Net Income Requirement Sample Clauses

Net Income Requirement. The Target Award shall be forfeited and no amount of such Award shall be paid if the Company does not report positive net income for the 2015 fiscal year, calculated in accordance with GAAP, but adjusted to exclude the effect of extraordinary items. If this requirement is met, the Target Award will be calculated as described below. Performance Measures, Weightings, Goals and Payout Calibration: The Compensation Committee has identified seven financial performance measures that are aligned with the Company’s goals. Each of the seven performance measures has a weighting ranging from 10% to 30%. The Company’s results on three of the seven measures will be evaluated relative to the peer group. The other measures (Net Income, ROAA, Net Loan Growth and Revenue Growth) will be evaluated relative to the Board-approved annual budget or based upon actual results compared to the performance goals. Performance-Payout Table: Evaluated Performance Goals Performance Measure Weight Vs. Threshold Target Superior Net Income ($MM) 30 % Budget 75% of Budget 100% of Budget 125% of Budget ROAA 15 % Actual Results ROAA of 0.60 ROAA of 0.75 ROAA of 0.90 Revenue Growth ($MM) 15 % Budget $65.875 $77.500 $89.125 Net Loan Growth ($MM) 10 % Budget 9.0% 14.0% 19.0% Core Deposit Growth 10 % Peers 25th %ile 50th %ile 75th %ile Efficiency Ratio 10 % Peers 25th %ile 50th %ile 75th %ile Non-Performing Assets 10 % Peers 25th %ile 50th %ile 75th %ile Payout for Performance Level (% of Target Opportunity)1: 0% 100% 200% 1 Note that payouts will be interpolated for performance between discrete points. For example, performance at the 65th percentile of the Peer Group will result in a payout of 160% of target; performance at the 30th percentile of peers will result in a payout of 20% of target.
Sample 1
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Net Income Requirement. The Target Award shall be forfeited and no amount of such Award shall be paid if the Company does not report positive net income for the 2014 fiscal year, calculated in accordance with GAAP, but adjusted to exclude the effect of extraordinary items. If this requirement is met, the Actual Award will be calculated as described below.
Sample 1
Net Income Requirement. For each year Borrower's Net Income shall equal or exceed $1,000,000.00.
Sample 1
Net Income Requirement. The Borrower covenants and agrees with the Lenders that its Consolidated Net Income for the fiscal quarter ending July 31, 2002, will be at least $1.00. The Borrower further agrees that, in the event it fails to achieve Consolidated Net Income of at least $1.00 for the fiscal quarter ending July 31, 2002, such failure will constitute an immediate Default under the Credit Agreement.
Sample 1

Related to Net Income Requirement

  • Minimum Consolidated Net Worth Permit the Consolidated Net Worth of the Company at the end of any fiscal quarter to be less than US$11,250,000,000 (“Minimum Amount”).

  • Capital and Liquidity Requirements If any Lender or any Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Swingline Loans and Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company with respect to capital adequacy and liquidity requirements), by an amount deemed to be material by such Lender or such Issuing Bank, then from time to time the Borrower will pay to such Lender or such Issuing Bank, as the case may be, in Dollars, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered.

  • Minimum Consolidated EBITDA The Borrower will not permit Modified Consolidated EBITDA, for any Test Period ending at the end of any fiscal quarter of the Borrower set forth below, to be less than the amount set forth opposite such fiscal quarter: Fiscal Quarter Amount September 30, 1997 $36,000,000 December 31, 1997 $36,000,000 March 31, 1998 $36,000,000 June 30, 1998 $37,000,000 September 30, 1998 $37,000,000 December 31, 1998 $38,000,000 March 31, 1999 $38,000,000 June 30, 1999 $39,000,000 September 30, 1999 $40,000,000 December 31, 1999 $41,000,000 March 31, 2000 $41,000,000 June 30, 2000 $42,000,000 September 30, 2000 $43,000,000 December 31, 2000 $44,000,000 March 31, 2001 $44,000,000 June 30, 2001 $45,000,000 September 30, 2001 $46,000,000 December 31, 2001 $47,000,000 March 31, 2002 $47,000,000

  • Minimum Consolidated Interest Coverage Ratio Permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 3.25 to 1.00.

  • Minimum Consolidated Fixed Charge Coverage Ratio Borrower shall not permit the Consolidated Fixed Charge Coverage Ratio, determined as at the end of each fiscal quarter, commencing with the fiscal quarter ending June 30, 2019, to be less than 1.00 to 1.00.

  • Minimum Fixed Charge Coverage Ratio The Borrowers shall not permit the Fixed Charge Coverage Ratio to be less than 1.05 to 1.00, measured as of the last day of each Fiscal Quarter for the prior four fiscal quarters subject to adjustments to such measurement period as set forth in the definition of Fixed Charge Coverage Ratio.

  • Minimum Consolidated Tangible Net Worth (a) Prior to consummation of the Merger, the Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (i) $788,000,000.00 plus (ii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of this Agreement.

  • Minimum Interest Coverage Ratio The Borrowers shall not permit the Interest Coverage Ratio, calculated as of the end of each fiscal quarter for the four fiscal quarters then ended, to be less than 3.50 to 1.00.

  • Consolidated Net Leverage Ratio Permit the Consolidated Net Leverage Ratio as of the end of any fiscal quarter of the Borrower to be greater than 4.50:1.00.

  • Minimum Consolidated Adjusted EBITDA The Borrowers will maintain, as of the last day of each Fiscal Quarter commencing with the Fiscal Quarter ending December 31, 2009, Consolidated Adjusted EBITDA for the four Fiscal Quarters then ended of not less than $22,500,000.

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