Net Worth Covenants of Obligor Sample Clauses

Net Worth Covenants of Obligor. Prior to the execution of this Agreement, Obligor has delivered to XX XX Holdings his signed statement of personal net worth ("Net Worth Statement") dated as of December 31, 1998. Obligor agrees to update this Net Worth Statement semi-annually and to deliver to XX XX Holdings each updated Net Worth Statement promptly following its preparation, together with a signed letter from Obligor certifying its accuracy. In the event that (a) the net worth of the Obligor shown on his Net Worth Statement falls below Fifty Million Dollars ($50,000,000), or (b) Obligor fails to deliver his Net Worth Statement as set forth above, then within thirty (30) days Obligor shall deliver to XX XX Holdings a letter of credit in the amount of Three Million Dollars ($3,000,000), in form and substance and from a financial institution meeting XX XX Holdings' reasonable satisfaction and drawable solely upon XX XX Holdings' statement that a default under this Agreement has occurred (the "Letter of Credit"), to secure the timely performance of Obligor under this Agreement. In no event shall the Letter of Credit constitute liquidated damages or otherwise limit Obligor's liability hereunder. Failure to satisfy the terms of this Section 3.11 shall be a Triggering Event as set forth in Section 3.1(d) above.
Sample 1
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Related to Net Worth Covenants of Obligor

  • Covenants of the Loan Parties Section 5.01 Affirmative Covenants 76 Section 5.02 Negative Covenants 80 Section 5.03 Reporting Requirements 86 Section 5.04 Financial Covenants 89 ARTICLE VI

  • COVENANTS OF BORROWER Borrower agrees as follows:

  • Covenants of the Guarantor The Guarantor covenants and agrees through the Termination Date, that:

  • Financial Covenants of Borrower In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. Dated: ____________________

  • NEGATIVE COVENANTS OF BORROWER Borrower agrees that so long as it is indebted to Bank, or so long as Bank has any obligation to extend credit to Borrower, it will not, without Bank's written consent:

  • FINANCIAL COVENANTS OF THE BORROWER The Borrower covenants and agrees that, so long as any Loan, Unpaid Reimbursement Obligation, Letter of Credit or Note is outstanding or any Bank has any obligation to make any Loans or the Agent has any obligation to issue, extend or renew any Letters of Credit:

  • Covenants of Guarantor Guarantor hereby covenants and agrees that:

  • Covenants of the Borrower SECTION 5.01.

  • Covenants of the Parties The parties hereto agree that:

  • Negative Covenants of the Borrower So long as any Advance shall remain unpaid or the Liquidity Provider shall have any Maximum Commitment hereunder or the Borrower shall have any obligation to pay any amount to the Liquidity Provider hereunder, the Borrower will not appoint or permit or suffer to be appointed any successor Borrower without the prior written consent of the Liquidity Provider, which consent shall not be unreasonably withheld or delayed.

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