Effective Tangible Net Worth (ETNW) definition
Effective Tangible Net Worth (ETNW) means, as at any date, the sum of the capital stock and paid-in surplus, plus retained earnings (or minus accumulated deficit) of the Borrower, plus Junior Debt, minus intangible assets (including, without limitation, franchises, patents and patent applications, trademarks and brand names, goodwill, research and development expenses, unamortized debt discount and expense, and all write-ups in the book value of any asset), minus any amount due from Affiliates or officers and shareholders of the Borrower, minus Total Liabilities.