Minimum Adjusted Consolidated Tangible Net Worth. Permit Adjusted Consolidated Tangible Net Worth at any time to be less than the sum of (a) $2,903,000,000, plus (b) an amount equal to the amount (if any) by which (i) 50% of the cumulative amount of positive Consolidated Net Income of the Loan Parties for each fiscal quarter of the Borrower ending after November 30, 2004 for which the Loan Parties, taken as a whole, had positive Consolidated Net Income exceeds (ii) the aggregate amount paid by the Borrower after November 30, 2004 to purchase or redeem its equity Securities, plus (c) an amount equal to 50% of the aggregate amount of the increase in Adjusted Consolidated Tangible Net Worth resulting from the issuance of equity Securities of the Borrower after November 30, 2004. For purposes of this Section 7.01, the term “Consolidated Net Income,” shall be determined without adding back to net income any losses from asset impairment charges for inventory, investments in Joint Ventures, goodwill, receivables and option deposit forfeitures.
Minimum Adjusted Consolidated Tangible Net Worth. On the Agreement Date, Adjusted Consolidated Tangible Net Worth exceeds the amount required as of the Agreement Date under Section 7.01.
Minimum Adjusted Consolidated Tangible Net Worth. Permit Adjusted Consolidated Tangible Net Worth to be less than Minimum Net Worth at the end of any fiscal quarter.
Minimum Adjusted Consolidated Tangible Net Worth. Adjusted Consolidated Tangible Net Worth will at no time be less than the sum of (i) $1,300,000,000 plus (ii) 50% of the consolidated net income of the Borrower and its Consolidated Subsidiaries for the period commencing on January 1, 1998 and ending at the end of the Borrower's then most recent fiscal quarter (treated for this purpose as a single accounting period). For purposes of this Section, if consolidated net income of the Borrower and its Consolidated Subsidiaries for any period shall be less than zero, the amount calculated pursuant to clause (ii) above for such period shall be zero.
Minimum Adjusted Consolidated Tangible Net Worth. On the Agreement Date, Adjusted Consolidated Tangible Net Worth is in excess of $1,231,630,000.
Minimum Adjusted Consolidated Tangible Net Worth. Adjusted Consolidated Tangible Net Worth will at no time be less than an amount equal to the sum of (i) $600,000,000 and (ii) an amount equal to 50% of Consolidated Net Income for each Fiscal Quarter ending after December 31, 1996 but before the date of determination, in each case, for which Consolidated Net Income is positive (but with no deduction on account of negative Consolidated Net Income for any Fiscal Quarter).
Minimum Adjusted Consolidated Tangible Net Worth. Permit Adjusted Consolidated Tangible Net Worth at any time to be less than the sum of (a) $1,231,630,000, plus (b) an amount equal to the amount (if any) by which (i) 50% of the cumulative amount of positive Consolidated Net Income of the Loan Parties for each fiscal quarter of the Borrower ending after the Closing Date for which the Loan Parties, taken as a whole, had Consolidated Net Income exceeds (ii) the aggregate amount paid by the Borrower after the Closing Date to purchase or redeem its equity Securities, plus (c) an amount equal to 50% of the aggregate amount of the increase in Adjusted Consolidated Tangible Net Worth resulting from the issuance of equity Securities of the Borrower after the Closing Date. For purposes of this Section 7.01, the term “Consolidated Net Income” when used in respect of any period, shall not include any loss for such period.
Minimum Adjusted Consolidated Tangible Net Worth. The Company will not permit Adjusted Consolidated Tangible Net Worth at any time to be less than the Minimum Adjusted Consolidated Tangible Net Worth Amount in effect at such time.
Minimum Adjusted Consolidated Tangible Net Worth. Permit Adjusted Consolidated Tangible Net Worth at any time to be less than the greater of (a) $1,300,000,000 and (b) the total of (i) $2,330,000,000 minus (ii) cumulative deferred tax valuation allowance as of the date of calculation, plus (iii) an amount equal to 50% of the cumulative amount of positive Consolidated Net Income of the Loan Parties for each fiscal quarter of the Borrower ending after August 31, 2008 for which the Loan Parties, taken as a whole, had Consolidated Net Income (excluding Consolidated Net Income realized from the reversal of any deferred tax valuation allowance) minus (iv) the aggregate amount paid by the Borrower after August 31, 2008 to purchase or redeem its equity Securities, plus (v) an amount equal to 50% of the aggregate amount of the increase in Adjusted Consolidated Tangible Net Worth resulting from the issuance of equity Securities of the Borrower after November 30, 2009.
Minimum Adjusted Consolidated Tangible Net Worth. Permit Adjusted Consolidated Tangible Net Worth at any time commencing November 30, 2007 to be less than the sum of (a) $2,800,000,000, plus (b) an amount equal to the amount (if any) by which (i) 50% of the cumulative amount of positive Consolidated Net Income of the Loan Parties for each fiscal quarter of the Borrower ending after November 30, 2007 for which the Loan Parties, taken as a whole, had Consolidated Net Income exceeds (ii) the aggregate amount paid by the Borrower after November 30, 2007 to purchase or redeem its equity Securities, plus (c) an amount equal to 50% of the aggregate amount of the increase in Adjusted Consolidated Tangible Net Worth resulting from the issuance of equity Securities of the Borrower after November 30, 2007, minus (d) the amount of any actual tax valuation allowance taken in accordance with GAAP after November 30, 2007 on the Borrower’s financial statement. For purposes of this Section 7.01, the term “Consolidated Net Income,” when used in respect of any period, shall not include any loss for such period.
