Tangible Net Worth. The Borrower and its Subsidiaries on a consolidated basis shall have, on the last day of each fiscal quarter, Tangible Net Worth greater than .
TangibleMaintenance of Net Worth. The Borrower and its Subsidiaries on a consolidated basis shall have, onas of the last day of each fiscal quarter,Fiscal Quarter maintain a Tangible Net Worth greaterof not less than the sum of # ., plus # 75% of the aggregate net proceeds received by the Borrower or any of its Subsidiaries after the Second Amendment Effective Date in connection with any offering of Stock or Stock Equivalents of the Borrower or the Subsidiaries
Section # Tangible Net Worth. The Borrower and its Subsidiaries onwill, at all times, maintain a consolidated basis shall have, onTangible Net Worth of not less than , with such minimum Tangible Net Worth # to increase as of the last dayend of each fiscal quarter, Tangible Net Worth greater thanyear, commencing , by an amount equal to thirty-three and four-tenths of one percent (33.4%) of Borrower’s positive net income for the fiscal year then ending, and # to decrease by an amount equal to the lesser of # aggregate dividends paid from time to time by the Borrower from and after the First Amendment Effective Date, and # . This covenant shall be tested quarterly. “Tangible
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