Minimum Book Net Worth Sample Clauses
The Minimum Book Net Worth clause sets a required threshold for the net worth of a party, typically calculated as total assets minus total liabilities according to the party's financial statements. This clause often applies to borrowers in loan agreements, requiring them to maintain a specified minimum net worth throughout the term of the agreement, with compliance usually verified through periodic financial reporting. Its core function is to ensure the financial stability of the obligated party, thereby reducing the lender's risk by providing an early warning if the party's financial health deteriorates.
Minimum Book Net Worth. The Borrower will maintain, during each period described below, its Book Net Worth in an amount not less than the amount set forth below:
Minimum Book Net Worth. Permit Book Net Worth to be less than $1,630,810,000 (which represents approximately 85% of Book Net Worth as of July 1, 2012) as of the last day of any fiscal quarter (commencing with the fiscal quarter ending on or about December 31, 2012); provided, however, (i) such amount shall be increased at the end of each fiscal quarter (commencing with the fiscal quarter ending September 30, 2012) by an amount equal to 25% of the Borrower’s and its Subsidiaries’ net income for the fiscal quarter then ending (computed on a consolidated basis in accordance with GAAP and with no deduction for a net loss in any such fiscal quarter), such increases to be cumulative; and (ii) such amount shall be decreased Dollar for Dollar by the aggregate cumulative amount of all payments made by the Borrower on and after the Closing Date for the redemption, retirement or other repurchase of any shares of the capital stock of the Borrower so long as the Borrower’s Debt Rating is BBB+ or higher by S&P or Baa1 or higher by ▇▇▇▇▇’▇ at the time of such payments. With respect to clause (ii) of the proviso in the immediately preceding sentence, if, as a result of the payments made by the Borrower for such redemption, retirement or other repurchase of any shares of the capital stock of the Borrower, the Debt Rating of the Borrower is lowered by either S&P or ▇▇▇▇▇’▇ below the applicable level set forth in the preceding sentence within forty-five (45) days of the last of such payments, then any reduction in the minimum Book Net Worth amount previously made pursuant to clause (ii) of this Section 7.07 in connection with such payments shall be reversed.
Minimum Book Net Worth. The Borrower will maintain, as of each date described below, its Book Net Worth at an amount not less than the amount set forth opposite such date: Date Minimum Book Net Worth ---- ---------------------- November 30, 2000 $703,000 February 28, 2001 $633,000 May 31, 2001 $838,000 August 31, 2001 $833,000 November 30, 2001 and the last day of each quarter thereafter $768,000"
Minimum Book Net Worth. Pursuant to Section 6.2(a) of the Credit Agreement, as of the Reporting Date, the Borrower’s Book Net Worth was $____________ which [ ]satisfies [ ] does not satisfy the requirement that such amount be not less than $_____________ on the Reporting Date as set forth in the table below (numbers appearing in parentheses are negative):
Minimum Book Net Worth. Section 6.13 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Minimum Book Net Worth. The Borrower will maintain, during each period described below, its Book Net Worth in an amount not less than the amount set forth below:
(a) From September 1, 2003 through November 30, 2003, a minimum Book Net Worth of not less than $150,000 less than the Book Net Worth as at the prior FYE;
(b) From December 1, 2003 through February 29, 2004, a minimum Book Net Worth of not less than the Book Net Worth as at the prior FYE plus $60,000;
(c) From March 1, 2004 through May 31, 2004, a minimum Book Net Worth of not less than the Book Net Worth as at the prior FYE plus $350,000; and
(d) From June 1, 2004 through August 31, 2004, a minimum Book Net Worth of not less than the Book Net Worth as the prior FYE plus $500,000.
Minimum Book Net Worth. Permit Borrower's Book Net Worth at any time to be less than $25,000,000, plus 75% of positive net income of Borrower after December 31, 2000.
Minimum Book Net Worth. Pursuant to Section 6.2(a) of the Credit Agreement, as of the Reporting Date, the Borrower’s Book Net Worth was $ which o satisfies o does not satisfy the requirement that such amount be not less than $ on the Reporting Date as set forth in table below: December, 2004 $ 14,036,000 January, 2005 $ 13,961,000 February, 2005 $ 13,827,000 March, 2005 $ 13,654,000 April, 2005 $ 13,768,000 May, 2005 $ 13,809,000
Minimum Book Net Worth. The Obligors will have a Book Net Worth of not less than: (a) $3,100,000, as of the end of the fiscal quarter ending in December 2004; (b) $3,200,000, as of the end of each subsequent fiscal quarter in fiscal years 2005 and 2006; and (c) the Adjusted Book Net Worth Amount, as of the end of each fiscal quarter ending after September 30, 2006.”
Minimum Book Net Worth. The Borrower will maintain, during each period described below, its Book Net Worth, determined as at the end of each month, and calculated without regard to any additional equity infusion received by Borrower, at an amount not less than the amount set forth opposite such period (numbers appearing between “( )” are negative): Period Minimum Book Net Worth May 31, 2002 ($12,803,000) June 30, 2002 ($12,363,000) July 31, 2002 $3,380,000 August 31, 2002 $2,873,000 September 30, 2002 $3,576,000 October 31, 2002 $3,081,000 November 30, 2002 $2,583,000 December 31, 2002 and each $3,641,000” month thereafter
4. Section 7.10. Section 7.10 of the Credit Agreement is amended and restated in its entirety to read as follows: