### Question
How is the term net equity defined?


### Answer
The term **net equity** is defined in *47 U.S.C. § 1103* as the following:

> the value of the total assets of the entity, less the total liabilities of the entity, as recorded under generally accepted accounting principles for the fiscal quarter ended immediately prior to the date on which the subject loan is approved

#### Citation:
  - *47 U.S.C. § 1103*
  - Heading: **CHAPTER 10-LOCAL TV**

