ERISA Net Worth definition

ERISA Net Worth means (a) as to any Subsidiary of the Guarantor, the excess of the net book value of such Subsidiary’s assets (other than patents, treasury stock, goodwill and similar intangibles but including unamortized mortgage and lease costs) over all of its liabilities (other than liabilities to any other Company), such excess being determined in accordance with GAAP applied on a basis consistent with the Guarantor’s present accounting procedures, and (b) as to the Guarantor, the excess of the net book value (after deducting all applicable reserves and deducting any value attributable to the re-appraisal or write-up of any asset) of the Guarantor’s assets (other than patents, good will, treasury stock and similar intangibles but including unamortized mortgage and lease costs) over all of its liabilities as determined on an accrued and consolidated and consolidating basis and in accordance with GAAP not inconsistent with the Guarantor’s present accounting principles consistently applied.
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Examples of ERISA Net Worth in a sentence

  • As used in this Section 9.6, “material” means the measure of a matter of significance which shall be determined as being an amount equal to five percent (5%) of each Company’s ERISA Net Worth.

  • As used in this Section 9.6, “material” means the measure of a matter of significance which shall be determined as being an amount equal to five percent (5%) of the applicable Company’s ERISA Net Worth.

  • As used in this Section 9.6, "material" means the measure of a matter of significance which shall be determined as being an amount equal to five per cent (5%) of each Company's ERISA Net Worth.

  • As used in this Section 9.6, "material" means the measure of a matter of significance which shall be determined as being an amount equal to five percent (5%) of each Company's ERISA Net Worth.