Designated Valuation Amount definition
Designated Valuation Amount means, as of any date of determination, as to any single asset included in Collateral, the book value of such asset at the end of the fiscal quarter most recently ended prior to such date of determination, determined by the Borrower in accordance with GAAP, consistently applied, provided that in determining the book value of any asset included in Collateral for purposes of this definition: (w) depreciation shall be added back to such book value with respect to any Credit Tenant Lease Assets and Other Real Estate Owned Assets; (x) all amounts accrued after March 16, 2011 with respect to any Loan Asset on account of amounts which when received would constitute interest payments for such Loan Asset shall be excluded from such book value with respect to such Loan Asset, and any specific reserve allocated to such Loan Asset shall be first applied in reduction of the amount of the interest accrual; (y) solely with respect to those assets set forth in Part II of the report delivered pursuant to Section 3.1(s), the book value of each listed asset shall be reduced by the greater of (i) the aggregate specific reserves and impairments made since the Closing Date in respect of such asset, determined in accordance with GAAP and (ii) the amount set forth opposite such asset in Part II of such report; and (z) such book value with respect to all assets (other than those assets described in clauses (x) and (y) above) shall be net of any asset specific reserves and impairments, all of the foregoing to be determined at the end of each fiscal quarter in accordance with GAAP. The Designated Valuation Amount of an asset included in Collateral shall be reduced to zero (i) upon any loss or forgiveness arising out of any event of a type described in Section 6.1(f) or (g) with respect to the obligor of a Loan Asset, or any restructuring or similar agreement in lieu of such an event, in any case with regard to which GAAP would require a write-down to zero or (ii) upon such asset becoming Third Party Collateral.
Designated Valuation Amount means, as of any date of determination, as to any single asset included as a Borrowing Base Asset, the BPO Value of such Borrowing Base Asset as of such date of determination; provided that:
Designated Valuation Amount means, as of any date of determination, as to any single asset included as a Covered Asset, 80% of the Book Value of such Covered Asset as of such date of determination, less, in the case of any such asset that is a Credit Tenant Lease, a Land Asset or an Operating Property Asset with respect to which there is a Mortgage on the underlying property, the outstanding principal amount of such Mortgage on such date.
Examples of Designated Valuation Amount in a sentence
The Aggregate Valuation Amount of Collateral and Covered Assets covered in the Evaluation Report, together with the Aggregate Valuation Amount of Collateral and Covered Assets not covered in the Evaluation Report (but, in each case, the Designated Valuation Amount for which is determined pursuant to the provisions set forth in the definition of such term) shall reflect an Aggregate Valuation Amount as of the Closing Date of not less than $1,100,000,000.
In connection with the calculation of such Coverage Ratio, the Designated Valuation Amount of each item of Collateral for purposes of determining the Coverage Ratio shall be adjusted quarterly, beginning with the quarter ending June 30, 2012, and determined pursuant to the provisions set forth in the definition of such term.
More Definitions of Designated Valuation Amount
Designated Valuation Amount means, at any time, as to any single asset included in Collateral the valuation of such asset as determined prior to the Closing Date pursuant to the Evaluation Report and as set forth on the Pledged Collateral List, as such valuation shall be adjusted (but, in no event, below zero) to reflect any Principal Collateral Payments (other than payments described in clauses (x), (y) and (z) of subsection (ii) of the definition of “Principal Collateral Payments”) received by a Collateral SPV or Collateral LLC in respect thereof and applied in accordance with Section 2.11. The Designated Valuation Amount of an asset included in Collateral shall be reduced to zero (i) upon any loss or forgiveness arising out of any event of a type described in Section 6.1(f) or (g) with respect to the obligor of a Loan Asset or any restructuring or similar agreement in lieu of such an event with regard to which GAAP would require a write-down to zero or (ii) upon such asset becoming Third Party Collateral.
Designated Valuation Amount means, as of any date of determination, as to any single asset included as a Borrowing Base Asset, the BPO Value of such Borrowing Base Asset as of such date of determination; provided that: (i) if there is a write-down with respect to the Book Value of such asset or a specific reserve is taken with respect to such asset, the Designated Valuation Amount of such asset shall be (a) other than for those Borrowing Base Assets as described in sub-clauses (b) and (c) below, the lesser of (x) the Book Value of such asset, after giving effect to such write-down or asset specific reserve, and (y) the BPO Value of such asset, after giving effect to such write-down and asset specific reserve, (b) in the case of a Borrowing Base Asset described in clause (viii) below, the lesser of (x) the Book Value of such Borrowing Base Asset, after giving effect to such write- down or asset specific reserve and (y) to the extent available, the Appraised Value of such Borrowing Base Asset, after giving effect to such write-down an asset specific reserve and (c) in the case of a Loan Asset, the Book Value of such Borrowing Base Asset, after giving effect to such write-down or asset specific reserve; (ii) the Designated Valuation Amount of a Loan Asset shall be the Book Value of such Loan Asset adjusted (but, in no event below zero) to reflect principal payments actually paid or prepaid on account of such Loan Assets as reflected on the most recent Monthly Certificate; - 11-
Designated Valuation Amount means, as of any date of determination, as to any single asset included as a Covered Asset, 80% of the Book Value of such Covered Asset as of such date of determination, l ess, in the case of any such asset that is a Credit Tenant Lease, a Land Asset or an Operating Property Asset with respect to which there is a Mortgage on the underlying property, the outstanding principal amount of such Mortgage on such date.
Designated Valuation Amount means, as of any date of determination, as to any single asset included in Collateral, the book value of such asset at the end of the fiscal quarter most recently ended prior to such date of determination, determined by the Borrower in accordance with GAAP, consistently applied, provided that in determining the book value of any asset included in Collateral for purposes of this definition: (w) depreciation shall be added back to such book value with respect to any Credit Tenant Lease Assets and Other Real Estate Owned Assets; (x) all amounts accrued after March 16, 2011 with respect to any Loan Asset on account of amounts which when received would constitute interest payments for such Loan Asset shall be excluded from such book value with respect to such Loan Asset, and any specific reserve allocated to such Loan Asset shall be first applied in reduction of the amount of the interest accrual; (y) solely with respect to those assets set forth in Part II of the report delivered pursuant to Section 3.1(s), the book value of each listed asset shall be reduced by the greater of (i) the aggregate specific reserves and impairments made since the Closing Date in respect of such asset, determined in