Common use of Net Worth Covenant Clause in Contracts

Net Worth Covenant. ▇▇▇▇▇ Realty shall, at all times throughout the term of the Loan, maintain a minimum Net Worth of at least $35,000,000.00. As used herein, the term "Net Worth" shall mean, on any applicable date of determination, (i) the net book value of all assets of ▇▇▇▇▇ Realty (excluding, however, receivables from Affiliates, patent rights, trademarks, trade names, franchises, copyrights, licenses, goodwill and other intangible assets), after all appropriate deductions in accordance with Acceptable Accounting Standards (including, without limitation, reserves for doubtful receivables, obsolescence, depreciation and amortization), less (ii) all liabilities of ▇▇▇▇▇ Realty (including, without limitation, liabilities for taxes and a fair valuation of contingent or indirect liabilities), all as determined in accordance with Acceptable Accounting Standards and otherwise in Lender's sole discretion.

Net Worth Covenant. ▇▇▇▇▇ Realty shallGuarantor shall collectively, at all times throughout the term of the Loan, maintain a minimum Net Worth of at least $35,000,000.00. As used herein, the term "Net Worth" shall mean, on any applicable date of determination, (i) the net book value of all assets of ▇▇▇▇▇ Realty Guarantor (excluding, however, receivables from Affiliates, patent rights, trademarks, trade names, franchises, copyrights, licenses, goodwill and other intangible assets), after all appropriate deductions in accordance with Acceptable Accounting Standards (including, without limitation, reserves for doubtful receivables, obsolescence, depreciation and amortization), less (ii) all liabilities of ▇▇▇▇▇ Realty Guarantor (including, without limitation, liabilities for taxes and a fair valuation of contingent or indirect liabilities), all as determined in accordance with Acceptable Accounting Standards and otherwise in Lender's sole discretion.