Distributions, Bonuses and Other Indebtedness. Borrower shall not: (i) declare or pay any cash bonus compensation to its officers if an Event of Default exists or would result from the payment thereof; (ii) incur, become liable for or suffer to exist any Indebtedness other than Permitted Indebtedness; (iii) make any prepayments on any existing or future Indebtedness (other than the Obligations); or (iv) make any Restricted Payments other than as permitted by clause (b)(v) of the definition of Permitted Investments.
Distributions, Bonuses and Other Indebtedness. Borrower shall not, and shall not permit any Subsidiary Guarantor to: (a) declare or pay or make any forms of Distribution to holders of Borrower's Capital Stock if a Significant Default exists or, after giving effect to such Distribution, would exist; (b) declare or pay any bonus compensation to its officers if a Significant Default exists or after giving effect to such payment would exist; (c) hereafter incur or become liable for any Indebtedness if a Significant Default exists or after giving effect to such Indebtedness would exist; (d) make any prepayments on any existing or future Indebtedness (other than the Obligations) if a Significant Default exists or, after giving effect to such prepayment would exist; or (e) make any payments on Subordinated Debt in violation of the subordination provisions thereof.
Distributions, Bonuses and Other Indebtedness. Borrower shall not: (i) declare or pay any cash bonus compensation to its officers if an Event of Default exists or would result from the payment thereof; (ii) incur, become liable for or suffer to exist any Indebtedness other than Permitted Indebtedness; (iii) make any prepayments on any existing or future Indebtedness (other than the Secured Obligations and other than as to any subordinated Indebtedness to the extent permitted by the Subordination Documents applicable to such subordinated Indebtedness); or (iv) make any Restricted Payments, except that Borrower may declare and pay dividends and distributions to Parent if (a) both at the time of such declaration and payment, and after giving effect to such declaration and payment, no Default or Event of Default shall have occurred and is continuing and (b) the aggregate amount of such dividends and distributions made in respect of each Fiscal Year shall not exceed 100% of such Borrower’s net income (on a stand-alone basis and without regard to the combination or consolidation of any Subsidiary or Affiliate otherwise 71
Distributions, Bonuses and Other Indebtedness. Seller shall not: (a) without the consent of FGI which shall not be unreasonably withheld, declare or pay or make any forms of Distribution to holders of Seller’s Capital Stock, other than Permitted Tax Distributions (if any); (b) declare or pay any bonus compensation to its officers if an Event of Default exists or would result from the payment thereof; (c) hereafter incur or become liable for any Indebtedness other than Permitted Indebtedness; (d) make any prepayments or payments of principal or interest on any existing or future Indebtedness (other than the Obligations and regularly scheduled payment of Capitalized Lease Obligations) except for such payments as FGI may approve in writing in its sole and absolute discretion; or (e) make any payments on Subordinated Debt in violation of the Intercreditor Agreements; provided, however, that so long as no Default or Event of Default (including without limitation an Event of Default resulting from a Change of Control) exists at the time of or would exist after giving pro-forma effect to the following Distributions, Seller shall be permitted to make Distributions with respect to up to an aggregate of 1,200,000 shares of Seller’s common stock issued to 31 Group LLC and Capital Ventures International pursuant to securities purchase agreements entered into with such investors in October 2014.
Distributions, Bonuses and Other Indebtedness. (a) Except for Distributions by any Subsidiary of Borrower to Borrower or a Domestic Subsidiary of Borrower, Borrower shall not: (i) declare or pay or make any forms of Distribution to holders of Borrower’s Capital Stock; except as provided in Section 6.6(b); (ii) declare or pay any bonus compensation to its officers if an Event of Default exists or would result from the payment thereof; (iii) hereafter incur or become liable for any Indebtedness other than Permitted Indebtedness; or (iv) make any payments on Subordinated Debt, if any, not permitted by the applicable Subordination Agreement.
Distributions, Bonuses and Other Indebtedness. Borrower shall not: (a) declare or pay or make any forms of Distribution to holders of Borrower's Capital Stock; except for Distributions payable in stock or other equity interest, as the case may be, as required pursuant to the Rights Agreement, dated February 24, 2010 by and between WPCS and Interwest Transfer Co., Inc., (b) declare or pay any bonus compensation to its officers if an Event of Default exists or would result from the payment thereof; (c) hereafter incur or become liable for any Indebtedness other than Permitted Indebtedness; or (d) make any prepayments on any existing or future Indebtedness (other than the Obligations).
Distributions, Bonuses and Other Indebtedness. Borrower shall not: (a) declare or pay or make any form of Distribution to holders of Borrower’s Capital Stock if an Event of Default has occurred and is continuing or would result from the payment hereof (provided that (i) Parent can pay dividends to its holders of preferred stock if (x) such dividends are required by the terms of the certificate of incorporation of Parent and (y) such dividends are permitted by applicable law and (ii) a Borrower may pay dividends to another Borrower); (b) declare or pay any bonus compensation to its officers, if an Event of Default exists or if a breach of a financial covenant would result from the payment thereof; (c) hereafter incur or become liable for any Indebtedness other than Permitted Indebtedness; (d) make any prepayments on any existing or future Indebtedness (other than the Obligations); or (e) make any payments on Subordinated Debt in violation of the Subordination provisions applicable thereto.
Distributions, Bonuses and Other Indebtedness. Borrower shall not: (a) declare or pay or make any form of Distribution to holders of Borrower’s Capital Stock without the prior consent of the Lender, such consent not to be unreasonably withheld; provided, however, that without the consent of Lender, the Borrower may (i) for so long as KAE’s Series A Convertible Preferred Stock is issued and outstanding, make Distributions in the form of cash dividends with respect to such preferred stock in an annual aggregate amount not to exceed 10% per annum of the stated value of such preferred stock, so long as no Default or Event of Default has occurred and is continuing and so long as no breach of a financial covenant would result from the payment thereof on a pro forma basis and (ii) make Distributions in a fiscal year in an amount not to exceed fifty percent (50%) of the Excess Cash Flow of the prior fiscal year if no Event of Default exists and if no breach of a financial covenant would result from the payment thereof on a pro forma basis; (b) declare or pay any bonus compensation to its officers, if an Event of Default exists or if a breach of a financial covenant would result from the payment thereof on a pro form basis; (c) hereafter incur or become liable for any Indebtedness other than Permitted Indebtedness; (d) make any prepayments on any existing or future Indebtedness (other than the Obligations); or (e) make any payments on Subordinated Debt in violation of the subordination provisions thereof. Borrower shall not incur any Indebtedness in connection with a merger or acquisition unless it gives the Lender a right of first refusal with respect to such financing.
Distributions, Bonuses and Other Indebtedness. At the time of Closing, Borrower shall not: (a) if an Event of Default exists or would result after the payment of such Distribution, declare or pay or make any forms of Distribution to holders of Borrower’s Capital Stock; (b) hereafter incur or become liable for any Indebtedness other than Permitted Indebtedness; (c) make any prepayments on any existing or future Indebtedness (other than the Obligations); or (d) make any payments on Subordinated Debt in violation of the subordination provisions in Section 7.6 hereof.
Distributions, Bonuses and Other Indebtedness. Section 6.6 of the Loan Agreement is deleted in its entirety and the following new Section 6.6 is substituted in its place:
