Condition 3 definition

Condition 3 means the Company achieving not less than 1 million US Dollar in after-tax profits, as determined under US GAAP, for the fiscal year ending December 31, 2010.

Condition 3 means the Company and its subsidiaries achieving not less than 80% of US$10 million in after-tax net income as determined under US GAAP, for the six months period from January 1, 2011 ended June 30, 2011.

Condition 3 means the Companies and their subsidiaries achieving not less than after tax net income of US$ 3 million as determined under US GAAP for the fiscal year ended December 31, 2011.

Examples of Condition 3 in a sentence

• Terms defined or referred to in the Conditions (as defined in the Deed of Charge) and the Relevant Documents (as defined in Condition 3 of those Conditions) shall, where the context permits, bear the same respective meanings in this Agreement.

• For the purposes of this Condition 3, references to the Agent in relation to all certificates, communications, opinions, determinations, calculations, quotations, decisions or related actions given, expressed, made or obtained for the purposes of the provisions of this Condition 3 by the Agent shall, in the case of CMU Notes, be deemed to be references to the CMU Lodging and Paying Agent, unless the context otherwise requires.

• The obligations of the Guarantor under the Guarantee constitute direct, unconditional, unsubordinated and (subject to the provisions of Condition 3) unsecured obligations of the Guarantor and shall at all times rank pari passu among themselves and (save for certain obligations required to be preferred by law) equally with all other unsecured obligations (other than subordinated obligations, if any) of the Guarantor, from time to time outstanding.

• The Notes and any relative Coupons are direct, unconditional, unsubordinated and (subject to the provisions of Condition 3 (Negative Pledge) unsecured obligations of the Issuer and rank pari passu among themselves and (save for certain obligations required to be preferred by law) equally with all other unsecured obligations (other than subordinated obligations, if any) of the Issuer, from time to time outstanding.

• The companies shall not be liable under this Master Policy for a greater pro- portion of excess losses than the applicable limit of liability described in Condition 3 bears to the sum of (a) such limit plus (b) the applicable limit of liability of such concur- rent insurance.

More Definitions of Condition 3

Condition 3 means in respect of a Component, CNYmat fixes above the relevant EKI, subject to the Target Redemption Feature and Conditions.

Condition 3 means the total gross revenue of Telstar and its subsidiaries for the fiscal year ended December 31, 2011 is not less than $7,000,000, as determined under US GAAP.

Condition 3 means FUYI achieving not less than $3,000,000 in after-tax profits, as determined under US GAAP for any consecutive 12 months during the period from April 1, 2012 through March 31, 2014.

Condition 3 means the Company filing with the SEC its annual report on Form 10-K for the fiscal year ended May 31, 2010.

Condition 3 means Armco and its Subsidiaries achieving not less than $4,000,000 in pre-tax profits, as determined under United States Generally Accepted Accounting Principles consistently applied (“US GAAP”) for the nine month period year ending September 30, 2008.

Condition 3 means the following operating procedures have been fully complied with: information with respect to funds from the SRSF has been disclosed on the DPWH’s website and on the Philippines Government Electronic Procurement System and updated at least quarterly; allocation and expenditures of motor vehicle user charge funds; information relating to the bidding, award and execution of all contracts for the preventive maintenance program; contracts for the preventive maintenance program to be financed by the funds from the SRSF have been procured in accordance with the procedures applicable to foreign assisted projects set forth in the Borrower’s Generic Procurement Manual as used together with harmonized Philippines Bidding Documents; and all funds from the SRSF for preventive road maintenance and general road maintenance have been accounted for through DPWH e-NGAS or NGAS accounting system.

Condition 3 means the Operating Company and its subsidiaries achieving not less than $1,560,000 in after-tax net income, as determined under US GAAP for the six months ended June 2009. Notwithstanding the foregoing, the Parties agree that for purposes of determining whether or not the $1,560,000 in after-tax net income have been achieved, the purchase of the Option Shares by the Buyer or any other person designated by the Buyer shall not be deemed to be an expense, charge, or other deduction from revenues of the Company even though GAAP may require contrary treatment.