Total Liabilities to Adjusted Tangible Net Worth Ratio. (A) Seller’s ratio of Total Liabilities to Adjusted Tangible Net Worth shall not exceed 10:1 and (B) PMIT’s and its Subsidiaries’ aggregate ratio of Total Liabilities to Adjusted Tangible Net Worth shall not exceed 3:1.
Total Liabilities to Adjusted Tangible Net Worth Ratio. HB Corp. shall not permit the ratio of: (x) the Total Liabilities of HB Corp. and its Subsidiaries, on a consolidated basis, less Qualified Subordinated Debt; to (y) the Adjusted Tangible Net Worth of HB Corp. and its Subsidiaries, on a consolidated basis, to exceed (A) 20.00:1.00 as of the end of any calendar month or any of HB Corp.’s fiscal quarters or fiscal years (other than during the Capital Raise Period) or (B) 25.00:1.00 as of the end of any calendar month or any of HB Corp.’s fiscal quarters or fiscal years during the Capital Raise Period.
Total Liabilities to Adjusted Tangible Net Worth Ratio. On and after December 31, 2012, Seller’s ratio of Total Liabilities to Adjusted Tangible Net Worth shall not exceed 10:1.
Total Liabilities to Adjusted Tangible Net Worth Ratio. The ratio of Total Liabilities to Adjusted Tangible Net Worth shall not be more than 3.0:1.0 at the end of each Fiscal Quarter (the “Total Liabilities to Adjusted Tangible Net Worth Ratio”).
Total Liabilities to Adjusted Tangible Net Worth Ratio. Borrower shall, at all times, on a consolidated basis, maintain a ratio of Adjusted Total Liabilities to Adjusted Tangible Net Worth of not more than 2.50 to 1.00.
Total Liabilities to Adjusted Tangible Net Worth Ratio. Borrower shall, at all times, maintain a ratio of Adjusted Total Liabilities to Adjusted Tangible Net Worth of not more than 2.00 to 1.00. For purposes of this computation, "Adjusted Total Liabilities" shall mean the sum of total liabilities, including capitalized leases and all reserves for deferred taxes and other deferred sums appearing on the liabilities side of the balance Sheets, in accordance with generally accepted accounting principles applied on a consistent basis, excluding debt subordinated to the Bank. Liquidity Requirement. Borrower shall, at all times, maintain unrestricted cash and unencumbered timeshare receivables of not less than $20,000,000.00. Deposit Relationship. Borrower shall maintain its primary depository account with Bank. Compliance Certificate. Borrower shall furnish Bank with a quarterly covenant compliance certificate demonstrating Borrower's compliance with the above Financial Covenants. Periodic Financial Statements. Borrower shall deliver to Bank unaudited management-prepared quarterly financial statements including, without limitation, a balance Sheets, profit and loss statement and statement of cash flows, with supporting schedules, as soon as available and in any event within 45 days after the close of each such period; all in reasonable detail and prepared in conformity with generally accepted accounting principles, applied on a basis consistent with that of the preceding year. Such statements shall be certified as to their correctness by a principal financial officer of Borrower and in each case, if audited statements are required, subject to audit and year-end adjustments. Attorneys' Fees. Borrower shall pay all of Bank's reasonable expenses incurred to enforce or collect any of the Advances, including, without limitation, reasonable arbitration, attorneys' and experts' fees and expenses, whether incurred without the commencement of a suit, in any trial, arbitration, or administrative proceeding, or in any appellate or bankruptcy proceeding.
Total Liabilities to Adjusted Tangible Net Worth Ratio. The ------------------------------------------------------ ratio of Borrower's Total Liabilities to Borrower's Adjusted Tangible Net Worth shall not at any time be more than 3.5 to 1.0.
Total Liabilities to Adjusted Tangible Net Worth Ratio. Borrower shall cause Guarantor to maintain, on a consolidated basis, at all times, a ratio of Adjusted Total Liabilities to Adjusted Tangible Net Worth of not more than 2.25 to 1.00. This covenant will be tested quarterly upon Bank’s receipt of the Quarterly Financial Statements required herein. “Adjusted Total Liabilities” shall mean the sum of all liabilities of Guarantor on a consolidated basis, excluding deferred income, any non-recourse obligations backed by vacation ownership receivables, cash and cash equivalents, and debt fully subordinated to Bank on terms and conditions acceptable to Bank in its sole discretion; and including capitalized leases and all reserves for deferred taxes and other deferred sums appearing on the liabilities side of a balance sheet, all in accordance with generally accepted accounting principles applied on a consistent basis. “Adjusted Tangible Net Worth” shall mean total assets minus Adjusted Total Liabilities. For purposes of this computation, the aggregate amount of any intangible assets of Guarantor including, without limitation, goodwill, franchises, licenses, patents, trademarks, trade names, copyrights, service marks, and brand names, shall be subtracted from total assets.
Total Liabilities to Adjusted Tangible Net Worth Ratio. Permit the ratio of: (x) the Total Liabilities of HomeBanc Corp. and its Subsidiaries, on a consolidated basis; to (y) the Adjusted Tangible Net Worth of HomeBanc Corp. and its Subsidiaries, on a consolidated basis, to exceed 20.00:1.00 as of the end of any calendar month or any of HomeBanc Corp.’s fiscal quarters or fiscal years.
Total Liabilities to Adjusted Tangible Net Worth Ratio. Borrower will ------------------------------------------------------ maintain, at all times during the term of the Loan, a positive ratio of Total Liabilities to Adjusted Tangible Net Worth of not more than two (2.0) to one (1.0). LOAN AGREEMENT - Page 26 --------------
