Financial and Other Covenants. Borrower shall at all times comply with the financial and other covenants set forth in the Schedule.
Financial and Other Covenants. (a) For all expenditures with respect to which withdrawals from the Loan Account are made on the basis of statements of expenditure, the Borrower shall:
(i) maintain or cause to be maintained in accordance with sound accounting practices, records and separate accounts reflecting such expenditures;
(ii) ensure that all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures are retained until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account was made; and
(iii) enable the Bank’s representatives to examine such records.
(b) The Borrower shall:
(i) have the records and accounts referred to in paragraph (a)(i) of this Section and those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank;
(ii) furnish to the Bank as soon as available, but in any case not later than six months after the end of each such year the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested, including a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals; and
(iii) furnish to the Bank such other information concerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request.
Section 4.02. Except as the Bank shall otherwise agree, the Borrower shall ensure that, during Project implementation, NHA will: (a) carry out its investment and maintenance program in compliance with the MTBF; (b) consult with the Bank on a timely basis each year on its annual investment and maintenance plan, giving due consideration to any comments and suggestions made by the Bank on such plan in the course of such consultation; and (c) in particular, fully implement the National Highway Improvement Program.
Section 4.03. The Borrower shall:
(a) at the beginning of FY2004/05, take a decision regarding; (i) the treatment of existing stock of NHA debt; and (ii) the mode of all future NHA funding provided through the Borrower’s annual Public Sector Development Program, all with a view to making NHA financially sustainable commencing FY 2004/05; and
(b) to those ends and...
Financial and Other Covenants. (a) The Privatization Center shall maintain records and accounts adequate to reflect in accordance with sound accounting practices its operations and financial condition.
(b) The Privatization Center shall:
(i) have its records, accounts and financial statements (balance sheets, statements of income and expenses and related statements), including separate accounts for the Subprojects, for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank;
(ii) furnish to the Bank as soon as available, but in any case not later than six (6) months after the end of each such year: (A) certified copies of its financial statements for such year as so audited, and (B) the report of such audit by said auditors of such scope and in such detail as the Bank shall have reasonably requested;
(iii) furnish to the Bank such other information concerning said records, accounts and financial statements as well as the audit thereof, as the Bank shall from time to time reasonably request.
Section 4.02. In order to ensure maintenance of strict financial accountability of the Privatization Center of its obligations under Section 4.01 of this Agreement, its activities shall be carried out in accordance with procedures for financial control acceptable to the Bank and under an annual operating budget satisfactory to the Bank, adopted and approved by all necessary corporate action under the Statutes of the Privatization Center and in accordance with its operational policies, under procedures satisfactory to the Bank, including, inter alia, that:
(a) by October 31 of each year, the chief financial officer of the Privatization Center shall have submitted a proposal for the annual operating budget of the Privatization Center for review and comment by the Bank;
(b) by November 30 of each year, the chief executive officer of the Privatization Center shall have submitted a proposed annual operating budget, acceptable to the Bank, to the Board of Directors of the Privatization Center for the approval of such body; and
(c) by December 31 of each year, the Privatization Center shall have submitted evidence to the Bank that an annual operating budget satisfactory to the Bank has been duly approved by all appropriate action of such Board.
Section 4.03. The Privatization Center shall inform the Bank at least thirty (30) days prior to taking any one of the following actions and shall provide to the Bank all such in...
Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof.
(b) The Borrower shall:
(i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank;
(ii) furnish to the Bank as soon as available, but in any case not later than six months after the end of each such year, the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and
(iii) furnish to the Bank such other information concerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph
(a) of this Section, records and accounts reflecting such expenditures;
(ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Bank’s representatives to examine such records; and
(iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals.
Section 4.02. Without limitation upon the provisions of Article IX of the General Conditions, the Borrower shall:
(a) prepare, in accordance with guidelines satisfactory to the Bank, and furnish to the Bank not later than six (6) months after the Closing Date, or such later date as may be agreed for this purpose between the Borrower and the Bank, a plan for the future operation o...
Financial and Other Covenants. 11 8.2 Insurance..................................................... 11 8.3 Reports....................................................... 11 8.4 Access to Collateral, Books and Records....................... 11 8.5
Financial and Other Covenants. On and as of the date hereof, each Purchase Date, and at all times until all Repurchase Obligations have been paid in full, Guarantor covenants that it will not:
(a) permit the ratio of (i) all amounts set forth on an income statement of the REIT and its consolidated Subsidiaries prepared in accordance with GAAP for interest income (excluding deferred interest and the amortized portion of any upfront fees) for the period of four (4) consecutive fiscal quarters ended on or most recently prior to such date of determination to
(ii) the Interest Expense of the REIT and its consolidated Subsidiaries for such period, to be less than 1.50 to 1.00, as determined as soon as practicable after the end of such period, but in no event later than forty-five (45) days after the last day of such period;
(b) permit the Tangible Net Worth of the REIT and its consolidated Subsidiaries at any time to be less than the sum of (i) One Hundred and Seventy-Five Million Dollars ($175,000,000) plus (ii) seventy-five percent (75%) of the aggregate net cash proceeds of any equity issuances made and any capital contributions received by the REIT or Guarantor;
(c) permit the Cash Liquidity of the REIT and its consolidated Subsidiaries at any time to be less than the greater of (A) Five Million Dollars ($5,000,000) and (B) Five Percent (5.0)% of the Recourse Indebtedness of the REIT and its consolidated Subsidiaries; or
(d) permit at any time the ratio, expressed as a percentage, the numerator of which shall equal the Total Indebtedness of the REIT and its consolidated Subsidiaries and the denominator of which shall equal the Total Assets of the REIT and its consolidated Subsidiaries, to at any time be greater than seventy-five percent (75.00%). Guarantor’s compliance with the covenants set forth in clauses (a) through (d) above must be evidenced by Guarantor’s financial statements and a Covenant Compliance Certificate (which may be delivered by Guarantor) in respect of the financial quarter most recently ended, in the form of Exhibit XVI to the Repurchase Agreement furnished together therewith, as provided by Seller to Buyer pursuant to Article 11(j) of the Repurchase Agreement, and compliance with all such covenants are subject to continuing verification by Buyer.
Financial and Other Covenants. (a) The Issuers shall at all times comply with the financial and other covenants set forth on Schedule 6.5. To the extent the Issuers enter into an agreement with SVB providing for the loosening or relaxation of one or more of the financial covenants in the Credit Agreement, the Issuers and the Purchasers agree (only with respect to the first agreement after the dates hereof between SVB and the Issuers) to cause the financial covenants set forth on Schedule 6.5 to be loosened and or relaxed in the same manner.
Financial and Other Covenants. The Borrower agrees that for so long as the Notes or any other sums due from the Borrower to the Lender under this Agreement or any of the Security Documents, or interest thereon, remain unpaid, the Borrower:
(a) Shall remain a corporation, duly incorporated and in good standing under the laws of its respective jurisdiction of incorporation; shall not change its chief place of business or its office for the keeping of its records relating to this Agreement and any security referred to herein; and shall maintain a fiscal year ending December 31;
(b) Shall pay, or cause to be paid, the principal of, and the interest on, all indebtedness permitted under Section 4.2(c), heretofore or hereafter incurred or assumed by it, or in respect of which it shall otherwise be or become liable when and as the same shall become due and payable and will faithfully observe, perform and discharge all of the covenants, conditions, and obligations which are imposed on it by any and all indentures and other agreements or documents evidencing or securing such indebtedness or pursuant to which such indebtedness is issued, and will not permit to occur any act or omission which is or may be declared to be a default under any such indenture, agreement, or document;
(c) Shall not, without the prior written consent of the Lender:
(1) Declare or pay any dividend in cash or otherwise make any other distribution on or with respect to shares of its capital stock, or set apart or cause or permit to be set apart any sums or property for such purpose, or redeem, purchase or otherwise acquire directly or indirectly any shares of its capital stock;
(2) Make any loan or advance to any other person, firm, corporation, or enterprise or assume, guarantee, endorse, agree to purchase, or repurchase or provide funds in respect of, or otherwise become or be or remain, directly or contingently liable upon any indebtedness, obligation, or dividend of, any other person, firm, corporation, or enterprise, except for endorsement of negotiable instruments for deposit or collection in the ordinary course of business;
(3) Purchase or otherwise acquire or invest in any obligation, stock, or other security of (other than marketable direct obligations of the United States and the agencies thereof, or certificates of deposit, time deposits, or bankers' acceptances of prime banks denominated in dollars), or make any capital contribution to, any other person, firm, corporation, or enterprise;
(4) Create, assume, incur...
