Minimum Tangible Capital Base. The Borrower shall maintain at all times a Tangible Capital Base of not less than $50,000,000.
Minimum Tangible Capital Base. The Company shall maintain at all times a Tangible Capital Base of not less than $40,000,000.
Minimum Tangible Capital Base. Borrower shall have on a consolidated basis with its Subsidiaries at the end of each Fiscal Quarter and Fiscal Year, a Tangible Capital Base of not less than $68,000,000. As of the end of each Fiscal Year commencing December 31, 2003, and as of the end of each of Borrower's second Fiscal Quarter in each Fiscal Year, the minimum Tangible Capital Base requirement hereunder shall increase (but on no event shall it decrease) by an amount equal to fifty percent (50%) of the amount of Borrower's Net Income for the six (6) month period then ending. Such increases to the minimum Tangible Capital Base requirement hereunder shall be cumulative and shall be carried forward and included in the minimum Tangible Capital Base requirement for each subsequent Fiscal Quarter and Fiscal Year, subject to further increase in accordance with the provisions of this paragraph (c).
Minimum Tangible Capital Base. The Borrower, on a consolidated basis, shall maintain at all times, as measured at the end of each fiscal quarter, commencing April 30, 1998, a Tangible Capital Base of not less than $8,500,000, and such minimum dollar amount shall increase from year to year by the sum of 50% of the Borrower's Net Income for each previous fiscal year (with no reduction for losses) commencing with the annual Net Income determined as of January 31, 1999.
Minimum Tangible Capital Base. The Company shall at all times maintain a Tangible Capital Base of not less than Three Million and 00/100 Dollars ($3,000,000.00) as of the Closing Date through and including the payment and satisfaction in full of all Obligations and termination of this Agreement.
Minimum Tangible Capital Base. The Company shall maintain at all times a Tangible Capital Base of not less than $50,000,000.
Minimum Tangible Capital Base. At the end of each fiscal quarter set forth below, the Tangible Capital Base of the Borrower shall not be less than the amounts set forth below: Fiscal Quarter Ending Minimum Tangible Capital Base --------------------- ----------------------------- June 30, 1999 $11,000,000 September 30, 1999 $ 8,000,000 December 31, 1999 $ 6,000,000 Each Fiscal Quarter Thereafter $ 4,000,000
Minimum Tangible Capital Base. The Borrowers, on a consolidated basis, shall maintain at all times, as measured at the end of each fiscal quarter, commencing June 30, 1998, a Tangible Capital Base of not less than $4,750,000, and such minimum dollar amount shall increase from year to year by the sum of (a) 50% of the Borrowers' Net Income for each previous fiscal year (with no reduction for losses) commencing with the annual net income determined as of December 31, 1998 plus (b) 100% of net proceeds from the sale of stock or asset sales after January 1, 1998, plus (c) 100% of the amount of any issuance of additional Subordinated Debt, plus (d) 75% of the net proceeds from the Mass Mutual Transaction.
Minimum Tangible Capital Base. As of the end of each fiscal quarter, permit the Tangible Capital Base (as hereinafter defined) of the Consolidated Group for such fiscal quarter to be less than Twenty-Six Million Dollars ($26,000,000). As used herein, the term “Tangible Capital Base” means, with respect to any period, the Consolidated Group’s Net Worth (as defined herein), minus the value of the Consolidated Group’s intangible assets as determined in accordance with generally accepted accounting principles consistently applied, minus amounts due to the one ore more members of the Consolidated Group from any of their respective officers, plus the amounts of any of the Consolidated Group’s debt that is subordinated to the Loan. As used herein, the term “Net Worth” means the excess of the Consolidated Group’s assets over the Consolidated Group’s liabilities, as determined in accordance with generally accepted accounting principles consistently applied. The Tangible Capital Base shall be measured based upon the Consolidated Group’s consolidated and consolidating financial statements. The Tangible Capital Base shall be measured beginning with the quarter ending December 31, 2011. All such quarterly testing requirements in this Section shall be based on the Borrower's company prepared quarterly statements, except that with respect to any quarter coinciding with the end of the calendar year, such testing requirements shall be based on the Borrower's audited financial statements for such year.
Minimum Tangible Capital Base. Permit at any time the Consolidated Tangible Capital Base of the Parent and its Subsidiaries to be less than the Minimum Consolidated Tangible Capital Base applicable on such date.
