Common use of Definition of Tangible Net Worth Clause in Contracts

Definition of Tangible Net Worth. Tangible Net Worth" is to be defined as total net worth less any intangible assets, loans to related parties, or loans due from officers. Deferred taxes will be included in the definition of Tangible Net Worth. Borrower's Tangible Net Worth will be tested annually at fiscal year end.

Definition of Tangible Net Worth. Tangible Net Worth" is to be defined as total net worth less any intangible assetsworth, loans to related parties, minus goodwill and assets representing claims on stockholders or loans due from officers. Deferred taxes will be included in the definition of Tangible Net Worthaffiliated entities. Borrower's Tangible Net Worth will be tested annually at fiscal year end.