Comparable value Definition | Law Insider

Comparable value is the value which at least covers the cost of providing goods and services, failing which the replacement cost for the goods or services ... ComparablevaluedefinitionSearchWithinComparablevalueDefinitionsRelatedDefinitionsApplicableValueTaxablevalueAttributableValueBasetaxablevalueComparableTreasuryPricefullinsurablevaluePV-10ValueFairsalablevalueHistoricalFairMarketValueStoredvaluePresentFairSaleableValuePresentFairSalableValueComparablePositionNetBookValueReferenceValueAppraisedValueBaselineValueCollateralValueRetailvalueWorstValuePropertyValueComparableTreasuryIssueNoteValueCapitalizedValueDispositionValueCapitalizationValueRemoveAdvertisingOpenSplitViewShareCiteComparablevalue meanseitheralowercashvalueorupto10percentmoreincashvalue.Sample1Sample2Sample3Basedon4documents4SaveCopyRemoveAdvertisingComparablevalue meansthedepreciatedworthofthecoveredautoorpartimmediatelybeforetheaccident;plusthereasonablechargesrequiredtopayforanyofthefollowingthatapplytotheclaim:Sample1Basedon1documents1SaveCopyExamplesofComparablevalueinasentenceComparablevaluepersquaremeterisdeterminedbasedonassumptionssuchasbargainingshareandadjustmentforlocationinmarketcomparablemethod.Comparablevaluereceivedisthesumofthosemonetary(i.e.,estimatedactualcostthattheU.S.wouldhavehadtopayfortrainingreceived)andnonmonetary(i.e.,benefitsorcostavoidance)valuesthatcomprisethetotalexchangevalue.ComparablevalueforpurposesofthisSectionshallmeanatreeortreesofequalaggregatevalueandspeciestothereplacementcostofthetreetoberemovedorrelocated.(5)NotreesshallberemovedfromCitypropertyexceptinaccordancewithChapter21.20ofthisCode.Examples:Compareat$99,Now$69;Comparablevalue$99,Ourprice$69.Comparablevalueisthevaluewhichatleastcoversthecostofprovidinggoodsandservices,failingwhichthereplacementcostforthegoodsorservicesprovidedcanbetaken.Thelegislaturedescribesthecomparablevaluemethodinthislanguage:Comparablevalue–Thefairmarketvalueisthearms-lengthsalespricelessprocessingandtransportationfeeschargedtootherpartiesformineralsoflikequantity,takingintoconsiderationthequality,termsandconditionsunderwhichthemineralsarebeingprocessedortransported[.]§39-14-203(b)(vi)(B).Theformulaisasfollows:Comparablevalue=priceofcomparablecasesxtradingconditionscorrectioncoefficientxmarketconditionsadjustmentcoefficientxregionalconditionsadjustmentcoefficientxphysicalconditionsadjustmentcoefficientxpropertyrightconditionsadjustmentcoefficient.Thelawrequiresthatfemaleclassesnotbepaidconsistentlybelowmaleclassesof“comparablevalue.”Comparablevalueisthejobevaluationratingorpointsassignedtoajobclassandthefocusofthisbooklet.Establishingjobevaluationratingsisthefirststepinthepayequityprocess.Thisincludesworkofdifferenttypes.29DeterminingcomparablevalueComparablevaluecanbeassessedbyemployersbyevaluatingtheskills,responsibilities,andworkingconditionsineachjoborjobtype,evenwheretheworkitselfisdifferent.30Considertheseexamplesofrolesfromdifferentindustriesthatcouldbeofcomparablevaluebutareoftennotpaidthesame.ComparablevalueComparablevaluecanbegeneratedbymultiplyingeachofthevalueratiotovaluefactorsoftargetcompanies.RelatedtoComparablevalueApplicableValuemeans,asofanydate,withrespecttoeachShare,thefairvalueofsuchShare,asdeterminedingoodfaithbytheBoardofDirectors.Taxablevaluemeansthetaxablevalueofpropertyasdeterminedundersection27aofthegeneralpropertytaxact,1893PA206,MCL211.27a.AttributableValuemeans,astoanyparticularleaseunderwhichanyPersonisatthetimeliableotherthanaCapitalLeaseObligation,andatanydateasofwhichtheamountthereofistobedetermined,thetotalnetamountofrentrequiredtobepaidbysuchPersonundersuchleaseduringtheinitialtermthereofasdeterminedinaccordancewithgenerallyacceptedaccountingprinciples,discountedfromthelastdateofsuchinitialtermtothedateofdeterminationatarateperannumequaltothediscountratewhichwouldbeapplicabletoaCapitalLeaseObligationwithliketerminaccordancewithgenerallyacceptedaccountingprinciples.Thenetamountofrentrequiredtobepaidunderanysuchleaseforanysuchperiodshallbetheaggregateamountofrentpayablebythelesseewithrespecttosuchperiodafterexcludingamountsrequiredtobepaidonaccountofinsurance,taxes,assessments,utility,operatingandlaborcostsandsimilarcharges.Inthecaseofanyleasewhichisterminablebythelesseeuponthepaymentofpenalty,suchnetamountshallalsoincludethelesseroftheamountofsuchpenalty(inwhichcasenorentshallbeconsideredasrequiredtobepaidundersuchleasesubsequenttothefirstdateuponwhichitmaybesoterminated)ortherentwhichwouldotherwiseberequiredtobepaidifsuchleaseisnotsoterminated."AttributableValue"means,astoaCapitalLeaseObligation,theprincipalamountthereof.BasetaxablevaluemeanstheagreedvaluespecifiedinaresolutionorinterlocalagreementunderSubsection17C-1-102(8)fromwhichtaxincrementwillbecollected.ComparableTreasuryPricemeans,withrespecttoanyredemptiondate,(1)theaverageoftheReferenceTreasuryDealerQuotationsforsuchredemptiondateafterexcludingthehighestandlowestofsuchReferenceTreasuryDealerQuotations,or(2)ifAT&TobtainsfewerthanthreesuchReferenceTreasuryDealerQuotations,theaverageofallsuchquotations.fullinsurablevaluemeansonehundredpercent(100%)oftheactualreplacementcostoftheProperty(excludingfoundationandexcavationcostsandcostsofundergroundflues,pipes,drainsandotheruninsurableitems).PV-10Valuemeans,asofanydateofdetermination,thepresentvalueoffuturecashflowsfromProvedReservesontheBorrower’sandtheSubsidiaries’OilandGasPropertiesassetforthinthemostrecentReserveReportdeliveredpursuanttoSection5.04(d),utilizing(i)inthecaseofanyOilandGasPropertieslocatedintheUnitedStatesoranyofitsterritoriesorpossessions(includingU.S.FederalwatersintheGulfofMexico),theaverageoftheThree-YearStripPriceforcrudeoil(WTICushing)andnaturalgas(HenryHub),quotedontheNewYorkMercantileExchange(oritssuccessor),(ii)inthecaseofanyOilandGasPropertieslocatedintheNorthSea,theaverageoftheThree-YearStripPriceforcrudeoil(NorthSeaBrent)andnaturalgas(UKNationalBalancingPoint),ineachcasequotedontheInternationalPetroleumExchange(oritssuccessor)and(iii)inthecaseofanyOilandGasPropertieslocatedinanyotherjurisdiction,theaverageoftheThree-YearStripPriceforcrudeoilandnaturalgas,ineachcasequotedonanycommoditiesexchangeorotherpricequotationsourcegenerallyrecognizedintheoilandgasindustryinsuchjurisdictionandreasonablyacceptabletotheAdministrativeAgent,inthecaseofeachofclauses(i),(ii)and(iii),asofthedateasofwhichtheinformationsetforthinsuchReserveReportisprovided(asadjustedforbasisdifferentials)andutilizinga10%discountrate.PV-10ValueshallbeadjustedtogiveeffecttotheCommodityHedgingAgreementsoftheBorrowerandtheSubsidiariesthenineffect.ForpurposesofcalculatingPV-10Value,anyfuturecashflowcalculationssetforthinanyReserveReportandmadeinanycurrencyotherthandollarsshallbeconvertedintodollarsbasedontheExchangeRateonthedateasofwhichtheinformationsetforthinsuchReserveReportisprovided.Fairsalablevaluemeanstheamountthatcouldbeobtainedforassetswithinareasonabletime,eitherthroughcollectionorthroughsaleunderordinarysellingconditionsbyacapableanddiligentsellertoaninterestedbuyerwhoiswilling(butundernocompulsion)topurchase.HistoricalFairMarketValuemeansthevolumeweightedaveragepriceoftheOrdinarySharesduringtheten(10)tradingdayperiodendingonthetradingdaypriortothefirstdateonwhichtheOrdinarySharestradeontheapplicableexchangeorintheapplicablemarket,regularway,withouttherighttoreceivesuchrights.NoOrdinarySharesshallbeissuedatlessthantheirparvalue.Storedvaluemeansmonetaryvaluethatisevidencedbyanelectronicrecord.PresentFairSaleableValuemeanstheamountthatcouldbeobtainedbyanindependentwillingsellerfromanindependentwillingbuyeriftheassets(bothtangibleandintangible)oftheapplicablePersonanditssubsidiariestakenasawholearesoldonagoing-concernbasiswithreasonablepromptnessinanarm’s-lengthtransactionunderpresentconditionsforthesaleofcomparablebusinessenterprisesinsofarassuchconditionscanbereasonablyevaluated.PresentFairSalableValuemeanstheamountthatcouldbeobtainedbyanindependentwillingsellerfromanindependentwillingbuyeriftheassets(bothtangibleandintangible)oftheBorroweranditsSubsidiariestakenasawholearesoldonagoingconcernbasiswithreasonablepromptnessinanarm’s-lengthtransactionunderpresentconditionsforthesaleofcomparablebusinessenterprisesinsofarassuchconditionscanbereasonablyevaluated.ComparablePositionmeansapositionwhere:NetBookValuemeansthenetbookvalueoftherelevantSupplierAsset(s)calculatedinaccordancewiththedepreciationpolicyoftheSuppliersetoutintheletterintheagreedformfromtheSuppliertotheCostumerofevendatewiththisCallOffContract;ReferenceValuemeansthelastreportedsalespriceoftheOrdinarySharesforanytwenty(20)tradingdayswithinthethirty(30)trading-dayperiodendingonthethirdtradingdaypriortothedateonwhichnoticeoftheredemptionisgiven.AppraisedValueWithrespecttoanyMortgageLoanoriginatedinconnectionwitharefinancing,theappraisedvalueoftheMortgagedPropertybasedupontheappraisalmadeatthetimeofsuchrefinancingor,withrespecttoanyotherMortgageLoan,thelesserof(x)theappraisedvalueoftheMortgagedPropertybasedupontheappraisalmadebyafeeappraiseratthetimeoftheoriginationoftherelatedMortgageLoan,and(y)thesalespriceoftheMortgagedPropertyatthetimeofsuchorigination.BaselineValuemeans$158.09,thepershareclosingpriceoftheCommonStockreportedbyTheNewYorkStockExchangeforthelasttradingdateprecedingJanuary1,2013.ForpurposesoftheREITIndexandS&PIndexmeasuresusedindeterminingtheattainmentofeachoftherespectiveRelativeTSRGoals,thebaselinevalueforeachshallalsobetheendingvalueoftheapplicableindexasofthelastdayoftheyearpriortotheEffectiveDate.CollateralValueTheappraisedvalueofaMortgagedPropertybaseduponthelesserof(i)theappraisal(asreviewedandapprovedbytheSeller)madeatthetimeoftheoriginationoftherelatedMortgageLoan,or(ii)thesalespriceofsuchMortgagedPropertyatsuchtimeoforigination.WithrespecttoaMortgageLoantheproceedsofwhichwereusedtorefinanceanexistingmortgageloan,theappraisedvalueoftheMortgagedPropertybasedupontheappraisal(asreviewedandapprovedbytheSeller)obtainedatthetimeofrefinancing.Retailvaluemeansthecounterfeiter’sregularsellingpricefortheitemorservicebearingoridentifiedbythecounterfeitmark.Inthecaseofitemsbearingacounterfeitmarkwhicharecomponentsofafinishedproduct,theretailvalueshallbethecounterfeiter’sregularsellingpriceofthefinishedproductonorinwhichthecomponentwouldbeutilized.WorstValuemeans,inrespectofaSPSValuationDate,thelowestUnderlyingReferenceValueforanyUnderlyingReferenceintheBasketinrespectofsuchSPSValuationDate.PropertyValuemeans:(i)withrespecttoanyPropertyowneddirectlyorindirectlybytheBorrowerorGuarantorforlessthaneighteen(18)months,thecurrentPropertyInvestmentValueofsuchProperty;and(ii)withrespecttoanyPropertyowneddirectlyorindirectlybytheBorrower,orGuarantorformorethaneighteen(18)months,thegreaterof(x)theNetOperatingIncomeforsuchPropertyforthemostrecentlycompletedcalendarquarterannualizeddividedbytheCapitalizationRateand(y)zero.APropertycontributedtoajointventurebytheBorrowerorGuarantorshallbedeemedtohavebeenownedbysuchjointventurefromthedateofsuchcontribution.APropertyacquiredfromajointventureinwhichtheBorroweroranySubsidiaryorAffiliateisamembershallbedeemedtohavebeenownedfromthedateacquiredfromsuchjointventurebutinsuchevent,thereferencesinthisdefinitiontoeighteenmonthsshallbechangedtotwelvemonthswithrespecttosuchProperty.ComparableTreasuryIssuemeanstheUnitedStatesTreasurysecurityorsecuritiesselectedbyanIndependentInvestmentBankerashavinganactualorinterpolatedmaturitycomparabletotheremainingtermoftheNotestoberedeemedthatwouldbeutilized,atthetimeofselectionandinaccordancewithcustomaryfinancialpractice,inpricingnewissuesofcorporatedebtsecuritiesofacomparablematuritytotheremainingtermofsuchNotes.NoteValuemeans,withrespecttoanyday,thepresentvalueoftheunpaidScheduledPaymentsontheReceivables,discountedatanannualrateequalto4.75%.ForpurposesofcalculatingNoteValue,inthecaseofadefaultedReceivable:(a)priortothetimeatwhichsuchdefaultedReceivablebecomesaRepossessedReceivableora180-dayReceivable,theScheduledPaymentsonsuchReceivablewillbecomputedbasedontheamountsthatwouldhavebeentheScheduledPaymentshadsuchdefaultnotoccurred;(b)attheearlierofthetimeatwhichsuchdefaultedReceivablebecomesaRepossessedReceivableora180-dayReceivable,theamountaddedtotheNoteValuewithrespecttosuchReceivablewillbetheestimatedrealizablevalueofsuchReceivable,asdeterminedbytheServicerinaccordancewithitsnormalservicingproceduresand(c)afterthetimesuchdefaultedReceivablebecomesaLiquidatedReceivable,andafterthepaymentofaPurchaseAmountinrespectofaPurchasedReceivable,thereshallbedeemedtobenoScheduledPaymentsdueonsuchReceivable.CapitalizedValuemeans,asofanydate,AnnualizedEBITDAdividedbytheCapitalizationRate.DispositionValuemeans,atanytime,withrespecttoanypropertyCapitalizationValuemeans,atanytime,thesumof(1)withrespecttoRealPropertyBusinesses(otherthanUJVs),individuallydetermined,thegreaterof(x)CombinedEBITDAfromsuchbusinesses(a)inthecaseofallRealPropertyBusinessesotherthanhotelsortradeshowspace,forthemostrecentlyendedcalendarquarter,annualized(i.e.,multipliedbyfour),and(b)inthecaseofhotelsortradeshowspace,forthemostrecentlyendedfourconsecutivecalendarquarters,inbothcases,capitalizedatarateof6.0%perannum,and(y)theGrossBookValueofsuchbusinesses;(2)withrespecttoOtherInvestments,whichdonothavepubliclytradedshares,theNetEquityValueofsuchOtherInvestments;(3)withrespecttoRealPropertyUJVs,whichdonothavepubliclytradedshares,individuallydetermined,thegreaterof(x)CombinedEBITDAfromsuchRealPropertyUJVs(a)inthecaseofallRealPropertyUJVsotherthanthoseowninghotelsortradeshowspace,forthemostrecentlyendedcalendarquarter,annualized(i.e.,multipliedbyfour),and(b)inthecaseofRealPropertyUJVsowninghotelsortradeshowspace,forthemostrecentlyendedfourconsecutivecalendarquarters,inbothcases,capitalizedattherateof6.0%,lessBorrower’sProRataShareofanyIndebtednessattributabletosuchRealPropertyUJVs,and(y)theNetEquityValueofsuchRealPropertyUJVs(subjecttothelastsentenceofthisdefinition);and(4)withoutduplication,Borrower’sProRataShareofUnrestrictedCashandCashEquivalents,thebookvalueofnotesandmortgageloansreceivableandcapitalizeddevelopmentcosts(exclusiveoftenantimprovementsandtenantleasingcommissioncosts),andthefairmarketvalueofpubliclytradedsecurities,atsuchtime,allasdeterminedinaccordancewithGAAP.Forclarity,thepartiesacknowledgeandagreethatthecalculationspursuanttoclause(1)(x)and(y)andclause(3)(x)and(y)aboveinthisdefinitionareintendedtobemadeonaReal-Property-Asset-by-Real-Property-Assetbasis.Forthepurposesofthisdefinition,(1)foranyDispositionofRealPropertyAssetsbyaRealPropertyBusinessduringanycalendarquarter,CombinedEBITDAwillbereducedbyactualCombinedEBITDAgeneratedfromsuchassetorassets,(2)theaggregatecontributiontoCapitalizationValueinexcessof35%ofthetotalCapitalizationValuefromallRealPropertyBusinessesandOtherInvestmentsownedbyUJVsshallnotbeincludedinCapitalizationValue,and(3)theaggregatecontributiontoCapitalizationValuefromleasingcommissionsandmanagementanddevelopmentfeesinexcessof15%ofCombinedEBITDAshallnotbeincludedinCapitalizationValue.TotheextentthatliabilitiesofaRealPropertyUJVareRecoursetoBorrowerortheGeneralPartner,thenforpurposesofclause(3)(y)above,theNetEquityValueofsuchRealPropertyUJVshallnotbereducedbysuchRecourseliabilities.