Common use of Minimum Tangible Net Worth Test Clause in Contracts

Minimum Tangible Net Worth Test. As of the end of each fiscal quarter of the Borrower, fail to maintain minimum Consolidated Tangible Net Worth not less than (i) $182,888,000 plus (ii) the sum of (A) 50% of the cumulative Consolidated Net Income, if positive, of the Loan Parties and their respective Subsidiaries (other than Unrestricted Subsidiaries) from and after December 31, 2013 plus (B) 50% of the net proceeds from any equity offerings of the Borrower occurring on or after the Closing Date, other than such proceeds used to refinance the Borrower’s preferred shares.

Minimum Tangible Net Worth Test. As of the end of each fiscal quarter of the Borrower, fail to maintain minimum Consolidated Tangible Net Worth not less than (i) $182,888,000 726,700,000946,180,000 plus (ii) the sum of (A) 50% of the cumulative Consolidated Net Income, if positive, of the Loan Parties and their respective Subsidiaries (other than Unrestricted Subsidiaries) from and after December 31April 1, 2013 20202021 plus (B) 50% of the net proceeds from any equity offerings of the Borrower occurring on or after the Closing DateApril 1, 20202021, other than such proceeds used to refinance the Borrower’s preferred shares.

Minimum Tangible Net Worth Test. As of the end of each fiscal quarter of the Borrower, fail to maintain minimum Consolidated Tangible Net Worth not less than (i) $182,888,000 353,900,000465,200,000 plus (ii) the sum of (A) 50% of the cumulative Consolidated Net Income, if positive, of the Loan Parties and their respective Subsidiaries (other than Unrestricted Subsidiaries) from and after December June 30, 2014March 31, 2013 2017 plus (B) 50% of the net proceeds from any equity offerings of the Borrower occurring on or after the Closing DateJune 30March 31, 20142017, other than such proceeds used to refinance the Borrower’s preferred shares.

Minimum Tangible Net Worth Test. As of the end of each fiscal quarter of the Borrower, fail to maintain minimum Consolidated Tangible Net Worth not less than (i) $182,888,000 465,200,000726,700,000 plus (ii) the sum of (A) 50% of the cumulative Consolidated Net Income, if positive, of the Loan Parties and their respective Subsidiaries (other than Unrestricted Subsidiaries) from and after December March 31, 2013 2017April 1, 2020 plus (B) 50% of the net proceeds from any equity offerings of the Borrower occurring on or after the Closing DateMarch 31April 1, 20172020, other than such proceeds used to refinance the Borrower’s preferred shares.

Minimum Tangible Net Worth Test. As of the end of each fiscal quarter of the Borrower, fail to maintain minimum Consolidated Tangible Net Worth not less than (i) $182,888,000 235,000,000.00353,900,000 plus (ii) the sum of (A) 50% of the cumulative Consolidated Net Income, if positive, of the Loan Parties and their respective Subsidiaries (other than Unrestricted Subsidiaries) from and after December March 31, 2013 2013June 30, 2014 plus (B) 50% of the net proceeds from any equity offerings of the Borrower occurring on or after the Closing DateMarch 31June 30, 20132014, other than such proceeds used to refinance the Borrower’s preferred shares.

Minimum Tangible Net Worth Test. As of the end of each fiscal quarter of the Borrower, fail to maintain minimum Consolidated Tangible Net Worth not less than (i) $182,888,000 235,000,000.00 plus (ii) the sum of (A) 50% of the cumulative Consolidated Net Income, if positive, of the Loan Parties and their respective Subsidiaries (other than Unrestricted Subsidiaries) from and after December March 31, 2013 plus (B) 50% of the net proceeds from any equity offerings of the Borrower occurring on or after the Closing DateMarch 31, 2013, other than such proceeds used to refinance the Borrower’s 's preferred shares.

Minimum Tangible Net Worth Test. As of the end of each fiscal quarter of the Borrower, fail to maintain minimum Consolidated Tangible Net Worth not less than (i) $182,888,000 946,180,000 plus (ii) the sum of (A) 50% of the cumulative Consolidated Net Income, if positive, of the Loan Parties and their respective Subsidiaries (other than Unrestricted Subsidiaries) from and after December 31April 1, 2013 2021 plus (B) 50% of the net proceeds from any equity offerings of the Borrower occurring on or after the Closing DateApril 1, 2021, other than such proceeds used to refinance the Borrower’s preferred shares.. (d)