Borrowing Base Value. The Borrowing Base Value for Eligible Real Estate owned by Parent Borrower or any Subsidiary Borrower included in the Mortgaged Property shall be the amount which is sixty percent (60%) of the sum of the Appraised Values of each Mortgaged Property as most recently determined under §2.12(e), §5.2 or §10.13.
Borrowing Base Value. The Borrowing Base Value shall be calculated from time to time in accordance with the following procedure:
Borrowing Base Value. The Borrower will not at any time permit the Outstanding Obligations to exceed the aggregate Borrowing Base Value of the Mortgaged Properties.
Borrowing Base Value. 1. With respect to all Borrowing Base Properties owned by any Loan Party for less than or equal to twelve (12) months (excluding Included Development Assets), the purchase price of such Borrowing Base Properties $___________
Borrowing Base Value. In the event the As Is Value of any Collateral Pool Property is increased, such increase shall not become effective until the Borrower delivers to the Agent an endorsement, if necessary, to the Agent's title insurance policy increasing the amount thereof as related to such Collateral Pool Property by the adjustment to the Collateral Pool Value.
Borrowing Base Value. Borrowing Base Values will be adjusted downward as of the end of a Fiscal Quarter if application of the formula described in clause (b) of the definition of Borrowing Base Value justifies such adjustment. In the event the Borrowing Base Value of any Borrowing Base Property is increased, such increase shall not become effective until Borrower delivers to Agent an endorsement, if necessary, to Agent's title insurance policy increasing the amount thereof as related to such Borrowing Base Property to not less than one hundred percent (100%) of the adjusted Borrowing Base Value.
Borrowing Base Value. At any time of determination, the lesser of (i) sixty five percent (65%) of the aggregate Appraised Value of each Collateral Property, or (ii) sixty five percent (65%) of the aggregate cost basis (determined in accordance with GAAP) for each Collateral Property.
Borrowing Base Value. The aggregate value of the Borrowing Base Assets, which is the sum of the lowest of the following amounts for each Borrowing Base Asset: (i) the Adjusted Appraised Value or (ii) the actual Borrowing Base Cash Flow for the most recent trailing twelve (12) months capitalized at 12.5% or (iii) if such Borrowing Base Asset has been acquired within the preceding six (6) months, its acquisition cost.
Borrowing Base Value. The Borrowing Base Value for Eligible Real Estate owned by the Borrower or any Subsidiary Guarantor included in the Borrowing Base shall be the amount which is the sum of (a) the Appraised Values of each Mortgaged Property (other than Three Xxxxxxxx Place) as most recently determined under §2.11(f) or §10.13, as applicable, plus (b) (i) during the Initial Term, the cash incurred costs of Three Xxxxxxxx Place, or (ii) during the Extension Term, the Appraised Value of Three Xxxxxxxx Place determined under §2.11(f); provided, however, that the value accorded to Three Xxxxxxxx Place for purposes of determining Borrowing Base Value shall not exceed twenty-five percent (25%) of the Borrowing Base Value until it becomes a Stabilized Property. Notwithstanding anything in this Agreement to the contrary, Three Xxxxxxxx Place shall not be included in the calculation of Borrowing Base Value until such time as Agent has received an Appraisal of Three Xxxxxxxx Place (provided that only the Appraisal obtained pursuant to §2.11(f) shall be considered for determining the Borrowing Base Value attributable to Three Xxxxxxxx Place). Breakage Costs. The cost to any Lender of re-employing funds bearing interest at LIBOR incurred (or reasonably expected to be incurred) in connection with (i) any payment of any portion of the Loans bearing interest at LIBOR prior to the termination of any applicable Interest Period, (ii) the conversion of a Revolving Credit LIBOR Rate Loan to any other applicable interest rate on a date other than the last day of the relevant Interest Period, or (iii) the failure of the Borrower to draw down, on the first day of the applicable Interest Period, any amount as to which the Borrower has elected a Revolving Credit LIBOR Rate Loan.
Borrowing Base Value. For each Borrowing Base Property, the lower of the Appraised Value of such Borrowing Base Property and the Borrowing Base Property Cost of each such Borrowing Base Property, and the Borrowing Base Value for all Borrowing Base Properties shall be the aggregate of the amount determined as provided above for each Borrowing Base Property; provided that in the event that the Lakeway Asset shall satisfy all of the conditions to be a Borrowing Base Property (which shall include, without limitation, the satisfaction and release of the Lakeway Loan) and shall be a Borrowing Base Property, then the Borrowing Base Value for the Lakeway Asset only shall be the Appraised Value of such Property.
