Borrowing Base Value. The Borrowing Base Value for Eligible Real Estate owned by Parent Borrower or any Subsidiary Borrower included in the Mortgaged Property shall be the amount which is sixty percent (60%) of the sum of the Appraised Values of each Mortgaged Property as most recently determined under §2.12(e), §5.2 or §10.13.
Borrowing Base Value. The Borrower will not at any time permit the Outstanding Obligations to exceed the aggregate Borrowing Base Value of the Mortgaged Properties.
Borrowing Base Value. 1. With respect to all Borrowing Base Properties owned by any Loan Party for less than or equal to twelve (12) months, the purchase price of such Borrowing Base Properties $___________
2. With respect to each other Borrowing Base Property, the quotient of (x) the consolidated Property NOI (as set forth on Exhibit B) of such Borrowing Base Property for the most recent Rolling Period divided by (y) the Capitalization Rate applicable for such Borrowing Base Property $___________
3. Line A1 plus Line A2 (“Borrowing Base Value”) $___________
Borrowing Base Value. Borrowing Base Values will be adjusted downward as of the end of a Fiscal Quarter if application of the formula described in clause (b) of the definition of Borrowing Base Value justifies such adjustment. In the event the Borrowing Base Value of any Borrowing Base Property is increased, such increase shall not become effective until Borrower delivers to Agent an endorsement, if necessary, to Agent's title insurance policy increasing the amount thereof as related to such Borrowing Base Property to not less than one hundred percent (100%) of the adjusted Borrowing Base Value.
Borrowing Base Value. In the event the As Is Value of any Collateral Pool Property is increased, such increase shall not become effective until the Borrower delivers to the Agent an endorsement, if necessary, to the Agent's title insurance policy increasing the amount thereof as related to such Collateral Pool Property by the adjustment to the Collateral Pool Value.
Borrowing Base Value. For each Borrowing Base Property, the lower of the Appraised Value of such Borrowing Base Property and the Borrowing Base Property Cost of each such Borrowing Base Property, and the Borrowing Base Value for all Borrowing Base Properties shall be the aggregate of the amount determined as provided above for each Borrowing Base Property. The Texas Ten Real Estate shall not be included in the determination of Borrowing Base Value unless the Texas Ten Revaluation Date has occurred on or before December 31, 2018.
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Borrowing Base Value. The Borrowing Base Value for Eligible Real Estate owned by the Borrower or any Subsidiary Guarantor included in the Borrowing Base shall be the amount which is the sum of (a) the Appraised Values of each Mortgaged Property (other than Three Xxxxxxxx Place) as most recently determined under §2.11(f) or §10.13, as applicable, plus (b) (i) during the Initial Term, the cash incurred costs of Three Xxxxxxxx Place, or (ii) during the Extension Term, the Appraised Value of Three Xxxxxxxx Place determined under §2.11(f); provided, however, that the value accorded to Three Xxxxxxxx Place for purposes of determining Borrowing Base Value shall not exceed twenty-five percent (25%) of the Borrowing Base Value until it becomes a Stabilized Property. Notwithstanding anything in this Agreement to the contrary, Three Xxxxxxxx Place shall not be included in the calculation of Borrowing Base Value until such time as Agent has received an Appraisal of Three Xxxxxxxx Place (provided that only the Appraisal obtained pursuant to §2.11(f) shall be considered for determining the Borrowing Base Value attributable to Three Xxxxxxxx Place).
Borrowing Base Value. For the Mortgaged Property, Borrowing Base Value shall equal sixty percent (60%) of the Appraised Value of the Mortgaged Property.
Borrowing Base Value. The Borrower will not at any time permit the Outstanding Obligations to exceed the Borrowing Base Value of the Mortgaged Property. The covenant set forth in this §9.1 shall not be effective prior to the Revolving Credit Reinstatement Date.
