Common use of Liabilities to Tangible Net Worth Clause in Contracts

Liabilities to Tangible Net Worth. Borrower and Sun Dental Holdings, LLC will maintain a combined ratio of total liabilities to tangible net worth of 3:00 to 1.00 or less. For purposes of this subsection, “total liabilities” shall mean all liabilities of Borrower and Sun Dental Holdings, LLC, less any subordinated debt due to members; and “tangible net worth” shall mean the sum of the net worth of Borrower and Sun Dental Holdings, LLC, less any intangible assets, including, without limitation, good will, patents, trademarks, trade names, copyrights, franchises, licenses, service marks and brand names, plus any subordinated debt due to members. Calculation date for covenants and ratios. The effective date for determining compliance with the foregoing financial covenants and ratios shall be as of the end of each fiscal period Borrower and Sun Dental Holdings, LLC, are obligated to provide ▇▇▇▇▇▇▇ with financial statements.