Consolidated Adjusted Tangible Net Worth Clause Samples

Consolidated Adjusted Tangible Net Worth. The Company will not at any time permit Consolidated Adjusted Tangible Net Worth, determined as of the end of the fiscal quarter of the Company then most recently ended, to be less than the sum of (a) $56,000,000, plus (b) the sum of the Fiscal Year Net Worth Increase Amounts for all fiscal years of the Company the last day of which occurred during the period beginning January 1, 2003 and ending at such time.

Consolidated Adjusted Tangible Net Worth. Consolidated Adjusted Tangible Net Worth will not at any time be less than $1,200,000,000.”

Consolidated Adjusted Tangible Net Worth. Section 15.05 of the Master Agreement is hereby deleted in its entirety and replaced with the following:

Consolidated Adjusted Tangible Net Worth. At any date, the aggregate of (i) consolidated shareholders’ equity and (ii) without duplication, an amount equal to 50% of any deferred federal income taxes as reflected on a consolidated balance sheet of Ryder and its Consolidated Subsidiaries prepared in accordance with GAAP, less the sum of:

Consolidated Adjusted Tangible Net Worth. Consolidated Adjusted Tangible Net Worth will not at any time be less than the sum of (i) $950,000,000 plus (ii) 100% of the net proceeds (after customary underwriting discounts and commissions and reasonable offering expenses) from Equity Transactions occurring after March 31, 1997.

Consolidated Adjusted Tangible Net Worth. (i) 50% of Consolidated Net Income for the period commencing January 1, 1996 and ending on the last day of the most recent fiscal quarter ended at least 60 days prior to the date of determination (excluding any net losses during any fiscal quarter period within such measurement period); and (ii) 100% of the cash proceeds (net of underwriting commissions, legal, accounting and other usual professional fees and taxes) of any sale or issuance of equity Securities of the Borrower or any of its Subsidiaries (or of any options, warrants or rights in respect of any such equity Securities) or the sale or issuance of any Subordinated Indebtedness, in each case which issuance or sale takes place after the date of this Agreement.

Consolidated Adjusted Tangible Net Worth. The Consolidated Adjusted Tangible Net Worth of the Loan Parties shall be not less than the amount shown below as of the date and for the period set forth below: Consolidated Adjusted Date or Period Tangible Net Worth Fiscal year ended December 31, 1995 $ 3,750,000 Fiscal quarter ended March 31, 1996 $ 100,000 Fiscal quarter ended June 30, 1996 $ 5,100,000 Fiscal quarter ended September 30, 1996 $ 8,650,000 Fiscal year ended December 31, 1996 $10,500,000 Fiscal quarter ended March 31, 1997 $ 7,100,000 Fiscal quarter ended June 30, 1997 $12,600,000 Fiscal quarter ended September 30, 1997 $16,500,000 Fiscal year ended December 31, 1997 $18,100,000 and at all times thereafter

Consolidated Adjusted Tangible Net Worth. The Trust will not at any time permit Consolidated Adjusted Tangible Net Worth to be less than $175,000,000; provided, however, that the Trust shall be permitted to pay dividends to the extent required by the provisions of subchapter M of the Code to maintain the deductibility from its income of dividends paid by it so long as after giving effect to the payment of such d i v idends, no Default or Event of Default described in paragraph (a), (b), (h) or (i) of Section 11 of the Note Purchase Agreements shall have occurred and be continuing.

Consolidated Adjusted Tangible Net Worth. The Company will at all ----------------------------------------------------- times keep and maintain a Consolidated Adjusted Tangible Net Worth at an amount not less than the Benchmark Amount for the fiscal quarter of the Company beginning September 28, 1997, and for each fiscal quarter thereafter, the greater of (i) the Benchmark Amount and (ii) the sum of (x) the amount required to be maintained during the immediately preceding fiscal quarter of the Company, (y) an amount equal to 75% of Consolidated Net Income for such preceding fiscal quarter, and (z) the amount by which the aggregate net cash proceeds to the Company from the issue or sale of shares of capital stock of the Company or warrants, rights or options to purchase or acquire any shares of its capital stock after September 27, 1997 exceeds $5,000,000. "Benchmark Amount" means an amount equal to 90% of the Consolidated Adjusted Tangible Net Worth of the businesses to comprise the Company, determined as at September 27, 1997, as if the Spin-off had occurred on that date.