Modification of Financial Covenants. The financial covenants set forth in Section 6.15 of the Loan Agreement shall be replaced with the following:
Modification of Financial Covenants. To reflect the agreement of the parties to the modification of certain of the financial covenants set forth in the Credit Agreement, effective as of the Effective Date:
(a) Section 6.16 of the Credit Agreement is hereby amended to read in its entirety as follows:
Modification of Financial Covenants. Loan Agreement Section 3.10.1 and 3.10.2 shall be deleted in their entirety and the following substituted therefore:
Modification of Financial Covenants. As of the date of this Amendment, the following financial covenants in Section 9 of the Loan Agreement shall be amended as follows:
(a) Section 9(a) of the Loan Agreement is hereby deleted.
(b) Section 9(b) of the Loan Agreement is hereby amended and restated as follows:
Modification of Financial Covenants. If Borrowers make any sales or acquisitions of MRR permitted hereunder, Xxxxxxxxx and Xxxxxx agree to negotiate in good faith to establish new Financial Covenants to appropriately reflect the effect of such permitted sales and/or acquisitions of MRR. If Borrowers and Lender cannot so agree, then the Financial Covenants shall remain as set forth herein.
Modification of Financial Covenants. Section 10.1 of the Credit Agreement is hereby deleted in its entirety and the covenants set forth, as of November 4, 2013, in Section 8.02, Section 8.05, Section 8.06 and Section 8.14 of the Credit Agreement dated as of February 14, 2013, by and among ARCOP, TIGER ACQUISITION, LLC, a Delaware limited liability company, AMERICAN REALTY CAPITAL PROPERTIES, INC., a Maryland corporation, the lenders party hereto, and XXXXX FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as amended by (i) the First Amendment dated as of Xxxxx 00, 0000, (xx) the Augmenting Lender and Increasing Lender Supplement and Incremental Amendment dated as of Xxxxx 00, 0000, (xxx) the Third Amendment dated as of May 28, 2013, (iv) the Fourth Amendment dated as of July 22, 2013, (v) the Augmenting Lender and Increasing Lender Supplement and Incremental Amendment dated as of August 1, 2013 and (vi) the Sixth Amendment to Credit Agreement dated as of November 4, 2013 (as amended, the “ARC Credit Agreement”), and all applicable definitions therein, are hereby incorporated by reference into the Credit Agreement, which incorporation shall survive any subsequent termination of the ARC Credit Agreement for any reason. In the event that any such covenants (or applicable definitions) set forth in the ARC Credit Agreement are modified or amended with the consent of Administrative Agent (in its capacity as a “Lender” under such ARC Credit Agreement”) then such amendments or modifications shall automatically and without further action be deemed incorporated herein (and any modifications or amendments made without the consent of Administrative Agent shall not be incorporated herein).
Modification of Financial Covenants. To reflect the agreement of the Lender and the Borrower to modify certain of the financial covenants set forth in the Credit Agreement, Paragraph 6(o) of the Credit Agreement is hereby amended as follows:
(a) Subparagraph (1) of Paragraph 6(o) is hereby amended to read in its entirety as follows:
(1) PICO’s ratio, determined in accordance with SAP, of net premiums written during the most recent ending four fiscal quarters to surplus plus excess statutory reserves as of the last day of the most recent ending fiscal quarter, to exceed 7.00:1.00; or”
(b) Subparagraph (2) of Paragraph 6(o) is hereby amended to read in its entirety as follows:
Modification of Financial Covenants. Section 5.09 of the Agreement is hereby deleted in its entirety and replaced with the following:
(a) Xxxxxxx Xxxx Homes, a Delaware corporation (the “Guarantor” under the Continuing Guaranty Agreement described in Section 1.02 above and hereinafter referred to as “Guarantor”) shall maintain: (i) on a consolidating basis, a minimum Tangible Net Worth equal to or greater than One Hundred Seventy-Five Million Dollars ($175,000,000.00); (ii) on a consolidating basis, at all times a ratio of (X) Total Liabilities to (Y) Tangible Net Worth that is equal to or less than 5 to 1 as of the date of the recording of the Deed of Trust until December 31, 2008 and 3.25 to 1 at all times thereafter; and (iii) at all times Available Liquidity of no less than Twenty Million Dollars ($20,000,000.00), of which no less than Ten Million Dollars ($10,000,000.00) shall consist of aggregate unpledged, unreserved, and unrestricted cash.
(b) For purposes hereof, the following capitalized terms shall have the following meanings:
Modification of Financial Covenants. The amendments and modifications to the financial covenants set forth in Section 5.4(b) and Section 5.4(e) of the Loan Agreement, which were made in the First Loan Modification Agreement shall remain in full force and effect from and after the date of this Agreement.
Modification of Financial Covenants. From and after the First Amendment Effective Date item (iii) of Section 6.4 shall be amended and restated in its entirety to read as follows:
