Unencumbered Borrowing Base Value definition

Unencumbered Borrowing Base Value means the Consolidated Total Asset Value of the Unencumbered Borrowing Base Properties.
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Unencumbered Borrowing Base Value means the sum of all of the following of the Borrower and its Subsidiaries on a consolidated basis determined in accordance with GAAP applied on a consistent basis: (a) with respect to each Unencumbered Borrowing Base Property owned by the Borrower or any Subsidiary for 18 months or greater, (i) the NOI of such Property for the period of four consecutive fiscal quarters most recently ending, divided by (ii) the Capitalization Rate, plus (b) the purchase price paid for any Unencumbered Borrowing Base Property owned by the Borrower or any Subsidiary for less than 18 months (less amounts paid as a purchase price adjustment, held in escrow, retained as a contingency reserve, or other similar arrangements and prior to allocations of property purchase prices pursuant to Statement of Financial Accounting Standards No. 141 and the like). Notwithstanding the foregoing, for purposes of determining Unencumbered Borrowing Base Value, the Borrower shall have the one time right, exercisable in its discretion, to have an Unencumbered Borrowing Base Property owned for less than 18 months included in Unencumbered Borrowing Base Value under clause (a) above, as though owned for a period of 18 or more months. In addition, with respect to any Property owned or leased by an Unconsolidated Affiliate, only the Borrower’s pro rata share of the NOI of such Property shall be included under clause (a) above or the Borrower’s pro rata share of the purchase price of such Property shall be included under clause (b) above. For purposes of this definition, to the extent Unencumbered Borrowing Base Value attributable to (x) Development Properties would exceed 20% of the Unencumbered Borrowing Base Value, such excess shall be excluded and (y) Properties that are not owned by Guarantors would exceed 20% of the Unencumbered Borrowing Base Value, such excess shall be excluded.
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Unencumbered Borrowing Base Value means, as of any date of determination: (a) with respect to any Unencumbered Borrowing Base Property owned directly or indirectly by Trust for at least three (3) fiscal quarters, the result obtained by multiplying the Adjusted NOI of such Unencumbered Borrowing Base Properties for the applicable quarter by four (4) and then dividing it by 7.75%; and (b) with respect to any Unencumbered Borrowing Base Property owned directly or indirectly by Trust for less than three (3) fiscal quarters, the costs of such Unencumbered Borrowing Base Property.
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Examples of Unencumbered Borrowing Base Value in a sentence

  • Each of the Properties included in calculations of the Unencumbered Borrowing Base Value satisfies all of the requirements contained in the definition of “Eligible Unencumbered Borrowing Base Property” (except to the extent such requirements were waived by the Requisite Lenders pursuant to Section 4.1.(c) at the time such Property was approved as an Unencumbered Borrowing Base Property).

  • If after the Effective Date, the Borrower desires that any additional Property become an Unencumbered Borrowing Base Property and therefore included in calculations of the Unencumbered Borrowing Base Value, the Borrower shall so notify the Administrative Agent in writing (as referred to in this subsection, a “Notice of Additional Unencumbered Borrowing Base Property”).

  • As of the date hereof, the parties agree that the Properties identified on Schedule 4.1. shall be Unencumbered Borrowing Base Properties, and accordingly, shall be included in calculations of the Unencumbered Borrowing Base Value initially having the respective Unencumbered Borrowing Base Values set forth on such Schedule.

  • If a Property which the Borrower wants to have included in calculation of the Unencumbered Borrowing Base Value does not satisfy the requirements of an Eligible Unencumbered Borrowing Base Property, then the Administrative Agent, upon written request of the Borrower shall request that the Requisite Lenders determine whether such Property shall be included as an Unencumbered Borrowing Base Property.

  • Until such time as the Agent shall have received the items referred to in the immediately preceding two sentences with respect to such Subsidiary or Unconsolidated Affiliate and any applicable Accommodation Subsidiary, the Unencumbered Borrowing Base Value of any Unencumbered Borrowing Base Property owned by such Subsidiary or Unconsolidated Affiliate shall be $0 and any NOI attributable to such Property shall not be included in Unencumbered Borrowing Base Property NOI.

  • If a Property which the Borrower wants to have included in the Unencumbered Borrowing Base Value does not satisfy the requirements of an Eligible Unencumbered Borrowing Base Property, then the Agent, upon written request of the Borrower shall request that the Lenders determine whether such Property shall be included as an Unencumbered Borrowing Base Property.

  • The ratio of (i) Unsecured Indebtedness of the Borrower and its Subsidiaries determined on a consolidated basis to (ii) the Unencumbered Borrowing Base Value, to exceed 0.65 to 1.00 at any time.

  • If, after the Agreement Date, the Borrower desires that any additional Property become an Unencumbered Borrowing Base Property and therefore included in calculations of the Unencumbered Borrowing Base Value, the Borrower shall so notify the Agent in writing.

  • For the avoidance of doubt, a Property shall not be included in determinations of Unencumbered Borrowing Base Property NOI or Unencumbered Borrowing Base Value if the Subsidiary or Unconsolidated Affiliate that owns or leases such is not a Guarantor.

  • The number of Unencumbered Borrowing Base Properties shall not be less than 5 at any time and the aggregate Unencumbered Borrowing Base Value of the Unencumbered Borrowing Base Properties shall not be less than $250,000,000 at any time.


More Definitions of Unencumbered Borrowing Base Value

Unencumbered Borrowing Base Value means, at any time of determination, 55.0% of (a) from the Effective Date through March 31, 2012, the sum of the values of all Unencumbered Borrowing Base Properties equal to the Appraised Values of all such Properties at such time; provided, however, that from the Effective Date through March 31, 2012, the value for the Xxxxxx Chicago Hotel in Chicago, Illinois shall be $69,975,000, and (b) after March 31, 2012, the aggregate Adjusted NOI of all Unencumbered Borrowing Base Properties at such time for the period of four consecutive fiscal quarters most recently ending, divided by the Capitalization Rate. For purposes of this definition, the Adjusted NOI for any Unencumbered Borrowing Base Property shall be reduced by an amount equal to the greater of (x) the amount by which the Adjusted NOI of such Unencumbered Borrowing Base Property would exceed 40.0% of the aggregate Adjusted NOI of all Unencumbered Borrowing Base Properties and (y) the amount by which the Adjusted NOI of Unencumbered Borrowing Base Properties located in the same metropolitan statistical area as such Property would exceed 40.0% of the aggregate Adjusted NOI of all Unencumbered Borrowing Base Properties. In addition, to the extent that Unencumbered Borrowing Base Value attributable to Properties leased under Ground Leases (excluding the Boston Westin Waterfront Hotel in Boston, Massachusetts) would exceed 33.0% of Unencumbered Borrowing Base Value, such excess shall be excluded. For purposes of determining Unencumbered Borrowing Base Value, (x) Adjusted NOI from Properties disposed of by the Borrower or any Subsidiary during the immediately preceding period of four consecutive fiscal quarters of the Borrower shall be excluded and (y) Adjusted NOI for the period of four consecutive fiscal quarters most recently ended for any Property acquired by the Borrower or any Subsidiary during such period shall be utilized regardless of the date such Property was acquired by the Borrower or such Subsidiary.
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Unencumbered Borrowing Base Value means, at any time of determination, the aggregate Operating Property Values of the Unencumbered Borrowing Base Properties at such time. For purposes of this definition, the Adjusted NOI for any Unencumbered Borrowing Base Property shall be reduced by an amount equal to the greater of (x) the amount by which the Adjusted NOI of such Unencumbered Borrowing Base Property would exceed 30.0% of the aggregate Adjusted NOI of all Unencumbered Borrowing Base Properties and (y) the amount by which the Adjusted NOI of Unencumbered Borrowing Base Properties located in the same metropolitan statistical area as such Property would exceed 40.0% of the aggregate Adjusted NOI of all Unencumbered Borrowing Base Properties. In addition, to the extent that Unencumbered Borrowing Base Value attributable to Properties leased under Ground Leases (excluding the Boston Westin Waterfront Hotel in Boston, Massachusetts) would exceed 33.0% of Unencumbered Borrowing Base Value, such excess shall be excluded. For purposes of determining Unencumbered Borrowing Base Value, Adjusted NOI from Properties disposed of by the Borrower or any Subsidiary during the immediately preceding period of four consecutive fiscal quarters of the Borrower shall be excluded.
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Unencumbered Borrowing Base Value means, as of any date of determination, the GAAP Asset Value of the Unencumbered Borrowing Base Properties.
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Related to Unencumbered Borrowing Base Value

  • Borrowing Base Value means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base as confirmed by Required Lenders.

  • Domestic Borrowing Base means, at any time of calculation, an amount equal to:

  • Adjusted Borrowing Base means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base.

  • Unencumbered Liquid Assets means cash, cash equivalents and/or publicly traded/quoted marketable securities acceptable to Bank in its sole discretion, free of any lien or other encumbrance. Account assets held in a fiduciary capacity by Borrower shall not qualify as Unencumbered Liquid Assets.

  • U.S. Borrowing Base means, as of any date of determination, the result of:

  • Borrowing Base Amount means:

  • Borrowing Base Availability means, at the time of any determination, an amount equal to the lesser of the Borrowing Base at such time and the aggregate amount of the Commitments at such time.

  • Proposed Borrowing Base has the meaning assigned to such term in Section 2.07(c)(i).

  • Borrowing Base Assets means any Loan Party’s Inventory and Receivables and other assets directly related thereto, including documents, instruments, general intangibles, deposit accounts and the proceeds of all of the same.

  • Borrowing Base Properties means the Oil and Gas Properties of the Loan Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 8.12.

  • Borrowing Base means, at any time of calculation, an amount equal to:

  • Unencumbered Amount means, for the Class C( - ) Notes, an amount equal to the Nominal Liquidation Amount of the Class C( - ) Notes minus the Encumbered Amount for the Class C( - ) Notes.

  • Borrowing Base Property means Eligible Property and/or Commercial Land that the Administrative Agent has agreed to include in calculations of the Borrowing Base pursuant to Section 4.1. A Property shall be excluded from the determination of the Borrowing Base if at any time such Property shall cease to be an Eligible Property.

  • Canadian Borrowing Base means, at any time, an amount in Dollars equal to:

  • Unencumbered Pool means the pool of Unencumbered Assets.

  • Unencumbered Leverage Ratio means, as of any date of determination, the quotient (expressed as a percentage) of (a) Unsecured Indebtedness, divided by (b) Unencumbered Asset Value.

  • Unencumbered Asset Value means, at any time for the Consolidated Group, without duplication, the sum of the following: (a) an amount equal to (i) Unencumbered NOI from all Unencumbered Properties (other than Non-Stabilized Properties and acquisition properties described in clause (b) below) that have been owned by the Consolidated Group for four full fiscal quarter periods or longer (which amount for each individual Unencumbered Property as well as the aggregate amount for all Unencumbered Properties shall not be less than zero) divided by (ii) the Capitalization Rate, plus (b) the aggregate acquisition cost of all Unencumbered Properties acquired during the then most recently ended four fiscal quarter period, plus (c) the undepreciated book value of Unencumbered Properties that are Non-Stabilized Properties; provided that if the Unencumbered Asset Value attributable to Non-Stabilized Properties accounts for more than 15% of Unencumbered Asset Value, the amount of undepreciated book value of such Non-Stabilized Properties that exceeds such limit shall be deducted from Unencumbered Asset Value, plus (d) cash from like-kind exchanges on deposit with a qualified intermediary (“1031 proceeds”), plus (e) the value of Mezzanine Debt Investments and Mortgage Receivables owned by the Consolidated Group that are not more than ninety (90) days past due determined in accordance with GAAP, in each case that are not subject to a Lien or Negative Pledge; provided that if the Unencumbered Asset Value attributable to Mezzanine Debt Investments and Mortgage Receivables accounts for more than 10% of Unencumbered Asset Value, the amount of Mezzanine Debt Investments and Mortgage Receivables that exceeds such limit shall be deducted from Unencumbered Asset Value, plus (f) the undepreciated book value of all Unimproved Land and Construction in Progress owned by the Consolidated Group to the extent any such assets are not subject to a Lien or Negative Pledge, plus (g) Balance Sheet Cash; provided that, to the extent that Unencumbered Asset Value attributable to investments in Mezzanine Debt Investments, Mortgage Receivables, 1031 proceeds, Unimproved Land, and Construction in Progress account for more than 25% of Unencumbered Asset Value, in the aggregate, the amount that exceeds such limit shall be deducted from Unencumbered Asset Value. For clarification purposes, in determining whether clause (a) or clause (b) above applies, the date a Property will be deemed to have been acquired is the date it was acquired by the Consolidated Group or any prior Affiliate of the Consolidated Group.

  • Foreign Borrowing Base means, as of any date, an amount equal to:

  • Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day.

  • Tranche A Borrowing Base means, at any time of calculation, an amount equal to:

  • Unencumbered Properties means each Acceptable Property that either (a) is an Initial Unencumbered Property or (b) becomes an Unencumbered Property pursuant to Section 4.03, and “Unencumbered Property” means any one of the Unencumbered Properties.

  • Unencumbered NOI means, for any period, Net Operating Income from all Eligible Properties.

  • Unencumbered Asset means any Project which as of any date of determination, (a) is not subject to any Liens other than Permitted Liens set forth in Sections 9.5(i) through 9.5(v), (b) is not subject to any agreement (including any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset) which prohibits or limits the ability of the Borrower, or its Wholly-Owned Subsidiaries, as the case may be, to create, incur, assume or suffer to exist any Lien upon any assets or Capital Stock of the Borrower, or any of its Wholly-Owned Subsidiaries other than a Permitted Negative Pledge, (c) is not subject to any agreement (including any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset) which entitles any Person to the benefit of any Lien (but not subject to any Liens other than Permitted Liens set forth in Sections 9.5(i) through 9.5(v)) on any assets or Capital Stock of the Borrower or any of its Wholly-Owned Subsidiaries or would entitle any Person to the benefit of any Lien (but excluding the Permitted Liens set forth in Sections 9.5(i) through 9.5(v)) on such assets or Capital Stock upon the occurrence of any contingency (including, except in the case of a Material Credit Facility, pursuant to an “equal and ratable” clause), (d) is not the subject of any material architectural/engineering issue, as evidenced by a certification of the Borrower, and (e) is materially compliant with the representations and warranties in Article VI below. Notwithstanding the foregoing, if any Project is a “Superfund” site under federal law or a site identified in writing by the jurisdiction in which such Project is located as having significant environmental contamination under applicable state law, the Borrower shall so advise the Lenders in writing and the Required Lenders shall have the right to request from the Borrower a current detailed environmental assessment (or one which is not more than two years old for Unencumbered Assets owned as of the Agreement Execution Date), and, if applicable, a written estimate of any remediation costs from a recognized environmental contractor and to exclude any such Project from Unencumbered Assets at their election. No Project of a Wholly-Owned Subsidiary shall be deemed to be unencumbered unless such Project and all Capital Stock of such Wholly-Owned Subsidiary or any other intervening Wholly-Owned Subsidiary between the Borrower and such Wholly-Owned Subsidiary is unencumbered and neither such Wholly-Owned Subsidiary nor any other intervening Wholly-Owned Subsidiary between the Borrower and such Wholly-Owned Subsidiary has any Indebtedness for borrowed money (other than Indebtedness due to the Borrower).

  • Aggregate Borrowing Base means the aggregate amount of the U.S. Borrowing Base and the Canadian Borrowing Base; provided that the maximum amount of the Canadian Borrowing Base which may be included in the Aggregate Borrowing Base is the Canadian Sublimit.

  • Borrowing Base Test means a test that will be satisfied on any date of determination if the following is true: Where: AR =57%.

  • Unencumbered Interest Coverage Ratio means the ratio of (a) the Unencumbered Adjusted NOI to (b) the Unsecured Interest Expense for the immediately preceding calendar quarter.