Minimum Tangible Net Worth Covenant. Section 9.9(a) of the Credit Agreement is hereby deleted and restated as follows: (a) Tangible Net Worth on the last day of any fiscal quarter to be less than the sum of (i) the amount equal to eighty nine and eight tenths percent (89.8%) of Borrower's consolidated Tangible Net Worth computed as of September 30, 2002, plus (ii) as of the end of each fiscal quarter commencing with December 31, 2002, the product of (A) ninety percent (90%) times (b) the consolidated net income of Borrower for the immediately preceding fiscal quarter, provided, that in no case shall such sum be less than the minimum Tangible Net Worth calculated hereunder for the previous quarter.
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Sources: Credit Agreement (Tyler Technologies Inc), Credit Agreement (Tyler Technologies Inc)