Adjusted Asset Value definition

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 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 with respect to any asset shall be the asset’s adjusted basis for federal income tax purposes, except as follows:

Adjusted Asset Value means, as of a given date, the sum of: (a)

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 exhibit10175a.htm 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 June 30, 2006 as filed with the Securities and Exchange Commission, and otherwise in a manner reasonably acceptable to the Agent. In addition, (i) 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, and (ii) EBITDA attributable to the following six properties: Mall of Acadiana, Oak Park Mall, Hickory Point Mall, Eastland Mall, L▇▇▇▇▇ 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 ____, 2006) so long as such properties are valued in Parent’s financial statements at their purchase price.

Adjusted Asset Value means, with respect to any Person or Property, (i) for any Property (other than Unimproved Assets, Raw Land or Military Housing) 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 or leased 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 Military Housing investments made by the Borrower, EQR or their Consolidated Subsidiaries, measured on a cost basis, plus (iv) the Borrower's share of the value of any Military Housing investments held by an Investment Affiliate, as measured on a cost basis, plus (v) the value of any Unimproved Assets owned by the Borrower, EQR and their Consolidated Subsidiaries, as measured as the lower of (A) the Net Price of such Unimproved Assets paid by the Borrower, EQR and their Consolidated Subsidiaries or (B) the current market value thereof (such market value to be determined by the Borrower in a manner reasonably acceptable to the Administrative Agent), plus (vi) Borrower's Share of the value of any Unimproved Assets owned by an Investment Affiliate, as measured as the lower of (A) the Net Price of such Unimproved Assets paid by the Investment Affiliate or (B) the current market value thereof (such market value to be determined by the Borrower in a manner reasonably acceptable to the Administrative Agent), (vii) the value of any Raw Land owned by the Borrower, EQR and their Consolidated Subsidiaries, as measured as the lower of (A) the Net Price of such Raw Land paid by the Borrower, EQR and their Consolidated Subsidiaries or (B) the current market value thereof (such market value to be determined b...

Adjusted Asset Value means Total Asset Value determined exclusive of assets that are owned by Excluded Subsidiaries or Unconsolidated Affiliates.

Adjusted Asset Value with respect to any asset will be the asset’s adjusted basis for federal income tax purposes, except as follows: (i) The initial Adjusted Asset Value of any asset contributed by a Member to the Company will be the gross fair market value of such asset at the time of contribution, as determined by the contributing Member and the Board; (ii) The Adjusted Asset Values of all Company assets will be adjusted to equal their respective gross fair market values, as determined by the Board (taking Code Section 7701(g) into account), and the resulting unrecognized profit or loss allocated to the Capital Accounts of the Members pursuant to Article 4, as of the following times: (i) the grant or acquisition of an additional interest in the Company to or by any new or existing Member; (ii) the distribution by the Company to a Member of more than a de minimis amount of Company assets, unless all Members receive simultaneous distributions of either undivided interests in the distributed property or identical Company assets in proportion to their interests in Company distributions; (iii) the termination of the Company either by expiration of the Company’s term or the occurrence of an event of early termination; and (iv) the liquidation of the Company within the meaning of Treasury Regulation §1.704-1(b)(2)(ii)(g). (iii) The Adjusted Asset Values of the Company assets will be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m).

Adjusted Asset Value means, on any date of determination, with respect to any Storage Property owned in fee simple or leased by the Borrower or any of its Subsidiaries an amount equal to (a) the Net Operating Income of such Storage Property for the four full fiscal quarters of the Parent most recently ended for which financial statements are available divided by (b) the Capitalization Rate.