Total Borrowed Funds to Consolidated Net Worth. The Company will not permit Total Borrowed Funds to exceed (i) 117% of Consolidated Net Worth at the end of the quarter ended December 31, 2002, (ii) 111% of Consolidated Net Worth at the end of the quarter ending March 31, 2003, (iii) 104% of Consolidated Net Wxxxx xx xxx xxx xx xxch of the quarters ending June 30, 2003 and September 30, 2003, (iv) 95% of Consolidated Net Worth at the end of the quarter ending December 31, 2003 or (v) 85% of Consolidated Net Worth at the end of any quarter ending on or after March 31, 2004."
(e) Subsection 6F of Paragraph 6 of the Agreement is amended in full to read as follows:
Total Borrowed Funds to Consolidated Net Worth. The Company will not permit Total Borrowed Funds to exceed 85% of Consolidated Net Worth at the end of any quarter.
Total Borrowed Funds to Consolidated Net Worth. The Company will not permit Total Borrowed Funds to exceed (i) 93% of Consolidated Net Worth at the end of the fiscal quarter ending September 30, 2002 or (ii) 85% of Consolidated Net Worth at the end of any other quarter.
C. From and after July 1, 2002 the interest rate on the Notes shall be 6.55% per annum and the interest rate "6.05%" shall be deleted each and every time it appears in the Agreement or the Notes and replaced with "6.55%." The Company hereby agrees to execute and deliver to each Holder who shall request the same, upon surrender to the Company of the outstanding Note held by such Holder, a new Note in the same principal amount as the surrendered Note, but having an interest rate of 6.55%. Until so exchanged, the interest rate on all outstanding Notes shall be deemed to be 6.55% notwithstanding that the interest rate set out in such Note shall be 6.05%.
2. Subject to the provisions of Section 3 below, the amendment set forth in Section 1.A shall be effective from June 30, 2002 through March 31, 2003 and the Company and the undersigned Holders agree that the definition of "Cash Flow" applicable and effective on March 31, 2001 shall be restored, deemed reinstated and effective as if expressly set forth herein from and after April 1, 2003.
3. In reliance upon the Company's representations in Section 4 below, the Required Holders waive any violations of Sections 5A, 5B(i) and 5(E) of the Agreement, and the inaccuracies in the representations and warranties contained in Sections 8D and 8K of the Agreement, in each case solely to the extent caused by the non-cash charges incurred by the Company in an aggregate amount of no more than $97,100,000 with respect to the fiscal quarter ended June 30, 2002 or prior periods on a cumulative basis; provided, however, that with respect to Section 5E, such waiver is limited to those laws, rules and regulations enacted for the primary purpose of regulating or governing audit and/or financial reporting requirements for similarly-situated public companies; and provided further that all of the foregoing waivers expressly exclude any conduct, actions or omissions on the part of the Company, its affiliates, or any of their respective officers, directors or employees in connection with the matters contemplated hereby, that constitute fraud, willful misconduct or criminal charges for which any such Person is indicted or otherwise prosecuted.
4. The Company hereby represents and warrants that, after giving effect to t...
Total Borrowed Funds to Consolidated Net Worth. The Company will not permit Total Borrowed Funds to exceed 85% of Consolidated Net Worth at the end of any quarter."
D. Section 6C of the Note Purchase Agreement is hereby amended to read in its entirety as follows: