TANGIBLE NET definition

TANGIBLE NET. Worth shall mean the excess of Consolidated total assets over Consolidated total 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 the business of Borrower and its subsidiaries, and (d) any revaluation or other write-up in book value of assets subsequent to the fiscal year of Borrower 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 as used in this Agreement means, as of any applicable date of determination, the excess of:

Examples of TANGIBLE NET in a sentence

• Comply with the following covenants and ratios: TANGIBLE NET WORTH.

• There shall be no decrease in the amount of the acquired CONSOLIDATED TANGIBLE NET WORTH for any negative CONSOLIDATED NET INCOME of the BORROWERS.

• RULE 3-1-1 REASONABLE INQUIRY AND TANGIBLE NET BENEFIT Pursuant to and in compliance with Title 12, Article 61 and Title 24, Article 4, C.R.S. as amended, notice of proposed rulemaking is hereby given, including notice to the Attorney General of the State of Colorado, and to all persons who have requested to be advised of the intention of the Director of the Colorado Division of Real Estate to promulgate rules.

• The BORROWERS, on a consolidated basis, shall maintain TANGIBLE NET WORTH of the BORROWERS, plus the principal balance of all SUBORDINATED DEBT, in an amount greater than: (a) as of CLOSING and at all times through and including June 29, 2006, One Hundred Thousand Dollars ($100,000.00); and (b) as of June 30, 2006 and at all times thereafter, Four Hundred Thousand Dollars ($400,000.00), measured quarterly.

• The following table outlines the composition of the deferred income tax expense between income and mining tax: For the period endedMarch 31,2018 Deferred income tax expense Deferred mining tax expense 3,0813,238Total deferred income and mining tax expense6,319 Deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority and the Corporation has the legal right and intent to offset.

More Definitions of TANGIBLE NET

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)

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 total assets (valued at cost less normal depreciation), less (a) all intangibles and (b) all liabilities (excluding contingent and indirect liabilities), all determined in accordance with GAAP. The term "intangibles" shall include, without limitation, (1) deferred charges; (2) 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

TANGIBLE NET. Worth shall mean, at any time:

TANGIBLE NET. WORTH shall mean the excess of total assets over total 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 Borrower's (or Affiliate's, as the case may be) business, and (d) any revaluation or other write-up in book value of assets subsequent to the fiscal year of Borrower (or Affiliate, as the case may be) last ended at the date Tangible Net Worth is being measured.

TANGIBLE NET. WORTH shall mean, at any date of determination, an amount equal to (a) Total Assets minus (b) Total Liabilities, and shall be determined in accordance with GAAP, on a consistent basis with the latest audited financial statements of the Companies. TERM LOAN shall mean the term loan in the principal amounts of $10,000,000.00 made by the Agent on behalf of the Lenders pursuant to, and repayable in accordance with, the provisions of Section 4 of this Financing Agreement.

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.