Common use of Book Net Worth Clause in Contracts

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. 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). Permit the consolidated Book Net Worth of the Borrower at any time during the Borrower's fiscal year 2000 to be less than $10,750,000 plus 50% of the Borrower's 1996, 1997, 1998 and 1999 consolidated net income after taxes plus 100% of all other equity increases during the Borrower's 1996, 1997, 1998 and 1999 fiscal years (without redution for net losses or for other equity decreases during the Borrower's 1996, 1997, 1998 or 1999 fiscal years).