Tangible Net Worth. The Borrower and its Subsidiaries on a consolidated basis shall have, on the last day of each fiscal quarter, Tangible Net Worth greater than $55,000,000.

Maintenance of Adjusted Tangible Net Worth. The Financial Reporting Party has maintained an Adjusted Tangible Net Worth of not less than $275,000,000.

Minimum Tangible Net Worth. Permit Consolidated Tangible Net Worth at any time to be less than the sum of # $664,751,000 plus # an amount equal to 75% of the net proceeds received by the Borrower from issuances and sales of Equity Interests of the Borrower occurring after June 30, 2021 (other than proceeds received within ninety (90) days before or after the redemption, retirement or repurchase of Equity Interests in the Borrower up to the amount paid by the Borrower in connection with such redemption, retirement or repurchase, in each case where, for the avoidance of doubt, the net effect is that the Borrower shall not have increased its net worth as a result of any such proceeds).

Minimum Tangible Net Worth. Guarantor shall maintain Tangible Net Worth of not less than $60,000,000.00. “Tangible Net Worth” means, at any particular time, all amounts which, in conformity with GAAP (as defined in the Warehouse Agreement), would be properly included as owner’s equity on Guarantor’s balance sheet, but excluding # all assets which are properly classified as intangible assets, and # loans or advances to, or receivables from, any owner, officer or employee of Guarantor.

Minimum Tangible Net Worth. [[Organization B:Organization]] shall maintain Tangible Net Worth of not less than $4,000,000.00. “Tangible Net Worth” means, at any particular time, all amounts which, in conformity with GAAP, would be properly included as owner’s equity on [[Organization B:Organization]]’s balance sheet, but excluding # all assets which are properly classified as intangible assets, and # loans or advances to, or receivables from, any owner, officer or employee of [[Organization B:Organization]].

Borrower’s Tangible Net Worth as of the Date ​ greater than or equal to the greater of # $20,000,000, and # Item 4(a)(ix), as required to be in compliance with [Section 6.1(q)] of the Loan Agreement.

Maintenance of Ratio of Indebtedness to Adjusted Tangible Net Worth. The Financial Reporting Party shall maintain the ratio of Indebtedness minus Ginnie Mae Repurchase Liabilities plus Indebtedness Guaranteed by Financial Reporting Party to Adjusted Tangible Net Worth no greater than 15:1.

SECTION # Minimum Consolidated Tangible Net Worth. The Consolidated Tangible Net Worth shall at no time be less than $120,000,000.

“Debt to Tangible Net Worth” means, as of any day, the ratio of Funded Debt to Tangible Net Worth.

Adjusted Net Income. The term “Adjusted Net Income” means the Company’s actual net income prepared in accordance with GAAP and adjusted to exclude items recorded in the Company’s “Other Gains and Charges” caption on the consolidated statement of comprehensive income and any other items which are excluded from the Company’s net income to determine “Adjusted Net Income” as presented in the quarterly and annual earnings releases.