Additional Affirmative Covenant. Article IX of the Credit Agreement shall be amended to include a new Section 9.14 which shall read in full as follows:
Additional Affirmative Covenant. Borrower will repay the outstanding balance of its loans from ABN AMRO Bank within three business days after the date hereof.
Additional Affirmative Covenant. Borrower further covenants and agrees with Lender that while this Agreement is in effect, that, except as previously disclosed to Lender, loan funds are being used for predevelopment construction costs associated with the development of a casino on the subject collateral securing this loan.
Additional Affirmative Covenant. Article 6 of the Loan Agreement is hereby amended to add the following new Sections 6.18 and 6.19 thereto:
Additional Affirmative Covenant. Borrowers hereby covenant and agree to expend, prior to January 1, 2009, a minimum of $250,000 from the funds held in the tax reserve escrow account as provided in Section 6.4 of that certain Stock Purchase Agreement dated March 11, 2008 between Hxxxxxxx Acquisition, Inc. and Petroleum Engineers, Inc.; provided that such funds shall be used solely for capital projects, workover operations and other related activities on wxxxx located on the Borrowing Base Oil and Gas Properties that are subject to liens in favor of Lender. Borrowers acknowledge that the foregoing is an additional affirmative covenant under the Credit Agreement, the breach of which could result in an Event of Default as provided in Section 7.1(b) thereof.
Additional Affirmative Covenant. Article VII of the Credit Agreement is hereby amended to add the following Section 7.11.
Additional Affirmative Covenant. Section 7.01 of the Financing Agreement shall be amended by adding the following new clause (v) at the end of such Section:
Additional Affirmative Covenant. To provide monthly account receivable agings and borrower's certificates, quarterly profit and loss statements and balance sheet within 30 days of month end, and annual CPA audited financial statements within 120 days of fiscal year end.
Additional Affirmative Covenant. To maintain a minimum working capital of $2,000,000, current ratio of 2.0:1, net worth and subordinated debt of $3,000,000 and maximum debt/worth and subordinated debt of 1.5:1.
Additional Affirmative Covenant. To notify the bank prior to any changes in the repayment provisions or other terms and conditions of the note payable to Cordis Corporation, dated June 30, 1991 which has been subordinated to the bank's interest.
