Coach 2013 Annual Report Download - page 132

(iii) In the event the Gross Asset Value of any Company asset is adjusted pursuant to clauses (ii) or (iii) of the definition of Gross Asset
Value, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Profits or
Losses;
(iv) Gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal income tax
purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such Property
differs from its Gross Asset Value;
(v) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income
or loss, there shall be taken into account Depreciation for such Fiscal Year;
(vi) To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section 734(b) or Code Section
743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution
other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases
the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for purposes
of computing Profits or Losses; and
(vii) Notwithstanding any other provision of this definition, any items which are specially allocated pursuant to Sections 5.1(b) and
5.1(c) shall not be taken into account in computing Profits or Losses.
“Project” shall mean the design, construction and development of the Base Building, including all Developer Work and Base Building Work.
“Project Architect” shall have the meaning ascribed thereto in the Development Agreement.
“Project Architect Agreement ” shall have the meaning ascribed thereto in the Development Agreement.
“Project Costs” shall have the meaning ascribed thereto in the Development Agreement.
“Project Documents” shall mean, collectively, the MTA Project Documents and the IDA Documents.
“Project Labor Agreement” shall have the meaning ascribed thereto in the Development Agreement.
“Property” shall have the meaning set forth in Section 1.3(a).
“Punch List” shall have the meaning ascribed thereto in the Development Agreement.
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