Tangible Effective Net Worth

Tangible Effective Net Worth. As used in the Agreement means net worth as determined in accordance with GAAP consistently applied, increased by Subordinated Debt (if any) and decreased by the following: patents, licenses, goodwill, subscription lists, organization expenses, trade receivables converted to notes, other Intangibles, and money due from affiliates of Borrower (including officers, directors, shareholders, subsidiaries and commonly held or controlled companies).

Tangible Effective Net Worth. Means, as of any date of determination for Guarantor and its consolidated Subsidiaries in accordance with GAAP, the amount determined as (i) the net book value of all assets (other than Intangible Assets) after all appropriate deductions which are either required or reflected by Guarantor in its consolidated balance sheet (including, without limitation, reserves for doubtful receivables, returns, obsolescence, depreciation and amortization), MINUS (ii) Consolidated Total Debt, PLUS (iii)... Subordinated Debt. View More

Tangible Effective Net Worth. Shall mean, with respect to any Person and as of any applicable date of determination, Tangible Net Worth plus Subordinated Debt.