Combined Tangible Net Worth definition

Combined Tangible Net Worth means (i) total combined shareholders' equity of Xxxx and its Affiliates, determined in accordance with generally accepted accounting principles consistently applied, as such combination is effected in accordance with generally accepted accounting principles consistently applied, less (ii) the aggregate net amount of the following items to the extent, if any, that they were included in consolidated assets or deducted from consolidated liabilities in computing shareholders' equity:

Combined Tangible Net Worth means, as of a given date, (a) the stockholders’ equity of the Combined Group, plus (b) accumulated depreciation and amortization, minus (c) the following (to the extent reflected in determining stockholders’ equity of the Combined Group): (i) the amount of any write-up in the book value of any assets contained in any balance sheet resulting from revaluation thereof or any write-up in excess of the cost of such assets acquired, and (ii) all amounts appearing on the assets side of any such balance sheet for assets which would be classified as intangible assets under GAAP, all determined on a Combined basis.

Combined Tangible Net Worth means, as of any date of determination, --------------------------- (a) the total net assets of the Company and the Semiconductor Operations Subsidiaries on a combined basis, as shown in the Semiconductor Operations Supplemental Schedules minus (b) the net book value of all assets of the Company ----- and the Semiconductor Operations Subsidiaries on a combined basis as shown in the Semiconductor Operations Supplemental Schedules which would be treated as intangibles under GAAP, including (without duplication or limitation) intangible deferred charges, franchise rights, non-compete agreements, capitalized research and development costs, capitalized costs associated with software development expenses, goodwill, patents, patent applications, trademarks, trade names, copyrights and licenses.

Examples of Combined Tangible Net Worth in a sentence

• The Company shall at all times maintain a Combined Tangible Net Worth of (i) not less than $31,051,000, plus 50% of the Company's Aggregate Combined Net Income at the end of each fiscal year subsequent to the fiscal year ending December 31, 1991 and (ii) not less than 25% of Combined Long Term Indebtedness but in no event less than $31,051,000.

• Combined Tangible Net Worth at any time to be less than (i) $750,000,000 plus (ii) 85% of the Net Proceeds of all Equity Issuances effected by the Borrower or any Subsidiary after December 31, 2004 (other than (A) Equity Issuances to the Borrower or any Subsidiary and (B) any increase in Combined Tangible Net Worth to the extent attributable to employee stock option exercises and employee compensation in an aggregate amount not to exceed $5,000,000).

• Neither the Company nor any of its Subsidiaries or Affiliates shall incur additional Indebtedness if, at the time such Indebtedness is incurred and after giving effect thereto and to any concurrent reduction of Indebtedness, Combined Indebtedness would exceed 400% of Combined Tangible Net Worth.

• The Company shall not permit the ratio of (x) its Combined Total Liabilities to (y) its Combined Tangible Net Worth to be greater than 1.75 to 1.0 at any time.

• In addition, the Company shall deliver within 90 days after the end of each of the first three fiscal quarters of each Fiscal Year combining statements for any such reporting period during which the Company's investment in any Subsidiary or Affiliate shall account for 15% or more of Combined Tangible Net Worth or 15% or more of combined sales and revenues, such combining statements to be unaudited and certified by the Chief Financial Officer.

More Definitions of Combined Tangible Net Worth

Combined Tangible Net Worth means, at any time, the aggregate of the amounts paid up or credited as paid up on the issued ordinary share capital of the Company and Flexsys America L.P. and Flexsys Rubber Chemicals Limited and the aggregate amount of the reserves of the Group, including:

Combined Tangible Net Worth means, with respect to the Borrowers, --------------------------- H.O.T. Kidz and each of their Subsidiaries, the excess of (i) the aggregate net book value of the assets (other than patents, patent rights, trademarks, trade name, franchises, copyrights, licenses, permits, goodwill and other intangible assets classified as such in accordance with GAAP) of the Borrowers, H.O.T. Kidz and each of their Subsidiaries after all appropriate adjustments in accordance with GAAP applied on a consistent basis (including, without limitation, reserves for doubtful receivables, obsolescence, depreciation and amortization and excluding the amount of any write-up or revaluation of any asset) over (ii) the Combined Total Unsubordinated Liabilities of the Borrowers, H.O.T. Kidz and each of their Subsidiaries, in each case computed and combined in accordance with GAAP applied on a consistent basis.

Combined Tangible Net Worth in Section 1.01 of the Financing Agreement is amended in its entirety to read as follows:

Combined Tangible Net Worth in Section 10.1 of the Credit Agreement is hereby amended and restated to read as follows:

Combined Tangible Net Worth means the Combined net worth of Borrowers (after eliminating all intercompany accounts and all effects of the Executive Option Noncash Expense), (i) less all combined Intangible Assets of Borrowers, and (ii) plus, for the period from October 29, 1997 through and including December 30, 1997, the outstanding principal amount of the subordinated notes payable to the Payees as referred to at subpart (b) of Article II of Schedule A attached hereto. Net worth and Intangible Assets shall be determined in accordance with generally accepted accounting principles applied on a consistent basis provided, however, that Combined Tangible Net Worth shall include no appraisal surplus of any type or description.

Combined Tangible Net Worth means, as of any date of determination, for the Borrowers and their Subsidiaries on a combined basis, Shareholders' Equity of the Borrowers and their Subsidiaries on that date minus the Intangible Assets of the Borrowers and their Subsidiaries on that date.

Combined Tangible Net Worth means, as of any applicable date of determination, the excess of (a) the net book value of all assets of Borrower and MLP on a combined basis (other than patents, patent rights, trademarks, trade names, franchises, copyrights, licenses, goodwill, and similar intangible assets) after all appropriate deductions in accordance with GAAP (including, without limitation, reserves for doubtful receivables, obsolescence, depreciation and amortization), over (b) all Debt of Borrower and MLP on a combined basis.