Sufficient financial resources definition

Sufficient financial resources above means:

Sufficient financial resources are to be defined as follows: Not less than an annual income of $200,000 for any natural person in each of the two most recent years or joint income with the person’s spouse of less than $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year, and such natural person satisfies such thresholds for such three years consistently either alone or jointly with a spouse. OR Any natural person whose individual net worth or joint net worth with that person’s spouse, at the time of his purchase exceeds $1,000,000. Net worth for this purpose means the fair market value of such person’s total assets less such person’s total liabilities; provided, that: (i) such person must exclude the value of his primary residence as an asset; and (ii) such person may generally exclude the amount of indebtedness secured by his primary residence as a liability except that he must deduct as liabilities (A) the amount by which such indebtedness exceeds the fair market value of his primary residence; and (B) the amount of such indebtedness incurred within the 60 days preceding the purchase date (other than as a result of the acquisition of his primary residence). OR Any business entity (i) in which all of the equity owners have “Sufficient Financial Resources”, (ii) any entity (other than a trust) not formed for the specific purpose of acquiring the Property or Properties, with total assets in excess of $5,000,000, and that amount must be shown on its most recently prepared financial statements, or (iii) a trust not formed for the specific purpose of acquiring the Property or Properties, whose purchase is directed by a sophisticated person and with total assets in excess of $5,000,000 and that amount must be shown on its most recently prepared financial statements. For this purpose, a sophisticated person means that such person must have sufficient knowledge and experience in financial and business matters to evaluate the merits and risks of the acquisition of the Property or Properties.

Sufficient financial resources means Members are able to pay their debts as and when they fall due and are expected to continue in operation without any intention or necessity to liquidate or otherwise wind up their operations;

Examples of Sufficient financial resources in a sentence

• Sufficient financial resources to support the program and comply with these regulations shall be available.

• Sufficient financial resources are required to deliver and underpin the Council’s corporate priorities.

• Sufficient financial resources must be available to the operator so that the operator is able to obtain all required equipment, facilities and manpower and be able to fully support operations in the early stages when revenues are difficult to predict and may in any case be very low.

• Sufficient financial resources to support, at a minimum, the current activities of the CRADA to meet the needs of NIA.Dated: April 26, 1998.

• Sufficient financial resources to meet applicable licensing rules following the issuance of the initial license.

• Sufficient financial resources should be devoted to interpersonal communication with the most disadvantaged: poor, illiterate, those in remote rural areas with limited communication, and other vulnerable groups.

• Table 9 addresses the need to have liquidity at hand in order to ensure smooth operations and as a result increase quality output.Table 9: Sufficient financial resources needed to ensure customer needs are met FrequencyPercentValidPercentCumulativePercentValid .004898.098.098.0Yes12.02.0100.0Total49100.0100.0 Figure 2 demonstrates that the company needs to prioritise health, safety and quality.

• Sufficient financial resources will need to be allocated to rural, mountainous provinces and districts due to difficulties in access to all villages.

• Sufficient financial resources must be allocated to the VSS to allow for the implementation of the VNSDS and to maintain the ongoing activities and outputs in the future.

• Sufficient financial resources to carry out easement administrative and enforcement activities.