Common use of No Losses Clause in Contracts

No Losses. Section 10.4 of the Credit Agreement is hereby amended by deleting it in its entirety and by substituting therefor the following: (i) Not suffer a net loss, on a consolidated basis, in excess of $1,888,000 for the fiscal quarter ending September 30, 1998, (ii) not suffer a net loss, on a consolidated basis, in excess of $250,000 for the fiscal quarter ending December 31, 1998; (iii) not suffer a net loss, on a consolidated basis in excess of $2,414,000 for the fiscal year ending December 31; and (iv) shall not permit net income, on a consolidated basis to fall below $100,000 for the fiscal quarter ending March 31, 1999. For purposes of this Section 10.4, consolidated net income (or net loss, as applicable) shall include extraordinary losses and extraordinary gains in each such fiscal quarter." This THIRD AMENDMENT shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed in said State. All capitalized terms not otherwise defined herein are used with the respective meanings given to such terms in the Credit Agreement. Except as expressly amended or waived hereby, the Credit Agreement shall remain in full force and effect in accordance with the original terms thereof and are hereby ratified and affirmed. This THIRD AMENDMENT herein contained is limited specifically to the matters set forth above and does not constitute directly or by implication an amendment or waiver of any other provision of the Credit Agreement or any default which may occur or may have occurred under the Credit Agreement. This THIRD AMENDMENT supersedes any prior negotiations, agreements, understandings or arrangements, or written and verbal communications by the Bank to the Borrower with regard to the matters set forth herein and this THIRD AMENDMENT together with the Credit Agreement and the Facility Documents contain the entire understanding and agreement of the parties with respect to the subject matter contained herein.

No Losses. Section 10.4 of the Credit Agreement is hereby amended by deleting it in its entirety and by substituting therefor the following: (i) Not suffer a net loss, on a consolidated basis, basis in excess of $1,888,000 350,000 for the fiscal quarter ending September 30March 31, 1998, 1998 and (ii) not suffer a net loss, on a consolidated basis, in excess of $250,000 for the fiscal quarter ending December 31, 1998; (iii) not suffer a net loss, on a consolidated basis in excess of $2,414,000 for the fiscal year ending December 31; and (iv) shall not permit net income, on a consolidated basis to fall below (x) $100,000 250,000 for the fiscal quarter ending March June 30, 1998, (y) $300,000 for the fiscal quarter ending September 30, 1998 and (z) $1.00 for the fiscal quarter ending December 31, 19991998 and for each fiscal quarter thereafter. For purposes of this Section 10.4, consolidated net income (or net loss, as applicable) shall include extraordinary losses and extraordinary gains in each such fiscal quarter." This THIRD FIRST AMENDMENT AND WAIVER and Note Modification Agreement (as hereinafter defined) shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed in said State. All capitalized terms not otherwise defined herein are used with the respective meanings given to such terms in the Credit Agreement. Except as expressly amended or waived hereby, the Credit Agreement shall remain in full force and effect in accordance with the original terms thereof and are hereby ratified and affirmed. This THIRD FIRST AMENDMENT AND WAIVER herein contained is limited specifically to the matters set forth above and does not constitute directly or by implication an amendment or waiver of any other provision of the Credit Agreement or any default which may occur or may have occurred under the Credit Agreement. This THIRD FIRST AMENDMENT AND WAIVER supersedes any prior negotiations, agreements, understandings or arrangements, or written and verbal communications by the Bank to the Borrower with regard to the matters set forth herein and this THIRD FIRST AMENDMENT AND WAIVER together with the Credit Agreement and the Facility Documents contain the entire understanding and agreement of the parties with respect to the subject matter contained herein.