Common use of Corporations Only Clause in Contracts

Corporations Only. In order to induce RWC and WPMIC to accept Member into the RWC Warranty Program and as a Member of WPMIC, Member represents, warrants and certifies to RWC that the “adjusted stockholder equity” of Member as of the date hereof is as stated on the most recent financial statement Member has submitted to RWC. For purposes of this Agreement, adjusted stockholder equity means total equity, as reflected on Member’s financial statements, presented in accordance with generally accepted accounting principles, consistently applied, reduced by an amount equal to the total of loans to related parties, accounts receivable which are over ninety (90) days old, and intangible assets.

Corporations Only. In order to induce RWC and WPMIC to accept Member into the RWC Detached Garage Warranty Program Pro- gram and as a Member of WPMIC, Member represents, warrants and certifies to RWC that the “adjusted stockholder equity” of Member as of the date hereof is as stated on the most recent financial statement Member has submitted to RWC. For purposes of this Agreement, “adjusted stockholder equity equity” means total equity, as reflected on Member’s 's financial statements, presented in accordance with generally accepted accounting principles, consistently applied, reduced by an amount equal to the total of loans to related parties, accounts receivable which are over ninety (90) days old, old and intangible assets.

Corporations Only. In order to induce RWC and WPMIC to accept Member into the RWC Limited Warranty Program and as a Member of WPMIC, Member represents, warrants and certifies to RWC that the “adjusted stockholder equity” of Member as of the date hereof is as stated on the most recent financial statement Member has submitted to RWC. For purposes of this Agreement, adjusted stockholder equity means total equity, as reflected on Member’s financial statements, presented in accordance with generally accepted accounting principles, consistently applied, reduced by an amount equal to the total of loans to related parties, accounts receivable which are over ninety (90) days old, and intangible assets.