Total Liabilities to Tangible Net Worth Ratio. Maintain a ratio of total liabilities to Tangible Net Worth of less than .80 to 1.0 as of the end of each fiscal quarter.
Total Liabilities to Tangible Net Worth Ratio. To maintain a ratio of total liabilities to tangible net worth not exceeding 1.00:1.0.
Total Liabilities to Tangible Net Worth Ratio. A ratio of Borrower's total liabilities divided by Tangible Net Worth of not more than the following, 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 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. To maintain on a consolidated basis a ratio of total liabilities to tangible net worth not exceeding 0.60:1.0 for each quarterly accounting period. "Total liabilities" means the sum of current liabilities plus long term liabilities.
Total Liabilities to Tangible Net Worth Ratio. To maintain on a consolidated basis a ratio of Total Liabilities to Tangible Net Worth not exceeding 1.20:1.0, measured quarterly, beginning August 31,1996.
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 6.00:1.00. 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 addendum. All other terms and provisions of the Agreement, to the extent not inconsistent with the foregoing, are ratifies and remain unchanged and in full force and effect.
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. Borrower shall, at all times, maintain a ratio of Total Liabilities to Tangible Net Worth of not more than 1.00 to 1.00. This covenant shall be tested annually. “Total Liabilities” shall mean all liabilities of Borrower, including capitalized leases and all reserves for deferred taxes, debt fully subordinated to Bank on terms and conditions acceptable to Bank, and other deferred sums appearing on the liabilities side of a balance sheet and all obligations as lessee under off-balance sheet synthetic leases of Borrower, all in accordance with generally accepted accounting principles applied on a consistent basis. “Tangible Net Worth” shall mean Total Assets minus Total Liabilities. For purposes of this computation, the aggregate amount of any intangible assets of Borrower including, without limitation, goodwill, franchises, licenses, patents, trademarks, trade names, copyrights, service marks, and brand names, shall be subtracted from total assets. “Total Assets” shall mean all assets appearing on the Borrower’s balance sheet, less the aggregate amount of any intangible assets of Borrower including, without limitation, goodwill, franchises, licenses, patents, trademarks, trade names, copyrights, service marks, and brand names. Deposit Relationship. Borrower shall maintain its primary depository account and cash management account with Bank. UNUSED FEE. Commencing on April 15, 2008, and continuing on each July 15, October 15, and January 15 thereafter, Borrower shall pay to Bank a fee for each day the Loan is outstanding equal to the product of (i) the Unused Fee Determinant pursuant to the Funded Debt to EBITDA Ratio as set forth below, multiplied by (ii) the difference between (A) the amount available under the Note and (B) the aggregate amount of all Advances outstanding under the Note on such day, payable quarterly in arrears. Funded Debt/EBITDA Unused Fee Determinant (as of the end of the most recently completed fiscal quarter) greater than 2.25 to 1.00 27.5 basis points greater than 1.50 to 1.00 but less than or equal to 2.25 to 1.00 25 basis points greater than 0.75 to 1.00 but less than or equal to 1.50 to 1.00 20 basis points less than or equal to 0.75 to 1.00 17.5 basis points The Unused Fee for each quarter shall be calculated on a quarterly basis, at the time Bank receives the previous quarter’s financial statements from Borrower and shall be calculated, based on such quarterly financial statements, for the succeeding quarter.
Total Liabilities to Tangible Net Worth Ratio. The Borrower will not permit the ratio of Total Liabilities to Tangible Net Worth to exceed 1.00 to 1.00 at any time.
