Adjusted Asset Value means, as of a given date, the sum of EBITDA attributable to malls, power centers and all other assets for the trailing four (4) quarters most recently ended, divided by (iii) 7.75%. In determining Adjusted Asset Value:
Adjusted Asset Value means in respect of any Borrowing Base Eligible Asset an amount equal to the product of (i) the Asset Value of such Borrowing Base Eligible Asset, and (ii) the applicable Advance Rate for such Borrowing Base Eligible Asset.
Adjusted Asset Value with respect to any asset shall be the asset’s adjusted basis for federal income tax purposes, except as follows:
Examples of Adjusted Asset Value in a sentence
The Deemed Loss from any in kind distribution of Securities shall be equal to the excess, if any, of the aggregate Adjusted Asset Value of the Securities distributed over the fair market value of the Securities distributed (valued in accordance with paragraph 11.2).
The Deemed Gain from any in kind distribution of Securities shall be equal to the excess, if any, of the fair market value of the Securities distributed (valued in accordance with paragraph 11.2) , over the aggregate Adjusted Asset Value of the Securities distributed.
Borrower shall not, at any time during the term hereof, permit the value of all Mortgages held by Borrower to exceed five percent (5%) of Total Adjusted Asset Value.
Borrower shall not permit, as of any date of calculation, the ratio of Total Liabilities to Total Adjusted Asset Value to exceed sixty percent (60%).
Borrower shall not permit, as of any date of calculation, the ratio of Secured Indebtedness to Total Adjusted Asset Value to exceed thirty-five percent (35%).
More Definitions of Adjusted Asset Value
Adjusted Asset Value means, with respect to any asset of the Company, such adjusted basis of such asset for federal income tax purposes, except as follows:
Adjusted Asset Value means, as of a given date, the sum of: (i) EBITDA attributable to malls, power centers and all other assets for the fiscal quarter most recently ended times (ii) 4; divided by (iii) 7.0%. In determining Adjusted Asset Value (i) EBITDA attributable to real estate properties acquired during such fiscal quarter, and EBITDA attributable to Properties development of which was completed during such fiscal quarter, shall be disregarded, (ii) EBITDA attributable to any Property which is currently under development shall be excluded, (iii) with respect to any Subsidiary that is not a Wholly Owned Subsidiary, only the Borrower’s Ownership Share of the EBITDA attributable to such Subsidiary shall be used when determining Adjusted Asset Value, and (iv) EBITDA shall be attributed to malls and power centers based on the ratio of (x) revenues less property operating expenses (to be determined exclusive of interest expense, depreciation and general and administrative expenses) of malls and power centers to (y) total revenues less total property operating expenses (similarly determined), such revenues and expenses to be determined on a quarterly basis in a manner consistent with the Parent’s method of reporting of segment information in the notes to its financial statements for the fiscal quarter ended September 30, 2002 as filed with the Securities and Exchange Commission, and otherwise in a manner reasonably acceptable to the Agent. In addition, in the case of any operating Property acquired in the immediately preceding period of twenty-four (24) consecutive months for a purchase price indicative of a capitalization rate of less than 7.0%, EBITDA attributable to such Property shall be excluded from the determination of Adjusted Asset Value, if that particular operating Property is valued in Parent’s financial statements at its purchase price. In addition, EBITDA attributable to the following six properties: Mall of Acadiana, Oak Park Mall, Hickory Point Mall, Eastland Mall, Xxxxxx Hills Mall and Triangle Town Center shall be excluded from the determination of Adjusted Asset Value for the twenty-four (24) month period beginning on the date hereof (August 29, 2006) so long as such properties are valued in Parent’s financial statements at their purchase price.” is hereby deleted in its entirety and the following is hereby inserted in lieu thereof:
Adjusted Asset Value means on any date of determination, the sum of: with respect to any Storage Property that has been owned or leased for the four most recently ended fiscal quarters, an amount equal to (i) the Net Operating Income of such Storage Property for the four full fiscal quarters of the Parent most recently ended, divided by (ii) the Capitalization Rate.
Adjusted Asset Value means Total Asset Value determined exclusive of assets that are owned by Excluded Subsidiaries or Unconsolidated Affiliates.
Adjusted Asset Value means, with respect to any Person or Property, (i) for any Property for which an acquisition or disposition has not occurred in the Fiscal Quarter most recently ended by the Borrower, EQR and their Consolidated Subsidiaries or Investment Affiliates, the product of four (4) and a fraction, the numerator of which is EBITDA for such Fiscal Quarter attributable to any such Property owned by the Borrower, EQR or any such Consolidated Subsidiary, or in the case of any such Property owned by an Investment Affiliate, the Borrower's Share of EBITDA, in a manner reasonably acceptable to Administrative Agent for the Fiscal Quarter most recently ended, and the denominator of which is the FMV Cap Rate, plus (ii) for any Property which has been acquired by the Borrower, EQR and their Consolidated Subsidiaries or Investment Affiliates in the Fiscal Quarter most recently ended, the Net Price of the Property paid by Borrower, EQR or the Consolidated Subsidiary, or the Borrower's or EQR's pro rata share of the Net Price of the Property paid by the Investment Affiliate for such Property, plus (iii) the value of any Unimproved Assets owned by the Borrower, EQR and their Consolidated Subsidiaries, as measured on a GAAP basis, plus (iv) Borrower's Share of the value of any Unimproved Assets owned by an Investment Affiliate, as measured on a GAAP basis, plus (v) the value of any Raw Land owned by the Borrower, EQR and their Consolidated Subsidiaries, as measured on a GAAP basis, plus (vi) Borrower's Share of the value of any Raw Land owned by an Investment Affiliate, as measured on a GAAP basis; provided, however, the value attributable to any Unimproved Assets described in clauses (iii) and (iv) above, in excess of ten percent (10%) of Gross Asset Value shall be disregarded in calculating Adjusted Asset Value, and provided further, the value attributable to any Raw Land described in clauses (v) and (vi) above, shall be limited to five percent (5%) of Gross Asset Value.
Adjusted Asset Value means, as of any date of determination, (i) for any Property for which an acquisition or disposition by Borrower or any Subsidiary has not occurred in the Fiscal Quarter most recently ended as of such date, the product of four (4) and a fraction, the numerator of which is EBITDA for such Fiscal Quarter attributable to such Property in a manner reasonably acceptable to Agent, and the denominator of which is eight hundred seventy-five ten-thousandths (0.0875), and (ii) for any Property which has been acquired by Borrower or any Subsidiary in the Fiscal Quarter most recently ended as of such date, the Net Price of the Property paid by Borrower or such Subsidiary for such Property.
Adjusted Asset Value means, with respect to any asset of the Company, the adjusted basis of such asset for federal income tax purposes, except as follows: