Common use of Capital Base Clause in Contracts

Capital Base. Maintain a minimum Capital Base, as defined herein, as at 5/31/08 and at the end of each fiscal quarter thereafter of at least the sum of $124,000,000 plus 75% of cumulative consolidated quarterly net income of the Borrower and its Subsidiaries after 5/31/08. In addition, 75% of the net proceeds received by the Borrower or its Subsidiaries from any equity offering will be added to the applicable Capital Base amount required as set forth above for the next succeeding fiscal quarter and in each fiscal quarter thereafter. Net losses, if any, will not be deducted from the applicable calculation of Capital Base. Capital Base shall mean for the Borrower and its Subsidiaries on a consolidated basis the sum of Tangible Net Worth plus Subordinated Debt.”

Capital Base. Maintain a minimum Capital Base, as defined herein, as at 5/31/08 11/30/06 and at the end of each fiscal quarter thereafter of at least the sum of $124,000,000 133,997,000 plus 75% of cumulative consolidated quarterly net income of the Borrower and its Subsidiaries after 5/31/0811/30/06. In addition, 75% of the net proceeds received by the Borrower or its Subsidiaries from any equity offering will be added to the applicable Capital Base amount required as set forth above for the next succeeding fiscal quarter and in each fiscal quarter thereafter. Net losses, if any, will not be deducted from the applicable calculation of Capital Base. Capital Base shall mean for the Borrower and its Subsidiaries on a consolidated basis the sum of Tangible Net Worth plus Subordinated Debt.”

Capital Base. Maintain a minimum Capital Base, as defined herein, as at 5/31/08 8/31/05 and at the end of each fiscal quarter thereafter of at least the sum of $124,000,000 120,000,000 plus 75% of cumulative consolidated quarterly net income of the Borrower and its Subsidiaries after 5/31/088/31/05. In addition, 75% of the net proceeds received by the Borrower or its Subsidiaries from any equity offering will be added to the applicable Capital Base amount required as set forth above for the next succeeding fiscal quarter and in each fiscal quarter thereafter. Net losses, if any, will not be deducted from the applicable calculation of Capital Base. “Capital Base Base” shall mean for the Borrower and its Subsidiaries on a consolidated basis the sum of Tangible Net Worth plus Subordinated Debt.”