Maximum Debt to Tangible Net Worth. Borrower shall maintain a ratio of (i) the outstanding amount of Indebtedness of Borrower (excluding Subordinated Debt), to (ii) Tangible Net Worth, each as measured on a fiscal quarter-end basis commencing the calendar quarter ending September 30, 2007 and for each fiscal quarter thereafter, which is less than or equal to 6.00 to 1.00 (non-recourse off balance sheet financing would not be included as Indebtedness for the purposes of this covenant).
Maximum Debt to Tangible Net Worth. Debtor shall maintain a ratio of total liabilities (excluding the principal balance of any debt that is subordinated to Secured Party in a manner satisfactory to Secured Party) to Tangible Net Worth of no greater than the ratio set forth below during the time periods set forth below: Ratio Time Period
Maximum Debt to Tangible Net Worth. The Company will maintain as of the last day of each fiscal quarter ending on or after September 30, 2001 a ratio of (a) Debt (less the Notes contemplated herein) to (b) Tangible Net Worth of not more than Four and One-Half to One (4.5:1.0). "Tangible Net Worth" means the book value of the Company's assets less liabilities (including as liabilities all reserves for contingencies and other potential liabilities), excluding from liabilities all unearned income and excluding from such assets all Intangibles. "Intangibles" means and includes general intangibles (as that term is defined in the Uniform Commercial Code; accounts receivable and advances due from officers, directors, member, owner, employees, stockholders and affiliates; leasehold improvements net of depreciation; licenses; good will; escrow deposits; covenants not to compete; the excess of cost over book value of acquired assets; franchise fees; organizational costs; finance reserves held for recourse obligations; capitalized research and development costs.
Maximum Debt to Tangible Net Worth. Laitram will maintain a ratio of debt to tangible net worth of not more than 1.60 to 1.00. For purposes of this section, "debt" shall mean all liabilities reflected on the balance sheet of Group and the Subsidiaries according to GAAP less any debt specifically subordinated to Lenders as evidenced by a properly executed agreement using Lenders' forms. "Tangible net worth" shall mean the sum of common stock, preferred stock, capital surplus, accumulated comprehensive income, and retained earnings less treasury stock and the sum of all intangible assets (including, without limitation, good will, franchises, licenses, patents, trademarks, trade names, copyrights, service marks and brand names) of Group and the Subsidiaries.
Maximum Debt to Tangible Net Worth. Debtor shall maintain a ratio ('Debt-to-Worth Ratio') of total consolidated liabilities (excluding the principal balance of any debt that is subordinated to the Indebtedness in a manner satisfactory to Agent) to consolidated Tangible Net Worth (as defined above) of no greater than the ratio set forth below for each fiscal month during the time periods set forth below: Time Period(s) Ratio
4. Item 30(e) of the Schedule to the Agreement is hereby deleted in its entirety and replaced with the following new text:
Maximum Debt to Tangible Net Worth. Maintain a maximum Debt to Tangible Net Worth of Borrower no greater than 3.5x defined as total liabilities minus subordinated debt divided by Tangible Net Worth plus subordinated debt. As used herein, the term “Tangible Net Worth” means the total net worth less (i) any and all loans, notes receivable, accounts receivable, intercompany receivables, and other indebtedness and amounts owing from affiliates, subsidiaries, employees, officers, stockholders, directors, or other related entities; and less (ii) any and all intangibles. This ratio will be evaluated on a quarterly basis.
Maximum Debt to Tangible Net Worth. On or before February 28, 2003, Borrower shall reach a positive Tangible Net Worth. Borrower shall maintain, at all times, a ratio of Total Liabilities to Tangible Net Worth of not more than 3.50:1.00, beginning May 31, 2003, and increasing to 5.00:1.00 beginning November 30, 2003 and thereafter.
Maximum Debt to Tangible Net Worth. Dealer covenants that the ratio of Debt to Tangible Net Worth shall at all times not be greater than five to one (5.0:1). For purposes of this calculation, Tangible Net Worth shall include Subordinated Debt and the Debt on Dealer’s 8-year senior notes.
Maximum Debt to Tangible Net Worth. Total Debt of the Borrower divided by ---------------------------------- Tangible Net Worth.
Maximum Debt to Tangible Net Worth. Borrower will maintain a ratio of ---------------------------------- Debt to Tangible Net Worth of no more than 1.
