Borrower Net Income means, for any period, the net income (or loss) of the Borrower and its Restricted Subsidiaries, determined in accordance with GAAP.
Borrower Net Income. For any period, the aggregate net income (or loss) of the Borrower for such period, determined in accordance with GAAP; provided, however, that there shall not be included in such Borrower Net Income: (1) extraordinary gains or losses, as determined in accordance with GAAP; (2) income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such period whether or not such operations were classified as discontinued); and (3) the cumulative effect of a change in accounting principles, as determined in accordance with GAAP; in each case, for such period. “Breakage Costs”: With respect to an Interest Accrual Period, any reasonable loss, cost or expense incurred by a Lender, including, without limitation, any loss (including loss of anticipated profits, net of anticipated profits in the reemployment of such funds), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain its Loan, as the case may be, during such Interest Accrual Period. “Business Day”: Any day other than a Saturday, a Sunday or a day on which banking institutions in New York City, London, England, the city in which the Corporate Trust Office of the Collateral Agent is located, or the city in which the headquarters of the Administrative Agent is located, are authorized or are obligated by law, executive order or governmental decree to be closed. “Capital Improvements”: Any structural changes required to be made to the Revenue Generating Equipment so as to comply with applicable governmental or industry standards. “Casualty Loss”: With respect to any Managed Container as of any date of determination, any of the following events or conditions: (i) total loss or destruction thereof; (ii) theft or disappearance thereof without recovery within sixty (60) days after such theft or disappearance becomes known to the Borrower, the Manager or any of its Affiliates; (iii) damage rendering such Managed Container unfit for normal use and, in the judgment of the Borrower or the Manager, beyond repair at reasonable cost; or (iv) any condemnation, seizure, forced sale or other taking of title to or use of such Managed Container. “Casualty Proceeds”: Any payment to, or on behalf of, the Borrower in connection with a Casualty Loss. 7
Borrower Net Income means, with respect to Borrower for any period, the net income (or loss) of Borrower from each Approved Lease on the Approved Real Property for such period.
Examples of Borrower Net Income in a sentence
The Borrower will at all times maintain Consolidated Borrower Net Worth of not less than the sum of (i) $900,000,000 plus (ii) 50% of the positive Consolidated Borrower Net Income, if any, earned in each Fiscal Quarter beginning with the Fiscal Quarter ended June 30, 2003, plus (iii) 75% of the Net Proceeds of any equity issuance (including any capital contribution to surplus of the Borrower in respect of which no additional shares are issued) by the Borrower after the date hereof.
Please refer to section 3.0 for further information on management advice.
Borrower Net Income means, with respect to Borrower for any period, the net income (or loss) of Borrower from each Approved Lease on the Approved Real Property for such period.
The Borrower will achieve during each fiscal year ending on or after December 31, 1999 during the term hereof, as demonstrated on the audited year-end financial statements of the Borrower, Net Income of not less than $200,000 per fiscal year.
More Definitions of Borrower Net Income
Borrower Net Income means for Borrower for any Measurement Period, the net income (or loss) of Borrower, without giving effect to any of its Subsidiaries, for such Measurement Period; provided, however, that (i) subject to Section 7.03(c), Borrower Net Income shall include dividends paid by any Subsidiary if and to the extent that such dividends are actually paid in cash to the Borrower during such Measurement Period, and (ii) Borrower Net Income shall exclude (a) extraordinary gains and extraordinary losses for such Measurement Period, and (b) any unrealized adjustments, whether positive or negative, to such net income (or loss) arising from the implementation of Statement of Financial Accounting Standards No. 133 issued by the Financial Accounting Standards Board with respect to any interest rate hedge arrangement entered into by such Person for non-speculative purposes in order to mitigate interest rate exposure.
Borrower Net Income means, for any period, (i) the net income (or loss) of Borrower and its Subsidiaries on a consolidated basis for such period taken as a single
Borrower Net Income means, for any period, (i) the net income (or loss) of Borrower for such period taken as a single accounting period determined in conformity with GAAP, minus (ii) (a) the income (or loss) of any Person in which any other Person (other than Borrower) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to Borrower by such Person during such period, (b) the income (or loss) of any Person accrued prior to the date it is merged into Borrower or that Person’s assets are acquired by Borrower, (c) any after-tax gains or losses attributable to Asset Sales or returned surplus assets of any Pension Plan, and (d) (to the extent not included in clauses (a) through (c) above) any net extraordinary gains or net extraordinary losses.
Borrower Net Income means, for any period, the net income (or loss) of the Borrower only (that is, not on a Consolidated basis) for such period, as determined in accordance with GAAP, except that, notwithstanding GAAP, (a) the only revenues that shall be included in such determination are (i) interest received in cash on the Surplus Notes; (ii) revenues of the Borrower under the Investment Advisory Agreement; (iii) income from investments of the Borrower, excluding the Borrower’s investments in its Subsidiaries; (iv) cash flow from Subsidiaries that are not Insurance Subsidiaries; and (v) income from interest rate Hedging Agreements to which the Borrower is a party and that are entered into in connection with Subordinated Debt under which the Borrower is the borrower or other primary obligor; and (b) non-cash Interest Expense in connection with the Convertible 2004 Debt that would otherwise be included in the computation of net income by reason of Financial Accounting Standard 133 shall be excluded from such determination.
Borrower Net Income means, for any period, the Consolidated Net Income for such period; PROVIDED that the phrase "Borrower on a stand-alone basis" shall be substituted for "Borrower and the Restricted Subsidiaries" in such definition.
Borrower Net Income means, for any period, (i) the net income (or loss) of Borrower and its Subsidiaries (other than any HMO Subsidiaries) on a consolidated basis for such period taken as a single accounting period determined in conformity with GAAP, minus (ii) (a) the income (or loss) of any Person in which any other Person (other than Borrower and its Subsidiaries (other than any HMO Subsidiaries) on a consolidated basis) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to Borrower and its Subsidiaries (other than any HMO Subsidiaries) by such Person during such period, (b) the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of Borrower or is merged into or consolidated with Borrower or any of its Subsidiaries (other than any HMO Subsidiaries) or that Person’s assets are acquired by Borrower or any of its Subsidiaries (other than any HMO Subsidiaries), (c) the income of any Subsidiary of Borrower (other than any HMO Subsidiary) to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary, (d) any after-tax gains or losses of Borrower and its Subsidiaries (other than any HMO Subsidiaries) attributable to Asset Sales or returned surplus assets of any Pension Plan and (d) (to the extent not included in clauses (a) through (d) above) any net extraordinary gains or net extraordinary losses.
Borrower Net Income means, for any period, (i) the net income (or loss) of Holding Company and its Subsidiaries (other than GCI Transportation Company L.L.C.) on a consolidated basis for such period taken as a single accounting period determined in conformity with GAAP, minus, to the extent included in (i), (ii) (a) the income of any Person (other than a Subsidiary of Borrower) in which any other Person (other than Borrower or any of its Subsidiaries) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to Borrower or any of its Subsidiaries by such Person during such period, (b) the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of Borrower or is merged into or consolidated with Borrower or any of its Subsidiaries or that Person's assets are acquired by Borrower or any of its Subsidiaries, (c) the income of any Subsidiary of Borrower to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary, (d) any after-tax gains or losses attributable to Asset Sales or returned surplus assets of any Pension Plan, and (e) (to the extent not included in clauses (a) through (d) above) any net extraordinary gains or net non-cash extraordinary losses."