Tangible Capital Funds. The Borrower and each of the Subsidiary Guarantors, on a consolidated basis, will attain a Tangible Capital Funds of not less than the following amounts as of the following dates: DATE AMOUNT March 31, 1997 $47,000,000 June 30, 1997 $48,000,000 September 30, 1997 $49,000,000 December 31, 1997 $51,600,000 March 31, 1998 $52,000,000 June 30, 1998 $54,000,000 September 30, 1998 $56,000,000 December 31, 1998 $58,300,000 March 31, 1999 $59,000,000 June 30, 1999 $62,500,000 September 30, 1999 $64,000,000 December 31, 1999 $67,000,000 March 31, 2000 $69,000,000 June 30, 2000 $73,000,000 September 30, 2000 $75,000,000 December 31, 2000 $77,500,000 March 31, 2001 $79,000,000 June 30, 2001 $81,000,000 September 30, 2001 $85,000,000 December 31, 2001 $88,000,000
Tangible Capital Funds. Permit or suffer Consolidated Tangible Capital Funds of the Parent Guarantor and its Subsidiaries at any time to be less than the amount equal to (i) at all times prior to the end of the Company’s fiscal year ending on or about April 2, 2004, $8,000,000 and (ii) as of the end of the Parent Guarantor’s fiscal year ending on or about April 2, 2004 and at all times thereafter, $9,000,000.
Tangible Capital Funds. The Company will not permit or suffer Tangible Capital Funds to at any time be less than the sum of (a) $450,000,000 plus (b) 66-2/3% of Net Income Minus Preferred Dividends for the period from January 1, 1998 through the then latest fiscal year end of the Company; provided that for purposes of this Section 7.7, Net Income shall exclude the pre-tax amount attributable to recognition of the Deferred Trimas Gain and the Deferred MSX Gain or any portion thereof as income.
Tangible Capital Funds. Permit as of each fiscal quarter end, the Borrower and its subsidiaries' Tangible Capital Funds to be less than $3,500,000.00.
Tangible Capital Funds. Permit or suffer Consolidated Tangible Capital Funds of the Parent Guarantor and its Subsidiaries at any time to be less than the amount equal to (i) $8,500,000 at all times prior to the end of the Parent Guarantor’s fiscal year ending on or about Xxxxx 0, 0000, (xx) $9,500,000 as of the end of the Parent Guarantor’s fiscal year ending on or about April 1, 2005 or at any time thereafter prior to the end of the first fiscal reporting period of the Parent Guarantor’s fiscal year ending on or about Xxxxx 0, 0000, (xxx) $10,000,000 as of the end of the first fiscal reporting period of the Parent Guarantor’s fiscal year ending on or about April 1, 2006 or at any time thereafter prior to the end of the third fiscal reporting period of the Parent Guarantor’s fiscal year ending on or about April 1, 2006, (iv) $10,500,000 as of the end of the third fiscal reporting period of the Parent Guarantor’s fiscal year ending on or about April 1, 2006 or at any time thereafter prior to the end of the Parent Guarantor’s fiscal year ending on or about April 1, 2006, or (v) $11,500,000 as of the end of the Parent Guarantor’s fiscal year ending on or about April 1, 2006 and at all times thereafter.
Tangible Capital Funds. Permit or suffer consolidated Tangible Capital Funds of the Guarantor and its Subsidiaries to be less than $25,000,000 at any time.
Tangible Capital Funds. Borrower shall maintain Tangible Capital Funds of not less than One Million Dollars ($1,000,000.00); and Debt to Tangible Borrower shall maintain a ratio of Indebtedness Capital Funds. (excluding Subordinated Debt) to Tangible Capital Funds of not greater than 5.0 to 1.0.
Tangible Capital Funds. The term "Tangible Capital Funds" means the sum of Tangible Net Worth plus Subordinated Debt.
Tangible Capital Funds. Permit its Tangible Capital Funds to be less than $225,000 on or after March 31, 1998, increasing on the last day of each month thereafter by 100% of net income for that month until the ratio of the Borrower's total liabilities to its Tangible Capital Funds is 3.00 to 1.00 or less.
Tangible Capital Funds. Permit as of any fiscal quarter end, its Tangible Capital Funds to be less than $28,500,000.00.”
3. The Borrower ratifies and reaffirms the Loan Documents and the Loan Documents, as hereby amended, shall remain in full force and effect.
4. The Borrower represents and warrants that (a) the representations and warranties contained in the Credit Agreement are true and correct in all material respects as of the date of this Amendment, (b) no condition, at, or event which could constitute an event of default under the Credit Agreement, the Note or any other Loan Documents exists, and (c) no condition, event, act or omission has occurred, which, with the giving of notice or passage of time, would constitute an event of default under the Credit Agreement, the Note or any other Loan Document.
5. The Borrower agrees to pay all fees and out-of-pocket disbursements incurred by the Bank in connection with this Amendment, including legal fees incurred by the Bank in the preparation, consummation, administration and enforcement of this Amendment.
6. This Amendment shall become effective only after it is fully executed by the Borrower and the Bank.
7. The Borrower acknowledges that as of the date of this Amendment it has no offsets with respect to all amounts owed by it to the Bank arising under or related to the Loan Documents on or prior to the date of this Amendment. The Borrower fully, finally and forever releases and discharges the Bank and its successors, assigns, directors, officers, employees, agents and representatives from any and all claims, causes of action, debts and liabilities, of whatever kind or nature, in law or in equity, whether now known or unknown to it, which it may have and which may have arisen in connection with the Loan Documents or the actions or omissions of the Bank related to the Loan Documents on or prior to the date hereof. The Borrower acknowledges and agrees that this Amendment is limited to the terms outlined above and shall not be construed as an agreement to change any other terms or provisions of the Loan Documents. This Amendment shall not establish a course of dealing or be construed as evidence of any willingness on the Bank’s part to grant other or future agreements, should any be requested.
8. This Amendment is a modification only and not a novation. Except for the above-quoted modification(s), the Loan Documents, any loan agreements, credit agreements, reimbursement agreements, security agreements, mortgages, deeds of trust, p...
