Common use of Consolidated Adjusted Tangible Net Worth Clause in Contracts

Consolidated Adjusted Tangible Net Worth. (i) 50% of Consolidated Net Income for the period commencing January 1, 1996 and ending on the last day of the most recent fiscal quarter ended at least 60 days prior to the date of determination (excluding any net losses during any fiscal quarter period within such measurement period); and (ii) 100% of the cash proceeds (net of underwriting commissions, legal, accounting and other usual professional fees and taxes) of any sale or issuance of equity Securities of the Borrower or any of its Subsidiaries (or of any options, warrants or rights in respect of any such equity Securities) or the sale or issuance of any Subordinated Indebtedness, in each case which issuance or sale takes place after the date of this Agreement.

Consolidated Adjusted Tangible Net Worth. (i) 50% of Consolidated Net Income for the period commencing January 1, 1996 1997 and ending on the last day of the most recent fiscal quarter ended at least 60 days prior to the date of determination (excluding any net losses during any fiscal quarter period within such measurement period); and (ii) 100% of the cash proceeds (net of underwriting commissions, legal, accounting and other usual professional fees and taxes) of any sale or issuance of equity Securities of the Borrower or any of its Subsidiaries (or of any options, warrants or rights in respect of any such equity Securities) or the sale or issuance of any Subordinated Indebtedness, in each case which issuance or sale takes place after the date of this Agreement.