Effective Net Worth means total assets minus Total Liabilities. "Total Liabilities" shall mean all liabilities of Guarantor excluding debt fully subordinated to Bank on terms and conditions acceptable to Bank, and including capitalized leases and all reserves for deferred taxes and other deferred sums appearing on the liabilities side of a balance sheet, in accordance with generally accepted account principles applied on a consistent basis.
Effective Net Worth means, as of the date of determination thereof, Total Assets, excluding all Intangible Assets and all loan receivables and other obligations payable to the Borrower less Total Liabilities excluding Subordinated Indebtedness, all calculated with respect to the Borrower.
Effective Net Worth means at any date, as to the Company and ------------------- its Subsidiaries, (a) Book Net Worth (including the value of excess servicing net of reserves), minus (b) the aggregate outstanding principal amount of all loans and advances outstanding to officers and employees of the Company and its Subsidiaries, plus (c) the aggregate outstanding principal amount of all Subordinated Debt, minus (d) the capitalized value of the Company's servicing portfolio, minus (e) fifteen percent (15%) of the aggregate unpaid principal balance of all Mortgage Loans held by the Company for long-term investment purposes, all determined on a consolidated basis in accordance with GAAP.
Examples of Effective Net Worth in a sentence
The total number of shares and the par value, if any, of each class of stock which the Surviving Corporation is authorized to issue shall be 200,000 shares of Common Stock, $.01 par value per share.
Thereafter, to the extent that the Letter of Credit is extended, the Borrower shall maintain Effective Net Worth as required by the Bank.
Maintain at all times a Consolidated Tangible Effective Net Worth of not less than Base Consolidated Tangible Effective Net Worth.
On the Computation Date, the Tangible Effective Net Worth, which is required to be not less than $ , was $ as computed in the supporting documents attached hereto as Schedule 1.
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.
More Definitions of Effective Net Worth
Effective Net Worth means the sum of net worth, in accordance with GAAP, plus debt determined by Lender in its sole discretion to be subordinate to the Obligations.
Effective Net Worth means, with respect to the Borrower, total assets minus total liabilities, in each case determined in accordance with GAAP on a consolidated basis.
Effective Net Worth means Tangible Net Worth.
Effective Net Worth. Consolidated Effective Net Worth in an amount equal to $22,474,000, which minimum amount shall increase on a cumulative basis on the last day of each fiscal quarter, beginning with the fiscal quarter ending September 30, 2001, by the sum of (i) 50% of cumulative net income (without any deduction for loss) for such fiscal quarter, and (ii) 80% of the net proceeds from any issuance of Capital Stock by the Borrower or any of its Subsidiaries during such fiscal quarter.
Effective Net Worth means the Tangible Net Worth of Borrower, plus the outstanding principal balance of the Subordinated Indebtedness, minus any increase or plus any non-cash decrease in the Tangible Net Worth of Borrower as a result of a conversion ("Conversion") under Section 9 of that certain Convertible Subordinated Note Agreement between Borrower and SunTrust Banks, Inc., dated October 18, 1996.
Effective Net Worth means the Tangible Net Worth of Borrower, plus the outstanding principal balance of the Subordinated Indebtedness, minus any increase or plus any non-cash decrease in the Tangible Net Worth of Borrower as a result of a conversion ("Conversion") under Section 9 of that certain Convertible Subordinated Note Agreement between Borrower and SunTrust Banks, Inc., dated October 18, 1996. Effective Net Worth shall not include any gains from sales of assets (other than sales of inventory in the ordinary course of Borrower's business), including gains, if any, realized by Borrower from the sale of the Components Division."
Effective Net Worth means the net worth of the Borrower determined in accordance with GAAP, plus the outstanding principal amount of the Subordinated Debt (as hereinafter defined). The term "Subordinated Debt" means Indebtedness for Borrowed Money, the payment of which is subordinated to the payment of the Obligations in form and substance satisfactory to the Bank. The term "Net Income" means the Borrower's net income determined in accordance with GAAP, and if such Net Income is zero or less, it shall be considered to be zero.