Maximum Loan Availability means, at any time, the lesser of (a) an amount equal to the positive difference, if any, of (i) the Borrowing Base minus (ii) all Unsecured Liabilities (other than the Loans and the Letter of Credit Liabilities), of the Parent and its Consolidated Subsidiaries and (b) the aggregate amount of the Commitments at such time.
Maximum Loan Availability means, at any time, the lesser of (a) the aggregate of the Commitments of all the Lenders, as reduced or increased from time to time pursuant to the terms hereof, (b) the Borrowing Base, and (c) the amount, if any, by which (i) the Borrowing Base exceeds (ii) the aggregate outstanding principal amount of the Loans and the Letter of Credit Liabilities.
Maximum Loan Availability means, at any time, the least of (a) the aggregate of the Commitments of all the Lenders, as reduced or increased from time to time pursuant to the terms hereof, (b) the Borrowing Base, (c) until (i) a Trigger Event has occurred and (ii) the Borrower has complied with Section 4.3 in all respects, the amount, if any, by which (i) the Borrowing Base exceeds (ii) the sum of (x) Senior Notes Indebtedness, plus (y) Other Unsecured Indebtedness unless such Other Unsecured Indebtedness constitutes Subordinated Debt, plus (z) the Subordinated Convertible Notes at any time the Subordinated Convertible Notes no longer constitute Subordinated Debt, and (d) the maximum Indebtedness permitted to be incurred under this Agreement pursuant to the terms of any Senior Notes Indebtedness or Senior Notes Indenture.
Examples of Maximum Loan Availability in a sentence
If at any time the Outstanding Amount of all Loans, together with the aggregate amount of all Letter of Credit Liabilities, exceeds the Maximum Loan Availability, the Borrower shall within five (5) Business Days of the Borrower obtaining knowledge of the occurrence of any such excess, deliver to the Administrative Agent for prompt distribution to each Lender a written plan to eliminate such excess.
Subject to the terms and conditions set forth in this Agreement and the limitations set forth in Section 2.13., each Lender severally and not jointly agrees to make Revolving Loans during the period from and including the Effective Date to but excluding the Termination Date, to the Borrower in an aggregate principal amount at any one time outstanding up to, but not exceeding, such Lender's Pro Rata Share of the Maximum Loan Availability (but in no event in excess of such Lender's Commitment).
Notwithstanding any other term of this Agreement or any other Loan Document, no Lender shall make any Loan in an amount which, immediately after the making of such Loan, would cause the aggregate principal amount of all outstanding Loans to exceed the Maximum Loan Availability.
Each Property included in the calculation of the Maximum Loan Availability satisfies all requirements under the Loan Documents for being an Eligible Property.
If after the Effective Date the Parent desires that the Lenders include any additional Property in calculations of the Maximum Loan Availability, the Parent shall so notify the Administrative Agent in writing.
More Definitions of Maximum Loan Availability
Maximum Loan Availability means, at any time, the lesser of (a) 60% of the Unencumbered Property Value; provided, however, that the Borrower shall have the option, exercisable one time, upon written notice from the Borrower to the Administrative Agent that the Borrower is exercising such option, to elect that such percentage may exceed 60% for a period not to exceed two (2) full fiscal quarters, such period to commence on the date set forth in such notice (such period, the “Availability Surge Period”), so long as (i) the Borrower has delivered a written notice to the Administrative Agent that the Borrower is exercising its option for the Availability Surge Period, (ii) such percentage does not exceed 65% at any time during the Availability Surge Period and (iii) the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition) exceeding 60% at any time during the fiscal quarter in which such Material Acquisition took place, or (b) the aggregate principal balance of Indebtedness (excluding Nonrecourse Indebtedness and Indebtedness to the extent owing among the Parent and/or any of its Subsidiaries but including Secured Recourse Indebtedness and the aggregate principal amount of all Loans) of the Parent and the Ownership share of all such Indebtedness of its Subsidiaries that would cause the ratio of (A) Adjusted NOI of the Unencumbered Properties at such time to (B) Implied Debt Service for such period determined with respect to such principal balance of Indebtedness to equal 1.20 to 1.00. The Borrower shall have the option to exercise both a Leverage Ratio Surge Period and an Availability Surge Period in the same notice.
Maximum Loan Availability means, at any time, the least of (a) the aggregate of the Commitments of all the Lenders, as reduced or increased from time to time pursuant to the terms hereof, (b) the Borrowing Base, and (c) until the Borrower shall have first complied with Section 4.3 in all respects following a Trigger Event, the amount, if any, by which (i) the Borrowing Base exceeds (ii) Other Unsecured Indebtedness unless such Other Unsecured Indebtedness constitutes Subordinated Debt.
Maximum Loan Availability means, at any time, the lesser of (a) $100,000,000.00, (b) the Borrowing Base, and (c) the amount, if any, by which (i) the Borrowing Base exceeds (ii) the aggregate outstanding principal amount of the Loans and the Letter of Credit Liabilities.
Maximum Loan Availability means, at any time, the lesser of (a) the aggregate amount of the Commitments at such time and (b) the amount by which (i) the lesser of (x) the Unencumbered Borrowing Base Value and (y) the aggregate principal balance of Loans and the amount of all Letter of Credit Liabilities that would cause the ratio of (A) Adjusted NOI of the Unencumbered Borrowing Base Properties at such time to (B) Implied Debt Service for such period determined with respect to such principal balance of Loans and amount of Letter of Credit Liabilities to equal 1.35 to 1.00 exceeds (ii) all Secured Recourse Indebtedness of the Parent and its Subsidiaries.
Maximum Loan Availability means, on the Effective Date and all times prior to the Collateral Release Event (including as a result of the increase pursuant to Section 2.17) an amount equal to the lesser of, (i) 65% of the aggregate as-is Appraised Value of all Secured Pool Properties and (ii) the Debt Service Coverage Amount for the Secured Pool Properties. With respect to a Property owned by a Subsidiary that is not a Wholly Owned Subsidiary, only the Borrower’s Ownership Share of the Appraised Value of such Property or NOI of such Property shall be used when determining Maximum Loan Availability.
Maximum Loan Availability means, at any time, the least of (a) the aggregate of the Commitments of all the Lenders, as reduced or increased from time to time pursuant to the terms hereof, (b) the amount, if any, by which (i) the Borrowing Base exceeds (ii) the sum of (x) Senior Notes Indebtedness, plus (y) Other Unsecured Indebtedness unless such Other Unsecured Indebtedness constitutes Subordinated Debt, and (c) the maximum Indebtedness permitted to be incurred under this Agreement pursuant to the terms of any Senior Notes Indebtedness or Senior Notes Indenture.
Maximum Loan Availability means, at any time, the lesser of (a) 60% of the Unencumbered Property Value or (b) the aggregate principal balance of Indebtedness (excluding Nonrecourse Indebtedness and Indebtedness to the extent owing among the Parent and/or any of its Subsidiaries but including Secured Recourse Indebtedness and the aggregate principal amount of all Loans and the aggregate amount of all Letter of Credit Liabilities) of the Parent and the Ownership share of all such Indebtedness of its Subsidiaries that would cause the ratio of (A) Adjusted NOI of the Unencumbered Properties at such time to (B) Implied Debt Service for such period determined with respect to such principal balance of Indebtedness to equal 1.20 to 1.00.