Working Capital Covenant. The Company shall maintain at all times (tested as of the end of each calendar quarter upon delivery of a compliance certificate for each such calendar quarter as provided in Section 7(d)), a ratio of Working Capital to Secured Debt Obligation of not less than 2.00:1.00.
Working Capital Covenant. (a) Subject to the terms and conditions contained herein, Congress hereby waives the Event of Default that has occurred arising under Section 4.14 of the Covenant Supplement as a result of the failure of Borrower to maintain Working Capital in the amount required thereunder through December 31, 2001.
(b) Congress has not waived and is not by this Amendment waiving, and has no intention of waiving, any other Event of Default, which may have occurred prior to the date hereof, or may be continuing on the date hereof or any Event of Default which may occur after the date hereof, whether the same or similar to the Events of Default described above or otherwise, other than the Event of Default described in Section 2(a) hereof. Congress reserves the right, in its discretion, to exercise any or all of its rights and remedies arising under the Financing Agreements, applicable law or otherwise as a result of any other Events of Default that may have occurred before the date hereof, or are continuing on the date hereof, or any Event of Default that may occur after the date hereof, whether the same or similar to the Event of Default described above or otherwise, including any Event of Default pursuant to the failure of Borrower to comply with Section 4.14 of Covenant Supplement at any time after December 31, 2001.
(c) Effectively as of January 1, 2002, Section 4.14 of the Covenant Supplement is hereby deleted in its entirety and replaced with the following:
Working Capital Covenant. Section 9.13 of the Loan Agreement shall be deleted in its entirety, effective as of September 30, 1998.
Working Capital Covenant. Section 9.13 of the Loan Agreement shall be deleted in its entirety and replaced with the following, effective as of December 31, 1996:
Working Capital Covenant. As of the date of this Second Amendment, the Master Agreement is hereby amended by deleting each reference to “working capital” contained in Section 5.02 and substituting “Working Capital” therefor.
Working Capital Covenant. 81 SECTION 6.17. Additional Subsidiaries........................................81 SECTION 6.18. Fiscal Year....................................................81 Page ARTICLE VII Events of Default
Working Capital Covenant. Parent and the U.S. Borrower will not permit the Working Capital Ratio to be less than 1.20 to 1.00 at any time.
Working Capital Covenant. (a) Subject to the terms and conditions contained herein, Congress hereby waives any Events of Default that have occurred under Section 8.1(a) of the Accounts Agreement arising as a result of the failure of Borrower to maintain Working Capital in the amount required under Section 4.14 of the Covenant Supplement for the months ending September 30, 2002 and October 3 1, 2002.
(b) Effective as of November 1, 2002, Section 4.14 of the Covenant Supplement is hereby deleted in its entirety and replaced with the following:
Working Capital Covenant of the Loan Agreement shall be deleted in its entirety and replaced with the following:
Working Capital Covenant. For the term of the LG Parent Guaranty, the net working capital of LG Parent shall be not less than the greater of (i) Ten Million Dollars ($10,000,000), or (ii) 17.0% of the EBITDARM of LG Parent (determined on a quarterly pro-forma basis taking into consideration any acquisition or divestiture within LG Parent’s portfolio of skilled nursing, assisted living, Alzheimer’s, or similar healthcare facilities); provided, however, that LG Parent’s failure to comply with the foregoing covenant shall not constitute a breach or default under the LG Parent Guaranty unless and until such failure occurs in two consecutive calendar quarters.
