Gross Asset Value

Gross Asset Value. Shall mean the total assets of the Company after deduction of allowance for amortization, depreciation or depletion and valuation reserves.

Gross Asset Value. Means, with respect to any asset of the Company, the Company's adjusted basis for federal income tax purposes; provided, however, that (a) the Gross Asset Value of any Company asset contributed by a Member to the Company as a Capital Contribution or distributed to a Member by the Company shall be the gross fair market value of such Company asset (computed without taking into account Code Section 7701 (g)) as reasonably determined by the Board as of the date of contribution or ... distribution, as the case may be; (b) the Gross Asset Value of all Company assets shall be adjusted to equal their respective gross fair market values, as reasonably determined by the Board, upon the liquidation of the Company for federal income tax purposes (including a deemed liquidation) pursuant to Code Section 708(b)(1)(B); (c) the Gross Asset Value of all Company assets shall be adjusted to equal their respective gross fair market values (taking into account Code Section 7701(g)), as reasonably determined by the Board, as of (i) the date of the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a DE MINIMUS Capital Contribution to the Company, or (ii) upon the distribution by the Company to a retiring or continuing Member of more than a de minimus amount of Company property or money. At all times, the Gross Asset Values shall be adjusted by Depreciation taken into account with respect to the Company's assets for the purposes of computing Profit and Loss. View More

Gross Asset Value. Means the greater of (i) Total Costs plus 10% or (ii) Stabilized Cash Flow after Debt Service divided by .09, divided by .7, plus the Loan Amount.

Gross Asset Value. With respect to any asset, the asset's adjusted basis for federal income tax purposes, except as follows: (A) The initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset, as agreed to by the contributing Member and the Board of Managers; (B) The Gross Asset Values of all Company Property shall be adjusted to equal their respective gross fair market values, as determined by the Board... of Managers, as of the following times: (1) the acquisition of an additional Membership Interest by any new or existing Member in exchange for more than a de minimis capital contribution; (2) the distribution by the Company to a Member of more than a de minimis amount of Company Property as consideration for a Membership Interest; (3) the issuance of more than a de minimis Membership Interest as consideration for the provision of services to or for the benefit of the Company; and (4) the liquidation of the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that the adjustments pursuant to clauses (1), (2) and (3) above shall be made only if the Board of Managers determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company; (C) The Gross Asset Values of all Company Property distributed to any Member shall be the gross fair market value of such asset on the date of distribution; and (D) The Gross Asset Values of Company Property shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining capital accounts pursuant to Regulations Section 1.704-b(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this clause (D) to the extent that the Board of Managers has determined that an adjustment pursuant to clause (B) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (D). 6 If the Gross Asset Value of an asset has been determined or adjusted pursuant to clause (A), (B) or (D) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation (as defined in Exhibit 1) taken into account with respect to such asset for purposes of computing Profits and Losses (and not by the depreciation, amortization or other cost recovery deductions allowable with respect to that asset for federal income tax purposes). View More

Gross Asset Value. The amount equal to the aggregate book value of the Company's assets (other than investments in bank accounts, money market funds or other current assets), before depreciation, bad debts or other similar non-cash reserves and without reduction for any debt relating to such assets, at the date of measurement, except that during such periods in which the Company is obtaining regular independent valuations of the current value of its net assets for purposes of enabling fiduciaries of employee... benefit plan Shareholders to comply with applicable Department of Labor reporting requirements, Gross Asset Value is the greater of (i) the amount determined pursuant to the foregoing or (ii) the Company's assets' aggregate valuation established by the most recent such valuation report without reduction for depreciation, bad debts or other similar non-cash reserves and without reduction for any debt relating to such assets. View More

Gross Asset Value. Means: (i) Operating Real Estate Value, plus (ii) cash and cash equivalents (excluding any restricted cash), plus (iii) accounts receivable less than ninety (90) days and notes receivable and due from related parties, plus (iv) fifty percent (50%) of the development loan balance, plus (v) escrow deposits.

Gross Asset Value. The total value of the Properties as described on Exhibit B that are still owned by a direct or indirect subsidiary of the Company as of the applicable Determination Date, which values are based upon the appraised values of the Properties obtained in connection with the CMBS Loan and which values may be updated in accordance with provisions described on Exhibit B.