Investments; Dividends. The covenants set forth in this Section 6.4 shall be effective unless (i) the Advance Rate shall be less than 50% (provided that until the first Calculation Date on which the Advance Rate exceeds the Maintenance Advance Rate, the Present Value of the Collateral used to calculate such Advance Rate shall be the Present Value of the Collateral as of the close of business on the Closing Date) or (ii) the net worth of AMC calculated in accordance with generally accepted accounting principles shall be greater than $75 million (and such covenants shall be reinstated if neither of the foregoing conditions remains satisfied):
Appears in 4 contracts
Samples: Credit and Security Agreement (Long Beach Holdings Corp), Credit and Security Agreement (Long Beach Holdings Corp), Credit and Security Agreement (Long Beach Holdings Corp)
Investments; Dividends. The covenants set forth in this Section 6.4 shall be effective unless (i) the Advance Rate shall be less than 5015% (provided that until the first Calculation Date on which the Advance Rate exceeds the Maintenance Advance Rate, the Present Value of the Collateral used to calculate such Advance Rate shall be the Present Value of the Collateral as of the close of business on the Closing Date) or (ii) the net worth of AMC calculated in accordance with generally accepted accounting principles shall be greater than $75 million (and such covenants shall be reinstated if neither of the foregoing conditions remains satisfied):
Appears in 2 contracts
Samples: Credit and Security Agreement (Long Beach Holdings Corp), Credit and Security Agreement (Long Beach Holdings Corp)
Investments; Dividends. The covenants set forth in this Section 6.4 shall be effective unless as of the Closing Date and shall remain effective until (i) the Advance Rate shall be less than 50% (provided that until the first Calculation Date on which the Advance Rate exceeds the Maintenance Advance Rate, the Present Value of the Collateral used to calculate such Advance Rate shall be the Present Value of the Collateral as of the close of business on the Closing Date) or (ii) the net worth of AMC calculated in accordance with generally accepted accounting principles shall be greater than $75 million (and such covenants shall be reinstated if neither of the foregoing conditions remains satisfied):
Appears in 1 contract
Samples: Credit and Security Agreement (Long Beach Holdings Corp)
