Common use of New Equity Clause in Contracts

New Equity. Borrower shall have received new equity capital after September 1, 1997 of no less than FOUR MILLION AND NO/100THS DOLLARS ($4,000,000) (the "New Equity") on or before April 15, 1998. Borrower will deposit in its accounts with Bank any new equity raised after January 31, 1998 and will notify Bank promptly of its compliance or non-compliance with this covenant.

New Equity. Borrower shall have received new equity capital after September 1, 1997 of no less than FOUR THREE MILLION AND NO/100THS DOLLARS NO/100ths Dollars ($4,000,0003,000,000) (the "New Equity") on or before April 15, 1998. Borrower will deposit in its accounts with Bank any new equity raised after January 31, 1998 and will notify Bank promptly of its compliance or non-compliance with this covenant1998.