Regulatory Violation

Regulatory Violation. Shall mean, with respect to St. Cloud, (i) a diversion of the proceeds of the issuance by Company of the St. Cloud Note from the use reported thereof on the SBA form No. 1031 delivered at the Closing, if such diversion was effected without obtaining the prior written consent of St. Cloud (which may be withheld in its sole discretion) or (ii) a change in the principal business activity of Company and its Subsidiaries to an ineligible business activity (within the meaning of the SBIC Regulations)... if such change occurs within one year after the date of the initial transactions hereunder. View More

Regulatory Violation. Shall mean (a) a diversion of the proceeds of the sale contemplated by the Purchase Agreement or the Original Purchase Agreements from the reported use thereof on the use of proceeds statement delivered by the Company or on SBA Form 1031 delivered as of the date hereof, if such diversion was effected without obtaining the prior written consent of Toronto Dominion Capital (U.S.A.), Inc. ("TD Capital") (which may be withheld in its sole discretion) or 3 (b) an ineligible business... activity (within the meaning of Title 13 of the United States Code of Federal Regulations, Section 107.720). View More