Financial Covenants of the Guarantor Sample Clauses

Financial Covenants of the Guarantor. Unless the Required Banks shall otherwise consent in writing, so long as a drawing is available under the Letter of Credit or any Bank shall have any Commitment under the Reimbursement Agreement or any Credit Party shall have any obligation to pay any amount to any Bank hereunder or the Guarantor shall have any obligations hereunder:
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Financial Covenants of the Guarantor. At all times during the Security Period, by reference to the Latest Accounts, the Borrowers shall procure that the Guarantor shall ensure that: (a) at no time shall the Liquidity of the Group be less than $500,000 multiplied by the aggregate number of vessels owned by any member of the Group; (b) the Net Debt divided by the Total Assets (adjusted for market values of owned vessels) less cash (which shall have the meaning given thereto under US GAAP meaning both restricted and freely available cash) shall be at all times less than 75%; (c) the ratio of EBITDA to Interest Expense shall at all times be at least 2 to 1; and (d) the Net Worth shall at all times be equal to or more than USD135,000,000.
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Financial Covenants of the Guarantor. Guarantor shall not permit with respect to itself any of the following to be breached, as determined quarterly on a Consolidated basis in conformity with GAAP as set forth in or based upon the financial statements of the Guarantor delivered pursuant to Section 22 hereof: (i) MINIMUM NET WORTH. Net Worth to be less than $500,000,000;
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Financial Covenants of the Guarantor. 10.6.1 The Guarantor undertakes and agrees with the Creditors that throughout the Security Period it will ensure that: 10.6.2 on each Quarterly Financial Statements Preparation Date, the ratio of Consolidated EBITDA (prevailing during the four (4) financial quarters ending on each Quarterly Financial Statements Preparation Date) to Consolidated Interest Expense (prevailing during the four (4) financial quarters ending on each Quarterly Financial Statements Preparation Date) from the first Drawdown Date until 30 September 2005 inclusive, is equal to or greater than 2.00 to 1.00 and thereafter is equal to or greater than 2.75 to 1.00; and 10.6.3 the ratio of Funded Debt to Total Capitalisation (as at the relevant Quarterly Financial Statements Preparation Date) is equal to or less than 0.65 to 1.00; and 10.6.4 Net Worth is at least equal to the aggregate of: (a) two hundred million Dollars ($200,000,000); and (b) fifty percent (50%) of positive consolidated net income on an annual basis from January 1, 2005; and (c) one hundred percent (100%) of Net Proceeds from Equity Offerings after January 1, 2005; and 10.6.5 the Security Value shall be no less than the Security Requirement.
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Financial Covenants of the Guarantor. The Guarantor shall promptly notify in writing the Facility Agent of the entry into by the Guarantor of any Bank Credit Agreement (as such term is defined in Clause 18.2 below) which is entered into on or after the date of this Agreement.
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Financial Covenants of the Guarantor. The Guarantor undertakes and agrees with the Creditors that throughout the Security Period it will ensure that: (a) on each Quarterly Financial Statements Preparation Date, the ratio of Consolidated EBITDA (prevailing during the four (4) financial quarters ending on each Quarterly Financial Statements Preparation Date) to Consolidated Interest Expense (prevailing during the four (4) financial quarters ending on each Quarterly Financial Statements Preparation Date) is equal to or greater than 2.75 to 1.00; and (b) the ratio of Funded Debt to Total Capitalisation (as at the relevant Quarterly Financial Statements Preparation Date) is equal to or less than 0.65 to 1.00; and (c) Net Worth is at least equal to the aggregate of: (i) during the period from the Relevant Date until 30 December 2002, $140,000,000; and (ii) with effect from and including 31 December 2002 until the end of the Security Period; (A) $140,000,000; and (B) fifty per cent. (50%) per cent of positive consolidated net income on an annual basis; and (iii) one hundred per cent. (100%) of Net Proceeds from Equity Offerings.
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Related to Financial Covenants of the Guarantor

  • Covenants of the Guarantor (a) The Guarantor will not, and will not permit any Subsidiary Guarantor to, create or permit to exist any Lien upon any property or assets, including Equity Interests issued by the Issuer or any Subsidiary Guarantor, in order to secure any Indebtedness of the Guarantor, the Issuer or such Subsidiary Guarantor without providing for the Guaranteed Securities to be equally and ratably secured with (or prior to) any and all such Indebtedness and any other Indebtedness similarly entitled to be equally and ratably secured, for so long as such Indebtedness is so secured; provided, however, that this restriction will not apply to, or prevent the creation or existence of: (i) purchase money liens or purchase money security interests upon or in any property acquired by the Guarantor, the Issuer or such Subsidiary Guarantor in the ordinary course of business to secure the purchase price or construction cost of such property or to secure indebtedness incurred solely for the purpose of financing the acquisition of such property or construction of improvements on such property; (ii) Liens existing on property acquired by the Guarantor, the Issuer or such Subsidiary Guarantor at the time of its acquisition, provided that such Liens were not created in contemplation of such acquisition and do not extend to any assets other than the property so acquired; (iii) Liens securing Funded Debt recourse for which is limited to specific assets of the Guarantor, the Issuer or such Subsidiary Guarantor created for the purpose of financing the acquisition, improvement or construction of the property subject to such Liens; (iv) the replacement, extension or renewal of any Lien permitted by clauses (i) through (iii) above upon or in the same property theretofore subject thereto or the replacement, extension or renewal (without increase in the amount or change in the direct or indirect obligor) of the Indebtedness secured thereby; (v) Liens upon or with respect to margin stock; (vi) to the extent constituting Liens on Indebtedness, the rights of the parties to the Cash Sweep and Credit Support Agreement and the Management Services Agreement to borrow cash from the Guarantor or any Subsidiary; (vii) Liens securing Funded Debt of the Issuer or such Subsidiary Guarantor (including Indebtedness pursuant to the Existing Credit Agreement and the Existing Term Loan Agreements (including any secured Hedging Obligations)) that ranks no more senior in right of payment (irrespective of such Liens) than pari passu with the Guaranteed Securities; provided that as of the date of incurrence of any such Funded Debt, and after giving effect thereto, the aggregate principal amount of all Funded Debt of the Issuer or such Subsidiary Guarantor then outstanding that is secured by Liens granted by the Issuer and the Subsidiary Guarantors or any of them shall not exceed the greater of (a) $1,000,000,000 and (b) the amount that would cause the OpCo Secured Leverage Ratio to exceed 4.0:1.0; and (viii) any other Liens (other than Liens described in clauses (i) through (vii) above, if the aggregate principal amount of the indebtedness secured by all such Liens and security interests (without duplication) does not exceed in the aggregate $10,000,000 at any one time outstanding; provided that (x) the aggregate principal amount of the indebtedness secured by the Liens described in clauses (i) through (iii) above, inclusive, shall not exceed the greater of the aggregate fair value, the aggregate purchase price or the aggregate construction cost, as the case may be, of all properties subject to such Liens and (y) in no event shall the Issuer or any of its Subsidiaries create or permit to exist any Lien on the Equity Interests of NextEra Canadian Holdings.

  • FINANCIAL COVENANTS OF THE BORROWER The Borrower covenants and agrees that, so long as any Loan, Unpaid Reimbursement Obligation, Letter of Credit or Note is outstanding or any Bank has any obligation to make any Loans or the Agent has any obligation to issue, extend or renew any Letters of Credit:

  • Financial Covenants of Borrower In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. Dated: ____________________

  • Financial Covenants (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Association; (ii) furnish to the Association, as soon as available, but in any case not later than six months after the end of each such year, a certified copy of the report of such audit by said auditors, of such scope and in such detail as the Association shall have reasonably requested; and (iii) furnish to the Association such other information concerning said records, accounts and the audit thereof as the Association shall from time to time reasonably request. (c) 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) retain, 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 or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Association’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains 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.

  • Negative Covenants of the Borrower So long as any Advance shall remain unpaid or the Liquidity Provider shall have any Maximum Commitment hereunder or the Borrower shall have any obligation to pay any amount to the Liquidity Provider hereunder, the Borrower will not appoint or permit or suffer to be appointed any successor Borrower without the prior written consent of the Liquidity Provider, which consent shall not be unreasonably withheld or delayed.

  • NEGATIVE COVENANTS OF BORROWER Until the Loan Obligations have been paid in full, Borrower shall not:

  • Certain Financial Covenants In addition to the covenants described in Section 5.1 and Section 5.2, so long as any Commitment remains in effect, any Advance is outstanding or any amount is owing to any Lender hereunder or under any other Loan Document, the Borrower will perform and comply with each of the covenants set forth on Schedule VI.

  • Covenants of the Borrower SECTION 5.01.

  • Financial Covenant So long as any Loan shall remain unpaid, any Letter of Credit shall remain outstanding or any Lender shall have any Commitment hereunder, the Borrower will maintain a ratio of Consolidated Debt to Consolidated Capital of not greater than 0.65 to 1.00 as of the last day of each fiscal quarter.

  • Additional Covenants of the Company The Company further covenants and agrees with each Underwriter as follows:

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