Total Required Capital Sample Clauses
Total Required Capital. At all times Pioneer will maintain a Consolidated Total Required Capital of at least Twelve Million Five Hundred Thousand Dollars ($12,500,000) plus fifty percent (50%) of the cumulative positive net income earned by Pioneer during each of its fiscal years ending subsequent to September 30, 2002.
Total Required Capital. At all times the Borrowers will maintain Consolidated Total Required Capital of at least Sixty Million Dollars ($60,000,000) plus fifty percent (50%) of the cumulative positive net income earned by the Borrowers for each of their fiscal years ending subsequent to September 30, 2006. Any part of the fifty percent (50%) of positive net income not distributed by Pioneer as a dividend for any fiscal year within one hundred twenty (120) days after the last day of such fiscal year shall also be added to Consolidated Total Required Capital and may not at any time thereafter be distributed as a dividend or otherwise. No part of the Consolidated Total Required Capital calculated as of May 31, 2007 of the Borrowers in excess of Sixty Million Dollars ($60,000,000) existing as of the date hereof may be distributed as a dividend.
Total Required Capital. At all times the Borrowers will maintain Consolidated Total Required Capital of at least Seventy-Five Million Dollars ($75,000,000) plus fifty percent (50%) of the cumulative positive net income earned by the Borrowers for each of their fiscal years ending subsequent to September 30, 2008. Any part of the fifty percent (50%) of positive net income not distributed by Pioneer pursuant to Section 7.4 hereof as a dividend for any fiscal year within one hundred twenty (120) days after the last day of such fiscal year shall also automatically be added to and become a permanent part of Consolidated Total Required Capital. At no time may any portion of Consolidated Total Required Capital be distributed as a dividend or otherwise and, notwithstanding anything stated herein to the contrary, no portion of the Borrowers’ capital existing as of the date hereof may be distributed as a dividend or otherwise.