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)(ii) of the Loan Agreement, relating to the Effective Net Worth of Borrower as of March 31, 1997, is hereby amended so as to require Borrower to have an Effective Net Worth of not less than Eight Million Ninety-Three Thousand Dollars ($8,093,000.00) as of such date. Except as expressly set forth herein, all of the terms and conditions of the Loan Agreement shall remain unchanged and in full force and effect, and are hereby ratified, confirmed and continued. The amendments set forth herein shall only be applicable for the specific date and time period stated herein, and shall not be applicable to any other dates or any other time periods whatsoever. Furthermore, this amendment shall not be applicable to, and shall not imply Bank's agreement to grant any amendment, consent or waiver in respect of, any covenant not specified herein, or for any date or time period not specified herein, or in any other circumstances (whether of like or unlike nature). The effectiveness of this amendment is expressly subject to the execution and delivery by SunTrust Banks, Inc. ("SunTrust"), of a certain modification agreement with Borrower relating to certain covenants under the Convertible Subordinated Note Purchase Agreement dated as of October 18, 1996 (as amended) by and among Borrower, SunTrust and the other parties thereto. Such modification agreement must be in form and substance satisfactory to Bank in its sole discretion. Bank hereby requests that Borrower acknowledge and confirm its agreement to the foregoing amendments by countersigning a counterpart copy of this letter. When signed, this amendment may not be altered or amended except in accordance with Section 17.11 of the Loan Agreement. Very truly yours, MELLON BANK, N.A. By:_________________________________ Xxxx X. XxXxxxxx Its Vice President Duly Authorized ACKNOWLEDGED AND AGREED TO INTENDING TO BE LEGALLY BOUND HEREBY: CONSOLIDATED STAINLESS, INC. By:_________________________________ Xxxxxx X. Xxxxxxx Its Chief Financial Officer Duly Authorized
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. Effective Net Worth at any time during, the period commencing on each date referred to in Column A below and ending on the next following Quarter Date shall not be less than the amount set out opposite that date in Column B below:
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 at all times maintain an Effective Net Worth of not less than $9,500,000.
Effective Net Worth. Borrowers shall maintain Effective Net Worth determined on a combined basis of not less than (a) Three Million Three Hundred Ninety-Six Thousand Dollars ($3,396,000.00) as of November 1, 1994 and at all times thereafter until October 30, 1995; (b) Three Million Six Hundred Fifty Thousand Dollars ($3,650,000.00) as of October 31, 1995 and at all times thereafter until October 30, 1996; (c) Four Million One Hundred Fifty Thousand Dollars ($4,150,000.00) as of October 31, 1996 and at all times thereafter until October 30, 1997; (d) Three Million Four Hundred Forty-Nine Thousand Dollars ($3,449,000.00) as of October 31, 1997 and at all times thereafter until October 30, 1998; and (e) Five Million Four Hundred Forty-Nine Thousand Dollars ($5,449,000.00) as of October 31, 1998 and at all times thereafter. Notwithstanding the foregoing, upon consummation of the acquisition by Borrowers of Programming Alternatives of Minnesota, Inc. ("PAMI"), the Effective Net Worth covenant shall be as follows for the applicable periods: (a) Two Million Three Hundred Twenty-Nine Thousand Dollars ($2,329,000.00) as of January 31, 1997 and at all times thereafter until April 29, 1997; (b) Two Million Eight Hundred Fifty-Three Thousand Dollars ($2,853,000.00) as of April 30, 1997 and at all times thereafter until July 30, 1997; and (c) Three Million Three Hundred Thirty-Four Thousand Dollars ($3,334,000.00) as of July 31, 1997 and at all times thereafter until October 30, 1997. After October 30, 1997, the Effective Net Worth covenant shall be as provided for above." "7.3
Effective Net Worth. Maintain as of the end of each fiscal quarter Effective Net Worth in an amount of not less than: (i) actual Effective Net Worth of the Companies for the fiscal quarter ending January 31, 2007, plus (ii) the net proceeds of any public offering received by the Companies subsequent to January 31, 2007, plus or minus, as applicable, (iii) (w) for the fiscal quarter ending April 30, 2007, minus the sum of $7,180,000, (x) for the two fiscal quarters ending July 31, 2007, minus the sum of $8,302,000, (y) for the three fiscal quarters ending October 31, 2007, plus the sum of $12,915,000 and (z) for the four fiscal quarters ending January 31, 2008, plus the sum of $14,328,000, minus (iv) Permitted Distributions distributed subsequent to January 31, 2007, minus (v) the sum of $7,000,000, minus (vi) an amount equal to all good will and other intangible assets (each determined in accordance with GAAP) attributable to Permitted Acquisitions during such fiscal period which was subtracted in the calculation of Effective Net Worth and the respective amounts for the end of each fiscal quarter subsequent to January 31, 2008 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 year ending January 31, 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 $55,000,000, 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.’’
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.
