Required Minimum Net Worth definition
Examples of Required Minimum Net Worth in a sentence
Throughout the Term, Tenant's Required Minimum Net Worth (x) shall be increased proportionately after the execution of any additional Participating Lease in accordance therewith and (y) shall be decreased with the termination of any Participating Leases (unless such termination results from an Event of Default thereunder).
Provided no Event of Default has occurred and is continuing, in the event Guarantor has a tangible Net Worth of not less than the Required Minimum Net Worth, as of the date of delivery to Agent of its next annual financial statements in accordance with Section 4.1(b), Agent shall, upon request by Guarantor, return such Cash or Letter of Credit, as applicable, to Guarantor.
In the event that Guarantor has a tangible Net Worth less than the Required Minimum Net Worth, Guarantor shall deliver to Agent Cash or a Letter of Credit equal to $50,000,000 to be held as additional collateral for the Loan in accordance with Section 6.5 of the Loan Agreement.
The following definitions in Section 1.1 of the Credit Agreement are hereby deleted: Permitted Liens and Required Minimum Net Worth.
At all times during the term of the Loan, Guarantor shall collectively have an aggregate tangible Net Worth of not less than the Required Minimum Net Worth.