Inventory Turnover. Borrower shall maintain an Inventory Turnover Frequency of not more than (i) one hundred ninety (190) days for the six (6) month period ending June 30, 1997, (ii) one hundred ninety (190) days for the nine (9) month period ending September 30, 1997, (iii) one hundred eighty-five (185) days for the twelve (12) month period ending December 31, 1997, (iv) one hundred eighty-five (185) days for the three (3) month period ending March 31, 1998, (v) one hundred eighty (180) days for the six (6) month period ending June 30, 1998, (vi) one hundred seventy-five (175) days for the nine (9) month period ending September 30, 1998, (vii) one hundred seventy (170) days for the twelve (12) month period ending December 31, 1998, (viii) one hundred seventy (170) days for the three (3) month period ending March 31, 1999, (ix) one hundred sixty-five (165) days for the six (6) month period ending June 30, 1999, (x) one hundred sixty-five (165) days for the nine (9) month period ending September 30, 1999, (xi) one hundred sixty (160) days for the twelve (12) month period ending December 31, 1999, (xii) one hundred sixty (160) days for the three (3) month period ending March 31, 2000, (xiii) one hundred fifty-five (155) days for the six (6) month period ending June 30, 2000, (xiv) one hundred fifty-five (155) days for the nine (9) month period ending September 30, 2000, and (xv) one hundred fifty (150) days for the twelve (12) month period ending December 31, 2000.
Inventory Turnover. Borrower shall have and maintain an Inventory Turnover Period not to exceed 120 days during fiscal year ending December, 1998, and each fiscal year thereafter.
Inventory Turnover. Borrower shall cause its Inventory Turnover to average not less than three (3) times on a rolling twelve month basis, calculated as of the end of each month. Inventory Turnover shall mean, as the end of each month, the costs of sales for the twelve (12) month period ending on such month end divided by the average month end Inventory balance for such twelve month period.
5. Borrower acknowledges that as of the date hereof there is owing by Borrower to BACC on account of the revolving loan facility provided for in section 2.1(A) of the Loan Agreement the principal sum of $__________ plus interest, which sum is owing without defense, set off or counterclaim.
6. Borrower represents that:
(a) each and every representation heretofore made by Borrower in the Loan Agreement is true and correct as of the date of this Modification Agreement,
(b) no consent or approval of, or exemption by any Person is required to authorize, or is otherwise required in connection with the execution and delivery of this Modification Agreement and the other Loan Documents provided for herein, which has not been obtained and which remains in full force and effect,
(c) Borrower has the power to execute, deliver and carry out this Modification Agreement and all documents executed in connection herewith, and this Modification Agreement and such other documents are valid, binding and enforceable as against Borrower in accordance with their terms,
(d) no material adverse change in the financial condition of Borrower has occurred since the date of the most recent financial statements of Borrower submitted to BACC, and the information contained in said statements and reports is true and correctly reflects the financial condition of Borrower and such Obligors as of the dates of the statements and reports, and such statements and reports have been prepared in accordance with GAAP and do not contain any material misstatement of fact or omit to state any facts necessary to make the statements contained therein not misleading, and
(e) No Default or Event of Default exists under the Loan Agreement except as waived as set forth below.
7. Borrower hereby confirms the security interests and liens granted by Borrower to BACC in and to the Collateral in accordance with the Loan Agreement and other Loan Documents as security for its Obligations to BACC.
8. In consideration of BACC entering into this Modification Agreement Borrower shall pay to BACC contemporaneous with the execution hereof a fee of $17,50...
Inventory Turnover. If, for any month, CVR fails to [***] (any such failure a “Turnover Failure”), CVR shall [***].
Inventory Turnover. (i) As of the fiscal quarter ending September 30, 2003 to September 30, 2004, maintain, (a) a ratio of Inventory to COGS annualized of not less than 1.75 to 1.0 for each fiscal quarter (based only on such ninety day period) if the Fixed Charge Coverage Ratio determined pursuant to Section 8.3.3 hereof is equal to or greater than 1.5 to 1.0 but less than 1.75 to 1.0, or (b) a ratio of Inventory to COGS annualized of not less than 1.5 to 1.0 for each fiscal quarter (based only on such ninety day period) if the Fixed Charge Coverage Ratio (determined pursuant to Section 8.3.3 hereof) is equal to or greater than 1.75 to 1.0.
(ii) As of the fiscal quarter ending December 31, 2004 and each fiscal quarter thereafter maintain a ratio of Inventory to COGS annualized of not less than 1.25 to 1.0 for each fiscal quarter (based only on such ninety day period).
(iii) For purposes of the calculation of the Inventory Turnover covenant at the fiscal quarter ending December 31 of each year, COGS shall be determined by reference to the prior six (6) months being tested multiplied by two (2). For purposes of all other fiscal quarters (ending March 31, June 30 and September 30 of each year), COGS shall be determined by reference to the fiscal quarter being tested multiplied by four (4). This covenant shall be tested on September 30, 2003 and on the last day of each fiscal quarter for the previous fiscal quarter thereafter.
Inventory Turnover. The Company will not at any time permit the ratio of (a) cost of goods sold by the Company and the Consolidated Subsidiaries for the Computation Period (as shown on the consolidated statements of income delivered by the Company pursuant to clause (a) or (b) of Section 8.01 with respect to the Computation Period) to (b) the Average Monthly Inventory for the Computation Period to be less than 1.65 to 1. As used in this Section 9.05, (i) "Computation Period" means, at any time, the 12-month period ended on the date of the most recent balance sheet delivered (or required to be delivered) by the Company pursuant to clause (a) or (b) of Section 8.01 and (ii) "Average Monthly Inventory" means, when used with reference to any Computation Period, the amount determined by dividing (A) the aggregate amounts of inventory appearing on the books of the Company and the Consolidated Subsidiaries as of the last day of each calendar month within such Computation Period by (B) twelve.
Inventory Turnover. The Borrower shall not have Inventory Turnover, determined annually, of less than 1.85 to 1.0 for the fiscal year ending October 30, 1999; and 2.4 to 1.0 as of and from January 1, 2000 and at all times thereafter. NINTH AMENDMENT TO CREDIT AGREEMENT, Continued REPRESENTATIONS AND WARRANTIES
Inventory Turnover. Borrower shall "turn ------------------ over" its Inventory during each Fiscal Year at the rate of at least 1.5 to 1.0 (determined as of the end of each Fiscal Year by dividing Borrower's cost of goods sold during such Fiscal Year by the value of Borrower's Inventory as of such date).
Inventory Turnover. Borrower shall not permit its level of Inventory Turnover to exceed thirty (30) days on a cumulative basis for any fiscal quarter. As used herein, the term "Inventory Turnover" shall mean (a) the value of the Inventory of Borrower and its subsidiaries as of the last day of each fiscal quarter, determined at the lower of cost or fair market value, on a first-in, first-out basis, in accordance with generally accepted accounting principles, divided by (b) the greater of (i) four (4) times the cost of sales for such Inventory for such fiscal quarter or (ii) the aggregate cost of sales for such Inventory for such fiscal quarter and the three (3) immediately preceding fiscal quarters, multiplied by (c) 365 days. As used in this Agreement, the term "Inventory" shall mean all present and future inventory in which Borrower or any of its subsidiaries has any interest, including but not limited to goods, machinery, equipment held by Borrower or such subsidiary for sale or lease or to be furnished under a contract of service and all of Borrower's or such subsidiary's present and future raw materials, work in process, finished goods and packing and shipping materials, wherever located, and any documents of title representing any of the above.
Inventory Turnover. 32 9.14 Minimum Interest Coverage Ratio.................... 32 9.15 Minimum Earnings................................... 32
