Minimum Shareholders’ Equity. Beginning on June 30, 2006, and as of the last day of each fiscal quarter thereafter, it will not permit shareholders’ equity (in accordance with GAAP) to be less than Cdn. $50,000,000 plus 50% of Net Income after June 30, 2006 (to the extent it is positive) and 50% of the net proceeds of any equity issuances of the Borrower after that date.
Appears in 2 contracts
Samples: Credit Agreement (Protective Products of America, Inc.), Credit Agreement (Protective Products of America, Inc.)
Minimum Shareholders’ Equity. Beginning on June 30, 2006, and as As of the last day of each fiscal quarter thereafterquarter, it will not permit shareholders’ equity (in accordance with GAAP) to be less than Cdn. $50,000,000 20,000,000 plus 50% of Net Income after June 30, 2006 for such period (to the extent it is positive) and 50% of the net proceeds of any equity issuances of the Borrower after that datethe date hereof.
Appears in 1 contract
Samples: Credit Agreement (Protective Products of America, Inc.)
Minimum Shareholders’ Equity. Beginning on June 30, 2006, and as of the last day of each fiscal quarter thereafter, it will not permit shareholders’ equity (in accordance with GAAP) to be less than Cdn. $50,000,000 plus 50% of Net Income after June 30, 2006 (to the extent it is positive) and 50% of the net proceeds of any equity issuances of the Borrower after that datethe date hereof.”.
Appears in 1 contract
Samples: First Amending Agreement (Protective Products of America, Inc.)
