Net Worth Covenant Sample Clauses
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Net Worth Covenant. Guarantors will maintain a tangible aggregate net worth at least equal to Fifteen Million Dollars ($15,000,000). For purposes of this Guaranty, “tangible aggregate net worth” means, as of a given date, Guarantors’ equity calculated in conformance with generally accepted accounting principles by subtracting total liabilities from the fair market value of Guarantors’ total tangible assets, excluding Guarantors’ interest in Developer.
Net Worth Covenant. ▇▇▇▇▇ Realty shall, at all times throughout the term of the Loan, maintain a minimum Net Worth of at least $35,000,000.00. As used herein, the term "Net Worth" shall mean, on any applicable date of determination, (i) the net book value of all assets of ▇▇▇▇▇ Realty (excluding, however, receivables from Affiliates, patent rights, trademarks, trade names, franchises, copyrights, licenses, goodwill and other intangible assets), after all appropriate deductions in accordance with Acceptable Accounting Standards (including, without limitation, reserves for doubtful receivables, obsolescence, depreciation and amortization), less (ii) all liabilities of ▇▇▇▇▇ Realty (including, without limitation, liabilities for taxes and a fair valuation of contingent or indirect liabilities), all as determined in accordance with Acceptable Accounting Standards and otherwise in Lender's sole discretion.
Net Worth Covenant. Section 9.14 of the Loan Agreement is hereby amended, as of June 10, 2002, to read as follows:
Net Worth Covenant. For a period of not less than four (4) years following the Closing, Sellers and/or one or more of Sellers' owners, designated at Closing, shall guarantee the Sellers' indemnification obligations under Article 11 hereof. The form of guaranty shall be set forth on Exhibit H hereto. The same guaranty shall also secure the indemnification obligations of Sellers under Article 11 of the Other Purchase Agreement. For the four (4) year term of the guaranty, such Seller (or guarantor, if applicable) shall have and maintain a minimum net worth of not less than two million dollars ($2,000,000).
Net Worth Covenant. As of the Effective Date, the following covenant is hereby added as new Section 5(e) of the Guaranty:
Net Worth Covenant. Until the Loan is paid in full, Guarantor shall maintain at all times a Net Worth (exclusive of any direct or indirect interest in the Property) at least equal to $45,000,000, and, within ten (10) business days of Lender's request, Borrower shall demonstrate in writing and to Lender's reasonable satisfaction, compliance with this Section.
Net Worth Covenant. The Company shall not permit its Net Worth, for any fiscal quarter, to be less than $87,500,000.
Net Worth Covenant. The Guarantor shall at all times maintain a Net Worth greater than or equal to the outstanding principal amount of the Term Loans. For purposes of this Section, Net Worth shall mean the net value of the Guarantor within the meaning of Treasury regulation section 1.752-2(k) (which generally equals the amount by which the fair market value of all assets owned by the Guarantor exceeds the amount of all of the liabilities or other obligations of the Guarantor (other than the obligations under this Guaranty and other similar obligations within the meaning of Treasury regulation section 1.752-2(b)(1)), determined at the times specified in Treasury regulation section 1.752-2(k)). If the Guarantor fails to maintain such Net Worth for a period of ninety (90) continuous days, the Borrower agrees to pay an additional amount of interest of 1% per annum in addition to the interest rate otherwise applicable on the Term Loans from such ninetieth (90th) day until such time as the Guarantor is again in compliance with the Net Worth covenant set forth in this Section.
Net Worth Covenant. Permit at any time its Net Worth to be less than the sum of (i) $30,000,000 plus (ii) an amount equal to 50% of the consolidated net income (but not loss) of the Borrower determined in accordance with Section 1.3(b) of this Agreement for each fiscal year of the Borrower commencing with the Borrower's fiscal year ending December 31, 1998, each increase to be effective as of the last day of each fiscal year.
Net Worth Covenant. Sellers covenant and agree that (a) at Closing, Sellers shall deposit, from the proceeds of the Purchase Price, an amount equal to the Liability Cap in an account established by Sellers with a bank or other financial institution and (b) during the Survival Period (as defined in Section 16 below) (and, in the event Buyer has made a timely claim(s) against Sellers pursuant to this Section 11, thereafter until the claim(s) have been fully resolved): (i) Sellers shall keep and maintain cash or cash equivalents in such account in an amount equal to the Liability Cap, (ii) Sellers shall not pledge, encumber or otherwise grant a security interest in such account or such cash or equivalents and (iii) Sellers shall not distribute or pay any such cash or cash equivalents to its members, partners, affiliates or any other third party.