Events of Default and Unmatured Events of Default. Under Section 4.15 of the Credit Agreement, the Borrower agreed not to permit its Leverage Ratio to be greater than 10 to 1 at any time. The Borrower has informed the Agent and the Lenders that its Leverage Ratio was greater than 10 to 1 at certain times from and after January 1, 2001 to March 31, 2001. As a result, an Event of Default has occurred under Section 6.01(c) of the Credit Agreement.
Events of Default and Unmatured Events of Default. (a) Under Section 6.15 of the Credit Agreement, the Borrower agreed not to permit its Consolidated Net Worth at any time to be less than the sum of $45,000,000 plus 25% of its cumulative positive Consolidated Net Income arising after December 31, 1999. Beginning on December 31, 2000, the Borrower's Consolidated Net Worth was less than the sum of $45,000,000 plus 25% of its cumulative positive Consolidated Net Income arising after December 31, 1999. As a result, an Event of Default has occurred under Section 7.1(c) of the Credit Agreement.
Events of Default and Unmatured Events of Default. The Borrower defaulted under Section 8.18 of the Credit Agreement by (i) permitting its Consolidated Net Income to be less than $500,000 as at March 31, 2000 for the fiscal quarter ended on that date, and (ii) permitting its Consolidated Net Income to be less than $750,000 as at June 30, 2000 for the fiscal quarter ended on that date.
Events of Default and Unmatured Events of Default. Under Section 6.16 of the Credit Agreement, the Borrower agreed not to permit EBT, calculated on a cumulative basis for the two preceding fiscal quarters, to be less than $0.00 as of the last day of any fiscal quarter (commencing with the last day of the fiscal quarter ending on or about October 31, 2002). The Borrower has advised the Agent that its EBT, as of April 30, 2003 was, and as of July 31, 2003 will be, less than $0.00, in each case calculated on a cumulative basis for the two preceding fiscal quarters.
Events of Default and Unmatured Events of Default. The Administrative Agent shall not be deemed to have knowledge of the occurrence of an Event of Default or of an Unmatured Event of Default (other than the non-payment to it of commitment fees or principal of or interest on Loans) unless the Administrative Agent has received notice from a Bank or the Company specifying such Event of Default or Unmatured Event of Default and stating that such notice is a “Notice of Event of Default or Unmatured Event of Default.” The Administrative Agent shall (subject to Section 13.6(b)) (a) in the case of an Event of Default take any or all of the actions referred to in Section 12.2(b) if so directed by the Required Banks, and (b) in the case of any Event of Default or Unmatured Event of Default, take such other action with respect to such Event of Default or Unmatured Event of Default as shall be reasonably directed by the Required Banks; provided, that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default or Unmatured Event of Default as it shall deem advisable in the best interests of the Banks.
Events of Default and Unmatured Events of Default
