Effective Net Worth means total assets minus Total Liabilities. “Total Liabilities” shall mean all liabilities of Borrower excluding debt fully subordinated to Bank on terms and conditions 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 accounting 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 the sum of net worth, in accordance with GAAP, plus debt determined by Lender in its sole discretion to be subordinate to the Obligations.
Examples of Effective Net Worth in a sentence
On the Computation Date, Tangible Effective Net Worth, which is required to be not less than $ , was $ , as computed in the supporting documents attached hereto as Schedule 1.
Thereafter, to the extent that the Letter of Credit is extended, the Borrower shall maintain Effective Net Worth as required by the Bank.
Borrower shall maintain a ratio of Senior Debt divided by Effective Net Worth of not more than 2.00 to 1.00 at each fiscal year, tested annually.
Borrower shall not permit Tangible Effective Net Worth to be less than the sum of Two Million Nine Hundred Thousand and 00/100 Dollars ($2,900,000.00).
Borrower shall not permit the ratio of Debt to Tangible Effective Net Worth to be greater than 3.50:1.00.
More Definitions of Effective Net Worth
Effective Net Worth means at any date, as to the Company and ------------------- its Subsidiaries,
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 means, at any particular date with respect to any Person, the amount of excess of Consolidated Total Assets over Consolidated Total Liabilities, excluding subordinated debt, the subordination of which must be satisfactory to the Bank in its sole discretion, which would, in conformity with GAAP, be included under shareholders' equity on a balance sheet of such entity as at such date, excluding, however, from the determination of Consolidated Total Assets, without duplication (i) all intangible assets, including, without limitation, organizational expenses, patents, trademarks, copyrights, goodwill, covenants not to compete, research and developmental costs, training costs, and deferred charges, (ii) all amounts due at any time and from time to time from Affiliates, and (iii) all shareholder loans.
Effective Net Worth means the total of all assets appearing on a balance sheet prepared in accordance with generally accepted accounting principles for HGL and its Subsidiaries on a consolidated basis, after deducting therefrom (without duplication of deductions):
Effective Net Worth means, at any particular time, the aggregate of each of the following, all calculated in accordance with GAAP:
(i) Equity; and
(ii) loans by Shareholders (other than the Lender) and the long-term portion of loans by other Persons which loans have been postponed and subordinated to the indebtedness of the Borrower to the Senior Lender;
(iii) any indebtedness owed to the Borrower, on either a secured or unsecured basis, by Related Parties;
(iv) any amounts invested by the Borrower by way of equity, in Related Parties; and
(v) any Intangible Assets.
Effective Net Worth means, as of any date of determination, the SUM OF (a) the Stockholders' Equity of Borrower on that date, PLUS (b) the amount (not in excess of $7,000,000) of Pre-Opening Expenses expended by Borrower through that date PLUS (c) the outstanding principal amount of all outstanding Supplemental Loans on that date.