Required Tangible Net Worth means the sum of (i) an amount equal to 65% of Borrower’s Tangible Net Worth as of December 31, 2020 plus(ii) the cumulative amount of 50% of Borrower’s Net Income for each Fiscal Year ending after December 31, 2020; provided, if in any Fiscal Year, Borrower’s Net Income is less than $0, the Net Income amount for such Fiscal Year will be excluded from the Required Tangible Net Worth.
Required Tangible Net Worth means the sum of (a) $399,987,250.00 plus (b) the cumulative amount of 50% of Borrower’s Net Income for each Fiscal Year ending after December 31, 2023; provided, if in any fiscal year, Borrower’s Net Income is less than $0, the Net Income amount for such Fiscal Year will be excluded from the Required Tangible Net Worth.
Required Tangible Net Worth. $400,000,000 * plus 50% of cumulative Net Income earned after $ September 24, 1999 $ Total
Examples of Required Tangible Net Worth in a sentence
Consolidated Tangible Net Worth (Section 10.01(a)) Consolidated Tangible Net Worth (as of the Determination Date): $________________ Required Tangible Net Worth shall not be less than $136,223,081 at any time during the Fiscal Quarter which contains the Closing Date.
Cause Borrower to have at all times, on a consolidated basis, and as shown on the financial statements required under Section 6.1(d) hereof, a Tangible Net Worth of at least the Minimum Required Tangible Net Worth.
Permit the Borrower's Tangible Net Worth to be less than the amount required in the Variable Terms Letter under the heading "Minimum Required Tangible Net Worth" at any time.
At all times, the Borrower and its Subsidiaries shall maintain a Consolidated Tangible Net Worth of not less than the Minimum Required Tangible Net Worth.
Permit Tangible Net Worth of the Combined Companies at any time to be less than the Minimum Required Tangible Net Worth then in effect.
More Definitions of Required Tangible Net Worth
Required Tangible Net Worth means either (i) an amount equal to 50% of the Tangible Net Worth as calculated based on the first balance sheet (or, if the first such balance sheet does not incorporate “fresh start” accounting, the second balance sheet) of Audacy delivered pursuant to Section 7.02(b) or (ii) such other amount (if any) mutually agreed upon by the Agent and the Seller in writing (for the avoidance of doubt, clause (i) above shall apply in the absence of any such mutual written agreement); or
Required Tangible Net Worth. As defined in Section 41.8.
Required Tangible Net Worth has the meaning specified in Section 5.3(a).
Required Tangible Net Worth means (a) as of December 31, 2019, March 31, 2020, June 30, 2020, and September 30, 2020, an amount equal to 50% of LHC’s Tangible Net Worth as of December 31, 2019 (the “Baseline Net Worth”); and (b) as of December 31, 2020, and the end of each Fiscal Quarter thereafter, an amount equal to the sum of (i) the Baseline Net Worth plus (ii) the cumulative amount of 50% of the Parent’s Net Income for each Fiscal Year ending after December 31, 2019; provided, (A) if in any Fiscal Year, Parent’s Net Income is less than $0, the Net Income amount for such Fiscal Year will be excluded from the Required Tangible Net Worth, and (B) if the Merger Effective Date occurs on or prior to December 31, 2020, for purposes of the determining Parent’s Net Income during the calendar year 2020, such Net Income will equal LHC’s Net Income from January 1, 2020 through June 30, 2020, plus LHI’s Net Income from July 1, 2020 through December 31, 2020. If the Merger Effective Date does not occur on or prior to December 31, 2020, then the adjustments in clause (B) will not be effective.
Required Tangible Net Worth means (a) as of December 31, 2019, March 31, 2020, June 30, 2020, and September 30, 2020, an amount equal to 50% of Parent’s Tangible Net Worth as of December 31, 2019 (the “Baseline Net Worth”); and (b) as of December 31, 2020, and the end of each Fiscal Quarter thereafter, an amount equal to the sum of (i) the Baseline Net Worth plus (ii) the cumulative amount of 50% of the Parent’s Net Income for each Fiscal Year ending after December 31, 2019; provided, if in any Fiscal Year, Parent’s Net Income is less than $0, the Net Income amount for such Fiscal Year will be excluded from the Required Tangible Net Worth.
Required Tangible Net Worth means (a) as of September 30, 2020, an amount equal to 50% of LHC’s Tangible Net Worth determined as of December 31, 2019 (the “ Baseline Net Worth”); and (b) as of December 31, 2020, and the end of each Fiscal Quarter thereafter, an amount equal to the sum of (i) the Baseline Net Worth plus (ii) the cumulative amount of 50% of the Parent’s Net Income for each Fiscal Year ending after December 31, 2019; provided, (a) if in any Fiscal Year, Parent’s Net Income is less than $0, the Net Income amount for such Fiscal Year will be excluded from the Required Tangible Net Worth, and (b) if the Merger Effective Date occurs on or prior to December 31, 2020, for purposes of the determining Parent’s Net Income during the calendar year 2020, such Net Income will equal LHC’s Net Income from January 1, 2020 through June 30, 2020, plus LHI’s Net Income from July 1, 2020 through December 31, 2020. If the Merger Effective Date does not occur on or prior to December 31, 2020, then the adjustments in clause (b) will not be effective.
Required Tangible Net Worth means Seventy-Five Million Dollars ($75,000,000) as of August 31, 1997, increasing as of the end of each fiscal quarter ending thereafter by an amount equal to fifty percent (50%) of positive net income for such quarter (with no decrease for losses for any quarter).