Real Property Availability means $4,074,000, provided, that, the Real Property Availability shall be adjusted after the date hereof to mean the amount equal to the lesser of $8,000,000 or sixty-five (65%) percent of the appraised fair market value of the Eligible Real Property then owned by Borrowers; provided, that, such adjustment shall be effective on the first day of the month after each of the following conditions is satisfied or such earlier date following the satisfaction of such conditions as agreed to by Agent: (a) Agent shall have received the written request of Borrower Agent for such adjustment, (b) as of the date of such adjustment, no Event of Default shall exist or have occurred and be continuing, (c) Agent shall have received at the expense of Borrowers not less than ten (10) Business Days’ prior to the effectiveness of such adjustment, a final written report of an updated, current appraisal of the Eligible Real Property by an appraiser reasonably acceptable to Agent (which shall be one of the appraisers selected by Agent from its list of approved appraisers), on which Agent and Lenders shall be expressly permitted to rely, and that is in form, scope and methodology reasonably satisfactory to Agent, and (d) the amount of the appraised fair market value of the Eligible Real Property used for purposes of adjusting the Real Property Availability shall be based on such appraisal.
Real Property Availability means the Adjusted Appraised Fair Market Value of Eligible Real Property as set forth in the most recent acceptable appraisal (or acceptable updates of existing appraisals) of such Real Property received by Agent in accordance with Section 4.1 or 7.4 hereof.
Real Property Availability means, collectively, the US Real Property Availability and the Canadian Real Property Availability.
Examples of Real Property Availability in a sentence
Each Borrowing of a Real Property Advance shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof (or, as of such date of determination, such lesser multiple amount of Real Property Availability remaining undrawn as necessary to enable the U.S. Borrowers to borrow all funds available pursuant to Real Property Availability).
In addition to and not in limitation of the foregoing, if any mandatory prepayment is in respect of an Asset Sale or Casualty Event of any Designated Real Property, the Real Property Availability shall be reduced by an amount equal to the Real Property Availability attributable to such Designated Real Property as of the date such Designated Real Property is sold or becomes subject to a Casualty Event.
The Rotorex Real Property Term Loan shall be made in addition, and not in limitation of, any Revolving Loans that may at any time be made by Agent and Lenders to Borrowers based upon Rotorex Real Property Availability.
Real Property Availability shall automatically be included in the calculation of the Fixed Asset Borrowing Base upon receipt by the Borrower of a notice from the Administrative Agent of the receipt of, and satisfaction with, the documents required by this Section 6.21.
The Amendment No. 9 also increased the Real Property Availability by reappraising the valuation of the Real Property.
More Definitions of Real Property Availability
Real Property Availability means $5,820,000, provided, that, the Real Property Availability shall be reduced automatically and without further action by the parties effective as of the first day of each month commencing June 1, 2003 by an amount equal to $97,000.
Real Property Availability means the lesser of (x) $10,560,000.00 and (y) the fair market value of the Eligible Real Property (based upon a current appraisal by an appraiser, and in form and substance, satisfactory to the Collateral Agent in accordance with Section 9.02(d)), multiplied by 75%; provided, that beginning with the fiscal quarter ending June 30, 2016, the amounts determined pursuant to clauses (x) and (y) of this definition shall be reduced by $110,000.00 on the last day of each fiscal quarter of Holdings and its Subsidiaries.”
Real Property Availability means (a) prior to the date on which the Real Property Availability Conditions have been satisfied, zero (o), and (b) from and after the date on which the Real Property Availability Conditions have been satisfied as reasonably determined by Agent, the amount equal to sixty five (65%) percent of the fair market value of Eligible Real Property as set forth in the most recent acceptable appraisal of such Real Property received by Agent in accordance with the terms hereof; provided, that, the Real Property Availability shall be reduced on the first day of each calendar quarter, commencing with the first full calendar quarter following the date on which the Real Property Availability Conditions have been satisfied, by an amount equal to the initial Real Property Availability calculated in accordance with this clause (b) divided by twenty eight (28).
Real Property Availability means an amount equal to fifty-five percent (55%) of the fair market value of the Eligible Real Property, as set forth in the most recent acceptable appraisal of such Real Property received by the Agent in accordance with Section 7.3.8 hereof; provided, that, the Real Property Availability shall be reduced on the last day of each Fiscal Month, commencing on the last day of the first full Fiscal Month after the Closing Date, by an amount equal to the initial Real Property Availability divided by ninety-one (91).
Real Property Availability means $7,000,000 as reduced effective as of the first day of each month commencing January 1, 2002 by an amount equal to $116,666.
Real Property Availability means the lesser of (a) $22,000,000 and (b) sixty percent (60%) of the fair market value of the Eligible Real Property (determined based on the most recent written Acceptable Appraisal of Eligible Real Property received by Agent, addressed to Agent and upon which Agent and Lenders are expressly permitted to rely); provided, that, commencing on April 1, 2023, and as of the first day of each calendar quarter thereafter, the Real Property Availability shall be reduced by $367,000.
Real Property Availability means the lesser of (a) from the date hereof up to and including the first anniversary of the date hereof, the sum of, for each Eligible Real Property, an amount equal to sixty (60%) percent of the appraised fair market value of such Eligible Real Property, as reflected in the Real Property Appraisal used to satisfy the Eligible Real Property Availability Conditions for such Eligible Real Property, and (b) Real Property Sublimit. Prior to the first anniversary of the date hereof, the Real Property Availability for any Eligible Real Property shall be added to the Borrowing Base on the first (1st) day of the month immediately following the month in which the Eligible Real Property Availability Conditions for such Eligible Real Property have been satisfied. The Real Property Availability shall be fixed as of the first anniversary of the date hereof. The Real Property Availability (a) commencing on the first day of the month immediately following the first anniversary of the date hereof, and on the first (1st) day of each month thereafter (each such date, a “Real Property Availability Reduction Date”), the Real Property Availability shall be reduced by an amount equal to the aggregate principal amount of the Real Property Availability on the first anniversary of the date hereof divided by 180, and (b) shall be subject to the mandatory reductions as provided under Section 2.09(d).