Minimum Net Worth Test definition

Minimum Net Worth Test shall be calculated on a consolidated basis for the Borrower and all its Subsidiaries, and shall mean an equity to total asset ratio of at least forty percent (40%). Equity shall be determined by subtracting total liabilities from total assets.
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Minimum Net Worth Test shall be calculated on a consolidated basis for the Borrower and all its Subsidiaries, and shall mean an equity to total asset ratio of at least forty (40) percent. Equity shall be determined by subtracting total liabilities from total assets.
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Minimum Net Worth Test means the test that is satisfied if on any Calculation Date (i) the Portfolio NAV (ignoring any portion of the Portfolio NAV that is attributable to assets that do not comply with the criteria established under the Unlevered Premium Fund Strategies Test, the Unlevered Premium Fund Liquidity Profile Test and/or the Underlying Fund Manager Concentration Test) minus the aggregate Principal Amount Outstanding of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes is equal to or greater than (ii) the initial Principal Amount Outstanding of the Class E Notes on the Closing Date minus the product of 20% and the aggregate initial Principal Amount Outstanding of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes on the Closing Date.
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Examples of Minimum Net Worth Test in a sentence

  • Borrow money on a secured basis from any other lender or incur any additional secured indebtedness; borrow money or incur any unsecured indebtedness in excess of five percent of total assets; or enter into or allow any of its Subsidiaries to enter into any Leases, unless at that time Borrower meets the Minimum Net Worth Test.

  • If Borrower meets the Minimum Net Worth Test, then Borrower and its Subsidiaries may incur additional indebtedness or enter into Leases without prior written approval of Lender provided the Borrower meets the Minimum Net Worth Test after incurring such additional indebtedness or entering into such Leases; provided, further, however, Borrower must give at least thirty (30) days written notice to Lender prior to incurring any additional indebtedness or entering into such Leases.

  • Borrow money on a secured basis from any other lender or incur any additional secured indebtedness; borrow money or incur any unsecured indebtedness in excess of five percent (5%) of total assets; or enter into any Leases, unless at that time Borrower meets the Minimum Net Worth Test.

  • Financial Model dated March 15, 1998, unless with respect to any of the foregoing (after giving effect to such transaction) Borrower: (a) maintains a Current Ratio of not less than 1.25, (b) meets the Minimum Net Worth Test, and (c) the payment of such dividend, the making of such distribution, or the purchase, redemption or retirement of such stock, individually or in the aggregate, does not exceed fifty percent (50%) of the prior fiscal year-end Cash Margins in any one calendar year.

  • In the event the Minimum Net Worth Requirement is not satisfied as of the Effective Date or as of any Minimum Net Worth Test Date, Tenant and Affiliated Tenants shall, so long as the then Aggregate Lease Security Deposit does not equal or exceed the Aggregate Lease Security Deposit Cap, within thirty (30) days following receipt of written notice from Landlord or any Affiliated Landlord, increase the Aggregate Lease Security Deposit to an amount equal to $20,000,000.

  • If such assignee does not meet the Minimum Net Worth Test as of the effective date of such assignment, but such assignee meets the Minimum Net Worth Test thereafter, Tenant shall be released from any further liability hereunder from and after the date that such assignee has met the Minimum Net Worth Test.

  • Except as otherwise provided herein, in the event the net worth of Tenant exceeds $5,000,000 as disclosed by the Financial Statement and as verified by Landlord's accountants ("Minimum Net Worth Test"), Landlord agrees that, thereafter, in the event of a default under this Lease, Landlord will have recourse against the Tenant only and shall not look to any of the assets of Fast Heat to satisfy any of Tenant's obligations hereunder.

  • Financial Model dated March 15, 1998, unless with respect to any of the foregoing (after giving effect to such transaction) Borrower: (a) maintains a Current Ratio of not less than 1.25, (b) meets the Minimum Net Worth Test, and (c) the payment of such dividend, the making of such distribution, or the purchase, redemption or retirement of such membership interests, individually or in the aggregate, does not exceed fifty percent (50%) of the prior fiscal year-end Cash Margins in any one calendar year.

  • In the event a Reinstatement occurs for the first time, the Minimum Net Worth Test will not be applied by Landlord until the second year following the Reinstatement.

Related to Minimum Net Worth Test

  • 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 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.

  • Minimum DSCR means, with respect to a Supplemental Loan, (i) if the Senior Indebtedness bears interest at a fixed rate, 1.25:1, or (ii) if the Senior Indebtedness bears interest at a floating rate, 1.10:1.

  • Minimum Level (ML) means the concentration at which the entire analytical system must give a recognizable signal and an acceptable calibration point. The ML is the concentration in a sample that is equivalent to the concentration of the lowest calibration standard analyzed by a specific analytical procedure, assuming that all the method-specified sample weights, volumes and processing steps have been followed.

  • 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.