Undepreciated Asset definition
Undepreciated Asset means, as of any date of determination and with respect to any Person, the value of an asset owned by such Person plus the allowance for accumulated depreciation for such asset on that date, as determined in accordance with GAAP and as such value and depreciation are reported for that date in the financial statements of the Person.
Examples of Undepreciated Asset in a sentence
To the extent permitted by applicable Law and the Regulatory Methodologies, the calculation of the undepreciated capital cost of any Undepreciated Asset pursuant to this Section 2.09 or Section 2.12 shall be made on the accrual basis of accounting, prorated from the end of the month immediately preceding the Undepreciated Assets Closing or, if available, the month immediately following, the Undepreciated Assets Closing.
The obligations set forth in this Section 2.06 shall terminate on the two (2) year anniversary of the Land Rights Closing Date with respect to any Land Right or the Undepreciated Assets Closing Date with respect to any Undepreciated Asset.