Common use of Minimum Net Assets Clause in Contracts

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 $2,760,000,000 plus (i) an amount equal to 15% of Consolidated net income (if positive) for each fiscal year of Ambac Financial ending after the date of this Agreement plus (ii) an amount equal to 15% of the Net Proceeds of any Equity Issuance made during such fiscal year.

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) 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 $2,760,000,000 2,900,000,000 plus (i) an amount equal to 15% of Consolidated net income (if positive) for each fiscal year of Ambac Financial ending after the date of this Agreement 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.