Loan Covenants. The Company agrees that until all Obligations have been paid in full, the Company will not take any of the following actions without the consent of the Buyer:
(i) The Company will not create, incur, assume or have outstanding any indebtedness for borrowed money in excess of $50,000 incurred in the ordinary course of business.
(ii) The Company will not create, assume or suffer to exist any Liens upon any of its properties or assets, other than Permitted Liens. “Permitted Liens” shall mean statutory Liens for taxes, assessments and governmental charges or levies imposed upon the Company not yet due and payable or that are being contested in good faith by appropriate proceedings, liens incurred or deposits made in the ordinary course of business in connection with workers' compensation, unemployment insurance or other types of social security, or obligations in the ordinary course of business to pay rent or lease payments, liens securing purchase money security indebtedness or capital leases, existing Liens (as set forth on Schedule 5(p)(ii)), or easements or similar encumbrances.
Loan Covenants. The following covenants will apply during the term of the Loan. If any covenants are inserted below they do not limit the operation of any other part of this Agreement: [list any loan covenants]
Loan Covenants. (a) Borrower will deliver, or cause to be delivered, to Lender:
(i) Borrower shall furnish or cause to be furnished to Lender within five (5) business days after Borrower is required to file the same with the Securities and Exchange Commission ("Commission"), copies of the periodic information, documents and other reports which Borrower is required to file with the Commission pursuant to Section 13(a) of the Exchange Act. If Borrower ceases to be required to file information, documents and other reports pursuant to Section 13 of the Exchange Act, it shall remain obligated to furnish the same information, documents and reports otherwise required under Section 13(a) of the Exchange Act to Lender within five (5) business days after Borrower would have been required to file the same with the Commission; and
(ii) Borrower shall furnish or cause to be furnished to Lender, within five (5) business days after the effective date thereof, copies of any amendment or modification to its By-Laws and Declaration of Trust.
(b) Borrower will at all times before the satisfaction of the Renewal Note maintain and keep in force substantially similar insurance coverages relating to its real property assets as maintained by Borrower as of the date of this Agreement, including but not limited to liability coverage of at least $2,000,000.00.
(c) Borrower shall pay, when due, all taxes, assessments and governmental charges or levies imposed upon it and all claims or demands of materialmen, mechanics, carriers, warehousemen, landlords and any other like person or entity which, if unpaid, might result in the creation of a lien upon the income of Borrower or its assets; provided that items of the foregoing description need not be paid while being contested in good faith and by appropriate proceedings.
(d) Borrower shall not make distributions to shareholders until such time as: (i) the Renewal Note is satisfied in full; (
Loan Covenants. MFFB shall not be obligated to make payments pursuant to Paragraphs 2 or 5, to the extent that such payments would exceed the consolidated federal income taxes (including estimated taxes) payable by Parent in respect of the Group, unless MFFB's ratio of "Net Indebtedness" to "Consolidated EBITDA" (as such terms are defined in the indenture for the senior secured notes due 2011 issued by MFFB (the "Indenture")) is less than 3.75:1.0 and MFFB is otherwise in compliance with the terms of the Indenture governing such senior secured notes. Any payments precluded by this provision shall nonetheless accrue and be payable when MFFB's ratio of "Net Indebtedness" to "Consolidated EBITDA" is less than 3.75:1.0 and MFFB is otherwise in compliance with the terms of the Indenture governing such senior secured notes. MFFB shall not make payments under this Agreement unless Parent shall have complied with the certification requirement of Section 4.10 of the Indenture.
Loan Covenants. (a) At all times while the indebtedness remains outstanding, the outstanding Principal Amount shall not exceed 65% of the Appraised Value of the Mortgaged Property, based upon the then most recent Appraised Value of the Mortgaged Property reviewed and found acceptable by the Maker.
(b) At all times while the indebtedness remains outstanding, the Maker shall maintain a "Debt Service Coverage Ratio" (as hereinafter defined) of not less than 1.35 to 1, to be tested semi-annually, as of June 30, 2000 and each subsequent December 31 and June 30 (the "Accounting Date"). Debt Service Coverage Ratio shall mean, for purposes herein, the ratio, as of any date of calculation, for the immediately preceding six (6) month period and the immediately succeeding six (6) month period, calculated by dividing: (a) the Net Operating Income for the preceding six (6) month period and the immediately succeeding six (6) month period; by (b) principal and interest payments based on a 25 year self liquidating mortgage amortization schedule, and the 10-year treasury rate plus 2.00% with a floor rate of 8.50%.
Loan Covenants. Under the 2015 Credit Agreement, the Company was required to meet certain financial tests, including a maximum Consolidated Leverage Ratio (as defined in the 2015 Credit Agreement) as determined by reference to the following ratio: July 1, 2015 and thereafter 3.75:1.00
Loan Covenants. (a) At all times while the indebtedness remains outstanding, the Loan to Value shall not exceed 65%, based upon the then most recent Appraised Value of the Mortgaged Property reviewed and found acceptable by the Maker.
(b) At all times while the indebtedness remains outstanding, the Maker shall maintain a "Debt Service Coverage Ratio" (as hereinafter defined) of not less than 1.30 to 1, to be tested semi-annually, as of June 30, 2004 and each subsequent December 31 and June 30 (the "Accounting Date"). Debt Service Coverage Ratio shall mean, for purposes herein, the ratio, as of any date of calculation, for the immediately preceding six (6) month period and the immediately succeeding six (6) month period, calculated by dividing: (a) the Net Operating Income for the preceding six (6) month period and the immediately succeeding six (6) month period; by (b) principal and interest payments based on a 25 year self liquidating mortgage amortization schedule, and the 10-year treasury rate plus 2.00% with a floor rate of 8.00% assuming a loan in the aggregate outstanding amount of the principal balance of this Note and the Original Note.
Loan Covenants. Borrower agrees and covenants to Lender that so long as -------------- any of the Loan or other amounts owing to Lender shall remain unpaid Borrower shall:
Loan Covenants. For so long as the Purchaser holds the Note, the Company covenants and agrees with the Purchaser that, unless the Purchaser provides its prior written consent (not to be unreasonably withheld, conditioned or delayed):
Loan Covenants. A. During the term of this Note Borrower shall maintain a minimum of $5,000,000.00 of liquidity which shall be net of any outstandings under this Note which have not been utilized for acquisition, development, stabilization, or other Bank approved real property related expenses. When calculating liquidity the following may be included by Borrower as liquid assets:
(i) Escrow deposits held by third parties for the purpose of deposits on properties under contract to be purchased or for improvements under contracts to be performed.
(ii) Borrower funds utilized for the acquisition, development, stabilization, mortgage payoff and/or prepayment penalty which, if such funds had been taken under this Note, would not be netted out of the liquidity position by their nature of being outstanding under this Note. This covenant shall be tested against funds advanced during the previous quarter. This covenant will be tested semi-annually and will be based on the prior two consecutive quarters’ liquidity average.
B. With respect to the Collateral, Borrower shall maintain a minimum Debt Service Coverage Ratio of 1.20 to 1 which shall be tested annually. For purposes of this provision, the term Debt Service Coverage Ratio shall mean rental revenue, less operating expenses (exclusive of depreciation), management fees, vacancy rates, bad debts and other expense or charges which Bank, at its sole discretion, determines to be reductions for rental revenue divided by principal and interest payments calculated on the basis of the fully drawn down $18,000,000.00 Line of Credit at the prevailing ten (10) year United States Treasury Note yield plus one hundred seventy-five (175) basis points amortized over a twenty-five (25) year period. All calculations utilized in underwriting this ratio shall be performed by Bank, in its sole discretion.
C. Borrower shall maintain a Debt Service Coverage Ratio of 1.20 to 1 on all other real estate holdings of Borrower exclusive of (a) the Collateral, b) any property of Borrower that (i) is subject to construction financing with a funded interest reserve to pay debt service, and (ii) has not been stabilized, and (c) all non-stabilized property of Borrower. The Debt Service Coverage Ratio shall be tested annually and will be based on a net operating income based on the last two actual quarters annualized for the entire year together with actual debt service on such real estate holdings. If any “interest only” financing on any of the other real esta...