Common use of Net Worth Test Clause in Contracts

Net Worth Test. My individual net worth, or my joint net worth together with my spouse, exceeds $1,000,000. For these purposes, “net worth” means the excess of: my total assets at fair market value (including all personal and real property, but excluding the estimated fair market value of my primary residence) my total liabilities. For these purposes, “liabilities”: exclude any mortgage or other debt secured by my primary residence in an amount of up to the estimated fair market value of that residence; but include any mortgage or other debt secured by my primary residence in an amount in excess of the estimated fair market value of that residence. I confirm that my total individual liabilities, or my total joint liabilities together with my spouse, do not exceed $ . I represent that all liabilities necessary to determine my individual net worth, or my joint net worth together with my spouse, for the purpose of determining my status as an Accredited Investor are reflected in the dollar amount in the preceding sentence.

Net Worth Test. My individual net worth, or my joint net worth together with my spouse, exceeds $1,000,000. For these purposes, the purposes of calculating my “net worth” means the excess offollowing formula shall be applied: my My total assets at fair market value (including all personal and real property, but excluding the estimated fair market value of my primary residence) my My total liabilities. For these purposes, “liabilities”: exclude (i) excluding any mortgage or other debt secured by my primary residence in an amount of up to the estimated fair market value of that residence; but include (ii) including any mortgage or other debt secured by my primary residence in an amount in excess of the estimated fair market value of that residence. I confirm that In connection with the calculation of my total individual liabilities, or my total joint liabilities together with my spouse, do not exceed $ . net worth I represent that I have read the foregoing definition of “net worth” and all liabilities necessary to determine my individual net worth, or my joint net worth together with my spouse, for the purpose of determining my status as an Accredited Investor are reflected in the dollar amount in the preceding sentence.