Common use of Effective Tangible Net Worth Clause in Contracts

Effective Tangible Net Worth. Permit Effective Tangible Net Worth, as of the end of any fiscal quarter of the Borrower, to be less than the sum of (i) $5,600,000, (ii) on a cumulative basis, on the date the Administrative Agent receives (or should have received) the financial statements referred to in Section 5.1(b) with respect to any quarter (beginning with such statements delivered for the fiscal quarter ended December 31, 2004), 75% of the Net Income of the Borrower and the Subsidiaries (disregarding any loss) in such fiscal quarter and (iii) on a cumulative basis, 100% of the Net Issuance Proceeds of any Equity Offering consummated by the Borrower or any Subsidiary during such fiscal quarter (excluding (1) the approximately $8,200,000 Equity Offering consummated on the closing date of the Boston Biomedica Acquisition, and (2) any Equity Offering consummated prior to the Closing Date).

Effective Tangible Net Worth. Permit Effective Tangible Net Worth, as of the end of any fiscal quarter of the Borrower, to be less than the sum of (i) $5,600,00010,000,000, (ii) on a cumulative basis, on the date the Administrative Agent receives (or should have received) the financial statements referred to in Section 5.1(b) with respect to any quarter (beginning with such statements delivered for the fiscal quarter ended December 31September 30, 2004), 75% of the Net Income of the Borrower and the Subsidiaries (disregarding any loss) in such fiscal quarter and (iii) on a cumulative basis, 100% of the Net Issuance Proceeds of any Equity Offering consummated by the Borrower or any Subsidiary during such fiscal quarter (excluding (1) the approximately $8,200,000 Equity Offering consummated on the closing date of the Boston Biomedica Acquisition, and (2) any Equity Offering consummated prior to the Closing Date).