Beginning on Closing Date Clause Samples

Beginning on Closing Date. Borrower shall have a minimum Tangible Net Worth (total assets minus intangible assets and minus total liabilities, as defined by GAAP) of not less than $34,800,000. Borrower shall maintain minimum Tangible Net Worth of no less than the amount that will not allow owners equity to be below 49%. Prior to any loan Advance, Borrower shall supply to Lender satisfactory evidence of funding from equity capital totaling not less than $15,318,000. In addition, Borrower shall apply $13,000,000, of which $9,800,000 has been applied as of the date of this Agreement, toward expansion of the Facility. The remaining $3,200,000 will be applied toward the expansion in a monthly amount of no less than $533,333.33 beginning in March 1, 2007 and on the same day of each month thereafter.