TANGIBLE NET definition
TANGIBLE NET. WORTH shall mean the excess of Affiliate's total consolidated assets over Affiliate's total consolidated liabilities, excluding, however, from the determination of total assets (a) all assets which should be classified as intangible assets (such as goodwill, patents, trademarks, copyrights, franchises, and deferred charges, including unamortized debt discount and research and development costs), (b) cash held in a sinking or other similar fund established for the purpose of redemption or other retirement of capital stock, (c) to the extent not already deducted from total assets, reserves for depreciation, depletion, obsolescence, or amortization of properties and other reserves or appropriations of retained earnings which have been or should be established in connection with Affiliate's business under GAAP, and (d) any revaluation or other write-up in book value of assets subsequent to the fiscal year of Affiliate last ended at the date Tangible Net Worth is being measured.
TANGIBLE NET worth" means net worth minus intangibles such as goodwill, patents or royalties.
TANGIBLE NET. WORTH shall mean, as of any date, (a) the total of all amounts which would, in accordance with GAAP, be included on a consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of such date as (i) the par or stated value of all outstanding Capital Stock of the Borrower, (ii) paid-in capital or capital surplus relating to such Capital Stock and (iii) any retained earnings or earned surplus, less (1) any accumulated deficit and (2) any amounts attributable to Disqualified Stock MINUS (b)
Examples of TANGIBLE NET in a sentence
Comply with the following covenants and ratios: TANGIBLE NET WORTH.
There shall be no decrease in the amount of the acquired CONSOLIDATED TANGIBLE NET WORTH for any negative CONSOLIDATED NET INCOME of the BORROWERS.
FINANCIAL COVENANTS 41 Section 7.1 MINIMUM TANGIBLE NET WORTH 41 Section 7.2 LOAN TO VALUE RATIO 41 ARTICLE 8.
MINIMUM CONSOLIDATED TANGIBLE NET WORTH........................................................59 9.12.
Use its commercially reasonable efforts to obtain and maintain such acknowledgments, consents, waivers and agreements (each a “Waiver”) from the owner, operator, lienholder, mortgagee, landlord or any Person in possession of tangible Collateral in excess of the Threshold Amount per location as Agent may require, all in form and substance reasonably satisfactory to Agent.
More Definitions of TANGIBLE NET
TANGIBLE NET. WORTH as used in this Agreement means, as of any applicable date of determination, the excess of:
TANGIBLE NET. Worth shall mean total assets (valued at lower of market value or cost less normal depreciation), less (a) all intangibles and (b) all liabilities (including contingent and indirect liabilities), all determined in accordance with GAAP. The term "intangibles" shall include, without limitation, (1) deferred charges, including without limitation, any deferred tax assets of Borrower;
TANGIBLE NET. WORTH shall mean, as of the date of determination, Landair Corporation's total consolidated net worth minus any goodwill or other intangibles as determined in accordance with generally accepted accounting principles.
TANGIBLE NET. WORTH shall mean as to Borrower total assets (valued at cost less normal depreciation), LESS (1) all intangibles and (2) all liabilities, all determined in accordance with GAAP. The term "intangibles" shall include (i) deferred charges, (ii) the amount of any write-up in the book value of any assets contained in any balance sheet resulting from revaluation thereof or any write-up in excess of the cost of such assets acquired (excluding marketable securities) and (iii) the aggregate of all amounts appearing on the assets side of any such balance sheet for franchises, licenses, permits, patents, patent applications, copyrights, trademarks, trade names, goodwill, experimental or organizational expenses and other like intangibles.
TANGIBLE NET. Worth shall mean, at any time:
TANGIBLE NET. Worth shall mean as of any date of determination total stockholders' equity less intangible assets of Borrower as of such date determined in accordance with GAAP.
TANGIBLE NET worth" of the Guarantor means, at any date, the excess of the consolidated total assets of Guarantor and its Subsidiaries at such date over the consolidated total liabilities of Guarantor and its Subsidiaries at such date, and less (without duplication of amounts) the sum at such date of : (i) all goodwill, organizational expenses, research and development expenses, trademarks, trade names, copyrights, patents, patent applications, licenses and rights in any thereof, and other similar intangibles, (ii) all reserves carried and not deducted from assets or included in consolidated total liabilities, (iii) securities which are not readily marketable, (iv) any subscriptions receivable and (v) any items not included in clauses (i) through (iii) above, which are treated as intangibles in conformity with GAAP, all of the foregoing as determined for any such date as of the end of the immediately preceding fiscal quarter in accordance with GAAP.