Borrowed Debt. Exxxxx xxxx xxx xxior xxxxxxx xxxxxxt of MLBFS, no Credit Party shall directly or indirectly incur or permit to exist any debt of any Credit Party for borrowed money or the lease under a capital lease or deferred purchase price of real or personal property other than: (i) debt to MLBFS and (ii) debt existing as of the date hereof that are consented to by MLBFS and reflected on Exhibit A attached hereto.
Borrowed Debt. Except upon the prior written consent of MLBFS, Customer shall not directly or indirectly hereafter incur or permit to exist any debt of Customer for borrowed money or the lease under a capital lease or deferred purchase price of real or personal property other than: (i) debt to MLBFS and (ii) debt existing as of the date of and reflected on the last financial statements of Customer submitted to MLBFS prior to the date hereof and not refinanced by MLBFS.
Borrowed Debt. Except upon the prior written consent of MLBFS, Customer shall not directly or indirectly hereafter incur or permit to exist any debt of Customer for borrowed money or the lease under a capital lease or deferred purchase price of real or personal property other than: (i) debt to MLBFS (ii) debt existing as of the date of and reflected on the last financial statements of Customer submitted to MLBFS prior to the date hereof and not refinanced by MLBFS, and (iii) debt secured by Permitted Liens.
Borrowed Debt. All Borrowed Debt shall have been repaid and all obligations relating thereto shall have been paid or satisfied. All Liens securing such Borrowed Debt shall have been discharged or the discharge thereof shall have been adequately provided for. All Derivatives shall have been terminated.
Borrowed Debt. At or before Closing, Sellers shall cause the Companies and their subsidiaries to repay all Borrowed Debt and pay or satisfy all obligations relating thereto and discharge (or provide for the discharge of) any Liens securing such Borrowed Debt and to terminate any agreements relating to foreign currency swaps, interest rate swaps, commodity swaps, options, caps, collars, hedges or forward exchanges or other similar agreements.
Borrowed Debt. Except upon the prior written consent of MLBFS, neither Customer nor any Business Guarantor shall directly or indirectly incur or permit to exist any debt of Customer or any Business Guarantor for borrowed money or the lease under a capital lease or deferred purchase price of real or personal property other than: (i) debt to MLBFS and (ii) debt existing as of the date of and reflected on the last financial statements of Customer and Business Guarantors submitted to MLBFS prior to the date hereof and not refinanced by MLBFS (including a $200,000 Line of Credit extended to Lakeland's Chinese subsidiary from China Construction Bank).
Borrowed Debt. Except upon the prior written consent of MLBFS, Customer shall not directly or indirectly incur or permit to exist any debt of Customer for borrowed money or the lease under a capital lease or deferred purchase price of real or personal property (other than the Customer's Variable Rate Convertible Debenture due November 9, 2009 ("Convertible Debentures"), which Convertible Debentures shall be subordinated to the debt owing from Customer to MLBFS under the Loan Agreement pursuant to the terms of a Subordination Agreement dated on or about the date hereof among Customer, MLBFS and the other creditors named therein)."
(a) The Loan Agreement is hereby modified by deleting the first sentence of Section 6(n) in its entirety and inserting the following in lieu thereof: "Customer's Capital Expenditures shall not at any time exceed $1,500,000 in the aggregate for the period beginning January 1, 2004 and ending on the Maturity Date."
(b) The Loan Agreement is hereby modified by deleting Section 6(q) in its entirety and inserting the following in lieu thereof: "MINIMUM QUARTERLY EBITDA Customer shall not permit its EBITDA (Customer's income before interest (including payments in the nature of interest under capital leases), taxes, depreciation and amortization with a TBD add-back for any expensed fees related to the TTX financing capped at $350,000) to be less than the EBITDA set forth below for the corresponding calendar quarter: ----------------------------------------- -------------------- Calendar Quarter Minimum EBITDA ----------------------------------------- -------------------- End of third quarter 2004 $ 225,000 ----------------------------------------- -------------------- End of fourth quarter 2004 $ 900,000 ----------------------------------------- -------------------- End of first quarter 2005 - $ 75,000 ----------------------------------------- -------------------- End of second quarter 2005 $ 750,000 ----------------------------------------- -------------------- End of third quarter 2005 $ 500,000" ----------------------------------------- --------------------
(c) The Loan Agreement is hereby modified by the addition of the following new Section 6(u): "MINIMUM LIQUIDITY. Customer shall maintain at all times an aggregate of cash and unencumbered marketable securities owned and controlled by Customer (excluding cash securities and other financial assets in any IRA, 401(k) or other retirement account) in excess of $2,000,000 at all times."
(d) The Loan Ag...
Borrowed Debt. 11.05(b) business day............................................................11.05(b) Closing.....................................................................1.02
Borrowed Debt. Create, incur, assume or suffer to exist any Borrowed Debt by itself or any of its Subsidiaries other than (i) Debt to Bank; (ii) Debt secured by liens permitted by Section 7.3(a)(vi) hereof; and (iii) Debt disclosed on Schedule 7.3(g) hereto.
16. Exhibit 2.2 of the Agreement is hereby deleted.
17. Except as specifically amended herein the Agreement shall continue in full force and effect in accordance with its original terms. Reference to this specific Amendment need not be made in any note, document, letter, certificate, the Agreement itself, or any communication issued or made pursuant to or with respect to the Agreement, any reference to the Agreement being sufficient to refer to the Agreement as amended hereby. All terms used herein which are defined in the Agreement shall have the same meaning herein as in the Agreement. In the event of any conflict between the terms of the Agreement and the terms of this Amendment, this Amendment shall control.
Borrowed Debt. Create, incur, assume or suffer to exist any ------------- Borrowed Debt by itself or any of its Subsidiaries other than (i) Debt to Bank; (ii) Debt secured by liens permitted by Section 7.2(a)(iv) hereof; and (iii) Debt disclosed on Schedule 7.3(g) hereto.
