Common use of Consolidated Tangible Net Worth Clause in Contracts

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain at all times a Consolidated Tangible Net Worth of not less than the amount specified below: $34,000,000.00 and increasing by fifty (50%) percent of the Consolidated Net Income (without deduction or offset for net losses), earned after December 31, 1997.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain at all times a Consolidated Tangible Net Worth of not less than the amount specified below: sum of (i) $34,000,000.00 and increasing by fifty 200,178,000, (ii) 50%) percent % of the Consolidated Net Income (without deduction or offset but only if it is a positive number) for each fiscal quarter of the Borrower ended after June 30, 2008, and (iii) 100% of the net losses)proceeds from any offering of the equity securities of the Borrower consummated after June 30, earned after December 31, 19972008.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain Borrowers will at all times cause to be maintained a minimum Consolidated Tangible Net Worth of not less than the amount specified below: $34,000,000.00 and increasing by 82,000,000, plus fifty percent (50%) percent of the Cumulative Consolidated Net Income (without deduction or offset for net losses), earned after December 31, 19971996, plus the cash proceeds from the issuance and sale of any common stock, preferred stock, warrant or other equity securities of the Credit Parties, net of any brokerage commissions and any other reasonable costs or expenses directly attributable to such issuance.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain will at all times a maintain Consolidated Tangible Net Worth of in an amount not less than the amount specified below: sum of (a) $34,000,000.00 and increasing by fifty 250,000,000, plus (b) 50%) percent % of the cumulative Consolidated Net Income during any fiscal quarter ending after the Closing Date if, but only if, such Consolidated Net Income during such fiscal quarter is positive, plus (without deduction or offset for net losses), earned c) 50% of all Net Proceeds of each Equity Issuance after December 31, 1997the Closing Date.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall will maintain at all times a Consolidated Tangible Net Worth of in an amount equal to not less than the amount specified below: TWO MILLION AND NO/100 DOLLARS ($34,000,000.00 and increasing by fifty 2,000,000.00) plus ONE HUNDRED PERCENT (50100%) percent of the Consolidated Net Income (without deduction or offset for all consolidated monthly net losses), income which is earned after December July 31, 19972001. Compliance with this ratio shall be tested monthly beginning August 31, 2001 commencing with the financial results for the month of July 2001.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall Borrowers will maintain at all times a Consolidated Tangible Net Worth of not less than the amount specified below: $34,000,000.00 and increasing by fifty (58,216,000.00 plus 50%) percent % of the Consolidated Net Income (without deduction or offset greater than zero) of the Borrowers for net losses), earned each calendar quarter ending after December March 31, 19971999, plus 75% of all additional capital paid into the Borrowers on account of any sale of capital stock or the exercise of any option or warrant or otherwise from and after March 31, 1999.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain at all times a Consolidated Tangible Net Worth at all times of not less than the amount specified below: $34,000,000.00 and increasing by fifty sum of (50%a) percent 85% of the Consolidated Tangible Net Income (without deduction or offset for net losses), earned after Worth as of December 31, 19972004, (b) an additional $500,000 as of each successive Quarterly Date after the Effective Date, and (c) 90% of the Net Cash Proceeds received by Borrower or any of its Subsidiaries after the Effective Date from any Equity Issuances.

Consolidated Tangible Net Worth. The Borrower and on a consolidated basis with its Consolidated Subsidiaries shall maintain at all times a Consolidated Tangible Net Worth of not less than the amount specified below: $34,000,000.00 and increasing by fifty (50%) percent 568,942,750, plus 80% of the Consolidated Net Income (without deduction or offset for any net losses), earned after December cash proceeds from equity offerings completed subsequent to March 31, 19972004.

Consolidated Tangible Net Worth. The Borrower and will not, at any time, permit its Consolidated Subsidiaries shall maintain at all times a Consolidated Tangible Net Worth of not to be less than the amount specified below: $34,000,000.00 and increasing by fifty (50%) percent sum of the following: (i) $65,000,000; plus (ii) Fifty percent (50)% of the Borrower’s Consolidated Net Income (without deduction or offset for net losses)which Consolidated Net Income is a positive number measured for each fiscal year of the Borrower beginning with the fiscal year of the Borrower ending on June 30, earned after December 31, 19972013.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain at all times a Maintain Consolidated Tangible Net Worth greater than or equal to the sum of not less than $105,000,000 plus (i) an amount equal to 50% of the amount specified below: $34,000,000.00 and increasing by fifty Borrower’s Consolidated net income (50if positive) for each fiscal quarter ending after June 30, 2014 plus (ii) one hundred percent (100%) percent of the Consolidated Net Income (without deduction or offset for net losses)proceeds of each Equity Offering occurring after June 30, earned 2014 after December 31, 1997having deducted from the gross proceeds of such Equity Offering all costs and fees associated therewith.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall Borrowers will maintain at all times a Consolidated Tangible Net Worth of not less than the amount specified below: $34,000,000.00 and increasing by fifty (50%) percent 41,700,000 plus one-half of the Consolidated Net Income (without deduction or offset greater than zero) of the Borrowers for net losses), earned each calendar quarter ending after December March 31, 1997, plus 75% of all additional capital paid into the Borrowers on account of any sale of capital stock or the exercise of any option or warrant or otherwise.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain will at all times a maintain Consolidated Tangible Net Worth of in an amount not less than the amount specified below: sum of (a) $34,000,000.00 and increasing by fifty 95,000,000, plus (b) 50%) percent % of the cumulative Consolidated Net Income during any fiscal quarter ending after the Closing Date if, but only if, such Consolidated Net Income during such fiscal quarter is positive, plus (without deduction or offset for net losses), earned c) 75% of all Net Proceeds of each Equity Issuance after December 31, 1997the Closing Date.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain will at all times maintain a Consolidated Tangible Net Worth of not less than the amount specified below: $34,000,000.00 and increasing by fifty (503,850,000 plus 50%) percent % of the cumulative positive Consolidated Net Income earned during (i) the fourth fiscal quarter of the Borrower's 1996 fiscal year (without deduction subtraction for any negative Consolidated Net Income for such fiscal quarter) and (ii) each fiscal year ending on or offset after September 28, 1997 (but without subtraction for net lossesany negative Consolidated Net Income for any such fiscal year), earned after December 31, 1997.

Consolidated Tangible Net Worth. The Borrower Borrowers and its Consolidated their Subsidiaries shall maintain will at all times a maintain Consolidated Tangible Net Worth of in an amount not less than the amount specified below: sum of (a) Two Hundred Fifty Million Dollars ($34,000,000.00 and increasing by fifty 250,000,000) plus (50b) seventy-five percent (75%) percent of the positive Consolidated Net Income (without deduction or offset of Borrowers and their Subsidiaries for net losses), earned after each fiscal quarter to have completely elapsed since December 31, 19972003.

Consolidated Tangible Net Worth. The Borrower and on a consolidated basis with its Consolidated Subsidiaries shall maintain at all times a Consolidated Tangible Net Worth of not less than the amount specified below: sum of (i) $34,000,000.00 and increasing by 125,000,000 plus (ii) fifty percent (50%) percent of the Consolidated Net Income aggregate proceeds received by the Borrower (without deduction or offset for net losses), earned of actual related fees and expenses) in connection with any offering of stock in the Borrower after December 31, 1997the Closing Date.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain at all times a Consolidated Tangible Net Worth of not less than the amount specified below: $34,000,000.00 and increasing by fifty sum of (i) 80% of Consolidated Tangible Net Worth as of December 31, 2006, (ii) 50%) percent % of the Consolidated Net Income (without deduction or offset but only if it is a positive number) for net losses), earned each fiscal quarter of the Borrower ended after December 31, 19972006 and (iii) 100% of the net proceeds from any offering of the equity securities of the Borrower consummated after the Closing Date.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries Borrowers shall maintain at all times a maintain Consolidated Tangible Net Worth of the Borrowers and their Subsidiaries of not less than the sum of (i) $108,000,000.00 plus, (ii) on a cumulative basis, an amount specified below: $34,000,000.00 and increasing by fifty (equal to 50%) percent % of the Consolidated Net Income net after tax profit of the Borrowers and their Subsidiaries earned in each of their fiscal quarters (without deduction or offset for net lossescommencing with the fiscal quarter ending May 28, 2004), earned after December 31, 1997with no reduction for losses.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain at all times as of the last day of each fiscal quarter a Consolidated Tangible Net Worth of not less than the amount specified below: sum of (i) $34,000,000.00 and increasing by fifty 200,000,000, (ii) 50%) percent % of the Consolidated Net Income (without deduction or offset but only if it is a positive number) for each fiscal quarter of the Borrower ended after September 30, 2012, and (iii) 100% of the net losses)proceeds from any offering of the equity securities of the Borrower consummated after June 30, earned after December 31, 19972012.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain Borrowers will at all times a maintain Consolidated Tangible Net Worth of in an amount not less than the amount specified below: sum of (a) Forty Million Dollars ($34,000,000.00 and increasing by fifty 40,000,000) plus (50b) seventy-five percent (75%) percent of the positive Consolidated Net Income (without deduction or offset of Borrowers for net losses), earned after December 31, 1997each fiscal quarter to have completely elapsed since September 30,2001.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain at all times maintain a Consolidated Tangible Net Worth of not less than the amount specified below: sum of (i) $34,000,000.00 70,000,000 and increasing by fifty (ii) 50%) percent % of the aggregate amount of Consolidated Net Income (of the Parent and its Subsidiaries, including the Borrower, for each of the fiscal quarters ending after September 30, 1999 but without deduction or offset deducting therefrom any amount of Consolidated Net Deficit for net losses), earned after December 31, 1997.any of such fiscal quarters;

Consolidated Tangible Net Worth. The Borrower and on a consolidated basis with its Consolidated Subsidiaries shall maintain at all times a Consolidated Tangible Net Worth of not less than $250,000,000, plus 80% of any net cash proceeds from equity offerings completed subsequent to the amount specified below: $34,000,000.00 and increasing by fifty (50%) percent of the Consolidated Net Income (without deduction or offset for net losses), earned after December 31, 1997Closing Date.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain at all times a Consolidated Tangible Net Worth of not less than the amount specified below: sum of (i) the greater of $34,000,000.00 and increasing by fifty 193,000,000 or 85 percent of Borrower’s Consolidated Tangible Net Worth as of June 30, 2010, (ii) 50%) percent % of the Consolidated Net Income (without deduction or offset but only if it is a positive number) for each fiscal quarter of the Borrower ended after June 30, 2010, and (iii) 100% of the net losses)proceeds from any offering of the equity securities of the Borrower consummated after June 30, earned after December 31, 19972010.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain Borrowers will at all times cause to be maintained a minimum Consolidated Tangible Net Worth of not less than the amount specified below: $34,000,000.00 and increasing by 63,500,000, plus fifty percent (50%) percent of the positive Consolidated Net Income (without deduction for each fiscal quarter of the Borrowers ending on or offset for after September 30, 2001, plus the cash proceeds from the issuance and sale of any common stock, preferred stock, warrant or other equity securities of the Credit Parties, net losses), earned after December 31, 1997of any brokerage commissions and any other reasonable costs or expenses directly attributable to such issuance.

Consolidated Tangible Net Worth. The Borrower and its Consolidated Subsidiaries shall maintain at all times a Consolidated Tangible Net Worth of not less than the amount specified below: sum of (i) $34,000,000.00 and increasing by fifty 245,000,000, (ii) 50%) percent % of the Consolidated Net Income (without deduction or offset but only if it is a positive number) for net losses), earned each fiscal quarter of the Borrower ended after December 31, 19972009, and (iii) 100% of the net proceeds from any offering of the equity securities of the Borrower consummated after December 31, 2009.