Common use of Tangible Capital Base Clause in Contracts

Tangible Capital Base. ARC and its Subsidiaries shall not (i) as of March 31, 2003, have a consolidated Tangible Capital Base of less than (1,000,000) or (ii) as of the end of any fiscal quarter commencing with the fiscal quarter ending June 30, 2003, have a consolidated Tangible Capital Base of less than the sum of (x) (1,000,000) plus (y) on a cumulative basis, 50% of positive consolidated net income (without reduction for losses) for each fiscal quarter ending after March 31, 2003.

Tangible Capital Base. ARC and its Subsidiaries shall not (i) as of March December 31, 2003, have a consolidated Tangible Capital Base of less than (1,000,000$8,500,000) or (ii) as of the end of any fiscal quarter commencing with the fiscal quarter ending June 30March 31, 20032004, have a consolidated Tangible Capital Base of less than the sum of (x) (1,000,000$8,500,000) plus (y) on a cumulative basis, 50% of positive consolidated net income (without reduction for losses) for each fiscal quarter ending after March December 31, 2003.

Tangible Capital Base. ARC and its Subsidiaries shall not (i) as of March 31September 30, 20032002, have a consolidated Tangible Capital Base of less than (1,000,000) $2,750,000 or (ii) as of the end of any fiscal quarter commencing with the fiscal quarter ending June 30December 31, 20032002, have a consolidated Tangible Capital Base of less than the sum of (x) (1,000,000) $2,750,000 plus (y) on a cumulative basis, 50% of positive consolidated net income (without reduction for losses) for each fiscal quarter ending after March 31September 30, 20032002.

Tangible Capital Base. ARC and its Subsidiaries shall not (i) as of March 31June 30, 20032002, have a consolidated Tangible Capital Base of less than (1,000,000) $8,000,000 or (ii) as of the end of any fiscal quarter commencing with the fiscal quarter ending June September 30, 20032002, have a consolidated Tangible Capital Base of less than the sum of (x) (1,000,000) $8,000,000 plus (y) on a cumulative basis, 50% of positive consolidated net income (without reduction for losses) for each fiscal quarter ending after March 31June 30, 20032002.

Tangible Capital Base. ARC and its Subsidiaries shall not (i) as of March 31September 30, 2003, have a consolidated Tangible Capital Base of less than (1,000,000$5,000,000) or (ii) as of the end of any fiscal quarter commencing with the fiscal quarter ending June 30December 31, 2003, have a consolidated Tangible Capital Base of less than the sum of (x) (1,000,000$5,000,000) plus (y) on a cumulative basis, 50% of positive consolidated net income (without reduction for losses) for each fiscal quarter ending after March 31September 30, 2003.