Indebtedness to Tangible Net Worth. Section 13.2 of the Loan Agreement shall be and is hereby amended to read in its entirety as follows:
Indebtedness to Tangible Net Worth. Not permit the ratio of (x) the Borrower's consolidated Indebtedness minus all of Borrower's Indebtedness under the Debentures to (y) the Borrower's Tangible Net Worth to be at any time greater than 0.70 to 1.
Indebtedness to Tangible Net Worth. Borrower will not permit its ratio of Indebtedness to Tangible Net Worth as measured at the end of each calendar quarter to exceed 1.50:1.00 at any one time provided however at such time as Borrower has redeemed all of its issued and outstanding preferred stock the maximum ratio shall automatically change to 1.60:1.00.
Indebtedness to Tangible Net Worth. Commencing October 1, 1996 and continuing thereafter, Borrower shall maintain a ratio of Indebtedness to Tangible Net Worth (which for purposes of the calculation required in this Section 7.14.b shall be defined to exclude all investments or loans to Subsidiaries or Affiliates and customer deposits) of not more than 1.25:1, such ratio to be measured at the end of each quarter of Borrower.
Indebtedness to Tangible Net Worth. Cause to be maintained as of the end of each fiscal quarter a ratio of total Indebtedness of Borrowers on a consolidated basis to Tangible Net Worth of not greater than 1:1.
Indebtedness to Tangible Net Worth. Cause to be maintained tested on a quarterly basis at all times a ratio of its Indebtedness to Tangible Net Worth of not less than 4.5 to 1.
Indebtedness to Tangible Net Worth. Permit the ratio of Indebtedness to Tangible Net Worth to exceed 2.00 to 1 at any time. These are the only additional changes in the Agreement and all other terms and conditions are hereby ratified and confirmed. Dated: as of June 15, 2001. M&I Marxxxxx & Ilsley Bank (SEAL) Strattec Security Corporation (SEAL) By:_____________________________ By:_____________________________ Title:__________________________ Title:__________________________ By:_____________________________ By:_____________________________ Title:__________________________ Title:__________________________ REVOLVING CREDIT NOTE $30,000,000.00 MILWAUKEE, WISCONSIN REVOLVING LOANS DUE: OCTOBER 31, 2001 JUNE 15, 2001 FOR VALUE RECEIVED, STRATTEC SECURITY CORPORATION, a Wisconsin corporation (the "Borrower"), promises to pay to the order of M&I MARXXXXX & ILSXXX XXNK, a Wisconsin banking association (the "Bank") at M&I Marxxxxx & Ilsley Bank, Loan Services Department, 401 X. Xxxxxxxxx Xxxxx, Xxxxxxxxxx, XX 00000, xr at such other place as the holder hereof may from time to time in writing designate, in lawful money of the United States of America, the principal sum of Thirty Million and 00/100ths Dollars ($30,000,000.00), or so much thereof as has been advanced and remains outstanding pursuant to Section 2.1 of the Revolving Credit Agreement by and between the Borrower and the Bank dated as of the date hereof (the "Loan Agreement"), together with accrued interest and all other costs, charges and fees due thereunder. The undersigned further promises to pay interest on the unpaid principal amount of each Revolving Loan (as such term is defined in the Loan Agreement) as is outstanding under the Loan Agreement, payable at such rates and at such times, as provided in the Loan Agreement. Subject to the provisions of the Loan Agreement with respect to acceleration, prepayment or loan limitations, all unpaid principal with respect to each Revolving Loan, together with accrued interest and all other costs, charges and fees, shall be due and payable in full on the Termination Date for this Note. This Note evidences indebtedness incurred under, and is entitled to the benefits of, the Loan Agreement, together with all future amendments, modifications, waivers, supplements and replacements thereof, to which Loan Agreement reference is made for a statement of the terms and provisions under which this Note may be paid prior to its due date or its due date accelerated. This Note is pursuant to a Revolving Credit ...
Indebtedness to Tangible Net Worth. At all times when Borrowers= Net Worth --- ---------------------------------- is less than Twenty Million Dollars ($20,000,000.00), Borrowers shall maintain a ratio of consolidated Indebtedness to Tangible Net Worth of not more than (i) 2.75 to 1.0 as of December 31, 1998 for the fiscal year then ended; (ii) 2.5 to 1.0 as of December 31, 1999 for the fiscal year then ended; and (iii) 2.0 to 1.0 as of December 31, 2000 for the fiscal year then ended and as of each fiscal year end thereafter.
Indebtedness to Tangible Net Worth. As of the last day of each fiscal quarter of Borrower, the ratio of Indebtedness outstanding as of such date to Tangible Net Worth, determined on a consolidated basis, shall not exceed 1.35 to 1.00. As of the computation date, Indebtedness Borrower was $___________ and Tangible Net Worth was $___________, equal to a ratio of _______ to _______.
Indebtedness to Tangible Net Worth. At the end of each fiscal month of Borrower during the following time periods, the ratios of Borrower's outstanding Indebtedness minus Subordinated Indebtedness to the Borrower's Tangible Net Worth plus Subordinated Indebtedness minus intangible assets, all calculated on a consolidated basis, shall not exceed the following: TIME PERIOD MAXIMUM RATIO ----------- ------------- January 1, 1996 through and including 2.4:1 December 31, 1996 January 1, 1997 through and including 2.1:1 December 31, 1997 January 1, 1998 and thereafter 1.9:1"
