Continued Profitability. The Borrowers shall not, on a consolidated basis, sustain or incur negative Consolidated Net Operating Income for any fiscal quarter throughout the term of the Loan.
Continued Profitability. The Parent Company and its Subsidiaries shall not, on a consolidated basis, sustain or incur negative Net Income for any fiscal quarter; it being understood and agreed that the non-cash charges listed on Schedule 6.12(e) hereto, and any other non-cash charges pre-approved in writing by the Holders, in their sole and absolute discretion, may be added back to operating income for the sole purpose of calculating the Parent Company’s and its Subsidiaries’ Net Income. Unless otherwise defined in this Agreement, all financial terms used in this Section 6.12 shall have the meanings attributed to such terms in accordance with GAAP; provided that aggregate amount of EBITDA attributable to the Non-Borrower Subsidiaries included for purposes of calculating compliance with this Section 6.12 shall at no time account for more than 5% of the total EBITDA of the Parent Company and its Subsidiaries on a consolidated basis for the applicable period.
Continued Profitability. The Borrowers, on a consolidated basis, shall not sustain or incur negative Net Income for any fiscal quarter throughout the term of the Loan; it being understood and agreed that extraordinary, non-cash, non-recurring losses arising from the discontinuance of any operations of the Borrowers and non-Borrower Affiliates listed in Schedule 7.1(c) hereto, in an aggregate amount not to exceed the corresponding maximum allowable loss amount thereof set forth on Schedule 7.1(c) hereto, shall be excluded from the calculation of Net Income.
Continued Profitability. The Borrowers, on a consolidated basis, shall not sustain or incur negative Net Income for any fiscal quarter throughout the term of the Loan. Notwithstanding the foregoing, the Borrowers may, on a consolidated basis, sustain or incur negative Net Income solely for their fiscal quarter ending
(c) hereto, shall be excluded.”
3. Each Borrower hereby represents, warrants, acknowledges and agrees that (i) there are no set-offs or defenses against the Notes, the Credit Agreement or any other Loan Document; (ii) except as specifically amended hereby, all of the terms and conditions of the Notes, the Credit Agreement and the other Loan Documents shall remain unmodified and in full force and effect; (iii) the Notes, the Credit Agreement (as modified hereby) and the other Loan Documents are hereby expressly approved, ratified and confirmed; (iv) the execution, delivery and performance by each Borrower of this Modification (a) is within its corporate powers, (b) has been duly authorized by all necessary corporate action, and (c) does not require the consent or approval of any person or entity which has not already been obtained; and (v) as of the date hereof, (a) no Event of Default has occurred or exists under the Notes, the Credit Agreement or any other Loan Document, (b) no act, event or condition has occurred or exists which, with notice or the passage of time, or both, would constitute an Event of Default under the Note, the Credit Agreement or any other Loan Document, and (c) all of the representations and warranties set forth in the Credit Agreement and the other Loan Documents are true and correct with the same force and effect as though made on and as of the date hereof (unless (i) any such representation and warranty specifically relates to an earlier date, or (ii) the Borrowers are unable to remake and redate any such representation or warranty, have previously disclosed the same to the Administrative Agent and the Lenders in writing, and such inability does not constitute or give rise to an Event of Default).
4. Each Borrower, on its own behalf and for and on behalf of its successors and assigns, hereby jointly and severally, knowingly and voluntarily RELEASES, DISCHARGES, and FOREVER WAIVES and RELINQUISHES any and all claims, demands, obligations, liabilities, defenses, affirmative defenses, setoffs, counterclaims, actions, and causes of action of whatsoever kind or nature, whether known or unknown, which it has, may have, or might have or may assert n...
Continued Profitability. 38 SECTION 6.11
Continued Profitability. As of any fiscal quarter end, permit the Consolidated Net Income of the Borrowers, to be less than $1.00 for the immediately preceding four (4) fiscal quarters:
Continued Profitability. 10. Line (c) iii of EXHIBIT 6 to the Loan Agreement is hereby deleted in its entirety and the following is substituted in lieu thereof: ---------
Continued Profitability. For any fiscal year or any two consecutive fiscal quarterly periods, incur Consolidated Net Income of less than zero (i.e., a net deficit or loss). -39-
Continued Profitability. The Borrowers and the Non-Borrower Subsidiaries shall not, on a consolidated basis, sustain or incur negative Consolidated Net Income for any fiscal quarter throughout the term of the Loan; it being understood and agreed that the non-cash charges listed on Schedule B hereto, and any other non-cash charges pre-approved in writing by the Agent, in its sole and absolute discretion, may be added back to operating income for the sole purpose of calculating the Borrowers’ and the Non-Borrower Subsidiaries Consolidated Net Income. Unless otherwise defined in this Agreement, all financial terms used in this Section 6.15 shall have the meanings attributed to such terms in accordance with GAAP; provided that the aggregate amount of EBITDA attributable to the Non-Borrower Subsidiaries included for purposes of calculating compliance with this Section 6.15 shall at no time account for more than five percent (5%) of the total EBITDA of the Borrowers on a consolidated basis for the applicable period.
Continued Profitability. Incur, on a consolidated basis, a net loss for any fiscal quarter ending on or after December 31, 1997; and/or
