Base Tangible Net Worth shall initially mean ($1,000,000). On the last day of each fiscal quarter of Company (commencing June 30, 2002), Base Tangible Net Worth shall increase by $250,000.
Base Tangible Net Worth means, as of the last day of any fiscal quarter, an amount equal to the sum of $200,000,000 plus fifty percent (50%) of Consolidated Net Income (not reduced by losses) for each fiscal quarter, commencing with the quarter ending on September 30, 2008.
Base Tangible Net Worth shall initially mean $36,500,000, minus the Aggregate Redemption Amount. On June 30, 2011, the Base Tangible Net Worth shall decrease to $35,500,000, minus the Aggregate Redemption Amount.
Examples of Base Tangible Net Worth in a sentence
If Final Tangible Net Worth exceeds Base Tangible Net Worth, Buyer shall pay to Seller, in the manner and with interest as provided in Section 2.04(b) , the amount of such excess.
The Loan Parties shall not permit at any time Consolidated Tangible Net Worth to be less than the Base Tangible Net Worth.
If Base Tangible Net Worth exceeds Final Tangible Net Worth, Seller shall pay to Buyer, as an adjustment to the Purchase Price, in the manner and with interest as provided in Section 2.04(b), the amount of such excess.
Maintain as of the end of each month a Tangible Net Worth of not less than the Base Tangible Net Worth.
As of the end of each fiscal quarter of the Borrower ending on or after June 30, 2005, the sum of the Borrower’s Base Tangible Net Worth plus any deferred incomes taxes shall not be less than $30,900,000.
More Definitions of Base Tangible Net Worth
Base Tangible Net Worth means $160,545,000, which number is calculated as follows (with all numbers being as set forth on the Balance Sheet): (i) consolidated stockholder's equity of $242,619,000, plus (ii) intercompany debt of the Strategix Business of $98,874,000, plus (iii) the notes payable, long-term portion, of $24,410,000, plus (iv) the notes payable, short-term portion, of $2,217,000, plus (v) an agreed adjustment of $4,000,000 in respect of payments under certain Earnout Agreements, minus (vi) the aggregate amount of goodwill of $193,655,000, minus (vii) the net deferred income tax assets of $5,924,000, minus (viii) cash and cash equivalents of $11,996,000. "Final Tangible Net Worth" means the Closing Tangible Net Worth a. as shown in Seller's calculation delivered pursuant to Section 2.03(a), if no notice of disagreement with respect thereto is duly delivered pursuant to Section 2.03(b); or b. if such a notice of disagreement is delivered, (1) as agreed by Buyer and Seller pursuant to Section 2.03(c) or (2) in the absence of such agreement, as shown in the independent accountant's calculation delivered pursuant to Section 2.03(c); provided that in no event shall Final Tangible Net Worth be more than Seller's calculation of Closing Tangible Net Worth delivered pursuant to Section 2.03(a) or less than Buyer's calculation of Closing Tangible Net Worth delivered pursuant to Section 2.03(b).
Base Tangible Net Worth shall initially mean $2,500,000. On September 30 of each year, beginning September 30, 2001, Base Tangible Net Worth shall increase by 80% of Borrower's net income for the fiscal year then ended. If net income is less than $0 for any fiscal year, it shall be deemed to be $0 for such fiscal year for purposes of this definition.
Base Tangible Net Worth means the Tangible Net Worth of Borrower as of the Closing Date, after (i) giving effect to the transactions contemplated by the Merger Documents, including the addition to Borrower's equity capital of the $35,000,000 investment to be made in Borrower pursuant to the Merger Documents, (ii) deducting all adjustments necessary to pay all claims under the Reorganization Plan and to redeem all shares of capital stock of Borrower held on the Closing Date by non-employee shareholders (other than former employees and other than the interest of former employees in Borrower's pension, profit sharing and stock plan), and (iii) subtracting $2,000,000.
Base Tangible Net Worth means the Tangible Net Worth of the Borrower as of March 31, 2005.
Base Tangible Net Worth means that as set forth in Section 5.16 hereof.
Base Tangible Net Worth set forth in Section 1 of the Agreement is amended to read in its entirety as follows:
Base Tangible Net Worth shall initially mean $6,250,000. On the last day of each fiscal quarter of Company (commencing January 31, 1997), base Tangible Net Worth shall be increased by an amount equal to fifty percent (50%) of Net Income for the fiscal quarter then ended. Base Tangible Net Worth shall also be increased by one hundred percent (100%) of the amount of the Reserves which Company determines from time to time no longer to be necessary to be maintained. Such increase shall be effective on the last day of the fiscal quarter in which such determination is made. For any fiscal quarter with respect to which Net Income is less than zero, Net Income shall be deemed to be zero."