Minimum Adjusted Net Worth Sample Clauses
The Minimum Adjusted Net Worth clause sets a required financial threshold that a party, typically a borrower or contractor, must maintain throughout the duration of an agreement. This clause usually specifies a minimum value for net worth, adjusted for certain assets or liabilities, and may require periodic financial reporting to demonstrate compliance. Its core practical function is to ensure the financial stability and solvency of the obligated party, thereby reducing the risk of default and protecting the interests of the other party in the contract.
Minimum Adjusted Net Worth. Consolidated Adjusted Net --------------------------- Worth will not at any date be less than Minimum Adjusted Net Worth at such date.
Minimum Adjusted Net Worth. The Adjusted Net Worth of ▇▇▇▇▇ Karan International and its Subsidiaries on a consolidated basis at the end of each fiscal quarter set forth below shall not be less than the amount set forth opposite such quarter: Fiscal Quarter Minimum Amount -------------- -------------- First Fiscal Quarter 1998 $100,000,000 Second Fiscal Quarter 1998 $ 95,000,000 Third Fiscal Quarter 1998 $100,000,000 Fourth Fiscal Quarter 1998 $115,000,000 First Fiscal Quarter 1999 $115,000,000 Second Fiscal Quarter 1999 $115,000,000 Third Fiscal Quarter 1999 $120,000,000 Fourth Fiscal Quarter 1999 $120,000,000 First Fiscal Quarter 2000 $120,000,000 Second Fiscal Quarter 2000 $120,000,000 Third Fiscal Quarter 2000 $125,000,000 Fourth Fiscal Quarter 2000 $125,000,000
Minimum Adjusted Net Worth. Borrower shall at all times maintain, and shall have maintained, on a consolidated basis, an Adjusted Net Worth of not less than SEVENTY-FIVE MILLION AND 00/100 DOLLARS ($75,000,000.00), as determined at the end of each calendar quarter, adjusted at the end of each calendar quarter by seventy-five percent (75%) of any Net Equity raised during each such calendar quarter.
Minimum Adjusted Net Worth. As of the end of each fiscal quarter, Borrower covenants that: (i) it shall maintain, on a consolidated basis, a Minimum Adjusted Net Worth of not less than $20,000,000; and (ii) its Adjusted Net Worth shall exceed 30% of its Adjusted Total Assets.
Minimum Adjusted Net Worth. As of the last day of each of its fiscal quarters, the Borrower shall not permit its Adjusted Net Worth to be less than an amount equal to the sum of (i) $37,500,000.00, plus (ii) fifty percent (50%) of the Borrower's consolidated net income (not adjusted for net losses) for each fiscal year ending after April 30, 1999.
Minimum Adjusted Net Worth. The Borrower shall maintain Adjusted Net Worth at an amount not less than $300,000,000 during any Accounting Period ending after the date hereof; provided, however. (i) during each Accounting Period ending on or before December 31, 2009, the Borrower shall only be required to maintain Adjusted Net Worth at an amount not less than $75,000,000, and (ii) if the Agent on instructions of the Majority Lenders shall specify an amount less than $300,000,000 to apply to this Clause 21 during any twelve month period ending December 31, 2010 or ending on any anniversary thereof, the Borrower shall maintain Adjusted Net Worth at an amount not less than the amount so specified by the Agent for the each Accounting Period ending during such twelve month period.
Minimum Adjusted Net Worth. Upon and after the event of an Availability Shortfall, the Adjusted Net Worth of the Borrowers shall not, at any time during the then remaining term hereof, be less than $105,000,000.
Minimum Adjusted Net Worth. The Company will have at the end of cash period for which financial statements are required to be furnished under Section 8(H)(i) and (ii) hereof, an excess of total assets over total liabilities of not less than $2,400,000.00, all as determined in accordance with GAAP consistently applied; provided, however, that for the purposes of this covenant calculation, the amount of any cash deposit pledged by the Company for an FGDI, LLC letter of credit shall not be considered a current asset.
Minimum Adjusted Net Worth. At all times after the date hereof, maintain a minimum Adjusted Net Worth at least equal to the sum of (a) an amount equal to 85% of Net Worth (without giving effect to Parent's equity interests in FAE (as defined after giving effect to the FAE Merger) and SOMSC) as of July 31, 1997, plus (b) an amount equal to 85% of the cash and non-cash proceeds of any equity securities issued by Parent after July 30, 1997, plus (c) an amount equal to (i) $75,000,000 minus (ii) the aggregate amount of mandatory commitment reductions pursuant to Section 2.7(b)(i) of the White Mountains Credit Agreement which occur after July 30, 1997 from the Net Available Proceeds (as defined in the White Mountains Credit Agreement) of all sales by Parent of its equity interests in FAE (as defined after giving effect to the FAE Merger) or SOMSC minus (iii) the aggregate amount of Permitted Reinvestments made by Parent after July 30, 1997 utilizing proceeds of sales of its equity interests in FAE (as defined after giving effect to the FAE Merger) or SOMSC ("Specified Permitted Reinvestments"), plus (d) an amount equal to 85% of Specified Permitted Reinvestments made after July 30, 1997.
Minimum Adjusted Net Worth. The Borrower shall not permit the Adjusted Net Worth to be less than an amount equal to the sum of (a) $155,000,000, plus (b) 50% of cumulative Net Income of the Borrower and the Restricted Subsidiaries for the period from, but not including, June 30, 1997 through the date of calculation (but excluding from the calculation of such cumulative Net Income the effect, if any, of any fiscal quarter (or portion of a fiscal quarter not then ended) of the Borrower or any Restricted Subsidiary for which Net Income was a negative number), plus (c) 75% of the Net Cash Proceeds received by the Borrower after June 30, 1997 as a result of any offering of Equity or pursuant to any conversion or exchange of convertible Indebtedness or preferred Capital Stock into common Capital Stock of the Borrower, plus (d) an amount equal to 75% of the Adjusted Net Worth, calculated with respect to such Person, of any Person that becomes a Restricted Subsidiary or is merged into or consolidated with the Borrower or any Restricted Subsidiary after June 30, 1997 or substantially all of the assets of which are acquired by the Borrower or any Restricted Subsidiary after June 30, 1997, (in each case determined as of the date that such Person becomes a Restricted Subsidiary or is merged into or consolidated with the Borrower or a Restricted Subsidiary or that such assets are so acquired), provided that the purchase price paid therefor is paid in equity securities of the Borrower or any Subsidiary of the Borrower."