Effective Net Worth definition

Effective Net Worth means total assets minus Total Liabilities. "Total Liabilities" shall mean all liabilities of Borrower excluding debt fully subordinated to Bank on terms and conditions acceptable to Bank, and including capitalized leases and all reserves for deferred taxes and other deferred sums appearing on the liabilities side of a balance sheet, in accordance with generally accepted account principles applied on a consistent basis.

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Effective Net Worth means, as of the date of determination thereof, Total Assets, excluding all Intangible Assets and all loan receivables and other obligations payable to the Borrower less Total Liabilities excluding Subordinated Indebtedness, all calculated with respect to the Borrower.

Effective Net Worth means the sum of net worth, in accordance with GAAP, plus debt determined by Lender in its sole discretion to be subordinate to the Obligations.

Examples of Effective Net Worth in a sentence

The total number of shares and the par value, if any, of each class of stock which the Surviving Corporation is authorized to issue shall be 200,000 shares of Common Stock, $.01 par value per share.
Thereafter, to the extent that the Letter of Credit is extended, the Borrower shall maintain Effective Net Worth as required by the Bank.
Borrower shall, at fiscal year ending 6/30/99, maintain an Effective Net Worth of not less than four million dollars ($4,000,000.00), at fiscal year ending 6/30/00 maintain an Effective Net Worth of not less than five million seven hundred and fifty thousand dollars ($5,750,000.00), and at fiscal year ending 6/30/01 maintain an Effective Net Worth of not less than seven million, five hundred thousand dollars ($7,500,000.00), tested annually.
Maintain at all times a Consolidated Tangible Effective Net Worth of not less than Base Consolidated Tangible Effective Net Worth.
As used herein, "Effective Net Worth" means the sum of capital surplus, earned surplus, indebtedness subordinated to the Protected Indebtedness on terms satisfactory to the Secured Party and capital stock minus deferred charges, intangibles and treasury stock, all determined in accordance with generally accepted accounting principles.

Effective Net Worth means at any date, as to the Company and ------------------- its Subsidiaries,

Effective Net Worth means Tangible Net Worth plus the amount of outstanding Subordinated Indebtedness.

Effective Net Worth means, at a given lime, the total capital employed by the UK Group as disclosed by the consolidated annual financial statements of Vanguard Holdings for the financial year ending 31 December 2003, plus:

Effective Net Worth means, for any period, Tangible Net Worth plus any liability of Borrower and Other Borrower to any party, the payment of which liability is subordinated to the payment of the Obligations.

Effective Net Worth means book net worth as set forth in the financial statements of Borrowers, Guarantors and Subsidiaries on a consolidated basis. “Eligible Accounts” means: (a) The account is payable in U.S. Dollars; (b) The account debtor is a resident or entity organized under the laws of the U.S. or Canada, or maintains an office or branch located in the U.S. or Canada, or (if a non-U.S. resident) such account is covered by a letter of credit in favor of Borrowers issued or confirmed by a U.S. bank or by a U.S. office of a non U.S. bank, which bank maintains a rating satisfactory to Agent, and is duly authorized to issue or confirm such letter of credit; -5- (c) The account is not based on a “bill ▇▇▇ hold”transaction;

Effective Net Worth means, at any particular date, (i) the sum of capital surplus, earned surplus, capital stock and the principal amount of, and the accrued interest with respect to, any Subordinated Debt minus (ii) deferred charges, deferred tax assets, Affiliate Advances, treasury stock and intangibles (including, without limitation, organizational expenses, patents, trademarks, copyrights, goodwill, covenants not to compete, research and developmental costs and training costs), all determined in accordance with GAAP.