Additional Loan Covenants. If there are any additional loan covenants (the “Additional Loan Covenants”) listed in Paragraph 16 of the Specific Loan Terms attached hereto, and in the event Borrower or Guarantor (if applicable to Guarantor) breaches any of the Additional Loan Covenants, such breach shall constitute an Event of Default under the provisions of Paragraph 11 above applicable to such breach and Lender shall be entitled to exercise all rights and remedies under this Loan Agreement with respect to such Event of Default.
Additional Loan Covenants. Until all sums due from the Company to BOCO (whether not existing or advanced in the future) are paid in full, the Company agrees and covenants as follows:
a) With the exception of periodic gold and silver sales from production at prevailing market rates, the Company shall not undertake any disposition of material assets without Lender’s prior written consent, which may be withheld in Lender’s sole and absolute discretion;
b) The Company shall deliver its current budget (delineated on monthly, year-to-date and annual basis) for Lender’s written approval (the “Lender Approved Budget”), which will not be unreasonably withheld, and the Company shall not incur expenses, whether individually or in aggregate, greater than 110% of the Lender Approved Budget;
c) The Company shall deliver to the Lender the Company’s unaudited monthly financial reports, in a form reasonably acceptable to the Lender, within seven (7) business days after the end of each month;
d) The Company shall not incur or agree to incur any additional indebtedness for borrowed money or financed equipment, or any trade debt in excess of $25,000 individually or $50,000 in the aggregate without the written consent of the Lender, which may be withheld in Lender’s sole and absolute discretion;
e) The Company shall not increase the compensation, benefits or other remuneration payable to any employee or contractor or hire any new employee or contractor that is not included in the Lender Approved Budget without the written consent of the Lender, which may be withheld in Lender’s sole and absolute discretion;
f) The Company shall not enter into any agreement for goods or services (either individually, or in the aggregate with a single vendor or provider) in excess of $25,000 that is not included in the Lender Approved Budget without the Lender’s prior written approval, which may be withheld in Lender’s sole and absolute discretion;
g) The Company shall provide the Lender with such information and documentation as the Lender may request with respect to the Company’s expenditures, operations, agreements, and liabilities within three business days following Lender’s request for the same;
h) So long as the Company shall have any obligation under this Agreement or the Remaining Notes, the Company shall not, without BOCO’s written consent which may be withheld in BOCO’s sole and absolute discretion, lend money, give credit or make advances to any person, firm, joint venture or corporation or other entity, inclu...
Additional Loan Covenants. Additional loan covenants are included in Exhibit B., attached and made a part of this loan agreement.
Additional Loan Covenants. Additional Loan Covenants to include the following:
3.1 3.2
Additional Loan Covenants. Paragraph 16. Paragraph 16 is hereby amended and restated as follows: “ADDITIONAL LOAN COVENANTS Paragraph 15 of the Loan Agreement. Borrower shall fully perform and satisfy, or caused to be fully performed and satisfied, the following “Additional Loan Covenants”:
A. Borrower covenants and agrees not to permit the occurrence of any material adverse change in the financial condition of Borrower.
B. The Tangible Net Worth of Guarantor, at all times shall be not less than NINETY MILLION DOLLARS ($90,000,000.00).
C. Guarantor shall maintain a ratio of total liabilities to Tangible Net Worth of not more than 4.0 to 1 on a quarterly basis; provided, however, such ratio requirement shall be waived for all quarters through the quarter ending December 31, 2009.
D. Guarantor shall maintain a minimum liquidity of THIRTY MILLION DOLLARS ($30,000,000.00). For purposes of the foregoing covenant, “liquidity” shall mean and include certified available funds from lenders, amounts due from title companies for escrow closings in the ordinary course, marketable securities and unrestricted cash.
E. Guarantor shall at all times maintain a limitation on investments in joint ventures of twenty-five percent (25%) of Guarantor’s Tangible Net Worth.
F. Xxxxxxx Xxxx and Xxxxxxx X. Xxxx shall maintain a combined ownership of at least forty percent (40%) of the outstanding stock of Guarantor.
G. Guarantor shall be profitable, as measured on a semi-annual basis. Notwithstanding the foregoing, the profitability covenant shall be waived for the fiscal years ending December 31, 2008 and December 31, 2009.
H. Neither Borrower nor any Guarantor shall make any equity distributions or dividends to any shareholders, except solely for the purpose of paying taxes and assessments.
I. Borrower shall not enter into any agreement with any existing or future lender (other than Residential Funding Corporation), for a loan that has the effect of establishing financial covenants that are more restrictive on Borrower, Guarantor or any of their affiliates or are otherwise more favorable to such lender (the “Additional Lender Rights”) than the financial covenants under the Loan Instruments. Borrower shall immediately give written notice to Lender of any offer received from any existing or future lender to enter into any agreement that provides for Additional Lender Rights. Tangible Net Worth is defined as the Generally Accepted Accounting Principles (“GAAP”) determination of net worth minus intangible asset...
Additional Loan Covenants. The initial sentence of Paragraph 16 is amended and restated to read as follows:
Additional Loan Covenants. If there are any additional loan covenants (the "Additional Loan Covenants") listed on Exhibit A attached hereto, and in the event Borrower or Guarantor (if applicable to Guarantor) breaches any of the Additional Loan Covenants (and such breach continues for thirty (30) days following written notice thereof to Borrower), or if Lender elects (in Lender's sole and absolute discretion based upon market or economic conditions, upon Borrower's or Guarantor's then Financial condition or upon Lender's business judgment), after giving notice thereof to Borrower, to limit future advances of the Loan, then in either event at Lender's election, no additional Mortgages shall be recorded in the Real Property Records and advances under the Loan shall be limited to the then existing Borrowing Base (as determined by Lender); provided, however, in the event of any such breach or election, if Lender shall have given Borrower the notice described in Paragraph 4(f) above, then all future advances under the Loan shall be limited to the unadvanced portion of the Loan Allocation for Properties covered by then existing recorded Mortgages and no additional Mortgages shall be recorded in the Real Property Records; provided, however, that a breach of any of the Additional Loan Covenants shall not be considered a default under the Loan Instruments.
Additional Loan Covenants. Paragraph 15 of the Loan Agreement. Borrower shall fully perform and satisfy, or caused to be fully performed and satisfied, the following “Additional Loan Covenants”:
Additional Loan Covenants. Borrower shall fully perform and satisfy the following "Additional Loan Covenants":
Additional Loan Covenants. Subsection B is hereby deleted in its entirety and Subsection G is hereby amended and restated in its entirety, and a new subsection K is hereby added to read in full as follows:
