Tangible Net Worth

Tangible Net Worth. Means total assets less the sum of Intangible Assets, receivables from stockholders and affiliates, and total liabilities.

Tangible Net Worth. Means the total of all assets properly appearing on the balance sheet of Borrower in accordance with generally accepted accounting principles, less the sum of the following: (a) the book amount of all such assets which would be treated as intangibles under generally accepted accounting principles, including, without limitation, all such items of goodwill, trademarks, trademark rights, trade names, trade name rights, brands, copyrights, ... patents, patent rights, licenses, deferred charges and unamortized debt discount and expenses; (b) any write-up in the book value of any such assets resulting from revaluation thereof subsequent to the date of this Agreement; (c) all reserves, including reserves for depreciation, obsolescence, depletion, insurance and inventory valuation, but excluding contingency reserves not allocated for any particular purpose and not deducted from assets; (d) the amount, if any, at which any shares of stock of the Borrower appear on the asset side of such balance sheet; (e) all liabilities of the Borrower shown on such balance sheet, except those liabilities described as "Shares Subject to Mandatory Redemption" in accordance with generally accepted accounting principles and, in particular, SFAS No. 150; (f) all investments in foreign Affiliates and nonconsolidated domestic Affiliates; and (g) all accounts or notes due to the Borrower from any shareholder, director, officer, employee or Affiliate of Borrower. View More

Tangible Net Worth. Means total assets less the sum of Intangible Assets and total liabilities; all as determined for the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP.

Tangible Net Worth. Shall mean, with respect to any Person and as of any applicable date of determination, the excess of: a. the net book value of all assets of such Person (excluding affiliate receivables, patents, patent rights, trademarks, trade names, franchises, copyrights, licenses, goodwill, and all other intangible assets of such Person) after all appropriate deductions in accordance with GAAP (including, without limitation, reserves for doubtful receivables, obsolescence,... depreciation and amortization), over b. all Debt of such Person at such time. Any and all terms used in the foregoing definitions and elsewhere in this Agreement shall be construed and defined in accordance with the meaning and definition of such terms under and pursuant to the California Uniform Commercial Code (hereinafter referred to as the "Uniform Commercial Code") as amended, revised or replaced from time to time. Notwithstanding the foregoing, the parties intend that the terms used herein which are defined in the Uniform Commercial Code have, at all times, the broadest and most inclusive meanings possible. Accordingly, if the Uniform Commercial Code shall in the future be amended or held by a court to define any term used herein more broadly or inclusively than the Uniform Commercial Code in effect on the date of this Agreement, then such term, as used herein, shall be given such broadened meaning. If the Uniform Commercial Code shall in the future be amended or held by a court to define any term used herein more narrowly, or less inclusively, than the Uniform Commercial Code in effect on the date of this Agreement, such amendment or holding shall be disregarded in defining terms used in this Agreement. View More

Tangible Net Worth. Shall mean: Total Net Worth minus; Amendment No. 4 05-10-2002 (a) goodwill, organizational expenses, pre-paid expenses, deferred charges, research and development expenses, software development costs, leasehold expenses, trademarks, trade names, copyrights, patents, patent applications,... privileges, franchises, licenses and rights in any thereof, and other similar intangibles (but not including contract rights) and other current and non-current intangible assets as identified in Customer's financial statements; (b) all accounts receivable from employees, officers, directors, stockholders and affiliates; and (c) all callable/redeemable preferred stock. View More

Tangible Net Worth. Shall mean, at any date as of which the amount thereof shall be determined, the total assets of Consignee minus W the sum of any amounts attributable to (a) goodwill, (b) intangible items such as unamortized debt discount and expense, patents, trade and service marks and names, customer lists, copyrights and research and development expenses except prepaid expenses, (c) all reserves not already deducted from assets, (d) the value of any minority interests in any subsidiaries and (e) amounts and... loans due from affiliates and/or officers of Consignee, and (ii) Total Liabilities. -4- View More

Tangible Net Worth. Shall mean the total shareholders' equity prior to any cumulative foreign currency translation adjustments minus intangible assets.

Tangible Net Worth. Shall mean at any time the total of Tangible Assets less Liabilities.

Tangible Net Worth. Shall mean, for any applicable Person(s) and as of any applicable time of determination thereof, the excess of (i) the net book value of the assets of such Person(s) at such time (excluding patents, patent rights, trademarks, trade names, franchises, copyrights, licenses, goodwill and all other intangible assets [except deferred tax assets] of such Person(s) at such time, amounts due to such Person(s) from employees and shareholders, and prepaid expenses), after all appropriate deductions in... accordance with GAAP (including, without limitation, reserves for doubtful receivables, obsolescence, depreciation and amortization), over (ii) the total Debt of such Person(s) at such time, all as determined in accordance with GAAP. View More

Tangible Net Worth. Tangible Net Worth means, with respect to any Person, the amount calculated in accordance with GAAP as: (i) the consolidated net worth of such Person and its consolidated subsidiaries, plus (ii) to the extent not otherwise included in such consolidated net worth, unsecured subordinated debt of such Person and its consolidated subsidiaries, the terms and conditions of which are reasonably satisfactory to Lender, minus (iii) the consolidated intangibles of such Person and its consolidated... subsidiaries, including, without limitation, goodwill, trademarks, tradenames, copyrights, patents, patent allocations, licenses and rights in any of the foregoing and other items treated as intangible in accordance with GAAP. Notwithstanding the foregoing, if subsequent to the Effective Date deferred sales are no longer considered an asset under GAAP, Lender agrees, at the request of Borrower, to determine, in its 14 reasonable discretion, whether deferred sales should continue to be considered an asset for purposes of determining Borrower's Tangible Net Worth. View More