Minimum Shareholders’ Equity. The Borrower will not permit Shareholders’ Equity at the last day of any fiscal quarter of the Borrower to be less than the greater of # 33% of the total assets of the Borrower and its Subsidiaries as at the last day of such fiscal quarter (determined on a consolidated basis, without duplication, in accordance with GAAP) and # plus 25% of the net proceeds of the sale of Equity Interests by the Borrower and its Subsidiaries after the Sixth Amendment Effective Date, which in any event shall not include dividends, distributions or other payments in respect of such Equity Interests that are paid in Equity Interests in respect of such Equity Interests.
Minimum Shareholders’ Equity. The Borrower will not permit its Shareholders’ Equity at the last day of any fiscal quarter of the Borrower to be less than the greatersum of # 33% of the total assets of the Borrower and its Subsidiaries as at the last day of such fiscal quarter (determined on a consolidated basis, without duplication, in accordance with GAAP) and # plus # 25% of the net cash proceeds of the sale of Equity Interests byof the Borrower and its Subsidiaries after the Sixth Amendment Effective Date, which inDate (other than proceeds of any event shall not include dividends, distributionsdistribution or other payments in respect of such Equity Interests that are paid in Equity Interests in respect of such Equity Interests.dividend reinvestment plan).
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.