TANGIBLE NET. WORTH shall mean the excess of Affiliate's total consolidated assets over Affiliate's total consolidated liabilities, excluding, however, from the determination of total assets (a) all assets which should be classified as intangible assets (such as goodwill, patents, trademarks, copyrights, franchises, and deferred charges, including unamortized debt discount and research and development costs), (b) cash held in a sinking or other similar fund established for the purpose of redemption or other retirement of capital stock, (c) to the extent not already deducted from total assets, reserves for depreciation, depletion, obsolescence, or amortization of properties and other reserves or appropriations of retained earnings which have been or should be established in connection with Affiliate's business under GAAP, and (d) any revaluation or other write-up in book value of assets subsequent to the fiscal year of Affiliate last ended at the date Tangible Net Worth is being measured.
TANGIBLE NET worth" means net worth minus intangibles such as goodwill, patents or royalties.
TANGIBLE NET. WORTH shall mean, as of any date, (a) the total of all amounts which would, in accordance with GAAP, be included on a consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of such date as (i) the par or stated value of all outstanding Capital Stock of the Borrower, (ii) paid-in capital or capital surplus relating to such Capital Stock and (iii) any retained earnings or earned surplus, less (1) any accumulated deficit and (2) any amounts attributable to Disqualified Stock MINUS (b)
Examples of TANGIBLE NET in a sentence
Any amendment adopted by such Board or Committee shall be binding upon all persons with respect to each Participating Account and beneficiaries thereof.
UNRATED LARGEST (PROFITABLE) FINANCIAL INSTITUTIONS MAXIMUM FEE LEVEL 6 Fl. UNRATED BORROWERS / GUARANTORS other than Financial Institutions DEBT TO TANGIBLE NET WORTH <lX <2X <3X <4X <6X >6X FEE LEVEL >25%66 F2.
UNRATED LARGEST (PROFITABLE) FINANCIAL INSTITUTIONS MAXIMUM FEE LEVEL 6 Fl. UNRATED BORROWERS / GUARANTORS other than Financial Institutions DEBT TO TANGIBLE NET WORTH <lX <2X <3X <4X <6X >6X FEE LEVEL >25%55 F2.
UNRATED LARGEST (PROFITABLE) FINANCIAL INSTITUTIONS MAXIMUM FEE LEVEL 3 Fl. UNRATED BORROWERS / GUARANTORS OTHER THAN FINANCIAL INSTITUTIONS DEBT TO TANGIBLE NET WORTH <lX <2X <3X <4X <6X >6X F2.
Purchasers or assignees of this High-Cost Home Loan may be liable for all claims and defenses by the borrower with respect to the Home Loan." Creditor: Date: Creditor’s Authorized Representative Borrower(s): Date: Borrower(s): Date: THIS FORM MUST BE PROVIDED NO LATER THAN THREE (3) BUSINESS DAYS OF APPLICATIONFORM 3 HLPA RHODE ISLAND HOME LOAN PROTECTION ACT DISCLOSURE TANGIBLE NET BENEFIT This disclosure is being provided to you in order to afford you the protections intended by R.I. Gen.
More Definitions of TANGIBLE NET
TANGIBLE NET. WORTH as used in this Agreement means, as of any applicable date of determination, the excess of:
TANGIBLE NET worth shall mean joint venturers, equity in Borrower plus subordinated debt less the aggregate of any intangible assets and any obligations due from joint venturers, employees and/or affiliates.
TANGIBLE NET. WORTH shall mean, as of the date of determination, Landair Corporation's total consolidated net worth minus any goodwill or other intangibles as determined in accordance with generally accepted accounting principles. All undefined terms set forth herein shall have the meanings ascribed to them under GAAP.
TANGIBLE NET. WORTH shall mean, at any date of determination, an amount equal to (a) Total Assets minus (b) (i) Total Liabilities, and (ii) all goodwill, Patents, Trademarks, Copyrights, franchises, formulas, leasehold interests, leasehold improvements, non-compete agreements, engineering plans, deferred tax benefits, organization costs, prepaid items and any other assets of the Company that would be treated as intangible assets on the Company's balance sheet, and shall be determined in accordance with GAAP, on a consistent basis with the latest audited financial statements of the Company. TAXES shall mean all federal, state, municipal and other governmental taxes, levies, charges, claims and assessments which are or may be due by the Company with respect to its business, operations, Collateral or otherwise.
TANGIBLE NET. WORTH: Parent shall maintain a tangible net worth of not less than $18,000,000. DEBT TO TANGIBLE NET WORTH RATIO: Parent shall maintain a ratio of total liabilities to tangible net worth of not more than 1.00 to 1. PROFITABILITY Parent shall not incur a loss (after taxes) for the Parent's 1996 fiscal year in excess of $11,000,000. Thereafter, during the Parent's 1997 fiscal year, the quarterly losses (after taxes) that the Parent may incur shall not exceed $2,500,000, in the aggregate, in such fiscal year, and Parent shall not incur an annual loss (after taxes) for the 1997 fiscal year.
TANGIBLE NET. WORTH shall mean, the amount by which a) all assets of TAC and its subsidiaries that would, in accordance with GAAP, be classified as tangible assets, on a basis consistent with the latest annual audited statement of TAC, provided, however, that amounts due from affiliates shall not be considered a tangible asset, exceed b) Total Liabilities of TAC and its subsidiaries. TOTAL LIABILITIES shall mean at any date of determination, total liabilities of TAC and its subsidiaries as determined in accordance with GAAP, on a basis consistent with the latest audited statements of TAC. UCC shall mean the Uniform Commercial Code as in effect in the State of New York and as the same may be amended from time to time. WAREHOUSE LETTER shall mean a letter executed by a public warehouse in which Inventory (other than Inventory in such warehouses while such Inventory is clearing customs) of the Companies is stored, in the form attached hereto as Exhibit I containing provisions including, but not limited to (i) a confirmation of CITBC's lien on such Inventory and (ii) instructions to the warehouseman regarding release of the Inventory. WORKING CAPITAL shall mean an amount equal to Consolidated Current Assets minus Consolidated Current Liabilities.
TANGIBLE NET. Worth shall mean (x) Net Worth less (y) total amounts owed to Obligors from Subsidiaries and Affiliates that are not and do not become Obligors less (z) total "intangibles" of the Obligors. For purposes of this definition, "intangibles" shall be determined in accordance with GAAP.