Modified Net Law & Legal Definition
The definition of Modified Net varies according to the transaction and entities involved. For example, under one business agreement, Modified Net Assets is defined as follows:
Modified Net Assets = (unrestricted net assets) + (temporarily restricted net assets) + (permanently restricted net assets) - (intangible assets) - (unsecured related-party receivables)
Or another example:
Modified Net Revenue (MNR) is an adjustment to Net Revenues for the purpose of calculating the rate case Financial and Safety-net Cost Recovery Adjustment Clause.
The MNR excludes the impact of SFAS 133 transactions (Accounting for Derivative Instruments and Hedging Activities); for Debt Service, the MNR excludes actual ENW debt service and substitutes the ABC Co.'s debt service expenses as forecasted in the WP-02 Final Studies.
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