Minimum Net Assets

Minimum Net Assets. Maintain at all times an excess of Consolidated total assets over Consolidated total liabilities (in each case excluding (x) the assets and liabilities of Aleutian and Juneau and of Persons which are Consolidated or subject to be Consolidated according to FASB Interpretation 46(R) (Consolidation of Variable Interest Entities) and (y) net mark-to-market (losses) gains on credit derivative contracts (determined on an after-tax basis), provided that in the case of this clause (y) the Impairment... Value with respect to such losses shall not be excluded) of at least $4,375,000,000 plus (i) an amount equal to 25% of Consolidated net income (if positive) for each fiscal year of Ambac Financial commencing with fiscal year 2008 (excluding net mark-to-market (losses) gains on credit derivative contracts (determined on an after-tax basis), provided that the Impairment Value with respect to such losses shall not be excluded) plus (ii) an amount equal to 50% of the Net Proceeds of any Equity Issuance made during fiscal year 2008 of Ambac Financial plus (iii) an amount equal to 25% of the Net Proceeds of any Equity Issuance made during each fiscal year of Ambac Financial commencing with fiscal year 2009. View More