Amendment to Tangible Net Worth Covenant Sample Clauses

Amendment to Tangible Net Worth Covenant. Section 19.1 of the Talley Metals Technology, Inc. Subsidiary Loan Agxxxxxxt shall be amended and restated in its entirety to read as follows: Borrower shall cause its Tangible Net Worth, as measured at the end of each calendar month, to equal or exceed the following amounts during the term of this Agreement: Period Amount ------ ------ April 1, 1997 through June 30, 1997 $21,500,000 July 1, 1997 through September 30, 1997 $21,500,000 October 1, 1997 through December 31, 1997 $21,500,000 January 1, 1998 through March 31, 1998 $22,000,000 -9- Period Amount ------ ------ April 1, 1998 through June 30, 1998 $22,000,000 July 1, 1998 through September 30, 1998 $22,000,000 October 1, 1998 through December 31, 1998 $22,000,000 Every Month Thereafter $22,000,000 plus an increase of $250,000 each January 1, commencing January 1, 1999

Amendment to Tangible Net Worth Covenant. Section 19.1 of the Waterbury Companies, Inc. Subsidiary Loan Agreement shall be amended and restated in its entirety to read as follows: Borrower shall cause its Tangible Net Worth, as measured at the end of each calendar month, to equal or exceed the following amounts during the term of this Agreement: Period Amount ------ ------ April 1, 1997 through June 30, 1997 $13,500,000 July 1, 1997 through September 30, 1997 $13,500,000 October 1, 1997 through December 31, 1997 $13,500,000 January 1, 1998 through March 31, 1998 $14,000,000 April 1, 1998 through June 30, 1998 $14,000,000 July 1, 1998 through September 30, 1998 $14,000,000 October 1, 1998 through December 31, 1998 $14,000,000 Every Month Thereafter $14,000,000 plus an increase of $500,000 each January 1, commencing January 1, 1999

Amendment to Tangible Net Worth Covenant. Section 18.3 of the Loan Agreement shall be amended by deleting the columns titled "Period" and "Amount" therein and replacing them in their entirety with the following: Period Amount ------ ------ April 1, 1997 through June 30, 1997 $1,000,000 July 1, 1997 through September 30, 1997 $1,000,000 October 1, 1997 through December 31, 1997 $1,000,000 Period Amount ------ ------ January 1, 1998 through March 31, 1998 $2,000,000 April 1, 1998 through June 30, 1998 $2,000,000 July 1, 1998 through September 30, 1998 $2,000,000 October 1, 1998 through December 31, 1998 $2,000,000 Every Month Thereafter $2,000,000 plus an increase of $1,000,000 each January 1, commencing January 1, 1999

Amendment to Tangible Net Worth Covenant of the Credit Agreement (Tangible Net Worth) is hereby amended by changing the figure "$95,000,000" to read "$125,000,000."

Amendment to Tangible Net Worth Covenant. Section 8.8 is amended by (a) deleting the amount "$19,000,000" therein and substituting the amount "$30,000,000" therefor and (b) deleting the date "October 3, 1993" therein and substituting the date "October 4, 1998" therefor.

Amendment to Tangible Net Worth Covenant. Section 8.8 is amended and restated in its entirety to read as follows:

Amendment to Tangible Net Worth Covenant. 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"). Effective as of the date hereof, each Tangible Net Worth Covenant is hereby amended in its entirety to read as follows: Tangible Net Worth. Maintain an excess of consolidated total tangible assets over consolidated total liabilities of (a) from the date hereof through the Borrower's Fiscal Year ending in 1994, Thirty-Eight Million Dollars ($38,000,000); and (b) from the first day of Borrower's Fiscal Year ending 1995 and at all times thereafter, the sum of (i) Thirty-Eight Million Dollars ($38,000,000); plus (ii) fifty percent (50%) of the net income of Borrower and the Subsidiaries for each Fiscal Year beginning with the Fiscal Year ending in 1994 but only if the Fiscal year has completely elapsed; plus (iii) one hundred percent (100%) of all capital contributions made to the Borrower since October 1, 1993, net of all reasonable costs associated with the issuance of the securities relating to such capital contribution or otherwise necessary to obtain such capital contributions; plus (iv) one hundred percent (100%) of the principal amount of all Debt of Borrower which is subordinated to the senior debt of Borrower and which has, since October 1, 1993 been converted or exchanged for equity interests in the Borrower. If net income for a period is negative, no adjustment to the requisite level of net worth shall be made. Consolidated total liabilities shall include all indebtedness outstanding under the Credit Agreements and the New Term Note.

Amendment to Tangible Net Worth Covenant. 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"). Effective as of the date hereof, each Tangible Net Worth Covenant is hereby amended in its entirety to read as follows: Tangible Net Worth. Maintain an excess of consolidated total tangible assets over consolidated total liabilities of the Borrower and the Subsidiaries in an amount not less than the amount set forth below for the applicable period set forth below: (a) from the date hereof through the Borrower's Fiscal Year ending in 1997, Forty-One Million Dollars ($41,000,000); and (b) from the first day of Borrower's Fiscal Year ending 1997 and at all times thereafter, the sum of (i) Forty-One Million Dollars ($41,000,000); plus 231 (ii) fifty percent (50%) of the net income of Borrower and the Subsidiaries for each Fiscal Year beginning with the Fiscal Year ending in 1997 but only if the Fiscal year has completely elapsed; plus

Amendment to Tangible Net Worth Covenant. (a) Section 6.13 of the Loan Agreement is hereby amended and restated to read in full as follows:

Amendment to Tangible Net Worth Covenant. Effective as of ---------------------------------------- the date hereof, Section 11.2 of the Agreement is hereby amended to read in its entirety as follows: