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<br /> Section 8.12. Financial Covenants of User. The User <br /> covenants and agrees that it will comply with the undertakings set <br /> forth in this Section 8.12. All capitalized terms used in this <br /> Section 8.12 which are not elsewhere defined have the meanings <br /> specified in Section 8.13. <br /> (a) Working Capital. The User will at all times <br /> maintain Consolidated Net Working Capital in an amount at <br /> least equal to $50,000,000. <br /> (b) Current Ratio. The User will at all times maintain <br /> Consolidated Current Assets in an amount at least equal to <br /> 175% of Consolidated Current Liabilities. <br /> (c) Dividends. The User will not declare any dividend <br /> on any of its shares of any c I as s (other than a dividend <br /> payable solely in shares of a class of common stock) unless, <br /> after giving effect to the proposed dividend, at the date of <br /> declaration the aggregate amount of all dividends (other than <br /> dividends paid solely in shares of classes of common stock) <br /> declared and paid during the period commencing February 1, <br /> 1979, and ending on such declaration date shall not exceed <br /> $2,000,000 plus 50% of Consolidated Net Earnings since <br /> January 31, 1979. The User will not declare or pay any <br /> dividend (other than dividends paid solely in shares of a <br /> class of common stock) at any time that the User is not in <br /> compliance with the covenants contained in subsections (a) and <br /> (b) above. <br /> (d) Incurrence of Additional Indebtedness. The User <br /> will not, and will not permit its Restricted Subsidiaries to, <br /> create, assume or incur Unsecured Consolidated Funded <br /> Indebtedness (exclusive of guarantees) in excess of <br /> $60,000,000 in principal amount outstanding at any time <br /> unless, on the date on which the User or a Restricted <br /> Subsidiary proposes to create, assume or incur such Unsecured <br /> Consolidated Funded Indebtedness, and after giving effect <br /> thereto, to the receipt of the proceeds therefrom and to the <br /> retirement of any other indebtedness being retired substanti- <br /> ally concurrently: (i) Consolidated Net Earnings Available <br /> for Fixed Charges for the immediately preceding four full <br /> fiscal quarters of the User shall have been at least (x) 125% <br /> of Pro Forma Annual Consolidated Fixed Charges as of such date <br /> if incurred before :-lay 1, 1984, or (y) 15 O~~ of Pro Forma <br /> Annual Consolidated Fixed Charges as of such date if incurred <br /> on or after May 1, 1984, (ii) Consolidated Funded Indebtedness <br /> shall be not more than 75% of Consolidated Net Tangible <br /> -2- <br />