Minimum Adjusted Net Income. Borrower and its Subsidiaries, on a consolidated basis, shall achieve Adjusted Net Income of at least (i) $3,000,000 for the trailing six (6) month period ending on the last day of the fiscal quarter ending March 31, 2011; (ii) $5,000,000 for each trailing six (6) month period ending on the last day of the fiscal quarters ending June 30, 2011, September 30, 2011 and December 31, 2011; and (iii) $7,500,000 for the trailing six (6) month period ending on the last day of the fiscal quarter ending March 31, 2012 and for each trailing six (6) month period ending on the last day of each fiscal quarter thereafter.
Minimum Adjusted Net Income. Company shall achieve Adjusted Net Income, measured on each of the following test dates described below, for the periods specified below, of not less than the amount set forth opposite each such test date and test period (numbers appearing between “< >“ are negative): Test Date and Test Period Minimum Adjusted Net Income Fiscal Year to Date Period ending June 30, 2013 $ <7,481,000> Fiscal Year to Date Period ending September 30, 2013 $ <9,535,000> Fiscal Year to Date Period ending December 31, 2013 $ <11,038,000> Fiscal Year to Date Period ending March 31, 2014 $ <11,853,000>
Minimum Adjusted Net Income. Maintain a Minimum Adjusted Net Income at each Borrower fiscal quarter end for the immediately preceding Borrower fiscal quarter, in an amount not less than (i) $125,000 for the 2 Borrxxxx xxxxxx xxxxxxx xxxxxx Xxxx 00, 0000, (xx) $000,000 for the Borrower fiscal quarter ending September 30, 1997, (iii) $700,000 for the Borrower fiscal quarter ending December 31, 1997 and (iv) $1,000,000 thereafter. Maintain a Minimum Adjusted Net Income at each Borrower fiscal year end for the immediately preceding Borrower fiscal year in an amount not less than (i) $2,500,000 for the Borrower fiscal year ending December 31, 1997 and (ii) $4,000,000 thereafter.
Minimum Adjusted Net Income. Borrower and its Subsidiaries, on a consolidated basis, shall achieve Adjusted Net Income of at least (i) $3,000,000 for the trailing six (6) month period ending on the last day of the fiscal quarter ending March 31, 2011; (ii) $5,000,000 for each trailing six (6) month period ending on the last day of the fiscal quarters ending June 30, 2011 and September 30, 2011; (iii) ($3,000,000.00) for the trailing six month period ending on the last day of the fiscal quarter ending December 31, 2011; (iv) ($6,000,000.00) for the trailing six (6) month period ending on the last day of the fiscal quarter ending March 31, 2012; (v) ($9,000,000.00) for the trailing six (6) month period ending on the last day of the fiscal quarter ending June 30, 2012; (vi) $1.00 for the trailing six (6) month period ending on the last day of the fiscal quarter ending September 30, 2012; (vii) $2,500,000.00 for the trailing six (6) month period ending on the last day of the fiscal quarter ending December 31, 2012; and (viii) for the trailing six (6) month period ending on March 1, 2013, and for each trailing six month period ending on the last day of each fiscal quarter thereafter, an amount that is $1,000,000.00 greater than the required minimum Adjusted Net Income for the immediately preceding trailing six (6) month period ending on the last day of the immediately preceding calendar quarter.” and inserting in lieu thereof the following:
Minimum Adjusted Net Income. Pursuant to Section 6.2(b) of the Credit Agreement, as of the Reporting Date, the Borrower’s Adjusted Net Income was [_____], which o satisfies o does not satisfy the requirement that the Adjusted Net Income be not less than $[____].
Minimum Adjusted Net Income. The Borrower will achieve ----------------------------- during each period described below, Adjusted Net Income of not less than the amount set forth opposite such period: Period Minimum Adjusted ------ ----------------- Net Income ---------- Six months ending September 30, 2000 ($5,500,000) Three months ending December 31, 2000 $1,300,000 Three months ending March 31, 2001 0
Minimum Adjusted Net Income. Pursuant to Section 6.13 of the ----------------------------- Credit Agreement, the Borrower's Adjusted Net Income for the ________ period ending on the Reporting Date, was $___________, which [ ] satisfies [ ] does not satisfy the requirements of Section 6.13.
Minimum Adjusted Net Income. To the extent that at any time there shall be an outstanding balance of the Revolving Credit Loan or the sum of Borrower's and its Subsidiaries' (i) cash on hand or on deposit in any bank or trust company which has not suspended business and (ii) Cash Equivalent Investments (without duplication with (i)) is less than $10,000,000, maintain a Minimum Adjusted Net Income at each Borrower fiscal quarter end for the Borrower fiscal quarter then ending and for the immediately preceding Borrower fiscal quarter in an amount not less than zero (0) provided that Minimum Adjusted Net Income for the rolling four Borrower fiscal quarter period consisting of the Borrower fiscal quarter then ending and the three immediately preceding Borrower fiscal quarters is greater than zero (0).
Minimum Adjusted Net Income. Borrower and its Subsidiaries, on a consolidated basis, shall achieve Adjusted Net Income of at least (i) $3,000,000 for the trailing six (6) month period ending on the last day of the fiscal quarter ending March 31, 2011; (ii) $5,000,000 for each trailing six (6) month period ending on the last day of the fiscal quarters ending June 30, 2011 and September 30, 2011; (iii) ($3,000,000.00) for the trailing six month period ending on the last day of the fiscal quarter ending December 31, 2011; (iv) ($6,000,000.00) for the trailing six (6) month period ending on the last day of the fiscal quarter ending March 31, 2012; (v) ($9,000,000.00) for the trailing six (6) month period ending on the last day of the fiscal quarter ending June 30, 2012; (vi) ($10,000,000.00) for the trailing six (6) month period ending on the last day of the fiscal quarter ending September 30, 2012; (vii) ($13,000,000.00) for the trailing six (6) month period ending on the last day of the fiscal quarter ending December 31, 2012; (viii) ($6,500,000.00) for the trailing six (6) month period ending on the last day of the fiscal quarter ending March 31, 2013; (ix) ($4,500,000.00) for the trailing six (6) month period ending on the last day of the fiscal quarter ending June 30, 2013; (x) ($3,000,000.00) for the trailing six (6) month period ending on the last day of the fiscal quarter ending September 30, 2013; and (xi) for the trailing six (6) month period ending on December 31, 2013, and for each trailing six month period ending on the last day of each fiscal quarter thereafter, in each case the amount that is $1,000,000.00 greater than the required minimum Adjusted Net Income for the immediately preceding trailing six (6) month period ending on the last day of the immediately preceding calendar quarter.” The Loan Agreement shall be amended by inserting the following text to appear at the end of the definition entitled “Borrowing Base” appearing alphabetically in Section 13.1 thereof: “Notwithstanding the foregoing, Bank may reduce, suspend or eliminate the Non-Formula Amount in its sole discretion at any time.” The Compliance Certificate appearing as Exhibit B to the Loan and Security Agreement shall be amended by deleting the following text appearing in Schedule 1 thereof:
Minimum Adjusted Net Income. Borrower and its Subsidiaries, on a consolidated basis, shall achieve Adjusted Net Income of at least (i) $3,000,000 for the trailing six (6) month period ending on the last day of the fiscal quarter ending March 31, 2011; (ii) $5,000,000 for each trailing six (6) month period ending on the last day of the fiscal quarters ending June 30, 2011 and September 30, 2011; (iii) ($3,000,000.00) for the trailing six month period ending on the last day of the fiscal quarter ending December 31, 2011; and (iv) $7,500,000 for the trailing six (6) month period ending on the last day of the fiscal quarter ending March 31, 2012 and for each trailing six (6) month period ending on the last day of each fiscal quarter thereafter.” 8 The Loan Agreement shall be amended by deleting the following text appearing in Section 7.1 thereof (entitled “Dispositions”): “and (f) provided no Default or Event of Default has occurred and is continuing, of the Headquarters Location pursuant to the Sale/Leaseback Transaction” and inserting in lieu thereof the following:
