Gross Property Value definition

Gross Property Value means either (a) the gross sales price (less normal and customary closing costs payable to third parties) in conjunction with an arms-length sale of the Property to a bona fide third-party purchaser on the Alternate Repayment Date, or (b) the property value as mutually determined by Borrower and Lender, as of January 1, 2012 (or January 1, 2013 if the Term of the Loan is extended to the Fourth Extended Maturity Date), through the Appraisal Procedure (as defined below) conducted prior to the Alternate Prepayment Date; (v) "Lender's Pro-Rata Share" shall mean the amount determined by dividing Lender's Contributed Capital by the sum total of Sponsor's Contributed Capital plus Lender's Contributed Capital; (vi) "Sponsor's Pro Rata Share" shall mean the amount determined by dividing Sponsor's Contributed Capital by the sum total of Sponsor's Contributed Capital plus Lender's Contributed Capital; (vii) "Lender's Contributed Capital" shall mean $11,081,222; and (viii) "Sponsor's Contributed Capital" shall mean $40,030,912, which is the amount being paid by Sole Member or an affiliate thereof in connection with the Mezzanine A and B Payoff. For avoidance of doubt, Borrower shall continue to pay interest at the Applicable Interest Rate on the total unpaid principal balance of the Loan through the final Maturity Date or the Alternate Repayment Date, notwithstanding the right of Borrower to repay the Loan at the Alternate Repayment Amount. Upon Borrower's repayment of the Alternate Repayment Amount in accordance with this Section 2.3.4, the Loan and all obligations of Borrower under the Loan Documents shall be deemed fully satisfied (except for any obligations of Borrower that expressly survive payment in full of the Loan pursuant to the terms of the Loan Documents).
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Gross Property Value has the meaning given that term in Section 2.3.3.1 hereof.
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Gross Property Value means the gross property value of a Distribution Facility as determined by an Independent Appraiser in accordance with such methodology as deemed appropriate by the Independent Appraiser applying professional valuation standards without deduction of purchaser’s costs.
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Examples of Gross Property Value in a sentence

  • The Members shall contribute to the Company from time to time such amounts as are reasonably required to pay the Approved Expenses of the Company, as and when the same come due; provided that neither Member shall be obligated to make additional Capital Contributions pursuant to this Section 2.5 after such time as that Members' aggregate Capital Contributions to the Company pursuant to Sections 2.3, 2.4 and this Section 2.5, as applicable, are equal to the Gross Property Value.

  • In accordance with Code Section 704(c) and the Regulations thereunder, income or gain resulting from the disposition of all or any portion of the Property shall be specially allocated to SunPower, to take into account the excess of the Gross Property Value over the Company's initial tax basis in the Property (the "Built-in-Gain").

  • If the Gross Property Value of a property has been determined or adjusted pursuant to subparagraph (a), (b) or (d), such Gross Property Value shall thereafter be adjusted by the Depreciation taken into account with respect to such property, for purposes of computing Profits and Losses.


More Definitions of Gross Property Value

Gross Property Value means £59,368,707.62;
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