Statutory Tangible Net Equity definition
Statutory Tangible Net Equity means the minimum Tangible Net Equity -------------------------------- required of the Company by Title 28, section 1300.76 of the California Code of Regulations.
Statutory Tangible Net Equity means the minimum Tangible Net Equity required of the Company by Title 28, section 1300.76 of the California Code of Regulations.
Examples of Statutory Tangible Net Equity in a sentence
The difference, if any, between the Tangible Net Equity of the Company and the Statutory Tangible Net Equity of the Company as of the date the Tangible Net Equity is determined shall be referred to herein as the "Excess Tangible Net Equity." Upon approval of the Department, Seller shall cause the Company to dividend or otherwise distribute to Seller, that portion of the Excess Tangible Net Equity authorized by the Department.
Prior to Closing, Seller shall cause the Company to request from the Department permission to reduce the Tangible Net Equity of the Company to an amount equal to the Statutory Tangible Net Equity.