Consolidated Gross Asset Value means, as of any date, (i) the aggregate Net Operating Income for the two (2) most recent full fiscal quarters of the Company for which financial results have been reported attributable to Projects owned by the Company or another member of the Consolidated Group as of the last day of such period (excluding both Development Projects and 100% of the aggregate Net Operating Income attributable to any Projects not so owned for the four (4) most recent consecutive full fiscal quarters of the Company for which financial results have been reported), multiplied by two (2), with the product thereof divided by the Capitalization Rate, plus (ii) the cost basis value for any such Projects first acquired by the Company or a member of the Consolidated Group during such four (4) most recent consecutive full fiscal quarters, plus (iii) the Consolidated Group’s Pro Rata Share of the aggregate Net Operating Income for the two (2) most recent full fiscal quarters of the Company for which financial results have been reported attributable to Projects owned by Investment Affiliates on the last day of such period (excluding Development Projects and 100% of the aggregate Net Operating Income attributable to any Projects not so owned for the four (4) most recent consecutive full fiscal quarters of the Company for which financial results have been reported) multiplied by two (2), with the product divided by the Capitalization Rate, plus (iv) the Consolidated Group Pro Rata Share of such the cost value basis of any Projects not so owned for such four (4) most recent consecutive full fiscal quarters by an Investment Affiliate, plus (v) the cost value basis of all Development Projects of the Company or any other member of the Consolidated Group, as of the last day of such most recent fiscal quarter, plus (vi) the cost value basis of any Unimproved Land owned by the Company or any other member of the Consolidated Group as of the last day of such most recent fiscal quarter. Notwithstanding the foregoing, for purposes of calculating the amount of Net Operating Income to be used in clauses (i) and (iii) of the preceding sentence of this definition, (A) no Project shall be deemed to have Net Operating Income of less than zero for any period and (B) if any Project is subject to a Lease which has commenced but provides for an initial period of rent abatement or reduction that falls in whole or in part within the period on which Net Operating Income is being calculated, the Net Operating Inco...
Consolidated Gross Asset Value means, as of any day for the Consolidated Group, the sum of (a) the book value of all assets (prior to deduction for accumulated depreciation and accumulated amortization, but including the effect of any impairment charges, as reflected in the consolidated financial statements of the Consolidated Group prepared as of such date in accordance with GAAP) excluding properties that were owned as of April 17, 2002, and that continue to be owned as of the date of determination, by any member of the Consolidated Group, plus (b) an amount equal to the quotient of Consolidated EBITDA for the period of four (4) consecutive fiscal quarters most recently ended attributable to properties that were owned as of April 17, 2002, and that continue to be owned as of the date of determination, by any member of the Consolidated Group divided by the Capitalization Rate, minus (c) goodwill and other Intangible Assets.
Consolidated Gross Asset Value. As of any date of determination, an amount equal to, without double-counting, the sum of (i) for all Stabilized Real Estate Assets, the aggregate of the following amount determined for each such asset, (x) the Net Operating Income of each Stabilized Real Estate Asset for the most recently ended fiscal quarter, multiplied by (y) 4, with the product thereof being divided by (z) the applicable Capitalization Rate; plus (ii) an amount equal to the aggregate Cost Basis Value of Real Estate Assets Under Development on such date, plus (iii) the Cost Basis Value of Land on such date, plus (iv) an amount equal to the aggregate Cost Basis Value of Value-Add Real Estate Assets on such date, plus (v) the Structured Finance Investments Value on such date, plus (vi) the value of Cash and Cash Equivalents on such date, as determined in accordance with GAAP and approved by the Agent, with Consolidated Gross Asset Value being adjusted to include, without double-counting any amounts included in the Structured Finance Investments Value, the Borrower’s, the Trust’s or any Subsidiary’s Pro Rata Share of (I) Net Operating Income (and the items comprising Net Operating Income) of each Stabilized Real Estate Asset owned by any Partially-Owned Entity in such period, (II) the Cost Basis Value of each Real Estate Asset Under Development, Land, or Value-Add Real Estate Asset owned by any Partially-Owned Entity on such date, and (III) the value of Cash and Cash Equivalents owned by any Partially-Owned Entity on such date. Notwithstanding anything to the contrary contained in this Agreement, in determining Consolidated Gross Asset Value for any fiscal quarter, (A) if the Net Operating Income for any Stabilized Real Estate Asset is less than zero for such fiscal quarter, the Net Operating Income included for such fiscal quarter in respect of such Stabilized Real Estate Asset shall be deemed to be zero, (B) Net Operating Income from Real Estate Assets acquired by the Borrower, the Trust, any Subsidiary or any Partially-Owned Entity during the most recently ended fiscal quarter and the immediately preceding fiscal quarter shall be excluded, and such acquired Real Estate Assets shall be included at their Cost Basis Value (or, in the case of any Real Estate Assets acquired by a Partially-Owned Entity, the amount of the Borrower’s, the Trust’s or any Subsidiary’s Pro Rata Share of Cost Basis Value of such Real Estate Assets), and (C) Net Operating Income from Real Estate Assets sold or other...
Examples of Consolidated Gross Asset Value in a sentence
Once obtained, the Borrower shall maintain such arrangements in full force and effect as provided therein, and shall not, without the approval of the Agent, modify, terminate, or transfer such arrangements during the period in which the Borrower’s floating rate Indebtedness exceeds twenty-five percent (25%) of Consolidated Gross Asset Value.
In no event shall the aggregate of Investments made pursuant to subclauses (e), (f), (g) and (h) above exceed twenty-five percent (25%) of Consolidated Gross Asset Value at any time.
Notwithstanding the foregoing, in no event shall the Borrower, the Trust or any of their respective Subsidiaries incur or have outstanding unhedged variable rate Indebtedness in excess of twenty-five percent (25%) of Consolidated Gross Asset Value.
Prompt notice of the sale, transfer or other disposition of, in one or a series of related transactions, of assets constituting 10% or more of the Consolidated Gross Asset Value to any Person other than the Parent, the Borrower, any Subsidiary or any other Loan Party and, if requested by the Agent, a Compliance Certificate evidencing compliance with each of the financial covenants set forth in Section 9.1 after giving effect to such sale(s), transfer(s) or other disposition(s).
At all times, (i) from the Closing Date through the fiscal quarter ending September 30, 2011, Consolidated Total Indebtedness shall not exceed sixty-two and one half of one percent (62.5%) of Consolidated Gross Asset Value, and (ii) for each fiscal quarter ending on or after December 31, 2011, Consolidated Total Indebtedness shall not exceed sixty percent (60%) of Consolidated Gross Asset Value as of the last day of such fiscal quarter.
More Definitions of Consolidated Gross Asset Value
Consolidated Gross Asset Value means, as of any day for the Consolidated Group, the sum of (a) unrestricted cash, restricted cash to the extent a corresponding liability is included in Consolidated Total Liabilities, restricted cash held by third party lenders as collateral for indebtedness, and Cash Equivalents, plus (b) an amount equal to the quotient of Consolidated EBITDA for the period of four (4) consecutive fiscal quarters most recently ended divided by the Capitalization Rate, plus (c) one hundred percent (100%) of the book value of all development in progress, including land, plus (d) one hundred percent (100%) of the book value of other non-real property assets other than goodwill and other intangible assets, in each case determined on a consolidated basis in accordance with GAAP, but including, in any event, a pro rata share of the foregoing items and components attributable to interests in Joint Ventures; provided, however, that for purposes of clause (b), Acquisitions will be valued for the period of four (4) consecutive fiscal quarters following the date of Acquisition at the greater of (i) 100% of the purchase price or Acquisition cost thereof, or (ii) the quotient of the portion of Consolidated EBITDA for a period of four (4) consecutive fiscal quarters attributed to the Acquisition on a Pro Forma Basis divided by the Capitalization Rate.
Consolidated Gross Asset Value means, as of any date, (i) the aggregate Net Operating Income for the two (2) most recent full fiscal quarters of Borrower for which financial results have been reported attributable to Projects owned by Borrower or another member of the Consolidated Group as of the last day of such period (excluding both Development Projects and 100% of the aggregate Net Operating Income attributable to any Projects not so owned for the four (4) most recent consecutive full fiscal quarters of Borrower for which financial results have been reported), multiplied by two (2), with the product thereof divided by the Capitalization Rate, plus (ii) the cost basis value for any such Projects first acquired by Borrower or a member of the Consolidated Group during such four (4) most recent consecutive full fiscal quarters, plus (iii) the Consolidated Group’s Pro Rata Share of the aggregate Net Operating Income for the two (2) most recent full fiscal quarters of Borrower for which financial results have been reported attributable to Projects owned by Investment Affiliates on the last day of such period (excluding Development Projects and 100% of the aggregate Net Operating Income attributable to any Projects not so owned for the four (4) most recent consecutive full fiscal quarters of Borrower for which financial results have been reported) multiplied by two (2), with the product divided by the Capitalization Rate, plus (iv) the Consolidated Group Pro Rata Share of such the cost value basis of any Projects not so owned for such four (4)
Consolidated Gross Asset Value means, for any period, with respect to CNL RPI and its Subsidiaries on a consolidated basis, the sum of (a) the quotient of (i) annualized prior fiscal quarter Consolidated EBITDA minus the aggregate amount of Consolidated EBITDA attributable to each Real Property Asset acquired, sold or otherwise disposed of during such prior fiscal quarter, divided by (ii) a capitalization rate of 9.0%, plus (b) the acquisition cost of each Real Property Asset acquired during such prior fiscal quarter.
Consolidated Gross Asset Value contained in Section 1.1 of the Credit Agreement is amended to read in its entirety as follows: “provided that (i) if any Real Estate Asset is acquired during the first half of any quarter, Net Operating Income from such Real Estate Asset for the applicable quarter and the immediately following quarter shall be excluded, and such acquired Real Estate Asset shall be included at its cost basis value for such quarter and partial quarter, (ii) if any Real Estate Asset is acquired during the last half of any quarter, Net Operating Income from such Real Estate Asset for the applicable quarter and the immediately following two quarters shall be excluded, and such acquired Real Estate Asset shall be included at its cost basis value for such three quarters, and (iii) Net Operating Income from Real Estate Assets sold or otherwise transferred during the applicable quarter shall be excluded.”
Consolidated Gross Asset Value set forth in Section 1.1 of the Existing Credit Agreement is hereby amended in its entirety to read as follows:
Consolidated Gross Asset Value means, for any Person, on any date of determination, the sum (without duplication), on a consolidated basis, of: (a) the Fair Market Value for all Real Estate Assets of Holdings and its Consolidated Subsidiaries for the Measurement Period most recently ended as determined through the valuation policy of the Borrower and in accordance with the definition of Fair Market Value (such policy, the “Valuation Policy”), plus (b) the total cost as of such date, determined in accordance with an Acceptable Accounting Method, of the Development Assets of the Loan Parties and their Consolidated Subsidiaries, including land acquisition costs, plus (c) the Cost Basis Value of all Unimproved Land owned by the Loan Parties and their Consolidated Subsidiaries on such date held for development, plus (d) all unrestricted and unencumbered (other than in favor of the Administrative Agent) cash and Cash Equivalents of the Loan Parties and their Consolidated Subsidiaries on such date determined in accordance with an Acceptable Accounting Method; plus (e) the Borrower’s and its Consolidated Subsidiaries’ Equity Percentage of the items covered by the foregoing clauses (a) through (d) attributable to any Partially-Owned Entity on such date; provided, however, that the foregoing shall exclude any mezzanine debt, and preferred equity investments shall not exceed 20% of the Consolidated Gross Asset Value.
Consolidated Gross Asset Value means of any date of determination, the sum of (a)(i) the Net Operating Income for the most recent fiscal quarter of all of the Real Estate Assets owned by the Company for at least two complete fiscal quarters, less the Management Fee Adjustment, with the sum thereof multiplied by (ii) 4; with the product thereof being divided by (iii) the Capitalization Rate plus (b) an amount equal to the Cost Basis Value of Real Estate Assets not owned for two complete fiscal quarters, plus (c) an amount equal to the Cost Basis Value of Real Estate Assets Under Development on such date, plus (d) the Cost Basis Value of Land on such date, plus (e) the Cost Basis Value of Mortgage Notes on such date, plus (f) the value of Cash and Cash Equivalents on such date, as determined in accordance with GAAP, provided that (1) Net Operating Income from Real Estate Assets valued at their Cost Basis Value shall be excluded, and (2) Net Operating Income from Real Estate Assets sold or otherwise transferred (unless transferred to a member of the Potomac Group (other than the Trust)) during the applicable quarter shall be excluded, with Consolidated Gross Asset Value being adjusted to include the Company’s, the Trust’s or any Subsidiary’s pro rata share of Net Operating Income (and the items comprising Net Operating Income) from any Partially-Owned Entity in such period, based on its percentage ownership interest in such Partially-Owned Entity (or such other amount to which the Company, the Trust or such Subsidiary is entitled or for which the Company, the Trust or such Subsidiary is obligated based on an arm’s length agreement).