Common use of Minimum Consolidated GAAP Net Worth Clause in Contracts

Minimum Consolidated GAAP Net Worth. The Borrower shall not permit, as of the end of any fiscal quarter, Consolidated GAAP Net Worth of the Borrower and its Subsidiaries to be less than an amount equal to the sum of (a) $30,000,000, plus (b) 50% of the Consolidated Net Income for the fiscal year ending December 31, 1997, plus (c) 50% of any cumulative positive net income (as determined in accordance with GAAP) for each fiscal quarter following the fiscal quarter ending December 31, 1997.

Minimum Consolidated GAAP Net Worth. The Borrower shall not permit, as As of the end of any ----------------------------------- fiscal quarter, permit Consolidated GAAP Net Worth of the Borrower and its Subsidiaries to be less than an amount equal to the sum of (a) $30,000,000100,000,000, plus (b) 50% of the Consolidated Net Income for the fiscal year ending December 31, 1997, plus (c) 50% of any cumulative positive net income (as determined in accordance with GAAP) for each fiscal quarter following the fiscal quarter ending June 30, 1998, plus (c) the amount of paid-in capital resulting from any issuance by the Borrower of its capital stock after December 3128, 19971998.

Minimum Consolidated GAAP Net Worth. The Borrower shall not permit, as As of the end of any ----------------------------------- fiscal quarter, permit Consolidated GAAP Net Worth of the Borrower and its Subsidiaries to be less than an amount equal to the sum of (a) $30,000,00075,000,000, plus (b) 50% of the Consolidated Net Income for the fiscal year ending December 31, 1997, plus (c) 50% of any cumulative positive net income (as determined in accordance with GAAP) for each fiscal quarter following the fiscal quarter ending December 31, 19971995, plus (c) the amount of paid-in capital resulting from any issuance by the Borrower of its capital stock after December 20, 1994.

Minimum Consolidated GAAP Net Worth. The Borrower shall not permitAt any time during the term hereof, as of permit the end of any fiscal quarter, Consolidated GAAP Net Worth of the Borrower and its Subsidiaries to be less than an amount equal to the sum of (a) $30,000,000, 3,828,000 plus (b) 50% of the Consolidated Net Income for the fiscal year ending December 31, 1997, plus (c) 50% of any cumulative positive net income (as determined in accordance with GAAP) Net Income of the Borrower and its Subsidiaries for each fiscal quarter following the fiscal quarter ending December 31, 19972000 plus (c) Deferred Revenues as of the end of the most recent fiscal quarter.”

Minimum Consolidated GAAP Net Worth. The Borrower shall not permit, as As of the end of any fiscal quarter, permit the Consolidated GAAP Net Worth of the Borrower and its Subsidiaries to be less than an amount equal to the sum of (a) $30,000,000110,000,000, plus (b) 5090% of the Consolidated Net Income for the fiscal year ending December 31, 1997net proceeds of any subsequent equity offering, plus (c) 50% of any cumulative positive net income (as determined in accordance with GAAP) Positive GAAP Net Income for each fiscal quarter following the fiscal quarter ending December 31ended June 30, 19972003.

Minimum Consolidated GAAP Net Worth. The Borrower shall not permit, as As of the end of any fiscal quarter, permit Consolidated GAAP Net Worth of the Borrower and its Subsidiaries to be less than an amount equal to the sum of (a) $30,000,000, 58,000,000 plus (b) 50% of the Consolidated Net Income for the fiscal year ending December 31, 1997, plus (c) 50% of any cumulative positive net income (as determined in accordance with GAAP) Net Income of the Borrower and its Subsidiaries for each fiscal quarter following the fiscal quarter ending ended December 31, 19971994, plus (c) the amount of paid-in capital resulting from any issuance by the Borrower of its capital stock after the date of this Agreement.

Minimum Consolidated GAAP Net Worth. The Borrower shall not permit, as As of the end of any fiscal quarter, permit the Consolidated GAAP Net Worth of the Borrower and its Subsidiaries to be less than an amount equal to the sum of (a) $30,000,000327,225,000, plus (b) 50% of the Consolidated any cumulative Positive GAAP Net Income for the fiscal year ending December 31, 1997, plus (c) 50% of any cumulative positive net income (as determined in accordance with GAAP) for each fiscal quarter following the fiscal quarter ending ended December 31, 19972008.

Minimum Consolidated GAAP Net Worth. The Borrower shall not permit, as As of the end of any fiscal quarterquarter of the Borrower, permit its Consolidated GAAP Net Worth of the Borrower and its Subsidiaries to be less than an amount equal to the sum of $350,000,000.00 plus fifty (a50%) $30,000,000, plus (b) 50% of the Consolidated Net Income for the fiscal year ending December 31Borrower’s GAAP earnings each quarter after June 30, 1997, plus (c) 50% of any cumulative positive net income (as determined in accordance with GAAP) for each fiscal quarter following the fiscal quarter ending December 31, 19972019.

Minimum Consolidated GAAP Net Worth. The Borrower shall not permit, as As of the end of any fiscal quarter, permit Consolidated GAAP Net Worth of the Borrower and its Subsidiaries to be less than an amount equal to the sum of (a) $30,000,000, 81,000,000 plus (b) 50% of the Consolidated any cumulative positive Net Income of the Borrower and its Subsidiaries for each fiscal quarter following the fiscal year ending ended December 31, 1997, plus (c) 50% the amount of paid-in capital resulting from any cumulative positive net income (as determined in accordance with GAAP) for each fiscal quarter following issuance by the fiscal quarter ending December 31, 1997Borrower of its capital stock after the date of this Agreement.