Total Debt to Tangible Net Worth Ratio. The Borrowers shall, at all times, cause the Total Debt to Tangible Net Worth Ratio to be less than or equal to 1.00:1.
Total Debt to Tangible Net Worth Ratio. Borrower shall maintain a ratio of Total Debt to Tangible Net Worth Ratio of not more than 1.75:1.00, calculated at the end of each fiscal quarter through the fiscal quarter ending December 31, 2004. Commencing with the fiscal quarter ending March 31, 2005, said ratio shall step down to 1.50:1.00.
Total Debt to Tangible Net Worth Ratio. The ratio of the aggregate Total Debt of Borrowers to the aggregate Tangible Net Worth of Borrowers shall never exceed 12.0 to 1.0.
Total Debt to Tangible Net Worth Ratio. The ratio of the Total Debt of Preferred to the Tangible Net Worth of Preferred shall never be more than 10.0 to 1.0.
Total Debt to Tangible Net Worth Ratio. Maintain a Total Debt to Tangible Net Worth Ratio of 2.00 to 1.00 or less, as of December 31, 2003, and at the end of each fiscal quarter thereafter, to be tested on a rolling four quarters basis. “Total Debt” means all of Borrower’s liabilities including Subordinated Debt. “Subordinated Debt’ means indebtedness and other liabilities of Borrower which have been subordinated by written agreement to the Lender in form and substance acceptable to Lender. “Tangible Net Worth” means Borrower’s total assets excluding all intangible assets (i.e., goodwill, trademarks, patents, copyrights, organizational expenses, and similar intangible items, but including leaseholds and leasehold improvements), less Total Debt.
Total Debt to Tangible Net Worth Ratio. Section 9.2 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
Total Debt to Tangible Net Worth Ratio. Maintain Borrower’s Total Debt to Tangible Net Worth Ratio at not more than 2.0 to 1.0 at the end of each fiscal year, commencing December 31, 2017, measured for Borrower on a Consolidated basis. “Total Debt” means all of Borrower’s liabilities including Subordinated Debt. As used in this definition, “Subordinated Debt” means indebtedness and liabilities of Borrower, which have been subordinated by written agreement to indebtedness owed by Borrower to Lender, in form and substance acceptable to Lender. “Tangible Net Worth” means Borrower`s total assets excluding all intangible assets (i.e., goodwill, trademarks, patents, copyrights, organizational expenses, and similar intangible items, but including leaseholds and leasehold improvements) less Total Debt.
