Additional Duties of Borrower Sample Clauses

Additional Duties of Borrower. Borrower will at all times comply with all of the following covenants throughout the term of this Agreement:
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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 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.
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. 4133795.6 | 101280-0011 7
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).
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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 8.1 - Other 1. Borrower shall at all times have a Tangible Net Worth of not less than Provisions and $6,250,000 from the Closing Date through and including September 29, 2000, Covenants: $6,500,000 from September 30, 2000 through and including December 30, 2000, $6,800,000 beginning December 31, 2000 and thereafter, increasing quarterly by 70% of Borrower's net income based on a trailing six months. In no event shall such increase exceed 70% of Borrower's net income on an annualized basis during any fiscal year of Borrower; 2. Borrower shall pay all taxes when due; 3. Each month, Borrower shall advise Coast in writing of all copyrights and copyrightable material which has not been registered with the United States Copyright Office and of all modifications to all then existing copyrights; 4. The Receivable owing from the Maryland Procurement Office ("MPO") will only be considered for eligibility if the following conditions have been satisfied: (a) Borrower provides Coast with an affidavit executed by Borrower's CEO, Xxxx Guild, Jr., insuring and certifying to the authenticity of all information submitted to Coast that relates to the MPO Receivable, and (b) Borrower provides Coast with the following information regarding its relationship with MPO: (i) the date the relationship with MPO initiated; (ii) certain information relating to the relationship between Borrower and MPO including the length of each contract and the names and telephone numbers of MPO contacts; (iii) certain information relating to the performance of existing contracts including invoice numbers, invoice dates, job or "task" numbers, invoice types (i.e. time and material), invoice amounts, corresponding payment amounts and dates and unpaid invoice balances, and (iv) a 12-month payment history comprise of daily shipments, invoice dates and amounts and corresponding payment dates and amounts; and (v) all other information as Coast may reasonably request from time to time. 5. Borrower shall at all times maintain cash balances of at least $2 million. If the cash balances fall below $2 million, the reporting criteria otherwise set forth in this Agreement may be modified at the option of Coast and the advance rates against Eligible Receivables and Inventory may be reduced at the discretion of Coast (such discretion to be exercised in Coast's reasonable business judgment). 6. Borrower agrees to cause all letters of credit in favor of Borrower to otherwise be assigned to Coast with Coast na...
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.
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