Adjusted Consolidated Net Worth. The Guarantor will maintain at all times Adjusted Consolidated Net Worth equal to not less than the sum of (i) $1,400,000,000 plus (ii) 25% of the Guarantor’s cumulative Consolidated Net Income, if positive, earned after December 31, 2003, through the last day of the most recent fiscal quarter or year, as applicable, for which statements were delivered or required to have been delivered to the Lessor pursuant to Section 8.01(a) or (b), taken as one accounting period, minus (iii) the Guarantor’s consolidated allowance for potential future losses on investments at the end of such fiscal quarter.
Appears in 3 contracts
Samples: Investment and Participation Agreement (Protective Life Corp), Investment and Participation Agreement (Protective Life Insurance Co), Investment and Participation Agreement (Protective Life Insurance Co)
Adjusted Consolidated Net Worth. The Guarantor will maintain at all times Adjusted Consolidated Net Worth equal to not less than the sum of (i) $1,400,000,000 2,172,683,200 plus (ii) 25% of the Guarantor’s cumulative Consolidated Net IncomeIncome of Guarantor and its Subsidiaries, if positive, earned after December March 31, 20032012, through the last day of the most recent fiscal quarter or year, as applicable, for which statements were delivered or required to have been delivered to the Lessor pursuant to Section 8.01(a) or (b), taken as one accounting period, minus (iii) the Guarantor’s consolidated allowance for potential future losses on investments in its investment portfolio not otherwise included for unrealized net gains and losses on assets held for sale pursuant to FASB ASC 320 and accumulated other comprehensive income pursuant to FASB ASC 220 at the end of such fiscal quarter.
Appears in 2 contracts
Samples: Investment and Participation Agreement (Protective Life Insurance Co), Investment and Participation Agreement (Protective Life Corp)
Adjusted Consolidated Net Worth. The Guarantor will maintain at all times Adjusted Consolidated Net Worth equal to not less than the sum of (i) $1,400,000,000 910,000,000 plus (ii) 25% of the Guarantor’s cumulative Consolidated Net Income, if positive, earned after December March 31, 20031999, through the last day of the most recent fiscal quarter or year, as applicable, for which statements were delivered or required to have been delivered to the Lessor and the Lease Participants pursuant to Section 8.01(a8.01(i) or (bii), taken as one accounting period, minus (iii) the Guarantor’s consolidated allowance for potential future losses on investments at the end of such fiscal quarter.
Appears in 1 contract
Samples: Investment and Participation Agreement (Protective Life Corp)