Common use of Minimum Consolidated Tangible Net Worth Clause in Contracts

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 plus (ii) 50% of the Consolidated Net Income for each Fiscal Quarter ending September 20, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excluded.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, The Borrower shall maintain a Consolidated Tangible Net Worth will at no time be of not less than a cumulatively increasing amount equal to $150,000,000 plus: (a) 25% of the sum of Borrower’s cumulative, positive consolidated net income for each fiscal quarter commencing on or after July 1, 2010; and (i) $130,000,000 plus (iib) 50% of the Consolidated Net Income for each Fiscal Quarter ending September 20value of the Equity Proceeds realized from any issuance of Equity Interests in the Borrower occurring on or after July 1, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excluded2010.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 59,500,000 plus (ii) 50% of the cumulative Consolidated Net Income during any period after December 31, 2002 (taken as one accounting period), calculated quarterly at the end of each Fiscal Quarter, but excluding from such calculations of Consolidated Net Income for each purposes of this Section, any Fiscal Quarter ending September 20, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative in which Consolidated Net Income, computed cumulatively on an annual basis, shall be excludedIncome is negative.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Cause Consolidated Tangible Net Worth will to be, at no time be less than a cumulatively increasing amount equal to any date of determination, at least the sum of (i) $130,000,000 70,000,000 plus (ii) 50% of the Consolidated Net Income for each Fiscal Quarter ending September 20fiscal quarter ended after December 31, 2006 1996 and thereafter. In determining prior to the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative date of such determination for which such Consolidated Net Income, computed cumulatively on an annual basis, shall be excludedIncome is a positive number.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to $2,418,000.00 plus the sum of (i) $130,000,000 plus (ii) 50% of the cumulative Reported Net Income of the Borrower and its Consolidated Subsidiaries during any period after December 31, 1995 (taken as one accounting period), calculated annually as of December 31 of each year but excluding from such calculations any year in which the Consolidated Net Income for each Fiscal Quarter ending September 20, 2006 of the Borrower and thereafter. In determining the minimum its Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excludedSubsidiaries is negative.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will shall be at no time be less than a cumulatively increasing least $500,000,000 plus an amount equal to the sum of (i) $130,000,000 plus (ii) 50% of the Consolidated Net Income for each Fiscal Quarter fiscal quarter of the Borrower and its Consolidated Subsidiaries ending September 20after June 30, 2006 and thereafter. In determining 1996 (but on or prior to the minimum date of determination) for which Consolidated Tangible Net Worth required by this Section 5.03, any Income is positive (but with no deduction on account of negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excludedIncome for any fiscal quarter of the Borrower and its Consolidated Subsidiaries).

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Permit Consolidated Tangible Net Worth will at no time any date to be less than a cumulatively increasing amount equal to $136,000,000 plus the sum aggregate of (i) $130,000,000 plus (ii) 50% of the positive Consolidated Net Income for each Fiscal Quarter ending September 20fiscal quarter commencing after December 31, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.031999 (provided that, for any negative fiscal quarter in which Consolidated Net IncomeIncome is a deficit figure, computed cumulatively on an annual basis, Consolidated Net Income for such fiscal quarter shall be excludeddeemed to be zero), plus the net proceeds of any issuance of Capital Securities of the Parent. (d) Section 5.15 of the Credit Agreement is amended and restated in its entirety as follows:

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 800,000,000 plus (ii) for each Fiscal Quarter ended at or prior to such time (but after January 25, 1997), 50% of the consolidated net income of the Borrower and its Consolidated Net Income Subsidiaries for each such Fiscal Quarter ending September 20, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excluded(if greater than zero).

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to $36,000,000 plus forty percent (40%) of the sum cumulative Consolidated Net Income of the Borrower and its Consolidated Subsidiaries during any period after March 31, 2001 (i) $130,000,000 plus (ii) 50% of taken as one accounting period), calculated quarterly but excluding from such calculations any quarter in which the Consolidated Net Income for each Fiscal Quarter ending September 20, 2006 of the Borrower and thereafter. In determining the minimum its Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excludedSubsidiaries is negative.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 75,000,000 plus (ii) 50% of the cumulative Consolidated Net Income during any period after December 31, 2006 (taken as one accounting period), calculated quarterly at the end of each Fiscal Quarter, but excluding from such calculations of Consolidated Net Income for each purposes of this Section, any Fiscal Quarter ending September 20, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative in which Consolidated Net Income, computed cumulatively on an annual basis, shall be excludedIncome is negative.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 1,604,000,000 plus (ii) 50% of the consolidated net income of the Company and its Consolidated Net Income Subsidiaries for each Fiscal Quarter ending September 20ended on or prior to such time and after February 2, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excluded2008 (if greater than zero).

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 940,000,000 plus (ii) for each Fiscal Quarter ended at or prior to such time (but after January 30, 1999), 50% of the consolidated net income of the Borrower and its Consolidated Net Income Subsidiaries for each such Fiscal Quarter ending September 20, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excluded(if greater than zero).

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Permit Consolidated Tangible Net Worth will at no time any date to be less than a cumulatively increasing amount equal to $120,000,000 plus the sum aggregate of (i) $130,000,000 plus (ii) 5075% of the positive Consolidated Net Income for each Fiscal Quarter ending September 20fiscal quarter commencing after December 31, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.031998 (provided that, for any negative fiscal quarter in which Consolidated Net IncomeIncome is a deficit figure, computed cumulatively on an annual basis, Consolidated Net Income for such fiscal quarter shall be excludeddeemed to be zero), plus the net proceeds of any issuance of Capital Securities of the Parent.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 940,000,000 plus (ii) for each Fiscal Quarter ended at or prior to such time (but after January 30, 1999), 50% of the consolidated net income of the Company and its Consolidated Net Income Subsidiaries for each such Fiscal Quarter ending September 20, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excluded(if greater than zero).

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 plus (ii) 50100,000,000, 60% of the Consolidated Net Income for each Fiscal Quarter ending September 20, 2006 and thereafter. In determining fiscal quarter beginning with the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative second fiscal quarter of 1998 which has ended at or before such time for which Consolidated Net Income, computed cumulatively on an annual basis, shall be excludedIncome is positive and 75% of the net cash proceeds of all issuances by the Company of shares of its capital stock after the Effective Date and at or before such time.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, The Borrower will maintain at all times a Consolidated Tangible Net Worth will at no time be of not less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 250,000,000 plus (ii) fifty percent (50% %) of the Consolidated Net Income for each Fiscal Quarter ending September 20earned after March 31, 2006 and thereafter. In determining 1995 (excluding any quarter in which there is a loss) plus (iii) one hundred percent (100%) of the minimum Consolidated Tangible Net Worth required net proceeds of capital stock issued by this Section 5.03the Borrower after March 31, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excluded1995.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to $20,000,000.00 plus the sum of (i) $130,000,000 plus (ii) 50% of the Consolidated cumulative Reported Net Income for each Fiscal Quarter ending September 20during any period after January 31, 2006 1999 (taken as one accounting period), calculated quarterly but excluding from such calculations any quarter in which the Net Income of the Parent Company and thereafter. In determining the minimum its Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excludedSubsidiaries is negative.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Permit Consolidated Tangible Net Worth will at no any time to be less than a cumulatively increasing the sum of (a) $55,000,000.00 plus (b) an amount equal to 50% of the sum of (i) $130,000,000 plus the positive year-to-date Consolidated Net Income through such date and (ii) 50% of other than for the then current fiscal year, the positive Consolidated Net Income for each Fiscal Quarter full fiscal year ending September 20on and after June 30, 2006 and thereafter. In determining 2007 plus (c) an amount equal to 100% of the minimum Consolidated Tangible Net Worth required net proceeds from any equity issued by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excludedthe Parent.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to $20,000,000 as of December 28, 1996, plus the sum of (i) $130,000,000 plus 25.0% of the cumulative Reported Net Income of the Borrower and its Consolidated Subsidiaries during each Fiscal Year, beginning December 29, 1996, and (ii) 50100% of the Consolidated cumulative Net Income for each Fiscal Quarter ending September 20Proceeds of Capital Stock received during any period after December 31, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.031996, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excludedcalculated quarterly.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be 59 65 less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 1,000,000,000 plus (ii) for each Fiscal Quarter ended at or prior to such time (but after January 25, 1997), 50% of the consolidated net income of the Borrower and its Consolidated Net Income Subsidiaries for each such Fiscal Quarter ending September 20, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excluded(if greater than zero).

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 875,000,000 plus (ii) for each Fiscal Quarter ended at or prior to such time (but after February 3, 2001), 50% of the consolidated net income of the Company and its Consolidated Net Income Subsidiaries for each such Fiscal Quarter ending September 20, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excluded(if greater than zero).

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, The Borrower will at all times maintain Consolidated Tangible Net Worth will at no time be of not less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 2,700,000,000, plus (ii) 75% of Consolidated Net Income (if positive) earned in the fiscal year ending December 31, 2013, plus (iii) 50% of the Consolidated Net Income for (if positive) earned in each Fiscal Quarter completed fiscal year beginning with the fiscal year ending September 20December 31, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excluded2014.

Minimum Consolidated Tangible Net Worth. Commencing with Permit at the end of any Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time to be less than a cumulatively increasing amount equal to the sum of (ia) - $130,000,000 13,627,000 plus (iib) 50% of the Consolidated Net Income for each Fiscal Quarter ending September 20after July 2, 2006 and thereafter. In determining 1999 (not to be reduced by any losses incurred) plus (c) 50% of the minimum Consolidated Tangible Net Worth required by this Section 5.03net proceeds from the issuance of any equity securities of the Borrower after July 2, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excluded1999.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 1,053,000,000 plus (ii) for each Fiscal Quarter ended at or prior to such time (but after February 1, 2004), 50% of the consolidated net income of the Company and its Consolidated Net Income Subsidiaries for each such Fiscal Quarter ending September 20, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excluded(if greater than zero).

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 828,000,000 plus (ii) for each Fiscal Quarter ended at or prior to such time (but after February 1, 2003), 50% of the consolidated net income of the Company and its Consolidated Net Income Subsidiaries for each such Fiscal Quarter ending September 20, 2006 and thereafter. In determining the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excluded(if greater than zero).

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to $210,000,000: (A) plus the sum of (i) $130,000,000 plus if Net Income for any Fiscal Year ending after January 29, 2005 is a positive number, an amount equal to 50% of such Net Income, and (ii) 50100% of the Consolidated cumulative Net Income for each Fiscal Quarter ending September 20Proceeds of Capital Stock/Conversion of Debt received during any period after January 29, 2006 2005, calculated quarterly; and thereafter. In determining (B) minus any amount paid by Borrower to purchase shares of its own capital stock after the minimum Consolidated Tangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excludedClosing Date.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than a cumulatively increasing amount equal to the sum of than: (a) (i) $130,000,000 plus (ii) 50% of the Consolidated Net Income for each Fiscal Quarter ending September 20in Fiscal Year 2008, 2006 $152,000,000.00, and thereafter. In determining (ii) for each Fiscal Quarter ending in Fiscal Year 2009 or Fiscal Year 2010, $142,000,000.00; plus (b) 100% of the minimum Consolidated Tangible cumulative Net Worth required by this Section 5.03Proceeds of Capital Stock/Conversion of Debt received during any period after the Fiscal Year ended November 30, any negative Consolidated Net Income2007, computed cumulatively on an annual basis, shall be excludedcalculated quarterly.

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, The Borrower will at all times maintain Consolidated Tangible Net Worth will at no time be of not less than a cumulatively increasing amount equal to the sum of (i) $130,000,000 500,000,000, plus (ii) 5075% of Consolidated Net Income (if positive) earned in each fiscal quarter beginning with the fiscal quarter ending June 30, 2003, plus (iii) 75% of the Consolidated amount of all Net Income for each Fiscal Quarter ending September 20, 2006 and thereafter. In determining Cash Proceeds resulting from any issuance of the minimum Consolidated Tangible Net Worth required by this Section 5.03, Borrower's or any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excludedSubsidiary's capital stock.