Common use of Minimum Consolidated Tangible Net Worth Clause in Contracts

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (a) $1,566,239,512.00, plus (b) seventy-five percent (75%) of the Net Offering Proceeds of each Equity Offering after December 31, 2011.

Minimum Consolidated Tangible Net Worth. The Borrower will shall not at any time permit Consolidated Tangible Net Worth to be less than the sum of (a) $1,566,239,512.00, 600,000,000 plus (b) seventyeighty-five percent (7585%) of the Net Offering Proceeds of each any Equity Offering Issuance received after December 31, 2011the Agreement Execution Date.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00750,000,000.00, plus (bii) seventy-five percent (75%) of the sum of (A) any additional Net Offering Proceeds after the date of each Equity Offering after December 31this Agreement, 2011plus (B) the value of interests in the Borrower or interests in REIT issued upon the contribution of assets to the Borrower or its Subsidiaries.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to of Borrower shall at no time be less than the sum of (ax) $1,566,239,512.00, plus 700,000,000 and (by) seventy-five percent (75%) 90% of the Net Offering Proceeds of each Equity Offering from and after December 31, 2011the date hereof.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00, 800,000,000.00 plus (bii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (a) $1,566,239,512.003,425,000,000.00, plus (b) seventy-five percent (75%) of the Net Offering Proceeds of each Equity Offering after December 31, 2011the date of this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.001,188,928.00, plus (bii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds of each Equity Offering after December 31, 2011the Closing Date.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to of the Borrower and its Consolidated Subsidiaries will at no time be less than the sum of (a) $1,566,239,512.00, 200,000,000 plus (b) seventy-five ninety percent (7590%) of the all Net Offering Proceeds of each Equity Offering received by General Partner (or General Partner's predecessor in interest) or Borrower after December 31, 20111996.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00310,504,331.00, plus (bii) seventy-five percent (7575.0%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.001,000,000,000.00, plus (bii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds of each Equity Offering after December 31September 22, 20112015.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to of the Borrower and its Consolidated Subsidiaries will at no time be less than the sum of (a) $1,566,239,512.00, 200,000,000 plus (b) seventy-five ninety percent (7590%) of the all Net Offering Proceeds of each Equity Offering received by Guarantor or Borrower after December 31, 20111996.

Minimum Consolidated Tangible Net Worth. The Borrower will shall not at any time permit Consolidated Tangible Net Worth at any time to be less than the sum of (ai) $1,566,239,512.00, 754,441,200; plus (bii) seventy-five percent (75%) 85% of the Net Offering Proceeds of each Equity Offering received after December 31the April 4, 20112003.

Minimum Consolidated Tangible Net Worth. The Borrower will shall not at any time permit the Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00, 671,852,800 plus (bii) seventy-five percent (75%) 80% of the Net Offering Proceeds of each all Equity Offering Issuances effected at any time after December March 31, 20112011 by the Borrower or any of its Subsidiaries to any Person other than the Borrower or any of its Subsidiaries.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit shall maintain a Consolidated Tangible Net Worth to be of not less than the sum of $150,000,000 plus: (a) $1,566,239,512.0025% of the Borrower’s cumulative, plus positive consolidated net income for each fiscal quarter commencing on or after July 1, 2010; and (b) seventy-five percent (75%) 50% of the Net Offering value of the Equity Proceeds realized from any issuance of each Equity Offering Interests in the Borrower occurring on or after December 31July 1, 20112010.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit its Consolidated Tangible Net Worth to be less than the sum of (a) $1,566,239,512.00190,000,000, plus (b) seventy-five percent (75%) of the sum of (a) Net Offering Proceeds plus (b) the value of each Equity Offering after December 31, 2011units in the Borrower or shares in RPB issued upon the contribution of assets to Borrower or its Subsidiaries.

Minimum Consolidated Tangible Net Worth. The Borrower will shall not at any time permit Consolidated Tangible Net Worth to be less than the sum of (a) $1,566,239,512.00, 500,000,000 plus (b) seventyeighty-five percent (7585%) of the Net Offering Proceeds of each any Equity Offering Issuance received after December 31, 2011the Agreement Execution Date.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to will at no time be less than the sum of (ai) $1,566,239,512.002,500,000,000, plus (bii) seventy-five percent 75% of all Net Offering Proceeds, and (75%iii) in the case of convertible Debt in existence as of the Net Offering Proceeds Closing Date, upon conversion of each Equity Offering after December 31any such Debt to an equity interest in the Borrower or MOC, 201175% of the principal amount of such Debt so converted.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.001,000,000,000.00, plus (bii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (a) $1,566,239,512.00360,519,000.00, plus (b) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.0058,000,000.00, plus (bii) seventyeighty-five percent (7585.0%) of the sum of any additional Net Offering Proceeds of each Equity Offering after December 31January 29, 20112016.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00480,328,188.00, plus (bii) seventy-five eighty percent (7580%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.” (s) By inserting the following as §9.7 of the Credit Agreement:

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Borrower’s Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00750,000,000.00, plus (bii) seventy-five eighty percent (7580%) of the sum of (A) any additional Net Offering Proceeds after the date of each Equity Offering this Agreement, plus (B) the value of interests in Borrower or interests in REIT issued upon the contribution of assets to Borrower or its Subsidiaries after December 31, 2011the date of this Agreement (with such value determined at the time of contribution).

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00400,000,000.00, plus (bii) seventy-five eighty percent (7580%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00945,698,000.00, plus (bii) seventy-five eighty percent (7580%) of the sum of any additional Net Offering Proceeds of each Equity Offering after December March 31, 20112013.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.001,582,434,400.00, plus (bii) seventy-five eighty percent (7580%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not shall, at any time permit all times, maintain a Consolidated Tangible Net Worth to be of not less than the sum of $500,000,000 plus: (a) $1,566,239,512.0025 per cent. of the Borrower’s cumulative, plus positive consolidated net income for each Accounting Period commencing on or after 31 December 2013; and (b) seventy-five percent (75%) 50 per cent. of the Net Offering Equity Proceeds realised from any issuance of each Equity Offering Interests in the Borrower occurring on or after 31 December 31, 20112013.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00230,978,126.00, plus (bii) seventy-five percent (7575.0%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.001,000,000,000.00, plus (bii) seventy-five percent (75%) of the sum of (A) any additional Net Offering Proceeds after the date hereof, plus (B) the value of each Equity Offering after December 31, 2011interests in the Borrower or interests in REIT issued upon the contribution of assets to the Borrower or its Subsidiaries.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00539,039,465.00, plus (bii) seventy-five eighty percent (7580%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.002,500,000,000.00, plus (bii) seventy-five eighty percent (7580%) of the sum of any additional Net Offering Proceeds of each Equity Offering after December 31, 2011the Fourth Amendment Date.”

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00, 300,000,000.00 plus (bii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.0025,000,000, plus (bii) seventy-five eighty percent (7580%) of the sum of any additional Net Offering Proceeds after the Closing Date, provided that in no event shall the Consolidated Tangible Net Worth be required to exceed an amount equal to the product of each Equity Offering after December 31, 2011(x) the Total Commitment (without regard to any termination thereof except pursuant to §2.4) multiplied by (y) 2.5.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit its Consolidated Tangible Net Worth to be less than the sum of $320,000,000, plus eighty percent (80%) of the sum of (a) $1,566,239,512.00, Net Offering Proceeds plus (b) seventy-five percent the value of units in the Borrower or shares in Parent issued upon the contribution of assets to Borrower or its Subsidiaries plus (75%c) the amount of the Net Offering Proceeds any Trust Preferred Equity issued plus (d) proceeds from any convertible debt of each Equity Offering after December 31, 2011Borrower or any Guarantor.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.001,926,791,000, plus (bii) seventy-five eighty percent (7580%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Beginning on January 31, 2015 and continuing thereafter, the Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.0020,000,000.00, plus (bii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (a) $1,566,239,512.001,517,500,000.00, plus (b) seventy-five percent (75%) of the Net Offering Proceeds of each Equity Offering after December 31September 30, 2011.

Minimum Consolidated Tangible Net Worth. The Borrower will not maintain at any time permit all times a Consolidated Tangible Net Worth to be of not less than the sum of (ai) $1,566,239,512.00, 250,000,000 plus (bii) seventy-five fifty percent (7550%) of the Consolidated Net Offering Proceeds of each Equity Offering Income earned after December March 31, 20111995 (excluding any quarter in which there is a loss) plus (iii) one hundred percent (100%) of the net proceeds of capital stock issued by the Borrower after March 31, 1995.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.0055,000,000.00, plus (bii) seventy-five eighty percent (7580%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit the Consolidated Tangible Net Worth at any time prior to the Investment Grade Release Date to be less than the sum of (a) $1,566,239,512.00, 1,323,250,175 plus (b) seventy-five an amount equal to fifty percent (7550%) of net equity proceeds received by the Net Offering Proceeds of each Equity Offering Consolidated Group after December 31September 30, 20112024.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00600,000,000.00, plus (bii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will shall not at any time permit Consolidated Tangible Net Worth at any time to be less than the sum of (ai) $1,566,239,512.00, 754,441,200; plus (bii) seventy-five percent (75%) 85% of the Net Offering Proceeds of each Equity Offering received after December 31, 2011the Amendment Closing Date.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Borrower’s Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.001,300,000,000.00, plus (bii) seventy-five eighty percent (7580%) of the sum of (A) any Net Offering Proceeds after March 21, 2012, plus (B) the value of each Equity Offering interests in Borrower or interests in REIT issued upon the contribution of assets to Borrower or its Subsidiaries after December 31March 21, 20112012 (with such value determined at the time of contribution).

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (a) $1,566,239,512.00183,279,000.00, plus (b) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.004,385,992,094, plus (bii) seventy-five eighty percent (7580%) of the Net Offering Proceeds aggregate proceeds received by the Consolidated Group (net of each Equity Offering reasonable related fees and expenses and net of any redemption of shares, units or other ownership interest in the Consolidated Group during such period) in connection with any offering of stock or other equity after December 31, 2011the date of this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.0058,000,000.00, plus (bii) seventyeighty-five percent (7585.0%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00750,000,000.00, plus (bii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (a) $1,566,239,512.00373,611,000.00, plus (b) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00600,000,000.00,1,000,000,000.00, plus (bii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31this Agreement.September 22, 20112015.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.001,242,124,000.00, plus (bii) seventy-five eighty percent (7580%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00150,000,000.00, plus (bii) seventy-five eighty percent (7580%) of the sum of (A) any additional Net Offering Proceeds after the date hereof, plus (B) the value of each Equity Offering after December 31, 2011interests in the Borrower or interests in REIT issued upon the contribution of assets to the Borrower or its Subsidiaries.

Minimum Consolidated Tangible Net Worth. The Borrower will shall not at any time permit the Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00, 673,375,200 plus (bii) seventy-five percent (75%) 80% of the Net Offering Proceeds of each all Equity Offering Issuances effected at any time after December March 31, 20112012 by the Borrower or any of its Subsidiaries to any Person other than the Borrower or any of its Subsidiaries.

Minimum Consolidated Tangible Net Worth. The Borrower will shall not at any time permit its Consolidated Tangible Net Worth at any time to be less than the sum of (a) $1,566,239,512.0070,000,000, plus (b) seventy-five fifty percent (7550%) of Net Income (if positive) calculated separately for each fiscal quarter ending after November 30, 1997, plus (c) one hundred percent (100%) of the Net Offering Proceeds net cash proceeds resulting from the issuance by the Borrower of each Equity Offering after December 31, 2011any Capital Stock.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit its Consolidated Tangible Net Worth to be less than the sum of (a) $1,566,239,512.0085,000,000, plus (b) seventy-five percent (75%) of the sum of (a) Net Offering Proceeds plus (b) the value of each units in the Borrower or shares in Parent issued upon the contribution of assets to Borrower or its Subsidiaries plus (c) the amount of any Trust Preferred Equity Offering after December 31, 2011issued plus (d) proceeds from any convertible debt of Borrower or any Guarantor.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00225,000,000.00, plus (bii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31this Agreement.” (cc) By deleting in its entirety §9.5 of the Credit Agreement, 2011.and inserting in lieu thereof the following:

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00104,579,000, plus (bii) seventy-five eighty percent (7580%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The From and after January 1, 2017, the Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.001, 411,565,000.00, plus (bii) seventy-five eighty percent (7580%) of the sum of any additional Net Offering Proceeds of each Equity Offering after December 31October 1, 20112016.”

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (a) $1,566,239,512.00275,000,000.00, plus (b) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit its Consolidated Tangible Net Worth to be less than the sum of $215,000,000, plus eighty percent (80%) of the sum of (a) $1,566,239,512.00, Net Offering Proceeds plus (b) seventy-five percent the value of units in the Borrower or shares in Parent issued upon the contribution of assets to Borrower or its Subsidiaries plus (75%c) the amount of the Net Offering Proceeds any Trust Preferred Equity issued plus (d) proceeds from any convertible debt of each Equity Offering after December 31, 2011Borrower or any Guarantor.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00900,000,000.00, plus (bii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit the Consolidated Tangible Net Worth to be less than the sum of (a) $1,566,239,512.00, plus 400,000,000 and (b) seventy-five percent (75%) an amount equal to 50% of the Net Offering Proceeds net proceeds generated by any and all issues of each Equity Offering after December equity by the Borrower since March 31, 20112003.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (a) $1,566,239,512.001,750,000,000.00, plus (b) seventy-five percent (75%) of the Net Offering Proceeds of each Equity Offering after December 31the date of this Agreement, 2011plus (c) upon consummation of the Colonial Merger Transactions, $1,675,000,000.00.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.001,163,000,000.00, plus (bii) seventy-five eighty percent (7580%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00208,629,727.00, plus (bii) seventyeighty-five percent (7585%) of the sum of any additional Net Offering Proceeds of each Equity Offering after December 31, 2011the Closing Date.

Minimum Consolidated Tangible Net Worth. The (a) Beginning on the Closing Date and continuing through and including June 29, 2015, the Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the amount of $35,000,000.00, and (b) beginning on June 30, 2015 and continuing thereafter, the Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00, 100,000,000.00 plus (bii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00the Tangible Net Worth Base Amount, plus (bii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.0064,769,654, plus (bii) seventy-five eighty percent (7580%) of the Net Offering Proceeds aggregate proceeds received by the Consolidated Group (net of each Equity Offering reasonable related fees and expenses and net of any redemption of shares, units or other ownership interest in the Consolidated Group during such period) in connection with any offering of stock or other equity after December 31, 2011the date of this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00292,782,926, plus (bii) seventyeighty-five percent (7585%) of the sum of any additional Net Offering Proceeds of each Equity Offering after December 31, 2011the Closing Date.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit REIT’s Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00, 1,347,000,000.00 plus (bii) seventy-five eighty percent (7580%) of the sum of (A) any additional Net Offering Proceeds after the date of each Equity Offering this Agreement, plus (B) the value of interests in Borrower or interests in REIT issued upon the contribution of assets to Borrower or its Subsidiaries after December 31, 2011the date of this Agreement (with such value determined at the time of contribution).

Minimum Consolidated Tangible Net Worth. The Borrower will shall not at any time permit Consolidated Tangible Net Worth at any time to be less than the sum of (ai) $1,566,239,512.00, 868,335,350; plus (bii) seventy-five percent (75%) 85% of the Net Offering Proceeds of each Equity Offering received after December 31September 30, 20112005.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth at any time to be less than an amount equal to the sum of (ax) $1,566,239,512.00, 23,000,000 plus (by) seventy-five percent (75%) the sum of 50% of Consolidated Net Income, if positive, for each prior fiscal year of the Net Offering Proceeds of each Equity Offering Borrower, if any, ending after December 31, 20112000 plus (z) the amount by which Consolidated Tangible Net Worth is increased by the proceeds of any capital stock issued, or capital contributions made, after the Initial Borrowing Date.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.00$ , plus (bii) seventy-five percent (7575.0%) of the sum of any additional Net Offering Proceeds after the date of each Equity Offering after December 31, 2011this Agreement.

Minimum Consolidated Tangible Net Worth. The Borrower will shall not at any time permit Consolidated Tangible Net Worth to be less than the sum of (a) $1,566,239,512.00, 334,938,331 plus (b) seventyeighty-five percent (7585%) of the Net Offering Proceeds of each any Equity Offering Issuance received after December 31, 2011the Agreement Execution Date.

Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (ai) $1,566,239,512.001,000,000,000.00,1,200,000,000.00, plus (bii) seventy-five percent (75%) of the sum of (A) any additional Net Offering Proceeds after the date hereofFirst Amendment Date, plus (B) the value of each Equity Offering after December 31, 2011interests in the Borrower or interests in REIT issued upon the contribution of assets to the Borrower or its Subsidiaries.