Minimum Tangible Net Worth. Permit Consolidated Tangible Net Worth at any time to be less than the sum of # ​ 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 ​ (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 ​. “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. ​ shall maintain Tangible Net Worth of not less than ​. “Tangible Net Worth” means, at any particular time, all amounts which, in conformity with GAAP, would be properly included as owner’s equity on ​’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 ​.

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 ​.

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

Permit Book Net Worth to be less than 80% of Book Net Worth as of ​ as of the last day of any fiscal quarter (commencing with the fiscal quarter ending on or about ​); provided, however, # such amount shall be increased at the end of each fiscal quarter (commencing with the fiscal quarter ending ​) by an amount equal to 25% of the Borrower’s and its Subsidiaries’ net income for the fiscal quarter then ending (computed on a consolidated basis in accordance with GAAP and with no deduction for a net loss in any such fiscal quarter), such increases to be cumulative; and # such amount shall be decreased Dollar for Dollar by the aggregate cumulative amount of all payments made by the Borrower on and after the Closing Date for the redemption, retirement or other repurchase of any shares of the capital stock of the Borrower so long as the Borrower’s Debt Rating is BBB or higher by S&P or Baa2 or higher by Moody’s at the time of such payments. With respect to [clause (ii)] of the proviso in the immediately preceding sentence, if, as a result of the payments made by the Borrower for such redemption, retirement or other repurchase of any shares of the capital stock of the Borrower, the Debt Rating of the Borrower is lowered by either S&P or Moody’s below the applicable level set forth in the preceding sentence within forty-five (45) days of the last of such payments, then any reduction in the minimum Book Net Worth amount previously made pursuant to ​ in connection with such payments shall be reversed.

Minimum Consolidated Net Worth. The Company will not permit Consolidated Net Worth at any time to be less than ​.

SECTION # Minimum Consolidated Tangible Net Worth. The Consolidated Tangible Net Worth shall at no time be less than ​.

SECTION #Minimum Consolidated Tangible Net Worth.‌7785

“Consolidated Funded Debt to Consolidated Tangible Net Worth” means, with respect to ​, as of any day the ratio of its Funded Debt (excluding all obligations under capital leases) to its Consolidated Tangible Net Worth.