Minimum Guarantor Net Worth Clause Samples

Minimum Guarantor Net Worth. Guarantor (on a consolidated basis with its Subsidiaries consistent with its audited financial statements as of December 31, 2003) fails to maintain a net worth of at least 80% of Guarantor’s net worth at December 31, 2003 (on a consolidated basis with its Subsidiaries) as of the last day of each quarter, commencing March 31, 2004, increased annually at the end of each calendar year by fifty (50%) percent of Guarantor’s net income (on a consolidated basis with its Subsidiaries consistent with its audited financial statements for the period ended December 31, 2003) for such year and ninety (90%) percent of the gross proceeds derived from all equity contributed to Guarantor during such year and reduced by the amount of net losses incurred to the extent of non-cash unamortized deferred finance charges, if any, written off in connection with any refinancing of the Indenture Obligations. For the purposes of this section, “net worth” shall mean the sum of common stock, preferred stock, capital surplus and retained earnings; or