Real Estate Component definition
Real Estate Component means real property, a leasehold, or other interest in real property less than a fee simple, and a time share agreement with regard to real property. It also includes a moveable dwelling that is designed for use as a permanent residence; and a business, including an interest or share of a business, with or without premises, and the fixtures, stock-in- trade, goods and chattels associated with the business, provided such items are sold in bulk as part of the business operation.
Real Estate Component means an amount equal to 50% of the fair market value of the Borrowers’ Eligible Real Property as set forth in each applicable Acceptable Real Estate Appraisal at the time such Eligible Real Property is first added to the Borrowing Base (or, subject to the conditions set forth herein in connection with any Re-Load or pursuant to the last sentence of this definition, as set forth in each applicable Acceptable Real Estate Appraisal obtained in connection with the Borrower Representative’s most recent Re-Load Election or pursuant to the last sentence of this definition, as applicable); provided, however, that for each parcel of Eligible Real Property that is included in the Borrowing Base, the Availability generated with respect to such parcel of Eligible Real Property shall be reduced on a monthly basis, commencing on the first Business Day of the month immediately following the first date such Eligible Real Property is first added to the Borrowing Base (or, subject to the conditions set forth herein in connection with any Re-Load, commencing on the first Business Day of the month immediately following any Re-Load) and on the first Business Day of each month thereafter, by an amount equal to 1/180 of the original amount of Availability generated by such parcel of Eligible Real Property as of the first date such parcel of Eligible Real Property was added to the Borrowing Base (or, subject to the conditions set forth herein in connection with any Re-Load, as of the date of any Re-Load); provided, further, for the avoidance of doubt, no Real Estate will constitute Eligible Real Property until the applicable Borrower has complied with the provisions of the definition of Eligible Real Property. Notwithstanding the foregoing, on up to two occasions after the Effective Date, the Borrower Representative may elect (a “Re-Load Election”) to have all (but not less than all) Eligible Real Property at the time of such Re-Load Election to be re-appraised at the Borrowers’ expense. Upon the Administrative Agent’s receipt and review of Acceptable Real Estate Appraisals and environmental reports requested by the Administrative Agent and acceptable to the Administrative Agent and the Lenders for each parcel of Eligible Real Property in connection with a Re-Load Election made in accordance with this paragraph, the Real Estate Component shall be recalculated to give effect to such Acceptable Real Estate Appraisals (including giving effect to such Acceptable Real Estate Appraisa...
Real Estate Component means an amount equal to 50% of the fair market value of the Loan Parties’ Eligible Real Property as set forth in each applicable Acceptable Real Estate Appraisal at the time such Eligible Real Property is first added to the Borrowing Base (or, subject to the conditions set forth herein in connection with any Re-Load or pursuant to the last sentence of this definition, as set forth in each applicable Acceptable Real Estate Appraisal obtained in connection with the Borrower Representative’s most recent Re-Load Election or pursuant to the last sentence of this definition, as applicable); provided, however, that for each parcel of Eligible Real Property that is included in the Borrowing Base, the Availability generated with respect to such parcel of Eligible Real Property shall be reduced on a monthly basis, commencing on the first calendar day of the month immediately following the first date such Eligible Real Property is first added to the Borrowing Base (or, subject to the conditions set forth herein in connection with any Re-Load, commencing on the first calendar day of the month immediately following any Re-Load) and on the first calendar day of each month thereafter, by an amount equal to 1/180 of the original amount of Availability generated by such parcel of Eligible Real Property as of the first date such parcel of Eligible Real Property was added to the Borrowing Base (or, subject to the conditions set forth herein in connection with any Re-Load, as of the date of any Re- Load); provided, further, for the avoidance of doubt, no Real Estate will constitute Eligible Real Property until the applicable Loan Party has complied with the provisions of the definition of “Eligible Real Property”.
Examples of Real Estate Component in a sentence
Real Estate Component – as of any date of the lesser of (1) One Million Dollars ($1,000,000) multiplied by the Real Estate Percentage or (2) the product of fifty percent (50%) of the fair market value of Perma-Pipe’s Real Property located at ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, Lebanon, Tennessee, less liquidation expenses (as estimated by Agent) multiplied by the Real Estate Percentage.
The foregoing A-16 notwithstanding, upon and after the consummation of the Lebanon Refinancing, the Real Estate Component will equal Zero Dollars ($0).
Current Asset Borrowing Base – as of any date, the remainder of (x) the Borrowing Base minus (y) the Real Estate Component.
Base Rate Real Estate Portion – as of any date, that part of the Base Rate Portion in an amount equal to the excess, if any, of (x) the amount of the Real Estate Component as of such date over (y) the amount of the LIBOR Real Estate Portion.
LIBOR Real Estate Portion – as of any date, the aggregate amount of all outstanding LIBOR Portions up to the amount of the Real Estate Component as of such date.
More Definitions of Real Estate Component
Real Estate Component means: (i) on or before the first anniversary of the Closing Date, the lesser of (1) 65% of the fair market value of the eligible real estate of the Borrowers; and (ii) $27,300,000; (ii) after the first anniversary of the Closing Date through and including the second anniversary of the Closing Date, the lesser of (1) 60% of the fair market value of the eligible real estate of the Borrowers; and (ii) $25,200,000; (iii) after the second anniversary of the closing date through and including the third anniversary of the Closing Date, the lesser of (1) 55% of the fair market value of the eligible real estate of the Borrowers; and (ii) $23,100,000; and (iv) at all times after the third anniversary of the Closing Date, the lesser of (1) 50% of the fair market value of the eligible real estate of the Borrowers; and (ii) $21,000,000. Loans under the Term Loan Facility shall be fully funded on the Closing Date in an amount equal to the lesser of (i) $55,000,000 and (ii) the Term Loan Borrowing Base. The “Term Loan Borrowing Base” shall be equal to, at the time of calculation, the lesser of (a) 32.5% of the net orderly liquidation value of eligible intellectual property of the Borrowers, and (b) $55,000,000. The initial reserves on the Closing Date and the definitions of “eligible credit card receivables”, “eligible trade receivables” “eligible in transit inventory” and “eligible inventory” shall be determined in a manner generally consistent with the Existing Credit Agreement. The definition of “eligible intellectual property” shall include such intellectual property subject to the appraisal of Target’s intellectual property received by the Term Loan Agent prior to the date hereof. The definition of “eligible owned real property” shall be determined based upon the results of due diligence, provided that the Headquarters shall constitute “eligible owned real property” subject to the satisfaction of the conditions set forth in clause (v) below under “Conditions Precedent to Closing”.
Real Estate Component means the lesser of (a) the lesser of (i) the Real Estate Advance Rate multiplied by the Fee Simple Value of Eligible Real Estate and (ii) thirty-five percent (35%) multiplied by the Leased Value of Eligible Real Estate, and (b) $7,500,000.
Real Estate Component means $12,090,000; provided, that, the Real Estate Component shall reduce (a) by the Quarterly Real Estate Component Amortization Amount commencing on September 30, 2011, and continuing on the last Business Day of each December, March, June and September thereafter, and (b) (i) upon the consummation of Dispositions of Closing Date Mortgaged Properties consisting of Eligible Real Estate owned by the Borrowers on the Closing Date, or (ii) at such time as any Real Property Asset which was previously Eligible Real Estate ceases to be Eligible Real Estate hereunder, by the applicable percentage of the Net Recovery Value Percentage of the Property so disposed of or the Real Property Asset which has ceased to be Eligible Real Estate hereunder, as applicable.
Real Estate Component shall have the meaning provided in the definition of the term "U.S. Tranche A Borrowing Base".