Common use of STOCKHOLDERS' EQUITY Clause in Contracts

STOCKHOLDERS' EQUITY. Holdings and its Restricted Subsidiaries will maintain its Stockholders' Equity in an amount at all times not less than the sum of (A) One Hundred Eight Million Dollars ($108,000,000.00) plus (B) fifty percent (50%) of the Consolidated Net Income of Holdings for each fiscal quarter beginning with the fiscal quarter ended March 31, 1998, plus (c) seventy-five percent (75%) of the cash proceeds (less reasonable and customary fees and expenses and underwriter's discounts) of any sales of Capital Stock of Holdings on or after the Closing Date. If Consolidated Net Income of Holdings for any fiscal year is negative, no adjustment to the requisite level of Stockholders' Equity shall be made.

STOCKHOLDERS' EQUITY. Holdings and its Restricted Subsidiaries will maintain its Stockholders' Equity in an amount at all times not less than the sum of (A) One Hundred Eight Sixty-Five Million Dollars ($108,000,000.0065,000,000.00) plus (B) fifty percent (50%) of the Consolidated Net Income of Holdings for each fiscal quarter year beginning with the fiscal quarter year ended March 31, 1998December 1994, plus (c) seventy-five percent (75%) of the cash proceeds (less reasonable and customary fees and expenses and underwriter's discounts) of any sales of Capital Stock of Holdings on or after the Closing Renewal Date. If Consolidated Net Income of Holdings for any fiscal year is negative, no adjustment to the requisite level of Stockholders' Equity shall be made.