or more of the Company's voting stock, the Company shall as soon as is practicable facilitate a plan of divestiture with each SBIC Holder set forth in subsection (c) below.
