alternative standard definition
alternative standard means a standard specified as an alternative to an applicable international standard in any instrument listed in Annex 4 of the MSN 1874 (M+F) Amendment 3.
alternative standard means a standard specified as an alternative to an applicable international standard in any instrument listed [F42Annex 4 of Merchant Shipping Notice MSN 1874 Amendment 3].
alternative standard means, in Lender's commercially reasonable discretion, a calculation of Guarantor's Net Worth on a fair market value basis, such net worth being inclusive of the Loan proceeds, value of all real property, personal property, improvements, cash and marketable securities and other assets directly owned by Guarantor, including the value of Guarantor's equity interests in Affiliates of Guarantor (provided that under no circumstance shall the value of the Property be included in such determination), in each case to the extent appearing on Guarantor's balance sheet; provided that when making any calculation based on the value of real property or improvements owned by Guarantor or its Affiliates (other than the Property, which shall not be included in any calculation), the value of such real property and improvements shall be at capitalization rates equal to the lesser of: (a) seven percent (7%) or (b) market capitalization rates for properties of similar nature, as determined by Lender in its reasonable discretion.
More Definitions of alternative standard
alternative standard means, in Lender's commercially reasonable discretion, a calculation of Guarantor's Net Worth on a fair market value basis, such net worth being inclusive of the Loan proceeds, value of all real property, personal property, improvements, cash and marketable securities and other assets directly owned by Guarantor, including the value of Guarantor's equity interests in Affiliates of Guarantor (provided that under no circumstance shall the value of the Property be included in such determination), in each case to the extent appearing on Guarantor's balance sheet; provided that when making any calculation based on the value of real property or improvements owned by Guarantor or its Affiliates (other than the Property, which shall not be included in any calculation), the value of such real property and improvements shall be at capitalization rates equal to the lesser of: (a) seven percent (7%) or (b) market capitalization rates for properties of similar nature, as determined by Lender in its reasonable discretion. "Actual Standard" – shall mean, in Lender's commercially reasonable discretion, a calculation of Guarantor's Net Worth on a fair market value basis, such net worth being inclusive of the Loan proceeds, the value of all real property, personal property, improvements, cash and marketable securities and other assets directly owned by Guarantor, including the value of Guarantor's equity interests in Affiliates of Guarantor (provided that under no circumstance shall the value of the Property be included in such determination), in each case to the extent appearing on Guarantor's balance sheet.