Common use of Land Inventory Clause in Contracts

Land Inventory. Permit at any time Adjusted Land Value to exceed the sum of (a) Consolidated Tangible Net Worth plus (b) fifty percent (50%) of Subordinated Indebtedness.

Appears in 3 contracts

Samples: Credit Agreement (M I Homes Inc), Credit Agreement (M I Homes Inc), Credit Agreement (M I Schottenstein Homes Inc)

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Land Inventory. Permit at any time Adjusted Land Value to exceed 125% of the sum of (a) Consolidated Tangible Net Worth plus (b) fifty percent (50%) of Subordinated Indebtedness.

Appears in 2 contracts

Samples: Credit Agreement (M I Homes Inc), Credit Agreement (M I Homes Inc)

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