Net Worth Requirement. The CONTRACTOR shall at all times be in compliance with the net worth requirements in the Insurance Code.
Net Worth Requirement. As of the close of business on the last Business Day prior to the Closing Date (the “PBI Measuring Date”), the Adjusted PBI Shareholders’ Equity shall not be less than $31,000,000, as determined in accordance with GAAP. For purposes of this Section 9.2(d), “Adjusted PBI Shareholders’ Equity” means the consolidated equity of PBI as set forth on the balance sheet of PBI on the PBI Measuring Date (excluding any Conforming Adjustments), minus any unrealized gains or plus any unrealized losses (as the case may be) in PBI’s securities portfolio due to xxxx-to-market adjustments as of the PBI Measuring Date and after adding the sum of (a) all fees and expenses of all attorneys, accountants, the PBI Financial Advisor and other advisors and agents for PBI and its Subsidiaries for services rendered solely in connection with the transactions contemplated by this Agreement and which do not exceed in the aggregate $1,000,000, and (b) the payments, if any, made by PBI under the Employment Agreement Termination Letters, (c) the premiums, if any, paid by PBI for the D&O Insurance in accordance with Section 8.14(c) above, (d) payments made by PBI in respect of the final Tax returns of PBI pursuant to Section 8.22(e) above, and (e) any other amounts requested by NCC in writing to be expensed by PBI prior to the PBI Measuring Date.
Net Worth Requirement. As of the end of each fiscal quarter of CCPT IV commencing with the fiscal quarter ending June 30, 2012, the sum of (i) Total Stockholders Equity plus Redeemable Common Stock, as reported on its 10-K or 10-Q SEC filings, and (ii) the principal amount of any Approved Subordinated Debt, shall not be less than $2,500,000.00 plus 75% of the Net Equity Contributions or sales of treasury stock received by CCPT IV after the Closing Date.
Net Worth Requirement. The Net Worth of the Borrower shall be --------------------- at least the amount set forth opposite each period during which the requested Loans are to be made: Period Required Net Worth ------ ------------------ Closing Date - 12/30/98 $30,000,000 12/31/98 - 12/30/99 $33,000,000 12/31/99 - 12/30/00 $36,000,000 12/31/00 and thereafter $39,000,000 Each Borrowing by the Borrower hereunder shall constitute a representation and warranty by the Borrower as of the date of such Borrowing that the conditions contained in this Section 4.2 have been satisfied.
Net Worth Requirement. The Borrower shall maintain a Net Worth of not less than THIRTY-SEVEN MILLION DOLLARS ($37,000,000.00) by the end of the 1998 fiscal year. The Tangible Net Worth must not be less than a negative ($3,000,000) at the end of the 1998 fiscal year end and a negative ($3,000,000) plus 25% of the net income at the end of the 1999 fiscal year and all subsequent years and at all times thereafter.
Net Worth Requirement. Mxxxxx Investors, Inc. hereby represents and warrants to Purchaser that it has, and for a period of three (3) years after the Closing it shall maintain, a net worth of at least Eight Million ($8,000,000) Dollars.
Net Worth Requirement. Consolidated Net Worth at any time to be less than the greater of (i) $291,000,000 and (ii) an amount equal to 65% of Consolidated Net Worth as of the end of the fiscal year of the Company most recently ended prior to the date of determination of compliance with this paragraph 6A(2); or
Net Worth Requirement. The Guarantor shall maintain a Net Worth of not less than THIRTY-SEVEN MILLION DOLLARS ($37,000,000.00) by the end of the 1998 fiscal year. The Tangible Net Worth must not be less than a negative ($3,000,000) at the end of the 1998 fiscal year end and a negative ($3,000,000) plus 25% of the net income at the end of the 1999 fiscal year and all subsequent years and at all times thereafter.
Net Worth Requirement. As of the close of business on the last Business Day prior to the Closing Date (the “FFHI Measuring Date”), the Adjusted FFHI Stockholders’ Equity shall not be less than $59,000,000, as determined in accordance with GAAP. For purposes of this Section 9.2(d), “Adjusted FFHI Stockholders’ Equity” means the consolidated equity of FFHI as set forth on the balance sheet of FFHI on the FFHI Measuring Date (excluding any Conforming Adjustments), minus any unrealized gains or plus any unrealized losses (as the case may be) in FFHI’s securities portfolio due to xxxx-to-market adjustments as of the FFHI Measuring Date and after adding the sum of (a) all fees and expenses of all attorneys, accountants, the FFHI Financial Advisor and other advisors and agents for FFHI and its Subsidiaries for services rendered solely in connection with the transactions contemplated by this Agreement and which do not exceed in the aggregate $2,000,000 (exclusive of reasonable costs paid to or advanced by such advisors), (b) the payments, if any, made at the request of NCC by FFHI under the Employment Agreement Termination Letters, (c) the premiums, if any, paid at the request of NCC by FFHI for the D&O Insurance in accordance with Section 8.14(c) above, and (d) any other amounts requested by NCC in writing to be expensed by FFHI prior to the FFHI Measuring Date, including without limitation the Conforming Adjustments.
Net Worth Requirement. Xxxxxx and Xxxxx hereby represent and warrant to Purchaser that (i) Xxxxxx has, as of the Effective Date and the Closing Date, a liquid net worth of at least Ten Million Dollars ($10,000,000), and (ii) the letter written and signed by Xxxxx Xxxxxx of Xxxxxxx & Xxxxxx, LLC delivered to Purchaser as a part of the Materials presents fairly the financial condition and liquidity of Xxxxxx and Xxxxx as of the Effective Date. Further, Xxxxxx and Xxxxx covenant and agree that for a period of three (3) years after the Closing Date, Xxxxxx shall maintain a liquid net worth of at least Ten Million Dollars ($10,000,000). The aforesaid representation, warranty and covenant of Xxxxxx and Xxxxx shall constitute -30- Surviving Obligations for a period of three (3) years from the Closing Date, and notwithstanding anything to the contrary contained herein, any and all claims relating to a breach of the aforesaid representation, warranty and covenant shall be brought against Xxxxxx and/or Xxxxx.
