Net Worth

Net Worth. Means, in connection with any liquidation or sale of assets by the Company, the consolidated net worth of the Common Stock of the Company and its Subsidiaries, determined in accordance with generally accepted accounting principles, taking into account (i) the total consideration received by the Company for such transaction, (ii) the transaction costs incurred in connection with such transaction and (iii) any liabilities of the Company and its Subsidiaries whether or not to be discharged in... connection with such transaction (including, without limitation, payment of the liquidation value and accrued dividends on any Preferred Stock of the Company). View More

Net Worth. Means the amount which would be included under stockholders' equity on a consolidated balance sheet of Guarantor and its Subsidiaries determined on a consolidated basis in accordance with GAAP.

Net Worth. Means the book value of the Acquired Assets minus the Assumed Liabilities, as calculated in accordance with GAAP consistently applied.

Net Worth. Means Borrower's and Corporate Guarantor's combined net worth calculated in accordance with GAAP.

Net Worth. Means the aggregate of capital and retained earnings of the Borrower and its Subsidiaries, as determined on a consolidated basis in accordance with GAAP, except for the purposes of this agreement the preferred stock of the Borrower shall be included in Net Worth.

Net Worth. Shall mean, at any particular time, all amounts, in conformity with GAAP, that would be included as stockholders' equity on a consolidated balance sheet of the Willis Companies, excluding gains or losses resulting from changes in the fair value of derivative instruments (within the meaning of Statement of Financial Accounting Standards No. 133), whether or not included in other comprehensive income or Net Income.

Net Worth. Shall mean, as to any Person at any time, in accordance with GAAP, the amount equal to the difference between: (i) the aggregate net book value of all assets of such Person, calculating the book value of inventory for this purpose on a first-in-first-out basis, after deducting from such book values all approximate reserves (including all reserves for doubtful... receivables, bad debts, obsolescence, depreciation and amortization), MINUS the amount of the aggregate net book value of all common and preferred stock of such Person issued for any consideration (including reduction of Indebtedness) other than cash and cash equivalents, and (ii) the aggregate Indebtedness of such Person (including tax and other proper accruals). View More

Net Worth. The Borrower will not permit its Net Worth at any time to be less than 60% of Net Worth as at March 31, 2001, excluding, without duplication, (i) the effect of any marked-to-market adjustments made under FASB 115 after such date and (ii) the effect of any write-downs of inventory in an aggregate cumulative amount during the term of this Agreement not to exceed $75,000,000.

Net Worth. Means the amount of assets shown on the Consolidated balance sheet of the Borrowers and their Subsidiaries (including any items which would be treated as intangibles under GAAP, including, but not limited to capitalized interest, debt discount and expense, goodwill, patents, trademarks, copyrights, licenses and franchises), less all liabilities of the Borrowers and their Subsidiaries, all computed in accordance with GAAP, applied on a ... consistent basis (such calculation shall exclude any adjustments resulting from a non-cash write-off of the Prepaid Pension Asset, up to an amount not to exceed $70,000,000, on an after-tax basis, at any time). View More

Net Worth. Means as of the last Business Day of each Calculation Period preceding any date of determination, the excess, if any, of (a) the aggregate Outstanding Balance of the Receivables at such time, over (b) the sum of (i) the aggregate Capital outstanding at such time, plus (ii) the aggregate outstanding principal balance of the Capital Note and the aggregate outstanding principal balance of the Intercompany Note (including any advance proposed to be made under the Intercompany Note on the date of... determination). View More