Minimum Asset Coverage. On the last day of each calendar quarter starting with the calendar quarter ending on December 31, 2019, the ratio of Borrowing Base to the then-outstanding Loan shall be not less than 1.00 to 1.50.
Minimum Asset Coverage. Asset Coverage equal to or greater than one hundred fifty percent (150%), tested as of the end of each fiscal quarter of Borrower.
Minimum Asset Coverage. Subsection 7.6E is hereby amended by deleting subsection 7.6E in its entirety.
Minimum Asset Coverage. The Co-Borrowers, their Subsidiaries and Affiliates shall maintain at all times during the term of the Loan Facilities the sum of the following assets as reflected on their consolidated balance sheet, as of the date of determination, in excess of all Consolidated Senior Debt as also reflected on their consolidated balance sheet, as of the same date of determination: (i) Accounts Receivable, (ii) Inventory and (iii) Cash and Cash Equivalents which are domiciled in either or both of the United States or Canada.
Minimum Asset Coverage. Credit Parties shall not permit, at any time (i) between the Eighth Amendment Effective Date through (but not including) September 15, 2008, the positive difference between (A) the Working Capital Borrowing Base at such time (without taking into account the Term Loan Reserve, the Minimum Availability Amount or any other Reserves (as defined in the Working Capital Agreement)) and (B) the principal amount of all Indebtedness outstanding (including without limitation, all undrawn letters of credit) under the Working Capital Agreement and this Agreement at such time (such positive difference, the “Minimum Asset Coverage”) to be less than an amount equal to the greater of (x) the principal amount of all Indebtedness outstanding (including without limitation, all undrawn letters of credit) under the Working Capital Agreement and this Agreement at such time, and (y) $15,000,000, and (ii) on and after September 15, 2008, the Minimum Asset Coverage to be less than $80,000,000.”
(i) Section 6.7(f) of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
Minimum Asset Coverage. Credit Parties shall not permit, at any time, (i) the positive difference between (A) the Borrowing Base at such time (without taking into account the Term Loan Reserve, the Minimum Availability Amount or any other Reserves and (B) the principal amount of all Indebtedness outstanding (including without limitation, all undrawn letters of credit) under the Term Loan Agreement and this Agreement at such time (such positive difference, the “Minimum Asset Coverage”) to be less than the correlative amount indicated below under the heading “Minimum Asset Coverage” for such period, or (ii) the percentage obtained by dividing (A) the amount specified in clause (i)(B) above at such time by (B) the amount specified in clause (i)(A) above at such time to be greater than the percentage specified below under the heading “Maximum Coverage Percentage” for such period: May 1, 2008 through May 31, 2008 $25,000,000 74.1% June 1, 2008 through (but not including) the Initial Xxxxxxxx Closing Date $30,000,000 69.3% The Initial Xxxxxxxx Closing Date through (but not including) June 8, 2008 (except to the extent set forth in the immediately succeeding row) $41,000,000 (or, to the extent Holdings delivers a $3,000,000 letter of credit to Xxxxxxxx Merchandisers, L.P. pursuant to the Xxxxxxxx Purchase Agreement as in effect on the Seventh Amendment Effective Date, $38,000,000) 57.0% (or, to the extent Holdings delivers a $3,000,000 letter of credit to Xxxxxxxx Merchandisers, L.P. pursuant to the Xxxxxxxx Purchase Agreement as in effect on the Seventh Amendment Effective Date, 60.0%) The earlier of (x) the date of receipt of all payments by or on behalf of Holdings in respect of all of the Initial WMS Inventory (as defined in the Xxxxxxxx Purchase Agreement as in effect on the Seventh Amendment Effective Date) and (y) June 9, 2008 through June 20, 2008 $43,000,000 (or, to the extent Holdings delivers a $3,000,000 letter of credit to Xxxxxxxx Merchandisers, L.P. pursuant to the Xxxxxxxx Purchase Agreement as in effect on the Seventh Amendment Effective Date, $40,000,000) 54.0% (or, to the extent Holdings delivers a $3,000,000 letter of credit to Xxxxxxxx Merchandisers, L.P. pursuant to the Xxxxxxxx Purchase Agreement as in effect on the Seventh Amendment Effective Date, 57.0%) June 21, 2008 and all times thereafter $80,000,000 10.0%”
Minimum Asset Coverage. Not permit the ratio, as of the last day of any fiscal quarter, of (a) the daily average of all accounts receivable owed to the Company during the last 30 days of such fiscal quarter (the "Measurement Period") minus all Subordinated Debt payable to Members as of the last day of such fiscal quarter to (b) the daily average of all Debt (other than Subordinated Debt) outstanding during such Measurement Period to be less than the applicable ratio set forth in the table below: Quarter ended Ratio ------------- ----- 10/3/98 .60 to 1 12/31/98, 4/3/99 and 7/3/99 .75 to 1 10/2/99 and thereafter .80 to 1. Notwithstanding the foregoing, the Company shall not be required to comply with this Section 7.14 as of the last day of any fiscal quarter after October 2, 1999 if no Event of Default or Unmatured Event of Default exists at any time during the period from the date of the effectiveness of the First Amendment to this Agreement through October 2, 1999 (including any Event of Default arising under this Section 7.14 or any other financial test set forth in this Section 7 as of October 2, 1999 notwithstanding the fact that the existence of such Event of Default may not be known until the Company delivers its financial statements for the quarter ending on such date).
Minimum Asset Coverage. (i) If at any time, the aggregate principal amount of Revolving Credit Outstandings and Term Loan Outstandings are such that Borrowers do not comply with the Required Asset Coverage Percentage at such time, the Borrowers shall forthwith prepay the Revolving Loans then outstanding in an amount equal to such excess. If any such excess remains after repayment in full of the aggregate outstanding Revolving Loans, the Borrowers shall provide cash collateral for the Letter of Credit Obligations in the manner set forth in Section 9.3 to the extent required to eliminate such excess. If any such excess still remains after repayment in full of the aggregate outstanding Revolving Loans and the provision of cash collateral for Letter of Credit Obligations, the Borrowers shall fund into a Cash Collateral Account the amount required to eliminate such excess.
(ii) In the event at the end of a fiscal month following the funding of the Cash Collateral Account as provided in the foregoing clause (h)(i), the aggregate principal amount of Revolving Credit Outstandings and Term Loan Outstandings are such that Borrowers do not comply with the Asset Coverage Percentage, the amount paid into the Cash Collateral Account pursuant to this Section 2.10(h) shall be released to the Borrowers.
(iii) In the event at the end of the fourth full Fiscal Quarter following the funding of the Cash Collateral Account as provided in the foregoing clause (h)(i), the aggregate principal amount of Revolving Credit Outstandings and Term Loan Outstandings are such that Borrowers do not comply with the Required Asset Coverage Percentage, the amount paid into the Cash Collateral Account pursuant to this Section 2.10(h) that is necessary to ensure that the aggregate principal amount of Revolving Credit Outstandings and Term Loan Outstandings are such that Borrowers do not comply with the Asset Coverage Percentage shall be applied first in prepayment of the Term A Loans, to the remaining installments of the outstanding principal amount of such Term A Loans in the inverse order of their maturities, and second, after repayment in full of the Term A Loans, in prepayment of the Term B Loans, to the remaining installments of the outstanding principal amount of such Term B Loans in the inverse order of their maturities. No amount repaid pursuant to this Section 2.10(h)(iii) may be reborrowed.
Minimum Asset Coverage. Section 12.7(d) of the Agreement, which provision contains the working capital ratio covenant requirement, is hereby deleted. Section 12.7(d) of the Agreement is hereby restated as follows:
Minimum Asset Coverage. At the end of each fiscal quarter of the Borrower, its ratio of Minimum Asset Coverage shall be not less than l.20 to 1.00. This covenant will be tested quarterly commencing June 30, 2009.
