Term Loan Formula Amount definition

Term Loan Formula Amount means, as of any date of determination, the sum of: (a) the M&E Advance Rate multiplied by the appraised net orderly liquidation value of Borrowers’ Eligible M&E as of such date (as determined by the most recent appraisal thereof ordered by Agent and received by Agent prior to such date); plus (b) the Real Property Advance Rate multiplied by the appraised fair market value of Borrowers’ Eligible Real Property as of such date (as determined by the most recent appraisal thereof ordered by Agent and received by Agent prior to such date).
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Term Loan Formula Amount an amount equal to the lesser of (a) $100,000,000, and (b) the sum of (i) 75% of the appraised “as-is” fair market value all of Real Estate in which Borrowers have a fee interest, and (ii) either (A) 100% of the appraised NOLV of Borrowers’ equipment located on such Real Estate, or (B) 85% of the orderly liquidation value of Borrowers’ equipment located on such Real Estate; and the determination of (A) or (B) shall be made by Agent in its Permitted Discretion; provided however that in no event shall the Term Loan Formula Amount exceed 80% of the sum of (x) the appraised “as-is” fair market value all of Real Estate in which Borrowers have a fee interest, and (y) either (1) the appraised NOLV of Borrowers’ equipment located on such Real Estate, or (2) the orderly liquidation value of Borrowers’ equipment located on such Real Estate; and the determination of (1) or (2) shall be made by Agent in its Permitted Discretion, provided further however, that, in each case, the results of such appraisals shall be reasonably satisfactory to Agent, and shall have been conducted by an appraiser or appraisers reasonably satisfactory to Agent.
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Examples of Term Loan Formula Amount in a sentence

  • The Term Loan shall be in an amount equal to the Term Loan Formula Amount.

  • Term Loan Formula Amount: as of any date of determination, the amount that is equal to the lesser of (i) $225,832,500, and (ii) the sum of (a) 75% of the appraised “as-is” fair market value of the Borrowers’ owned Real Estate, plus (b) 100% of the appraised NOLV of Borrowers’ owned Equipment, minus (c) applicable Availability Reserves relating to Collateral of Borrowers, described in clauses (f) and (g) of the definition thereof, in effect at such time.

  • Agent and each Lender shall have determined that the updated appraisals of the Eligible Real Property and Eligible M&E of the Borrowers received most recently prior to the Fifth Amendment Effective Date are sufficient to support a Term Loan Formula Amount on the Fifth Amendment Effective Date of at least $90,000,000.