Common use of Minimum Consolidated Tangible Net Worth Clause in Contracts

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth at any time to be less than the sum of (a) $100,000,000, plus (b) an amount equal to 75% of the net cash proceeds received by the Parent or a Subsidiary thereof from issuances or sales of Equity Interests of the Parent or any of its Subsidiaries consummated after the Closing Date.

Appears in 2 contracts

Samples: Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)

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Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth at any time to be of not less than the sum of (aaA) $100,000,000, 1,149,979,129.00 plus (bbB) an amount equal to 75% of the net cash proceeds received by the Parent or a Subsidiary thereof from of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing DateSeptember 30, 2018.

Appears in 2 contracts

Samples: Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth at any time to be of not less than the sum of (a) $100,000,000, 228,728,000 plus (b) an amount equal to 7580% of the net cash proceeds received by the Parent or a Subsidiary thereof from of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing Date.

Appears in 2 contracts

Samples: Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth at any time to be of not less than the sum of (a) $100,000,000, 524,697,000 plus (b) an amount equal to 75% of the net cash proceeds received by the Parent or a Subsidiary thereof from of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing Date.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel OP, LP)

Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth at any time to be less than the sum of (a) $100,000,000283,141,000, plus (b) an amount equal to 75% of the net cash proceeds received by the Parent or a Subsidiary thereof from issuances or sales of Equity Interests of the Parent or any of its Subsidiaries consummated after the Closing Date.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth at any time to be of not less than the sum of (a) $100,000,000, 588,588,750 plus (b) an amount equal to 75% of the net cash proceeds received by the Parent or a Subsidiary thereof from of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing Date.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth at any time to be of not less than the sum of (a) $100,000,000, 638,961,000 plus (b) an amount equal to 75% of the net cash proceeds received by the Parent or a Subsidiary thereof from of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing Date.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth at any time to be of not less than the sum of (a) $100,000,0001,149,979,129.00, plus (b) an amount equal to 75% of the net cash proceeds received by the Parent or a Subsidiary thereof from of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing DateSeptember 30, 2018.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth at any time to be of not less than the sum of (a) $100,000,000, 1,105,342,000 plus (b) an amount equal to 75% of the net cash proceeds received by the Parent or a Subsidiary thereof from of all issuances or sales of 86 Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing DateSeptember 26, 2017.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

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Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth at any time to be of not less than the sum of (a) $100,000,000, 1,105,342,000 plus (b) an amount equal to 75% of the net cash proceeds received by the Parent or a Subsidiary thereof from of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing Third Amendment Effective Date.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth at any time to be of not less than the sum of (a) $100,000,000, 1,105,342,000 plus (b) an amount equal to 75% of the net cash proceeds received by the Parent or a Subsidiary thereof from of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing DateDate .

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth at any time to be of not less than the sum of (a) $100,000,000, 1,105,342,000 plus (b) an amount equal to 75% of the net cash proceeds received by the Parent or a Subsidiary thereof from of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing First Amendment Effective Date.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth at any time to be of not less than the sum of (a) $100,000,000, 588,588,750 plus (b) an amount equal to 75% of the net cash proceeds received by the Parent or a Subsidiary thereof from of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing Second Amendment Effective Date.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth at any time to be less than the sum of (a) $100,000,000275,000,000, plus (b) an amount equal to seventy-five percent (75% %) of the net cash proceeds received by the Parent or a Subsidiary thereof from issuances or sales amount of Net Proceeds of any Equity Interests of the Parent or any of its Subsidiaries consummated after Issuances subsequent to the Closing DateDate .

Appears in 1 contract

Samples: Credit Agreement (GMH Communities Trust)

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