Section 719 Tangible Net Worth

Section 719 Tangible Net Worth. Borrower will not at any time allow its "tangible net worth" (as defined below), to fall below $4,500,000. For purposes hereof, "tangible net worth" means assets (excluding "intangible assets" (as defined below)) less liabilities. For purposes hereof, "intangible assets" means all intangible assets (computed in accordance with GAAP) including, without limitation, goodwill, intellectual property, organizational costs and acquired technology.