COVERED DEFAULTS

COVERED DEFAULTS. Means the following Defaults: (a) Any Default under Section 5.2(a) of the Subordinated Credit Agreement as of the fiscal quarter ending June 30, 2001, but only to the extent that the Company's Consolidated Adjusted Net Worth as of such date was not less than $95,445,415; (b) Any Default under Section 5.2(b) of the Subordinated Credit Agreement as of the fiscal quarter ending June 30, 2001; but only to the extent that the Company's Consolidated Funded... Indebtedness to Consolidated EBITDA Ratio for such period was not more than 12.00 to 1.00; and (c) Any Default under Section 5.2(c) of the Subordinated Credit Agreement as of the fiscal quarter ending June 30, 2001; but only to the extent that the ratio of (i) the consolidated EBITDA of Company and its consolidated Subsidiaries, minus income taxes paid in cash, Unfunded Capital Expenditures and dividends, to (ii) the Consolidated Fixed Charges of Company and its consolidated Subsidiaries, as of the end of such fiscal quarter of Company, measured for the immediately preceding four fiscal quarters, was not less than 0.79 to 1.00; and (d) Any Default under Section 5.2(d) of the Subordinated Credit Agreement as of the fiscal quarter ending June 30, 2001; but only to the extent that that Company's Consolidated EBITDA for such period was not less than a negative $2,886,166. View More