Minimum Adjusted Net Income. Borrower and its Subsidiaries, on a consolidated basis, shall achieve Adjusted Net Income of at least (i) ($1,500,000) for the trailing three (3) month period ending on the last day of the fiscal quarter ending September 30, 2013; (ii) $1.00 for the trailing three (3) month period ending on the last day of the fiscal quarter ending December 31, 2013; (iii) $2,500,000 for the trailing six month period ending on the last day of the fiscal quarters ending March 31, 2014 and June 30, 2014, (iv) ($3,000,000) for the trailing three month period ending on the last day of the fiscal quarter ending September 30, 2014, (v) $1,000,000 for the trailing six month period ending on the last day of the fiscal quarter ending March 31, 2015, and (vi) $1,000,000 for the trailing six month period ending on (A) the last day of the fiscal quarter ending June 30, 2015, and (B) the last day of each fiscal quarter thereafter.”
Minimum Adjusted Net Income. Borrower and its Subsidiaries, on a consolidated basis, shall achieve Adjusted Net Income of at least (i) $3,000,000 for the trailing six (6) month period ending on the last day of the fiscal quarter ending March 31, 2011; (ii) $5,000,000 for each trailing six (6) month period ending on the last day of the fiscal quarters ending June 30, 2011 and September 30, 2011; (iii) ($3,000,000.00) for the trailing six month period ending on the last day of the fiscal quarter ending December 31, 2011; (iv) ($6,000,000.00) for the trailing six (6) month period ending on the last day of the fiscal quarter ending March 31, 2012; (v) ($9,000,000.00) for the trailing six (6) month period ending on the last day of the fiscal quarter ending June 30, 2012; (vi) $1.00 for the trailing six (6) month period ending on the last day of the fiscal quarter ending September 30, 2012; (vii) $2,500,000.00 for the trailing six (6) month period ending on the last day of the fiscal quarter ending December 31, 2012; and (viii) for the trailing six (6) month period ending on March 1, 2013, and for each trailing six month period ending on the last day of each fiscal quarter thereafter, an amount that is $1,000,000.00 greater than the required minimum Adjusted Net Income for the immediately preceding trailing six (6) month period ending on the last day of the immediately preceding calendar quarter.” and inserting in lieu thereof the following:
Minimum Adjusted Net Income. Company shall achieve Adjusted Net Income, measured on each of the following test dates described below, for the periods specified below, of not less than the amount set forth opposite each such test date and test period (numbers appearing between “< >“ are negative): Fiscal Year to Date Period ending June 30, 2014 $ <6,812,000 > Fiscal Year to Date Period ending September 30, 2014 $ <8,085,000 > Fiscal Year to Date Period ending December 31, 2014 $ <8,921,000 > Fiscal Year to Date Period ending March 31, 2015 $ <9,657,000 >
1.18 Section 5.2(c)
Minimum Adjusted Net Income. Pursuant to Section 6.2(b) of the Credit Agreement, as of the Reporting Date, the Borrower’s Adjusted Net Income was [_____], which satisfies does not satisfy the requirement that the Adjusted Net Income be not less than $1.00.
Minimum Adjusted Net Income. Maintain a Minimum Adjusted Net Income at each Borrower fiscal quarter end for the immediately preceding Borrower fiscal quarter, in an amount not less than (i) $125,000 for the 2 Borrxxxx xxxxxx xxxxxxx xxxxxx Xxxx 00, 0000, (xx) $000,000 for the Borrower fiscal quarter ending September 30, 1997, (iii) $700,000 for the Borrower fiscal quarter ending December 31, 1997 and (iv) $1,000,000 thereafter. Maintain a Minimum Adjusted Net Income at each Borrower fiscal year end for the immediately preceding Borrower fiscal year in an amount not less than (i) $2,500,000 for the Borrower fiscal year ending December 31, 1997 and (ii) $4,000,000 thereafter.
3. The Borrower hereby restates all of the representations, warranties and covenants of the Borrower set forth in the Loan Agreement to the same extent as if fully set forth herein and the Borrower hereby certifies that all such representations and warranties are true and accurate as of the date hereof.
4. The Borrower and the Agent hereby ratify, confirm and approve the Loan Agreement, amended as set forth herein, as a binding obligation, enforceable in accordance with its terms. The Borrower further acknowledges and agrees that Agent has not waived any of its rights under the Loan Agreement, amended as set forth herein, or any Event(s) of Default that may hereafter exist thereunder and that there does not exist (i) any offset or defense against payment or performance of any of the Indebtedness and Obligations of the Borrower evidenced thereby, or (ii) any claim or cause of action by Borrower against Agent with respect to the transactions described therein.
5. The Borrower represents and warrants to the Agent that no Default or Event of Default exists under the Loan Agreement, amended as set forth herein, any of the Financing Documents or any document or agreement executed in connection therewith or herewith.
6. This Second Amendment to Loan Agreement shall be effective as of December 31, 1997. 3
Minimum Adjusted Net Income. Borrower and its Subsidiaries, on a consolidated basis, shall achieve Adjusted Net Income of at least (i) $3,000,000 for the trailing six (6) month period ending on the last day of the fiscal quarter ending March 31, 2011; (ii) $5,000,000 for each trailing six (6) month period ending on the last day of the fiscal quarters ending June 30, 2011 and September 30, 2011; (iii) ($3,000,000.00) for the trailing six month period ending on the last day of the fiscal quarter ending December 31, 2011; and (iv) $7,500,000 for the trailing six (6) month period ending on the last day of the fiscal quarter ending March 31, 2012 and for each trailing six (6) month period ending on the last day of each fiscal quarter thereafter.” 8 The Loan Agreement shall be amended by deleting the following text appearing in Section 7.1 thereof (entitled “Dispositions”): “and (f) provided no Default or Event of Default has occurred and is continuing, of the Headquarters Location pursuant to the Sale/Leaseback Transaction” and inserting in lieu thereof the following:
Minimum Adjusted Net Income. Company shall achieve Adjusted Net Income, measured on each of the following test dates described below, for the periods specified below, of not less than the amount set forth opposite each such test date and test period (numbers appearing between “< >“ are negative):
Minimum Adjusted Net Income. Maintain a Minimum Adjusted Net Income at each Borrower fiscal quarter end for the immediately preceding Borrower fiscal quarter, in an amount not less than (i) $125,000 for the Borrower fiscal quarter ending June 30, 1997 and (ii) $1,000,000 thereafter. Maintain a Minimum Adjusted Net Income at each Borrower fiscal year end for the immediately preceding Borrower fiscal year in an amount not less than (i) $2,500,000 for the Borrower fiscal year ending December 31, 1997 and (ii) $4,000,000 thereafter.
Minimum Adjusted Net Income. To the extent that at any time there shall be an outstanding balance of the Revolving Credit Loan or the sum of Borrower's and its Subsidiaries' (i) cash on hand or on deposit in any bank or trust company which has not suspended business and (ii) Cash Equivalent Investments (without duplication with (i)) is less than $10,000,000, maintain a Minimum Adjusted Net Income at each Borrower fiscal quarter end for the Borrower fiscal quarter then ending and for the immediately preceding Borrower fiscal quarter in an amount not less than zero (0) provided that Minimum Adjusted Net Income for the rolling four Borrower fiscal quarter period consisting of the Borrower fiscal quarter then ending and the three immediately preceding Borrower fiscal quarters is greater than zero (0).
8. Effective as of the date hereof, Section 5.1.11 of the Loan Agreement is hereby amended to read in its entirety:
Minimum Adjusted Net Income. Borrower and its Subsidiaries, on a consolidated basis, shall achieve Adjusted Net Income of at least (i) ($1,500,000) for the trailing three (3) month period ending on the last day of the fiscal quarter ending September 30, 2013; (ii) $1.00 for the trailing three (3) month period ending on the last day of the fiscal quarter ending December 31, 2013; and (iii) $2,500,000 for the trailing six month period ending on (A) the last day of the fiscal quarter ending March 31, 2014, and (B) the last day of each fiscal quarter thereafter.
