Company Basis definition
Company Basis means, in the case of an asset contributed by a Member to the Company, the fair market value of the asset on the date of contribution, as reasonably determined by the contributing Member and the Company, less Depreciation thereafter taken with respect thereto, if any, and in the case of any other asset, its adjusted basis for federal income tax purposes; provided, however, the Company Basis of all assets of the Company shall be adjusted to equal their respective fair market values, as determined by the Manager, as of the following times:
Company Basis. In the case of an asset contributed by a Member to the Company, the fair market value of the asset on the date of contribution, as reasonably determined by the contributing Member and by Board Approval, less Depreciation thereafter taken with respect thereto, if any; in the case of any other asset, its adjusted basis for federal income tax purposes. The Company Basis of all Company assets shall be adjusted to equal their respective fair market values, as determined by Board Approval, as of the following times: (i) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a minimal Capital Contribution; (ii) the distribution by the Company of more than a minimal amount of Company property other than money, unless all Members receive simultaneous distributions of undivided interests in the distributed property in proportion to their interests in the Company; and (iii) the termination of the Company for federal income tax purposes pursuant to Section 708(b)(1)(B) of the Code. If the Company Basis of an asset has been adjusted as so provided, the Company Basis shall thereafter be adjusted by the Depreciation taken into account with respect to such asset.
Company Basis means, in the case of an asset contributed by a Member to the Company, the fair market value of the asset on the date of contribution, as reasonably determined by the contributing Member and the Company, less Depreciation thereafter taken with respect thereto, if any, and in the case of any other asset, its adjusted basis for federal income tax purposes; provided, however, the Company Basis of all Company assets shall be adjusted to equal their respective fair market values, as determined by the Managers, as of the following times: (a) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a minimal Capital Contribution; (b) the distribution by the Company of more than a minimal amount of Company property other than money, unless all Members receive simultaneous distributions of undivided interests in the distributed property in proportion to their interests in the Company; and (c) the termination of the Company for federal income tax purposes pursuant to Section 708(b)(1)(B) of the Code. In the event the Company Basis of an asset has been adjusted as provided in the preceding sentence, such Company Basis shall thereafter be adjusted by the Depreciation taken into account with respect to such asset.
Examples of Company Basis in a sentence
Each person who, as an officer or representative of the Company, signed (a) the Mortgage Loan Purchase Agreement, dated as of July 27, 2015 (the “Mortgage Loan Purchase Agreement”), among the Company, Basis Investment Group LLC (“BIG”) and W▇▇▇▇ Fargo Commercial Mortgage Securities, Inc.
Each person who, as an officer or representative of the Company, signed (a) the Mortgage Loan Purchase Agreement, dated and effective as of October 21, 2016 (the “Mortgage Loan Purchase Agreement”), among the Company, Basis Investment Group LLC (“BIG”) and ▇▇▇▇▇ Fargo Commercial Mortgage Securities, Inc.
Each person who, as an officer or representative of the Company, signed (a) the Mortgage Loan Purchase Agreement, dated as of November 18, 2014 (the “Mortgage Loan Purchase Agreement”), among the Company, Basis Investment Group LLC (“BIG”) and RBS Commercial Funding Inc.
More Definitions of Company Basis
Company Basis means, in the case of an asset contributed by a Member to the Company, the fair market value of the asset on the date of contribution, as reasonably determined by the contributing Member and all of the Managers, less Depreciation thereafter taken with respect thereto, if any, and in the case of any other asset, its adjusted basis for federal income tax purposes; provided, however, the Company Basis of all Company assets shall be adjusted to equal their respective fair market values, as determined by all of the Managers, as of the following times: (a) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a minimal Capital Contribution; (b) the distribution by the Company of more than a minimal amount of Company property other than money, unless all Members receive simultaneous distributions of undivided interests in the distributed property in proportion to their interests in the Company; and (c) the termination of the Company for federal income tax purposes pursuant to Section 708(b) (1) (B) of the Code. In the event the Company Basis of an asset has been adjusted as provided in the preceding sentence, such Company Basis shall thereafter be adjusted by the Depreciation taken into account with respect to such asset.