Tangible Net Worth Requirements. Borrower shall comply with the following net worth ratio requirements:
Tangible Net Worth Requirements. Borrower will maintain a minimum consolidated Tangible Net Worth of Five Hundred Million Dollars ($500,000,000) to be adjusted upward at the end of each fiscal quarter commencing January 1, 2001, by thirty-three percent (33%) of positive net income after taxes and before dividends for such quarter. Once adjusted upward, the Tangible Net Worth requirement set forth herein will not decrease downward except for the cash cost of repurchases of treasury stock at cost.
Tangible Net Worth Requirements. Maintain a minimum Tangible Net Worth of not less than: $1,500,000.00. Except as provided above, all computations made to determine compliance with the requirements contained in this paragraph shall be made in accordance with generally accepted accounting principles, applied on a consistent basis, and certified by Borrower as being true end correct.
Tangible Net Worth Requirements. Borrower shall have a minimum Tangible Net Worth of not less than $15,500,000.00 measured as of March 31, 2007, and measured on a quarterly basis thereafter, with such minimum Tangible Net Worth requirement to be increased each quarter thereafter by 50% of Net Profit After Tax of the preceding quarter, provided that if Borrower’s Net Profit After Tax is negative (i.e., a loss), the then current minimum Tangible Net Worth will not be decreased. For the purposes of this covenant, and for all other purposes of this Exim Agreement, Net Profit After Tax will be the amount, determined on a consolidated basis, reported as after tax Net Income at the end of each fiscal quarter on Borrower’s financial statements.
Tangible Net Worth Requirements. Other Net Worth requirements are as follows: Total Liabilities to Tangible Net Worth. Customer’s “Leverage Ratio” shall not at any time exceed 1.0 to 1.0. For purposes hereof, “Leverage Ratio” shall mean the ratio of (i) Customer’s total liabilities less any subordinated debt of customer, to (ii) the sum of Customer’s Tangible Net Worth plus any subordinated debt of customer. The term “Tangible Net Worth” shall mean Customer’s net worth as shown on Customer’s regular financial statements prepared in accordance with GAAP, including net prepaid distribution rights, but excluding an amount equal to: (i) any Intangible Assets, and (ii) any amounts now or hereafter directly or indirectly owing to Customer by officers, shareholders or affiliates of Customer. “Intangible Assets” shall mean the total amount of goodwill, patents, trade names, trade or service marks, copyrights, experimental expense, organization expense, un-amortized debt discount and expense, the excess of cost of shares acquired over book value of related assets, and such other assets as are properly classified as “intangible assets” of the Customer determined in accordance with GAAP. Subordinated debt shall mean any debt of Customer for borrowed money which is subordinated in right of payment and is payable on terms and conditions junior to Lender, and in a form and manner acceptable to Lender.
Tangible Net Worth Requirements. The Credit Parties shall maintain a total Tangible Net Worth of not less than $7,300,000.00, plus: (a) fifty percent (50%) of net income (excluding losses) of the Credit Parties on a consolidated basis during all quarterly periods subsequent to June 30, 2004, and (b) one hundred percent (100%) of any increases in shareholders’ equity resulting from the sale or issuance of equity interests in any of the Credit Parties on a consolidated basis during any quarterly period subsequent to June 30, 2004.
Tangible Net Worth Requirements. Maintain a minimum Tangible Net Worth of not less than: $17,000,000.00. In addition, Borrower shall comply with the following net worth ratio requirements: Debt / Worth Ratio. Maintain a ratio of Debt / Worth not in excess of 0.500 to 1.000. The ratio "Debt / Worth" means Borrower's Total Liabilities divided by Borrower's Tangible Net Worth. This leverage ratio should be maintained at all times and may be evaluated at any time. Other Requirements. Xxxxxx Bank, National Association has the option to require a Borrowing Base Certificate at the banks discretion Borrower to maintain all depository accounts with Xxxxxx Bank, National Association Tangible Net Worth. In addition any due from related parties or affiliates other than wholly owned subsidiaries of the borrower will be considered Intangible Assets under the definition of Tangible Net Worth per this Agreement.
Tangible Net Worth Requirements. Borrower shall comply with the following net worth ratio requirements: Debt / Worth Ratio. Maintain a ratio of Debt / Worth not in excess of 2.250 to 1.000. The ratio "Debt / Worth" means Borrower's Total Liabilities divided by Borrower's Tangible Net Worth. Except as provided above, all computations made to determine compliance with the requirements contained in this paragraph shall be made in accordance with generally accepted accounting principles, applied on a consistent basis, and certified by Borrower as being true and correct.
Tangible Net Worth Requirements. Maintain a minimum Tangible Net Worth of not less than: $5,500,000.00. In addition, Borrower shall comply with the following net worth ratio requirements:
Tangible Net Worth Requirements. Other Net Worth requirements are as follows:
