Net Worth Covenants definition
Examples of Net Worth Covenants in a sentence
Each of the Credit Agreements require the Borrower to maintain an excess of consolidated total tangible assets over consolidated total liabilities of the Borrower and the Subsidiaries as specified therein (the "Tangible Net Worth Covenants").
The Lenders hereby waive any existing defaults in the Minimum Liquidity and Tangible Net Worth Covenants (as such terms are defined in the Loan Agreement), and waive compliance by Hybridon with the Minimum Liquidity and Tangible Net Worth Covenants at least until September 30, 2001.
The Company will insure that it will use the proceeds from this transaction in a manner that ensures that it will satisfy the Net Worth Covenants.
Bank hereby waives Borrower's existing default under the Loan Agreement by virtue of Borrower's failure to comply with the (i) Quick Ratio and Tangible Net Worth covenants as of the quarter ended December 31, 1998; (ii) the Quick Ratio and Tangible Net Worth Covenants as of the months ended August 31, 1999 and September 30, 1999 and (iii) the Liquidity covenant as of the months ended July 31, 1999 through September 30, 1999.
The rented parcel is nearly 12 acres of vegetable cropland, located on the Landowner’s 54 acres of farmland as shown in Attachment A.
In furtherance thereof, the Company agrees that, to the extent necessary to meet the Net Worth Covenants, its will use its best efforts to cause the insider loans disclosed in Schedule 3.1(m) to be converted to equity.