Tangible Net Worth Requirement. Maintain a total Tangible Net Worth of not less than the greater of: (a) $45,000,000.00, or (b) ninety-five percent (95%) of the equity raised by Borrower as the result of the Initial Public Offering; increasing by seventy percent (70%) of net income (excluding losses) of Borrower and its Subsidiaries on a consolidated basis subsequent to September 30, 1997.
Tangible Net Worth Requirement. Borrower shall maintain a total Tangible Net Worth of not less than $5,500,000.00, increasing by: (x) fifty percent
Tangible Net Worth Requirement. (a) As of the Closing Date, the Company shall have Tangible Net Worth (as defined in this Section 2.4) of at least $2,750,000. If the Tangible Net Worth of the Company as set forth on the balance sheet contained in the Closing Financial Statements (as defined in this Section 2.4) is less than $2,750,000 as of the Closing Date, Parent shall withhold the amount of such shortfall, pro rata from the Stockholders, from the first payment of principal under the Notes. If the Tangible Net Worth of the Company as set forth on the balance sheet contained in the Closing Financial Statements is greater than $2,750,000 as of the Closing Date, Parent shall distribute the amount of such excess, pro rata among the Stockholders, at the time of the first payment of principal under the Notes.
Tangible Net Worth Requirement. Borrower shall maintain a total Tangible Net Worth of not less than the greater of: (a) $20,000,000.00, or (b) the Tangible Net Worth of Borrower at the closing of the Initial Public Offering, less $3,000,000.00; increasing by: (x) fifty percent (50%) of net income (excluding losses) of Borrower subsequent to September 30, 1997, and (y) one hundred percent (100%) of any increases in shareholders' equity resulting from the sale or issuance of stock in Borrower subsequent to September 30, 1997.
Tangible Net Worth Requirement. Maintain a total Tangible Net Worth of not less than the greater of: (a) $45,000,000.00, or (b) ninety-five percent (95%) of the equity raised by Borrower as the result of the Initial Public Offering; increasing by seventy percent (70%) of net income (excluding losses) of the Parent Borrower and its Subsidiaries on a consolidated basis subsequent to September 30, 1997.
Tangible Net Worth Requirement. Maintain a total tangible net worth (being total assets of the Borrower and its Subsidiaries, exclusive of (a) those assets classified as intangible, including, without limitation, goodwill, patents, trademarks, trade names, copyrights, franchises and deferred charges, (b) treasury stock and minority interests in any Person, (c) cash set apart and held in a sinking or other analogous fund established for the purpose of redemption or other retirement of capital stock, (d) to the extent not already deducted from total assets, allowances for depreciation, depletion, obsolescence and/or amortization of properties, uncollectible accounts, and contingent but probable liabilities as to which an amount can be established, (e) deferred taxes and (f) all assets arising from advances to officers, former officers or sales representatives of the Borrower and its Subsidiaries made outside of the ordinary course of business less total liabilities of Borrower and its Subsidiaries; all of the above being
Tangible Net Worth Requirement. Borrower shall maintain a total Tangible Net Worth of not less than $1,000,000.00, plus: (a) fifty percent (50%) of net income (excluding losses) of Borrower subsequent to December 31, 1996, and (b) one hundred percent (100%) of any increases in shareholders' equity resulting from the sale or issuance of stock in Borrower subsequent to December 31, 1996. For purposes of this section 5.21, Tangible Net Worth shall include notes payable by the Borrower to its shareholders, together with accrued interest thereon, provided that such Indebtedness is expressly subordinated to the Obligations of Borrower to the Bank pursuant to a subordination agreement executed in accordance with Section 3.11 hereof.
Tangible Net Worth Requirement. The Tangible Net Worth Requirement is met.
Tangible Net Worth Requirement. 1997, and (y) one hundred percent (100%) of any increases in shareholders' equity resulting from the sale or issuance of stock in Borrower subsequent to December 31, 1997. For purposes of this Section, shareholders' equity shall be deemed to include the consideration paid to Borrower for its sale of the 300,000 shares of 9% Series A Preferred Stock, par value $0.01 per share, pursuant to the ECT Transaction, as well as any consideration paid to Borrower for the exercise of any of the 1,000,000 warrants that are exercisable for the purchase of 1,000,000 shares of common stock of Carrizo, par value $0.01 per share, pursuant to the ECT Transaction, but shareholder's equity shall exclude the value of any such 9% Series A Preferred Stock that is subsequently redeemed by the issuance of common stock of Borrower.
Tangible Net Worth Requirement. Borrower shall not cause, allow, or suffer to occur its Tangible Net Worth to be less than (i) $16,000,000.00 at any time from and after June 30, 1998, through but not including December 31, 1998; (ii) $20,000,000.00 at any time on or after December 31, 1998, through but not including December 31, 1999, and (iii) $25,000,000.00 at any time on or after December 31, 1999;
