Common use of Maintain Tangible Net Worth Clause in Contracts

Maintain Tangible Net Worth. On a consolidated basis for the Borrower and its consolidated Subsidiaries, maintain, as of the end of each of the Borrower's fiscal quarters hereunder, commencing September 27, 1996, a Tangible Net Worth of not less than (a) Four Hundred Forty-Seven Million Eight Hundred Forty-Three Thousand Two Hundred Fifty Dollars ($447,843,250), plus (b) seventy-five percent (75%) of Net Income for each fiscal year, commencing with the fiscal year ending March 31, 1997 (on a cumulative basis but without taking into account any net loss incurred during any fiscal year), plus (c) one hundred percent (100%) of the aggregate consideration received from the issuance or sale of any Equity Securities after September 27, 1996, net of reasonable and customary fees and expenses (including, without limitation, filing fees, brokerage commissions, accounting fees and attorneys fees) incurred in connection with such issuance or sale, plus (d) one hundred percent (100%) of the aggregate decrease in Debt resulting from conversions of the Convertible Subordinated Debt or other liabilities into Equity Securities at any time after September 27, 1996, net of reasonable and customary fees and expenses (including, without limitation, filing fees, brokerage commissions, accounting fees and attorneys fees) incurred in connection with any such conversion or call of the convertible Subordinated Debt. 9. Section 5.7 of the Agreement is hereby amended to read in its entirety as follows:

Maintain Tangible Net Worth. On a consolidated basis for the Borrower and its consolidated Subsidiaries, maintain, as of the end of each of the Borrower's fiscal quarters hereunder, commencing September 27, 1996, a Tangible Net Worth of not less than (a) Four Hundred Forty-Seven Million Eight Hundred Forty-Three Thousand Two Hundred Fifty Dollars ($447,843,250), plus (b) seventy-five percent (75%) of Net Income for each fiscal year, commencing with the fiscal year ending March 31, 1997 (on a cumulative basis but without taking into account any net loss incurred during any fiscal year), plus (c) one hundred percent (100%) of the aggregate consideration received from the issuance or sale of any Equity Securities after September 27, 1996, net of reasonable and customary fees and expenses (including, without limitation, filing fees, brokerage commissions, accounting fees and attorneys fees) incurred in connection with such issuance or sale, plus (d) one hundred percent (100%) of the aggregate decrease in Debt resulting from conversions of the Convertible Subordinated Debt or other liabilities into Equity Securities at any time after September 27, 1996, net of reasonable and customary fees and expenses (including, without limitation, filing fees, brokerage commissions, accounting fees and attorneys fees) incurred in connection with any such conversion or call of the convertible Convertible Subordinated Debt. 97. Section 5.7 of the Agreement is hereby amended to read in its entirety as follows: