COMPLIANCE WITH AFFIRMATIVE COVENANTS Sample Clauses
The "Compliance with Affirmative Covenants" clause requires a party, typically the borrower or service provider, to actively fulfill specific ongoing obligations outlined in the agreement. These obligations might include maintaining certain financial ratios, submitting regular reports, or adhering to operational standards. By mandating adherence to these positive duties, the clause ensures that the party consistently meets agreed-upon benchmarks, thereby reducing risk and promoting transparency for the other party.
COMPLIANCE WITH AFFIRMATIVE COVENANTS. A. FF&E (Section 5.01): Please state whether or not all FF&E has been purchased and installed in the Casino Facility free and clear of all liens, encumbrances or claims, other than Permitted Encumbrances. yes/no
COMPLIANCE WITH AFFIRMATIVE COVENANTS. A. FF&E (Section 5.01): Amount of Capital Proceeds from FF&E sold or disposed which exceeds One Hundred Fifty Thousand Dollars ($150,000.00) in the aggregate during the term of the Credit Facility, in each instance which are not replaced by FF&E of equivalent value and utility. $______________
COMPLIANCE WITH AFFIRMATIVE COVENANTS. A. FF&E (Section 5.01): Amount of Capital Proceeds from FF&E sold or disposed which exceeds One Hundred Fifty Thousand Dollars ($150,000.00) in the aggregate during the term of the Credit Facility, in each instance which are not replaced by FF&E of equivalent value and utility. $______________ B. Compliance with Payment Subordination Agreement (Section 5.03): Report the amount of any payments made on the Subordinated Debt: Interest $______________ Principal $______________ C. Liens Filed (Section 5.04): Report any liens filed against the Real Property and the amount claimed in such liens. Describe actions being taken with respect thereto. _______________ D. Acquisition of Additional Property (Section 5.06(b)):
a. Other than the Real Property presently encumbered by the Security Documentation, attach a legal description and describe the use of any other real property or rights to the use of real property which is used in any material manner in connection with the Casino Facilities. Attach evidence that such real property or rights to the use of such real property has been added as Collateral under the Security Documentation. ______________
b. Has the T-Shirt Shop been acquired by any Borrower or the Guarantor? (yes/no) E. Permitted Encumbrances (Section 5.11): Describe any mortgage, deed of trust, pledge, lien, security interest, encumbrance, attachment, levy, distraint or other judicial process or burden affecting the Collateral other than the Permitted Encumbrances. Describe any matters being contested in the manner described in Sections 5.04 and 5.10 of the Credit Agreement. ______________
COMPLIANCE WITH AFFIRMATIVE COVENANTS. A. FF&E (Section 5.01): Amount of FF&E sold or disposed and not replaced by FF&E of equivalent value and utility. $______________
COMPLIANCE WITH AFFIRMATIVE COVENANTS. A. FF&E (Section 5.01): Please state whether or not all FF&E has been purchased and installed in the Hotel/Casino Facility free and clear of all liens, encumbrances or claims, other than Permitted Encumbrances. yes/no
B. Liens Filed (Section 5.03): Report any liens filed against the Real Property and the amount claimed in such liens. Describe actions being taken with respect thereto. $
C. Additional Real Property (Section 5.06):
a. Other than the Real Property presently encumbered by the Deed of Trust, attach a legal description of any other real property or rights to the use of real property which is used in any material manner in connection with the Hotel/Casino Facility and describe such use. Attach evidence that such real property or rights to the use of such real property has been added as Collateral under the Credit Agreement.
b. Other than with respect to the Adjacent Driveway Lease, have Borrower or MCRI entered into any additional leases, licenses, rental or other arrangements for the use or occupancy of all or any portion of the Village Shopping Center? yes/no If so, are such arrangements planned or projected to be or become an integral part of the operation at the Real Property and/or the Hotel/Casino Facility? yes/no If so, have such arrangements been consented to by Agent Bank or Requisite Lenders? yes/no
D. Permitted Encumbrances (Section 5.11): Describe any Lien attachment, levy, distraint or other judicial process or burden affecting the Collateral other than the Permitted Encumbrances. Describe any matters being contested in the manner described in Sections 5.03 and 5.10 of the Credit Agreement.
COMPLIANCE WITH AFFIRMATIVE COVENANTS. A. FF&E (Section 5.01): Amount of FF&E sold or disposed which exceeds a cumulative aggregate value of $100,000.00 and not replaced by FF&E of equivalent value and utility. $______________
B. Liens Filed (Section 5.03): Report any liens filed against the Real Property and the amount claimed in such liens. Describe actions being taken with respect thereto. $______________
C. Other Real Property (Section 5.06): Other than the Real Property presently encumbered by the Deed of Trust, attach a legal description of any other real property or rights to the use of real property which is used in any material manner in connection with the Hotel/Casino Facility and describe such use. Attach evidence that such real property or rights to the use of such real property has been added as Collateral under the Credit Agreement. ______________ EXHIBIT E
D. Permitted Encumbrances (Section 5.11): Describe any Lien attachment, levy, distraint or other judicial process or burden affecting the Collateral other than the Permitted Encumbrances. Describe any matters being contested in the manner described in Sections 5.03 and 5.10 of the Credit Agreement. ______________
COMPLIANCE WITH AFFIRMATIVE COVENANTS. A. FF&E (Section 5.01): Amount of FPG FF&E sold or disposed of not replaced by FPG FF&E of equivalent value and utility. $_________ B. Compliance with Indenture and Indenture Security Documents (Section 5.03): Report any defaults under and any amendments, modifications or terminations which may have occurred under the Indenture and/or the Indenture Security Documents (other than with respect to the Indenture Amendment Documents). _________ C. Permitted Encumbrances (Section 5.11): Describe any mortgage, deed of trust, pledge, lien, security interest, encumbrance, attachment, levy, distraint or other judicial process or burden affecting the Collateral other than the Permitted Encumbrances. Describe any matters being contested in the manner described in Section 5.10 of the Credit Agreement. _________ D.
COMPLIANCE WITH AFFIRMATIVE COVENANTS. The Borrower is in compliance with all of its affirmative covenants under the Loan Agreement. Further, at the effective date of this Certificate:
a. The Tangible Net Worth of Borrower required under the Loan Agreement must not at any time be more than . The Tangible Net Worth of Borrower as of the effective date of this Certificate is . Worksheets are attached as Schedule “A” hereto showing how the foregoing financial information was computed.
COMPLIANCE WITH AFFIRMATIVE COVENANTS. The Borrower is in compliance with all of its affirmative covenants under Article 6 of the Loan Agreement. Further, at the Effective Date of this Certificate:
a. The Tangible Net Worth required under the Loan Agreement was ------------------------.
b. The Borrower's Tangible Net Worth, calculated in accordance with the Loan Agreement, was _______________.
c. The Loan Agreement required that the Borrower's Debt Service Coverage Ratio must be not less than 2.0 to 1.0.
d. The Borrower's Debt Service Coverage Ratio, calculated in accordance with the Loan Agreement, was ______ to 1.0.
e. The Loan Agreement required that the Borrower's Quick Ratio must be not less than 2.0 to 1.0.
f. The Borrower's Quick Ratio, calculated in accordance with the Loan Agreement, was ______ to 1.0.
g. The Loan Agreement required that the ratio of the Borrower's Senior Debt to EBITDA must not exceed 1.5 to 1.0.
h. The ratio of the Borrower' Senior Debt to EBITDA, calculated in accordance with the Loan Agreement, was ____ to 1.0. Worksheets are attached showing how the foregoing financial information was computed. No more than ______________ Dollars ($_________) in assets of UIC International Corporation have been included in the calculations of the Borrower's Quick Ratio or Tangible Net Worth.