Changes in Tangible Net Worth Clause Samples

Changes in Tangible Net Worth. At the end of any fiscal quarter, the Guarantor’s Tangible Net Worth shall not have decreased by (i) twenty percent (20%) or more from the Guarantor’s Tangible Net Worth as of the last Business Day in the third (3rd) month preceding such date; or (ii) forty percent (40%) or more from the Guarantor’s Tangible Net Worth as of the last Business Day in the twelfth (12th) month preceding such date; provided, that any such decrease shall be calculated exclusive of any decrease in the value of assets owned by (x) Carbon Capital I, Inc. up to a maximum aggregate amount of $1,482,514.80 or (y) Carbon Capital II, Inc. up to a maximum aggregate amount of $100,000,000.00, and, for the avoidance of doubt, in the case of either (x) or (y), any amount of decrease in the value of such assets above such amount shall be included in the calculation of any decrease in the Guarantor’s Tangible Net Worth;

Changes in Tangible Net Worth. At the end of any fiscal quarter, Guarantor’s Tangible Net Worth (which shall exclude any decrease in Tangible Net Worth resulting from a decrease in the value of the assets owned by either Carbon Capital I, Inc. or Carbon Capital II, Inc.) shall not have decreased by (i) twenty percent (20%) or more from Guarantor’s Tangible Net Worth as of the last Business Day of the third (3rd) month preceding such date; or (ii) forty percent (40%) or more from Guarantor’s Tangible Net Worth as of the last Business Day of the twelfth (12th) month preceding such date; provided, however, that any decrease in the value of the assets in excess of an aggregate amount of $1,482,514.80 (with respect to the asset owned by Carbon Capital I, Inc.) and an aggregate amount of $100,000,000 (with respect to the asset owned by Carbon Capital II, Inc.) shall not be excluded in the calculation of Tangible Net Worth.