Common use of Tangible Net Worth Clause in Contracts

Tangible Net Worth. Permit Tangible Net Worth, as of the last day of any fiscal quarter of Borrowers and their Subsidiaries ending during any period specified below, to be less than $77,000,000 plus 80% of Borrowers' cumulative net income after December 31, 1997 not reduced by net losses and increased by one hundred percent (100%) of funds generated from any equity offering occurring after May 31, 1998.

Tangible Net Worth. Permit Tangible Net WorthWorth shall at all times be greater than or equal to the sum of (i) $150,000,000 plus (ii) 25% of Net Income (without deduction for losses) earned for each fiscal quarter of the Borrower (beginning with the quarter ending September 30, as 2001) including the most recent fiscal quarter ending prior to the date of determination plus (iii) 50% of the amount of Net Cash Proceeds from any Equity Issuance occurring from the Effective Date to the last day of any the most recent fiscal quarter ending prior to the date of Borrowers and their Subsidiaries ending during any period specified below, to be less than $77,000,000 plus 80% of Borrowers' cumulative net income after December 31, 1997 not reduced by net losses and increased by one hundred percent (100%) of funds generated from any equity offering occurring after May 31, 1998determination.

Tangible Net Worth. Permit Tangible Net WorthWorth shall at all times be greater than or equal to the sum of (i) $219,000,000 plus (ii) 25% of Net Income (without deduction for losses) earned for each fiscal quarter of the Borrower (beginning with the quarter ending September 30, as 2004) including the most recent fiscal quarter ending prior to the date of determination plus (iii) 50% of the amount of Net Cash Proceeds from any Equity Issuance occurring from the Effective Date to the last day of any the most recent fiscal quarter ending prior to the date of Borrowers and their Subsidiaries ending during any period specified below, to be less than $77,000,000 plus 80% of Borrowers' cumulative net income after December 31, 1997 not reduced by net losses and increased by one hundred percent (100%) of funds generated from any equity offering occurring after May 31, 1998determination.

Tangible Net Worth. Permit Tangible Net WorthBorrower shall maintain, as of the last day of any fiscal each calendar quarter, commencing with the quarter of Borrowers and their Subsidiaries ending during any period specified below, to be less than $77,000,000 plus 80% of Borrowers' cumulative net income after December 31, 1997 1999, a Tangible Net Worth of not reduced by net losses and increased by one hundred less than the aggregate of: (i) Twenty-Eight Million Dollars ($28,000,000.00), plus (ii) fifty percent (10050%) of funds generated the amount of cash received by Borrower from any equity a public offering occurring after May 31of the Borrower's stock, 1998plus (iii) fifty percent (50%) of Borrower's quarterly net income.

Tangible Net Worth. Permit Tangible Net Worth, as As of the last day of any each fiscal quarter of Borrowers and their Subsidiaries the Borrower (beginning with the fiscal quarter ending during any period specified belowSeptember 30, 2000), Tangible Net Worth shall be greater than or equal to be less than the sum of (i) $77,000,000 800 million, plus 80(ii) 50% of Borrowers' the cumulative net income after December Net Income (without deduction for losses) earned for each completed fiscal quarter subsequent to March 31, 1997 not reduced by net losses and increased by one hundred percent (100%) 2000 to the date of funds generated from any equity offering occurring after May 31, 1998determination.

Tangible Net Worth. Permit Tangible Net Worth, as As of the last day of any each fiscal quarter of Borrowers and their Subsidiaries the Borrower (beginning with the fiscal quarter ending during any period specified belowJune 30, 2003), Tangible Net Worth shall be greater than or equal to be less than the sum of (i) $77,000,000 1,921,826,000, plus 80(ii) 50% of Borrowers' the cumulative net income after December 31Net Income of the Borrower and its Subsidiaries (without deduction for losses) earned for each completed fiscal quarter subsequent to June 30, 1997 not reduced by net losses and increased by one hundred percent (100%) 2003 to the date of funds generated from any equity offering occurring after May 31, 1998determination.

Tangible Net Worth. Permit To maintain Tangible Net Worth, Worth as of the last day of any each fiscal quarter of Borrowers and their Subsidiaries ending during any period specified below, to be the Borrower which is not less than the following: (a) $77,000,000 plus 8025,500,000; plus (b) the sum of 50% of Borrowers' cumulative net income after income taxes (without subtracting losses) earned in each quarterly accounting period commencing with the fiscal quarter ending December 31, 1997 not reduced by net losses and increased by one hundred percent (100%) of funds generated from any equity offering occurring after May 31, 19982004.

Tangible Net Worth. Permit In the case of Borrower, permit the Tangible Net Worth, Worth as of the last day end of any fiscal quarter of Borrowers and their Subsidiaries ending during any period specified below, the Borrower to be less than the sum of (i) $77,000,000 246,103,400 plus 80(ii) 25% of Borrowers' cumulative the Borrower’s Consolidated Net Income (but only if a positive number) for each fiscal quarter ended subsequent to December 31, 2011 plus (iii) 90% of the net income cash proceeds from the issuance of the Borrower’s capital stock after December 31, 1997 not reduced by net losses and increased by one hundred percent (100%) of funds generated from any equity offering occurring after May 31, 19982011.

Tangible Net Worth. Permit Tangible Net Worth, as As of the last day of any each fiscal quarter of Borrowers and their Subsidiaries the Borrower (beginning with the fiscal quarter ending during any period specified belowSeptember 30, 1999), Tangible Net Worth shall be greater than or equal to be less than the sum of (i) $77,000,000 550 million, plus 80(ii) 50% of Borrowers' the cumulative net income after December 31Net Income (without deduction for losses) earned for each completed fiscal quarter subsequent to January 1, 1997 not reduced by net losses and increased by one hundred percent (100%) 1995 to the date of funds generated from any equity offering occurring after May 31, 1998determination.

Tangible Net Worth. Permit Tangible Net Worth, as As of the last day end of any each fiscal quarter of Borrowers and their Subsidiaries ending during any period specified belowthe Borrower, the Tangible Net Worth shall be greater than or equal to be less than the sum of (i) $77,000,000 75,000,000 plus 80(ii) 50% of Borrowers' cumulative net income after December 31, Net Income (as calculated at the end of each fiscal year beginning with the 1997 not reduced by net losses and increased by one hundred percent (100%fiscal year) of funds generated from any equity offering occurring after May 31the Borrower and its Subsidiaries, 1998on a consolidated basis, without deduction for losses.

Tangible Net Worth. Permit Tangible Net Worth, as As of the last day of any each fiscal quarter of Borrowers and their Subsidiaries the Borrower (beginning with the fiscal quarter ending during any period specified belowJune 30, 2004), Tangible Net Worth shall be greater than or equal to be less than the sum of (i) $77,000,000 2,600,000,000, plus 80(ii) 50% of Borrowers' the cumulative net income after December 31Net Income of the Borrower and its Subsidiaries (without deduction for losses) earned for each completed fiscal quarter subsequent to June 30, 1997 not reduced by net losses and increased by one hundred percent (100%) 2004 to the date of funds generated from any equity offering occurring after May 31, 1998determination.

Tangible Net Worth. Permit Tangible Net Worth, as As of the last day of any each fiscal quarter of Borrowers and their Subsidiaries the Borrower (beginning with the fiscal quarter ending during any period specified belowSeptember 30, 2005), Tangible Net Worth shall be greater than or equal to be less than the sum of (i) $77,000,000 3,595,972,000, plus 80(ii) 50% of Borrowers' the cumulative net income after December 31Net Income of the Borrower and its Subsidiaries (without deduction for losses) earned for each completed fiscal quarter subsequent to June 30, 1997 not reduced by net losses and increased by one hundred percent (100%) 2005 to the date of funds generated from any equity offering occurring after May 31, 1998determination.

Tangible Net Worth. Permit Tangible Net Worth, as As of the last day of any each fiscal quarter of Borrowers and their Subsidiaries the Borrower (beginning with the fiscal quarter ending during any period specified belowSeptember 30, 2007), Tangible Net Worth shall be greater than or equal to be less than the sum of (i) $77,000,000 4,000,000,000, plus 80(ii) 50% of Borrowers' the cumulative net income after December 31Net Income of the Borrower and its Subsidiaries (without deduction for losses) earned for each completed fiscal quarter subsequent to September 30, 1997 not reduced by net losses and increased by one hundred percent (100%) 2007 to the date of funds generated from any equity offering occurring after May 31, 1998determination.

Tangible Net Worth. Permit Tangible Net WorthWorth shall at all times be greater than or equal to the sum of (i) $150,000,000 plus (ii) 25% of Net Income (without deduction for losses) earned for each fiscal quarter of the Borrower (beginning with the quarter ending September 30, as 2001) including the most recent fiscal quarter ending prior to the date of determination plus (iii) 50% of the amount of Net Cash Proceeds from any Equity Issuance occurring from June 14, 2001 to the last day of any the most recent fiscal quarter ending prior to the date of Borrowers and their Subsidiaries ending during any period specified below, to be less than $77,000,000 plus 80% of Borrowers' cumulative net income after December 31, 1997 not reduced by net losses and increased by one hundred percent (100%) of funds generated from any equity offering occurring after May 31, 1998determination.

Tangible Net Worth. Permit Tangible Net Worth, as As of the last day of any each fiscal quarter of Borrowers and their Subsidiaries Borrower (beginning with the fiscal quarter ending during any period specified belowSeptember 30, 2015), Tangible Net Worth shall be greater than or equal to be less than the sum of (i) $77,000,000 3,155,912,000, plus 80% of Borrowers' cumulative net income after December 31, 1997 not reduced by net losses and increased by one hundred (ii) an amount equal to fifty percent (10050%) of funds generated from any equity offering occurring after May 31the cumulative Net Income of Borrower and its Subsidiaries (without deduction for losses) earned for each completed fiscal quarter subsequent to July 23, 19982014 to the date of determination.

Tangible Net Worth. Permit Tangible Net Worth, as As of the last day of any each fiscal quarter of Borrowers and their Subsidiaries Borrower (beginning with the fiscal quarter ending during any period specified belowJune 30, 2014), Tangible Net Worth shall be greater than or equal to be less than the sum of (i) $77,000,000 3,155,912,000, plus 80% of Borrowers' cumulative net income after December 31, 1997 not reduced by net losses and increased by one hundred (ii) an amount equal to fifty percent (10050%) of funds generated from any equity offering occurring after May 31, 1998the cumulative Net Income of Borrower and its Subsidiaries (without deduction for losses) earned for each completed fiscal quarter subsequent to the Closing Date to the date of determination.

Tangible Net Worth. Permit Tangible Net Worth, as of the last day of any fiscal quarter of Borrowers and their Subsidiaries end beginning with the fiscal quarter ending during any period specified belowSeptember 30, 1999, its Tangible Net Worth to be less than the sum of the following: (a) $77,000,000 plus 8022,000,000; plus (b) 75% of Borrowers' cumulative Borrower's Net Income for which Net Income is a positive number measured cumulatively for each fiscal quarter beginning with the fiscal quarter starting January 1, 1999; plus (c) 100% of the net income after December 31, 1997 not reduced by net losses and increased by one hundred percent (100%) proceeds of funds generated from any offering of any equity offering occurring securities consummated after May 31, 1998the date hereof; plus (d) 100% of any capital contributions made to Borrower after the date hereof.

Tangible Net Worth. Permit Tangible Net Worth, as As of the last day of any each fiscal quarter of Borrowers and their Subsidiaries the Borrower (beginning with the fiscal quarter ending during any period specified belowJune 30, 2007), Tangible Net Worth shall be greater than or equal to be less than the sum of (i) $77,000,000 4,761,718,400, plus 80(ii) 50% of Borrowers' the cumulative net income after December Net Income of the Borrower and its Subsidiaries (without deduction for losses) earned for each completed fiscal quarter subsequent to March 31, 1997 not reduced by net losses and increased by one hundred percent (100%) 2007 to the date of funds generated from any equity offering occurring after May 31, 1998determination.

Tangible Net Worth. Permit The Tangible Net Worth, Worth shall as of the last day of any each fiscal quarter commencing with the fiscal quarter ending June 30, 1996 equal or exceed the sum of Borrowers and their Subsidiaries ending during any period specified below$67,500,000, to be less than $77,000,000 plus (X) 80% of Borrowers' cumulative all positive Net Income earned during each fiscal quarter commencing with the fiscal quarter ended September 30, 1996, plus (Y) 50% of the net income after December 31tangible proceeds received from the sale by PSI of any shares of its capital stock during each fiscal quarter commencing with the fiscal quarter ended September 30, 1997 not reduced by net losses and increased by one hundred percent (100%) of funds generated from any equity offering occurring after May 31, 19981996.

Tangible Net Worth. Permit Tangible Net Worth, as As of the last day of any each fiscal quarter of Borrowers and their Subsidiaries Borrower (beginning with the fiscal quarter ending during any period specified belowJune 30, 2016), Tangible Net Worth shall be greater than or equal to be less than the sum of (i) $77,000,000 3,227,239,400, plus 80% of Borrowers' cumulative net income after December 31, 1997 not reduced by net losses and increased by one hundred (ii) an amount equal to fifty percent (10050%) of funds generated from any equity offering occurring after May the cumulative Net Income of Borrower and its Subsidiaries (without deduction for losses) earned for each completed fiscal quarter subsequent to March 31, 19982016 to the date of determination.

Tangible Net Worth. Permit The Borrower shall have at the end of each fiscal quarter Tangible Net WorthWorth in an amount equal to or greater than the sum of (i) $80,641,828, as plus (ii) 75% of net income (with no deduction for losses) for the period commencing with the first day of the last day calendar quarter beginning January 1, 1997 and each subsequent quarter on a cumulative basis, plus (iii) 100% of any fiscal quarter new issuance of Borrowers and their Subsidiaries ending during any period specified below, to be less than $77,000,000 plus 80% of Borrowers' cumulative net income after December 31, 1997 not reduced by net losses and increased by one hundred percent (100%) of funds generated from any equity offering occurring after May 31, 1998equity.

Tangible Net Worth. Permit Tangible Net Worth, as As of the last day end of any each fiscal quarter of Borrowers and their Subsidiaries the Borrower ending during on or after June 30, 2005, the sum of the Borrower’s Base Tangible Net Worth plus any period specified below, to deferred incomes taxes shall not be less than $77,000,000 plus 80% of Borrowers' cumulative net income after December 31, 1997 not reduced by net losses and increased by one hundred percent (100%) of funds generated from any equity offering occurring after May 31, 199830,900,000.