Sustained Profitability definition

Sustained Profitability means (a) positive Net Operating Income for any ----------------------- consecutive 30 day period after June 1, 1999 and (b) bona fide and well founded projections of positive Net Operating Income for the four (4) months following such period of positive Net Operating Income.
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Sustained Profitability has the meaning set forth in the Share Purchase Agreement. The Company's obligation to pay such signing bonus shall immediately expire in the event Employee's employment is terminated for any reason set forth in the attached Employment Agreement prior to the date such bonus is payable by Company. EXHIBIT B --------- Stock Restriction Agreement EXHIBIT C --------- Request for Post-Employment Allowance This request for severance allowance is made by _________________ (hereinafter "the Employee") pursuant to the provisions of the Employment Agreement (the "Agreement") between the Employee on the one hand, and Intek Information, Inc. and Acorn Information Services, Inc. on the other (hereinafter collectively "the Company").
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Sustained Profitability means the satisfaction of the following conditions for each of three (3) consecutive full fiscal years of Tenant during the Term: (i) Tenant has a fixed charge ratio of 3:1 (such fixed charge ratio being defined as the ratio of (a) Tenant's net income for before (i.e., without regard to) interest income, taxes and rent paid by Tenant in connection with the Leased Premises for each fiscal year, to (b) rent paid by Tenant in connection with the Leased Premises for each such fiscal year), (ii) Tenant has owners equity net of unamortized intangibles and goodwill (i.e., total assets less total liabilities and less any unamortized intangible assets and any good will) as of the end of each such fiscal year at least equal to Thirty-five Million Dollars ($35,000,000.00), and (iii) the current assets to current liabilities ratio as of the end of each such fiscal year is greater than 2.5:1 (i.e. current assets divided by current liabilities is greater than 2.
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Examples of Sustained Profitability in a sentence

  • Upon the earlier of Acorn's --------------------- achievement of Sustained Profitability or November 30, 1999, Intek will obtain a release of the Key Shareholders from their obligations under their personal guaranties on loans provided to Acorn by The Chase Manhattan Bank ("Chase") and Fleet Bank ("Fleet").

  • Escrow Agent shall make --------------------------------- distributions of the Sustained Profitability Consideration and the cash portion of the Contingent Earn-Out Consideration to each Shareholder in the percentages set forth in the attached Exhibits B, which Exhibit shall be amended by the Shareholders promptly upon any change to such percentages.

  • Upon the earlier of Acorn's achievement of ----------- Sustained Profitability or November 30, 1999, Intek will (a) release the Key Shareholders from their obligations under their personal guaranties of the Bridge Loan and (b) reduce the interest rate on the Bridge Loan to six percent (6%) per annum effective as of the month following achievement of Sustained Profitability or November 30, 1999 (whichever is earlier) and until the Bridge Loan is paid in full.

  • The amount of the Contingent Earn-Out Consideration shall not be affected by whether Acorn achieves Sustained Profitability.

  • Upon the earlier of Acorn's ----------- achievement of Sustained Profitability or November 30, 1999, Etinuum will (a) release the Key Shareholders from their obligations under their personal guaranties of the Bridge Loan and (b) reduce the interest rate on the Bridge Loan to six percent (6%) per annum effective as of the month following achievement of Sustained Profitability or November 30, 1999 (whichever is earlier) and until the Bridge Loan is paid in full.

  • Upon the earlier of --------------------- Acorn's achievement of Sustained Profitability or November 30, 1999, Etinuum will obtain a release of the Key Shareholders from their obligations under their personal guaranties on loans provided to Acorn by The Chase Manhattan Bank ("Chase") and Fleet Bank ("Fleet").

  • The "Sustained Profitability Date" shall mean the date on which Tenant hereafter first achieves Sustained Profitability (hereinafter defined).

Related to Sustained Profitability

  • Performance of the Basket Componenti (k) means the Performance of the Basket Componenti on the respective Observation Date (k) according to the following formula:

  • Operating Profits means, as applied to any Person for any period, the operating income of such Person for such period, as determined in accordance with GAAP.

  • Operating Profit means the excess of Gross Revenues over the following deductions (“Deductions”) incurred by Manager, on behalf of Owner, in operating the Hotel:

  • Common profits means the balance of all income, rents, profits and revenues from the common areas and facilities remaining after the deduction of the common expenses;

  • sustainable development means development which meets the needs of the present without compromising the ability of future generations to meet their own needs.