PALOMAR MINIMUM Sample Clauses

PALOMAR MINIMUM. TANGIBLE SHAREHOLDERS' EQUITY. Centennial shall have received a letter (the "ACCOUNTING LETTER") from Hutchinson & Bloodgood, LLP, xxxxxxxxd pubxxx xxxxxntants for Centennial that, as of a date no more than five (5) Business Days prior to the Effective Time (the "DETERMINATION DATE") setting forth Palomar's Tangible Shareholders' Equity. The Palomar Tangible Shareholders' Equity will be determined in accordance with RAP, excluding all goodwill and intangibles on the books of Palomar, and this Agreement as of the end of the month preceding the month in which the Closing shall occur in accordance with such limitations and standards of review as may be specified in such letter but without the performance of such procedures as are necessary in order for such firm to express an opinion with respect thereto, and reflect an adequate loan loss reserve which in any case will be not less than $572,706 plus an amount equal to the sum of (a) $10,000 multiplied by (b) the number of months from December 1, 2000 through the month end prior to the Closing Date, after deducting therefrom all reserves allocated to specific loans on the books of Palomar. The cost of such account's letter shall be paid by Centennial. In addition, no Expenses of Palomar or Community shall be capitalized in making such determination of shareholders' equity.
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Related to PALOMAR MINIMUM

  • Adjustment of Minimum Quarterly Distribution and Target Distribution Levels (a) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution, Third Target Distribution, Common Unit Arrearages and Cumulative Common Unit Arrearages shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 5.10. In the event of a distribution of Available Cash that is deemed to be from Capital Surplus, the then applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, as the case may be, by a fraction of which the numerator is the Unrecovered Capital of the Common Units immediately after giving effect to such distribution and of which the denominator is the Unrecovered Capital of the Common Units immediately prior to giving effect to such distribution.

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  • Royalty Rate Royalties shall be computed at the rate of six percent (6%) of Licensee's Net Sales during the applicable quarterly period.

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