We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

Common use of Minimum Consolidated Tangible Net Worth Clause in Contracts

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (a) $228,728,000 plus (b) an amount equal to 80% of the net cash proceeds of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing Date.

Appears in 2 contracts

Samples: Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth of not at any time to be less than the sum of (a) $228,728,000 100,000,000, plus (b) an amount equal to 8075% of the net cash proceeds of all received by the Parent or a Subsidiary thereof from issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing Date.

Appears in 2 contracts

Samples: Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (aaA) $228,728,000 1,149,979,129.00 plus (bbB) an amount equal to 8075% of the net cash proceeds of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing DateSeptember 30, 2018.

Appears in 2 contracts

Samples: Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (a) $228,728,000 588,588,750 plus (b) an amount equal to 8075% of the net cash proceeds of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing Date.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (a) $228,728,000 524,697,000 plus (b) an amount equal to 8075% of the net cash proceeds of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing Date.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel OP, LP)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth of not at any time to be less than the sum of (a) $228,728,000 283,141,000, plus (b) an amount equal to 8075% of the net cash proceeds of all received by the Parent or a Subsidiary thereof from issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing Date.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (a) $228,728,000 1,149,979,129.00, plus (b) an amount equal to 8075% of the net cash proceeds of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing DateSeptember 30, 2018.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (a) $228,728,000 1,105,342,000 plus (b) an amount equal to 8075% of the net cash proceeds of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing DateDate .

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (a) $228,728,000 1,105,342,000 plus (b) an amount equal to 8075% of the net cash proceeds of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing Third Amendment Effective Date.” (k) By deleting in its entirety Section 5.04(b)(i) of the Credit Agreement, and inserting in lieu thereof the following:

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (a) $228,728,000 1,105,342,000 plus (b) an amount equal to 8075% of the net cash proceeds of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing DateSeptember 26, 2017.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (a) $228,728,000 1,105,342,000 plus (b) an amount equal to 8075% of the net cash proceeds of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing First Amendment Effective Date.” (p) By deleting in its entirety Section 6.01(e) of the Credit Agreement, and inserting in lieu thereof the following:

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (a) $228,728,000 638,961,000 plus (b) an amount equal to 8075% of the net cash proceeds of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing Date.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Minimum Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (a) $228,728,000 588,588,750 plus (b) an amount equal to 8075% of the net cash proceeds of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after the Closing Second Amendment Effective Date.” (n) By deleting in its entirety Section 5.04(b)(i) of the Credit Agreement, and by inserting in lieu thereof the following:

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)