Collateral Property Availability definition

Collateral Property Availability means, as determined with respect to the then Collateral Properties, the lesser of (i) 60% of the As-Is Appraised Value of such Collateral Properties, in the aggregate, and (ii) the amount that would result in a 9% Collateral Property Debt Yield for such Collateral Properties, in the aggregate. If any Collateral Property shall cease to qualify as such pursuant to Section 7.15(c), such ineligible Property shall be excluded from the calculation of the Collateral Property Availability, and the Collateral Property Availability shall be recalculated immediately upon such exclusion.
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Collateral Property Availability means, as determined with respect to the then Collateral Properties, the sum of (a) for Hotels, the lesser of (i) 50% of the as-stabilized Appraised Value of such Collateral Property and (ii) 65% of the as-is Appraised Value of such Collateral Property and (b) for Collateral Properties other than Hotels, the lesser of (i) 60% of the as-is Appraised Value of such Collateral Properties, in the aggregate, and (ii) the amount that would result in a 11% Collateral Property Debt Yield for such Collateral Properties, in the aggregate. If any Collateral Property shall cease to qualify as such pursuant to Section 7.15(c), such ineligible Property shall be excluded from the calculation of the Collateral Property Availability, and the Collateral Property Availability shall be recalculated immediately upon such exclusion.
Sample 1Sample 2
Collateral Property Availability means, as determined with respect to the then Collateral Properties, the sum of (a) for Hotels, the lesser of (i) 40% of the as-stabilized Appraised Value of such Collateral Property and (ii) 55% of the as-is Appraised Value of such Collateral Property and (b) for Collateral Properties other than Hotels, the lesser of (i) 50% of the as-is Appraised Value of such Collateral Properties, in the aggregate, and (ii) the amount that would result in a 12% Collateral Property Debt Yield for such Collateral Properties, in the aggregate. If any Collateral Property shall cease to qualify as such pursuant to Section 7.15(c), such ineligible Property shall be excluded from the calculation of the Collateral Property Availability, and the Collateral Property Availability shall be recalculated immediately upon such exclusion.
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Examples of Collateral Property Availability in a sentence

  • Notwithstanding the immediately preceding two sentences but subject to Section 2.15., a borrowing of Revolving Loans may be in the aggregate amount of the unused Revolving Commitments or the aggregate amount of the unused Collateral Property Availability, as then applicable pursuant to the terms of this Agreement.

  • If any Collateral Property shall cease to qualify as such pursuant to Section 7.15(c), such ineligible Property shall be excluded from the calculation of the Collateral Property Availability, and the Collateral Property Availability shall be recalculated immediately upon such exclusion.


More Definitions of Collateral Property Availability

Collateral Property Availability set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Sample 1
Collateral Property Availability means, as determined with respect to the then Collateral Properties, the least of (i) 40% of the as-stabilized Appraised Value of such Collateral Properties, in the aggregate, (ii) 50% of the as-is Appraised Value of such Collateral Properties, in the aggregate, and (iii) the amount that would result in a Collateral Property Debt Yield for such Collateral Properties (in the aggregate) as follows: (A) in the case of any such calculation from September 30, 2024 through and including December 31, 2024, 8.5%, (B) in the case of any such calculation from January 1, 2025 through and including March 31, 2025, 9.5%, (C) in the case of any such calculation from April 1, 2025 through and including June 30, 2025, 10%, (D) in the case of any such calculation from July 1, 2025 through and including September 30, 2025, 11%, and (E) in the case of any such calculation on or after October 1, 2025, 12%. If any Collateral Property shall cease to qualify as such pursuant to Section 7.15(c) or if the value of any Collateral Property shall otherwise be expressly excluded from the determination of Collateral Property Availability (or otherwise expressly limited) pursuant to the terms of the Security Instrument encumbering such Property or the Borrower Letter, then, in any such case, the value of such Property shall be excluded from the calculation of the Collateral Property Availability (or limited as expressly provided in the provision of the applicable Security Instrument or the Borrower Letter, as applicable, pursuant to which such limitation arises), and the Collateral Property Availability shall be recalculated immediately upon such exclusion (or limitation, as applicable).
Sample 1
Collateral Property Availability means, as determined with respect to the then Collateral Properties, the least of (i) 40% of the as-stabilized Appraised Value of such Collateral Properties, in the aggregate, (ii) 50% of the as-is Appraised Value of such Collateral Properties, in the aggregate, and (iii) the amount that would result in a 12% Collateral Property Debt Yield for such Collateral Properties, in the aggregate. If any Collateral Property shall cease to qualify as such pursuant to Section 7.15(c) or if the value of any Collateral Property shall otherwise be expressly excluded from the determination of Collateral Property Availability (or otherwise expressly limited) pursuant to the terms of the Security Instrument encumbering such Property or the Borrower Letter, then, in any such case, the value of such Property shall be excluded from the calculation of the Collateral Property Availability (or limited as expressly provided in the provision of the applicable Security Instrument or the Borrower Letter, as applicable, pursuant to which such limitation arises), and the Collateral Property Availability shall be recalculated immediately upon such exclusion (or limitation, as applicable).
Sample 1
Collateral Property Availability means, as determined with respect to the then Collateral Properties, the lesser of (i) 50% of the as-is Appraised Value of such Collateral Properties, in the aggregate, and (ii) the aggregate amount of Revolving Commitments and Term Loans that would result in a Debt Service Coverage Ratio of 1.35 to 1.00. If any Collateral Property shall cease to qualify as such pursuant to Section 7.15(c) or if the value of any Collateral Property shall otherwise be expressly excluded from the determination of Collateral Property Availability (or otherwise expressly limited) pursuant to the terms of the Security Instrument encumbering such Property, then, in any such case, the value of such Property shall be excluded from the calculation of the Collateral Property Availability (or limited as expressly provided in the provision of the applicable Security Instrument pursuant to which such limitation arises), and the Collateral Property Availability shall be recalculated immediately upon such exclusion (or limitation, as applicable).
Sample 1
Collateral Property Availability means, as determined with respect to the then Collateral Properties, the sum of (a) for Hotels, the lesser of (i) 50% of the as-stabilized Appraised Value of such Collateral Property and (ii) 65% of the as-is Appraised Value of such Collateral Property and (b) for Collateral Properties other than Hotels, the lesser of
Sample 1

Related to Collateral Property Availability

  • Collateral Coverage Ratio means (i) the aggregate value of any relevant collateral security, including the pro rata value of any shared collateral, divided by (ii) the outstanding aggregate principal amount of the relevant debt.

  • Borrowing Base means, at any time of calculation, an amount equal to:

  • Mortgaged Real Property means (a) each Real Property identified on Schedule 1.01(a) hereto and (b) each Real Property, if any, which shall be subject to a Mortgage delivered after the Original Closing Date pursuant to Section 5.11(d) or pursuant to Section 5.11(d) of the Original Credit Agreement or the Prior Credit Agreement.