Common use of Consolidated Tangible Net Worth Test Clause in Contracts

Consolidated Tangible Net Worth Test. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than (i) $125,000,000.00 plus (ii) 50% of the cumulative Consolidated Net Income for each fiscal quarter commencing on or after April 1, 2015 (excluding any quarter in which there is a loss but applying Consolidated Net Income thereafter first to such loss before determining 50% of such amount for purposes of this calculation) plus (iii) 50% of the aggregate proceeds received by the Borrower (net of reasonable fees and expenses) in connection with any offering of stock or equity in each fiscal quarter after May 7, 2015 (the “Consolidated Tangible Net Worth Test”).”

Consolidated Tangible Net Worth Test. The Borrower will not at any time permit Consolidated Tangible Net Worth (monitored and tested quarterly as of the last day of each fiscal quarter) to be less than (i) $125,000,000.00 150,000,000 plus (ii) 50% of the cumulative Consolidated Net Income for each fiscal quarter commencing on or after April 1March 31, 2015 2020 (excluding any quarter in which there is a loss but applying Consolidated Net Income thereafter first to such loss before determining 50% of such amount for purposes of this calculation) plus (iii) 50% of the aggregate proceeds received by the Borrower (net of reasonable fees and expenses) in connection with any offering of stock or equity in each fiscal quarter after May 7commencing on or after March 31, 2015 2020 (the “Consolidated Tangible Net Worth Test”).”

Consolidated Tangible Net Worth Test. The Borrower will shall not at any time permit Consolidated Tangible Net Worth (monitored and tested quarterly as of the last day of each fiscal quarter) to be less than (i) if the Merger is consummated $125,000,000.00 850,000,000, otherwise $250,000,000 plus (ii) 50% of the cumulative Consolidated Net Income for each fiscal quarter commencing on or after April 1June 30, 2015 2014 (excluding any quarter in which there is a loss but applying Consolidated Net Income thereafter first to such loss before determining 50% of such amount for purposes of this calculation) plus (iii) 50% of the aggregate proceeds received by the Borrower (net of reasonable fees and expenses) in connection with any public offering of stock or equity (for the avoidance of doubt, an offering of convertible notes shall not be deemed to be an offering of equity) in each fiscal quarter after May 7June 30, 2015 2014 (the “Consolidated Tangible Net Worth Test”).”

Consolidated Tangible Net Worth Test. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than (i) $125,000,000.00 106,812,785.00 plus (ii) 50% of the cumulative Consolidated Net Income for each fiscal quarter commencing on or after April 1March 31, 2015 2014 (excluding any quarter in which there is a loss but applying Consolidated Net Income thereafter first to such loss before determining 50% of such amount for purposes of this calculation) plus (iii) 50% of the aggregate proceeds received by the Borrower (net of reasonable fees and expenses) in connection with any offering of stock or equity in each fiscal quarter after May 7March 31, 2015 2014 (the “Consolidated Tangible Net Worth Test”).”