Effective Tangible Net Worth. Borrower shall maintain a minimum Effective Tangible Net Worth of (a) <$5,400,000> on December 31, 2013 and (b) on the last day of each fiscal quarter thereafter, the sum of <$5,400,000> plus 75% of Borrower’s cumulative positive net income commencing on January 1, 2014 and continuing through the date of calculation. The term “Effective Tangible Net Worth” means Borrower’s total assets excluding all intangible assets (i.
Effective Tangible Net Worth. Maintain an Effective Tangible Net Worth (defined as total assets, less intangible assets, loans to shareholders/affiliates/officers/employees, minus total liabilities, plus subordinated debt) of not less than $20,000,000.00, on a quarterly basis.
Effective Tangible Net Worth. The words "Effective Tangible Net Worth" mean the Borrower's stated net worth plus Subordinated Debt but less all intangible assets of the Borrower (i.e., goodwill, trademarks, patents, copyrights, organization expense, and similar intangible items including, but not limited to, investments in and all amounts due from affiliates, officers or employees).
Effective Tangible Net Worth. Permit Effective Tangible Net Worth, as of the end of any fiscal quarter of the Borrower, to be less than the sum of (i) $10,000,000, (ii) on a cumulative basis, on the date the Administrative Agent receives (or should have received) the financial statements referred to in Section 5.1(b) with respect to any quarter (beginning with such statements delivered for the fiscal quarter ended September 30, 2004), 75% of the Net Income of the Borrower and the Subsidiaries (disregarding any loss) in such fiscal quarter and (iii) on a cumulative basis, 100% of the Net Issuance Proceeds of any Equity Offering consummated by the Borrower or any Subsidiary during such fiscal quarter (excluding (1) the approximately $8,200,000 Equity Offering consummated on the closing date of the Boston Biomedica Acquisition, and (2) any Equity Offering consummated prior to the Closing Date).
Effective Tangible Net Worth. Maintain at all times a consolidated Effective Tangible Net Worth (defined as (a) stockholder's equity (including without limitation preferred stock) less any value for goodwill, trademarks, patents, copyrights, leaseholds, organization expense and other similar intangible items, and any amounts due from stockholders, officers and affiliates plus (b) subordinated debt including, without limitation, the $15,000,000.00 offering of senior subordinated notes with detachable warrants offered pursuant to the Note and Warrant Purchase Agreement and the Common Stock Purchase Warrant, each dated as of August 25, 1998) of not less than thirty-six million dollars ($36,000,000). The Effective Tangible Net Worth as of December 31, 1998 was approximately $29,752,000 which is below the minimum.
Effective Tangible Net Worth. The Borrowers will not permit its Consolidated Effective Tangible Net Worth to be less than a negative $ 750,000.00, tested at the end of each fiscal quarter, beginning with the quarter ending March 31, 2008.
Effective Tangible Net Worth. Permit Effective Tangible Net Worth, as of the end of any fiscal quarter of the Borrower, to be less than the sum of (i) $12,500,000, (ii) on a cumulative basis, on the date the Lender receives (or should have received) the financial statements referred to in Section 5.1(b) with respect to any quarter (beginning with such statements delivered for the fiscal quarter ended September 30, 2003), 75% of the Net Income of the Borrower and the Subsidiaries (disregarding any loss) in such fiscal quarter and (iii) on a cumulative basis, 100% of the Net Proceeds of any Equity Offering consummated by the Borrower or any Subsidiary during such fiscal quarter.
Effective Tangible Net Worth. The Companies on a consolidated basis, will not permit their Effective Tangible Net Worth to be less than a negative $750,000, determined as of the end of each Quarter, beginning with the Quarter ending March 31, 2008.
Effective Tangible Net Worth. Permit Borrower's Effective Tangible Net Worth to be less than the amounts set forth below, tested quarterly, during the periods set forth below: Amount Time Period ------ ----------- 10,500,000.00 Fiscal Year ending June 30, 2002 11,000,000.00 Fiscal Year ending June 30, 2003 12,000,000.00* Fiscal Year ending June 30, 2004 ** --------------------- *For the Fiscal Year ending June 30, 2005 and each Fiscal Year thereafter, the minimum Effective Tangible Net Worth (ETNW) for such Fiscal Year shall be the minimum ETNW for the for the immediately preceding Fiscal Year increased by fifty (50) percent of the net profits of the Fiscal Year being tested, determined in accordance with the financial statements to be submitted to Bank pursuant to Article 6, and reduced as permitted by the next two paragraphs. **In the event Borrower shall use an actuarial table that is different than the one it presently uses in calculating its pension liability, and such use shall result in a reduction to Borrower's net worth, the ETNW requirement for the Fiscal Year ending June 30, 2005 shall $11,000,000. Borrower has also terminated its employee stock ownership plan (ESOP) and is contemplating purchasing from employees of Borrower who receive distributions from the ESOP up to 90,000 shares of Borrower's common stock at a cost of approximately $500,000.00. If Borrower, in fact, purchases some or all such shares of common stock, the ETNW requirement commencing with the Fiscal Year in which the first such purchase occurs shall be further reduced by $500,000.00.
Effective Tangible Net Worth. Maintain at --------------------------------- all times on a consolidated basis effective Tangible Net Worth plus Subordinated Debt of at least Sixty Seven Million Two Hundred Thirty Four Thousand Dollars ($67,234,000) plus the sum of seventy-five percent (75%) of net income after income taxes (without subtracting losses) earned in each fiscal year commencing after December 31, 1995; 12
(f) Paragraph 8.9 is amended to add the following sentence: "For purposes of the foregoing calculation, the total of all advances outstanding at any one time under the Revolving Facility shall be a current liability."
(g) Paragraph 8.10 is amended in full to read as follows: "
