Amendment to Minimum Tangible Net Worth Covenant Sample Clauses

Amendment to Minimum Tangible Net Worth Covenant. Section 5.11(a) of the Loan Agreement is amended by deleting the existing version thereof and replacing it with the following amended and restated version thereof:
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Amendment to Minimum Tangible Net Worth Covenant. Sub-section 8.02(3) of the Credit Agreement is hereby amended by deleting the sentence at the end of such sub-section and adding the following sentence at the end of such sub-section: "For greater certainty, the proceeds of the Trust I Preferred Securities, the Trust II Preferred Securities, the Second Round Trust Pool Securities issuances and the Third Round Trust Pool Securities issuance shall not be included in the calculation of Minimum Tangible Net Worth."
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Amendment to Minimum Tangible Net Worth Covenant. Sub-section 8.02(3) of the Credit Agreement is hereby amended by deleting the sentence at the end of such sub-section and adding the following sentence at the end of such sub-section: "For greater certainty, the proceeds of the offerings of the Trust I Preferred Securities, the Trust II Preferred Securities, the Second Round Trust Pool Securities, the Third Round Trust Pool Securities, the Fourth Round Trust Pool Securities and any other preferred securities issued by Kingsway or any of its Subsidiaries shall not be included in the calculation of Minimum Tangible Net Worth."
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Amendment to Minimum Tangible Net Worth Covenant. Section 1 of Annex I to the Credit Agreement (Minimum Tangible Net Worth) is hereby amended by deleting Section 1 in its entirety and replacing it with the following: “On June 30, 2010 and at the end of the fiscal year ended December 31, 2010, Borrower’s Tangible Net Worth shall not be less than the sum of (i) $18,500,000, and (ii) 50% of Borrower’s cumulative positive net income from and after the Closing Date. At the end of the fiscal year ended December 31, 2011 and the end of each fiscal year thereafter, Borrower’s Tangible Net Worth shall not be less than the sum of (i) $17,000,000, and (ii) 50% of Borrower’s cumulative positive net income from and after January 1, 2011.”
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Amendment to Minimum Tangible Net Worth Covenant. Section 8.02(2) of the Credit Agreement is hereby amended by deleting reference therein to "$300,000,000" and replacing such reference with "$337,000,000" and by deleting the last sentence of Section 8.02(2) of the Credit Agreement in its entirety and replacing such sentence with the following: "For the purposes of this Section 8.02(2), the calculation of Tangible Net Worth shall exclude the gross proceeds of the offerings of the Trust Preferred Securities, Trust Pool Securities, Second Round Trust Pool Securities, Third Round Trust Pool Securities, Fourth Round Trust Pool Securities and any other preferred securities issued by the Canadian Borrower or any of its Subsidiaries (including, without limitation, any of the Trusts)."
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Related to Amendment to Minimum Tangible Net Worth Covenant

  • Minimum Tangible Net Worth The Parent and the Borrower shall not permit Tangible Net Worth at any time to be less than (i) 203,170,000 plus (ii) 75% of the Net Proceeds of all Equity Issuances effected at any time after the Agreement by the Parent, the Borrower or any of the Subsidiaries of the Parent to any Person other than the Parent, the Borrower or any of the Subsidiaries of the Parent.

  • Minimum Adjusted Tangible Net Worth Seller shall not permit the Adjusted Tangible Net Worth of Seller (and, if applicable, its Subsidiaries, on a consolidated basis), computed as of the end of each calendar month, to be less than $25,000,000.

  • Debt to Tangible Net Worth Borrower will at all times maintain a ratio of total liabilities to tangible net worth of not greater than 1.0:1.0.

  • Minimum Consolidated Tangible Net Worth (a) Prior to consummation of the Merger, the Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (i) $788,000,000.00 plus (ii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of this Agreement.

  • Adjusted Tangible Net Worth On the Effective Date, Seller’s Adjusted Tangible Net Worth is not less than the amount set forth in Section 2.1 of the Pricing Side Letter.

  • Consolidated Tangible Net Worth (i) The net worth of Seller and its consolidated subsidiaries, on a combined basis, determined in accordance with GAAP, minus (ii) all intangibles determined in accordance with GAAP (including goodwill, capitalized financing costs and capitalized administration costs but excluding originated and purchased mortgage servicing rights or retained residual securities) and any and all advances to, investments in and receivables held from affiliates; provided, however, that the non-cash effect (gain or loss) of any xxxx-to-market adjustments made directly to stockholders’ equity for fluctuation of the value of financial instruments as mandated under the Statement of Financial Accounting Standards No. 133 (or any successor statement) shall be excluded from the calculation of Consolidated Tangible Net Worth.

  • Credit Agreement Covenants Each Guarantor shall observe, perform and comply with all covenants applicable to such Guarantor set forth in Articles VI and VII of the Credit Agreement, which by their terms the Borrowers are required to cause such Guarantor to observe, perform and comply with, as if such covenants were set forth in full herein.

  • Tangible Net Worth The Seller will not permit its tangible net worth, at any time, to be less than $10,000,000.

  • Minimum Excess Availability Borrower shall have Excess Availability under the Revolving Credit Loans facility of not less than the amount specified in the Schedule, after giving effect to the initial advance hereunder and after giving effect to any applicable Loan Reserves against borrowing availability under the Revolving Credit Loans.

  • Total Liabilities to Tangible Net Worth Ratio Maintain a ratio of total liabilities to Tangible Net Worth of less than .80 to 1.0 as of the end of each fiscal quarter.

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