SECTION #Minimum Consolidated Tangible Net Worth.‌7785

Consolidated Funded Debt to Consolidated Tangible Net Worth Covenant. As of the last day of each calendar month, [[Borrower Agent:Organization]] shall not permit the ratio, for [[Borrower Agent:Organization]], of Consolidated Funded Debt to Consolidated Tangible Net Worth to exceed 5.0:1.0.

“(q) Minimum Tangible Net Worth. Maintain, as of the last day of any calendar month, Tangible Net Worth in an amount equal to the greater of # $20,000,000, and # the aggregate Advances made by the Lenders against Borrower’s two largest Eligible Portfolio Loans.”

“Tangible Net Worth” means the aggregate assets of [[Organization A:Organization]] excluding all intangible assets, including, but not limited to, goodwill, licenses, trademarks, patents, copyrights, organization costs, appraisal surplus, officer, stockholder, related entity and employee advances or receivables, mineral rights and the like, less liabilities, plus Subordinated Debt, all determined in accordance with G.A.A.P. (except to the extent that under G.A.A.P. “tangible net worth” excludes leasehold improvements which are included in “Tangible Net Worth” as defined herein).

Section # Tangible Net Worth. The Borrower will, at all times, maintain a Tangible Net Worth of not less than $40,000,000, with such minimum Tangible Net Worth # to increase as of the end of each fiscal year, commencing September 30, 2018, by an amount equal to thirty-three and four-tenths of one percent (33.4%) of Borrower’s positive net income for the fiscal year then ending, and # to decrease by an amount equal to the lesser of # aggregate dividends paid from time to time by the Borrower from and after the First Amendment Effective Date, and # $13,500,000. This covenant shall be tested quarterly. “Tangible

SECTION #Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth shall be calculated quarterly commencing on the Fiscal Quarter ending March 31, 2014 and at the end of each Fiscal Quarter thereafter, and shall not be less than the greater of # the aggregate amount of the Revolver Commitments or # $50,000,000.00.

“(a) Debt/Net Worth Ratio. Measured as of the end of each fiscal quarter, a ratio of Total Liabilities less Subordinated Debt to Tangible Net Worth of not more than 2.50 to 1.00.

“Tangible Net Worth” means total assets less the sum of Intangible Assets and Total Indebtedness.

Consolidated Tangible Net Worth. As of any date of determination, Total Asset Value less all Indebtedness.

“Consolidated Tangible Net Worth” means at any date the consolidated common shareholders’ equity of the Company and its Consolidated Subsidiaries less their consolidated Intangible Assets, all determined as of such date.