Adjusted Tangible Net Worth

Adjusted Tangible Net Worth. For any Person, Net Worth minus (a) restricted cash (other than any portion of restricted cash that has a corresponding offsetting current liability); (b) 25% of investment securities that are rated below BBB by S&P or the equivalent thereof (other than ownership interests in any Affiliate) and (c) all intangible assets, including goodwill, patents, tradenames, trademarks, copyrights, franchises, any organizational expenses, deferred taxes and expenses, prepaid expenses, prepaid assets,... receivables from shareholders, Affiliates or employees, mortgage servicing rights, mortgage servicing advances and any other asset as shown as an intangible asset on the balance sheet of such Person on a consolidated basis as determined at a particular date in accordance with GAAP (other than any portion of such assets that has a corresponding offsetting current liability). View More

Adjusted Tangible Net Worth. Shall mean, as to any Person, at any time, in accordance with GAAP, on a consolidated basis for such Person and its Subsidiaries, the amount equal to the difference between: (i) the aggregate net book value of all assets of such Person and its Subsidiaries (excluding the book value of good will, non-competition agreements, patents, tidemarks, copyrights, ... licenses and other intangible assets), calculating the book value of inventory for this purpose on a first-in-first-out basis, after deducting from such book values all 2 appropriate reserves in accordance with GAAP (including all reserves for doubtful receivables, obsolescence, depreciation and amortization) and (ii) the aggregate amount of the Indebtedness and other liabilities of such Person and its Subsidiaries (including tax and other proper accruals). View More

Adjusted Tangible Net Worth. Shall mean as to any Person, at any time, in accordance with GAAP (except as otherwise specifically set forth below), on a consolidated basis for such Person and its Subsidiaries (if any), the amount equal to the difference between: (a) the aggregate net book value of all assets of such Person and its Subsidiaries (excluding the value of patents, trademarks, tradenames, copyrights, licenses, goodwill, leasehold improvements, prepaid assets, Net Income... resulting from income or gain derived from the conversion of Indebtedness to equity or forgiveness of Indebtedness, deferred taxes, other intangible assets and other "current assets" and other "non-current assets", as such terms are defined in the most recent audited year-end financial statements of Borrower delivered to Lender, and including, to the extent not included as an other "current asset" or an other "non-current asset", any insurance receivables for asbestos related liabilities), calculating the book value of Inventory for this purpose on a last-in-first-out basis, after deducting from such book values all appropriate reserves in accordance with GAAP (including all reserves for doubtful receivables, obsolescence, depreciation and amortization) and (b) the aggregate amount of the Indebtedness and other liabilities of such Person and its Subsidiaries (including tax and other proper accruals). View More

Adjusted Tangible Net Worth. Means, for any Person, Net Worth of such Person plus Subordinated Debt, minus all intangible assets, including capitalized servicing rights, goodwill, patents, tradenames, trademarks, copyrights, franchises, any organizational expenses, deferred expenses, prepaid expenses, prepaid assets, receivables from shareholders, Affiliates or employees, and any other asset as shown as an intangible asset on the balance sheet of such Person on a consolidated basis as determined at a particular date in... accordance with GAAP. View More

Adjusted Tangible Net Worth. Means, as of any date of determination, Tangible Net Worth minus (a) the aggregate amount of the Borrower's Receivables included in its Tangible Net Worth that are 180 days or more delinquent on a contractual aging basis, and (b) minus the amount by which the then-Minimum Allowance for Loan Losses exceeds the Borrower's allowance for loan losses, unearned discounts and dealer reserves or plus the amount by which the Borrower's allowance for loan... losses, unearned discounts and dealer reserves exceeds the Minimum Allowance for Loan Losses as reported on the most recent financial statements provided to WFFPC pursuant to Section 6.2 of this Agreement. View More

Adjusted Tangible Net Worth. Shall mean for the Sellers, the amount that would, in conformity with GAAP, equal the stockholder's equity included on the balance sheet of the Sellers and their Subsidiaries, plus any preferred stock not already included in the calculation of stockholder's equity, plus any Indebtedness of the Sellers and their Subsidiaries that is fully subordinated to any obligations arising under this Repurchase Agreement, provided that such indebtedness is subordinated until after the maturity of any... Transaction under the Repurchase Agreement, plus other comprehensive loss arising from the FASB 133, minus any intangibles or goodwill (as defined under GAAP), minus any advances between the Sellers and their Affiliates (other than consolidated subsidiaries or between FIC and FMC), minus any loans or advances to officers or directors of the Sellers (as reported under GAAP), minus other comprehensive income arising from FASB 133; provided, however, that the non-cash effect (gain or loss) of any mark-to-market adjustments impacting stockholder's equity for fluctuation of the value of financial instruments as mandated under FASB 133 shall be excluded from the calculation of Adjusted Tangible Net Worth. View More

Adjusted Tangible Net Worth. Adjusted Tangible Net Worth shall, at all times, exceed the greater of (i) $275,000,000 (two hundred and seventy-five million dollars) and (ii) the dollar amount set forth in the most restrictive covenant measuring Adjusted Tangible Net Worth contained in any agreement between Seller and any purchaser or lender to whom Seller sells mortgage loans or obtains financing pursuant to a mortgage loan repurchase, warehouse lending or similar facility.

Adjusted Tangible Net Worth. Means, on any day: A. for HC: (a) the excess of the total assets over Total Liabilities of HC on that day — including assets and liabilities of its wholly-owned subsidiaries — each being determined in accordance with GAAP consistent with the accounting 2 principles applied in the preparation of the Financial Statements referred to in Section 9.4; less (b) the value, if any, in excess of Five Million Dollars ($5,000,000) included in the Financial Statements referred to in... Section 9.4 for capitalized mortgage loan servicing rights; less (c) aggregate investments in nonconsolidated Subsidiaries and Affiliates included in the Financial Statements referred to in Section 9.4, other than any common equity interests issued by HMB Capital Trust I and held by HC; less (d) net total advances to nonconsolidated Subsidiaries and Affiliates outstanding; less (e) goodwill and all other assets not supported by or representative of a tangible asset, which intangible assets would be deemed by HUD to be unacceptable for the purpose of calculating adjusted net worth in accordance with HUD requirements in effect as of such day; less (f) all accumulated other comprehensive income; plus (g) the amount of (negative) accumulated other comprehensive income that exceeds (negative) Ten Million Dollars ($10,000,000); and plus (h) Qualified Subordinated Debt; and B. for HMC: (i) the excess of HMC's total assets over Total Liabilities on that day — including assets and liabilities of its wholly-owned subsidiaries — each being determined in accordance with GAAP consistent with the accounting principles applied in the preparation of the Financial Statements referred to in Section 9.4; less (ii) the value included in the Financial Statements referred to in Section 9.4 for capitalized mortgage loan servicing rights; less (iii) aggregate investments in nonconsolidated Subsidiaries and Affiliates included in the Financial Statements referred to in Section 9.4; less (iv) net total advances to nonconsolidated Subsidiaries and Affiliates outstanding; less (v) goodwill and all other assets not supported by or representative of a tangible asset, which intangible assets would be deemed by 3 HUD to be unacceptable for the purpose of calculating adjusted net worth in accordance with HUD requirements in effect as of such day; less (vi) all accumulated other comprehensive income; plus (vii) a value for the capitalized mortgage loan servicing rights excluded in clause (ii) above that is an amount equal to the lesser of (i) sixty-seven and one-half percent (67.5%) of the value of such capitalized mortgage loan servicing rights as determined by the most recent appraisal thereof approved by the Agent and (ii) one percent (1%) of the unpaid principal balance of the portfolio of Serviced Loans in respect of such capitalized mortgage loan servicing rights; and plus (viii) the amount of (negative) accumulated other comprehensive income that exceeds (negative) Five Million Dollars ($5,000,000). View More

Adjusted Tangible Net Worth. Means, at any date, (a) the book value (after deducting related depreciation, obsolescence, amortization, valuation, and other proper reserves as determined in accordance with the accounting standards which is generally accepted as fair and appropriate one in Japan) at which the Adjusted Tangible Assets would be shown on a balance sheet of the Borrower at such date prepared on a consolidated basis (provided that if the Borrower does not have a balance sheet made in consolidated basis, the stand... alone balance sheet shall be applied) in accordance with the accounting standards which is generally accepted as fair and appropriate one in Japan less (b) the amount at which the Borrower's liabilities would be shown on such consolidated balance sheet (provided that if the Borrower does not have a balance sheet made in consolidated basis, the stand alone balance sheet shall be applied), including as liabilities all reserves for contingencies and other potential liabilities which would be required to be shown on such balance sheet. View More

Adjusted Tangible Net Worth. Adjusted Tangible Net Worth means shall mean at any date: (a) Book Net Worth plus the notional amount of any Trust Preferred Securities, minus (b)(1) all receivables from directors, officers and shareholders of NFI and its consolidated Subsidiaries and (2) the sum of all assets which would be classified as intangible assets of NFI and its consolidated Subsidiaries under GAAP (except purchased and capitalized value of servicing rights), including, without limitation, goodwill (whether... representing the excess cost over book value of assets acquired or otherwise), patents, trademarks, trade names, copyrights, franchises and deferred charges (including, without limitation, unamortized debt discount and expense, organization costs and research and product development costs), minus (c) The amount of unrealized gains on debt securities (as defined in FASB 115) of NFI and any Subsidiaries of NFI Holding, plus (d) The amount of unrealized losses on debt securities (as defined in FASB 115) of NFI and any Subsidiaries of NFI Holding. Provided that in all cases such amounts shall be determined by combining the relevant figures for NFI and for NFI Holding and its consolidated Subsidiaries and its Affiliates, as accounted for under the equity method. View More