Capital Deployment Hurdle definition

Capital Deployment Hurdle means the Capital Deployment Hurdle Numerator divided by the Capital Deployment Hurdle Denominator.
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Capital Deployment Hurdle means the threshold at which the PI Transaction Value of all completed Permitted Investments exceeds 75% of the Escrow Proceeds. For purposes of this Agreement, “Escrow Proceeds” means 98% of the Net Proceeds, which will be placed in escrow with The Bank of New York Mellon, as escrow agent, solely for use in connection with Permitted Investments. For purposes of this Agreement, “PI Transaction Value” means, without duplication, the sum of (i) the cost of such Permitted Investment, whether consummated or subject to definitive documentation pursuant to which the Company provides a commitment of capital to consummate such Permitted Investment; (ii) the amount of debt which is senior in the capital structure to, or pari passu with, each Permitted Investment (such as, in the event the Company makes a mezzanine loan to a hotel owner, the amount of any mortgage loan encumbering the hotel), only to the extent such Permitted Investment, after consultation with third party accountants, would reasonably be expected to be required to be consolidated on the Company’s balance sheet pursuant to U.S. generally accepted accounting principles (“GAAP”); (iii) any equity with a liquidation preference which is senior to, or pari passu with, each Permitted Investment (such as, in the event the Company purchases common equity in an entity that owns hotel properties, any outstanding preferred equity issued by such entity which has a liquidation preference senior in priority to the Company’s investment), only to the extent such Permitted Investment, after consultation with third party accountants, would reasonably be expected to be required to be consolidated on the Company’s balance sheet pursuant to GAAP; (iv) estimated closing costs, due diligence costs and applicable transaction expenses; and (v) estimated amounts needed to cover future capital and funding commitments relating to such Permitted Investment (as set forth in a written agreement or budget) including, without limitation, capital expenditures, escrows and follow-on investments or advances. For purposes of this Agreement, “Permitted Investment” means hospitality and related investments, with a focus on distressed opportunities primarily in the United States and Canada. For purposes of this Agreement, “Net Proceeds” means the gross proceeds from the Offering less the underwriting discounts and commissions and estimated offering and organizational costs and offering expenses.
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Examples of Capital Deployment Hurdle in a sentence

  • From the Effective Date until the occurrence of the earlier of (x) the satisfaction of the Capital Deployment Hurdle (as defined herein) or (y) 12 months from the Effective Date, the Company agrees to pay the Employee an annual base salary that initially shall be $150,000 (the “Initial Base Salary”).

  • In the event that the Capital Deployment Hurdle Rate has been met, the Conditional Payment shall become immediately payable by the Company to the Representatives, for the account of the several Underwriters.

  • From the Effective Date through the earlier of (i) the date on which the Company satisfies the Capital Deployment Hurdle (as defined in the Registration Statement) or (ii) July 31, 2012, the Employee will not be entitled to receive any salary from the Company pursuant to this Agreement, except that nothing herein shall prohibit the Employee from receiving any discretionary bonus approved by the Board or the compensation committee of the Board (the “Compensation Committee”).

  • Commencing the earlier of (i) the date following the date on which the Company satisfies the Capital Deployment Hurdle or (ii) August 1, 2012, the Company agrees to pay the Employee an annual base salary of $400,000 (as increased from time to time in accordance with Section 5 below, the “Annual Base Salary”).

  • The Company shall compute the Capital Deployment Hurdle for each quarterly period after the Closing Date within [ ] days after the end of each calendar quarter and shall promptly deliver such computations to the Representatives.

  • The undersigned acknowledges that Escrow Agent is not responsible for independently verifying that the Capital Deployment Hurdle has been satisfied.

  • Upon termination of this Agreement prior to the satisfaction of the Capital Deployment Hurdle, Escrow Property then held hereunder shall be distributed in accordance with Article II, Section 11.

  • Upon the occurrence of the earlier of (x) the satisfaction of the Capital Deployment Hurdle or (y) 12 months from the Effective Date, the Employee’s base salary shall be increased to $350,000 (the “Continuing Base Salary”).

  • Commencing the earlier of (i) the date following the date on which the Company satisfies the Capital Deployment Hurdle or (ii) August 1, 2012, the Company agrees to pay the Employee an annual base salary of $400,000 (the “Annual Base Salary”).

  • From the Effective Date until the occurrence of the earlier of (x) the satisfaction of the Capital Deployment Hurdle (as defined herein) or (y) 12 months from the Effective Date, the Company agrees to pay the Employee an annual base salary that initially shall be $50,000 (the “Initial Base Salary”).