Effective Net Worth. Borrower shall, at fiscal year ending 6/30/99, maintain an Effective Net Worth of not less than four million dollars ($4,000,000.00), at fiscal year ending 6/30/00 maintain an Effective Net Worth of not less than five million seven hundred and fifty thousand dollars ($5,750,000.00), and at fiscal year ending 6/30/01 maintain an Effective Net Worth of not less than seven million, five hundred thousand dollars ($7,500,000.00), tested annually. Thereafter, to the extent that the Letter of Credit is extended, the Borrower shall maintain Effective Net Worth as required by the Bank.
Effective Net Worth. Section 8.1 (d) of the Loan Agreement, relating to the Effective Net Worth of Borrower as of September 30, 1997, is hereby amended so as to require Borrower to have an Effective Net Worth of not less than five million, two hundred and eighty-six thousand, two hundred and eighty-one dollars ($5,286,281) as of such date.
Effective Net Worth. The Borrower shall have provided the Lender with evidence satisfactory to the Lender in its sole and unfettered discretion that the Effective Net Worth of the Borrower at Closing is no less than $11,500,000.
Effective Net Worth. The Borrower shall at all times after March, 1998 maintain an Effective Net Worth of not less than $11,500,000.
Effective Net Worth. Permit Effective Net Worth, as of the last day of any Fiscal Quarter ending after the Completion Date, to be less than the SUM OF (a) $52,000,000 PLUS (b) 80% of Net Income for each Fiscal Quarter ending after the Completion Date (with no deduction for any net loss incurred in any such Fiscal Quarter) PLUS (c) 100% of any Cash Equity Contributions and Supplemental Loans made after the Closing Date.
Effective Net Worth of the Loan Agreement shall be and is hereby amended to read in its entirety as follows:
Effective Net Worth. Borrower shall have Effective Net Worth of not less than: Month Ending Effective Net Worth(in Dollars) ------------ ------------------------------- 12/31/96 8,353,000 3/31/97 8,093,000 6/30/97 7,415,000 7/31/97 7,397,000 8/31/97 7,473,000 9/30/97 7,619,000 10/31/97 7,777,000 11/30/97 7,933,000 12/31/97 8,072,000 1/31/98 8,277,000 2/28/98 8,482,000 3/31/98 8,686,000 4/30/98 8,891,000 5/31/98 9,096,000 6/30/98 9,300,000 7/31/98 9,505,000 8/31/98 9,710,000 9/30/98 9,914,000 10/31/98 10,119,000 11/30/98 10,324,000 12/31/98 10,528,000 1/31/99 10,711,000 2/28/99 10,894,000 3/31/99 11,076,000 4/30/99 11,259,000 5/31/99 11,442,000 6/30/99 11,624,000 7/31/99 11,807,000 8/31/99 11,990,000 9/30/99 12,172,000 10/31/99 12,355,000 11/30/99 12,538,000 12/31/99 12,720,000 1/31/00 12,903,000 2/29/00 13,086,000 3/31/00 13,268,000 4/30/00 13,451,000 5/31/00 13,634,000 6/30/00 13,816,000 7/31/00 13,999,000 8/31/00 14,182,000 9/30/00 14,364,000 10/31/00 14,547,000 11/30/00 14,730,000 12/31/00 14,912,000
Effective Net Worth. Borrower shall have Effective Net Worth of not less than: MONTH ENDING EFFECTIVE NET WORTH(IN DOLLARS)
Effective Net Worth. The amount by which (a) Total Assets of the Borrower exceeds (b) total liabilities of the Borrower less the Subordinated Debt of the Borrower, shall at all times be equal to or greater than $15,000,000. The term “Total Assets” means total assets determined in accordance with GAAP.
Effective Net Worth. Maintain at the end of each of the fiscal quarters set forth below, Effective Net Worth in an amount of not less than the following as of the applicable date: ---------------------------------------------------------------------- FISCAL QUARTER ENDING EFFECTIVE NET WORTH ---------------------------------------------------------------------- October 31, 2005 $48,000,000 ---------------------------------------------------------------------- January 31, 2006 $43,000,000 ---------------------------------------------------------------------- April 30, 2006 $31,600,000 ---------------------------------------------------------------------- July 31, 2006 $30,600,000 ---------------------------------------------------------------------- ---------------------------------------------------------------------- October 31, 2006 $46,700,000 ---------------------------------------------------------------------- January 31, 2007 $41,800,000 ---------------------------------------------------------------------- and the respective amounts for the end of each fiscal quarter subsequent to January 31, 2007 shall be determined by the Agent, the Required Lenders and the Companies based on the projected financial statements and cash flows of Parent and its consolidated Subsidiaries (the "Projections") for the fiscal years ending January 31, 2008 and 2009, respectively (in each case delivered pursuant to Section 7.2(h)(iv)), after receipt and satisfactory review by the Agent of the respective Projections, but in no event shall Effective Net Worth be tested other than at the end of each fiscal quarter, or the required amounts be less than $37,000,000, unless the Agent determines (in its reasonable discretion) that such minimum amounts warrant downward adjustment based upon the applicable Projections or other information as Agent shall reasonably determine.
