Adjusted Asset Value. The Adjusted Asset Value with respect to any asset shall be the asset’s adjusted basis for federal income tax purposes, except as follows:
Adjusted Asset Value. The definition of Adjusted Asset Value contained in Section 1.1 of the Credit Agreement, which did read:
Adjusted Asset Value. 2 Affiliate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Agreement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Adjusted Asset Value. The first paragraph of the definition of "Adjusted Asset Value" contained in Section 1.1 of the Credit Agreement, which did read:
Adjusted Asset Value. For the Loan Parties, as of any date of determination, the sum of the following, without duplication: (a) the aggregate amount of unrestricted cash and cash equivalents; (b) the Timberland Value; (c) the High Value Timberland Amount; (d) the Raw Entitled Land Value; (e) the Entitled Land Under Development Value; (f) the Non-Appraised Entitled Land Value; (g) the Mineral Business Enterprise Value; (h) all other Real Estate owned by the Loan Parties, valued at book value without regard to any Indebtedness; and (i) all assets held by Joint Ventures, valued at book value without regard to any Indebtedness at the Joint Venture level, provided however, that only the Loan Parties’ respective pro rata share of such Joint Venture assets shall be taken into account for purposes of this definition. Notwithstanding anything to the contrary contained in this definition, in the event Borrower requests that Agent order and review an Appraisal of any assets described in clauses (h) or (i) of this definition, then such assets shall be valued at the lower of book value or appraised value as set forth in such Appraisal. Advance Account. The account established with Agent pursuant to §5.7.
Adjusted Asset Value. The definition of Adjusted Asset Value hcontained in the Credit Agreement is hereby amended:
Adjusted Asset Value. The definition of Adjusted Asset Value contained in the Credit Agreement is hereby amended (a) by deleting the first sentence thereof and inserting in lieu thereof the following sentence:
Adjusted Asset Value. The definition of "Adjusted Asset Value" in Section 1.1 is amended to state in its entirety as follows:
Adjusted Asset Value. (a) The definition of Adjusted Asset Value is hereby amended by:
Adjusted Asset Value. For the Loan Parties, as of any date of determination, the sum of the following, without duplication: (a) the aggregate amount of unrestricted cash and cash equivalents; (b) the Timberland Value; (c) the High Value Timberland Amount; (d) the Raw Entitled Land Value; (e) the Entitled Land Under Development Value; (f) the Non-Appraised Entitled Land Value; (g) the Mineral Business Enterprise Value; (h) the SIDR Reimbursements Value; (i) the Cibolo Resort SIDHT Value; (j) all other Real Estate owned by the Loan Parties, valued at book value without regard to any Indebtedness; (k) all assets held by Joint Ventures, valued at book value without regard to any Indebtedness at the Joint Venture level, provided however, that only the Loan Parties’ respective pro rata share of such Joint Venture assets shall be taken into account for purposes of this definition; and (l) after the Credo Acquisition, the Credo Assets Value. Notwithstanding anything to the contrary contained in this definition, in the event Borrower requests that Agent order and review an Appraisal of any assets described in clauses (j) or (k) of this definition, then such assets shall be valued at the lower of book value or appraised value as set forth in such Appraisal. Advance Account. The account established with Agent pursuant to §5.7.
