Combined Borrowing Base Availability definition
Combined Borrowing Base Availability means, as of any date of determination, the sum of (i) the Combined Borrowing Base, minus (ii) Combined Exposure.
Combined Borrowing Base Availability means, at any date of determination, the excess of the Combined Borrowing Base over the Aggregate Revolver Outstandings on such date.
Combined Borrowing Base Availability means that portion of the Loan allocated by Bank to Eligible Mortgage Loans and Purchased Property, provided that the Borrowing Base Availability allocated to an Eligible Mortgage Loan shall never exceed the lesser of (a) the Collateral Value Applicable to such Eligible Mortgage Loan, or (b) $750,000.00, if the Project which secures such Mortgage Loan is not a hotel or motel and $2,000,000.00 with respect to all Mortgage Loans, and provided further that the Borrowing Base Availability allocated to the Purchased Properties shall never exceed the lesser of (a) $20,000,000.00 or (b) forty percent (40%) of the lesser of (i) Borrower's purchase price for such Purchased Properties as listed on EXHIBIT "K" to the Loan Agreement, or (ii) the aggregate Appraised Value of such Purchased Properties. The term "AFFECTED PROJECT" as used in SECTION 2.6(f) of the Loan Agreement shall include any Purchased Property damaged or destroyed as a result of fire or other casualty and the terms of SECTION 2.6(f) of the Loan Agreement shall apply to any such damaged or destroyed Purchased Property. After the end of the Interim Period, the definition of COMBINED BORROWING BASE AVAILABILITY shall revert back to the previous definition set out in the Loan Agreement. On or before March 15, 1999, Borrower shall repay in full all Purchase Advances, and upon such payment the properties listed on EXHIBIT "K" shall cease to be Purchased Properties. If Borrower fails to repay all Purchase Advances on or before March 15, 1999, Borrower shall, by May 1, 1999, grant and deliver to Lender, at Borrower's expense, a perfected first lien mortgage or deed of trust against each Purchased Property securing the Loan in form acceptable to Lender, along with original mortgagee's policies of title insurance issued with respect to each such mortgage or deed of trust, and any Project Documents requested by Lender pertaining to the Purchased Properties, and any other documents reasonably requested by Lender to ensure that the Loan is secured by liens against the Purchased Properties. Failure to deliver all such requested instruments and documents or on before May 1, 1999, shall constitute an Event of Default under the Loan Agreement.
Examples of Combined Borrowing Base Availability in a sentence
Notwithstanding the foregoing, in the case of a Restricted Security, a beneficial interest in a Global Security being transferred in reliance on an exemption from the registration requirements of the Securities Act other than in accordance with Rule 144, Regulation S or Rule 144A may only be transferred for a Physical Security.
The Administrative Agent has received a Borrowing Base Certificate that calculates the Term Loan Borrowing Base, Revolving Borrowing Base, Combined Borrowing Base and Combined Borrowing Base Availability, each as of the Effective Date, together with all supporting documentation relating thereto.