FINANCIAL COVENANTS; COVENANTS REGARDING BORROWING BASE PROPERTIES Sample Clauses
FINANCIAL COVENANTS; COVENANTS REGARDING BORROWING BASE PROPERTIES. The Borrower covenants and agrees that, so long as any Loan, Letter of Credit or Note is outstanding or any Bank has any obligation to make any Loan or any Bank has any obligation to issue, extend or renew any Letters of Credit:
FINANCIAL COVENANTS; COVENANTS REGARDING BORROWING BASE PROPERTIES. The Borrower covenants and agrees that, so long as any Bank has any Commitment hereunder or any Obligations remain unpaid: CONSOLIDATED TOTAL INDEBTEDNESS. As at the end of any Fiscal Quarter, Consolidated Total Indebtedness on the last day of such quarter shall not exceed 60% of Consolidated Total Adjusted Asset Value for such quarter, PROVIDED that (i) for a single period of not more than five consecutive Fiscal Quarters of the Borrower, Consolidated Total Adjusted Asset Value for such quarter (but in no event may it exceed 65% of Consolidated Total Adjusted Asset Value), and (ii) in no event may such five consecutive Fiscal Quarters include the Fiscal Quarter in which the Maturity Date occurs or the Fiscal Quarter immediately preceding the Fiscal Quarter in which the Maturity Date occurs. Such single five consecutive Fiscal Quarter period shall commence with the first Fiscal Quarter for which the financial statements pertaining to such quarter evidence Consolidated Total Indebtedness in excess of 60% of Consolidated Total Adjusted Asset Value for such quarter, and shall not be available to the Borrower again, whether or not the Borrower utilized all five consecutive Fiscal Quarters.