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.e. goodwill, trademarks, patents, copyrights, organization expenses, and similar intangible items) and excluding due from related entities (e.g. affiliates, employees, subsidiaries, shareholders, etc.), less total liabilities excluding debt subordinated to Lender. This amount must be maintained at all times and shall be reported quarterly as of the last date of each fiscal quarter.
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. 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
Effective Tangible Net Worth. Permit Borrower's Effective Tangible Net Worth, to be tested quarterly, to be less than: Amount Time Period $5,232,000.00* September 29, 2006 to January 31, 2008 *which number shall increase effective as of September 30, 2006 and each fiscal year thereafter by an amount equal to twenty-five (25) percent of Borrower's net profit as set forth in the financial statements referred to in Article 6."
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. Borrower shall maintain a minimum Effective Tangible Net Worth of < $5,500,000 > as of the date hereof, adjusted annually (as of December 31 of each year) by twenty-five percent (25%) of Borrower's annual net income for the year then ended. The term "Effective Tangible Net Worth" means Borrower's total assets excluding all intangible assets (i.e. goodwill, trademarks, patents, copyrights, organization expenses, and similar intangible items) and excluding due from related entities (e.g. affiliates, employees, subsidiaries, shareholders, etc.), less total liabilities excluding debt subordinated to Lender. This amount must be maintained at all times and shall be reported annually as of December 31 of each year. This amount must be maintained at all times and is to be reported annually as of December 31 of each year.
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. Permit Effective Tangible Net Worth, as of the end of any fiscal quarter of the Borrower, to be less than (i) $50,000,000, plus (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, 2005), 75% of the Net Income of the Borrower and the Subsidiaries (disregarding any loss) in such fiscal quarter, plus (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, minus (iv) 100% of goodwill or other intangible assets that result from a Permitted Acquisition.
Effective Tangible Net Worth. The Borrowers will not permit its Consolidated Effective Tangible Net Worth to be less than a negative $ 750,000.00 for the quarter ending March 31, 2009, or less than $ 700,000.00 for the quarter ending June 30, 2009, and each quarter thereafter, tested at the end of each fiscal quarter, beginning with the quarter ending March 31, 2009.
Effective Tangible Net Worth. Borrower shall maintain, as of the last day of each fiscal quarter, an Effective Tangible Net Worth of not less than (i) Six Million Four Hundred Thousand Dollars ($6,400,000) as of September 30, 2001, and (ii) Six Million Dollars ($6,000,000) as of the last day of each fiscal quarter of Borrower thereafter, commencing with the quarter ending December 31, 2001.
