Common use of Land Owned Clause in Contracts

Land Owned. The Borrower will not at any time permit (a) the sum of (i) the book value of all raw land owned by the Borrower or any Guarantor for development or sale, plus (ii) the book value of all land under development owned by the Borrower or any Guarantor, plus (iii) the book value of all lots that have been Finished Lots for more than nine months, to exceed (b) the sum of (i) Consolidated Tangible Net Worth plus (ii) fifty percent (50%) of the outstanding principal amount of the Subordinated Indebtedness of the Borrower and the Guarantors (on a consolidated basis).

Land Owned. The Borrower will not at any time permit (a) the sum of (i) the book value of all raw land owned by the Borrower or any Guarantor for development or sale, plus (ii) the book value of all land under development owned by the Borrower or any Guarantor, plus (iii) the book value of all lots that have been Finished Lots for more than nine months, to exceed (b) the sum of (i) Consolidated Tangible Net Worth plus (ii) fifty forty percent (5040%) of the outstanding principal amount of the Convertible Subordinated Notes or Refinancing Indebtedness of the Borrower and the Guarantors (on a consolidated basis)with respect thereto.