Consolidated Tangible Net Worth

Consolidated Tangible Net Worth. As of any date of determination with respect to a Person, the excess of: (a) the tangible assets of such Person and such Person's Consolidated Subsidiaries calculated in accordance with GAAP plus the aggregate amount of Consolidated Funded Debt of the type specified in clause (3) of the definition of Consolidated Funded Debt, over (b) all Indebtedness of such Person and its Consolidated Subsidiaries; provided, however, that (i) in no event shall there be included in the above calculation any... intangible assets such as patents, trademarks, trade names, copyrights, licenses, goodwill, organizational costs, amounts relating to covenants not to compete, or any impact from applications of FASB 133, (ii) securities included as such intangible assets shall be taken into account at their current market price or cost, whichever is lower, and (iii) in no event shall there be included in the above calculation, as of any date of determination, any assets or obligation arising under any interest rate hedging or under any similar type of agreement to the extent of the amount due to or by such Person if such agreement were to be terminated on such date of determination. View More