Common use of Minimum Asset Coverage Clause in Contracts

Minimum Asset Coverage. Credit Parties shall not permit, at any time (i) between the Eighth Amendment Effective Date through (but not including) September 15, 2008, the positive difference between (A) the Borrowing Base at such time (without taking into account the Term Loan Reserve, the Minimum Availability Amount or any other Reserves) and (B) the principal amount of all Indebtedness outstanding (including without limitation, all undrawn letters of credit) under the Term Loan Agreement and this Agreement at such time (such positive difference, the “Minimum Asset Coverage”) to be less than an amount equal to the greater of (x) the principal amount of all Indebtedness outstanding (including without limitation, all undrawn letters of credit) under the Term Loan Agreement and this Agreement at such time, and (y) $15,000,000, and (ii) on and after September 15, 2008, the Minimum Asset Coverage to be less than $80,000,000.” (j) Annex G of the Credit Agreement, Financial Covenants, is hereby further amended and modified by deleting subsection (f) in its entirety and inserting the following in lieu thereof:

Minimum Asset Coverage. Credit Parties shall not permit, at any time (i) between the Eighth Amendment Effective Date through (but not including) September 15, 2008, the positive difference between (A) the Working Capital Borrowing Base at such time (without taking into account the Term Loan Reserve, the Minimum Availability Amount or any other ReservesReserves (as defined in the Working Capital Agreement)) and (B) the principal amount of all Indebtedness outstanding (including without limitation, all undrawn letters of credit) under the Term Loan Working Capital Agreement and this Agreement at such time (such positive difference, the “Minimum Asset Coverage”) to be less than an amount equal to the greater of (x) the principal amount of all Indebtedness outstanding (including without limitation, all undrawn letters of credit) under the Term Loan Working Capital Agreement and this Agreement at such time, and (y) $15,000,000, and (ii) on and after September 15, 2008, the Minimum Asset Coverage to be less than $80,000,000.” (ji) Annex G Section 6.7(f) of the Credit Agreement, Financial Covenants, Agreement is hereby further amended and modified by deleting subsection (f) restated to read in its entirety and inserting the following in lieu thereofas follows: