Tangible Net Worth Ratio. At all times, the ratio of (i) the sum of GAAP Indebtedness and Contingent Indebtedness to (ii) the Seller’s Consolidated Tangible Net Worth shall not be more than 8.0 to 1.0.
Tangible Net Worth Ratio. At all times, the ratio of (i) Total Liabilities to (ii) Adjusted Tangible Net Worth shall not be more than 10.0 to 1.0.
Tangible Net Worth Ratio. Section 17.13 of the Repurchase Agreement is amended and restated in its entirety to read as follows:
Tangible Net Worth Ratio. The Company will not permit the ratio of Indebtedness to Tangible Net Worth to exceed 3.25 to 1.00 as of the last day of any fiscal quarter of the Company. For purposes of this Section 6.12, Indebtedness shall be determined with reference to the balance sheet included with the most recent financial statements delivered pursuant to Section 5.01(a) or (b), as applicable.
Tangible Net Worth Ratio. Section 6.6 of the Credit Agreement is deleted and is replaced by the following:
Tangible Net Worth Ratio. The ratio of (i) the sum of GAAP Indebtedness and Contingent Indebtedness to (ii) the Company's Consolidated Tangible Net Worth shall not be more than 12.0 to 1.0 as of the end of each calendar month.
Tangible Net Worth Ratio. Maintain a ratio (expressed as a decimal fraction) of
(i) consolidated total liabilities (including Guaranties but excluding the Transition Obligation) to
(ii) the sum of consolidated tangible net worth plus an amount (in no case greater than fifty-five million dollars ($55,000,000)) equal to the goodwill acquired by Borrower from Synthetic Products Company ("SYNPRO"), a Delaware corporation, as a part of Borrower's acquisition of all or substantially all of the assets of Synpro,
C. The Borrower hereby represents and warrants to each Bank and the Agent that no event, condition or other thing has occurred and is continuing, or will occur after giving effect to this Amendment, which constitutes, or which with the giving of notice or the lapse of any grace period or both would constitute, an Event of Default. The representation and warranty made pursuant to this paragraph C shall survive the execution and delivery of this Amendment.
D. The Borrower, the Banks and the Agent do hereby ratify and confirm all of the terms and conditions of the Existing Credit Agreement not specifically amended by this Amendment and all such terms and conditions remain in full force and effect.
E. This Amendment may be executed in one or more counterparts, each counterpart to be executed by the Borrower, by the Agent and by one or more or all of the Banks. Any party to the Existing Credit Agreement may deliver an executed signature page to this Amendment by telecopy to the Agent at the telecopier number set forth below the Agent's signature, and that party shall be deemed to have executed and delivered that signature page with the intent to be bound by this Amendment, PROVIDED, that each party to this Amendment shall, on the Agent's request, deliver to the Agent such number of counterparts bearing the original signature of that party as the Agent may request in order that each party may ultimately have a counterpart bearing the original signature of each party to this Amendment. Each party to this Amendment hereby assents to the foregoing procedure for executing and delivering this Amendment and agrees that all such counterparts taken together shall constitute but one agreement, which agreement constitutes the entire agreement between the parties to this Amendment in respect of its subject matter.
A. By: ____________________________ By: _______________________________
Tangible Net Worth Ratio. Maintain a ratio of Total Unsubordinated Liabilities/Tangible Net Worth not in excess of 3.000 to 1.000. Total Unsubordinated Liabilities/Tangible Net Worth means, on a consolidated basis with Its consolidated subsidiaries and/or affiliates, a ratio of Total Unsubordinated Liabilities divided by Tangible Net Worth. “Total Unsubordinated Liabilities” means total liabilities less any debt subordinated to Lender, and “Tangible Net Worth” means total assets less the sum of (1) total liabilities net of any debt subordinated to Lender, (2) net intangible assets, and (3) all amounts due from shareholders, officers, employees, and affiliates. This leverage ratio should be maintained at all times and may be evaluated at any time. Except as provided above, all computations made to determine compliance with the requirements contained in this paragraph shall be made in accordance with generally accepted accounting principles, applied on a consistent basis, and certified by Borrower as being true and correct.
Tangible Net Worth Ratio. Borrower on a consolidated basis shall maintain, as of the last day of each calendar quarter, a maximum ratio of Total Liabilities less Subordinated Debt to Tangible Net Worth plus Subordinated Debt, as follows: Measurement Date Maximum Debt/TNW ---------------- ---------------- September 30, 1996 2.5:1.0 December 31, 1996 2.5:1.0 March 31, 1997 2.0:1.0 June 30, 1997 2.0:1.0
Tangible Net Worth Ratio. As at any date of determination, the ratio of (a) Consolidated Total Liabilities outstanding on such date to (b) Consolidated Tangible Net Worth on such date.
