ACGL » Topics » Covenants

This excerpt taken from the ACGL 8-K filed Jan 23, 2006.
Covenants); or (ii) default by the Obligor in the observance or performance of its obligation to maintain the value of the Custodial Account maintained in its name in accordance with Clause 5.1.4 hereof and Clause 1 of the Security Agreement between it and the Security Agent;


(e)                     failure by the Parent to maintain a minimum Net Worth that is at any time less than the sum of: (i) USD$1,500,000,000; (ii) 25% of the Net Cash Proceeds of any common or preferred equity raised by the Parent after the date of this Agreement; and (iii) 25% of Consolidated Net Income for each financial year of the Parent:




(f)                       in this paragraph (f) the following term has the following meaning.


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