Financial Covenants of Lessee. The Lessee and its Subsidiaries shall maintain, on a consolidated basis, all of the following financial covenants. The Lessee agrees and understands that (except as expressly provided herein) all covenants under this Section 9.3(j) shall be subject to compliance as measured as of the last day of each Fiscal Quarter.
Financial Covenants of Lessee. 48 6.5 Compliance with Bond Documents by Landlord............................................... 53 6.6 Financial Statements of Tenant........................................................... 54
Financial Covenants of Lessee. The Lessee shall not permit the ratio of Current Assets to Current Liabilities as determined as of the last day of any fiscal quarter to be less than 0.80 to 1.00.
Financial Covenants of Lessee. For purposes of this Section 6.4, the term "Group" shall mean each of Willxxxx-Xxxoma, Inc., a California corporation and owner of all issued and outstanding stock of Tenant ("Parent"), Tenant, and all other wholly-owned subsidiaries of Parent; and "Consolidated Group" shall mean Parent, Tenant, and all other wholly-owned subsidiaries of Parent on a consolidated basis. For so long as any Bonds remain Outstanding and the Loan Agreement has not been terminated or the Indenture released, Tenant agrees that:
Financial Covenants of Lessee. The Lessee shall at all times comply with the financial covenants set forth in Appendix III hereof.
Financial Covenants of Lessee. For so long as any Bonds remain Outstanding and the Loan Agreement has not been terminated or the Indenture released, Tenant agrees:
(a) Not to incur additional Indebtedness or merge or consolidate with any other entity if, after giving effect to such Indebtedness, merger or consolidation on a pro forma basis (including pro forma application of the net proceeds therefrom), the ratio of (i) the sum of (A) the Consolidated Net Income of the Tenant and its subsidiaries plus (B) an amount equal to any net loss realized upon the sale or other disposition of any business segment or capital asset (to the extent such loss was deducted in computing such Consolidated Net Income), plus (C) any provision for taxes utilized in computing net loss under clause (B) hereof, plus (D) Consolidated Interest Expense plus one-third (1/3) of operating lease (including this Lease) base rent (before contingency and pass-through payments), plus (E) provision for federal and state income taxes to (ii) Consolidated Interest Expense plus one-third (1/3) of operating lease (including this Lease) base rent (before contingency/and pass-through payments) of the Tenant and its subsidiaries for any six (6) (as determined by
(b) Not to permit the Consolidated Net Worth (plus deferred catalog charges not to exceed 10% of Consolidated Net Worth) of the Tenant and its subsidiaries to be less than $120,000,000 plus 25% of cumulative Consolidated Net Income (if positive) from the first day of the first fiscal quarter of Tenant beginning after the date hereof to the last day of the fiscal quarter of Tenant ending immediately prior to the date of measurement. For purposes of this Section 6.4:
Financial Covenants of Lessee. The Lessee and its Subsidiaries shall maintain, on a consolidated basis, all of the following financial covenants.
Financial Covenants of Lessee. (a) Lessee covenants to maintain Consolidated Adjusted Net Worth of no less than $95,000,000, plus an amount equal to 40% of Consolidated Net Earnings for each fiscal year ending December 31, 1996 and thereafter (such increase to be effective on the first day of the next fiscal year); provided that in the event Lessee shall not have any Consolidated Net Earnings for such fiscal year they shall be deemed to be zero for purposes of such adjustment.
(b) Lessee shall maintain a ratio of Consolidated Current Assets to Consolidated Current Liabilities of not less than 1.5 to 1.
(c) Lessee shall maintain a ratio of Consolidated Funded Debt to Consolidated Total Capitalization equal to or less than 0.6 to 1.0.
(d) Capitalized terms used in this Section 5.4 and not otherwise defined shall have meanings ascribed to them below:
Financial Covenants of Lessee. SECTION 5.4 (Financial Covenants of Lessee) of the Participation Agreement is hereby amended by deleting subsections (d) and (e) thereof in their entirety and substituting the following in lieu thereof:
Financial Covenants of Lessee. (a) The Lessee shall not permit Consolidated Tangible Net Worth, as determined as of the last day of any fiscal quarter, to be less than the sum of (i) $45,705,000 plus (ii) an amount equal to 30% of the sum of Consolidated Net Income for each fiscal quarter from and including the fiscal quarter beginning January 1, 1998 plus (iii) 100% of all proceeds received by the Lessee in respect of Lessee's issuance of capital stock from and after the date hereof (provided that any net loss for any fiscal quarter shall be excluded from such calculation).
(b) The Lessee shall not permit Consolidated Net Worth, as determined as of the last day of any fiscal quarter, to be less than (i) $65,705,000 plus (ii) an amount equal to 30% of the sum of Consolidated Net Income for each fiscal quarter from and including the fiscal quarter beginning January 1, 1998 plus (iii) 100% of all proceeds received by the Lessee in respect of Lessee's issuance of capital stock from and after the date hereof (provided that any net loss for any fiscal quarter shall be excluded from such calculation).
(c) The Lessee shall not permit the Fixed Charge Coverage Ratio as determined as of the last day of any fiscal quarter for the period of four consecutive fiscal quarters then ended, to be less than 1.50 to 1.00.
(d) The Lessee shall be permitted to incur, assume or in any manner become or be liable in respect of Debt to any one creditor or one group of creditors pursuant to a single commitment, to lend not to exceed Fifty Million Dollars ($50,000,000) provided that such Debt is only to any single creditor or group of creditors (it being understood that the Debt permitted by this subsection (d) shall never, individually or in the aggregate, exceed Fifty Million Dollars ($50,000,000)).
(e) The Lessee shall not incur, assume or in any manner become or be liable at any time in respect of Debt (other than that permitted by subsection (d) above or as evidenced by the transactions contemplated hereby) which, in the aggregate, exceeds Ten Million Dollars ($10,000,000).
