Debt to Worth Ratio. Borrower will maintain, at all times, a ratio of (a) total liabilities (excluding any Subordinated Debt), to (b) Tangible Net Worth of not greater than 2.50 to 1.0.
Debt to Worth Ratio. To maintain on a consolidated basis a ratio of Total Liabilities (excluding the non-current portion of Subordinated Liabilities) to Tangible Net Worth not exceeding 1.75:1.0.
Debt to Worth Ratio. Borrower will maintain, at all times, a ratio of (a) total liabilities (excluding any Subordinated Debt), to (b) Tangible Net Worth of not greater than 3.5 to 1.0 beginning September 30, 2005; and 3.0 to 1.0 beginning December 31, 2005 and thereafter, tested quarterly. If Borrower’s Debt to Worth Ratio exceeds 3.0 to 1.0 then Borrower will not make any stock repurchases.
Debt to Worth Ratio. Borrower shall cause to be maintained on a consolidated basis a ratio of total Indebtedness (excluding the current portion of Subordinated Debt) to Tangible Net Worth of not greater than 15.00 to 1.00.”
Debt to Worth Ratio. Borrower will maintain, at all times, to be tested quarterly on the last day of each fiscal quarter of Borrower, a ratio of (a) total liabilities (excluding any Subordinated Debt), to (b) Tangible Net Worth of not greater than 1.75 to 1.0.
Debt to Worth Ratio. Section 8.1 of the Term Loan shall be replaced by the following:
Debt to Worth Ratio. Borrower shall maintain a ratio of Total Liabilities to Tangible Net Worth of no greater than 1.15:1.00. This covenant shall be monitored quarterly, and will commence with the fiscal quarter ending April 30, 2018. Sections 7.6.1 and 7.6.2 are not affected by this modification of Section 7.6.
(c) Effective as of April 10, 2018, Section 7.7 of the Credit Agreement is replaced in its entirety by the following provision:
Debt to Worth Ratio. Borrower shall at all times maintain a ratio of total liabilities (exclusive of any debt subordinated to indebtedness of Borrower to Lender pursuant to subordination agreements satisfactory to Lender) to tangible net worth of not more than 2.0 to 1.0. For purposes of this covenant, intangible net worth" shall have the meaning set forth in Section 6.2 hereof.
Debt to Worth Ratio. In no event shall Borrower permit the ratio of its Debt to Tangible Net Worth to be in excess of 1.65 to 1.
Debt to Worth Ratio. Borrower agrees to maintain, on a consolidated basis, a ratio of Total Liabilities (excluding the non-current portion of Subordinated Liabilities) to Tangible Net Worth not exceeding 2.0 to 1.0. "Total Liabilities" means the sum of current liabilities plus long term liabilities. "Tangible Net Worth" means the value of Borrower's total assets (including leaseholds and leasehold improvements and reserves against assets, but excluding goodwill, patents, trademarks, trade names, organization expense, unamortized debt discount and expense, capitalized or deferred research and development costs, deferred marketing expenses, and other like intangibles, and monies due from affiliates, officers, directors, employees, shareholders, members and deferred income taxes, but excluding the non-current portion of Subordinated Liabilities. "Subordinated Liabilities" means liabilities subordinated to borrower's obligations to Lender in a manner acceptable to Lender in its sole discretion.
