Adjusted Consolidated Net Worth. The Borrower will maintain at all times Adjusted Consolidated Net Worth equal to not less than the sum of (i) $1,000,000,000 plus (ii) 25% of the Borrower’s cumulative Consolidated Net Income, if positive, earned after December 31, 2000, through the last day of the most recent fiscal quarter for which statements were delivered or required to have been delivered to the Lenders pursuant to Section 5.1, taken as one accounting period, minus (iii) the Borrower’s consolidated allowance for potential future losses on investments at the end of such fiscal quarter.
Appears in 2 contracts
Sources: Credit Agreement (Protective Life Insurance Co), Credit Agreement (Protective Life Corp)