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.
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.
There shall be no decrease in the amount of the acquired CONSOLIDATED TANGIBLE NET WORTH for any negative CONSOLIDATED NET INCOME of the BORROWERS.
CALCULATION OF TANGIBLE NET EQUITY (TNE)Net Worth and TNE as reported by the Plan as of quarter ended December 31, 2018 $186,073,000Required TNE34,625,000TNE Excess per Examination$151,448,000 The Plan was in compliance with the TNE requirements of Rule 1300.76 as of December 31, 2018.
The Borrower covenants and agrees that from the date hereof until payment in full of all indebtedness and the performance of all obligations under the Loan Documents, the Borrower shall at all times maintain the following financial covenants and ratios all in accordance with GAAP unless otherwise specified: TANGIBLE NET WORTH.

More Definitions of TANGIBLE NET

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 date of determination, an amount equal to (a) the sum of (i) Total Assets excluding such other assets as are properly classified as intangible assets under GAAP plus (ii) the unamortized portion of the $4,000,000 supply premium paid to the Borrowing Agent by China Ting Group Holdings Limited pursuant to that Exclusive Supply Agreement dated July 24, 2009, as set forth on the balance sheet as current or long term deferred income, minus (b) Total Liabilities, and shall be determined in accordance with GAAP (other than with respect to clause (ii) hereof), on a consistent basis with the latest audited consolidated financial statements of Chaus and its Subsidiaries. Taxes shall mean all federal, state, municipal and other governmental taxes, levies, charges, claims and assessments which are or may be due by any Company with respect to its business, operations, Collateral or otherwise. Total Assets shall mean total assets determined in accordance with GAAP, on a basis consistent with the latest audited consolidated financial statements of any Company and its Subsidiaries. Total Liabilities shall mean total liabilities determined in accordance with GAAP, on a basis consistent with the latest audited consolidated financial statements of any Company and its Subsidiaries.

TANGIBLE NET. WORTH shall mean, at any date of determination, an amount equal to (a) Total Assets minus (b)

TANGIBLE NET. Worth shall mean, at any date, a sum equal to: (a) the net book value (after deducting related depreciation, obsolescence, amortization, valuation, and other proper reserves) at which the Adjusted Tangible Assets of the Companies and their Subsidiaries would be shown on a consolidated balance sheet at such date in accordance with GAAP, minus (b) the amount at which the liabilities of the Companies and their Subsidiaries (other than Capital Stock and surplus) would be shown on such consolidated balance sheet in accordance with GAAP, and including as liabilities all reserves for contingencies and other potential liabilities. For purposes of determining Tangible Net Worth, all contingent and unmatured reimbursement obligations of the Companies with respect to outstanding Letters of Credit and Letter of Credit Guaranties shall not be deemed to be contingent or potential liabilities and therefore not included in the determination of Tangible Net Worth pursuant to the foregoing clause (b). Taxes shall mean all federal, state, municipal and other governmental taxes, levies, charges, claims and assessments which are or may be owed or collected by the Companies with respect to their business, operations, Collateral or otherwise. Term Loan shall mean the term loan in the principal amount of $25.0 million made by the Lenders to the Companies on the Closing Date on the terms and conditions set forth in Section 4.2 of this Financing Agreement.

TANGIBLE NET. Worth shall mean total assets based on book value, and including the book value of equity investments in each Unconsolidated Affiliate multiplied by the Equity Percentage for that Unconsolidated Affiliate, less (1) all intangibles and (2) all liabilities (including