Additional Duties of Borrower. Borrower will at all times comply with all of the following covenants throughout the term of this Agreement:
Additional Duties of Borrower. Each Obligor will at all times comply with all of the following covenants throughout the term of this Agreement:
Additional Duties of Borrower. SECTION 8.1 - OTHER PROVISIONS: Borrowers shall maintain availability at times following the initial funding of not less than $150,000 until such time as Borrowers have demonstrated to the satisfaction of Coast that they have achieved a consolidated after tax quarterly net income of not less than $150,000, calculated in accordance with GAAP.
Additional Duties of Borrower. Section 8.1 -- Other Provisions:
Additional Duties of Borrower. Borrower will, and will procure that each other Obligor, at all times complies with all of the following covenants throughout the term of this Agreement on an “as if applicable to Obligor” basis:
Additional Duties of Borrower. Section 8.2 - Insurance: Subject to the limitations set forth in Section 8.2 of the Agreement, Lender shall release to Borrower insurance proceeds with respect to Equipment totaling less than One Hundred Thousand Dollars ($100,000) in a single transaction subject to a yearly limitation of Two Hundred and Fifty Thousand Dollars ($250,000).
Additional Duties of Borrower. In addition to all of the terms and conditions to be performed by Borrower under this Agreement, Borrower shall pay to Lender at the time of the closing of the loan, if Borrower has not previously paid, the remaining balance of the commitment fee of Forty-Seven Thousand Four Hundred Fifty Dollars ($47,450.00), and shall reimburse Lender for all costs and expenses incurred by it in connection with the Loan, including but not limited to premiums and fees of title insurance companies, recording fees, lien search fees, survey expenses, the fees of inspecting architects or engineers and legal fees and expenses of its counsel, all of which may be deducted by Lender from the loan proceeds, and shall deliver to Lender such other documents as it may require to carry out the terms and provisions of this Agreement.
Additional Duties of Borrower. 4133795.6 | 101280-0011 7
Additional Duties of Borrower. SECTION 8.1 - OTHER PROVISIONS 1. Tangible net Worth Covenant: Borrowers shall have, measured as of the Closing Date and monthly thereafter, a Tangible Net Worth of no less than Ten Million Five Hundred Thousand Dollars ($10,500,000). Thereafter, Borrowers shall maintain a Tangible net Worth adjusted quarterly, of not less than the sum of (i) the prior period's minimum Tangible Net Worth, and (ii) eighty percent (80%) of Borrowers after tax net profits.
Additional Duties of Borrower. SECTION 8.1 - OTHER PROVISIONS 1. All taxes shall be current at all AND COVENANTS: times.
