Original Equity IRR definition

Original Equity IRR means the nominal post-tax internal rate of return to the Committed Investment described in clause (a) of the definition of Committed Investment, over the full Term calculated using the Financial Model, as the discount rate that, when applied to Committed Investment Cash Flows, gives a zero net present value. Accordingly, (i) the Equity IRR can onlychange when and if the Financial Model is updated in accordance with Section 14.2 of the Agreement, and (ii) the Equity IRR initially is equal to the Original Equity IRR. For purposes of this definition, the phrase “post-tax” refers only to U.S. federal and state income tax liability of Developer or its Equity Members and specifically excludes (A) any foreign income tax and other tax of any kind, and (B) any withholding tax, including any tax that Developer or an Equity Member is obligated to withhold on Distributions (whether actual or constructive) or other payments or allocations to Equity Members or holders of debt of or equity interests in an Equity Member under 26 U.S.C. §§ 1441 – 1446, notwithstanding 26 U.S.C. § 1461.
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Original Equity IRR means the Equity IRR at Financial Close.
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Original Equity IRR means the Equity IRR projected in the Bid Financial Model.
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Examples of Original Equity IRR in a sentence

  • Rescue Refinancing means any Refinancing that: (a) Occurs due to the failure or imminent failure of Developer to comply with any material financial obligation under any Funding Agreement or Security Document; (b) Results in the cure of such failure or imminent failure; (c) Does not result in an increase in the Equity IRR beyond the Original Equity IRR; and (d) Does not result in an actual or potential increase of the Project Debt Termination Amount by more than 10%.

  • Financing Equity IRR to the Equity IRR If the Pre-Refinancing Equity IRR is lower than the Original Equity IRR, a calculation will be done to determine the amount of Distributions which, if received by Equity Members at the estimated Refinancing date, would increase the Pre-Refinancing Equity IRR to the Original Equity IRR (while the MAP is maintained and the minimum prevailing debt covenants established in the Funding Agreements are not violated).

  • Adjustment to Raise the Pre-Refinancing Equity IRR to the Original Equity IRR If the Pre-Refinancing Equity IRR is lower than the Original Equity IRR, a calculation will be done to determine the amount of Distributions which, if received by Equity Members at the estimated Refinancing date, would increase the Pre-Refinancing Equity IRR to the Original Equity IRR (while the MAP is maintained and the minimum prevailing debt covenants established in the Funding Agreements are not violated).

  • The Sponsors request written confirmation from the Proposers that their Original Equity IRR, in both real and nominal terms, shall not increase from the Proposal submission IRR levels.

  • The determination of this amount of Distributions needed to achieve the Original Equity IRR shall be treated as Project Debt, rather than Committed Investment, for purposes of any initial Committed Investment in excess of the maximum permitted initial Committed Investment under Section 13.7.9 of the Agreement.

  • Rescue Refinancing means any Refinancing that: (a) occurs due to the failure or imminent failure of Developer to comply with any material financial obligation under any Funding Agreement or (b) is undertaken expressly to facilitate the cure of any other material default or event of default by Developer under the Financing Documents and does not result in an increase in the Equity IRR beyond the Original Equity IRR.

  • The annual interest rate shall equal Developer’s then weighted average cost of Project Debt (including Subordinate Debt, if any) and Committed Investment, assuming however, (a) non-default rates of interest, (b) a cost of Committed Investment other than Subordinate Debt (if any) equal to the Original Equity IRR, and (c) a cost of Subordinate Debt (if any) equal to the lesser of its non-default interest rate or the Original Equity IRR.

  • Accordingly, (a) the Equity IRR can only change when and if the Financial Model is updated in accordance with Section 14.2 of the Agreement, and (b) the Equity IRR initially is equal to the Original Equity IRR.

  • The determination of this amount of Distributions needed to achieve the Original Equity IRR shall treat as Project Debt, rather than Committed Investment, any initial Committed Investment in excess of the maximum permitted initial Committed Investment under Section 15.2.9 of the Agreement.

  • Rescue Refinancing means any Refinancing that (a) occurs due to the failure or imminent failure of Developer to comply with any material financial obligation under any Funding Agreement, or (b) is undertaken expressly to facilitate the cure of any other material default or event of default by Developer under the Financing Documents and does not result in an increase in the Equity IRR beyond the Original Equity IRR.

Related to Original Equity IRR

  • Qualified equity investment means any equity investment in, or long-term debt security issued by, a qualified community development entity that:

  • Special Equity Interest means any Equity Interest that is subject to a Lien in favor of creditors of the issuer of such Equity Interest provided that (a) such Lien was created to secure Indebtedness owing by such issuer to such creditors, (b) such Indebtedness was (i) in existence at the time the Obligors acquired such Equity Interest, (ii) incurred or assumed by such issuer substantially contemporaneously with such acquisition or (iii) already subject to a Lien granted to such creditors and (c) unless such Equity Interest is not intended to be included in the Collateral, the documentation creating or governing such Lien does not prohibit the inclusion of such Equity Interest in the Collateral.

  • Total Equity Value means, as of any date of determination, the aggregate proceeds which would be received by the Unitholders if: (i) the assets of the Company were sold at their fair market value to an independent third-party on arm’s-length terms, with neither the seller nor the buyer being under compulsion to buy or sell such assets; (ii) the Company satisfied and paid in full all of its obligations and liabilities (including all Taxes, costs and expenses incurred in connection with such transaction and any amounts reserved by the Manager with respect to any contingent or other liabilities); and (iii) such net sale proceeds were then distributed in accordance with Section 4.1, all as determined by the Manager in good faith based upon the Class A Common Stock Value as of such date.

  • Qualifying Equity Interests means Equity Interests of the Company other than Disqualified Stock.

  • Total Equity means the product of: (i) the sum of (A) the aggregate number of shares of Common Stock to be outstanding immediately following the IPO Closing (excluding the over-allotment option, if any) and (B) the aggregate number of OP Units to be outstanding immediately following the IPO Closing other than OP Units held by the Company times (ii) the IPO Price.

  • Specified Equity Contribution has the meaning specified in Section 8.04.

  • Equity Investment means (i) an Equity Security; and (ii) an ownership interest in any company or other entity, any membership interest that includes a voting right in any company or other entity, any interest in real estate; and any investment or transaction which in substance falls into any of these categories even though it may be structured as some other form of investment or transaction.

  • Qualified Equity Interest means and refers to any Equity Interests issued by Parent (and not by one or more of its Subsidiaries) that is not a Disqualified Equity Interest.

  • Net Equity Proceeds means an amount equal to any Cash proceeds from a capital contribution to, or the issuance of any Equity Interests of, Holdings or any of its Subsidiaries, net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith, including reasonable legal fees and expenses.

  • Excluded Equity Issuance means (i) any issuance of Equity Interest by a member of the Restricted Group to another member of the Restricted Group, (ii) any issuance of Equity Interests by the Borrower pursuant to an equity incentive or compensation plan or pursuant to a dividend reinvestment or share purchase plan, and (iii) any issuance of Equity Interest in Parent to acquire limited partnership interests in PREIT.

  • Permitted Equity Issuance means any sale or issuance of any Qualified Equity Interests of Holdings or any direct or indirect parent of Holdings (and, after a Qualifying IPO, of any Intermediate Holding Company), in each case to the extent permitted hereunder.

  • Available Equity Amount means a cumulative amount equal to (without duplication):

  • Minimum Equity Amount shall have the meaning provided in the recitals to this Agreement.

  • Qualified Equity Interests means any Equity Interests that are not Disqualified Equity Interests.

  • Equity Investments shall have the meaning provided in the preamble to this Agreement.

  • Specified Acquisition Period means a period elected by the Borrower that commences on the date elected by the Borrower, by notice to the Administrative Agent, following the occurrence of a Specified Acquisition and ending on the earliest of (a) the third Quarterly Testing Date occurring after the consummation of such Specified Acquisition, (b) the date designated by the Borrower as the termination date of such Specified Acquisition Period, or (c) the Quarterly Testing Date on which the Borrower is in compliance with Section 7.09 as such compliance is determined as if such period was not a Specified Acquisition Period; provided, in the event the Leverage Ratio exceeds 5.00 to 1.00 as of the end of any Fiscal Quarter in which a Specified Acquisition has occurred, the Borrower shall be deemed to have so elected a Specified Acquisition Period with respect thereto on such last day of such Fiscal Quarter, and provided, further, following the election (or deemed election) of a Specified Acquisition Period, the Borrower may not elect (or be deemed to have elected) a subsequent Specified Acquisition Period unless, at the time of such subsequent election, the Leverage Ratio does not exceed 5.00 to 1.00; and provided further with respect to a Specified Acquisition by an Unrestricted Subsidiary or a joint venture, a Specified Acquisition Period may be elected by the Borrower (or may be deemed elected by the Borrower) only if the consideration for such Specified Acquisition is raised by the Borrower or a Subsidiary. Only one Specified Acquisition Period may be elected (or deemed elected) with respect to any particular Specified Acquisition.

  • New Equity Interests means the limited liability company

  • Existing Equity Interests means any Equity Security, including all issued, unissued, authorized, or outstanding shares of capital stock and any other common stock, preferred stock, limited liability company interests, and any other equity, ownership, or profit interests of Mariposa Intermediate, including all options, warrants, rights, stock appreciation rights, phantom stock rights, restricted stock units, redemption rights, repurchase rights, convertible, exercisable, or exchangeable securities, or other agreements, arrangements, or commitments of any character relating to, or whose value is related to, any such interest or other ownership interest in Mariposa Intermediate, whether or not arising under or in connection with any employment agreement and whether or not certificated, transferable, preferred, common, voting, or denominated “stock” or a similar security.

  • Performing Non-Cash Pay High Yield Securities means Performing High Yield Securities other than Performing Cash Pay High Yield Securities.

  • Qualifying Replacement Capital Covenant has the meaning specified in the Replacement Capital Covenant.

  • Preferred Equity Interest in any Person, means an Equity Interest of any class or classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over Equity Interests of any other class in such Person.

  • Performing Cash Pay High Yield Securities means High Yield Securities (a) as to which, at the time of determination, not less than 2/3rds of the interest (including accretions and “pay-in-kind” interest) for the current monthly, quarterly, semiannual or annual period (as applicable) is payable in cash and (b) which are Performing.

  • Disqualified Equity Interest means, with respect to any Person, any Equity Interest in such Person that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable, either mandatorily or at the option of the holder thereof), or upon the happening of any event or condition:

  • SPE Equity Owner is not applicable. Borrower will not be required to maintain an SPE Equity Owner in its organizational structure during the term of the Loan and all references to SPE Equity Owner in this Loan Agreement and in the Note will be of no force or effect.

  • Permitted Acquired Debt shall have the meaning set forth in Section 9.04(d).

  • Subsidiary Equity Interests has the meaning specified in Section 5.6.