GAAP Loss definition
GAAP Loss for each Fiscal Period (or other period for which GAAP Profit or GAAP Loss must be computed) means the net income or net loss from the operations of the Partnership for the period as determined by Canadian GAAP.
GAAP Loss means the aggregate of losses, deductions and expenses of the Partnership for any month, Fiscal Year or other period, as applicable, as determined in accordance with GAAP.
GAAP Loss means, for each period taken into account under Article IV, an amount equal to the Company's income or loss for such period, as determined and adjusted in accordance with GAAP by the Company's Accountants.
Examples of GAAP Loss in a sentence
In the event the Option Property is Phase I only, the determination of GAAP Loss will take into consideration an equitable allocation of acquisition and operational costs and expenses between Phase I and Phase II (the “Phase I/Phase II Allocation”).
In the event that the Option Purchase Price would cause Optionor to have a GAAP Loss, Optionor shall have the right, in Optionor’s sole discretion, to terminate the applicable Purchase Option.
Each Partner's Proportionate Share of GAAP Profit or GAAP Loss, unaffected by this Annex, for each Fiscal Period shall be credited or charged, as the case may be, to such Partner's Capital Account, as provided in 3.6.1 and 3.6.2 of the Partnership Agreement.
More Definitions of GAAP Loss
GAAP Loss means that the net proceeds (after payment of all closing costs and other expenses) that would be received by Optionor from a sale of the Option Property to Optionee for the Option Purchase Price are less than the historical cost basis of Optionor in the Option Property, as determined in accordance with generally accepted accounting principles, provided that “historical cost” will include depreciation/amortization taken up to the date of the sale (such historical cost basis to be known as the “GAAP Basis”). In the event the Option Property is Phase I only, the determination of GAAP Loss will take into consideration an equitable allocation of acquisition and operational costs and expenses between Phase I and Phase II (the “Phase I/Phase II Allocation”). Optionor agrees that not later than December 31, 2004, Optionor shall deliver to Optionee, Optionor’s preliminary GAAP Basis analysis, as of a date no earlier than July 31, 2003, together with reasonable supporting evidence with respect thereto (the “Preliminary GAAP Notice”). Optionee shall then have a period of one hundred eighty (180) days following receipt of the Preliminary GAAP Notice, upon not less than fifteen (15) business days prior written notice, to commence an audit of Optionor’s books and records for the Project conducted by an independent certified accountant licensed in the State California, selected by Optionee, and that shall meet the same qualification required of the arbitrators in Section 3.3.2 below, for the purpose of verifying the calculation of the GAAP Basis set forth in Optionor’s Preliminary GAAP Notice. Optionor shall make available to the auditor, in a location in Los Angeles County, California, within fifteen (15) business days following selection of the auditor, all books and records of Optionor for the Project which are reasonably necessary for purposes of performing such audit, as reasonably determined by the auditor. The preceding audit shall be a one-time right, and Optionor shall not be required to -1▇- ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ [ROFO/Option Agreement] provide any further GAAP Basis notice calculation to Optionee thereafter, unless and until Optionee delivers Optionee’s Price Proposal as hereinafter set forth. The cost of Optionee’s audit with respect to Optionor’s Preliminary GAAP Notice shall be borne solely by Optionee. Further, if at the time Optionee delivers Optionee’s Price Proposal, or at the time Optionor delivers Optionor’s Price Proposal, Optionor believes that a GAAP Lo...
GAAP Loss means a loss computed on a net Partnership consolidated GAAP basis with respect to an Earnings Year which is allocated to a Partner under the Applicable Distribution Split.
GAAP Loss shall have the meaning given to such term in the Annex.