Minimum Net Worth

Minimum Net Worth. The Company shall at all times maintain Consolidated Net Worth of not less than the sum of (a) $37,500,000, (b) plus 50% of the cumulative Consolidated Net Income for each fiscal quarter ending on or after December 31, 1997 (but specifically not including any Consolidated Net Loss for any such fiscal quarter) plus (c) the cumulative net proceeds of all equity offerings (if any) made by the Company for each fiscal quarter ending on or after September... 30, 1997. View More

Minimum Net Worth. The Total Net Worth of Borrowers and GRMH as of the December 31, 2007 Financials was $1,862,882 on a consolidated basis. For purposes of this Agreement, the Minimum Net Worth of GRMH and the Borrowers will be calculated on a consolidated basis based on seventy-five (75%) percent of the December 31, 2007 existing equity ($1,397,162.00) plus seventy-five (75%) percent of the Net Income (as per GAAP) for each fiscal quarter ending after December 31, 2007 on a consolidated basis, less non-recurring... expenses as approved by the Bank. View More

Minimum Net Worth. Means with respect to any Calculation Period (as defined in the Receivables Sale Agreement), Net Worth (as defined in the Receivables Sale Agreement) of at least 3% of the Purchase Limit as of the end of such Calculation Period.