DOMESTIC ADJUSTED NET WORTH. Shall mean as to any Person, at any time, in accordance with GAAP (except as otherwise specifically set forth below), on a consolidated basis for such Person and its Subsidiaries (if any), the amount equal to: (a) the aggregate net book value of all assets (including all prepaid assets) of such Person and its Subsidiaries (excluding Foreign Subsidiaries), calculating the book value of inventory for this purpose on a basis consistent with the prior year, after
... deducting from such book values all appropriate reserves in accordance with GAAP (including all reserves for doubtful receivables, obsolescence, depreciation and amortization) minus (b) the sum of: (i) the amount equal to the aggregate amount of the Indebtedness and other liabilities of such Person and its Subsidiaries excluding its Foreign Subsidiaries (including tax and other proper accruals) plus (ii) any loss arising from the Val Verde Sale, minus (c) the dollar amount of the general ledger account for corporate overhead charged to Foreign Subsidiaries by Play By Play, PROVIDED, THAT, for the purposes of calculating the Domestic Adjusted Net Worth of Play By Play and it Subsidiaries, any income of any Foreign Subsidiary or any other Subsidiary which is not incorporated in any state of the United States of America or does not have is chief executive office in the United States of America shall not be included in the calculation.
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