Common use of Book Basis Clause in Contracts

Book Basis. The initial “Book Basis” of any Company property shall be equal to the Company’s initial adjusted tax basis in such property; provided, however, that the initial “Book Basis” of any Company property contributed to the capital of the Company shall be equal to the Agreed Value of such property. Effective immediately after giving effect to the allocations of profit and loss, as computed for book purposes, for each Fiscal Year under Section 3.1 hereof, the Book Basis of each Company property shall be adjusted downward by the amount of Book Depreciation allowable to the Company for such Fiscal Year with respect to such property. In addition, effective immediately prior to any Revaluation Event, the Book Basis of each Company property shall be further adjusted upward or downward, as necessary, so as to equal the fair market value of such property at the time of such Revaluation Event (as agreed to in writing by the Members taking Section 7701(g) of the Code into account (i.e., such value shall not be agreed to be less than the amount of Nonrecourse Liabilities to which such property is subject)).

Book Basis. The initial “"Book Basis” " of any Company LLC property shall be equal to the Company’s initially Palace's initial adjusted tax basis in such property; provided, however, that the initial “"Book Basis” " of any Company LLC property (or portion thereto contributed to the capital of the Company Palace shall be equal to the Agreed Value of such property. Effective immediately after giving effect to the allocations of profit and loss, as computed for book purposes, for each Fiscal Year under Section 3.1 hereofSECTION 4.1, the Book Basis of each Company LLC property shall be adjusted downward by the amount of Book Depreciation allowable to the Company Palace for such Fiscal Year with respect to such property. In addition, effective immediately prior to any Revaluation Event, the Book Basis of each Company LLC property shall be further adjusted upward or downward, as necessary, so as to equal the fair market value of such property at the time of such Revaluation Event (as agreed to in writing by the Members taking Section section 7701(g) of the Code into account (i.e., such value shall not be agreed to be less than the amount of Nonrecourse Liabilities to which such property is subject)).

Book Basis. The initial “Book Basis” " of any Company property shall initially be equal to the Company’s 's initial adjusted tax basis in such property; provided, however, that the initial “"Book Basis” " of any Company property (or portion thereof) contributed to the capital of the Company shall be equal to the Agreed Value fair market value of such propertyproperty (as determined by the Managing Member). Effective immediately after giving effect to the allocations of profit Profits and loss, as computed for book purposes, Losses for each Fiscal Year under Section 3.1 hereofYear, the "Book Basis Basis" of each Company property shall be adjusted downward by the amount of Book Depreciation allowable to the Company for such Fiscal Year with respect to such property. In addition, effective immediately prior to any Revaluation Event, the "Book Basis Basis" of each Company property shall be further adjusted upward or downward, as necessary, so as to equal the fair market value of such property at the time of such Revaluation Event (as agreed to in writing determined by the Members Managing Member taking Section section 7701(g) of the Code into account (i.e., such value shall not be agreed to be less than the amount of Nonrecourse Liabilities to which such property is subject)).

Book Basis. The initial “Book Basis” " of any Company property shall initially be equal to the Company’s 's initial adjusted tax basis in such property; provided, however, that the initial “"Book Basis” " of any Company property (or portion thereof) contributed to the capital of the Company shall be equal to the Agreed Value fair market value of such propertyproperty (as determined by the Managing Member). Effective immediately after giving effect to the allocations of profit Profits and loss, as computed for book purposes, Losses for each Fiscal Year under Section 3.1 hereofYear, the "Book Basis Basis" of each Company property shall be adjusted downward by the amount of Book Depreciation allowable to the Company for such Fiscal Year with respect to such property. In addition, effective immediately prior to any Revaluation Event, the "Book Basis Basis" of each Company property shall be further adjusted upward or downward, as necessary, so as to equal the fair market value of such property at the time of such Revaluation Event (as agreed to in writing determined by the Members Managing Member taking Section 7701(g) of the Code into account (i.e., such value shall not be agreed to be less than the amount of Nonrecourse Liabilities to which such property is subject)).