10Financial Covenants Sample Clauses
10Financial Covenants. (a) Holdings and its Wholly Owned Subsidiaries will not permit, at any time, commencing on the Second Amendment Effective Date, Unrestricted Cash and Cash Equivalents to be an amount less than the greater of (x) $50,000,000 or (y) an amount equal to 5% of the Consolidated Indebtedness of Holdings and its Wholly Owned Subsidiaries, taken as a whole (such level, the “Minimum Liquidity Threshold”).
(b) Holdings and its Consolidated Subsidiaries will not permit the Maximum Leverage Ratio to be greater than 0.60 to 1.00 at any time. The Maximum Leverage Ratio shall be tested on the last day of any Test Period, commencing with the Test Period ending June 30, 2022.
(c) Holdings and its Consolidated Subsidiaries will not permit (a) Current Assets minus (b) Current Liabilities, to be less than $0 at any time. For purposes of this calculation, (i) “Current Assets” means the amount of the current assets of Holdings and its Consolidated Subsidiaries as shown in the latest financial statements delivered pursuant to Section 5.01(a) and (b), and (ii) “Current Liabilities” means the amount of the current liabilities of Holdings and its Consolidated Subsidiaries (which, for purposes of this Section 6.10(c) shall not include Indebtedness of Holdings and its Consolidated Subsidiaries maturing within twelve (12) months of the relevant testing date) as shown in the latest financial statements delivered pursuant to Section 5.01(a) and (b).
10Financial Covenants. Fail, at any time, to comply with any of the following financial covenants on a consolidated basis provided that such covenants shall be calculated as of the last day of a calendar quarter:
10Financial Covenants. Comply with the following financial covenants while any Indebtedness is outstanding:
(a) A minimum Tangible Net Worth quarterly of at least $5,000,000.
(b) For each quarterly period, maintain a Working Capital Ratio of not less than: 1.20:1.
(c) Excess availability at closing after reserving for accounts payable greater than sixty (60) days past due plus any book overdraft.
10Financial Covenants. (a) With respect to each Bank Subsidiary, maintain at the end of each Fiscal Quarter a Total Risk-Based Capital Ratio equal to or greater than 12.00%.
(b) With respect to the Company, maintain at all times Liquid Assets of at least equal to $10,000,000.
(c) With respect to each Bank Subsidiary, and on a consolidated basis for the Company, maintain at all times such capital as may be necessary to be classified as a “well capitalized” institution in accordance with all laws and regulations (as such laws and regulations may be amended, supplemented or otherwise modified from time to time) of the FDIC and each other Regulatory Authority that has supervisory authority over such Subsidiary.
(d) With respect to the Company on a consolidated basis, as of the end of each Fiscal Quarter, maintain a ratio of Non-Performing Assets to Tangible Primary Capital not to exceed 12.00%.
(e) With respect to the Company on a consolidated basis, as of the end of each Fiscal Quarter, maintain a ratio of Loan Loss Reserves to Non-Performing Loans of not less than 100%.”
(f) With respect to the Company, as of the end of each Fiscal Quarter, maintain a Debt Service Coverage Ratio of not less than 1.50 to 1.
10Financial Covenants. (a) The Borrower and its Subsidiaries will not permit, at any time, commencing on the Initial BorrowingFourth Amendment Effective Date, Unrestricted Cash and Cash Equivalents to be an amount less than the greater of (x) $500,000 multiplied by the number of Vessels owned by the Borrower and its Subsidiaries or (y) an amount equal to 5% of the outstanding principal amount of Total Indebtedness of the Borrower and its Subsidiaries (such level, the “Minimum Liquidity Threshold”); provided that this covenant shall be tested on the last day of each fiscal quarter, commencing with September 30, 2021.
(b) The Borrower and its Consolidated Subsidiaries will not permit the Maximum Leverage Ratio to be greater than 0.70 to 1:00 at any time, which shall be tested on the last day of any Test Period, commencing with the Test Period ending September 30, 2021.
(c) The Borrower will not permit (a) the Consolidated current assets (determined on a Consolidated basis in accordance with GAAP, including, so long as the Revolving Maturity Date is at least 12 months after the last day of the applicable Test Period, the undrawn amount of the Revolving Commitment, but excluding Restricted Cash and Cash Equivalents of the Borrower and its Subsidiaries) minus (b) Consolidated current liabilities (determined on a Consolidated basis in accordance with GAAP, but excluding the current portion of long-term financial indebtedness) of the Borrower and its Subsidiaries to be less than $0 at all times, which shall be tested as of the last day of each fiscal quarter.
(d) The Borrower and the Subsidiary Guarantors will not permit, at all times, the aggregate Fair Market Value of the Collateral Vessels that are subject to a Collateral Vessel Mortgage together with all Additional Collateral to be less than 140% of the remainder of the aggregate outstanding principal amount of the Loans (but not to include, for the avoidance of doubt, any unutilized Revolving Commitment) minus any amounts in any Cash Collateral Account pursuant to Section 2.10(e) (the “Collateral Maintenance Test”); provided that any non-compliance with this Section 6.10(d) shall not constitute an Event of Default (but shall constitute a Default), so long as within thirty (30) days of the occurrence of such non-compliance, the Borrower shall either (x) post Additional Collateral (and shall during such period, and prior to satisfactory completion thereof, be diligently carrying out such actions) or (y) prepay Loans under the Credit...