Return on Assets. Income from operations after taxes, divided by average assets, on a consolidated basis shall not be less than one and one-tenth percent (1.10%).
Return on Assets. Paragraph 4.15 (d) of the Agreement is deleted and replaced with the following:
Return on Assets. The Borrower shall not permit the Return on Assets of Borrower to be less than one percent (1.0%), calculated at the end of each fiscal quarter based on year-to-date information.”
Return on Assets. Section 7.4(e) of the Credit Agreement is hereby amended to state in its entirety as follows:
Return on Assets. The Foundation shall invest the assets of the Fund in a manner consistent with sound and prudent investment practices, and in such a way as to produce a reasonable total annual return. The Fund will become a part of the Foundation’s investment portfolio and may be commingled with other Foundation funds for investment purposes; provided, however, that the Foundation shall maintain on its books a separate account showing the Fund's proportionate share of any gains, losses, income and expenses of any such common investment fund of the Foundation. Club acknowledges that the Foundation’s investment policies involve risk of loss to the Fund.
Return on Assets. Income from operations after taxes, divided by average assets, on a consolidated basis shall not be less than: (i) from the effective date hereof until June 29, 2002, eight-tenths of one percent (0.80%); and (ii) from June 30, 2002 until the Revolving Maturity Date, one percent (1.0%).
4. Section 7.04 "Return on Equity" of ARTICLE VII FINANCIAL COVENANTS of the Prior Loan Agreement is hereby deleted in its entirety and the following new Section inserted in its place:
Return on Assets. Citizens and Farmers shall maintain a rate of Net Income to Total Assets of a minimum of six tenths of one (0.60%) percent for each fiscal year this Credit Facility is in effect.
Return on Assets. Income from operations after taxes, divided by average assets, for each of Borrower's bank Subsidiaries shall be not less than one and one-tenth percent (1.10%).
Return on Assets. As of the last day of each June and December in each year, the Borrower shall maintain a ratio of Consolidated Net Income for the 12-month period then ended to Consolidated Total Assets as at the last day of such 12-month period then ended of not less than .0090 to 1.0; provided, however, that for the 12-month period ended December 31, 2005, the Borrower shall maintain a ratio of Consolidated Net Income for the 12-month period then ended to Consolidated Total Assets as at December 31, 2005 of not less than .0085 to 1.0.
Return on Assets. For each quarterly period beginning with the quarter ending June 30, 2010, through the quarter ending June 30, 2011, Borrower shall cause Bank to maintain, on an annualized basis, a return on Average Total Assets of not less than 0.25%. For each quarterly period thereafter, Borrower shall cause Bank to maintain, on an annualized basis, a return on Average Total Assets of not less than 0.65%. The covenant set forth in this Section 7.4 shall be calculated quarterly beginning with the quarter ended June 30, 2010, shall be derived from the quarterly report filed by Bank with its primary federal regulator and shall be consistent with the financial information and reports contemplated in Section 5.2.5; provided, however, that in computing Bank’s return on Average Total Assets for any given quarter, Bank shall adjust the net income reported in the applicable quarterly report to reflect the amount of net income that would have been reported if Bank had used the Pro Forma Reserve for Loan and Lease Losses instead of the actual Reserve for Loan and Lease Losses to prepare such quarterly report.
