NET WORTH RATIO. Maintain a ratio of Total Liabilities to Tangible Net Worth of less than 2.50 to 1.00. WORKING CAPITAL. Maintain Working Capital in excess of $4,000,000.00.
NET WORTH RATIO. Not permit the ratio of (i) consolidated liabilities of the Borrower and its subsidiaries (defined in accordance with GAAP) plus consolidated liabilities in respect of outstanding letters of credit (which include Outstanding Letters of Credit) and Outstanding Acceptances to (ii) Tangible Net Worth to exceed 1.00 to 1.00 as of the Effective Date and the last day of each fiscal quarter thereafter.
NET WORTH RATIO. At all times, maintain a ratio of Debt to Tangible Net Worth of not greater than 1.00 to 1.00.
NET WORTH RATIO. The Guarantor agrees that, at all times during the period referred to in the first paragraph of Section 5.2 hereof, the ratio of (a) its tangible net worth (equal to shareholders' equity according to GAAP minus any write-up in the book value of assets resulting from the revaluation thereof subsequent to the date hereof minus treasury stock minus patents, copyrights, trademarks or goodwill and other like intangibles, excluding capitalized software not in excess of $4,000,000) to (b) total assets managed by the Guarantor (determined, with respect to the Receivables and other credit card receivables acquired by the Guarantor or any Affiliate of the Guarantor, based on the purchase price paid with respect to the Receivables pursuant to the Sale and Purchase Agreement with respect to the Receivables and any other similar purchase agreement with respect to any other credit card receivables) shall not be less than .08:1.
NET WORTH RATIO. Permit its Net Worth Ratio (after taking into --------------- account all Restricted Cash) to be greater than the ratio of 2.5:1.0 at all times or permit its net worth to be greater than the ratio of 2.25:1.0 after excluding the accrued liability, "Accrued Bonuses," from "outstanding Indebtedness," as defined in Section 6.01.
NET WORTH RATIO. Maintain a ratio of Total Liabilities to Tangible Net Worth of less than 1.50 TO 1.00. The financial covenants and ratios set forth in this paragraph shall be determined and calculated for all Borrowers on a consolidated basis and reference in this paragraph to "Borrower" shall mean all "Borrowers." 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.
NET WORTH RATIO. The Guarantor agrees that, at all times during the period referred to in the first paragraph of Section 5.2 hereof, the ratio of (a) its tangible net worth (equal to shareholders' equity according to GAAP minus any write-up in the book value of assets resulting from the revaluation thereof subsequent to the date hereof minus treasury stock minus patents, copyrights, trademarks or goodwill and other like intangibles, excluding capitalized software not in excess of $4,000,000) to (b) total assets managed by the Guarantor (determined, with respect to the Receivables, based on the purchase price paid with respect to the Receivables pursuant to the Sale and Purchase Agreement) shall not be less than .08:1.
NET WORTH RATIO. The Borrower shall not permit the ratio of its (i) Net Worth consolidated (without duplication) with the Net Worth of the other Loan Parties, to (ii) its Total Assets consolidated (without duplication) with the Total Assets of the other Loan Parties for each period set forth below, to be less than the ratio set forth below for the corresponding period set forth below. Compliance with this covenant shall be measured on a quarterly basis for a rolling twelve (12)
NET WORTH RATIO. Not permit the ratio of (i) consolidated liabilities of the Borrower and its subsidiaries (defined in accordance with GAAP) plus consolidated liabilities in respect of outstanding letters of credit (which include Outstanding Letters of Credit) to (ii) Tangible Net Worth to exceed 1.15 to 1.00 as of the Effective Date and the last day of each fiscal quarter occurring prior to January 31, 2000, or to exceed 1.25 to 1.00 as of January 31, 2000, or to exceed 1.20 to 1.00 as of April 30, 2000 and the last day of each fiscal quarter occurring prior to July 31, 2000, or to exceed 1.15 to 1.00 as of July 31, 2000.
NET WORTH RATIO. Borrower shall attain a ratio of Total Debt to Tangible Net Worth of less than 3.50 to 1.00, tested at the end of each fiscal year. "Total Debt" means all of Borrower's liabilities including Subordinated Debt. "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.
