Base Net Worth set forth in Section 1 of the Agreement is amended to read in its entirety as follows:
Base Net Worth means, $5,000,000. On the last day of each fiscal quarter of Company commencing December 31, 2000, Base Net Worth shall be increased by an amount equal to 50% of Net Income for the fiscal quarter then ended. Such increase shall be effective on the last day of the fiscal quarter in which such determination is made. Any fiscal quarter with respect to which Net Income is less than zero, Net Income shall be deemed to be zero."
Base Net Worth means (i) $115,000,000, plus (ii) (on a cumulative basis) for each fiscal quarter ending on or after the Effective Date, the sum of (A) seventy five percent (75%) of Net Income (if positive), earned in each fiscal quarter commencing after December 31, 1997 and (B) one hundred percent (100%) of the cash proceeds of the issuance of any Equity Interests of Company (net of reasonable and customary costs and expenses of issuance) during such fiscal quarter.
Examples of Base Net Worth in a sentence
They go out of their way to learn about their illness and the options for treatment.
The Borrower shall not at any time permit Consolidated Net Worth to be less than the Base Net Worth.
The Company shall have an Adjusted Closing Net Worth equal to or greater than the Adjusted Base Net Worth.
Maintain at all times a Net Worth of not less than the Base Net Worth.
The Borrower shall not at any time permit Consolidated Tangible Net Worth to be less than the Base Net Worth.
More Definitions of Base Net Worth
Base Net Worth means an amount equal to $99,593.00.
Base Net Worth shall have the meaning specified in Section 2.10(a).
Base Net Worth means Borrower’s book Net Worth as of the Collateral Release Date. With Lender’s written approval, certain non cash items may be excluded from this Net Worth Test computation.
Base Net Worth means $7,312,904 representing the amount determined from the FPM Balance Sheet by deducting the liabilities of the Group on a consolidated basis from the assets of the Group on a consolidated basis but disregarding for the purposes of such calculation all intercompany accounts and payables reflected on the FPM Balance Sheet whether in the asset or the liability sections thereof.
Base Net Worth. For any fiscal quarter at the end of which the Master Servicer's Net Worth is less than $____________. For any fiscal quarter after the first fiscal quarter at the end of which the Master Servicer's Net Worth equals or exceeds $_____________.
Base Net Worth means the sum of 85% of Net Worth as of the Fiscal Year ended June 30, 2003 plus 50% of consolidated net income of the Borrower and its Subsidiaries for each Fiscal Quarter in which net income was earned (as opposed to a net loss) during the period from July 1, 2003 through the date of determination.