GAAP Carrying Value definition
GAAP Carrying Value means, with respect to any ModCo Asset, as of the relevant date of determination, the value thereof on the US GAAP balance sheet of the Ceding Company determined in accordance with US GAAP as of such date, including any investment income due and accrued thereon.
GAAP Carrying Value means, with respect to any asset of the Borrower, the value at which such asset is carried on the books of the Borrower in accordance with GAAP. Any changes in the methodology used for adjusting such book value shall be subject to the prior approval of the Agent.