Net Worth Test definition

Net Worth Test means the determination of whether Danka shall have (i) Consolidated Net Worth at the times and in the amounts equal to, or greater than, those set forth on Schedule X attached hereto or (ii) the net worth (or similar concept) at the times and in the amounts equal to, or greater than, those that constitute the Modified Net Worth Test.

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Net Worth Test shall be deemed satisfied if the successor to ▇▇▇▇▇▇ (or, Tenant, if, after the applicable transfer, Tenant remains the Tenant hereunder) has a tangible net worth computed in accordance with generally accepted accounting

Net Worth Test means the determination of whether Danka shall have (i) Consolidated Net Worth at the times and in the amounts equal to, or greater than, the sum of (A) an amount equal to 75% of the Adjusted Consolidated Net Worth (as such term is used in that certain Amended and Restated Credit Agreement entered into as of June 29, 2001 among Danka, Bank of America, National Association and the other parties thereto) of Danka and its Subsidiaries (as such term is used in that certain Amended and Restated Credit Agreement entered into as of June 29, 2001 among Danka, Bank of America, National Association and the other parties thereto) on June 30, 2001 plus (B) an amount equal to 50% of the consolidated net income of Danka and its Subsidiaries (as such term is used in that certain Amended and Restated Credit Agreement entered into as of June 29, 2001 among Danka, Bank of America, National Association and the other parties thereto) (if positive) for each calendar quarter commencing on or after July 1, 2001 (on a cumulative basis), or (ii) the net worth (or similar concept) at the times and in the amounts equal to, or greater than, those that constitute the Modified Net Worth Test.

Examples of Net Worth Test in a sentence

Notwithstanding anything to the contrary, so long as Tenant satisfies the Self-Insurance Net Worth Test, Tenant may self insure in order to meet any insurance requirements in this Lease.
The Borrower may make the election under the preceding sentence only if it makes the corresponding election with respect to the Consolidated Tangible Net Worth Test at the same time.
The Borrower’s failure to satisfy the Consolidated Tangible Net Worth Test shall not constitute an Event of Default or Default; provided, however, that, if the Borrower fails to satisfy the Consolidated Tangible Net Worth Test for two (2) consecutive quarters, then the Term-Out Period shall commence (if it has not already commenced) on the applicable Term-Out Date.
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.
Notwithstanding anything to the contrary contained herein, so long as Tenant satisfies the Self-Insurance Net Worth Test, Tenant may elect to self-insure in lieu of meeting Tenant’s liability insurance requirements under this Section 6.5. If, and to the extent, Tenant does not, in whole or in part, carry insurance that complies with the requirements of this Section 6.5, then Tenant shall be deemed to have elected to self-insure to such extent.

More Definitions of Net Worth Test

Net Worth Test means that the Landlord is satisfied that any proposed assignees of the Lease has a Minimum Tangible Worth of at least ten times the Rent then reserved and payable under this Lease at the time of any proposed assignment as shown by audited accounts of such proposed assignee for the accounting period (not to be shorter than one year) immediately preceding the date of the application to the Landlord for any proposed assignment;

Net Worth Test means that the Net Worth of Guarantor, as calculated by Lender in accordance with Lender’s underwriting standards on the basis of information provided by Guarantor shall be at least $20,000,000.

Net Worth Test means the test set out at Clause 122 (Net Worth Test); New Contract means an agreement on the same terms and conditions as this Contract at the Termination Date, but with the following amendments:

Net Worth Test. Notwithstanding the provisions of Section 24.1, Tenant shall be permitted without Landlord's consent, but upon twenty (20) days' prior written notice to Landlord, to assign or sublease the Lease or any part thereof, to any Tenant whose net worth exceeds the product of (a) ten multiplied by (b) the then current annual Rent due under this Lease as set forth in Section 1.7 hereof.

Net Worth Test means that the successor to Tenant (or, Tenant, if, after the applicable transfer, Tenant remains the Tenant hereunder) has a net worth computed in accordance with generally accepted accounting principles at least equal to the net worth of Tenant as of the date immediately prior to the applicable transfer.

Net Worth Test means that the specified entity shall have a Net Worth (if not publicly traded) or a Market Capitalization (if publicly traded) of at least $65,000,000.

Net Worth Test. The "Net Worth Test" referred to in clause (ii)(1) above is satisfied if, at the time of determination, the Successor has a tangible net worth (computed in accordance with GAAP) of not less than the lesser of the following amounts: (aa) Lessee's tangible net worth (computed in accordance with GAAP) immediately prior to such Reorganization, and (bb) the greater of (1) 75% of Lessee's tangible net worth (computed in accordance with GAAP) immediately prior to such Reorganization, and (2) $75,000,000.