Common use of Effective Tangible Net Worth Clause in Contracts

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. Borrower shall maintain a minimum Effective Tangible Net Worth of < $5,500,000 > as of the date hereof, adjusted annually (a) <$5,400,000> on as of December 31, 2013 and (b) on the last day 31 of each fiscal quarter thereafter, the sum of <$5,400,000> plus 75% year) by twenty-five percent (25%) of Borrower’s cumulative positive 's annual net income commencing on January 1, 2014 and continuing through for the date of calculationyear then ended. The term “"Effective Tangible Net Worth” " means Borrower’s 's total assets excluding all intangible assets (i.

Effective Tangible Net Worth. Borrower shall maintain a minimum Effective Tangible Net Worth, as follows: Measurement Date Minimum Effective Tangible Net Worth of (a) <---------------- ------------------------------------ June 30, 1999 $5,400,000> on 2,000,000 September 30, 1999 $6,500,000 December 31, 2013 1999 and (b) on the last day end of each fiscal quarter thereafter, the sum of <$5,400,000> 15,000,000 plus 75% of Borrower’s cumulative positive 's net each fiscal quarter thereafter income commencing on January 1, 2014 per quarter and continuing through 100% of the date net proceeds received from the sale or issuance of calculation. The term “Effective Tangible Net Worth” means Borrower’s total assets excluding all intangible assets (i.equity securities.