Maintenance of Consolidated Tangible Net Worth. If the Parent’s Consolidated Tangible Net Worth declines below $75.0 million (the “Minimum Tangible Net Worth”) at the end of any fiscal quarter, the Parent must deliver an Officers’ Certificate to the Trustee within 55 days after the end of that fiscal quarter (100 days after the end of any fiscal year) to notify the Trustee. If, on the last day of each of any two consecutive fiscal quarters (the last day of the second fiscal quarter being referred to as a “Deficiency Date”), the Parent’s Consolidated Tangible Net Worth is less than the Minimum Tangible Net Worth of the Parent, then the Issuer must make an Offer to Purchase (a “Net Worth Offer”) to all Holders of Notes to purchase 10% of the aggregate principal amount of the Notes originally issued (the “Net Worth Offer Amount”) at a purchase price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest thereon, if any, to the date of purchase; provided, however, that no such Net Worth Offer shall be required if, after the Deficiency Date but prior to the date the Issuer is required to make the Net Worth Offer, capital in cash or Cash Equivalents is contributed for Qualified Equity Interests sufficient to increase the Parent’s Consolidated Tangible Net Worth after giving effect to such contribution to an amount equal to or above the Minimum Tangible Net Worth. The Issuer must make the Net Worth Offer no later than 65 days after each Deficiency Date (110 days if such Deficiency Date is the last day of the Parent’s fiscal year). The Net Worth Offer is required to remain open for a period of 20 Business Days following its commencement or for such longer period as required by law. The Issuer is required to purchase the Net Worth Offer Amount of the Notes on a designated date no later than five Business Days after the termination of the Net Worth Offer, or if less than the Net Worth Offer Amount of Notes shall have been tendered, all Notes then tendered. If the aggregate principal amount of Notes tendered exceeds the Net Worth Offer Amount, the Issuer is required to purchase the Notes tendered to it pro rata among the Notes tendered (with such adjustments as may be appropriate so that only Notes in denominations of $1,000 and integral multiples thereof shall be purchased). In no event shall the failure of the Parent’s Consolidated Tangible Net Worth to equal or exceed the Minimum Tangible Net Worth at the end of any fiscal quarter be counted toward the requirement to make more than...
Maintenance of Consolidated Tangible Net Worth. The Company shall not, on the Issue Date (after giving effect to the issuance of the Notes) or at the end of any Fiscal Quarter thereafter, permit its Consolidated Tangible Net Worth to be less than the Consolidated Tangible Net Worth Threshold. The “Consolidated Tangible Net Worth Threshold” shall be equal to $50.0 million from the Issue Date until the first annual anniversary thereof, and at each annual anniversary of the Issue Date shall increase by an amount equal to $5.0 million.
Maintenance of Consolidated Tangible Net Worth. Except as provided for in Section 1021, if, at any time, SCL’s Consolidated Tangible Net Worth at the end of each of any two consecutive fiscal quarters is less than the Minimum Consolidated Tangible Net Worth, then the Company shall make an offer (an “Offer”), on or prior to the 30th day following the date on which the Company files its quarterly or annual report, as the case may be, with the Commission reporting the results for the second fiscal quarter giving rise to the obligation to make the Offer (or, in the event the Company is not required to file a quarterly report with the Commission in accordance with this Indenture, on or prior to the 30th day following the date on which SCL determines the results for the second fiscal quarter giving rise to the obligation to make the Offer; but in any event not later than the 75th day following the end of the quarter in the case of the first three fiscal quarters in any fiscal year, or the 120th day following the end of the quarter in the case of the fourth quarter in any fiscal year), to purchase 10% of the aggregate principal amount of the Senior Notes originally issued (or such lesser amount as may be outstanding at the time) at a purchase price of 100% of the principal amount plus Interest accrued and unpaid to the date on which the Senior Notes are to be purchased (the “Purchase Date”); provided, however, that if the Purchase Date is an Interest Payment Date, Interest payable on such date shall be paid according to the terms and provisions of Section 307. The Company may not credit against its obligation to purchase Senior Notes on any Purchase Date hereunder the principal amount of any Senior Notes previously acquired or redeemed by the Company. In no event shall the failure to meet the Minimum Consolidated Tangible Net Worth requirement stated above at the end of any fiscal quarter be counted toward the making of more than one Offer hereunder. Notice of an Offer, together with a form of letter of transmittal, shall be mailed by the Company not less than 25 days before the Purchase Date to the Trustee and to the Holders at their last registered addresses. The Trustee shall be under no obligation to ascertain whether an Offer is required to be made under this Section 1018. The Offer shall remain open from the time of mailing until at least until five Business Days before the Purchase Date. The notice and form of letter of transmittal shall be accompanied by a copy of the information regarding SCL required...
Maintenance of Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth on any date of determination to be less than the sum of (i) 85% the amount of Consolidated Tangible Net Worth at the end of FQ1 2002, plus (ii) 50% of Consolidated Net Income for each fiscal quarter, commencing with FQ2 2002 and ending with the fiscal quarter most recently ended prior to the date of determination, in which Consolidated Net Income was positive, plus (iii) 100% of the aggregate Net Cash Proceeds of any issuance and sale after March 31, 2002 of the Capital Stock of the Borrower or any contribution to the equity of the Borrower after March 31, 2002.
Maintenance of Consolidated Tangible Net Worth. Maintain at all times during the Commitment Period Consolidated Tangible Net Worth in amounts at all times equal to or exceeding (i) $351,500,000, plus (ii) fifty percent (50%) of the Consolidated Earnings for each quarter after June 30, 2004 (excluding any quarter in which Consolidated Earnings are less than zero (0)), plus (iii) fifty percent (50%) of the net proceeds or other consideration received by Borrower for any capital stock issued or sold after June 30, 2004.
Maintenance of Consolidated Tangible Net Worth. Section 1019. Statement as to Compliance; Notice of Default; Reporting Requirements. Section 1020. Waiver of Certain Covenants. Section 1021. Termination of Certain Covenants.
Maintenance of Consolidated Tangible Net Worth. Maintenance of Debt to Worth
Maintenance of Consolidated Tangible Net Worth. Statement as to Compliance; Notice of Default; Reporting Requirements.
Maintenance of Consolidated Tangible Net Worth. Maintain, at all times during the Commitment Period, a Consolidated Tangible Net Worth ("Minimum Tangible Net Worth") in amounts equal to or exceeding (i) $200,000,000 plus (ii) fifty percent (50%) of Consolidated Earnings (without deduction for losses and excluding the effect of any decreases in any Deferred Tax Valuation Allowance) earned for each completed fiscal quarter ending after March 31, 2010 to the date of determination, excluding any quarter in which the Consolidated Earnings are less than zero) plus (iii) the amount of any reduction or reversal in Deferred Tax Valuation Allowance for each completed fiscal quarter ending after March 31, 2010 minus (iv) the costs of the Borrower's repurchase of Senior Notes up to $10,000,000.
Maintenance of Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth to be less than the sum of $29,000,000 plus 50% of Consolidated Net Income computed on a cumulative basis for the period from and after June 30, 2007 to and including the end of the fiscal year for which the determination is being made, provided that if Consolidated Net Income for any fiscal year in said period is a deficit figure, the amount added to determine the required amount of Consolidated Tangible Net Worth for said fiscal year shall be zero.
