Book Net Worth. The Company shall maintain on the last day of each quarter occurring in each of the periods set forth below, the Book Net Worth (as that term is defined in the Company's credit agreement with NBCI dated May 3, 1994) which is greater than or equal to the amount set forth opposite such period: PERIOD BOOK NET WORTH ------ -------------- Date hereof to and including June 29, 1994 ($4,232,000) June 30, 1994 to and including September 29, 1994 ($3,300,000) September 30, 1994 to and including December 30, 1994 ($2,850,000) December 31, 1994 to and including March 30, 1995 ($3,100,000) March 31, 1995 to and including June 29, 1995 ($2,650,000) June 30, 1995 to and including September 29, 1995 ($1,000,000) September 30, 1995 to and including December 30, 1995 ($ 800,000) December 31, 1995 to and including March 30, 1996 ($ 900,000) March 31, 1996 to and including June 29, 1996 ($ 400,000) June 30, 1996 to and including September 29, 1996 $1,000,000 September 30, 1996 and thereafter $1,600,000
Book Net Worth. Permit Borrower's book net worth, at any time, to be less than $9,750,000."
Book Net Worth. Borrower's Book Net Worth shall not be less -------------- than $5,000,000.00.
Book Net Worth. Month Ending Minimum Net Income Actual ------------ ------------------ ------ August 31, 2002 ($1,000,000.00) September 30, 2002 ($1,200,000.00) October 31, 2002 ($1,400,000.00) November 30, 2002 ($1,400,000.00) December 31, 2002 ($1,500,000.00) January 31, 2003 ($1,400,000.00) February 28, 2003 ($1,250,000.00) March 31, 2003 ($800,000.00) April 30, 2003 ($350,000.00) May 31, 2003 $100,000.00 Covenant 6.15 Stop Loss Month Ending Maximum Allowable Net Loss Actual ------------ -------------------------- ------ Each month $500,000.00
Book Net Worth. The Borrower, on a consolidated basis, shall maintain at all times shareholders' equity, as determined in accordance with GAAP ("Book Net Worth") of not less than $75,000,000.00. For purposes of calculating book net worth in this Section, the inventory of the Borrower and its Subsidiaries shall be valued on a FIFO basis.
Book Net Worth. The Companies shall achieve a Book Net Worth of not less than: $22,500,000.00 as of December 31, 1995; $20,500,000.00 as of June 30, 1996; $19,750,000.00 as of December 31, 1996; $19,500,000.00 as of June 30, 1997; $20,750,000.00 as of December 31, 1997; $21,000,000.00 as of June 30, 1998; $22,000,000.00 as of December 31, 1998; and $22,500,000.00 as of June 30, 1999, and continuing at all times thereafter.
Book Net Worth. Permit Book Net Worth at any time to be less than $126,000,000."
Book Net Worth. Permit the consolidated Book Net Worth of the Borrower to be less than $10,750,000 at any time during the Borrower's 1996 fiscal year. Permit the consolidated Book Net Worth of the Borrower at any time during the Borrower's 1997 fiscal year to be less than $10,750,000 plus 50% of the Borrower's 1996 consolidated net income after taxes plus 100% of all other equity increases during the Borrower's 1996 fiscal year (without reduction for net losses or for other equity decreases during the Borrower's 1996 fiscal year). Permit the consolidated Book Net Worth of the Borrower at any time during the Borrower's 1998 fiscal year to be less than $10,750,000 plus 50% of the Borrower's 1996 and 1997 consolidated net income after taxes plus 100% of all other equity increases during the Borrower's 1996 and 1997 fiscal years (without reduction for net losses or for other equity decreases during the Borrower's 1996 or 1997 fiscal years). Permit the consolidated Book Net Worth of the Borrower at any time during the Borrower's 1999 fiscal year to be less than $10,750,000 plus 50% of the Borrower's 1996, 1997 and 1998 consolidated net income after taxes plus 100% of all other equity increases during the Borrower's 1996, 1997 and 1998 fiscal years (without reduction for net losses or for other equity decreases during the Borrower's 1996, 1997 or 1998 fiscal years).
Book Net Worth. The Companies shall achieve a Book Net Worth of not less than: the sum of (i) $23,500,000.00 plus (ii) the net cash proceeds resulting from the issuance by the Borrower on or after January 1, 1999, of any capital stock of any nature, whether voting or non-voting, common, preferred or otherwise ("Capital Stock") as of June 30, 1999, and the sum of (i) $25,000,000.00, plus (ii) the net cash proceeds resulting from the issuance by the Borrower on or after January 1, 1999, of any Capital Stock as of December 31, 1999, and continuing at all times thereafter.
Book Net Worth. To maintain on a consolidated basis net worth equal to at least the sum of the following:
