Common use of Minimum Consolidated Tangible Net Worth Clause in Contracts

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth will at no time be less than $2,418,000.00 plus the sum of 50% of the cumulative Reported Net Income of the Borrower and its Consolidated Subsidiaries during any period after December 31, 1995 (taken as one accounting period), calculated annually as of December 31 of each year but excluding from such calculations any year in which the Consolidated Net Income of the Borrower and its Consolidated Subsidiaries is negative.

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth will shall be at no time be less than least $2,418,000.00 500,000,000 plus the sum of an amount equal to 50% of the cumulative Reported Consolidated Net Income for each fiscal quarter of the Borrower and its Consolidated Subsidiaries during any period ending after December 31June 30, 1995 1996 (taken as one accounting period), calculated annually as but on or prior to the date of December 31 of each year but excluding from such calculations any year in determination) for which the Consolidated Net Income is positive (but with no deduction on account of negative Consolidated Net Income for any fiscal quarter of the Borrower and its Consolidated Subsidiaries is negativeSubsidiaries).

Minimum Consolidated Tangible Net Worth. Commencing with the Fiscal Quarter ending June, 2006, Consolidated Tangible Net Worth will at no time be less than $2,418,000.00 plus a cumulatively increasing amount equal to the sum of (i) $130,000,000 plus (ii) 50% of the cumulative Reported Net Income of the Borrower and its Consolidated Subsidiaries during any period after December 31, 1995 (taken as one accounting period), calculated annually as of December 31 of each year but excluding from such calculations any year in which the Consolidated Net Income of for each Fiscal Quarter ending September 20, 2006 and thereafter. In determining the Borrower and its minimum Consolidated Subsidiaries is negativeTangible Net Worth required by this Section 5.03, any negative Consolidated Net Income, computed cumulatively on an annual basis, shall be excluded.

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth will at no time be less than $2,418,000.00 59,500,000 plus the sum of 50% of the cumulative Reported Consolidated Net Income of the Borrower and its Consolidated Subsidiaries during any period after December 31, 1995 2002 (taken as one accounting period), calculated annually as of December 31 quarterly at the end of each year Fiscal Quarter, but excluding from such calculations any year in which the of Consolidated Net Income for purposes of the Borrower and its this Section, any Fiscal Quarter in which Consolidated Subsidiaries Net Income is negative.

Minimum Consolidated Tangible Net Worth. Cause Consolidated Tangible Net Worth will to be, at no time be less than $2,418,000.00 plus any date of determination, at least the sum of (i) $70,000,000 plus (ii) 50% of the cumulative Reported Consolidated Net Income of the Borrower and its Consolidated Subsidiaries during any period for each fiscal quarter ended after December 31, 1995 (taken as one accounting period), calculated annually as 1996 and prior to the date of December 31 of each year but excluding from such calculations any year in determination for which the such Consolidated Net Income of the Borrower and its Consolidated Subsidiaries is negativea positive number.

Minimum Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth will at no any time to be less than $2,418,000.00 plus the sum of (a) $55,000,000.00 plus (b) an amount equal to 50% of the cumulative Reported Net Income sum of (i) the Borrower and its Consolidated Subsidiaries during any period after December 31, 1995 (taken as one accounting period), calculated annually as of December 31 of each year but excluding from such calculations any year in which the positive year-to-date Consolidated Net Income through such date and (ii) other than for the then current fiscal year, the positive Consolidated Net Income for each full fiscal year ending on and after June 30, 2007 plus (c) an amount equal to 100% of the Borrower and its Consolidated Subsidiaries is negativenet proceeds from any equity issued by the Parent.

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth will at no time be less than $2,418,000.00 plus the sum of (i) $940,000,000 plus (ii) for each Fiscal Quarter ended at or prior to such time (but after January 30, 1999), 50% of the cumulative Reported Net Income consolidated net income of the Borrower Company and its Consolidated Subsidiaries during any period after December 31, 1995 for such Fiscal Quarter (taken as one accounting periodif greater than zero), calculated annually as of December 31 of each year but excluding from such calculations any year in which the Consolidated Net Income of the Borrower and its Consolidated Subsidiaries is negative.

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth will at no time be less than $2,418,000.00 20,000,000 as of December 28, 1996, plus the sum of 50(i) 25.0% of the cumulative Reported Net Income of the Borrower and its Consolidated Subsidiaries during each Fiscal Year, beginning December 29, 1996, and (ii) 100% of the cumulative Net Proceeds of Capital Stock received during any period after December 31, 1995 (taken as one accounting period)1996, calculated annually as of December 31 of each year but excluding from such calculations any year in which the Consolidated Net Income of the Borrower and its Consolidated Subsidiaries is negativequarterly.

Minimum Consolidated Tangible Net Worth. Permit at the end of any Fiscal Quarter Consolidated Tangible Net Worth will at no time to be less than (a) - $2,418,000.00 13,627,000 plus the sum (b) 50% of Consolidated Net Income for each Fiscal Quarter ending after July 2, 1999 (not to be reduced by any losses incurred) plus (c) 50% of the cumulative Reported Net Income net proceeds from the issuance of any equity securities of the Borrower and its Consolidated Subsidiaries during any period after December 31July 2, 1995 (taken as one accounting period), calculated annually as of December 31 of each year but excluding from such calculations any year in which the Consolidated Net Income of the Borrower and its Consolidated Subsidiaries is negative1999.

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth will at no time be less than $2,418,000.00 plus the sum of 50$100,000,000, 60% of Consolidated Net Income for each fiscal quarter beginning with the second fiscal quarter of 1998 which has ended at or before such time for which Consolidated Net Income is positive and 75% of the cumulative Reported Net Income net cash proceeds of all issuances by the Borrower Company of shares of its capital stock after the Effective Date and its Consolidated Subsidiaries during any period after December 31, 1995 (taken as one accounting period), calculated annually as of December 31 of each year but excluding from at or before such calculations any year in which the Consolidated Net Income of the Borrower and its Consolidated Subsidiaries is negativetime.

Minimum Consolidated Tangible Net Worth. Minimum Consolidated Tangible Net Worth will at no time be less in an amount equal to or greater than $2,418,000.00 plus the sum of 50% (i) eighty-five percent (85%) of Tangible Net Worth at the close of the cumulative Reported immediately preceding Fiscal Quarter plus (ii) seventy-five percent (75%) of Positive Net Income of the Borrower and its Consolidated Subsidiaries during any period after December 31, 1995 (taken as one accounting period), calculated annually as of December 31 of for each year but excluding from such calculations any year in which the Consolidated successive Fiscal Quarter. As used herein “Positive Net Income” means Net Income of the Borrower and its Consolidated Subsidiaries is negativefor such Fiscal Quarter, with no deduction for any net losses in such Fiscal Quarter.

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth will at no time be less than $2,418,000.00 plus the sum of (i) $940,000,000 plus (ii) for each Fiscal Quarter ended at or prior to such time (but after January 30, 1999), 50% of the cumulative Reported Net Income consolidated net income of the Borrower and its Consolidated Subsidiaries during any period after December 31, 1995 for such Fiscal Quarter (taken as one accounting periodif greater than zero), calculated annually as of December 31 of each year but excluding from such calculations any year in which the Consolidated Net Income of the Borrower and its Consolidated Subsidiaries is negative.

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth will at no time be 59 65 less than $2,418,000.00 plus the sum of (i) $1,000,000,000 plus (ii) for each Fiscal Quarter ended at or prior to such time (but after January 25, 1997), 50% of the cumulative Reported Net Income consolidated net income of the Borrower and its Consolidated Subsidiaries during any period after December 31, 1995 for such Fiscal Quarter (taken as one accounting periodif greater than zero), calculated annually as of December 31 of each year but excluding from such calculations any year in which the Consolidated Net Income of the Borrower and its Consolidated Subsidiaries is negative.

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth will at no time be less than $2,418,000.00 75,000,000 plus the sum of 50% of the cumulative Reported Consolidated Net Income of the Borrower and its Consolidated Subsidiaries during any period after December 31, 1995 2006 (taken as one accounting period), calculated annually as of December 31 quarterly at the end of each year Fiscal Quarter, but excluding from such calculations any year in which the of Consolidated Net Income for purposes of the Borrower and its this Section, any Fiscal Quarter in which Consolidated Subsidiaries Net Income is negative.

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth will at no time be less than $2,418,000.00 plus the sum of (i) $800,000,000 plus (ii) for each Fiscal Quarter ended at or prior to such time (but after January 25, 1997), 50% of the cumulative Reported Net Income consolidated net income of the Borrower and its Consolidated Subsidiaries during any period after December 31, 1995 for such Fiscal Quarter (taken as one accounting periodif greater than zero), calculated annually as of December 31 of each year but excluding from such calculations any year in which the Consolidated Net Income of the Borrower and its Consolidated Subsidiaries is negative.

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth will at no time be less than $2,418,000.00 plus the sum of (i) $1,053,000,000 plus (ii) for each Fiscal Quarter ended at or prior to such time (but after February 1, 2004), 50% of the cumulative Reported Net Income consolidated net income of the Borrower Company and its Consolidated Subsidiaries during any period after December 31, 1995 for such Fiscal Quarter (taken as one accounting periodif greater than zero), calculated annually as of December 31 of each year but excluding from such calculations any year in which the Consolidated Net Income of the Borrower and its Consolidated Subsidiaries is negative.

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth will at no time be less than $2,418,000.00 plus the sum of (i) $828,000,000 plus (ii) for each Fiscal Quarter ended at or prior to such time (but after February 1, 2003), 50% of the cumulative Reported Net Income consolidated net income of the Borrower Company and its Consolidated Subsidiaries during any period after December 31, 1995 for such Fiscal Quarter (taken as one accounting periodif greater than zero), calculated annually as of December 31 of each year but excluding from such calculations any year in which the Consolidated Net Income of the Borrower and its Consolidated Subsidiaries is negative.

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth will at no time be less than $2,418,000.00 plus the sum of (i) $875,000,000 plus (ii) for each Fiscal Quarter ended at or prior to such time (but after February 3, 2001), 50% of the cumulative Reported Net Income consolidated net income of the Borrower Company and its Consolidated Subsidiaries during any period after December 31, 1995 for such Fiscal Quarter (taken as one accounting periodif greater than zero), calculated annually as of December 31 of each year but excluding from such calculations any year in which the Consolidated Net Income of the Borrower and its Consolidated Subsidiaries is negative.