Covenant Amendment. Section 7.3 of the Loan Agreement is hereby amended in its entirety to read as follows:
Covenant Amendment. (a) Section 5.11 of the Credit Agreement is amended to read in its entirety as follows:
Covenant Amendment. This covenant may be amended or expanded with such proposals to be presented via a meeting with representative of the Guest Church and the Session of the Host Church. All such proposals shall require mutual approval. All mutually approved amendments will be attached in writing to the original Covenant Agreement. Copies of any Covenant Amendments will be provided to all parties.
Covenant Amendment. Section 2.3 of the Loan Agreement is hereby amended to add a new subsection (e) to read in its entirety as follows:
Covenant Amendment. (a) Section 5.11 of the Credit Agreement is amended to read in its entirety as follows: SECTION 5.11. Minimum Consolidated Net Worth Consolidated Net Worth shall (i) at no date on or after October 3, 1997 be less than negative $300,000,000, (ii) at no date on or after October 2, 1998 be less than negative $250,000,000, (iii) at no date on or after October 1, 1999 be less than negative $150,000,000, (iv) at no date on or after September 29, 2000 be less than negative $50,000,000 and (v) at no date on or after September 28, 2001 be less than negative $50,000,000 plus an amount equal to 50% of Consolidated Net Income for each Fiscal Year ending on or after September 29, 2001 but prior to the date of determination for which Consolidated Net Income is positive (but with no deduction on account of negative Consolidated Net Income for any fiscal year of the Parent Guarantor); provided, however, that the amounts set forth in clause (i) through (v) inclusive shall be adjusted upward by $25,000,000 for each full multiple of $25,000,000 by which the actual cost of funding the Tender Offer is less than $700,000,000. The Parent Guarantor will provide to the Agents a certificate of a Principal Officer setting forth the calculation of the actual cost of the Tender Offer within ten Domestic Business Days of the completion of such Tender Offer.
Covenant Amendment. The Borrower will furnish to the Administrative Agent by no later than (i) August 31, 2006, a set of financial projections for the Borrower and its Consolidated Subsidiaries for the fiscal year ending in January 2008, which projections shall be in form and substance reasonably satisfactory to the Administrative Agent and (ii) October 31, 2006 the Covenant Amendment duly executed and delivered by the Borrower, the Administrative Agent and the Required Lenders."
Covenant Amendment. Notwithstanding anything to the contrary set forth in Sections 11 (e), 11 (f) and 11 (h) hereof, (i) upon the occurrence of two consecutive Measurement Periods for which the Guarantor's Fixed Charge Coverage Ratio equals or exceeds 3.5:1.0 as shown in the Compliance Certificates delivered in respect of such Measurement Periods, then automatically without any further notice to or by any party, (A) the terms and provisions of Section 11(f) hereof shall immediately have no further force or effect, the Guarantor having no further obligation to comply with the terms thereof and (B) the required Fixed Charge Coverage Ratio for each remaining Measurement Period set forth in Section 11(e) hereof shall immediately be amended to be 3.5:1.0 and (ii) upon the occurrence of any one Measurement Period for which the Guarantor's Fixed Charge Coverage Ratio equals or exceeds 3.5:1.0, as shown in a Compliance Certificate delivered in respect of such Measurement Period, then automatically without any further notice to or by any party, the terms and provisions of Section 11(h) hereof shall immediately have no further force or effect, the Guarantor having no further obligation to comply with the terms thereof.
