Amendment to Minimum Tangible Net Worth Covenant Sample Clauses

Amendment to Minimum Tangible Net Worth Covenant. (a) of the Loan Agreement is amended by deleting the existing version thereof and replacing it with the following amended and restated version thereof:
Sample 1Sample 2
AutoNDA by SimpleDocs
Amendment to Minimum Tangible Net Worth Covenant. Sub-section 8.02(2) of the Credit Agreement is hereby amended by adding the following sentence at the end of such sub-section: "For greater certainty the proceeds of the Trust Preferred Securities Issuance and the Trust Pool Securities issuance shall not be included in the calculation of Minimum Tangible Net Worth."
Sample 1
Amendment to Minimum Tangible Net Worth Covenant. 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.”
Sample 1
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."
Sample 1
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)."
Sample 1

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) $731,508,263 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 Consolidated Tangible Net Worth Borrower shall not permit Consolidated Tangible Net Worth to be less than $600,000,000 plus eighty-five percent (85%) of the Net Proceeds of any Equity Issuance received after the Agreement Execution Date.

  • 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 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.

  • 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.

  • Minimum Consolidated Net Worth The Borrower will not permit its Consolidated Net Worth at any time to be less than the sum of (i) $250,000,000 plus (ii) thirty percent (30%) of the sum of the Consolidated Net Income of the Borrower (with any consolidated net loss during any fiscal quarter counting as zero) for each fiscal quarter of the Borrower commencing with the fiscal quarter of the Borrower ending June 30, 1997.

  • Financial Covenant Required Actual Complies Maintain as indicated:

  • Minimum Debt Service Coverage Ratio as at the end of each Fiscal Quarter, the Debt Service Coverage Ratio shall not be less than 1.20 to 1.00; and

  • Financial Covenant So long as any Loan shall remain unpaid, any Letter of Credit shall remain outstanding or any Lender shall have any Commitment hereunder, the Borrower will maintain a ratio of Consolidated Debt to Consolidated Capital of not greater than 0.65 to 1.00 as of the last day of each fiscal quarter.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!