Amendment of Financial Covenants. The Financial Covenants set forth in Section IV of Schedule B of the Loan Agreement shall be and hereby are deleted in their entirety and replaced with the following: "IV.
Amendment of Financial Covenants. We have also advised you that the Company may experience a decline in EBITDA for the rolling four quarters ending each of the first two quarters of the 2005 fiscal year. As a result of this decline, (x) the Company may be in violation of Sections 5.03(a), 5.03(b) and 5.03(c) of the Credit Agreement and (y) the Company may not be able to make the representation and warranty contained in the last sentence of Section 4.01(e) of the Credit Agreement in connection with Borrowings made on or after the date hereof. To avoid any such violation or misrepresentation, the Company requests that the Lenders amend Section 5.03, as set forth in the accompanying Amendment No. 3 to the Credit Agreement (the “Amendment”) by executing and delivering such amendment.
Amendment of Financial Covenants. Subsection (a) of Section 7.2 in the Existing Credit Agreement shall be amended to read in its entirety as follows:
Amendment of Financial Covenants. Notwithstanding anything herein to the contrary, the parties hereto agree that any amendment to or waiver to the financial covenants set forth in Section 6.3 (or any comparable section) of the Domestic Credit Agreement or any related term or definition used therein shall, subject to the prior written approval of Ex-Im Bank and Bank, automatically amend or waive the corresponding financial covenants set forth in Section 9.5 of this Agreement and any related term or definition used therein in the same manner. Subject to the prior written approval of Ex-Im Bank, the Bank agrees to execute an amendment or waiver to this Agreement to document such automatic amendment or waiver of the financial covenants and related terms and conditions.
Amendment of Financial Covenants. To reflect the agreement of the Agent and the Lenders to amend certain of the financial covenants set forth in the Credit Agreement:
(a) Section 6.23.1 is hereby amended to read in its entirety as follows:
Amendment of Financial Covenants. Sections 5.2(L)(ii) and (iii) of the Agreement are hereby amended to read in their entirety as follows:
Amendment of Financial Covenants. Section 9.01(d) is hereby deleted in its entirety.
Amendment of Financial Covenants. The Financial Covenants Addendum to the Credit Agreement is hereby deleted in its entirety and is replaced by the Financial Covenants Addendum in the form of Exhibit A attached to this First Amendment.
Amendment of Financial Covenants. Agent, Lenders and Borrowers agree that on or before December 15 of each year for which financial covenants have been provided for under the Credit Agreement, the parties will agree upon further amendment of Sections 7.11 (EBITDA), 7.10 (Minimum Interest Coverage Ratio) and 7.12A (Tangible Net Worth) of the Credit Agreement for Borrowers' next fiscal year, based upon the summary of business plans and financial operations projections that Borrowers are obligated to deliver to Agent for each such subsequent fiscal year pursuant to Section 6.05 of the Credit Agreement. Such further amendments will be calculated by Agent in a manner consistent with the calculation of the revisions to such financial covenants provided for in this Amendment.
Amendment of Financial Covenants. Borrower hereby agrees to the following amendments to the financial covenants of the Credit Agreement:
(a) Paragraph 9.12(a) of the Credit Agreement is hereby deleted and replaced with the following: Maximum Consolidated Leverage Ratio. ----------------------------------- The Consolidated Leverage Ratio shall not exceed the following: Period Consolidated Leverage Ratio ------ --------------------------- Quarter ending 12/31/2001 5.40 : 1 Quarter ending 3/31/2002 4.00 : 1 Quarter ending 6/30/2002 3.50 : 1 Quarter ending 9/30/2002 2.60 : 1 Quarter ending 12/31/2002 and thereafter 2.00 : 1
(b) Paragraph 9.12(b) of the Credit Agreement is hereby deleted and replaced with the following: Minimum Fixed Charge Coverage. ----------------------------- Borrower's Fixed Charge Coverage shall at no time be less than the following: Period Fixed Charge Coverage ------ --------------------- Quarter ending 12/31/2001 No requirement Quarter ending 3/31/2002 1.00 : 1 Quarter ending 6/30/2002 1.00 : 1 Quarter ending 9/30/2002 1.25 : 1 Quarter ending 12/31/2002 and thereafter 1.50 : 1
(c) Paragraph 9.12(c) of the Credit Agreement is hereby deleted and replaced with the following: Minimum Interest Coverage. ------------------------- Borrower's Interest Coverage shall at no time be less than the following: Period Interest Coverage ------ ----------------- Quarter ending 12/31/2001 2.25 : 1 Quarter ending 3/31/2002 2.25 : 1 Quarter ending 6/30/2002 3.00 : 1 Quarter ending 9/30/2002 4.00 : 1 Quarter ending 12/31/2002 and thereafter 4.00 : 1
