Minimum Adjusted Consolidated Net Worth. From and after the Effective Date, the Guarantor will not permit its Adjusted Consolidated Net Worth, calculated as of the end of each fiscal quarter, to be less than an amount equal to the sum of (i) $8,187,000,000 plus (ii) 50% of the aggregate amount of the Net Proceeds of Equity Issuances by the Guarantor and its Subsidiaries after March 31, 2021.
Minimum Adjusted Consolidated Net Worth. From and after the Effective Date, the Company will not permit its Adjusted Consolidated Net Worth, calculated as of the end of each fiscal quarter, to be less than an amount equal to the sum of (i) $8,187,000,000 plus (ii) 50% of the aggregate amount of the Net Proceeds of Equity Issuances by the Company and its Subsidiaries after March 31, 2021.
Minimum Adjusted Consolidated Net Worth. From and after the Availability Effective Date, the Guarantor will not permit its Adjusted Consolidated Net Worth, calculated as of the end of each fiscal quarter, to be less than an amount equal to the sum of (i) (x) prior to the end of the first fiscal quarter of the Guarantor ending after the IPO Effective Date, $8,169,000,000 or (y) on and after the end of the first fiscal quarter of the Guarantor ending after the IPO Effective Date, 70% of the actual Adjusted Consolidated Net Worth of the Guarantor (determined as of the end of the first fiscal quarter of the Guarantor ending after the IPO Effective Date) plus (ii) 50% of the aggregate amount of the Net Proceeds of Equity Issuances by the Guarantor and its Subsidiaries after the IPO Effective Date, other than Equity Issuances in connection with the IPO.
Minimum Adjusted Consolidated Net Worth. Adjusted Consolidated Net Worth as of the end of each fiscal quarter of the Borrower ending on or after December 31, 2000 will not be less than the Minimum Adjusted Consolidated Net Worth as of the end of such fiscal quarter.
Minimum Adjusted Consolidated Net Worth. The Company will not permit at any time Adjusted Consolidated Net Worth to be less than the sum of (i) $3,800,000,000 plus (ii) 50% of the consolidated net income of the Company and its Consolidated Subsidiaries for each fiscal quarter ending on or after December 31, 2004; provided that in calculating such consolidated net income for any fiscal quarter the impact thereon of FIN 46 and DIG B36 shall be excluded. For purposes of this Section, if, for any such quarter, consolidated net income of the Company and its Consolidated Subsidiaries shall be less than zero, the amount calculated pursuant to clause (ii) above for such fiscal quarter shall be zero.”
Minimum Adjusted Consolidated Net Worth. The Company will not permit Adjusted Consolidated Net Worth to be less than (a) at any time prior to the consummation of the Jefferson-Pilot Acquisition and the delivery of the estimate contemplated in the last sentence of this Section, $4,082,000,000, (b) from and after the delivery of such estimate to but not including the last day of the first fiscal quarter ending after the consummation of the Jefferson-Pilot Acquisition, an amount equal to 70% of Estimated Adjusted Consolidated Net Worth (as defined below) and (c) at any time thereafter, an amount equal to 70% of Adjusted Consolidated Net Worth determined as of the end of the fiscal quarter or fiscal year, as applicable, of the Company ended immediately after the consummation of the Jefferson-Pilot Acquisition. Promptly but not later than 45 days following the consummation of the Jefferson-Pilot Acquisition, the Company shall furnish to the Administrative Agent a written estimate of the Adjusted Consolidated Net Worth, determined as of the end of the most recently completed fiscal quarter or fiscal year of the Company for which consolidated financial statements of the Company are then available and adjusted to give pro forma effect to the Jefferson-Pilot Acquisition ("Estimated Adjusted Consolidated Net Worth") (and the Administrative Agent shall promptly furnish a copy thereof to the Banks).
Minimum Adjusted Consolidated Net Worth. From and after the Availability Effective Date, the Company will not permit its Adjusted Consolidated Net Worth, calculated as of the end of each fiscal quarter, to be less than an amount equal to the sum of (i) (x) prior to the end of the first fiscal quarter of the Company ending after the IPO Effective Date, $8,169,000,000 or (y) on and after the end of the first fiscal quarter of the Company ending after the IPO Effective Date, 70% of the actual Adjusted Consolidated Net Worth of the Company (determined as of the end of the first fiscal quarter of the Company ending after the IPO Effective Date) plus (ii) 50% of the aggregate amount of the Net Proceeds of Equity Issuances by the Company and its Subsidiaries after the IPO Effective Date, other than Equity Issuances in connection with the IPO.
Minimum Adjusted Consolidated Net Worth. On the last day of each Fiscal Quarter, Holding’s, Borrower’s Adjusted Consolidated Net Worth will not be less than $977,717 plus 75% of Cumulative Positive Net Income plus 75% of Cumulative Equity Proceeds. For purposes of this Section, “Cumulative Positive Net Income” means, as of any date, the sum of Consolidated Net Income for each Fiscal Year ending after December 31, 2007 (provided, that for the Fiscal Year ended December 31, 2008, Consolidated Net Income for such Fiscal Year for purposes of this covenant, shall only be calculated for the period from June 1, 2008 to and including December 31, 2008) and on or prior to such date for which such Consolidated Net Income is a positive amount, disregarding any Fiscal Year for which Net Income is a negative amount and “Cumulative Equity Proceeds” means, as of any date, the aggregate amount by which Consolidated Net Worth shall have been increased by reason of the issuance of capital stock of Holdings/Borrower subsequent to May 31, 2008 and on or prior to such date.
Minimum Adjusted Consolidated Net Worth. Adjusted Consolidated Net Worth will not be less than $7,500,000,000 at any time.
Minimum Adjusted Consolidated Net Worth. From and after the Covenant Trigger Date, the Company will not at any time permit its Adjusted Consolidated Net Worth, calculated as of the end of each fiscal quarter, to be less than an amount equal to the sum of (i) the greater of (x) $8,100,000,000 and (y) 72% of the actual Adjusted Consolidated Net Worth of the Company (determined as of the end of the first fiscal quarter ending after the Spin-Off Effective Date) plus (ii) 50% of the aggregate amount of (x) Equity Issuances by the Company and its Subsidiaries issued after the end of the first fiscal quarter ending after the Spin-Off Effective Date and (y) the Hybrid Instrument Amount with respect to Hybrid Instruments issued after the end of the first fiscal quarter ending after the Spin-Off Effective Date.
