Total Liabilities to Tangible Net Worth Ratio. Permit the ratio of Total Liabilities to Tangible Net Worth to exceed 0.50:1.00 as of the last day of any fiscal quarter.
Total Liabilities to Tangible Net Worth Ratio. To maintain a ratio of total liabilities to tangible net worth not exceeding 1.00:1.
Total Liabilities to Tangible Net Worth Ratio. A ratio of Borrower's total liabilities divided by Tangible Net Worth of not more than two and forty one hundreds to one (2.40:1.0), measured on a fiscal quarter-end basis;
Total Liabilities to Tangible Net Worth Ratio. Borrower shall maintain as of the last day of each month starting, a ratio of Total Liabilities to Tangible Net Worth not greater than 1.20 to 1:00.
11. Section 6.6 of the Agreement is amended in its entirety to read as follows:
Total Liabilities to Tangible Net Worth Ratio to maintain on a consolidated basis a ratio of total liabilities to tangible net worth not exceeding .75:1, on a quarterly basis. "Total liabilities" means the sum of current liabilities plus long term liabilities.
Total Liabilities to Tangible Net Worth Ratio. Reseller will at all times maintain on a consolidated basis a ratio of Total Liabilities (excluding liabilities subordinated to the Reseller’s obligations to CPC in a manner acceptable to CPC, using CPC’s standard form) to Tangible Net Worth not exceeding 8.50 to 1.00 through December 30, 2007 and not exceeding 6.00:1.00 thereafter. For purpose of this paragraph: (i) ‘Total Liabilities’ means the sum of current liabilities plus long term liabilities; and (ii) ‘Tangible Net Worth’ means as of any date the sum of Resellers’ (i) net worth as reflected on its last twelve-month consolidated fiscal financial statements, plus (ii) net earnings since the end of such fiscal year, both after provision for taxes and with Inventory determined on a first in, first out basis, plus (iii) Subordinated Debt, minus the sum of Reseller’s (A) intangible assets, including, without limitation, deposits, unamortized leasehold improvements, goodwill, deferred income taxes, franchises, licenses, patents, trade names, copyrights, service marks, brand names, covenants not to compete and any other asset which would be treated as an intangible under generally accepted accounting principles, plus (B) prepaid expenses (however such item shall not include prepaid inventory), plus (C) franchise fees, plus (D) notes, Accounts and other amounts owed to it by any Guarantor, affiliate or employee of any Reseller plus (E) losses since the end of such fiscal year, plus (F) interest in the cash surrender value of officer’s or shareholder’s life insurance policies. This ratio will be calculated at the end of each fiscal quarter, using fiscal year-to-date results on an annualized basis.” Reseller waives notice of CPC’s acceptance of this Financial Covenants Amendment. All other terms and provisions of the Agreement, to the extent not inconsistent with the foregoing, are ratified and remain unchanged and in full force and effect.
Total Liabilities to Tangible Net Worth Ratio. Borrower shall maintain as of the last day of each month starting with month ending May 31, 2009 and through month ending June 30, 2010, a ratio of Total Liabilities to Tangible Net Worth not greater than 1.20 to 1:00; and as of the last day of each month following June 30, 2010, a ratio of Total Liabilities to Tangible Net Worth not greater than 1.10 to 1.00.
Total Liabilities to Tangible Net Worth Ratio. Parent shall maintain a maximum ratio of Total Liabilities to Tangible Net Worth of not more than 1.5 to 1.00. For purposes hereof, “Total Liabilities” shall be defined as total liabilities, less subordinated debt; and “Tangible Net Worth” shall be defined as net worth, less dues from or loans to affiliated/related parties, less intangible assets, plus subordinated debt. This covenant shall be measured quarterly upon Lender’s receipt of the financial statements of Parent required herein.
Total Liabilities to Tangible Net Worth Ratio. The Borrower will not permit the ratio of Total Liabilities to Tangible Net Worth to exceed 0.90 to 1.00 at any time.
Total Liabilities to Tangible Net Worth Ratio. With respect to the Borrowers, to maintain on a consolidated basis a ratio of Total Liabilities to Tangible Net Worth not exceeding 1.00:1.0, to be measured quarterly.
