Minimum Compliance Level means, at any date, an amount equal to the sum of (i) $925,000,000 plus (ii) for each fiscal quarter of the Borrower commencing after October 31, 1998 and on or prior to such date for which Consolidated Net Income is a positive number, an amount equal to 50% of Consolidated Net Income for such fiscal quarter plus (iii) for each issuance and/or sale subsequent to October 31, 1998 and on or prior to such date by the Borrower of shares of its capital stock, an amount equal to 100% of the amount by which Consolidated Net Worth is increased on account of such transaction.
Minimum Compliance Level means the greater of $2,350,000 or 85% of Net Worth as of March 31, 2007, as reflected on the audited financial statement of the Company for the fiscal year then ended, and adjusted upward, (a) effective as of the end of each fiscal year of the Company, beginning on March 31, 2008, by an amount equal to the sum of (i) 50% of the consolidated Net Income of the Company and its Subsidiaries for fiscal year then ended, with each of the foregoing increases being fully cumulative, and with no reduction being made on account of any negative consolidated Net Income of the Company and its Subsidiaries for any period, plus (ii) the aggregate amount of all cash and other consideration received by the Company or any Subsidiary in respect of any Equity Issuance during such period.
Minimum Compliance Level has the meaning set forth in Section 6.13(c).
Examples of Minimum Compliance Level in a sentence
The foregoing increases in the Minimum Compliance Level shall be fully cumulative and no reduction in the Minimum Compliance Level shall be made to reflect negative Consolidated Net Income for any period.
Consolidated Net Worth will at no time be less than the Minimum Compliance Level.
The foregoing increases in the Minimum Compliance Level shall be fully cumulative and no reduction in the Minimum Compliance Level shall be made to reflect negative Net Income for any period.
The Borrower will not permit its Consolidated Net Worth as of the last day of any fiscal quarter of the Borrower to be less than the Minimum Compliance Level at any time during the term of this Amended Agreement.
The Borrower will not permit the Consolidated Net Worth as of the last day of any fiscal quarter of the Borrower after giving pro forma effect to the transaction contemplated hereby, to be less than the "Minimum Compliance Level".
More Definitions of Minimum Compliance Level
Minimum Compliance Level means, at each Quarterly Measurement Date (the "date of determination"), an amount equal to the sum of (i) 100% of the Consolidated Net Worth as of the Closing Date minus (ii) $50,000,000 plus (iii) for each full Fiscal Quarter ending after the Closing Date and on or prior to the date of determination for which Consolidated Net Income is a positive number, an amount equal to 50% of such positive number.
Minimum Compliance Level means, as of December 31, 2008, $41,637,761, adjusted upwards, as of December 31, 2008, and as of the end of each fiscal year thereafter, by an amount equal to 50% of the Net Income of the Company and its Subsidiaries for such year, with each such adjustment being cumulative and with no deduction for negative Net Income.
Minimum Compliance Level means Tangible Net Worth (a) as of September 30, 2007 through December 30, 2007, negative $15,260,785, (b), as of December 31, 2007 through December 30, 2008, negative $12,334,285, (c) as of December 31, 2008, through December 30, 2009, negative $8,432,285, and (d) as of December 31, 2009, and all times thereafter, negative $4,530,285.
Minimum Compliance Level means Net Worth (a) as of June 30, 2008 through September 29, 2008, $44,637,761, and (b) as of September 30, 2008 through December 30, 2008, and adjusted upwards, as of December 31, 2008, and as of the end of each fiscal quarter thereafter, by an amount equal to 50% of the Net Income of the Company and its Subsidiaries for such quarter, with each such adjustment being cumulative and with no deduction for negative Net Income.
Minimum Compliance Level shall equal the sum of (a) $165,000,000 plus (b) upon the conversion of any Subordinated Debt Securities into stock of the Borrower, an amount equal to the aggregate principal amount of Subordinated Debt Securities so converted plus (c) as of the last day of each fiscal year, from and including the fiscal year ending June 30, 1999, by an amount equal to 55% of Consolidated Net Income (inclusive of extraordinary gains and without reduction for extraordinary losses) for such fiscal year. The foregoing increases in the Minimum Compliance Level shall be cumulative, and no reduction shall be made on account of any Consolidated Net Income of less than zero for any fiscal year. -48- (162)
Minimum Compliance Level shall have the meaning assigned to such term in ------------------------ Section 6.16(d).
Minimum Compliance Level shall have the meaning assigned to such term in Section 6.19(a).