2002 Covenant Computation Date Clause Samples

2002 Covenant Computation Date. The requirements of Section 5.11 of the Credit Agreement regarding the Borrower’s Minimum Net Worth and Section 5.12 of the Credit Agreement regarding the Borrower’s Profitability are waived by Banks. Such waivers are limited to the June 30, 2002 Covenant Computation Date. (i) Minimum Net Worth. The requirements of Section 5.11 of the Credit Agreement regarding the Borrower’s Minimum Net Worth as of September 30, 2002, December 31, 2002 and March 31, 2003 (collectively, the “Subsequent Computation Dates”, with each such date a “Subsequent Computation Date”) are waived by the Banks, provided, however, such Minimum Net Worth must not be less than $65,345,000 as of each such Subsequent Computation Date. Such waiver is limited to the Subsequent Computation Dates and shall be ineffective as to any Subsequent Computation Date if the Minimum Net Worth is less than $65,345,000 as of such Subsequent Computation Date.