Loan to Value Requirement. (i) So long as any principal of or interest on any Loan or any other Obligation (whether or not due) shall remain unpaid, as of the last day of each Test Period, the Borrower will not permit (A) the aggregate amount of Net Senior Secured Debt on such date to exceed (B) the Adjusted Collateral Value on such date (the “Loan to Value Requirement”); provided that, any failure to comply with the Loan to Value Requirement shall not constitute an Event of Default so long as, within 15 days after the Borrower delivers to the Administrative Agent the compliance certificate with calculations for the Loan to Value Requirement that is required by Section 6.01(a)(iii)(B), which in no event shall be later than the date required by Section 6.01(a)(iii)(B) for delivery of the applicable compliance certificate, the Borrower (x) issues Permitted Borrower Cure Security for cash or received other Cash Equity and (y) all such cash, including Cash Equity, received by the Borrower constitutes Pledged Cash in an amount that, had such Pledged Cash been available to the Borrower at the time of the calculation for the applicable Test Period ‑90‑ date, the Borrower would have been in compliance with the Loan to Value Requirement (the “Borrower Equity Cure Right”); provided further that, Borrower shall be entitled to exercise the Borrower Equity Cure Right no more frequently than two (2) times in any consecutive four‑quarter period and seven (7) times during the term of the Term Loan. So long as any principal of or interest on any Loan or any other Obligation (whether or not due) shall remain unpaid, the Borrower will (i) not declare or pay any dividend or other distribution, direct or indirect, on account of any Permitted Borrower Cure Security, now or hereafter outstanding, (ii) not make any repurchase, redemption, retirement, defeasance, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Permitted Borrower Cure Security, (iii) not make any payment, prepayment, redemption, defeasance, sinking fund payment or repurchase of any Permitted Borrower Cure Security constituting Subordinated Indebtedness, including any payments or prepayments of principal (including through any redemption, purchase, defeasance, acquisition, or retirement thereof), premium, fees or interest in respect thereof in violation of the subordination provisions thereof or any subordination agreement with respect thereto and (iv) not repay or otherwise make a distribu...
Loan to Value Requirement. Commencing not later than 120 days following a Springing Lien Event (as such time may be extended by the Administrative Agent in its sole discretion) and at all times thereafter, permit the Loan-to-Value Requirement (based on the outstanding aggregate principal amount of the Initial Term Loan and any Incremental Term Loans on such date, the Revolving Credit Commitment on such date and the most recent Appraisals provided to the Administrative Agent pursuant to Section 8.19(b) or 8.18(d), as applicable), not to be met.
Loan to Value Requirement. In no event will the aggregate Credit Facility Outstanding at any given time exceed sixty percent (60%) of the aggregate Approved Value of the Properties from time to time constituting part of the collateral for the Credit Facility (the "Loan to Value Requirement"). The "Approved Value" of a particular Property constituting part of the collateral pool for the Credit Facility (A) shall during the first year of the inclusion of such Property in the collateral pool for the Credit Facility be equal to the appraised value of such Property, as determined by appraisal in accordance with the provisions of this Commitment, and (B) shall subsequent to the first anniversary of the date of the inclusion of such Property in the collateral pool for the Credit Facility be equal to the Capitalization Rate Value of such Property. The "Capitalization Rate Value" of a Property constituting part of the collateral pool for the Credit Facility
Loan to Value Requirement. In no event will the aggregate Credit Facility Outstanding at any given time during the term of the Credit Facility exceed sixty percent (60%) of the aggregate Approved Value of the Properties from time to time constituting part of the collateral for the Credit Facility (the "Loan to Value Requirement"). If at any time the Loan to Value Requirement shall cease to be satisfied, Borrowers shall within ten (10) business days after demand by Agent either (i) pay the outstanding Principal Balance of the Credit Facility down by an amount sufficient to restore compliance with the Loan to Value Requirement, or (ii) deliver to Agent additional collateral for the Credit Facility consisting of unencumbered improved property which is satisfactory in all respects to Co-Lenders and sufficient in the opinion of Co-Lenders to restore compliance with the Loan to Value Requirement.
Loan to Value Requirement. In the event that at any time during the term of the Loan the then outstanding principal amount of the Loan is more than 70% of the value of the Property, as indicated in any appraisal of the Property performed pursuant to Section 6.23, Borrower shall within fifteen (15) Business Days after the written request of Lender cause such then outstanding principal amount, to be less than or equal to 70% of such value by effectuating one or a combination of the following actions: (i) reducing the outstanding principal amount of the Loan; or (ii) granting to Lender a lien and/or security interest in additional collateral acceptable to Lender and of sufficient value, in Lender's sole discretion, the grant of such additional collateral to be evidenced by such documents, instruments and agreements as Lender shall require in its sole discretion (each of which documents, instruments and agreements shall be acceptable to Lender and shall constitute a "Loan Document", as that term is used and defined in this Agreement).
Loan to Value Requirement. Notwithstanding anything herein to the contrary, in no event shall Lender allow an Escrow Release if the outstanding Indebtedness on the Loan equals or exceeds ninety percent (90%) of the value of the Premises as reasonably determined by Lender based on market comparables, or at Borrower’s option as established by an appraisal of the Premises prepared by an MAI appraiser mutually agreed to by Borrower and in form and substance acceptable to Lender, which appraisal shall be paid for by Borrower.
Loan to Value Requirement. The Maximum Loan to Value Ratio is 40%. The Maximum Loan to Value Ration shall mean the outstanding principal amount (of this loan and any senior indebtedness) divided by the value of the Collateral. The Collateral value will be determined by Lender at its sole discretion using the methods typically used by Lender to determine the value of real property. The Maximum Loan to Value Ratio must be maintained at all times. Except as provided above, all computations made to determine compliance with the requirements contained in this paragraph shall be made in accordance with generally accepted accounting principles, applied on a consistent basis and certified by Borrower as being true and correct.
Loan to Value Requirement. In no event will the aggregate Credit Facility Outstanding at any given time during the term of the Credit Facility exceed sixty percent (60%) of the aggregate Approved Value of the Properties from time to time constituting part of the collateral for the Credit Facility (the "Loan to Value Requirement"). The "Approved Value" of a particular Property constituting part of the collateral pool for the Credit Facility (A) shall during the first year of the inclusion of such Property in the collateral pool for the Credit Facility be equal to the Appraised Value of such Property, as determined by appraisal in accordance with the provisions of this Agreement, and (B) shall subsequent to the first anniversary of the date of the inclusion of such Property in the collateral pool for the Credit Facility be equal to the Capitalization Rate Value of such Property. The "Capitalization Rate Value" of a Property constituting part of the collateral pool for the Credit Facility shall be equal to the aggregate Cash Flow of such Property for the four calendar quarters preceding the date of each determination of the Capitalization Rate Value of such Property divided by a capitalization rate of 10.5%. "Cash Flow" of a particular Property constituting part of the collateral pool for the Credit Facility for any given four calendar quarters shall mean the earnings (i.e., gross revenues less expenses) of such Property (based upon GAAP) for such four calendar quarters before depreciation, amortization, interest expense and income taxes less an annual capital and leasing reserve of fifty cents ($.50) per square foot, it being understood that in determining the expenses of such Property the management fees for such Property shall be deemed for the purposes of this calculation to be the higher of actual management fees for such period of time or three percent (3%) of the gross revenues of such Property for such four calendar quarters. If at any time the Loan to Value Requirement shall cease to be satisfied, Borrowers shall within ten (10) business days after demand by Agent either (i) pay the outstanding Principal Balance of the Credit Facility down by an amount sufficient to restore compliance with the Loan to Value Requirement, or (ii) deliver to Agent additional collateral for the Credit Facility consisting of unencumbered improved property which is satisfactory in all respects to Co-Lenders and sufficient in the opinion of Co-Lenders to restore compliance with the Loan to Value Requ...
Loan to Value Requirement. The outstanding balance of the Loan shall not exceed, at any time fifty percent (50.00%) of the approved “as-is” appraised value of the Project, as determined by Lender based upon a current appraisal provided to Lender. If the Lender determines, based on the Lender’s review of updated appraisal information, that the loan to value ratio of the Project exceeds the required 50.00% ratio, Lender shall give written notice to Borrower, and Borrower shall pay down the Loan to an amount necessary to maintain the required 50.00% loan to value ratio. Failure of Borrower to pay down the Loan as required within ten (10) days from the date of such notice shall be deemed to be a Default under the Loan Documents.
Loan to Value Requirement. Notwithstanding anything herein to the contrary, in no event shall Lender allow an Escrow Release if the outstanding Indebtedness on the Loan equals or exceeds ninety percent (90%) of the appraised value of the Premises as calculated by Lender at the time of the request for the Escrow Release (Lender shall include recently signed Lease(s) in connection with its determination of the appraised value including if a Tenant Improvement and Leasing Commission Escrow Release request, Lender shall consider the consummation of the proposed Lease or Lease amendment in connection with its determination of the appraised value and such valuation will be done on a discounted cash flow basis over a ten (10) year holding period).
