Common use of Consolidated Tangible Net Worth Clause in Contracts

Consolidated Tangible Net Worth. The Borrower will not permit Consolidated Tangible Net Worth to be less at any time than the sum of (a) $1,125,000,000 plus (b) 50% of Adjusted Net Income for each fiscal quarter ended after March 31, 2004 (excluding quarters in which Adjusted Net Income shall have been negative).

Consolidated Tangible Net Worth. The Borrower will shall not permit Consolidated Tangible Net Worth at any time to be less at any time than the sum of (a) $1,125,000,000 1,261,633,953 plus (b) fifty percent (50% %) of Adjusted Net Income the cumulative consolidated net income (without deduction for losses sustained during any fiscal quarter) of Borrower and its Subsidiaries for each fiscal quarter subsequent to the fiscal quarter ended after March December 31, 2004 2005, plus (excluding quarters in which Adjusted Net Income shall have been negative)c) fifty percent (50%) of the net proceeds from any equity offerings of Borrower from and after December 31, 2005.

Consolidated Tangible Net Worth. The Borrower will shall not permit its Consolidated Tangible Net Worth at any time to be less at any time than the sum of (ai) $1,125,000,000 250,000,000, plus (bii) 50% of Adjusted cumulative Consolidated Net Income of the Borrower and its Subsidiaries for each all fiscal quarters of the Borrower ended after January 31, 1999 in which Consolidated Net Income is positive (and without any deduction for any fiscal quarter ended after March 31, 2004 (excluding quarters in which Adjusted Consolidated Net Income shall have been is negative), plus (iii) 100% of the Net Equity Proceeds of any equity offering by the Borrower.

Consolidated Tangible Net Worth. The Borrower will not permit Consolidated Tangible Net Worth to be less at any time than the sum of (a) $1,125,000,000 1,000,000,000 plus (b) 50% of Adjusted Net Income for each fiscal quarter ended after March 31, 2004 2002 (excluding quarters in which Adjusted Net Income shall have been negative).

Consolidated Tangible Net Worth. The Borrower will shall not permit Consolidated Tangible Net Worth at any time to be less at any time than the sum of (a) $1,125,000,000 645,405,000 plus (b) 50% of Adjusted the Consolidated Net Income (without deduction for losses sustained during any fiscal quarter) for each fiscal quarter subsequent to the fiscal quarter ended March 31, 2004, plus (c) 50% of the net proceeds from any equity offerings of the Borrower from and after March 31, 2004 (excluding quarters in which Adjusted Net Income shall have been negative)2004.

Consolidated Tangible Net Worth. The Borrower will shall not permit Consolidated Tangible Net Worth at any time to be less at any time than the sum of (a) $1,125,000,000 766,000,000 plus (b) fifty percent (50% %) of Adjusted Net Income the cumulative consolidated net income (without deduction for losses sustained during any fiscal quarter) of Borrower and its Subsidiaries for each fiscal quarter subsequent to the fiscal quarter ended after March December 31, 2004 2003, plus (excluding quarters in which Adjusted Net Income shall have been negative)c) fifty percent (50%) of the net proceeds from any equity offerings of Borrower from and after December 31, 2003.

Consolidated Tangible Net Worth. The Borrower will not not, at any time, permit Consolidated Tangible Net Worth to be less at any time than the sum of (a) $1,125,000,000 plus (b) 28,000,000 plus, on a cumulative basis, 50% of Adjusted positive Consolidated Net Income for each fiscal quarter ended after March year commencing with the fiscal year ending December 31, 2004 1999 and prior to such date of determination (excluding quarters with no deduction for any year in which Adjusted Net Income shall have been negativethere is a net loss)."

Consolidated Tangible Net Worth. The Borrower will shall not permit its Consolidated Tangible Net Worth at any time to be less at any time than the sum of (ai) $1,125,000,000 300,000,000, plus (bii) 50% of Adjusted cumulative Consolidated Net Income of the Borrower and its Subsidiaries for each all fiscal quarters of the Borrower ended since the Closing Date in which Consolidated Net Income is positive (and without any deduction for any fiscal quarter ended after March 31, 2004 (excluding quarters in which Adjusted Consolidated Net Income shall have been is negative), plus (iii) 100% of the Net Equity Proceeds of any equity offering by the Borrower.

Consolidated Tangible Net Worth. The Borrower will not not, any time, permit Consolidated Tangible Net Worth to be less at any time than the sum of (a) $1,125,000,000 plus (b) 250,000,000, plus, on a cumulative basis, 50% of Adjusted positive Consolidated Net Income for each fiscal quarter ended after March 31ending subsequent to September 30, 2004 (excluding quarters 1999, with no deduction for any fiscal quarter in which Adjusted Net Income shall have been negative)there is a net loss. 11.

Consolidated Tangible Net Worth. The Borrower will not permit Consolidated Tangible Net Worth on any day to be less at any time than the sum of (a) $1,125,000,000 92,925,500, plus (b) 50% of Adjusted Net Income for the fiscal quarter ending September 30, 2015 and each fiscal quarter ended after March 31thereafter, 2004 an amount equal to forty-five percent (excluding quarters in which Adjusted Net Income shall have been negative)45%) of the consolidated net income (if positive) of the Borrower and its Subsidiaries, calculated on a cumulative basis.

Consolidated Tangible Net Worth. The Borrower and its Subsidiaries will not permit its Consolidated Tangible Net Worth Worth, measured as of the end of each fiscal quarter of the Borrower, to be less at any time than an amount equal to the sum of (a) $1,125,000,000 95% of the Consolidated Tangible Net Worth of Borrower as of March 31, 2002, plus (b) 50% of Adjusted cumulative positive Consolidated Net Income for each fiscal quarter ended after accrued since March 31, 2004 2002, commencing with the fiscal quarter ending June 30, 2002, plus (excluding quarters in which Adjusted Net Income shall have been negative)c) 100% of the net proceeds from any equity offering.

Consolidated Tangible Net Worth. The Borrower will shall not permit Consolidated its consolidated Tangible Net Worth for any fiscal quarter to be less at any time than the sum of (a) $1,125,000,000 20,000,000, plus (b) 50% of Adjusted the Consolidated Net Income for each fiscal quarter ended after March 31, 2004 (excluding quarters in which Adjusted Net Income shall have been negative)year hereafter .

Consolidated Tangible Net Worth. The Borrower will not not, at any time, permit Consolidated Tangible Net Worth to be less at any time than the sum of (a) $1,125,000,000 plus (b) 30,252,000 plus, on a cumulative basis, 50% of Adjusted positive Consolidated Net Income for each fiscal quarter ended year ending after March 31, 2004 the Closing Date and prior to such date of determination (excluding quarters with no deduction for any year in which Adjusted Net Income shall have been negativethere is a net loss).. 57

Consolidated Tangible Net Worth. The Borrower will not permit Consolidated Tangible Net Worth to be less at any time than the sum of (a) $1,125,000,000 plus 195,000,000, minus (b) $3,000,000, plus (c) on a cumulative basis, 50% of Adjusted positive Consolidated Net Income for each fiscal quarter ended after March year commencing with the fiscal year ending December 31, 2004 2003, plus (excluding quarters d) the proceeds received by the Borrower in which Adjusted Net Income shall have been negative)connection with the sale of equity securities of the Borrower or its Subsidiaries.”

Consolidated Tangible Net Worth. The Borrower will shall not permit Consolidated Tangible Net Worth at any time to be less at any time than the sum of (a) $1,125,000,000 1,000,000,000 plus (b) fifty percent (50% %) of Adjusted Net Income the cumulative consolidated net income (without deduction for losses sustained during any fiscal quarter) of Borrower and its Subsidiaries for each fiscal quarter subsequent to the fiscal quarter ended June 30, 2007, plus (c) fifty percent (50%) of the net proceeds from any equity offerings of Borrower from and after March 31June 30, 2004 (excluding quarters in which Adjusted Net Income shall have been negative)2007.

Consolidated Tangible Net Worth. The Borrower will not permit on a consolidated basis Consolidated Tangible Net Worth measured on a quarterly basis to be less at any time than the sum of (a) $1,125,000,000 18,652,000 plus (b) 5075% of Adjusted Borrower’s cumulative Consolidated Net Income for each fiscal quarter ended after March 31, 2004 (excluding quarters any periods in which Adjusted Borrower’s Consolidated Net Income shall have been is zero or negative)) commencing December 1, 2004.

Consolidated Tangible Net Worth. The Borrower will shall not permit Consolidated Tangible Net Worth at any time to be less at any time than the sum of (a) $1,125,000,000 527,114,000 plus (b) fifty percent (50% %) of Adjusted Net Income the cumulative consolidated net income (without deduction for losses sustained during any fiscal quarter) of Borrower and its Subsidiaries for each fiscal quarter subsequent to the fiscal quarter ended June 30, 2002, plus (c) fifty percent (50%) of the net proceeds from any equity offerings of Borrower from and after March 31June 30, 2004 (excluding quarters in which Adjusted Net Income shall have been negative)2002.

Consolidated Tangible Net Worth. The Borrower Borrowers will not permit -------------------------------- Consolidated Tangible Net Worth to be less at any time than the sum of $60,000,000 plus, on a cumulative basis, fifty percent (a50%) $1,125,000,000 plus (b) 50% of Adjusted positive Consolidated Net Income for each fiscal quarter ended after March 31, 2004 (excluding quarters in which Adjusted Net Income shall have been negative)year ending subsequent to the Closing Date.

Consolidated Tangible Net Worth. The Borrower will not permit Consolidated Tangible Net Worth to be less at any time than the sum of (a) $1,125,000,000 plus (b) 200,000,000 plus, on a cumulative basis 50% of Adjusted positive Consolidated Net Income for each fiscal quarter ended after March 31subsequent to the Closing Date, 2004 (excluding quarters in which Adjusted Net Income shall have been negative)minus Permitted Distributions made subsequent to the Closing Date.

Consolidated Tangible Net Worth. The Borrower will shall not permit Consolidated its consolidated Tangible Net Worth for any fiscal quarter to be less at any time than the sum of (a) $1,125,000,000 22,500,000, plus (b) 50% of Adjusted the Consolidated Net Income for each fiscal quarter ended after March 31, 2004 (excluding quarters in which Adjusted Net Income shall have been negative)year hereafter .

Consolidated Tangible Net Worth. The Borrower will shall not permit Consolidated Tangible Net Worth at any time to be less at any time than the sum of (a) $1,125,000,000 1,136,000,000 plus (b) fifty percent (50% %) of Adjusted Net Income the cumulative consolidated net income (without deduction for losses sustained during any fiscal quarter) of Borrower and its Subsidiaries for each fiscal quarter subsequent to the fiscal quarter ended June 30, 2005, plus (c) fifty percent (50%) of the net proceeds from any equity offerings of Borrower from and after March 31June 30, 2004 (excluding quarters in which Adjusted Net Income shall have been negative)2005.

Consolidated Tangible Net Worth. The Borrower will shall not permit its Consolidated Tangible Net Worth at any time to be less at any time than the sum of (ai) $1,125,000,000 275,000,000, plus (bii) 50% of Adjusted cumulative Consolidated Net Income of the Borrower and its Subsidiaries for each all fiscal quarters of the Borrower ended after January 31, 1998 in which Consolidated Net Income is positive (and without any deduction for any fiscal quarter ended after March 31, 2004 (excluding quarters in which Adjusted Consolidated Net Income shall have been is negative), plus (iii) 100% of the Net Equity Proceeds of any equity offering by the Borrower.

Consolidated Tangible Net Worth. The Borrower will not permit Consolidated Tangible Net Worth on any day to be less at any time than the sum of (a) $1,125,000,000 90,000,000, plus (b) 50% of Adjusted Net Income for the fiscal quarter ending September 30, 2011 and each fiscal quarter ended after March 31therafter, 2004 an amount equal to twenty-five percent (excluding quarters in which Adjusted Net Income shall have been negative)25%) of the consolidated net income (if positive) of the Borrower and its Subsidiaries, calculated on a cumulative basis.

Consolidated Tangible Net Worth. The Borrower will shall not permit its Consolidated Tangible Net Worth at any time to be less at any time than the sum of (ai) $1,125,000,000 plus 70,000,000; (bii) 50% of Adjusted cumulative Consolidated Net Income of the Borrower and its Subsidiaries for each all fiscal quarters of the Borrower ended on or after November 3, 2003 in which Consolidated Net Income is positive (and without any deduction for any fiscal quarter ended after March 31, 2004 (excluding quarters in which Adjusted Consolidated Net Income shall have been is negative), plus (iii) 100% of the Net Equity Proceeds of any equity offering by the Borrower.

Consolidated Tangible Net Worth. The Borrower will not permit Consolidated Tangible Net Worth to be less at any time than the sum of (a) $1,125,000,000 plus (b) 220,000,000 plus, on a cumulative basis 50% of Adjusted positive Consolidated Net Income for each fiscal quarter ended after March 31commencing with the fiscal quarter ending February 28, 2004 (excluding quarters in which Adjusted Net Income shall have been negative)2003, minus Permitted Distributions made subsequent to the Closing Date.”