Definition of Tangible Net Worth Clause Samples

The Definition of Tangible Net Worth clause establishes how a party's tangible net worth is calculated for the purposes of the agreement. Typically, it specifies that tangible net worth is determined by subtracting intangible assets, such as goodwill and intellectual property, and liabilities from total assets, focusing only on physical and financial assets. This clause ensures a clear, objective standard for measuring financial stability, which is often used to assess creditworthiness or compliance with financial covenants, thereby reducing ambiguity and potential disputes over financial metrics.
Definition of Tangible Net Worth. The definition of "Tangible Net Worth" set forth in Annex B attached to the Credit Agreement is hereby amended to read in its entirety as follows:
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Definition of Tangible Net Worth. Tangible Net Worth" is to be defined as total net worth less any intangible assets, loans to related parties, or loans due from officers. Deferred taxes will be included in the definition of Tangible Net Worth. Borrower's Tangible Net Worth will be tested annually at fiscal year end.
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Definition of Tangible Net Worth. The definition of "Tangible Net Worth" in Section 1.1 of the Loan Agreement is hereby amended in its entirety to read as follows:
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Definition of Tangible Net Worth. The definition of “Tangible Net Worth” set forth in Section 1.1lll. of the Loan Agreement is hereby deleted in its entirety.
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Definition of Tangible Net Worth. Section 1.01 of the Original A&R Credit Agreement is hereby amended by deleting the definition of “Tangible Net Worth” appearing therein and replacing it with the following definition:
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Related to Definition of Tangible Net Worth

  • Definition of Taxes For the purposes of this Agreement, "Tax" or "Taxes" refers to any and all federal, state, local and foreign taxes, assessments and other governmental charges, duties, impositions and liabilities relating to taxes, including taxes based upon or measured by gross receipts, income, profits, sales, use and occupation, and value added, ad valorem, transfer, franchise, withholding, payroll, recapture, employment, excise and property taxes, together with all interest, penalties and additions imposed with respect to such amounts and any obligations under any agreements or arrangements with any other person with respect to such amounts and including any liability for taxes of a predecessor entity.

  • Definition of “Knowledge For purposes of the Loan Documents, whenever a representation or warranty is made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of the Responsible Officers.

  • Definition of Company Solely for purposes of this Article 6, the term "Company" also shall include any existing or future subsidiaries of the Company that are operating during the time periods described herein and any other entities that directly or indirectly, through one or more intermediaries, control, are controlled by or are under common control with the Company during the periods described herein.

  • Definition of Overtime All time worked in excess of forty (40) hours during any one (1) week shall be considered overtime. All overtime must be properly authorized by the Employer.

  • Definition of Overpayments For purposes of this CIA, an “Overpayment” shall mean the amount of money Ensign Group has received in excess of the amount due and payable under any Federal health care program requirements.