Common use of Consolidated Tangible Net Worth Clause in Contracts

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date to be less than the sum of (i) $2,323,100,000, (ii) 25% of Consolidated Net Income during the period from January 1, 2017 to and including such date (if positive) and (iii) 25% of the aggregate Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during the period from January 1, 2017 to and including such date.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time to be less than the sum of (i) $2,323,100,000700,000,000, (ii) 25100% of Consolidated the first $200,000,000 of Net Income during Cash Proceeds of the period from January 1, 2017 to and including such date (if positive) issuance by the Company of shares of its Capital Stock consummated after the Closing Date and (iii) 2550% of the aggregate Net Cash Proceeds of all other issuances by the Company of shares of its Capital Stock during consummated after the period from January 1, 2017 to and including such dateClosing Date.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date to be less than the sum of (i) $2,323,100,0001,891,100,000, (ii) 25% of Consolidated Net Income during the period from January 1, 2017 2020 to and including such date (if positive) and (iii) 25% of the aggregate Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during the period from January 1, 2017 2020 to and including such date.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time to be less than the sum of (ia) $2,323,100,000670,749,450, plus (iib) 25an amount equal to 50% of the Consolidated Net Income during the period from January 1earned in each fiscal quarter ending after December 31, 2017 2009 (with no deduction for a net loss in any such fiscal quarter) plus (c) an amount equal to and including such date (if positive) and (iii) 2550% of the aggregate Net Cash Proceeds increases in Consolidated Stockholders’ Equity after December 31, 2009 by reason of all issuances by the Company issuance and sale of shares capital stock of its Capital Stock during the period from January 1, 2017 to and including such dateBorrower.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at on any date to be less than the sum of (i) $2,323,100,000632,827,000, and (ii) 25% of Consolidated Net Income during the period from January 1, 2017 an amount equal to and including such date (if positive) and (iii) 2575% of the aggregate Net Cash Proceeds of all issuances Equity Issuances effected by the Company Borrower after the date of shares the most recent financial statements of its Capital Stock during the period from January 1Borrower that are available as of the Closing Date, 2017 excluding any such Net Proceeds that are applied to and including purchase, redeem or otherwise acquire Equity Interests issued by the Borrower within 90 days of receipt of such dateNet Proceeds.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time to be less than the sum of (i) $2,323,100,000, 1,178,000,000 and (ii) 25% of Consolidated Net Income during the period from January 1, 2017 to and including such date (if positive) and (iii) 2580% of the aggregate Net Cash Proceeds of all issuances received by the Company of shares Borrower from any offering by the Borrower of its Capital Stock during the period from January 1common equity consummated after June 30, 2017 to and including such date2013.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date to be less than the sum of (i) $2,323,100,0002,308,000,000, (ii) 2550% of Consolidated Net Income during the period from January 1, 2017 2010 to and including such date (if positive) and (iii) 2550% of the aggregate Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during the period from January 1, 2017 2010 to and including such date.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time to be less than the sum of (ia) $2,323,100,000, 510,000,000 plus (iib) 25an amount equal to 50% of the Consolidated Net Income during the period from January 1earned in each fiscal quarter ending after December 31, 2017 2007 (with no deduction for a net loss in any such fiscal quarter) plus (c) an amount equal to and including such date (if positive) and (iii) 2550% of the aggregate Net Cash Proceeds increases in Consolidated Stockholders’ Equity after December 31, 2007 by reason of all issuances by the Company issuance and sale of shares capital stock of its Capital Stock during the period from January 1, 2017 to and including such dateBorrower.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time to be less than the sum of (i) $2,323,100,000, (ii) 25% of Consolidated Net Income during the period from January 1, 2017 160,000,000 plus and amount equal to and including such date (if positive) and (iii) 25% of the aggregate Borrower's cumulative Consolidated Net Cash Proceeds of all issuances by Income (to the Company of shares of its Capital Stock during the period from January 1extent positive) after October 28, 2017 to and including such date2007.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time to be less than the sum of (i) $2,323,100,000, 1,870,444,804.00 plus and (ii) 25% of Consolidated Net Income during the period from January 1, 2017 an amount equal to and including such date (if positive) and (iii) 25% of the aggregate Consolidated Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during the period from January 1Income earned in each full fiscal quarter ending after September 30, 2017 to and including 2012 (with no deduction for a net loss in any such datefiscal quarter).

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at on any date to be less than the sum of (i) $2,323,100,000269,994,750, and (ii) 25% of Consolidated Net Income during the period from January 1, 2017 an amount equal to and including such date (if positive) and (iii) 2575% of the aggregate Net Cash Proceeds of all issuances Equity Issuances effected by the Company Borrower after the date of shares the most recent financial statements of its Capital Stock during the period from January 1Borrower that are available as of the Closing Date, 2017 excluding any such Net Proceeds that are applied to and including purchase, redeem or otherwise acquire Equity Interests issued by the Borrower within 90 days of receipt of such dateNet Proceeds.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date to be less than the sum of (i) $2,323,100,0001,106,175,000, (ii) 2550% of Consolidated Net Income during the period from January 1, 2017 2005 to and including such date (if positive) and (iii) 2550% of the aggregate Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during the period from January 1, 2017 2005 to and including such date.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date to be less than the sum of (i) $2,323,100,0001,106,175,000, (ii) 2550% of Consolidated Net Income during the period from January 1, 2017 2005 to and including such date (if positive) and (iii) 2550% of the aggregate Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during the period from January 1, 2017 2005 to and including such date.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time to be less than the sum of (i) $2,323,100,000507,000,000, and (ii) 25% of Consolidated Net Income during the period from January 1, 2017 an amount equal to and including such date (if positive) and (iii) 25% of the aggregate Consolidated Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during the period from January 1Income earned in each full fiscal quarter ending after October 2, 2017 to and including 2004 (with no deduction for a net loss in any such datefiscal quarter).

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time from and after January 1, 1999, to be less than the sum of (i) $2,323,100,000, 300,000,000 plus (ii) 25an amount equal to 50% of Consolidated Net Income during the period Earnings earned from January 1, 2017 1999 (to and including the extent such date (if positiveamount is a positive number) and plus (iii) 25an amount equal to 75% of the aggregate Net Cash Proceeds net proceeds of all issuances by the Company of shares of its Capital Stock during the period from any equity offerings after January 1, 2017 to and including such date1999.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time to be less than the sum of (i) $2,323,100,000, 200,000,000338,000,000 and (ii) 25% an amount equal to fifty percent (50%) of the Consolidated Net Income during the period from January 1earned each full fiscal quarter ending after March 31June 30, 2017 to and including 20142018 (with no deduction for net loss in any such date (if positive) and (iii) 25% of the aggregate Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during the period from January 1, 2017 to and including such datefiscal quarter).

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time on or after January 1, 1999 to be less than the sum of (i) $2,323,100,000, 300,000,000 plus (ii) 25an amount equal to 50% of Consolidated Net Income during the period Earnings earned from January 1, 2017 1999 (to and including the extent such date (if positiveamount is a positive number) and plus (iii) 25an amount equal to 75% of the aggregate Net Cash Proceeds net proceeds of all issuances by the Company of shares of its Capital Stock during the period from any equity offerings after January 1, 2017 to and including such date1999.

Consolidated Tangible Net Worth. Permit its Consolidated Tangible Net Worth as at any date time to be less than an amount equal to the sum of (i) two hundred million dollars ($2,323,100,000, 200,000,000) plus (ii) 25% of Consolidated Net Income during the period from January 1, 2017 to and including such date (if positive) and (iii) 2550% of the aggregate Consolidated Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during Income for the period from January 1commencing after February 25, 2017 to 1995 (without deduction for any net loss in any fiscal year ending after February 25, 1995) and including such dateterminating at the end of the last fiscal quarter preceding the date of any determination of Consolidated Tangible Net Worth.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time to be less than the sum of (i) $2,323,100,000, 200,000,000 and (ii) 25% an amount equal to fifty percent (50%) of the Consolidated Net Income during the period from January 1earned each full fiscal quarter ending after March 31, 2017 to and including 2014 (with no deduction for net loss in any such date (if positive) and (iii) 25% of the aggregate Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during the period from January 1, 2017 to and including such datefiscal quarter).

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time to be less than the sum of (i) $2,323,100,000, 1,150,000,000 and (ii) 25% of Consolidated Net Income during the period from January 1, 2017 an amount equal to and including such date (if positive) and (iii) 25% of the aggregate Consolidated Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during the period from January 1Income earned in each full fiscal quarter ending after March 29, 2017 to and including 2008 (with no deduction for a net loss in any such datefiscal quarter).

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as Worth, at any date time after March 31, 2021, to be less than the sum of (i) $2,323,100,000, 497,510,250 and (ii) 25% of Consolidated Net Income during the period from January 1, 2017 an amount equal to and including such date (if positive) and (iii) 2575% of the aggregate Net Cash Proceeds of all issuances net equity proceeds received by the Company Consolidated Parties after June 30, 2019 by reason of shares the issuance and sale of its Capital Stock during the period from January 1, 2017 to and including such dateEquity Interests in Parent.

Consolidated Tangible Net Worth. Permit At any time, permit Consolidated Tangible Net Worth as at any date to be less than the sum of (i) $2,323,100,000, 3,088,500,000 plus (ii) 25% an amount equal to fifty percent (50.0%) of the net cash proceeds from the issuance of Equity Interests by the Borrower or any Subsidiary subsequent to the Closing Date plus (iii) fifty percent (50%) of Consolidated Net Income during Income, to the period from January 1extent positive, 2017 for any quarter end subsequent to and including such date (if positive) and (iii) 25% of the aggregate Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during the period from January 1, 2017 to and including such dateClosing Date.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time to be less than the sum of (i) $2,323,100,000, 1,178,000,000 and (ii) 25% of Consolidated Net Income during the period from January 1, 2017 to and including such date (if positive) and (iii) 2580% of the aggregate Net Cash Proceeds of all issuances received by the Company of shares Borrower (x) at any time, from any offering by the Borrower of its Capital Stock during common equity consummated after June 30, 2013 and (y) following the period Up-REIT Transaction, from January 1, 2017 any offering by the REIT Entity of its common equity to and including the extent such dateNet Cash Proceeds are contributed to the Borrower.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time from and after January 1, 1999 to be less than the sum of (i) $2,323,100,000, 300,000,000 plus (ii) 25an amount equal to 50% of Consolidated Net Income during Earnings subsequent to December 31, 1998 (to the period from January 1, 2017 to and including extent such date (if positiveamount is a positive number) and plus (iii) 25an amount equal to 75 % of the aggregate Net Cash Proceeds of all issuances net cash proceeds received by the Company from the sale by the Company of any shares of its Capital Stock during the period from stock after January 1, 2017 to and including such date.1999;

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at of any date to Calculation Date shall not be less than $1,016,917,500 plus the sum of (i) $2,323,100,000, (ii) 2550% of Consolidated Net Income during the period from January 1since September 30, 2017 to and including such date (2013, if positive, plus (ii) and (iii) 2550% of the aggregate Net Cash Proceeds cash proceeds of all issuances any Equity Issuance received by the Company of shares of its Capital Stock during the period from January 1Holdings since September 30, 2017 to and including such date2013.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as Worth, at any date time after December 31, 2021, to be less than the sum of (i) $2,323,100,000, 497,510,250 and (ii) 25% of Consolidated Net Income during the period from January 1, 2017 an amount equal to and including such date (if positive) and (iii) 2575% of the aggregate Net Cash Proceeds of all issuances net equity proceeds received by the Company Consolidated Parties after June 30, 2019 by reason of shares the issuance and sale of its Capital Stock during the period from January 1, 2017 to and including such date.Equity Interests in Parent. 4842-9930-8762 v.4

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date time to be less than the sum of (i) $2,323,100,0001,145,000,000, plus (ii) 25an amount equal to 50% of Consolidated Net Income during the period from January 1earned in each full fiscal quarter ending on or after March 31, 2017 to and including 2005 (with no deduction for a net loss in any such date (if positive) and fiscal quarter), plus (iii) 25an amount equal to 50% of the aggregate Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during the period from January 1Equity Issuances made after December 31, 2017 to and including such date2004.

Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth as at any date to be less than the sum of (i) $2,323,100,0002,428,600,000, (ii) 2550% of Consolidated Net Income during the period from January 1, 2017 2013 to and including such date (if positive) and (iii) 2550% of the aggregate Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during the period from January 1, 2017 2013 to and including such date.

Consolidated Tangible Net Worth. Permit Maintain Consolidated Tangible Net Worth as at any date to be an amount not less than the sum of THE GREATER OF (i) $2,323,100,00086,000,000, or (ii) 25the sum of $86,000,000 plus 50% of Consolidated Net Income during for the period from January 1and after September 30, 2017 2001, to and including such the date of determination thereof (if positive) and (iii) 25% of the aggregate Net Cash Proceeds of all issuances by the Company of shares of its Capital Stock during the period from January 1, 2017 to and including such dateconsidered as a single accounting period).