Common use of Minimum Consolidated Net Worth Clause in Contracts

Minimum Consolidated Net Worth. The Borrower shall not, as of any fiscal quarter end, permit the Consolidated Net Worth to be less than the sum of (i) $55,000,000, plus (ii) 50% of the consolidated net income (but not loss) of the Borrower and the Subsidiaries determined in accordance with GAAP for each fiscal quarter ending after the Closing Date plus (iii) 75% of the aggregate net cash proceeds of each issuance of Equity Interests by the Borrower or any Subsidiary after the Closing Date.

Minimum Consolidated Net Worth. The Borrower shall not, as of Not at any fiscal quarter end, time permit the Consolidated Net Worth to be less than the sum result of (ia) $55,000,000, 225,000,000 plus (iib) 5075% of the consolidated net income (but not loss) of the Borrower and the Subsidiaries determined Consolidated Net Income earned in accordance with GAAP for each fiscal quarter Fiscal Quarter ending after the Closing Date July 1, 2001 (with no deduction for a net loss in any such Fiscal Quarter) plus (iiic) 75% of the Net Cash Proceeds of any Equity Issuance after the Effective Date minus (d) 100% of the aggregate net cash proceeds amount of each issuance of Equity Interests Permitted Restricted Payments made by the Borrower or any Subsidiary after Company and its Subsidiaries since the Closing Effective Date.

Minimum Consolidated Net Worth. The Borrower shall not, as of any fiscal quarter end, permit the Consolidated Net Worth to shall at no time be less than the sum of (i) $55,000,000, 175,000,000 plus (ii) 50% of the consolidated net income (but not loss) of the Borrower and the Subsidiaries determined in accordance with GAAP cumulative Consolidated Net Income for each fiscal quarter beginning after September 27, 1998 and ending after on or prior to the Closing Date relevant date of determination hereof, but in each case in this clause (ii), only to the extent that Consolidated Net Income for each such fiscal quarter or other period is positive plus (iii) 7550% of the aggregate net cash proceeds increase in consolidated stockholders' equity of each issuance of the Borrower from any Equity Interests Issuances by the Borrower or any Subsidiary after the Closing DateSeptember 27, 1998.

Minimum Consolidated Net Worth. The Borrower shall not, as of any fiscal quarter end, permit the Consolidated Net Worth to shall be no less than the sum of (i) $55,000,000700,000,000, plus (ii) an amount equal to 50% of Consolidated Net Income for (x) the consolidated net income fiscal year ending December 31, 2012 and (y) each subsequent fiscal quarter of the Borrower, in each case, for which such Consolidated Net Income is positive (but not losswith no deduction on account of negative Consolidated Net Income for any such fiscal period) and (iii) 100% of the amount of any increase in Consolidated Net Worth attributable to the issuance of capital stock of the Borrower and the Subsidiaries determined in accordance with GAAP for each fiscal quarter ending after the Closing Date plus (iii) 75% of the aggregate net cash proceeds of each issuance of Equity Interests by the Borrower or any Subsidiary after the Closing Datesubsequent to December 31, 2011.

Minimum Consolidated Net Worth. The Borrower shall notwill maintain, as at the last day of any each fiscal quarter endquarter, permit the a minimum Consolidated Net Worth to be less than the sum of equal to: (i) $55,000,000175,000,000, plus (ii) the sum of: (a) commencing with the fiscal quarter ending September 27, 1998 and without deduction for the loss in any fiscal quarter, 50% of Consolidated Net Income for such fiscal quarter (if positive), plus (b) 80% of the consolidated proceeds (net income (but not lossof customary and reasonable transaction costs) of all equity issuances of the Borrower and the its consolidated Subsidiaries determined in accordance with GAAP for each fiscal quarter ending occurring after the Closing Date plus (iii) 75% of the aggregate net cash proceeds of each issuance of Equity Interests by the Borrower or any Subsidiary after the Closing DateJune 28, 1998.

Minimum Consolidated Net Worth. The Borrower shall not, as of any fiscal quarter end, permit the Consolidated Net ------------------------------- Worth to shall not at any date be less than the sum of (i) $55,000,000, 745,000,000 plus (ii) 50% of the consolidated net income (but not loss) of the Borrower and the Subsidiaries determined in accordance with GAAP Consolidated Net Income, if positive, for each fiscal quarter year ending after the Closing Date December 31, 1996, plus (iii) 75if such date is not the last day of a fiscal year, 50% of Consolidated Net Income, if positive, for the aggregate net cash proceeds period consisting of each issuance any fiscal quarters of Equity Interests by the Borrower then current fiscal year that have ended on or any Subsidiary after the Closing Datebefore such date.

Minimum Consolidated Net Worth. The Borrower shall not, as of any fiscal quarter end, permit Permit the Consolidated Net Worth to be less than the sum of a minimum amount equal to: (i) $55,000,00053,000,000, plus (ii) 50on a fiscal quarter basis beginning with the quarter ending March 31, 1999, a cumulative amount equal to 75% of the consolidated net income (but not loss) Consolidated Net Income, or minus 100% of the Borrower and the Subsidiaries determined in accordance with GAAP for each fiscal quarter ending after the Closing Date Consolidated Net Losses, plus (iii) 75100% of the aggregate net cash proceeds of each issuance of any Equity Interests by Proceeds raised subsequent to December 31, 1998. 3. The following text shall be inserted into the Borrower or any Subsidiary after the Closing Date.Credit Agreement as Section 7.1(e):

Minimum Consolidated Net Worth. The Borrower shall not, as of any fiscal quarter end, permit the Permit Consolidated Net Worth as of the close of each fiscal year (beginning with the fiscal year ending September 30, 2004) to be less than the sum of (i) $55,000,00090% of the Consolidated Net Worth as reported in the Borrower's quarterly report on Form 10Q for the period ending December 31, 2003 plus (ii) 50% of Consolidated Net Income (to the consolidated net income (but not lossextent a positive number) of the Borrower and the its Consolidated Subsidiaries determined in accordance with GAAP for each fiscal quarter ending after the Closing Date plus (iii) 75% of the aggregate net cash proceeds of each issuance of Equity Interests by the Borrower or any Subsidiary fiscal years ended after the Closing DateSeptember 30, 2003.

Minimum Consolidated Net Worth. The Borrower shall not, as of any fiscal quarter end, permit the will at all times maintain Consolidated Net Worth to be of not less than the sum of (i) $55,000,00085% of Consolidated Net Worth at December 31, 2004 plus (ii) 50% of the consolidated net income Consolidated Net Income (but not lossif positive) of the Borrower and the Subsidiaries determined earned in accordance with GAAP for each fiscal quarter beginning with the fiscal quarter ending after the Closing Date March 31, 2005 plus (iii) 75% the amount of all Net Cash Proceeds resulting from issuances of the aggregate net cash proceeds of each issuance of Equity Interests by Borrower's or any Subsidiary's capital stock or other equity interests to a Person other than the Borrower or any Subsidiary after the Closing DateSubsidiary.

Minimum Consolidated Net Worth. The Borrower shall not, as of any fiscal quarter end, permit the Consolidated Net Worth to shall at no time be less than the sum of (i) $55,000,000, 142,696,000 plus (ii) 5080% of the consolidated net income (but not loss) of the Borrower and the Subsidiaries determined in accordance with GAAP cumulative Consolidated Net Income for each fiscal quarter ending beginning after March 31, 1995 and ended on or prior to the Closing Date relevant date of determination hereof, but in each case only to the extent that Consolidated Net Income for each such fiscal quarter or other period is positive plus (iii) 7580% of the aggregate net cash proceeds increase in consolidated stockholders' equity of each issuance of the Borrower from any Equity Interests Issuances by the Borrower or any Subsidiary after the Closing DateMarch 31, 1995.

Minimum Consolidated Net Worth. The Borrower shall not, as of any fiscal quarter end, permit the Consolidated Net Worth to shall not at any time be less than the sum of $350,000,000; provided that such amount shall be increased (i) $55,000,000as of December 31, plus (ii) 1996 by an amount equal to 50% of the consolidated net income (but not loss) of the Borrower and its Consolidated Subsidiaries for the Subsidiaries determined in accordance with GAAP for six months then ended, if such consolidated net income is positive, and (ii) as of the last day of each fiscal quarter ending after the Closing Date plus (iii) 75year thereafter by an amount equal to 50% of the aggregate consolidated net cash proceeds income of each issuance of Equity Interests by the Borrower or any Subsidiary after the Closing Dateand its Consolidated Subsidiaries for such fiscal year, if such consolidated net income is positive.

Minimum Consolidated Net Worth. The Borrower shall not, as of any fiscal quarter end, permit the Consolidated Net Worth to shall at no time be less than the sum of (i) $55,000,000, 135,000,000 plus (ii) 50% of the consolidated net income (but not loss) of the Borrower and the Subsidiaries determined in accordance with GAAP cumulative Consolidated Net Income for each fiscal quarter ending beginning after March 31, 2001 for which the Closing Date Company shall have delivered financial statements pursuant to Section 5.01(a) or (b), but excluding any such fiscal quarter for which Consolidated Net Income is negative, plus (iii) 7550% of the aggregate net cash proceeds increase in consolidated stockholders’ equity of each issuance of the Company from any Equity Interests Issuances by the Borrower or any Subsidiary Company after the Closing DateMarch 31, 2001.

Minimum Consolidated Net Worth. The Borrower shall not, as of any fiscal quarter end, permit the Permit Consolidated Net Worth as of the close of each fiscal year (beginning with the fiscal year ending September 30, 2005) to be less than the sum of (i) $55,000,00090% of the Consolidated Net Worth as reported in the Borrower's quarterly report on Form 10Q for the period ending December 31, 2004 plus (ii) 50% of Consolidated Net Income (to the consolidated net income (but not lossextent a positive number) of the Borrower and the its Consolidated Subsidiaries determined in accordance with GAAP for each fiscal quarter ending after the Closing Date plus (iii) 75% of the aggregate net cash proceeds of each issuance of Equity Interests by the Borrower or any Subsidiary fiscal years ended after the Closing DateSeptember 30, 2004.

Minimum Consolidated Net Worth. The Borrower shall not, as of will not at any fiscal quarter end, ------------------------------ time permit the its Consolidated Net Worth to be less than an amount equal to the sum of (i) $55,000,000, 123,940,000 plus (ii) 50% of the consolidated net income (but not loss) of positive Consolidated Net Income for the Borrower and the Subsidiaries determined in accordance with GAAP for each fiscal quarter Fiscal Quarter ending after the Closing Date December 31, 1998, plus (iii) 7550% of the aggregate positive Consolidated Net Income for each Fiscal Year ending after December 31, 1998, plus (iv) an amount equal to 100% of net cash proceeds of each from the issuance of Equity Interests by the Borrower after September 30, 1998, of additional equity securities or any Subsidiary after the Closing Dateother equity capital investments.

Minimum Consolidated Net Worth. The Borrower shall not, as of any fiscal quarter end, permit the Consolidated Net Worth to ------------------------------ shall not at any date be less than the sum of (i) $55,000,000, 575,000,000 plus (ii) 50% of the consolidated net income (but not loss) of the Borrower and the Subsidiaries determined in accordance with GAAP Consolidated Net Income, if positive, for each fiscal quarter year ending on or after the Closing Date September 30, 1999, plus (iii) 75if such date is not the last day of a fiscal year, 50% of Consolidated Net Income, if positive, for the aggregate net cash proceeds period consisting of each issuance any fiscal quarters of Equity Interests by the Borrower then current fiscal year (commencing with the fiscal year ending September 30, 1999) that have ended on or any Subsidiary after the Closing Datebefore such date.