Appraisal Value. The Appraisal Value of the Recaptured Business shall be equal to the present value (calculated at a 13.5 percent interest rate) as of the Recapture Date of the following values for the Recaptured Business: (a) After Tax Statutory Profits, (b) After Tax Interest on Required Surplus, minus or (c) the Increase or Decrease in Required Surplus, minus (d) the Required Surplus as of the Recapture Date. For these purposes, Required Surplus shall be calculated on the assumption that Total Adjusted Capital to Company Action Level RBC, in each case with respect to the Recaptured Business, shall be 200 percent (Both Total Adjusted Capital and Company Action Level RBC shall be determined as provided in the Risk-Based Capital (RBC) Model Act or the NAIC’s rules with respect thereto in effect as of the Recapture Date). In fixing the other values required by the above formula, the Actuary shall use its best estimates of future mortality, earned and credited interest rates, lapses and surrenders, premium persistency, producer compensation, other taxes, licenses and fees; provided, however, that the Actuary shall assume that the unit cost of providing administrative services for the Recaptured Business shall increase by three percent per year over the estimated cost of such services for the twelve months immediately following the Recapture Date.
Appraisal Value. [Section 9.1]
(a) Pro Forma Principal Amount $_____________
(b) Collateral Value of Mortgaged $_____________ Properties (see attached Schedule of Collateral Values) CALCULATIONS: (a)/(b) = ____% which is less than 60%
Appraisal Value. $60,200,000 Type of Security (fee/leasehold)............
Appraisal Value. [(S)9.1]
Appraisal Value. [Section 9.1]
(a) Principal of Outstanding Loans $____________
(b) Aggregate Face Amount of Outstanding Letters of Credit $____________
(c) Collateral Account Balance $____________
(d) Pro Forma Principal Amount [a + b - c] $____________
(e) Collateral Value of Mortgaged $____________ Properties (see attached Schedule of Collateral Values)
(f) 60% of line (e) $____________
(g) Collateral Value of Assigned Mortgaged $____________ Properties (see attached Schedule of Collateral Values)
(h) 50% of line (g) $____________
(i) Sum of lines (f) and (h) $____________ COVENANT: (d) should be less than (i)
Appraisal Value. Notwithstanding anything to the contrary contained herein, to the fullest extent permitted by applicable Law, each of the Parties agrees and acknowledges that in any appraisal proceeding under Section 262 of the DGCL with respect to the Dissenting Shares, the Surviving Corporation shall not assert that the Top-Up Option, the Top-Up Shares or any cash or note delivered to the Company in payment for such Top-Up Shares should be considered in connection with the determination of the fair value of the Dissenting Shares in accordance with Section 262 of the DGCL.
Appraisal Value. Aggregate Appraisal Value for Real Property Collateral: $58,590,000
Appraisal Value. Maintain at all times the Appraisal Value of the Vessels at not less than one hundred fifty percent (150%) of the sum of the aggregate outstanding principal amount of the Loans and the Unused Commitment; provided, however, in the event that the Appraisal Value of the Vessels shall be less than one hundred fifty percent (150%) of such sum (the difference of such amounts, the “Deficiency”), the Borrowers, within ten (10) days after the date on which the Bank shall have notified the Borrowers of such event, shall:
(i) prepay the Loans in an amount equal to the Deficiency; or
(ii) assign and pledge to the Bank additional security (the “Additional Security”) for the payment of the Obligations, such security to be in form, substance and value satisfactory to the Bank; or
(iii) deposit with the Bank Cash in an amount equal to the difference between the Deficiency and the value of the Additional Security pledged to the Bank pursuant to clause (ii) hereof, to be held by the Bank as cash collateral for the payment of the Obligations, so that the sum of (x) the Appraisal Value of the Vessels, (y) the value (as determined by the Bank) of the Additional Security and (z) the amount of the cash collateral deposited with the Bank pursuant to this Section 6.16 shall be not less than one hundred fifty percent (150%)of the sum of the aggregate outstanding principal amount of the Loans and the Unused Commitment; and provided, further, in calculating such Appraisal Value of Vessels an appropriate (in the opinion of the Bank) deduction from any Vessel’s Appraisal Value shall be made to compensate for any other indebtedness secured by such Vessel.
Appraisal Value. Bear Xxxxxxx noted that the book value of approximately $230 million assigned to the Xxxx'i segment by the Company, which reflects historical cost, is not a reliable indicator of value since this segment of the Company has enormously underperformed relative to its expectations at the time development of this segment began. Therefore, Bear Xxxxxxx obtained a limited real estate appraisal from The Xxxxxxxxx Group Inc. for the properties of the Company on the island of Xxxx'i. The appraisal resulted in a valuation of $160 million, of which $55 million is attributable to undeveloped land and $105 million is attributable to Xxxx'i City properties, hotels and golf course assets and project districts (surrounding resort development land). Such valuation is based upon the most probable price, to a single buyer, which the property should bring in a competitive and open market under all conditions requisite to a fair sale. The appraiser noted, "the developed holdings to be currently underperforming relative to their cost or intrinsic real estate value; however, our limited appraisal estimates market value based on underlying asset value." Bear Xxxxxxx noted that substantial uncertainty exists as to whether a buyer could be found and this valuation realized. Xxxx Xxxxxxx also noted that this asset could be donated to a government, charitable or other organization and be deemed a charitable contribution, which may provide tax benefits to the Company.
Appraisal Value. For these purposes, Required Surplus shall be calculated on the assumption that Total Adjusted Capital to Company Action Level RBC, in each case with respect to the Business, shall be 200 percent (Both Total Adjusted Capital and Company Action Level RBC shall be determined as provided in the Risk-Based Capital (RBC) Model Act or the NAIC's rules with respect thereto). In fixing the other values required by the above formula, the Actuary shall use its best estimates of future mortality, earned and credited interest rates, lapses and surrenders, premium persistency, producer compensation, other taxes, licenses and fees; provided, however, that the Actuary shall assume that the unit cost of providing administrative services for the Business shall increase by three percent per year over the estimated cost of such services for the twelve months immediately following the recapture date.
