Minimum TNW definition
Minimum TNW. As of any date of determination, a Tangible Net Worth of not less than fifty percent (50%) of the Opening Balance Sheet TNW.
Minimum TNW means, at any time, $2,072,015,494.41.
Minimum TNW means, at any time, $2,022,496,866; provided that such amount shall be (a) reduced on a dollar-for-dollar basis by an amount equal to any dividend or other distribution paid by the Borrower on, or any repurchase or redemption by the Borrower of, any Equity Interests of the Borrower since the Effective Date (each, an “Equity Payment”) and (b) increased on a dollar-for-dollar basis by (i) an amount equal to 50% of Consolidated net income of the Borrower for each fiscal quarter of the Borrower ended after the Effective Date for which such Consolidated net income is positive and (ii) an amount equal to the proceeds received on account of equity contributions to the Borrower or issuances by the Borrower of its Equity Interests (each, an “Equity Contribution”); provided, further, that the Minimum TNW shall in no event be less than $1,109,824,386. Notwithstanding the foregoing, the Borrower may make an election that any Equity Contribution shall not increase Minimum TNW but, if the Borrower makes such an election, all subsequent Equity Payments shall not reduce Minimum TNW until the amount of such subsequent Equity Payments equal the amount of such Equity Contribution.
Examples of Minimum TNW in a sentence
Maintain at all times a Consolidated Tangible Net Worth of not less than the Minimum TNW.
More Definitions of Minimum TNW
Minimum TNW means, at any time, $1,828,257,603.
Minimum TNW means, at any time, $ 1,953,164,659.
Minimum TNW as defined in Section 6.1.
Minimum TNW shall equal One Million Two Hundred Fifty Thousand Dollars ($1,250,000).
Minimum TNW means, at any time, $1,918,806,097.
Minimum TNW shall equal Five Million Nine Hundred Thirty-Six Thousand, Three Hundred Forty-Six Dollars ($5,936,346).
Minimum TNW means, at any time, $635,929,023.80; provided that such amount shall be increased on a dollar-for-dollar basis by an amount equal to 50% of consolidated net income of the Borrower for each fiscal quarter of the Borrower ended after March 31, 2016 for which such consolidated net income is positive (excluding any consolidated net income (if such amount is positive) for the month of April, 2016).