Minimum Consolidated. ADJUSTED EBITDA. For the four-fiscal quarter period ending on or about June 30, 1999, and for any four-fiscal quarter period thereafter ending as of the last day of any fiscal quarter of Borrower, Borrower shall not permit Consolidated Adjusted EBITDA for such period to be less than the correlative amount indicated for such period below: ----------------------------------------------------------------------------------------------------------- Period Ending as of the Last Day of Fiscal Quarter Ending in Minimum Consolidated Adjusted EBITDA ----------------------------------------------------------------------------------------------------------- June 1999 $ 2,250,000 ----------------------------------------------------------------------------------------------------------- September 1999 $ 4,175,000 ----------------------------------------------------------------------------------------------------------- December 1999 $ 7,050,000 ----------------------------------------------------------------------------------------------------------- March 2000 $ 10,400,000 ----------------------------------------------------------------------------------------------------------- June 2000 $ 13,400,000 ----------------------------------------------------------------------------------------------------------- September 2000 $ 15,750,000 ----------------------------------------------------------------------------------------------------------- December 2000 and each March, June, September and $ 20,000,000 December thereafter -----------------------------------------------------------------------------------------------------------
Minimum Consolidated. Tangible Net Worth in the Amendment to the Credit Agreement is modified to require the Company to maintain at least $48,300,000 of Consolidated Tangible Net Worth at January 30, 1999 and for each fiscal year thereafter, of not less than $48,300,000 plus 80% of each successive year's net income. However, during the fiscal year beginning February 1, 1999 and all periods thereafter, upon approval of the Company's Board of Directors and notification to Crestar, S & K Famous Brands may repurchase up to an additional $12,800,000 of its own stock. Any such repurchases shall reduce the minimum Consolidated Tangible Net Worth requirement by 90% of the value of the stock repurchased. The minimum Consolidated Net Worth will not be adjusted for any net loss reported by the Company. These revisions shall be incorporated into the Amendment to the Credit Agreement dated April 30, 1997 and the Credit Agreement dated March 10, 1994. I hope these modifications will give you the flexibility needed to implement your repurchase strategy. Thanks for allowing Crestar to meet the banking requirements of S & K. Please give me a call should you have any questions. Sincerely,
Minimum Consolidated. REVENUES to ensure that in respect of each Three Month Period set out in column (1) Consolidated Revenues of the Group after having adjusted the Consolidated Revenues of the Group in respect of such Three Month Period as follows:
(a) excluding the Consolidated Revenues of the Golden Telecom Group or revenues attributable to the Business Services Assets (to the extent that the same is consolidated into the Consolidated Revenues of the Group);
(b) including the revenues attributable to the Acquired Assets in respect of the period from 1 January 2001;
(c) including, in respect of any Three Month Period ending prior to its disposal, the Consolidated Revenues of the Central European Group in respect of the period from 1 January 2001 until their disposal by the Group;
(d) having made the adjustments in (a), (b) and (c) above, deducting any revenues attributable to dark fibre asset sales in excess of (i) euro 3,000,000 in any month in 2001 or (ii) euro 4,000,000 in any Three Month Period in 2001, or (iii) euro 10,000,000 in aggregate in 2001, and completely thereafter, or to the sale of all or part of the Golden Telecom Group, the Central European Group, or the Business Services Assets; shall not be less than the amount set out against such Three Month Period in column (2) below, if the entire Central European Group was not disposed of prior to the beginning of such Three Month Period or, column 3 below, otherwise: THREE MONTH PERIOD MINIMUM CONSOLIDATED REVENUES ------------------------ ---------------------------------- (euro M) (1) (2) (3) ----- ------ --------- January to March 2001 88.39 70.02 February to April 2001 88.97 69.98 March to May 2001 90.99 71.10 April to June 2001 93.92 73.01 May to July 2001 98.00 76.21 June to August 2001 103.38 80.86 July to September 2001 109.64 86.11 August to October 2001 115.05 90.25 September to November 2001 120.44 94.32 October to December 2001 125.50 98.40 November 2001 to January 2002 130.09 102.27 December 2001 to February 2002 134.78 106.51 January to March 2002 140.03 111.76 April to June 2002 149.97 121.70 July to September 2002 168.81 140.54 October to December 2002 185.87 157.60 January to March 2003 216.15 187.88
Minimum Consolidated. Adjusted Net Worth. Permit the Consolidated Adjusted Net Worth of the Company and its Consolidated Subsidiaries to be less than the applicable minimum amount set forth below as of the end of any of the fiscal quarters set forth below:
Minimum Consolidated. ADJUSTED EBITDA. Lenders hereby waive compliance with the provisions of subsection 6.6F with respect to the Minimum Consolidated Adjusted EBITDA required for the Fiscal Year 1996; provided that Consolidated Adjusted EBITDA for such Fiscal Year is not less than $46,500,000.
Minimum Consolidated. GAAP Net Worth -----------------------------------
1. Consolidated GAAP Net Worth as of the fiscal quarter ending ______________, _____. = _________________
2. Consolidated positive net income (as determined in accordance with GAAP) for each fiscal quarter following the fiscal quarter ended [______] was: [Include data for each quarter, as applicable] 2a. The sum of the positive net income for each of the quarters set forth in Line 2 above = _________________ 2b. 50% of line 2a = _________________
3. Paid-in capital resulting from any issuance by the Borrower of its capital stock = _________________
4. The sum of $78,000,000 and line 2b and line 3 = _________________
5. Line 1 is not less than line 4.
