Minimum Net Assets. Net Assets of not less than one hundred twenty-five million dollars ($125,000,000), tested as of the end of each fiscal quarter of Borrower.
Minimum Net Assets. The Company shall have delivered to Buyer (a) a balance sheet dated as of a date not more than seventeen (17) days prior to the Closing Date, certified by the chief financial officer of the Company, showing that the net assets of the Company (as determined in accordance with generally accepted accounting principles and in a manner consistent with the determination of net assets on the Company's December 22, 2000, balance sheet) are not less than Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000) as of such date; and (b) a balance sheet dated as of March 16, 2001 (the "Closing Balance Sheet") which shall include an accrual for unpaid Transaction Expenses of the Company and the Stockholders through the Closing Date, which accrual would not typically be included on the Closing Balance Sheet under generally accepted accounting principles. The net assets reflected on the Closing Balance Sheet (taking into account the accrual for Transaction Expenses) shall not be less than Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000) as of such date.
Minimum Net Assets. Net Assets of not less than One Hundred Eighty-Five Million Dollars ($185,000,000), tested on a quarterly basis as of the end of each fiscal quarter of Borrower, commencing with the fiscal quarter ended March 31, 2020.”
Minimum Net Assets. Maintain at all times an excess of Consolidated total assets over Consolidated total liabilities (in each case excluding the assets and liabilities of Aleutian and Juneau) and of Persons which are Consolidated or subject to be Consolidated according to FASB Interpretation 46(R) (Consolidation of Variable Interest Entities)) of at least $2,760,000,000 plus (i) an amount equal to 15% of Consolidated net income (if positive) for each fiscal year of Ambac Financial ending after the date of this Agreement plus (ii) an amount equal to 15% of the Net Proceeds of any Equity Issuance made during such fiscal year.
Minimum Net Assets. Section 5.03(a) of the Credit Agreement is hereby amended to read in its entirety as follows:
Minimum Net Assets. Maintain at all times an excess of Consolidated total assets over Consolidated total liabilities (in each case excluding (x) the assets and liabilities of Aleutian and Juneau and of Persons which are Consolidated or subject to be Consolidated according to FASB Interpretation 46(R) (Consolidation of Variable Interest Entities) and (y) net xxxx-to-market (losses) gains on credit derivative contracts (determined on an after-tax basis), provided that in the case of this clause (y) the Impairment Value with respect to such losses shall not be excluded) of at least $4,375,000,000 plus (i) an amount equal to 25% of Consolidated net income (if positive) for each fiscal year of Ambac Financial commencing with fiscal year 2008 (excluding net xxxx-to-market (losses) gains on credit derivative contracts (determined on an after-tax basis), provided that the Impairment Value with respect to such losses shall not be excluded) plus (ii) an amount equal to 50% of the Net Proceeds of any Equity Issuance made during fiscal year 2008 of Ambac Financial plus (iii) an amount equal to 25% of the Net Proceeds of any Equity Issuance made during each fiscal year of Ambac Financial commencing with fiscal year 2009.”
Minimum Net Assets. On the Closing Date, the Seller’s Secretary shall certify, in writing, to the Purchaser that on the Closing Date the Company’s Net Assets are equal to or exceed $400,000.
Minimum Net Assets. The value of the net assets of the Seller (defined as the Seller’s assets less its liabilities) shall be at least $5,400,000 (in each case determined in accordance with GAAP).
Minimum Net Assets. (a) No later than ten business days after the Measurement Date, Seller shall deliver to Buyer a good faith estimate substantially in the form of Exhibit 2.3(a), reasonably acceptable to Buyer, of a statement of the Assets and the Assumed Liabilities of the Business as of the Measurement Date (the "Closing Statement"), prepared in accordance with GAAP, and including a computation in accordance with such data of the estimated Net Assets of the Business as of the Measurement Date, together with the detailed work papers which support the Estimated Closing Statement. The Cash Payment shall be decreased by the amount by which the sum of the Net Assets at the Measurement Date is less than $15,000,000 (the "Closing Cash Adjustment").
Minimum Net Assets. Net Assets of not less than Two Hundred Seventy Five Million Dollars ($275,000,000), increasing by ninety percent (90%) of any increase of Net Assets as of the end of each fiscal year (with no adjustment for any decreases of Net Assets), tested as of the end of each fiscal quarter of Borrower, commencing with the fiscal quarter ended September 30, 2015.
