Minimum Tangible Net Worth

Minimum Tangible Net Worth. Tangible Net Worth at any time to be less than (i) $170,000,000 plus (ii) 75.0% of the Net Proceeds of all Equity Issuances effected by the Parent or any Subsidiary after September 30, 2004 (other than Equity Issuances to the Parent or any Subsidiary)

Minimum Tangible Net Worth. With respect to the Company (a) on any day prior to April 1, 2014, $100,000,000 (the "Original Tangible Net Worth"); (b) on any day from April 1, 2014 through March 31, 2015, the sum of (i) the Original Tangible Net Worth and (ii) the product of (A) 70% and (B) an amount equal to the excess of the net income of the Company from the fourth fiscal quarter of the 2013 fiscal year over Tax Distributions related to the 2013 fiscal year (to the extent that such Tax Distributions did not reduce the... amount of net income of the Company); (c) on any day from April 1, 2015 through March 31, 2016, $143,000,000; provided, that the "Minimum Tangible Net Worth" shall increase above $143,000,000 annually, beginning on April 1, 2016, by the product of (A) 70% and (B) an amount equal to the excess of the net income of the Company from the prior fiscal year over Tax Distributions related to such fiscal year (to the extent that such Tax Distributions did not reduce the amount of net income of the Company). In making the calculations of net income for the purpose set forth in the preceding sentence, "earn out" payments to sellers of assets or stock to the Company in connection with any acquisition or other investment shall be treated as an expense of the Company. View More

Minimum Tangible Net Worth. With respect to the Loan Parties as of the date of calculation, the Total Tangible Assets of the Loan Parties minus the Total Liabilities of the Loan Parties.