New Covenants Clause Samples
The "New Covenants" clause establishes additional promises or obligations that one or both parties agree to undertake beyond those already specified in the main agreement. These covenants may include requirements such as maintaining certain financial ratios, adhering to specific operational standards, or refraining from particular actions during the contract term. By setting out these new commitments, the clause helps ensure ongoing compliance and addresses specific concerns or risks that may arise during the course of the contractual relationship.
New Covenants. On or before November 30, 1998, the Borrower and the Lender shall agree on new covenant levels for Sections 6.12, 6.13 and 7.11 for periods after such date. The new covenant levels will be based on the Borrower's projections for such periods and shall be no less stringent than the present levels.
New Covenants. On or before November 30, 2004, the Borrower and the Lender shall agree on new covenant levels for Sections 6.15, 6.16, 6.17 and 7.10 for periods after such date. The new covenant levels will be based on Borrower’s projections for such periods and will be set by the Lender in accordance with past practices.
New Covenants. On or before December 31, 2003, the Borrowers and the Lender shall agree on new covenant levels for Sections 6.12, 6.13, 6.14, 7.4(a)(v), and 7.10 for periods after such date. The new covenant levels will be based on (i) the Borrowers’ projections for such periods and (ii) the year to date financial results of Heska, on a consolidated basis, and such new covenant levels shall be no less stringent than the present levels. An Event of Default shall occur if the new covenants are not agreed to by the above date.”
New Covenants. The Company covenants and agrees that:
(a) all Common Shares which shall be so issuable on due exercise of the Warrants will, upon issuance, be issued as fully paid and non-assessable Common Shares in the capital of the Company and free from all liens, charges and encumbrances;
(b) until the Expiry Time, the Company shall use commercially reasonable efforts to preserve and maintain its corporate existence, remain a reporting issuer not in default of the requirements of the applicable securities laws in British Columbia and Alberta and to ensure that the Company shall make all requisite filings under applicable securities legislation necessary to remain a reporting issuer not in default;
(c) the Company shall use its commercially reasonable efforts to ensure the Common Shares of the Company are listed and posted for trading on the Exchange or such other stock exchange or over-the-counter market as the Common Shares may be listed or quoted (as the case may be) at the time of exercise of the Warrants. Provided that the covenants in section 5.2(b) and (c) shall not restrict the Company from engaging in or from completing any transaction which would result in the Company ceasing to be a “reporting issuer” so long as the holders of Warrants receive securities of an entity which is listed on a stock exchange in Canada, or cash, or the holders of the Common Shares have approved the transaction in accordance with the requirements of applicable laws and the policies of the Exchange; and
(d) if the issuance of Common Shares of the Company upon exercise of the Warrants requires any filing or registration with or approval of any Canadian securities regulatory authority or other Canadian governmental authority or compliance with any other requirement under any Canadian law before such Common Shares of the Company may be validly issued (other than the filing of a prospectus or similar disclosure document), the Company agrees to take make commercially reasonable efforts to secure such filing, registration, approval or compliance, as the case may be.
New Covenants. On or before November 30, 2005, the Borrower and the Lender shall agree on new covenant levels for Sections 6.12, 6.13, 6.14, 7.4(c) and 7.10 for periods after such date. The new covenant levels will be based on the Borrower's projections for such periods and shall be no less stringent than the present levels, but if the Borrower and the Lender do not agree, the Lender may designate the required amounts in its sole discretion and the failure by the Borrower to maintain the designated amounts shall constitute an Event of Default."
New Covenants. Section 6.16 of the Credit Agreement is hereby amended to read in its entirety as follows:
New Covenants. On or before November 30, 2003, the Borrower and the Lender shall agree on new covenant levels for Sections 6.12, 6.13, 6.14 and 7.10 for periods after such date. The new covenant levels will be based on the Borrower's projections for such periods and shall be no less stringent than the present levels, but if the Borrower and the Lender do not agree, the Lender may designate the required amounts in its sole discretion and the failure by the Borrower to maintain the designated amounts shall constitute an Event of Default."
9. Section 7.10. Section 7.10 of the Credit Agreement is amended and restated in its entirety to read as follows:
New Covenants. Expected Results
(a) Promptly responding to enquiries from landowners and others around new covenant possibilities. (b) Assessing the open space values, risks, benefits of potential sites for protection, and the landowner’s aspiration for the site and motivation for covenanting.
New Covenants. To the extent that any covenant is added as a covenant in the Sponsor Credit Agreement or any other Sponsor Financing Document after the date hereof, then this Agreement shall be deemed amended and such covenant shall be deemed to be incorporated as a new covenant hereunder. Any Event of Default resulting from the breach of any such new covenant by the Sponsor shall be subject to the same cure period as would be applicable under the relevant provision in the applicable Sponsor Financing Document.
New Covenants. On or before the end of each fiscal year of the Borrower, the Borrower and the Lender shall agree on new covenant levels for Sections 6.13, 6.15 and 7.11 for periods after such date. The new covenant levels will be based on the Borrower's projections for such periods and shall be no less stringent than the present levels.