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 May 31, 2022, fail to maintain minimum Consolidated Tangible Net Worth of at least the sum of (i) the amount equal to 75% of Consolidated Tangible Net Worth as of the fiscal quarter ended February 28, 2022 plus (ii) the sum of (x) 50% of the cumulative Consolidated Net Income, for each completed fiscal quarter subsequent to February 28, 2022, if positive (for the avoidance of doubt, fiscal quarters in which Consolidated Net Income is negative will be disregarded), plus (y) 50% of the net cash proceeds from any equity offerings of Borrower from and after February 28, 2022, minus (iii) the amount paid by Borrower from and after February 28, 2022 to repurchase its common stock (provided that the aggregate amount of deductions pursuant to this subclause (iii) in any four-fiscal quarter period shall not exceed 12.5% of Consolidated Tangible Net Worth), minus (iv) commencing with the fiscal quarter in which any Spin-Off Transaction occurs and after giving effect to such Spin-Off Transaction, the lesser of (x) the Consolidated Tangible Net Worth of any Spun Assets and (y) $1.0 billion.
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, 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, 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. 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.
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. The Company and its Subsidiaries have a Consolidated Net Worth on the date hereof of at least $100,000,000. The Company will not permit Consolidated Net Worth at any time to be less than $100,000,000, as such amount shall be increased at the end of each Fiscal quarter thereafter (commencing with the fiscal quarter ending on or around September 30 2000) for the Fiscal quarter thereafter, by the addition of 75% of Consolidated Net Income earned after June 30, 2000.
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:
