Common use of Guarantors Net Worth Requirements Clause in Contracts

Guarantors Net Worth Requirements. At all times following any Guarantor Transfer, and thereafter throughout the term of the Loan, (i) the aggregate Net Worth of all Guarantors shall equal $400,000,000 or more, and the aggregate Effective Liquidity of all Guarantors shall equal $200,000,000 or more, and (ii) each Guarantor shall maintain (x) Net Worth of not less than $200,000,000, or, in the event that the Morgans Guarantor or any transferee (including an Affiliate of such transferee) of the Morgans Guarantor’s interests in HR Holdings (collectively, a “Morgans Transferee”) shall remain or become a guarantor of the Loan at such time, as to the Morgans Guarantor and any Morgans Transferee only, the product of $400,000,000.00 and such Person’s then percentage interest (directly or indirectly) in all profits and losses of HR Holdings, and (y) Effective Liquidity of not less than $100,000,000, or, in the event that the Morgans Guarantor or any Morgans Transferee shall remain or become a guarantor of the Loan at such time, as to the Morgans Guarantor and any Morgans Transferee only, the product of $200,000,000.00 and such Person’s then percentage interest (directly or indirectly) in all profits and losses of HR Holdings. Upon request, and at such times as Borrowers are required to deliver to Lender any financial statements or information with regard to Guarantor required by Section 5.1.11 of the Loan Agreement, Borrowers shall deliver or cause to be delivered to Lender a certificate of each Guarantor setting forth in reasonable detail such Guarantor’s Net Worth as of the end of the prior calendar year or quarter, as the case may be, and then Effective Liquidity, and certifying that such calculations and accompanying financial statements are true, correct, accurate and complete in all material respects.