Required Tangible Net Worth means the sum of (i) an amount equal to 65% of Borrower’s Tangible Net Worth as of December 31, 2020 plus(ii) the cumulative amount of 50% of Borrower’s Net Income for each Fiscal Year ending after December 31, 2020; provided, if in any Fiscal Year, Borrower’s Net Income is less than $0, the Net Income amount for such Fiscal Year will be excluded from the Required Tangible Net Worth.
Required Tangible Net Worth means the sum of (i) an amount equal to 65% of Borrower’s Tangible Net Worth as of December 31, 2020 plus (ii) the cumulative amount of 50% of Borrower’s Net Income for each Fiscal Year ending after December 31, 2020; provided, if in any Fiscal Year, Borrower’s Net Income is less than $0, the Net Income amount for such Fiscal Year will be excluded from the Required Tangible Net Worth.
Required Tangible Net Worth. $400,000,000 * plus 50% of cumulative Net Income earned after $ $ September 24, 1999 Total
Examples of Required Tangible Net Worth in a sentence
Cause Borrower to have at all times, on a consolidated basis, and as shown on the financial statements required under Section 6.1(d) hereof, a Tangible Net Worth of at least the Minimum Required Tangible Net Worth.
Consolidated Tangible Net Worth (Section 10.01(a)) Consolidated Tangible Net Worth (as of the Determination Date): $________________ Required Tangible Net Worth shall not be less than $136,223,081 at any time during the Fiscal Quarter which contains the Closing Date.
The gross floor area shall not include porches, garages, accessory buildings or floor area of any portion of which is below grade.
At all times, the Loan Parties shall maintain a Consolidated Tangible Net Worth of not less than the Minimum Required Tangible Net Worth.
His conclusions on the settings of the Kedleston Hotel as a listed building and of the Quarndon Conservation Area, though informed by the relevant historical considerations, depended mainly on the visual – the “views” to which he referred (in paragraphs 39 and 40).
More Definitions of Required Tangible Net Worth
Required Tangible Net Worth means (a) as of September 30, 2020, an amount equal to 50% of LHC’s Tangible Net Worth determined as of December 31, 2019 (the “ Baseline Net Worth”); and (b) as of December 31, 2020, and the end of each Fiscal Quarter thereafter, an amount equal to the sum of (i) the Baseline Net Worth plus (ii) the cumulative amount of 50% of the Parent’s Net Income for each Fiscal Year ending after December 31, 2019; provided, (a) if in any Fiscal Year, Parent’s Net Income is less than $0, the Net Income amount for such Fiscal Year will be excluded from the Required Tangible Net Worth, and (b) if the Merger Effective Date occurs on or prior to December 31, 2020, for purposes of the determining Parent’s Net Income during the calendar year 2020, such Net Income will equal LHC’s Net Income from January 1, 2020 through June 30, 2020, plus LHI’s Net Income from July 1, 2020 through December 31, 2020. If the Merger Effective Date does not occur on or prior to December 31, 2020, then the adjustments in clause (b) will not be effective.
Required Tangible Net Worth means Seventy-Five Million Dollars ($75,000,000) as of August 31, 1997, increasing as of the end of each fiscal quarter ending thereafter by an amount equal to fifty percent (50%) of positive net income for such quarter (with no decrease for losses for any quarter).
Required Tangible Net Worth has the meaning specified in Section 5.3(a).
Required Tangible Net Worth means (a) as of December 31, 2019, March 31, 2020, June 30, 2020, and September 30, 2020, an amount equal to 50% of LHC’s Tangible Net Worth as of December 31, 2019 (the “Baseline Net Worth”); and (b) as of December 31, 2020, and the end of each Fiscal Quarter thereafter, an amount equal to the sum of (i) the Baseline Net Worth plus (ii) the cumulative amount of 50% of the Parent’s Net Income for each Fiscal Year ending after December 31, 2019; provided, (A) if in any Fiscal Year, Parent’s Net Income is less than $0, the Net Income amount for such Fiscal Year will be excluded from the Required Tangible Net Worth, and (B) if the Merger Effective Date occurs on or prior to December 31, 2020, for purposes of the determining Parent’s Net Income during the calendar year 2020, such Net Income will equal LHC’s Net Income from January 1, 2020 through June 30, 2020, plus LHI’s Net Income from July 1, 2020 through December 31, 2020. If the Merger Effective Date does not occur on or prior to December 31, 2020, then the adjustments in clause (B) will not be effective.
Required Tangible Net Worth means, on any date, the sum of (a) $10,000,000; (b) 50% of Net Income for each month beginning after June 30, 2003 and ending on or before such date (but if Net Income for any month in such period is negative, then the Net Income for such month shall be disregarded for purposes of this clause), and (c) 75% of the net cash proceeds realized by the Parent from the sale of its Equity Interests after the date hereof (not including (x) price paid to exercise rights under warrants for Equity Interests issued by the Parent, if and to the extent such amounts are used directly to repay the Subordinated Debt, and (y) any conversion of the Subordinated Debt into Equity Interests).
Required Tangible Net Worth means (a) as of December 31, 2019, March 31, 2020, June 30, 2020, and September 30, 2020, an amount equal to 50% of Parent’s Tangible Net Worth as of December 31, 2019 (the “Baseline Net Worth”); and (b) as of December 31, 2020, and the end of each Fiscal Quarter thereafter, an amount equal to the sum of (i) the Baseline Net Worth plus (ii) the cumulative amount of 50% of the Parent’s Net Income for each Fiscal Year ending after December 31, 2019; provided, if in any Fiscal Year, Parent’s Net Income is less than $0, the Net Income amount for such Fiscal Year will be excluded from the Required Tangible Net Worth.
Required Tangible Net Worth. As defined in Section 41.8.