Limitations on Land Inventory Clause Samples

Limitations on Land Inventory. As of the end of the first fiscal quarter that is at least thirty days after the date on which the Borrower does not have an Investment Grade Rating from at least one of ▇▇▇▇▇’▇ or S&P and thereafter for so long as the Borrower does not have an Investment Grade Rating from at least one of ▇▇▇▇▇’▇ or S&P, the Borrower shall not permit the ratio of (1) the sum of the book value of (A) Unsold Finished Lots, (B) Unsold Land Under Development, and (C) Unsold Raw Land of the Borrower and Guarantors to (2) Consolidated Tangible Net Worth to exceed 1.0 to 1.0 at any time.