Loan to Value Test definition

Loan to Value Test. Shall have the meaning set forth in Section 2.03 of this Agreement.

Loan to Value Test means, as of any date of determination, the aggregate principal amount of the outstanding Term Loans plus the Credit-Linked LOC Committed Amount is less than or equal to the Appraised Value of the Credit Parties’ (other than a Permitted Real Estate Entity) owned real property subject to a Lien in favor of the Administrative Agent, for the benefit of the Lenders.

Loan to Value Test means a test that shall be satisfied if (a) the sum of (i) the outstanding First Mortgage Principal Indebtedness plus (ii) the outstanding Principal Indebtedness is less than 75% of the value of the Mortgaged Property as determined by the Lender in its sole discretion; and (b) the sum of (i) the outstanding First Mortgage Principal Indebtedness plus (ii) the outstanding Principal Indebtedness plus (iii) the Junior Mezzanine Loan Principal Indebtedness is less than 80% of the value of the Mortgaged Property as determined by the Lender in its sole discretion.

Examples of Loan to Value Test in a sentence

• Borrower may make a voluntary prepayment of the Loan on the Original Maturity Date or the First Extended Maturity Date, as applicable, in order to be in compliance with the Loan to Value Test on such date (including from equity capital contributions from its principals).

• Lender shall have determined that the Loan to Value Test is satisfied.

• For purposes of determining compliance with the Loan to Value Test, a new appraisal shall not be required for each advance provided the appraisal required in connection therewith shall not be more than twelve (12) months old and any required reappraisals shall be made at Borrower's expense, subject to the limitation set forth in clause (i) above.

• If such appraisal process is initiated, then the determination of the value of such Property for purposes of the Loan to Value Test pursuant to such process shall be conclusive and binding on Lender and Borrower.

• If Lender notifies Borrower that the Loan to Value Test has not been satisfied, and Borrower believes that Lender’s determination of the value of the Property in connection with such calculation is incorrect, then Borrower may cause Mortgage Borrower to initiate the appraisal process set forth in the First Mortgage Loan Agreement.

More Definitions of Loan to Value Test

Loan to Value Test means, at any time, that the sum of the then aggregate outstanding principal amount of all Loans at such time and the Dollar Amount of the aggregate LC Exposure at such time shall be no greater than 65% of the aggregate Fair Market Value of all Collateral Vessels at such time

Loan to Value Test means a test that shall be satisfied if (a) the sum of (i) the outstanding First Mortgage Principal Indebtedness plus (ii) the outstanding Senior Mezzanine Principal Indebtedness is less than 75% of the value of the Mortgaged Property as determined by the Lender in its sole discretion; and (b) the sum of (i) the outstanding First Mortgage Principal Indebtedness plus (ii) the outstanding Senior Mezzanine Principal Indebtedness plus (iii) the outstanding Principal Indebtedness is less than 80% of the value of the Mortgaged Property as determined by the Lender in its sole discretion.

Loan to Value Test means, as of any date of determination, the aggregate principal amount of the outstanding Term Loans plus the Credit-Linked LOC Commitment is less than fifty percent (50%) of the appraised value of the Credit Parties' owned real property based on the most recent appraisals delivered to and acceptable to the Administrative Agent (including any new appraisal obtained for purposes of determining compliance with such test as the Administrative Agent may reasonably deem appropriate at such time; provided that new appraisals shall not be ordered more than once annually).

Loan to Value Test means, as of any date of determination, the aggregate principal amount of the outstanding Term Loans plus the Credit- Linked LOC Committed Amount is less than or equal to the Appraised Value of the Credit Parties’ (other than a Permitted Real Estate Entity) owned real property subject to a Lien in favor of the Administrative Agent, for the benefit of the Lenders.

Loan to Value Test means the test that shall be satisfied in connection with a Property Release if after giving effect to such Property Release, an amount equal to the outstanding Principal Amount minus the aggregate principal amounts of the Defeasance Notes, if any, is not greater than the applicable Loan to Value Percentage of the fair market value of the Properties subject to the Liens of the Security Instruments set forth in an appraisal acceptable to Lender.

Loan to Value Test. The determination by Xxxxx, in its sole but ------------------ reasonable discretion pursuant to the Appraisal that the Loan to Value Ratio (as herein defined) does not exceed seventy-five percent (75%).

Loan to Value Test means a test that shall be satisfied if the sum of the outstanding Principal Indebtedness plus the outstanding principal amount of the Approved Junior Mezzanine Loan is less than 75% of the value of the Mortgaged Property as determined by the Agent.