Minimum Net Worth

Example Definitions of "Minimum Net Worth"
Minimum Net Worth. The Total Net Worth of Borrowers and GRMH as of the December 31, 2007 Financials was $1,862,882 on a consolidated basis. For purposes of this Agreement, the Minimum Net Worth of GRMH and the Borrowers will be calculated on a consolidated basis based on seventy-five (75%) percent of the December 31, 2007 existing equity ($1,397,162.00) plus seventy-five (75%) percent of the Net Income (as per GAAP) for each fiscal quarter ending after December 31, 2007 on a consolidated basis, less non-recurring... expenses as approved by the Bank. View More
Minimum Net Worth. The Borrowers Total Net Worth of Borrowers and GRMH as of the December 31, 2007 Financials was $1,862,882 on a consolidated basis. For purposes of this Agreement, the Borrowers' Minimum Net Worth of GRMH and the Borrowers will be calculated on a consolidated basis based on seventy-five (75%) percent of the December 31, 2007 existing equity ($1,397,162.00) plus seventy-five (75%) percent of the Net Income (as per GAAP) for each fiscal quarter ending after December 31, 2007 on a consolidated... basis, less non-recurring expenses as approved by the Bank. View More
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