Common use of Minimum Effective Tangible Net Worth Clause in Contracts

Minimum Effective Tangible Net Worth. Borrower shall maintain, commencing as of December 31, 2002, and on the last day of each fiscal quarter of Borrower thereafter, Effective Tangible Net Worth of at least Twenty Three Million and 00/100 Dollars ($23,000,000.00); provided, however that such amount shall increase, on a cumulative basis, by an amount equal to eighty percent (80%) of net income after taxes in the trailing four (4) fiscal quarter period (with no deduction for losses).

Minimum Effective Tangible Net Worth. Borrower shall maintain, commencing as of December 31, 2002, and on the last day of each fiscal quarter of Borrower thereafterBorrower, Effective Tangible Net Worth of at least Twenty Three Forty One Million Five Hundred Thousand and 00/100 Dollars ($23,000,000.0041,500,000.00); provided, however that commencing September 30, 2002, such amount shall increase, on a cumulative basis, by an amount equal to eighty percent (80%) of net income after taxes in the trailing four (4) fiscal quarter period (with no deduction for losses).

Minimum Effective Tangible Net Worth. Borrower shall maintain, commencing as of December 31, 2002, and on the last day of each fiscal quarter of Borrower thereaftermonth, Effective Tangible Net Worth of at least Twenty Three Seventeen Million Five Hundred Thousand and 00/100 Dollars ($23,000,000.0017,500,000.00); provided, however that such amount shall increase, on a cumulative and quarterly basis, by an amount equal to eighty percent (80%) of net income after taxes in the trailing four (4) fiscal quarter period (with no deduction for losses).