Common use of Minimum Consolidated Tangible Net Worth Clause in Contracts

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time on and after February 1, 1999 permit its Consolidated Tangible Net Worth to be less than an amount equal to the sum of (i) $78,000,000, plus (ii) 50% of the positive net income for each Fiscal Quarter ending after January 31, 1999 of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP consistently applied, plus (iii) all increases to equity from the issuance by the Borrower after January 31, 1999 of further equity securities or other equity capital investments.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time on and after February 1, 1999 permit its Consolidated Tangible Net Worth to be less than an amount equal to the sum of (i) $78,000,00085% of the Consolidated Tangible Net Worth as of September 30, 1998, plus (ii) 50% of the positive net income for each Fiscal Quarter ending after January 31September 30, 1999 1998 of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP consistently applied, plus (iii) an amount equal to 75% of all increases to equity from the issuance by the Borrower after January 31September 30, 1999 1998 of further equity securities or other equity capital investments.

Minimum Consolidated Tangible Net Worth. The As of the end of each fiscal quarter, the Borrower will not at any time on and after February 1, 1999 permit its Consolidated Tangible Net Worth to be less than an amount equal to the sum of (i) $78,000,00062,090,000, plus on a cumulative basis and commencing with the Borrower’s fiscal quarter ending December 31, 2001, fifty percent (ii50%) 50% of the positive net income Borrower’s Consolidated Net Income (without any reduction for losses) for each Fiscal Quarter ending after January 31, 1999 consecutive two fiscal quarters of the Borrower ending on June 30 and its Subsidiaries determined on a consolidated basis in accordance with GAAP consistently applied, plus (iii) all increases to equity from the issuance by the Borrower after January 31, 1999 December 31 of further equity securities or other equity capital investmentseach year.

Minimum Consolidated Tangible Net Worth. The Borrower will not maintain at any time on and after February 1, 1999 permit its all times a Consolidated Tangible Net Worth to be of not less than an amount equal to the sum of (i) $78,000,000195,000,000 (subject to adjustment of such amount as hereinafter provided), plus (ii) an amount equal to fifty percent (50% %) of the positive net income for each Fiscal Quarter ending after January 31, 1999 cumulative Net Income of the Borrower earned after March 31, 2000 (excluding any quarter in which there is a loss), and its Subsidiaries determined on a consolidated basis in accordance with GAAP consistently applied, plus (iii) all increases to equity from one hundred percent (100%) of the issuance net proceeds received after March 31, 2000 by the Borrower after January 31, 1999 or any Subsidiary from the sale or issuance of further equity securities or other equity capital investmentsany of its Common Equity.

Minimum Consolidated Tangible Net Worth. The Borrower will shall not at any time on and after February 1, 1999 permit its Consolidated Tangible Net Worth to be less than than, as of the last day of any fiscal quarter, an amount equal to $190,000,000.00 plus the sum for each fiscal quarter ending after December 31, 2007 of (i) $78,000,000, plus (ii) 50% of the positive net income for each Fiscal Quarter ending after January 31income, 1999 if positive, of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP consistently applied, for each such fiscal quarter plus (iii) all increases an amount equal to 75% of the net proceeds of any issuance of equity from the issuance by the Borrower after January 31, 1999 of further equity securities or other equity capital investmentsBorrower."

Minimum Consolidated Tangible Net Worth. The Borrower will not maintain at any time on and after February 1, 1999 permit its all times a Consolidated Tangible Net Worth to be of not less than an amount equal to the sum of (i) $78,000,000, 250,000,000 plus (ii) fifty percent (50% %) of the positive net income for each Fiscal Quarter ending Consolidated Net Income earned after January March 31, 1999 of the Borrower and its Subsidiaries determined on 1995 (excluding any quarter in which there is a consolidated basis in accordance with GAAP consistently applied, loss) plus (iii) all increases to equity from one hundred percent (100%) of the issuance net proceeds of capital stock issued by the Borrower after January March 31, 1999 of further equity securities or other equity capital investments1995.

Minimum Consolidated Tangible Net Worth. The Borrower will shall not at any time on and after February 1, 1999 permit its Consolidated Tangible Net Worth at any time to be less than an amount equal to the sum of (ia) $78,000,00070,000,000, plus (iib) fifty percent (50% %) of the positive net income Net Income (if positive) calculated separately for each Fiscal Quarter fiscal quarter ending after January 31November 30, 1999 of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP consistently applied1997, plus (iiic) all increases to equity one hundred percent (100%) of the net cash proceeds resulting from the issuance by the Borrower after January 31, 1999 of further equity securities or other equity capital investmentsany Capital Stock.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time on and after February 1, 1999 permit allow its Consolidated Tangible Net Worth to ever be less than an amount equal to the sum of (i) $78,000,00048,000,000, plus (ii) as of the end of each fiscal quarter beginning with the fiscal quarter ending June 30, 2001, 50% of the positive net income Borrower's Consolidated Net Income for each Fiscal Quarter ending after January 31, 1999 of the Borrower such fiscal quarter then ended (but only if positive) and its Subsidiaries determined on a consolidated basis in accordance with GAAP consistently applied, plus (iii) all increases to equity 75% of the net proceeds received by Borrower from the issuance by the Borrower after January 31, 1999 of further any equity securities or other equity capital investmentsafter the Effective Date.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time on and after February 1, 1999 permit its Consolidated Tangible Net Worth to be less than an amount equal to the sum of (i) $78,000,0001,000,000,000.00,1,200,000,000.00, plus (ii) 50% seventy-five percent (75%) of the positive net income for each Fiscal Quarter ending sum of (A) any additional Net Offering Proceeds after January 31, 1999 of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP consistently applieddate hereofFirst Amendment Date, plus (iiiB) all increases to equity from the issuance by value of interests in the Borrower after January 31, 1999 or interests in REIT issued upon the contribution of further equity securities assets to the Borrower or other equity capital investmentsits Subsidiaries.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time on and after February 1, 1999 permit its Consolidated Tangible Net Worth to be less than an amount equal to the sum of (i) $78,000,000115,674,000, plus (ii) 50% of the positive net income for each Fiscal Quarter ending after January 31September 30, 1999 1998, of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP consistently applied, plus (iii) all increases an amount equal to equity 100% of the net proceeds from the issuance by the Borrower after January December 31, 1999 1998, of further additional equity securities or other equity capital investments.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time on and after February 1, 1999 permit its Consolidated Tangible Net Worth to be less than an amount equal to the sum of (i) $78,000,00085 % of the Consolidated Tangible Net Worth as of March 31, 1998, plus (ii) 50% of the positive net income for each Fiscal Quarter ending after January March 31, 1999 1998 of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP consistently applied, plus (iii) an amount equal to 75% of all increases to equity from the issuance by the Borrower after January March 31, 1999 1998 of further equity securities or other equity capital investments.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time on and after February 1, 1999 permit its Consolidated Tangible Net Worth to be less than an amount equal to the sum of (i) $78,000,000231,915,700 (being 85% of the Consolidated Tangible Net Worth as of December 31, 2001), plus (ii) 50% of the positive net income for each Fiscal Quarter ending after January December 31, 1999 2001 of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP consistently applied, plus (iii) an amount equal to 75% of all increases to equity from the issuance by the Borrower after January December 31, 1999 2001 of further equity securities or other equity capital investments.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time on and after February 1, 1999 permit its Consolidated Tangible Net Worth at any time to be less than an amount equal to the sum of (ix) $78,000,000, 23,000,000 plus (iiy) the sum of 50% of the positive net income Consolidated Net Income, if positive, for each Fiscal Quarter prior fiscal year of the Borrower, if any, ending after January December 31, 1999 of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP consistently applied, 2000 plus (iiiz) all increases to equity from the issuance amount by which Consolidated Tangible Net Worth is increased by the Borrower proceeds of any capital stock issued, or capital contributions made, after January 31, 1999 of further equity securities or other equity capital investmentsthe Initial Borrowing Date.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time on and after February 1, 1999 permit its all times maintain Consolidated Tangible Net Worth to be of not less than an amount equal to the sum of (i) $78,000,0002,300,000,000, plus (ii) 5075% of Consolidated Net Income (if positive) earned in each completed fiscal year beginning with the positive net income for each Fiscal Quarter fiscal year ending after January December 31, 1999 of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP consistently applied2010, plus (iii) 75% of the amount of all increases to equity Net Cash Proceeds resulting from any issuance of the Borrower’s or any Subsidiary’s capital stock (other than the issuance by of such stock to the Borrower after January 31, 1999 of further equity securities or other equity capital investmentsa Subsidiary).