Maximum Loan-To-Value. Receipt and satisfactory review of an appraisal of the Premises indicating a loan-to-value not to exceed eighty five percent (85%) of the amount equal to the appraised value of the Premises less the Environmental Reserve;
Maximum Loan-To-Value. The combined loan to value ratio of the outstanding principal balance of the First Lien Real Estate Note plus the outstanding principal balance of the Second Lien Real Estate Note plus the outstanding principal balance of the Third Lien Real Estate Note plus the amount of the requested advance under the Third Lien Real Estate Note shall not exceed 80% of the value Loan Terms, Conditions and Procedures Addendum of the Headquarters Property based on an appraisal of the Headquarters Property satisfactory to the Agent in form and substance.
Maximum Loan-To-Value. Borrower shall at all times maintain a Loan to Value of less than or equal to 40%.
Maximum Loan-To-Value. The loan to value of the Property does not exceed sixty-six percent (66%) based on an updated appraisal obtained at Borrower's cost; provided that Borrower shall not be obligated to pay for more than two updated appraisals in any calendar year.
Maximum Loan-To-Value. Receipt and satisfactory review of an appraisal of each Pledged Pool Property securing the loan indicating a loan-to-value for the applicable Note not to exceed eighty five percent (85%) of the appraised value of said Pledged Pool Property less an environmental reserve, where required, in an amount determined in the sole discretion of Bank (as listed in Schedule A attached hereto, as may be amended, modified or restated, from time to time);
Maximum Loan-To-Value. The unpaid principal balance of the Loan shall not be more than eighty percent (80%) of the as stabilized value of the Property as reasonably determined by Lender.
Maximum Loan-To-Value. The principal amount of the Loans (including, if applicable, the Primary Commitment Increase under §2.10 and the Commitment Increase under §2.11 hereof) shall not exceed sixty percent (60%) of the Appraised Value (as determined by the Appraisal of the Mortgaged Property most recently delivered to, and approved by, the Required Lenders in accordance with the terms of this Agreement) of the Mortgaged Property. This covenant shall be tested quarterly at the end of each calendar quarter commencing with the calendar quarter ending December 31, 2009 and continuing through and including the Maturity Date. In the event any such quarterly test reveals that the then principal amount of the Loans exceeds sixty percent (60%) of the then Appraised Value, Borrower and Guarantor shall be required to prepay the Loans within thirty (30) days in an amount necessary to satisfy this covenant, which prepayment shall not be prohibited during the Lock-Out Period. In connection with any such prepayment of the Loans, Borrower shall pay Agent for the account of the Lenders any sums that may be due under §4.8. Any portion of the Loans that is prepaid may not be reborrowed.
