Unsubordinated Debt to Borrowing Base. The Borrower shall not permit the ratio, calculated on a consolidated basis as of the last day of each month, of (a) all Debt minus all Subordinated Debt, to (b) Borrowing Base, to exceed 3.5 to 1." 4.7 Amendment of Section 8.13. Section 8.13 of the Loan Agreement is hereby amended and restated to read in its entirety as follows:
Appears in 1 contract
Samples: Loan and Security Agreement (Reliance Acceptance Group Inc)
Unsubordinated Debt to Borrowing Base. The Borrower shall not permit the ------------------------------------- ratio, calculated on a consolidated basis as of the last day of each month, of (a) all Debt the remainder of (i) Debt, minus (ii) all Subordinated DebtDebt (numerator), to ----- (b) Borrowing BaseBase (denominator), to exceed 3.5 to 1be more than 5:1."
4.7 Amendment of Section 8.13. Section 8.13 of the Loan Agreement is hereby amended and restated to read in its entirety as follows:
Appears in 1 contract
Samples: Loan and Security Agreement (Reliance Acceptance Group Inc)
Unsubordinated Debt to Borrowing Base. The Borrower shall not permit the ratio, calculated on a consolidated basis as of the last day of each month, of (a) the remainder of all Debt minus all Subordinated Debt, to (b) Borrowing Base, to exceed 3.5 be more than 3 to 1."
4.7 Amendment of Section 8.13. Section 8.13 of the Loan Agreement is hereby amended and restated to read in its entirety as follows:
Appears in 1 contract
Unsubordinated Debt to Borrowing Base. The Borrower shall not permit the ratio, calculated on a consolidated basis as of the last day of each month, of (a) the remainder of (i) aggregate amount of all Debt minus (ii) all Subordinated DebtDebt (numerator), to (b) Borrowing BaseBase (denominator), to exceed 3.5 be more than: (a) 3:1 prior to December 1, 1995; and (b)
2.5:1 on and after December 1, 1995."
4.7 Amendment of Section 8.13. Section 8.13 of the Loan Agreement is hereby amended and restated to read in its entirety as follows:
Appears in 1 contract
