Minimum Liquid Net Worth definition

Minimum Liquid Net Worth means collectively, a Tangible Net Worth of no less than $2,000,000 and the ownership of assets in the form of Cash Equivalents in an amount no less than $2,000,000 which are subject to no Lien. “Tangible Net Worth” means assets (excluding intangible assets) less liabilities. “Intangible assets” means all intangible assets (determined in conformity with GAAP) including, without limitation, goodwill, intellectual property, licenses, organizational costs, deferred amounts, covenants not to compete, unearned income and restricted funds, “Cash Equivalents” means any investment in (i) direct obligations of the United States or any agency thereof, or obligations guaranteed by the United States or any agency thereof, (ii) commercial paper rated at least A-l by Standard & Poor’s Ratings Service and P-l by M▇▇▇▇’▇ Investors Services, Inc., (iii) time deposits with, including certificates of deposit issued by, any office located in the United States of any bank or trust company which is organized under the laws of the United States or any State thereof and has capital, surplus and undivided profits aggregating at least $500,000,000 and which issues (or the parent of which issues) certificates of deposit or commercial paper with a rating described in clause (ii) above, (iv) repurchase agreements with respect to securities described in clause (i) above entered into with an office of a bank or trust company meeting the criteria specified in clause (iii) above, provided in each case that such investment matures within one year from the date of acquisition thereof by the Guarantor, or (v) any money market or mutual fund which invests only in the foregoing types of investments and the liquidity of which is satisfactory to Agent.
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Minimum Liquid Net Worth means, as of any pertinent date, an aggregate Liquid Net Worth for Interstate equal to not less than fifteen percent of the Rent paid under this Lease and all Other Leases (excluding the Other Leases then being guaranteed by Patriot, if any), under the approved Operating Budgets prepared in conformity with this Lease and the Other Leases (excluding the Other Leases then being guaranteed by Patriot, if any) during the then current Fiscal Year, as increased from time to time as (i) projected (budgeted) Rent under the Operating Budgets increase for new Fiscal Years and (ii) new Other Leases, if any, become effective, as reduced only as the Other Leases (excluding the Other Leases then being guaranteed by Patriot, if any) expire or terminate.
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Examples of Minimum Liquid Net Worth in a sentence

  • At all times during the term of this Lease, the Lessee shall cause Interstate to maintain an aggregate Liquid Net Worth in an amount at least equal to the Minimum Liquid Net Worth.

  • For a period of five (5) years following the Closing, the Shareholder Indemnitors shall preserve, renew and keep in full force and effect the legal existence of at least one of the Shareholder Indemnitors, and such Shareholder Indemnitor or Shareholder Indemnitors, as the case may be, shall maintain in the aggregate a liquid net worth of at least Five Million Canadian Dollars (CAN$5,000,000) (the "Minimum Liquid Net Worth") .

  • Each Lessee's Liquid Net Worth and Minimum Liquid Net Worth shall be determined from time to time (x) from the most recent Compliance Certificate delivered by BHR and such Lessee, or (y) in the absence of a timely Compliance Certificate when required hereunder, as reasonably determined (or estimated) by FelCor pending receipt of such Compliance Certificate.

  • Furthermore, at all times during the Terms of the Percentage Leases relating to a particular Lessee, such Lessee shall maintain a Liquid Net Worth in an amount at least equal to such Lessee's allocable Minimum Liquid Net Worth.

  • On each six (6) month anniversary following the Closing Date during this five (5) year period, the Shareholders' Representative shall deliver to CalAmp a statement prepared and certified by the chief financial officer(s) of each Shareholder Indemnitor (or in such officer's absence, a responsible senior officer of such Shareholder) included in the determination of the maintenance of the Minimum Liquid Net Worth attesting to the accuracy of the reported Minimum Liquid Net Worth for such Shareholder(s).

  • At all times during the Terms of the Percentage Leases, the Lessees collectively shall maintain an aggregate Liquid Net Worth in an amount at least equal to the Minimum Liquid Net Worth for all Lessees.

  • At all times during the Terms of the Percentage Leases, Lessees shall maintain an aggregate Liquid Net Worth in an amount at least equal to the Minimum Liquid Net Worth.

  • Each Lessee's Liquid Net Worth and Minimum Liquid Net Worth shall be determined from time to time (x) from the most recent Liquid Net Worth Certificate delivered by BHR and such Lessee, or (y) in the absence of a timely Liquid Net Worth Certificate when required hereunder, as reasonably determined (or estimated) by FelCor pending receipt of such Liquid Net Worth Certificate.

Related to Minimum Liquid Net Worth

  • Minimum Net Worth means, for any Fiscal Quarter, the minimum Consolidated Net Worth required to be maintained by the Parent as of the end of such Fiscal Quarter pursuant to Section 6.12.

  • Minimum Liquidity has the meaning given in Clause 11.19;

  • Minimum Tangible Net Worth means, with respect to the Parent, at any time, the sum of (a) $1,418,939,250 plus (b) 75% of the aggregate net proceeds received by the Parent or any of its Subsidiaries after September 30, 2013 in connection with any offering of Stock or Stock Equivalents of the Parent or its Subsidiaries; provided however, that any such net proceeds used solely for the purpose of redeeming the Parent’s preferred stock shall not be included in such sum.

  • Adjusted Net Worth of each Guarantor shall mean the greater of (x) the Net Worth (as defined below) of such Guarantor and (y) zero; and (iii) the “Net Worth” of each Guarantor shall mean the amount by which the fair saleable value of such Guarantor’s assets on the date of any Relevant Payment exceeds its existing debts and other liabilities (including contingent liabilities, but without giving effect to any Guaranteed Obligations arising under this Guaranty or any guaranteed obligations arising under any guaranty of any Permitted Additional Indebtedness) on such date. Notwithstanding anything to the contrary contained above, any Guarantor that is released from this Guaranty pursuant to Section 17 hereof shall thereafter have no contribution obligations, or rights, pursuant to this Section 18, and at the time of any such release, if the released Guarantor had an Aggregate Excess Amount or an Aggregate Deficit Amount, same shall be deemed reduced to $0, and the contribution rights and obligations of the remaining Guarantors shall be recalculated on the respective date of release (as otherwise provided above) based on the payments made hereunder by the remaining Guarantors. All parties hereto recognize and agree that, except for any right of contribution arising pursuant to this Section 18, each Guarantor who makes any payment in respect of the Guaranteed Obligations shall have no right of contribution or subrogation against any other Guarantor in respect of such payment until the Termination Date. Each of the Guarantors recognizes and acknowledges that the rights to contribution arising hereunder shall constitute an asset in favor of the party entitled to such contribution. In this connection, each Guarantor has the right to waive its contribution right against any Guarantor to the extent that after giving effect to such waiver such Guarantor would remain solvent, in the determination of the Required Lenders.

  • Minimum Liquidity Amount shall have the meaning assigned to such term in the Pricing Side Letter.