Minimum Net Worth Test. As of the end of each fiscal quarter, fail to maintain minimum Consolidated Tangible Net Worth of at least (a) $1,513,219,400.001,949,562,000 plus (b) the sum of (i) 50% of the cumulative Consolidated Net Income of each fiscal quarter where net income is positive, of the Loan Parties and their Subsidiaries plus (ii) 50% of the net proceeds from any equity offerings of Borrower, in each case, from and after September 30, 20202021.
Minimum Net Worth Test. As of the end of each fiscal quarter, fail to maintain minimum Consolidated Tangible Net Worth of not less than (a) $358,000,000 plus (b) the sum of (i) 50% of the cumulative Consolidated Net Income (excluding any Consolidated Net Income realized from the reversal of any deferred tax assets), if positive, of the Loan Parties and their Subsidiaries from and after January 1, 2015, plus (ii) 50% of the net proceeds from any equity offerings of Parent from and after the Restatement Effective Date plus (iii) 75% of deferred tax assets to the extent included on the financial statements delivered in accordance with Section 6.1.
Minimum Net Worth Test as of the end of each fiscal quarter, beginning with the fiscal quarter ending November 30, 2024, fail to maintain minimum Consolidated Tangible Net Worth of at least $10,000,000,000.
Minimum Net Worth Test. As of the end of each fiscal quarter, commencing with the fiscal quarter ended June 30, 2018, fail to maintain minimum Consolidated Tangible Net Worth of not less than (a) $556,425,000 plus (b) the sum of (i) 50% of the cumulative Consolidated Net Income (excluding any Consolidated Net Income realized from the reversal of any deferred tax assets), if positive, of the Loan Parties and their Subsidiaries from and after January 1, 2018, plus (ii) 50% of the net proceeds from any equity offerings of Parent from and after January 1, 2018, plus (iii) 75% of deferred tax assets to the extent included on the financial statements delivered in accordance with Section 6.1.
Minimum Net Worth Test. As of the end of each fiscal quarter, commencing with the fiscal quarter ending December 31, 2014, fail to maintain minimum Consolidated Tangible Net Worth not less than (a) $641,000,000 plus (b) the sum of (i) 50% of the cumulative Consolidated Net Income, if positive of the Borrower and its Homebuilding Segment Subsidiaries plus (ii) 50% of the net proceeds from any equity offerings of the Borrower (excluding equity issued in connection with an employee or director stock ownership, stock option, incentive or retention plan, or an employee stock purchase plan), in each case, from and after September 30, 2014.
Minimum Net Worth Test. As of the end of each fiscal quarter, fail to maintain minimum Consolidated Tangible Net Worth of at least (a) $1,110,434,500.00 plus (b) the sum of (i) 50% of the cumulative Consolidated Net Income, if positive, of the Loan Parties and their Subsidiaries plus (ii) 50% of the net proceeds from any equity offerings of Borrower, in each case, from and after March 31, 2018.”
(q) Section 9.6 of the Credit Agreement is hereby amended to replace the words “the Administrative Agent or any other Lender” with the words “the Administrative Agent, any arranger of this credit facility or any other Lender and their respective related parties” in each sentence where such words appear.
(r) A new Section 9.11 is added at the end of Article 9 to read in its entirety as follows:
Minimum Net Worth Test. As of the end of each fiscal quarter, fail to maintain minimum Consolidated Tangible Net Worth of at least (a) $1,513,219,400.00 plus (b) the sum of (i) 50% of the cumulative Consolidated Net Income of each fiscal quarter where net income is positive, of the Loan Parties and their Subsidiaries plus (ii) 50% of the net proceeds from any equity offerings of Borrower, in each case, from and after September 30, 2020.”
(q) Clause (ii) of Section 9.3 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Minimum Net Worth Test. As of the end of each fiscal quarter, fail to maintain minimum Consolidated Tangible Net Worth of not less than (a) $987,407,400 plus (b) the sum of (i) 50% of the cumulative Consolidated Net Income, if positive, of the Loan Parties and their Subsidiaries plus (ii) 50% of the net proceeds from any equity offerings of Borrower, in each case, from and after March 31, 2017.”
(l) Section 7.7 of the Credit Agreement is hereby deleted in its entirety and replaced with the words “Intentionally omitted”.
(m) Schedule 1.1A of the Credit Agreement is hereby deleted in its entirety and replaced with Schedule 1.1A attached hereto.
Minimum Net Worth Test. Fail to maintain minimum Consolidated Tangible Net Worth of at least (a) $625,142,250770,012,600 , plus (b) the sum of (i) 50% of the cumulative Consolidated Net Income of each fiscal quarter where net income is positive, of the Loan Parties and their Restricted Subsidiaries from and after JulyJanuary 1, 20222024 , plus (ii) 50% of the net proceeds from any equity offerings of Borrower (other than offerings of Disqualified Stock), in each case, from and after ClosingFirst Amendment Effective Date.
Minimum Net Worth Test. Permit, as of the last day of any ---------------------- fiscal quarter of Wilmar and its Consolidated Subsidiaries, Net Worth to be less than Closing Adjusted Net Worth plus fifty percent (50%) of net income of Wilmar and its Consolidated Subsidiaries for each fiscal quarter subsequent to the most recent fiscal quarter ended prior to the Closing Date without deduction for losses.
