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This excerpt taken from the WEN 8-K filed Mar 12, 2009. Consolidated Net Tangible Assets” means, with respect to any Person, such Person’s net assets minus goodwill and other intangible assets, all as determined in accordance with GAAP on a Consolidated basis.
“Consolidated Rental Expense” means, with respect to any Person for any period, (a) all rental expense of such Person and its Subsidiaries (other than Unrestricted Subsidiaries) during such period (determined on a Consolidated basis in accordance with GAAP) incurred
under any rental agreements or leases of Real Property, including space leases and ground leases, other than obligations in respect of any Capital Leases and Synthetic Lease Obligations, minus (b) rental income received by such Person and its Subsidiaries (other than Unrestricted Subsidiaries) during such period (determined on a Consolidated basis in accordance with GAAP) from franchisees or third parties pursuant to (i) subleases to such franchisees or third parties and (ii) leases that have been assigned to such franchisees or third parties in which such Person or any of its Subsidiaries (other than Unrestricted Subsidiaries) remains liable for the payment of rent. “ |
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