Maintain Tangible Net Worth. On a consolidated basis, Borrower shall maintain a Tangible Net Worth of not less than Ninety Million Dollars ($90,000,000.00), not including minority interests.
Maintain Tangible Net Worth. On a consolidated basis, maintain a Tangible Net Worth for it of not less than Twenty-six Million Dollars ($26,000,000).
Maintain Tangible Net Worth. On a consolidated basis for the Borrower and its consolidated Subsidiaries, maintain, as of the end of each of the Borrower's fiscal quarters hereunder, commencing September 27, 1996, a Tangible Net Worth of not less than (a) Four Hundred Forty-Seven Million Eight Hundred Forty-Three Thousand Two Hundred Fifty Dollars ($447,843,250), plus (b) seventy-five percent (75%) of Net Income for each fiscal year, commencing with the fiscal year ending March 31, 1997 (on a cumulative basis but without taking into account any net loss incurred during any fiscal year), plus (c) one hundred percent (100%) of the aggregate consideration received from the issuance or sale of any Equity Securities after September 27, 1996, net of reasonable and customary fees and expenses (including, without limitation, filing fees, brokerage commissions, accounting fees and attorneys fees) incurred in connection with such issuance or sale, plus (d) one hundred percent (100%) of the aggregate decrease in Debt resulting from conversions of the Convertible Subordinated Debt or other liabilities into Equity Securities at any time after September 27, 1996, net of reasonable and customary fees and expenses (including, without limitation, filing fees, brokerage commissions, accounting fees and attorneys fees) incurred in connection with any such conversion or call of the convertible Subordinated Debt.
9. Section 5.7 of the Agreement is hereby amended to read in its entirety as follows:
Maintain Tangible Net Worth. On a consolidated basis, maintain a Tangible Net Worth for the Borrower of not less than $10,600,000 at all times.
Maintain Tangible Net Worth. Borrower shall, on a consolidated basis, --------------------------- as of the last day of each fiscal quarter commencing with the fiscal quarter ending June 30, 1998, maintain a Tangible Net Worth of not less than $75,000,000. On each subsequent fiscal quarter of Borrower, the minimum Tangible Net Worth of Borrower shall increase by seventy percent (70%) of Borrower's Net Income before taxes. There shall be no reduction in the requirement hereunder based on any losses by Borrower.
Maintain Tangible Net Worth. At all times maintain, on a consolidated statement basis, Tangible Net Worth (as determined on the federal income tax basis of accounting) of at least $1,400,000. From and after the effective date of any successful offering of any beneficial interests in the Borrower occurring after the first Disbursement Date, the minimum Tangible Net Worth requirements of this Section shall be increased by an amount equal to 85% of the paid-in equity capital (net of all reasonable expenses associated with such equity offering) received by the Borrower in connection with such offering.
Maintain Tangible Net Worth. Debtor shall maintain a minimum Tangible Net Worth of not less than Twenty-Two Million and 00/100 ($22,000,000.00) Dollars as of the end of each calendar quarter.
Maintain Tangible Net Worth. On a consolidated basis, Borrower shall maintain a Tangible Net Worth for Borrower of not less than Fifteen Million Dollars ($15,000,000). "Tangible Net Worth" shall mean, as of any applicable date of determination, the excess of (i) the net book value of all assets of Borrower (other than patents, patent rights, trademarks, trade names, franchises, copyrights, licenses, goodwill, and similar intangible assets) after all appropriate deductions (including, without limitation, reserves for doubtful receivables, obsolescence, depreciation and amortization), all as determined in accordance with GAAP, over (ii) all items of indebtedness, obligation or liability of Borrower, whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, joint or several, that should be classified as liabilities in accordance with GAAP ("Debt").
Maintain Tangible Net Worth. On a pro forma consolidated statement basis, as of March 31, 2001, and June 30, 2001, Parent shall have a Tangible Net Worth plus Subordinated Debt of not less than $13,500,000.00. For the quarter ending September 30, 2001, on a consolidated statement basis, the Parent shall maintain Tangible Net Worth plus Subordinated Debt of not less than $13,500,000.00, plus one hundred percent (100%) of the Net Income of the Parent from March 31, 2001, through September 30, 2001, minus Subordinated Debt repaid during the period from June 1, 2001, through September 30, 2001, under Sections 7.15-7.
Maintain Tangible Net Worth. On a Consolidated Statement Basis, maintain a Tangible Net Worth of not less than $7,000,000.
