Positive working capital. The working capital of the the Guarantor (on a consolidated basis) was [·]. The Guarantor (on a consolidated basis) shall at all times ensure that its current assets exceeds its current liabilities (excluding the current portion of long term debt), all as determined in accordance with GAAP. The covenant set out in Clause 20.2.4 (Positive working capital) is thus [not] satisfied.
Appears in 2 contracts
Samples: Term Loan Facility Agreement (B Plus H Ocean Carriers LTD), Credit Agreement (B Plus H Ocean Carriers LTD)
Positive working capital. The working capital of the the Guarantor (on a consolidated basis) was [·]. The Guarantor (on a consolidated basis) shall at all times ensure that its current assets exceeds its current liabilities (excluding the current portion of long term debt), all as determined in accordance with GAAP. The covenant set out in Clause 20.2.4 (Positive working capital5.3.2(c) is thus [not] satisfied.
Appears in 2 contracts
Samples: Loan Agreement, Side Letter (B Plus H Ocean Carriers LTD)
Positive working capital. The working capital of the the Guarantor (on a consolidated basis) was [·]. The Guarantor (on a consolidated basis) shall at all times following the delivery of the Compliance Certificate for the period ending 30 June 2010, ensure that its current assets exceeds its current liabilities (excluding the current portion of long term debt), all as determined in accordance with GAAP. The covenant set out in Clause 20.2.4 14.2.2 (Positive working capital) is thus [not] satisfied.
Appears in 2 contracts
Samples: Loan Agreement (B Plus H Ocean Carriers LTD), Loan Agreement (B Plus H Ocean Carriers LTD)
Positive working capital. The working capital of the the Guarantor (on a consolidated basis) was [·•]. The Guarantor (on a consolidated basis) shall at all times ensure that its current assets exceeds its current liabilities (excluding the current portion of long term debt), all as determined in accordance with GAAP. The covenant set out in Clause 20.2.4 (Positive working capital) is thus [not] satisfied.
Appears in 1 contract
Samples: Reducing Revolving Credit Facility Agreement (B Plus H Ocean Carriers LTD)
Positive working capital. The working capital of the the Guarantor (on a consolidated basis) was [·]. The Borrowers shall procure that the Guarantor (on a consolidated basis) shall at all times following the delivery of the Compliance Certificate for the period ending 30 June 2010, ensure that its current assets exceeds its current liabilities (excluding the current portion of long term debt), all as determined in accordance with GAAP. The covenant set out in Clause 20.2.4 20.2.2 (Positive working capital) is thus [not] satisfied.
Appears in 1 contract
Samples: Reducing Revolving Credit Facility Agreement (B Plus H Ocean Carriers LTD)
Positive working capital. The working capital of the the Guarantor (on a consolidated basis) was [·]. The Borrower shall procure that the Guarantor (on a consolidated basis) shall at all times following the delivery of the Compliance Certificate for the period ending 30 June 2010, ensure that its current assets exceeds its current liabilities (excluding the current portion of long term debt), all as determined in accordance with GAAP. The covenant set out in Clause 20.2.4 20.2.2 (Positive working capital) is thus [not] satisfied.
Appears in 1 contract
Samples: Term Loan Facility Agreement (B Plus H Ocean Carriers LTD)
Positive working capital. The working capital of the the Guarantor (on a consolidated basis) was [·]. The Guarantor (on a consolidated basis) shall at all times ensure that its current assets exceeds its current liabilities (excluding the current portion of long term debt), all as determined in accordance with GAAP. The covenant set out in Clause 20.2.4 (Positive working capital) is thus [not] satisfied.
Appears in 1 contract
Samples: Term Loan Facility Agreement (B Plus H Ocean Carriers LTD)
