Base Tangible Net Worth definition
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 $44,000,000 plus fifty percent (50%) of Consolidated Net Income (not reduced by losses) for each fiscal quarter, commencing with the quarter ending on December 31, 2006.
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.
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.
The Loan Parties shall not permit at any time Consolidated Tangible Net Worth to be less than the Base Tangible Net Worth.
On the Computation Date, the Consolidated Effective Tangible Net Worth, which is required to be not less than the Base Tangible Net Worth, was $__________, as computed in the supporting documents attached hereto as Schedule 2.
Maintain, as of the end of each fiscal quarter, Consolidated Tangible Net Worth of not less than Base Tangible Net Worth.
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:
(a) Ninety Four Million Seven Hundred Fifty Six Thousand Dollars ($94,756,000), plus
(b) fifty percent (50%) of the Net Income (if positive) of the Company and the Subsidiaries, or (where the context so indicates) Company and the Restricted Subsidiaries, on a Consolidated basis, earned in each fiscal quarter subsequent to the fiscal quarter ending December 31, 1996.
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 set forth in Section 1 of the Agreement is amended to read in its entirety as follows:
Base Tangible Net Worth is defined in Section6.20.
Base Tangible Net Worth initially means $25,200,000. On January 31 of each year (commencing January 31, 2012), Base Tangible Net Worth shall increase by the sum of (i) an amount equal to fifty percent (50%) of Consolidated Net Income for the fiscal year then ending (if for any fiscal year or other applicable period Consolidated Net Income is less than $0, it shall be deemed to be $0 for purposes of this clause (i)), plus (ii) an amount equal to seventy five percent (75%) of gains on the permitted sale of any assets of the Company or its Subsidiaries consisting of real estate, as determined according to GAAP.