Financial and Other Covenants. Borrower shall at all times comply with the financial and other covenants set forth in the Schedule.
Financial and Other Covenants. (a) For all expenditures with respect to which withdrawals from the Credit Account were made on the basis of statements of expenditure, the Borrower shall:
(i) maintain, or cause to be maintained, in accordance with paragraph (a) of this Section, records and accounts reflecting such expenditures;
(ii) ensure that all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures are retained until at least one year after the Association has received the audit report for the fiscal year in which the last withdrawal from the Credit Account; and
(iii) enable the Association's representatives to examine such records.
(b) The Borrower shall:
(i) have the records and accounts referred to in paragraph
(a) (i) of this Section audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Association;
(ii) furnish to the Association as soon as possible, but in any case not later than six (6) months after the end of such year the report of such audit by said auditors, of such scope and in such detail as the Association shall have reasonably requested, including a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals; and
(iii) furnish to the Association such other information concerning said records and accounts and the audit thereof as the Association shall from time to time reasonably request.
Financial and Other Covenants. 12 8.2 Insurance..................................................................... 12 8.3 Reports....................................................................... 12 8.4 Access to Collateral, Books and Records....................................... 12 8.5
Financial and Other Covenants. On and as of the date hereof, each Purchase Date, and at all times until all Repurchase Obligations have been paid in full, Guarantor covenants that it will not:
(a) permit the ratio of (i) all amounts set forth on an income statement of the REIT and its consolidated Subsidiaries prepared in accordance with GAAP for interest income (excluding deferred interest and the amortized portion of any upfront fees) for the period of four (4) consecutive fiscal quarters ended on or most recently prior to such date of determination to
(ii) the Interest Expense of the REIT and its consolidated Subsidiaries for such period, to be less than 1.50 to 1.00, as determined as soon as practicable after the end of such period, but in no event later than forty-five (45) days after the last day of such period;
(b) permit the Tangible Net Worth of the REIT and its consolidated Subsidiaries at any time to be less than the sum of (i) One Hundred and Seventy-Five Million Dollars ($175,000,000) plus (ii) seventy-five percent (75%) of the aggregate net cash proceeds of any equity issuances made and any capital contributions received by the REIT or Guarantor;
(c) permit the Cash Liquidity of the REIT and its consolidated Subsidiaries at any time to be less than the greater of (A) Five Million Dollars ($5,000,000) and (B) Five Percent (5.0)% of the Recourse Indebtedness of the REIT and its consolidated Subsidiaries; or
(d) permit at any time the ratio, expressed as a percentage, the numerator of which shall equal the Total Indebtedness of the REIT and its consolidated Subsidiaries and the denominator of which shall equal the Total Assets of the REIT and its consolidated Subsidiaries, to at any time be greater than seventy-five percent (75.00%). Guarantor’s compliance with the covenants set forth in clauses (a) through (d) above must be evidenced by Guarantor’s financial statements and a Covenant Compliance Certificate (which may be delivered by Guarantor) in respect of the financial quarter most recently ended, in the form of Exhibit XVI to the Repurchase Agreement furnished together therewith, as provided by Seller to Buyer pursuant to Article 11(j) of the Repurchase Agreement, and compliance with all such covenants are subject to continuing verification by Buyer.
Financial and Other Covenants. (a) The Issuers shall at all times comply with the financial and other covenants set forth on Schedule 6.5. To the extent the Issuers enter into an agreement with SVB providing for the loosening or relaxation of one or more of the financial covenants in the Credit Agreement, the Issuers and the Purchasers agree (only with respect to the first agreement after the dates hereof between SVB and the Issuers) to cause the financial covenants set forth on Schedule 6.5 to be loosened and or relaxed in the same manner.
Financial and Other Covenants. The Borrower agrees that for so long as the Notes or any other sums due from the Borrower to the Lender under this Agreement or any of the Security Documents, or interest thereon, remain unpaid, the Borrower:
(a) Shall remain a corporation, duly incorporated and in good standing under the laws of its respective jurisdiction of incorporation; shall not change its chief place of business or its office for the keeping of its records relating to this Agreement and any security referred to herein; and shall maintain a fiscal year ending December 31;
(b) Shall pay, or cause to be paid, the principal of, and the interest on, all indebtedness permitted under Section 4.2(c), heretofore or hereafter incurred or assumed by it, or in respect of which it shall otherwise be or become liable when and as the same shall become due and payable and will faithfully observe, perform and discharge all of the covenants, conditions, and obligations which are imposed on it by any and all indentures and other agreements or documents evidencing or securing such indebtedness or pursuant to which such indebtedness is issued, and will not permit to occur any act or omission which is or may be declared to be a default under any such indenture, agreement, or document;
(c) Shall not, without the prior written consent of the Lender:
(1) Declare or pay any dividend in cash or otherwise make any other distribution on or with respect to shares of its capital stock, or set apart or cause or permit to be set apart any sums or property for such purpose, or redeem, purchase or otherwise acquire directly or indirectly any shares of its capital stock;
(2) Make any loan or advance to any other person, firm, corporation, or enterprise or assume, guarantee, endorse, agree to purchase, or repurchase or provide funds in respect of, or otherwise become or be or remain, directly or contingently liable upon any indebtedness, obligation, or dividend of, any other person, firm, corporation, or enterprise, except for endorsement of negotiable instruments for deposit or collection in the ordinary course of business;
(3) Purchase or otherwise acquire or invest in any obligation, stock, or other security of (other than marketable direct obligations of the United States and the agencies thereof, or certificates of deposit, time deposits, or bankers' acceptances of prime banks denominated in dollars), or make any capital contribution to, any other person, firm, corporation, or enterprise;
(4) Create, assume, incur...
Financial and Other Covenants. During the Lease Term, Lessee shall comply, and shall cause compliance, with the following financial covenants:
Financial and Other Covenants. (a) On and as of the date hereof, each Purchase Date, and at all times until all Repurchase Obligations have been paid in full, Guarantor covenants that it will not:
(i) permit Guarantor’s Tangible Net Worth at any time to be less than the sum of (x) eight hundred million dollars ($800,000,000) and (y) seventy-five percent (75%) of the aggregate cash proceeds received from any equity issuances, capital contributions and/or subscriptions (net of any out-of-pocket expenses related to equity issuances) received by Guarantor after the Closing Date.
(ii) permit the ratio of (A) Guarantor’s Total Indebtedness to (B) the sum of Guarantor’s (1) Total Equity and (2) Qualified Capital Commitments at any time to be greater than 3.5 to 1;
(iii) permit the ratio of Guarantor’s EBITDA for the most recently ended period of twelve (12) consecutive months ended on or prior to such date of determination to Guarantor’s Interest Expense for such period to be less than 1.50 to 1.00; or
(iv) permit at any time the Liquidity of Guarantor to be less than the greater of (A) $20,000,000 and (B) five percent (5%) of Guarantor’s Recourse Indebtedness.
(b) Guarantor’s compliance with the covenants set forth in clause (a) above must be evidenced by Guarantor’s financial statements and a Covenant Compliance Certificate (which may be delivered by Guarantor) in respect of the financial quarter most recently ended, in the form of Exhibit XVI to the Repurchase Agreement furnished together therewith, as provided by Seller to Buyer pursuant to Article 11(i) of the Repurchase Agreement, and compliance with all such covenants are subject to continuing verification by Buyer.