Tangible Equity. Borrowers must demonstrate to Bank’s satisfaction that, as of the Closing Date, they have at least 10% tangible balance sheet equity. Tangible balance sheet equity will be determined based upon Borrowers’ consolidated balance sheet prepared in accordance with Generally Accepted Accounting Principles (GAAP) and will not include subordinated debt, intangible assets, bargain purchase gains or appraisal surplus. Tangible balance sheet equity must be met in the form of either cash or tangible earning assets contributed to Borrowers’ business and reflected on Borrowers’ balance sheet.
Tangible Equity. MI will at all times have Tangible Adjusted Equity of at least $50,000,000.
Tangible Equity. Titan shall maintain at all times while any portion of the Loan is outstanding a minimum tangible equity position of at least $225,000.00, to be tested quarterly, commencing on the first full quarter following the completion of the Project, as determined by Lender.
Tangible Equity. Permit its Tangible Equity at any time to be less than (i) thirty-five percent (35%) of its total assets as set forth in its balance sheet on a consolidated basis (excluding non recourse loans and assets financed by non recourse loans), or (ii) $30,000,000; as such figures shall appear in the quarterly and annual financial reports of the Borrower on a consolidated and/or individual basis.
Tangible Equity. Borrower shall cause the Subsidiary Bank to maintain at all times from the Closing Date until this Agreement has been terminated and all Obligations have been paid in full, Tangible Equity of not less than $7,000,000.
