Appraised Asset Value definition

Appraised Asset Value has the meaning set forth in Section 13.3(a)(i).
View Source
Appraised Asset Value means the aggregate fair market value of the Portfolio Assets as reflected in the most recent MAI Appraisals for each Portfolio Asset; provided that in the event an MAI Appraisal is not available for a Portfolio Asset at the time of the calculation of the aggregate fair market value of the Portfolio Assets, the fair market value of such Portfolio Asset shall be equal to the value based upon (i) the cost of acquiring the Asset, which costs shall include the purchase price, financing costs, and fees, expenses and costs relating thereto, including fees and expenses of counsel; or (ii) to the extent available, (a) the annualized amount of a Portfolio Asset’s net operating income based on the two (2) most recently completed full fiscal quarters, less $0.50 per square foot of such Portfolio Asset’s leaseable space, divided by (b) a capitalization rate of (x) 8.50% for “non-core” Portfolio Assets, or (y) 7.50% for “core” Portfolio Assets (including Portfolio Assets in which the Core Fund invests). For the avoidance of doubt, notwithstanding anything to the contrary contained herein, once an MAI Appraisal is available for a Portfolio Asset, the fair market value for such Portfolio Asset shall be as reflected in the most recent MAI Appraisal, and Borrower shall use best efforts to obtain updates thereto on an annual basis at Borrower’s sole cost and expense.
View Source
Appraised Asset Value means the aggregate fair market value of the Portfolio Assets as reflected in the most recent MAI Appraisals for each Portfolio Asset; provided that in the event an MAI Appraisal is not available for a Portfolio Asset at the time of the calculation of the aggregate fair market value of the Portfolio Assets, the fair market value of such Portfolio Asset shall be equal to the value based upon (i) the cost of acquiring the Asset, which costs shall include the purchase price, financing costs, and fees, expenses and costs relating thereto, including fees and expenses of counsel; or (ii) to the extent available, the annualized amount of a Portfolio Asset’s net operating income based on the two (2) most recently completed full fiscal quarters, less $0.50 per square foot of such Portfolio Asset’s leaseable space, and divided by a capitalization rate of (x) 8.50% for “non-core” Portfolio Assets, or (y) 7.50% for “core” Portfolio Assets (including Portfolio Assets in which the Core Fund invests).
View Source

Examples of Appraised Asset Value in a sentence

  • Administrative Agent on behalf of the Lenders shall have received and approved: (i) consolidated financial statements of General Partner complying with the standards set forth in Section 7.2, and (ii) a statement of Appraised Asset Value dated as of a recent date for the Portfolio Assets, which indicates Borrower’s Pro Rata Share of each Portfolio Asset.

  • The Managing Member Appraiser and the Class A Member Appraiser will select a third nationally recognized independent investment banking firm not affiliated with any Member (together with the Managing Member Appraiser and the Class A Member Appraiser, the “Appraisers”) to determine the Appraised Asset Value.

  • Following receipt of all Appraised Asset Values for the Property in question, the Managing Member and the Class A Member will adopt the median Appraised Asset Value as the ▇▇▇▇-to-Market Value of the applicable Property.