Minimum Book Net Worth Sample Clauses
The Minimum Book Net Worth clause sets a required threshold for the net worth of a party, typically calculated as total assets minus total liabilities according to the party's financial statements. This clause often applies to borrowers in loan agreements, requiring them to maintain a specified minimum net worth throughout the term of the agreement, with compliance usually verified through periodic financial reporting. Its core function is to ensure the financial stability of the obligated party, thereby reducing the lender's risk by providing an early warning if the party's financial health deteriorates.
Minimum Book Net Worth. Permit Book Net Worth to be less than $1,630,810,000 (which represents approximately 85% of Book Net Worth as of July 1, 2012) as of the last day of any fiscal quarter (commencing with the fiscal quarter ending on or about December 31, 2012); provided, however, (i) such amount shall be increased at the end of each fiscal quarter (commencing with the fiscal quarter ending September 30, 2012) by an amount equal to 25% of the Borrower’s and its Subsidiaries’ net income for the fiscal quarter then ending (computed on a consolidated basis in accordance with GAAP and with no deduction for a net loss in any such fiscal quarter), such increases to be cumulative; and (ii) such amount shall be decreased Dollar for Dollar by the aggregate cumulative amount of all payments made by the Borrower on and after the Closing Date for the redemption, retirement or other repurchase of any shares of the capital stock of the Borrower so long as the Borrower’s Debt Rating is BBB+ or higher by S&P or Baa1 or higher by ▇▇▇▇▇’▇ at the time of such payments. With respect to clause (ii) of the proviso in the immediately preceding sentence, if, as a result of the payments made by the Borrower for such redemption, retirement or other repurchase of any shares of the capital stock of the Borrower, the Debt Rating of the Borrower is lowered by either S&P or ▇▇▇▇▇’▇ below the applicable level set forth in the preceding sentence within forty-five (45) days of the last of such payments, then any reduction in the minimum Book Net Worth amount previously made pursuant to clause (ii) of this Section 7.07 in connection with such payments shall be reversed.
Minimum Book Net Worth. Pursuant to Section 5.2(a) of the Credit Agreement, as of the Reporting Date, Company's Book Net Worth was $____________, which o satisfies o does not satisfy the requirement that such amount be not less than $66,000,000 on the Reporting Date.
Minimum Book Net Worth. The Borrower will maintain, during each period described below, its Book Net Worth in an amount not less than the amount set forth below:
Minimum Book Net Worth. The Borrower will maintain, during each period described below, its Book Net Worth, determined as at the end of each month, at an amount not less that the amount set forth opposite such period: Period Minimum Book Net Worth ------ ---------------------- July 1, 1999 through and $20,000,000 including August 31, 1999 September 1, 1999 through and including $20,500,000 November 30, 1999 December 1, 1999 through and including $21,000,000 December 31, 1999
Minimum Book Net Worth. Section 6.13 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Minimum Book Net Worth. The Borrower will maintain, during each period described below, its consolidated Book Net Worth, determined as at the end of each month, at an amount not less than the amount set forth opposite such period (numbers appearing between "< >" are negative): Period Minimum Book Net Worth ------ ---------------------- The month ending March 30, 2003 $15,777,000 The month ending April 27, 2003 $15,769,000 The month ending May 25, 2003 $15,729,000 The month ending June 29, 2003 $15,817,000 The month ending July 27, 2003 $15,816,000 The month ending August 24, 2003 $15,819,000 The month ending September 28, 2003 $15,969,000 The month ending October 26, 2003 $15,938,000 The month ending November 23, 2003 $15,940,000 The month ending December 28, 2003 and as of the end of each month thereafter $16,333,000
Minimum Book Net Worth. The Borrower will maintain, during each period described below, its Book Net Worth in an amount not less than the amount set forth below:
(a) From September 1 through November 30 of each year, a minimum Book Net Worth of not less than an amount equal to $250,000 less than the Book Net Worth as at the prior FYE;
(b) From December 1 through February 28 of each year, a minimum Book Net Worth of not less than an amount equal to $500,000 less than the Book Net Worth as at the prior FYE;
(c) From March 1 through May 31 of each year, a minimum Book Net Worth of not less than an amount equal to $250,000 less than the Book Net Worth as at the prior FYE; and
(d) From June 1 through August 31 of each year, a minimum Book Net Worth of not less than an amount equal to $100,000 less than the Book Net Worth as at the prior FYE.
Minimum Book Net Worth. The Borrower will maintain, during each period described below, its Book Net Worth plus Subordinated Indebtedness, determined as at the end of each month, at an amount not less than the amount set forth in the table below opposite such period: 9/30/06 $ 6,000,000 10/31/06 $ 6,000,000 11/30/06 $ 6,500,000 12/31/06 and each month thereafter $ 6,500,000
Minimum Book Net Worth. (Borrowers). The Borrowers, on a consolidated basis, will maintain, during each period described below, Book Net Worth, determined as of the end of each month, in an amount not less than the amount set forth for each such period (numbers appearing between “< >” are negative): Funding Date through March 31, 2007 $ 435,000 April 1, 2007 through June 30, 2007 $ 600,000 July 1, 2007 through September 30, 2007 $ 1,000,000 October 1, 2007 through December 31, 2007 $ 1,635,000
Minimum Book Net Worth. The Obligors will have a Book Net Worth of not less than: (a) $3,100,000, as of the end of the fiscal quarter ending in December 2004; (b) $3,200,000, as of the end of each subsequent fiscal quarter in fiscal years 2005 and 2006; and (c) the Adjusted Book Net Worth Amount, as of the end of each fiscal quarter ending after September 30, 2006.”