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, 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
Examples of Loan to Value Test in a sentence
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.
Lender shall have determined that the Loan to Value Test is satisfied.
The Agent shall have determined that the Loan to Value Test and the Loan to Cost Test are satisfied.
The Agent shall have determined that each of the Loan to Value Test and the Debt Service Coverage Test is satisfied.
On any Payment Date as of which the Loan to Value Test or the Debt Service Coverage Test has not been satisfied, Agent shall deposit or cause to be deposited in the Principal Reserve Account the remaining available funds pursuant to clause sixth of Section 2.12(b).
More Definitions of Loan to Value Test
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 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, 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 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 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.
Loan to Value Test means, at any time, that (a) the sum of (i) the then aggregate outstanding principal amount of all Loans at such time plus (ii) the Dollar Amount of the aggregate LC Exposure at such time plus (iii) the then aggregate outstanding principal amount of all Refinancing Notes at such time that are secured on a pari passu basis with the Loans plus (iv) the then aggregate outstanding principal amount of all secured Indebtedness incurred pursuant to Sections 6.01(m) and (q) minus (v) the aggregate amount of all unrestricted cash and Cash Equivalents of the Loan Parties (other than Holdings and other than, for purposes of determining compliance with clause (v) of Section 2.21(a), cash proceeds of any Incremental Term Loans or Incremental Revolving Loans) that are deposited in Controlled Accounts at such time shall be no greater than (b) 65% of the sum of (i) the aggregate Fair Market Value of all Collateral Vessels at such time that are subject to a Collateral Vessel Mortgage plus (ii) the aggregate Fair Market Value of the FSO JV Equity Interests at such time (so long as the applicable requirements of the definition thereof have been satisfied).
Loan to Value Test means, as of any date of calculation, the test that shall be satisfied if the Principal Indebtedness is not greater than the product of the Market Value and 65%.