Real Estate Borrowing Base means 80% of the purchase price of Eligible Real Estate Inventory plus at the Lender's sole discretion up to eighty percent (80%) of the Eligible Development Costs of Eligible Real Estate Inventory, provided, however the Real Estate Borrowing Base shall not exceed Five Million Dollars ($5,000,000).
Real Estate Borrowing Base means, as of any date determined by Agent, from time to time, an amount equal to the lesser of (a) 50% of the appraised fair market value of Borrowers’ owned Real Estate and (b) $30,000,000; provided that the amount of the Real Estate Borrowing Base shall amortize monthly on a twelve and a half-year straight-line basis, beginning on the first day of the calendar month following completion of the appraisals contemplated by the Second Amendment.
Real Estate Borrowing Base means, at the time of calculation, the sum of (i) 60% of the aggregate annualized and normalized actual year-to-date Net Operating Incomes of the unencumbered Eligible Properties (other than hotel properties) capitalized at 10.0%, (ii) 60% of the aggregate annualized and normalized actual year to date Net Operating Incomes less FF&E Reserves of unencumbered Eligible Properties constituting hotel properties capitalized at 10.5%; (iii) 50% of the aggregate annualized and normalized actual year-to-date Net Operating Incomes of the encumbered Eligible Properties capitalized at 12.0%, up to a maximum amount of $20,000,000; provided, however, that in no event shall the aggregate amounts included in clause (ii) above exceed the lesser of (a) 10% of the Borrowing Base or (b) $10,000,000, at any time.
Examples of Real Estate Borrowing Base in a sentence
The parties hereto agree that (i) upon the receipt of all of the appraisals required above, the Real Estate Borrowing Base shall be recalculated and reset by Agent in accordance with the terms thereof (as amended by this Amendment), based on the results of such appraisals and (ii) such appraisals shall not count against the limited number of Real Estate appraisals for which expense reimbursement may be sought pursuant to clause (f) of Annex E to the Credit Agreement.
More Definitions of Real Estate Borrowing Base
Real Estate Borrowing Base means, as of any date determined by Agent, from time to time, an amount equal to the lesser of (a) 50% of the appraised fair market value of Borrowers’ owned Real Estate and (b) $30,000,000; provided that the amount of the Real Estate Borrowing Base shall amortize monthly on a twelve and a half-year straight-line basis, beginning on the first day of the calendar month following completion of the appraisals contemplated by the Second Amendment; provided, however, that at the option of the Borrower Representative, but subject to the conditions and delivery requirements set forth in Section 4 of the Third Amendment, the amount of the Real Estate Borrowing Base shall instead amortize monthly on a twelve and a half-year straight-line basis, beginning on the first day of the calendar month following completion of the appraisals contemplated by the Third Amendment.(vi) By amending the definition of “Requisite Lenders” thereof in its entirety as follows:
Real Estate Borrowing Base means, at the time of calculation, 50% of the aggregate annualized and normalized actual year-to-date Net Operating Incomes of the Eligible Properties capitalized at 11.5%.
Real Estate Borrowing Base in Section 1.1 of the Agreement is hereby deleted.
Real Estate Borrowing Base the Real Estate Borrowing Base Percentage for the applicable Fiscal Year of the Borrowers, multiplied by, the Aggregate Appraisal Value.
Real Estate Borrowing Base means, as of any date determined by Agent, from time to time, an amount equal to the lesser of (a) 50% of the appraised fair market value of Borrowers' owned Real Estate (based on the appraisals delivered to Agent pursuant to the Fourth Amendment) and (b) $30,000,000; provided that the Real Estate listed as item #14 on Schedule A to the Fourth Amendment shall not be included in the Real Estate Borrowing Base until such time as Agent and Lenders shall have received the information and documentation with respect thereto required pursuant to Section 5.9 within 90 days of the Fourth Amendment Effective Date (or such later period agreed to by Agent in its sole discretion) including without limitation a current appraisal of such Real Estate, prepared by an appraiser acceptable to Agent, and in form and substance satisfactory to Agent and Lenders; provided, further, that the amount of the Real Estate Borrowing Base shall amortize monthly on a twelve and a half-year straight-line basis, beginning on the first day of the calendar month following the Fourth Amendment Effective Date.
Real Estate Borrowing Base means, as of any date determined by Agent, from time to time, an amount equal to the lesser of (a) 50% of the appraised fair market value of Borrowers’ owned Real Estate and (b) $30,000,000; provided that the amount of the Real Estate Borrowing Base shall amortize monthly on a twelve and a half-year straight-line basis, beginning on the first day of the calendar month following completion of the appraisals contemplated by the Second Amendment; provided, however, that at the option of the Borrower Representative, but subject to the conditions and delivery requirements set forth in Section 4 of the Third Amendment, the amount of the Real Estate Borrowing Base shall instead amortize monthly on a twelve and a half-year straight-line basis, beginning on the first day of the calendar month following completion of the appraisals contemplated by the Third Amendment.
Real Estate Borrowing Base means, as of any date determined by Agent, from time to time, after (i) the Real Estate Requirements have been satisfied and (ii) the delivery to Agent of such environmental studies and appraisals requested by it, in each case reasonably satisfactory in form and substance to Agent, in its sole discretion, an amount equal to the least of (a) 60% of the appraised fair market value of Borrowers’ owned Real Estate, (b) $30,000,000 and (c) 20% of the Borrowing Base (including the Real Estate Borrowing Base); provided that until the date on which Agent notifies Borrower Representative that the conditions set forth in clauses (i) and (ii) above have been satisfied in full, the Real Estate Borrowing Base shall be zero; provided further that the amount of the Real Estate Borrowing Base shall amortize monthly on a ten-year straight-line basis, beginning on the date on which the conditions set forth in clauses (i) and (ii) above are initially satisfied in full. Borrowers may request that Agent effectuate the Real Estate Borrowing Base at any time and Borrowers shall thereafter take such action as may be necessary to complete the Real Estate Requirements and concurrently direct Agent to request or otherwise obtain all appraisals or environmental studies necessary to satisfy the conditions set forth in clause (ii) above. Agent shall work diligently to complete its review of such appraisals and environmental studies following Borrowers’ request to effectuate the Real Estate Borrowing Base.