Gross Assets Value definition
Gross Assets Value means, as at each Reporting Date, the value of the assets owned by the Group (valued on a current market basis) based on the most recent Valuation delivered by the Valuer (adjusted, for (i) assets owned by a non-wholly-owned Subsidiary of the Issuer, by the relevant percentage of the participation of the Issuer in the share capital of that Subsidiary and (ii) any minority interest held by any member of the Group in a real estate company by the net asset value of such company multiplied by the relevant percentage of the participation of the relevant member of the Group in the share capital of that company) plus the book value of any advanced payments already made by the Group in respect of assets to be acquired by it and where there is already in place a binding commitment for the relevant seller to sell such asset to the Group, as shown in the Financial Statements published by the Issuer as at the relevant Reporting Date;
Gross Assets Value means, with respect to any Assets, the Assets’s adjusted basis for federal income tax purposes, except as follows:
19.1. The initial Gross Assets Value of any Assets contributed by a Member to the Company will be the gross fair market value of such Assets, as determined by the contributing Member and the Manager;
19.2. The Gross Assets Values of all Company Assets will be adjusted to equal their respective gross fair market values, as determined by the Members, 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 “de minimis” Capital Contribution; (ii) the distribution by the Company to a Member of more than a “de minimis” amount of Company Assets other than money as consideration for an interest in the Company; and (iii) the liquidation of the Company within the meaning of the Allocation Regulations; provided, however, that adjustments pursuant to clauses (i) and (ii) above will be made only if the Manager reasonably determines that such adjustments are necessary and appropriate to reflect the relative economic interests of the Members in the Company; and
19.3. If the Gross Assets Value of an Asset has been determined or adjusted pursuant to the above, such Gross Assets Value will thereafter be adjusted by the Depreciation taken into account with respect to such Assets for purposes of computing profits and losses.
Gross Assets Value means, as at each Reporting Date, the value of the assets owned by the Group (valued on a current market basis) based on the most recent Valuation delivered by the Valuer (adjusted, for assets owned by a non-wholly-owned Subsidiary of the Issuer (other than ▇▇▇▇▇), by the relevant percentage of the participation of the Issuer in the share capital of that Subsidiary) plus the book value of any advanced payments already made by the Group in respect of assets to be acquired by it and where there is already in place a binding commitment for the relevant seller to sell such asset to the Group, as shown in the Financial Statements published by the Issuer as at the relevant Reporting Date;
Examples of Gross Assets Value in a sentence
Notwithstanding Section 3.6, the Partners hereby agree that the aggregate Gross Assets Value the Project Land and all other Partnership assets immediately prior to the admission of Brandywine to the Partnership totals $11,000,000.00, which shall be apportioned among the assets of the Partnership as provided in Exhibit C.