Common use of Consolidated Net Clause in Contracts

Consolidated Net. Worth The Borrower will not permit its Consolidated Net Worth at any time to be less than the sum of: (i) $50,000,000.00, plus (ii) one hundred percent (100%) of the amount by which the Borrower's "total stockholders' equity" is increased as a result of any public or private offering of common stock of the Borrower after the Closing Date, plus (iii) seventy-five percent (75%) of Consolidated Net Income on a cumulative basis for all preceding fiscal quarters of the Borrower, commencing with the fiscal quarter ended February 28, 2002; provided that if Consolidated Net Income is negative in any fiscal quarter the amount attributed to Consolidated Net Income for such fiscal quarter shall be zero and such negative Consolidated Net Income shall not reduce the amount of Consolidated Net Income added from any previous fiscal quarter. Promptly upon the consummation of any public or private offering of common stock, the Borrower shall notify the Administrative Agent in writing of the amount of such increase in "total stockholders' equity".