Borrowers Financial Covenants. So long as the Lender shall have any Commitment hereunder, any Secured Hedge Agreement shall be in effect or any Loan or other Secured Obligations hereunder or under any other Loan Document which is accrued and payable shall remain unpaid or unsatisfied, the Borrowers, shall:
Borrowers Financial Covenants. Borrower covenants that that until all of the Indebtedness is paid in full and all of the Obligations have been fully performed:
Borrowers Financial Covenants. Borrower hereby covenants with Lender as follows:
Borrowers Financial Covenants. (a) Borrower's consolidated EBITDA and Borrower's consolidated gross revenues, as calculated from amounts reflected on Borrower's unaudited income statements with respect to the covenants as of each six month period ending June 30th and December 31st and audited as to all fiscal year covenants prepared in accordance with GAAP for the periods indicated below shall, at a minimum, be as follows: Date EBITDA REVENUES ---- ------ -------- Full Year Ended December 31, 2003 $ 5,000,000 $ 90,000,000 Six Months Ended June 30, 2004 2,500,000 45,000,000 Six Months Ended December 31, 2004 3,500,000 60,000,000 Total: Fiscal Year 2004 6,000,000 105,000,000 Six Months Ended June 30, 2005 3,000,000 50,000,000 Six Months Ended December 31, 2005 4,000,000 65,000,000 Total: Fiscal Year 2005 7,000,000 115,000,000 Such amounts and values stated above for the six month period ended December 31, 2005, shall remain the benchmark for all six month periods thereafter until all of Borrower's obligations to Lender arising out of or relating to this Agreement are fully extinguished.
(b) Borrower's Fixed Charge Ratio, measured quarterly on a consolidated basis beginning with the quarter ending September 30, 2003, shall not be less than 1.75 for the quarter ending September 30, 2003, and shall not be less than 2.0 for all quarters ending thereafter.
(c) Borrower's Current Ratio, measured quarterly on a consolidated basis beginning with the month ending June 30, 2003, shall not be less than 1.20, except that for the quarter ended June 30, 2003, the Current Ratio shall be not less than 1.0.
(d) Borrower's ratio of Funded Debt to Tangible Net Worth, measured quarterly on a consolidated basis beginning with the month ending September 30, 2003, must be no greater than the following: Date Ratio ---- From Execution Date through September 30, 2003 3.5:1 September 30, 2003 through September 30, 2004 3.0:1 September 30, 2004 through September 30, 2005 2.0:1 September 30, 2005 and thereafter 1.5:1
Borrowers Financial Covenants. Borrower shall maintain the following Financial Covenants:
Borrowers Financial Covenants. (a) Each Borrower shall, for the period commencing on the Utilisation Date in respect of the relevant Tranche being utilised to finance the Ship owned by that Borrower and ending on the date on which that Tranche has been repaid in full, maintain in its Retention Account a minimum liquidity amount of not less than $650,000 (the "Minimum Liquidity Amount") free of any Security, other than Security created in favour of the Lender.
(b) On any Security Cover Testing Date falling on a date 18 Months after the last Utilisation Date, on which the Loan to Value Ratio in respect of a Ship is less 50 per cent. an amount of $150,000 may, at the Borrowers' request be released from the Retention Account in relation to that Ship to the Borrowers. In the event that at any time after such release the Loan to Value Ratio is equal to or above 50 per cent. the Borrowers shall ensure that the Minimum Liquidity Amount of $650,000 is restored in the relevant Retention Account.
(c) For the purposes of this Clause 21 (Borrowers' financial covenants), "Loan to Value Ratio" means, in respect of each Ship, the ratio of the Tranche relating to such Ship expressed as a percentage of the Market Value of such Ship.
Borrowers Financial Covenants. (a) RATIO OF INDEBTEDNESS FOR BORROWED MONEY TO TOTAL CAPITAL. The Borrower will not permit Consolidated Indebtedness for Borrowed Money to exceed 65% of Consolidated Total Capital at any time.
Borrowers Financial Covenants. Borrowers agree that until the Indebtedness is paid in full:
Borrowers Financial Covenants. Until the Note is paid in full, Borrower will comply with the following covenants and ratios: Current Ratio: Maintain a ratio of Current Assets to Current Liabilities in excess of 1.000 to 1.000. Tangible Net Worth Requirements. Maintain a minimum Tangible Net Worth of not less than $11,000,000.00. In addition, Borrower shall comply with the following net worth ratio requirements: Debt/Worth Ratio. Maintain a ratio of Debt/Worth not in excess of 4.000 to 1.000. The ratio "Debt/Worth" means Borrower's Total Liabilities divided by Borrower's Tangible Net Worth. Except as provided above, all computations made to determine compliance with the requirements contained in this paragraph shall be made in accordance with GAAP, applied on a consistent basis, and certified by Borrower as being true and correct.
Borrowers Financial Covenants. The Borrower shall at all times during the Facility Period maintain a minimum quarterly average Cash at least equal to two hundred and fifty thousand Dollars ($250,000).
