Common use of Minimum Tangible Clause in Contracts

Minimum Tangible. Net Worth: Borrower shall maintain a Tangible Net Worth of not less than $3,500,000 plus 100% of all consideration received after the date hereof for equity securities and subordinated debt of the Borrower less the current principal amount outstanding of Term Loan #2. Increases in the Minimum Tangible Net Worth Covenant based on consideration received for equity securities and subordinated debt of the Borrower shall be effective as of the end of the month in which such consideration is received, and shall continue effective thereafter.

Minimum Tangible. Net Worth: Borrower shall maintain a Tangible Net Worth of not less than <$3,500,000 4,000,000> plus 10050% of all consideration received after the date hereof for equity securities and subordinated debt of the Borrower less the current principal amount outstanding Borrower, except for consideration received from option holders upon exercise of Term Loan #2options to purchase Borrower’s stock. Increases in the Minimum Tangible Net Worth Covenant based on consideration received for equity securities and subordinated debt of the Borrower shall be effective as of the end of the month in which such consideration is received, and shall continue effective thereafter.