Minimum Liquid Net Worth Sample Clauses

Minimum Liquid Net Worth. “Minimum Liquid Net Worth” shall mean collectively, a Tangible Net Worth of no less than $2,000,000 and the ownership of assets in the form of Cash Equivalents in an amount no less than $2,000,000 which are subject to no Lien. “Tangible Net Worth” means assets (excluding intangible assets) less liabilities. “Intangible assets” means all intangible assets (determined in conformity with GAAP) including, without limitation, goodwill, intellectual property, licenses, organizational costs, deferred amounts, covenants not to compete, unearned income and restricted funds, “Cash Equivalents” means any investment in (i) direct obligations of the United States or any agency thereof, or obligations guaranteed by the United States or any agency thereof, (ii) commercial paper rated at least A-l by Standard & Poor’s Ratings Service and P-l by M▇▇▇▇’▇ Investors Services, Inc., (iii) time deposits with, including certificates of deposit issued by, any office located in the United States of any bank or trust company which is organized under the laws of the United States or any State thereof and has capital, surplus and undivided profits aggregating at least $500,000,000 and which issues (or the parent of which issues) certificates of deposit or commercial paper with a rating described in clause (ii) above, (iv) repurchase agreements with respect to securities described in clause (i) above entered into with an office of a bank or trust company meeting the criteria specified in clause (iii) above, provided in each case that such investment matures within one year from the date of acquisition thereof by the Guarantor, or (v) any money market or mutual fund which invests only in the foregoing types of investments and the liquidity of which is satisfactory to Agent.