Consolidated Tangible Net Worth Covenant. The Borrower will maintain Consolidated Tangible Net Worth, determined as of the last day of each fiscal quarter of the Borrower, of not less than (i) $565,900,000 plus (ii) 50% of the cumulative Consolidated Net Income for each fiscal quarter commencing after September 30, 2013 (excluding any quarter in which there is a loss but applying Consolidated Net Income thereafter first to such loss before determining 50% of such amount for purposes of this calculation) plus (iii) 50% of the aggregate proceeds received by the Borrower (net of reasonable fees and expenses) in connection with any offering of stock or equity in each fiscal quarter after September 30, 2013, minus (iv) the lesser of (A) the amount paid by the Borrower after the Effective Date to repurchase its common stock and (B) $160,000,000 (the “Consolidated Tangible Net Worth Covenant”). Notwithstanding the foregoing, in the event that the Borrower shall at any time engage in an Acquisition for a purchase price equaling or exceeding $100,000,000, the Borrower may irrevocably elect to adjust the minimum Consolidated Tangible Net Worth for the Consolidated Tangible Net Worth Covenant to the following amount: (i) 50% of the Consolidated Tangible Net Worth immediately following the closing of such Acquisition, plus (ii) 50% of the cumulative Consolidated Net Income earned after the closing of such Acquisition (excluding any quarter in which there is a loss but applying Consolidated Net Income thereafter first to such loss before determining 50% of such amount for purposes of this calculation), plus (iii) 50% of the aggregate proceeds received by the Borrower (net of reasonable fees and expenses) in connection with any offering of stock or equity after the closing of such Acquisition, minus (iv) the lesser of (A) the aggregate amount paid by the Borrower after the closing of such Acquisition to repurchase its common stock and (B) the amount (but not less than zero) obtained by subtracting from $160,000,000 the aggregate amount (if any) paid by the Borrower to repurchase its common stock after September 30, 2013 and prior to such Acquisition. The Borrower may make the election under the preceding sentence only if it makes the corresponding election with respect to the Consolidated Tangible Net Worth Test at the same time. For the avoidance of doubt, the Event of Default for breach of this covenant shall occur upon the breach of this covenant determined as of the last day of any single fiscal quarter.
Consolidated Tangible Net Worth Covenant. The breach by Borrower of the covenant contained in Section 9.3.
Consolidated Tangible Net Worth Covenant. Effective on the Effective Date, the covenant contained in section 5.10 of the Credit Agreement shall be of no further force or effect.
Consolidated Tangible Net Worth Covenant. A. Actual Consolidated Tangible Net Worth (excluding intercompany Debt to Affiliates) at Statement Date:
1. Shareholders’ Equity of the Borrower and its Subsidiaries: $
2. Intangible Assets of the Borrower and its Subsidiaries: $
3. Consolidated Tangible Net Worth (Line I.A.1 less Line I.A.2): $
B. 1. Consolidated Tangible Net Worth as of June 29, 2004: $
Consolidated Tangible Net Worth Covenant. (a) If, and upon such time that, one (but not both) of the Acquisitions is consummated, Section 6.7(c) to the Credit Agreement shall be amended and restated in its entirety as of such date such that:
(i) if the First South Acquisition, but not the UtiliQuest Acquisition, has been consummated, Section 6.7(c) to the Credit Agreement shall read in its entirety as follows:
Consolidated Tangible Net Worth Covenant. It is understood and agreed by the Agent, Lead Arranger, Syndication Agent, Documentation Agent and the Banks, that the Borrower does not anticipate that it will be in compliance with the Consolidated Tangible Net Worth Covenant set forth in Section 8.02 of the Loan Agreement for the Quarterly Date of December 31, 2005. If the Borrower is in fact in violation of said covenant measurement as of said Quarterly Date, the Agent, Lead Arranger, Syndication Agent, Documentation Agent and the Banks hereby collectively waive the Borrower’s non-compliance with this financial covenant for the measurement period ending on the Quarterly Date of December 31, 2005.
