Maintenance of Consolidated Net Worth. The Company ------------------------------------- will not permit Consolidated Net Worth at any time to be less than $270,000,000.
Maintenance of Consolidated Net Worth. The Company is required to furnish to the Trustee an Officers’ Certificate within 55 days after the end of any fiscal quarter (100 days after the end of any fiscal year) notifying the Trustee that the Company’s Consolidated Net Worth has declined below $80.0 million (the “Minimum Required Net Worth”) at the end of any fiscal quarter in which the Company’s Consolidated Net Worth has so declined. If, on the last day of each of any two consecutive fiscal quarters (the last day of the second fiscal quarter being referred to herein as a “Deficiency Date”), the Company’s Consolidated Net Worth is less than the Minimum Required Net Worth, then the Company is required, no later than 65 days after each such Deficiency Date (110 days if such Deficiency Date is the last day of the Company’s fiscal year), to make an offer to all Holders of Notes to purchase (a “Purchase Offer”) 10% of the aggregate principal amount of the Notes theretofore issued under this First Supplemental Indenture (the “Offer Amount”) at a purchase price equal to 100% of the principal amount of the Notes, plus accrued interest to the date of purchase. The Purchase Offer is required to remain open for a period of 20 Business Days following its commencement, except to the extent otherwise permitted by applicable law (as extended, the “Offer Period”) and the Company is required to purchase the Offer Amount of the Notes on a designated date no later than one Business Day after the termination of the Offer Period, or if less than the Offer Amount of Notes shall have been tendered, all Notes then tendered; provided, however, that the Company shall not be obligated to purchase any of such Notes unless Holders of Notes of at least 10% of the Offer Amount shall have tendered and not subsequently withdrawn their Notes for repurchase. If the aggregate principal amount of Notes tendered exceeds the Offer Amount, the Company is required to purchase the Notes tendered to it pro rata among the Notes tendered (with such adjustments as may be appropriate so that only Notes in denominations of $1,000 and integral multiples thereof shall be purchased). The Company shall comply with all applicable federal and state securities laws in connection with each Purchase Offer. In no event shall the failure of the Company’s Consolidated Net Worth to equal or exceed the Minimum Required Net Worth at the end of the fiscal quarter be counted toward the making of more than one Purchase Offer. The Company may reduce the principa...
Maintenance of Consolidated Net Worth. Guarantor shall not permit its Consolidated Net Worth on the last day of any fiscal quarter to be less than the sum of (i) $1,000,000,000 plus (ii) 25% of Consolidated Net Income, if positive, for each fiscal quarter ended after December 31, 2004.
Maintenance of Consolidated Net Worth. Permit Consolidated Net Worth on the last day of any fiscal quarter to be less than the sum of (i) $150,000,000 plus (ii) the amount equal to 50% of the aggregate Consolidated Net Income of Borrower and its consolidated Subsidiaries since December 31, 1997; provided, however, that in the event that Borrower and its consolidated Subsidiaries have a consolidated net loss for any fiscal quarter, Consolidated Net Income for purposes only of clause (ii) of this Section 8.1(a) shall be deemed to be zero for such fiscal quarter plus (iii) 75% of the Net Offering Proceeds from the issuance of Capital Stock.
Maintenance of Consolidated Net Worth. Permit Consolidated Net Worth at any time to be less than the sum (without duplication of any item) of (i) $100,000,000 and (ii) 50% of the Consolidated Net Income of Holdings, if positive, for each fiscal quarter (commencing with the fiscal quarter beginning on or about July 1, 1997).
Maintenance of Consolidated Net Worth. Permit Consolidated Net Worth at any time to be less than the amounts set forth below (hereinafter referred to as the "Minimum Consolidated Net Worth") the sum of: (a) (i) from the Effective Date through December 31, 1996, $26,500,000; and (ii) at any time thereafter, $23,500,000; and (b) 50% of the Annual Net Income for the prior fiscal year; provided, however, that the amount determined under this clause (b) shall never be less than zero. To demonstrate compliance with the Minimum Consolidated Net Worth covenant set forth in this Section, Company shall furnish to Banks (i) within 45 days of the close of each calendar quarter a certificate of a Responsible Officer setting forth Minimum Consolidated Net Worth for such date calculated in accordance with this Section 7.1, and the calculation upon which it is based; and (ii) within 90 days of the close of each fiscal year, a certificate of a Responsible Officer setting forth Minimum Consolidated Net Worth as of the such date calculated in accordance with this Section 7.1 and the calculation upon which it is based, reflecting in such annual certificate any addition to the Minimum Consolidated Net Worth that Company is required to maintain resulting from the Annual Net Income for the fiscal year then ended, but only as calculated under clause (b) of this Section 7.1.
Maintenance of Consolidated Net Worth. Parent shall not permit its Consolidated Net Worth, as of the end of any fiscal quarter, commencing with the first fiscal quarter ending after the Closing Date, to be less than the sum of (i) sixty-five percent (65%) of the pro forma Consolidated Net Worth of Parent as disclosed in the Form S-1 Registration Statement filed in connection with the IPO, plus (ii) fifty percent (50%) of positive Consolidated Net Income for each fiscal quarter ending after September 30, 2006.
Maintenance of Consolidated Net Worth. The Company shall not, at any time, permit Consolidated Net Worth to be less than the sum of (a) $220,000,000, minus (b) Net Repurchase Expenditures, if any, at such time, plus (c) 40% of its aggregate Consolidated Net Earnings (but only if a positive number) for the period beginning on September 13, 1998 and ending at the end of the fiscal quarter most recently completed at such time.
Maintenance of Consolidated Net Worth. The Borrower shall not permit its Consolidated Net Worth, as of the end of any fiscal quarter, commencing with the first fiscal quarter ending after the Closing Date, to be less than an amount equal to:
(i) sixty-five percent (65%) of Consolidated Net Worth of the Borrower as at the fiscal quarter ended June 30, 2013 (provided that if any of OneBeacon Limited, Sirius International Group or any other entity that is consolidated in the Borrower’s consolidated balance sheet and in which the Borrower’s consolidated balance sheet reflects a non-controlling interest as of June 30, 2013 is subsequently not required to be consolidated on the consolidated balance sheet of the Borrower in accordance with GAAP as of the end of any such fiscal quarter after the fiscal quarter ended June 30, 2013, the amount in this clause (i) shall be adjusted to remove sixty-five percent (65%) of the Borrower’s non-controlling interests related to OneBeacon Limited, Sirius International Group or such other entity, as applicable, as at the fiscal quarter ended June 30, 2013), plus
(ii) fifty percent (50%) of positive Consolidated Net Income for each fiscal quarter ended following the Closing Date, minus
(iii) the lesser of $400,000,000 and an amount equal to sixty-five percent (65%) of the sum of the following: (1) the aggregate consideration paid by the Borrower for repurchases of or exchanges for its Capital Stock, plus (2) special dividends paid by the Borrower in respect of its Capital Stock, plus (3) to the extent OneBeacon Limited is required to be consolidated on the consolidated balance sheet of the Borrower in accordance with GAAP, the aggregate consideration paid by OneBeacon Limited for repurchases of or exchanges for its Capital Stock (which Capital Stock is not held by the Borrower or any Subsidiary of the Borrower), plus (4) to the extent OneBeacon Limited is required to be consolidated on the consolidated balance sheet of the Borrower in accordance with GAAP, special dividends paid by OneBeacon Limited in respect of its Capital Stock (which Capital Stock is not held by the Borrower or any Subsidiary of the Borrower), plus (5) to the extent Sirius International Group is required to be consolidated on the consolidated balance sheet of the Borrower in accordance with GAAP, the aggregate consideration paid by Sirius International Group for repurchases of or exchanges for its Preference Shares (which Preference Shares are not held by the Borrower or any Subsidiary of the Bor...
Maintenance of Consolidated Net Worth. Permit the Consolidated Net Worth of Holdings on the last day of any Fiscal Quarter to be less than the sum of (i) $124,848,000 plus (ii) the amount equal to 50% of the aggregate Consolidated Net Income of Holdings from and after December 31, 1999 (provided that in the event that Holdings has a Consolidated Net Loss for any Fiscal Quarter, Consolidated Net Income for purposes only of this Section 9.4 shall be deemed to be zero for such Fiscal Quarter), plus, (iii) the amount equal to 100% of the net cash proceeds received by Holdings after the Original Closing Date from the sale or issuance of its Capital Stock or cash capital contributions received by Holdings.
