Tangible Fixed Assets definition

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Tangible Fixed Assets. “ means the equipment set forth on Schedule 1.2 hereto and other tangible fixed assets acquired with the proceeds of Indebtedness permitted pursuant to Section 8.2(e).

Tangible Fixed Assets means, in respect of an Accounting Period, the value (less depreciation computed in accordance with GAAP) on a consolidated basis of all the assets of the Group which would, in accordance with GAAP, be classified as tangible fixed assets, namely items held for ongoing use to the business of the Group including, without limitation, any land, plant, machinery and vessels as such value is stated in the then most recent Accounting Information Provided that, for the purposes of determining compliance with the covenants set forth in Clause 12.2.2, the value of such tangible fixed assets attributable to the Fleet Vessels shall be equal to the aggregate Fair Market Value of such Fleet Vessels rather than the value of such Fleet Vessels as stated in the then most recent Accounting Information.

Examples of Tangible Fixed Assets in a sentence

None of the Borrower or any of the Subsidiaries will directly or indirectly enter into any agreement or arrangement providing for the sale or transfer by it of any property (now owned or hereafter acquired) to a Person and the subsequent lease or rental of such property from such Person (other than Tangible Fixed Assets).
Buyer shall have the opportunity to review all materials and information used by the Seller in preparing the Seller Tangible Fixed Asset Schedule, and the Seller shall make available such personnel as are reasonably necessary to assist Buyer in its review of the Tangible Fixed Assets and the Seller Tangible Fixed Asset Schedule.
None of the Borrower or any of the Subsidiaries will directly or indirectly enter into any agreement or arrangement providing for the sale or transfer by it of any property (now owned or hereafter acquired) to a Person and the subsequent lease or rental of such property or other similar property from such Person (other than Tangible Fixed Assets).
Seller shall deliver to Buyer, simultaneously with delivery of the Fixed Assets Report, a certificate of Seller's chief financial officer that the valuation set forth on the Fixed Assets Report sets forth the book value of the Tangible Fixed Assets in accordance with this Agreement.
Upon the terms and subject to the conditions set forth in this Agreement, Alpharma shall pay to Southern Cross an Operating Assets Purchase Price equal to A$3,610,287, being the Operating Assets, represented by Tangible Fixed Assets of A$3,182,364 plus Net Working Capital of A$427,923, of Southern Cross as of 30 June, 1998, subject to adjustment as provided in clause 2.4 below.

More Definitions of Tangible Fixed Assets

Tangible Fixed Assets means the Facilities and Equipment.

Tangible Fixed Assets means, in respect of the relevant period, the aggregate of the Ship Values and the value on a consolidated basis of all other tangible fixed assets of the Danaos Group (less depreciation computed in accordance with the Applicable Accounting Principles).

Tangible Fixed Assets means, as at any time, with respect to the Borrower, on an unconsolidated basis, the net book value of the Borrower's tangible assets used in the production of income and not expected to be consumed or converted into cash any sooner than at least one year's time, including without limitation, equipment, office furniture, machinery, tools, rolling stock (including road vehicles) and immovable property;

Tangible Fixed Assets means, in respect of an Accounting Period, the value (less depreciation computed in accordance with GAAP) on a consolidated basis of all tangible fixed assets of the Group as stated in the then most recent Accounting Information; provided that, for the purposes of determining compliance with the covenants set forth in Clause 20 (Financial Covenants), the amount of Tangible Fixed Assets attributable to the Ships shall be equal to the aggregate market value of the Ships and the Newbuildings (as determined in accordance with Clause 21.3 (Valuation of Ships and Newbuildings) on the basis of the most recent valuations delivered pursuant to Clause 4.1 (Conditions Precedent to Effectiveness), Clause 4.2 (Conditions Precedent to Utilization) or Clause 21.6 (Provision of Valuations and Information), as the case may be, rather than the value of the Ships as stated in the then most recent Accounting Information.

Tangible Fixed Assets in Schedule 3 to the Danaos Guarantee shall be amended by deleting the word “Tangible” from the definition and deleting the word “tangible” before the words “fixed assets” and all references to “Tangible Fixed Assets” in Schedule 3 to the Danaos Guarantee will be construed to be references to “Fixed Assets”.

Tangible Fixed Assets means in respect of an Accounting Period, the value (less depreciation computed in accordance with GAAP) on a consolidated basis of all of the assets of the Group which would, in accordance with GAAP, be classified as tangible fixed assets, namely items held for ongoing use to the business of the Group including, without limitation, any land, plant and machinery, as such value is stated in the then most recent Accounting Information, provided that the value of such tangible fixed assets attributable to the Ships and other Group vessels shall be equal to the aggregate value of such Ships and other Group vessels, as determined by an independent sale and purchase ship broker in the manner provided for in Clause 24.3 (Valuation of Ships), rather than the value of such Ships and other Group vessels as stated in the then most recent Accounting Information.";

Tangible Fixed Assets means, on any Reporting Date, the sum of “Tangible fixed assets” for the Bruntwood Group as shown in the Consolidated Financial Statements for such Reporting Date.

Filter & Search

Related Definitions