Net Worth Covenant. Permit at any time its Net Worth to be less than the sum of (i) $30,000,000 plus (ii) an amount equal to 50% of the consolidated net income (but not loss) of the Borrower determined in accordance with Section 1.3(b) of this Agreement for each fiscal year of the Borrower commencing with the Borrower's fiscal year ending December 31, 1998, each increase to be effective as of the last day of each fiscal year.
Appears in 2 contracts
Sources: Credit Agreement (Creditrust Corp), Credit Agreement (Creditrust Corp)