Tangible Net Worth

Tangible Net Worth. Shall mean, with respect to any Person and its Consolidated Subsidiaries on a consolidated basis, as of any date of determination, the sum of (a) all amounts that would be included under capital or shareholders' equity (or like caption) on the balance sheet of such Person on such date, determined in accordance with GAAP as of such date, plus (b) the aggregate amount of all qualified capital commitments of such Person, less (c) (i) amounts owing to such Person or Consolidated Subsidiary from... Affiliates or from officers, employees, partners, members, director, shareholders or other Persons similarly affiliated with such Person or any Affiliate thereof, (ii) intangible assets of such Person (other than hedging transactions specifically related to the Purchased Assets) and (iii) prepaid taxes and/or expenses, all on or as of such date, plus (d)(i) the aggregate amount of accumulated depreciation and amortization related to properties, and (ii) the aggregate credit loss allowance related to "current expected credit loss" model prescribed by AC 326, all on as of such date and determined in accordance with GAAP. View More

Tangible Net Worth. With respect to any Person, on a consolidated basis, an amount equal to the difference of (a) Stockholders' Equity minus (b) the sum of (i) advances to shareholders, officers and Affiliates, (ii) investments in Affiliates (other than investments in Seller or wholly owned subsidiaries of such Person to originate loans directly or through joint ventures, partnerships, trusts or other vehicles that invest in loans and investments in or acquisitions of other mortgage REITs) and (iii) goodwill,... patents, trademarks, trade names, copyrights, franchises and any other intangibles. View More

Tangible Net Worth. The aggregate assets of Borrower excluding all intangible assets, including, but not limited to, goodwill, licenses, trademarks, patents, copyrights, organization costs, appraisal surplus, officer, stockholder, related entity and employee advances or receivables, mineral rights and the like, less liabilities, plus Subordinated Debt, all determined in accordance with G.A.A.P. (except to the extent that under G.A.A.P. "tangible net worth" excludes leasehold improvements which are included in... "Tangible Net Worth" as defined herein). View More