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 $2,900,000,000 plus (i) an amount equal to 15% of Consolidated net income (if positive) for each fiscal year of Ambac Financial commencing with fiscal year 2007 plus (ii) an amount equal to 15% of the Net Proceeds of any Equity Issuance made during such fiscal year.
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.
Minimum Net Assets. Seller undertakes that during the period from the date hereof until the third anniversary of the Closing Date, Seller shall at all times maintain minimum net assets with a fair market value in excess of the Consideration. Fair market value, with respect to any asset, shall be determined as follows: (i) if the asset is listed securities, then the value of such assets shall be determined by the average of the listed securities’ closing prices on the traded stock exchanges for the ten (10) consecutive trading day period ending one (1) day prior to the date of determination; and (ii) if the assets are not publicly traded, the fair market value of such assets shall be deemed to equal the book value of the assets as reflected on Seller’s latest audited balance sheet prepared in accordance with U.S. GAAP; provided that if the board of directors of Seller believe in good faith that the book value of the assets does not reflect its fair market value, the board of directors of Seller may, appoint a recognized third party independent valuer reasonably satisfactory to Buyer (at the Seller’s expense) to carry out an appraisal of the assets and certify, in writing, the fair market value of the assets.
Minimum Net Assets. If at any time after Completion and before the fourteenth anniversary of Completion either:
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. 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.”
