100 STAT. 1894 45 USC 1303.
PUBLIC LAW 99-509—OCT. 21, 1986
SEC. 4004. DEFINITIONS.
For the purposes of this subtitle— (1) the term "capital expenditures" means amounts expended by the Corporation and its subsidiaries for replacement or rehabilitation of, or enhancements to, the railroad plant, property, trackage, and equipment of the Corporation and its subsidiaries, as determined in accordance with generally accepted accounting principles, and in interpreting generally accepted accounting principles, no amount spent on normal repair, maintenance, and upkeep of such railroad plant, prop, erty, trackage, and equipment in the ordinary course of busi,, ness shall constitute capital expenditures;
- ,.
(2) the term "Commission" means the Interstate Commerce Commission; f„ (3) the term "consolidated funded debt" means the aggregate, after eliminating intercompany items, of all funded debt of the Corporation and its consolidated subsidiaries, consolidated in accordance with generally accepted accounting principles; (4) the term "consolidated tangible net worth" means the market value of the common equity of the Corporation as of the sale date, plus or minus the change from the sale date to the F,. date of measurement in the excess, after making appropriate > deductions for any minority interest in the net worth of subsidiaries, of— (A) the assets of the Corporation and its subsidiaries (excluding intercompany items) which, in accordance with
- . generally accepted accounting principles, are tangible
assets, after deducting adequate reserves in each case where, in accordance with generally accepted accounting I principles, a reserve is proper, over (B) all liabilities of the Corporation and its subsidiaries (excluding intercompany items), taking into account inventory and securities on the basis of the cost or current market value, whichever is lower, and not taking into account patents, trademarks, trade names, copyrights, licenses, goodwill, treasury stock, or any write-up in the book value of any assets; (5) the term "Corporation" means the Consolidated Rail Corporation; ' (6) the term "cumulative net income" means, for any period, the net income of the Corporation and its consolidated subsidi; aries as determined in accordance with generally accepted accounting principles, before provision for expenses (net of income tax effect) related to— (A) amounts paid by the Corporation under section 4024(e), and comparable payments made to present and former employees of the Corporation not covered by such section; and (B) the aggregate value of any shares and cash distributed by the Corporation under section 4024(f); (7) the term "debt" means (A) indebtedness, whether or not ' represented by bonds, debentures, notes, or other securities, for the repayment of money borrowed, (B) deferred indebtedness for the payment of the purchase price of property or assets purchased, (C) guarantees, endorsements, assumptions, and other contingent obligations in respect of, or to purchase or to other-
�
