Tangible Net Worth

Tangible Net Worth. Means the excess of the total of all assets of the Borrower and all consolidated subsidiaries and affiliates, of every kind and character, other than goodwill, corporate franchises and other intangibles, less the aggregate of all liabilities (excluding tax asset value) and reserves of every kind and character of the Borrower and all consolidated subsidiaries and affiliates, all determined in accordance with generally accepted principles of accounting.

Tangible Net Worth. Shall be calculated each Fiscal Quarter and shall mean, as of any applicable date of determination, Total Stockholders' Equity (but not including Minority Interest) as stated in the Consolidated Balance Sheet of Borrower in Borrower's SEC Form 10-Q or, as applicable, SEC Form 10-K (or other financial information that Bank may obtain regarding Borrower or that may be provided by Borrower to Bank in accordance with), less intangibles calculated in... accordance with GAAP. View More

Tangible Net Worth. Means, at any date: (a) the consolidated shareholder's equity of the Borrower and its Consolidated Restricted Subsidiaries (determined in accordance with GAAP) less (b) the accumulated other income balance associated with FASB Statement 133 calculations and less (c) the aggregate amount of treasury stock, goodwill, deferred development costs, franchises, licenses, patents, trademarks, trade names, copyrights, service marks and brand names and all other intangible assets of the Borrower and its... Consolidated Restricted Subsidiaries classified as such under GAAP. Tangible Net Worth shall exclude in aggregate following the Nuevo Conversion Date: (1) any extraordinary gains or losses during such period; (2) non-cash gains, losses or adjustments under FASB Statement 133 as a result of changes in the fair market value of derivatives; (3) any gains or losses attributable to writeups or writedowns of assets, including ceiling test writedowns and writedowns under FASB Statements Nos. 19, 121 and 142; and (4) any charges related to any premium or penalty paid, write off of deferred financing costs or other financial recapitalization charges in connection with redeeming or retiring any indebtedness prior to its stated maturity. View More

Tangible Net Worth. Means the aggregate assets of Borrower excluding all intangible assets, including, but not limited to, goodwill, licenses, trademarks, patents, copyrights, organization costs, appraisal surplus, officer, stockholder, related entity and employee advances or receivables, mineral rights and the like, less liabilities, plus Subordinated Debt, all determined in accordance with G.A.A.P. (except to the extent that under G.A.A.P. "tangible net worth" excludes leasehold improvements which are included... in "Tangible Net Worth" as defined herein). View More

Tangible Net Worth. Shall mean at any time the total of Tangible Assets minus all liabilities of Borrower that would be shown as such on a balance sheet of Borrower prepared in accordance with GAAP, plus Subordinated Debt.

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. View More

Tangible Net Worth. Means the gross book value of the Borrower's consolidated assets (excluding goodwill, patents trademarks trade names, organization expense, treasury stock, unamortized debt discount and expense, capitalized or deferred research and development costs, deferred marketing expenses, deferred receivables, and other like intangibles and monies due from affiliates, officers, directors, employees or shareholders of the Borrower and its subsidiaries) less total consolidated liabilities of the Borrower,... including but not limited to accrued and deferred income taxes, and any reserves against assets. View More

Tangible Net Worth. Shall mean, as of a particular date and calculated on a consolidated basis: (1) all amounts which would be included under capital (or any like caption) on a consolidated balance sheet of any Person(s) at such date, determined in accordance with GAAP, less (2) (i) amounts owing to such Person(s) from any Affiliates thereof, or from officers, employees, partners, members, directors, shareholders or other Persons similarly affiliated with such Person(s) or their respective Affiliates, (ii)... intangible assets (other than Interest Rate Protection Agreements specifically related to the Purchased Assets), (iii) prepaid taxes and/or expenses and (iv) the value of any Purchased Asset which, after its Closing Date, becomes an REO Property. View More

Tangible Net Worth. Of any Person means an amount equal to: (a) Net Worth of such Person; less (b) the sum of goodwill, patents, trademarks and other assets that would be classified as intangible assets in accordance with GAAP.

Tangible Net Worth. Shall mean, at any date of determination, the difference between: (a) the total assets appearing on Borrower's balance sheet at such date prepared in accordance with GAAP after deducting adequate reserves in each case where, in accordance with GAAP, a reserve is proper; and (b) the total liabilities appearing on such balance sheet (the "Total Liabilities"); excluding, however, from the determination of total assets: (i) goodwill, organizational expenses, research and development expenses,... trademarks, trade names, copyrights, patents, patent applications, licenses and rights in any thereof, covenants not to compete, training costs and other similar intangibles; (ii) all deferred charges or unamortized debt discount and expense other than deferred income taxes; (iii) securities which are not readily marketable; (iv) any write-up in the book value of any assets resulting from a re-evaluation thereof subsequent to the date of Borrower' s annual financial statement described in Paragraph 15(h); (v) amounts due from officers or Affiliates; and (vi) any asset acquired subsequent to the date of this Agreement which the Lender, in its reasonable business judgment, determines to be an intangible asset View More