Land Inventory. The Borrower shall not permit the ratio of (i) Adjusted Land Value to (ii) the sum of (a) Consolidated Tangible Net Worth plus (b) fifty percent (50%) of Consolidated Subordinated Debt to exceed 1.0 to 1.0.
Land Inventory. Permit the ratio, determined as at the end of any fiscal quarter, of (i) the sum of the number of Finished Lots and the reasonably estimated number of Finished Lots that will be developed on other Land, all determined as at the end of such fiscal quarter, to (ii) the number of Housing Unit Closings for the period of four (4) full fiscal quarters ending with such fiscal quarter, to exceed 2.5 to 1.0.
Land Inventory. Permit at any time Adjusted Land Value to exceed the sum of (a) Consolidated Tangible Net Worth plus (b) fifty percent (50%) of Subordinated Indebtedness.
Land Inventory. Section 6.29 of the Credit Agreement is hereby amended to delete the ratio “1.15 to 1.00” and to insert in lieu thereof the ratio “1.20 to 1.00.”
Land Inventory. Permit at any time Adjusted Land Value to exceed 110% of Consolidated Tangible Net Worth.
Land Inventory. Section 7.06 is hereby amended and restated in its entirety as follows:
Land Inventory. 69 8.34 Minimum Commercial Assets . . . . . . . . . . . . . . 69 8.35
Land Inventory. The Borrower shall not permit the book value of Land to exceed Consolidated Tangible Net Worth.
Land Inventory. Section 7.05 of the Credit Agreement is hereby amended to change “1.0 to 1.0” to “1.25 to 1.0.”
Land Inventory. Section 6.29 is hereby amended by deleting the reference “1.0 to 1.0” and replacing it with “1.15 to 1.0.”
