Leverage Covenants. The Company shall not permit, at any time, ------------------ the ratio of Home Building Debt to Consolidated Tangible Net Worth to exceed: (i) 2.0 to 1, if the Interest Coverage Ratio for the immediately preceding Measurement Period was at least 2.5 to 1; (ii) 1.75 to 1, if the Interest Coverage Ratio for the immediately preceding Measurement Period was at least 2.0 to 1 (but less than 2.5 to 1);
Appears in 2 contracts
Sources: Revolving Credit Agreement (Standard Pacific Corp /De/), Revolving Credit Agreement (Standard Pacific Corp /De/)
Leverage Covenants. (a) The Company shall not permit, at any time, ------------------ the ratio of Home Building Debt to Consolidated Tangible Net Worth to exceed:
(i) 2.0 to 1, if the Interest Coverage Ratio for the immediately preceding Measurement Period was at least 2.5 to 1;
(ii) 1.75 to 1, if the Interest Coverage Ratio for the immediately preceding Measurement Period was at least 2.0 to 1 (but less than 2.5 to 1);
Appears in 1 contract
Sources: Revolving Credit Agreement (Standard Pacific Corp /De/)