Financial Covenants Attached to Commitment Lines and Maintenance of Net Assets
First written in FY2017-Q1. 21 of 29 entries say "Restated". Latest entry: FY2026.
Tomoegawa moved to the "Worse" side of this theme in 2026, 3 years after the typical company in this theme (2023).
The whole theme swung hardest in 2017: 8 of 64 companies on the "Worse" side.
2 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「The amount of net worth shown in the consolidated balance sheet at the end of each fiscal year from the fiscal year ending March 2026 onward must be maintained at or above the higher of the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the fiscal year ending March 2025 and the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the immediately preceding fiscal year.」
The benchmark year for the commitment line’s financial covenants was updated to the fiscal year ending March 2025. In addition to the syndicated loan, the revolving credit facility is also subject to financial covenants. - FY2026-H1RestatedAnnual report
「① The amount of net worth shown in the consolidated balance sheet at the end of each fiscal year from the fiscal year ending March 2023 onward must be maintained at or above the higher of the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the fiscal year ending March 2022 and the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the immediately preceding fiscal year.」
The covenants attached to the commitment line and syndicated loan requiring net worth to be maintained at no less than 75% continue to be disclosed. - FY2025Expansion of borrowing agreements subject to financial covenantsAnnual report
「The agreements described above are subject to financial covenants, and if any of the covenants set out below is breached, all obligations under the agreements may become immediately due and payable.」
In addition to the commitment line and syndicated loan, the company discloses financial covenants for revolving credit facility agreements and loan agreements. These agreements include covenants requiring net worth to be maintained at no less than 75% of the benchmark amount, among others, and a breach may result in all obligations becoming immediately due and payable. - FY2025-H1RestatedAnnual report
「The amount of net worth shown in the consolidated balance sheet at the end of each fiscal year from the fiscal year ending March 2023 onward must be maintained at or above the higher of the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the fiscal year ending March 2022 and the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the immediately preceding fiscal year.」
The covenant attached to the commitment line requiring net worth to be maintained at no less than 75% and a similar financial covenant attached to the syndicated loan continue to be disclosed. - FY2024RestatedAnnual report
「The total amount of net worth shown in the consolidated balance sheet at the end of the fiscal year ending March 2022 and at the end of each subsequent fiscal year and second-quarter accounting period must be maintained at or above an amount equivalent to 75% of the higher of total net worth shown in the consolidated balance sheet at the end of the fiscal year ending March 2021 and total net worth shown in the consolidated balance sheet for the corresponding period of the preceding year.」
The covenant requiring net worth to be maintained at no less than 75% continues to be disclosed for the commitment line and the 3,200 million yen syndicated loan. - FY2024-Q3RestatedAnnual report
「① The amount of net worth shown in the consolidated balance sheet at the end of each fiscal year from the fiscal year ending March 2023 onward must be maintained at or above the higher of the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the fiscal year ending March 2022 and the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the immediately preceding fiscal year.」
The covenants attached to the commitment line and syndicated loan requiring net worth to be maintained at no less than 75% continue to be disclosed. - FY2024-Q1RestatedAnnual report
「The total amount of net worth shown in the consolidated balance sheet at the end of the fiscal year ending March 2022 and at the end of each subsequent fiscal year and second-quarter accounting period must be maintained at or above an amount equivalent to 75% of the higher of total net worth shown in the consolidated balance sheet at the end of the fiscal year ending March 2021 and total net worth shown in the consolidated balance sheet for the corresponding period of the preceding year.」
The net worth maintenance covenants attached to the commitment line and syndicated loan continue to be disclosed. - FY2023-Q3RestatedAnnual report
「Of the long-term borrowings due for repayment within one year and other long-term borrowings, the amounts of 3,600 million yen at the end of the previous consolidated fiscal year and 3,500 million yen at the end of the third quarter of the current consolidated fiscal year are under a syndicated loan agreement entered into by the company and are subject to the financial covenants set out below.」
The commitment line and the 3,500 million yen syndicated loan continue to be disclosed as subject to a financial covenant requiring net worth to be maintained at no less than 75% of the benchmark amount. - FY2023-Q2ReframedAnnual report
「① The amount of net worth shown in the consolidated balance sheet at the end of each fiscal year from the fiscal year ending March 2023 onward must be maintained at or above the higher of the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the fiscal year ending March 2022 and the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the immediately preceding fiscal year.」
The benchmark years and applicable periods for the commitment line’s financial covenants were updated to cover the fiscal year ending March 2023 onward. The company also discloses a 3,500 million yen syndicated loan balance at the end of the second quarter and a net worth maintenance covenant. - FY2023-Q1WorsenedAnnual report
「Of the long-term borrowings due for repayment within one year and other long-term borrowings, the amounts of 3,600 million yen at the end of the previous consolidated fiscal year and at the end of the first quarter of the current consolidated fiscal year are under a syndicated loan agreement entered into by the company and are subject to the financial covenants set out below.」
In addition to the existing commitment line, the company discloses that the 3,600 million yen syndicated loan is also subject to a covenant requiring net worth to be maintained at no less than 75%, expanding the scope of the financial covenants. - FY2022-Q3RestatedAnnual report
「The agreement referred to in “※1” contains the following financial covenants and other provisions. If a specified covenant is breached, the borrower must make a lump-sum repayment of borrowings to the lender to which that covenant applies.」
For the commitment line, the covenant requiring net worth to be maintained at no less than 75% of the benchmark amount and the obligation to repay all borrowings in a lump sum upon a breach continue to be disclosed. - FY2022-Q2ReframedAnnual report
「① The amount of net worth shown in the consolidated balance sheet at the end of the fiscal year ending March 2022 must be maintained at or above the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the fiscal year ending March 2021. ② The amount of net worth shown in the consolidated balance sheet at the end of the second quarter of the fiscal year ending March 2022 must be maintained at or above the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the second-quarter accounting period of the fiscal year ending March 2021.」
The benchmark years and applicable periods for the financial covenants were updated to the fiscal years ending March 2021 and March 2022. The obligation to repay all borrowings in a lump sum upon a breach continues to apply. - FY2022-Q1RestatedAnnual report
「The agreement referred to in “※1” contains the following financial covenants and other provisions. If a specified covenant is breached, the borrower must make a lump-sum repayment of borrowings to the lender to which that covenant applies.」
For the commitment line, the net worth maintenance covenant and the obligation to repay all borrowings in a lump sum upon a breach continue to be disclosed. - FY2021-Q2ReframedAnnual report
「① The amount of net worth shown in the consolidated balance sheet at the end of the fiscal year ending March 2021 must be maintained at or above the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the fiscal year ending March 2020. ② The amount of net worth shown in the consolidated balance sheet at the end of the second quarter of the fiscal year ending March 2021 must be maintained at or above the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the second-quarter accounting period of the fiscal year ending March 2020.」
In connection with the renewal of the commitment line agreement, the benchmark years and applicable periods for the net worth maintenance covenant changed to the fiscal years ending March 2020 and March 2021. The obligation to repay all borrowings in a lump sum upon a breach continues to apply. - FY2020RestatedAnnual report
「If a specific covenant is breached, the borrower concerned by that covenant is required to repay all borrowings in a lump sum.」
The net worth maintenance covenant for the commitment line and the obligation to repay all borrowings in a lump sum upon a breach continue to be disclosed. The disclosure also states that the covenant does not apply at the end of the second quarter of the fiscal year ending March 2020. - FY2020-Q3RestatedAnnual report
「The agreement referred to in “※1” contains the following financial covenants and other provisions. If a specified covenant is breached, the borrower must make a lump-sum repayment of borrowings to the lender to which that covenant applies.」
For the commitment line, the net worth maintenance covenant and the obligation to repay all borrowings in a lump sum upon a breach continue to be disclosed. It also continues to state that the net worth maintenance covenant does not apply at the end of the second quarter of the fiscal year ending March 2020. - FY2020-Q2SoftenedAnnual report
「② The amount of net worth shown in the consolidated balance sheet at the end of each second-quarter accounting period from the second quarter of the fiscal year ending March 2018 onward must be maintained at or above the higher of the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the second-quarter accounting period of the fiscal year ending March 2017 and the amount equivalent to 75% of total net worth shown in the consolidated balance sheet at the end of the second-quarter accounting period of the immediately preceding fiscal year. However, this does not apply to the end of the second-quarter accounting period of the fiscal year ending March 2020.」
The net worth maintenance covenant states that it does not apply at the end of the second quarter of the fiscal year ending March 2020, easing the restriction for that quarter. - FY2020-Q1RestatedAnnual report
「The agreement referred to in “※1” contains the following financial covenants and other provisions. If a specified covenant is breached, the borrower must make a lump-sum repayment of borrowings to the lender to which that covenant applies.」
For the commitment line, the net worth maintenance covenant and the obligation to repay all borrowings in a lump sum upon a breach continue to be disclosed. This filing does not state that the covenant has been breached. - FY2019RestatedAnnual report
「If a specific covenant is breached, the borrower concerned by that covenant is required to repay all borrowings in a lump sum.」
The financial covenant requiring net worth to be maintained above a certain level and the obligation to repay all borrowings in a lump sum upon a breach continue to be disclosed for the full fiscal year. - FY2019-Q3RestatedAnnual report
「The agreement referred to in “※1” contains the following financial covenants and other provisions. If a specified covenant is breached, the borrower must make a lump-sum repayment of borrowings to the lender to which that covenant applies.」
For the commitment line, the covenant requiring net worth to be maintained above a certain level and the obligation to repay all borrowings in a lump sum upon a breach continue to be disclosed. - FY2019-Q2RestatedAnnual report
「The agreement referred to in “※1” contains the following financial covenants and other provisions. If a specified covenant is breached, the borrower must make a lump-sum repayment of borrowings to the lender to which that covenant applies.」
The commitment line remains subject to a net worth maintenance covenant, with the risk of an obligation to repay all borrowings in a lump sum upon a breach continuing to be disclosed. - FY2019-Q1RestatedAnnual report
「If a specific covenant is breached, the borrower concerned by that covenant is required to repay all borrowings in a lump sum.」
For the commitment line, the financial covenant requiring net worth to be maintained above a certain level and the obligation to repay all borrowings in a lump sum upon a breach continue to be disclosed. - FY2018-Q3RestatedAnnual report
「The agreement referred to in “※1” contains the following financial covenants and other provisions. If a specified covenant is breached, the borrower must make a lump-sum repayment of borrowings to the lender to which that covenant applies.」
The commitment line remains subject to a net worth maintenance covenant, with the risk of an obligation to repay all borrowings in a lump sum upon a breach continuing to be disclosed. - FY2018-Q2RestatedAnnual report
「The agreement referred to in “※1” contains the following financial covenants and other provisions. If a specified covenant is breached, the borrower must make a lump-sum repayment of borrowings to the lender to which that covenant applies.」
The commitment line remains subject to a net worth maintenance covenant, with the risk of an obligation to repay all borrowings in a lump sum upon a breach continuing to be disclosed. - FY2018-Q1RestatedAnnual report
「The agreement referred to in “※1” contains the following financial covenants and other provisions. If a specified covenant is breached, the borrower must make a lump-sum repayment of borrowings to the lender to which that covenant applies.」
The commitment line remains subject to a net worth maintenance covenant, with the risk of an obligation to repay all borrowings in a lump sum upon a breach continuing to be disclosed. - FY2017RestatedAnnual report
「If a specific covenant is breached, the borrower concerned by that covenant is required to repay all borrowings in a lump sum.」
The company continues to disclose, for the full fiscal year, a financial covenant requiring net worth to be maintained above a certain level and an obligation to repay all borrowings in a lump sum upon a breach. - FY2017-Q3RestatedAnnual report
「The agreement marked “*3” contains the financial covenants and other provisions set out below. If a specific covenant is breached, the borrower concerned by that covenant is required to repay all borrowings in a lump sum.」
The commitment line remains subject to a net worth maintenance covenant, with the risk of an obligation to repay all borrowings in a lump sum upon a breach continuing to be disclosed. - FY2017-Q2RestatedAnnual report
「The agreement marked “*3” contains the financial covenants and other provisions set out below. If a specific covenant is breached, the borrower concerned by that covenant is required to repay all borrowings in a lump sum.」
The commitment line remains subject to a net worth maintenance covenant, with the risk of an obligation to repay all borrowings in a lump sum upon a breach continuing to be disclosed. - FY2017-Q1First statedAnnual report
「If a specific covenant is breached, the borrower concerned by that covenant is required to repay all borrowings in a lump sum.」
The disclosure identifies the contractual risk that a covenant requires net worth to be maintained at no less than 75% of the benchmark amount and that a breach would trigger an obligation to repay all borrowings in a lump sum.