Financial Covenants Contract Clauses (661)

Financial Covenants. Each Borrower covenants and agrees that, until the termination of all of the Commitments and the payment in full of the Obligations, Borrowers will: (a) Fixed Charge Coverage Ratio. Maintain a Fixed Charge Coverage Ratio, calculated for each 12 month period ending on the first day of any Covenant Testing Period and the last day of each fiscal month occurring until the end of any Covenant Testing Period (including the last day thereof), in each case of at least 1.10 to 1.00. (b) Minimum... Liquidity. At all times, maintain (i) Liquidity of at least $25,000,000, and (ii) Availability of at least $9,000,000. View More

Financial Covenants. Until all of the Obligations (other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired and the Commitment terminated, the Account Party covenants and agrees to the following: (a) Minimum Total Shareholder's Equity. The total shareholder's equity of the Account Party, determined in accordance with GAAP, shall be at all times an amount not less $2,143,539,163.00. (b) Financial Strength... Ratings. The Account Party shall at all times maintain a financial strength rating by A.M. Best Company and shall not permit such rating to be lower than "B++." 9. NEGATIVE COVENANTS. (a) [Reserved]. View More

Financial Covenants. 5 a.Section 7.1(c) of the Credit Agreement is hereby deleted and replaced with the following: "(c)" Minimum Liquidity. The US Borrower's Liquidity to be less than Five Hundred Thousand and 00/100 ($500,000.00) Dollars as of the as of the Friday of each week while the Loans are outstanding." b.New section 7.1(e) is hereby added to the Credit Agreement as follows: "(e) Borrowers' monthly sales for: (i) the month ending August 31, 2022 to be less than Twelve Million One Hundred Thousand and 00/100... ($12,100,000.00) Dollars ; and (ii) the month ending September 30, 2022 to be less than Eleven Million Seven Hundred Thousand and 00/100 ($11,700,000.00) Dollars. Borrower shall deliver to Agent within fifteen (15) days of the end of each month a monthly sales report and supporting documentation acceptable to the Agent evidencing compliance with the minimum monthly sales covenant." c.Section 7 of the Third Amendment (as amended by the Sixth Amendment and the Ninth Amendment) is hereby deleted and replaced with the following: "The Obligors' actual cumulative total cash disbursements reflected on the Cash Flow Statements shall not exceed the projected total cash disbursements for the same cumulative period as set forth on the cash projection schedule attached hereto as Exhibit A (the "Projections) by more than 15% at any time during the Forbearance Period. The foregoing covenant shall be tested weekly on a rolling basis during the Forbearance Period commencing July 13, 2022. d.Exhibit A attached to the Ninth Amendment setting forth the Projections is hereby deleted and replaced with Exhibit A, attached hereto. View More

Financial Covenants. Section 5.2(a) of the Credit Agreement is hereby deleted in its entirety and replaced with the following: (a) Minimum Fixed Charge Coverage Ratio. Company shall maintain on a trailing twelve month basis, measured monthly, a Fixed Charge Coverage Ratio of not less than (i) 1.05 to 1.00 for the trailing twelve month period ending December 31, 2016, up to and through the trailing twelve month period ending on June 30, 2017, and (ii) 1.10 to 1.00 for each trailing twelve month period thereafter.