Financially Capable definition

Financially Capable means that the Transferee has the financial wherewithal to perform Tenant’s obligations under this Lease, as reasonably determined by Landlord. If the Transferee has a tangible net worth as determined by generally accepted accounting principles consistently applied (as set forth in the financial statements of the Transferee audited by an independent certified public accountant) of Five Hundred Million and 00/100 U.S. Dollars (US $500,000,000.00) or more and has a minimum bond credit rating of Ba1 from M▇▇▇▇’▇ Investors Service or BB+ from Standard & Poor’s, the Transferee shall be deemed to be Financially Capable.

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Financially Capable means that as of the Cancellation Date, Specialty Laboratories has, as determined by a financial statement audited by a certified public accountant, (a) a current ratio (I.E., current assets to current liabilities) of at least 1.5:1, (b) a net worth of at least Fifteen Million Dollars ($15,000,000.00), (c) net annual income of at least Six Million Dollars ($6,000,000.00), and (d) accounts receivable as a percentage of net revenue ("Accounts Receivable Percentage") which is not substantially greater than the Accounts Receivable Percentage on the date of this Third Amendment. Tenant shall, concurrently with Tenant's delivery of the Cancellation Notice to Landlord and/or, within ten (10) business days of Landlord's written request, given at any time prior to the Cancellation Date, deliver documentation demonstrating whether or not Specialty Laboratories is Financially Capable. Landlord shall have a reasonable approval right as to whether Specialty Laboratories is Financially Capable of performing the obligations of the Tenant with respect to Suite 500 for the remaining portion of the Suite 500 Term.

Financially Capable means, in respect of a Person, that either (a) such Person has a credit rating that is equal to or above A-, A3 or an equivalent rating or (b) the payment and performance of all of the obligations of such Person under the Project Agreements to which it is party have been irrevocably and unconditionally guaranteed by an Affiliate of such Person pursuant to a guarantee, which Affiliate has and continues to have a credit rating that is equal to or above A-, A3 or an equivalent rating. Financial Model Formulas means the financial formulas that the Concessionaire and the Authority have agreed upon thirty (30) days following the Effective Date as a basis for the Initial Base Case Financial Model. FM Termination Damages has the meaning ascribed thereto in Section 20.4(b). FNG means Fairbanks Natural Gas, LLC, a limited liability company organized under the laws of the State of Alaska. FNSB has the meaning ascribed thereto in the Recitals. FOB means terms for delivery whereby the passing of risks from the Concessionaire to the LNG Purchaser with respect to LNG shall occur at the Plant upon loading of the LNG into LNG trailers, the Concessionaire will pay to load the LNG onto the LNG trailers and the LNG Purchaser will pay for all costs and expenses (including for transport, unloading, storage, regasification and distribution) beyond that point.

Examples of Financially Capable in a sentence

• If the Transferee has a tangible net worth as determined by generally accepted accounting principles consistently applied (as set forth in the financial statements of the Transferee audited by an independent certified public accountant) of Five Hundred Million and 00/100 U.S. Dollars (US $500,000,000.00) or more and has a minimum bond credit rating of Ba1 from M▇▇▇▇’▇ Investors Service or BB+ from Standard & Poor’s, the Transferee shall be deemed to be Financially Capable.

• Landlord shall have a reasonable approval right as to whether Specialty Laboratories is Financially Capable of performing the obligations of the Tenant with respect to Suite 500 for the remaining portion of the Suite 500 Term.

• Subject to the other provisions of this Amendment, Subtenant agrees to be bound by and comply with all provisions of Section 8.2 of the Third Amendment within the time periods set forth therein, including, without limitation, delivery to Landlord of all documents necessary to demonstrate whether or not Subtenant is Financially Capable and execution of the Recognition agreement subject to all the conditions set forth in Section 8.2.

• Tenant shall, concurrently with Tenant's delivery of the Cancellation Notice to Landlord and/or, within ten (10) business days of Landlord's written request, given at any time prior to the Cancellation Date, deliver documentation demonstrating whether or not Specialty Laboratories is Financially Capable.

• When Tenant delivers all such documentation to Landlord, the Transferee shall then be subject to Landlord’s reasonable evaluation as to whether the Transferee is Financially Capable of performing the obligations of Tenant under this Lease to the extent the same are assumed by the Transferee for the remaining Term.

More Definitions of Financially Capable

Financially Capable means any Person that (a) is (i) Affiliated with or managed by an asset manager, fund manager or a fund advisor with “assets under management” (as such term is commonly defined in the private equity or investment fund industry) of at least $5,000,000,000, (ii) a Person with its equity interests listed on a nationally recognized stock exchange which has a market capitalization of at least $5,000,000,000 or (iii) a Person that based on its most recent audited balance sheet has at least $5,000,000,000 of assets; (b) if such Person or its ultimate parent company has a Credit Rating, has a Credit Rating of no less than “BBB-” from S&P Global Ratings or “Baa3” from ▇▇▇▇▇’▇ Investors Services, Inc.; and (c) is not a Prohibited Competitor.