Tangible Net Worth Requirement definition
Tangible Net Worth Requirement means, (a) with respect to any date on or after the date hereof, but on or prior to December 31, 1998, negative $1,300,000, (b) with respect to any date on or after January 1, 1999, but on or prior to September 30, 1999, negative $1,900,000, (c) with respect to any date on or after October 1, 1999 but on or prior to March 31, 2000, negative $2,300,000, and (d) for any date on or after April 1, 2000, the Tangible Net Worth Requirement as of the last day of the preceding calendar month plus $20,000.
Tangible Net Worth Requirement means (a) with respect to YMC and QMS combined, negative $300,000 until June 30,1999 and for each calendar month thereafter means the Tangible Net Worth Requirement of YMC and QMS combined as of the last day of the preceding calendar month plus $8,333, and (b) with respect to CEM, means $3,750,000 until December 31, 1998 and for each calendar month thereafter means the Tangible Net Worth Requirement of CEM as of the last day of the preceding calendar month plus $50,000.
Tangible Net Worth Requirement means negative two hundred fifty six thousand dollars (-$256,000) from the date of this Agreement to the date of Lender’s receipt of Borrower’s reviewed financial statements pursuant to Section 8.1(a) (the “Annual Adjustment Date”), and (ii) as of each Annual Adjustment Date, the Tangible Net Worth Requirement will be adjusted upward by fifty percent (50%) of Borrower’s positive Net Income for the immediately preceding fiscal year as reflected in Borrower’s reviewed financial statements; provided, that the Tangible Net Worth Requirement will not be adjusted down for any losses.
Examples of Tangible Net Worth Requirement in a sentence
The Minimum Tangible Net Worth Requirement described herein shall be adjusted annually based on changes in the CPI in accordance with the methodology set forth in Section 8.1.3 of the CMA General Conditions, commencing on the first anniversary of the Initial Maintenance Term Commencement Date and continuing annually thereafter during the Maintenance Period.
Tangible Net Worth as of the last day of each month, shall not be less than the Tangible Net Worth Requirement.
The Adjusted Tangible Net Worth of the Consolidated Group, determined on a consolidated basis as of the last day of each Fiscal Period ending after the Closing Date, shall not be less than the Adjusted Tangible Net Worth Requirement.
For so long as there are any Obligations to Lender, the Borrower shall maintain at all times the Tangible Net Worth Requirement.
As April 1, 2009 and at all times thereafter of the greater of (i) the 2009 Tangible Net Worth Requirement and (ii) 95% of Tangible Net Worth at March 31, 2009; provided however; that for each measurement period after the Stock Repurchase Date, the Tangible Net Worth requirement will be reduced by the Stock Repurchase Price”.
More Definitions of Tangible Net Worth Requirement
Tangible Net Worth Requirement means, as of any date of determination, a Tangible Net Worth of at least the sum of (a) $175,000,000 and (b) the product of 2/3 (67%) the proceeds from any issuance of equity; provided, however, that such Tangible Net Worth Requirement may be amended by BANA from time to time, in a written notice to Client. “Total Liabilities” shall mean, as of any date of determination, the sum of (a) the total liabilities of Client on any given date of determination, to be determined in accordance with GAAP consistent with those applied in the preparation of Client’s financial statements, plus (b) to the extent not already included under GAAP, the total aggregate outstanding amount owed by Client under any repurchase, refinance or other similar credit arrangements, plus (c) to the extent not already included under GAAP, any “off balance sheet” repurchase, refinance or other similar credit arrangements, less (d) the amount of any nonspecific consolidated balance sheet reserves maintained in accordance with GAAP and less (e) the amount of any nonrecourse debt, including any securitization debt. “Total Liabilities and Warehouse Credit” means, as of any date of determination, a maximum ratio of Total Liabilities and Warehouse Credit to Tangible Net Worth of 9:1; provided, however, that such Total Liabilities and Warehouse Credit to Tangible Net Worth Requirement may be amended by BANA from time to time, in a written notice to the Client, to be the same as the corresponding financial covenant as included in a master repurchase agreement entered into by BANA and Client after the date hereof. “Term” has the meaning set forth in Section 1.02. “Transfer Instructions” means the reasonable transfer instructions mutually agreed to by BANA and Client or its subservicer detailing the procedures pursuant to which BANA shall effectuate the actual servicing transfer from BANA to Client or its designee. “Transition Services Team” has the meaning set forth in Section 8.01. “Unscheduled Payment” means a payment to a Mortgagor under the terms of the related Mortgage Documents other than a Scheduled Payment.
Tangible Net Worth Requirement means the respective Tangible Net Worth Requirement set
Tangible Net Worth Requirement means the requirement as to Tangible Net Worth for the Company as set forth in Section 6.2(j)(iii).
Tangible Net Worth Requirement means (a) during the period from the Closing Date through December 30, 2020, -$1,325,000, (b) during the period from December 31, 2020 through December 30, 2021, the 2021 TNW Amount, and (c) during the period beginning on December 31, 2021 and thereafter, the 2021 TNW Amount; provided, however, the Tangible Net Worth Requirement shall be increased (but not decreased) on each Determination Date by an amount equal to 50% of positive Net Income for the fiscal year immediately preceding such Determination Date, provided that the increase to the Tangible Net Worth Requirement determined on each Determination Date will be updated and adjusted as needed based on the audited financial statements required by Section 8.1(a) with respect to the fiscal year ending prior to such Determination Date.
Tangible Net Worth Requirement means $1,000,000 until December 31, 2000, and for each calendar year thereafter means (i) if Company's Net Income for the previous calendar year is greater than or equal to zero, the Tangible Net Worth Requirement as of the last day of the preceding calendar year plus fifty percent (50%) of Company's Net Income for the previous calendar year and (ii) if Company's Net Income for the previous calendar year is negative, the Tangible Net Worth Requirement as of the last day of the preceding calendar year.
Tangible Net Worth Requirement means an amount, as of the date of the initial Advance under this Agreement and at all time thereafter, equal to $8,000,000.
Tangible Net Worth Requirement means, as of the end of each Fiscal Year, Seventy Three Million Five Hundred Thousand Dollars ($73,500,000), plus an amount equal to fifty percent (50%) of Adjusted Net Earnings From Operations for the immediately preceding Fiscal Year, beginning with the Fiscal Year ending December 31, 2004.