Borrowing Base Asset Value means, as of any date of determination, the sum of (a) (i) the aggregate Adjusted Borrowing Base NOI from Borrowing Base Properties owned for the entire prior quarter divided by (ii) the Capitalization Rate, plus (b) the aggregate acquisition cost of all Borrowing Base Properties owned for a period less than the entire prior quarter; provided that (a) the aggregate Borrowing Base Asset Value from Borrowing Base Properties owned pursuant to an Acceptable Ground Lease shall not exceed twenty percent (20%) of the aggregate Borrowing Base Asset Value, and (b) the aggregate Borrowing Base Asset Value from Borrowing Base Properties which are convenience stores shall not exceed five percent (5.0%) of the aggregate Borrowing Base Asset Value.
Borrowing Base Asset Value means, as of any date of determination (without duplication),
Borrowing Base Asset Value means, as of any given calculation date, an amount equal to (a) the sum of the Asset Values of all Real Properties which are wholly owned by any of the General SPE, HCI (or Wholly-Owned Subsidiaries thereof), JV1 (or Wholly-Owned Subsidiaries thereof) or S&C; less (b) any amounts included in the above calculations that are attributable to (i) assets subject to one or more Liens or Negative Pledges; and (ii) Excluded Assets.”
Examples of Borrowing Base Asset Value in a sentence
Initially, the Unencumbered Borrowing Base Asset Value shall be the amount set forth as such in the Compliance Certificate delivered under Section 6.1. Thereafter, the Unencumbered Borrowing Base Asset Value shall be the amount set forth as such in the Compliance Certificate delivered from time to time under Article IX.
Any increase in the Operating Property Value of a Borrowing Base Property shall become effective as of the next determination of the Unencumbered Borrowing Base Asset Value as provided in this Section.
To the extent such Property is not an Eligible Property, such Property shall only be included as a Borrowing Base Property and included in the calculation of Unencumbered Borrowing Base Asset Value upon the consent of the Requisite Lenders in their sole discretion.
The Borrower shall not at any time permit the Borrowing Base Pool to include fewer than seven (7) Eligible Properties, and the Borrower shall not permit the Unencumbered Borrowing Base Asset Value to be less than $500,000,000.
The Borrowing Base Asset Value Ratio to be less than 1.67 to 1.0.
More Definitions of Borrowing Base Asset Value
Borrowing Base Asset Value means with respect to any Borrowing Base Property:
Borrowing Base Asset Value means, as of any date of determination and with respect to any Borrowing Base Asset, the following: (a) with respect to each Borrowing Base Asset that is a New Property, an amount equal to the lesser of (i) the acquisition price for such Borrowing Base Asset paid by the Parent or any of its Consolidated Subsidiaries to a non-affiliate and (ii) the appraised “as is” value of such Borrowing Base Asset as reflected in a Current Appraisal; and (b) with respect to each Borrowing Base Asset that is a Seasoned Property, the appraised “as is” value of such Borrowing Base Asset as reflected in a Current Appraisal. Notwithstanding the foregoing or anything to the contrary contained elsewhere, the Borrowing Base Asset Value with respect to each Initial Borrowing Base Asset for the period from the Closing Date through and including its Borrowing Base Value Date shall be an amount equal to the undepreciated book value for such Initial Borrowing Base Asset (after any impairments). For the avoidance of doubt, the Borrowing Base Asset Value of any Asset that is not, or at any time ceases to be, an Eligible Asset, is zero.
Borrowing Base Asset Value means, at any time, (a) an amount equal to (i) Borrowing Base NOI from all Borrowing Base Properties (other than Non-Stabilized Properties) that have been owned by a Loan Party for four full fiscal quarter periods or longer (which amount for each individual Borrowing Base Property as well as the aggregate amount for all Borrowing Base Properties shall not be less than zero) divided by (ii) the Capitalization Rate, plus (b) the aggregate acquisition cost of all Borrowing Base Properties that have been owned by the Loan Parties for less than four full fiscal quarters, plus (c) the undepreciated book value of Borrowing Base Properties that are Non-Stabilized Properties.
Borrowing Base Asset Value means, at any date of determination, for any Eligible Real Estate Asset, the lesser of (a) the Appraised Value of such Eligible Real Estate Asset, and (b) the Adjusted Net Operating Income of such Eligible Real Estate Asset divided by the Applicable Capitalization Rate.
Borrowing Base Asset Value means, as of any date of determination, the sum of (a) (i) the aggregate Adjusted Borrowing Base NOI from Borrowing Base Properties owned for the entire fiscal quarter most recently ended on or prior to such date of determination divided by (ii) the Capitalization Rate, plus (b) the aggregate acquisition cost of all Borrowing Base Properties owned as of the last day of the fiscal quarter most recently ended on or prior to such date of determination for a period less than such fiscal quarter; provided that (a) the aggregate Borrowing Base Asset Value from Borrowing Base Properties owned pursuant to an Acceptable Ground Lease shall not exceed twenty percent (20%) of the aggregate Borrowing Base Asset Value, and (b) the aggregate Borrowing Base Asset Value from Borrowing Base Properties which are convenience stores shall not exceed five percent (5.0%) of the aggregate Borrowing Base Asset Value.
Borrowing Base Asset Value means, as of any day of determination (a) in respect of Cash, the amount of such Cash, and (b) in respect of any other Asset, the Value of such Asset computed in the manner as such Value is required to be computed by the Borrower in accordance with valuation procedures adopted by Borrower’s Board of Directors, as from time to time in effect, and in accordance with Applicable Law, including without limitation, the rules, regulations and interpretations of the SEC under the Investment Company Act; provided, that (i) in respect of any Asset that constitutes an Equity Security in respect of which a Permitted Call Option has been sold by the Borrower, the Borrowing Base Asset Value of such Asset shall be the lesser of (A) the Value of such Asset as computed in accordance with clause (b) of this definition, and (B) the amount that the holder of such Permitted Call Option is required to pay to exercise such Permitted Call Option and purchase such Equity Security, (ii) the Borrowing Base Asset Value of any Asset shall be net of the Borrower’s liabilities relating thereto, including without limitation all of the Borrower’s obligations to pay any unpaid portion of the purchase price thereof, (iii) the Borrowing Base Asset Value of any Eligible Repurchase Agreement shall be determined by the cost plus accrued interest and (iv) when calculating the “Borrowing Base Asset Value” of any Asset the Borrower shall calculate such value in good faith using one of the following procedures: (A) a quotation received from a Pricing Service, (B) the average of three quotations received from independent dealers making a market in such security (or, if only two such quotes are available, the lower of such quotes) (at least one of which quotations must be in writing) or (C) the last closing price thereof established on a public trading market; provided, further, that for any Asset for which independent reliable market quotations (which may consist of only an independent dealer quotation) are not available (or which is not otherwise valued for the Borrower by a Pricing Service), the Borrowing Base Asset Value of such Asset shall be deemed zero for purposes of this definition.
Borrowing Base Asset Value. “Borrowing Base Property”, “Borrowing Base Property Conditions”, “Borrowing Base Requirements”, “Non-Use Fee Rate”, “Revolving Loan Availability” and “Revolving Outstandings” set forth in Section 1.1 of the Credit Agreement are hereby deleted in their entirety and replaced with the following: Borrowing Base Asset Value means intentionally deleted. Borrowing Base Property means intentionally deleted.