Minimum Tangible Net Worth Amount definition
Minimum Tangible Net Worth Amount has the meaning ascribed to such term in the Pricing Side Letter.
Minimum Tangible Net Worth Amount means an amount greater than or equal to the sum of: (a) $63,666,991; plus (b) an amount equal to 85% of the aggregate amount of Net Proceeds from Equity Issuances received by Guarantor since December 31, 2017. Minimum Tangible Net Worth Amount shall be recalculated by Administrative Agent at the end of each calendar quarter upon receipt of each Compliance Certificate described in Section 8.12(g) below, and until the delivery to Administrative Agent of the first such Compliance Certificate after the Agreement Date, the Minimum Tangible Net Worth Amount shall be $63,666,991.
Minimum Tangible Net Worth Amount means $10,511,984,919.
Examples of Minimum Tangible Net Worth Amount in a sentence
Guarantor shall maintain at all times that any portion of the Loan is outstanding a Tangible Net Worth of not less than the Minimum Tangible Net Worth Amount and Liquidity of not less than the Minimum Liquidity Amount.
More Definitions of Minimum Tangible Net Worth Amount
Minimum Tangible Net Worth Amount shall have the meaning set forth in the Guarantee Agreement.
Minimum Tangible Net Worth Amount means an amount greater than or equal to the sum of: (a) $125,000,000.00; plus (b) an amount equal to 80% of the aggregate amount of Net Proceeds from Equity Issuances received by Guarantor since June 30, 2025. Minimum Tangible Net Worth Amount shall be recalculated by Administrative Agent at the end of each calendar quarter upon receipt of each Compliance Certificate described in Section 9.1(k)(vii) below. “Tangible Net Worth” means, as of a given date, the difference between: (a) the aggregate value of the following assets of Guarantor as of such date, i.e., cash, investment securities, investment loans, real estate, and current receivables (excluding straight line rent), in each case as determined on a cost basis, except for investment loans which shall be included at amortized cost, and except for real estate assets, the value of which shall be the lesser of: (i) the independent appraised value of each such real estate asset as determined by Guarantor's independent valuation advisor or other independent advisor (the “Current Fair Value”) and (ii) the adjusted cost of such real estate asset, where the “adjusted cost” of a real estate asset shall be the greater of (xx) ninety-five percent (95%) of the Current Fair Value, and (yy) the actual cost of the real estate asset; and (b) Guarantor's aggregate liabilities as of such date, as determined on a GAAP basis, but excluding (x) intangible liabilities related to real estate, (y) the accrual for future trailing fees and (z) the consolidation effect of any investment loans. “Testing Gross Revenue” means an amount equal to all Gross Operating Income pursuant to Qualifying Leases projected to be received by Borrower for the twelve (12) months following the date of determination, as determined by Borrower and reasonably approved by Administrative Agent based on an operating budget and other supporting materials reasonably satisfactory to Administrative Agent, excluding amounts properly includable in Testing Recovery Income. Testing Gross Revenue shall deduct therefrom all credits or refunds to tenants and occupants, proceeds of insurance (except for business interruption insurance), proceeds of sales of depreciable property and proceeds of condemnation. For the avoidance of doubt, if the tenant under a Qualifying Lease has not yet commenced base rental payments but: (i) is in actual occupancy of its space; (ii) has commenced paying regular and customary CAM expenses in accordance with its Qualifying Lease; and ...
Minimum Tangible Net Worth Amount means, as at any applicable time, (i) Forty-Eight Million Dollars ($48,000,000) plus (ii) (A) seventy-five percent (75%) multiplied by (B) the consolidated Net Income of Parent Company and its Subsidiaries for each fiscal year (on a cumulative basis) of Parent Company commencing with the fiscal year ending October 31, 1997; provided, however, no change shall be made to the Minimum Tangible Net Worth Amount by reason of clause (ii) if the consolidated net income of Parent Company is negative for any fiscal year.
Minimum Tangible Net Worth Amount means, as at any applicable time, (i) Forty-Eight Million Dollars ($48,000,000) plus (ii) (A) seventy-five percent (75%) multiplied by (B) the Net Income of the Borrowers for each fiscal year (on a cumulative basis) of the Borrowers subsequent to the Closing Date (i.e. commencing with the fiscal year ending October 31, 1997); provided, however, no change shall be made to the Minimum Tangible Net Worth Amount by reason of clause (ii) if the Borrowers' Net Income is negative for any fiscal year.
Minimum Tangible Net Worth Amount means, with respect to each Test Date,
Minimum Tangible Net Worth Amount means the sum of (i) $42,000,000.00 and (ii) 35% of the net income (but not net loss) in each fiscal year beginning with the fiscal year ending June 30, 2005.