Net Worth Certification definition

Net Worth Certification for any period shall mean a certificate of the chief financial officer or chief accounting officer of Finance, in substantially the form of Exhibit B hereto, setting forth in detail the Net Worth for such period and the calculations upon which it has been determined and containing a notice of issuance of NW Preferred Stock.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Net Worth Certification means a statement certified a certified public accountant from a nationally or regionally recognized accounting firm handling the business and personal affairs of the Developer and Guarantors (i) that the then collective net worth of the Developer and Guarantors is not less than Twelve Million Five Hundred Thousand and 00/100 Dollars ($12,500,000.00) determined in accordance with generally accepted accounting principles, consistently applied, (ii) including a summary balance sheet showing liquid assets (cash and marketable securities) of not less than $TBD and (iii) certified by the Developer and Guarantors as true, accurate and complete in all material respects.

Net Worth Certification is defined in Section 7.17(b).

Examples of Net Worth Certification in a sentence

• Within 20 calendar days of the end of each fiscal quarter of Seller, Seller's Chief Executive Officer shall certify to the Chief Financial Officer of Buyer, in writing, that Seller's net worth (determined in accordance with GAAP consistently applied) after such distribution is equal to or greater than $20,000,000 (or $10,000,000 if applicable) ("Net Worth Certification").

• In connection therewith, Tenant shall be required to deliver to Landlord, from time to time, at Landlord's request, updated financial information of Tenant certifying that Tenant has a net worth in excess of $100,000,000.00 (the "Net Worth Certification").

• At least thirty (30) days prior to the delivery of the Guaranty, the Guarantor shall deliver to the City Attorney current Net Worth Certification, upon which the DDA can rely.

More Definitions of Net Worth Certification

Net Worth Certification. As defined in Article V, Section (d)(y).